REG - Ashok Leyland Ld - 1st Quarter Results <Origin Href="QuoteRef">ASOK.NS</Origin>
06/09/2014 20:40
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RNS Number : 4023N
Ashok Leyland Ld
25 July 2014
ASHOK LEYLAND LIMITED
Regd. Office :1 Sardar Patel Road, Guindy, Chennai -600 032
STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30-06-2014
Rs. Lakhs
Three Months ended Preceding Three months ended Corresponding Three months ended Previous year ended
30.06.2014 31.03.2014 30.06.2013 31.03.2014
Unaudited Unaudited Unaudited Audited
Part - I
1. Income from Operations
a. Net Sales / Income from operations (Net of excise duty) 243,461.99 302,095.52 231,321.28 973,573.36
b. Other Operating Income 4,318.37 5,582.19 5,059.92 20,769.31
Total Income from Operations (net) 247,780.36 307,677.71 236,381.20 994,342.67
2. Expenses
a. Cost of materials consumed 171,483.71 185,749.93 153,984.60 590,969.47
b. Purchases of stock-in-trade - trading goods 27,313.75 30,469.99 28,228.09 126,902.76
c. Changes in inventories of finished goods, work-in-progress (17,209.16) 15,416.39 (3,844.41) 42,387.10
and stock-in-trade
d. Employee benefits expense 28,313.66 24,728.87 25,818.89 99,967.23
e. Depreciation and amortisation expenses (Refer Note - 3) 10,331.51 10,344.68 9,517.35 37,703.60
f. Other expenses 26,269.73 32,918.71 29,868.32 117,459.88
Total Expenses 246,503.20 299,628.57 243,572.84 1,015,390.04
3. Profit / (Loss) from operations before other income, finance costs and exceptional items (1 - 2) 1,277.16 8,049.14 (7,191.64) (21,047.37)
4. Other income 2,311.66 1,574.04 1,225.67 6,652.07
5. Profit / (Loss) from ordinary activities before finance costs and exceptional items (3 + 4) 3,588.82 9,623.18 (5,965.97) (14,395.30)
6. Finance costs 10,633.98 11,257.29 10,067.94 45,292.48
7. Profit / (Loss) from ordinary activities after finance costs but before exceptional items (5 - 6) (7,045.16) (1,634.11) (16,033.91) (59,687.78)
8. Exceptional items (Refer Note - 6) - 37,609.41 (651.16) 50,565.89
9. Profit / (Loss) from ordinary activities before tax (7 + 8) (7,045.16) 35,975.30 (16,685.07) (9,121.89)
10. Tax expense - Income Tax (Refer Note - 7) (2,250.00) (364.00) (2,510.00) (12,060.00)
11. Net Profit / (Loss) from ordinary activities after tax (9 - 10) (4,795.16) 36,339.30 (14,175.07) 2,938.11
12. Extraordinary item (net of tax) - - - -
13. Net Profit / (Loss) for the period (11 - 12) (4,795.16) 36,339.30 (14,175.07) 2,938.11
14. Paid-up equity share capital (Face value per share Re.1) 26,606.80 26,606.80 26,606.80 26,606.80
15. Reserve excluding Revaluation Reserves 300,788.96
16. Earnings Per Share (EPS) (Basic and Diluted) (Rs.) (of Re.1 each - Not annualised) (0.18) 1.37 (0.53) 0.11
Part - II
A. Particulars of Shareholding
1. Public shareholding
- Number of shares 1,226,829,595 1,226,829,595 1,304,239,070 1,226,829,595
- Percentage of shareholding 46.11 46.11 49.02 46.11
2. Promoter shareholding
a. Pledged / Encumbered
- Number of shares 474,104,204 474,104,204 474,104,204 474,104,204
- Percentage of promoter shareholding 33.07 33.07 34.95 33.07
- Percentage of total share capital 17.82 17.82 17.82 17.82
b. Non-encumbered
- Number of shares 959,742,835 959,742,835 882,333,360 959,742,835
- Percentage of promoter shareholding 66.93 66.93 65.05 66.93
- Percentage of total share capital 36.07 36.07 33.16 36.07
Particulars THREE MONTHS
ENDED - 30-06-2014
B. Investor Complaints
1. Pending at the beginning of the quarter 1
2. Received during the quarter 45
3. Disposed during the quarter 45
4. Remaining unresolved at the end of the quarter 1
(1) The above standalone financial results were reviewed by the Audit
Committee and then approved by the Board of Directors at the meeting held on
July 25, 2014.
