Gulf Oil Lubricants Q3 Review - Strong Volume Growth Across Segments: Dolat Capital
Excess fluid sits on the top of a barrel of oil based lubricant (Photographer: Chris Ratcliffe/Bloomberg))

Gulf Oil Lubricants Q3 Review - Strong Volume Growth Across Segments: Dolat Capital

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Dolat Capital Report

Gulf Oil Lubricants India Ltd.’s results were 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 Q3 FY21 was 33 thousand kilolitres, grew 15.8% YoY and by 11.9% QoQ against our estimate of 28 thousand kilolitres.

Original equipment manufacturer factory fill business which was a laggard from last many quarters have started showing growth of 35-40% YoY.

Click on the attachment to read the full report:

Dolat Capital Gulf Oil Lubricants Q3FY21 Result Update.pdf


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