Ladies and gentlemen, welcome to our 2Q and 1H Earnings Conference Call for Castrol India Ltd. Please note that all participant lines will be in the listen-only mode, and you can ask your questions after the opening statements. If you need assistance during the call, please press star then 0 on your touchtone phone to reach the operator. Please note that this call is being recorded. Also, please note that this conference call may contain certain forward-looking statements which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. We have with us today Mr. Kedar Lele, Managing Director, Castrol India Ltd, and Ms. Mrinalini Srinivasan, Chief Financial Officer, Castrol India Ltd. I now hand the conference over to Mr.
Lele for his opening remarks. Thank you, and over to you, sir.
Good afternoon and namaskar to everyone, and welcome to Castrol India's second quarter and first half analyst call for 2025. Thank you very much for joining us today. As you might already be aware, our reporting follows the January to December calendar year, and hence it is the first half and Q2. Before we start, I'm happy to introduce Ms. Srinivasan to you today. She's our CFO who's been on board for over a week now, and she comes to us with over 17 years of experience at P& G India. She has a range of finance leadership roles across business units and geographies, including Asia, the Middle East, and Africa. Welcome, Mrinalini, and could you introduce yourself?
Thank you, Kedar. Hi everyone, I'm very excited to be here. My first week has been a very warm and welcoming week indeed. In my last role, I served as the Chief Financial Officer for Procter & Gamble Hygiene and Health [Care Company], and I was also the Group Controller for P&G Group in India. I look forward to interacting with all of you over the new course. Back to you, Kedar.
Thanks, Mrinalini. Welcome once again. That said, let's get into Castrol India's performance in the 2Q and first half of 2025. We are happy to announce that we have continued our momentum from the beginning of the year into the second quarter with healthy performance. Our continued focus on innovation across products and services, broadening our distribution footprint, and investment in our brand has really translated into growth in volumes despite the macroeconomic challenges and volatilities that you all know. This demonstrates the company's resilience and diverse portfolio that helps us navigate these various market cycles. Some key points: revenue from operations from the second quarter of 2025 grew 7% year on year to INR 1,497 crore. EBITDA stood at INR 349 crore, representing a growth of 8%. PAT in this quarter increased 5% year on year, coming in at INR 244 crore.
These numbers translate to half-year in this manner that the revenue for the first half of the year also grew 7% to INR 2,919 crore. EBITDA stands at INR 657 crore, up 7%. PAT grew at 6.5% and stood at INR 477 crore. Additionally, delighted that the board has recommended an interim dividend of INR 3.50 per share, subject to shareholders' approval. The growth in top line is primarily being driven by our expanding reach across rural markets and our increasing presence in the industrial segment. This was further supported by strengthening associations with OEMs . Our disciplined expense management and operational efficiency help maintain margins, which reflect our ability to execute growth strategies without compromising our profitability despite headwinds from input cost volatility and, of course, the competitive market.
Overall, our strategic focus is on bolstering our product portfolio, admin, and distribution network, and developing end-to-end solutions that combine service delivery with product sales. Aligned with the Viksit Bharat goals, the industrial segment is a major focus area for us, and this is seen as robust double-digit growth for the company. We have been able to establish strong customer relations and acquisitions through value-led engagement. We brought our globally acclaimed metalworking fluids Hysol MB 50 and Hysol 20 XBB range to the Indian market through local production. This would enable faster delivery and superior value creation. Product launches such as Rustilo and Hysol serve now more than 100 customers across automotive, tube, bearing, and metal manufacturing sectors. Our chemical management services, kwhat is called as CMS, offering is gaining strong momentum, is now operational at multiple sites. This model goes beyond selling lubes and chemicals.
We take end-to-end responsibility across the chemical lifecycle, delivering efficiency, compliance, and value to our customers. This value-added service is being received very well among the customers. Now, let me touch upon our Bharat portfolio. Our Bharat strategy that we've been talking about for the last few quarters is serving well because in this strategy, we laid out two pillars. One is to make our brand and our product more relevant for the belly of the market. Larger consumer franchise gets exposed to Castrol brand and then taking the brand to a wider distribution network to the rest of the country. It means the more Mofussil towns of India as well as in rural areas. We've also digitized our distributor management system to the next level across our distributors as well as rural Castrol sub-distributors who help us deliver this reach consistently.
