GULF OIL CORPORATION LIMITED

Registered Office: Kukatpally, Sanathnagar (IE) PO, Hyderabad-500 018

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31-12-2008

(Rs. In Lakhs)

Particulars

Unaudited 9 months ended 31-12-2007

Unaudited Quarter ended

Unaudited Nine months ended

Year ended 31-03-2008 (Audited)

Consolidated for the year ended

31-12-2008

31-12-2007

31-12-2008

31-12-2007

31-03-2008

31-03-2007

1. Income from Sales & other Operations

#####

23314.27

20880.72

73704.21

58655.24

83321.52

#####

Less Excise Duty

#####

1867.72

2153.41

6362.97

6077.79

8605.23

#####

Net Income from Sales & other Operations

#####

21446.55

18727.30

67341.24

52577.45

74716.29

#####

2. Income from Property Development

#####

1050.00

600.00

#####

3. Total Revenue

#####

21446.55

18727.30

68391.24

53177.45

75316.29

#REF!

4. Expenditure

a) (Increase)/decrease in Stock in trade

#####

(384.30)

(212.16)

(2257.58)

(1632.31)

(1263.25)

#####

b) Purchase of goods for resale

#####

915.26

978.01

3827.64

2172.01

3838.98

#####

c) Consumption of raw materials,etc.,

#####

10455.64

9438.63

34315.43

27811.34

37415.95

#####

d) Expenses on Operation Contracts

#####

3656.19

2476.54

10360.63

6800.22

9500.64

#####

e) Staff Cost

#####

1740.28

1525.10

5128.63

4250.68

5897.17

#####

f) Depreciation

#####

395.41

394.17

1222.11

1184.83

1602.27

#####

g) Other expenditure

#####

4210.71

3746.96

12566.16

10744.61

16039.79

#####

h) Total

#####

20989.19

18347.25

65163.02

51331.38

73031.55

#####

5. Profit from Operations before Other income,interest & Exceptional Items

457.36

380.05

3228.22

1846.07

2284.74

6. Other Income

#####

154.33

844.91

643.88

1805.32

2941.65

125.36

7. Profit before interest & Exceptional Items

611.69

1224.96

3872.10

3651.39

5226.39

8. Interest (Net)

#####

668.13

511.05

1602.52

1549.76

2132.97

#####

9. Profit after Interest but before exchange flutuation gain/(loss)

& exceptional items

(56.44)

713.91

2269.58

2101.63

3093.42

10.Exchange Gains/(losses) on restatement of Foreign currency

assets and liabilities

(603.04)

87.33

(1728.99)

417.51

370.95

11.Exceptional Items - VRS Compensation

#####

87.01

125.72

261.03

366.83

493.77

#####

12.Profit /(Loss) from Ordinary Activities before tax

(746.49)

675.52

279.56

2152.31

2970.60

13.Tax expense

#####

(188.25)

21.91

101.67

445.48

457.43

#####

a) Current Tax

#####

65.00

238.00

230.00

350.00

#####

b) Deferred Tax

(9.00)

(230.00)

(76.00)

(239.00)

115.00

(6.00)

6.56

#####

c) Fringe Benefit Tax

60.92

41.75

32.91

102.67

100.48

113.43

#####

14.Net Profit / (Loss) for the period

(558.24)

653.61

177.89

1706.83

2513.17

#####

15.Extraordinary Items

#####

16.Net Profit/(Loss) for the period

#REF!

(558.24)

653.61

177.89

1706.83

2513.17

#REF!

17.Paid up Equity Share Capital (Face value of Rs.2 each)

#####

1487.17

#####

18.Reserves excluding revaluation Reserves

20004.70

#####

19.EPS for the period (not annualised) - Basic

#REF!

(0.75)

0.89

0.24

2.32

3.42

#REF!

1.58

- Diluted

#REF!

(0.75)

0.89

0.24

2.32

3.42

4.83

1.50

20. Public shareholding

No. of Shares

40353835

#####

Percentage of shareholding

54.27

SEGMENT INFORMATION AS PER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE QUARTER ENDED 31-12-2008

31.03.2008

(Rs. In Lakhs)

(Rs.in Lakhs)

Particulars

Unaudited 9 months ended 31-12-2007

Unaudited Quarter ended

Unaudited Nine Months ended

Year ended 31-03-2008 (Audited)

Consolidated for the year ended

31-12-2008

31-12-2007

31-12-2008

31-12-2007

31-03-2008

31-03-2007

1. Segment Revenue

a. Explosives

6462.77

4496.04

17732.61

13036.82

18932.42

#####

b. Lubricants

9346.38

9501.72

32536.40

25058.05

36991.36

#####

c. Consult (Mining/Infrastructure contracts)

