Gulf Oil Lubricants India, part of the Hinduja Group, reported a net profit of Rs 85.43 crore in Q4 FY24, up 37.41% YoY when compared with Rs 62.17 crore in Q4FY23. The company's operating revenues during the same period stood at Rs 852.82 crore, as against Rs 792.05 crore, translating into a 7.67% YoY jump.
On a full-year basis, Gulf Oil Lubricant's net profit rose by 32.63% YoY, to Rs 308.10 crore in FY24 as against Rs 232.30 crore in FY23. In terms of revenues, the company reported Rs 3,284.10 crore in FY24, which is a jump of 9.50% when compared to the corresponding period of last year at Rs 2,999.10 crore.
The company attributed the traction to double digit growth in the infrastructural, mining, and B2B segments. The growth was strong in all segments, except for OEM factory fill during Q4FY24.
Ravi Chawla, Managing Director and CEO, Gulf Oil Lubricants India Ltd., said, "We have had an excellent quarter, maintaining our growth momentum. In the financial year, we have gained market share in B2B and B2C, expanded our distribution, and launched new products across segments which have been innovative and value driven."
Manish Gangwal, CFO, Gulf Oil Lubricants India Ltd., commented, "We are committed to outperforming the industry with 2-3x of volume and value growth, effective margin management, enhancing profitability and maximising return to shareholders."