Results Mixed for Indian Companies

Balmer Lawrie & Co. reported an increase in operating profit, andTide Water Oil Co. posted a jump in standalone net profit, while both Maximus International Ltd. and Continental Petroleum Ltd. reported declines in net profit, each for the quarter ending Sept. 30.

Balmer Lawrie
Balmer Lawrie, one of Indias largest grease suppliers, reported a standalone profit of Rs 7.6 crore (Rs 76 million or U.S. $1.1 million) before tax and interest for its greases and lubricants segment during the state-run companys second quarter, up from about Rs 6.9 crore in the same period last year.

Revenue for the segment rose 1.7 percent to Rs 94.2 crore, the supplier of Balmerol-branded products said in a regulatory filing.

For the first half of the current fiscal year, Balmer Lawries greases and lubricants segment reported profit before tax and interest jumped nearly 23 percent year on year to Rs 17.2 crore. However, the segments revenue declined 10.3 percent to Rs 194.6 crore during the period.

Tide Water

Lubricants maker Tide Water Oil Co. (India) Ltd. reported its second-quarter standalone net profit rose 6.6 percent year on year to about Rs 24.8 crore (Rs 248 million) in the quarter ending Sept. 30, up from Rs 23.2 crore a year earlier, thanks to higher sales and a jump in other income.

Its other income rose 11 percent to Rs 11.4 crore while taxes declined 13 percent to Rs 12.3 crore during the quarter, the Veedol-branded lubricants supplier said in a regulatory filing.

Standalone revenue from operations increased 6.7 percent to Rs 283.7 crore, the Kolkata-based company said. Total expenses rose 7.6 percent to Rs 257.9 crore.

For the April-September 2018 period, the companys net profit jumped about 22 percent to Rs 48.2 crore, and revenue increased 10 percent to Rs 573.6 crore.

Tide Water said its revenue and expenses for the six-month period are not comparable with last years numbers. It explained that the year-ago period includes excise duty, while the latest period figures are disclosed net of Goods and Services Tax following implementation of the GST system in July 2017.

Maximus International

Maximus International reported its consolidated half-yearly net profit fell 3 percent year on year, hurt by higher expenses and taxes.

Net profit declined to about Rs 80 lakh (Rs 8 million or U.S. $109,866) for the six-month period that ended Sept. 30 from Rs 82.6 lakh a year earlier, the lubes and base oils trader said in a stock exchange announcement.

The Vadodara, Gujarat-based company - which primarily imports and exports lubricants, base oils and other chemical products - said total expenses surged 174 percent to Rs 31.4 crore, and taxes jumped to Rs 18.7 lakh from Rs 3.1 lakh a year earlier.

Consolidated revenue from operations rose 164 percent to Rs 32.3 crore for the first half of the current 2018-19 fiscal year. Maximus gets about 70 percent of its revenue through exports.

Continental Petroleum

Indias Continental Petroleums reported second-quarter net profit plunged 58 percent year on year as higher expenses offset the impact of positive sales.

Net profit slumped to Rs 6.79 lakh (Rs 679,000 or U.S. $9,325) in the quarter that ended Sept. 30 from Rs 16.3 lakh a year earlier, the Contol-branded lubricants and greases seller said in a regulatory filing.

Total expenses increased 22.4 percent to about Rs 14 crore, driven by a jump in cost of material consumed and finance costs.

Jaipur-based Continentals total income during the quarter rose 21 percent to around Rs 14.1 crore.

For the April-September 2018 period, the companys net profit declined 22 percent to Rs 19.4 lakh while total income surged 47 percent to Rs 26.5 crore.