|
Audited
financial results for the year ended March 31,
2004
|
(Rs.
in Crores)
|
|
|
|
|
Audited
|
|
|
Particulars
|
Nine
Months Ended 31 Dec., 2003 Restated Refer
Note 1(f)
|
Quarter
Ended 31 March, 2004
|
Corresponding
Quarter in the Previous Year
|
Year
ended 31 March, 2004
|
Year
ended 31 March, 2003 As Published Refer
Note 1(g)
|
|
1
|
Sales
/ Income from Operations
|
2070.40
|
582.33
|
377.63
|
2652.73
|
1626.96
|
|
|
Less
: Excise Duty
|
80.45
|
28.13
|
23.96
|
108.58
|
91.69
|
|
|
Net
Sales/ Income from Operations
|
1989.95
|
554.20
|
353.67
|
2544.15
|
1535.27
|
|
2
|
Expenditure
|
|
|
|
|
|
|
|
a)
|
Decrease
/ (Increase) in stock-in-trade
|
34.18
|
(55.86)
|
4.27
|
(21.68)
|
(4.48)
|
|
|
b)
|
Consumption
of Raw Materials
|
721.48
|
253.99
|
55.42
|
975.47
|
259.92
|
|
|
c)
|
Cost
of Traded Goods
|
135.05
|
22.45
|
6.06
|
157.50
|
56.63
|
|
|
d)
|
Staff
Cost
|
73.73
|
24.20
|
19.12
|
97.93
|
69.72
|
|
|
e)
|
Stores,
Spare Parts and Consumables
|
75.67
|
64.13
|
45.68
|
139.80
|
124.31
|
|
|
f)
|
Power
& Fuel
|
244.39
|
77.29
|
48.86
|
321.68
|
241.20
|
|
|
g)
|
Freight
and Forwarding Charges
|
135.07
|
37.95
|
24.07
|
173.02
|
113.48
|
|
|
h)
|
Other
Expenditure
|
184.92
|
55.72
|
73.50
|
240.64
|
259.94
|
|
|
|
Total
Expenditure (2a to 2h)
|
1604.49
|
479.87
|
276.98
|
2084.36
|
1120.72
|
|
3
|
Profit
from Operations (1-2)
|
385.46
|
74.33
|
76.69
|
459.79
|
414.55
|
|
4
|
Other
Income
|
33.32
|
5.53
|
1.89
|
38.85
|
42.14
|
|
5
|
Interest
on Refunds of Tax
|
31.97
|
6.29
|
22.99
|
38.26
|
35.73
|
|
6
|
Interest
- net
|
42.95
|
7.96
|
19.52
|
50.91
|
90.33
|
|
7
|
Profit
after Interest but before Depreciation,
Extraordinary
Items and Tax (3+4+5-6)
|
407.80
|
78.19
|
82.05
|
485.99
|
402.09
|
|
8
|
Depreciation
|
107.89
|
36.26
|
34.97
|
144.15
|
136.93
|
|
9
|
Profit
before Exceptional Items and Tax (7-8)
|
299.91
|
41.93
|
47.08
|
341.84
|
265.16
|
|
10
|
Exceptional
Items
|
|
|
|
|
|
|
|
a)
|
Employees'
Separation Compensation
|
14.88
|
0.88
|
3.64
|
15.76
|
14.56
|
|
|
b)
|
Impact
of revised retention price on revenue of
earlier years
|
-
|
-
|
14.66
|
-
|
185.58
|
|
|
c)
|
Provision
for Contingencies written back
|
-
|
-
|
(26.08)
|
-
|
(197.00)
|
|
11
|
Profit
before Tax (9-10)
|
285.03
|
41.05
|
54.86
|
326.08
|
262.02
|
|
12
|
Provision
for Tax
|
|
|
|
|
|
|
|
-
Current
|
113.70
|
17.02
|
12.06
|
130.72
|
88.99
|
|
|
-
Deferred - net
|
(19.55)
|
(5.62)
|
(17.24)
|
(25.17)
|
(23.55)
|
|
13
|
Profit
after Tax (11-12)
|
190.88
|
29.65
|
60.04
|
220.53
|
196.58
|
|
14
|
Paid
up Equity Share Capital [Refer Note 1(d)]
(Face
value: Rs. 10 per Share)
|
215.16
*
|
215.16
*
|
180.70
|
215.16
*
|
180.70
|
|
15
|
Reserves
excluding Revaluation Reserves
|
|
|
|
1820.18
|
1455.16
|
|
16
|
Basic
and Diluted Earnings - Rs. per Share (not
annualised)
|
8.87
|
1.38
|
3.32
|
10.25
|
10.88
|
|
17
|
Aggregate
of Non-Promoter Shareholding
|
|
|
|
|
|
|
|
-
Number of Shares
|
160,216,769
|
160,214,769
|
125,432,789
|
160,214,769
|
125,432,789
|
|
|
-
Percentage of shareholding
|
74.48%
|
74.48%
|
69.44%
|
74.48%
|
69.44%
|
*
Including adjustment for Share Suspense of Rs.34.46
Crores for Shares to be issued to the shareholders
of erstwhile Hind Lever Chemicals Limited.
