Results - Gulf Oil Corporation Limited

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Unaudited Financial Results

for the quarter ended 30-06-2004 ( Rs. In Lakhs )

Particulars	Quarter ended		Year ended 31-03-2004 (Audited)
Particulars	30-06-2004	30-06-2003	Year ended 31-03-2004 (Audited)
1. Income from Sales & other Operations	10638.33	8541.01	41551.04
Less Excise Duty	891.66	959.83	4346.84
Net Sales	9746.67	7581.18	37204.20
2. Other Income	846.13	552.37	3368.81
Total Revenue	10592.80	8133.55	40573.01
3. Total Expenditure	9578.67	7104.56	35842.98
a) (Increase)/decrease in Stock in trade	(68.15)	(443.91)	467.06
b) Consumption of raw materials,etc.,	6121.93	4280.33	21465.63
c) Staff Cost	960.08	1016.86	3821.08
d) Other expenditure	2564.81	2251.28	10089.21
4. Interest (Net)	116.78	173.40	617.50
5. Depreciation	199.23	190.94	799.72
6. PROFIT BEFORE TAX & Extra -Ordinary Item (1+2-3-4-5)	698.12	664.65	3312.81
7. Extraordinary Items		-	514.42
8.PROFIT BEFORE TAX (6-7)	698.12	664.65	2798.39
9. Provision for Current Tax	64.00	55.00	388.59
10.Profit before Deferred Tax (8-9)	634.12	609.65	2409.80
11.Provision For Deferred Tax		45.00	119.00
12.NET PROFIT AFTER TAX (10-11)	634.12	564.65	2290.80
13.Paid up Equity Share Capital (Face value of Rs.10 each)	1387.17	1387.17	1387.17
14.Reserves excluding revaluation Reserves			11246.72
(as per balance sheet)
15.Basic and diluted EPS for the	4.57	4.07	16.51
period (not to be annualised)
16. Aggregate of Non-Promoter shareholding
No. of Shares			7070767
Percentage of shareholding			50.97

Unaudited Segment Information as per Clause 41 of the Listing Agreement
for the Quarter Ended 30th June 2004

Particulars	Quarter ended		Year ended 31-03-2004 (Audited)
Particulars	30-06-2004	30-06-2003	Year ended 31-03-2004 (Audited)
1. Segment Revenue
a. Explosives	4132.01	4238.51	16179.55
b. Lubricants	5594.26	3233.81	20870.05
c. Building Products	48.56	41.27	213.43
d. Others	16.29	77.86	315.71
e. Unallocable Income	807.41	547.43	3018.67
Total	10598.53	8138.88	40597.41
Less: Inter segment revenue	5.73	5.33	24.40
Income from Sales & other Operations	10,592.80	8,133.55	40,573.01
2. Segment Results
Profit/(loss) (before tax and interest
from each segment)
a. Explosives	151.71	237.09	435.58
b. Lubricants	240.60	237.03	1,520.95
c. Building Products	(21.72)	(33.38)	(78.59)
d. Others	(17.54)	44.48	55.20
Total	353.05	485.22	1933.14
Less:
(i) Interest paid (net of interest received)	116.78	173.40	617.50
(ii) Other un-allocable expenditure	(461.85)	(352.83)	(1482.75)
net off un-allocable income
Total Profit Before Tax	698.12	664.65	2798.39
3. Capital Employed
a. Explosives	9278.66	11236.30	9531.35
b. Lubricants	6268.00	6245.00	5668.84
c. Building Products	759.30	846.87	778.28
d. Others	218.55	241.70	211.99
e. Unallocable-Corporate	5456.05	2531.59	3668.22
Total	21980.56	21101.46	19858.68

Notes:

1. The above results were reviewed by the Audit Committee and taken on record at the meeting of the Board of Directors

of the Company held on 21^st July 2004

2. Included in other income of the current quarter is an amount of Rs. 807.41 Lakhs being capital gains on sale of property.

3. Auditors have carried out limited review of the Financial results for the quarter ended 30^th June, 2004 as required under

Clause 41 of the listing requirements.

4. Tax has been calculated on the basis of applicable MAT rate on the total income including profit on sale of fixed assets; adjustments, if any, will be considered appropriately at the end of the year.

5. Investors complaints received during the quarter ended 30^th June, 2004: 10. Cleared during the quarter: 5. Pending

complaints at the end of the quarter: 5.

6. 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 : 21-07-2004 Managing Director