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Castrol India Down In Second Quarter
Castrol India has announced the results of its second quarter, from April to June 2014. They have reported a profit of 19 percent at INR 124.4 crore after tax reductions. The oil company generated INR 153.6 crore in the previous year during the same period.
In the first six months of 2014 Castrol reported a dip in profits. Between January and June 2014 the company witnessed a dip down to 19 percent. They earned INR 277.9 crore in January to June 2013, while during the same period of 2014 the figure was INR 224.6 crore after paying tax.
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Ravi Kirpalani, Managing Director, Castrol India Limited, expressed, "The profit for the second quarter was lower largely due to lower ‘other income and profit from sale of non-operating assets' as compared to the same period last year. Profit from Operations during the second quarter was down by 4% as compared to the same period in the previous year."
He further added, "The industrial business also delivered a good performance with over seven percent volume growth despite demand shrinkage in all core manufacturing sectors. This was driven largely by new customer acquisition, distribution expansion, and differentiated product and service offers."
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Castrol has launched two new products in the first half of 2014. They include Castrol MAGNATEC Stop Start car engine oil and Castrol CRB Mini Truck with Heat Shield Boosters. They have launched a new version of Castrol Activ Scooter with Zip Booster molecules.
The Board of Directors of Castrol had a meeting on 31st July 2014. They declared an interim dividend of Rs 3.50 per share for the year ending 31st December 2014, while in 2013 the interim dividend was also Rs.3.50 per share.
The interim dividend would be paid to shareholders who appear in the register of members at the close of business hours on 5th August 2014 and would be payable on 21st August 2014.
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