Gulf Oil to begin commercial production at Chennai greenfield unit by next fiscal.

Gulf Oil Lubricants India Ltd. has informed that the company's greenfield project coming up near Chennai is on schedule to start commercial production in Q2/Q3 of next fiscal.

The lubricants company in a statement to the BSE said the civil work for the project had begun, structural works for the pre-engineered buildings are in progress and ancillary building works will begin shortly.

The company had in the past indicated that the plant might see a capex of ₹100-150 crore.

The Hinduja Group company posted a profit of ₹30.2 crore for the second quarter ended September 30, 2016, against a profit of ₹23.6 crore, up 28 per cent, over the corresponding quarter last year.

The company achieved a gross turnover of ₹315 crore for the second quarter against ₹288.4 crore, up 9.2 per cent over the same period previous year.

In spite of the July-September quarter being seasonally a low offtake quarter due to the monsoons and reduced vehicle/equipment movements, the company announced all round volume gains across segments to notch up overall double digit volume growth during the quarter.

HBL