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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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