Gulf oil Q4 profit up 6% to INR 63 crore, Auto News, ET Auto

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Gulf oil Q4 profit up 6% to INR 63 crore
New Delhi: Hinduja group-owned lubes maker Gulf Oil Lubricants India reported a 6% growth in its consolidated net profit at INR 63.4 crore for the fourth quarter ended March 31, 2022.

The company had posted a consolidated net profit of INR 60 crore in Q4 FY22, according to a Gulf Oil release on Saturday.

The net sales also rose by 22.75% to INR 650.65 crore in the March quarter, as compared to INR 530 crore in the January-March period of the previous fiscal.

“Our focus will continue to be profitable volume growth and rebooting initiatives on the ground as normalcy is visible on covid front with free movement of goods and people. As a Company, we will also be focusing a lot more on improved customer satisfaction creating more value and by bringing in lot of digitization, customer connect, enhanced supply chain capabilities to bring more width and depth in product availability by driving distribution further,” Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India.

He further said that the company forsees improvment in demand pick up, including in rural areas , which gives visibility of continued growth momentum.

“Despite inflation mainly linked to recent crude related spikes, causing short term pressures, the Company has the ability and is taking timely price interventions to manage margins. . Due to the continuously upward trend in input cost, margin management will continue to remain a key focus area,” Chawla added.

During Q4, the company acquired 26% stake in a SaaS Company by brand name ElectreeFi in EV space, its second foray after it invested in a UK based EV 4W charger manufacturing company during FY-20-21.

“ElectreeFi is working extensively in providing software and IoT based solutions to EV charging, battery swapping and related areas. We will continue to look at the evolving space in EV and look for synergistic areas where Gulf can play a meaningful role and create differentiation in the ecosystem on the strengths of our brand, distribution reach and OEM relationships,” Chawla said.