For the first nine months of 2024, Castrol’s revenue rose by 5%.
24 Oct 2024 | 3478 Views | By Autocar Professional Bureau
Castrol India Ltd reported a revenue of ₹1,288 crore, up 9% year-over-year, while the company’s profit before tax increased 6% to ₹280 crore for the third quarter ending September 2024. The company's performance was driven by strong volume growth across product categories.
For the first nine months of 2024, ...
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Castrol India Ltd reported a revenue of ₹1,288 crore, up 9% year-over-year, while the company’s profit before tax increased 6% to ₹280 crore for the third quarter ending September 2024. The company's performance was driven by strong volume growth across product categories.
For the first nine months of 2024, the lubricant maker recorded revenue from operations of ₹4,011 crore, recording a 5% growth compared to ₹3,811 crores in the same period last year. The company's profit before tax for the nine-month period reached ₹887 crores, up 3% from ₹857 crores in 2023.
In product innovation, Castrol launched four new rust-preventive products and expanded its auto care range to over 45,000 outlets and e-commerce platforms. The company's premium products, including Castrol EDGE variants and Castrol CRB TURBOMAX+ CK4, received positive market reception, supported by a marketing campaign featuring Shah Rukh Khan.
The company strengthened its distribution network, reaching 35,000 workshops and retail outlets in rural India. Its national presence now exceeds 136,000 outlets, including approximately 580 Castrol Auto Service outlets, 29,500 bike points, and 9,400 multi-brand car workshops.
On the sustainability front, Castrol increased recycled content in its high-density polyethylene plastic bottles to 50%. The company's social initiatives included training over 8,000 truck drivers and 4,000 mechanics during the quarter, with their programs impacting approximately 500,000 truckers and mechanics since inception.
Chief Financial Officer Deepesh Baxi noted that the record-breaking third-quarter sales volume and profits reinforced the company's position as a market leader, emphasizing their commitment to disciplined capital allocation. Castrol's Chemical Management & Services celebrated 12 years of incident-free operations across multiple customer sites.
The quarter marked the end of managing director Sandeep Sangwan's five-year tenure at Castrol India. "We are proud of our consistent year-on-year growth, which reflects our ability to navigate a dynamic market environment and deliver value to our shareholders," Sangwan said. He highlighted the company's achievements during his tenure, including the launch of Castrol ON, introduction of the autocare range, and partnership with kiMobility.
Castrol India Limited, part of the BP group, is a leading lubricant company with a 115-year presence in India. Castrol offers brands such as Castrol CRB, Castrol GTX, Castrol Activ, Castrol MAGNATEC, Castrol EDGE, and Castrol POWER1. Serving various sectors including automotive, mining, machinery, and wind energy, Castrol India operates three blending plants and a wide distribution network, reaching over 150,000 retail outlets nationwide.