K.Venkateshwar.Rao

BY K. VENKATESHWAR RAO Gulf Oil Lubricants India Ltd. , a Hinduja Group company, enjoyed significant increases in net profit for both its fourth quarter, and its full fiscal year, the company reported late last week. The Mumbai-based company saw a 32.5 percent increase in net profit to Rs 41.4 crore (Rs 414 million or U.S. $6 million) for the quarter ending March 31. For its full fiscal year, Gulf Oil Lubricants India posted a net profit of Rs 158.56 crore, up 34.9 percent from Rs 117.56 crore for the year-earlier period. Total income for the quarter jumped to Rs 380.4 crore from Rs 339 crore during the same period last year. Full-year total income for the company increased in total income to Rs 1,404.53 crore from the previous year’s Rs 1,280.11 crore. Net revenue for the fourth quarter stood at Rs 373.31 crore, a strong 30.7 percent increase from last year’s fourth quarter. The company posted a net revenue of Rs 1,378.4 crore, up from Rs 1,259.8 crore last year. “It has b...

BY K. VENKATESHWAR RAO India’s  Savita Oil Technologies Ltd. – a supplier of transformer oils, white oils, lubricants and other products – reported a net profit of Rs 40.3 crore (Rs 403 million or U.S. $5.9 million) for its fourth quarter, up 28 percent from the same quarter last year. Total revenue for the quarter ending March 31 stood at Rs 460.5 crore, down 3.9 percent from Rs 479.3 crore during the same period last year. For the full year, the company posted an 8.4 percent increase in total revenue to Rs 1,824.6 crores from the previous year’s Rs 1,683.3 crore. Net profit for the full year also rose, increasing 34.8 percent to Rs 126.2 crore. Revenue from petroleum products slid to Rs 456.4 crores for the fourth quarter, down from Rs 485.3 crore during the same period last year. However, revenue from petroleum products for the full year increased from Rs 1,648.4 crore last year to Rs 1,790.2 crore. Savita Reports Strong Quarter

BY K. VENKATESHWAR RAO Sri Lanka’s Public Utilities Commission of Sri Lanka hosted a public meeting April 24 to invite comments about prices and quality of lubricants available in the island nation. What it heard included complaints that the government plans to allow more competitors into the market but is doing too little to protect existing ones from unscrupulous business practices. The meeting was held in the capital Colombo, and according to the PUCSL, was attended by more than 300 representatives of lube suppliers, government agencies and industrial businesses, along with members of the public. The commission provided Lube Report a meeting transcript, which served as the basis for this article. The platform for public input was organized as part of run-up to a plan by the commission and the Petroleum Resources Development Ministry to increase the number of companies allowed to supply lubricants in the country. That plan was part of a budget proposal back in 2016, and the P...