Castrol India Posts Jump in Profits


Castrol India Posts Jump in Profits

Castrol India Ltd. reported higher net profit for 2023 and the quarter ended Dec. 31, while the quarter brought double- or triple-digit gains in profits for several other Indian companies in the lubricants industry.

Those companies included Gulf Oil Lubricants India Ltd., Savita Oil Technologies Ltd., Tide Water Oil Co., GP Petroleums Ltd., Apar Industries Ltd., Balmer Lawrie & Co., Continental Petroleums Ltd. and Maximus International Ltd.

Castrol India

CastroI India reported that net profit in the fourth quarter jumped 25% to Rs 242 crore (Rs 2.4 billion or U.S. $29 million), on a 7% increase in sales revenue from operations to Rs 1,264 crore.

For the full year, the company posted a 6% increase in net profit to Rs 864 crore, on a 6% increase in sales revenue from operations to Rs 5,075 crore.

Gulf Oil Lubricants India

Gulf Oil Lubricants India, a Hinduja Group company, reported standalone net profit of Rs 80.7 crore, a 29% jump from Rs 62.7 crore.

Sales revenue from operations increased 5% to Rs 817.3 crore in the quarter.

The company said strong momentum was maintained during the quarter, with an uptick in volume driven mainly by growth in agriculture and a strong rebound in passenger car motor oil demand.

Across all business segments, infrastructure and business-to-business recorded double-digit percentage volume growth, the company said. It added that its original equipment manufacturer business showed growth, driven by many targeted initiatives, while OEM factory fill business saw a slowdown, tracking lower sales of new vehicles by a few key OEMs.

Savita Oil Technologies

Savita Oil Technologies Ltd. – supplier of transformer oils, white oils and lubricants – reported that its net profit for the quarter surged 138% to Rs 68.3 crore, compared to Rs 28.7 crore. The company’s revenue from petroleum products increased 6% to Rs 961.4 crore.

“Transformer oil and lubricant division has grown steadily this year, while white oil has seen some headwinds,” Gautam Mehra, chairman and managing director of Savita Oil, said in its earnings release.

Mehra said growth in the quarter was largely driven by an improved product mix. “Despite some headwinds, the company reported an improved performance, which can be attributed in part to a price increase on selected finished goods that was implemented in the previous quarter amid the rising crude price trend during that period,” he said in an earnings release.

Tide Water Oil

Tide Water Oil Co. said in its stock exchange filing that its standalone profit rose 20% to Rs 26.3 crore, compared to Rs 22 crore.

The manufacturer and distributor of Veedol-branded lubricants said revenue from operations increased 3% to Rs 403.6 crore.

Balmer Lawrie

Balmer Lawrie reported gross profit before finance costs and tax of Rs 27.4 crore for its greases and lubricants segment for the quarter, an 86% jump from Rs 14.7 crore.

Net sales for its greases and lubricants segment rose 10% to Rs 175.7 crore in the quarter, compared to Rs 159.1 crore.

GP Petroleums

GP Petroleums reported net profit of Rs 6.5 crore for the quarter, a 71% upswing from Rs 3.8 crore. Chief Financial Officer Arjun Verma said the company’s performance improved performance despite market unpredictability and fluctuating oil prices. “Challenges were encountered on both the supply and sales fronts,” he said in its earnings release.

The iPol-branded lubricants supplier’s sales revenue from operations declined 16% to Rs 155 crore. Total expenses fell 18% to Rs 146.7 crore, compared to Rs 179.9 crore.

The company’s manufacturing segment includes production and marketing of lubricating oils and greases. The segment’s sales revenue decreased 2% to Rs 125.8 crore in the quarter.

Revenue for its trading segment, which includes base oil trading activities, experienced a steeper fall, dropping 52% to Rs 29.2 crore, down from Rs 60.7 crore.


Apar Industries reported standalone net profit of Rs 205.8 crore for quarter, a 30% increase from Rs 157.9 crore.

Sales revenues from Apar’s transformer and specialty oil segment edged up 0.2% to Rs 1,244 crore.

Continental Petroleums

Lubricant and grease seller Continental Petroleums Ltd. reported a 37% jump in operating profit to Rs 74 lakhs (Rs 7.4 million) for the quarter, improving from Rs 54.2 lakhs.

Net sales revenue from operations dropped 43% to Rs 9.2 crore, compared to 16 crore.

Continental’s improved profits likely reflected a steep decline in expenses in the quarter. Total expenses for the quarter fell 51% to Rs 8.4 crore, down from Rs 17.1 crore.

Maximus International

Lubricants blender Maximus International reported a 46% jump in net profit to Rs 2.6 crore, compared to Rs 1.8 crore. Sales revenue from operations rose 9% to Rs 25.8 crore.

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