Castrol India’s Q4 net profit up 11%

Mumbai, Feb 21 (IANS) Automotive and industrial lubricant manufacturer Castrol India on Tuesday reported a rise of 10.7 per cent in its net profit for the quarter ended December 31, 2016.

The company informed the BSE that its net profit during the quarter under review increased to Rs 155.8 crore from Rs 140.8 crore.

On the contrary, the automotive and industrial lubricant manufacturer reported a decline of 1.1 per cent in its net sales for the fourth quarter to Rs 782.2 crore from Rs 790.9 crore.

For the financial year ended December 31, 2016, the company reported that its profit from operations was up by 12.2 per cent at Rs 959.9 crore, whilst net profit was higher by 9.7 per cent to Rs 674.9 crore.

"We are delighted to announce that despite the external challenges faced in the last few months of 2016, Castrol India delivered a strong set of results for the financial year as well as Q4 2016," Omer Dormen, Managing Director, Castrol India was quoted as saying in a statement.

"These results have been delivered by excellent performance across both automotive and industrial segments."

However, Dormen added that the company expects volatility to increase during the first half of 2017, due to rising input costs and the continued impact of demonetisation.

Besides, the company's Board of Directors recommended a final dividend of Rs 4.50 per share and a special dividend of Rs 2 per share for the financial year 2016.

"These are in addition to the interim dividend of Rs 4.50 per share paid on August 18, 2016. All dividends for the financial year 2016 aggregate to Rs 11 per share," the statement added.

The manufacturer's scrip price on the BSE gained 0.50 per cent or Rs 2.15 per share to Rs 433.30 per equity share from its previous close of Rs 431.15.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)