| STEEL AUTHORITY OF INDIA
LIMITED, REGISTERED OFFICE: ISPAT BHAWAN, LODI ROAD, NEW DELHI - 110003 | |||||||||
| Audited Financial Results for the year ended on 31st March 2008 | |||||||||
| Rs / Million | |||||||||
| Sl. No. | Particulars | Quarter ended ( Audited ) |
Year Ended | Consolidated Financial Results | |||||
| 31st
March 2008 |
31st
March 2007 |
31st
March 2008 (Audited) |
31st
March 2007 (Audited) |
31st March 2008 (Unaudited) |
31st March 2007 (Audited) |
||||
| 1. | Gross sales/ Income from operations | 154566.30 | 119351.80 | 462610.50 | 397335.80 | 463508.60 | 397647.70 | ||
| Less : Excise Duty | 19787.30 | 15501.00 | 60468.90 | 52655.40 | 60857.30 | 52839.60 | |||
| 2. | Net sales / Income from operations | 134779.00 | 103850.80 | 402141.60 | 344680.40 | 402651.30 | 344808.10 | ||
| 3. | Interest Earned | 3153.10 | 2150.40 | 11847.60 | 7526.00 | 11847.60 | 7526.00 | ||
| 4. | Other Income | 620.40 | 237.10 | 1181.20 | 865.70 | 1215.60 | 894.60 | ||
| 5. | Total Income ( 2+3+4 ) |
138552.50 | 106238.30 | 415170.40 | 353072.10 | 415714.50 | 353228.70 | ||
| 6. | Expenditure | ||||||||
| a) Increase (-)/Decrease in stock-in-trade |
10035.60 | 4975.20 | -3393.00 | -2425.80 | -3307.40 | -2159.60 | |||
| b) Consumption of Raw Materials | 34238.30 | 31737.50 | 126289.20 | 122608.20 | 124349.40 | 120626.40 | |||
| c) Purchase of traded goods | 21.60 | 8.00 | 36.30 | 12.90 | 36.30 | 12.90 | |||
| d) Employees' cost | 32701.00 | 16306.50 | 79190.20 | 50841.80 | 79747.40 | 51118.20 | |||
| e) Consumption of stores & spares | 7602.60 | 6736.40 | 28447.80 | 26015.50 | 28503.70 | 26050.30 | |||
| f) Power & Fuel | 7498.20 | 6537.10 | 28222.50 | 25713.70 | 29361.60 | 26923.20 | |||
| g) Depreciation | 3170.60 | 2822.00 | 12354.80 | 12114.80 | 12373.90 | 12131.80 | |||
| h) Other Expenditure | 9244.90 | 7309.80 | 29958.40 | 26220.90 | 30076.80 | 26325.10 | |||
| Total Expenditure ( a to h ) |
104512.80 | 76432.50 | 301106.20 | 261102.00 | 301141.70 | 261028.30 | |||
| 7. | Profit before Interest & Tax ( 5-6 ) | 34039.70 | 29805.80 | 114064.20 | 91970.10 | 114572.80 | 92200.40 | ||
| 8. | Interest | 521.90 | 554.80 | 2509.40 | 3321.30 | 2510.50 | 3322.90 | ||
| 9. | Exceptional items (Price escalation of previous years) | -3132.50 | 0.00 | -3132.50 | -5581.70 | -3132.50 | -5581.70 | ||
| 10. | Profit from ordinary activities before
tax ( 7-8-9 ) |
36650.30 | 29251.00 | 114687.30 | 94230.50 | 115194.80 | 94459.20 | ||
| 11. | Minority Interest | 0.00 | 0.00 | 0.00 | 0.00 | 1.80 | 1.20 | ||
| 12. | Net Profit After Minority Interest(10-11) | 36650.30 | 29251.00 | 114687.30 | 94230.50 | 115193.00 | 94458.00 | ||
| 13. | Provision for Taxation | ||||||||
| (a) Current Tax | 11432.70 | 10055.90 | 37458.10 | 32995.50 | 37720.60 | 33100.50 | |||
| (b) Fringe Benefit Tax | 132.00 | 81.80 | 329.00 | 264.80 | 330.80 | 266.30 | |||
| (c) Deferrred Tax Liability / Assets ( - ) | 1349.50 | 120.70 | 1559.40 | -718.00 | 1488.30 | -730.00 | |||
