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GOCL Corporation Limited
Media Profit increases 3 times to Rs 26.74 crores in Q4

Profit increases 3 times to Rs 26.74 crores in Q4

25 June 2009

Press Release

GULF OIL Profit Increases 3 Times to Rs. 26.74 crores in Q4

Highlights for Q4

- Total Turnover higher by 17% to Rs. 290 crores ( Rs.247crores )

- Profit up 231%

Highlights for F2009

- Total Turnover higher by 20% at Rs. 996 crores ( Rs.833 crores )

- Profit up 16%

- Dividend for the year 85%

Hyderabad, June 25th, 2009: GULF OIL Corporation, a Hinduja Group

Company, has reported a 17% increase in income in Q4. Profit Before Tax for

Q4 was Rs. 32.83 crores as against Rs.8.18 crores in the same quarter last year.

Profit after tax was Rs. 26.74 crores ( Rs. 8.06 crores ) an increase of 231%.

For the year ended on 31st March 2009, the turnover increased by 20% to Rs.

996 crores and Profit after Tax by 16% to Rs. 29.05 crores. The Board has

recommended a Dividend of Rs. 1.70 per share.

Division wise performance and highlights are as under:

LUBRICANTS DIVISION

During the Fourth quarter of the financial year 2008-09, the Lubricants Division

achieved a gross turnover of Rs. 144 crores as compared to Rs. 136 crores in the

corresponding quarter of the previous year. For the year ended 31st Marchí09,

2007-08. Import of base oils at high international market prices and exposure to

the depreciation of the Indian Rupee during Q3 and Q4 of F 2009 impacted

margins adversely.

The automotive sector continued to witness a slowdown during the quarter,

particularly the commercial & industrial segments, resulting in reduced demand

for lubricants. The SBU managed to retain its base of customers in the bazaar

segment by achieving similar volumes to the previous year by launching

customised promotions & products catering to the agricultural segment, adding

new fleet customers & focussing on promoting sales of new products / skus.

EXPLOSIVES DIVISION

Explosives Division achieved a net sales revenue of Rs. 251 crores during the

financial year 2008-09, a 33% yoy growth. This growth has been possible with

the focus on Value for Customer in both Domestic and exports Market.

Our new Initiating systems offering very low vibration and noise blasts,

Emulsion Explosives in Small Diameter Applications and Emulsion boosters

were well received in the market place. Our working with the customers to get

the best value from our products in their business resulted in organic growth and

also helped us develop several products and services best suited for their

application.

Exports of Explosives grew 51% ( Rs. 40 crores in 2008-09 ). Our international

markets now include Countries in Eastern Europe, Africa, Middle East and

South East Asia. Our products compete with international brands and

companies in these markets.

MINING AND INFRASTRUCTURE DIVISION (IDLconsult DIVISION)

Contract Mining achieved net sales revenue of Rs. 211 crores during the year.

50% increase over last year and growing 3.3 times in a two year time line.

We started contract operation at a new coal site in Nighai, at Northern

Coalfields limited of Coal India, while, continuing several other metal mining

operations. In spite of recessionary trends, IDLconsult did well in the iron ore

mining sector in Orissa and Karnataka. Production volume from its iron ore

mines at Orissa has increased substantially. The contract in the iron ore mine of

NMDC at Donimalai is being carried out successfully. The Division has bagged

more works from the Aditya Birla Group for Structural works at their Alumina

plant in Orissa.

Our operations are now geographically diverse and well balanced with Coal,

Iron Ore, Manganese and other minerals along with Mining related

infrastructure projects. With National presence, experience in handling a

variety of minerals, ability to handle large volumes efficiently, we have emerged

as a partner of choice for mining companies. We are well prepared to

participate it the new growth of mining industry. Orders booked till date is

valued at over Rs. 400 crores.

SCHEME OF ARRANGEMENT

During the year the High Court of Andhra Pradesh sanctioned the Scheme of

Arrangement under Sections 391 to 394 of the Companies Act, whereby the

Speciality Chemicals Division of the Company was demerged and merged with

the IDL Speciality Chemicals Limited, a 100% subsidiary of the Company.

Simultaneously the Agro Division of IDL Speciality Chemicals Limited

( formerly known as IDL Agro Chemicals Limited ) was demerged and merged

the Company. The formalities after receipt of the Court Order have been

completed. As a result, the Speciality Chemicals business is currently a 100%

subsidiary of the Company with effect from 1st April, 2008.

PROPERTY DEVELOPMENT

The Company received the approvals for :

a) Setting up of an IT/ITES SEZ on 30 acres out of the 40 acres

proposed to be developed at Yelahanka Bangalore from both the

Government of Karnataka and the Central Government in June 2009.

b) Approval for a Knowledge Park on 100 acres at Hyderabad from

the Government of Andhra Pradesh

Requisite layout plans and financing proposals along with the Developer and

Architects are being finalised

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