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Audited Financial Results   


for the year ended 31-03-2004                                                                                                                                ( Rs. In Lakhs )

 

Particulars 

 		 9 Months ended 31-12-2003 Quarter ended Year ended Audited Consolidated for the year ended
31-03-2004 31-03-2003 31-03-2004 31-03-2003 31-03-2004 31-03-2003

1. Income from Sales & other Operations

 29972.07 11578.97 12605.12 41551.04 40534.71 41,931.76 40,610.75
Less Excise Duty 3108.82 1238.02 1296.14 4346.84 4607.35 4,346.84 4,607.35
Net Sales 26863.25 10340.95 11308.98 37204.20 35927.36 37584.92 36003.40
2. Other Income 2085.63 1283.18 155.63 3368.81 713.20 3,383.94 719.01
Total Revenue 28948.88 11624.13 11464.61 40573.01 36640.56 40968.86 36722.41
3. Total Expenditure 25892.46 9950.52 11356.17 35842.98 33888.23 36,272.97 33,953.94
a) (Increase)/decrease in Stock in trade 50.66 416.40 278.82 467.06 (223.11) 393.64 (233.89)
b) Consumption of raw materials,etc., 15419.93 6045.70 5689.40 21465.63 19100.87 21,817.67 19,159.00
c) Staff Cost 2967.15 853.93 1197.69 3821.08 4350.12 3,872.45 4,339.87
d) Other expenditure 7454.72 2634.49 4190.26 10089.21 10660.35 10,189.21 10,688.96
4. Interest (Net) 499.65 117.85 118.13 617.50 815.84 629.02 816.23
5. Depreciation 598.64 201.08 198.90 799.72 803.56 809.39 811.06
6. PROFIT BEFORE TAX & Extra -Ordinary Item (1+2-3-4-5) 1958.13 1354.68 (208.59) 3312.81 1132.93 3257.48 1141.18
7. Extraordinary Items (Note 5) 149.09 365.33               -   514.42               -   514.42  
8.PROFIT BEFORE TAX (6-7) 1809.04 989.35 (208.59) 2798.39 1132.93 2743.06 1141.18
9. Provision for Current Tax 140.00 248.59 (7.58) 388.59 101.42 390.42 104.61
10.Profit before Deferred Tax (8-9) 1669.04 740.76 (201.01) 2409.80 1031.51 2352.64 1036.57
11.Provision For Deferred Tax 20.00 99.00 (760.01) 119.00 (500.01) 118.47 (501.58)
12.NET PROFIT AFTER TAX (10-11) 1649.04 641.76 559.00 2290.80 1531.52 2234.17 1538.15
13.Less : Minority Interest           (27.41) 0.41
14. Profit after Minority Interest           2,261.58 1,537.74
15.Paid up Equity Share Capital (Face value of Rs.10 each) 1387.17 1387.17 1387.17 1387.17 1387.17 1,387.17 1,387.17
16.Reserves excluding revaluation Reserves (as per balance sheet)       11246.72 10454.43 11,207.37 10,444.30
17.Basic and diluted EPS for the period (not to be annualised) 11.89 4.63 4.03 16.51 11.04 16.30 11.09
  18. Aggregate of Non-Promoter shareholding No. of Shares 7070767     7070767 7070767 7070767 7070767
  Percentage of shareholding 50.97     50.97 50.97 50.97 50.97
               
Segment Information as per Clause 41 of the Listing Agreement
for the Quarter and Year Ended 31st March 2004 
 Particulars

 

