Gandhar Oil Refinery (India) Ltd (BSE: 544029, NSE: GANDHAR), a leading manufacturer of white oils, has announced its financial results for the third quarter (Q3FY25) and nine-month period (9MFY25) ended December 31, 2024.
Key Financial Highlights (Consolidated)
Particulars (₹ Mn)
Q3 FY25
Q3 FY24
Q2FY25
9M FY25
9M FY24
Revenue from Operations
10,053
11,026
9,351
29,352
31,740
EBITDA
416
851
402
1,421
2,451
Profit After Tax (PAT)
204
509
181
712
1,532
Earnings Per Share (EPS) (₹)
2.0
5.5
1.9
7.0
15.2
Performance Overview
Revenue Growth: Q3FY25 revenue increased 7.5% QoQ to ₹10,053 million, up from ₹9,351 million in Q2FY25.
Manufacturing Volumes:
Consolidated: 132,187 KL (stable YoY).
Standalone: 112,483 KL, marking a 13.4% QoQ growth.
Revenue Breakdown (9MFY25):
PHPO: 47.14%
Lubricants: 28.42%
PIO: 9.26%
Channel Partners: 15.18%
Manufacturing Gross Margin Spread:
Q3FY25: ₹7,618 per KL
Q2FY25: ₹8,299 per KL
9MFY25: ₹8,211 per KL
Management Commentary
Aslesh Parekh, Joint Managing Director, commented: "We remain one of the largest producers of white oils globally, with PHPO contributing 47.14% of our consolidated revenue. Despite headwinds, including reduced realization per KL and increased freight costs, we are optimistic about stronger performance in Q4FY25 due to our resilient product portfolio and strategic adaptability."
Utilization of IPO Proceeds
Gandhar Oil raised ₹3,020 million from its IPO, with ₹2,785.38 million as net proceeds. The fund allocation and utilization (as of December 31, 2024) are:
Objects of Issue
Allocation (₹ Mn)
Utilized (₹ Mn)
Unutilized (₹ Mn)
Investment in Texol Lubritech FZC
227.13
227.13
0.00
Capital Expenditure for Expansion
277.29
171.62
105.67
Working Capital
1,850.08
1,850.08
0.00
General Corporate Purposes
430.88
395.70
35.18
Total
2,785.38
2,644.53
140.85
Strategic Outlook
The company expects an improved Q4FY25 performance despite margin pressures, leveraging:
Strong demand for PHPO, lubricants, and industrial oils.
Expanded manufacturing capacity and strategic cost management.
Robust domestic and international market positioning.
Conclusion
Gandhar Oil Refinery delivered strong QoQ revenue growth, driven by higher manufacturing volumes and market demand. While YoY margins faced challenges, the company remains optimistic about a rebound in Q4FY25, backed by operational efficiency and strategic execution.