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Gulf Oil Corporation Limited has posted a consolidated gross income of Rs 432 crore and net profit of Rs 41.61 crore for the year ended March 31, 2015.
These numbers are after demerger of the Lubricants business to Gulf Oil Lubricants India Ltd with effect from April 1, 2014. Since the Hinduja Group Company had demerged its erstwhile Lubricants Division, the financials for 2014-15 exclude Lubricants and hence are not comparable with the financials of the company for the previous financial year.
The board of directors of the company recommended 100 per cent dividend of Rs 2 per share.
During the year, the Energetics Division, which manufactures detonators and accessories, achieved sales of Rs 80 crore as against Rs 70 crore last year.
With the emphasis on Defence related products in the “Make in India” initiative by the Government, the company plans to increase Special Products items during the current year.
During the year, mining activity in parts of the country picked up with the renewed business confidence and growing industrial activity.
The company is in the process of finalising plans for property project in Hyderabad and at advanced stage of implementation in Bangalore.
Subsidiaries, IDL Explosives Limited closed the year with a turnover of Rs 303 crore and a net profit of Rs 7.23 crore, HGHL Ltd., London logged Rs 67 crore and a profit of Rs 4.86 crore, IDL Buildware Limited in Vizag registered a revenue of Rs 6.63 crore with a net profit of Rs 5.54 crore.
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