Let me also talk about widening our market extras through our multi-channel approach. You would remember I kept talking about over 140,000 outlets in the past. Now we are present in over 160,000 outlets, including 32,000+ buy points, over 11,000 multi-brand car workshops, and a wider dealer network. We continue to expand our Castrol auto service network to offer reliable services in the aftermarket. At present, we support over 730 workshops in over 340 cities. Our entire auto care ancillary product range, and auto care ancillary product range includes shiners, sponges, cloths, and so on, are now available across e-commerce, modern trade, and over 50,000 outlets in India. Volume growth has been seen across segments with steady volume performance in core sectors or core categories where we have either maintained or expanded our market share.
Our overall market share stands at over 20%, and the key growth categories include commercial vehicles, specialties, bikes, cars, auto care products, B2B, and especially industrial where we have now seen consistent growth for nine quarters, and Q2 growth in industrial being at 13%. We are looking at building Castrol into a service-led digitally enabled mobility brand because we continue to leverage tech for both customer convenience and mechanic empowerment. Very, very important and relevant is the flagship mechanic connect app called Fast Scan, which is being used by over 1 million mechanics in India. On many days in this quarter, over 200,000 transactions were recorded by these mechanics who are our big advocates in the market. We have upgraded our distributor management system to enhance agility and transparency across channels, and we also advanced our OEM relationships, sustainability, and circularity agenda being the core.
We are the first, in my opinion, a large lubricant manufacturer who's been able to not just develop but commercially produce first- of- its- kind RRB O-based engine oils for BS-IV vehicles. This we have done in partnership with the leading OEM, and it will keep growing with more partners coming in to develop circular and redefining ecosystem. In terms of initiatives towards our brand and consumer connect, we concluded our Castrol Activ Relaunch campaign. You remember I spoke about it with SRK, Garmi Mein Bhi 3X Protection that reached more than 250 million consumers in mass media. Our brand building initiatives have continued this quarter with our participation in NATRAX and Valley Run 2025, where Castrol EDGE powered the 300 KMPH club of supercars, reaching about 3 million buying and raising enthusiasm at an overall level.
We've always taken pride in being at the forefront of cultivating industry leading norms, and consequently, we are well recognized for upholding these high standards. Our Patalganga plant has received the Golden Peacock Award for occupational health and safety. In fact, Patalganga plant was last time besides our Silvassa plant has received the Golden Peacock Award. Correct me there, but it gets you that consistency has been keep receiving awards for being best on quality or safety. Last but not least, I should also talk about our annual report, which all of you did appreciate and did take a look at. Last year's annual report won Platinum at the LACP Spotlight Awards. All these initiatives support our study that revolves around our core set: Castrol's brand value and the way the industry is evolving in general.
We expect robust growth coming in from our industrial segment, supported by our rural outfields that I spoke about. Performance in the first half of the year gives an optimistic indication for the full year. Looking ahead, our focus shall remain on delivering high-quality products and services to the automotive and industrial sectors. Our expanding network is really a testament to Castrol becoming more and more accessible and affordable for consumers through the length and breadth of our country. Our overarching strategy is to leverage the opportunities in industrial Bharat and sustainable delivery, which we are confident will build sustainable value over the longer term. That's all that I would like to update you about at this juncture. Thank you for your attention. We now invite you to share any questions, feedback, or views as we open the floor for discussions. Thank you.
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take our first question from the line of Nitin Tiwari from Philip Capital India. Please go ahead.
Hi, good day. Thanks for the opportunity. I have two questions. The first is around your volumes. If you can give us the volume number for the quarter and provide some more color on how the different segments have grown in this quarter in terms of automotive and non-automotive. I understand that you gave a broad overview in your initial comments, but some more details would be appreciated. That is one. Now, that's my second question.
Nitin, can you please mute your line? There's some background disturbance on your connection. Thank you.
Yeah, sure.
Thanks, Nitin. As you remember, I spoke about it last time also. Our overall growth has been at 8%. To give a little more color to how each of the segments have grown, our bicycle cars have been at high single digits. Our CBO has been at 8% again, and our industrial has been at 13%. With that, we've been able to get to the overall number being at 8%. You were also interested last time in rural, and this time as well, the rural has continued to grow at 12%. With two of the speedboards in rural and industrial, and with high single digit in automotive, we've been able to deliver an 8% volume growth.
Thanks, very helpful. 8% overall volume growth on a year-on-year basis, right? That's what you mentioned. Are we looking at roughly about 66 million liters of oil? That's the right number?
That's correct. Absolutely right.
