Castrol India net profit marginally up to Rs 187 crore in Sept quarter

Lubes maker Castrol India on Monday said its net profit increased marginally to Rs 187 crore for the July-September quarter.

The Mumbai-based company had reported a net profit of Rs 186 crore in the year-ago period.

Revenue from operations rose to Rs 1,121 crore in the third quarter as against Rs 1,073 crore in the same period of previous financial year, Castrol India said in a statement.

The company follows a January-December financial year.

Castrol India Managing Director Sandeep Sangwan said the third quarter witnessed forex pressures along with extreme inflationary pressures arising from volatile crude oil prices, leading to rising costs of additives and base oil.

"To safeguard our margins and deliver bottomline growth, we employed rigorous pricing and cost management. We continued to strengthen our service and maintenance network across India," he added.

On business outlook, Sangwan said that the company's key focus would be to drive growth and protect its profitability.

"An integral element of our future-ready strategy is our foray into the automotive aftercare market and into service & maintenance," he said.

In addition to the current alliances, the company is also exploring further collaborations with electric vehicle OEMs to help advance electric mobility in India and supporting mechanics to get EV-ready, Sangwan said.