Castrol India Reports Q2 Earnings with 9.22% Rise in Profit, Declares Interim Dividend of Rs 3 per Share


Mumbai, July 31, 2023: Castrol India, the leading lubricant manufacturer, released its financial results for the second quarter ended June 2023, reporting a 9.22% rise in consolidated profit. The company’s board also declared an interim dividend of Rs 3 per equity share of Rs 5 each for the financial year ending 31 December 2023.

According to the financial statement, Castrol India’s consolidated profit for the quarter ending June 2023 stood at Rs 225 crore, marking a significant improvement from the Rs 280 crore recorded during the same period in the previous year. The company’s revenue also witnessed growth, reaching Rs 1334 crore in the June 2023 quarter, compared to Rs 1242 crore in the corresponding quarter of 2022.

However, despite positive financial performance, Castrol India’s stock faced a slight dip at the end of the trading session. The stock closed 1.80% lower at Rs 144.85 on the Bombay Stock Exchange (BSE), as compared to the previous day’s closing price of Rs 147.50. Nonetheless, the company’s market capitalization remained robust at Rs 14,327 crore.

In the past year, Castrol India’s shares demonstrated strong growth, delivering returns of 27.51%. The stock continued to climb in the current year, rising by 16%. Notably, the stock has been performing exceptionally well when compared to various moving averages, including the 5-day, 10-day, 20-day, 50-day, 100-day, and 200-day averages.

Technical indicators also shed light on Castrol India’s stock performance. The relative strength index (RSI) for the stock stands at 81.4, indicating that it is currently trading in the overbought territory. Additionally, the stock displayed low volatility during the past year, with a one-year beta of 0.4.

The Board of Directors at Castrol India made an announcement regarding an interim dividend of Rs 3 per equity share. Shareholders who are eligible to receive the dividend will be determined on Tuesday, 8 August 2023, which is set as the record date. The interim dividend will be paid to eligible shareholders on or before August 30, 2023.

Castrol India Limited, known for its high-quality automotive and industrial lubricants, operates both in India and internationally. The company provides a wide range of lubricants and fluids, including engine oils, brake fluids, transmission fluids, and greases for cars and motorcycles.

Analysts and investors have been closely monitoring the company’s performance, and the latest financial results have generated mixed reactions in the market. While the rise in profit is seen as positive, the marginal dip in the stock price may be attributed to short-term market fluctuations.

Despite the recent dip, Castrol India’s long-term growth prospects, strong product portfolio, and well-established market presence continue to instill confidence among investors. As the company progresses through the second half of the year, market participants eagerly await updates on its financial performance and dividend payouts.

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