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Q1 Results: Gulf Oil Scales Down Volume Growth Forecast For 2019-20
Gangwal said he expects to maintain a double-digit volume growth of 11 to 12 percent in the ongoing financial year.
31 Jul 2019, 04:54 PM IST 
A helicopter flies over oil storage drums aboard an offshore oil platform in the Persian Gulf’s Salman Oil Field. (Photographer: Ali Mohammadi/Bloomberg)
Gulf Oil Lubricants India Ltd. has scaled down its full-year volume growth forecast, expecting it to be near the lower end of its previous projection of 12-18 percent, its Chief Financial Officer Manish Gangwal said.
Volume growth would be around 11-12 percent in the ongoing financial year as the company reported lower volumes in the quarter ended June, Gangwal told BloombergQuint in an interaction. Growth would be driven by revival in the automobile sector in the second half of 2019-20 following pre-buying for BS-VI compliant vehicles, he said.
Gangwal termed the three-month period gone by a “good and a strong quarter” despite headwinds from the auto sector slowdown and uncertain economic conditions.
Earnings Highlights (YoY)
- Revenue up 12.9 percent at Rs 440.7 crore.
- Net profit rises 21.4 percent to Rs 48.7 crore.
- Ebitda up 20.6 percent at Rs 77.9 crore
- Margin expands 120 basis points to 17.7 percent.
Watch the full interview here: