Indias GP Petroleums Ltd., a subsidiary of the United Arab Emirates-based Gulf Petrochem Group, posted a 100 percent rise in its fourth-quarter net profit, driven by higher sales during the period.
The Mumbai-based lubes producer reported a standalone net profit of Rs 5.54 crore (Rs 55.4 million or U.S. $823,784) from January to March, up from Rs 2.77 crore in the same period last year.
The company said that net sales increased 70 percent year on year to Rs 153 crore versus approximately Rs 90 crore a year earlier.
GP Petroleums, formerly known as Sah Petroleums, sells industrial and automotive lubricants, process oils, transformer oils, greases and other specialties under the Ipol brand name in India and internationally.
For the fiscal year ending March 31, the company posted a net profit of Rs 13.6 crore, up 171 percent from the prior year. Net sales rose 4 percent year on year to Rs 422 crore.
GP Petroleums, which has an annual production capacity of around 70,000 metric tons per year, recently launched the leading Spanish oil company Repsols lubricant business in India to target the worlds largest two-wheeler automotive market and boost its growth.