GP Petroleums Limited declares bumper Q2 Results: PBT grows 116% against corresponding quarter, previous year

GP Petroleums Limited on Friday declared results for the quarter ended September 2020. The PBT scaled to Rs 9.8 Cr in Q2 FY20 compared to Rs 4.5 Cr in Q2 FY2019, a growth of 116%. The revenue reported for the period grew by 6.7% to Rs 176 Crores.

The company attributed the key reason of this strong delivery to its "Performance Culture" displayed by the employees and the de-risking progressed through business extensions during the most unprecedented Covid-19 times. The buoyant rural economy enabled bouncing back in Agri and motorcycle segment growth in tier 2-3 towns through virtual appointment of distributors.

The company is already No.1 private player in rubber process oils. The flagship brand IPOL has been providing bespoke lubricant solutions to the Industrial customers for past 47 years.

Mr Prashanth Achar, CEO GP Petroleums said, "Since past 6 months we have been following the 4C framework of CARE, COMMUNICATION, CASH FLOW EFFICIENCY AND CUSTOMER CENTRICITY. Our employees are our biggest asset and their Care and Safety has been ensured through Connect programs online and offline. Robust bottom line performance can be attributed to efficiency and effectiveness programs rolled out over the last 6 months while the brilliant Cash flow management driven by our mantra "Tank to Bank Velocity" helped keep the business healthy. Customer Centricity is a habit for us and our teams were amongst the first in the industry to start virtual online trainings during the lockdown."

Shares of GP Petroleums Limited was last trading in BSE at Rs.39.8 as compared to the previous close of Rs. 35.25. The total number of shares traded during the day was 69435 in over 1713 trades.

The stock hit an intraday high of Rs. 41.15 and intraday low of 34.55. The net turnover during the day was Rs. 2708444.

Source : Equity Bulls

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