Balmer Lawrie & Co.s greases and lubricants segment moved from the red to black with its performance for the quarter ended June 30, while Savita Oil Technologies recorded an 88 percent jump in profits.
Balmer Lawrie, Indias largest grease supplier, reported that its greases and lubricants segment had an operating profit of Rs 9.5 crore (Rs 95 million or U.S. $1.5 million) for the period from April through June, the first quarter of its fiscal year. In its first quarter of 2014-2015, the segment posted an operating loss of Rs 1.5 lakh (Rs 150,000).
Revenue for the grease and lubricant segment was nearly flat – Rs 101.7 crore for the first quarter of 2015-2016 versus Rs 100.4 crore for the first quarter of 2014-2015. Kolkata-based Balmer Lawrie has stated a goal of doubling its share of Indias lubricant market within five years.
Savita, a Mumbai-based supplier of transformer oils, white oils, lubricants and other products, posted a first quarter net profit from ordinary activities after taxes of Rs 11.9 crore, up from 6.3 crore from the same period a year earlier. Revenue dropped from Rs 49 crore to Rs 39.1 crore, but that decline was more than offset by a drop in expenses, from Rs 47.5 crore to Rs 36.7 crore. The decline in expenses was mostly due to lower raw material costs.