Gulf Oil Lubricants India Limited, a Hinduja Group company, has today reported its unaudited financial results (standalone and consolidated) for the quarter ended June 30, 2024. Key highlights (standalone) are as under:

During the quarter ended June 30, 2024, the firm achieved revenue from operations of Rs 8.85 billion against Rs 8.11 billion, growth of 9.04 % and PAT of Rs 880 million against Rs 683 million, growth of 28.88 % compared to the quarter ended June 30, 2023.  

 Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India Ltd., said, “Our lubricants volume grew 2x the industry rate and it was evident across major segments, with the B2C and Industrial segment both doing well. This highlights our relentless efforts and reliable performance, setting industry benchmarks. We continue leveraging our strong brand association with CSK attracting enhanced brand visibility during IPL seasons. This season we launched a major campaign with CSK where innovatively CSK fans made ads instead of players and it garnered great response across India. By leveraging our association with our brand ambassadors Mahendra Singh Dhoni, Hardik Pandya and Smriti Mandhana, we increased our brand-building efforts through impactful campaigns across segments enhancing brand consideration and adopting a customer-centric approach. Looking ahead, we aim to drive industry leading volume and revenue growth, generating more resources to invest in our brand and focus on premiumisation. We remain confident in the medium to long-term potential of the Indian lubricants sector. With our strong brand, execution capabilities, extensive distribution network and strong relations with our OEM partners and B2B customers, we are well-positioned to capitalise on industry opportunities. For the next level of growth & success, we have embarked on the theme “UNLOCK 2.0- Accelerate. Premiumise. Transform. We foster a caring, agile, and empowering work environment that celebrates gender diversity, driving innovation, promoting equality, and enhancing organisational performance by leveraging a diverse and inclusive talent pool. We are also committed to capitalising on opportunities in the EV value chain with our strategic investments in the e-mobility space to transform and achieve significant growth in the next 4-5 years.”

Manish Gangwal, CFO, Gulf Oil Lubricants India Ltd commented, “Our first-quarter performance reflects our continued actions towards sustainable and profitable growth. We delivered industry leading top-line and bottom-line growth with revenues higher by over 9% year-on-year in Q1 and PAT up 29% YoY. Emphasising premium products across segments and effective input cost management, we achieved improvement in gross margins resulting in 25% growth in EBITDA at 13.13%. of revenue. Going forward, in-spite of global uncertainties, we remain focussed on margin management through prudent cost controls and improved product/segment mix, enhancing profitability and maximising shareholder returns. We continue to explore opportunities in EV space, which can be synergistic to our brand, distribution strengths catering to evolving needs of our existing and new customers/consumers “