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ISPAT
INDUSTRIES LIMITED
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AUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2005
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(Rs
Crore)
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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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2005
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2004
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2005
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2004
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2005
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| 1 | Sales/Income from Operations | 1337.64 | 1589.99 | 2648.79 | 2897.40 | 6459.39 |
| Less : Excise Duty | 139.24 | 90.77 | 288.40 | 153.98 | 381.31 | |
| 1198.40 | 1499.22 | 2360.39 | 2743.42 | 6078.08 | ||
| 2 | Other Income (1+2) | 8.50 | 19.59 | 25.93 | 22.89 | 34.81 |
| 3 | Total Income (1+2) | 1206.90 | 1518.81 | 2386.32 | 2766.31 | 6112.89 |
| 4 | Total Expenditure | |||||
| a) (Increase) / Decrease in Stock in Trade | 172.13 | 23.21 | (40.09) | 3.62 | 11.27 | |
| b) Materials Consumed | 689.88 | 691.05 | 1455.89 | 1362.21 | 3025.66 | |
| c) Power & Fuel Cost | 192.36 | 165.41 | 334.36 | 301.62 | 632.91 | |
| d) Personnel Cost | 27.20 | 27.62 | 55.78 | 50.86 | 112.43 | |
| e) Other Expenditure | 196.41 | 199.04 | 383.47 | 428.33 | 834.49 | |
| Total Expenditure (4a to 4e) | 1277.98 | 1106.33 | 2189.41 | 2146.64 | 4616.76 | |
| 5 | Profit before Interest & Finance Charges, Depreciation, Deferred Revenue Expenditure & Exceptional Items (3-4) | (71.08) | 412.48 | 196.91 | 619.67 | 1496.13 |
| 6 | Interest & Finance Charges | 168.59 | 178.61327.21 | 343.07 | 534.06 | 534.06 |
| 7 | Depreciation | 106.73 | 112.71 | 213.72 | 221.83 | 435.99 |
| 8 | Deferred Revenue Expenditure Written off | - | 4.29 | - | 8.58 | 35.68 |
| 9 | Profit
before Exceptional Items (5-6-7-8) |
(346.40) | (70.48) | 490.40 | ||
| 10 | Exceptional
Items (Net) |
- | - | - | - | 405.14 |
| 11 | Profit/
(Loss) before Tax (9-10) |
(346.40) | 116.67 | (344.02) | 46.19 | 895.54 |
| 12 | Provision for Taxation (Net) | |||||
| - Current | - | 0.65 | - | 0.65 | 0.62 | |
| - Deferred Tax Charge /(Credit) | 114.82 | (39.85) | 114.53 | (14.99) | (200.10) | |
| - Fringe Benefit Tax | (1.25) | - | (2.14) | - | - | |
| 13 | Net Profit / (Loss) (11-12) | (232.83) | 77.47 | (231.63) | 31.65 | 696.06 |
| 14 | Paid-Up
Equity Share Capital (Equity Share of Rs 10/- each) |
685.81 |
685.77 |
685.81 | 685.77 | 685.80 |
| 15 | Reserves excluding Revaluation Reserve | - | - | 745.56 | ||
| 16 | Basic EPS (Rs) | (3.57) |
0.91 | (3.57) | 0.04 | 9.34 |
| Diluted EPS (Rs) | (3.57) | 0.70 | (3.57) | 0.03 | 7.05 | |
| (Not Annualised) | ||||||
| 17 | Aggregate of Non-Promoter Shareholding | |||||
| - Number of shares | 315238656 |
315238656 | 315238656 | 315238656 | 315238656 | |
| - Percentage of shareholding | 45.52 | 45.52 | 45.52 | 45.52 | 45.52 | |
| Notes | |||||||
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1
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The second Electric Arc Furnace has been commissioned during the first week of October 2005 and trial production is in progress. This will increase the annual capacity of the Hot Rolled Coil plant to 3.0 Mio. MTs from 2.4 Mio. MTs. The other projects, namely, Sinter Plant and 1260 TPD Oxygen Plant are likely to be completed during the current quarter December 2005, which will reduce the operating costs. | ||||||
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2
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During the quarter ended 30th September 2005, the Company's operations were affected due to extensive floods in Maharashtra, significant fall in finished steel prices and restricted supply of Natural Gas due to fire in Bombay High. | ||||||
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3(a)
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The conversion of equity into 0.01% Cumulative Redeemable Preference Shares (CRPS) and allotment of Equity Shares in terms of the Scheme of Reconstruction and Amalgamation is yet to be effected pending completion of the legal formalities. | ||||||
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3(b)
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M/s Ispat Metallics India Limited (IMIL) is proposed to be merged with the company effective from 1st April 2004. The Hon'ble High Courts at Calcutta and Bombay have approved the Scheme of Reconstruction and Amalgamation. Pending further compliances, relating to the merger, the above results are exclusive of the losses of IMIL, aggregating to Rs. 483 crores and Rs. 211 crores (including Rs. 130 crores for the quarter) for the year ended 31st March 2005 and six months period ended 30th September 2005 respectively. | ||||||
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4
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The company has identified Iron & Steel products as its sole operating segment and, hence, no further disclosure is required under Accounting Standard 17. | ||||||
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5
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Previous period figures have been re-grouped / re-arranged wherever necessary. | ||||||
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6
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At the beginning of the quarter ended 30th September 2005, there were no complaints from investors pending for disposal. During the quarter, 406 complaints were received and all 406 complaints were disposed. At the end of the quarter, no complaints from investors were pending for disposal. | ||||||
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7
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The above results were reviewed by the Audit Committee and taken on record by the Board of Directors at their respective meetings held on 25th October, 2005. | ||||||
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