| (d) Earlier years | -31.50 | -26.20 | -27.00 | -334.70 | -27.00 | -332.10 | |||
| Sub-Total ( a to d ) | 12882.70 | 10232.20 | 39319.50 | 32207.60 | 39512.70 | 32304.70 | |||
| 14. | Net Profit from ordinary activities after Tax ( 12-13 ) | 23767.60 | 19018.80 | 75367.80 | 62022.90 | 75680.30 | 62153.30 | ||
| 15. | Extraordinary items (net of tax expense Rs. Nil) | ||||||||
| 16. | Net Profit ( 14-15 ) | 23767.60 | 19018.80 | 75367.80 | 62022.90 | 75680.30 | 62153.30 | ||
| 17. | Paid up Equity Share Capital | 41304.00 | 41304.00 | 41304.00 | 41304.00 | 41304.00 | 41304.00 | ||
| ( Face value : Rs. 10 per share ) | |||||||||
| 18. | Reserves (excluding revaluation reserve ) & surplus | 189331.70 | 131827.50 | 189331.70 | 131827.50 | 189974.90 | 132264.90 | ||
| 19. | Earnings per share - Basic and Diluted | 5.75 | 4.60 | 18.25 | 15.02 | 18.32 | 15.05 | ||
| ( Not Annualised ) ( Rupees ) |
|||||||||
| 20. | Aggregate of public share holding | ||||||||
| - Number of shares | 58,49,23,210 | 58,41,63,425 | 58,49,23,210 | 58,41,63,425 | |||||
| - Percentage of share holding | 14.16 | 14.14 | 14.16 | 14.14 | |||||
| Notes : | |||||||||||
| I) | The above results for the quarter year ended 31st March., 2008 were taken on record at the Board of Directors’ meeting held on 16th May, 2008.The audited accounts are subject to review by the Comptroller and Auditor General of India under section 619(4) of the Companies Act, 1956. | ||||||||||
| II) | The Board of Directors have recommended a final dividend of 18% on paid-up equity share capital, in addition to the interim dividend of 19% already paid, for the financial year 2007-08, thus taking the total dividend to 37% on paid-up equity share capital, subject to approval of shareholders. | ||||||||||
| III) | The wage revision of the employees of the company is due w.e.f 1st January, 2007. Pending finalisation of fresh agreements, a sum of Rs.15915.30 millions (corresponding quarter of previous year –Rs.1700.60 millions) has been provided during the quarter ended 31st March, 2008 and Rs.24394.50 millions (Previous year -1700.60 millions), including ad-hoc adjustable payment of Rs.4923.70 millions, for the year ended 31st March, 2008, under employees’ costs on estimated basis for the period 1st January, 2007 to 31st March, 2008. | ||||||||||
| IV) | The Company has two subsidiary companies: a) IISCO Ujjain Pipe & Foundry Co. Limited (IISCO-Ujjain) and b) Maharashtra Elektrosmelt Limited (MEL).The `IISCO-Ujjain’ is under liquidation. The unaudited financial results of `MEL’ have been considered in the preparation of consolidated financial results. | ||||||||||
| V) | The information on Investor’s complaints pursuant to Clause 41 of the listing agreement for the quarter ended 31st March, 2008 is : | ||||||||||
| Opening Balance | Received during the quarter | Resolved during the quarter | Closing balance |
| 1 | 6 | 6 | 1 |
| On behalf of Board of Directors |
| Place: New Delhi Dated: May 16, 2008 |
| (Soiles Bhattacharya) |