Castrol India Posts Strong Q2 Performance
Castrol India Limited announced robust financial results for the second quarter ended June 30, 2024. The company’s revenue grew by 5% to ₹1,398 crores compared to the same period last year, driven by strategic brand investments and product launches. Profit before tax also saw a 3% increase to ₹314 crores. For the first half of the year, the company recorded a revenue of ₹2,723 crores and a profit before tax of ₹606 crores.
Castrol India’s strong performance was underpinned by the successful launch of new Castrol EDGE variants and the expansion of its Auto Care range. The company’s marketing campaigns, including the Castrol POWER1 India’s Ultimate MotoStar contest and the Castrol CRB TURBOMAX Pragati Ki Paathshaala, significantly enhanced brand visibility.
To expand its reach, Castrol India added over 2,000 new outlets in rural areas, bringing the total number of retail outlets to over 135,000. The company also inaugurated a state-of-the-art India Technology Center at its Patalganga plant to boost innovation and development capabilities.
Demonstrating its commitment to sustainability, Castrol India commissioned a rainwater harvesting project and a solar power plant at its Silvassa facility.
The company’s Board of Directors declared an interim dividend of ₹3.5 per share, payable on or before August 28, 2024.
Sandeep Sangwan, Managing Director of Castrol India Limited, expressed satisfaction with the company’s performance, attributing it to a balanced focus on volumes and margins, coupled with strong brand building and innovation.
Castrol India remains optimistic about its future growth prospects, driven by continued innovation, strategic brand investments, and potential stabilization of input costs.
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