Gulf Oil PAT declines 11% to Rs 52.14 crore in September quarter

Gulf Oil Lubricants

Lubricant maker Gulf Oil on Tuesday reported an 11 percent decline in profit after tax (PAT) to Rs 52.14 crore in the September 2022 quarter.

The company had posted a profit of Rs 58.70 crore in Q2 FY22, Gulf Oil said in a statement.

The net revenue during the quarter under review rose 34.86 percent to Rs 719.50 crore compared to Rs 533.52 crore in the second quarter of the previous fiscal.

The company said it has delivered four percent year-on-year higher EBITDA during the September quarter this fiscal, navigating through rising input costs — impacted by volatile crude and base oil, additive prices, overall inflationary trend, depreciating rupee, and liquidity challenges in trade contracting demand conditions.

However, core volumes grew in double-digit in the reporting quarter even in this environment, along with 35 percent growth in revenues, the company said.

While the B2B segments witnessed good growth during the quarter, the B2C segment saw flattish volumes due to liquidity challenges, seasonal impact owing to the monsoons and lower demand from the Agri segment, continuous price increases, and delayed purchasing in a volatile environment, it noted.