GP Petroleums Ltd has posted a net loss of Rs 2.07 crore for the quarter ended June 30, 2020 as against net profit of Rs 4.09 crore for the quarter ended June 30, 2019.

 

Total income for the quarter under review fell by 41.32 per cent to Rs 79.09 crore as compared to Rs 134.79 crore for the quarter ended June 30, 2019.

 

The company had earler this year announced plans to invest Rs. 100 crore in a new plant at Saronda, Gujarat to process over three lakh kilolitres of lubricants, thus enabling the company to be present across the entire gamut of Indian lubes market.

 

The company's industrial lubricants brand IPOL is an industry leading product. It is used in operation of machineries engaged in coal production and the company had received a special request from WCL to supply the same in order to continue their operations. In fact, as a special case, we have already supplied part quantity of the product to WCL's three plant locations - Yavatmal, Wani and Chandrapur in Maharashtra.

 

The company is one of the largest suppliers of water soluble cutting oils & semi-synthetic coolants to the various leading automotive & engineering Industries across the country.

 

The company also a known player in the automotive lubricants space through brands IPOL and REPSOL.