Gulf Oil Lubricants India released its standalone financial results for the second quarter and half year of FY2023. The company reported a profit after tax of Rs 52.14 crore in the second quarter – down from Rs 58.70 crore in the same period last year. Net revenue however was up 34.86 per cent at Rs 719.50 crore from Rs 533.52 crore in FY2022. Earnings before interest, tax and depreciation (EBITDA) stood at Rs 80.25 crore – up almost 4 per cent over FY2022.
For H1, the company reported net revenue of Rs 1,425.95 crore – up 49.96 per cent over FY2022. Profit after tax too gained over the previous financial year at Rs 107.47 crore as against Rs 89.05 crore. EBITDA grew 38.44 per cent in the first half of the financial year rising to Rs 165.28 crore from Rs 119.39 crore in the same period last year.
Gulf Oil recently introduced a range of EV-specific fluids in partnership with Switch Mobility and Piaggio
Commenting on the performance, Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India Ltd., said, “Our Company continued market share gains with each quarter year after year is a reflection of our teams commitment to deliver their best in spite of adverse business environment in which our industry had to operate in last 2-3 years. Our resilient performance is the outcome of right strategic building blocks and segment-wise approach backed by innovative brand-building inputs, nurturing OEMs and B2B relationships and distribution initiatives. Looking ahead, I believe we can continue our high growth momentum further once there is stability from costs side, foreign exchange and inflation which will give tailwind to demand uptick.”
Gulf Oil said that it witnessed good growth in the business-to-business segment though volumes were relatively flat in the B2C segment. The B2C segment was affected by liquidity challenges, seasonal impact due to the monsoons & lower demand from the agri segment, continuous price increases and delayed purchasing in a volatile environment.
“I am quite satisfied with our double digit distribution gains in last quarter in retail segment post overcoming covid related closures of retail outlets in Bazaar market as a result of our outreach theme ‘Re-establish Connect & Re-energize Growth’. We will continue to focus on our margin management strategy based on the movements in key input costs, which may see some stability in coming quarters following crude with a time lag,” Chawla said.
