Castrol India Ltd. unaudited financial results for second quarter

Mumbai, July 31 (ANI/Business Wire India): Castrol India Limited has delivered another impressive set of results for the second quarter of 2008. The performance has been underpinned with profitable volume growth.

During the Quarter April - June 2008, Profit Before Tax increased by 26 per cent to Rs.128 crores, Profit After Tax increased by 26 per cent to Rs. 83 crores and Net Sales was up by 15 per cent to Rs. 621 crores.

For the six month period, January - June 2008, Profit Before Tax is up by 47 per cent to Rs 246.1 crores based on a net sales increase of 13 per cent over the corresponding period in 2007. The company has declared an interim dividend of Rs.6 per share for the year ending December 31, 2008.

Commenting on the results, Naveen Kshatriya - Managing Director - Castrol India Limited, said, "Castrol India has achieved a record performance in this quarter as a result of higher volumes, improved price realization to recover sharply escalating cost of goods and better procurement. The fact that our customers continued to patronise our products in the face of rapidly increasing product prices, only vindicates strong brand preference and the superior customer value we offer. In the current environment of raw material shortages, we take care to be a dependable supplier for our valued, loyal customers."

Responding to the challenges of a difficult environment, the company has suitably enhanced marketing support through informative advertising and value adding promotions.

The scale-up for Castrol BikeZone - a franchised motorcycle servicing concept - slowed with high real estate rentals.

ANI