Castrol India announced that it has registered revenue from operations of INR 4,774 crore in CY22, registering a growth of 14% compared to INR 4,192 crore the previous year.
For Q4CY22, the company's revenue grew by 8% to INR 1,176 crore compared to INR 1,091 crore in Q4CY21.
A press release from the company noted that in November 2022, it entered into a strategic collaboration with Ki Mobility Solutions (KMS) to leverage each other’s strengths and expand India’s automotive aftermarket eco-system via ‘myTVS’, KMS’s digitally integrated multi-brand service platform for two and four wheelers.
The deal included INR 487.5 crore investment by Castrol India and the acquisition of a 7.09% stake in KMS, which was completed in January 2023.
Besides, the company further expanded its service and maintenance network in Q4CY22 with 230 Castrol Auto Service (CAS) centres in 110 cities across India, 5,215 Castrol Bike Points and 42 Castrol Express Oil Change outlets across India.
Interestingly, in Q4CY22, the lubricant maker extended Castrol’s EV-readiness training programme to 100 top-tier car and bike mechanics in Chennai to support mechanic upskilling and create an EV-ready eco-system. The ASDC-certified training was also conducted earlier in Delhi and will soon be expanded across other cities in India.
Sandeep Sangwan, Managing Director, Castrol India, noted that 2022 was marked by high forex and inflationary pressures from volatile crude oil prices, leading to rising additives and base oil costs.
“We balanced our volumes and margins through timely pricing decisions and rigorous cost management and delivered bottomline growth,” he noted.
Going forward, the company aims to continue to drive long-term growth through its future-ready strategy, which focuses on an enhanced play in service & maintenance and a foray into new segments, including automotive aftercare and electric mobility.
In the EV space, in 2023, the company will launch its Castrol ON range of EV fluids for the aftermarket and collaborate with two-wheeler & four-wheeler OEMs to support their EV transition, Sangwan noted.
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