REG - Ashok Leyland Ld - Audited financial results <Origin Href="QuoteRef">ASOK.NS</Origin> - Part 1

Ashok LeylandAnnouncement

25/05/2016 11:25

RNS Number : 2793Z
Ashok Leyland Ld
25 May 2016
ASHOK LEYLAND LIMITED
Regd. Office :1 Sardar Patel Road, Guindy, Chennai -600 032 ; CIN : L34101TN1948PLC000105 ; Email id: reachus@ashokleyland.com
STATEMENT OF STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2016 



















Rs. Lakhs 
S. No
Particulars

Three Months Ended 
Year Ended 
Year Ended 



STANDALONE 
STANDALONE 
CONSOLIDATED 



31.03.2016 
31.12.2015 
31.03.2015 
31.03.2016 
31.03.2015 
31.03.2016 
31.03.2015 



Unaudited 
Audited 
Audited 




















1
Income from Operations









a. Net Sales / Income from operations (Net of excise duty)

 589,348.85 
 402,945.98 
 443,553.31 
 1,857,705.65 
 1,331,114.48 
 2,049,039.78 
 1,516,392.19 

b. Other Operating Income

 6,179.44 
 5,588.47 
 7,017.14 
 24,452.56 
 25,103.88 
 16,830.73 
 17,696.56 











Total Income from Operations (Net) 

 595,528.29 
 408,534.45 
 450,570.45 
 1,882,158.21 
 1,356,218.36 
 2,065,870.51 
 1,534,088.75 










2
Expenses









a. Cost of materials consumed / services availed

 378,930.00 
 262,899.17 
 281,795.99 
 1,225,217.06 
 862,663.52 
 1,332,823.45 
 983,856.18 

b. Purchases of stock-in-trade 

 21,885.23 
 51,160.26 
 45,182.51 
 153,122.55 
 139,118.72 
 72,395.55 
 64,551.29 

c. Changes in inventories of finished goods, work-in-progress and stock-in-trade

 21,738.27 
 (24,877.22)
 816.23 
 (52,143.66)
 (5,261.26)
 (49,387.80)
 (4,145.84)

d. Employee benefits expense

 34,079.99 
 34,917.94 
 33,233.03 
 139,874.67 
 118,400.38 
 177,212.24 
 153,611.01 

e. Depreciation and amortisation expense

 11,771.59 
 10,869.32 
 11,008.09 
 44,366.68 
 41,633.67 
 52,442.17 
 57,991.19 

f. Other expenses

 63,584.00 
 41,462.79 
 43,833.08 
 199,490.37 
 138,633.63 
 239,581.57 
 184,502.58 

Total Expenses

 531,989.08 
 376,432.26 
 415,868.93 
1,709,927.67 
 1,295,188.66 
 1,825,067.18 
 1,440,366.41 










3
Profit from operations before Other Income, Finance costs and Exceptional Items 
(1-2)
 63,539.21 
 32,102.19 
 34,701.52 
 172,230.54 
 61,029.70 
 240,803.33 
 93,722.34 










4
Other Income

 3,195.58 
 2,435.46 
 3,724.58 
 10,986.92 
 12,447.13 
 15,187.70 
 18,882.72 










5
Profit from ordinary activities before Finance costs and Exceptional Items 
(3+4)
 66,734.79 
 34,537.65 
 38,426.10 
 183,217.46 
 73,476.83 
 255,991.03 
 112,605.06 










6
Finance costs

 6,022.28 
 6,657.12 
 8,820.63 
 27,354.46 
 39,350.75 
 96,785.31 
 87,229.28 










7
Profit from ordinary activities after Finance costs but before Exceptional Items 
(5-6)
 60,712.51 
 27,880.53 
 29,605.47 
 155,863.00 
 34,126.08 
 159,205.72 
 25,375.78 










8
Exceptional Items (Refer Note - A3 & B2)

 (37,925.75)
 (500.00)
 (803.69)
 (38,942.82)
 10,093.59 
 3,444.34 
 (29,531.61)










9
Profit/(Loss) from ordinary activities before Tax 
(7+8)
 22,786.76 
 27,380.53 
 28,801.78 
 116,920.18 
 44,219.67 
 162,650.06 
 (4,155.83)










10
Tax expense (Refer Note - A7)

 15,084.60 
 7,518.00 
 5,804.37 
 44,742.60 
 10,739.07 
 52,773.80 
 17,241.58 










11
Net Profit / (Loss) from ordinary activities after tax 
(9-10)
 7,702.16 
 19,862.53 
 22,997.41 
 72,177.58 
 33,480.60 
 109,876.26 
 (21,397.41)










12
Extraordinary item (net of tax)

 - 
 - 
 - 
 - 
 - 
 - 
 - 










13
Net Profit / (Loss) after tax before minority interest and share of profit / (loss) of associates for the period
(11+12) 
 7,702.16 
 19,862.53 
 22,997.41 
 72,177.58 
 33,480.60 
 109,876.26 
 (21,397.41)










