Press Release
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Highlights for Q1 -
Total Sales Income higher by 34% to Rs. 247
crores ( Rs.185 crores ) -
Profit up 5% after Tax. |
Hyderabad, July 24th, 2008: GULF OIL Corporation, a Hinduja Group Company, has reported a 34% increase in income in Q1. Profit after tax was Rs. 5.58 crores ( Rs. 5.32 crores ) an increase of 5%.
Division wise performance and highlights are as under:
During the first quarter of the
financial year 2008-09, the Lubricants Division achieved a gross turnover of
Rs. 126.34 Crores as compared to Rs. 81.15 Crores in the corresponding quarter
of the previous year. The Division achieved a volume growth of 30% and improved product mix, resulted in an
increase in margins by around 50%
The
Lubricants Division stepped up
distribution efforts and grew sales in the two wheeler segment. Consumer
acceptance of the newly introduced products for this segment has been very
encouraging. The media campaign released across TV channels – national &
regional, communicated the product benefits of Gulf Pride 4T Plus – 10W 30.
This enabled the Division to achieve rapid growth at the top end of the
motorcycle segment. To build the brand
proposition of “Endurance” the Division
conceptualised and sponsored the “Gulf Overdrive Xtreme Endurance Challenge”
where two Hero Honda Karizma motorcycles set a new record of travelling from
Indian’s Southernmost tip -Kanyakumari to Khardungla(Leh) –World’s highest
motorable road in 5 Days, 5 hours & forty-five minutes.
Focus
on the diesel engine oil segment was continued as we introduced new product
offerings for the light commercial vehicles – Gulf Cargo Power. Gulf Super Duty
VLE for heavy commercial vehicles requiring CI 4 grade products was also
launched. To increase acceptance of the range of ‘Ashok Leyland – Gulf Oil’
co-branded oils a press campaign, supported with outdoor media, was launched
for Gulf Super Fleet LE Max - India’s First Long Drain Engine Oil with a drain interval of 36,000 km.
The Division
organised a special series of events to create awareness of the partnership of
Gulf Oil with Aston Martin Racing in
The Lubricants Division also achieved considerable growth in
the sale of ancillary products such as a wide range of Gulf Filters and Gulf
Car-care products.
EXPLOSIVES DIVISION
The Explosives Division continued to make good progress in line with the increase in mining activities in the Country, and achieved turnover of Rs.53.21 crores in Q1 as compared to Rs.40.80 crores of corresponding quarter of the last year, representing double-digit growth of 30%. This was accomplished by focusing on non-coal, export and metal cladding segments. The trade market business segment also gave good returns.
Exports of the explosives and accessories have achieved growth of 20% compared to Q1 of the last year.
The Division is continuing its sustained efforts by expanding non-CIL and Metal Cladding and Special Products segments. Metal Cladding group is growing at a fast rate and recorded 174% growth over the Q1 of the last year.
The service
income of the IDLconsult Division in the first quarter was Rs. 46.73 crores as
against Rs. 33.71 crores in the corresponding quarter of previous year
registering a growth of 39%.
Contributors
to this growth were the three ongoing large coal mining contracts in the
Singrauli region under Northern Coalfields Limited (a CIL subsidiary) and the
Manuguru Project under Singareni Collieries.
The
Division is successfully continuing its Mining services at the iron ore mines
in the Barbil region with the Aditya Birla Group and other Companies.
The
Division has started its first Manganese ore mining work with Adhunik Group in
the Barbil.
In
terms of volume of rock being handled, the Division has grown as the largest
Mining service Provider in the country in a very short period due to its
strengths in Mine planning, control and quality execution of projects awarded.
Besides
total mining services, the Division has taken up a few assignments with plans
to increase business in the fast growing infrastructure sector based on the
successful execution of contracts in the Delhi Metro Rail Project, Structural
works at
Due
to the high technical standard and quality of work, the Division is being
offered various contracts in the Mining and construction Sectors.
Currently the Division has about Rs. 900
crores value of orders booked.
The turnover of the Division for the quarter was Rs. 14.22 crores mainly on account of the Cephalosporins segment. Two more Cephalosporins namely Cefprozil and Cefditoren Pivoxil have been developed in the R&D and are ready for commercialization.
The Division has also
commercialized Ondansetron, used for controlling Nausea following
Chemotherapy. Two more products have
been developed in the Laboratory and are ready for commercial production in early
Q2.
Work on the IT Park on 40 acres on the Company’s property
at Yellahanka,
The
In the meantime, the property bank of the Company
comprising of 40 acres in
For further information please
visit www.gulfoilcorp.com or contact:
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Mr. K. V. R. L. N. Sarma, Manager
(Corporate Affairs), GULF OIL Corporation Limited, at 040-23814648 Mr. R. Varadararajan, Vice
President, Lubricants Division, GULF OIL Corporation Ltd., at 022-28248240,
56989900, 9819338850 Mr. Ms.Devdatta Mulchandani –
Clea Public Relations, 9444076909 |