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Gulf Oil Lubricants India Ltd has posted a profit of ₹34.29 crore for the first quarter ended June 30, 2017, up 12.94 per cent over profit of ₹30.36 crore registered for the corresponding quarter last year.
The revenues of the Hinduja Group company, for the first quarter was up 3.52 per cent at ₹326.23 crore against ₹315.14 crore for the corresponding period in the last financial year.
The company stated it recorded a volume growth of 7 per cent in its core business after excluding the impact of last year June quarter’s non-recurring institutional sales volume. The positive growth was in spite of GST-related uncertainties in the retail channel.
Gulf Oil said it continues recording double digit volume growth in the key segment of motorcycle engine oils, in infrastructure and industrial distribution segment. The growth momentum continued in the OEM dealerships.
The company stated the construction work of its new Chennai plant is progressing well with major civil and fabrication works in advanced state of completion.
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