» Financials

Annual Results

Audited Financial Results for the year ended 31st March, 2008

    9 months ended Quarter ended Current year ended (Audited) Previous year ended (Audited)
    31-12-07 31-12-06 31-12-07 31-12-06 31-03-07
1 Net Sales/Income from operations 29,682 13,647 9,349 43,329 27,751
2 Other Income (Refer note 4) 3,137 1,087 1,307 4,224 1,107
3 Total Income (1+2) 32,819 14,734 10,656 47,553 28,858
4 Expenditure          
  a) (Increase) / decrease in stock in trade (504) 93 221 (411) (223)
  b) Consumption of raw materials 17,703 7,621 5,888 25,324 18,542
  c) Employees cost 1,190 422 569 1,612 1,442
  d) Depreciation 1,553 412 488 1,965 1,349
  e) Other expenditure 3,225 1,442 1,443 4,667 4,743
  f) Total 23,167 9,990 8,609 33,157 25,853
5 Interest 964 239 247 1,203 536
6 Exceptional items 451 - - 451 825
7 Profit(+)/Loss(-) from Ordinary Activities        
  before tax (3) - (4+5) + (6) 9,139 4,505 1,800 13,644 3,294
8 Tax expenses 2,930 1,161 613 4,091 1,171
9 Net Profit(+)/Loss(-) from Ordinary Activities        
  after tax ((7-8) 6,209 3,344 1,187 9,553 2,123
10 Extraordinary items (net of tax expenses)   - - - -
11 Net Profit(+)/Loss(-) for the period (9-10) 6,209 3,344 1,187 9,553 2,123
12 Paid up Equity Share Capital (Face value : Rs.10 per share) 1,540 1,540 1,540 1,540 1,540
13 Reserves excluding revaluation reserves as per          
  balance sheet of previous accounting year       22,806 14,297
14 Earnings Per share (EPS)          
  a) Basic and diluted EPS before Extraordinary items          
  (annualised) Rs. 40.32 21.71 7.71 62.03 13.79
  b) Basic and diluted EPS after Extraordinary items          
  (annualised) Rs. 40.32 21.71 7.71 62.03 13.79
16 Aggregate of non-promoter shareholding          
  No. of shares 9,280,040 8,740,486 9,230,040 8,740,486 9,230,040
  Percentage of shareholding 60.26 56.76 59.94 56.76 59.94

Notes:

  1. Figures for the previous period have been regrouped and reclassified to conform to the classification of the current period, where necessary.
  2. Sponge iron is the only reportable segment in accordance with the Accounting Standard 17 - Segment Reporting issued by the Institute of Chartered Accountants of India.
  3. The Board of Directors has recommended a dividend of 70% (i.e. Rs.7 per equity share) for the year ended 31-03-2008 The cash outflow on account of dividend will be Rs.1,078 lakh and for tax on distributed profit including Education Cess will be Rs.183.21 lakh)
  4. a) Based on the judgement of the Supreme Court in favour of the Company in the matter of sales tax exemption as per IPR-1992 issued by Government of Orissa, the sales tax of Rs.451 lacs provided for the year ended 31-03-2007 has been written back and shown as exceptional item, as was reported in the audited financial results for the period ended 30.09.2007.
  5. b) A sum of Rs. 825 lakhs shown as exceptional item in the previous accounting year represent the sale proceeds of carbon credits.
  6. The company had adopted Accounting Standard AS-15 (revised 2005) on employee benefits effective 1st April, 2006. The Institute of Chartered Accountants of India ( ICAI ) issued a guidance clarifying certain provisions of AS-15. Consequent upon this clarification the employee benefit liability as on 1st April, 2006 and the amount charged to the profit and loss account during 2006-07 has been reworked in accordance with the clarification. Accordingly, the excess liability as on 1st April, 2006 of Rs.217.44 lacs (net of deferred tax Rs.110.33 lacs) which had been adjusted to General Reserve during 2006-07 has been reversed and an amount of Rs.36.86 lacs being excess amount charged to the profit and loss account during 2006-07 has been written back to the profit and loss account during the current year
  7. The above results have been approved at the meeting of the Board of Directors held on 29th April, 2008.
  8. Investor Complaints:
    1. The total number of investor complaints pending at the beginning of the quarter - Nil;
    2. Received during the current quarter - 1;
    3. Disposed of during the current quarter - 1; and
    4. pending at the end of the quarter - Nil.

Place: Kolkata
29th April, 2008		 For and on behalf of the
Board of Directors

Suresh Thawani
Managing Director

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