MUMBAI: Gulf Oil Lubricants India Limited has announced its unaudited financial results for the third quarter and nine months ending December 31, 2023. The company has reported a 29% growth in PAT and record quarterly EBITDA of Rs. 111 crores. The nine-month revenue also grew by 10.16% on a YoY basis.
During the quarter ending December 31, 2023, the company achieved revenue from operations of Rs. 817.26 crores, a growth of 4.63% compared to last year. The PAT for the quarter was Rs. 80.74 crores, a growth of 28.86% compared to the same period last year. During the nine-month period ended December 31, 2023, the company achieved revenue from operations of Rs. 2,431.28 crores, a growth of 10.16% compared to the same period last year. The PAT for the nine-month period was Rs. 222.66 crores, a growth of 30.88% compared to last year.
The company maintained strong momentum during the quarter, with a good uptick in volume majorly driven by growth in Agri and PCMO rebounding strongly. EBITDA exhibited consistent sequential growth, hitting the century again touching Rs 111.06 crore mark during the quarter. EBITDA Margin marked a sequential improvement of 107 bps reaching 13.59%, tracking the higher end of the guided band of 12-14%. Across all business segments, Infra and B2B recorded impressive double-digit volume growth. OEM workshop business showed good growth driven by many targeted initiatives. In contrast, the OEM factory fill business saw a slowdown tracking lower sales of new vehicles by a few key OEMs.
The company declared an interim dividend of Rs. 16.00 per equity share, 800% on the Face Value of Rs. 2 per Share.
Commenting on the performance, Ravi Chawla, Managing Director & CEO, of Gulf Oil Lubricants India Ltd., said, “I am quite excited by the new milestones being achieved by the team with another remarkable performance delivered for December quarter and nine-month period, reinforcing our dedication to continuous growth and operational excellence. Our success spanned various categories, capitalizing on robust distribution and brand initiatives. Our key focus remains on strategic, sustainable, and profitable growth across our portfolio.“
Manish Gangwal, CFO, of Gulf Oil Lubricants India Ltd, commented, “Benefiting from a stable input cost environment and ongoing efforts to enhance our product mix across categories, our material margins have improved by over 5% on a YoY basis. This has translated into a highest-ever quarterly EBITDA of Rs. 111 crores, firmly positioning us at 13.59% EBITDA to Revenue. Consequently, our earnings have witnessed substantial growth, marking a 29% and 31% increase for the quarter and nine-month period, respectively, compared to last year. Drawing a lot of confidence from the performance, the Board has declared an Interim Dividend of Rs 16.00 per equity share, amounting to 800% on the Face Value of Rs. 2 per Share.“
The company has significantly stepped up digitization initiatives across functions in recent quarters, going live during December 2023 on Salesforce for the B2B segment and Data Lake for better analytics for B2C and Integrated Business Planning in Supply Chain. The company has also showcased its investments in EV charging through Tirex DC Chargers and ElectreeFi SaaS solutions, gaining attention.
The company maintains a positive outlook, anticipating market demand to keep growing in coming years due to strong GDP growth, significant infrastructural impetus, and increased vehicle penetration.
