Hinduja Group company, Gulf Oil Corporation Ltd reported a lower net profit of Rs 17.28 crore (US$3.05 million) for the fourth-quarter ended March 31, 2013, as against Rs 20.93 crore for the corresponding quarter last year. For the 2012-2013 fiscal year ending March 31, 2013, the company reported that net profit was down to Rs 52.98 crore versus Rs 62.11 crore in the previous fiscal year. In the 2012-13 fiscal year, GOCL’s gross sales edged up to Rs 1081 crore (US$190 million) as against Rs 1007 crore in the previous fiscal year.
In this May 25 announcement, Gulf Oil Corporation Ltd. announced that its Board has, in principle, approved the de-merger of the Lubricants business into a separate listed company and reportedly has informed the Bombay Stock Exchange (BSE) of its decision to de-merge the lubricants business. Presently Gulf Oil Corporation Limited consists of four business segments which includes its Lubricants Division, Industrial Explosives Division, Mining and Infrastructure Services Division and its Property Development Division.
The Lubricants Division contributes the largest chunk of revenue to the company. During the 2012-13 financial year, out of the company's gross revenue of Rs 1,081 crore, the lubricants division generated sales of Rs 843 crore.
We had previously announced the intent of such lubricants division de-merger in the February 18, 2013 issue of the OEM/Lube News. For further information, please refer to Gulf Oil Corp Ltd Plans to Establish Its Lubes Business as Stand Alone Company.
The Lubricants Division continued to record growth in revenues and volumes in the fourth quarter of Financial Year 2012-13. The gross revenue for the quarter increased to Rs. 235 crores as compared to Rs. 213 crores in the corresponding quarter of the previous year i.e. a growth of 10%. Operational Profit before Interest and Tax for the quarter has also gone up by 13% to Rs. 26 crores compared to Rs. 23 crores in the corresponding quarter of the previous year mainly on account of higher volumes achieved by the Lubricants Division. For the year ended March 31,’2013, as mentioned above, the Lubricants Division achieved revenue of Rs. 843 crores compared to Rs. 756 crores in the previous year 2011-12, a growth of 12% and Operational Profit before interest and tax for the year increased by 13% to Rs. 106 crores against Rs. 94 crores in the previous year.
The company, through its subsidiary HGCL Holdings Ltd, UK, had recently acquired US-based Houghton International Inc .
Gulf Oil International Group owns the Gulf trademark outright in essentially all countries outside of the United States, Spain and Portugal, having operations, according to the company, in over 100 countries around the world.