Gulf Oil Lubricants India clocks record 59% growth in net profit for Q3

Gulf Oil Lubricants India Ltd (GOLIL), a Hinduja Group company, on Tuesday, recorded 59.14 per cent rise in net profit for the third quarter of the financial year ended on December 31 to Rs 424.9 million, as against Rs 267 million during the same time last year, propelled by an increase in volume. 

Net revenue for the reporting quarter stood higher at Rs 3.55 billion, up by 34.3 per cent versus Rs 2.64 billion in December quarter of FY17.

"The rise in net profit also has a base effect of demonetisation during the same time last year. The growing momentum in the diesel engine oil segment has helped us capture these record volumes. For the coming fiscal, we will be better placed to tap these growing opportunities with additional volume capacity from our new plant in Chennai and an increased focus on the PCMO segment,” said Ravi Chawla, Managing Director, Gulf Oil Lubricants India.

The Profit After Tax for the nine-month period ending December 2017 was at Rs 1.17 billion against Rs 863 million in FY 17. The Board of Directors of the Company have declared an Interim Dividend of Rs 4.00 per share on a Face Value of Rs 2 per share.