Castrol India posts 21.5% rise in net profit at Rs 143 cr

Profit from operations during the quarter was up by 23% at Rs 206 cr

Castrol India limited posted a 21.5% increase in its profit after tax at Rs 143.2 crore for July-September 2015 against Rs 117.9 crore during the same period in the previous year.

Profit from operations during the quarter under review was up by 23.1% at Rs 206.5 crore.

For the nine-month period January – September 2015, profit after tax was up by 38.5% to Rs 474.4 crore as against Rs 342.5 crore during the same period in the previous year.

Omer Dormen, Managing Director, Castrol India Limited, said, "After sharp decline in the first two quarters due to sluggish manufacturing activity and increased competition, the Industrial business is seeing some improvement as a result of new customer wins especially in the wind and steel segments.

Dormen added that on a like for like basis, Castrol's sales volume during third quarter remained flat versus same period last year. "Year-to-date, the Industrial business delivered double digit gross margin and operating profit growth over the same period last year, driven largely through increased focus on product mix. The business continues to be driven by strong performance in personal mobility segment with Castrol Activ increasing its market share and strengthening its leadership position in the two-wheeler engine oil category," he said.

The company said its power brands and independent workshop channel are performing well, delivering double digit volume and margin growth year to date.