Castrol India 1H 2020 revenue from operations reached Rs 1,179 crore, showing a decline of 41.5% vis-a-vis 1H 2019 revenues of Rs. 2,016 crore and PAT reached Rs. 191 crore vis-a-vis Rs. 368 crore in 1H 2019. 

 

Sandeep Sangwan, Managing Director, Castrol India said, "Castrol India’s performance in the second quarter and first half of 2020 speaks of our resilience and determination, while being focused towards three priorities – protecting our people, supporting communities and protecting the financial health of our business in these difficult times."

 

"We have committed Rs. 11.7 crore of our annual CSR budget during this quarter to support several impacted communities as #IndiaFightsCorona. Separately, we have also offered support to customers to resume operations safely through complimentary sanitization drives and kits provided to over 12,000 distributors, dealers, independent and franchise outlets, while also providing complimentary lubricants to essential service workers putting up an extraordinary fight against this disease," commented Sangwan. 

 

Robust working capital management which saw us generate Rs. 302 crore net cash from operations in 1H 2020 which is 85% of last year’s levels, along with judicious cost management and efficiency programmes have helped us maintain a current strong liquidity and financial position to be able to meet any near-term challenges added Sangwan. 

 

Another key development was the signing of the strategic alliance with the Jio-bp fuel retail network which will enable Castrol lubricants enhanced reach and visibility at 1,400 Jio-bp retail sites across the country, which are planned to expand to 5,500 sites in the next five years.

 

The company leveraged digital to build a strong virtual connect and advocacy amongst several key stakeholders.

 

During the quarter, Castrol has reached out to 28,000 customers with its Industrial Restart Offer designed to support customers as and when they resume production post lockdown. Similarly, the company connected with over 50 key dealerships through virtual training in the franchisee workshop channel.