The lube businesses of Gulf Oil Lubricants India Ltd., GP Petroleums Ltd., Balmer Lawrie & Co., and Savita Oil Technologies all recorded double- or triple-digit year-to-year upticks in profits for the quarter ended Dec. 30.
Gulf Oil Lubricants India Ltd. reported a 43.5 percent increase in net profit, with earnings of Rs 26.1 crores (U.S. $3.8 million) versus Rs 18.2 crore in the same quarter of 2014-2015. Its net revenue for the period climbed 9 percent to Rs 260 crores.
Gulf was able to increase its sales volume and revenue significantly higher than average market growth rates during the quarter, the company said in a press release.
The Mumbai-based manufacturer said it recently launched its Gulf Ultrasynth X range of synthetic motor oils, and that it is well poised to gain market share in Indias growing scooter segment following the successful launch of its scooter oils.
Balmer Lawrie & Co.s greases and lubricants segment reported a 147 percent jump in profit, recording earnings of Rs 12.5 crores in the quarter ended Dec. 31, compared to Rs 5 crores a year before. The segment posted a slight increase in revenue for the quarter, which rose from Rs 103 crores to Rs 105.6 crores.
GP Petroleums Ltd., formerly Sah Petroleums Ltd., reported a 12.5 percent jump in net profit this quarter, to Rs 1.7 crores. Operating income for the Maharashtra-based supplier of Ipol lubricants was up 4 percent to Rs 101 crores.
Savita Oil Technologies petroleum products segment posted profit before tax of Rs 15.5 crores, up significantly year over year from its loss of Rs 3.2 crores in the prior years third quarter. The segment – which supplies transformer oils; white oils and liquid paraffins; automotive, aviation and industrial oils; waxes and more – recorded a 15 percent drop in sales revenue, to Rs 369 crores.