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Castrol India Q4 Sales Up 27%; Net Up by 20%

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Castrol India Q4 Sales Up 27%; Net Up by 20%

Mumbai, Maharashtra, India

Castrol India Limited today declared its fourth quarter 2006 results and audited results for the financial year ended 31st December 2006.

Financials

For the period October - December 2006, Profit Before Tax grew by 67%, based on a turnover increase of 27% over Q4 2005.

Gross Turnover for the year 2006 exceeded Rs. 2000 crores with a 22% growth over 2005. The Board of Directors announced a final dividend of Rs. 5/- per share, in addition to an interim dividend of Rs 4/- per share totaling to Rs. 9/- per share for the full year 2006 versus Rs 8.25 per share for 2005. Earning Per Share has increased from Rs. 11.87 in 2005 to Rs. 12.50 in 2006.

Commenting on the results, Naveen Kshatriya, Managing Director, Castrol India Limited said, "Despite an unprecedented increase of 37% in raw material costs during the year, the company improved both top and bottom line performance. The strong performance illustrates the strength of the Castrol brand and our people's commitment to delivering results. In the core lubes business, the company took actions to improve profits through proactive pricing and effective cost management. In the automotive business, our focus segments have registered good volume growths. Our Industrial business has delivered an outstanding performance in both volume and margin terms. Castrol Bikezone a motorcycle servicing business initiative was launched across the country. The company remains strongly committed to its Health, Safety and Environment agenda. We continue to pioneer driving and road safety. "

During the year, the core lubes strategy was reviewed in light of the rapid changes in the lubricant sector and the company will be rolling out the various initiatives identified as part of this strategy from 2007 onwards.

On the brand front, Castrol relaunched its flagship car lube brand Castrol GTX. It also added an additional 10 new products across the various market segments, adding significant volumes. These products are expected to be the foundation for the future growth of the company.

On the Industrial lubricants front, Castrol has successfully rolled out a new route to market initiative to reach the fast growing small and medium enterprise segment.

The company also reviewed its portfolio of customers and exited several unprofitable segments of the market. An aggressive cost management program was also put in place to drive efficiencies in the business which has produced good results.

In the lubes business, the outlook for base oils and additives which form the key inputs to the business are expected to be stable in 2007. The economy and its impact on the automotive and industrial sectors is expected to be favourable and this would augur well for the company. Going beyond the lubricants space, the company plans to continue its efforts on the Castrol Bikezone initiative.

For CASTROL INDIA LIMITED

Naveen Kshatriya
Managing Director

About Castrol India Limited

Castrol India Limited is a public limited company in which 70.92 % of the paid-up capital is held by Castrol Limited, U.K which is a part of BP group of companies worldwide. Starting off as a trading unit in India, Castrol has grown to become the market leader in the retail automotive lubricant segment. Castrol has constantly demonstrated its commitment to Indian consumers by offering world class products, backed by the highest level of customer service. Castrol India is acknowledged as the technology leader in the Indian lubricants industry.

For more on Castrol India, visit www.castrol.co.in

To view the press release along with the tables please click on the links below:

Press Release

Unaudited Financial Results

Archana Thomas, IPAN, +91 9322702013 archana.thomas@ipan.com

Source: Castrol (Business Wire India)

Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.

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