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Gulf Oil Lubricants: Double digit volume growth YoY

News: Revenue increased 29.6% YoY (27.8% QoQ) to Rs.533.5 crore in Q2FY22. EBITDA was Rs.77.3 crore, down 1.4% YoY. Gross margin was Rs.221 crore against Rs.198.9 crore in Q2FY21. PAT was at Rs.58.7 crore, flat YoY and 93.4% up QoQ.

Views: Gulf Oil reported double digit volume growth YoY amid continued traction in B2B volume. It also reported sales growth in CVO and PCMO segment while industrial segment reported healthy growth. B2C segment grew from lower level seen in Q1FY22. However, higher raw material costs impacted margins and base oil costs trend will be key monitorable, going ahead.