UN - AUDITED FINANCIAL RESULTS FOR THE
QUARTER & NINE MONTHS ENDED 31st DECEMBER 2003
                   
          (Rs. Crores)
SL.
No.
   Particulars   Unaudited Unaudited Audited
Quarter ended
Dec 31 		Nine months
ended Dec 31 		Year Ended
March 31, 2003
2003 2002 2003 2002
             
1 Sales/Income from Operations 1169.06 837.70 2923.82 2266.96 3370.62
  Less : Excise Duty 121.99 77.35 292.82 230.94 307.96
    1047.07 760.35 2631.00 2036.02 3062.66
2 Other Income 14.84 9.71 62.99 22.39 46.97
             
3 Total Income (1+2) 1061.91 770.06 2693.99 2058.41 3109.63
             
4 Total Expenditure          
  a) (Increase) / Decrease in Stock in Trade 47.84 (9.35) (32.72) (45.25) 51.30
  b) Materials Consumed 504.17 373.62 1372.90 1037.66 1506.86
  c) Purchase of Finished Goods 20.72 32.89 64.43 59.26 95.12
  d) Power & Fuel Cost 128.39 84.97 354.51 243.38 345.63
  e) Personnel Cost 20.85 13.16 52.82 38.97 54.74
  e) Excise Duty   0.00   0.00  
  f) Other Expenditure 162.08 147.89 457.68 409.69 617.54
  Total Expenditure (4a to 4f) 884.05 643.18 2269.62 1743.71 2671.19
             
5 Profit before interest & Finance Charges, Depreciation, 177.86 126.88 424.37 314.70 438.44
  Deferred Revenue Expenditure
& Exceptional Items (3-4)		          
             
6 Interest & Finance Charges 78.16 93.76 223.89 278.76 327.56
             
7 Depreciation 53.62 53.67 159.59 159.82 210.12
             
8 Deferred Revenue Expenditure Written off 4.29 7.53 12.87 19.65 18.29
             
9 Profit / (Loss) before Exceptional Items (5-6-7-8) 41.79 (28.08) 28.02 (143.53) (117.53)
             
10 Exceptional Items (Net) - - - - 184.05
             
11 Profit / (Loss) before Tax (9-10) 41.79 (28.08) 28.02 (143.53) 66.52
             
12 Provision for Taxation (Net)          
  - Current - - - - 0.65
  - Deferred 13.51 (10.13) 10.08 (43.05) (16.96)
             
13 Net Profit / (Loss) (11-12) 28.28 (17.95) 17.94 (100.48) 82.83
             
14 Paid-Up Equity Share Capital 685.76 685.76 685.76 685.76 685.76
  (Equity Share of Rs.10/- each)          
             
15 Reserves excluding Revaluation Reserve - - - - -
             
16 Basic EPS (Rs) 0.26 (0.40) (0.18) (1.87) 0.55
  Diluted EPS (Rs) 0.20 (0.40) (0.18) (1.87) 0.45
  (Not Annualised)          
             
17 Aggregate of Non promoter shareholding          
  - Number of shares 315238656 315238654 315238656 315238654 315238656
  - Percentage of shareholding 45.52 45.52 45.52 45.52 45.52

1. Stage-A (0.9 Million Ton) of Second Phase (1.5 Million Ton) of the Hot Strip Mill project has been commissioned and trial run is under progress.

2(a) Interest on secured loans has been provided in accordance with the restructuring scheme approved by the Corporate Debt Restructuring (CDR) Empowered Group of the lenders. In the case of lenders who are yet to accord their approval for participation in the scheme, interest has been provided in accordance with the existing terms applicable to the respective loans.

(b) The Equity conversion into 0.01% Cumulative Redeemable Preference Shares (CRPS), conversion of term loans into Equity and conversion of a portion of interest dues into 10% CRPS in terms of the restructuring scheme has not been considered pending fulfillment of compliance and necessary approvals of Shareholders, High Court etc.

(c) In terms of the restructuring scheme, M/s Ispat Metallics India Limited (IMIL) would be merged with the company effective from 1st April 2003, based on a share swap ratio to be ascertained by independent valuers. Pending completion of various formalities concerning above merger, the operating results indicated above are exclusive of the operating results of IMIL for the quarter and nine months ended 31st December 2003.

3. The Auditors in their report on the company's Accounts for the year ended 31st March, 2003 had commented about their inability to ascertain the impact, if any, on the company's profit / Profit & Loss Account Debit Balance, of certain inter-corporate deposits considered recoverable, deferred tax asset based on future profitability projections, write back of interest and loan liabilities of Rs.554.17 crores pursuant to settlement / understanding with certain overseas lenders / credit provider subject to fulfillment of mutually agreed terms and conditions, and consideration of Rolling mill and facilities attached thereto under trial run.

