Castrol India rallied soared 8.01% to Rs 205 after the company's net profit grew 25.15% to Rs 241.94 crore in Q4 CY23 as compared with Rs 194.42 crore posted in Q4 CY22.
Revenue from operations increased by 7.49% year on year (YoY) to Rs 1,264.04 crore in the quarter ended 31 December 2023.
Profit before tax (PBT) stood at Rs 324.32 crore in the December quarter, up 30.83% as against Rs 247.89 crore reported in the same period a year ago.
On full year basis, the companys net profit added 6.01% to Rs 864.13 crore on 6.29% rise in revenue to Rs 5074.61 crore in FY23 over FY22
Sandeep Sangwan, managing director, Castrol India, said, In 2023, we navigated strategic landscapes with precision, driving robust top- and bottom-line growth by deftly balancing volume, margin, and unwavering cost management.
As for four-wheelers, our Castrol Auto Service centers, now totaling over 450, provided reliable service across India. Expanding our reach into rural Bharat, we enhanced product availability to 32,000 outlets deep in the hinterland. The launch of our auto care products gained momentum, now accessible in 21,000 outlets and embraced by trade and consumers alike. Direct consumer outreach, especially through e-commerce platforms, has yielded a positive impact.
Deepesh Baxi, chief financial officer (CFO), Castrol India, said, In 2024, we will boldly navigate through challenges and capitalise on opportunities. Despite economic uncertainties, we see steady inflation and a positive shift in consumer confidence. Our focus on resilient manufacturing remains unwavering, with a keen eye on global risks.
Meanwhile, the companys board has recommended a final dividend of Rs 4.50 per equity share financial year ended 31 December 2023. The record date for the same is Thursday, 21 March 2024. The dividend, if approved by the shareholders will be paid on or before Friday, 26 April 2024.
Castrol India is one of India's leading lubricant companies with brands such as Castrol CRB, Castrol GTX, Castrol Activ, Castrol MAGNATEC and Castrol VECTON. The company also operates in select segments like high performance lubricants and metalworking fluids used in a wide variety of industries such as automotive manufacturing, mining, machinery, and wind energy.
The scrip hit 52-week high at Rs 206.30 in todays intraday session.
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