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ELECTROSTEEL CASTINGS LIMITED
Regd. Office: Rathod Colony, Rajgangpur, Orissa
Corporate Office: 19 , Camac Street , Kolkata - 700 017
Audited Financial Results for the year ended 31st March, 2008
(Rs. In Lakhs) |
. |
Nine Month Ended |
Quarter Ended |
Year Ended |
. |
31.12.07
(Unaudited) |
31.03.08
(Unaudited) |
31.03.07
(Unaudited) |
31.03.2008
(Audited) |
31.03.2007
(Audited) |
| Net Sales/ Income from Operations |
91,594.27 |
41,529.21 |
31,110.84 |
133,123.48 |
112,320.21 |
| Other income (net) |
6,647.37 |
2,766.96 |
1,958.10 |
9,414.33 |
6,114.73 |
| Total income (1+2) |
98,241.64 |
44,296.17 |
33,068.94 |
142,537.81 |
118,434.94 |
| Expenditure |
|
|
|
|
|
| (a) (Increase)/decrease in stock in trade and work in progress |
(947.59) |
1,931.72 |
(301.19) |
984.13 |
1,645.83 |
| (b) Consumption of raw materials |
38,246.59 |
14,037.72 |
13,584.46 |
52,284.31 |
44,102.82 |
| (c) Purchase of traded goods |
14,476.16 |
7,345.91 |
2,409.51 |
21,822.07 |
8,466.92 |
| (d) Employee cost |
5,458.66 |
1,781.24 |
1,925.53 |
7,239.90 |
6,214.85 |
| (e) Depreciation |
2,627.24 |
1,033.35 |
831.64 |
3,660.59 |
3,366.78 |
| (f) Power and fuel |
5,430.39 |
2,116.57 |
1,770.37 |
7,546.96 |
6,808.99 |
| (g) Stores and spares |
6,145.64 |
2,130.80 |
2,272.09 |
8,276.44 |
7,745.27 |
| (h) Job charges |
4,453.22 |
2,547.43 |
1,496.69 |
7,000.65 |
5,009.91 |
| (i) Other expenditure |
14,218.43 |
5,818.29 |
5,151.20 |
20,036.72 |
17,172.92 |
| Total Expenditure |
90,108.74 |
38,743.03 |
29,140.30 |
128,851.77 |
100,534.29 |
| Interest # |
(38.59) |
2,659.11 |
271.60 |
2,620.52 |
2,058.62 |
| Profit/(Loss) before tax and exceptional item (7) |
8,171.49 |
2,894.03 |
3,657.04 |
11,065.52 |
15,842.03 |
| Provision for MTM losses on derivative transactions |
- |
6,020.10 |
- |
6,020.10 |
- |
| Profit before Taxation |
8,171.49 |
(3,126.07) |
3,657.04 |
5,045.42 |
15,842.03 |
| Tax expense |
| - Current |
1,710.00 |
125.00 |
985.00 |
1,835.00 |
4,385.00 |
| - Deferred |
100.14 |
(1,243.55) |
(189.09) |
(1,143.41) |
750.45 |
| - Fringe Benefits Tax |
72.50 |
52.50 |
37.94 |
125.00 |
90.60 |
| - Refund of Income Tax for earlier periods (net) |
(972.75) |
- |
- |
(972.75) |
- |
| Net Profit/(Loss) after tax ( 8-9) |
7,261.60 |
(2,060.02) |
2,823.19 |
5,201.58 |
10,615.98 |
Paid-up Equity Capital
(Face Value - Rs. 1/-) |
2,648.27 |
2,805.24 |
2,076.37 |
2,805.24 |
2,076.37 |
| Reserves excluding Revaluation Reserve |
- |
- |
- |
112,674.95 |
79,088.91 |
| Earnings Per Share
(EPS)
|
| Basic |
3.35 |
(0.75) |
3.75 |
2.25 |
5.11 |
| Diluted |
2.22 |
(0.75) |
2.76 |
1.56 |
3.59 |
| Public shareholding |
| - Number of Shares |
135012554 |
149497846 |
90116470 |
149497846 |
90116470 |
| - Percentage of Shareholding |
50.98% |
53.29% |
43.40% |
53.29% |
43.40% |
# Interest is net of derivative gains/losses and foreign exchange difference on borrowings.
Notes:
- The above financial results, reviewed by Audit Committee, were approved and taken on record by the Board of Directors in their meeting held on June 23, 2008.
- The Company operates mainly in one business segment viz Pipes and all other activities revolve around the main business.
- During the current quarter 1,20,000 warrants issued to promoters/promoter group in earlier period were converted into12,00,000 equity share in the ratio of 1:10.This has
resulted in increase of paid up equity share capital by Rs. 12.00 lakhs.
- During the current quarter, Zero Coupon Convertible Bonds (ZCCB) worth US $ 11.80 million were converted into equity shares. Accordingly ,1,24,67,292 equity shares
of face value of Re 1 each at a price of Rs. 42.44 per share have been issued to them resulting in increase in the paid up equity share capital by Rs.124.67 lakhs.
- During the current quarter 20,30,000 equity shares of face value of Re.1 each were issued on preferential basis at a price of Rs.68 per share. This has resulted in
increase of paid up equity share capital by Rs.20.30 lakhs.
- A notification issued by The Institute of Chartered Accountants of India on March 29, 2008 requires marking to market of outstanding derivative contracts as on March
31, 2008 and forward contrcts which are not covered by AS-11. A provision of Rs.60.20 crores has been made accordingly.
- Loss during the year on account of foreign exchange fluctuations / transactions amounting to Rs.680.13 lakhs and Rs.1253.82 lakhs (includingRs.789.13 lakhs on conversions of ZCCB into share capital) remain adjusted to sales & other expenditure respectively.Net Profit/(Loss) during the quarter on account of foreign exchange fluctuations/transactions amounting to Rs.641.53 lakhs and Rs.(3229.56) lakhs { including Rs.(640.74) lakhs on conversion of ZCCB into share capital } remain adjusted to sales & other expenditure respectively.
- During the year , the Company has adopted Accounting Standard ( AS -15 ) on Employee Benefits issued under Companies ( Accounting Standards ) Rule 2006. Consequently, the impact on account of transitional provisions amounting to Rs.260.47 lakhs ( net of deferred tax of Rs.134.12 lakhs ) has been adjusted against General Reserve.
- The auditors have commented upon the Company's investments and advances in a joint venture wherein the Company had 50% share in the equity capital. Pending judicial pronouncement in the matter, the investment and advances are considered to be good.
- The Directors have recommended a final dividend of 25% in addition to 100% interim dividend paid in December '07.
- EPS without considering the exceptional item (7) would be - Basic Rs.1.44 & Diluted Rs.1.29 for the quarter and Basic Rs.4.84 & Diluted Rs.3.62 for the year.
- Details of number of investor complaints for the quarter ended March 31, 2008: beginning- nil, received-6 , disposed off-6 and pending- nil.
- Previous period's figures have been regrouped/rearranged wherever necessary.
By Order of the Board
for Electrosteel Castings Limited
Umang Kejriwal
Managing Director
Kolkata
June 23, 2008
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