Gulf Oil Lubricants Reports Strong Q2FY24 Earnings With 41.2% YoY Profit Growth

26 Oct 2023 , 12:00 PM

Gulf Oil Lubricants’ stock rose by nearly 3% in morning trade on October 26, following the release of its Q2FY24 earnings. The company reported a 41.2% YoY increase in profit, reaching Rs 73.63 crore for the September quarter.

Revenue from operations also saw strong growth, rising by 11.51% YoY to Rs 802.30 crore. Earnings before interest, taxes, depreciation, and amortization (EBITDA) showed significant growth, increasing by 25.2% YoY to reach Rs 100.48 crore, marking the first time EBITDA surpassed Rs 100 crore in a single quarter.

The company’s focus on retail distribution growth is expected to be beneficial in the upcoming quarters, as mentioned by MD & CEO Ravi Chawla. Gulf Oil Lubricants is also exploring opportunities in emerging fields such as electric vehicles (EVs) and related areas, leveraging its robust cash generation.

As a Hinduja Group company with a global presence in over 100 countries, Gulf Oil Lubricants caters to both B2B and B2C markets.

For feedback and suggestions, write to us at [e-mail]