Castrol India posts decline in net profits for first quarter

India’s Business Standard reported that Castrol India posted a 10% decline in net profits in the first quarter of 2012 from Rs 136.6 crore (US$24.3 million) last year to Rs 122.9 crore (US$21.8 million) this year. “Since the second half of last year the lubricant market growth has been slower due to the economic slowdown and inflationary pressures. This has been compounded by continuing input cost pressure and rupee depreciation which have impacted margins,” said Ravi Kirpalani, chief operating officer and automotive sales director, Castrol India. He pointed out, however, that sales were up by 4.1 % to Rs 784.3 crore (US$139.69 million) from Rs 753.2 crore (US$134.1 million) last year. (April 17, 2012)