Explosives and lubricants producer Gulf Oil Corporation today said its net profit rose 61.76% to Rs 15.06 crore crore in the first quarter ended June 30.
The company had earned a net profit of Rs 9.31 crore in the same quarter a year ago, the company, belonging to Hinduja Group, said in a press release.
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% 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% subsidiary, IDL Explosives, 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% from previous close on the Bombay Stock Exchange.