Financial Daily from THE HINDU group of publications
Tuesday, Jan 28, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jan 28, 2003 |
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Corporate Results
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Petroleum Corporate - Financial Performance Castrol net rises 41% on low costs Our Bureau
MUMBAI, Jan. 27 LOWER raw material costs and supply chain efficiencies have resulted in a 41 per cent jump in Castrol India's net profit for the year ended December 31, 2002. Net profit stood at Rs 152.89 crore (Rs 108.40 crore) despite a slight fall in net sales to Rs 1,339.60 crore, down two per cent from Rs 1,357.26 crore last year. "We have increasingly focused on individual customers and have moved away from the low-end products, especially in the industrial segment. Also, we have revamped our sales organisation to focus on these," said Mr Naveen Kshatriya, Chief Executive and Managing Director, Castrol India. Total expenditure was down 9.6 per cent to Rs 917.5 crore (Rs 1,005.90 crore). The company's earnings per share was up to Rs 12.37 against Rs 8.77 last year. The company will continue to focus on motorcycle and passenger car segments although the diesel engine segments continued to remain sluggish during the year. "There are signs of improvement in the Indian lubes market and we hope to see the passenger car and motorcycle segments to improve," Mr Kshatriya said. In the fourth quarter ended December 31, 2002, net profit of Castrol India was up 33 per cent to Rs 40.01 crore (Rs 30.02 crore). Net sales for the quarter, however, fell 2.09 per cent to Rs 355.24 crore (Rs 362.69 crore).
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