|
Quarterly results
Audited
financial results for the year ended March 31, 2004
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(Rs.
in Crores)
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|
|
|
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Audited
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Particulars
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Nine Months Ended 31 Dec., 2003 Restated
Refer Note 1(f)
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Quarter Ended 31 March, 2004
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Corresponding Quarter in the Previous
Year
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Year ended 31 March, 2004
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Year ended 31 March, 2003 As Published
Refer Note 1(g)
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|
1
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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
|
|
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Net Sales/ Income from Operations
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1989.95
|
554.20
|
353.67
|
2544.15
|
1535.27
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2
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Expenditure
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|
|
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|
|
|
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a)
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Decrease / (Increase) in stock-in-trade
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34.18
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(55.86)
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4.27
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(21.68)
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(4.48)
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|
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b)
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Consumption of Raw Materials
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721.48
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253.99
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55.42
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975.47
|
259.92
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|
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c)
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Cost of Traded Goods
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135.05
|
22.45
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6.06
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157.50
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56.63
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|
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d)
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Staff Cost
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73.73
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24.20
|
19.12
|
97.93
|
69.72
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|
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e)
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Stores, Spare Parts and Consumables
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75.67
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64.13
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45.68
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139.80
|
124.31
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|
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f)
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Power & Fuel
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244.39
|
77.29
|
48.86
|
321.68
|
241.20
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|
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g)
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Freight and Forwarding Charges
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135.07
|
37.95
|
24.07
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173.02
|
113.48
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|
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h)
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Other Expenditure
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184.92
|
55.72
|
73.50
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240.64
|
259.94
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|
|
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Total Expenditure (2a to 2h)
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1604.49
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479.87
|
276.98
|
2084.36
|
1120.72
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3
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Profit from Operations (1-2)
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385.46
|
74.33
|
76.69
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459.79
|
414.55
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4
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Other Income
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33.32
|
5.53
|
1.89
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38.85
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42.14
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5
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Interest on Refunds of Tax
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31.97
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6.29
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22.99
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38.26
|
35.73
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6
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Interest - net
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42.95
|
7.96
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19.52
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50.91
|
90.33
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7
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Profit after Interest but before Depreciation,
Extraordinary Items and Tax (3+4+5-6)
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407.80
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78.19
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82.05
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485.99
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402.09
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8
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Depreciation
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107.89
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36.26
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34.97
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144.15
|
136.93
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9
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Profit before Exceptional Items and
Tax (7-8)
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299.91
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41.93
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47.08
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341.84
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265.16
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10
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Exceptional Items
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a)
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Employees' Separation Compensation
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14.88
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0.88
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3.64
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15.76
|
14.56
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|
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b)
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Impact of revised retention price on revenue
of earlier years
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-
|
-
|
14.66
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-
|
185.58
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|
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c)
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Provision for Contingencies written back
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-
|
-
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(26.08)
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-
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(197.00)
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11
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Profit before Tax (9-10)
|
285.03
|
41.05
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54.86
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326.08
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262.02
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12
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Provision for Tax
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|
|
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|
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|
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- Current
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113.70
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17.02
|
12.06
|
130.72
|
88.99
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- Deferred - net
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(19.55)
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(5.62)
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(17.24)
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(25.17)
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(23.55)
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13
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Profit after Tax (11-12)
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190.88
|
29.65
|
60.04
|
220.53
|
196.58
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|
14
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Paid up Equity Share Capital [Refer Note
1(d)]
(Face value: Rs. 10 per Share)
|
215.16 *
|
215.16 *
|
180.70
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215.16 *
|
180.70
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|
15
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Reserves excluding Revaluation Reserves
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|
|
|
1820.18
|
1455.16
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16
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Basic and Diluted Earnings - Rs. per
Share (not annualised)
|
8.87
|
1.38
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3.32
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10.25
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10.88
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17
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Aggregate of Non-Promoter Shareholding
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|
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- Number of Shares
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160,216,769
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160,214,769
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125,432,789
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160,214,769
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125,432,789
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|
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- Percentage of shareholding
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74.48%
|
74.48%
|
69.44%
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74.48%
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69.44%
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*
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
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(Rs.
in Crores)
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|
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Particulars
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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)
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|
1
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Segment Revenue
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|
|
|
|
|
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a. Inorganic Chemicals
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760.22
|
251.92
|
221.75
|
1,012.14
|
864.52
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|
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b. Fertilisers
|
1,244.57
|
307.18
|
131.92
|
1,551.75
|
670.82
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|
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Total
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2,004.79
|
559.10
|
353.67
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2,563.89
|
1,535.34
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|
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Less : Inter segment revenue
|
14.84
|
4.90
|
-
|
19.74
|
0.07
|
|
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Net Sales / Income from Operations
|
1,989.95
|
554.20
|
353.67
|
2,544.15
|
1,535.27
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|
2
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Segment Result
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Profit / (Loss) before Tax and Interest
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|
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a. Inorganic Chemicals
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170.00
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35.64
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48.93
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205.64
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185.07
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b. Fertilisers
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137.82
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14.08
|
5.04
|
151.90
|
135.62
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Total
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307.82
|
49.72
|
53.97
|
357.54
|
320.69
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Less :
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|
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|
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(i) Interest - net
|
42.95
|
7.96
|
19.52
|
50.91
|
90.33
|
|
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(ii) Unallocable income net of unallocable
expenditure
|
(20.16)
|
0.71
|
(20.41)
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(19.45)
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(31.66)
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|
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Profit before Tax
|
285.03
|
41.05
|
54.86
|
326.08
|
262.02
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|
3
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Capital Employed
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|
|
|
|
|
|
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a. Inorganic Chemicals
|
935.81
|
894.30
|
972.12
|
894.30
|
972.12
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|
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b. Fertilisers
|
1,317.42
|
1,464.76
|
1,020.99
|
1,464.76
|
1,020.99
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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:
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Particulars of Complaints
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Numbers
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Outstanding as on 01 January 2004
|
20
|
|
Received during the quarter
|
25
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|
Resolved during the quarter
|
20
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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.
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Place:
Mumbai
Date:
June
8, 2004
|
Tata
Chemicals Limited
Ratan N Tata
Chairman
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