“We did make the best of a bad bargain during Q4. The demand was moderate due to sporadic improvement in Industrial activity but the B2C automotive sector was yet to recover. The strong headwinds due to the pandemic and the skyrocketing of raw material prices across Baseoils, Steel, Packaging, Additives and Chemicals, and Logistics, posed multiple challenges,” Prashanth Achar, Chief Executive Officer, GP Petroleums Limited, said.
“However, agility through smart procurement, the efficiency and effectiveness programs, responsible price revisions helped the Company safeguard the bottom line. During the year, with most of the geographies going under lockdowns meant re‐innovating the ways of working and imbibing the new‐normal quickly.
We ensured Safe operations with digital interventions for business continuity and for supporting the essential services. Industrial business vertical continued to de‐risk the business with entry into new segments such as Injection moulding, Thermic fluids, Sugar, Steel Tube mills, Sponge Iron, etc. Metal working fluids segment, where Ipol Brand is a popular name, has been further strengthened with the advancement of the new age semi‐synthetic coolant. The launch of a range of high‐performance greases targeted at steel and sponge iron sector has completed the product portfolio,” he added.
GP Petroleums Ltd trade on Thursday ended at Rs68.50 per piece down by Rs2.65 or 3.72% from its previous closing of Rs71.15 per piece on the BSE.