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Castrol India annual results up by 13.7 percent in 2013

Castrol India annual results up by 13.7 percent in 2013

Snapshot: Castrol India has reported 7 percent rise in its net profit at INR 126.2 crore for the quarter ended December 2013 and for the entire 2013 fiscal, the company’s net profit grew by 13.7 percent at INR 508.60 crores

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Castrol India has announced its quarterly results for October – December 2013. The company delivered improved performance with a growth of 7 per cent at INR 126.20 crores, as against INR 117.90 crores during the same period in the previous year. Annually, the company showed 13.7 per cent growth in 2013, at INR 508.60 crores as compared to previous year's INR 447.40 crores.

Commenting on the full year results, Ravi Kirpalani – Managing Director, Castrol India Limited, said: “Despite the challenging economic environment, Castrol India recorded higher Profit After Tax for the full year 2013, through improved gross margin and effective cost management.” 

“The weak macro-economic environment, depreciating rupee, persistent high inflation, rising fuel prices and high interest rates, have impacted both demand and costs. New vehicles sales, except two-wheelers and tractors, registered a double digit decline - the worst performance in over a decade. Slowdown in infrastructure, building and construction segments, coupled with flat to declining Industrial production further impacted demand. Despite these challenges, the company delivered strong underlying profit growth, driven largely by our personal mobility business which includes passenger car and two-wheeler oils. The micro-marketing approach in passenger cars and the use of digital and social media were strong enablers in these segments. This was complemented by strong growth in our distribution network,” he added. 

Last year, the company launched the Castrol RX Super Max Fuel Saver, in collaboration with Tata Motors. Castrol RX Super Max Fuel Saver is designed to increase the fuel efficiency of Tata trucks by 1.5 per cent and save substantial amounts of diesel as well as operating costs. Other than this, the company’s Silvassa Plant alos received 'TS16949 certification' during the year under review. Besides focusing on quality management, this certification drives the way an organization responds and caters to customer needs.

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