Indias GP Petroleums reported about a 35 percent year-on-year jump in its fourth-quarter net profit as lower expenses and other income more than offset the impact of weak sales.
Net profit increased to Rs 5.33 crore (Rs 53.3 million or U.S. $755,525) in the quarter that ended Mar. 31 from Rs 3.95 crore a year earlier, the Ipol-branded lubricants supplier said in a regulatory filing.
Total expenses declined 21 percent to 129.88 crore, while other income stood at Rs 36.52 lakh during the quarter, up from a loss of Rs 11.93 lakh a year ago.
The Mumbai-based companys revenue from operations decreased 19 percent to Rs 137.61 crore, hurt by weak performance for its manufacturing and trading segments.
Revenue for its manufacturing segment – which includes production and marketing of lubricating oils and greases – fell 22 percent to Rs 93.49 crore. Revenue for its trading segment, which includes trading activities through base oil, was down nearly 12 percent to Rs 44.12 crore.
For fiscal year 2018-2019, GPs net profit slipped marginally to Rs 16.25 crore from Rs 16.36 crore a year ago, but revenue from operations increased 14 percent to Rs 606.57 crore.