Castrol India Limited has announced its results for the fourth quarter (4Q) and full year ended 31 December 2023 (FY23). For the full year ended 31 December 2023, the Company registered Revenue from Operations of ₹5075 Crores, recording a strong growth of 6% over ₹4774 Crores in the year ended 31 December 2022. Profit Before Tax for 2023 stood at ₹1181 Crores, marking a growth of 8% from ₹1093 Crores in 2022. The Profit After Tax for 2023 stood at ₹864 Crores, making a growth of 6% from ₹815 Crores in 2022.
For 4Q, from October to December 2023, the Company registered Revenue from Operations of ₹1264 Crores, achieving a growth of 7% over ₹1176 Crores in 4Q 2022. Profit Before Tax for 4Q 2023 stood at ₹324 Crores, marking a gain of 31% from ₹248 Crores in 4Q 2022. The Profit After Tax for 4Q 2023 stood at ₹242 Crores, registering a growth of 25% from ₹193 Crores in 4Q 2022.
Commenting on the annual performance and 4Q 2023 results, Sandeep Sangwan, Managing Director, Castrol India Limited, said, “In 2023, we navigated strategic landscapes with precision, driving robust top- and bottom-line growth by deftly balancing volume, margin, and unwavering cost management. Our bonds with the trucking community, auto dealers, and consumers strengthened, fueled by the triumph of the #BadhteRahoAagey campaign—an anthem of empowerment for the trucking sector. Pragati Ki Paathshaala, our ongoing on-ground initiative, aspires to be the heartbeat of skill development and entrepreneurship among truckers nationwide.”
In India, Castrol continues its dedicated provision of crucial EV fluids to OEM partners. Furthering our commitment to India’s electrification, we’ve trained over 1000 independent car and bike mechanics, ensuring their readiness for the future of EVs. As part of its Onward, Upward, Forward strategy, the global brand has introduced Castrol ON immersion cooling fluids for data centres. Immersion cooling can help to increase the overall efficiency and sustainability of IT operations.
Deepesh Baxi, Chief Financial Officer, Castrol India Limited, shared his thoughts on how he sees the next year panning out. “In 2024, we will boldly navigate through challenges and capitalise on opportunities. Despite economic uncertainties, we see steady inflation and a positive shift in consumer confidence. Our focus on resilient manufacturing remains unwavering, with a keen eye on global risks. We move ahead with confidence, investing in our brands and innovations. Castrol is well-positioned to thrive, embracing smart factories and adapting to evolving market trends.”