Kolkata-based Tide Water Oil Co. (India) Ltd. reported a net profit of Rs 30.8 crore (Rs 308 million or U.S. $4.3 million) for the three months ending Dec. 31, up almost 53 percent from Rs 20.1 crore. Revenue from operations for the quarter declined to Rs 298.5 crore, down 3.2 percent from Rs 308.4 crore million.
The Veedol-branded lubricant supplier achieved net revenue of Rs 82.3 crore for the April-December period, up 41.2 percent from Rs 58.3 crore in the year-earlier period.
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In interim financial statements released to the Bombay Stock Exchange, Tide Water Oil Chairman Debasis Jana said, the board decided [in November 2019] to discontinue the operations of the wholly-owned subsidiary Veedol International BV. The subsidary was liquidated, and its operations were wound up at the close of business on Dec. 31. According to financial reports on Tide Water Oils website, Veedol International B.V.s registered office was in Amsterdam in the Netherlands, and its activities consisted primarily of trading oil.