Yeah, okay. Great. My second question is around the media news, which was around, like, you know, carving out of Castrol and by BP, and, like, you know, there was built in in Castrol. Just wanted to understand what part of Castrol Global's business is Castrol India in terms of volume and profitability, and what is the update on that front, if any.
Okay. See, Nitin, at an overall level, we do about a little over 10% of the volume of global Castrol and a little better than that in terms of profitability. Because our business is structured around two wheelers and cars, which is really a more profitable part of the business versus the average trucks and the average profitability that you see in the segment, our profitability is a little better than the 10% or thereabout for the global. It is indeed a very important part of Castrol Global being in South Asia and being in India. We are also the listed entity. Now, BP's decision to carve out Castrol is driven by the global compression that a large oil and gas major faces.
The global CEO of BP has said this, that they would want to retire the debts and they see in Castrol a good asset that can be monetized. We do believe that it is good for BP and is good for Castrol because Castrol has significant growth ambitions, including growing our core mobility business, expanding our partnership in industrial lubricants, and of course, enhancing our mobility services and diversifying into data center fluid. All of these businesses are different from the oil and gas business. With this, there will be a focus on value creation for Castrol. It is a good opportunity for the business to become more effective and innovative. I have only that much information. As it becomes visible, you know, the stock market and you'll be the first person to get to know about it.
Great. Thank you.
Thank you. Ladies and gentlemen, in order to ensure that management is able to answer queries from all participants, kindly restrict your questions to two at a time. You may join back the queue for follow-up questions. The next question is from the line of Sabri Hazarika from Emkay Global Financial Services. Please go ahead.
Yeah, good afternoon, sir, and congratulations on a good set of numbers. I have two questions. First question is, you have mentioned that you've grown almost like 13% in the industrial segment, but at the same time, your margins have also held up quite well despite the view that industrial generally has got lower margins. Can you throw some light on the industrial segment right now? What kind of like oils you are selling and if you are getting some sort of like premium pricing for that? Because in the past, you have mentioned that metal cutting and all these are like higher margin products even in the industrial category. Can you throw some more light on this?
Okay. Is there another question, Sabri?
Yeah, second question is, now that you are growing at around 7%, 8%, what is the overall, it's a sectoral question, overall growth in the on the lubricant segment as a whole, and are you gaining market share rapidly in this current scenario?
This is a second question first. That's an easier one and everyone knows those numbers. If you see th e automotive lubricant space, as per Nielsen or some of the other rating agencies who do the audit, it's expected to be in the range of 3.5%- 4.5%. That's the kind of volume growth that we've been seeing. On that, if we are growing by 8% at an overall level, of course, we are gaining shares. Our share growth YTD has been about 40 bps, and it's lower than what I would have expected because sometimes the audit agencies don't pick up all of your growth. It's a lagging indication of your growth, and we'll see that in time to come. With 7%, 8% volume growth, I think we are well placed to keep gaining share despite being a market leader.
That's the first part or the second part of your question. Now, first part of your question, really interesting, and I'm really happy, Mr. Hazarika, that you kept a stripe on industrial being a lower margin segment. While we are celebrating double-digit growth on that, yes, we have been able to deliver profitability. It comes with the dexterity of being able to manage different levers of the business and then using the benign environment that we have had on the product cost side, and of course, some amount of localization. What we used to produce in India in the past versus what we are doing now for industrial is a different ballgame because we've been able to localize, as I said in my opening remarks, some of the high-margin products being produced in our own factories.
Focus has been on offering CMS, wich is Chemical Management Services, which are high value, high return, and a great amount of dependability that customers have on our teams. That and expansion into sectors which are showing great promise in India, includes from electronics manufacturing to aeronautical, is what has been our focus. Now, as this part of the business grows, would our margin delivery suffer or would it take a bit of a hitch? Answer is yes. I want to operate between a guiding range of 21%- 24%. We are at the upper end of that guiding range at the moment. If we operate within that, I think we'll still be a fantastic stock in a company to look out for.
Thank you so much for this explanation and wish you all the best. Thanks.
Thank you.
Thank you. Before we take the next question, we'd like to remind participants to press star and one to ask a question. Next question is from the line of Dhaval Popat from Choice International Ltd. Please go ahead.
Yeah, congratulations on the great set of results. I have a question regarding now that the new management has taken over the company. I understand that Castrol uses strategic pricing. It's a forward-looking pricing. That is what the previous CFO said and has done. I want to understand further color on the pricing strategy for the automotive lubricants. I understand you've already explained it for industrials. That's my first question.
