Performance - Financials
| Archive |
Third Quarter Results 2004 - 2005
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
NINE MONTHS ENDED 31st DECEMBER, 2004 |
[Rs./Lakhs] |
Sr. No. |
PARTICULARS |
QUARTER
ENDED |
NINE
MONTHS ENDED |
YEAR ENDED |
| |
|
31.12.2004 |
31.12.2003 |
31.12.2004 |
31.12.2003 |
31.03.2004
(AUDITED) |
1 |
Net Sales / Income from Operations(Note 2): |
|
|
|
|
|
| |
Sales |
1998.88 |
5,281.49 |
4534.25 |
15099.69 |
20904.68 |
| |
Conversion charges |
4150.26 |
2767.1 |
12836.58 |
8211.93 |
10673.46 |
| |
Sales and conversion charges (Gross) |
6149.14 |
8048.59 |
17370.83 |
23311.62 |
31,578.14 |
| |
Less : Excise duty on Sales |
196.32 |
831 |
464.82 |
2208.5 |
2,794.81 |
| |
Sales and Conversion charges (Net) |
5,952.82 |
7217.59 |
16906.01 |
21103.12 |
28,783.33 |
2 |
Other Income |
425.84 |
587.54 |
1356.3 |
1668.37 |
2,272.45 |
| |
Total Income |
6378.66 |
7805.12 |
18262.31 |
22771.49 |
31,055.78 |
3 |
Total Expenditure : |
|
|
|
|
|
| |
(a)(Increase)/ Decrease in Stock in-trade |
-556 |
-436.71 |
-438.11 |
-194.7 |
274.31 |
| |
(b)Consumption of Raw Materials |
1,739.62 |
2995.93 |
3402.68 |
7859.24 |
10,480.86 |
| |
(c)Staff Cost |
1184.58 |
1115.14 |
3529.07 |
3642.8 |
4,539.00 |
| |
[Note 3(a)] |
|
|
|
|
|
| |
(d)Stores & Consumables |
511.84 |
503.45 |
1443.42 |
1481.17 |
2,048.91 |
| |
(e)Power,Fuel etc. |
1008.22 |
920.93 |
2957.97 |
2877.91 |
3,782.92 |
| |
(f)Other Expenditure (Includes Freight. & Handling,
Repair & Maint. etc.) |
1064.92 |
1016.83 |
2882.3 |
2476.82 |
3,563.80 |
4 |
Profit Before Depreciation, Interest
& Tax(1+2-3) |
1425.48 |
1,689.56 |
4484.98 |
4628.25 |
6,365.98 |
5 |
Interest |
440.73 |
554.78 |
1329.52 |
1717.55 |
2,423.88 |
6 |
Profit Before Depreciation & Tax
(4-5) |
984.75 |
1134.78 |
3155.46 |
2910.7 |
3,942.10 |
7 |
Depreciation |
475 |
476.48 |
1449.67 |
1347.45 |
1,807.87 |
8 |
Extraordinary/Non-recurring items (Note-3) |
|
|
|
|
|
9 |
Profit before Tax |
509.75 |
658.3 |
1705.79 |
1563.25 |
2,134.23 |
10 |
Provision for taxation (Note-4) |
50 |
- |
100 |
- |
- |
11 |
Net Profit |
459.75 |
658.3 |
1605.79 |
1563.25 |
2,134.23 |
12 |
Paid up Equaity Share Capital ( Face Value of equity
share is Rs. 10/- each) |
2,890.91 |
2,890.91 |
2,890.91 |
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) |
|
|
|
|
317.53 |
15 |
Basic Earnings Per Share - (Rupees)(Equity Shares) - not
annualised |
1.59 |
2.27 |
5.54 |
5.39 |
7.36 |
16 |
Diluted Earnings Per Share-(Rupees) (Equity Share) - not
annualised |
0.33 |
0.47 |
1.14 |
1.11 |
1.51 |
17 |
Aggregate of Non-Promoter Shareholding: |
|
|
|
|
|
| |
No. of Equity Shares |
19,656,889 |
19,656,789 |
19,656,889 |
19,656,789 |
19,656,889 |
| |
Percentage of Share holding |
67.77% |
67.77% |
67.77% |
67.77% |
67.77% |
Notes:
| 1. |
|
Figures for the
corresponding period have been rearranged and regrouped wherever necessary, except as
indicated in Note 3 below : |
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| 2. |
|
Actual production (Including
Conversion) |
|
|
|
| |
Three months
ended 31.12.2004 In (MT) |
Three months
ended 31.12.2003 In (MT) |
Nine months
ended 31.12.2004 In (MT) |
Nine months
ended 31.12.2003 In (MT) |
Year ended
31.03.2004 In (MT) |
| (a) Cold Rolled Coils* |
41,455 |
39,146 |
121707* |
115420* |
154,211* |
| (b) Electrolytic Tinplate |
|
|
|
|
|
| - own production |
5055 |
12853 |
10245 |
33896 |
46,773 |
| - on conversion account |
20,956 |
19,919 |
91,721 |
