Gulf Oil Lubricants Q3 PAT rises 29% to Rs 80.74 cr

Mumbai: Lubes maker Gulf Oil Lubricants has reported a 29 per cent rise in profit after tax to Rs 80.74 crore in the December 2023 quarter.

Gulf Oil Lubricant delivered a PAT of Rs 62.65 crore in the same quarter of 2022, the company said in a statement.

The company's revenue from operations for the third quarter of this fiscal increased 4.63 per cent to Rs 817.26 crore from Rs 781.10 crore in the year-ago period, it added.

The company said it also delivered the highest-ever quarterly EBITDA (earnings before interest, taxes, depreciation and amortisation) at Rs 111.06 crore during the period under review, 23.38 per cent higher compared to Rs 90.02 crore a year ago.

Strong momentum was maintained during the quarter, and a good uptick in volume was majorly driven by growth in agri and PCMO (passenger car motor oil), Gulf Oil said.

Its managing director and CEO Ravi Chawla said, "Our key focus remains on strategic, sustainable, and profitable growth across our portfolio".

This quarter witnessed a significant elevation in brand investments, he said, adding that in a series of sustainability initiatives, the company will enhance its solar power capacity at both plants by June-July 2024.

Besides, Gulf Oil Lubricants is also looking at various sustainable packaging solutions, he added.