Lubricant brand Castrol India net profit flat in December quarter

Lubricant brand Castrol India Ltd on Monday reported a net profit of Rs 189 crore in the fourth quarter ended December 31, almost unchanged from the year-ago period.

Castrol follows the calendar year (January to December) for its financial reporting.

Net profit in October-December 2020 was Rs 188 crore, the company said in a statement without assigning any reasons for the unchanged profitability.

Revenue in Q4 2021 (October to December) rose 17 per cent to Rs 1,091 crore.

For the full year ended December 31, 2021, the company posted the highest-ever revenue from operations of Rs 4,192 crore, a 40 per cent jump over last year. Net profit rose to Rs 758 crore from Rs 583 crore in 2020.

"The company achieved this growth amidst a very challenging environment marked by an unprecedented rise in input costs and supply chain disruptions resulting from the ongoing COVID-19 pandemic," the statement said.

In addition to the interim dividend of Rs 2.50 per equity share, the company's Board of Directors has recommended a final dividend payment of Rs 3 per equity share each for 2021.

Commenting on the Q4 2021 results, Sandeep Sangwan, Managing Director of Castrol India Limited, said, "Castrol India delivered resilient performance and strong topline growth in the fourth quarter of 2021, registering a 17 per cent growth over the corresponding quarter in 2020.

"Despite an adverse environment with rising input costs and softer market demand, we also grew our bottom line through focused investments and prudent cost actions.