Castrol India Ltd, the leading automotive and industrial lubricant manufacturing company, on Monday reported a 2.5 percent year-on-year (YoY) increase in net profit at Rs 193.3 crore for the fourth quarter that ended December 31, 2022. In the corresponding quarter last year, the company posted a net profit of Rs 189 crore.

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In the December quarter, total revenue stood at Rs 1,176 crore during the period under review, up 7.8 percent against Rs 1,090.6 crore in the corresponding period of the preceding fiscal.

The company follows January to December financial year.

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In addition to an interim dividend of Rs 3 per equity share, the company's board of directors has recommended a final dividend payment of Rs 3.50 per equity share each for the fiscal year 2022, subject to shareholders’ approval.

The Profit Before Tax (PBT) for the fourth quarter stood at Rs 248 crore, registering a drop of 3 percent from Rs 257 crore in the corresponding period of the preceding fiscal. Profit Before Exceptional Items & Tax for 2022 stood at Rs 1,093 crore, marking a growth of 6 percent from Rs 1,029 crore in 2021.

For the full year ended December 31, 2022, the company registered revenue from operations of Rs 4,774 crore, registering an overall revenue growth of 14 percent compared to Rs 4,192 crore for the full year ended December 31, 2021.

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Sandeep Sangwan, managing director of Castrol India 2022 was marked by high forex and inflationary pressures arising from volatile crude oil prices, leading to rising costs of additives and base oil.

"In 4Q, we bolstered our service & maintenance network with a strategic partnership with Ki Mobility Solutions and expanded the reach of our service brands: Castrol Auto Service, Castrol Bike Points and Castrol Express Oil change," he added.

(Edited by : Pradeep John)