Gulf Oil Lubricants India, a Hinduja group company, has reported a 2% decline in its profit after tax (PAT) at Rs 62.17 crore for the fourth quarter ended March 2022.
The company had posted PAT of Rs 63.39 crore in the same quarter a year ago, Gulf Oil said in a statement. It reported 24% growth in its net income in 4Q FY23 at Rs 792 crore, compared to Rs 639 crore in the same period a year ago.
According to Ravi Chawla, Managing Director and CEO, Gulf Oil Lubricants India, FY23 marked a strong performance for the company with 20% growth in EBITDA during the year, which witnessed turbulence significant in input costs and in a general hyperinflationary environment.
“Our distribution growth in B2C continues and our market shares further improve in the B2C, B2B and OEM segments as we grew 3-4 times the industry growth. We are also seeing significant traction in AdBlue , an environmentally friendly product, and we are continuously improving our reach and capabilities to meet this growing demand. We continue to look at the evolution of the electric mobility space in India and explore areas where the Gulf can play a role key in grassroots synergies with our current strengths and future strategies,” he added.
For the year ended March 31, 2023, the lubricant maker’s net income stood at Rs 2,999.10 crore compared to Rs 2,191.64 crore in the previous year. Meanwhile, the company’s PAT stood at Rs 232.3 crore in the last fiscal against Rs 211.08 crore in the year ending March 31, 2022.
