Castrol India has announced its financial results for Q4 and full year CY2023.
The company reported revenue of Rs 1,264 crore, up 7 percent YoY and net profit of Rs 242 crore, up 25 percent YoY. For CY2023, the revenue came at Rs 5,075 crore, recording a strong growth of 6 percent YoY, while net profit came at Rs 864 crore, making a growth of 6 percent from Rs 815 crore in 2022.
Sandeep Sangwan, MD, Castrol India said, “In 2023, we navigated strategic landscapes with precision, driving robust top- and bottom-line growth by deftly balancing volume, margin, and unwavering cost management. Our bonds with the trucking community, auto dealers, and consumers strengthened.”
“In the realm of two-wheelers, Castrol POWER1’s ‘India’s ULTIMATE Motostar’ sought to discover the nation’s top motorsports talent. As for four-wheelers, our Castrol Auto Service centres, now totalling more than 450, provided reliable service across India. Expanding our reach into rural Bharat, we enhanced product availability to 32,000 outlets deep in the hinterland. The launch of our auto care products gained momentum, now accessible in 21,000 outlets and embraced by trade and consumers alike. Direct consumer outreach, especially through e-commerce platforms, has yielded a positive impact,” he added.
In India, Castrol says it continues its dedicated provision of crucial EV fluids to OEM partners. The company says it has trained over 1,000 independent car and bike mechanics, ensuring their readiness for the future of EVs.
Deepesh Baxi, CFO, Castrol India added, “In 2024, we will boldly navigate through challenges and capitalise on opportunities. Despite economic uncertainties, we see steady inflation and a positive shift in consumer confidence. Our focus on resilient manufacturing remains unwavering, with a keen eye on global risks. We move ahead with confidence, investing in our brands and innovations. Castrol is well-positioned to thrive, embracing smart factories and adapting to evolving market trends.”
