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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (9193)	10/31/1999 8:39:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Castrol (India) Q3 net rises 17% to $11 mil,rev up 18.3% at $64 mil castrol.com Our Mumbai Bureau (10/30/99-ET) CASTROL India has reported a 16.9 per cent growth in net profit to Rs 46.55 crore ($11 mil) for the third quarter ended September '99 from Rs 39.82 crore in the corresponding period last year. Turnover during the period was higher by 18.3 per cent to Rs 279.97 crore ($ from Rs 236.56 crore. Interest cost was marginally down to Rs 0.66 crore from Rs 0.67 crore and depreciation was higher by 35 per cent to Rs 2.60 crore from Rs 1.93 crore. For nine months ended September '99, net profit was up 12 per cent to Rs 142.44 crore from Rs 126.72 crore and turnover was higher by 11.6 per cent to Rs 853.47 crore from Rs 764.54 crore. The board of directors have announced a second interim dividend of Rs 5 per share, giving a total of Rs 10 for the year."The company's consumer business continues to outperform the market and volume growth has been in excess of 10 per cent during the first three quarters. New product launches are being accelerated to improve the product mix and profitability. Castrol continues to explore opportunities, expand distribution and invest in brands to strength and consolidate the company's position," said a company release. The recent rise in crude oil prices have adversely impacted the cost of base oils and packaging materials. Castrol's premium position in the market has enabled it to increase product prices without compromising on market share, and as a result the margins have been marginally affected, the company said.