As per the management, all inter-corporate deposits are fully recoverable and would be recovered by 31st March 2005. As regards deferred tax asset, based on future profitability projections, it is virtually certain that the benefits would be availed of. The terms and conditions agreed with the credit provider have been fully complied with. With respect to settlement of loans / dues with certain foreign lenders, the terms as agreed from time to time would be duly complied with. The facilities relating to Rolling Mill continue to be under trial run due to non-stabilisation and non-fulfillment of guaranteed parameters.

4. The company has identified Iron & Steel products as its sole operating segment and hence, no further disclosure is required under Accounting Standard 17.

5. Previous period figures have been re-grouped / re-arranged wherever necessary.

6. At the beginning of the quarter under review, there were 5 complaints from investors pending for disposal. During the quarter, 772 complaints were received and 754 complaints were disposed. At the end of the quarter under review, 23 complaints from investors were pending for disposal.

7. The above results for the Quarter and Nine Months ended 31st December 2003 were reviewed by the Audit Committee at its meeting held on 28th January 2004 and taken on record by the Board of Directors at its meeting held on 29th January 2004 and have been subjected to a limited review by the company's statutory auditors.

Place: Mumbai

Dated: 29th January 2004

For and on behalf of the Board

Anil Sureka

Executive Director (Finance)

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UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2003
                 
            (Rs. Crores) 
Sl. No.   Particulars   Unaudited Unaudited Audited
Quarter ended
Sept 30, 		Half Year ended
Sept 30, 		Year Ended
March 31, 2003
2003 2002 2003 2002
             
1 Sales/Income from Operations 936.61 788.59 1754.76 1429.26 3370.62
  Less : Excise Duty 99.03 78.50 170.83 153.59 307.96
    837.58 710.09 1583.93 1275.67 3062.66
2 Other Income 21.12 7.66 48.15 12.68 46.97
             
3 Total Income (1+2) 858.70 717.75 1632.08 1288.35 3109.63
             
4 Total Expenditure          
  a) (Increase) / Decrease in Stock in Trade (29.68) (23.22) (80.56) (35.90) 51.30
  b) Materials Consumed 431.79 352.92 868.73 664.04 1506.86
  c) Purchase of Finished Goods 21.39 17.33 43.71 26.37 95.12
  d) Power & Fuel Cost 123.58 87.47 226.12 158.41 345.63
  e) Personnel Cost 16.67 13.21 31.97 25.81 54.74
  e) Excise Duty   0.00   0.00  
  f) Other Expenditure 154.99 146.41 295.60 261.80 617.54
  Total Expenditure (4a to 4f) 718.74 594.12 1385.57 1100.53 2671.19
             
5 Profit before interest & Finance Charges, Depreciation, 139.96 123.63 246.51 187.82 438.44
  Deferred Revenue Expenditure & Exceptional Items (3-4)          
             
6 Interest & Finance Charges 73.88 93.45 145.73 185.00 327.56
             
7 Depreciation 53.83 53.11 105.97 106.15 210.12
             
8 Deferred Revenue Expenditure Written off 8.58 3.95 8.58 12.12 18.29
             
9 Profit / (Loss) before Exceptional Items (5-6-7-8) 3.67 (26.88) (13.77) (115.45) (117.53)
             
10 Exceptional Items (Net) - - - - 184.05
             
11 Profit / (Loss) before Tax (9-10) 3.67 (26.88) (13.77) (115.45) 66.52
             
12 Provision for Taxation (Net)          
  - Current - - - - 0.65
  - Deferred 24.91 (2.27) (3.43) (32.92) (16.96)
             
13 Net Profit / (Loss) (11-12) (21.24) (24.61) (10.34) (82.53) 82.83
             
14 Paid-Up Equity Share Capital 685.76 685.76 685.76 685.76 685.76
  (Equity Share of Rs.10/- each)          
             
15 Reserves excluding Revaluation Reserve - - - - -
             
16 Basic EPS (Rs) (0.45) (0.64) (0.44) (1.48) 0.55
  Diluted EPS (Rs) (0.45) (0.64) (0.44) (1.48) 0.45
  (Not Annualised)          
             
17 Aggregate of Non promoter shareholding          
  - Number of shares 315238656 315238654 315238656 315238654 315238656
  - Percentage of shareholding 45.52 45.52 45.52 45.52 45.52
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UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE YEAR ENDED 30th JUNE, 2003
 
(Rs.in Crores)
Sl. No.
Particulars
Unaudited
Audited
Quarter ended 30th June
Year ended
31st March, 2003
2003
2002
1
 Sales/Income from Operations
Less: Excise Duty
814.94
640.67
  
3364.03
71.80
75.09
  
307.21
743.14
565.58
  
3056.82
2
 Other Income
30.24
5.02
  
52.81
3
 Total Income (1+2)
773.38
570.60
  
3109.63
4
 Total Expenditure
  a) (Increase) / Decrease in Stock in Trade
(50.88)
(12.68)
  