Okay. Do you have another question as well, Mr. Dhaval?
The other question, I actually have two, but I'll restrict to only one. In the previous conference call, you did guide about the 7-day tests that you are doing for the data centers or lubricants for the data centers. I wanted to understand if there is any further development as well as how do you see the overall volumes in this space, if you can provide a color on that?
Okay. Strategic pricing that Dipesh would have spoken about in the past is really strategic pricing, which means that Castrol lubricants will continue to command a premium for the quality that we offer and for the brand promise that it comes with. Even in the automotive space, the floor's watchers would have realized that we have taken pricing in the first half of this year, whether it is on Activ or some of our passenger car lubricants or even part of our commercial lubricants. Whenever we have been able to launch an innovation which comes with additional features, we've been able to take a little bit of a pricing on with that. That has really worked and that will continue to be our strategic decision and pricing strategy. Second is the data center.
As I said last time, let me reinforce that data centers' testings are quite rigorous and they go on for a few months. I had mentioned that we have been working with a couple of data center hyperscalers and that partnership continues and the testing is on. Somebody who can do simple arithmetic could actually decide that if 10% of data centers in India were to become, you know, coolants. You can do two ways. I should talk about that again, but you can do direct cooling off the chip through a coolant so that the pipes connect to the processors, or you can dip all the processors into a coolant tub and you can cool it. Depending on which method is chosen, a different volume of coolant will be required. Would we make enough margin on that? Globally, coolants make over $1 per liter kind of a margin.
That's just a number that I'm giving you from U.S. or European markets. If the number runs in a few million liters with 10 million or 10% of data centers shifting, then that would be the kind of number that you could get to. Those are numbers that will start coming in once the industry changes, once the civil work happens in those data centers to start using coolants for temperature management. It's still a little far away. I will, of course, announce when the first customer we are able to acquire and make it happen. Suffice it to say that, one, technology progress has happened. We are working very closely with the hyperscalers and the data center operators. When they make the decision, we would be at the front line of implementing those solutions with them.
Okay, thank you. Thank you.
Thank you. We'll take our next question from the line of Shloka Mehta, an individual investor. Please go ahead.
Hi, thank you for the opportunity. I just have two questions from my side. First, I wanted to understand where do you see your growth coming in from over the next few quarters? Secondly, what kind of work are we doing in our industrial portfolio, and what kind of margins do we make there? If you could share some light on that.
Thanks, Ms. Mehta. Where would the growth come from? See, if you look at our last few years of performance, the growth has always come from the core. We've been able to move our business with the change in the automotive space. What do I mean by that? Twenty years ago, Castrol was known to be a truck oil company, right? If you remember, Castrol was always equal to CIB. People knew that Castrol is the CIB oil company. We launched the Castrol Activ because two-wheelers were growing. Aftermarket was large, and then Activ and POWER 1 became the mainstay. Because it was consumer, you also saw those brands very, very often in mass media. We saw that the four-wheeler was becoming more commonplace. More households were beginning to want four-wheelers. We brought in not just the GTX, which was the most well-known brand of lubricants from the U.S.
to Australia, but we also got in MAGNATEC as well as EDGE. You saw MAGNATEC in offering for the last 10+ years , and you saw EDGE being relaunched last year with SRK . You can see how the portfolio is shifting in favor of how the automotive space is undergoing a change. In the future, we will continue to stay focused on bike expansion. Today, I spoke about it a while ago that more than 55% of the bikes sold in India are being sold in rural India. If every household in rural India is aspiring to have a bike, those bikes look beautiful when they run. When they have to be taken to a mechanic, it's a mess because in rural India, you don't find mechanics like you find in urban centers.
We are now focusing on that expansion because even if there was an EV evolution that's upon us, this large park that exists in India and the expansion that's happening beyond urban will continue to fuel the growth for the company. That's one example of how our focus on shifting spaces in automotive and our product strategy will continue to fuel the growth in the next few quarters to come. Now, industrial at an overall level, I'll give you macro numbers. Industrial, for example, if you're making a gross margin, just for the sake of it, if you think about it, if an oil company makes $1 of gross margin for automotive average, they'll make about $0.50 of margin in this field. That's the kind of numbers which exist at a global level.
If you were to keep expanding, a business that grows at 2x and brings in half the level of margin could still be a beautiful business to look at because the delta will be much sharper. Does that affect the overall business? To a certain extent, and that's why the EBITDA pathway on a guideline between 2021 to 2024 could be very, very good for this company for many years to come. I hope I have been able to answer your question, Ms. Mehta.
