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Unaudited Financial Results (Provisional)

for the quarter ended 31-12-2003 (Rs. Lakhs)

Unaudited Segment Information
as per Clause 41 of the Listing Agreement for the quarter ended 31-12-2003 (Rs. Lakhs)

Notes:

1. 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 29th January 2004.
   
   
2. Included in other income of the current quarter is an amount of Rs.917.25 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, have since commenced production effective 28th January 2004.
   
   
4. Extra-ordinary item includes Rs. 120 Lakhs Exgratia payable to families of deceased workmen affected by the accident as mentioned in note 3 above and Rs. 29.09 Lakhs in respect of payments under Voluntary Retirement Scheme (refer note 5 below).
   
   
5. The Company's existing accounting policy is to treat the lump sum compensation incurred towards Voluntary retirement Schemes (VRS) as deferred revenue expenditure and amortise the same over sixty months. This was in accordance with the accounting principles relevant for deferred revenue expenditure in India as enunciated in the Guidance Note and opinions of the Expert Advisory Committee of the Institute of Chartered Accountants of India (ICAI). Consequent to representations by Industry Associations on the changes to the accounting treatment for payment under VRS, the Company has been advised that this issue is being reviewed by National Advisory Committee on Accounting Standards (NACAS) and the ICAI. In these circumstances the Company has decided to continue the present accounting policy. Accordingly, the Company has amortised Rs.29.09 Lakhs for the nine months ended 31st December, 2003, out of the total VRS payments aggregating to Rs.193.90 Lakhs during the said period.
   
   
6. Tax for the period has been provided under MAT, considering investments shall be made u/s 54EC of the Income-tax Act, 1961 on account of capital gains from sale of property.
   
   
7. The auditors have carried out limited review of the Financial results for the quarter ended 31st December , 2003 as required under Clause 41 of the listing requirements.
   
   
8. Investor complaints received during the quarter ended 31st December, 2003 - 8. All have been cleared during the quarter. There are no pending complaints at the end of the quarter.
   
   
9. Previous period / year figures have been regrouped wherever necessary to conform to the current period.

By order of the Board
for GULF OIL CORPORATION LIMITED
Hyderabad, Dated : 29th January 2004

S.Pramanik
Managing Director

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