Indias Savita Oil Technologies Ltd. reported a 58 percent rise in net profit for the quarter ended March 31, thanks to lower expenses during the period. Tide Water Oil Co. (India) Ltd.s profit for the same period was down 87 percent, although its sales were up 5 percent.
Mumbai-based Savita posted a standalone net profit of Rs 9.3 crore (Rs 93.8 million or U.S. $1.4 million) from during January to March, up approximately 37 percent from Rs 5.9 crore a year earlier. Total expenses declined 12.5 percent year on year to Rs 365 crore. The quarter ending March 31 is the fourth quarter of Savitas fiscal year.
The company, which sells Savsol-branded lubricants, reported that its standalone net sales decreased 11 percent to Rs 370 crore in the quarter ended March 31.
For the fiscal year, Savita posted a standalone net profit of Rs 34 crore, compared to a net loss of Rs 1.2 crore a year earlier. Net sales declined about 19 percent to Rs 1,490 crore for the year.
Savita is known primarily for its transformer oils and white oils. It also makes liquid paraffins, petrolatum, petroleum jellies, coolants and waxes.
Tide Water Oil Co. (India) Ltd. reported net profit of Rs 5.5 crore for the quarter, or an 87 percent drop year on year, recording a Rs 24 crore loss listed as an exceptional item.
The Kolkata-based lube suppliers fourth quarter profit was down 87 percent from Rs 43 crore in the same period last year.
The Veedol marketer reported that standalone net sales increased 5.4 percent to Rs 259 crore in the quarter ended March 31, 2016.
Tide Waters consolidated net profit for the full year fell 43 percent to Rs 90 crore. However, sales rose 2 percent year over year to Rs 1,055 crore.