Yes, that's it from my side. Thanks a lot.
Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone now. Next question is from the line of Sanna, an individual investor. Please go ahead.
Hi, sir. Thank you for the opportunity. Sir, my first question is, what is the kind of investment that is being pumped in our rural push that is from our marketing budget? Another question I have is, what are our views and strategies on our non-lubricant products like the auto care ancillary product range, example, accessories, etc.?
Okay. Thank you, Sanna. Both of them are relevant questions. The first is, see, investment in rural push happens at three levels, right? Investment is not just in terms of funds, but also resources, people, efforts, and of course, the investments that you make in marketing. When we were to expand in rural, we first appointed our sub-distributors. Now we have about 1,000 sub-distributors across India. Those 1,000 sub-distributors bring in dealers where the numbers are much larger. Of course, 1: 30 ratio. You can imagine that about 30,000 to 35,000 retailers come into our reach. There is investment in creating what I call and what we very proudly call as Castrol quick lube chain stations. These are what exist in rural India now. I'm not talking about numbers as yet, but I'll talk about numbers later in the year when they reach a sizable potential.
Those are Castrol's presence in the rural area, and there's a CapEx involved in that. Next comes the marketing spend that we do for Bharat. If you look at our balance sheet and if you look at our numbers, we spend between 3%- 4% of our turnover in advertising and sales promotion. The third part of this investment goes into mechanic advocacy and training because most mechanics do get some amount of training from our side under Eklavya . They also get some amount of training in terms of their capability building, information on new kinds of machines and businesses that they should be handling, new kinds of pollution logs, and the kind of oils which are required in their latest machines. All of that also requires investment, which gets funded from our ASP numbers, which I spoke to you about. Now, second question, non-lubricants.
We are very excited about our auto care ancillary product range. Last year, I can tell you that in the first half of this year, we have sold 100% more volume than what we did in the whole of last year. That should tell you the excitement that we have had. In the month of June, only on e-commerce, we sold about 27,000 pieces of Auto Care products, which means that Castrol is a lot more visible, has the opportunity to interact with customers beyond lubricants, and will also drive brand equity in the time to come.
Sanna, does that answer your question?
Yes, thank you so much, sir, and congratulations once again. Thanks a lot.
Thank you.
Thank you. We'll take our next question from the line of Nitin Tiwari from Philip Capital India. Please go ahead.
Thanks for the opportunity again, sir. My question is actually related to the ethanol impacts on automotive engines. There's a debate going on around how the mixing of ethanol and petrol could be impacting automotive engines. Just trying to understand, are our products also evolving to address those issues? Have you introduced any product lines or have you made any changes in the product, as such, to address that concern that consumers might have? That's one. Secondly, if you can also help us understand your sales mix right now in terms of if you can break it down for the CV and industrial as of this quarter.
Sorry, I lost you. You were saying sales mix? Break it into?
Automotive, I'm between personal mobility and CV, and then what portion is industrial in the overall mix right now?
Yes, yes. Okay, understood. Yeah, we have spoken about it in the past. I'll do that for you again. Okay. First is, does ethanol impact engine performance? See, all of us as consumers and as conscious consumers must realize that ethanol mixing is a requirement that the government of India has put forth. If you look at some of the other countries of the world, including Brazil, ethanol goes up to 40%, 50% of the fuel. It does have an impact on engine performance, but that's what OEMs work with. Most of our automotive brands in India are preparing engines which can handle flex fuel. With that, the requirements of engine oil also change. We have been working with OEMs. Our products are capable of handling e20, e30, and that description does come on the facts.
You can be rest assured that the evolving requirements that consumers have from their bikes in terms of ethanol-linked fuel will be taken care of as long as they're putting Castrol in their machines. Put Castrol and don't worry about the performance is what I would say. Second is the sales mix for the latest quarter, which is Q2. You can also take the overall level. Our personal mobility has contributed to 43%. CBO is about 42%, 44%, and industrial has been about 12%. That's our contribution for this year.
Nitin, does that answer your question?
The quarter.
Nitin, we are unable to hear you. Nitin, I think you're on mute. Since there is no response, we'll move on to the next question from the line of Nakul Dev from ND Investments. Please go ahead.
Thank you for the opportunity. Congratulations on a good set of numbers. I just had one of the questions. I just wanted to understand what were your advertising expenses for this quarter. Also, have you taken any price hikes and have you added any new OEMs? That's all I want to understand.
