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Gulf Oil Lubricants India Ltd reported a Rs 40.42-crore net profit for the second quarter of financial year 2017-2018. This is 38.05 per cent higher than the Rs 29.28 crore net profit reported by the company in the corresponding quarter of the last financial year.
The Hinduja Group company reported net sales of Rs 322.95 crore. This was 22.55 per cent higher than net sales of Rs 263.52 crore reported in the corresponding quarter of financial year 2016-2017.
A company statement said there was overall volume growth of around 13 per cent despite GST-related uncertainties in the retail channel towards the start of the quarter.
“The double digit volume growth and increase in revenues and margins was buoyed by the segments of personal mobility, OEM-related businesses and industrial lubricants,” the statement added.
Regarding the Chennai (Ennore) greenfield project, the company said it is on schedule to start commercial production in the third quarter of financial year 2017-2018.
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