GP Petroleums Ltd., a leading player in the Indian lubricants industry, has announced its financial results for the second quarter ended September 30, 2024.

The company has reported Q2 revenue of Rs. 125 crore and a profit before tax (PBT) of Rs. 6.5 crore, underscoring resilience amid global volatility and industry-wide challenges.

Commenting on the results, Arjun Verma, Executive Director & CFO of GP Petroleums Ltd., noted, “Our second-quarter performance reflects a balanced approach to cost efficiency and strategic growth in a turbulent environment. Industry-wide volatility in base oil prices, driven by geopolitical tensions has made accurate price projections challenging. This volatility has contributed to profit pressures across the sector, emphasizing the importance of sustainable operations.”

In a significant development, the Board of Directors of GP Petroleums Ltd. has approved a joint venture with West Coast Oils, a prominent name in the bitumen industry, to produce specialty bitumen. This partnership aims to meet the growing demand for high-performance bitumen in infrastructure projects across India, bolstering the Company's presence in this crucial sector.

Verma added “The joint venture with West Coast Oils marks a strategic milestone for GP Petroleums Ltd. by leveraging our respective strengths, we are well-positioned to capitalize on new market opportunities and deliver sustainable growth in the specialty bitumen segment.”

Verma further added, “With this strategic initiative, GP Petroleums is poised to expand its portfolio, create new avenues for growth, and strengthen its role as an industry leader. The Company remains committed to delivering value to its stakeholders and supporting the nation's infrastructure needs with high-quality, innovative products.”