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Gulf Oil Lubricants India announced Q1FY23 results:
- Q1 Revenues stood at Rs. 706.45 crore, a growth 69.26 % YoY
- EBITDA up 101.83% YoY at Rs. 85.03 crore
- PBT at Rs. 74.37 Crore, Up 82.86% YoY
- PAT grew 82.31% YoY at Rs. 55.33 crore
Commenting on the performance, Mr. Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India Ltd., said, “I am quite satisfied with the resilient growth-oriented performance by the Company in Q1 given the inflationary pressures for all cost line items. FY23 has started by us delivering the highest ever quarterly volumes for our Core Lubricants which augurs quite well for us to once again aim for industry leading growth rates and gaining further market share as we progress ahead during the year. Certain product categories like Diesel Engine Oil, Passenger Car Oil, AdBlue, etc. have done particularly well during the quarter. As the markets are fully open and operating near normal, post 2 years of Pandemic, our theme is to 'Re-establish Connect & Re-energize Growth' by bringing back the personal touch at all levels and connect with all our stakeholders coupled with the rolling out of extensive outreach programs to gain distribution and this quarter has already showed encouraging results on that front. We will continue to focus on our margin management strategy based on the movements in key input costs.
The Company is objectively evaluating the evolving EV space & consulting experts in India & Globally and look for synergistic areas where Gulf can create differentiation in the EV ecosystem on the strengths of its brand, distribution reach and OEM relationships, he further added.”
