Gulf Oil Lubricants Q1 net profit surges 13% to Rs 34 cr

Gulf Oil Lubricants, a Hinduja Group company, today reported a 13 per cent rise in its first quarter standalone net profit on the back of volume growth.

Net profit in April-June quarter at Rs 34.29 crore was 12.94 per cent higher than Rs 30.26 crore net profit in the same period of previous fiscal.

Revenue was up 3.5 per cent to Rs 326.23 crore.

"The company recorded a volume growth of around 7 per cent in its core business," the firm said in a statement.

"This positive volume growth has been achieved in the quarter, despite GST-related uncertainties in the retail channel which led to lower offtakes and some inventory reduction by trade partners towards the end of the quarter".

The company maintained momentum of double digit volume growth in the key segment of motorcycle engine oils and high growth in infrastructure, industrial distributor segment, it said without giving details.

Gulf Oil said construction work was progressing well at its new Chennai plant. Major civil and fabrication works are in advanced stage of completion.

"As planned, the company is on schedule to start commercial production in Q3 of current Financial Year 2017- 18," the statement added.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)