Castrol India Registers Revenue Of Rs. 1,334 Cr For Q2; Witnesses 7% Growth
Castrol India has announced its results for the second quarter ended 30 June 2023. The Company follows the calendar year (January to December) for its financial reporting.
For the quarter (2Q) from April to June 2023, the Company registered Revenue from Operations of ₹1,334 Crores, marking a growth of 7 per cent compared to ₹1,242 Crores in 2Q 2022 (corresponding quarter in the previous year), and a growth of 3 per cent from ₹1,294 Crores in 1Q 2023 (sequential quarter). Profit Before Tax for 2Q 2023 stood at ₹305 Crores, a gain of 9 per cent compared to ₹280 crore in 2Q 2022, and 6 per cent higher than ₹288 Crores in 1Q 2023.
This resulted in delivering strong performance in 1H ending on 30 June 2023. During this period, the Company registered Revenue from Operations of ₹2,628 Crores, achieving a growth of 6 per cent compared to ₹2,477 Crores in 1H 2022. Profit Before Tax for the period stood at ₹593 Crores, marking a growth of 0.4 per cent from ₹591 Crores in 1H 2022.
Commenting on the quarterly results, Sandeep Sangwan, Managing Director of Castrol India, said, “During the last quarter, we focused on achieving growth through increased volume. Despite challenges, we flourished, showcasing resilience and innovation in products and services. Our success is attributed to a robust supply chain and customer-centric services. With confidence, we move ahead, expecting continued growth and impact into 2023-end.”
Pursuant to its alliances with OEMs for the supply of electric vehicle (EV) fluids, the Company launched Castrol ON EV transmission fluids for the aftermarket earlier this year. Consumers can now buy the product on e-commerce platforms.
“Additionally, we are conducting ASDC-certified EV readiness training to make car and bike mechanics in India EV-ready. Until now, we have trained 200 mechanics across India. In 3Q, we expect to quadruple this number,” Sangwan added.
Sharing an outlook for the year ahead, Sangwan said, “Despite anticipated challenges in the business environment, we will remain focused on achieving growth and expanding market share. This involves introducing new products and investing in strengthening our brand. By the end of the first half, we've already established a network of over 5500 Castrol Bike Points and 350 Castrol Auto Service outlets. In the second half, we aim to reinforce our position in the aftersales service market, committed to enhancing our presence and providing exceptional service to our valued customers.”
The Board of Directors of the Company have declared an interim dividend of ₹3 per share, which will be paid on or before 30 August 2023.
