Balmer Lawrie Co.’s Greases and Lubricants saw its operating profit drop 8% during the company’s 2020-21 fiscal year due to impacts of the COVID-19 pandemic, but the business was running ahead by the fourth quarter, which ended March 31.
The Greases and Lubricants segment, India’s largest grease supplier, had an operating profit of Rs 3,145 lakhs (Rs 315 million or U.S. $4.2 million) for the 12 months ended March 31, compared to Rs 3,432 lakhs for the 2019-20 fiscal year.
The decline stemmed partly from a drop in sales revenue, which fell 2% to Rs 36,550.
India has been one of the countries hardest hit by the health crisis, suffering the second-highest number of reported cases after the United States and the third-highest death total after the U.S. and Brazil. Large numbers of new infections continue to be reported in India as it struggles to make progress in vaccinating its population.
The Greases and Lubricants segment’s performance improved significantly by the fourth quarter. It earned Rs 1,058 lakhs during that period, which was 21% more than the previous fourth quarter. Revenue for the period jumped 48% to Rs 11,225 lakhs.
India’s national government is attempting to sell its controlling stake in Balmer Lawrie and has said that it may spin the segments off separately.