Segmentwise
revenue, results and capital employed
|
(Rs.
in Crores)
|
|
|
Particulars
|
Nine
Months Ended 31 Dec., 2003 Restated Refer
Note 1(f)
|
Quarter
ended 31 March, 2004
|
Corresponding
Quarter in the Previous Year
|
Year
ended 31 March, 2004
|
Year
ended 31 March, 2003 As Published Refer
Note 1(g)
|
|
1
|
Segment
Revenue
|
|
|
|
|
|
|
|
a.
Inorganic Chemicals
|
760.22
|
251.92
|
221.75
|
1,012.14
|
864.52
|
|
|
b.
Fertilisers
|
1,244.57
|
307.18
|
131.92
|
1,551.75
|
670.82
|
|
|
Total
|
2,004.79
|
559.10
|
353.67
|
2,563.89
|
1,535.34
|
|
|
Less
: Inter segment revenue
|
14.84
|
4.90
|
-
|
19.74
|
0.07
|
|
|
Net
Sales / Income from Operations
|
1,989.95
|
554.20
|
353.67
|
2,544.15
|
1,535.27
|
|
2
|
Segment
Result
|
|
|
|
|
|
|
|
Profit
/ (Loss) before Tax and Interest
|
|
|
|
|
|
|
|
a.
Inorganic Chemicals
|
170.00
|
35.64
|
48.93
|
205.64
|
185.07
|
|
|
b.
Fertilisers
|
137.82
|
14.08
|
5.04
|
151.90
|
135.62
|
|
|
Total
|
307.82
|
49.72
|
53.97
|
357.54
|
320.69
|
|
|
Less
:
|
|
|
|
|
|
|
|
(i)
Interest - net
|
42.95
|
7.96
|
19.52
|
50.91
|
90.33
|
|
|
(ii)
Unallocable income net of unallocable expenditure
|
(20.16)
|
0.71
|
(20.41)
|
(19.45)
|
(31.66)
|
|
|
Profit
before Tax
|
285.03
|
41.05
|
54.86
|
326.08
|
262.02
|
|
3
|
Capital
Employed
|
|
|
|
|
|
|
|
a.
Inorganic Chemicals
|
935.81
|
894.30
|
972.12
|
894.30
|
972.12
|
|
|
b.
Fertilisers
|
1,317.42
|
1,464.76
|
1,020.99
|
1,464.76
|
1,020.99
|
Notes:
1.
With regard to the Scheme of Amalgamation of Hind
Lever Chemicals Limited (HLCL) with the Company:
a.
The High Court of Judicature at Mumbai and the
Punjab and Haryana High Court have sanctioned
the arrangement embodied in the Scheme of Amalgamation
vide their Orders dated October 14, 2003 and May
19, 2004, respectively.
b. The Scheme is operative from the appointed
date of April 01, 2002 and has come into effect
(effective date) from June 01 2004.
c. The amalgamation has been accounted for under
the "pooling of interests" method as
prescribed by Accounting Standards (AS-14) issued
by the Institute of Chartered Accountants of India.
As stipulated under the Scheme of Amalgamation,
reserves of the Transferor company, as on 31 March
2002 has been transferred to the respective reserves.
The Profit after Tax of HLCL for the year 2002-03,
net of appropriations, has been credited to the
balance of the Profit and Loss Account.
d. As per the Scheme of Amalgamation, 3,44,64,000
shares have to be issued and allotted to the shareholders
of erstwhile HLCL in the ratio of 5 shares of
Tata Chemicals Limited for every 2 shares of HLCL.
Consequently, the paid up equity share capital
would increase by Rs.34.46 crores. Pending allotment,
the said amount has been shown under 'Share Capital
Suspense Account'.
e. Figures of earnings per share and the non-promoter
shareholding for the current period are based
on the share capital, to be enhanced on the allotment
of shares referred to in para (d) above.
f. Figures for the nine month period, April, 03
to December, 03 have been restated to include
the results of the erstwhile HLCL, subsequent
to it's amalgamation with the Company.
g. Figures of the corresponding quarter and the
financial year for the year ended 31 March 2003
do no include the figures of the erstwhile HLCL
and are therefore not comparable with those of
the current year.
2.
The new pricing policy for Urea is effective from
1 April 2003. The revenue in respect of Urea is
recognized based on the provisional concessional
rates notified by the Government pending fixation
of the final concessional rates. Claims for escalation
on input cost have been taken into account based
on the estimates, pending final notification of
the rates by the Government.
3.
Status of complaints received from investors during
the quarter, complaints resolved and those pending
are as follows:
|
Particulars
of Complaints
|
Numbers
|
|
Outstanding
as on 01 January 2004
|
20
|
|
Received
during the quarter
|
25
|
|
Resolved
during the quarter
|
20
|
|
Outstanding
as on 31 March 2004
|
25*
|
| *
pertains to the fraudulent encashment cases |
4.
The Directors have recommended payment of dividend
at Rs.5.50 per share of face value Rs.10/- each
aggregating Rs.133.47 crores including dividend
tax for the year 2003-04 (previous year Rs.112.08
crores @ Rs.5.50 per share).
5.
The previous period figures have been regrouped/rearranged
wherever necessary.
This
has been taken on record in the board meeting
of date.
|
Place:
Mumbai
Date:
June
8, 2004
|
Tata
Chemicals Limited
Ratan N Tata
Chairman
|
|
