Gulf Oil's profit after tax falls 8% to Rs 58.6 crore in December quarter

Lubes maker Gulf Oil on Thursday reported an eight per cent drop in profit after tax (PAT) to Rs 58.63 crore for the December 2021 quarter.

Gulf Oil had posted a PAT of Rs 64 crore in the corresponding quarter last year, the company said in a statement.

At the same time, net revenue surged 25 per cent to Rs 601.82 crore, compared with Rs 481.86 crore delivered in the October-December period of the previous fiscal, helped by growth in business from industrial, B2B segments, OEMs (original equipment manufacturers) franchise workshops as well as from infra sector customers, it said.

 

The revenue clocked in the October-December 2021 period was the higher-ever quarterly revenue for the company, Gulf Oil said.

The firm continued to report good revenue growth both for the quarter at 25 per cent and for the April-December 2021 period at 37 per cent, despite weak retail market sentiments, Gulf Oil said in a statement.

It added that the B2C (business-to-consumer) segment also saw good volumes in diesel engine oils for commercial vehicles and passenger car motor oils as the company has increased market share in all these segments.

Gulf Oil said it delivered the highest-ever volumes in a single quarter in the OEM franchisee workshops (FWS) business/ segment with growth across product categories, adding that the realisation also improved with revised pricing in place for this segment.

Besides, the industrial segment logged a strong double-digit year-on-year growth during Q3FY22, it said. The infrastructure segment continues its customer acquisition journey with new customers and construction OEMs.

The company launched a new lubricant range in collaboration with Schwing Stetter for their after-market requirement.

It also won a contract for the supply of newly-launched synthetic series gear oils of factory fill supplies to one of the biggest global gear-box manufacturers, according to the statement.