Gulf Oil Lubricants witnesses a very strong improvement in demand leading share price to rise by 1.75 percent. Moreover, there was an improvement in volume with a growth of 7% in Q2. Sales were pushed up due to robust advertisement during IPL.
On November 07, 2020, a statement released by Gulf Oil said, “Hinduja Group-owned lubes maker Gulf Oil reported a 4.59 percent decline in net profit at Rs. 59.13 crore for the September quarter of the fiscal year.
On contrary, the company has recorded all-round growth in the July-September quarter and delivered an improved volume growth across all segments, and continues to cut prudence cost.
Ravi Chawla, managing director, and CEO, Gulf Oil Lubricants India Ltd said, “The demand conditions across many segments were showing strong revival, and we are pleased to deliver a robust performance on both top-line and bottom-line front with highest quarterly profitability and highest-earning before interest, taxes, depreciation and amortization margins.”
The industry witnessed a slight improvement in demand conditions on monthly basis. with most markets and customer segments returning to near normalcy and some good demand. There was a rise in demand for products in the 2-wheeler and commercial vehicles category.
Chawla said, “There current demand conditions give a lot of optimism going forward while we continue to exercise cost optimization and tightening input costs scenario and also look at market share growth opportunity ahead.”