Castrol India, counted among the country's leading lubricant manufacturers for the auto industry, reported a net profit of Rs 225 crore for Q2 CY2023, a growth of Rs 206 crore registered during the corresponding period of the previous year.
The company's revenues from operations, on the other hand, witnessed a 7% jump to Rs 1,334 crore as against Rs 1,242 crore recorded in Q2 CY22.
Sandeep Sangwan, Managing Director, Castrol India, stated that during the last quarter, the company focused on achieving growth through increased volume.
"Despite challenges, we flourished, showcasing resilience and innovation in products and services. We expanded our portfolio by entering the auto care range and launching successful new products like Castrol CRB Essential and Magnatec SUV 5W30. Alliances with organisations such as Mahindra Insurance Broker strengthened our market position. Our success is attributed to a robust supply chain and customer-centric services. With confidence, we move ahead, expecting continued growth and impact into 2023,” said Sangwan.
Sharing an outlook for the year ahead, Sangwan added that despite anticipated challenges in the business environment, the company intends to remain focused on achieving growth and expanding its market share. "This involves introducing new products and investing in strengthening our brand. By the end of the first half, we'd already established a network of over 5,500 Castrol Bike Points and 350 Castrol Auto Service outlets. In the second half, we aim to reinforce our position in the after-sales service market, committed to enhancing our presence and providing exceptional service to our valued customers.”