Mixed Results for Indian Companies

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Mixed Results for Indian Companies

For the quarter ending June 30, India’s GP Petroleums and Apar Industries posted net losses, Castrol India and Savita Oil posted steep drops in profit, and Maximus International and Continental Petroleums reported increased profits.

GP Petroleums

GP Petroleums reported an Rs 2.1 crore net loss (21 million Indian rupees or U.S. $286,000) for the quarter ending March 30, down from an Rs 4.1 crore net profit in the year-earlier period, the Ipol-branded lubricants supplier said in a regulatory filing.

The Mumbai-based company’s revenue from operations declined to Rs 78.9 crore, down 41% from Rs 134.5 crore. Other income reached Rs 2 million, down 24%.

Total expenses declined to Rs 81.8 crore, down 36% from Rs 128.7 crore.

The company’s manufacturing segment includes production and marketing of lubricating oils and greases. The segment’s revenue declined 63% to Rs 36.2 crore, down from Rs 97.3 crore. Revenue for its trading segment, which includes base oil trading activities, was up at Rs 42.6 crore, a 15% increase from Rs 37.2 crore.

GP noted in its filing that the COVID-19 pandemic significantly affected the company’s operations and results for the quarter. The company said it resumed operations at its plant on April 29 and at all warehouses in phases in keeping with the directives and approvals received from local and government authorities.

Castrol India

Castrol India Ltd. reported profit after tax of Rs 65.4 crore (Rs 654 million or U.S. $8.9 million) down 64% from Rs 182.7 crore in the same period last year, the lubricant maker said in a regulatory filing.

The Mumbai-based company said revenue from operations dropped 53% to Rs 490.6 crore, down from Rs 1,039.6 crore.

The company said in its financial statement that following approvals, it resumed operations in phases from the second week of May at its manufacturing facilities in Patalganga, Silvassa and Paharpur. Those plants had closed on March 23 following an India-wide lockdown due to the COVID-19 pandemic.

Apar Industries

Indian transformer oil supplier Apar Industries reported a net loss of Rs 20.7 crore for the three months ending June 30, down from a 42.1 Rs crore profit in the same period last year.

Revenue from Apar’s transformer and specialty oil segment fell to Rs 281 crore for the quarter, down 44% from Rs 503.8 crore.

Savita Oil

Mumbai-based Savita Oil posted net profit of Rs 10.7 crore for the quarter ending June 30, down 62% from Rs 28.4 crore in the same quarter in 2019. The company supplies transformer oils, white oils, lubricants and other products.

Total income for the quarter fell to Rs 271.4 crore, down 50% from Rs 540.6 crore

The company’s revenue from petroleum products declined to Rs 259 crore, down 51% from Rs 528.7 crore.

Savita noted in its financial statement that the global COVID-19 pandemic and consequent lockdown in India adversely impacted its operations during the quarter. “Although most of the operations are resumed, the availability of workforce [and] supply chain operations remained disrupted,” the company stated.

Maximus International

Maximus International Ltd. posted consolidated net profit of Rs 1.1 million for the quarter, up nearly 900% from Rs 113,000.

The Vadodara, Gujarat-based Indian company said consolidated revenue from operations increased to Rs 9.7 million, down 22% from Rs 12.5 million.

The lubes and base oils trader said in a regulatory filing that other income for the quarter totaled Rs 2 million, up 43 percent from Rs 1.4 million from a year earlier.

Total expenses for the quarter reached Rs 10.2 million, down 26% from Rs 13.7 million.

Continental Petroleums

Jaipur, India-based lubricant and grease seller Continental Petroleums Ltd. reported net profit of Rs 2.5 million for the quarter ending June 30, up 9% from Rs 2.3 million.

Total income, including revenue from operations and other operating income, fell to Rs 10.2 crore, down 38% from Rs 16.4 crore. 

Total expenses for the quarter declined to Rs 9.8 crore, down 39% from Rs 16.1 crore.

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