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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 and half year ended 30th September, 2006
(Rs. in crores) |
. |
Quarter Ended |
Half Year
Ended |
Year Ended |
. |
30.09.06 |
30.09.05 |
30.09.06 |
30.09.05 |
31.03. 2006
(Audited) |
| Net Sales/ Income from Operations |
259.97 |
249.72 |
511.27 |
480.33 |
955.69 |
| Other Income |
16.18 |
7.94 |
25.49 |
13.22 |
46.00 |
| Total Expenditure: |
| (a) (Increase) / decrease in Stock in trade |
(0.31) |
(13.11) |
14.21 |
(38.98) |
(41.60) |
| (b) Consumption of Raw Materials |
102.17 |
102.59 |
198.18 |
216.23 |
408.27 |
| (c) Purchases for Resale |
12.73 |
49.32 |
17.82 |
89.49 |
140.05 |
| (d) Staff cost |
15.05 |
12.70 |
28.63 |
24.22 |
51.09 |
| (e) Power and fuel |
17..75 |
15.99 |
34.46 |
30.50 |
63.15 |
| (f) Stores and Spares |
19.23 |
15.90 |
36.38 |
28.42 |
61.57 |
| (g) Job Charges |
9.36 |
5.40 |
20.09 |
12.94 |
34.41 |
| (h) Other expenditure |
41.79 |
30.47 |
78.74 |
55.91 |
122.65 |
| Interest # |
4.72 |
5.18 |
16.57 |
11.25 |
25.67 |
| Profit before Depreciation and Tax |
53.66 |
33.22 |
91.68 |
63.57 |
136.43 |
| Depreciation |
8.37 |
7.19 |
16.85 |
14.36 |
28.56 |
| Profit before tax |
45.29 |
26.03 |
74.83 |
49.21 |
107.87 |
| Provision for Taxations |
| -Current |
13.10 |
7.50 |
23.00 |
15.80 |
30.00 |
| -Deferred |
2.54 |
(1.11) |
3.10 |
(2.30) |
0.33 |
| -Fringe Benefits Tax |
0.15 |
0.25 |
0.29 |
0.40 |
1.10 |
| Net Profit / (Loss) |
29.50 |
19.39 |
48.44 |
35.31 |
76.44 |
| Paid-up Equity Capital (Face Value - Rs. 10/-) |
20.76 |
16.19 |
20.76 |
16.19 |
20.76 |
Reserves excluding Revaluation Reserve
|
- |
- |
- |
- |
769.51 |
| Eamings Per Share (not annualised) |
| Basic |
14.21 |
11.98 |
23.33 |
21.81 |
41.53 |
| Diluted |
10.28 |
11.98 |
18.38 |
21.81 |
41.53 |
| Aggregate of Non-Promoter shareholding |
| - Number of Shares |
|
|
9629366 |
5965929 |
10240418 |
| - Percentage of Shareholding |
|
|
46.38% |
36.84% |
49.32% |
# 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 25th, October 2006.
- The Company operates mainly in one business segment viz Pipes and all other ctivities revolve around the main business.
- 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 during the half year ended 30.9.2006 (Rs. Nil during the current quarter).
- (a) During the half year ended on 30th September 2006, 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.
(b) The aforesaid ZCCB's, if not converted, are to be redeemed on maturity date (26.05.2011) at 134.41% i.e. 6% on semiannual basis of its principal amount. During the current quarter ended 30th September 2006, as provided in terms of Section 78 of the Companies Act, 1956, the proportionate redemption premium payable upto the half year ended 30.09.2006 amounting to Rs. 7.41 crores (including Rs. 2.13 crores for the quarter ended 30.06.2006), has been adjusted against the share premium account.The results for the current quarter and half year are after giving effect to the said decision of the management.
- Details of number of investors complaints for the quarter ended 30th September, 2006 : beginning-3, received-17, disposed off-18 and pending-2.
- Corresponding quarter/half year figures have been regrouped/rearranged wherever necessary.
By Order of the Board
for Electrosteel Castings Limited
Umang Kejriwal
Managing Director
Kolkata
25th October2006
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