GULF OIL CORPORATION LIMITED
		Registered Office: Kukatpally, Sanathnagar (IE) PO, Hyderabad-500 018
		UNAUDITED FINANCIAL RESULTS  FOR THE QUARTER ENDED 30.09.2008
											(Rs. In Lakhs)
								(Rs. In Lakhs)
			Unaudited        9 months ended 31-12-2007	Unaudited Quarter ended		Unaudited Half year ended		Year ended 31-03-2008                     (Audited)		Consolidated for the year ended
		Particulars
				30-09-2008	30-09-2007	30-09-2008	30-09-2007
										31-03-2008	31-03-2007
		1. Income from Sales & other Operations	######	25667.68	19294.28	50389.94	37774.52	83321.52		######	######
		Less Excise Duty	######	2267.19	2025.38	4495.25	3924.37	8605.23		######	######
		Net Income from Sales & other Operations	######	23400.49	17268.90	45894.69	33850.15	74716.29		######	######
		2. Income from Property Development	######	-		1050.00	600.00	600.00		600.00	######
		3. Total Revenue	######	23400.49	17268.90	46944.69	34450.15	75316.29		#REF!	#REF!		#REF!
		4. Expenditure
		a) (Increase)/decrease in Stock in trade	######	(686.74)	(1369.50)	(1873.28)	(1420.15)	(1263.25)		######	######
		b) Purchase of goods for resale	######	881.95	663.49	2912.38	1194.00	3838.98		######	######
		c) Consumption of raw materials,etc.,	######	12442.24	10014.13	23859.79	18372.71	37415.95		######	######
		d) Expenses on Operation Contracts	######	3342.98	2072.32	6704.44	4323.68	9500.64		######	######
		e) Staff Cost	######	1672.75	1363.84	3388.35	2725.58	5897.17		######	######
		f)  Depreciation	443.53	383.17	400.40	826.70	790.66	1602.27		######	######
		g) Other expenditure	######	4335.54	3811.55	8355.45	6997.65	16039.79		######	######
		h) Total	######	22371.89	16956.23	44173.83	32984.13	73031.55		######	######
		5. Profit from Operations before Other income,interest & Exceptional Items		1028.60	312.67	2770.86	1466.02	2284.74
		6. Other Income	58.44	431.11	874.95	489.55	958.24	2941.65
		7. Profit before interest & Exceptional Items		1459.71	1187.62	3260.41	2424.26	5226.39
		8. Interest (Net)	459.77	474.62	519.17	934.39	1038.71	2132.97		######	######
		(b) Loss/(Gain) on Foreign Exchange Currency Flucluation (Net)
		9. Profit after Interest but before Exchange fluctuation gain/(loss)
		& Exceptional Items		985.09	668.45	2326.02	1385.55	3093.42
		10.Exchange Gains/(losses) on restatement of Foreign currency
		assets and liabilities		(567.30)	117.61	(1125.95)	332.35	370.95
		11.Exceptional Items - VRS Compensation	87.01	87.01	120.56	174.02	241.11	493.77		493.77	462.32
		12.Profit from Ordinary Activities before tax		330.78	665.50	1026.05	1476.79	2970.60
		13.Tax expense	137.31	152.61	144.57	289.92	423.57	457.43		470.03	853.79
		a) Current Tax	238.00		78.00	238.00	165.00	350.00		350.00	356.07
		b) Tax provision of earlier years written back									(59.32)
		b) Deferred Tax	######	112.00	23.00	(9.00)	191.00	(6.00)		6.56	435.97
		c) Fringe Benefit Tax	20.31	40.61	43.57	60.92	67.57	113.43		113.47	121.07
		14.Net Profit for the period		178.17	520.93	736.13	1053.22	2513.17		106.91	######
		15.Extraordinary Items		-	-	-	-	-		(35.82)	(55.84)
		16.Net Profit for the period	#REF!	178.17	520.93	736.13	1053.22	2513.17		#REF!	#REF!
		11.Less: Share of Loss from Associates								(8.61)	(42.36)
		12. Profit after taxation before Minority Interest								#REF!	#REF!
		13. Share of Minority Interest								93.90	30.08
		14.Profit after Minority Interest								#REF!	#REF!
