Gulf Oil Records Highest Ever Quarterly EBITDA Of Rs 90 Crores In Q3
Gulf Oil Lubricants India has today reported its unaudited financial results (Standalone) for the quarter & nine months ended 31 December 2022. During the quarter ended 31 December 2022, the company has achieved net revenue of Rs 781.10 crores and PAT of Rs 62.65 crores as against net revenue of Rs 601.82 crore and PAT of Rs 58.63 crores respectively in the quarter ended 31 December 2021. For the nine months ended 31 December 2022, the Company has achieved net revenue of Rs 2,207.05 crores and PAT of Rs 170.13 crores as against net revenue of Rs 1,552.71 crores and PAT of Rs 147.68 crores respectively in the nine months ended 31 December 2021.
Q3- FY-22-23 | Q3-FY-21-22 | Growth% Y-o-Y | 9 Months -FY-22-23 | 9 Months -FY-21-22 | Growth% Y-o-Y | |
Net Revenue | 781.10 | 601.82 | 29.79% | 2,207.05 | 1,552.71 | 42.14% |
EBITDA | 90.02 | 77.02 | 16.88% | 255.30 | 196.41 | 29.98% |
Profit Before Tax (PBT) | 84.31 | 78.62 | 7.24% | 228.68 | 198.19 | 15.38% |
Profit After Tax (PAT) | 62.65 | 58.63 | 6.86% | 170.13 | 147.68 | 15.20% |
EPS (Basic) | 12.78* | 11.63* | 34.62* | 29.32* |
* Not Annualised
The Company delivered a double-digit volume growth for the quarter in its core lubricants portfolio. While B2B segments recorded robust growth, B2C retail markets continued to face tepid rural demand conditions which impacted our volumes in Agri and Two Wheeler categories. Demand in Commercial Vehicle Oil (CVO) category remained strong. On a 9-month basis, all segments have grown leading to 18 per cent volume growth and 42 per cent revenue growth for the period.
Commenting on the performance, Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India, said, “The continued all-round growth we have achieved in Q3, where the Company has crossed Rs. 90 crores quarterly EBITDA mark for the first time in an environment of continued cost pressures for some of its key inputs and depreciating rupees is due to the excellent team efforts and strong brand and business model that we have in place. We have delivered 3-4x of the market growth rate in volumes when demand conditions from segments related to rural like agri and 2W Oils were subdued.”
The company is witnessing softening of some of its input cost items, but it's effect is partially offsetted by rising cost of additives and depreciating rupees. These factors continue to weigh on the overall margins inspite of continuous margin management actions taken all through 9-month period.
The company launched Gulf XHD Supreme+ engine oil with longer drain interval, hence delivering more value to the tractor-owning farmer. It has an industry leading 1000 hrs drain interval on its 15W40 product. This launch was promoted via van activation in the hinterland of multiple states.