51.30
  b) Materials Consumed
436.94
311.12
  
1506.86
  c) Purchase of Finished Goods
22.32
9.04
  
95.12
  d) Power & Fuel Cost
102.54
70.94
  
345.63
  e) Personnel Cost
15.30
12.60
  
54.74
  f) Other Expenditure
140.61
115.39
  
617.54
  Total Expenditure (4a to 4f)
666.83
506.41
  
2671.19
5
 Profit before interest & finance charges,depreciation, deferred revenue expenditure & exceptional items (3-4)
106.55
64.19
  
438.44
6
 Interest & Finance Charges
71.85
91.55
  
327.56
7
 Depreciation
52.14
53.04
  
210.12
8
 Deferred Revenue Expenditure written off
-
8.17
  
18.29
9
 Profit / (Loss) before exceptional items (5-6-7-8)
17.44
88.57
  
117.53
10
 Exceptional Items (Net) - Income / (Expense)

-
-
  
184.05
11
 Profit / (Loss) before Tax  (9-10)
(17.44)
(88.57)
  
66.52
12
 Provision for Taxation (Net)
-  Current
-  Deferred
-
(28.34)
-
(30.65)
  
0.65
(16.96)
13
 Net Profit / (Loss) (11-12)
10.90
(57.92)
  
82.83
14
 Paid-Up Equity Share Capital
(Equity Share of Rs.10/- each)
685.76
685.76
  
685.76
15
 Reserves excluding Revaluation Reserve
-
-
  
-
16
 Basic earnings per share (Rs)
Diluted earnings per share (Rs)
0.01
0.01
(0.84)
(0.84)
  
0.55
0.45
17
 Aggregate of Non promoter shareholding
- No. of shares
- Percentage of shareholding
315238656
45.52
315238654
45.52
  
315238656
45.52
           
Notes:
1 Stage-A (0.9 Million Ton) of Second Phase (1.5 Million Ton) of the Hot Strip Mill project has been commissioned and trial run is under progress.
2 (a) Interest on secured loans has been provided in accordance with the restructuring scheme approved by the Corporate Debt Restructuring (CDR) Empowered Group of the lenders. In the case of lenders who are yet to accord their approval for participation in the scheme, interest has been provided in accordance with the existing terms applicable to the respective loans.

(b) The Equity conversion into 0.01% Cumulative Redeemable Preference Shares (CRPS), conversion of term loans into Equity and conversion of a portion of interest dues into 10% CRPS in terms of the restructuring scheme has not been considered pending fulfillment of compliance and necessary approvals of Shareholders, High Court etc.

(c) In terms of the restructuring scheme, M/s Ispat Metallics India Limited (IMIL) would be merged with the company effective from 1st April 2003, based on a share swap ratio to be ascertained by approved valuers, which is under progress. Pending completion of various formalities concerning above merger, the operating results indicated above are exclusive of the operating results of IMIL for the quarter ended 30th June 2003.
3 "In accordance with Accounting Standard - 26, the opening balance of Rs. 63.78 crores in Deferred Revenue Expenditure account has been fully charged off and adjusted with the profit and loss account debit balance as on 1st April 2003. Consequent to above, deferred tax liability of Rs. 22.88 crores created in earlier years but no longer required in respect of above Deferred Revenue Expenditure has been considered while computing the Deferred Tax Credit for the quarter."
4 The Auditors in their report on the company's Accounts for the year ended 31st March, 2003 had commented about their inability to ascertain the impact, if any, on the company's profit / Profit & Loss Account Debit Balance, of certain inter-corporate deposits considered recoverable, deferred tax asset based on future profitability projections, write back of interest and loan liabilities of Rs.554.17 crores pursuant to settlement / understanding with certain overseas lenders / credit provider subject to fulfillment of mutually agreed terms and conditions, and consideration of Rolling mill and facilities attached thereto under trial run.

As per the management, all inter-corporate deposits are fully recoverable and would be recovered by 31st March, 2005.As regards deferred tax asset, based on future profitability projections, it is virtually certain that the benefits wouldbe availed of. With respect to settlement of loans / dues with certain foreign lenders / credit provider, the terms as agreed from time to time would be duly complied with. The facilities relating to Rolling Mill continue to be under trial run due to non-stabilisation and non-fulfillment of guaranteed parameters.
5 The company has identified Iron & Steel products as its sole operating segment and hence, no further disclosure isrequired under Accounting Standard 17.
6 Previous period figures have been re-grouped / re-arranged wherever necessary.

7 At the beginning of the quarter under review, there were 37 complaints from investors pending for disposal. During the quarter , 94 complaints were received and 109 complaints were disposed. At the end of the quarter under review, 22 complaints from investors were pending for disposal.
8 The above results for the Quarter ended 30th June,2003 were reviewed by the Audit Committee at its meeting held on18th August 2003 and taken on record by the Board of Directors at its meeting held on 19 th August, 2003 and have been subjected to a limited review by the company's statutory auditors.
Place : Mumbai
Dated : 19th August, 2003
For  & on behalf of the Board
Anil Sureka
Executive Director (Finance)

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