| Investors
> Financial Highlights |
| Unaudited Financial Results for the quarter
ended June 30, 2010 |
| Rs. In Lacs (Except for per share data) |
| |
Quarter Ended
30th June |
Year Ended
31st March
(Audited) |
|
2010 |
2009 |
2010 |
| Sales / income from operations |
13,821 |
12,849 |
54,294 |
| Less:
Excise duty |
503 |
125 |
693 |
| Net sales
/ income from operations
|
13,318 |
12,724 |
53,601 |
| Total
expenditure |
|
|
|
| a) decrease / (Increase) in stock
in
trade and
work in progress |
549 |
(512) |
(510) |
| b) Consumption of raw materials
and utilities |
7,233 |
6,521 |
26,815 |
| c) Employees cost |
1,303 |
1,102 |
4,438 |
| d) Depreciation |
928 |
652 |
3,296 |
| e) Other expenditure |
1,033 |
1,340 |
5,136 |
| f) Total expenditure |
11,046 |
9,103 |
39,175 |
| Profit from operations before other income, interest and impact of forward contracts |
2,272 |
3,621 |
14,426 |
| Other Income |
67 |
44 |
179 |
| Profit Before Interest and impact of forward contracts |
2,339 |
3,665 |
14,605 |
| Interest and finance charges |
885 |
870 |
3,483 |
Profit from ordinary activities before tax and impact of forward contracts |
1,454 |
2,795 |
11,122 |
- Exchange loss (Refer note no. 4 below) |
359 |
854 |
2,636 |
- Reversal of cash flow hedge reserve (Refer note no.2 below) |
(415) |
749 |
2,836 |
Profit after impact of forward contracts but before tax |
1,510 |
1,192 |
5,650 |
| Provision for taxation |
|
|
|
| - Current
taxes |
264 |
203 |
1,020 |
| - Minimum Alternative Tax credit |
(264) |
(203) |
(1,020) |
| - Deferred
tax |
37 |
(139) |
(367) |
| Net Profit after tax |
1,473 |
1,331 |
6,017 |
| Paid-up equity share capital |
1,644 |
1,644 |
1,644 |
| Reserves
excluding revaluation reserves |
|
|
27,243 |
| Earnings
per share ( face value Rs.
10/-) |
|
|
|
| -
Basic |
8.96 |
8.10 |
36.60 |
| - Diluted |
8.62 |
7.80 |
35.22 |
| -
Cash |
14.60 |
12.06 |
56.65 |
| Public
shareholding |
|
|
|
|
-
No of shares |
5,127,690 |
5,125,740 |
5,127,690 |
-
Percentage of shareholding |
31.19% |
31.18% |
31.19% |
| Promoters and promoter group shareholding |
|
|
|
| a) Pledged / Encumbered |
|
|
|
| - No of shares |
775,750 |
775,750 |
775,750 |
| - Percentage of shares (as a % of the total shareholding of promoters and promoter group |
6.86% |
6.86% |
6.86% |
| - Percentage of shares (as a % of the total share capital of the company) |
4.72% |
4.72% |
4.72% |
| b) Non-encumbered |
|
|
|
| - No of shares |
105,366,660 |
105,386,610 |
10,536,660 |
| - Percentage of shares (as a % of the total shareholding of promoters and promoter group |
93.14% |
93.14% |
93.14% |
| -Percentage of shares (as a % of the total share capital of the company) |
64.09% |
64.10% |
64.09% |
|
| |
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting on July 22, 2010
2. With effect from April 1, 2008 the company had early adopted the principles of hedge accounting as set out in Accounting Standard 30 – Financial Instruments Recognition and Measurement issued by the Institute of Chartered Accountants of India. Accordingly, in respect of foreign currency loans qualifying for hedge accounting, gain of Rs. 960 lacs on revaluation of loans as at March 31 2010 were accounted for as a Cash flow Hedge Reserve. Out of this amount Rs. (415) lacs has been reversed during the quarter (Previous quarter Rs. 749 lacs), recognised as (income)/expenditure and has been shown as reversal of cashflow hedge reserve.
3. The Company has entered into forward/options contracts to hedge its exposure to fluctuations in foreign exchange for approx 30% of future exports. These covers have been staggered over the next three years as the major percentage of the company's turnover is realized from exports. The Company is of the opinion that the result of these transactions represent unrealised losses that are notional in nature . The management is of the opinion that the fluctuation in currency movements against hedged contracts gets compensated by realization of a higher value of sales realizations and therefore, the actual profit/loss against such outstanding contracts crystallizes only on maturity of such forward contracts.The gain/ loss on these transaction will be recognised as and when they fall due. The mark to market valuation loss is Rs. 5,144 lacs as on June 30, 2010 (Previous quarter Rs. 10,528 lacs)
4. The loss on realised forward contracts ,amounting to Rs. 359 lacs , became due and were settled during the quarter (Previous quarter Rs. 854 lacs ).
5. The results for the quarter ended June 30, 2010 have been subjected to "Limited Review" by the Statutory Auditors of the Company.
6. There were no investors complaints at the beginning of the quarter. During the quarter one complaint was received and same was resolved during the quarter, therefore no complaints are pending as on June 30, 2010.
7. Figures for the previous period/year have been regrouped/reclassified wherever necessary.
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