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&nbs=
p;
Regd. Office : Park Plaza, 71, Park Street, Kolkata - 700 016 |
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UNAUDITED FINANCIAL RESULTS FOR THE QUARTE=
R ENDED
30TH SEPTEMBER, 2009 |
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(Rs. in crores) |
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Sl.No. |
Particula=
rs |
Nine Months ended =
31st Dec |
Quarter ended 30th September |
Half year=
ended 30th
September |
Year e=
nded 31st
March |
Consolidated
Financial Results for the Year ended 31st March |
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Quarter ended 30th June |
Half year ended 30=
th
September |
Nine Months ended =
31st Dec |
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Quarter ended 30th June=
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2008 |
2009 |
2008 |
2009 |
2008 |
2009 |
2009 |
2008 |
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2008 |
2008 |
2008 |
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2009 |
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=
; |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Audited |
Audited |
Audited |
|
Unaudited |
Unaudited
| Unaudited |
|
Unaudited |
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1 |
Sales/Income from Ope=
rations |
7929.60 |
2188.99 |
3552.23 |
3588.99 |
6695.02 |
9063.44 |
9063.44 |
9401.67 |
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3142.79 |
6695.02 |
7929.60 |
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1400.00 |
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Less : Excise Duty
| 840.58 |
156.50 |
352.53 |
260.28 |
707.51 |
931.46 |
931.46 |
1117.53 |
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354.98 |
707.51 |
840.58 |
|
103.78 |
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a) Net Sales/Income f=
rom
Operations |
7089.02 |
2032.49 |
3199.70 |
3328.71 |
5987.51 |
8131.98 |
8131.98 |
8284.14 |
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2787.81 |
5987.51 |
7089.02 |
|
1296.22 |
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b) Other Operating In=
come |
133.24 |
15.47 |
23.47 |
28.82 |
111.20 |
405.84 |
405.84 |
374.00 |
|
87.73 |
111.20 |
133.24 |
|
13.35 |
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Total |
7222.26 |
2047.9=
6 |
3223.1=
7 |
3357.5=
3 |
6098.7=
1 |
8537.8=
2 |
8537.82 |
8658.14 |
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2875.54 |
6098.71 |
7222.26 |
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1309.57 |
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2 |
Expenditure |
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a) Decrease/ (In=
crease) in
stock in trade and work in progress |
26.92 |
(52.39) |
(122.94) |
(121.33) |
(222.08) |
86.12 |
86.12 |
158.19 |
|
(99.14) |
(222.07) |
26.92 |
|
(68.94) |
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b) Consumption o=
f raw
materials |
4181.91 |
1133.96 |
1891.24 |
1981.42 |
3499.91 |
4650.84 |
4650.84 |
4535.83 |
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1608.67 |
3499.90 |
4181.91 |
|
847.46 |
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c) Power & Fuel C=
ost |
1001.82 |
395.82 |
406.83 |
710.83 |
769.22 |
1289.81 |
1289.81 |
1250.41 |
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362.39 |
769.22 |
1001.82 |
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315.01 |
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d) Employees cos=
t |
169.52 |
51.95 |
59.14 |
92.60 |
115.96 |
207.60 |
208.11 |
203.11 |
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56.82 |
115.96 |
169.52 |
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40.65 |
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e) Depreciation<=
/td>
| 496.76 |
165.32 |
162.37 |
328.89 |
323.03 |
646.62 |
646.62 |
638.12 |
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160.66 |
323.03 |
496.76 |
|
163.57 |
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f) Loss/(Gain) on Exc=
hange
fluctuation on operating balances/ Forward Exchange Contracts (Refer Note=
3
below) |
&nbs=
p;
- |
(0.68) |
120.79 |
(90.79) |
190.85 |
&nbs=
p;
- |
&nbs=
p;
- |
(50.71) |
|
0.00 |
0.00 |
&nbs=
p;
- |
|
(9=
0.11) |
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g) Other expendi=
ture |
684.97 |
206.43 |
272.41 |
368.11 |
511.99 |
872.74 |
875.02 |
951.99 |
|
239.58 |
511.99 |
684.97 |
|
161.68 |
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Total |
6561.90 |
1900.4=
1 |
2789.8=
4 |
3269.7=
3 |
5188.8=
8 |
7753.7=
3 |
7756.52 |
7686.94 |
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2328.98 |
4998.03 |
6561.90 |
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1369.32 |
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3 |
Profit from Operation=
s before
Other Income, Interest & Exceptional items (1-2) |
660.36 |
147.55=
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433.33=
|
87.80 =
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909.83=
|
784.09 |
781.30 |
971.20 |
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546.56 |
1100.68 |
660.36 |
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(59.75) |
