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STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH,2012
   
1
2 3 4 5 6 7
Rs. in Crore
    Stand Alone Consolidated
Sr. No. Particulars Quarter ended 31st March,2012 Quarter ended 31st Dec,2011 Quarter ended 31st March,2011 Year ended 31st March, 2012 Year ended 31st March, 2011 Year ended 31st March, 2012 Year ended 31st March, 2011
     Unaudited Unaudited Unaudited Audited Audited Audited Audited
1 Gross Sales/ Income from Operations 742.66 723.11 703.44 2,980.60 2,552.79 3,146.22 2,749.38
  Less : Inter Segment Transfers 228.84 189.25 158.18 792.72 670.02 792.72 670.02
  Inter Division Transfers 30.93 38.40 30.96 164.84 150.39 164.84 150.39
  Subsidary Company Transfers -- -- -- -- -- 76.86 105.52
  Excise Duty 35.73 36.35 36.19 143.62 130.00 143.62 130.00
  (a) Net Sales/ Income from Operations 447.16 459.11 478.11 1,879.42 1,602.38 1,968.18 1,693.45
  (b) Other Operating Income 22.09 14.17 12.66 65.01 45.32 67.00 45.32
   
  Total Income from Operations (a+b) 469.25 473.28 490.77 1,944.43 1,647.70 2,035.18 1,738.77
   
2 Expenses
  (a) Consumption of Raw Materials 227.75 250.68 237.04 1,000.07 797.60 1,029.20 837.41
  (b) Purchase of stock-in-trade - - - - - - -
  (c) Changes in inventories of finished goods,work-in-progress and stock-in-trade 2.79 (11.80) 19.68 (39.26) (55.25) (23.30) (60.07)
  (d) Employee benefit expenses 29.35 28.66 25.50 113.47 94.69 137.02 123.52
  (e) Depreciation & Amortisation Expense 21.10 22.43 27.29 84.50 85.54 90.46 93.35
  (f) Other Expenses :              
  (i) Energy 85.99 85.90 73.96 343.63 290.58 346.59 297.34
  (ii)Other Direct Expenditure 66.43 61.46 68.27 265.18 243.66 268.31 250.64
  (iii) Other Expenditure 6.02 4.79 3.76 20.31 15.95 29.58 29.65
   
  Total Expenses 439.43 442.12 455.50 1,787.90 1,472.77 1,877.86 1,571.84
   
3 Profit from Operations before other income,finance costs 29.82 31.16 35.27 156.53 174.93 157.32 166.93
  and exceptional items (1-2)
4 Other Income 11.13 4.27 6.78 24.44 14.17 25.35 25.23
5 Profit from ordinary activities before finance costs and 40.95 35.43 42.05 180.97 189.10 182.67 192.16
  exceptional items ( 3+4)              
6 Finance Costs 36.96 32.22 25.51 120.79 90.56 125.59 94.44
7 Profit from ordinary activities after finance costs but before 3.99 3.21 16.54 60.18 98.54 57.08 97.72
  exceptional items and foreign exchange( Gain)/ Loss( 5-6)
8 Exceptional items - - - - - - -
9 Foreign Exchange (Gain)/ Loss 12.28 6.90 2.38 31.52 2.58 31.89 (1.11)
10 Profit/ (Loss) from ordinary activities before tax (7- 8-9) (8.29) (3.69) 14.16 28.66 95.96 25.19 98.83
11 Tax Expenses : Current Tax ( including P.Y. Rs. 8.32 crore) (1.52) 7.78 2.48 14.40 18.52 14.42 18.61
  Add : MAT Credit Entitlement ( including P.Y. Rs. 8.26 crore) (1.57) 7.78 2.43 14.34 18.52 14.34 18.52
  Less : Deferred Tax Charge /(Credit) (6.12) (5.46) (2.92) 0.01 20.60 (0.12) 20.61
12 Net Profit/ (Loss) from ordinary activities after tax (10-11) (2.22) 1.77 17.03 28.59 75.36 25.23 78.13
13 Extraordinary items - - - - - - -
14 Net Profit/ (Loss) for the period (12-13) (2.22) 1.77 17.03 28.59 75.36 25.23 78.13
15 Share of Minority Interest - - - - - 0.04 0.02
16 Net Profit/ (Loss) after tax and Minority Interest (14-15) (2.22) 1.77 17.03 28.59 75.36 25.19 78.11
17 Paid-up Equity Share Capital (Face Value of Rs.5/- per share) 73.25 73.25 73.25 73.25 73.25 73.25 73.25
18 Reserves excluding Revaluation Reserves as per - - - 514.10 545.45 477.07 519.19
  Balance Sheet of previous accounting year.
19 Earnings per share before extraordinary items              
  Basic & Diluted Earnings per share of Rs.5/- each (Rs) ( not annualised) (0.15) 0.12 1.16 1.95 5.14 1.72 5.33
20 Earnings per share after extraordinary items              
  Basic & Diluted Earnings per share of Rs.5/- each (Rs) ( not annualised) (0.15) 0.12 1.16 1.95 5.14 1.72 5.33
   
