Mumbai, Feb 6 (PTI) Lubes maker Gulf Oil Lubricants India on Thursday reported a 21.59 per cent year-on-year increase in its standalone profit after tax at Rs 98.15 crore in the December quarter.

The standalone bottomline for the third quarter of FY24 was Rs 80.74 crore, as per a statement by the company.

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Revenue for the third quarter of the ongoing fiscal was seen at Rs 904.88, up 10.72 per cent year-on-year from Rs 817.26 crore a year earlier, it said.

Ebitda (earnings before interest, taxes, depreciation and amortization) during the reporting quarter stood at Rs 122.20 crore from Rs 111.06 crore, registering a growth of 10.03 per cent, Gulf Oil Lubricants India said.

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"Our EBITDA-to-revenue stood at 13.50 per cent, with a sequential improvement of 89 basis points, positioning us at the higher end of our guided range of 12-14 per cent. Profitability registered significant 22 per cent growth over a nine-month period. This demonstrated our resilience and ability to deliver profitable growth even in challenging market conditions," said Manish Gangwal, CFO, Gulf Oil Lubricants India Ltd.

Confident of the company's overall performance and robust cash flow generation, the Board also declared an interim dividend of Rs 20 per equity share, 1,000 per cent on the face value of Rs 2 per share, aimed at maximising shareholder returns, Gulf Oil Lubricants said.

"Despite macro-economic headwinds, we focused on creating an agile environment and capitalize on the opportunities to swiftly navigate the evolving landscape. This led us to achieve our highest-ever quarterly volume and strong double-digit topline growth of 11 per cent year-on-year, crossing Rs 900 crore in a quarter for the first time," said Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India Ltd.

He said that the company's strategic priorities remain focused on delivering consistent, profitable, volume-led growth in its core lubricants business, while also strengthening the EV charging segment to become a growing contributor to the company's vision in the medium-to-long-term.

"Looking ahead, we are optimistic about improving demand across B2B and B2C segments with some early signs of demand recovery to be further supported by uptick in government capex and infrastructure activities in coming quarters," Chawla added.

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