Castrol India Ltd. has bagged the ‘Golden Peacock Award for Excellence in Corporate Governance’ for 2017.
The Award was received by Mr. Omer Dormen, Managing Director, Castrol India Ltd., from Mr. Chandrababu Naidu, Chief Minister of Andhra Pradesh, at the special function held in London on October 25. The event was part of IOD India’s ‘17th London Global Convention on Corporate Governance & Sustainability’ and Global Business Meet.
Receiving the Award, Mr. Omer Dormen observed: “We are extremely honored to receive the prestigious Golden Peacock Commendation Award for Excellence in Corporate Governance. I am grateful to our Board of Directors, the entire Castrol India team for their focus, hard work and commitment to compliance and to the Finance and Legal teams for their guidance and timely interventions to ensure that we always stay on the right course. Awards like these are good reminders of the high standards we set for ourselves and the amazing people we have who are always aiming to do the right thing.”
The Golden Peacock Awards, offered by the Institute Of Directors since 1991, are now regarded as a benchmark of Corporate Excellence in India. The Awards are meant to create a competition for raising overall standards and recognize the achievements of the best performing organizations.
The Golden Peacock Awards attract around 1,000 applications each year. This is largely due to its transparent and three-tier evaluation process based on internationally recognized criteria. The mere preparation of information and compilation of data required for the ‘Self-Appraisal Report’ helps to align and inspire an organization and rapidly accelerates the pace of systems improvement in it.
This is the second significant external award received by Castrol India this year, the first one being the IMC Ramkrishna Bajaj National Quality Performance Excellence Award received early this year.
Castrol India stages strong comeback
Castrol India Ltd.’s profit after tax during the third quarter of 2017 was up by 27% at Rs. 178.2 crores compared to Rs. 139.8 crores for the same quarter last year. This was driven largely by strong volume growth during the quarter despite the complexities around the GST implementation.
The Board of Directors has, at its meeting held on November 7, recommended issue of bonus shares in the ratio of one equity share of Rs. 5 each for every one share of Rs. 5 each (1:1).
Commenting on the results, Omer Dormen, Managing Director, said: “The third quarter results show a strong comeback compared to the previous quarter and confirms that we are on track with our growth strategy and aspirations. The results are especially commendable given that the quarter saw the GST implementation which created considerable initial uncertainty in the market place.”
“The personal mobility segment, which is the pillar of our growth strategy, saw a double-digit volume growth during the quarter, whilst power brands also showed similar growth, compared to the same period during the previous year. One of the highlights of the quarter was the Golden Peacock Award commendation for Corporate Governance received by the company in recognition of its strong focus on Ethics & Compliance”, the MD added.
During the quarter, the company continued to make strong progress on its strategic priorities, focusing on new customer acquisition, distribution expansion and delivering premium customer experiences at each touch point. The company entered into a new exclusive supply partnership with Piaggio and extended its existing OEM partnerships with the VW Group (Skoda, Audi and VW) and Volvo cars.
The Industrial business also achieved a strong win for its metal working fluids with TaeguTec India, a leading supplier of carbide cutting tools.
The company also undertook a strong outreach programme connecting with over one lakh mechanics through the Castrol Super Mechanic contest.