Gandhar Oil climbs as arm bags order from ADNOC

Gandhar Oil Refinery (India) rallied 3.69% to Rs 222.10 after its foreign material subsidiary, Texol Lubritech FZC received order from Abu Dhabi National Oil Company (ADNOC) for distribution PJSC, UAE.

The scope of the order is to manufacture, package, label and make available the products for ADNOC Distribution on contract basis. The forecasted average annual volume is 30 million litres for each year 2024, 2025 and 2026.

The contract is to be executed in three years. The estimated annual value of contract is $45 million equivalent to approximately Rs 375 crore, for each year 2024 to 2026.

Gandhar Oil Refinery India is a leading manufacturer of white oils by revenue with a growing focus on the consumer and healthcare end-industries. It is engaged in producing pharmaceutical, health care, and performance oil (PHPO), process insulating oil (PIO) and lubricants. The firms products are sold under flagship brand Divyol.

The company reported a 57.32% decline in consolidated net profit to Rs 12.11 crore on 4.80% fall in revenue from operations to Rs 939.24 crore in Q4 FY24 over Q4 FY23.

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