Lubricants manufacturer Castrol India announced a profit after taxes of Rs 193 crore for the October-December quarter of 2022 on Monday in Mumbai. In the same quarter of the previous year, the company reported a PAT (profit after tax) of Rs 189 crore.
The company’s fiscal year is the calendar year (January to December).
It was reported that the revenue from operations for the quarter under review was Rs 1,176 crore, an 8% increase over the Rs 1,091 crore earned during the October-December period of 2021.
For the year ending in December 2022, PAT increased by 8% to Rs 815 crore from Rs 758 crore the previous year.
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The company’s revenue from operations in 2022 was Rs 4,774 crore, up 14% from Rs 4,192 crore the previous year.
“The year 2022 was highlighted by high foreign exchange and inflationary pressures caused by variable crude oil prices, resulting in growing costs for additives and base oil. We achieved bottom-line growth by balancing volumes and margins through prompt pricing decisions and stringent cost management.
“During the fourth quarter, we increased the reach of our service brands through a strategic alliance with Ki Mobility Solutions,” stated Sandeep Sangwan, Managing Director of Limited. He stated that India will continue to drive long-term growth for Castrol through its future-ready strategy, which focuses on an improved role in service and maintenance, as well as a move into new categories such as automotive aftercare and electric mobility.
He said that the company will launch its Castrol ON line of EV fluids for the aftermarket and work with two- and four-wheeled vehicle manufacturers to help them make the switch to EVs.