Gulf Oil Lubricants India Ltd (GOLIL) reported its unaudited results for the quarter ended June 30, 2018. Net Revenue for Q-1-FY-2019 stood at Rs 390.36 crore, up by 39.39 per cent against Rs 280.05 crore in Q-1 FY-2018. During the quarter, the company posted a net profit of Rs 40.13 crore, up by 17.03 per cent (YoY) against Rs 34.29 crore in Q-1 FY-2018.
“We are delighted by the record volume growth of 33 per cent achieved by us during the quarter. The market demand conditions have been good and this momentum, coupled with our various initiatives around distribution, brand building and new customer acquisition have helped us grow volumes across all our focus segments. We continued to grow our market share and consolidated our position as the fastest growing lubricants company in the country with 3-4 times industry growth,” said Ravi Chawla, Managing Director, Gulf Oil Lubricants India Ltd.
Gulf continued its momentum of growing much faster than the market, recording more than 25 per cent growth in Diesel Engine Oils (DEO) and Motorcycle Engine Oil (MCO), while it exceeded 30 per cent growth in the Passenger Car Motor Oil (PCMO) segment. OEM Factory Fills and industrial distributor segments showed high growth as well. Growth momentum continued in the overall OEM dealerships across various product categories, including commercial vehicles, two-wheelers and tractors.