Performance - Financials

Third Quarter Results 2007 - 2008

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AUDITED FINANCIAL RESULTS FOR THE NINE MONTHS ENDED 31ST DECEMBER, 2007
[Rs./Lakhs]
Sr. No.	PARTICULARS	QUARTER ENDED		NINE MONTHS ENDED		YEAR ENDED 31.03.2007
		31.12.2007	31.12.2006	31.12.2007	31.12.2006
1	Net Sales / Income from Operations (Note 1)
	Sales	5,756.99	6,485.15	14,690.26	20,252.87	26,155.43
	Conversion charges	5,442.93	5,815.73	14,737.80	14,586.82	20,474.30
	Sales and Conversion Charges (Gross)	11,199.92	12,300.88	29,428.06	34,839.69	46,629.73
	Less: Excise duty on Sales	49.78	128.25	328.95	962.61	1155.66
	Sales and Conversion Charges (Net)	11,150.14	12,172.63	29,099.11	33,877.08	45,474.07
2	Other Income (Note-5)	259.88	342.97	1,085.05	803.44	1,535.89
	Total Income (1+2)	11,410.02	12,515.60	30,184.16	34,680.52	47,009.96
3	Total Expenditure:
a)	(Increase)/Decrease in stock-in-trade	421.32	(246.31)	340.01	(594.89)	152.28
b)	Consumption of Raw Materials	55.82	671.61	1,430.50	5,669.01	6,496.20
c)	Purchase of Finished Goods	5,168.73	5,755.20	12,014.86	11,821.57	16,018.50
d)	Staff Cost	1,499.98	1,423.27	4,540.73	4,152.93	5,624.13
e)	Stores & Consumables	822.80	729.97	2,357.11	1,796.45	2,502.09
f)	Power, Fuel, etc	1,172.02	1,163.85	3,422.33	3,463.88	4,552.71
g)	Depreciation (Note - 6)	564.49	567.41	1,685.04	1,689.88	2,261.60
h)	Other Expenditure	1,250.85	1,203.17	3,059.04	3,453.76	4,780.29
4	Profit before Interest & Tax (1+2-3)	454.01	1,247.43	1,334.54	3,227.93	4,622.16
5	Interest	236.20	393.84	1,014.57	1,158.30	1,553.57
6	Profit before Tax  (4-5)	217.81	853.59	319.97	2,069.63	3,068.59
7	Provision for current taxation (Note - 2)	21.13	93.00	32.13	233.00	358.45
8	MAT Credit	-	(93.00)	-	(233.00)	(350.00)
9	Provision for Fringe Benefit Tax	10.00	26.35	35.00	61.35	86.35
10	Deferred tax Debit/(Credit)	118.97	285.82	174.82	709.83	1,085.70
11	Profit after Tax(6-7-8-9-10)	67.71	541.42	78.02	1,298.45	1,888.09
12	Paid up Equity Share Capital ( face value of equity share is Rs. 10/- each)	2,899.89	2,890.91	2,899.89	2,890.91	2,890.91
13	Paid up Preference Share Capital (face value of preference share is Rs.100/- each)	11,233.00	11,233.00	11,233.00	11,233.00	11,233.00
14	Reserves (Excluding revaluation reserve)					2,676.99
15	Basic Earning Per Share - (Rupees) (Equity Shares) - not annualized	0.23	1.87	0.27	4.48	6.51
16	Diluted Earning Per Share - (Rupees) (Equity Shares) - not annualized	0.13	1.21	0.16	3.02	4.38
17	Aggregate of Public Shareholding :
	No of Equity Shares	19,756,889	19,756,889	19,756,889	19,756,889	19,756,889
	Percentage of share holding	68.11%	68.11%	68.11%	68.11%	68.11%

Notes:

1 Actual production (Including Conversion)

	Three months ended	Three months ended	Nine months ended	Nine months ended	Year Ended
	31.12.2007	31.12.2006	31.12.2007	31.12.2006	31.03.2007
	(in MT)	(in MT)	(in MT)	(in MT)	(in MT)
a) Cold Rolled Coils *	47,363	46,353	137,405	133,887	178,841
* Includes transferred to Electrolytic Tinplate production	44,037	40,712	124,862	120,017	160,152
b) Electrolytic Tinplate
- own production	193	922	3,198	14,313	15,840
- on conversion account	45,012	39,146	121,447	103,354	141,591
	45,205	40,068	124,645	117,667	157,431

2.	Current taxation represents Minimum Alternate Tax in view of carry forward losses/ unabsorbed depreciation.

3.	The Company's operations predominantly is manufacture of Electrolytic Tinplate, in course of which certain intermediate product, namely, Full Hard Cold-Rolled coils in small quantity are also produced and marketed. The Company is managed organizationally as a unified entity and according to the management this is a single segment company as envisaged in AS-17 issued by ICAI.
4.	Pursuant to The Companies (Accounting Standard) Rules 2006 becoming applicable to the Company w.e.f. 1st April, 2007, exchange gain(net) for the 9 months period ended 31st December,2007 of Rs. 78.64 lakhs [Quarter ended 31.12.07-exchange gain of Rs. 1.10 lakhs ] on Foreign Currency Loans taken for acquisition of certain imported Fixed Assets (hitherto adjusted with the carrying amount of such fixed assets) is now recognised as income, thereby increasing profit by the corresponding amount.
5.	Other Income includes profit on cancellation of forward exchange contract for the 9 months period ended 31st December,2007 of Rs.225.25 lakhs (Quarter ended 31.12.07-Rs. 54.60 lakhs) and old liabilities and provisions no longer required written back for the 9 months period ended 31st December,2007 of Rs. 78.29 lakhs (Quarter ended 31.12.07-Nil, 9 months ended 31.12.2006-Rs. 46.79 lakhs, Quarter ended 31.12.2006- Nil ).
6.	Depreciation charge on certain items of Plant & Machinery for the 9 months period ended 31st December,2007 is lower by Rs. 101.16 lakhs (Quarter ended 31.12.07-Rs 33.72 lakhs) , resulting from their re-classification (based on a technical assessment) as continuous process plant in keeping with Schedule XIV to The Companies Act, 1956 .
7.	Total number of investors complaints pending at the beginning of the quarter : Nil , Received during the quarter :Nil , disposed off Nil : and pending at the end of the quarter : Nil.
8.		Figures for the corresponding period / previous year have been rearranged and regrouped wherever necessary.
	The above results have been taken on record by the Board of Directors of the company in its meeting of date.
9.

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