Gulf Oil Lubricants India Ltd., a Hinduja Group company, has reported a gross turnover of Rs.325.45 crore in the quarter ended June 30, 2016, against Rs.265.65 crore, a growth of 22.5 per cent. Net revenues have risen by 23.1 per cent to Rs.283.58 crore from Rs.230.42 crore. The profit after tax has improved by 52.2 per cent to Rs.31.16 crore from Rs.20.47 crore.
The company has gained significant volume traction in the first quarter achieving growth across all business segments. Its initiatives on distribution expansion started showing impact as its channel business grew double digit in volumes after many quarters and Gulf branded diesel engine oils (DEO), motorcycle oils (MCO) and passenger car motor oils (PCMO), all recorded double-digit volume growth during the quarter. B2B businesses including OEM volumes have also continued their upward trend recording double-digit growth.
Added to this, an institutional order also boosted volumes for the quarter, according to a company press release.
Ramco CementsRamco Cements posted total income from operations (net) of Rs.972.09 crore for the first quarter ended June 30, 2016, against Rs.947.42 crore in the corresponding year-ago period. The net profit has improved to Rs.155.93 crore from Rs.99.24 crore.
During the period under review, there has been an improvement in the cement offtake by 15 per cent. Ramco has reduced the borrowings by around Rs.312 crore out of internal accruals and reduction in working capital, said a company statement.
Tube InvestmentsTube Investments of India, has reported a standalone net profit at Rs.42 crore for the first quarter ended June 30, 2016, against Rs.18 crore in the corresponding year-ago period.
Revenue increased by six per cent to Rs.1,146 crore from Rs.1,076 crore. Cycle and accessories division posted volume growth of six per cent in trade and drop in the institution segment, resulting in an overall decline of two per cent. Engineering division recorded 19 per cent volume growth.
Cholamandalam Investment and Finance Co. Ltd., a financial services subsidiary, disbursed Rs.4,561 crore during the first quarter compared to Rs.3,508 crore for the corresponding year-ago period. Consolidated profit after tax was Rs.167 crore (Rs.111 crore).
The company plans to open 150 new branches across the country during the current year. Currently, it has 571 branches. Four branches were opened in the outskirts of Bengaluru on Thursday.
Cholamandalam General Insurance Co. Ltd., a joint venture entity in general insurance business, registered gross written premium of Rs.652 crore for the first quarter against Rs.480 crore reported for the corresponding year-ago period. Profit after tax was Rs.49 crore against Rs.26 crore.
CUMICarborundum Universal Ltd., a part of Murugappa Group, has reported a 10 per cent increase in its consolidated gross sales at Rs.525.79 crore for the first quarter ended June 30, 2016, from Rs.476 crore in the corresponding period last year. The profit after tax has increased by 21 per cent to Rs.40 crore from Rs.33 crore.
The gain in sales was due to better performance from abrasives and ceramics businesses. Electro minerals business, however, had a nominal growth owing to adverse effect on translation of rouble to Indian currency.
Profitability of abrasives and ceramics businesses improved. For electro minerals, profits were lower compared with last year.
The debt-equity ratio remained healthy and was at its lowest at 0.09 on a standalone basis and 0.23 on a consolidated basis.
The company has received the allotment letter from the Kerala Government for setting up a hydel power project, for which the board has approved an investment of Rs.125 crore.
