Welcome to Ispat Industries Limited

Sl.No.	Particulars	Quarter ended September 30,		Half Year ended September 30,		Year ended March 31, 2001 (Audited)
		2001	2000	2001	2000
1	Net Sales/Income from Operations	501.95	561.54	998.50	1168.08	2238.89
2	Other Income	4.04	3.19	9.11	7.68	25.18
3	Total Expenditure
	a) (Increase)/Decrease in Stocks in Trade	43.27	(3.17)	(15.40)	(27.92)	3.95
	b) Materials Purchased / Consumed	258.98	210.08	488.33	430.28	830.81
	c) Power & Fuel Cost	83.60	107.66	211.58	240.36	496.17
	d) Personnel Cost	10.47	11.48	22.08	24.63	46.45
	e) Excise Duty	50.72	66.38	117.31	141.94	269.94
	f) Other expenditure	89.20	116.61	180.92	216.75	384.38
4	Interest & Finance Charges	87.00	66.94	167.24	157.19	345.96
5	Depreciation & Deferred Revenue Expenditure	59.45	35.62	120.31	93.66	198.84
6	Profit/(Loss) before Tax (1+2-3-4-5)	(176.70)	(46.87)	(284.76)	(101.13)	(312.43)
7	Provision for Taxation	0.00	0.00	0.00	0.00	0.03
8	Net Profit/(Loss) (6-7)	(176.70)	(46.87)	(284.76)	(101.13)	(312.46)
9	Paid up Equity Share Capital (Equity Share of Rs.10/-each)	685.76	685.74	685.76	685.74	685.76
10	Reserves excluding Revaluation Reserve	-	-	-	-	379.36
11	Basic and Diluted EPS for the period, for the Year to date & for the previous year (not annualised)	(2.58)	(0.68)	(4.15)	(1.47)	(4.56)
12
	- No. of shares	319978636	320278671	319978636	320278671	320300589
	- Percentage of shareholding	46.20	46.25	46.20	46.25	46.25

Note :

1.	Certain facilities related to Hot Strip Mill are common to both phases of the project and the same are under trial operation.
2.	Second phase of the Hot Strip Mill project is under construction.
3.	The company has provided interest on Term loans based on the restructuring package as approved by IFCI Ltd., the lead Financial Institution, only to the extent sanction letters have been received by the company.
4.	In terms of the restructuring package, there would be a reduction of 50% in the equity capital of the company, against which 0.0001% cumulative redeemable preference shares will be issued for the like amount. The company has already obtained the approval of its shareholders at the Annual General Meeting held on 28^th September, 2001 for such reduction / conversion, but accounting effect thereof will be given on receipt of requisite approval from Hon. Calcutta High Court.
5.	Deferred tax assets of Rs. 86.03 crores approximately as on 30^th September, 2001 (after adjusting deferred tax liability of Rs.14.20 crores approximately for the period upto 31^st March, 2001) has not been considered in the Accounts as a matter of prudent accounting policy and also in view of carried forward business losses and unabsorbed depreciation.
6.	The EPS computation is in accordance with the Accounting Standard 20 issued by the Institute of Chartered Accountants of India.
7.	The auditors in their report on the Company�s Accounts for the year ended 31^st March, 2001 had commented about their inability to ascertain the impact of loss, if any, arising out of non-recovery of certain inter- corporate deposits, loans, advances, etc. as well as decline in the value of certain quoted/unquoted investments based on their market / break-up values. The Management feels that all these loans, advances, investments, etc. are fully recoverable.
8.	A limited review of the results for the half year ended 30^th September, 2001 has been carried out by the statutory auditors of the company.
9.	Previous period figures have been regrouped/ rearranged wherever necessary.
10.	The above un-audited results were taken on record by the Board of Directors at its meeting held on 30^th October, 2001.

Place : Mumbai, Maharashtra	For & on behalf of the Board
Dated : 30th October, 2001	ANIL SUREKA
Top	DIRECTOR - FINANCE & SECRETARY

UN-AUDITED FINANCIAL RESULTS FOR THE 1ST QUARTER ENDED JUNE 30,2001

(Rs. in Crores)

SL.No.	Particulars		Quarter ended June 30		Year ended March 31, 2001 (Audited)
SL.No.	Particulars		2001	2000	Year ended March 31, 2001 (Audited)
1	Net Sales/Income from Operations		496.55	606.54	2238.89
2	Other Income		5.07	4.49	25.18
3	Total Expenditure		-----	-------	-------
	a)	(Increase) / Decrease in Stocks in Trade	(58.67)	(24.75)	3.95
	b)	Consumption of Raw materials	229.35	220.20	830.81
	c)	Power & Fuel Cost	117.92	132.70	458.74
	d)	Staff Cost	10.64	12.88	43.99
	e)	Excise Duty	66.59	75.56	269.94
	f)	Other expenditure	102.75	100.41	424.27
4	Interest & Finance Charges		80.24	90.25	345.96
5	Depreciation & Deferred Revenue Expenditure		60.86	58.04	198.84
6	Profit /(Loss) before Tax (1+2-3-4-5)		(108.06)	(54.26)	(312.43)
7	Provision for Taxation		-	-	0.03
8	Net Profit /(Loss) (6-7)		(108.06)	(54.26)	(312.43)
9	Paid-up Equity Share Capital (Equity Share of Rs.10/- each)		685.76	685.74	685.76
10	Reserves excluding Revaluation Reserves		-	-	379.36
11	Basic & Diluted EPS		-	-	-

NOTE :

1	The above unaudited results were taken on record by the Board of Directors at their meeting held on 25th August, 2001
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2	Interest on Rupee Term Debts has been considered as envisaged in the propsed financial restructuring , though confirmatory letters from some of the lenders are yet to be received by the Company. As a result of such restructuring, the loss for the quarter ended 30th June, 2001 stans reduced by 8.41 crores.
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3	Certain facilities related to Hot Strip Mill Project are coomon to both phases of the Project and the same are under trial operation.

4	Second Phase of the Hot Strip Mill project is still under construction.

Place : Dolvi, Maharashtra	For & on behalf of the Board
Dated : 25th August, 2001	ANIL SUREKA
Top	DIRECTOR - FINANCE & SECRETARY

UNAUDITED FINANCIAL RESULTS FOR THE HALF-YEAR ENDED 30TH SEPTEMBER, 2001
(Rs. in Crores)