Gulf Oil Lubricants India, a Hinduja Group company, has reported that its revenues in Q3FY23 have increased by 30% YoY to INR 781.10 crore as opposed to INR 601.82 crore in the same period last year.
Additionally, for the nine months ended December 31, 2022, the company has achieved a net revenue of INR 2,207.05 crore and PAT of INR 170.13 crore against a net revenue of INR 1,552.71 crore and PAT of INR 147.68 crore, respectively, in the nine months for FY23.
A press release from Gulf Oil Lubricants noted that the company delivered a double-digit volume growth for the quarter in its core lubricants portfolio. Notably, during the quarter, the company gained traction in EV fluids and tied up with various EV OEMs for the supply of EV fluids pan-India.
While B2B segments recorded robust growth, B2C retail markets continued to face tepid rural demand conditions, which impacted the volumes in agri and two-wheeler categories. However, demand in Commercial Vehicle Oil (CVO) category remained strong. On a 9-month basis, all segments have grown, leading to 18% volume growth and 42% revenue growth for the period.
Furthermore, the company continued to witness increasing demand for AdBlue, the release added.
Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India, said, “We have delivered 3-4x of the market growth rate in volumes when demand conditions from segments related to rural like agri and 2W oils were subdued.”
The distribution footprint continues to grow ahead of the double-digit volume growth, signifying a lot of efforts on the ground helped with ATL & BTL initiatives which augur well for the future growth trajectory, he added.
“Margin management will continue to remain a key focus area where the company will be playing a balancing approach on volume vs margins as some of the input costs have stabilised following crude oil, but we remain cautiously optimistic in an environment of global uncertainty with volatile economic conditions from short to medium term perspective,” Chawla noted.
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