Apar Industries reported a hefty decline in net profit, while Tide Water Oil Co. and Continental Petroleums Ltd. both posted healthy increases in net profit for the quarter ending June 30.
Apar Industries
Indian transformer oil supplier Apar Industries reported a 31.6 percent decline in net profit year on year to Rs 27.32 crore (Rs 273.2 million or U.S. $3.9 million) for the quarter that ended June 30, against Rs 39.94 crore during the same quarter last year. However, total income in the second quarter went up 3.5 percent to Rs 1,404.63 crore.
Revenues for its transformer and specialty oil segment in the quarter also posted a slight decline year on year to Rs 484.06 crore, down 0.7 percent from Rs 487.39 crore.
Apar Chairman and Managing Director Kushal N. Desai stated in his regulatory filing that because of the introduction of the Goods and Services Tax, levies like GST, VAT and others are not part of revenue. Accordingly, the figures for the periods up to June 30, 2017 are not strictly relatable to those after that. As per the additional information provided by Desai, revenues for its transformer and specialty oil segment increased 12.3 percent year on year to Rs 484.06 crore in the quarter, up from Rs 431.02.
Tide Water
Lubricants maker Tide Water Oil Co. (India) Ltd. reported its first-quarter net profit surged about 44 percent year on year to Rs 23.4 crore (Rs 234.2 million or U.S. $3.3 million), driven by higher sales.
Standalone revenue from operations increased 13.3 percent to Rs 289.8 crore in the quarter that ended Jun. 30, the Veedol-branded lubricants supplier said in a regulatory filing.
Total expenses rose about 10 percent to Rs 258.7 crore, the Kolkata-based company said.
Tide Water said its revenue and expenses are not comparable with last years numbers as year-ago period includes excise duty, while the latest quarter figures are disclosed net of Goods and Services Tax following implementation of the GST system in July 2017.
Continental Petroleums
Indias Continental Petroleums Ltd. reported first-quarter net profit increased 44 percent year on year to about Rs 12.7 lakh (Rs 1.3 million, or U.S. $18,600), thanks to higher sales.
Total income nearly doubled to Rs 12.4 crore for the quarter that ended June 30, from Rs 6.3 crore, the Contol-branded lubricants and greases seller said in a regulatory filing.
Total expenses surged 96 percent to Rs 12.2 crore, Jaipur, India-based Continental said.