Castrol India posted very disappointing Q2CY17 results. On a 10% (YoY) drop in revenue at Rs.1008 crore, the company’s net profit declined 33% at Rs,138 crore.

There was all-round fall in at operating level too where EBITDA slipped 20% to Rs.210 crore and margins contracted from 27% to 24%.

The company has blamed this poor show on lower volumes due to impact of GST and lingering effect of demonetization, which affected commercial vehicle oil volumes. The sudden increase in base oil prices due to major supply and demand imbalance in Asia region impacted its Q2 performance too.