Castrol India Ltd. reported slightly higher profits and sales for the quarter ending Sept. 30, saying it managed pricing and costs to protect margins impacted by rising base oil and additives costs that were driven by extreme inflation and other factors.
“The third quarter witnessed [foreign exchange market] pressures, along with extreme inflationary pressures arising from volatile crude oil prices, leading to rising costs of additives and base oil,” Sandeep Sangwan, managing director of Castrol India, said in its earnings news release. “To safeguard our margins and deliver bottom line growth, we employed rigorous pricing and cost management.”
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Fellow Indian company Apar Industries Ltd. reported a large jump in profit and increased transformer and specialty oil sales for the quarter.