Castrol India reports 3.11% profit increase in Q2 2024, opens new tech center

Castrol India Ltd. reported Rs 232 crore in its net profit during Q2CY24 (April-June), a spike of 3.11% year-on-year (YoY) as against Rs 225 crore during the corresponding period of Q2CY23. Meanwhile, the company's revenue from operations stood at Rs 1,398 crore during Q2CY24, a jump of 5% YoY when compared with Rs 1,334 crore in Q2CY23.

The company adheres to the calendar year (January to December) for its financial reporting.

Castrol India, during the reported quarter, inaugurated a technology centre at its Patalganga plant that, it claims, will help boost innovation and development capabilities in the region. The facility's capabilities include blending and analytical testing with modern equipment. In the future, the laboratory will have the latest testing capabilities for EVs and data centres to cater to the needs of the Indian market, the company added.

Sandeep Sangwan, Managing Director of Castrol India Limited, said, "Our balanced focus on volumes and margins, along with our commitment to innovation and brand building, has driven revenue growth. As we celebrate 115 years in India, we remain dedicated to delivering innovation, performance, reliability, and protection. Notably, our presence in major sports properties like the IPL, T20 World Cup, and Wimbledon underscores our strong brand visibility."

Deepesh Baxi, Chief Financial Officer, Castrol India Limited, remarked, "Looking ahead, ongoing innovations in products and services, coupled with strategic brand investments, will sustain our growth momentum. Potential stabilisation of input costs in the latter half of the year could signal a positive trend for the industry."