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Gulf Oil Lubricants nets INR 18 Cr in Q1

Gulf Oil Lubricants India Limited has posted a net profit of INR 18.03 crore for the first quarter ended 30.06.2014 and a turnover of  INR 265 crore. The Hunduja Group company was recently listed on the BSE and NSE post the demerger of the lubricants business of the earlier Gulf Oil Corporation Limited. The demerger is with effect from 01.04.2014 as per the scheme of arrangement.

In a statement, the company said that the volume growth has been positive during the quarter. In the automotive segment, the commercial vehicles segment registered a de-growth of around 16 per cent and passenger vehicles came into a positive territory with a one per cent growth and the two-wheeler segment picking up by 13 per cent.

The tractor sales growth was not positive after a stellar performance last year with the delay in monsoons impacting the segment. The company expects to better its performance in coming quarters. The company shares closed the day’s trade at INR 257.30, up 1 per cent.

Source-On Request