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ELECTROSTEEL CASTINGS LIMITED
Regd. Office: Rathod Colony, Rajgangpur, Orissa
Corporate Office: 19 , Camac Street , Kolkata - 700 017
Unaudited Financial Results for
the Quarter ended 30th June, 2006
(Rs. in crores) |
. |
Quarter Ended |
Year Ended |
. |
30.06.06
(Unaudited)
|
30.06.05
(Unaudited) |
31.03. 2006
(Audited) |
| Net Sales/ Income from Operations |
251.30 |
230.61 |
955.69 |
| Other Income |
9.31 |
5.28 |
46.00 |
| Total Expenditure: |
| (a) (Increase) / decrease in Stock in trade |
14.52 |
(25.87) |
(41.60) |
| (b) Consumption of Raw Materials |
96.01 |
113.48 |
408.27 |
| (c) Purchases for Resale |
5.09 |
40.17 |
140.05 |
| (d) Staff cost |
13.58 |
11.52 |
51.09 |
| (e) Power and fuel |
16.71 |
14.51 |
63.15 |
| (f) Stores and Spares |
17.15 |
12.52 |
61.57 |
| (g) Job Charges |
10.73 |
7.54 |
34.41 |
| (h) Other expenditure |
36.95 |
25.84 |
122.65 |
| Interest # |
11.85 |
5.83 |
25.67 |
| Profit before Depreciation and Tax |
38.03 |
30.35 |
136.43 |
| Depreciation |
8.48 |
7.17 |
28.56 |
| Profit before tax |
29.54 |
23.18 |
107.87 |
| Provision for Taxations |
| -Current |
9.90 |
8.30 |
30.00 |
| -Deferred |
0.56 |
(1.19) |
0.33 |
| -Fringe Benefits Tax |
0.14 |
0.15 |
1.10 |
| Net Profit / (Loss) |
18.94 |
15.92 |
76.44 |
| Paid-up Equity Capital (Face Value - Rs. 10/-) |
20.76 |
16.19 |
20.76 |
| Reserves excluding Revaluation Reserve |
|
|
769.51 |
| Earnings per share |
| Basic |
9.12* |
9.83* |
41.53 |
| Diluted |
8.78* |
9.83* |
41.53 |
| Aggregate of Non-Promoter shareholding |
| - Number of Shares |
9960511 |
5965929 |
10240418 |
| - Percentage of Shareholding |
47.97% |
36.84% |
49.32% |
* Not annualised
# Interest is net of derivative gains/losses and foreign exchange difference on borrowings.
- The above financial results as reviewed by Audit Committee were approved and taken on record by the Board of Directors in their Meeting held on 26th, July 2006.
- The Company operates mainly in one business segment viz Pipes and all other activities revolve around the main business.
- During the quarter the Government of India has notified reduction in the rates of Incentive under Target Plus Scheme w.e.f. 01.04.2005. Accordingly, the Company has written off export incentive of Rs.3.36 crores recognised in the previous year.
- During the quarter, the Company has raised Rs. 345.68 crores (USD 75 mn ) through the issue of Zero Coupon Convertible Bonds (ZCCB) . These Bonds are Convertible by Bond holders into equity shares at any time on or after 4th July 2006 and prior to the close of business on 16th May 2011 unless previously redeemed, converted or repurchased and cancelled. If not converted, the Bonds are repayable on maturity date (26.05.2011) at 134.41% i.e. @ 6% on semi annual basis of its principal amount.
- The Institute of Chartered Accountants of India has issued a revised Accounting Standard on Employees Benefits effective 1st April 2006.The liabilities for defined benefit plan are being reviewed in terms of the requirment of the said Accounting Standard and accordingly necessary adjustments will be carried out at the end of the current financial year.However, the impact on account of this is not likely to be material on the financial results.
- Details of number of investors complaints for the quarter ended 30th June, 2006 : beginning-2, received-12, disposed off-11 and pending-3.
- Corresponding quarter figures have been regrouped/rearranged wherever necessary.
By Order of the Board
for Electrosteel Castings Limited
Umang Kejriwal
Managing Director
Kolkata
26th July, 2006
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