PART-II  
A SELECT INFORMATION FOR THE QUARTER AND YEAR ENDED 31st MARCH,2012.
  PARTICULARS OF SHAREHOLDING
1 Public Shareholding
  Number of Shares 70754009 70759176 70927320 70754009 70927320 70754009 70927320
  Percentage of Shareholding 48.30% 48.30% 48.41% 48.30% 48.41% 48.30% 48.41%
2 Promoters and promoter group shareholding
  (a) Pledged / Encumbered              
  Number of Shares NIL NIL 375000 NIL 375000 NIL 375000
  Percentage of Shares ( as a % of the total shareholding of promoter - - 0.50% - 0.50% - 0.50%
  and promoter group )              
  Percentage of Shares ( as a % of the total share capital of the company ) - - 0.26% - 0.26% - 0.26%
  (b) Non - Encumbered
  Number of Shares 75747374 75742207 75199063 75747374 75199063 75747374 75199063
  Percentage of Shares ( as a % of the total shareholding of promoter 100.00% 100.00% 99.50% 100.00% 99.50% 100.00% 99.50%
  and promoter group )
  Percentage of Shares ( as a % of the total share capital of the company ) 51.70% 51.70% 51.33% 51.70% 51.33% 51.70% 51.33%
B INVESTOR COMPLAINTS
  Pending at the beginning of the quarter NIL
  Received during the quarter 08
  Disposed of during the quarter 08
  Remaining unresolved at the end of the quarter NIL
   
 
   
  Notes:
1 The company has during the current quarter utilized an amount of Rs. 3.97 Crore and for the year ended as on 31st March, 2012 has utilised Rs.12.72 Crore out of the proceeds from Foreign Currency Convertible Bonds towards object of the issue.
2 The Board of Directors at their meeting held on 28th May,2012 has recommended a dividend of Rs.0.75 each per equity share for the financial year 2011-12.
3

The Company has changed its accounting policy with regard to recognition of exchange differences arising on translation of foreign currency borrowings by following an appropriate hedge accounting policy and applying the principles set out in AS – 30 Financial Instruments : Recognition and Measurement. The Company has w.e.f. 1st April, 2011 designated borrowings in foreign currency, other than those utilised for capital expenditure, as hedge instrument to hedge its foreign currency risks of highly probable forecast transactions (of revenue streams)to be accounted as cash flow hedge. As at 31st March 2012 the net exchange difference loss on foreign currency borrowings amounting to Rs. 31.09 Crore has been recognised in Hedge Reserve Account. During the current quarter Rs. 36.58 Crores has been credited to Hedge Reserve Account.

Pursuant to the notification dated 29th December, 2011 issued by the Ministry of Corporate Affairs amending the Accounting Standard 11, the Company has exercised the option as per Para 46 A inserted in the standard for long term monetary liabilities. Consequently, on long term Monetary Liabilities, other than covered under Hedge accounting and utilised for capital expenditure, an amount of Rs.5.02 Crore is carried forward in the Foreign Currency Monetary Item Translation Difference Account (FCMITDA) as on 31st March 2012 and the same will be amortized over the life of the monetary liabilities. . During the current quarter Rs. 1.95 Crores has been credited to FCMITDA.

Due to above changes, Loss (net of tax) for the current quarter is overstated by Rs.26.03 Crores and Profit (net of tax) for the year ended 31st March 2012 is overstated by Rs.24.39 Crore.

4 Based on the advice on treatment of Amalgamation Reserve created in terms of the Scheme of Arrangement, sanctioned by the Hon'ble High Court, Bombay, the Company has adjusted depreciation of Rs.1.69 Crore and Rs.6.72 Crore during current quarter and for the year ended 31st March, 2012 respectively against the Amalgamation Reserve.
5 The insurance claim lodged during the quarter ended 30th September, 2011 has been accounted on accrual basis and a note to this effect was given in the previous quarterly results. The preceding quarter’s limited review report has been qualified with respect to the said note and the Company expects that the said claim to be settled by the insurance Company without any material deviation.
6 Considering the certainty of refund against Regulatory Liability Charges to be received from Maharashtra State Electricity Distribution Company Limited (MSEDCL), the company has recognized the balance amount of refund Rs.9.88 Crore.
7 The figures of the last quarter of year ended 31st March, 2012 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year.
8 The consolidated financial statements have been prepared in accordance with Accounting Standard (AS) 21.
9 The comparative figures are regrouped and reclassified to meet the current quarter's classification.
   
The above results were reviewed by the Audit committee and have been taken on record by the Board of Directors at their meeting held on 28th May, 2012.
   
  For ISMT Limited
   
  Place : Pune Rajiv Goel
  Date : 28th May, 2012 Chief Financial Officer
   
 
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