Gulf Oil hits 52-week high after Q1 numbers impress investors

According to the company’s management, the revenue growth has been even higher due to a better product mix being sold with enhanced focus on personal mobility and the premium synthetic segment

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Shares of Hinduja Group owned Gulf Oil Lubricants zoomed on August 4 after the company’s results for April-June quarter of FY24 impressed the Street. The company reported a rise of 23.4 percent on-year in Q1 profit after tax.

At 9.50 am, the stock rose over 9 percent on BSE to Rs 588.55 apiece, hitting its 52-week high.

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“The company achieved record revenues for the quarter in relatively challenging conditions in the after-market and the growth was led by the B2B and infra segments as well as the OEM Franchisee Workshop (authorized service) channel. There was some softening in offtake by key OEMs for factory fill and in agri segments. Export volumes also grew double digit during the first quarter,” said Gulf Oil.

According to its management, the revenue growth has been even higher due to a better product mix being sold with enhanced focus on personal mobility and the premium synthetic segment. The quarter witnessed some ease-off in input costs and rupee stabilizing, which helped garner better material margins while also resulting in some cooling off in the end pricing for customers.

“Going forward, continuous margin management actions and growing faster remain key focus areas for the company,” they said.

During the quarter ended June 30, company’s revenue crossed Rs 800 crore for the first time, up 14.9 percent vs June FY23 quarter. Margins also improved sequentially. The company achieved net revenue of Rs 811.71 crore as against Rs 706.45 crore and PAT of Rs. 68.30 crores as against Rs. 55.33 crore compared to the quarter ended June 30 FY23.