Gulf Oil Lubricants India Ltd. reported a decline in net profit for its second quarter ending Sept. 30, compared to the same period a year earlier.
Net profit for the Mumbai-based company stood at Rs 4,029 lakhs (Rs 402.91 million or U.S. $5.65 million) down from Rs. 4,042 lakhs during the same period last year. Revenue from operations for the second quarter leaped 29 percent to Rs 41,721 lakhs. During
For the April-September period, the Hinduja Group company reported a 7.6 percent uptick in net profit year-on-year to Rs 8,042 lakhs, compared to Rs. 7,471 lakhs. Revenues reached Rs 80,757 lakhs for the six-month period, up 24 percent from Rs 64,918 lakhs during the same period last year.
Gulf Oils Managing Director Ravi Chawla noted that revenues from operations for the period up to June 30, 2017 includes excise duty, which was discontinued upon the implementation of the Goods and Services Tax in India on July 1, 2017. Because of the restructuring of indirect tax revenue from operation, revenue numbers for the first six months of this year are not comparable to the same period last year.
There has been growth across all business segments and product categories with diesel engine oil, passenger car engine oil and motorcycle oil all delivering double digit-volume growth. This augurs well as second quarter growth follows a strong volume growth achieved in the previous quarter by the company, Chawla told Lube Report.