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Mumbai, Oct 26

Castrol India has reported a 60 per cent growth in net profit at Rs 95.6 crore for the July-September quarter on the back of lower oil price and better sales. Sales were up two per cent to Rs 573.8 crore from Rs 565 crore. The business has gained from lower base oil prices, although other key input materials continue to remain at high levels. All this has helped deliver strong bottom line and cash flow. Given the upturn in the economy and the resultant growth of the lubric ant market in India over the next few years, Castrol India will continue to focus and prioritise on its core lubricant product business, said Mr Naveen Kshatriya, Vice-Chairman, in a statement issued on Monday. “We expect the economy to continue to gain momentum and with demand revival, we hope to gain volumes. However, as crude has moved up to $80/barrel from its lows of $40/barrel early this year, our raw material prices are hardening and going forward this is likely to impact margins,” he said.

– Our Bureau

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