For the quarter and fiscal year ending March 31, Savita Oil Technologies Ltd. reported higher net profit, while Continental Petroleums Ltd. reported lower profit for the quarter and higher profit for the fiscal year.
Savita Oil Technologies
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Mumbai, India-based Savita – which supplies transformer oils, white oils, lubricants and other products – reported net profit of Rs 94.5 crore (Rs 945 million or U.S. $12.7 million) for the quarter ending March 31, soaring 359% from Rs 20.6 crore in the same quarter in 2020. For the full fiscal year, which also ended March 31, the company posted net profit of Rs 224 crore, a 134% increase from Rs 95.6 crore in the prior fiscal year.
Total income for Savita’s quarter reached Rs 638.9 crore, a 41% increase from Rs 453.3 crore. For the fiscal year, the company reported that total income declined 6% to Rs 1,944.1 crore, down from 2,057.8 crore.
The company’s revenue from petroleum products grew 41% to Rs 630.9 crore in the quarter, improving from Rs 446.9 crore. For the fiscal year, revenue from petroleum products Rs 1,891.7 crore, down from Rs 2,012.6 crore
Lubricant and grease seller Continental Petroleums Ltd., based in Jaipur, India, reported that its net profit dropped 65% to Rs 30.1 lakh (or Rs 3.01 million) in the quarter ending March 31, down from Rs 86.2 lakh in the year-earlier period. For the full fiscal year that ended March 31, net profit was up 65% at Rs 222.9 lakh, improving from Rs 135.1 lakh.
Total revenue jumped 174% to Rs 35.6 crore, up from Rs 13 crore. For the fiscal year, total revenue grew 135% to Rs 100 crore, improving from Rs 42.6 crore.
Continental’s profits reflected the impact of large increases in expenses. Total expenses for the quarter ballooned 200% to Rs 35.1 core, compared to Rs 11.7 crore. For the fiscal year, expenses grew to Rs 96.9 crore, up 138% from Rs 40.7 crore.