BWI: Castrol India Q3 PAT up 22% at Rs. 117cr, Turnover up 13%

Press release from Business Wire India
Source: Castrol
Tuesday, October 12, 2010 06:43 PM IST (01:13 PM GMT)
Editors: General: Consumer interest, Politics; Business: Advertising, PR & marketing, Automotives, Business services, Financial Analyst, Stock exchanges, Transport engineering; Automotive
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Castrol India Q3 PAT up 22% at Rs. 117cr, Turnover up 13%


Mumbai, Maharashtra, India, Tuesday, October 12, 2010 -- (Business Wire India) -- Castrol India Limited today announced its third quarter results for the period July - September 2010. The company delivered a robust performance for the period under review. Net Sales were up 13.4% to Rs. 640.9 crores compared to the same period during previous year and Profit after Tax grew by 22.3% to Rs.116.9 crores. For the nine months ended 30th Sept 2010, Net sales were up by 19.3% to Rs.2038.9 crores whilst Profit After Tax increased by 28% to Rs.384.4 crores.

Commenting on the results, Mr. Naveen Kshatriya - Vice Chairman, Castrol India Limited, said, "Castrol India has delivered an outstanding performance by focusing on its long term strategy of profitable top line growth and cost efficiency. According to Mr. Kshatriya, "the Company has seen a sharp increase in its raw materials cost driven by rising base oil and other input costs. Despite this, the company has continued to grow margins through a combination of premium product mix, and strategic pricing actions. The company also continues its focus on other cash costs efficiency, building a culture where every rupee counts".

During the quarter under review the company continued its efforts to connect more closely with its customers and consumers. The premium car brand - Castrol Magnatec, saw the rollout of an extensive Integrated Marketing and Communications Campaign, on the benefit platform of "Instant Protection from the moment you turn on the Key".

Castrol Safe2Go - a program to promote the importance of vehicle safety was launched. As part of this programme, vehicle owners can avail of free safety check ups at Castrol Pitstops (for Cars) and Castrol Bikepoints (for 2 wheelers). The plan is to roll out this programme in key markets across the country.

Sanjeevani, a rural outreach programme for tractor owners, reached out to over 2 million tractor owners over the period of one year since its launch, delivering enhanced interaction with consumers and further strengthening of our brand equity.

Finance Director

In addition to the quarterly results, the company also announced that Mr. Amish Mehta, Director - Finance of the Company has resigned from the services of the Company. His resignation would be effective from the close of business hours of 15th November, 2010. The Board of Directors has placed on record their appreciation for Mr. Mehta's invaluable contribution to the company's growth in the recent years.

At the Board Meeting held on 12th October, 2010, Mr. Sujit Vaidya has been appointed as an Additional Director of the Company from the said date. The Board also approved the appointment of Sujit Vaidya as a Wholetime Director designated as Director - Finance with effect from 16th November, 2010.

Outlook

We expect the economy to maintain the growth momentum with a positive monsoon. However, the growth could potentially be impacted due to high inflation and further hike in interest rates. Further, with crude at approx $85 / barrel we expect raw material inflation to continue. Despite this risk, we remain confident of sustainable growth in our financial performance. This is underpinned by superiority of our products, strong customer relationships, continued focus on improving the operational efficiency and sustained investment in brand and organizational capability building. It is supported by the unflinching commitment of our employees, our business partners and our loyal consumers.

To view the financial figures for Castrol, Kindly click on the link given below:
Financial Figures
For picture(s)/data to illustrate this release click below:

http://www.BusinessWireIndia.com/attachments/Castrol Financial Figures.pdf
Castrol Financial Figures.pdf


CONTACT DETAILS
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