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Gulf Oil Corporation Limited, Hyderabad, India
Media Profit up by 142 % in Q1

Profit up by 142 % in Q1

31 July 2009 GULF OIL Profit increases by 142% in Q1

Highlights for Q1

- Total Income higher by 7% to Rs. 263 crores ( Rs. 224 crores )- Profit up 142%

Hyderabad, July 31st , 2009: GULF OIL Corporation, a Hinduja Group Company, has reported a 7% increase in income in Q1. Profit Before Tax for Q1 was Rs. 26.13 crores as against Rs.15.48 crores in the same quarter last year. Profit after tax was Rs. 20.96 crores ( Rs.8.58 crores ) an increase of 144%. Division wise performance and highlights are as under:

LUBRICANTS DIVISION
During the Q1, the Lubricants Division achieved a gross turnover of Rs. 131 crores as compared to Rs. 126 Crores in the corresponding quarter of the previous year. Inspite of the fact that the commercial vehicle sector, where Gulf Lubricants have a strong presence, continued to witness a slowdown during the quarter and major OEMs in this segments operating at only 50% level compared to same period of the previous year, the Division has achieved an overall Revenue growth of 4% YOY. Division further consolidated its position in retail Bazaar market. Growth in volumes in this market was achieved by launching customised promotions, introduction of special product-packs catering to the agricultural segment, adding new fleet customers & focussing on promoting sales of new products/skus. Further, by continuing the customer and trade campaigns in 2-wheeler segment, the 4T sales volume grew well during the quarter in line with the growth of 2-wheeler industry. The IPL2 sponsorship of Punjab XI and promos helped in increasing market share in the North.

EXPLOSIVES DIVISION
The Explosives Division continued to make progressive growth and achieved turnover of Rs. 72 crores in 1st quarter as compared to Rs.59 crores of last yearís 1st quarter, representing double-digit growth of 21%. Exports achieved growth of 26% compared to last year. This was accomplished by focusing on non-coal, export and trade market which has become an attractive segment.

MINING AND INFRASTRUCTURE DIVISION (IDLconsult DIVISION)
The service income of the Division in the quarter increased by 16% during Q1 to
Rs. 54 crores as against Rs. 47 crores in Q1 of the previous year. The Division is ahead of schedule in the execution of the large coalmining contracts at Nigahi and Dudhichua under Northern Coalfields Limited. The Division is also progressing well in the iron ore mining sectors in Barbil, Orissa and Donimalai in Karnataka. Production volume from its iron ore mines at Orissa has increased substantially with respect to the previous year. The Division currently has an order book of Rs. 425 crores.

PROPERTY DEVELOPMENT
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