Gulf Oil Lubricant share price was trading 9% higher on NSE, after the company reported 52.2% (YoY) jump in net profit at Rs 31.16 cr for the quarter ended June 30, 2016 on the back of higher growth in volume. The Hinduja Group company had reported a profit of Rs 20.47 cr in the year-ago quarter.
Net revenues during the quarter under review increased 23.1 per cent at Rs.284 cr against Rs.230 cr in the corresponding quarter of the last fiscal. Earnings before interest, taxes, depreciation and amortization - EBIDTA margins expanded 203 basis points to 17.09 per cent in Q1FY17 from 15.06 per cent last year quarter due to volume growths and stable margins.
As of 12:04 pm, Gulf Oil Lubricant share price was up 5 per cent at Rs 650 on the NSE compared with 0.17 per cent gain in the Nifty 50 index. A combined 113,724 shares traded on the counter on the BSE and NSE.
Gulf Oil Lubricant said that its initiatives on distribution expansion began showing impact as its Channel Business rose to double digit in volumes after several quarters and Gulf branded DEO (diesel engine oils), MCO (motorcycle oils) and PCMO (passenger car motor oils), all reported double digit volume growth during the April-June quarter.
B2B businesses letting in OEM volumes have also continued to grow reporting double digit growth. In addition to this, an Institutional order also boosted volumes for the April-June quarter, the company added. For more information on the stock please visit Gulf Oil Lubricant share price history.
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