 9 Months ended 31-12-2003 Quarter ended Year ended Audited Consolidated for the year ended
31-03-2004 31-03-2003 31-03-2004 31-03-2003 31-03-2004 31-03-2003
1. Segment Revenue              
     a.  Explosives 11916.83 4262.74     5,678.04   16,179.55 19708.16   16,179.55 19708.16
     b.  Lubricants 14654.97 6215.08     5,627.03   20,870.05 15828.05   21,224.98 15828.05
     c.  Building Products 158.87 54.56 65.25 213.43 270.05 213.43 270.05
     d.  Others (including Property Development) 2191.03 1021.86 109.20 315.71 318.81 369.14 422.26
     e.  Unallocable Income 47.42 74.05   3018.67 525.45 3018.67 525.94
  Total 28969.12 11628.29 11479.52 40597.41 36650.52 41005.77 36754.46
  Less: Inter segment revenue         20.24            4.16          14.91          24.40 9.96          36.91 32.05
Income from Sales & other Operations 28,948.88 11,624.13 11,464.61 40,573.01 36,640.56 40,968.86 36,722.41
2. Segment Results              
Profit/(loss) (before tax and interest  from each segment)              
     a.  Explosives 272.76 162.82 470.36        435.58 1666.92        435.58 1666.92
     b.  Lubricants 855.01 665.94 (312.38)     1,520.95 467.84 1475.21 467.84
     c.  Building Products (52.30) (26.29) (18.83) (78.59) (45.92) (78.59) (45.92)
     d.  Others (including Property Development) 44.58 10.62 24.65 55.20 87.59 57.13 75.53
    Total 1120.05 813.09 163.80 1933.14 2176.43 1889.33 2164.37
     Less:              
    (i)  Interest paid (net of interest received) 499.65 117.85 118.13 617.50 815.84 629.02 816.23
    (ii) Other un-allocable expenditure net off un-allocable income (1188.64) (294.11) 254.26 (1482.75) 227.66 (1482.75) 206.96
Total Profit Before Tax 1809.04 989.35 (208.59) 2798.39 1132.93 2743.06 1141.18
3. Capital Employed              
     a.  Explosives 11513.21 9531.35 10719.12 9531.35 10719.12 9531.35 10719.12
     b.  Lubricants 5131.00 5668.84 6538.49 5668.84 6538.49     5,746.57 6538.49
     c.  Building Products 814.79 778.28 853.84 778.28 853.84 778.28 853.84
     d.  Others (including Property Development) 252.93 211.99 192.58 211.99 192.58 318.50 285.53
     e.  Unallocable-Corporate 3429.97 3668.22 3196.85 3668.22 3196.85 3535.99 3093.84
    Total 21141.90 19858.68 21500.88 19858.68 21500.88 19910.69 21490.82

Notes:

1. The above results were reviewed by the Audit Committee on 26th May 2004 and taken on record at the meeting of

    the  Board of Directors of the Company held on 27th May 2004

 

2.  Included in other income of the current quarter is an amount of Rs. 917.85 Lakhs being capital gains on sale of

    property.

 

3.  The production and sales of Hyderabad Works was adversely affected due to an accident in one of the Detonating

    Fuse Plants on 25th November, 2003 and the impact of this is reflected in this quarter’s results.  The operations at

    Hyderabad Works, which were suspended pending approval from the authorities, commenced production effective

    28th January, 2004 and was normalised from mid March, 2004.

 

4.   Extraordinary item represents Rs. 368.70 Lakhs towards exgratia paid to families of deceased workmen affected

    by the accident and wages cost during the closure referred to in Note 3 above and also Rs. 145.72 lakhs in respect of

    payments under Voluntary Retirement Schemes.

 

5.   The Board of Directors has recommended a dividend of Rs. 6 per share for the year 2003-04.

 

6.   Investors complaints received during the quarter ended 31st March 2004:  3.   All have been cleared during the

    quarter.  There are no pending complaints at the end of the quarter.

 

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

 

 

                                                                                                                                                    By order of the Board
                                                                                                                                        for GULF OIL CORPORATION LIMITED

                                                                                                                                                                  

                                                                                                                                                                Sd/-

                                                                                                                                                           S.Pramanik 

Hyderabad, Dated : 27-05-2004                                                                                                         Managing Director

 

 

 


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