Castrol India announces First Quarter results (Jan - March 2020). The first quarter of 2020 has been unprecedented with an overall slowdown in the economy, liquidity crunch as well as the break-out of the global Covid-19 pandemic. As a result of which, the overall lubricant industry in the country has been hit by severe demand and supply disruptions, said the company in a statement.
We have taken various measures to support employees, support staff, distributors and suppliers during these difficult times as #IndiaFightsCorona. We have also stepped up and made contributions to impacted communities in several ways. Our CSR efforts have been focused on helping government hospitals, essential service workers, mechanics, truckers, migrant workers and laborers affected by the crisis, it added.
We continue to work on numerous cost control actions, working capital management as well as efficiency programmes to drive margins and protect our finances.
As part of our strategic delivery, we sustained our efforts to drive consumer communication and customer acquisition across key geographies and markets. We renewed our long-term partnership with JCB, the largest off-road vehicle manufacturer in India. Readying ourselves for a low carbon future, we entered into agreements for EV fluids with OEMs in India including MG Motors and Tata Motors, as well as to supply lubricants to various OEMs for their BS-VI compliant vehicles.
We continue to monitor the dynamic nature of the ongoing crisis and evolve to protect the health and long-term sustainability of our business. Our current strong liquidity position gives us the confidence to be able to meet the near-term challenges. We are committed to our overall strategy and growth agenda which will help us realize our potential when normalcy is restored.”
The Board of Directors of the Company at its meeting held today i.e. 12 June 2020 approved that the 42nd Annual General Meeting of the Company will be held on 15 July 2020.