The Hindu Business Line : Gulf Oil net up 12.3 pc at Rs 6.34 crore

GULF Oil Corporation, a Hinduja Group Company, has reported a 12.3 per cent increase in its net profit for the quarter ended June at Rs 6.34 crore as against Rs 5.65 crore in the corresponding quarter last year.

The total turnover for this quarter was Rs 97.47 crore as against Rs 75.81 crore in the first quarter of the previous year, an increase of 28.6 per cent.

Gulf Oil Corporation's operating profit for the first quarter of the current year rose 5.04 per cent to Rs 6.98 crore (Rs 6.65 crore).

The company's Lubricants Division achieved the highest growth of 72.1 per cent, earning Rs 55.56 crore (Rs 32.29 crore).

The Explosives Division has started re-organisation of its product portfolio. In the process for the quarter ended June, the turnover was lower at Rs 35.84 crore (Rs 39.63 crore) without affecting the overall margins. Supplies to Coal India were reduced due to low prices awarded by Coal India.

During the quarter, the division undertook trials of a new electronic detonator, e-Det the first indigenous one in India.

Work on Rs 40-crore new project for overburden removal started at Koyagudem mines of Singareni Collieries after successfully completing the Rs 58-crore Manuguru Open Cast Project. Other contracts are under finalisation.

The Speciality Chemicals Division, which acquired an API manufacturing facility in Rudraram (Medak District) in April , commenced trials this week. Full production at the facility would be started in phases over the next six months, leveraging the R&D work done by the Division in Hyderabad centre.

During the quarter, the company introduced GAMS (Gulf authorised mechanic services), well equipped quality workshops useful for automobile maintenance and servicing. GAMS, initially launched in Bangalore and Delhi, will be situated across various cities and highways throughout the country.

Gulf Oil has selectively identified and entered into agreement with reputed workshops meeting GULF standards of quality and customer service for offering round-the-clock, world-class preventive maintenance and service schedule for cars.