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".