Castrol India posts 17% rise in net profit in Q1

Castrol India Ltd., which sells automotive and industrial lubricants, posted strong net profits for the first quarter. The company reports that net profit was up 17% in the first quarter to Rs1.37 billion (US$30.6 million), which the company attributes to higher lubricant product sales and wider profit margins. Naveen Kshatriya, vice chairman of Castrol India, said, “Margins have improved, despite a significant raw material cost increase, primarily driven by pro-active pricing.” Castrol India is a subsidiary of Castrol Ltd UK, which is a unit of BP PLC, which has 70.92% stake in Castrol India. (April 27, 2011)