Gulf Oil reports Rs 74.63 crore net profit in Q2FY24

The company's revenues stood at Rs 802.30 crore.

Autocar Professional BureauBy Autocar Professional Bureau calendar 25 Oct 2023 Views icon3871 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Gulf Oil reports Rs 74.63 crore net profit in Q2FY24

Lubricants major Gulf Oil reported a net profit of Rs 74.63 crore during Q2FY24, a jump of 41.22% over Q2FY22 when registered Rs 52.14 crore. 

The company's revenues on other hand stood at Rs 802.30 crores as against Rs 719.50 crores, translating into growth of 11.51%.

Gulf Oil in a statement said that the reported quarter witnessed good all-round performance on volume, revenue, margin and profit fronts with continued robust double digit revenue growth and further sequential improvement in margins leading to first time crossing Rs. 100 crores EBITDA mark in a single quarter. 

In a seasonally subdued quarter due to monsoons, OEM Franchise Workshops (FWS), B2B and Infra segments clocked double digit volume growths. Retail volumes also showed better growth with agri and motorcycle products coming back stronger. 

Furthermore, the quarter witnessed reasonably stable input cost, which helped garner better material margins and better product mix across segments, the company added. 

Commenting on the performance, Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India Ltd., said, “I am delighted by the performance of 2nd quarter with the Company delivering Rs. 100 crores EBITDA in a single quarter backed by 2x the industry volume growth and improved margins".

RELATED ARTICLES
Anand Group’s Gabriel India to Acquire Asia Investments Pvt Ltd’s Automotive Business

auther Kiran Murali calendar30 Jun 2025

Use this as strap - Strap – Apart from Anchemco, which makes automotive fluids and adhesives, AIPL's equity holdings in...

Electric 2W Industry Poised to Grow Without Demand Subsidies: Ather’s Tarun Mehta

auther Kiran Murali calendar30 Jun 2025

As EV adoption grows, the government has been progressively scaling back subsidies, signaling a deliberate policy shift ...

Mahindra Trucks & Buses Steers Through Industry Headwinds, Achieves Key Financial Turnaround

auther Shahkar Abidi calendar30 Jun 2025

This milestone comes as the company recorded flat growth in volumes, successfully limiting its decline to just 1% in an ...