Results - Gulf Oil Corporation Limited

for the quarter ended 30-06-2003

Particulars	Quarter ended		Year ended 2002-2003 (Audited)
Particulars	30-06-2003	30-06-2002
1. INCOME FROM SALES & OTHER OPERATIONS	8541.01	8650.01	40534.71
2. Other Income	552.37	339.32	713.20
3. Total Expenditure	8064.39	8052.63	38495.58
a) (Increase)/decrease in Stock in trade	(443.91)	2.74	(223.11)
b) Consumption of raw materials,etc.,	4280.33	3899.46	19100.87
c) Staff Cost	1016.86	1070.32	4350.12
d) Excise Duty	959.83	1009.56	4607.35
e) Other expenditure	2251.28	2070.55	10660.35
4. Interest (Net)	173.40	271.46	815.84
5. Depreciation	190.94	204.70	803.56
6. PROFIT BEFORE TAX (1+2-3-4-5)	664.65	460.54	1132.93
7. Provision for Current Tax	55.00	35.00	101.42
8. Profit before Deferred Tax (6-7)	609.65	425.54	1031.51
9. Provision for Deferred Tax	45.00	37.00	(500.01)
10. NET PROFIT AFTER TAX (8-9)	564.65	388.54	1531.52
11.Paid up Equity Share Capital (Face value of Rs.10 each)	1387.17	1387.17	1387.17
12.Reserves excluding revaluation Reserves			10454.43
(as per Balance Sheet)
13.Basic and diluted EPS for the	4.07	2.80	11.04
period (not annualised)
14. Aggregate of Non-Promoter shareholding
No. of Shares	7070767	7070767	7070767
Percentage of shareholding	50.97%	50.97%	50.97%

Segment Information as per Clause 41 of the Listing Agreement
for the Quarter and Year Ended 31-03-2003

Particulars	Quarter ended 30th June 2003 (Unaudited)	Quarter ended 30th June 2002 (Unaudited)	Year ended 2002-2003 (Audited)
1. Segment Revenue
a. Explosives	4731.97	4959.87	21984.12
b. Lubricants	3694.85	3600.51	18159.44
c. Building Products	41.27	51.56	270.05
d. Others	575.21	48.94	318.81
Total	9043.30	8660.88	40732.42
Less: Inter segment revenue	5.33	-	9.96
Income from Sales & other Operations	9,037.97	8,660.88	40,722.46
2. Segment Results
Profit/(loss) (before tax and interest
from each segment)
a. Explosives	237.09	377.33	1666.92
b. Lubricants	237.03	166.11	467.84
c. Building Products	(33.38)	(17.16)	(45.92)
d. Others	541.83	3.12	87.59
Total	982.57	529.40	2176.43
Less:
(i) Interest paid (net of interest received)	173.40	271.46	815.84
(ii) Other un-allocable expenditure	144.52	(202.60)	227.66
net off un-allocable income
Total Profit Before Tax	664.65	460.54	1132.93
3. Capital Employed (excluding unallocated)
a. Explosives	11236.30	11310.42	10719.12
b. Lubricants	6245.00	7077.16	6538.49
c. Building Products	846.87	835.11	853.84
d. Others	241.70	170.99	192.58
Total	18569.87	19393.68	18304.03

Notes:

The above results were reviewed by the Audit Committee and taken on record at the adjourned meeting of the Board of Directors of the Company held on 31st July 2003.
The sales for the quarter have been affected due to transporters strike.
Included in other income is an amount of Rs.497.35 lakhs being capital gains on sale of a property.
Tax has been calculated on the basis of applicable MAT rate on total income. Adjustments if any will be considered appropriately at the end of the year.
Investor complaints received during the quarter ending - 6. All have been cleared during the quarter. There are no pending complaints at the end of the quarter.
Previous period / year figures have been regrouped/recasted wherever necessary to conform to the current period.

By order of the Board
for GULF OIL CORPORATION LIMITED
Hyderabad, Dated : 31.07.2003
S.Pramanik Managing Director