K.Venkateshwar.Rao

BY D.S. NAG AND K. VENKATESHWAR RAO Castrol India Ltd.  reported a strong increase in profit,  GP Petroleums Ltd.  posted a significant decrease in net profit,  Apar Industries  posted a jump in operating income and  Savita Oil Technologies Ltd. ’s total revenue grew for the quarter ending Dec. 31. Castrol India Castrol India Ltd. reported an 8 percent rise in profit for the quarter ending Dec. 31, driven by volume growth, and said the company plans to boost its capacity to meet future demand. Net profit increased to Rs 212 crore (Rs 2.12 billion or U.S. $29.8 million) in the quarter, up from Rs 196.7 crore in the same period last year, the lubricant maker said in a statement. Revenue from operations increased 6 percent to Rs 1,033 crore during the quarter. Total expenses rose 8 percent to Rs 730.9 crore. For 2018, Castrol’s net profit rose 2 percent on year to Rs 708 crore, and revenue from operations increased by 9 percent to Rs 3,905 crore...

Earnings Wrap-up: Castrol India, Balmer Lawrie BY K. VENKATESHWAR RAO AND D.S. NAG Castrol India  reported double digit profit growth, and first quarter operating profit for  Balmer Lawrie  jumped, each for the quarter ending June 30.   Castrol India Castrol India reported a 19 percent increase in net profit year on year to Rs 164.2 crores (approximately Rs 1.6 billion or U.S. $23.4 million) for the quarter that ended June 30, primarily driven by higher volume as well as improved margin. The company’s net profit was Rs 137.9 crores in the same quarter in 2017. Net profit for the January to June 2018 period also grew by 9 percent to Rs 346 crores, up from 316.9 crores in the same period in 2017.   

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 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...