Higher sales and increased revenue from other sources helped Tide Water Oil (India) Ltd. post a 12% increase in net profit for the quarter ending June 30 despite a 13% increase in total expenses, according to its stock exchange filing.
Two other India-based companies had a poorer quarter as profits plummeted 71% for lubricant and grease seller Continental Petroleum, and Maximus International reported a 36% decline in net profit.
Tide Water Oil
Tide Water Oil reported that its standalone net profit rose to Rs 26.4 crore (Rs 264 million or U.S. $3.2 million), compared to Rs 23.6 crore in the same period last year.
Revenue from operations increased 10% to Rs 383 crore, and other income surged 380% to Rs 13.9 crore. The company manufactures and distributes Veedol-branded lubricants.
Kolkata-based Tide Water Oil said total expenses grew 13% to Rs 363.8 crore.
Continental Petroleums
Lubricant and grease seller Continental Petroleums Ltd. reported its net profit plummeted from Rs 114.2 lakh (11.4 million) in the period ended June 30, 2022, to Rs 33 lakh for the same quarter of 2023, the first quarter of its fiscal year.
Revenue from operations dropped 60% to Rs 12.1 crore, compared to Rs 30.1 crore.
Maximus International
Maximus International Ltd. reported consolidated net profit of Rs 1.4 crore for the quarter, down from Rs 2.2 crore. Consolidated revenue from operations for the Vadodara, Gujarat-based company decreased 4% to Rs 21.3 crore in the quarter.