60,617 |
81,211 |
| * Includes 102837 MT (corresponding previous
period : 95,893 MT; 2003-04 : 128,718 MT) transferred to Electrolytic Tinplate production |
| During April-December 2004 the production on
Conversion Account was considerably higher compared to April-December 2003 as shown above.
Hence, in view of increased production on Conversion Account, both cost of raw material
and Income from sale are significantly lower during April-December 2004 as compared to
April-December 2003. |
| |
Three months
ended 31.12.2004 Amount (Rs./Lakhs) |
Three months
ended 31.12.2003 Amount (Rs./Lakhs) |
Nine months
ended 31.12.2004 Amount (Rs./Lakhs) |
Nine months
ended 31.12.2003 Amount (Rs./Lakhs) |
Year ended
31.03.2004 In (MT) |
| 3. |
(a) Staff cost includes amortisation of Compensation
under VRS/ESS |
|
245.11 |
293.37 |
732.70 |
1070.92 |
996.48 |
|
|
|
|
| 3. |
| (b) |
Consequent upon introduction of
Accounting Standard (AS) 26 issued by the Institute of Chattered Accountants of India
(ICAI) effective from 1st April 2003, compensation paid/payable w.e.f 1st April, 2003
under VRS/ESS was recognised and charged as and when incurred till 31st December 2003.
However, with regard to such items incurred prior to 1st April, 2003 the Company's
accounting policy of amortising thereof, over the period through which benefit of reduced
costs are expected to be available, (limited to 10 years) continued to be followed.
Pursuant to Limited Revision to AS 26 announced
in March 2004, it was decided during quarter ended 31st March, 2004 to apply the policy of
amortising VRS/ESS compensation paid/payable on or after 1st April 2003 for the entire
year to 31st March 2004, (limited to 10 years) in keeping with the earlier policy referred
to above. Accordingly, additional charge in this regard amounting to Rs. 323.42 lakhs
remains included in figures for the nine months ended 31st December, 2003 as shown above
and not rearranged. |
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| 4. |
|
Provision for taxation represents
proportionate charge towards Minimum Alternate Tax. Position with regard to Deferred Tax
will be reviewed at the year-end. |
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| 5. |
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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
catering predominantly to the domestic market along with export to a few countries with
similar economic environment and, therefore, according to the management, this is a single
segment company as envisaged in AS-17 issued by ICAI. |
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| 6. |
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Total number of investors
complaints pending at the beginning of the quarter : 1 , Received during the quarter : 1 ,
disposed off : 2 and pending at the end of the quarter : Nil. |
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| 7. |
|
The above results were reviewed
by the Audit Committee and thereafter approved at the meeting of the Board of Directors
held on 28th of January, 2005. The Company's auditors have carried out a limited review of
the Financial Results for the Quarter and Nine Months ended 31st December, 2004 in
compliance with Clause 41 of the Listing Agreement. |
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Kolkata
28th January, 2005 |
By Order of the Board
B.L.Raina
(Managing Director) |
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