Indian blender Savita Oil Technologies saw profit fall in the three months to end-June as costs rose faster than sales for a seventh quarter.Operating profit of 728.9mn Indian rupees ($8.81m) in the three months to end-June fell by 41pc from year-earlier levels.Profit fell as a 2pc rise in sales lagged an 11pc increase in costs. The rise in costs included a 22pc increase in raw-material costs.The last time that raw-material costs failed to rise by more than 20pc was in late-2020.Raw material costs extended their rise even as Asia Group II base oils prices fell in the second quarter from year-earlier levels. But Asia Group III prices were relatively steady.India’s currency was also 6pc lower versus the US dollar in the second quarter from year-earlier levels.With costs continuing to rise faster than sales, Savita Oil’s profit margin of 7.9pc in the second quarter fell from 13.7pc during the same period last year.The margin rose from 5.1pc in the first three months of the year as sales fell less than costs.Savita Oil remained India’s largest base oils importer in the second quarter of the year. It has been the country’s largest importer almost every month since the beginning of 2022..Castrol India’s Q2 profit rises
Indian blender Savita Oil Technologies saw profit fall in the three months to end-June as costs rose faster than sales for a seventh quarter.Operating profit of 728.9mn Indian rupees ($8.81m) in the three months to end-June fell by 41pc from year-earlier levels.Profit fell as a 2pc rise in sales lagged an 11pc increase in costs. The rise in costs included a 22pc increase in raw-material costs.The last time that raw-material costs failed to rise by more than 20pc was in late-2020.Raw material costs extended their rise even as Asia Group II base oils prices fell in the second quarter from year-earlier levels. But Asia Group III prices were relatively steady.India’s currency was also 6pc lower versus the US dollar in the second quarter from year-earlier levels.With costs continuing to rise faster than sales, Savita Oil’s profit margin of 7.9pc in the second quarter fell from 13.7pc during the same period last year.The margin rose from 5.1pc in the first three months of the year as sales fell less than costs.Savita Oil remained India’s largest base oils importer in the second quarter of the year. It has been the country’s largest importer almost every month since the beginning of 2022..Castrol India’s Q2 profit rises
