Automotive and industrial lubricant manufacturing company Castrol has reported an 11 percent decline in profit after tax of Rs 203 crore, for the quarter ended March 31, 2023.
The company had reported a profit after tax of Rs 228 crore in the same quarter in CY2022.
The company has reported a 5 percent jump in revenue from operations of Rs 1,294 crore, versus Rs1,236 crore in 1Q 2022.
Sandeep Sangwan, Managing Director, Castrol India said, “While we built on the growth momentum from 4Q 2022 and registered quarter-on-quarter growth in 1Q 2023, our performance versus 1Q 2022 was impacted due to inflationary pressures, high input costs, and fluctuating forex.
Sharing an outlook for the year ahead, Sangwan said that they will continue to drive consistent growth in the subsequent quarters, enhance industry partnerships and ramp up service and maintenance offerings in new strategic segments such as automotive aftercare.
During the quarter under review, the company expanded its auto service outlets to over 300 and bike points to 5,000 across India.