CASTROL INDIA LIMITED ANNOUNCES THIRD QUARTER RESULTS FOR 2022

• Resilient growth and performance in the July to September quarter in a very challenging, inflationary environment
• Strengthened service & maintenance network with expansion of Castrol Auto Service centers to 210, and Castrol Express Oil Change centers to 42 across India
• Launched POWER1 ULTIMATE in a 100% recycled bottle, aimed at reducing virgin plastic consumption and decreasing plastic waste

Mumbai, 31 October 2022: Castrol India Limited (BSE: 500870; NSE: CASTROLIND) has announced its financial results for the third quarter and nine months ended 30 September 2022. The Company follows a calendar year basis (January to December) for its financial reporting. 

For the nine months (9M) ended 30 September 2022, the Company registered Revenue from Operations of ₹3,598 Crores, achieving a growth of 16% compared to ₹3,102 Crores in 9M 2021. Profit Before Tax for the period stood at ₹845 Crores, marking a growth of 9% from ₹772 Crores in 9M 2021. 

For the third quarter (3Q) from July to September 2022, the Company registered Revenue from Operations of ₹1,121 Crores, achieving a growth of 4% compared to ₹1,073 Crores in 3Q 2021. Profit Before Tax for the quarter stood at ₹254 Crores, marking a growth of 2% from ₹250 Crores in 3Q 2021.   

Commenting on the quarterly results, Sandeep Sangwan, Managing Director, Castrol India Limited, said, “The third quarter witnessed forex pressures along with extreme inflationary pressures arising from volatile crude oil prices, leading to rising costs of additives and base oil. To safeguard our margins and deliver bottomline growth, we employed rigorous pricing and cost management. We continued to strengthen our service & maintenance network across India with the addition of new Castrol Auto Service centers and Castrol Express Oil change outlets.” 

Sharing a future outlook, Sandeep Sangwan added, “Our key focus is to drive growth for Castrol and protect our profitability. An integral element of our future-ready strategy is our foray into the automotive aftercare market and into service & maintenance. In addition to our current alliances, we are also exploring further collaborations with electric vehicle OEMs to help advance electric mobility in India and supporting mechanics to get EV-ready.”

Key highlights from Castrol India in 3Q 2022 included:

• To continue supporting mechanic upskilling and contribute towards the transition to greener and more sustainable mobility, Castrol India introduced a unique EV-readiness training program for mechanics. Over 100 top-tier car and bike mechanics underwent the ASDC certified training in New Delhi and also previewed the Castrol ON range of advanced EV fluids which will soon be launched in India. 
• As part of Castrol’s ongoing sustainability initiatives, Castrol introduced a new, more sustainable packaging for its premium engine oil brand, POWER1 ULTIMATE in line with its global PATH360 sustainability agenda. The brand will now be available in a 100% Post-Consumer Recycled (PCR) bottle¹, made from reprocessed plastic waste substituting virgin plastic.
• The Castrol Auto Service (CAS) network expanded to 210 multi-brand passenger car workshops in 110+ cities across India, strengthening the company’s service & maintenance network.
• Castrol Express Oil Change outlets scaled up to 42. These outlets are operational in Jio-bp mobility stations across India and offer two-wheeler consumers swift and reliable oil change on the go. 
• Castrol India’s CSR initiative for truck drivers: ‘Sarathi Mitra’ completed 5 years of supporting truck drivers’ health, wellbeing, and livelihoods. The initiative supports over 150,000 truck drivers and their families across India.

In its Board Meeting held today, Castrol India announced the appointment of Nicola Buck, Senior Vice President Global Marketing bp & Chief Marketing Officer, Castrol Limited (UK), as a Nominee Director on the Board of the Company in place of A.S. Ramchander. Nicola Buck’s appointment will be effective from the date of her obtaining Director Identification Number (DIN).

Note to editors

Summary of CIL financial results and comparison to last year

*CIL follows a calendar year basis (January to December) for financial reporting

^[1] The new packaging includes a 100% PCR plastic bottle and a non-PCR plastic cap. The label on the pack is made from paper.