Electrosteel Castings Limited - Company

Electrosteel

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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 half year and Quarter ended September 30, 2007.

(Rs. in lakhs)
.	3 months ended		Year to date figures for the current period ended		Previous accounting year ended
.	30.09.07 (Unaudited)	30.09.06 (Unaudited)	30.09.07 (Unaudited)	30.09.06 (Unaudited)	31.03. 07 (Audited)
1. Net Sales/ Income from Operations	29606.19	25997.03	59169.68	51126.76	112320.21
2. Other Income	2142.27	1617.91	4662.01	2548.77	6114.73
3. Total income (1+2)	31748.46	27614.94	63831.69	53675.53	118434.94
4.Expenditure
(a) (Increase)/decrease in stock in trade and work in progress	(234.32)	(31.57)	(2315.72)	1420.60	1645.83
(b) Consumption of raw materials	12507.98	10217.63	24981.07	19818.31	44102.82
(c) Purchase for traded goods	5042.76	1272.92	11296.08	1781.52	8649.17
(d) Employee cost	1895.44	1505.11	3576.38	2862.82	6241.79
(e) Depreciation	879.61	836.38	1719.87	1684.80	3366.78
(f) Power and fuel	1793.78	1774.71	3475.84	3446.04	6808.99
(g) Stores and spares	2089.27	1923.43	4172.83	3638.45	7561.83
(h) Job charges	1258.16	936.84	2739.59	2009.44	5009.91
(i) Other expenditure	4621.41	4178.81	8697.67	7873.42	17147.17
Total expenditure	29854.09	22614.26	58343.61	44535.40	100534.29
5.Interest #	(706.76)	472.09	(1285.38)	1657.32	2058.62
6.Profit/(Loss) before tax (3)-(4+5)	2601.13	4528.59	6773.46	7482.81	15842.03
7.Tax expense
-Current	450.00	1310.00	1620.00	2300.00	4385.00
-Deferred	109.00	253.46	108.00	309.69	750.45
-Fringe Benefits Tax	23.00	15.29	45.00	29.43	90.60
-Refund of Income Tax	(870.27)	-	(870.27)	-	-
8. Net Profit/(Loss) after tax (6-7)	2889.40	2949.84	5870.73	4843.69	10615.98
9.Paid-up equity share capital (Face value - Re. 1/-)	2186.78	2076.37	2186.78	2076.37	2076.37
10. Reserves excluding revaluation reserve	-	-	-	-	79088.91
11. Earnings per share (EPS)
Basic	1.39	1.42	2.82	2.33	5.11
Diluted	0.91	1.03	1.58	1.84	3.59
12.Public shareholding
- Number of shares	101652419	91093680	101652419	91093680	90116470
- Percentage of shareholding	46.48%	43.87%	46.48%	43.87%	43.40%

# 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 October 29, 2007.
The Company operates mainly in one business segment viz Pipes and all other activities revolve around the main business.
Pursuant to the Ordinary resolution passed at the Extra Ordinary General Meeting held on August 31, 2007, the Company’s equity shares of the face value of Rs 10 /- each have been sub divided into equity shares of face value of Re 1/- each. Accordingly the number of shares has increased ten fold. The EPS and aggregate public shareholding for the current quarter as well as for the corresponding period of the previous year has been stated / restated taking into account the share-split.
The promoters have subscribed to share warrants with an option to subscribe to two crore equity shares of Re.1/- of the Company at a price of Rs 43.80/- per share within 18 months from the date of allotment i.e. September 27, 2007.
During the quarter USD 10.45 mn worth of ZCCBs have been converted into 11040949 equity shares of Re.1/- each.
The above results have been reviewed by the statutory auditors.
Details of number of investor complaints for the quarter ended September 30, 2007: beginning-1, received-1, disposed off-2 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
29th October2007

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