Castrol India Ltd — Interim / Quarterly Report 2023

May 17, 2023

castrol.co.in

9 May 2023

To, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai -400 001

National Stock Exchange of India Limited, Exchange Plaza, Bandra Kurla Complex, Bandra East, Mumbai -400 051

Scrip Symbol: CASTROLIND

Scrip Code: 500870

Dear Sir/Madam,

Sub.: Outcome of Board Meeting held on Tuesday, 9 May 2023

Further to our letter dated 3 April 2023 intimating the Stock Exchanges about the Board meeting, it is hereby informed that the Board of Directors at its meeting held today i.e. Tuesday, 9 May 2023, inter-alia approved the unaudited financial results of the Company for the first quarter ended on 31 March 2023.

Accordingly, we enclose the following:

• i. A copy of the unaudited financial results for the first quarter ended 31 March 2023;
• ii. Limited Review Report on the said unaudited financial results from Deloitte Haskins and Sells LLP, Statutory Auditors of the Company; and
• iii. Press release on the said financial results.

The extract of the aforesaid results will be published in the newspapers in the format prescribed under Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The aforesaid financial results will also be available on the Company's website on https://www.castrol.com/en in/india/home/investors/financial-results.html.

The Board Meeting commenced at 3:25 P.M. 1ST and subsequent to the approval of the aforesaid financial results continued till its scheduled time i.e. 5:30 P.M. 1ST.

You are requested to take the above information on your record.

Thank you.

Yours faithfully, For Castrol India Limited

+owe et YATEEN GAG ow o.or.

Hemangi Ghag Company Secretary & Compliance Officer

Encl.: a/a

Registered address: Castrol India Limited CIN. L23200MH1979PLC021359 Technopolis Knowledge Park, Mahakali Caves Road, Andheri (East), Mumbai -- 400093 Tel. +9122-66984100/ Fax. +9122-66984101 Customer Service Toll Free No: 1800222100 / 18002098100

Deloitte Haskins & Sells LLP

Chartered Accountants Lodha iThink, Tower A 10th, 11th, 12th, and 14th floors Kolshet Road, Sandoz Baug Thane (West)-400 607 Maharashtra, India

Tel: +91 22 6801 5000 Fax: +91 22 6801 5001

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF CASTROL INDIA LIMITED

• 1. We have reviewed the accompanying Statement of Unaudited Financial Results of Castrol India Limited ("the Company"), for the quarter ended 31 March 2023 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants Firm's Registration No. 117366W/W-100018

a.a!

Samir R. Shah Partner Membership No. 101708 UDIN: 23101708BGYJAT6225

Place: THANE Date: 09 May 2023

Castrol India Limited

Registered Office: Technopolis Knowledge Park, Mahakali Caves Road, Andheri (East), Mumbai • 400 093 (CIN: L23200MH1979PLC021359)

Website: www.castrol.co.in, Tel: (022) 66984100, Fax: (022) 66984101, Email - investorrelations india@castrol.com Statement of Unaudited Financial Results for the Quarter Ended 31 March 2023

	Quarter	Quarter	Quarter	Year
Particulars	Ended	Ended	Ended	Ended
	31 03.23	31.03 22	31 12.22	31.12 22
	I		(Refer Note 5)
Income	Unaudited	Unaudited	Unaudited	Audited
Revenue From Operations	1,293.89	1.235 70	1.176.01	4.774.49
0her Income	17 61	15.03	19.64	67 05
Total Income	1,311.50	1,250.73	1,195.65	4,841.54
Expenses
Cast of raw and pacing Materials Consumed	639 77	570.41	565 87	2,278.87
Purchases of traded goods	88 15	64.24	43 27	249.40
Changes n mnwentones of tmshed gcads / traded goods Employee Benefts Expenses	(42.BB)	(18 92)	34.74	(28 35) 272 5B
Finance Costs	77 77 1.65	70 23 0 72	72 69 1.57	4.01
I Depracatan and Amortisation Expenses	22.73	20 22	20 82	81 39
Other Expenses	236.05	232 54	208.80	890 89
Total Expenses	1,023.24	939.44	947.76	3,748.79
Profit Betore Tax	288.26	311.29	247.89	1,092.75
Tax Expenses Current tax inet ot revarsat ot earter years)
Deferred tax	88.26 (2.50)	83.59 (0.70)	45.90 8.67	274.49 3.11
Total Tax Expenses	85.76	82.89	54.57	277.60
Profit after tax	202.50	228.40	193.32	815.15
Other comprehensive income (0CI)
Items that will not be reclassified to profit or loss
Re-measurernent gains /{losses+ an defined penaft plans Incame tax rotating to lemns that watt net be reclassified			(1 61)	(1.25)
ta praft or lass			040	0.31
Other comprehensive income r(expense)for the period			(1.21)	(0.94)
Total Comprehensive Income for the period	202.50	228.40	192.11 1	814,21
Equity Snare Captal	I 494 56	494 56	494.56	494.56
Earrings Par Share {EPS) (Face value zt share at Rs St- each
{Bas« and Dilute) (Not Annualise) 1Rs]" See accomparwna notes to tte Finarcai Results	2.05°	231°	195	8.24[
	I		FOR CASTROL INDIA LIMITED
Dated : 09 May 2023 Place : Mumbai			San	4 deep Sangwan Managing Director DIN: 08617717

