Castrol India, one of the leading lubricant manufacturers in the country has announced its financial results for the first quarter that ended March 31, 2023 with revenues of Rs 1,294 crore, up 5 percent YoY.
The profit after tax for the period came at Rs 203 crore, down 11 percent YoY. This however compared to the Q4 of CY2022 (Oct-Dec 2022) was an improvement of 5 percent.
Sandeep Sangwan, MD, Castrol India said, “While we built on the growth momentum from Q4 CY2022 and registered quarter-on-quarter growth in Q1 CY2023, our performance versus Q1 CY2022 was impacted due to inflationary pressures, high input costs, and fluctuating forex. We continued to invest in our brand and safeguard our margins while maintaining our pricing premium and providing our customers an elevated brand experience.”
During the year the company expanded its presence in service and maintenance. It now has over 300 Castrol Auto Service outlets and over 5,000 Castrol Bike Points across India.
“We will continue to drive consistent growth in the subsequent quarters and enhance our industry partnerships to ramp up our service and maintenance offerings and in new strategic segments such as automotive aftercare,” concluded Sangwan.
