| Unaudited
Financial Results for the Quarter ended 31st March, 2004 |
| Rs
/ Million |
| |
|
Nine Months ended
|
Quarter ended |
Financialyear
ended |
Consolidated
Financial Results
|
| S.no |
Particulars |
31.12.2003
|
31.03.2004 |
31.03.2003 |
31.03.2004 |
31.03.2003 |
31.03.2004 |
31.03.2003 |
|
Unaudited
|
Unaudited
|
(Audited) |
Unaudited |
Audited |
| |
|
|
|
|
| 1 |
Sales/ Income from operations |
174061.50
|
74711.60
|
62673.50
|
248773.10 |
197258.30
|
260357.10
|
207964.60 |
| 2 |
Less : Excise Duty |
21914.30
|
6902.30
|
6603.90
|
28816.60
|
23705.60
|
29977.30
|
24691.30 |
| |
|
152147.20
|
67809.30
|
56069.60
|
219956.50
|
173552.70
|
230379.80
|
183273.30 |
| 3 |
Other Income
|
919.40
|
434.60
|
653.70
|
1354.00
|
2358.20
|
2648.90
|
3279.90 |
| |
|
|
|
|
| |
Total Income |
153066.60
|
68243.90
|
56723.30
|
221310.50
|
175910.90
|
233028.70
|
186553.20 |
| |
|
|
|
|
| 4 |
Total Expenditure |
|
|
|
| |
a) Increase(-)/Decrease in stock
in trade |
1085.10 |
3773.30 |
6312.20 |
4858.40
|
4330.00 |
4868.20
|
4695.70 |
| |
b) Consumption of Raw Materials |
47384.70 |
15485.50 |
14823.30 |
62870.20 |
56484.10 |
64371.70 |
57936.40 |
| |
c) Staff cost |
28989.30 |
18592.50 |
11302.70 |
47581.80 |
37228.00 |
51474.30 |
41448.50 |
| |
d) Consumption of stores & spares |
12199.20 |
4579.70 |
3675.40 |
16778.90 |
14892.70 |
17061.40 |
15392.70 |
| |
e) Power & Fuel |
16307.40 |
5281.20 |
5385.70 |
21588.60 |
20365.60 |
23179.70 |
22400.30 |
| |
f) Other Expenditure |
16037.40 |
5092.90 |
7019.90 |
21130.30 |
20962.40 |
23624.40 |
23156.10 |
| |
Total Expenditure |
122003.10 |
52805.10 |
48519.20 |
174808.20 |
154262.80 |
184579.70 |
165029.70 |
| 5 |
Profit
before Depreciation , Interest & Tax |
31063.50 |
15438.80 |
8204.10 |
46502.30 |
21648.10 |
48449.00 |
21523.50 |
| |
|
|
|
|
|
|
|
|
| 6 |
Interest |
7140.80 |
1853.50 |
2947.10 |
8994.30 |
13340.20 |
9540.00 |
13951.40 |
| 7 |
Depreciation |
8478.80 |
2747.10 |
2840.50 |
11225.90 |
11466.60 |
11946.20 |
12202.30 |
| 8 |
Profit before tax ( 5-6-7 ) |
15443.90 |
10838.20 |
2416.50 |
26282.10 |
-3158.70 |
26962.80 |
-4630.20 |
| 9 |
Provision
for Current taxation |
311.40 |
873.30 |
0.00 |
1184.70 |
0.00 |
1285.20 |
92.10 |
| 10 |
Income
Tax for earlier years |
154.50 |
-177.90 |
0.00 |
-115.60 |
0.00 |
-2340 |
-115.60 |
| 11 |
Net Profit/Loss(-) |
14978.00 |
10142.80
|
2416.50
|
25120.80 |
-3043.10 |
25701.00 |
-4606.70 |
| 12 |
Minority Interest
|
|
|
|
|
|
0.60 |
0.10 |
| 13 |
Net Profit/Loss(-) after Minority
Interest
|
14978.00 |
10142.80
|
2416.50
|
25120.80 |
-3043.10 |
25700.40 |
-4606.80 |
| 14 |
Paid up Equity Share Capital |
41304.00
|
41304.00 |
41304.00 |
41304.00 |
41304.00 |
41304.00 |
41304.00 |
| |
(
Face value : Rs. 10 per share ) |
|
|
|
|
|
|
|
| (a) |
Reserves (excluding revaluation reserve ) & Surplus
|
|
|
|
9072.70
|
11597.70
|
9514.00
|
11855.20 |
| (b) |
Cumulative debit balance in Profit
& Loss Account |
|
|
|
0.00
|
-27649.30 |
-9956.40
|
-37916.60 |
| |
Basic
and Diluted Earning per share
( Not Annualised ) ( Rs. ) |
3.63 |
2.46 |
0.59 |
6.08 |
-0.74 |
6.22 |
-1.12 |
| 15 |
Aggregate of non-promoters Share
holding |
|
|
|
|
|
|
|
| |
Number of shares |
58,57,10,260 |
58,57,10,260 |
58,57,10,260 |
58,57,10,260 |
58,57,10,260 |
|
|
| |
Percentage of share holding |
14.18 |
14.18 |
14.18 |
14.18 |
14.18 |
|
|
Note
:
i) The above results for the Quarter/year
ended 31st March, 2004 were taken on record at the Board of Directors’
meeting held on 28th May, 2004. The audited accounts, are subject
to review comptroler and Auditor General of India under section
619(4) of the companies act, 1956.
