Full year profits for GP Petroleums Ltd., Balmer Laurie & Co. and Tide Water Oil Co. (India) Ltd. fell, while Maximus International Ltd., Continental Petroleums Ltd. and Apar Industries Ltd. each enjoyed strong revenue growth for the full year ending March 31.
GP Petroleums Ltd.
Mumbai-based GP Petroleums Ltd. reported its fourth-quarter net profit declined roughly 35 percent year on year to Rs 3.95 crore (Rs 39.5 million, or U.S. $585,000), hurt by higher expenses and taxes.
Revenue from operations increased 39 percent to Rs 179.2 crore in the quarter that ended March 31, thanks to higher sales from manufacturing and trading segments, the Ipol-branded lubricants supplier said in a regulatory filing this week.
Net profit for the full year decreased 20 percent to Rs 16.4 crore and revenue from operations, jumped approximately 17 percent to Rs 560.4 crore.
Balmer Lawrie & Co.
Balmer Lawrie & Co. – one of Indias largest grease suppliers – posted a 4.5 percent increase to Rs 8.8 crore in operating profit from its greases and lubricants segment.
Revenue for the segment declined 23 percent to Rs 87.3 crore in the quarter ending March 31.
For the full year, the state-run, supplier of Balmerol-branded products reported a profit of roughly 31 crore before tax and interest, down 2.6 percent from a year ago. Revenue for the segment dropped to Rs 403.7 crore, down 10 percent from the year-earlier period.
Tide Water Oil Co. (India) Ltd.
Lubricants maker Tide Water Oil Co. reported its fourth quarter net profit decreased nearly 18 percent to Rs 28.3 crore, hurt by higher taxes and lower revenue. Revenue from operations slipped 1 percent to Rs 298.1 crore during the quarter.
For the full year, the Kolkata-based companys net profit declined nearly 6 percent to Rs 96.9 crore. Revenue for the Veedol-branded lubes supplier dipped 1.8 percent to Rs 1,112.1 crore.
The company said its sales are not comparable with last years numbers due to changes in the treatment of indirect taxes after the GST system implementation last July.
Maximus International Ltd.
Maximus International Ltd. reported its annual standalone net profit fell 4.5 percent year on year to Rs 38.3 lakh (Rs 3.8 million) due to higher expenses.
Total revenue leaped 116 percent to Rs 22.3 crore for the full year that ending March 31, the lubes and base oils trader said in a stock exchange announcement.
Maximus – which primarily imports and exports lubricants, base oils and other chemical products – gains approximately 70 percent of its revenue through exports.
Continental Petroleums Ltd.
Jaipur, India-based Continental Petroleums Ltd.s fourth quarter net profit jumped 211 percent to Rs 51 lakh ), driven by higher sales.
Total income from operations for the quarter grew 137 percent to approximately Rs 15 crore, according to a regulatory filing. Continental sells lubricants and greases under the Contol brand.
Net profit for the full year jumped to Rs 94.43 lakh from Rs 47.21 lakh last year. Total income from operations rose 142 percent to Rs 55.5 crore.
Apar Industries Ltd.
Mumbai-based Apar Industries Ltd. reported quarterly profits from its transformer and specialty oils segment surged 40 percent to Rs 51 crore.
Revenue for the segment-which includes automotive lubricants among over 400 types of specialty oils- rose 22 percent to Rs 532.3 crore.
For the full year, the transformer and specialty oils segments profit before finance costs and taxes fell 3 percent to Rs 163.8 crore, but, revenue jumped 24 percent to Rs 2,105.9 crore.