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ISPAT INDUSTRIES LIMITED
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UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED SEPTEMBER 30, 2004
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(Rs Crores)
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SN
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Particulars
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Unaudited
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Unaudited
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Audited
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Quarter ended September 30
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Half Year ended September 30
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Year ended March 31
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2004
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2003
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2004
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2003
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2004
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| 1 | Sales/Income from Operations | 1589.99 | 936.61 | 2897.40 | 1754.76 | 4114.71 |
| Less : Excise Duty | 90.77 | 99.03 | 153.98 | 170.83 | 380.41 | |
| 1499.22 | 837.58 | 2743.42 | 1583.93 | 3734.30 | ||
| 2 | Other Income | 24.10 | 21.12 | 28.49 | 48.15 | 86.23 |
| 3 | Total Income (1+2) | 1523.32 | 858.70 | 2771.91 | 1632.08 | 3820.53 |
| 4 | Total Expenditure | |||||
| a) (Increase) / Decrease in Stock in Trade | 23.21 | (29.68) | 3.62 | (80.56) | (54.66) | |
| b) Materials Consumed | 691.05 | 431.79 | 1362.21 | 868.73 | 1966.10 | |
| c) Purchase of Finished Goods | - | 21.39 | - | 43.71 | 71.52 | |
| d) Power & Fuel Cost | 165.41 | 123.58 | 301.62 | 226.12 | 475.09 | |
| e) Personnel Cost | 27.62 | 16.67 | 50.86 | 31.97 | 71.57 | |
| f) Other Expenditure | 203.55 | 154.99 | 433.93 | 295.60 | 658.62 | |
| Total Expenditure (4a to 4f) | 1110.84 | 718.74 | 2152.24 | 1385.57 | 3188.24 | |
| 5 | Profit before Interest & Finance Charges, Depreciation, Deferred Revenue Expenditure & Exceptional Items (3-4) | 412.48 | 139.96 | 619.67 | 246.51 | 632.29 |
| 6 | Interest & Finance Charges | 178.61 | 73.88 | 343.07 | 145.73 | 335.26 |
| 7 | Depreciation | 112.91 | 53.83 | 221.83 | 105.97 | 219.66 |
| 8 | Deferred Revenue Expenditure Written off | 4.29 | 8.58 | 8.58 | 8.58 | 17.16 |
| 9 | Profit / (Loss) before Tax (5-6-7-8) | 116.67 | 3.67 | 46.19 | (13.77) | 60.21 |
| 10 | Provision for Taxation (Net) | |||||
| - Current Tax (Including relating to earlier years) | (0.65) | - | (0.65) | - | - | |
| - Deferred Tax Charge /(Credit) | 39.85 | 24.91 | 14.99 | (3.43) | 15.89 | |
| 11 | Net Profit / (Loss) (9-10) | 77.47 | (21.24) | 31.85 | (10.34) | 44.32 |
| 12 | Paid-Up Equity Share Capital | 685.77 | 685.76 | 685.77 | 685.76 | 685.77 |
| (Equity Share of Rs 10/- each) | ||||||
| 13 | Reserves excluding Revaluation Reserve | - | - | - | - | - |
| 14 | Basic EPS (Rs) | 0.91 | (0.45) | 0.04 | (0.44) | (0.11) |
| Diluted EPS (Rs) | 0.70 | (0.45) | 0.03 | (0.44) | (0.11) | |
| (Not Annualised) | ||||||
| 15 | Aggregate of Non-Promoter Shareholding | |||||
| - Number of shares | 315,238,656 | 315,238,656 | 315,238,656 | 315,238,656 | 315,238,656 | |
| - Percentage of shareholding | 45.52 | 45.52 | 45.52 | 45.52 | 45.52 | |
| Notes | |||||||
| 1(a) | In the case of lenders who are yet to accord their approval for participation in the Corporate Debt Restructuring (CDR) scheme, Interest has been provided in accordance with the existing terms applicable to the respective loans. | ||||||
| 1(b) | The Equity conversion into 0.01% Cumulative Redeemable Preference Shares (CRPS) and conversion of term loans into Equity in terms of the restructuring scheme has not been considered pending fulfillment of certain compliances and necessary approvals of Shareholders, High Court etc. Conversion of a portion of interest dues into 10% CRPS in terms of the restructuring scheme has not been considered pending allotment. | ||||||
| 1(c) | M/s Ispat Metallics India Limited (IMIL) is now proposed to be merged with the company effective from April 1, 2004. Pending completion of various formalities concerning the said merger, the operating results indicated above are exclusive of the losses of IMIL, which may be significant, for the quarter/half year ended September 30 2004. | ||||||
| 2 | The Auditors in their report on the company's Accounts for
the year ended March 31, 2004 had commented on their inability to ascertain
the impact, if any, on the company's financial statements of certain inter-corporate
deposits considered as recoverable and deferred tax asset recognised based
on future profitability projections. As per the management, all inter-corporate deposits (Rs 58.86 crore as on September 30, 2004) are fully recoverable and are expected to be recovered by March 31, 2005. As regards deferred tax asset, based on future profitability projections, it is certain that the benefits would be availed of. |
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| 3 | The company has identified Iron & Steel products as its sole operating segment and hence, no further disclosure is required under Accounting Standard 17. | ||||||
| 4 | Previous period figures have been regrouped/rearranged wherever necessary. | ||||||
| 5 | At the beginning of the quarter ended September 30, 2004, there were 4 complaints from investors pending for disposal. During the quarter, 319 complaints were received and 319 complaints were disposed. At the end of the quarter ended September 30, 2004, 4 complaints from investors were pending for disposal which have since been disposed. | ||||||
| 6 | The above results for the Quarter ended September 30, 2004 were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on October 25, 2004, and have been subjected to a limited review by the Company’s statutory auditors. | ||||||
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