ISPAT INDUSTRIES LIMITED
            Regd. Office : Park Plaza, 71, Park Street, Kolkata - 700 016
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 3OTH JUNE, 2007
                        (Rs. Crores)
Sl No. Particulars Quarter ended       31st Dec Nine Months ended        31st Dec Quarter ended 30th Sept Half Year ended 30th Sept Quarter ended 30th June  Year Ended 31st March
2006 2006 2006 2006 2007 2007 2006 2006 2007
Unaudited  Unaudited  Unaudited  Unaudited  Unaudited  Unaudited  Unaudited  Unaudited  Audited 
                     
                     
1 Sales/Income from Operations 2033.93 6012.19 1920.50 3978.26 2057.76 2366.25 1457.53 1886.61 8378.44
  Less : Excise Duty 206.58 630.88 179.88 424.30 244.42 260.99 166.84 217.94 891.87
    1827.35 5381.31 1740.62 3553.96 1813.34 2105.26 1290.69 1668.67 7486.57
2 Other Income 52.40 72.60 (25.72) 20.20 45.92 36.32 10.32 11.74 108.92
                     
3 Total Income (1+2) 1879.75 5453.91 1714.90 3574.16 1859.26 2141.58 1301.01 1680.41 7595.49
                     
4 Total Expenditure                  
  a) (Increase)/Decrease in Stock in Trade (85.06) (56.50) 86.09 28.56 (57.53) 26.30 (1.82) 17.78 (30.20)
  b) Materials  Consumed 944.28 2623.14 694.53 1678.86 984.33 1078.90 659.69 773.86 3702.04
  c) Power & Fuel Cost (Net) 355.27 984.85 323.62 629.58 305.96 168.67 227.25 326.22 1153.52
  d) Personnel Cost 42.36 119.50 29.45 77.14 47.69 45.84 34.53 36.15 165.34
  e) Other Expenditure 241.91 706.28 219.67 464.37 244.70 280.44 229.17 236.78 986.72
  Total Expenditure (4a to 4e) 1498.76 4377.27 1353.36 2878.51 1525.15 1600.15 1148.82 1390.79 5977.42
                     
5 Profit before Interest & Finance Charges and Depreciation (3-4) 380.99 1076.64 361.54 695.65 334.11 541.43 152.19 289.62 1618.07
                     
6 Interest & Finance Charges 195.12 742.00 381.74 546.88 165.14 248.87 234.50 301.59 990.87
                     
7 Depreciation  157.05 465.31 153.85 308.26 154.41 158.52 143.13 153.28 623.83
                     
8 Deferred Revenue Expenditure Written off               -             -                   -                       -    
                     
                     
10 Exceptional Items (Net)               -             -                   -                       -    
                     
8 Profit/(Loss) before Tax (5-6-7) 28.82 (130.67) (174.05) (159.49) 14.56 134.04 (225.44) (165.25) 3.37
                     
9 Provision for Taxation (Net)                  
   - Current           -             -             -             -                   -   (0.03)      (0.01)                 -              (0.03)
   - Deferred Tax (Charge)/Credit (10.40) 41.14 56.98 51.54 (5.44) (51.01) 73.25 54.40 (9.87)
   - Fringe Benefit Tax (0.90) (2.12) (0.47) (1.22) (0.75) (0.88) (0.94) (0.64) (3.00)
                     
10 Net Profit/(Loss) (8-9) 17.52 (91.65) (117.54) (109.17) 8.37 82.12 (153.14) (111.49) (9.53)
                     
14 Share of Loss of an associate company                  
11 Paid-Up Equity Share Capital 1218.40 1218.40 1218.40 1218.40 1218.40 1218.42 1218.38 1218.39 1218.40
  (Equity Share of Rs.10/- each)                  
                     
12 Reserves excluding Revaluation Reserve                       -     519.08
                     
13 Earning Per Share                  
  Basic and Diluted                     (Rs) (0.02) (1.22) (0.14) (1.21) (0.09) 0.41 (1.38) (1.07) (0.81)
  (Not Annualised)                  
                     
14 Aggregate of Public shareholding                  
   - Number of shares 604120150 604120150 592638300 592638300 604120150 604120150 604120150 592638300 604120150
   - Percentage of shareholding 49.42 49.42 48.48 48.48 49.42 49.42 49.42 48.48 49.42

Notes:

1.

The Auditors in their report on the Company's Accounts for the year ended 31st March 2007 had expressed their inability to express any opinion on the accounting of Deferred Tax Asset of Rs.623.61 crores. 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.

Interest and Finance Charges for the quarter ended 30th June, 2007 are net of foreign exchange gain of Rs. 78.10 crores on term loans.

3.

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

4.

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

5.

Basic and Diluted EPS as stated in Serial No.13 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.

6.

At the beginning of the June 2007 quarter, there were no complaints from investors pending for disposal. During the quarter, 234 complaints were received and these were appropriately disposed off. Thus, there were no complaints from investors pending for disposal at the end of June 2007 quarter.

7.

The above financial results for the quarter ended 30th June 2007 have been subjected to a Limited Review by the Auditors of the Company. The above financial results were reviewed by the Audit Committee and taken on record by the Board of Directors at their respective meetings held on 24th July 2007.

 

 

 

Place:  Kolkata

Date: 24th July 2007

 

For and on behalf of the Board

 

                                                  Anil Sureka

Executive Director (Finance)