Mumbai, 1st May 2024: Castrol India Limited (BSE: 500870; NSE: CASTROLIND) has released its financial results for the first quarter ending on 31st March 2024. The company maintains its financial reporting calendar on a yearly basis from January to December.
In the initial quarter (1Q) of 2024, spanning from January to March, the company’s Revenue from Operations rose to ₹1,325 Crores, marking a 2% increase from ₹1,294 Crores in 1Q 2023, the corresponding period of the previous year. Additionally, 1Q 2024 saw a 5% uptick from ₹1,264 Crores in the preceding quarter (4Q 2023).
For 1Q 2024, the company’s Profit Before Tax reached ₹292 Crores, demonstrating a 1% rise compared to ₹288 Crores in 1Q 2023. The Profit After Tax for 1Q 2024 totaled ₹216 Crores, showcasing a 7% growth from ₹203 Crores in 1Q 2023.
Sandeep Sangwan, Managing Director of Castrol India Limited, remarked, “Despite initial softness in consumer demand, we achieved a 2% revenue growth, highlighting the efficacy of our strategic approach and the resilience of the Castrol brand. Our recent product innovations significantly expanded our market share across various segments. Initiatives like #BadhteRahoAage and Castrol CRB TURBOMAX Pragati Ki Paathshaala are gaining traction and are poised to drive further momentum. These endeavors are fueled by our steadfast dedication to brand building and pioneering innovation. Our collaboration with Shah Rukh Khan and partnerships with prominent entities like the Mumbai Indians and KTM Cup 2024 underscore our commitment to performance-oriented strategies.”
Deepesh Baxi, Chief Financial Officer of Castrol India Limited, added, “Our strategic initiatives and adaptable approach have positioned us favorably in navigating the dynamic market environment. As we persist in driving growth and maximizing value for our stakeholders, we remain committed to prudent financial management and strategic investments to sustain our momentum in the upcoming quarters.”
Looking ahead, Sangwan emphasized the company’s steadfast focus on delivering compelling value propositions tailored to diverse customer segments. This commitment entails continuous product innovation and a reinforced presence in rural markets, with an assurance of a consistent flow of cutting-edge products across portfolios throughout the year. Such unwavering dedication to innovation and customer-centricity instills confidence in the company’s ability to deliver sustainable growth and enduring value for consumers and customers alike.
Key highlights from Castrol India in 1Q 2024 encompass:
- Brand Building:
- Welcoming Shah Rukh Khan as brand ambassador, symbolizing dedication to innovation and excellence.
- Empowering over 12,000 truckers nationwide through the #BadhteRahoAage campaign and Castrol CRB TURBOMAX Pragati Ki Paathshaala.
- Garnering over 10,000 registrations for Castrol POWER1’s ‘India’s Ultimate MotoStar’ from tier II and III cities.
- Establishing strategic partnerships with Mumbai Indians and KTM Cup 2024 as the ‘Official Performance Partner’.
- Rural Outreach:
- Expanding reach to over 33,500 outlets in rural areas.
- After Market Presence:
- Strengthening after-market presence with expansion to over 9,000 multi-brand passenger car workshops and close to 28,000 independent bike workshops.
- Recognitions:
- Patalganga plant receiving the prestigious OHSSAI Gold Award for safety practices & performance.
- Paharpur winning the Apex India Green Leaf Platinum Award for Plant Efficiency.
- Castrol India’s Castrol Auto Service campaign winning two accolades at the EMVIES 2024.
(Figures in ₹ Cr)
| Quarter | Revenue from Operations | Profit Before Tax | Profit After Tax |
|---|---|---|---|
| 1Q 2024 | 1325 | 292 | 216 |
| 1Q 2023 | 1294 | 288 | 203 |
| 4Q 2023 | 1264 | 324 | 242 |