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Gulf Oil net quadruples on higher sales

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GULF Oil Corporation Ltd, the Hyderabad-based Rs 278-crore company specialising in explosives, lubricants and building products formerly known as IDL Industries, has posted a growth of 95 per cent in sales turnover and 344 per cent in net profit for the third quarter of current fiscal year ended December 31, 2002.

According to the unaudited financial results taken on record by the board, the company achieved a sales turnover of Rs 97.73 crore as against Rs 50.01 crore in the corresponding quarter of previous fiscal year, other income of Rs 11.54 lakh (Rs 1.15 crore) and posted a net profit of Rs 2.69 crore (Rs 60.67 lakh) on an equity base of Rs 13.87 crore (Rs 8 crore).

During the quarter under review, the company incurred an expenditure of Rs 90 crore (Rs 46.67 crore) and provided Rs 2.19 crore towards interest (Rs 1.11 crore), Rs 2.05 crore towards depreciation (Rs 1.14 crore), Rs 30 lakh towards taxation (Rs 18 lakh) and Rs 59 lakh towards deferred tax (Rs 37 lakh). In the corresponding quarter the company incurred an extraordinary expenditure of Rs 1.08 crore.

For the nine-month period ended December 31, 2002, Gulf Oil achieved a sales turnover of Rs 273.35 crore (Rs 136 crore), other income of Rs 5.57 crore (Rs 2.02 crore) and a net profit of Rs 9.72 crore (Rs 3.57 crore), yielding an EPS of Rs 7.01 (Rs 4.47) on the expanded equity base.

Of the total sales turnover of Rs 273.35 crore for the first nine months, the explosives business contributed to Rs 156.82 crore (Rs 132.98 crore), lubricants Rs 112.65 crore as against no such business in the corresponding period, while building products division accounted for Rs 2.04 crore (Rs 1.37 crore) and others Rs 2.09 crore (Rs 2.93 crore).

According to the Managing Director, Mr S. Pramanik, the equity capital for the current year includes an amount of Rs 5.87 crore towards issue of shares to the shareholders of erstwhile Gulf Oil India Ltd. These shares were allotted on September 22 last year and were also reported for trading on the stock exchanges at Mumbai, Hyderabad and Bangalore.

Meanwhile, the auditors have qualified the accounts of the company pertaining to the debts outstanding. According to Mr Pramanik, the debt outstanding for a period exceeding six months considered good as at March 31, 2002 includes an amount of Rs 2.1 crore due from an ex-consignment agent, where the company had initiated legal proceedings for recovery of the amount. Pending finalisation of the matter by the High Court, the company has decided not to make provision towards this debt.

Further, according to Mr Pramanik, the board has recommended in principle the adjustment of VRS and gratuity provisions to be adjusted against share premium account, which was already approved by the shareholders and awaiting approval of the Andhra Pradesh High court. Owing to this, proportionate adjustment was not made in the profit and loss account for the period from April 1, 2002 till date, he said.

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