Lubes maker Gulf Oil on Friday (May 28) reported a 66.4 percent growth in profit after tax (PAT) at Rs 59.79 crore in the March 2021 quarter. The Hinduja Group company had posted a PAT of Rs 35.94 crore in Q4FY20, according to a release.
Speaking to CNBC-TV18, Ravi Chawla, MD and CEO of the company said that it has taken all the required price increases and expects to maintain margins between 15-16 percent.
“We have taken all the price increases which were required. The base oil has gone up and so we have taken the price increases both in our B2C and in B2B. They will take a few months to come in,” he said.
“As we have always been saying, our band of margin is 16-18 percent. This quarter inspite of having record volumes of 35,000 KL, the highest revenue crossing Rs 500 crore in Q4, the margin did come down slightly. But we are pretty confident that both, the industry and us, have taken the required price increases at this stage,” he explained.
He also said that Q1FY22 is impacted, but things are better year-on-year (YoY). He added that the April-May 2021 demand is better YoY.Watch the video for more.