EV lubricants will take time to enter market: Castrol

Deepesh Baxi, CFO and whole-time director of Castrol India, on Tuesday, said that electric vehicle (EV) lubricants will take some time to enter the market.

The makers of industrial and automotive lubricants reported earnings for Q4 of the calendar year 2021 (the company follows calendar year accounting) with strong revenue growth of 17 percent year on year (YoY). However, the margin came down to 24.3 percent versus 27.5 percent and therefore, profits have been flat.

In an interview to CNBC-TV18, Baxi said, “EV technology is changing very fast and we need to make sure that the products that are launched on EV are commensurate with how the EV cars are shaping up and in terms of their launch as well. Globally as well, we supply to almost 50 percent of EV car manufacturers. We are working with the two-wheelers as well and in due course, we should have products ready in terms of the new changes.”