Gulf Oil Corp posts Q1 FY13 net profit at Rs 10.07 crore
Mumbai: Gulf Oil Corporation, a Hinduja Group Company, has reported a net profit at Rs 10.07 crore for the quarter ended June 2012 as compared to Rs 15.05 crore in the same period last year.
The company has reported total income of Rs 247.88 crore in Q1 FY 13 as against Rs 221.56 crore in the corresponding period last fiscal, a company statement said. The profit from operations was Rs 14.57 crore, up by 3 percent.
The gross turnover of the lubricants division for the June quarter grew 22 percent on QoQ basis at Rs 250 crore as compared to Rs 206 crore in the same period previous year.
Operational profit before interest and tax for the quarter has also increased by 10 percent to Rs 22 crore compared to Rs 20 crore of the June quarter of FY12 mainly on account of positive growth in volumes/revenue achieved by the division, it said.
Profitability levels were maintained inspite of significant depreciation of the rupee against the dollar which led to cost increase of base oils and additives in the quarter.
The explosives division handling the detonators business, after demerging of the packaged and bulk explosives business, achieved sales of Rs 20 crore in Q1 as compared to Rs 24 crore in the corresponding quarter of the previous year. The decrease was on account of reduced exports shipments in Q1.
The company's pre-construction stage work on the Rs 1,800 crore project at Yelahanka, Bengaluru, being developed in association with Hinduja Realty Ventures Limited, has commenced, the release added.