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4 |
Other Income |
0.02 |
&nbs=
p;
- |
0.02 |
2.17 |
0.02 |
0.02 |
1.17 |
0.40 |
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0.00 |
0.02 |
0.02 |
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2.17 |
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5 |
Profit before Interes=
t &
Exceptional items (3+4) |
660.38 |
147.55=
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433.35=
|
89.97 =
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909.85=
|
784.11 |
782.47 |
971.60 |
|
546.56 |
1100.70 |
660.38 |
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(57.58) |
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=
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6 |
a) Interest |
763.15 |
263.65 |
233.80 |
531.23 |
474.91 |
1061.65 |
1061.65 |
1024.02 |
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241.11 |
474.91 |
763.15 |
|
267.58 |
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b) Loss on Exchange
Fluctuations on Foreign Currency Term Loans |
235.45 |
&nbs=
p;
- |
239.63 |
&nbs=
p;
- |
429.25 |
97.65 |
97.65 |
(174.77) |
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0.00 |
429.25 |
235.45 |
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&nbs=
p;
- |
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7 |
Profit/(Loss) after I=
nterest
but before Exceptional Items (5-6) |
(338.22) |
(116.10) |
(40.08) |
(441.26) |
5.69 |
(375.19) |
(376.83) |
122.35 |
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305.45 |
196.54 |
(338.22) |
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(325.16) |
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8 |
Exceptional Items |
(632.02) |
&nbs=
p;
- |
&nbs=
p;
- |
&nbs=
p;
- |
&nbs=
p;
- |
(648.70) |
(648.70) |
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(70.06) |
(190.85) |
(632.02) |
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&nbs=
p;
- |
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9 |
Profit/(Loss) from Or=
dinary
Activities before tax (7-8) |
(970.24) |
(116.1=
0) |
(40.08=
) |
(441.2=
6) |
5.69 <=
/td>
| (1023.=
89) |
####### |
122.35 |
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235.39 |
5.69 |
(970.24) |
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(325.16) |
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10 |
Tax Expenses |
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=
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=
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=
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=
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- Current=
Tax |
&nbs=
p;
- |
0.02 |
&nbs=
p;
- |
0.02 |
&nbs=
p;
- |
0.03 |
0.04 |
0.04 |
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0.00 |
&nbs=
p;
- |
&nbs=
p;
- |
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&nbs=
p;
- |
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- Deferre=
d Tax
Charge / (Credit) |
(323.14) |
(36.17) |
(14.21) |
(146.98) |
1.94 |
(338.81) |
(338.81) |
77.04 |
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16.15 |
1.94 |
(323.14) |
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(110.81) |
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- Fringe =
Benefit
Tax |
2.62 |
(0.54) |
0.87 |
0.03 |
1.76 |
3.00 |
3.05 |
3.77 |
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0.89 |
1.76 |
2.62 |
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0.57 |
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11 |
Net Profit/(Loss) (9-=
10) |
(649.72) |
(79.41) |
(26.74) |
(294.33) |
1.99 |
(688.11) |
(689.81) |
41.50 |
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218.35 |
1.99 |
(649.72) |
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(214.92) |
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12 |
Paid-Up Equity Share Capital=
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1221.64 |
1221.70 |
1221.60 |
1221.70 |
1221.60 |
1221.65 |
1221.58 |
1221.58 |
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1221.59 |
1221.60 |
1221.64 |
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1221.65 |
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(Face Value of Rs.10/- each)=
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=
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=
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=
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13 |
Reserves excluding Re=
valuation
Reserve as per Balance Sheet of previous Accounting Year |
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=
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=
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=
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474.04=
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491.93 |
502.53 |
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473.81 |
&nbs=
p;
- |
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14 |
Earning Per Share (EP=
S) (not
annualised) |
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=
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=
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Basic and Diluted EPS=
(Rs.)
