Results - Gulf Oil Corporation Limited

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Unaudited Financial Results (Provisional)

for the quarter ended 30-09-2007 (Rs. Lakhs)

Particulars	Quarter ended		Half Year ended		Year ended
	30.09.2007	30.09.2006	30.09.2007	30.09.2006	30.0.2007 (Audited)
1. INCOME FROM SALES & OTHER OPERATIONS	19294.28	16374.49	37774.52	29245.22	66865.64
Less : Excise Duty	2025.38	1599.93	3924.37	2811.05	6730.81
Net Income from Sales & other Operations	17268.90	14774.56	33850.15	26434.17	60134.83
2. Income from Property Development	-	775.00	600.00	1275.00	3337.00
3. Other Income	992.56	72.73	1290.59	224.94	317.99
Total Revenue	18261.46	15622.29	35740.74	27934.11	63789.82
5. Expenditure
a) (Increase)/decrease in Stock in trade	(1369.50)	(522.59)	(1420.15)	(657.03)	(699.45)
b) Purchase of goods for resale	663.49	2270.31	1194.00	3777.97	5542.09
c) Consumption of raw materials,etc.,	10014.13	8240.42	18372.71	14161.49	32133.44
d) Expenses on Operation Contracts	2072.32	645.08	4323.68	1342.70	3878.98
e) Staff Cost	1363.84	1218.78	2725.58	2279.26	4856..18
f) Depreciation	400.40	209.57	790.66	420.87	1002.14
g) Other expenditure	3811.55	2701.38	6997.65	4817.64	11692.12
h) Total	16956.23	14771.95	32984.13	26142.90	58405.50
6. Interest (Net)	519.17	395.14	1038.71	647.88	1738.63
7. Exceptional Items - VRS Compensation	120.56	104.33	241.11	197.91	462.32
8. Profit from Ordinary Activities before tax	665.50	350.87	1476.79	945.42	3183.37
9. Tax expense	144.57	(8.00)	423.57	82.50	882.78
a) Provision for Current Tax	78.00	25.00	165.00	100.00	345.00
b) Tax provision of earlier years written back	-	-	-	-	(59.32)
c) Provision for Fringe Benefit Tax	43.57	17.00	67.57	32.50	120.10
d) Provision For Deferred Tax	23.00	(50.00)	191.00	(50.00)	468.00
10. Profit from ordinary Activities after tax	520.93	358.87	1053.22	862.92	2300.59
11. Extraordinary Items	-	-	-	-	-
12. Net Profit for the period	520.93	358.87	1035.22	862.92	2300.59
13 .Paid up Equity Share Capital (Face value of Rs.10 each)	1487.17	1387.17	1487.17	1387.17	1387.17
14. Reserves excluding revaluation Reserves					14388.71
15.EPS for the period (not to be annualised) - Basic Rs.	3.50	2.59	7.08	6.22	16.58
- Diluted Rs.	3.50	2.47	7.08	5.95	15.84
16. Public shareholding
No. of Shares			8070767	7070767	7070767
Percentage of shareholding			54.24	50.97	50.97

Unaudited Segment Information
as per Clause 41 of the Listing Agreement for the quarter ended 30-09-07 (Rs. Lakhs)

Particulars	Quarter ended		Half Year ended		Year ended
	30.09.2007	30.09.2006	30.09.2007	30.09.2006	30.3.2007 (Audited)
1. Segment Revenue
a. Explosives	4332.97	3231.75	8540.78	6624.97	14868.70
b. Lubricants	8438.02	9970.21	15556.33	17050.94	35632.53
c. Consult (Mining/Infrastructure contracts)	3161.82	1037.94	6533.43	2168.30	6444.17
d. Speciality Chemicals	1687.92	591.30	3576.36	788.81	3362.43
e. Property Development	-	775.00	600.00	1275.00	3337.00
f. Others	1.09	17.53	1.09	29.47	0.04
g. Unallocable Income	668.23	2.13	970.82	9.33	180.57
Total	18290.05	15625.86	35778.81	27946.82	63825.44
Less: Inter segment revenue	28.59	3.57	38.07	12.71	35.62
Income from Sales & other Operations	18261.46	15622.29	35740.74	27934.11	63789.82
2. Segment Results
Profit/(loss) (before tax and interest
from each segment)
a. Explosives	(83.48)	(144.43)	20.06	(14.69)	(146.32)
b. Lubricants	583.45	289.56	1042.08	569.59	1714.07
c. Consult (Mining/Infrastructure contracts)	355.31	211.24	852.36	491.75	1402.88
d. Speciality Chemicals	(213.65)	(157.63)	(291.05)	(245.45)	(334.95)
e. Property Development	-	775.00	600.00	1275.00	3328.10
f. Others	(5.60)	13.17	(13.16)	20.53	(25.68)
Total	636.03	986.91	2210.29	2096.73	5938.10
Less:
(i) Interest paid (net of interest received)	519.17	395.14	1038.71	647.88	1738.63
(ii) Other un-allocable expenditure net off un-allocable income	(548.64)	240.90	(305.21)	503.43	1016.10
Total Profit Before Tax	665.50	350.87	1476.79	945.42	3183.37
3. Capital Employed
a. Explosives			8068.60	7981.16	8001.06
b. Lubricants			7138.01	6478.70	7461.84
c. Consult (Mining/Infrastructure contracts)			7089.30	2446.12	6793.72
d. Speciality Chemicals			7632.03	6224.31	7468.96
e. Property Development			81.70	1.32	81.70
f. Others			218.03	279.34	194.71
g. Unallocable-Corporate			8177.45	6650.44	7033.41
Total			38405.12	30061.39	37035.40

Notes:

The above results were reviewed by the Audit Committee and approved at the meeting of Board of Directors of the Company held on 25th Oct 2007. Auditors have carried out limited review of the Financial results for the quarter ended 30th September 2007 as required under Clause 41 of the listing requirments.
The auditors in their report have mentioned that they are unable to take a view in the absence of sufficient taxable profit todate, the appropriateness of carrying deferred tax asset of Rs.791 lacs. Management is confident that the Company will make sufficient profits to absorb the deferred tax asset.
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 30th September 2007.
Tax provision for Current tax represents Minimum Alternative Tax under the Income Tax Act, 1961
The shareholders of the company in the Annual General Meeting have approved the sub division of Equity Shares of the Company from Rs. 10/- per share into 5 Equity Shares of Rs. 2/- each.
Other income for the quarter ended / half year ended includes Profit on sale of long term investments of Rs.837.91 lacs and Rs. 864.02 lacs respectively.
Investors' complaints: Pending at the beginning of the quarter : Nil; Received during the quarter: 15; Cleared during the quarter: 15; Pending complaints: Nil.
Previous period / year figures have been regrouped / recasted wherever necessary.

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

S.Pramanik
Managing Director

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