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Tuesday April 29, 03:01 PM
Castrol India Limited Announces Unaudited Financial Results for the First Quarter Ended 31st March 2008 |
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Mumbai, Maharashtra, India, Tuesday, April 29, 2008 -- (Business Wire India) -- Castrol India Limited, market leader in the retail automotive lubricant market, has set yet another landmark performance with a record first quarter. The performance has been further underpinned with profitable volume growth during the period under review as compared to previous year.
During the Quarter January March 2008, Profit Before Tax increased by 79% to Rs.117.8 crores, Profit After Tax increased by 75% to Rs.72.8 crores and Net Sales for the Quarter was up by 11% to Rs.492.9 crores.
Commenting on the results, Mr. Naveen Kshatriya Managing Director Castrol India Limited, said, the record performance has been built around the strength of the Castrol brand, our enduring relationships with all stakeholders and the passion of our people. The results also demonstrate the premium our customers and consumers place on brand superiority, product quality and customer service. Coming on the heels of the strong 2007 results, the results vindicate the tremendous effort put in by the Castrol India team even in the face of volatile external environment and continuous movement of raw material costs. The company continues to focus on value build driving profitable volume growth through discerning consumers who are willing to pay a premium for superior quality and service.
The company has started the year with rollout of some radical initiatives to improve and simplify the distribution management in the Automotive part of the business. This is expected to improve productivity and release working capital on a sustainable basis. The company continues to support its brands aggressively through innovative advertising and sales promotion initiatives. The company also continues to invest heavily in long term value creating initiatives like Castrol BikeZone a franchised motorcycle servicing concept which is now established and ready to scale up.
Going forward in the year, the environment is expected to be extremely challenging, with raw material cost expected to escalate sharply. Crude prices have moved up rapidly over the last two quarters and all the lubricant input prices have been reacting to this trend. However, with a clear strategy in place and a passionate and committed team, the company is confident of meeting the growth expectations of all its stakeholders.
Naveen Kshatriya
Managing Director
About Castrol India Limited
Castrol India Limited is a public limited company in which 70.92 % of the paid-up capital is held by Castrol Limited, U.K which is a part of BP Group worldwide. Starting off as a trading unit in India, Castrol has grown to become the largest lubricant company in the retail automotive segment. Castrol has constantly demonstrated its commitment to Indian consumers by offering world class products, backed by the highest level of customer service. Castrol India is acknowledged as the technology leader in the Indian lubricant industry.
For more on Castrol India Ltd., visit www.castrol.co.in.
To view the unaudited financial results and press release with the tables, please click on the links given below:
Unaudited Financial Results
Press release with tables
Media contact details
Archana Thomas,
IPAN,
+91 9322702013,
archana.thomas@ipan.com
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