CASTROL INDIA LIMITED REPORTS FIRST QUARTER RESULTS FOR 2023

• Resilient performance despite rising inflationary and input costs, forex pressures. 
• Castrol unveiled its new brand identity and associated with Indian Premier League to engage with cricket fans and showcase Castrol’s refreshed brand identity.

Mumbai, 9 May 2023: Castrol India Limited (BSE: 500870; NSE: CASTROLIND) has announced its results for the first quarter ended 31 March 2023. The Company follows a calendar year basis (January to December) for its financial reporting. 

For the first quarter (1Q) ended 31 March 2023, the Company registered Revenue from Operations of ₹1,294 Crores, marking a growth of 5% compared to ₹1,236 Crores in 1Q 2022 (corresponding quarter in the previous year), and a growth of 10% from ₹1,176 Crores in 4Q 2022 (previous quarter).Profit Before Tax for 1Q 2023 stood at ₹288 Crores, a drop of 7% compared to ₹311 Crores in 1Q 2022, and 16% higher than ₹248 Crores in 4Q 2022.   

Commenting on the quarterly results, Sandeep Sangwan, Managing Director, Castrol India Limited, said, “While we built on the growth momentum from 4Q 2022 and registered quarter on quarter growth in 1Q 2023, our performance versus 1Q 2022 was impacted due to inflationary pressures, high input costs and fluctuating forex. We continued to invest in our brand and safeguard our margins while maintaining our pricing premium and providing our customers an elevated brand experience. We expanded our presence in service & maintenance, increasing our Castrol Auto Service outlets to over 300 and Castrol Bike Points to over 5000 across India.”

Sharing an outlook for the year ahead, Sandeep Sangwan added, “We will continue to drive consistent growth in the subsequent quarters and enhance our industry partnerships to ramp up our service & maintenance offerings and in new strategic segments such as automotive aftercare.”

Key highlights from Castrol India in 1Q 2023 included:

• We expanded our presence in service & maintenance, increasing our Castrol Auto Service outlets to over 300 and Castrol Bike Points to over 5000 across India.
• On 28 February, Castrol unveiled its refreshed brand identity globally, including an updated look and feel. The brand refresh is aimed at better reflecting its unique positioning in the market and the opportunities it sees in meeting the changing needs of customers.
• Castrol India collaborated with JioCinema, for streaming the 2023 TATA Indian Premier League, as an associate sponsor. The partnership aimed to engage with cricket fans across India and leverage the platform to showcase Castrol’s refreshed brand identity. With this association, Castrol continued its long legacy of sponsoring some of the world’s largest and most significant sporting events over the years. 
• Castrol Super Mechanic Contest won the ‘Best Branded Content Category’ Award at the prestigious Asia Pacific Festival of Media Awards.
  

Notes to editors

Summary of CIL financial results and comparison to last year

*CIL follows a calendar year basis (CY: January to December) for financial reporting

• Castrol India Limited will hold its 45th Annual General Meeting for shareholders on 11 May 2023
• Castrol has undergone a brand refresh, please use the revised brand logo

About Castrol India Limited

Castrol India Limited is one of India’s leading lubricant companies with brands such as Castrol CRB, Castrol GTX, Castrol Activ, Castrol MAGNATEC and Castrol VECTON, which are the brands of choice for millions of consumers and customers across the country. The Company also operates in select segments like High Performance Lubricants and metalworking fluids used in a  wide variety of industries such as automotive manufacturing, mining, machinery, and wind energy. Castrol has a large manufacturing and distribution network in India with three blending plants and a distribution network of 350 distributors who reach consumers and customers through over 100,000 retail outlets. For more information, please visit www.castrol.co.in.