Gulf Oil Lubricants India Limited has reported its unaudited financial results for the third quarter of FY22 and the nine months ended December 31, 2021. During the third quarter of FY22, this Hinduja Group Company has achieved a net revenue of Rs 601.82 crores, which the company says is its highest figure for any quarter till date. Moreover, the company’s nine months revenues stand at Rs 1,552.71 crores, registering a growth of 37 per cent YoY.
Sharing more details about Gulf Oil’s Q3 FY22 results, the company achieved a net revenue of Rs 601.82 crores and PAT (profit after tax) of Rs 58.63 crores as against the net revenue of Rs 481.86 crores and PAT of Rs 64 crores respectively in the same period previous financial year. So, while the net revenue of the company surged by 25 per cent, the profit after tax has declined by 8.39 per cent.
During the nine months period ended December 31, 2021, Gulf Oil India achieved a net revenue of Rs 1,552.71 crores and PAT of Rs 147.68 crores as against the net revenue of Rs 1,134.77 crores and PAT of Rs 140.30 crores respectively for the nine months ended December 31, 2020. Again, while the net revenue of the company has increased by 37 per cent, the profit after tax has gone down by 4.99 per cent.
Gulf Oil Lubricants India Limited says that in spite of retail market sentiments being weak during the third quarter, the company’s net revenue has gone up due to excellent growth coming from the Industrial / B2B segment, OEM Franchisee Work Shops (FWSs) and from customers in the infrastructure sector. The lubes maker added that B2C also saw good volumes in Diesel Engine Oils for Commercial Vehicles and Passenger Car Motor Oils, as the company has increased market share in all these segments.
Commenting on the performance, Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India Ltd., said, “Facing the many challenges in Q3, it has been quite heartening for us to deliver highest quarterly revenues ever and achieved market-leading growths given the environment currently prevailing. With demand conditions continuing to improve in all B2B /OEM segments & some of the B2C segments, Our initiatives gave us good market share gains on the back of improved manufacturing sector and infrastructure sector related consumption growths.”
He further added, “The pricing actions taken in earlier quarters fructified, leading to an excellent top-line growth but as input costs impacts still persists with inflationary trend across various cost items, further fuelled by continuing global supply chain disturbances, margins are yet to fully catch up to our targeted levels. We are also driving up internal focus in evaluating & participating in the evolving EV space and where Gulf can play to make it a potential future growth segment for us on the strengths of our brand, distribution reach and OEM relationships.”