Total expenses jumped 9.26% YoY to Rs 720.35 crore during the quarter. Cost of materials consumed was at Rs 429.04 crore (up 10.22% YoY) while employee benefits expense stood at Rs 39.37 crore (up 17.22% YoY) during the period under review.

EBITDA grew 25.22% year on year to Rs 100.48 crore in quarter ended 30 September 2023 from 80.24 crore recorded in the corresponding quarter previous year.

On half-yearly basis, the company's net profit increased by 32.06% to Rs 141.93 crore on 13.19% rise in revenue from operations to Rs 1,614.01 crore in H1 FY24 over H1 FY23.

Ravi Chawla, managing director & CEO said, “I am delighted by the performance of 2nd quarter with the Company delivering Rs. 100 crores EBITDAin a single quarter backed by 2x the industry volume growth and improved margins. A double digit revenue growth and double digit volume growth in most segments, the company is confidently on track to continue its 'ahead of industry' performance and gain market shares.

Our strategy to continue to focus on distribution growth in retail will augur well for the segment over coming quarters/years. The recent developments in geo-political situations in middle east along with ongoing Russia Ukraine war will continue to require close margin management focus going forward as well. Our robust cash generations enable us to look for opportunities in the emerging fields of EVs and other adjacencies and exploring areas where Gulf can play a key role basis synergy with our current strengths and future strategies”.

Gulf Oil Lubricants India, part of Hinduja Group and Gulf Oil International, is one of the leading players in the lubricant market in India and has a top 2 / 3 position in key segments amongst the private sector brands. The company has a wide range of world class-leading products in the automotive and industrial lubricants space catering to B2B and B2C segments with a growing distribution network. The company also has a growing share in the 2-wheeler batteries segment.