National, February 06, 2024: Gulf Oil Lubricants India Limited, a Hinduja Group Company, has today reported its Unaudited financial results (Standalone) for the Quarter & nine-month ended December 31, 2023. Key highlights are as under
During the Quarter ended December 31, 2023, the Company achieved revenue from operations of Rs. 817.26 crores against Rs. 781.10 crores, growth of 4.63% and PAT of Rs. 80.74 crores against Rs. 62.65 crores, growth of 28.86% compared to the Quarter ended December 31, 2022. During nine-month ended December 31, 2023, the Company has achieved revenue from operations of Rs. 2,431.28 crores against Rs. 2,207.05 crores, growth of 10.16% and PAT of Rs. 222.66 crores against Rs. 170.13 crores, growth of 30.88% compared to the nine-month ended December 31, 2022.
Strong momentum was maintained during the quarter with good uptick in volume majorly driven by growth in Agri and PCMO rebounding strongly. EBITDA exhibited consistent sequential growth hitting the century again touching Rs 111.06 crores mark during the quarter. EBITDA Margin marked a sequential improvement of 107 bps reaching 13.59%, tracking higher end of the guided band of 12-14%. Across all business segments, Infra and B2B recorded impressive double-digit volume growth. OEM workshop business showed good growth driven by many targeted initiatives, while OEM factory fill business saw a slowdown tracking lower sales of new vehicles by few key OEMs.
Commenting on the performance, Mr. Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India Ltd., said, “I am quite excited by the new milestones being achieved by the team with another remarkable performance delivered for December quarter and nine-month period, reinforcing our dedication to continuous growth and operational excellence. Our success spanned various categories, capitalizing on robust distribution and brand initiatives. Our key focus remains on strategic, sustainable, and profitable growth across our portfolio. This quarter witnessed a significant elevation in brand investments with activations such as IBW, CII’s Excon exhibition, new TVCs, and campaigns with brand ambassadors that amplify brand awareness levels and increase market share in our targeted segments. Our strategic partnership with India Bike Week (IBW), targeting premium bike owners with Gulf Syntrac engine oil, has taken root across Indian cities, catering to both metros and Tier 2 cities. The introduction of “Ride With Gulf” social media page enhances our engagement with the passionate motorcycle riding community nationwide. In a series of Sustainability Initiatives, we will enhance our solar power capacity at both the plants by June/July’24 and also looking at various sustainable packaging solutions. We participated in CII’s Excon exhibition where we showcased our innovative products, including Adblue, bio[1]degradable hydraulic oils, and EV charging solutions via Tirex DC chargers and Electreefi, a SaaS provider, gaining significant attention.
We maintain a positive outlook, anticipating market demand to keep growing in coming years due to strong GDPgrowth, significant infrastructural impetus, and increased vehicle penetration.
Manish Gangwal, CFO, Gulf Oil Lubricants India Ltd commented “Benefiting from a stable input cost environment and ongoing efforts to enhance our product mix across categories, our material margins have improved by over 5% on a YoY basis. This has translated into a highest ever quarterly EBITDA of Rs. 111 crores, firmly positioning us at 13.59% EBITDA to Revenue. Consequently, our earnings have witnessed substantial growth, marking a 29% and 31% increase for the quarter and nine-month period, respectively, compared to last year. Drawing a lot of confidence from the performance, the Board has declared an Interim Dividend of Rs 16.00 per equity share, amounting to 800% on the Face Value of Rs. 2 per Share. . Going forward, our strategic focus remains twofold: achieving revenue growth surpassing market trends by 2-3x, coupled with improving margin trajectories. Furthermore, we are committed to leveraging our investments in the e-Mobility space, capitalizing on synergies for sustained and impactful future growth.”