Castrol India reports 6 percent decline in net profit

Castrol India, a leading lubricant supplier has reported a net profit of Rs 228.4 crore during Q1CY22, down by Rs 6.24 percent as against Rs 243.6 crore recorded during corresponding period last year. The company follows a calendar year basis (January to December) for its financial reporting. However, the revenue from operations jumped by 9 percent to  Rs 1,236 crores during Q1CY22  as against Rs 1,139 crores in Q1CY21.

Sandeep Sangwan, Managing Director, Castrol India said, “Despite a brief impact from the third wave of Covid-19 in January, business operations resumed normalcy and 1Q 2022 witnessed a good resurgence in demand. While inflationary and supply side pressures continued to be high, Castrol India was able to serve its customers’ needs by leveraging its strong distribution network and supplier relationships.”

Meanwhile, the company during the reported quarter expanded its Castrol Auto Service (CAS) network to 116 multi-brand passenger car workshops in 50 plus cities across India. Further, it also expanded the presence of Castrol Express Oil Change outlets in Jio-bp mobility stations across India, bringing the total count to 38. Castrol India, a BP subsidiary, has an 80-85 percent market share in the auto segment.