Castrol India reported a 6.2% decline in net profit to Rs 228.40 crore in quarter ended March 2022 from Rs 243.60 crore posted in quarter ended March 2021.
The company follows a calendar year basis (January to December) for its financial reporting.Net sales grew by 8.5% to Rs 1,235.7 crore in Q1 CY22 from Rs 1,138.70 crore posted in the same period last year. Profit before tax fell by 6.3% year on year to Rs 311.30 crore during the period under review.
Profitability was dented after total expenses surged by 15% year on year to Rs 918.50 crore in quarter ended March 2022.
Commenting on the quarterly results, Sandeep Sangwan, managing director of Castrol India said, "Despite a brief impact from the third wave of Covid-19 in January, business operations resumed normalcy and Q1 2022 witnessed a good resurgence in demand. While inflationary and supply side pressures continued to be high, Castrol India was able to serve its customers' needs by leveraging its strong distribution network and supplier relationships.
Castrol India manufactures and markets automotive and industrial lubricants and specialty products. The company's products include lubricating oils, greases and brake fluids.
Shares of Castrol India ended 0.51% higher at Rs 108.50 on Monday. The domestic market is closed today, 3 May 2022 on account of Ramzan Eid.
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