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Audited
Financial Results for
the year ended 31st March, 2003
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(Rs.
in crores)
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Sr. No. |
Particulars |
Unaudited
Nine Months Ended
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Unaudited
Quarter Ended
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Audited
Year Ended
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31.12.2002
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31.3.2003
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31.3.2002
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31.3.2003
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31.03.2002
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1.
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Gross
Sales/Income from Operations
a) Domestic Sales
b) Exports Sales
Total Sales |
278.27
784.04
1,062.31
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120.49
429.46
549.95
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145.53
171.43
316.96
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398.76
1,213.50
1,612.26
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511.02
603.08
1,114.10
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2.
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Less: Excise
Duty |
42.49
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13.07
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15.29
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55.56
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70.95
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3.
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Net
Sales / Income from Operations |
1,019.82
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536.88
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301.67
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1,556.70
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1,043.15
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4.
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Other
Income |
3.05
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3.68
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2.42
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6.73
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7.62
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5.
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Total
Expenditure
a. (Increase)/ decrease in stock-
in-Trade
b.Consumption of
Raw materials
c. Staff cost
d. Other
Expenditure
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808.03
(75.99)
728.27
15.56
140.19
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424.56
30.15
301.13
6.34
86.94
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269.32
55.81
171.16
4.79
37.56
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1,232.59
(45.84)
1,029.40
21.90
227.13
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947.21
12.97
758.02
21.29
154.93
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6.
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Profit
before Interest and Depreciation
(3+4-5) |
214.84
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116.00
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34.77
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330.84
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103.56
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7.
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Interest (Net) |
82.16
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21.44
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27.20
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103.60
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119.38
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8.
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Depreciation |
31.47
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10.64
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10.91
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42.11
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44.82
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9.
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Miscellaneous
Expenditure
Written off
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9.83
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2.69
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3.42
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12.52
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12.86
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10.
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Profit/(Loss) before
Exceptional items
(6-7-8-9)
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91.38
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81.23
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(6.76)
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172.61
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(73.50)
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11.
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Exceptional Items |
--
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(6.77)
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24.28
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(6.77)
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24.28
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12.
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Profit/(Loss) before tax
(10-11) |
91.38
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88.00
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(31.04)
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179.38
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(97.78)
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13.
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Provision for
Taxation
a) Current
b) Deferred |
-
36.56
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3.70
18.14
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0.15
(8.34)
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3.70
54.70
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0.15
(29.39)
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14.
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Net
Profit /Loss
(12-13) |
54.82
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66.16
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(22.85)
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120.98
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(68.54)
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15.
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Paid-up Equity Share Capital
(Face value Rs.10 each) |
42.80
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42.80
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42.80
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42.80
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42.80
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16.
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Reserves
excluding Revaluation Reserves (As per Balance sheet ) |
--
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--
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--
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327.44
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208.63
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17.
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Earnings Per Share
Basic and Diluted (Rs.)
(for the quarter and for the year
to date - Not annualised) |
12.78
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15.42
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(5.32)
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28.19
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(15.97)
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18.
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Aggregate of Non-
promoter
Shareholding:
* Number of Shares
* Percentage of Shareholding |
20941219
48.80%
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19623067
45.75%
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22037538
51.36%
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19623067
45.75%
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22037538
51.36%
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| NOTES
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| 1. |
The above results have been taken on record by the Board of Directors of the Company at their meeting held on
28th April, 2003. |
| 2. |
The company is engaged in the business of flat steel products and there are no separate reportable segments as per Accounting Standard (AS 17) "Segment Reporting". |
| 3. |
Exceptional items comprise of
overdue and penal interest for earlier years waived by UTI as part
of the financial restructuring . |
| 4. |
Exports
Benefits pertaining to the period 1st April,2002 to 31 st
December,2002 of Rs.23.41 Crores have been considered in the
current quarter as the notification to that effect was issued in February,
2003. |
| 5. |
Previous periods' figures have been re-grouped wherever considered necessary. |
| 6. |
The
Board has recommended Equity Dividend of 30% (Previous year :Nil)
subject to approval the Shareholders at the Annual General
Meetings & Intuitions. |
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For JINDAL IRON & STEEL CO. LTD. |
| Mumbai |
RAMAN MADHOK |
| Dated :
28th April, 2003 |
JT. MANAGING DIRECTOR & CEO |
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JISCO's
performance in the Financial year 2002-03 was nothing but
specatcular. With a
PBT of Rs.179.38 Crores compared to the previous year losses of
Rs.97.78 Crores, the turnaround was remarkable.
The Company's fortunes have been improving with every
passing Quarter, with PBT for Q4 at Rs.88 Crores, clocking an
increase of 80% over the Q3 PBT of Rs.48.77 Crores.
The Company's turnaround can be attributed to the two pronged
approach adopted by the Company's management. One, the Company capitalised on the huge export potential in
the financial year by recording not only improved realisations but
also increased volumes. Two,
the Company has also kept its cost under control.
Restructuring of its debts has reduced the Company's
interest burden significantly, thereby improving the bottomline.
Cash profits for the year was Rs.227.24 Crores as compared to a
Loss of Rs. 15.82 Crores in the previous year. This is a clear
indicator of the Company's remarkable performance and strong
financial position.
The financial ratios of the Company clearly endorse the Company's
good financial position. Improved
Current and Liquidity Ratios alongwith remarkable improvement in
the Debt ratios of the Company were evident. The Debt Equity Ratio is 1.77 (Previous year 2.93) and
Interest Coverage Ratio of 2.73 (Previous year 0.18), is
definitely good news. The
Company has also significantly improved its Working Capital
Ratios.
The turnover of the Company at Rs.1,612.26 Crores has increased by
about 45% in comparison to the previous year figures of
Rs.1,114.10 Crores. In GP/GC segment the sales in 2002-03 were
4.93 Lakh MT compared to 4.59 Lakh MT of 2001-02 recording a
growth of 8%. The
Company continues to focus on value added thinner gauges as per
requirements of the discerning customers in the overseas markets.
Exports during the year were Rs.1,213.50 Crores as compared with
Rs.603.08 Crores of the previous year registering a robust growth
of more than 100% . Exports
are at 78% of the
total sales as compared to 58% in previous year.
Production during the financial year 2002-03 was higher by 10% as
compared to the previous financial year.
In GP/GC
segment, the production was 4.98 Lakh MT as compared with 4.58
Lakh MT in the previous
year, recording a growth
of 9%.
The Company has made a provision of Rs.54.70 Crores towards
Deferred Tax Liability alongwith Rs.3.70 Crores for Current Tax.
Profit after tax (PAT) of Rs.120.98 Crores on equity of
Rs.42.80 Crores gives an EPS of Rs.28.19.
The
Company is confident of surging ahead in the following financial
year by maintaining the same momentum and business acumen which
has brought the Company back in the black in the financial year
2002-03.
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