Hinduja Group company Gulf Oil Lubricants India has registered INR 30.35 crore PAT in Q1 FY22, up by 77% from the same quarter last year. The company's revenues stood at INR 417.37 crore, witnessing a growth of 73% over the same period previous year.
According to the results announced by the company on Thursday, the EBITDA grew by 66% YoY at INR 42.13 crore in Q1 FY22.
Mitigating rising input costs and margin management remain the key focus area in short to medium term. The company said it has taken series of pricing actions during the last six months, which should progressively enable it to regain its margin trajectory as the new prices come into play.
Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India, said that with the rapid spread of the second wave of COVID-19 hitting the country very hard during April & May, market conditions, especially in retail, deteriorated sharply. However, this time around, the B2B segment has been less impacted as most industries continued to function in the state level lockdowns announced from time to time in a phased manner. This enabled the company to garner volumes more from its B2B segments to deliver good YoY growth.
With the second wave subsiding from June onwards, markets started opening up, which significantly improved demand conditions across the segments, and the company is seeing robust volumes now. It is focusing on continuing its market-leading growth journey and is geared up to face the challenges of an unprecedented rise in input costs with series of price interventions already taken to move towards restoring margins in coming quarters, Chawla added.
While pursuing additional market share in the growing lubricants market in India, the company also aims to participate in the emerging e-mobility opportunities with the support of India specific and its parent’s global initiatives in these areas.