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Castrol posts 19 percent increase in net profit at Rs 164.2 crore for Q2

The company had reported a net profit of Rs 137.9 crore during the same period of the previous fiscal.


PTI Last Updated at 31 Jul 2018, 20:07 IST India

Castrol India today posted 19 percent increase in its net profit at Rs 164.2 crore for the second quarter ended June 30, driven by higher volume as well as improved margin.

The company had reported a net profit of Rs 137.9 crore during the same period of the previous fiscal.

Revenue from operations rose to Rs 1,017.2 crore for the April-June period, as compared with Rs 1,007.7 crore in the same period of previous fiscal, Castrol India said in a statement.

The company follows a January-December financial year.

Castrol India Managing Director Omer Dormen said close to 80 percent of the company's growth has come from the new products launched during the last nine months.

"While personal mobility continues to be a key strategic growth driver, the focus on our significant commercial vehicle engine oil portfolio is also delivering results with record volume growth driven by the launch of new products and aided by a favorable economic environment, with emphasis on infrastructure development," he added.

On the future outlook, Dormen said that with continued volatility in crude oil price and steep depreciation of the Indian rupee, the company expects a challenging second half, but will be taking appropriate actions to support the volume growth momentum.

The company's board, which met today, also recommended an interim dividend of Rs 2.25 per share.

Shares of the company ended 0.78 percent up at Rs 173.60 apiece on the BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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