|
Quarterly results
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
|
|
