Castrol India Q3 net profit surges over three-folds to Rs 569 crore



Lubes maker on Friday reported an over three-fold increase in profit after tax (PAT) at Rs 569.5 crore for the third quarter ended September 30, riding on the back of robust sales.


The company had reported a net profit of Rs 185.9 crore in the July-September quarter of previous fiscal.





Revenue from operations rose to Rs 3,101.5 crore as against Rs 1,073.2 crore in the year-ago period, said in a statement.


The company follows a January-December financial year.


“The cost of goods sold (COGS) environment continued to be very challenging due to a sharp rise in input costs. We responded through timely pricing interventions and continued investment in our brands’ advertising and marketing spends to support value delivery to customers and reinforce brand salience. These measures helped us navigate the dynamic market situation,” Managing Director Sandeep Sangwan noted.


The company launched new products with the latest BS-VI ready technology for cars, and commercial vehicles, he added.


“With the automotive sector rapidly gearing up for electric mobility in the passenger vehicle segment, we are exploring options with two-wheeler electric vehicle (EV) manufacturers for development of EV fluids. At the same time, we continue supplying EV fluids to two of the top OEMs in India,” Sangwan stated.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



Source link