Castrol India net profit dips 9% to Rs 186 crore in September quarter

Lubes maker Castrol India has reported 9 per cent dip in profit after tax (PAT) at Rs 185.9 crore for the third quarter ended September 2021.

The company had reported a net profit of Rs 204.6 crore in the July-September quarter of previous fiscal.

Revenue from operations rose to Rs 1,073.2 crore as against Rs 883.1 crore in the year-ago period, Castrol India said in a statement on Friday.

The company's PAT for nine months ended September 30 stood at Rs 569.5 crore as compared with Rs 395.2 crore in the same period of previous financial year.

Revenue from operations rose to Rs 3,101.5 crore in the January-September period, up from Rs 2,061.7 crore in the year-ago period.

The company follows a January-December financial year.

"The cost of goods sold (COGS) environment continued to be very challenging due to a sharp rise in input costs. We responded through timely pricing interventions and continued investment in our brands' advertising and marketing spends to support value delivery to customers and reinforce brand salience. These measures helped us navigate the dynamic market situation," Castrol India Managing Director Sandeep Sangwan noted.

The company launched new products with the latest BS-VI ready technology for cars, and commercial vehicles, he added.

"With the automotive sector rapidly gearing up for electric mobility in the passenger vehicle segment, we are exploring options with two-wheeler electric vehicle (EV) manufacturers for development of EV fluids. At the same time, we continue supplying EV fluids to two of the top OEMs in India," Sangwan stated.