Castrol India recorded a 21 percent gain in profits for its most recent quarter, Balmer Lawries lube segment made profit after being in the red last year, Tide Water Oil Co. posted a 79 percent decline, and Chevron Lanka’s earnings were up 10 percent.
Castrol India Ltd.s earnings jumped 21 percent to Rs 143.2 crores (Rs 1.4 billion or U.S. $21.5 million) in its third quarter compared to Rs 117.9 crores in 2014, despite sales that were 2.2 percent lower year over year at Rs 784.3 crores.
The Mumbai-based suppliers quarter ending Sept. 30 was a success, Managing Director Omer Dormen said, due in part to its growing personal mobility segment. He said in a release last week that the business continues to be driven by Castrol Activ increasing its market share in the two-wheeler engine oil category.
Power brands and [Castrols] independent workshop channel are also performing extremely well, both delivering double-digit volume and margin growth year to date, Dormen said. The contribution of premium synthetic products like Castrol Magnatec and Castrol Edge continue to grow.
Castrols industrial segment also performed well, according to Dormen. After a sharp decline in the first two quarters due to sluggish manufacturing activity and increased competition, the industrial business is seeing some improvement as a result of new customer wins, especially in the wind and steel segments.
He added that while Castrols industrial segments sales volumes were flat year over year, its gross margin and operating profit growth achieved double-digit growth, which he attributed to increased focus on product mix.
Indian firm Balmer Lawries greases and lubricants segment earned Rs 5.46 crore in its second quarter, up from a loss of Rs 1 crore last year.
The Kolkata-based groups lubes division sales were Rs 100.31 crore in the quarter ending Sept. 30, which was an 8.5 percent improvement over Rs 92.38 crore in 2014s corresponding quarter.
Indias Tide Water Oil Co. recorded a 79 percent drop in net profit and a marginal dip in sales this quarter, at Rs 20 crore and Rs 228 crore, respectively.
The Kolkata producers total expenses were less this quarter compared to last years, at Rs 201 crore compared to Rs 213 crore in the same period of last year.
Chevron Lubricants Lanka PLCs earnings were 1.09 billion Sri Lankan rupees (U.S. $7.6 million) in 2015’s third quarter, compared to Rs 990 million in the same period of last year.
The multinational energy giants Sri Lankan lubricants subsidiary saw revenue diminish 3 percent in this years quarter ending Sept. 30, recording Rs 2.9 billion compared to Rs 3 billion last year.