Gulf Oil Lubricants Bolsters Electric Vehicle Ecosystem Amid Growing Demand

Gulf Oil Lubricants India is expanding its electric vehicle ecosystem as EV adoption rises, particularly in the two-wheeler segment. The company's EV subsidiary, Tirex, achieved significant revenue growth, underscoring its strategic focus on mobility solutions beyond lubricants.

Gulf Oil Lubricants India is broadening its electric vehicle ecosystem in response to the increasing adoption of EVs and a growing demand for charging infrastructure within the country. The firm highlighted the nearing 7 percent penetration of EVs in the two-wheeler market as a key factor.

Their EV subsidiary, Tirex, surpassed the Rs 100-crore revenue milestone last fiscal year. The company, part of the Hinduja Group, reported a slight decline of 3.46 percent in consolidated PAT, which stood at Rs 89.59 crore for the March quarter. Meanwhile, the revenue from operations climbed 10.76 percent year-on-year to Rs 1,055.26 crore.

Gulf Oil's focus is to transcend beyond lubricants by fortifying its presence in future-ready mobility solutions, with the electric bus and fleet charging segment now claiming a 40 percent market share. This strategic realignment demonstrates the company's commitment to establishing a robust EV market position in India.