Q1 2024 Castrol India Ltd Earnings Call Transcript
Key Points
- Castrol India Ltd (BOM:500870) achieved a 6% volume growth in the first quarter of 2024.
- Revenue from operations increased by 2% year-on-year to INR1,325 crores.
- Net profit after tax rose by 7% year-on-year.
- The company expanded its reach into rural areas, making products available in over 33,500 outlets.
- Castrol India Ltd (BOM:500870) received prestigious awards for safety practices and plant efficiency.
- Operating margins compressed from 26% in the previous quarter to 22% in the first quarter of 2024.
- There was a sluggish start to the year with slow consumer demand impacting the mix of volumes.
- No significant price increases were taken during the first quarter, affecting margin growth.
- Increased competitive intensity in the Indian market could pose challenges.
- Other expenses rose by about 10% sequentially and year-on-year, partly due to increased travel and one-off costs.
Ladies and gentlemen, welcome to our 1Q and FY 2024 Earnings Conference Call for Castrol India Limited
[Operator Instructions] We have with us Mr. Sandeep Sangwan, Managing Director, Castrol India Limited; and Mr. Deepesh Baxi, CFO and Whole-Time Director, Castrol India Limited.
I now hand the conference over to Mr. Sangwan for his remarks.
Yes. Hi. good afternoon, everyone. I hope you can hear me. First of all, a big thank you for participating in Castrol India's First Quarter '24 Earnings Call. As you would know, we report from Jan to December. So this is the first quarter for us rather than the fourth quarter. I trust you and your family are in good health, especially given the heat that we're seeing -- heatwave that we're seeing in some parts of the country. So please stay safe.
We are delighted to announce that Castrol India Limited achieved modest growth in the first quarter of 2024. I'd like to reiterate that our reporting follows the Jan to December
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