Castrol India posts profit of Rs 501 cr in 2H CY20 ANI | Updated: Feb 02, 2021 14:30 IST
Mumbai (Maharashtra) [India], February 2 (ANI): Automotive and industrial lubricant manufacturerCastrol India has posted 54 per cent higher revenue at Rs 1,818 crore in the second half (2H CY20) while profit from operations was 122 per cent higher at Rs 501 crore versus 1H CY20.
Managing Director Sandeep Sangwan said the company delivered a resilient financial performance in a difficult year marked by the pandemic and ensuing external challenges.
In 4Q CY20, Castrol India increased its marketing and advertising spends year-on-year (Rs 65 crore in 4Q 2020 versus Rs 11 crore in 4Q 2019). This helped in achieving a top-line growth of 6 per cent versus 3Q 2020. We expect the positive impact of this investment to continue going forward, it said in a statement.
Castrol India reported 30.8% drop in net profit to Rs 187.70 crore on a 7.6% fall in net sales to Rs 935.20 crore in Q4 December 2020 over Q4 December 2019.
Profit before tax in Q4 December 2020 stood at Rs 249.80 crore, down by 26.3% from Rs 338.80 crore in Q4 December 2019. Current tax expense during the quarter declined by 11.6% year-on-year (YoY) to Rs 61.80 crore.
The company s net profit declined by 29.6% to Rs 582.9 crore on a 22.7% fall in net sales to Rs 2,996.9 crore in the year ended in December 2020 as compared to the year ended in December 2019.
Sandeep Sangwan, managing director, Castrol India, said: Castrol India Limited delivered a resilient financial performance for FY 2020 in a difficult year marked by the pandemic and ensuing external challenges.
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