Gulf Oil Lubricants Bolsters Electric Vehicle Ecosystem Amid Growing Demand

Gulf Oil Lubricants India is broadening its electric vehicle ecosystem in response to the increasing adoption of EVs and a growing demand for charging infrastructure within the country. The firm highlighted the nearing 7 percent penetration of EVs in the two-wheeler market as a key factor.

Their EV subsidiary, Tirex, surpassed the Rs 100-crore revenue milestone last fiscal year. The company, part of the Hinduja Group, reported a slight decline of 3.46 percent in consolidated PAT, which stood at Rs 89.59 crore for the March quarter. Meanwhile, the revenue from operations climbed 10.76 percent year-on-year to Rs 1,055.26 crore.

Gulf Oil's focus is to transcend beyond lubricants by fortifying its presence in future-ready mobility solutions, with the electric bus and fleet charging segment now claiming a 40 percent market share. This strategic realignment demonstrates the company's commitment to establishing a robust EV market position in India.

(With inputs from agencies.)