(Refer Note 6 below) |
(5.78) |
(0.80) |
(0.38) |
(2.71) |
(0.30) |
(6.25) |
(6.26) |
(0.39) |
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0.08 |
(0.30) |
(5.78) |
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(1.91) |
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=
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15 |
Public shareholding
| |
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- Number of shares * |
719549897 |
719461135 |
719549897 |
719461135 |
719549897 |
719461135 |
719461135 |
703549897 |
|
719549897 |
719549897 |
719549897 |
|
719461135 |
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|
- Percentage of shareholding=
* |
58.86 |
58.85 |
58.86 |
58.85 |
58.86 |
58.85 |
58.85 |
57.55 |
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58.86 |
58.86 |
58.86 |
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58.85 |
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16 |
Prom=
oters
& Promoter Group shareholding |
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a) P=
ledged/
Encumbered |
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- Number of shares |
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477730463 |
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477730463 |
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366515073 |
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719549897 |
719549897 |
719549897 |
|
477730463 |
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- Percentage of share (as % =
of the
total shareholding of Promoter group) |
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95.00 |
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95.00 |
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72.88 |
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58.86 |
58.86 |
58.86 |
|
95.00 |
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- Percentage of share (as % =
of the
total share capital of the Company) |
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39.08 |
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39.08 |
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29.98 |
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39.08 |
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b)
Non-Encumbered |
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- Number of shares |
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25143708 |
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25143708 |
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136359098 |
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719549897 |
719549897 |
719549897 |
|
25143708 |
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- Percentage of share (as % =
of the
total shareholding of Promoter group) |
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5.00 |
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5.00 |
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27.12 |
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58.86 |
58.86 |
58.86 |
|
5.00 |
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- Percentage of share (as % =
of the
total share capital of the Company) |
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2.06 |
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2.06 |
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11.16 |
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2.06 |
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* excluding 10=
6912
Shares (0.01%) represented by Global Depository Receipts, which are held =
by
custodians. |
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Notes:- |
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1 |
The Auditors in their=
audit
report on the Company's Accounts for the year ended 31st March, 2009 and
limited review report for the quarter ended 30th June, 2009, have express=
ed
their inability to express any opinion on the recognition of net Deferred=
Tax
Asset (Rs. 950.13 crores upto 31st March, 2009 and Rs. 1060.94 crores upto
30th June, 2009). However, based on the future profitability projections,=
the
Company is virtually certain that there would be sufficient taxable incom=
e in
the future, to claim the above tax credit.
The company has strategic plans for reviv=
al of
the company and is hopeful of improvement in its financial health in near
future. Accordingly, the financial results for the quarter have been draw=
n as
per going concern assumption. |
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2 |
Certain Promoters of =
the
Company were allotted 11,32,44,580 Equity Shares warrants, on preferential
basis, on 18th April, 2008,
pursuant to the then applicable SEBI (Disclosure and Investors Protection)
Guidelines, 2000. The said
Promoters have not exercised their right to apply for equity shares within
the stipulated period of eighteen months from the date of allotment of the
Equity Share Warrants. Consequently, in accordance with the said SEBI
Guidelines, the entitlement of the warrant holders to apply for equity sh=
ares
has expired on 17th October, 2009 and the aggregate amount of Rs.50.61 Cr=
ores
(being 10% of the issue price of the warrants) stands forfeited and credi=
ted
to Capital Reserve account. |
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3 |
Due to significant de=
preciation
in the value of Indian Rupee owing to abnormal financial conditions which=
had
prevailed in Global markets during the previous year, Loss arising due to
Exchange Differences of Rs. 321.50 crores in relation to Operating Balanc=
es /
Forward Exchange Contracts, for the year ended 31st March 2009, was inclu=
ded
in exceptional items . |
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4 |
The Company has enter=
ed into a
Joint Venture Agreement to set up a Coke Oven Project of the annual capac=
ity
of 1.0 Million Tons at its Dolvi steel complex. The project is expected t=
o be
commissioned during the year 2011. |
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5 |
There were no extraor=
dinary
items during the respective periods reported above. |
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6 |
Basic and Diluted EPS=
have been
computed after considering the impact of proportionate arrear dividends on
cumulative redeemable preference shares on the profit/ loss for the
respective periods in terms of Accounting Standard 20 'Earnings Per Share". |
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7 |
The Company has ident=
ified Iron
& Steel product as its sole operating segment and hence no further
disclosure is required under Accounting Standard 17. |
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8 |
Previous period/ year=
figures
have been re-grouped / re-arranged wherever necessary. |
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9 |
At the beginning of t=
he
quarter, there were no complaints from investors pending for disposal. Du=
ring
the quarter, 135 complaints were received and these were appropriately
disposed off. Thus, there were no complaints from investors pending for
disposal at the end of the quarter. |
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10 |
The above unaudited f=
inancial
results for the quarter ended 30th September 2009 were reviewed by the Au=
dit
Committee and approved by the Board of Directors at their respective meet=
ings
held on 27th October 2009. |
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For and o=
n behalf
of the Board |
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| Place: Mumbai<=
span
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Anil Sureka |
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| Dated: 27th October, 2009 &nbs=
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Executive Director |
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