BWI: Castrol India Q1 Net up 54%, at Rs. 117 Crores

Press release from Business Wire India
Source: Castrol
Thursday, April 15, 2010 03:01 PM IST (09:31 AM GMT)
Editors: General: Consumer interest, Economy; Business: Advertising, PR & marketing, Automotives, Banking & financial services, Business services, Financial Analyst, Stock exchanges; Automotive
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Castrol India Q1 Net up 54%, at Rs. 117 Crores


Mumbai, Maharashtra, India, Thursday, April 15, 2010 -- (Business Wire India) -- Castrol India Limited today announced its first quarter results for the period January - March 2010.

The company delivered an outstanding performance with Profit After Tax growing by 54% to Rs.117.2 crores. During the same period, Profit Before Tax increased by 55% to Rs.181.8 crores, whilst Net Sales were up by 29% to Rs.654 crores.

Commenting on the results, Mr. Naveen Kshatriya - Vice Chairman, Castrol India Limited, said, "In line with the impressive performance in 2009, Castrol India delivered a strong performance in the first quarter of 2010, with both Profit After Tax and Profit Before Tax increasing by around 55%. The company continued the positive momentum of growth in volume over and above the base effect, enabled by consistent investment in our brands and led by an integrated marketing program built around Castrol's global FIFA World Cup 2010 sponsorship".

According to Mr. Kshatriya, "the growth in profit is due to both higher volumes and increase in unit gross margin. The margin improvement has been achieved through a combination of premium product mix, higher unit realization and favorable cost of materials. We have worked aggressively on cost efficiency and cost effectiveness programs to make every rupee count, further improving our profitability".

Outlook

We expect the economy to maintain the growth momentum with potential downside due to high inflation and possible high interest rates. We expect to continue to grow volumes in 2010 on an underlying basis. However, as crude has moved up to US$ 85/barrel; we expect inflation in the raw material prices, with a likely impact on margin. Despite this risk, we remain confident of sustainable growth in our financial performance. Our confidence is based on strong brands and customer relationships. We will continue to focus on improving the operational efficiency and sustain our investment in brand and organizational capability building.

To view the Press Release with the Table and the Financial Results, please click the links given below:

Press Release

Unaudited Financial Results
For picture(s)/data to illustrate this release click below:

http://www.BusinessWireIndia.com/attachments/CIL-2010_Q1_Results_PRESS_RELEASE.docx
CIL-2010_Q1_Results_PRESS_RELEASE.docx
http://www.BusinessWireIndia.com/attachments/Castrol_Results.xls
Castrol_Results.xls


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KEYWORDS
CONSUMER, ECONOMY, MARKETING, AUTOMOTIVE, BANKING, BUSINESS SERVICES, Financial Analyst, STOCK EXCHANGES, AUTOMOTIVE, CASTROL.BO, CASTROL.NS

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