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Castrol India Q2 Net Up 27% At Rs. 153.6 Crores
During the quarter ended June 30, 2013, the Company completed the sale of one of its non-operating plants and has realised a gain of Rs.19.8 crores. The company has declared an interim dividend of Rs.3.50 per share of Rs. 10/- each for the year ending December 31, 2013. The Board of Directors at its meeting held today, appointed Ms. Rashmi Joshi as Wholetime Director of the Company designated as Director- Finance with effect from 1st August, 2013.
Commenting on the quarter results, Ravi Kirpalani - Managing Director, Castrol India Limited, said: "Despite the continuing environmental challenges, Castrol India has put in a very strong performance during the second quarter, delivering improved gross margin on account of better realisations, improved product mix and effective cost management strategy."
According to Mr. Kirpalani, ‘The performance is underpinned by strong marketing programmes targeted towards consumers, trade and influencers. The performance was particularly strong in the personal mobility segment with significant volume growth in the two-wheeler segment."
As Performance Partners of the International Cricket Council, the company had the opportunity to leverage the ICC Champions Trophy, England & Wales 2013, through an exciting and innovative programme reaching out to all stakeholders. The activation, which was largely through digital and social media, made Castrol one of the most interactive brands during the live matches.
The company also launched an outreach programme for its diesel engine oil brand, Castrol CRB Turbo, reaching out directly to consumers, dealers and mechanics in key markets. The company's micro marketing model for passenger car oils was also extended to new markets during the quarter under review, with great success.
Outlook: Continued economic headwinds, further significant rupee depreciation since May 2013 and tight crude & base oil markets are likely to impact the growth in the short term. Further, sluggish automotive and industrial growth will hinder lubricant demand. This may have adverse impact on margins and volumes.
In the longer run, however, we are confident about a positive lubricant market and business growth. The company is in a strong position to leverage growth opportunities with its strong brands, lasting relationships with key stakeholders and continued commitment of its staff.
PRESS RELEASE
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