Indian state-run enterprise Balmer Lawrie & Co. reported that third-quarter operating profit from its greases and lubricants segment declined almost 6 percent year on year.
Balmer Lawrie, one of Indias largest grease suppliers, said the segment posted a standalone profit of Rs 7.66 crore (Rs 76.6 million or U.S. $1 million) before tax and interest during the quarter that ended Dec. 31, down from Rs 8.13 crore in the same period last year.
Revenue for the segment decreased 7.7 percent to Rs 91.85 crore, the supplier of Balmerol-branded products said in a regulatory filing.
For the nine months of the current fiscal year, Balmer Lawries greases and lubricants segment reported that operating profit increased 12.3 percent on year to Rs 24.87 crore. However, the segments revenue declined 9.5 percent to Rs 286.43 crore during the period.