Gulf Oil sees profit dip while sales climb and EV chargers drive growth

Gulf Oil Lubricants reported a 21.5% year-on-year decline in net profit for the third quarter, with profit after tax coming in at ₹77.1 crore compared to ₹98.2 crore in the corresponding period last year.

Revenue for the quarter rose 10.3% year-on-year to ₹997.9 crore, up from ₹904.8 crore, reflecting steady topline growth. EBITDA increased 7% to ₹130.5 crore from ₹122 crore in the year-ago quarter.

However, operating margins softened during the period, with EBITDA margin declining to 13% from 13.5%

a year earlier, weighing on overall profitability.

Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India Ltd commented, “The quarter has been a strong one for us, with all-time high quarterly Volumes, Revenue, and EBITDA. Demand and sales picked
up in the second half of the quarter post the prolonged monsoon and festivities."

He said that overall lubricants volume grew by 8%, clearly outperforming industry growth by 2x, supported by double-digit growth in key segments of B2C led by Passenger Car Motor Oil (PCMO) & Agri and across B2B segments.

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Gulf Oil Lubricants India Limited informed the exchange that its Board of Directors, declared an interim dividend of ₹21 per equity share.

Manish Gangwal, Whole-Time Director & CFO, Gulf Oil Lubricants India Ltd said, “We have recognised an exceptional item of ₹ 22.64 Crores in Q3 on account of the new labour code which impacted profitability."

In the e-mobility segment, the company said its EV charger subsidiary Tirex delivered a strong performance, with quarterly revenue growth of 83% and nine-month growth of 78%. The business reported positive EBITDA for both Q3 and the nine-month period and continues to progress as planned, with the EV segment positioned as a key long-term growth pillar.

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Shares of Gulf Oil Lubricants India Ltd rose 4.48% on Monday, closing at ₹1,165 on the NSE, up ₹50 from the previous close.