Savita Oil Technologies Ltd. reported a 3.9 percent increase in sales revenue for the fiscal year ended March 31. The transformer oil and white oil supplier saw its profit fall, however, because expenses also rose.
Savita posted net sales of Rs 205,815 lakh (20 billion rupees or U.S $347 million) for 2013-14, compared to Rs 198,121 lakh in 2012-13. Its expenses increased from Rs 190,796 lakh to Rs 200,166 lakh over the same period. As a result, its profit from ordinary activities dropped from Rs 9,404 lakh to Rs. 7,472 lakh.
The companys finance costs also increased to Rs 1,328 lakh in 2013-14 from Rs 1,047 lakh in 2012-13. That led to a decline in net profit by 13.14 percent to Rs 8,973 lakh for the year ended March 31.
Savita did report that its performance was trending upward in the fourth quarter of the fiscal year. Net profit for the period was Rs 1,770 lakh, 12.6 percent higher than the same period of 2012-2013. Fourth quarter sales rose 7.5 percent to Rs 54736 lakh.
The company operates three manufacturing facilities – in Mumbai, Silvassa and Kharadpada and Silli, Union Territory of Dadra & Nagar Haveli. In addition to transformer and white oils it makes liquid paraffin, petrolatum, petroleum jellies, lubricants, coolants and waxes.