Gulf Oil posts Q2 net profit gains

Gulf Oil Corporation Ltd., a Hinduja Group Company, posted revenues of Rs2.56 billion (US$48.4 billion) in the second quarter and a 6% profit after tax increase of Rs130 million (US$2.4 million). The lubricants division of the company showed continued record growth in revenue and volume during the second quarter. Gross turnover rose to Rs223 crore (US$42.2 million) compared to Rs161 crore (US$3.0 million) in the same quarter last year, showing a 40% growth quarter-on-quarter. Gulf Oil’s lubricant division has exhibited faster growth in volumes than its competitors and this has resulted in an increase in market share, particularly in the two-wheeler sector of 4T engine oils. To enhance Gulf Oil’s brand equity and help communicate the brand values, the company announced that it has engaged the services of Indian Cricket Captain Mahendra Singh Dhoni as its brand ambassador for lubricants. (November 1, 2011)