Mumbai, 7 February 2022: Castrol India Limited (BSE:500870; NSE: CASTROLIND) has announced its results for the fourth quarter (4Q 2021) and fiscal year ended 31 December 2021. The Company follows the calendar year (January to December) for its financial reporting.
For the full year ended 31 December 2021, the Company registered Revenue from operations of ₹ 4,192 crores, which is its highest-ever till date. It also marks an overall revenue growth of 40% compared to ₹ 2,997 crores for the full year ended 31 December 2020. Castrol India’s Profit Before Tax stood at ₹ 1,029 crores in 2021, marking a 31% growth compared to ₹ 785 crores in 2020. The Company achieved this growth amidst a very challenging environment marked by an unprecedented rise in input costs and supply chain disruptions resulting from the ongoing Covid-19 pandemic.
In addition to the interim dividend of ₹ 2.50 per equity share, the Company’s Board of Directors have recommended a final dividend payment of ₹ 3 per equity share each for the year 2021, subject to shareholders’ approval.
In 4Q 2021 (October to December), Castrol India registered Revenue from Operations of ₹ 1,091 crores, delivering a strong growth of 17% compared to ₹ 935 crores in 4Q 2020. Profit Before Tax for the quarter stood at ₹ 257 crores, compared to ₹250 crores in 4Q of 2020.
Commenting on the 4Q 2021 results, Sandeep Sangwan, Managing Director, Castrol India Limited, said, “Castrol India delivered resilient performance and strong topline growth in the fourth quarter of 2021, registering a 17% growth over the corresponding quarter in 2020. Despite an adverse environment with rising input costs and softer market demand, we also grew our bottomline through focused investments and prudent cost actions.”
Adding further, Sandeep Sangwan said, “At Castrol India, we are leveraging growth opportunities through independent workshops, premium branded products, and new formats such as the Castrol Auto Service centers and Castrol Express Oil Change outlets. Apart from investing in our brands, we are strengthening our service & maintenance offerings to customers and scaling up adjacencies with 3M to offer co-branded products.”
Castrol India’s key highlights from 4Q 2021 include:
On the social front, Castrol India’s flagship CSR programmes for mechanics and truck drivers continued to provide holistic development and upskilling to enable sustainable livelihoods and a greater sense of pride for mechanics and truck drivers in their profession. The Company also undertook a Covid-19 vaccination drive for community members, reaching out to more than 70,000 beneficiaries.
In line with Castrol’s global Path 360 strategy to help deliver a more sustainable future, Castrol India advanced its sustainability agenda in 2021 and introduced targeted interventions in its operations, packaging, and distribution, with a focus on saving waste, reducing carbon, and improving people’s lives. The Company optimized its packaging design for small bottles, achieving 20% less plastic consumption and reduction of logistics footprint. In addition, Castrol India successfully commercialized reduced temperature blending for select product variants and conducted an energy audit at its three plants. This will help identify options to switch from non-renewable energy to renewable & solar energy solutions to power Castrol India’s plant operations and supply chain.