Gulf CEO and Managing Director Ravi Chawla noted that the company’s performance was “on the back of sequential margin improvements and easing of [foreign exchange] volatility.”

The quarter was less rosy for GP Petroleums – reporting a 59% drop in net profit – which cited rising raw material prices. “The challenging times continued into this quarter as we had envisaged, both on the supply and sales sides,” GP CEO Prashanth Achar said. “Volatility in raw material costs impacted the bottom line.”

Savita Oil Technologies Ltd. noted that economic pressures and changes in demand in other countries impacted its business, with overall net profit dropping 39%. “Our finished lubricants business also experienced growth; however, the quarter saw some pressures, as slowing demand in [the United States] and China resulted in excess availability of feedstocks into the Indian market,” Savita Chairman and Managing Director Gautam N. Mehra said.

Meanwhile, profits were up for Castrol India Ltd., Balmer Lawrie & Co.’s greases and lubricants segment and Apar Industries Ltd.

Castrol India

Castrol India reported that its profit after tax rose 9% to Rs 225.3 crore (Rs 2.3 billion or U.S. $27.2 million) in the second quarter.

The company’s sales revenue increased 1% to Rs 1,333.8 crore in the quarter.

“During the last quarter, we focused on achieving growth through increased volume,” Castrol India Managing Director Sandeep Sangwan said in the company’s earnings release.

Gulf Oil Lubricants India

Gulf Oil Lubricants India, a Hinduja Group company, reported standalone net profit of Rs 68.3 crore, improving from Rs 55.3 crore.

Net revenue for operations for the quarter reached Rs 811.7 crore, a 15% increase from Rs 706.5 crore. The company said in its earnings release that revenue in the quarter came in relatively challenging conditions in the automotive aftermarket, with growth led by the business-to-business and infrastructure segments, as well as the OEM franchisee service, known as authorized service, channel. “The revenue growth has been even higher due to a better product mix being sold, with enhanced focus on personal mobility and premium synthetic segment,” Gulf Oil Lubricants India noted.

While a few segments are still facing softer demand conditions, CEO and Managing Director Ravi Chawla said, business-to-business continues to achieve double digit growth for the company.

GP Petroleums

GP Petroleums reported net profit of Rs 4.7 crore, compared to Rs 11.4 crore.

Revenue from operations fell 19% to Rs 177.4 crore, compared to Rs 220.1 crore.

Revenue for GP’s Petroleum’s manufacturing segment – which includes production and marketing of lubricants and greases — decreased 3% to Rs 123.3 crore the quarter.

Trading segment revenue, including for base oil activities, fell 42% to Rs 54 crore. Despite treading cautiously in trading due to the volatile situation, the trading business faced severe volatility, the company noted.

Savita Oil Technologies

Savita Oil Technologies – supplier of transformer oils, white oils, lubricants and other products – reported net profit of Rs 55.6 crore, plummeting from Rs 90.8 crore.

Operating profit for the company’s petroleum products segment fell 49% to Rs 71.9 crore, compared to Rs 141.3 crore.

The company’s revenue from petroleum products decreased 3% to Rs 916.1 crore in the quarter.

The company said its overall sales volumes were steady in the quarter. “The power sector-focused transformer oil division saw steady growth in the domestic markets, along with positive signs that our overseas business development efforts are now materializing,” Savita Chairman and Managing Director Mehra said in the company’s earnings news release.

He noted that the company’s new synthetic ester fluid plant, which is expected to be commissioned during this month, and expansion of its industrial lubricants network will be instrumental for Savita’s next phase of business growth.

Balmer Lawrie

Operating profit for Balmer Lawrie’s greases and lubricants segment jumped 31% to Rs 16.1 crore for the quarter, compared to Rs 12.2 crore.

The company’s grease and lubricants segment reported sales revenue of Rs 163 core for the quarter, a 2% increase.

Apar Industries

Apar Industries reported standalone net profit of Rs 193.4 crore for the quarter, a 97% jump. Consolidated revenues from the company’s transformer and specialty oil segment rose 13% to Rs 1,198 crore. The revenue increase stemmed from volume-driven growth and a 26% increase in export sales, which contributed 49% of the revenue, Apar noted in its earnings presentation.