Castrol India reported a net profit of Rs 187 crore in Q3 2022 as against a net profit of Rs 186 crore in Q3 2021.
For the third quarter (3Q) from July to September 2022, the company registered revenue from operations of Rs 1,121 crore, achieving a growth of 4% compared to Rs 1,073 crore in Q3 2021.
Profit before tax for the quarter stood at Rs 254 crore, marking a growth of 2% from Rs 250 crore in Q3 2021.
The company registered 9% rise in net profit to Rs 622 crore on a 16% growth in revenue from operations to Rs 3,598 crore in the nine months ended 30 September 2022 as compared to 9M 2021.
Commenting on the quarterly results, Sandeep Sangwan, managing director, Castrol India, said, The third quarter witnessed forex pressures along with extreme inflationary pressures arising from volatile crude oil prices, leading to rising costs of additives and base oil.
To safeguard our margins and deliver bottomline growth, we employed rigorous pricing and cost management. We continued to strengthen our service & maintenance network across India with the addition of new Castrol Auto Service centers and Castrol Express Oil change outlets.
Sharing a future outlook, Sandeep Sangwan added, Our key focus is to drive growth for Castrol and protect our profitability. An integral element of our future-ready strategy is our foray into the automotive aftercare market and into service & maintenance.
In addition to our current alliances, we are also exploring further collaborations with electric vehicle OEMs to help advance electric mobility in India and supporting mechanics to get EV-ready.
The Castrol Auto Service (CAS) network expanded to 210 multi-brand passenger car workshops in 110+ cities across India, strengthening the company's service & maintenance network. Castrol Express Oil Change outlets scaled up to 42. These outlets are operational in Jio-bp mobility stations across India.
The board of Castrol India has approved the appointment of Nicola Buck, senior vice president global marketing bp & chief marketing officer, Castrol (UK), as a nominee director on the board of the company in place of A.S. Ramchander.
Castrol India manufactures and markets automotive and industrial lubricants and specialty products. The company's products incude lubricating oils, greases and brake fluids.
The scrip ended flat at Rs 124.40 on the BSE today.
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