Business Daily from THE HINDU group of publications
Thursday, Jul 26, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Jul 26, 2007 ePaper |
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Corporate Results
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Petroleum Corporate - Dividend Announcement Castrol India Q2 net rises 32%
Our Bureau Mumbai, July 25 Castrol India has said its second quarter net profit rose by 32 per cent driven by better margins that came from better price realisations as the company improved its product and customer mix. Net profit for the quarter amounted to Rs 66 crore, against Rs 50 crore in the same year-ago quarter. Net sales rose 13 per cent to Rs 540 crore (Rs 477 crore). “We were able to hold our customer base at higher margins, although product prices rose between 25 per cent and 30 per cent,” Mr Naveen Kshatriya, Managing Director of the company, said. Despite increased raw material costs, the company was able to maintain its margins, having a considerable presence in the premium end of the market, he said. The company has 20 per cent market share in the lubes market by volume and around 25 per cent market share by value, he said. The company had stepped up brand investment substantially in the last quarter with a focus on the premium portfolio, targeting cars and bikes. For the half-year ended June 2007, the company’s net profit grew by 30 per cent to Rs 108 crore and its net sales by 15 per cent to Rs 982 crore. To pay Rs 4.50 interim
The company’s board has recommended an interim dividend of Rs 4.50 per share for the half year ending June 30, 2007.
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