Gulf Oil Q1 Net grows 61.76

Total income of the company decreased to Rs 221.14 crore in the quarter under review from Rs 232.67 crore during the same period last fiscal,it said.

The lubricants division achieved a significant increase in revenues and volumes as the gross turnover rose to Rs 206 crore as compared to Rs 140 crore in the quarter under review.

Profit before interest for the April-June quarter also jumped up 32 per cent over the corresponding quarter of the previous year,the release said.

This was maily on account of increased volumes achieved by the division,it added.

The explosives division with only detonator business after demerging of the packaged and bulk explosives business with effect from October 1,2010 too achieved sales of Rs 25 crore in the quarter under review.

The explosives undertaking has been demerged into a 100 per cent subsidiary,IDL Explosives Ltd,it said.

IDL Consult,the Contract Mining and Infrastructure division earned a revenue of Rs 16 crore in the April-June quarter,the release said.

During the quarter,a new project for irrigation canal excavation was started. The project is to be completed within 20 months,it added.

Shares of the company closed at Rs 90.10,down 0.61 per cent from previous close on the Bombay Stock Exchange.