Okay. Our revenue expense for the quarter is in the same range bound, and the exact amount is INR 46 crore, which is actually a bit lesser than what we did in the race. For the first half of the year, our advertising expense is higher by 20%. If you're watching our results, you would have heard me say that we are going to be bumping up our advertising and sales promotion expense in the beginning of the year in order to support the growth momentum, and we have been able to do that. In the race, we did have SRK's campaign for EDGE, and hence we spent a little more in last year. This year, in Q2, we have been able to retribute to about INR 46 crore. That's exactly for the advertising expense that you asked for. Second, have we taken a price hike? Yes, we have.
Selective price hikes have been taken across the portfolio. There have also been a few cases of price drops in our dry lines and specialties and coolants. The selective price hike that we've taken has given us about 1.5% kind of delta only coming from price in this quarter. Having said that, a new OEM, there's no new brand of OEM, but we've started working for a range of vehicles with new motors and with Tata's. You know, we've been working anyway in that case. We've been working with Tata's in the past, and with them, the partnership is deeper. There's no new OEM. There are not many OEMs left. We don't work with Koreans at the moment, which I hope we will be able to make an entry into in the time to come.
Okay, perfect. That answers all my questions. Thank you once again.
Thank you, Mr. Dev.
We'll take our next question from the line of Gaurav Jain from ICICI Prudential Mutual Fund. Please go ahead.
Hi, sir. Thank you for giving me the opportunity. I have a question on other income, sir. From a run rate perspective, what we have delivered in this quarter is on the lower types. If you can help us understand. Similarly, the working capital was also a little higher. Is both linked or how should we be looking at both these things?
Thanks, Gaurav, for the results. That's a sharp eye, I must say. Congratulations for that observation. Indeed, our income has gone down. It's over about INR 11 crore. You would remember that when I announced the last quarter, there was a special dividend by us. That took a large part of our cash reserves being distributed to shareholders. With that, our interest income came down by about INR 8 crore. That is a big impact on our income. We also had a sale of property in the past quarter, which is not there anymore. Hence, what you're seeing is like-for-like results, lower by INR 11 crore from the other income. That's your first question. What is the second question you asked? I did not make a note of it.
Sir, on working capital, if you look at inventory audits.
Working capital. Correct, working capital. See, two things are happening, Gaurav. The volume growth is upon us. When the volume grows, you do increase the inventory. There has been also an abnormal supply situation in Southeast Asia. Exxon has taken down their refinery for maintenance, which meant that we had to look at other sources as well as stock a little more of base oil to be able to, you know, to be able to meet the market demand. Hence, our stock went up a bit. We've also compensated it with a lot of our trade payables, but our trade receivables have also gone up a bit because of expansion into B2B, expansion into industrial, and some amount of disruption that we saw in J&K. These are temporary changes, and we'll come back to our most efficient working capital that you are used to seeing in a while.
That was very helpful and explainable. Just one follow-up on other income. Should we be expecting this to be the new run rate is one question. Second, sir, if you look at the cash position that we have, it is upwards of INR 860-odd crore that we have. INR 860 crore should lead to higher than INR 10 crore per quarter, sir, other income if you would have invested in any fixed deposit type of instrument also. If you can elaborate on this, please.
Yes, yes. You should expect this to be a run rate in the future. Your sharp eye would have also picked up that earlier our cash position was higher by about INR 550 crore, which is the special dividend that we paid out. On average, a large cash-related company with the FD rates where they are, and this monetary policy and the three rate cuts that you have seen in this year would also bring down the FDs to a lower level than what we were all used to. Going forward, what you're seeing in other income should be the expected run rate in the future.
That was very helpful, sir. Congratulations and all the best. Thank you.
Thank you, Gaurav. Thank you.
Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone. We'll take our next question from the line of Vipulk umar Anopchand Shah from Sumangal Investments. Please go ahead.
Hi, sir. Thanks for the opportunity. Would you repeat the volume figures for this quarter, and what was the same for the corresponding quarter of last year and last quarter also? Thank you.
This quarter, our overall volumes are 66 million. They are up by 5 million. Last year, same time was 61 million. Q1, the last quarter, was I think 62 million, correct?
Okay, sir. Thank you very much.
Thank you.
Thank you. Ladies and gentlemen, this brings us to the end of the call. On behalf of Castrol India Ltd, I thank you all for joining this conference. You may now disconnect your lines. Wish you a good day ahead. Thank you.
Thank you. Thank you.