ISPAT INDUSTRIES LIMITED
            Regd. Office : Park Plaza, 71, Park Street, Kolkata - 700 016
 
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2007
 
                        (Rs. Crores)  
Sl No. Particulars Quarter ended 31st Dec Nine Months ended        31st Dec Quarter ended 30th Sept Half Year ended 30th Sept Year Ended 31st March Quarter Ended June Half year Ended September
2007 2006 2007 2006 2007 2006 2007 2006 2007 2007 2007
Unaudited  Unaudited  Unaudited  Unaudited  Unaudited  Unaudited  Unaudited  Unaudited  Audited  Unaudited  Unaudited 
                         
1 Sales/Income from Operations 2428.94 2033.93 6792.61 6012.19 2305.91 2087.75 4363.67 3974.36 8378.44 2057.76 4363.67
  Less : Excise Duty 262.71 206.58 787.48 630.88 280.35 204.96 524.77 422.90 891.87 244.42 524.77
  Net Sales/Income from Operations 2166.23 1827.35 6005.13 5381.31 2025.56 1882.79 3838.90 3551.46 7486.57 1813.34 3838.90
2 Other Income 29.45 52.21 98.50 71.94 23.13 8.46 69.05 20.20 108.92 45.92 69.05
                         
3 Total Income (1+2) 2195.68 1879.56 6103.63 5453.25 2048.69 1891.25 3907.95 3571.66 7595.49 1859.26 3907.95
                         
4 Total Expenditure                      
  a) (Increase)/Decrease in Stock in Trade and work in progress 100.54 (85.06) 91.45 (56.50) 48.44 10.78 (9.09) 28.56 (30.20) (57.53) (9.09)
  b) Raw Materials  Consumed 1131.67 944.28 3170.93 2623.14 1055.82 905.00 2039.26 1678.86 3643.46 983.44 2039.26
  c) Purchase of traded goods 3.42              -   10.71                -   6.40 0.00 7.29 0.00 58.58 0.89 7.29
  d) Power & Fuel Cost (Net) 321.40 355.27 948.16 984.85 320.80 300.86 626.76 627.08 1153.52 305.96 626.76
  e) Personnel Cost 51.88 42.36 148.75 119.50 49.18 40.99 96.87 77.14 165.34 47.69 96.87
  f) Depreciation 162.05 157.05 478.09 465.31 161.63 154.98 316.04 308.26 623.83 154.41 316.04
  g) Other Expenditure 227.73 241.72 704.48 705.62 232.05 227.59 476.75 464.37 986.72 244.70 476.75
  Total Expenditure (4a to 4g) 1998.69 1655.62 5552.57 4841.92 1874.32 1640.20 3553.88 3184.27 6601.25 1679.56 3553.88
                         
                         
5 Interest & Finance Charges 249.80 195.12 514.28 742.00 99.34 245.29 264.48 546.88 990.87 165.14 264.48
                         
6 Profit/(Loss) before Tax (3-4-5) (52.81) 28.82 36.78 (130.67) #REF! #REF! #REF! #REF! 3.37 14.56 89.59
                       
7 Tax Expense                  
   - Current Tax              -                -                -                  -             -             -             -             -              (0.03)           -             -  
   - Deferred Tax (Charge)/Credit         17.96 (10.40) (48.18) 41.14 (60.70) (2.86) (66.14) 51.54 (9.87) (5.44) (66.14)
   - Fringe Benefit Tax (1.15) (0.90) (2.69) (2.12) (0.79) (0.58) (1.54) (1.22) (3.00) (0.75) (1.54)
8 Net Profit/(Loss)  (6-7) (36.00) 17.52 (14.09) (91.65) #REF! #REF! #REF! #REF! (9.53) 8.37 21.91
                         
9 Paid-Up Equity Share Capital 1218.43 1218.40 1218.43 1218.40 1218.41 1218.40 1218.41 1218.40 1218.40 1218.40 1218.41
  (Equity Share of Rs.10/- each)                      
                         
10 Reserves excluding Revaluation Reserve as per Balance Sheet of Previous Accounting year                 519.08    
                         
11 Earning Per Share                      
  Basic and Diluted EPS (Not Annualised) (Rs) (0.46) (0.02) (0.60) (1.22) (0.05) (0.14) (0.14) (1.21) (0.81) (0.09) (0.14)
  (b) Basic and Diluted EPS after Extraordinary items for the period, for the year to date and for the previous year (Not Annualised)                    (Rs)                      
                         
                         
12 Aggregate of Public shareholding                      
   - Number of shares 660661897 604120150 660661897 604120150 604120150 604238300 604120150 604238300 604120150 604120150 604120150
   - Percentage of shareholding 54.05 49.42 54.05 49.42 49.42 49.43 49.42 49.43 49.42 49.42 49.42
       
  Notes:    
1 The Auditors in their audit report on the Company's Accounts for the year ended 31st March 2007 and limited review report for the quarter ended 30th September 2007, had expressed their inability to express any opinion on the accounting of Deferred Tax Asset (Rs 623.61 crores as on 31st March 2007 and Rs 557.47 crores as on 30th September 2007). However, based on the future profitability projections, the Company is virtually certain that there would be sufficient taxable income in the future, to claim the above tax credit.  
2. a) Consequent upon adoption of the Companies (Accounting Standards) Rules 2006, with effect from 1st April 2007, Exchange differences arising on restatement of foreign currency term loans relating to the acquisition of fixed assets, which in terms of Accounting Standard 11 on “The effects of changes in foreign exchange rates” were previously adjusted to the carrying values of the relevant fixed assets, have been recognised in the Profit and Loss Account. The quantum of such exchange differences credited to Profit & Loss Account for the nine months period ended 31st December 2007 amounts to Rs 126.80 crores (including Rs 6.41 crores for the quarter).  
  b) Interest and Finance Charges for the nine months period ended 31st December, 2007 are net of foreign exchange gain of Rs 227.57 crores on term loans (including Rs 126.80 crores as indicated above) and for the quarter Rs. 6.65 crores (including Rs 6.41 crores as indicated above).  
3 There was no exceptional/extraordinary item during the quarter/ nine months period ended 31st December 2007.  
4 Basic and Diluted EPS as stated in Serial No.11 above, 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.  
5 Previous period figures have been re-grouped / re-arranged wherever necessary.  
6 At the beginning of the December 2007 quarter, there were no complaints from investors pending for disposal. During the quarter, 306 complaints were received and these were appropriately disposed off. Thus, there were no complaints from investors pending for disposal at the end of December 2007 quarter.  
7 The above financial results for the quarter ended 31st December 2007, subjected to a Limited Review by the Auditors of the Company, were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on 30th January 2008 and 31st January 2008 respectively.  
       
      For and on behalf of the Board  
  Place:  Mumbai   Anil Sureka                                                        
  Date: 31stJanuary 2008   Executive Director (Finance)