Gulf Oil Lubricants, a unit of Hinduja Group and Gulf Oil International, reported a net profit of Rs 68.30 crore during Q1FY24 translating to 23.42% growth over similar period last year of Rs 55.33 crore on the back of growth led by business-to-business (B2B) and infrastructure segment as well as the OEM franchisee workshop.
Future, the company's revenue grew to Rs 811.71 crores during Q1FY24 as against Rs 706.45 crore during Q1FY23- a jump of 14.90%.
The company in a statement stated that there was some softening in offtake by key OEMs for factory fill and in Agri segments. Export volumes, on the other hand, also saw double digit growth during the first quarter.
"The revenue growth has been even higher due to a better product mix being sold with enhanced focus on personal mobility and the premium synthetic segment". "The quarter witnessed some ease-off in input costs and rupee stabilizing, which helped garner better material margins while also resulting in some cooling off in the end pricing for customers. Going forward, continuous margin management actions and growing faster remain key focus areas for the Company" the statement added.
Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India Ltd., said, “ We will continue our focus on margin management and 2-3x market growth in terms of volumes and revenues on a full year basis. Our robust cash generations enable us to look for opportunities in the emerging fields of EVs and other adjacencies and exploring areas where Gulf can play a key role basis synergies with our current strengths and future strategies”.