Oil marketing company Castrol India announced Q1FY23 results:
- From April to June 2022, the Company registered Revenue from Operations of Rs 1,242 Crores, achieving a growth of 40% compared to Rs 890 Crores in pandemic impacted Q1FY22
- Profit Before Tax for the quarter stood at Rs 280 Crores, marking a growth of 47% from Rs 190 Crores in Q1FY22.
Commenting on the quarterly results, Sandeep Sangwan, Managing Director, Castrol India Limited, said, “Our Q1 performance was in the backdrop of a volatile market environment where we had to balance rising input costs, while maintaining an optimal price and volume mix. We effected two price increases in the first half of the year, which enabled us to deliver a resilient performance and helped our business stay ahead of Q1FY22, though our volumes & margins were under pressure compared to Q1FY23. As we progress further into the year, we will keep balancing the need to drive growth & serve our customers’ needs while protecting our margins as inflationary and forex pressures are likely to continue in H2CY22.”
Speaking about business performance, Sandeep Sangwan added, “Our key focus is to drive growth for Castrol and protect our profitability. An integral element of our future-ready strategy is our foray into service and maintenance with new formats such as Castrol Auto Service and Castrol Express Oil Change outlets. In addition, we are also exploring collaborations with electric vehicle OEMs to help advance electric mobility in India, while continuing to launch new, superior-performing products in the traditional lubricants space.”