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

Audited Financial Results for the year ended 31st March, 2007

(Rs. In Lakhs)
.	Nine Month Ended	Quarter Ended		Year Ended
.	31.12.06 (Unaudited)	31.03.07 (Unaudited)	31.03.06 (Unaudited)	31.03.2007 (Audited)	31.03.2006 (Audited)
Net Sales/ Income from Operations	81209.37	31110.84	27798.56	112320.21	95569.00
Other Income	4156.63	1958.10	1582.13	6114.73	4600.19
Total Revenue	85366.00	33068.94	29380.69	118434.94	100169.19
(a) (Increase)/decrease in Stock in trade	1947.02	(301.19)	1270.91	1645.83	(4160.28)
(b) Consumption of Raw Materials	30517.36	13585.46	10953.27	44102.82	40826.73
(c) Purchases for Resale	6057.41	2591.76	1699.22	8649.17	14004.84
(d) Staff cost	4289.32	1952.47	1395.66	6241.79	5108.66
(e) Power and fuel	5038.47	1770.52	1629.24	6808.99	6314.53
(f) Stores and Spares	5473.18	2088.65	1871.74	7561.83	6157.26
(g) Job Charges	3513.22	1496.69	1276.17	5009.91	3440.91
(h) Other expenditure	12021.47	5125.70	3615.70	17147.17	12265.31
Total Expenditure	68857.45	28310.06	23711.91	97167.51	83957.96
Gross Profit	16508.55	4758.88	5668.78	21267.43	16211.23
Interest #	1787.02	271.60	722.30	2058.62	2567.33
Profit before Depreciation and Tax	14721.53	4487.28	4946.48	19208.81	13643.90
Depreciation	2535.14	831.64	761.82	3366.78	2856.18
Profit before Tax	12186.39	3655.64	4184.66	15842.03	10787.72
Provision for Taxation
-Current	3400.00	985.00	975.00	4385.00	3000.00
-Deferred	939.54	(189.09)	123.33	750.45	33.20
-Fringe Benefits Tax	52.66	37.94	42.15	90.60	109.74
Profit After Tax	7794.19	2821.79	3044.18	10615.98	7644.78
Paid-up Equity Capital (Face Value - Rs. 10/-)	2076.37	2076.37	2076.37	2076.37	2076.37
Reserves excluding Revaluation Reserve	-	-	-	79088.90	73991.29
Earnings Per Share (not annualised)
Basic	37.54	13.59	14.66	51.13	41.53
Diluted	27.59	8.38	14.66	35.94	41.53
Aggregate of Non-Promoter shareholding
- Number of Shares				9348647	10240418
- Percentage of Shareholding				45.02%	49.32%

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

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 7th, May 2007.
The Company operates mainly in one business segment viz Pipes and all other activities revolve around the main business.
Details of number of investors complaints for the quarter ended 31st December, 2006 :beginning-2, received-48, disposed off-49 and pending-1
The Board has granted its approval to invest upto Rs 500 crores in Equity of Electrosteel Integrated Ltd which would be setting up a 1.3 MTPA integrated steel plant in the State of Jharkhand. Such equity investment would be in a phased manner over a period of 2.5 years.
Subsequent to the Balance Sheet date the company , has sold its entire shareholding in its two wholly owned subsidiaries engaged in non core businesses. Accordingly, Elcast Finance Ltd. and Escal Finance Services Ltd. have ceased to be subsidiaries w.e.f. 1st April'2007.
Previous year figure have been regrouped/rearranged whereever necessary.

By Order of the Board
for Electrosteel Castings Limited

Umang Kejriwal
Managing Director

Kolkata
7th May, 2007

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