Lubricant market affected in H1FY18 due to lingering effects of note ban: Castrol India

Castrol India posted weak Q2CY17 earnings as revenues took a hit and margins were impacted by lower gross margins.

In an interview to CNBC-TV18, Omer Dormen, Managing Director of Castrol India spoke about the results as well as the latest happenings in his company and sector.

Lubricant market faced some challenges in the first half – the lingering effect of the demonetisation continued impacting commercial segments in the first half, base oil prices going up about 25-30 percent in Q2 and in June we have seen a major destocking happening in the market because of goods and services tax (GST) transition, he said.

Against all these, we have responded well as a market leader and held on to our market share, he added.