In the third quarter of 2023, spanning from July to September, Castrol India has reported a 6 per cent year-on-year growth in Revenue from Operations. This figure increased from Rs 1,121 crore in the same quarter of the previous year (3Q 2022) to Rs 1,183 crore. Revenues in the preceding quarter (2Q 2023) reached Rs 1,334 crore. The Profit Before Tax for 3Q 2023 amounted to Rs 264 crore, marking a 4 per cent increase compared to the Rs 254 crore in 3Q 2022.
These figures demonstrate a robust performance for the nine months ending on September 30, 2023. Revenue from Operations for this nine-month period reached Rs 3,811 crore, reflecting a 6 per cent growth compared to the Rs 3,598 crore in 9M 2022. The Profit Before Tax for this period stood at Rs 857 crore, representing a 1 per cent increase from Rs 845 crore in 9M 2022.
Sandeep Sangwan, Managing Director, Castrol India Limited, commented, "Our investment in our brand has paid off with a 6 per cent revenue growth. Our new #BadhteRahoAagey campaign underscores our commitment to our consumers. The next phase of this campaign will involve extensive on-ground activities tailored to support truckers in their pursuit of progress. We continue to expand our presence in rural India to meet growing demand."
Looking ahead, Sangwan acknowledged challenges like rising crude oil prices, global uncertainties, and inflationary pressures, further exacerbated by recent conflicts in the Middle East. However, he emphasized Castrol's commitment to leading the industry with a focus on aftercare, electric vehicles, and industry partnerships for automotive service and maintenance, ensuring Castrol remains synonymous with quality and reliability.
Key highlights from Castrol India in 3Q 2023 included:
Brand building:
The launch of the Castrol CRB TURBOMAX's #Badhterahoaagey campaign, specifically targeting the trucker community.
A partnership between Castrol Power1 and Jio Cinema as the Associate Streaming Partner for Bharat GP, India's first Moto GP, catering to motorcycle enthusiasts.
Sustainability:
The company transitioned all its blow-molded High-Density Polyethylene (HDPE) bottles manufactured and distributed across its supply chain network to include 30 per cent post-consumer recycled (PCR) content. This shift will result in a reduction of virgin plastic consumption by 1800 metric tons and a carbon emissions reduction of 2600 metric tons per year, following the earlier introduction of 100 per cent PCR bottles for Power1 Ultimate.