Unaudited Financial Results
for the Quarter / Nine Months Ended 31st December, 2004 |
Rs/million |
|
|
Quarter
ended
|
Nine
Months ended
|
Financial
year ended |
S.no |
Particulars |
(Unaudited)
|
(Unaudited)
|
(Audited) |
|
|
31.12.2004 |
31.12.2003 |
31.12.2004 |
31.12.2003 |
31st
March 2004 |
| 1 |
Sales/ Income from operations |
86821.80
|
66842.9 |
220208.7 |
174061.5 |
248773.10 |
| 2 |
Less : Excise Duty |
9130.8 |
7937.10 |
22767.90 |
21914.30 |
28816.60
|
| |
|
77691.00 |
58905.80 |
197440.80 |
152147.20
|
219956.50 |
| 3 |
Other
Income |
641.60
|
211.60
|
2056.40
|
919.40
|
1354.00
|
|
Total Income |
78332.60
|
59117.40
|
199497.20
|
153066.60
|
221310.50
|
|
|
|
|
|
|
|
| 4 |
Total Expenditure |
|
|
|
|
|
|
a) Increase(-)/Decrease in stock
in trade |
-1739.70
|
3530.80
|
-8093.30
|
1085.10
|
4858.40
|
|
b) Consumption of Raw Materials |
23642.00
|
16368.40
|
63509.30
|
47384.70
|
62870.20
|
|
c) Staff cost |
9471.60
|
10659.20
|
29164.20
|
28989.30
|
47581.80
|
|
d) Consumption of stores &
spares |
5140.10
|
4190.00
|
13795.90
|
12199.20
|
16778.90
|
|
e) Power & Fuel |
5549.60
|
5609.10
|
16279.80
|
16307.40
|
21588.60
|
|
f) Other Expenditure |
4539.00
|
6100.00
|
14543.90
|
16037.40
|
21130.30
|
|
Total Expenditure |
46602.60
|
46457.50
|
129199.80
|
122003.10
|
174808.20
|
5 |
Profit
before Depreciation , Interest & Tax |
31730.00
|
12659.90
|
70297.40
|
31063.50
|
46502.30
|
6 |
Interest |
1755.50
|
2109.00
|
4476.10
|
7140.80
|
8994.30
|
7 |
Depreciation |
2868.30
|
2885.10
|
8430.80
|
8478.80
|
11225.90
|
8 |
Profit/Loss
(-) before tax ( 5-6-7 ) |
27106.20
|
7665.80
|
57390.50
|
15443.90
|
26282.10
|
9 |
Provision
for Taxation |
|
|
|
|
|
|
Current tax |
2176.90
|
286.30
|
4552.90
|
311.40
|
1184.70
|
|
Deferred tax |
9786.90
|
0.00
|
11447.80
|
0.00
|
0.00
|
|
Income Tax of earlier years |
0.00 |
0.00 |
0.00 |
154.50 |
-23.40
|
10 |
Net
Profit/Loss(-) |
15142.40
|
7379.50
|
41389.80
|
14978.00
|
25120.80 |
| 11 |
Paid up Equity Share Capital |
41304.00
|
41304.00 |
41304.00 |
41304.00 |
|
|
(
Face value : Rs. 10 per share ) |
|
|
|
|
|
| 12 |
Reserves
(excluding revaluation reserve ) & surplus |
|
|
|
|
9072.70
|
| 13 |
Basic and Diluted Earning per
share( Not Annualised ) ( Rs. ) |
3.67
|
1.79
|
10.02
|
3.63
|
6.08
|
| 14 |
Aggregate of non-promoters Share
holding |
|
|
|
|
|
|
No. 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 |
Notes:
i) The above results for the
Quarter/Nine Months ended 31st December, 2004 were taken on record
at the Board of Directors’ meeting held on 27th January, 2005.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.3749.4 million and loans &
other recoverable dues of Rs.1797.3 million in its subsidiary company,
the Indian Iron & Steel Co. Ltd. (IISCO), whose revival plan,
approved by the Board for Industrial and Financial Reconstruction
(BIFR), 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 as well as in the current nine months. 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 Managing
Committee of Steel Development Fund (SDF), during 2003-04, had approved
linking of interest rate on loans taken from SDF with the RBI Bank
rate resulting in lowering of the interest rate with retrospective
effect. The benefits thereof were not considered, pending clarifications,
which were received in September, 2004. Accordingly, the Company carried
out the necessary adjustments in the second quarter (July-September,
2004), resulting in lower interest charges by Rs.546.9 million. iii)
Consequent to amendment in Accounting Standard-26 on “Intangible
Assets’ in March, 2004, the amortisation of expenditure on VRS
payments was reinstated in the 4th quarter of 2003-04, which was charged
to revenue in the accounts of April-December, 2003, as per AS-26 in
vogue. Consequently, the profit before tax for the period April-December,
2003 was lower by Rs.509.6 million (during the quarter October-December,
2003 – Rs.33.9 million). iv) As required by AS-28 on `Impairment
of Assets’, the Company has provided, as per existing practice,
for the loss in respect of assets, lying idle/not in use/scrapped.
In respect of assets `in use’, the company is in the process
of identifying `impaired assets’, and necessary adjustments
thereof, if any, shall be carried out at the year-end. v) During the
current quarter, the accounting policy relating to provision towards
non-moving & obsolete stores & spares has been modified resulting
in lower profit by Rs.306.2 million for the current quarter/nine months.vi)
The Board of Directors has approved interim dividend at 15 % of the
paid-up equity share capital for the accounting year 2004-05.vii)
The information on Investors’ complaints pursuant to clause
41 of the listing agreement for the quarter ended 31st December, 2004.
viii) The figures of previous periods have
been re-grouped to conform to current quarter/nine months classification.
|
| Opening
Balance |
Received during
the quarter |
Received during
the quarter |
Closing balance |
| |
2 |
2 |
|
On
behalf of Board of Directors |
Place
: New Delhi
Date : 27th January, 2004
|
(
G.C. Daga )
Director ( Finance )
|