Castrol India today announced a 17.5 per cent jump in net profit at Rs 172.4 crore for the quarter ended March 2016 on volume growth across segments.
It had posted a net profit of Rs 146.7 crore in the same period last year.
Net sales increased by 7.1 per cent to Rs 855.7 crore in the first quarter of 2016.
The company delivered a strong set of results, with operating profit up by 37 per cent at Rs 247 crore, driven mainly by 9 per cent volume growth, it said in a statement issued here.
Omer Dormen, Managing Director, Castrol India said, "This is an outstanding start to the year, underpinned by volume growth across all segments, good progress on key strategic drivers and a continuing favourable cost of goods environment."
New products launched over the last year and a half, including Castrol CRB Mini Truck, Castrol Vecton, Castrol Magnatec Stop-Start and Castrol Activ Scooter, have also started contributing considerably to the volume delivery, he said.
Commenting on the outlook for the rest of the year, Dormen said, "Looking ahead, we have started seeing an upward movement in crude oil prices and we expect base oil prices to follow. We expect the economy to become more vibrant with the optimistic monsoon forecast, resulting in increased vehicle sales and freight movement - both of which will positively impact our business.
