| Investors
> Financial Highlights |
Unaudited Financial Results for the quarter ended September 30, 2011 |
Rs. In Lacs ( Except for per share data )
| |
Quarter Ended
30th September |
Half Year Ended
30th September |
Year Ended
31st March
Audited |
|
2011 |
2010 |
2011 |
2010 |
2011 |
| Sales / income from operations |
14,868 |
11,112 |
29,555 |
24,933 |
51,148 |
| Less:
Excise duty |
408 |
312 |
815 |
815 |
1,797 |
| Net sales
/ income from operations
|
14,460 |
10,800 |
28,740 |
24,118 |
49,351 |
| Total
expenditure |
|
|
|
|
|
| a) Decrease /(Increase) in stock in trade and work in progress |
(985) |
(1,885) |
(628) |
(1,336) |
(1,707) |
| b) Consumption of raw materials
and utilities |
8,141 |
7,141 |
15,908 |
14,374 |
28,293 |
| c) Employees cost |
1,451 |
1,248 |
2,842 |
2,551 |
5,270 |
| d) Depreciation |
1,070 |
948 |
2,097 |
1,877 |
3,819 |
| e) Other expenditure |
2,145 |
1,039 |
3,599 |
2,072 |
4,965 |
| f) Total expenditure |
11,822 |
8,491 |
23,818 |
19,538 |
40,640 |
| Profit from operations before other income, interest and impact of forward contracts |
2,638 |
2,309 |
4,922 |
4,580 |
8,711 |
| Other Income |
98 |
75 |
236 |
142 |
296 |
| Profit Before Interest and impact of forward contracts |
2,736 |
2,384 |
5,158 |
4,722 |
9,007 |
| Interest
and finance charges |
1,224 |
893 |
2,351 |
1,777 |
4,124 |
| Profit from ordinary activities before tax and impact of forward contracts |
1,512 |
1,491 |
2,807 |
2,945 |
4,883 |
| - Exchange loss (Refer note no. 3 below) |
217 |
387 |
416 |
746 |
1,275 |
- Reversal of cash flow hedge reserve (Refer note no.2 below) |
- |
50 |
(371) |
(365) |
(960) |
| Profit after impact of forward contracts but before tax |
1,295 |
1,054 |
2,762 |
2,564 |
4,568 |
| Provision for taxation |
|
|
|
|
|
| - Current
taxes |
294 |
225 |
587 |
489 |
904 |
| - Minimum Alternatives Tax credit |
(294) |
(225) |
(587) |
(489) |
(904) |
| - Deferred tax |
151
|
23
|
168 |
60 |
139 |
| Net Profit after tax |
1,144 |
1,031 |
2,594 |
2,504 |
4,429 |
| Paid-up equity share capital |
1,644 |
1,644 |
1,644 |
1,644 |
1,644 |
| Reserves
excluding revaluation reserves |
|
|
|
|
29,584 |
| Earnings
per share ( face value Rs.
10/-) |
|
|
|
|
|
| -
Basic |
6.96 |
6.27 |
15.78 |
15.23 |
26.94 |
| - Diluted |
6.96 |
6.05 |
15.78 |
14.67 |
26.37 |
| -
Cash |
13.47 |
12.04 |
28.53 |
26.65 |
50.17 |
| Public
shareholding |
|
|
|
|
|
|
-
No of shares |
5,125,963 |
5,128,240 |
5,125,963 |
5,128,240 |
5,127,690 |
| -
Percentage of shareholding |
31.18% |
31.19% |
31.18% |
31.19% |
31.19% |
| Promoters and promoter group shareholding |
|
|
|
|
|
| a) Pledged / Encumbered |
|
|
|
|
|
| - No of shares |
- |
775,750 |
- |
775,750 |
- |
| - Percentage of shares (as a % of the total shareholding of promoters and promoter group |
- |
6.86% |
- |
6.86% |
- |
| - Percentage of shares (as a % of the total share capital of the company) |
- |
4.72% |
- |
4.72% |
- |
| b) Non-encumbered |
|
|
|
|
|
| - No of shares |
11,314,137 |
10,536,110 |
11,314,137 |
10,536,110 |
11,312,410 |
| - Percentage of shares (as a % of the total shareholding of promoters and promoter group |
100.00% |
93.14% |
100.00% |
93.14% |
93.14% |
| - Percentage of shares (as a % of the total share capital of the company) |
68.82% |
64.09% |
68.82% |
64.09% |
68.81% |
|
| |
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting on November 10, 2011
2. 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. With effect from April 1, 2011, the Company changed its method of accounting related to forward contracts and long term foreign currency monetary items by recognizing exchange difference in the profit and loss account in the period in which it arise in accordance with Accounting Standard 11 – The Effects of Changes in Foreign Exchange Rates. Had Company continued following principles of Accounting Standard 30, the profit before tax for the quarter ended September 30,2011 would have been higher by Rs. 527 lacs and for the half year ended September 30,2011 profit before tax would have been lower by Rs.22 lacs.
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. 4,413 lacs as on September 30, 2011 (corresponding previous period as on September 30, 2010 Rs.3,958 lacs). Further, due to extant volatility in foreign currency rates the exchange difference of Rs. 1,122 lacs as on September 30,2011 on short term working capital loans, will be accounted at the rate prevailing on the date of payment .
4. The results for the quarter ended September 30, 2011 have been subjected to "Limited Review" by the Statutory Auditors of the Company.
5. 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 were pending as on September 30, 2011.
6. Figures for the previous period/year have been regrouped / reclassified wherever necessary.
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