Castrol India Limited Revenue Up by 5% at INR 1,398 Crore in 2Q 2024 Castrol India Limited has announced its results for the second quarter ended 30 June 2024 reporting a profit rises of 3 per cent to INR 314 crore in 2Q 2024
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During the second quarter (2Q) in the calendar year, from April to June 2024, Castrol India's revenue from operations grew at 5 per cent to INR 1,398 crore, compared to INR 1,334 crore in the corresponding quarter in the previous year (2Q 2023). When compared to the sequential quarter (1Q 2024), the lubricant company rose 6 per cent from INR 1,325 crore. Profit Before Tax for 2Q 2024 stood at INR 314 crore, a gain of 3 per cent compared to INR 305 crore in 2Q 2023 and 8 per cent higher than INR 292 crore in 1Q 2024. For the first half (1H) of the year ended 30 June 2024, the company recorded revenue from operations of INR 2,723 crore, marking a growth of 4 per cent compared to INR 2,628 crore in 1H 2023. Profit before tax for the period stood at INR 606 crore, marking a growth of 2 per cent from INR 593 crore in 1H 2023, the company reported in a regulatory filing.
Sandeep Sangwan, managing director of Castrol India limited stated, "We are proud of our strong second-quarter performance, driven by product launches like the Castrol EDGE range and marketing campaigns featuring Shah Rukh Khan. Our balanced focus on volumes and margins, along with our commitment to innovation and brand building, has driven revenue growth. As we celebrate 115 years in India, we remain dedicated to delivering innovation, performance, reliability, and protection. Notably, our presence in major sports properties like the IPL, T20 World Cup, and Wimbledon underscores our strong brand visibility."
To enhance distribution and broadened market presence, Castrol India added over 2000 new outlets in rural areas. With 534 Castrol auto service outlets, 28,435 bike points and approximately 9,000 multi-brand car workshops have a national footprint exceeding 135k outlets. The company's chief financial officer, Deepesh Baxi reported that looking ahead, ongoing innovations in products and services, coupled with strategic brand investments, will sustain the company's growth momentum. Potential stabilisation of input costs in the latter half of the year could signal a positive trend for the industry.
