Castrol India reports 6% dip in PAT in Q1 to Rs 229 cr, revenue up 8.5%

Lubricant maker Castrol India on Wednesday said its profit after tax (PAT) declined by 6 per cent to Rs 229 crore for the first quarter ended March.

The company had posted a PAT of Rs 244 crore in the January-March period of last year.

The company follows the January-December financial year.

Revenue from operations, however, rose to Rs 1,236 crore in the quarter under review as against Rs 1,139 crore in the year-ago period, Castrol India said in a statement.

"Continuing our growth momentum from Q4 2021, Castrol India delivered a strong performance in first quarter 2022, achieving double-digit growth in volumes, revenues, gross profit and profit before tax, marking a significant growth over the previous quarter," Castrol India Managing Director Sandeep Sangwan said.

Despite a brief impact from the third wave of COVID-19 in January, business operations resumed normalcy and Q1 2022 witnessed a good resurgence in demand, he added.

"While inflationary and supply side pressures continued to be high, the company was able to serve its customers' needs by leveraging its strong distribution network and supplier relationships," Sangwan noted.