Media Gulf Oil Profit up 17%
Gulf Oil Profit up 17%
31 October 2013
- Turnover for Q2 Rs. 257 crores
- Profit from Operations up 39% at Rs. 19.12 crores
Mumbai, October 31, 2013: Gulf Oil Corporation Ltd., a Hinduja Group Company, has reported a turnover of Rs.257 crores in Q2. Profit from operations increased by 39% to Rs. 19.12 crores. Profit after tax for Q2 was Rs.12.39 crores (Rs.10.59 crores).
Division wise performance and highlights are as under:
The Lubricants Division has been able to maintain its revenues and profits in Q2, inspite of a very challenging overall environment and more particularly difficult demand patterns faced by the automobile and related industries. The net turnover for the quarter increased to Rs. 204 Crores as compared to Rs. 200 Crores in the corresponding quarter of the previous year i.e. a growth of 1.9% on QoQ basis. Operational Profit before Interest and Tax for the quarter has increased by 3.5% to Rs. 23.81 crores compared to Rs. 23.20 crores in the corresponding quarter of the previous year. Profits have been mainly impacted by higher input costs and forex fluctuation losses.
Prices of major raw materials continued to rise significantly during the Q2 on account of increase in crude prices globally and Rupee depreciation during the quarter.
EXPLOSIVES DIVISION AT HYDERABAD:
Inspite of the Mining Scenario continuing to be affected by the policy and related issues, the Division was able to maintain its Q2 turnover at Rs. 18 crores. Profits however, increased significantly by 2.5 times due to several rationalisation in cost structures.
MINING AND INFRASTRUCTURE DIVISION :
Mining and Infrastructure Division continued to reduce cost and limit activities due to major projects of the Company being under temporary suspension for want of various government / regulatory clearances in the non-coal sectors.
Work on the Rs.1800 crores project 'Ecopolis' at Yelahanka, Bengaluru, consisting of a 30 acre IT / ITES SEZ park and a 10 acre Hotel / Hospitality / Retail areas being developed in association with Hinduja Realty Ventures Limited, is progressing as per plan. Three level basement structures of the first building and the multi-level car park in the SEZ sector have been completed.
Project at Hyderabad remains in the planning stage as uncertainty for the bifurcation of Andhra Pradesh is delaying finalisation of plans.