Gulf Oil Lubricants India Ltd. (GOLIL) has reported a strong financial performance for the quarter ending December 31, 2024, achieving its highest-ever quarterly revenue and profit. The company recorded a 10.72% year-on-year increase in revenue to INR 904.88 crore and a 21.59% jump in PAT to INR 98.17 crore. For the nine-month period ending December 2024, revenue grew by 8.56% to INR 2,639.28 crore, while PAT surged 21.54% to INR 270.63 crore.
Strategic Growth, Market Expansion
Despite macroeconomic headwinds, Gulf Oil focused on agility and strategic execution, allowing it to capture emerging opportunities in the lubricants and EV charging sectors. Managing Director & CEO, Ravi Chawla, highlighted the company’s success in achieving record quarterly sales volumes and crossing INR 900 crore in revenue for the first time.
'Our focus remains on delivering profitable, volume-led growth in core lubricants while strengthening our presence in EV charging solutions, supporting long-term business sustainability,' Chawla stated. He expressed optimism about increasing demand across B2B and B2C segments, particularly with government infrastructure investments supporting future growth.
Financial Resilience, Profitability
CFO Manish Gangwal attributed the 11% revenue growth to a combination of stable input costs, operational efficiencies, and premiumization strategies. The company achieved its highest-ever quarterly EBITDA of INR 122.20 crore, with EBITDA-to-revenue improving to 13.50%. Confident in its robust cash flow generation, the Board has declared an Interim Dividend of INR 20 per share (1,000% on the INR 2 face value).
'We are accelerating our UNLOCK 2.0 strategy, focusing on core business expansion through premium offerings while spearheading long-term transformational growth,' Gangwal added.
Key Business Developments
- Strategic Partnerships:
- Nayara Energy partnership to expand premium lubricant distribution.
- Piaggio India partnership extended until 2032 for two-wheelers and until 2030 for commercial vehicle lubricants.
- Market Performance:
- Quarterly volume growth doubled industry growth rate.
- Motorcycle oils and B2B segments (Infrastructure & Industrial) showed high double-digit growth.
- AdBlue consumption rebounded after a temporary dip.
- Exports continued strong performance.
- Sustainability & CSR Initiatives:
- Awarded ‘Sustainability Champion’ at Rosefield Confex 2024.
- Installed water ATMs in Chennai, benefiting 1,500+ families.
- Engaged 15,000+ students across 62 schools through educational programs.
Subsidiary Success & EV Focus
Gulf Oil’s 51% subsidiary, Tirex, achieved 300% topline growth, touching INR 40 crore in revenue in the first nine months of FY25. Techperspect (ElectreeFi), its EV SaaS investment, secured multiple new customers, driving Gulf’s focus on EV infrastructure and digital transformation.
Branding and Marketing Milestones
- The Unstoppables Campaign: Featuring MS Dhoni, Hardik Pandya, and Smriti Mandhana, it reinforced Gulf’s consumer engagement and brand positioning. The campaign song trended on Spotify, amplifying reach.
- India Bike Week 2024: Gulf Oil strengthened its presence at India’s largest biking event, engaging 25,000+ enthusiasts and 12,000 riders from 62 clubs, while securing over 1 billion digital interactions.
Looking Ahead
With a strong focus on premiumisation, technological innovation, and sustainability, Gulf Oil is well-positioned for long-term industry leadership. The company aims to unlock further growth by expanding core lubricants, strengthening EV charging solutions, and reinforcing brand leadership in the high-performance biking community.
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