EBITDA stood at Rs 759 crore, registering de-growth of 9.75% as compared with Rs 841 crore recorded in previous quarter same fiscal. EBITDA margin dropped to 7.59% in Q2 FY24 as against 7.86% in Q1 FY24.

Total overseas sales for Q2FY24 stood at 48.9%, demand from APAC & Americas continued to remain strong.

The company said that the capex at the Taloja plant is expected to be completed by end of this financial year.

Ramesh B. Parekh, chairman & managing director, said, “On the business front, the APAC and Americas regions continue to exhibit strong demand, and in tandem with crude prices we have observed a gradual easing in the prices of base oil. End-use industries such as pharmaceuticals and consumer products are expected to grow strongly going forward driven by strong domestic consumption, favorable demographics, and government initiatives. We are pleased to observe that the demand for PHPO remains consistently robust.”

Gandhar Oil Refinery India is a leading manufacturer of white oils by revenue with a growing focus on the consumer and healthcare end-industries. It is engaged in producing pharmaceutical, health care, and performance oil (PHPO), process insulating oil (PIO) and lubricants. The firm’s products are sold under flagship brand “Divyol”.