Gulf Oil Lubricants India Ltd. and Indian transformer oil supplier Apar Industries Ltd. both reported large increases in profit and sales revenue for the quarter ended March 31. For their fiscal years ending on the same date, both companies posted slightly lower profit on higher sales.
Gulf Oil Lubricants India
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Gulf Oil Lubricants India, a Hinduja Group company, reported net profit of Rs 59.8 crore (Rs 598 million or U.S. $8.2 million) for the quarter ended March 31, improving 66% from Rs 35.9 crore in the same quarter last year.
For its full fiscal year – which also ended March 31 – Mumbai-based Gulf Oil Lubricants India reported net profit declined 1% to Rs 200.1 crore, down from 202.5 crore for the prior fiscal year.
Total income for the quarter grew 43% to Rs 530.1 crore, up from Rs 369.9 crore. For the full fiscal year, the company’s total income edged up 1% to Rs 1,704 crore, improving from Rs 1,679 crore.
Net revenue – which is revenue from operations – for the quarter rose 44% to Rs 517.4 crore, up from Rs 359.7 crore. For the full fiscal year, the company’s net revenue reached Rs 1,652.2 crore, up 1% from Rs 1,644.2 crore.
The company said in its earnings press release that India showed an overall improvement in lubricant consumption in the quarter ending March 31 because of better economic and industrial activities, while personal mobility movement in the country improved but did not reach pre-COVID levels. “There has been good demand traction [until] the middle of March, when the second wave started to show up in Western region states, and the resultant lockdown in Maharashtra and parts of [Madhya Pradesh], Gujarat, led to some moderation on the business sentiments and achievements,” the company said.
Despite that, the company said both its business-to-consumer and business-to-business segments and all key product categories recorded good growth. B2B, original equipment manufacturer-related and industrial businesses saw strong growth and record sales in the quarter on the back of significantly improved manufacturing activities, and in particular automotive industry production, Gulf Oil Lubricants India noted.
Indian transformer oil supplier Apar Industries reported net profit jumped 71% to Rs 45.1 crore for the quarter ending March 31, up from Rs 26.3 crore. For the full fiscal year, the company posted a net profit of Rs 136.8 crore, a 2% decrease from 139 crore.
Revenues from Apar’s transformer and special oil segment grew 39% to Rs 610 crore for the quarter, increasing from Rs 440 crore. For the full fiscal year, the segment’s revenue increased 1% to Rs 1,936 crore.