(2) The statutory auditors have conducted a limited review of the above
results.
(3) In terms of the proviso to clause 3(i) of Part A of Schedule II to the
Companies Act, 2013 (the Act), the Company has, after technical assessment,
decided to retain the useful life / residual value hitherto adopted for
various categories of fixed assets, which are in certain cases, different from
those prescribed in Schedule II to the Act. The Company believes that based on
the policy followed by it of continuous and periodic assessment, the estimated
useful life and residual value adopted so far is appropriate.
(4) Exchange difference on translation or settlement of long term foreign
currency monetary items at rates different from those at which they were
initially recorded or as at April 1, 2007, in so far as it relates to
acquisition of depreciable assets are adjusted to the cost of the assets. In
other cases, such exchange differences, arising effective April 1, 2011, are
accumulated in "Foreign currency monetary item translation difference account"
and amortized by recognition as income or expense in each year over the
balance term till settlement occurs but not beyond March 31, 2020. This is in
line with Notification No. G.S.R 913 (E) dated December 29, 2011 issued by the
Ministry of Corporate Affairs, Government of India, amending the Companies
(Accounting Standards) Rules, 2006.
Accordingly,
a) Foreign exchange (Gain) / Loss relating to acquisition of depreciable
assets, capitalized during the quarter ended June 30, 2014 aggregated Rs.
1,216.45 Lakhs [quarter ended March 31, 2014: Rs. (5,968.95) Lakhs; June 30,
2013 : Rs. 18,866.08 Lakhs; year ended March 31, 2014 : Rs. 22,571.55 Lakhs]
and
b) The un-amortized net exchange difference in respect of long term monetary
items relating to other than acquisition of depreciable assets, is a loss of
Rs. 518.41 Lakhs as at June 30, 2014 [March 31, 2014: Loss of Rs. 592.89
Lakhs; June 30, 2013: Gain of Rs. 152.60 Lakhs]. These amounts are reflected
as part of the "Reserves and Surplus" in line with the guidelines issued by
the Institute of Chartered Accountants of India.
(5) The Company's primary segment is identified as business segment based on
nature of products, risks, returns and the internal business reporting system
and secondary segment is identified based on the geographical location of the
customers as per Accounting Standard 17. The Company is principally engaged in
a single business segment viz., commercial vehicles and related components.
(6) Exceptional items consist of:
Rs in Lakhs
Net Profit on sale of Long - term Investments - 22,009.95 - 36,870.91
Profit on sale of Immovable Properties - 15,915.72 - 19,327.24
Diminution in the value of investments - - (651.16) (957.32)
Voluntary Retirement Scheme - (316.26) - (4,674.94)
Total - 37,609.41 (651.16) 50,565.89
(316.26)
-
(4,674.94)
Total
-
37,609.41
(651.16)
50,565.89
(7) Tax expense comprises Current Tax, where applicable in respective
periods, and Deferred Tax. Current tax is after considering Minimum Alternate
Tax (MAT) credit entitlement under Section 115 JAA(1A) of the Income Tax Act,
1961. Deferred tax asset has been recognized on unabsorbed depreciation.
(8) The Company had adopted the principles of Accounting Standard 30 -
Financial instruments: Recognition and measurement, issued by the Institute
of Chartered Accountants of India, with effect from April 1, 2008, in respect
of forward contracts for firm commitments and highly probable forecast
transactions meeting necessary criteria for designation as "Cash flow hedges".
The gains and losses on effective Cash flow hedges are recognized in Hedge
Reserve Account till the underlying forecast transaction occurs.
(9) Pursuant to the Qualified Institution Placement (QIP) of equity shares
of Re. 1 each, the Company issued and allotted on July 4, 2014, 18,52,00,000
equity shares of Re. 1 each, at a premium of Rs. 35 per share,
aggregating to Rs. 66,672.00 lakhs. The QIP opened on June 26, 2014 and closed
on July 2, 2014.
(10) The Company would be considering the results of its subsidiary(ies) in
its Consolidated Financial Statements for the year ending March 31, 2015.
(11) The figures set out above for the three months ended March 31, 2014 are
the balancing figures between the audited figures in respect of the full
financial year ended March 31, 2014 and the published unaudited year to date
figures (as regrouped) upto December 31, 2013.
(12) The figures for the previous periods have been reclassified / regrouped /
amended, wherever necessary.
For and on behalf of the Board
Place : Chennai
VINOD K DASARI
Date : July 25, 2014
Managing Director
This information is provided by RNS
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