Other Income decreased 7% to Rs 21.1 crore in Q1CY19 from Rs 22.8 crore in Q1CY18 while interest cost was Rs 0.3 crore and depreciation rose 13% to Rs 16.2 crore. As a result PBT was up 2% to Rs 287.6 crore. Effective rate of tax rose 10 bps to 35.7% leading a 2% increase in PAT to Rs 185 crore.

For CY'18 Net Sales of the company was up 9% at Rs 3904.6 crore compared to corresponding previous year while bottomline increased 2% to Rs 708.3 crore. OPM fell 140 bps to 27.4% leading a 4% rise in operating profits to Rs 1070.8 crore. Other income increased 1% to Rs 84.3 crore while interest cost was Rs 1.1 crore and depreciation up 22% to Rs 55.6 crore. PBT as a result rose 3% to Rs 1098.4 crore. Effective rate of taxes rose to 35.5% from 35.3% leading a 2% increase in PAT to Rs 708.3 crore.

Commenting on the results, Omer Dormen, Managing Director, Castrol India Limited said: "We continue progressing really well against our strategic priorities and in 1Q 2019, we have seen strong topline improvement contributed by growth in personal mobility space, focus channels and new premium products. I am pleased with the overall performance of the business as we achieved the highest ever first-quarter profit before tax in 1Q 2019.

In a tough environment, which witnessed softening of economic indicators, sluggish demand and higher input costs, we have been resilient to grow our revenue from operations by 5% YOY to INR 976 crore and 3% increase in profit from operations YOY to INR 267 crore.

Through prudent cost control initiatives, strategic sourcing and better product mix management we have been able to protect our margins quarter on quarter.

In the quarter, Castrol India's best-seller Castrol Activ range of two-wheeler engine oils was completely refreshed with formulation changes and saw the launch of two additional variants - Castrol Activ Stop-Start and Castrol Activ Cruise in line with the changing needs of today's bikers providing 3X protection across all stages of riding. Castrol Activ marketing campaign #NonStopDemocracy which was launched in 1Q aiming to inspire bikers to be the spark for change in society encouraging them to ‘give a ride, help cast a vote' in the ongoing general elections, has been a great success.

Our best in class performance was deservedly recognised with Castrol India winning two coveted awards in the quarter. The company won the IMC Ramkrishna Bajaj National Quality Award in the manufacturing category for 2018 and Silvassa plant received the International Safety Award from the British Safety Council.

With continued investments in our people, brands, distribution network, customer acquisition and advocacy efforts in line with our strategic priorities, we are confident of driving greater success moving ahead."

The scrip is currently trading around Rs 151 on the BSE