GULF OIL CORPORATION LIMITED

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

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2008

(Rs. in Lakhs)

Particulars

Unaudited 9 months ended 31-12-2007

Unaudited Quarter ended

Year ended 31-03-2008 (Audited)

31-03-2008

31-03-2007

30-06-2008

30-06-2007

Unaudited

1. Income from Sales & other Operations

#####

24722.26

18480.24

83321.52

Less Excise Duty

#####

2228.06

1898.99

8605.23

Net Income from Sales & other Operations

#####

22494.20

16581.25

74716.29

2. Income from Property Development

#####

1050.00

600.00

3. Other Income

#####

117.71

59.86

3312.60

4. Total Revenue

#####

23661.91

17241.11

78628.89

5. Expenditure

a) (Increase)/decrease in Stock in trade

#####

(1186.54)

(50.65)

(1263.25)

b) Purchase of goods for resale

#####

2030.43

530.51

3838.98

c) Consumption of raw materials,etc.,

#####

11417.55

8358.58

37415.95

d) Expenses on Operation Contracts

#####

3361.46

2251.36

9500.64

e) Employees Cost

#####

1715.60

1361.74

5897.17

f) Depreciation

#####

443.53

390.26

1602.27

g) Other expenditure

#####

4578.56

2947.93

16039.79

h) Total

#####

22360.59

15789.73

73031.55

6. Interest (Net)

#####

519.04

519.54

2132.97

7. Exceptional Items - VRS Compensation

#####

87.01

120.55

493.77

8. Profit from Ordinary Activities before tax

#####

695.27

811.29

2970.60

9. Tax expense

#####

73.87

a) Current Tax

#####

8.00

#####

238.00

87.00

350.00

b) Fringe Benefit Tax

#####

20.31

24.00

113.43

c) Deferred Tax

#####

(121.00)

168.00

(6.00)

Total

137.31

279.00

457.43

10.Net Profit for the period

#####

557.96

532.29

2513.17

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

#####

1487.17

12.Reserves excluding revaluation Reserve

20004.70

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

2.32

9.13

(1.42)

0.75

* 0.75

* 3.42

- Diluted

2.32

9.13

(1.42)

0.75

* 0.75

* 3.42

14. Public shareholding

No. of Shares

40353835

Percentage of shareholding

54.27

* Based on weighted average number of shares outstanding at the period end.

SEGMENT INFORMATION AS PER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE QUARTER ENDED 30-06-2008

(Rs. in Lakhs)

Particulars

Unaudited 9 months ended 31-12-2007

Unaudited Quarter ended

Year ended 31-03-2008 (Audited)

31-03-2008

31-03-2007

30-06-2008

30-06-2007

1. Segment Revenue

a. Explosives

#####

5368.56

4207.81

18932.42

b. Lubricants

#####

11296.83

7118.31

36991.36

c. Consult (Mining/Infrastructure contracts)

#####

4673.21

3371.61

14131.99

d. Speciality Chemicals

#####

1255.28

1888.44

4937.72

e. Property Development

#####

1050.00

600.00

f. Others

#####

0.04

g. Unallocable Income

#####

35.95

64.42

3113.19

Total

#####

23679.83

17250.59

78706.68

Less: Inter segment revenue

#####

17.92

9.48

77.79

Income from Sales & other Operations

#####

23661.91

17241.11

78628.89

2. Segment Results

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

a. Explosives

#####

155.58

103.54

351.92

b. Lubricants

#####

641.60

458.63

2635.32

c. Consult (Mining/Infrastructure contracts)

#####

267.27

497.05

1814.66

d. Speciality Chemicals

#####

(619.51)

(77.40)

(2,067.94)

e. Property Development

#####

1050.00

600.00

Total

#####

1494.94

1581.82

3333.96

Less:

(i) Interest paid (net of interest received)

#####

519.04

519.54

2132.97

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

#####

280.63

250.99

(1769.61)

Total Profit Before Tax

#####

695.27

811.29

2970.60

3. Capital Employed

a. Explosives

#####

7787.85

6803.08

8246.86

b. Lubricants

#####

7916.28

7316.45

6468.97

c. Consult (Mining/Infrastructure contracts)

#####

8275.27

6873.64

7730.82

d. Speciality Chemicals

#####

6862.35

7,879.86

7469.87

e. Property Development (including revaluation)*

#####

81.70

184587.32

81.70

184618.21

f. Others

#####

173.33

191.95

199.78

g. Unallocable-Corporate

#####

6485.88

7353.81

5238.06

Total

#####

222088.28

36500.49

219972.57

* Properties identified for development has been revalued as on 31st March, 2008

Notes:

The above results were reviewed by the Audit Committee and approved at the meeting of Board of Directors of the Company held on July 24th, 2008. Auditors have carried out a limited review of the Financial results for the quarter ended 30th June 2008 as required under clause 41 of the listing agreement.

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. 894 lacs (quarter ended 30th June, 2007 Rs.797 lacs). Management is confident that the Company will make sufficient profits to absorb the Deferred Tax Asset in future.

Other Expenditure includes Loss on forex fluctuation of Rs.558.65 Lakhs (Previous year-Gain on forex fluctuation-Rs.214.74 Lakhs)

Investors' complaints: Pending at the beginning of the quarter: Nil ; Received during the quarter: 22; Cleared during the quarter: 20; 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

July 24th, 2008

Managing Director