Balmer Lawrie, one of Indias largest grease suppliers, said that the segment posted a standalone profit of approximately 6.3 crore rupees (Rs 63 million or U.S. $937,500) before tax and interest during the period which ended Dec. 31, down from Rs 12.5 crore in the same period last year.

Net sales for the segment fell about 2 percent to just under Rs 107 crore during the quarter, from approximately Rs 109 crore during the same period of 2015, the Kolkata-based diversified company said in a regulatory filing. The company supplies its Balmerol-branded products to the defense, railways, mining, steel, heavy engineering, power and automotive sectors. It has a network of more than 250 distributors and 4,500 dealers across the country.

Balmer Lawries other business segments are industrial packaging, leather chemicals, travel and vacations, logistics, and refinery and oilfield services. The greases and lubricants segment accounted for about 15 percent of the companys total sales in the previous fiscal year.

Indias Panama Petrochem Ltd. posted an 83 percent year on year jump in its quarterly net profit, as sales surged and finance costs declined.

The Mumbai-headquartered company posted a consolidated net profit of Rs 11.6 crore in its Dec. 31-ended third quarter, up from Rs 6.3 crore in the same period last year.

Consolidated net sales rose nearly 20 percent to Rs 237 crore during the quarter from Rs 198 crore a year earlier, the maker of Panol-branded automotive oils said in a regulatory filing.

Panama Petrochem, which also makes transformer oils, industrial oils, greases and other specialty petroleum products, exports to North America, Europe, the Middle East, Australia, Africa and Southeast Asia. The company has four manufacturing units in India.

Total expenditure increased 17 percent year on year to Rs 218 crore but finance costs fell 18 percent on year to approximately Rs 2.3 crore during the quarter.

The company’s consolidated numbers include the results of its wholly owned subsidiary, Panol Industries RMC FZE, which has a 30,000 metric tons per year manufacturing facility in Ras Al Khaimah, United Arab Emirates.

Indias GP Petroleums Ltd., a subsidiary of the United Arab Emirates-based Gulf Petrochem Group, posted a 92 percent annual jump in its third quarter net profit, thanks to higher sales.

The Mumbai-based lubes producer reported a standalone net profit of approximately Rs 3.3 crore from October to December 2016, up from Rs 1.7 crore in the same period last year, according to a regulatory filing.

GP, which makes the Ipol brand of lubricants, said that net sales increased 26 percent, to Rs 127 crore. It sells industrial and automotive lubricants, process oils, transformer oils, greases and other specialties in India and internationally. Its finance costs fell 6 percent year on year to Rs 1.6 crore during the quarter. Total expenses, however, increased nearly 25 percent to Rs 121 crore.

GP, formerly known as Sah Petroleums, manufacturers and markets Spanish oil major Repsol’s lubricants in the country. In October 2016, it launched Repsols fully synthetic passenger car motor oils in India, following the introduction of Repsols motorcycle oils earlier in the year. It plans to bring Repsols complete range of synthetic motorcycle, passenger cars and commercial vehicle oils to the country in coming years. GP has blending plants in Vasai and Daman, with total capacity of 70,800 t/y.

Gulf Oil Lubricants India Ltd. reported profit of 2,759 lahks in its third quarter, an increase of around 5 percent from the same quarter in 2015. Net income for the Mumbai-based company was Rs 27,363 lakhs, also up around 5 percent from the previous year.

Savita Oil Technologies petroleum products segment saw an increase in both revenue and profit during its third quarter. Savitas revenue inched up to Rs 41,355 lakhs. The segment experienced a more dramatic increase in profit, leaping up 46 percent to Rs 3,044 lakhs from Rs 1,640 lakhs a year ago.