Castrol India Q1 PAT Up 4% At Rs 179 Crore
Automotive and industrial lubricant manufacturing company Castrol India has posted 4 percent growth in its profit after tax (PAT) for the first quarter ended March 31, 2017 and stood at Rs 179 crore as against Rs 172.4 crore during same quarter previous year, informed the company in a press statement.
For the concerned quarter, Castrol India’s net sales stood at Rs 1012.1 crore and profit from operations at Rs 251 crore, thereby witnessing an increase of 3 percent and 2 percent, respectively.
Omer Dormen, Managing Director, Castrol India, said, “We are delighted to announce that Castrol India delivered a strong set of results for the quarter ended March 2017 despite the lingering effects of demonetisation and the rising cost of goods. We also managed to hold volumes in a market which showed a decline compared to previous year.”
“The performance continues to be driven by growth in the personal mobility segment led by power brands which now contribute significantly to the overall volumes. The industrial business also continues to deliver double digit growth in volumes in a market which is flat.”
The company further added, the strong results for the quarter have been achieved in an environment which continues to be challenging as the country is going through some major structural changes in its economy, including the upcoming goods and services tax implementation.
Though these may lead to short term performance pressures, the lubricant manufacturer is confident these measures will positively impact the economy as well as the lubricant industry in the long term.
