India’s Tide Water Oil Co. and GP Petroleums Ltd. reported substantially higher net profit for the quarter ending March 31, compared to results in the same period in 2020, while Maximus International Ltd. posted lower net profit.
Tide Water Oil
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Tide Water Oil reported standalone profit of Rs 27.4 crore (Rs 274 million or U.S. $3.2 million) in the quarter, improving 17% from Rs 23.4 crore in the same period in 2020. For the full fiscal year, standalone profit rose 11% to Rs 117.5 crore, up from Rs 105.7 crore.
The manufacturer and distributor of Veedol-branded lubricants said revenue from operations increased 19% to Rs 301.1 crore, compared with Rs 252.9 crore. Total expenses for the quarter were up 16% at Rs 268.7 crore.
For the full fiscal year, revenue from operations increased 7% to Rs 1,051.3 crore, and total expenses declined 8% to Rs 937.8 crore.
Tide Water Oil said in its filing that the impact of India’s government-imposed nationwide lockdown due to the COVID-19 pandemic was temporary, as the company obtained requisite approvals in April and May to resume its manufacturing operations across its plants. The company said it had gradually ramped up its lubricants production since the May-June period of 2020.
The company noted that a fire broke out last month at one of the depots that Tide Water operates in Raipur, Chhattisgarh. Lubricants stock valued at about Rs 1.3 crore were damaged. The entire stock was covered by insurance, and the company said its claims submissions process was underway.
GP Petroleums reported net profit of Rs 4.9 crore for the quarter ending March 31, a more than 250% improvement from Rs 1.4 crore in the year-earlier period, the Ipol-branded lubricants supplier said in a regulatory filing. For the full fiscal year ending March 31, net profit was up 14% at Rs 17.7 crore.
The Mumbai-based company’s revenue from operations jumped 109% to Rs 192.7 crore, up from Rs 92.2 crore. Other income dropped 80% to Rs 0.1 crore, falling from Rs 0.1 crore. For the full fiscal year, revenue from operations increased 23% to Rs 608.8 crore, and other income decreased 2% to Rs 1.3 crore.
Total expenses for the quarter jumped 102% to Rs 183.6 crore, up from Rs 90.8 crore. For the full fiscal year, total expenses increased 23% to Rs 587.5 crore.
Revenue for its manufacturing segment – which includes production and marketing of lubricating oils and greases – increased 40% to Rs 98.9 crore in the quarter. Revenue for its trading segment, which includes base oil trading activities, skyrocketed 331% to Rs 93.8 crore, improving from Rs 21.8 crore. For the full fiscal year, manufacturing segment revenue was down 7% at Rs 300.5 crore, while trading segment revenue jumped 78% to Rs 309.4 core.
Maximus International Ltd. reported consolidated net profit of Rs 0.7 crore (Rs 7 million) for the quarter ending March 31, declining 42% from Rs 1.2 crore in the year-earlier period.
Consolidated net profit for its full fiscal year that ended March 31 rose 29% to Rs 4 crore, improving from Rs 3.1 crore in the prior fiscal year. The Vadodara, Gujarat-based Indian company said consolidated revenue from operations grew X% to Rs 12.6 crore for the quarter, up from Rs 12.2 crore. For the full fiscal year, consolidated revenue from operations jumped 66% to Rs 53.1 crore, improving from Rs 32 crore.