Castrol India reports net profit of Rs 187 crore in Q3 CY2022

For Q3 CY2022, the company reported revenue of Rs 1,121 crore, up 4 percent, compared to Rs 1,073 crore for the same period last year. The profit after tax came at Rs 187 crore, a flat growth compared to Rs 186 crore for the same period last year.

For the nine months that ended September 30, Castrol India saw its revenue at Rs 3,598 crore, achieving a growth of 16% compared to Rs 3,102 crore a year ago. The profit after tax came at Rs 622 crore, up 9 percent, versus Rs 570 crore for the same period last year.

Sandeep Sangwan, MD, Castrol India said, “The third quarter witnessed forex pressures along with extreme inflationary pressures arising from volatile crude oil prices, leading to rising costs of additives and base oil. To safeguard our margins and deliver bottomline growth, we employed rigorous pricing and cost management. We continued to strengthen our service & maintenance network across India with the addition of new Castrol Auto Service centers and Castrol Express Oil change outlets.” 

Giving his outlook for the year, he said the focus for Castrol India remained to “protect our profitability. An integral element of our future-ready strategy is our foray into the automotive aftercare market and into service and maintenance. In addition to our current alliances, we are also exploring further collaborations with electric vehicle OEMs to help advance electric mobility in India and supporting mechanics to get EV-ready.”