Gulf Oil Lubricants India, part of the Hinduja Group and Gulf Oil International, has reported its financial results for Q3 FY2024. The company reported revenue of Rs 817.26 crore, up 4 percent YoY and net profit of Rs 80.74 crore, up 28 percent, as against Rs 62.65 crore a year ago.
For the 9-month period the revenue came at Rs 2,431 crore, up 10 percent YoY, while net profit came at Rs 222.66 crore, up 30 percent, as against Rs. 170.13 crore a year ago.
The company attributed the growth on the back of a strong momentum being maintained during the quarter with good uptick in volume majorly driven by growth in Agri and PCMO rebounding strongly.
Across all business segments, infra and B2B recorded impressive double-digit volume growth. OEM workshop business showed good growth driven by many targeted initiatives, while OEM factory fill business saw a slowdown tracking lower sales of new vehicles by few key OEMs.
On October 30, 2023, Gulf Oil completed the acquisition of 51% majority stake in Tirex Transmissions, a DC Charger manufacturing company, and accordingly, the consolidated results of the company include 2 months of Tirex’s operations for December quarter and nine-month period. The strategic move it says will enable it to participate in the fast growing EV charging segment, anticipating substantial business growth in the coming years.
Ravi Chawla, MD & CEO, Gulf Oil Lubricants India said, “Our success spanned various categories, capitalising on robust distribution and brand initiatives. Our key focus remains on strategic, sustainable, and profitable growth across our portfolio. We maintain a positive outlook, anticipating market demand to keep growing in coming years due to strong GDP growth, significant infrastructural impetus, and increased vehicle penetration.”
Manish Gangwal, CFO, Gulf Oil Lubricants India added, “Benefiting from a stable input cost environment and ongoing efforts to enhance our product mix across categories, our material margins have improved by over 5% on a YoY basis. This has translated into a highest ever quarterly EBITDA of Rs. 111 crores, firmly positioning us at 13.59% EBITDA to Revenue. Consequently, our earnings have witnessed substantial growth, marking a 29% and 31% increase for the quarter and nine-month period, respectively, compared to last year. Going forward, our strategic focus remains twofold: achieving revenue growth surpassing market trends by 2-3x, coupled with improving margin trajectories. Furthermore, we are committed to leveraging our investments in the e-mobility space, capitalising on synergies for sustained and impactful future growth.”
