Indian transformer oil supplier Apar Industries reported large increases in net profit and in revenues from its transformer and specialty oils business for the quarter ending March 31 and the fiscal year ending that month – possibly reflecting the country’s economic recovery from COVID-19, including the start of a rebound in its electricity demand.
In its earnings presentation, Apar noted that India’s economy bounced back in fiscal year ending in March to grow at an 8.9% rate and is forecasted to grow at 7.4% for fiscal year 2023. India’s electricity demand growth rate is expected to recover to normal levels of 6%-7% in fiscal year 2023 as well, the company said.
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Indian transformer oil supplier Apar Industries reported net profit of Rs 76.1 crore, a 69% jump from Rs 45.1 crore. For the full fiscal year, the company reported net profit of Rs 233.6 crore, improving 71% from Rs 136.8 crore.
Standalone revenues from Apar’s transformer and specialty oil segment rose 19% to Rs 727.4 crore for the quarter, increasing from Rs 610 crore. For the full fiscal year, the segment’s revenue grew 46% to Rs 2,817 crore.
Tide Water Oil
Tide Water Oil reported standalone profit of Rs 35.1 crore, a 28% increase from Rs 27.3 crore in the same period last year. For the full fiscal year, standalone profit declined 9% to Rs 106.6 crore, compared to Rs 117.5 crore.
The manufacturer and distributor of Veedol-branded lubricants said revenue from operations increased 20% to Rs 360.9 crore, up from Rs 301.2 crore. For the fiscal year, revenue from operations increased 19% to Rs 1,247.7.
Total expenses for the quarter increased 3% to Rs 331.2 crore. For the fiscal year total expenses increased 23% to Rs 1,157.
GP Petroleums reported net profit of Rs 8.5 crore for the quarter, a 75% jump from Rs 4.9 crore. For the fiscal year ending March 31, net profit was up 7% at Rs 18.9 crore.
Revenue from operations slipped 5% to Rs 182.6 crore, the Ipol-branded lubricants supplier said in a regulatory filing. For the fiscal year, revenue from operations grew 18% to Rs 717.5 crore.
Revenue for GP Petroleums’ manufacturing segment – including production and marketing of lubricants and greases – increased 9% to Rs 108.3 crore in the quarter. Revenue for its trading segment, which includes base oil trading activities, dropped 21% to Rs 74.3 crore. For the full fiscal year, manufacturing segment revenue increased 33% to Rs 398.3 crore, while trading segment revenue edged up 4% to Rs 319.2 crore.
Savita Oil Technologies
Mumbai, India-based Savita – supplier of transformer oils, white oils, lubricants and other products – reported net profit of Rs 59.8 crore, a 37% drop from Rs 94.5 crore in the same quarter in 2021. For the full fiscal year, which also ended March 31, the company’s net profit rose 12% to Rs 250 crore, from Rs 224 crore.
Total income for the quarter increased 25% to Rs 798.6 crore, up from Rs 638.9 crore.
The company’s revenue from petroleum products rose 26% to Rs 793.7 crore in the quarter, improving from Rs 630.9 crore. For the fiscal year, revenue from petroleum products reached Rs 2,806.2 crore, a 49% increase from Rs 1,891.7 crore.
“All our product divisions – Transformer Oils, White & Mineral Oils, Automotive and Industrial Lubricants and Formulated Specialty Products – witnessed healthy growth,” Chairman and Managing Director Gautam N. Mehra said in the company’s earnings presentation.