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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, 2008 |
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Quarter ended |
Year ended |
| Particulars |
30.06.08 |
30.06.07 |
31.03.08 |
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(Unaudited) |
(Unaudited) |
(Audited)
(Rs. in lakhs) |
| Net sales/ income from operations |
40359.86 |
29563.49 |
133123.48 |
| Other income (net) |
1075.69 |
2519.74 |
9414.33 |
| Total income (1+2) |
41435.55 |
32083.23 |
142537.81 |
| Expenditure |
32083.23 |
26060.59 |
118434.94 |
| (a) (Increase)/decrease in stock in trade work in progress |
(3633.90) |
(2081.40) |
984.13 |
| (b) Consumption of raw materials |
17425.43 |
12473.09 |
52284.31 |
| (c) Purchases for goods |
7260.71 |
6253.32 |
21822.07 |
| (d) Employee cost |
1892.17 |
1680.94 |
7239.90 |
| (e) Depreciation |
980.77 |
840.26 |
3660.59 |
| (f) Power and fuel |
2358.16 |
1682..06 |
7546.96 |
| (g) Stores and spares |
1878.22 |
2177.30 |
8276.44 |
| (h) Job charges |
2181.92 |
1481.43 |
7000.65 |
| (i) Other expenditure |
5386.65 |
3982.52 |
20036.72 |
| Total expenditure |
35730.13. |
28489.52 |
128851.77 |
| Interest # |
3594.96 |
(578.62) |
2620.52 |
| Profit/(Loss) before tax and exceptional items |
2110.46 |
4172.33 |
11065.52 |
| Provision for MTM losses on derevative transaction |
- |
- |
6020.10 |
| Profit before taxation |
2110.46 |
4172.33 |
5045.42 |
| Tax expense |
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| -Current |
590.00 |
1170.00 |
1835.00 |
| -Deferred |
(47.31) |
(1.00) |
(1143.41) |
| -Fringe benefits tax |
26.00 |
22.00 |
125.00 |
| -Refund of Income Tax for earlier periods (net) |
- |
- |
(972.75) |
| Net Profit/(Loss) after tax (8-9) |
1541.77 |
2981.33 |
5201.58 |
Paid-up equity capital
(Face value - Rs. 1/-) |
2810.52 |
2076.37 |
2805.24 |
| Reserves excluding revaluation reserve |
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111854.45 |
| Earnings per share |
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| Basic |
0.55 |
1.44 |
2.25 |
| Diluted |
0.42 |
0.58 |
1.56 |
| Public shareholding |
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| - Number of shares |
150111721 |
93486470 |
149497846 |
| - Percentage of shareholding |
53.41% |
45.02% |
53.29% |
# Interest is net of derivative gains/losses and foreign exchange difference on borrowings. |
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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 July 21, 2008.
2. The Company operates mainly in one business segment viz Pipes and all other activities revolve around the main business.
3. During the current quarter, Zero Coupon Convertible Bonds (ZCCB) worth US $ 0.50 million were converted into equity share. Accordingly 5,28,275 equity shares of face values of Re 1 each at a price of Rs. 42.44 per share have been issued to them resulting in increase in the paid up equity share capital by Rs. 5.28 lakhs.
4.As on June 30, 2008, the Company had inter-alia outstanding forward exchange contracts for hedging future exports against the associated currency rate risks. The Mark-to-Market (MTM) losses on such forward contract as on June 30, 2008 stood at Rs. 2744.70 lakhs. Further, MTM losses on outstanding derivative contracts viz.Options and Swap Contracts entered into,based on past performance/ underlying of foreign currency and other exposures to hedge the associated currency and/or interest rate risks as on June 30, 2008 stood at Rs. 6147.16 lakhs. Such losses being notional and not affecting cash flow of the Company and the actual gain or loss in this respect is ascertained and getting accrued only on culmination of respective contracts, are recognized accordingly. Out of above loss of Rs 6147.16 lakhs, as a matter of abundant caution, Rs. 6020.10 lakhs has already been provided for in earlier year and have been continued to be kept in these accounts and for the balance amount no provision has been considered necessary and will be given effect to at the end of the year or on the date of the respective settlements.
5. The auditors have commented upon the Company's investments and advances in a joint venture wherein the Company had 50% share in the equity capital. Pending final judicial pronouncement in the matter, the investment and advances are considered to be good.
6. Details of number of investor complaints for the quarter ended June 2008: beginning- nil, received- 6 ,disposed off- 6 and pending- nil.
7. The above results have been reviewed by the statutory auditors.
8. Previous period's figures have been regrouped/rearranged wherever necessary. |
| By Order of the Board |
Kolkata
July 21, 2008. |
Umang Kejriwal
Managing Director |
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