Castrol India Ltd. said Indias transition to the Goods and Services Tax system was a major reason for its 33 percent drop in profit during its second quarter. Lingering effects of demonetization were another culprit for lower sales.
The Mumbai-based blender posted a Rs 138 crore (approximately Rs 1.3 billion, or U.S. $20.5 million) net profit during the April through June 2017 period, down from Rs 207 crore in the same period last year, according to a regulatory filing published last week. Net sales declined 10 percent to Rs 1,007 crore.
Get alerts when new Sustainability Blog articles are available.