BENGALURU, Feb 13 (Reuters) - Engine oil maker Castrol
India Ltd reported a 2.5% rise in fourth-quarter
profit on Monday, as a slew of price hikes offset higher input
costs.
The Mumbai-based company said its profit after tax rose to
1.93 billion Indian rupees ($23.35 million) in the quarter ended
December, from 1.89 billion rupees a year earlier.
The automotive and industrial lubricant manufacturer had
raised prices thrice last year until October to pass on the
surge in commodity costs to consumers.
The company, known for Castrol Activ and Castrol VECTON
brands, saw total expenses rise 12% to 9.48 billion rupees, with
packaging and raw material costs increasing 22%.
"We balanced our volumes and margins through timely pricing
decisions and rigorous cost management," the company said in an
exchange filing.
Castrol's revenue from operations rose to 11.76 billion
rupees from 10.91 billion rupees a year earlier.
The company in January had bought a 7% stake in TVS Mobility
group's "Ki Mobility" to expand its presence in the after-sales
service and maintenance segment.
Castrol on Monday said it also plans to launch Castrol ON
range of electric vehicle fluids for the aftermarket in 2023.
The company also declared a final dividend of 3.5 rupees per
equity share for the fiscal ended Dec. 31.
Shares of Castrol closed flat on Monday before the results.
Earlier this month, rival Gulf Oil Lubricants India Ltd posted a 7% rise in its quarterly profit after tax.
($1 = 82.6650 Indian rupees)
(Reporting by Aleef Jahan in Bengaluru; Editing by Shilpi
Majumdar)
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