Gulf Oil Lubricants India Limited, part of the Hinduja Group, announced its audited financial results for the fourth quarter and the financial year ending March 31, 2024 reporting its highest ever yearly revenues and profits, with significant growth in both revenue and profit after tax (PAT).
The B2C sales received a boost from targeted sales and marketing efforts, leading to good growth in commercial vehicle oils (CVO), motorcycle oils (MCO), and the agricultural sector.
Gulf Oil's marketing efforts included promoting its motorcycle engine oil brand, Gulf Pride, through a TV campaign featuring M.S. Dhoni and Smriti Mandhana. The company also focused on customer engagement with its annual cricketing campaign during the T-20 season, involving fans in creating ads for the Chennai Super Kings (CSK). Gulf Oil continued to excel in the agricultural lubricants space with its 1,000-hour long drain interval product and various promotional activities.
In Q4, Gulf Oil delivered the highest ever AdBlue volume, registering nearly 20% growth sequentially. The company also launched two new products for SUVs to cater to the increasing demand for engine oils specific to this segment. Exports to over 25 countries achieved an 11% volume growth during the quarter compared to the same period last year.
Commenting on the performance, Ravi Chawla, Managing Director & CEO of Gulf Oil Lubricants India Ltd, stated “We have had an excellent quarter, maintaining our growth momentum. In the financial year, we have gained market share in B2B and B2C, expanded our distribution, and launched new products across segments which have been innovative and value-driven.”
In the fourth quarter of FY 2023-24, Gulf Oil achieved revenue from operations of INR 852.82 crore, up 7.67% from INR 792.05 crore in the same period last year. The company's PAT for Q4 rose sharply by 37.41% to INR 85.43 crore compared to INR 62.17 crore in Q4 of the previous year. For the entire financial year, the company's revenue grew by 9.50% to INR 3,284.10 crore, up from INR 2,999.10 crore in the previous year. The annual PAT also saw a significant increase of 32.63%, reaching INR 308.10 crore compared to INR 232.30 crore last year.
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