Castrol India Limited reports highest-ever revenue in FY23
- Annual revenue up 6%, PBT up 8% (YoY).
- Buoyant 4Q performance; PBT at ₹324 Crores, up 31% (YoY).
- Launched innovative products and campaigns across categories.
- Declares ₹4.5 per share final dividend.
Mumbai, 1 February 2024: Castrol India Limited (BSE: 500870; NSE: CASTROLIND) has announced its results for the fourth quarter (4Q) and full year ended 31 December 2023 (FY23). The Company follows the calendar year (January to December) for its financial reporting.
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 the realm of two-wheelers, Castrol POWER1's 'India’s ULTIMATE Motostar' sought to discover the nation's top motorsports talent. As for four-wheelers, our Castrol Auto Service centers, now totaling 450+, provided reliable service across India. Expanding our reach into rural Bharat, we enhanced product availability to 32,000 outlets deep in the hinterland. The launch of our auto care products gained momentum, now accessible in 21,000 outlets and embraced by trade and consumers alike. Direct consumer outreach, especially through e-commerce platforms, has yielded a positive impact,” he added.
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.”
Building on strong financial performance and marking significant milestones of 125 years globally and 115 years in India, the Company’s Board of Directors recommended a final dividend of ₹4.50/- per equity share of the face value of ₹5/- each for the financial year ended 31 December 2023 subject to approval by the Shareholders at the 46th Annual General Meeting. This takes the total dividend for 2023 to ₹7.5/- per share. This distribution reflects the Company's appreciation for the ongoing support of its shareholders throughout its 40 years as a publicly listed entity.
Key highlights from Castrol India in 4Q included:
- Refreshed brand identity:
- Castrol unveiled a revamped global brand identity, reinforcing its distinctive positioning to meet evolving customer needs.
- Product performance:
- Foraying into the auto care segment, we now offer the comprehensive product range in over 21,000 outlets and e-commerce platforms across India.
- Newly introduced products, Castrol MAGNATEC SUV 5W-30 and Castrol CRB ESSENTIAL, are gaining momentum in diverse price segments.
- Brand building:
- Castrol CRB TURBOMAX’s #Badhterahoaagey campaign and its on-ground extension, Castrol CRB TURBOMAX Pragati Ki Paathshaala, were launched to upskill truckers and empower them to #BadhteRahoAagey.
- Castrol POWER1’s 'India’s ULTIMATE Motostar’ seeks India’s top motorsports talent, providing training at the LCR Honda Castrol MotoGP™ Team’s facility in Europe.
- Sustainability:
To reduce plastic consumption and carbon emissions, Castrol introduced bottles with 30% post-consumer recycled (PCR) content and achieved 100% renewable electricity at the Patalganga plant under the global PATH360 sustainability agenda.
- EV ready:
- Castrol ON EV transmission fluids, launched for the aftermarket this year, can be bought on e-commerce platforms such as Amazon.
- Trained more than 1000 independent car and bike mechanics, till date, on EV readiness to make them #Futureready.
- Rewards & recognition:
- Castrol’s plants received accolades, with Silvassa winning top awards in Quality Excellence and Occupational Health and Safety, Patalganga earning safety awards from National Safety Council and the Golden Peacock, and Paharpur being recognized for Plant Efficiency by Apex India Foundation.
- Celebrated 11 years of injury-free operations, equivalent to about 5 million manhours, at Castrol CMS sites in India.
Notes to editors:
Summary of CIL financial results and comparison to last year and quarter
*CIL follows a calendar year basis (CY: January to December) for financial reporting
(Figures in ₹ Cr) |
4Q 2023 |
4Q 2022 |
FY 2023 |
FY 2022 |
|---|---|---|---|---|
Revenue from operations |
1264 |
1176 |
5075 |
4774 |
Profit before tax |
324 |
248 |
1181 |
1093 |
Profit after tax |
242 |
193 |
864 |
815 |