Castrol India a leading lubricant manufacturer has announced its financial results for the second quarter and half-year ended June 30.
The company for the first half of 2022, registered revenue of Rs 2,477 crore, a growth of 22 per cent YoY compared to Rs 2,028 crore for the same period last year. The profit after tax was Rs 435 crore (+13% YoY) compared to Rs 384 crore last year.
For the second quarter (April to June), the company reported revenue of Rs 1,242 crore, up 40 per cent compared to Rs 890 crore for the same period last year. The net profit came at Rs 206 crore compared to Rs 140 crore a year ago.
Sandeep Sangwan, MD, Castrol India said, “Our 2Q performance was in the backdrop of a volatile market environment where we had to balance rising input costs, while maintaining an optimal price and volume mix. We effected two price increases in the first half of the year, which enabled us to deliver a resilient performance and helped our business stay ahead of Q2 2021, though our volumes and margins were under pressure compared to Q1 2022. As we progress further into the year, we will keep balancing the need to drive growth and serve our customers’ needs while protecting our margins, as inflationary and forex pressures are likely to continue in 2H 2022.”
“Our key focus is to drive growth for Castrol and protect our profitability. An integral element of our future-ready strategy is our foray into service and maintenance with new formats such as Castrol Auto Service and Castrol Express Oil Change outlets. In addition, we are also exploring collaborations with electric vehicle OEMs to help advance electric mobility in India, while continuing to launch new, superior-performing products in the traditional lubricants space,” added Sangwan.