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Dolat Capital Report
Gulf Oil Lubricants India Ltd.’s revenue was above our estimates on revenue and profitability front.
Increase in demand from two-wheeler and commercial vehicle segment contributed to strong volume growth.
Also, business to business and industrial segment saw strong growth.
Passenger car motor oils segment is picking up slowly. Volume in Q2 FY21 was 29.5 tkl, grew 7% YoY and 68.6% QoQ against our estimate of 24 tkl.
Factory fill business which was a laggard for the last few quarters has started showing growth and has contributed around 5% to the mix.
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