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ELECTROSTEEL CASTINGS LTD.
Regd. Office: Rathod Colony, Rajgangpur, Orissa
Corporate Office: 19 , Camac Street , Kolkata - 700 017
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2007
 
  Quarter ended Year ended
Particulars 30.06.07 30.06.06 31.03.07
  (Unaudited) (Unaudited) (Audited)
(Rs. in lakhs)
Net sales/ income from operations 29563.49 25129.73 112320.21
Other income 2519.74 930.86 6114.73
Total revenue 32083.23 26060.59 118434.94
(a) (Increase)/decrease in stock in trade (2081.40) 1452.17 1645.83
(b) Consumption of raw materials 12473.09 9600.68 44102.82
(c) Purchases for eesale 6253.32 508.60 8649.17
(d) Staff cost 1680.94 1357.71 6241.79
(e) Power and fuel 1682.06 1671.33 6808.99
(f) Stores and spares 2177.30 1715.02 7561.83
(g) Job charges 1481.43 1072.60 5009.91
(h) Other expenditure 3982.52 3694.61 17147.17
Total expenditure 27649.26 21072.72 97167.51
Gross Profit 4433.97 4987.87 21267.43
Interest # (578.62) 1185.23 2058.62
Profit before depreciation and tax 5012.59 3802.64 19208.81
Depreciation 840.26 848.42 3366.78
Profit before tax 4172.33 2954.22 15842.03
Provision for taxation      
-Current 1170.00 990.00 4385.00
-Deferred (1.00) 56.23 750.45
-Fringe benefits tax 22.00 14.18 90.60
Profit after tax 2981.33 1893.81 10615.98
Paid-up equity capital
(Face value - Rs. 10/-)		 2076.37 2076.37 2076.37
Reserves excluding revaluation reserve     79088.91
Earnings per share      
Basic 14.36 9.12 51.13
Diluted 5.80 8.78 35.94
Aggregate of non-promoter shareholding      
- Number of shares 9348647 9960511 9348647
- Percentage of shareholding 45.02% 47.97% 45.02%

* Interest is net of derivative gains/losses and foreign exchange difference on borrowings.
 
Notes:

1. 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 23rd, July 2007.

2. The Company operates mainly in one business segment viz Pipes and all other activities revolve around the main business.

3. The Institute of Chartered Accountants of India has issued a revised Accounting Standard (AS-15) on Employee Benefits effective from 1st April 2007. The liabilities for defined benefit plans 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.

4.The Auditors have commented upon the Company's investments and advances in a joint venture wherein the Company has equal stake as that of the joint venture partner.Pending final judicial pronouncement in the matter, the investment and advances are considered to be good.

5. The Board of Directors in its meeting held on 23rd July 2007 has given its consent (subject to approval of shareholders) to sub-divide the nominal value of each equity share of Rs. 10/- each into 10 (ten) equity share of Rs. 1/- each.

6. During the current quarter, the Company has sold its entire shareholding in its two wholly owned
subsidiaries engaged in non-core business. Accordingly, Elcast Finance Ltd. and Escal Finance Services Ltd. have ceased to be subsidiaries of the Company.

7. The above results have been reviewed by the statutory auditors.

8. Details of number of investor complaints for the quarter ended 30th June, 2007: beginning-1, received-10, disposed off-10 and pending-1.

9. Previous period's figures have been regrouped/rearranged wherever necessary.
By Order of the Board
Kolkata
23rd, July 2007.		 Umang Kejriwal
Managing Director
Calculation of weighted avg. no of share    
  amount in inr no. of shares
FCCB 3363000000 7924128
weighted avg. no. of shares    
paid up cap 20763748  
fccb and paid up 28687876  
TOTAL    
WEIGHTED AVERAGE NO. OF SHARES FOR 1st QTR.   28687876
Profit to be adjusted for calculation of Diluted EPS    
Loan rate 45.87  
Closing rate as on 31.03.07 43.38  
Closing rate as on 30.06.07 40.72  
Rate as per ZCCB agreement 44.84  
  1st qtr  
Gain booked in p/l 199500000  
Gain as per agreement    
Net    
Tax effect 67810050  
Net of tax 131689950 0.00
amount in lacs 1316.90 0.00
 

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