Gulf Oil Lubricants India Limited, a Hinduja Group Company, Q2 FY 2022-23 net revenue reached Rs. 719.50 crore and PAT of Rs. 52.14 crore as against net revenue of Rs. 533.52 crore and PAT of Rs. 58.70 crore respectively ended September 30, 2021.

For the Half Year ended September 30, 2022, the company has achieved Net Revenue of Rs. 1,425.95 crore and PAT of Rs. 107.47 crore as against Net Revenue of Rs. 950.89 crore and PAT of Rs. 89.05 crore respectively ended September 30, 2021.

The company delivered 4% higher EBITDA in 2nd quarter vs last year Q2 navigating through rising input costs impacted by volatile crude and base oil, additive prices and overall inflationary trend, depreciating INR and liquidity challenges in trade contracting demand conditions. Company's core volumes grew double digits in Q2 even in this environment and revenues also grew at 35%.

While the B2B segments of business witnessed good growth during the quarter, the B2C segment saw flattish volumes due to liquidity challenges, seasonal impact due to the monsoons & lower demand from the agri segment, continuous price increases and delayed purchasing in a volatile environment.

The company continues to invest in building its brand and driving CVPs (consumer value propositions) for its sub-brands in each segment. Increased BTL campaigns, influencer and trade activations to increase distribution touch points, consumer usage and improve market shares were also launched.

In the Industrial segment too, the company saw good growth with an increase in share of premium products resulting in a healthier mix. Renewed focus on Metal & Plastic industry led to increased contribution from these in overall sales.

Commenting on the performance, Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India Ltd. said, “Our company continued market share gains with each quarter year after year is a reflection of our teams commitment to deliver their best in spite of adverse business environment in which our industry had to operate in last 2-3 years. Our resilient performance is the outcome of right strategic building blocks and segment wise approach backed by innovative brand building inputs, nurturing OEMs and B2B relationships and distribution initiatives. Looking ahead, I believe we can continue our high growth momentum further once there is stability from cost side, foreign exchange and inflation which will give tail wind to demand uptick."

"We launched EV Fluids last month for 2 EV OEMs and a lot of discussions are progressing with many players in the EV eco-systems to enable us to play a role in this evolving segment. I am quite satisfied with our double digit distribution gains in last quarter in the retail segment post overcoming covid related closures of retail outlets in Bazaar market as a result of our outreach theme 'Re-establish Connect & Re-energize Growth'. We will continue to focus on our margin management strategy based on the movements in key input costs, which may see some stability in coming quarters following crude with a time lag,” added Chawla.