PRESS RELEASE

Castrol India Limited reports first quarter results for 2023

• Resilient performance despite rising inflationary and input costs, forex pressures.
• Castrol unveiled its new brand identity and associated with Indian Premier League to engage with cricket fans and showcase Castrol's refreshed brand identity.

Mumbai, 9 May 2023: Castro! India Limited (BSE: 500870; NSE: CASTROLIND) has announced its results for the first quarter ended 31 March 2023. The Company follows a calendar year basis (January to December) for its financial reporting.

For the first quarter (10) ended 31 March 2023, the Company registered Revenue from Operations of 1,294 Crores, marking a growth of 5% compared to 1,236 Crores in 1Q ²⁰²² (corresponding quarter in the previous year), and a growth of 10% from 1,176 Crores in 4Q 2022 (previous quarter). Profit Before Tax for 1Q 2023 stood at 288 Crores, a drop of 7% compared to 311 Crores in 10 2022, and 16% higher than 248 Crores in 40 2022.

Commenting on the quarterly results, Sandeep Sangwan, Managing Director, Castrol India Limited, said, "While we built on the growth momentum from 40 2022 and registered quarter on quarter growth in 10 2023, our performance versus 1Q 2022 was impacted due to inflationary pressures, high input costs and fluctuating forex. We continued to invest in our brand and safeguard our margins while maintaining our pricing premium and providing our customers an elevated brand experience. We expanded our presence in service & maintenance, increasing our Castrol Auto Service outlets to over 300 and Castrol Bike Points to over 5000 across India."

Sharing an outlook for the year ahead, Sandeep Sangwan added, "We will continue to drive consistent growth in the subsequent quarters and enhance our industry partnerships to ramp up our service & maintenance offerings and in new strategic segments such as automotive aftercare."

Key highlights from Castrol India in 1Q 2023 included:

• We expanded our presence in service & maintenance, increasing our Castrol Auto Service outlets to over 300 and Castrol Bike Points to over 5000 across India.
• On 28 February, Castrol unveiled its refreshed brand identity globally, including an updated look and feel. The brand refresh is aimed at better reflecting its unique positioning in the market and the opportunities it sees in meeting the changing needs of customers.
• Castrol India collaborated with JioCinema, for streaming the 2023 TATA Indian Premier League, as an associate sponsor. The partnership aimed to engage with cricket fans across India and leverage the platfonn to showcase Castrol's refreshed brand identity.

With this association, Castrol continued its long legacy of sponsoring some of the world's largest and most significant sporting events over the years.

• Castrol Super Mechanic Contest won the 'Best Branded Content Category' Award at the prestigious Asia Pacific Festival of Media Awards.

Notes to editors:

Summary of CIL financial results and comparison to last year

CIL follows a calendar year basis (CY: January to December) for financial reporting

(Figures in Cr )	0 2023: Jan - Mar 1	0 2022: Jan -- Mar 1	4Q 2022: Oct- Dec
Revenue from operations	1,294	1,236	1,176
Profit before tax	288	311	248
Profit after tax	203	228	193

• Castrol India Limited will hold its 45" Annual General Meeting for shareholders on 11 May 2023
• Castrol has undergone a brand refresh, please use the revised brand logo

About Castrol India Limited

Castrol India Limited is one of India's leading lubricant companies with brands such as Castrol CRB, Castrol GTX, Castrol Activ, Castrol MAGNATEC and Castrol VECTON, which are the brands of choice for millions of consumers and customers across the country. The Company also operates in select segments like High Performance Lubricants and metalworking fluids used in a wide variety of industries such as automotive manufacturing, mining, machinery, and wind energy. Castrol has a large manufacturing and distribution network in India with three blending plants and a distribution network of 350 distributors who reach consumers and customers through over 100,000 retail outlets. For more information, please visit www.castrol.co.in.