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 Quarter ended		Year ended 31-03-2008 (Audited)
	30-06-2008	30-06-2007	Year ended 31-03-2008 (Audited)
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	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
a) Current Tax	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	1487.17	1487.17
12.Reserves excluding revaluation Reserve	20004.70
13.EPS for the period (not annualised)
- Basic	0.75	* 0.75	* 3.42
- Diluted	0.75	* 0.75	* 3.42
14. Public shareholding
No. of Shares	40353835	40353835	40353835
Percentage of shareholding	54.27	54.27	54.27

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

SEGMENT INFORMATION AS PER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE QUARTER ENDED 30-06-2008
(Rs. in Lakhs)
Particulars Unaudited Quarter ended Year ended
31-03-2008
(Audited)
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 1050.00 600.00 600.00
f. Others - - -
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 fromeach 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 1050.00 600.00 600.00
Total 1494.94 1581.82 3333.96
Less:
(i) Interest paid (net of interestreceived) 519.04 519.54 2132.97
(ii) Other un-allocable expenditure net offun-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)* 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 on31st March, 2008 amounting to Rs. 183896.69 Lakhs

Notes:
1 The above results were reviewed by the Audit Committee andapproved at the meeting of Board of Directors of the Company heldon July 24th, 2008. Auditors have carried out a limited review ofthe Financial results for the quarter ended 30th June 2008 asrequired under clause 41 of the listing agreement.
2 The auditors in their report have mentioned that they areunable 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 isconfident that the Company will make sufficient profits to absorbthe Deferred Tax Asset in future.
3 Other Expenditure includes Loss on forex fluctuation ofRs.558.65 Lakhs (Previous year-Gain on forex fluctuation-Rs.214.74Lakhs)
4 Investors' complaints: Pendingat the beginning of the quarter: Nil; Received during the quarter: 22; Cleared during the quarter: 20;Pending complaints: 2.
5 Previous period / year figures have been regrouped / recastedwherever necessary.

By Order of the Board
For GULF OIL CORPORATION LTD

Mumbai S. Pramanik
July 24th, 2008 Managing Director

Notes:
1	The above results were reviewed by the Audit Committee andapproved at the meeting of Board of Directors of the Company heldon July 24th, 2008. Auditors have carried out a limited review ofthe Financial results for the quarter ended 30th June 2008 asrequired under clause 41 of the listing agreement.
2	The auditors in their report have mentioned that they areunable 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 isconfident that the Company will make sufficient profits to absorbthe Deferred Tax Asset in future.
3	Other Expenditure includes Loss on forex fluctuation ofRs.558.65 Lakhs (Previous year-Gain on forex fluctuation-Rs.214.74Lakhs)
4	Investors' complaints: Pendingat the beginning of the quarter: Nil; Received during the quarter: 22; Cleared during the quarter: 20;Pending complaints: 2.
5	Previous period / year figures have been regrouped / recastedwherever necessary.

	By Order of the Board
	For GULF OIL CORPORATION LTD

Mumbai	S. Pramanik
July 24th, 2008	Managing Director