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Castrol India reports fall in net profit during Q2 2018-19

Devdiscourse News Desk New Delhi
Updated: 31-10-2018 22:19 IST

Castrol India Wednesday said its net profit fell over 15 per cent to 150.4 crores during the quarter ended September 30.

The company had clocked a net profit of Rs 178.2 crore during the same period a year ago, it said in regulatory filing.

During the said quarter, its total revenue was at Rs 945.5 crore, higher from Rs 894.7 crore in July-September of 2017-18.

In a separate statement, the company said that "apart from the input cost increase, profit after tax at Rs 150 crore was also adversely impacted by lower other income from a one-off property sale during the same quarter in the previous year".

Orner Dormen, Managing Director, Castrol India Limited said: "Our focus on strategy is delivering profitable volume growth ahead of the market across segments, setting us up for higher growth in future".

He further said that operations are running well with a strong focus on investment in brands, capability, distribution expansion and advocacy. Cost and working capital continue to be managed with rigour and we are introducing new, high technology products that contribute significantly to the company's growth.

"We have made very good progress with new customer acquisitions and OEM relationships having signed a strategic agreement with Mahindra Tractors recently. This progress all underpins our commitment to grow profitably," the MD added.

The company follows a January-December financial year.

(With inputs from agencies.)