Indian lubricants blender Maximus International Ltd. said it had weathered supply chain disruption, competitiveness in pricing and low demand in the market – among other challenges – to post strong growth in net profit and revenue for the fiscal year and quarter ended March 31. The company also remains bullish on further expansion in Africa.
Dealing with those factors during the fiscal year turned into opportunities that led to efficient management of supply chain and deeper customer and distributor engagement, the company said.
The company expressed confidence about opportunities in Africa. “The company now plans to consolidate its operations and foray into new markets in both Asia and Africa,” Maximus Chief Financial Officer Milind Joshi said in the company’s earnings press release. “The company is confident that it can sustain the continuous growth that it has been maintaining for the last five years by expanding its footprint in the African continent.”
The company has manufacturing facilities and a market presence in the United Arab Emirates and Kenya, catering to more than 400 customers across 25 countries. Deepak Raval, Maximus’ managing director, added, “We have a long-term vision of growing our company globally – our African foray is in line with this strategy.”
Among other Indian companies, Balmer Lawrie Co.’s greases and lubricants segment and the lubricant and grease seller Continental both reported strong increases in profits for the quarter and for the fiscal year ended March 31.
Maximus International
Maximus International Ltd. reported consolidated net profit of Rs 1.4 crore (Rs 13.8 million) for the quarter jumping 133% from Rs 0.6 (Rs 6 million) in the same period last year. For the full fiscal year that ended March 31, consolidated net profit rose 32% to Rs 4.7 crore.
Consolidated revenue from operations for the company based in Vadodara, Gujarat, increased 52% to Rs 19 crore for the quarter. For the full fiscal year, consolidated revenue from operations rose 31% to Rs 69 crore, improving from Rs 52.5 crore.
Balmer Lawrie
Balmer Lawrie Co.’s greases and lubricants segment saw operating profit increase 36% to Rs 14.4 crore. For the full fiscal year, operating profit grew 35% to Rs 42.4 crore, up from Rs 31.4 crore.
Net sales for Balmer Lawrie Co.’s greases and lubricants segment climbed 20% to Rs 135.3 crore for the quarter ended March 31. For the full fiscal year, net sales jumped 40% to Rs 510.7 crore.
Continental Petroleums
Lubricant and grease seller Continental Petroleums Ltd., based in Jaipur, India, reported its net profit jumped 208% to Rs 92.8 lakh (Rs 9.3 million) for the quarter ended March 31, improving from Rs 30.1 lakh. The company’s increased profits in the quarter may have been due to cuts in expenses. Total expenses for the quarter dropped to Rs 29.1 crore, a 19% decrease. For the full fiscal year, net profit rose 83% to Rs 4.1 crore, up from Rs 2.3 crore. Total revenue decreased 17% to Rs 29.5 crore in the quarter. For the fiscal year, total revenue grew 22% to Rs 121.6 crore, up from Rs 100 crore.