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Gulf Oil sees demand green shoots significantly from June

Gulf Oil sees demand green shoots significantly from June

Kolkata, Aug 13 (UNI) Gulf Oil Lubricants India Limited, a Hinduja Group Company, today reported its Unaudited financial results for the Quarter ended June 30, 2020 with demand green shooting improving significantly from June.

The April-June quarter was an extremely challenging one for the economy and for the Lubricants industry as demand came to a grinding halt due to the COVID-related Lockdowns across the country in April and also saw a subdued May.

This impacted mobility – both personal as well as commercial, as also Industrial and Infrastructure segments were not operating in most cases. However, June saw a significant uptick in market demand across all segments for lubricants.

Against this backdrop, the Company also saw a dip in its business performance as markets were only partially open and “Employee Safety” took paramount importance during these times. As the quarter progressed and lockdown restrictions were partially lifted and unlocking mode started across various parts of the country, the Company could very quickly ramp up its supply capabilities, get back the rhythm of its production and supply chain to a large extent.

Fast actions on creating supply related efficiencies & demand sensing initiatives enabled us to increase sales related to the Agri segment, Rural as anticipated and then the retail(bazaar), industrial and other OEM segments responded well as we saw good results in these strong areas for us from Mid-May onwards.

In June, as the economic and industrial activities started picking up significantly and personal and commercial mobility levels improved, the Company volumes also saw quick recovery and the gap from average pre-Covid volumes started closing rapidly, also aided by some pent up demand. Lubricants being a semi-essential product, the rebound has been relatively faster than many discretionary items.

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