Castrol India Reports 4Q & Annual Results For 2022

Castrol India has announced its results for the fourth quarter and fiscal year ended 31 December 2022. The company follows a calendar year basis (January to December) for its financial reporting. For the full year ended 31 December 2022, the company registered revenue from operations of Rs 4,774 crores, registering an overall revenue growth of 14 per cent compared to Rs 4,192 crores for the full year ended 31 December 2021. Profit Before Exceptional Items & Tax for 2022 stood at Rs 1,093 Crores, marking a growth of 6 per cent from Rs 1,029 crores in 2021. 

In addition to an interim dividend of Rs 3 per equity share, the company’s board of directors have recommended a final dividend payment of Rs 3.50 per equity share each for the fiscal year 2022, subject to shareholders’ approval.

Commenting on the annual performance and 4Q 2022 results, Sandeep Sangwan, Managing Director, Castrol India, said, “2022 was marked by high forex and inflationary pressures arising from volatile crude oil prices, leading to rising costs of additives and base oil. We balanced our volumes and margins through timely pricing decisions and rigorous cost management and delivered bottomline growth. In 4Q, we bolstered our service & maintenance network with a strategic partnership with Ki Mobility Solutions and expanded the reach of our service brands: Castrol Auto Service, Castrol Bike Points and Castrol Express Oil change.” 

Sharing a future outlook, Sandeep Sangwan added, “We will continue to drive long-term growth for Castrol through our future-ready strategy, which focuses on an enhanced play in service & maintenance, and a foray into new segments including automotive aftercare and electric mobility. In the EV space, in 2023, we will launch our Castrol ON range of EV fluids for the aftermarket and collaborate with two-wheeler & four-wheeler OEMs to support their EV transition. In addition, we are supporting mechanics to get EV-ready with certified trainings that will help create an eco-system enabled to serve EVs better.”

For the fourth quarter (4Q) from October to December 2022, the company registered revenue from operations of Rs 1,176 crores, achieving a growth of 8 per cent compared to Rs 1,091 crores in 4Q 2021. Profit Before Tax for 4Q 2022 stood at Rs 248 crores, registering a drop of 3 per cent from  Rs 257 crores in 4Q 2021.