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Unaudited Financial Results (Provisional)


for the quarter ended 31-12-2007 (Rs. Lakhs)

ParticularsQuarter endedNine months ended

Year ended

 
31.12.2007
(Unaudited)
31.12.2006
(Unaudited)
31.12.2007 (Unaudited)
31.12.2006
(Unaudited)
31.3.2007
(Audited)
1. Income from Sales & Other Operations
20880.72
16741.06
58655.24
45986.28
66865.64
    Less Excise Duty
2153.42
1818.75
6077.79
4629.80
6730.81

    Net Income from Sales & other Operations

 18727.30 14922.31 52577.45 41356.48 60134.83
2. Income from Property Development
-
712.00
600.00
1987.00
3337.00
3. Other Income 932.24 81.26 2222.83 306.20 317.99
4   Total Revenue
19659.54
15715.57
55400.28
43649.68
63789.82
5. Expenditure
    a) (Increase)/decrease in Stock in trade
(212.16)
(342.14)
(1632.31)
(999.17)
(699.45)
    b) Purchase of goods for resale
978.01
967.13
2172.01
4745.10
5542.09
    c) Consumption of raw materials,etc.,
9438.63
8384.41 
27811.34
22545.90
32133.44
    d)Expenses on Operation Contracts
2476.54
786.48
6800.22
2129.18
3878.98
    e) Staff Cost
1525.10
1249.30
4250.68
3528.56
4856.18
    F) Depreciation 394.17 254.36 1184.83 675.23 1002.14
    g) Other expenditure 3746.96 3055.61 10744.61 7873.25 11692.12
    h) Total 18347.25 14355.15 51331.38 40498.05 58405.50
6. Interest (Net)
511.05
471.47
1549.76
1119.35
1738.63
7. Exceptional Items - VRS Compensation
125.72
113.71
366.83
311.62
462.32
8. Profit from Ordinary Activities before tax
675.52
775.24
2152.31
1720.66
3183.37
9. Tax expense
21.91
122.63
445.48
205.13
882.78
    a) Provision for Current Tax - Minimum Alternate Tax
65.00
95.00
230.00
195.00
354.00
    b) Tax provision of earlier years written back
-
-
-
-
(59.32)
    C) Provision for Fringe Benefit Tax
32.91
27.63
100.48
60.13
120.10
    d) Provision For Deferred Tax
(76.00)
0.00
115.00
(50.00)
468.00
10. Net Profit for the period
653.61
652.61
1706.83
1515.53
2300.59
11. 11.Paid up Equity Share Capital (Face value of Rs.2 each)
1487.17
1387.17
1487.17
1387.17
1387.17
12. Reserves excluding revaluation Reserves
 
 
 
 
14388.71
13.EPS for the period (not annualised) - Basic
0.89
0.94
2.32
2.19
3.32
    (refer Note 5) - Diluted
0.89
0.90
2.32
2.09
3.17
14. Public shareholding     
    No. of Shares (refer Note 5)
40353835
35353835
40353835
35353835
35353835
    Percentage of shareholding
54.27
50.97
54.27
50.97
50.97
      

Unaudited Segment Information
as per Clause 41 of the Listing Agreement for the quarter ended 31-12-2007 (Rs. Lakhs)

ParticularsQuarter endedNine months ended

Year ended

 
31.12.2007 
31.12.2006 
31.12.2007 
31.12.2006 
31.3.2007
(Audited) 
1. Segment Revenue
 
 
 
 
 
    a. Explosives
4496.04
3995.20
13036.82
10620.17
14868.70
    b. Lubricants
9501.72
8627.32
25058.05
25678.26
35632.53
    c. Consult (Mining/Infrastructure contracts)
3724.28
1390.69
10257.71
3558.99
6444.17
    d.Speciality Chemicals
1104.41
977.00
4680.77
1765.81
3,362.43
    e. Property Development
0.00
712.00
600.00
1987.00
3,337.00
    f. Others
0.00
26.16
1.09
55.63
0.04
    g. Unallocable Income
859.16
0.01
1829.98
9.34
180.57
Total
19,685.61
15,728.38
55,464.42
43,675.20
63,825.44
Less: Inter segment revenue
26.07
12.81
64.14
25.52
35.62
Income from Sales & other Operations
19,659.54
15,715.57
55,400.28
43,649.68
63,789.82
2. Segment Results
 
 
 
 
 
Profit/(loss) (before tax and interest
 
 
 
 
 
from each segment)
 
 
 
 
 
  a. Explosives
154.87
60.36
174.93
45.67
(146.32)
  b. Lubricants
798.68
487.19
1,840.76
1,056.78
1,714.07
  c. Consult (Mining/Infrastructure contracts)
475.25
325.85
1327.61
817.60
1402.88
  d. Speciality Chemicals
(791.24)
(44.98)
(1082.29)
(290.43)
(334.95)
  e. Property Development
0.00
712.00
600.00
1987.00
3,328.10
  f. Others
(3.04)
12.23
(16.20)
32.76
(25.68)
     Total
634.52
1552.65
2844.81
3649.38
5938.10
     Less:
 
 
 
 
 
    (i)  Interest paid (net of interest received)
511.05
471.47
1549.76
1119.35
1738.63
    (ii) Other un-allocable expenditure net off un-allocable income
(552.05)
305.94
(857.26)
809.37
1016.10
    Total Profit Before Tax
675.52
775.24
2152.31
1720.66
3183.37
3. Capital Employed 
 
 
 
 
 
     a.  Explosives
 
 
8733.07
7681.76
8001.06
     b.  Lubricants
 
 
7386.80
6426.09
7461.84
     c.  Consult (Mining/Infrastructure contracts)
 
 
7010.38
4576.88
6793.72
     d.  Speciality Chemicals
 
 
7338.89
7007.17
7,468.96
     e.  Property Development
 
 
81.70
81.70
81.70
     f.  Others 
 
 
133.28
225.34
194.71
     g.  Unallocable-Corporate 
 
 
6462.10
7858.70
7033.41
    Total
 
 
37146.22
33857.64
37035.40
      

Notes:

  1. The above results were reviewed by the Audit Committee and approved at the meeting of Board of Directors of the Company held on January 30, 2008.

  2. Auditors have carried out limited review of the financial results for the quarter ended December 31, 2007 as required under clause 41 of the Listing Agreements. The auditors in their report have mentioned that they are unable to take a view in the absence of sufficient taxable profit, the appropriateness of carrying deferred tax asset of Rs.784.29 lacs. Management is confident that the Company will make sufficient profits to absorb the deferred tax asset.

  3. In view of Accounting Standards (AS) 15 "Employee Benefits" issued by the Institute of Chartered Accountants of India, which is applicable for financial year, the adjustments on account of transitional provisions will be dealt with in the opening reserves at the year end. Additional charge on account of employee benefits has been provided for in the period ended December 31, 2007.

  4. Pursuant to the approval of the shareholders, equity shares of face value of Rs.10/- each of the Company have been sub-divided into five equity shares of Rs.2/- each with effect from November 2, 2007. Accordingly, the earnings per share (basic and diluted) and number of shares have been re-stated for the earlier periods also.
  5. Other income for the quarter ended / nine months ended includes gain on sale of long term investments of Rs. 824.53 Lakhs and Rs.1688.55 Lakhs respectively.

  6. Investors' complaints: Pending at the beginning of the quarter : Nil; Received during the quarter: 47 ; Cleared during the quarter: 47 ; Pending complaints: Nil.

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

By order of the Board
for GULF OIL CORPORATION LIMITED
Hyderabad, Dated : 30th January 2008

S.Pramanik
Managing Director

 

 

 


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