ISPAT INDUSTRIES LIMITED |
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED DECEMBER 31, 2004 |
(Rs Crore) |
SN |
Particulars |
Unaudited |
Unaudited |
Audited |
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Quarter ended Dec 31 |
Nine Months Ended Dec 31 |
Year Ended March 31 |
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2004 |
2003 |
2004 |
2003 |
2004 |
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| 1 | Sales/Income from Operations | 1740.22 | 1169.06 | 4637.62 | 2923.82 | 4114.71 |
| Less : Excise Duty | 101.34 | 121.99 | 255.32 | 292.82 | 380.41 | |
| 1638.88 |
1047.07 |
4382.3 |
2631.00 |
3734.30 | ||
| 2 | Other Income | 4.3 |
14.84 |
27.19 |
62.99 |
86.23 |
| 3 | Total Income (1+2) | 1643.18 |
1061.91 |
4409.49 |
2693.99 |
3820.53 |
| 4 | Total Expenditure | |||||
| a) (Increase) / Decrease in Stock in Trade | -1.25 |
47.84 |
2.37 |
-32.72 |
-54.66 | |
| b) Materials Consumed | 839.38 |
504.17 |
2201.59 |
1372.9 |
1966.1 | |
| c) Purchase of Finished Goods | 0 | 20.72 |
0 | 64.43 |
71.52 | |
| d) Power & Fuel Cost | 174.04 |
128.39 |
475.66 |
354.51 |
475.09 | |
| e) Personnel Cost | 31.36 |
20.85 |
82.22 |
52.82 |
71.57 | |
| f) Other Expenditure | 181.42 |
162.08 |
609.75 |
457.68 |
658.62 | |
| Total Expenditure (4a to 4f) | 1224.95 |
884.05 |
3371.59 |
2269.62 |
3188.24 | |
| 5 | Profit before Interest & Finance Charges, Depreciation, Deferred Revenue Expenditure & Exceptional Items (3-4) | 418.23 |
177.86 |
1037.9 |
424.37 |
632.29 |
| 6 | Interest & Finance Charges | 150.7 |
78.16 |
493.77 |
223.89 |
335.26 |
| 7 | Depreciation | 105.07 |
53.62 |
326.9 |
159.59 |
219.66 |
| 8 | Deferred Revenue Expenditure Written off | 27.1 |
4.29 |
35.68 |
12.87 |
17.16 |
| 9 | Profit before Exceptional Items (5-6-7-8) |
135.36 |
41.79 |
181.55 |
28.02 |
60.21 |
| 10 | Exceptional Items (Net) |
405.14 |
0 |
405.14 |
0 |
0 |
| 11 | Profit before Tax (9+10) |
540.5 |
41.79 |
586.69 |
28.02 |
60.21 |
| 12 | Provision for Taxation (Net) | |||||
| - Current Tax (Including relating to earlier years) | - | - | -0.65 |
- | - | |
| - Deferred Tax Charge /(Credit) | 42.8 |
13.51 |
57.79 |
10.08 |
15.89 | |
| 13 | Net Profit / (Loss) (11-12) | 497.7 |
28.28 |
529.55 |
17.94 |
44.32 |
| 14 | Paid-Up Equity Share Capital | 685.77 |
685.76 |
685.77 | 685.76 | 685.77 |
| (Equity Share of Rs 10/- each) | ||||||
| 15 | Reserves excluding Revaluation Reserve | - | - | - | - | - |
| 16 | Basic EPS (Rs) | 6.98 |
0.26 |
7.02 |
-0.18 |
-0.11 |
| Diluted EPS (Rs) | 5.31 |
0.2 |
5.34 |
-0.18 |
-0.11 | |
| (Not Annualised) | ||||||
| 17 | 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 | The company’s various projects like Sinter Plant, Oxygen Plant, EAF II etc are under implementation and would add significantly to the company’s production capacity and reduce operating costs with consequent improvement in profitability. | ||||||
| 2(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. | ||||||
| 2(b) | The Equity conversion into 0.01% Cumulative Redeemable Preference Shares (CRPS) and allotment of Equity Shares in terms of the restructuring scheme is yet to be done pending legal approvals. | ||||||
| 2(c) | M/s Ispat Metallics India Limited (IMIL) is proposed to be merged with the company effective from April 1, 2004. Pending various approvals concerning the above merger, the above results are exclusive of the provisional losses of IMIL, aggregating to Rs 351 crore approximately for the nine-month period ended December 31, 2004. Further, based on legal opinion obtained by the company, no provision has been considered for minimum alternate tax, in view of the above losses of IMIL and brought forward business losses of the company. | ||||||
| 3 | Exceptional item represents gain arising on settlement of the principal amount of Euro Bond loan liability. | ||||||
| 4 | The Auditors, in their report on the company’s Accounts
for the year ended March 31, 2004, had commented about 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 40.11 crore as on December 31, 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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| 5 | The company has identified Iron & Steel products as its sole operating segment and hence, no further disclosure is required under Accounting Standard 17. | ||||||
| 6 | Previous period figures have been re-grouped / re-arranged wherever necessary. | ||||||
| 7 | At the beginning of the quarter ended December 31, 2004, there were 4 complaints from investors pending for disposal. During the quarter, 394 complaints were received and 396 complaints were disposed off. At the end of the quarter, 2 complaints were pending for disposal, which have since been disposed off. | ||||||
| 8 | The above results were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on January 24, 2005 and have been subjected to a limited review by the company’s statutory auditors. | ||||||
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