Castrol India announces launch of its EDGE range of products, stock up 4%

Castrol India pointed out that the EDGE range will be available at Castrol workshops and online and offline retail outlets across India. Shares of the company were trading over 4% higher on Monday.

The company claims the products will deliver at least 30% improved performance versus tough industry limits. “The launch includes EDGE Hybrid specially formulated for Hybrid engine, EDGE Euro Car targeting leading EURO original equipment manufacturers (OEMs) like Audi, BMW, Mercedes, Jaguar, Land Rover, Volkswagen, Skoda, Porsche, and EDGE SUV for high performance and premium SUVs,” the company stated.

In the quarter ending in March 2024, the company reported a 6.4% year-on-year (YoY) rise in its net profit at ₹216 crore. Revenue from operations rose 2.39% to ₹1,325 crore during the quarter.

Deepesh Baxi, chief financial officer and whole-time director at Castrol India said during the earnings call that in terms of guidance, the company intends to grow above the market rate which stands in the range of 4% to 5%.

“Operating margin is in the range of 22%, which was similar to levels seen last year. Basically, in this quarter, what has happened is that there was a slowdown or a sluggish start to the year, i.e. January to December,” he said.

Castrol India is a lubricant company that owns brands such as Castrol CRB, Castrol GTX, Castrol Activ, Castrol MAGNATEC and Castrol VECTON. The company also operates in select segments like high-performance lubricants and metal-working fluids used in a wide variety of industries such as automotive manufacturing, mining, machinery, and wind energy.

Shares of the company have gained over 6% since the beginning of the year. The stock has risen over 74% in the last one year.