Shares of lubricant oil maker – Castrol India – rose as much as 7.10 per cent to hit an intraday high of Rs 134.15 on the BSE a day after it reported March quarter earnings. Castrol India’s net profit after tax rose 95 per cent to Rs 243.6 crore in quarter ended March 2021 from profit of Rs 125.2 crore during the same quarter last year.
Castrol India’s revenue from operations advanced 66 per cent to Rs 1,138.7 crore from Rs 688 crore in the same period last year.
“The company has considered the possible effects that may result from the pandemic relating to COVID-19 in the preparation of the financial results including the recoverability of carrying amounts of financial and non-financial assets,” Castrol India said in a stock exchange filing.
“In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of the pandemic, the Company has, at the date of approval of the financial results, used internal and external sources of information and expects that the carrying amount of these assets will be recovered. The impact of COVID-19 on the financial results may be different from that estimated as at the date of approval of these financial results,” Castrol India added.
As of 12:15 pm, Castrol India shares traded 2.71 per cent higher at Rs 128.65, outperforming the Sensex which was up 0.95 per cent.