Castrol India Reports 3 percent Profit Increase in Q2 2024

In Q2 2024, Castrol India's revenue grew 5% to ₹1,398 Crores, and Profit Before Tax rose 3% to ₹314 Crores.

Kolkatta - Castrol India Limited, a lubricant manufacturer, has announced its results for the second quarter ended 30 June 2024. The Company adheres to the calendar year (January to December) for its financial reporting.

During the second quarter (2Q), from April to June 2024, the Company’s Revenue from Operations grew at 5% to ₹1,398 Crores, compared to ₹1,334 Crores in the corresponding quarter in the previous year (2Q 2023). When compared to the sequential quarter (1Q 2024), it rose 6% from ₹1,325 Crores. Profit Before Tax for 2Q 2024 stood at ₹314 Crores, a gain of 3% compared to ₹305 Crores in 2Q 2023, and 8% higher than ₹292 Crores in 1Q 2024.

For the first half (1H) of the year ended 30 June 2024, the Company recorded Revenue from Operations of ₹2,723 Crores, marking a growth of 4% compared to ₹2,628 Crores in 1H 2023. Profit before Tax for the period stood at ₹606 Crores, marking a growth of 2% from ₹593 Crores in 1H 2023.

Mr.Sandeep Sangwan, Managing Director of Castrol India Limited, said, “Our balanced focus on volumes and margins, along with our commitment to innovation and brand building, has driven revenue growth. As we celebrate 115 years in India, we remain dedicated to delivering innovation, performance, reliability, and protection. Notably, our presence in major sports properties like the IPL, T20 World Cup, and Wimbledon underscores our strong brand visibility.”

Mr. Deepesh Baxi, Chief Financial Officer, Castrol India Limited, said, “Looking ahead, ongoing innovations in products and services, coupled with strategic brand investments, will sustain our growth momentum. Potential stabilisation of input costs in the latter half of the year could signal a positive trend for the industry.”