Gulf Oil Lubricants India, a Hinduja Group Company, has reported a 2% decline in its profit after tax (PAT) at Rs 62.17 crore in the fourth quarter ended March 2022.

The company had posted Rs 63.39 crore in PAT in the same quarter a year ago, Gulf Oil said in a release. It posted a 24% growth in its net revenue in Q4 FY23, at Rs 792 crore, as compared to Rs 639 crore in the same period a year ago.

According to Ravi Chawla, Managing Director and CEO, Gulf Oil Lubricants India, FY23 marked a strong performance for the company with 20% growth in EBITDA for the year, which witnessed significant turbulence in input costs and in a general hyperinflationary environment.

"Our distribution growth in B2C continues, and our market shares further improve across B2C, B2B and OEM segments as we have grown 3–4x of industry growth.  We are also seeing significant traction in AdBlue, an environmentally friendly product, and we are continuously enhancing our reach and capabilities to cater to this growing demand. We continue to look at evolving e-mobility space in India and exploring areas where Gulf can play a key role basis synergies with our current strengths and future strategies," he added.

For the year ended March 31, 2023, the lubricant makers net revenue stood at Rs 2,999.10 crore as compared to Rs 2,191.64 crore in the previous year. Meanwhile, the company's PAT stood at Rs 232.3 crore during the last fiscal as against Rs 211.08 crore for the year ended March 31, 2022.