		17.Paid up Equity Share Capital (Face value of Rs.2 each)	######	1487.17	1487.17	1487.17	1487.17	1487.17		######	######
		18.Reserves excluding revaluation Reserves						20004.70		######	######
		19.EPS for the period (not annualised)  - Basic	#REF!	0.25	0.70	0.98	1.42	3.42		#REF!	1.58
		- Diluted	#REF!	0.25	0.70	0.98	1.42	3.42		4.83	1.50
		20. Public shareholding
		No. of Shares		40353835	40353835	40353835	40353835	40353835		######	######
		Percentage of shareholding		54.27	54.27	54.27	54.27	54.27		54.27	54.27
		SEGMENT INFORMATION AS PER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE QUARTER ENDED 30-09-2008								31.03.2008
								(Rs. In Lakhs)			(Rs.in Lakhs)
		Particulars	Unaudited        9 months ended 31-12-2007	Unaudited Quarter ended		Unaudited Half year ended		Year ended 31-03-2008                     (Audited)		Consolidated for the year ended
				30-09-2008	30-09-2007	30-09-2008	30-09-2007			31-03-2008	31-03-2007
		1. Segment Revenue
		a.  Explosives	#REF!	5901.28	4332.97	11269.84	8540.78	18932.42		######	######
		b.  Lubricants	#REF!	11893.19	8438.02	23190.02	15556.33	36991.36		######	######
		c.  Consult (Mining/Infrastructure contracts)	#REF!	4800.05	3161.82	9473.26	6533.43	14131.99		######	######
		d.  Speciality Chemicals	#REF!	800.66	1687.92	2055.94	3576.36	4937.72		######	######
		e.  Property Development	#REF!			1050.00	600.00	600.00		600.00	######
		f.  Others	#REF!		1.09		1.09			307.55	263.67
		g. Unallocable Income	#REF!	450.14	668.23	486.09	970.82	3113.19		######	######
		Total	#REF!	23845.32	18290.05	47525.15	35778.81	78706.68		######	######
		Less: Inter segment revenue	#REF!	72.99	28.59	90.91	38.07	77.79		16.45	52.66
		Revenue from Sales & other Income and exchange fluctuation gains	#REF!	23772.33	18261.46	47434.24	35740.74	78628.89		######	######
		2. Segment Results
		Profit/(loss) (before tax and interest from each segment)
		a.  Explosives	#REF!	(70.48)	(83.48)	85.10	20.06	351.92		351.92	######
		b.  Lubricants	#REF!	562.20	583.45	1203.80	1042.08	2635.32		######	######
		c.  Consult (Mining/Infrastructure contracts)	#REF!	248.00	355.31	515.27	852.36	1814.66		######	######
		d.  Speciality Chemicals (see note no.4 below)	#REF!		(213.65)	(619.51)	(291.05)	(2067.94)		######	######
		e.  Property Development	#REF!			1050.00	600.00	600.00		600.00	######
		f.  Others	#REF!		(5.60)		(13.16)			######	######
		Total	#REF!	739.72	636.03	2234.66	2210.29	3333.96		######	######
		Less:
		(i)  Interest paid (net of interest received)	#REF!	474.62	519.17	934.39	1038.71	2132.97		######	######
		(ii) Other un-allocable expenditure net off un-allocable income	#REF!	(65.68)	(548.64)	274.22	(305.21)	(1769.61)		######	######
		Total Profit Before Tax	#REF!	330.78	665.50	1026.05	1476.79	2970.60		######	######
		3. Capital Employed
		a.  Explosives	######			8455.15	8068.60	8246.86		######	######	######
		b.  Lubricants	######			8019.39	7138.01	6468.97		######	######	######
		c.  Consult (Mining/Infrastructure contracts)	######			8540.19	7089.30	7730.82		######	######	######
		d.  Speciality Chemicals	######			7828.87	7632.03	7469.87		######	######	######
		e.  Property Development *				184587.32	81.70	184618.21
		f.  Others	133.28			173.33	218.03	199.78		386.69	713.81	211.29
		g.  Unallocable-Corporate	######			6660.64	8177.45	5238.06		######	######	######
		Total				224264.89	38405.12	219972.57		######
		*Land identified for property development at Hyderabad has been revalued as on 31st March 2008 amounting to Rs 183896.69 lacs
		* Land identified for property development at Hyderabad has been revalued during the year
	Notes:
	1	The above results were reviewed by the Audit Committee and approved at the meeting of Board of Directors of the Company held on October 27, 2008. Auditors have carried out limited review of the Financial results for the quarter ended September 30, 2008 as required under clause 41 of the listing requirements
	2	The Auditors in their report have mentioned that they are unable to take a view in the absence of sufficient taxable profit, the appropriateness of carrying Deferred Tax Asset of Rs. 856.37 lakhs (half year ended September 30, 2007 Rs.791 lakhs). However,  Management is fully confident that the Company will make sufficient profits to absorb the Deferred Tax Asset in future.
	3	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 to IDL Agro Chemicals  Limited, a wholly owned subsidiary effective April 1, 2008. The scheme of arrangement and restructuring is subject to   regulatory approvals.
	4	During the quarter, the Company entered into an agreement with IDL Agro Chemicals Limited for mananging the Speciality Chemicals division effective July 1, 2008.  Accordingly, this statement does not include the  segment results of the Speciality Chemicals Division for this quarter.
	5	Investors'  complaints:    Pending  at  the  beginning  of  the  quarter:  2 ; Received during the quarter: 10; Cleared during the quarter:  9; Pending complaints: 3.
	8	The Company had filed Special Leave Petition in the Supreme Court against the impugned Order dated April 11, 2006 of the Orissa High Court, wherein the transaction for movement of goods from Rourkela factory in Orissa to Coal India Ltd through the Company
	6	Previous period / year figures have been regrouped / recasted wherever necessary.
		By Order of the Board
		For GULF OIL CORPORATION LTD
		Mumbai		S. Pramanik
		October 27, 2008		Managing Director