Gulf Oil posts 82% increase in April-June PAT

Gulf Oil Lubricants India on Wednesday reported an 82 per cent increase in profit after tax (PAT) to Rs 55.33 crore in the June quarter over the same period last year.

The lubes maker had posted a PAT of Rs 30.35 crore in the quarter ended on June 30, 2021.

Revenue from operations during the quarter was up 69.26 per cent at Rs 706.45 from Rs 706.46 crore in April-June 2021, the company said.

Gulf Oil said all segments of business witnessed good growth led by the B2C segment covering bazaar market and OEM franchise workshops, with demand conditions improving in most categories on the back of improved business environment, industrial and infra customer/OEM off takes, among others.

While there has been continuous pressure on input costs due to upward crude movement, additive price hikes, sharp depreciation in rupee and in general inflationary trend across all cost items, the company has taken pricing actions to minimise the impact, Gulf Oil said.

Shares of Gulf Oil closed higher by 0.5 per cent at Rs 441.20 on Wednesday.