Gulf Oil Lubricants gains as Q2 profit zooms 41%

Gulf Oil Lubricants is a Hinduja Group and Gulf Oil International company with presence in over 100 countries. A leading oil lubricant player it produces products for both the B2B and B2C space.

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Gulf Oil Lubricants was trading almost 3 percent higher in the morning trade on October 26, a day after the oil lubricant company reported its Q2FY24 earnings.

Gulf Oil Lubricants reported a 41.2 percent year-on-year (YoY0 growth in profit at Rs 73.63 crore in the September quarter. Revenue from operations stood at Rs 802.30 crore, a 11.51 percent YoY growth.

Earnings, before, interest, taxes, depreciation and amortisation jumped 25.2 percent YoY to Rs 100.48 crore, the first time the company’s EBITDA crossed Rs 100 crore in a single quarter.

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The company’s strategy to continue to focus on distribution growth in retail will serve well over the coming quarters, MD & CEO Ravi Chawla.

"The recent developments in geo-political situations in the Middle East along with the ongoing Russia-Ukraine war will continue to require close margin management focus going forward as well,” he said.

Robust cash generations enabled the company to look for opportunities in the emerging fields of EVs and other adjacencies and exploring areas where Gulf can play a key role, he said.

Also read: Gulf Oil Lubricants PAT grows 41% to Rs 73.63 crore in Sept quarter

Gulf Oil Lubricants is a Hinduja Group company with presence in over 100 countries and makes products for the B2B as well as B2C space.

At 9.59 am, the stock was trading at Rs 555.6 on the NSE, up 2.79 percent from the previous year.

Over the past six months, shares of Gulf Oil Lubricants have gained over 34 percent from Rs 406.40 on April 26.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.