Gulf Oil Lubricants India Reports Strong Q1 Performance with 29% Net Profit Surge

Gulf Oil Lubricants India, part of the Hinduja Group, achieved a 29% rise in net profit to Rs 88.02 crore in Q1 FY2023-24, driven by a 25.28% increase in EBITDA and a 9.04% rise in revenue. The company focuses on margin management and premium product offerings, despite market uncertainties.

Gulf Oil Lubricants India, a subsidiary of the Hinduja Group, reported a significant 29% increase in net profit, reaching Rs 88.02 crore in the first quarter of FY2023-24, compared to Rs 68.30 crore in the same period last year. The company's revenue from operations also saw a healthy rise of 9.04%, totaling Rs 885.07 crore.

The company highlighted a robust EBITDA performance of Rs 116.24 crore, showcasing a 25.28% year-on-year growth, with EBITDA margins improving by 170 basis points to 13.13%. This growth is attributed to a concerted effort in brand investment and customer-centric activities. CFO Manish Gangwal emphasized the focus on sustainable, profitable growth through cost management and premium product distribution.

Managing Director and CEO Ravi Chawla reiterated the company's commitment to driving industry-leading volume and revenue growth by leveraging its strong brand, distribution network, and strategic partnerships. He noted the company's dual focus on traditional lubricant products and emerging e-mobility solutions, aimed at sustaining long-term growth.

(With inputs from agencies.)