ii) Accounting treatment given to Statutory Auditors’
comments in their report on the accounts for the year 2003-04 is
as under:
- The Company has equity investments of Rs.3749.40
million and loans, advances and other recoverable dues of Rs.1836.90
million in its subsidiary company, the Indian Iron & Steel Co.
Ltd. (IISCO), whose revival plan has been approved by the Board
for Industrial and Financial Reconstruction (BIFR) and is under
implementation. Some of the reliefs under the revival plan have
been availed of by IISCO. As a result and due to improved steel
market conditions, IISCO has earned profit during financial year
2003-04. In view of the above and also considering the long-term
nature of these investments, no provision is called for in the accounts.
The Company Auditors have observed that decline/shortfall in value
of equity investments and recovery of loans and other dues is not
ascertainable.
- The Joint Plant Committee has conveyed the Steel
Development Fund (SDF) Managing Committee’s ‘in principle’
approval for linking the interest rates on SDF loans with the RBI
Bank rate with effect from 1st April 1998. Pending finalisation
of the modalities/clarifications, the benefits thereof have not
been considered. The Company Auditors’ have observed that
impact on the company’s profit arising out of lowering of
interest has not been ascertained and accounted for.
iii)An amount of Rs. 12169.80 million has been
provided for during the quarter/year on estimated towards wage revision
for the period 1.1.1997 to 31.12.2000.
iv) An amount of Rs. 1184.70 million has been provided
as amximum tax on book profit as per section 115JB of the income
tax act, 1961.
v) The information on Investors’ complaints
pursuant to clause 41 of the listing agreement for the quarter ended
31st March 2004 :
|
Opening
Balance |
Received
during the quarter |
Resolved
during the quarter |
Closing
balance |
1 |
10 |
9 |
2 |
vi) In terms of limited revisions of accounting standards 26 on the
'Intangible Assets' , the Voluntary Retirement Compensation
charged to revenue in the nine-monthly accounts for April-December
2003, has been treated as Deffered Revenue Expenditure (DRE), in the
quarter January to March 2004 to be wrriten off in five years. There
is no impact on year to year basis, but compared to nine monthly accounts,
this has resulted in increase in profit by Rs. 407.70 million during
the quarter January-March' 04. Further, Items of expenditure hitherto
treated as DRE except Voluntary Retirement Compensation, have been
charged to revenue during the current year resulting in decrease in
profit by Rs. 51.30 millions. The accounting policy relating to provision
towards non moving stores & spares has been revised, resulting
in decrease in profit of 331.80 million during the year.
vii) The follwoing subsidiaries, Associates
and Joint Ventures have been considered for the purpose of preparing
Consolidated Financial Statements as per Accounting Standard on (a)
Consolidated Financial Statements (AS 21); (b) Accounting for
investments in Associates in Consolidated
Financial Statements (AS 23) (c) Financial reporting of Interests
in Joint Ventures (AS 27)
Subsidiaries
: Indian Iron & Steel Co. Ltd. *(100%); Maharashtra Elektrosmelt
Ltd. *(99.12%)
Joint Ventures : NTPC SAIL Power Co. (Pvt.) Ltd.* (50%); Bhilai Electric
Supply Co. (Pvt.) Ltd. *(50%); Bokaro Power Supply Co. (Pvt.) Ltd.
**(50%); Metaljunction.com(Pvt.) Ltd. *(50%); UEC-SAIL Information
Technology Ltd. **(40%); Romelt-SAIL India Ltd. *(15%); Associate
: Almora Magnesite Ltd. *(20%).
The accounts for Joint Venture Companies have not been considered
in the consolidated financial results for the year 2003-04 and 2002-03:
(I) SAIL - Bansal Service Center Limited (40%) - Accounts for 2003-04
not available. propotionate shares in SAIL's turnover is insignificant.
(II) North Bengal Dolomite Ltd.(50%)-operation under suspension.
* Based on audited accounts for 2003-2004
** Based on unaudited accounts for 2003-2004
(Figures in brackets indicate percentage shareholding of the company
in these entities)
|
On
behalf of Board of Directors |
Place
: New Delhi
Date : May 29, 2004 |
|
|
(
G.C Daga )
Director( Finance
) |