Gulf Oil Lubricants India, a Hinduja Group Company achieved net revenue of Rs 792.05 crore and PAT of Rs 62.17 crore as against net revenue of Rs 638.93 crore and PAT of Rs 63.39 crore year-on-year.
For the year ended 31 March 2023, the Company has achieved a net revenue of Rs 2,999.10 crore and PAT of Rs 232.30 crore as against a net revenue of Rs 2,191.64 crore and PAT of Rs 211.08 crore respectively for the year ended March 31 2022.
The Board of Directors have also recommended a dividend of Rs 25.00 per equity share (i.e. 1250 per cent on the face value of Rs 2.00 per equity share) for the financial year 2022-23 subject to the approval of members at the Annual General Meeting. The proposed dividend increases the payout ratio to more than 50 per cent for the year.
According to the statement, the company continued its robust volume growth trend for the quarter in its core lubricants portfolio from the OEM/B2B segments and the Personal mobility segment also recovered well with double-digit growth.
Quarter 4 witnessed some inputs mainly base oils and Rupee stabilising, which also resulted in some cooling off in the end pricing for customers. However, many inputs like additives etc continue to be substantially higher than in earlier years still weighing heavy on the total cost of products, the company said in a statement.
Commenting on the performance, Ravi Chawla, Managing Director and CEO of Gulf Oil Lubricants India said that FY 23 marks a strong performance for us and we have once again delivered market-leading double-digit volume growth in core lubricants and 20 per cent growth in EBITDA for the year which witnessed significant turbulence in input costs and in a general hyperinflationary environment.”
