Castrol India posts 39% rise in Q3 profit

Castrol India Ltd. posted a 39% increase in net profit-after-tax in the third quarter ending September 2009, to Rs300.3 crore (US$64.09 million) from Rs215.3 crore (US$45.95 million) during the same period a year ago. Net sales/income from operations were up 23%, to Rs1708.7 crore (US$364.68 million) from Rs1669.8 crore (US$356.37 million). Naveen Kshatriya, Castrol India Vice Chairman said, “This performance is attributable to the consistent execution of our long-term strategy and is underpinned by ‘in year focus’ on margins, attacking cost inefficiencies and reducing working capital. The business has gained from lower base oil prices, although other key input materials continue to remain at high levels. All this has helped deliver strong bottom line and cash flow.” (October 26, 2009)