5092.50

3724.28

14565.76

10257.71

14131.99

#####

d. Speciality Chemicals

680.20

1104.41

2736.14

4680.77

4937.72

#####

e. Property Development

1050.00

600.00

#####

f. Others

1.09

#####

g. Unallocable Income

40.67

859.16

526.76

1829.98

3113.19

#####

Total

21622.52

19685.61

69147.67

55464.42

78706.68

#####

Less: Inter segment revenue

21.64

26.07

112.55

64.14

77.79

16.45

52.66

Revenue from Sales & other Income and exchange fluctuation

21600.88

19659.54

69035.12

55400.28

78628.89

#####

2. Segment Results

Profit/(loss) (before tax and interest from each segment)

a. Explosives

80.06

154.87

165.16

174.93

351.92

#####

b. Lubricants

370.90

798.68

1574.70

1840.76

2635.32

#####

c. Consult (Mining/Infrastructure contracts)

121.83

475.25

637.10

1327.61

1814.66

#####

d. Speciality Chemicals (see note No. 3 below)

(791.24)

(619.51)

(1082.29)

(2067.94)

#####

e. Property Development

1050.00

600.00

#####

f. Others

(3.04)

(16.20)

#####

Total

572.79

634.52

2807.45

2844.81

3333.96

#####

Less:

(i) Interest paid (net of interest received)

668.13

511.05

1602.52

1549.76

2132.97

#####

(ii) Other un-allocable expenditure net off un-allocable income

651.15

(552.05)

925.37

(857.26)

(1769.61)

#####

Total Profit Before Tax

(746.49)

675.52

279.56

2152.31

2970.60

#####

3. Capital Employed

a. Explosives

#####

8947.66

8733.07

8246.86

#####

######

b. Lubricants

#####

7889.91

7386.80

6468.97

#####

######

c. Consult (Mining/Infrastructure contracts)

#####

8844.21

7010.38

7730.82

#####

######

d. Speciality Chemicals

#####

6342.09

7338.89

7469.87

#####

######

e. Property Development *

184587.32

81.70

184618.21

f. Others

#####

173.33

133.28

199.78

#####

211.29

g. Unallocable-Corporate

#####

8512.76

6462.10

5238.06

#####

######

Total

225297.28

37146.22

219972.57

#####

*Land identified for property development at Hyderabad & Bangalore has been revalued as on 31st March 2008 amounting to Rs 183896.69 lacs

######

Notes:

######

The above results were reviewed by the Audit Committee and approved at the meeting of Board of Directors of the Company held on January 27, 2009. Auditors have carried out limited review of the Financial results for the quarter ended December 31, 2008 as required under clause 41 of the listing requirements

#REF!

The Auditors in their report have mentioned that they are unable to take a view in the absence of sufficient taxable profits, the appropriateness of carrying Deferred Tax Asset of Rs. 961.49 lakhs (Nine Months ended December 31, 2007 Rs.784.29 lakhs). However, management is confident that the Company will make sufficient profits to absorb the Deferred Tax Asset in future.

#REF!

The Board of Directors of the Company in its meeting held on October 27, 2008, approved a restructuring of the Company's businesses in accordance with which, the Speciality Chemicals Division of the Company would be transferred effective April 1, 2008 to IDL Speciality Chemicals Ltd (formerly IDL Agro Chemicals Limited), a wholly owned subsidiary. The Scheme of Arrangement for restructuring has been approved by the Shareholders and Unsecured Creditors in their respective Meetings held on January 12, 2009. The Company has filed the Petition before the Hon'ble High Court of Andhra Pradesh for its sanction. Accordingly, in terms of agreement with IDL Speciality Chemicals Ltd., effective July 1, 2008 for managing the Speciality Chemicals Division, this financial statement does not include loss of that Division for the quarter ended December 31, 2008, amounting to Rs.709 lakhs and loss for the six months period ended December 31, 2008 amounting to Rs.1556 lakhs.

In respect of taxability under the Central Sales Tax Act, 1956, of stock transfers from Rourkela plant of the Company to its consignment agents outside the State of Orissa, the Hon'ble Supreme Court vide its Order dated 16.11.2007, held that the stock transfers constituted inter state sale in respect of 10 years assessment years viz.1976-77 to 1983-84, 1989-90 &1990-91 and also directed the authorities to examine the factual aspects and assess tax on the supplies made by the Company to the subsidiaries of Coal India Limited as inter state sale. The Company filed petition under Article 32 for implementation of the Order and sought remedial measures. The Hon'ble Supreme Court upon hearing, has granted permission to the Company to withdraw its petition and file appropriate petition before the High Court. Accordingly, the Company is in the process of taking appropriate action in this regard.

Investors' complaints: Pending at the beginning of the quarter: 3 ; Received during the quarter: 26; Cleared during the quarter: 27; Pending complaints: 2.

Previous period / year figures have been regrouped / recasted wherever necessary.

By Order of the Board

For GULF OIL CORPORATION LTD

Mumbai

S. Pramanik

January 27, 2009

Managing Director

During the current financial year, the Company entered into an agreement with IDL Speciality Chemicals Limited (formerly IDL Agro Chemicals Limited) for managing the Speciality Chemicals Division effective July 1, 2008. Accordingly, this statement does not include the segment results of the Speciality Chemicals Division for the six months period ended December 31, 2008.