Hinduja group-owned lubes maker Gulf Oil reported a 4.59 percent fall in net profit at Rs 59.13 crore for the September quarter of this fiscal. The company had posted a net profit of Rs 61.98 crore in the corresponding period the previous year.

According to the release, the company’s, net sales declined 2 percent to Rs 411.74 crore in the September quarter, vs Rs 421.28 crore in the July-September period of the previous fiscal. The company has recorded all-round growth in the July-Sept quarter to deliver much improved numbers based on initiatives to drive up volume growth across all segments and continuing cost prudence measures, Gulf Oil said in the release.

"The demand conditions across many segments were showing strong revival and we are pleased to deliver a robust performance on both top line and bottom line front with highest quarterly profitability and highest EBITDA margins," said Ravi Chawla, MD & CEO, Gulf Oil Lubricants India Ltd. Industry also saw some demand conditions picking up month-on-month, with most markets and customer segments returning to near normalcy and some pent up demand.

Moreover, the passenger car motor oil segment which has been the most affected due to bigger metro cities having seen the longest lockdown also picked up in terms of demand levels towards the end of the quarter. Other key segments for the company such as business-to-business (B2B) related and industrial businesses saw strong growth and record sales in this quarter.

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