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Castrol India Cruises Through First Quarter with 7% Profit Surge Amidst Industry Headwinds

Mumbai, 1 May 2024: Castrol India Limited (BSE: 500870; NSE: CASTROLIND) has showcased resilience in the face of market challenges, reporting a robust 7% increase in Profit After Tax (PAT) for the first quarter of 2024. The company’s strategic initiatives, coupled with innovative product launches, propelled its performance despite initial softness in consumer demand.

Castrol India’s Revenue from Operations stood at ₹1,325 Crores for the first quarter, marking a steady 2% rise compared to the same period last year. This growth trajectory underscores the effectiveness of the company’s strategic approach in navigating dynamic market conditions.

Sandeep Sangwan, Managing Director of Castrol India Limited, attributed this success to the brand’s unwavering commitment to innovation and customer-centricity. He emphasized the impact of strategic campaigns such as #BadhteRahoAage and Castrol CRB TURBOMAX Pragati Ki Paathshaala, which empowered over 12,000 truckers nationwide, reflecting the brand’s dedication to excellence beyond profit margins.

The company’s association with industry icons like Shah Rukh Khan and strategic partnerships with entities such as the Mumbai Indians and KTM Cup 2024 further solidify its position as a performance-driven market leader.

Deepesh Baxi, Chief Financial Officer of Castrol India Limited, highlighted the company’s prudent financial management amidst evolving market dynamics. He reiterated Castrol India’s commitment to driving growth while maximizing value for stakeholders.

Looking ahead, Castrol India remains focused on delivering unbeatable value propositions tailored to diverse customer segments. The company’s emphasis on relentless product innovation and expansion into rural markets reaffirms its dedication to sustainable growth.

Key highlights from Castrol India’s first quarter of 2024 include significant strides in brand building, reaching out to rural markets, expanding after-market presence, and garnering industry recognitions for excellence in safety and performance.

Despite industry challenges, Castrol India’s resilient performance in the first quarter underscores its ability to navigate uncertainties while staying true to its commitment to innovation, excellence, and customer satisfaction.

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