Castrol India reports strong performance with revenue growth in Q3 2023

Castrol India Limited, a prominent player in India’s lubricant industry, has announced its financial results for the third quarter ending 30 September 2023. The company, known for leading brands like Castrol CRB, Castrol GTX, and Castrol MAGNATEC, follows the January to December calendar for its financial reporting.

Castrol India: A Snapshot of Q3 2023 Financials

In Q3 2023, Castrol India saw a 6% year-on-year increase in its Revenue from Operations, climbing from ₹1,121 Crores in the same quarter of the previous year to ₹1,183 Crores. This growth indicates the company’s robust performance despite the prevailing economic challenges. The Profit Before Tax for the same period registered at ₹264 Crores, showing a 4% increase compared to ₹254 Crores in Q3 2022.

Strong Performance in the First Nine Months of 2023

For the nine months (9M) ending on 30 September 2023, the Revenue from Operations reported was ₹3,811 Crores, marking a 6% growth over ₹3,598 Crores in 9M 2022. The Profit Before Tax for this period was ₹857 Crores, a modest growth of 1% from ₹845 Crores in the corresponding period last year.

Corporate Insight from Castrol India’s Managing Director

Sandeep Sangwan, Managing Director of Castrol India, commented on the results, highlighting the importance of brand investment and strategic campaigns like #BadhteRahoAagey in driving revenue growth. “Our next focus will be an extensive on-ground activation to support truckers and our continued expansion into rural India,” said Sangwan.

Outlook Amid Global Challenges

Sangwan also shared insights on the challenges and future strategies of Castrol India. The company anticipates dealing with crude price volatility and inflationary pressures, focusing on areas like aftercare, electric vehicles, and strategic industry partnerships.

Notable Achievements and Product Performance

Key achievements for Castrol India in Q3 2023 included the successful traction of their new autocare range across over 18,000 outlets and ecommerce platforms in India. Additionally, the Castrol Magnatec 5W30 SUV, catering to the increasing demand in the SUV segment, continues to perform strongly in the market.

This strong financial performance underlines Castrol India’s resilience and strategic planning in a complex economic environment, while reinforcing its commitment to quality and innovation in the lubricant sector.