14
Share of Profit of associates (net)

 - 
 - 
 - 
 - 
 - 
 614.13 
 924.44 
15
Minority Interest

 - 
 - 
 - 
 - 
 - 
 (3,422.05)
 33,861.98 










16
Net Profit after taxes, minority interest and share of profit / (loss) of associates for the period 
(13 + 14 + 15)
 7,702.16 
 19,862.53 
 22,997.41 
 72,177.58 
 33,480.60 
 107,068.34 
 13,389.01 










17
Paid-up equity share capital (Face value per share of Re 1/-) 

 28,458.80 
 28,458.80 
 28,458.80 
 28,458.80 
 28,458.80 
 28,458.80 
 28,458.80 
18
Reserves excluding Revaluation Reserve




 420,774.13 
 381,229.68 
 368,576.92 
 320,490.86 
19
Debenture Redemption Reserve




 15,250.00 
 26,875.00 
 15,250.00 
 26,875.00 
20
Earnings per share (EPS) (Basic and Diluted) (Rs.) (of Re.1 each)









(a) Basic EPS 

 0.27 
 0.70 
 0.81 
 2.54 
 1.20 
 3.76 
 0.48 

(b) Diluted EPS

 0.27 
 0.70 
 0.81 
 2.54 
 1.20 
 3.76 
 0.48 
21
Debt Equity Ratio




 0.48 
 0.65 


22
Debt Service Coverage Ratio




 1.40 
 0.80 


23
Interest Service Coverage Ratio




 7.95 
 3.60 












The above results of the standalone and consolidated financials of the Company were reviewed by the Audit Committee at the meeting held on May 24, 2016 and then approved by the Board of Directors at the meeting held on May 25, 2016.










Statement of Assets and Liabilities as at March 31, 2016






Rs. in Lakhs


 STANDALONE 
CONSOLIDATED 

Particulars
As at March 31, 2016
As at March 31, 2015
As at March 31, 2016
As at March 31, 2015

Audited 
Audited 
A
EQUITY AND LIABILITIES 




1
Shareholders' funds 





(a) Share capital 
 28,458.80 
 28,458.80 
 28,458.80 
 28,458.80 

(b) Reserves and surplus 
 522,955.03 
 483,410.58 
 470,757.82 
 422,671.76 

Sub-total - Shareholders' funds 
 551,413.83 
 511,869.38 
 499,216.62 
 451,130.56 
2
Minority interest
 - 
 - 
 30,098.69 
 26,314.86 
3
Non-current liabilities 





(a) Long-term borrowings 
 198,437.55 
 256,633.61 
 759,714.66 
 621,940.30 

(b) Deferred tax liabilities (net) 
 53,555.31 
 51,026.69 
 53,555.31 
 51,030.78 

(c) Other long-term liabilities 
 1,078.91 
 206.04 
 4,676.56 
 2,231.47 

(d) Long-term provisions 
 13,080.18 
 9,691.75 
 24,781.34 
 15,784.61 

Sub-total - Non-current liabilities 
 266,151.95 
 317,558.09 
 842,727.87 
 690,987.16 
4
Current liabilities 





(a) Short-term borrowings 
 - 
 2,500.00 
 109,302.53 
 82,663.57 

(b) Trade payables 
 256,268.81 
 282,831.87 
 296,553.69 
 308,194.61 

(c) Other current liabilities 
 213,109.62 
 190,785.08 
 435,096.31 
 347,208.66 

(d) Short-term provisions 
 51,607.93 
 25,604.60 
 83,319.66 
 45,963.07 

Sub-total - Current liabilities 
 520,986.36 
 501,721.55 
 924,272.19 
 784,029.91 

TOTAL - EQUITY AND LIABILITIES 
 1,338,552.14 
 1,331,149.02 
 2,296,315.37 
 1,952,462.49 






B
ASSETS 




1
Non-current assets 





(a) Fixed assets 
 512,934.71 
 537,569.65 
 589,385.99 
 605,951.90 

(b) Goodwill on consolidation
 - 
 - 
 63,917.49 
 68,566.66 

(c) Non-current investments 
 191,786.13 
 224,038.13 
 69,039.67 
 80,637.07 

(d) Deferred tax assets (net) 
 - 
 - 
 3,499.88 
 2,179.86 

(e) Long-term loans and advances 
 103,214.78 
 98,291.76 
 640,610.56 
 425,394.33 

(f) Other non-current assets 
 1,556.00 
 1,949.96 
 13,296.07 
 12,961.53 

Sub-total - Non-current assets 
 809,491.62 
 861,849.50 
 1,379,749.66 
 1,195,691.35 
2
Current assets 





(a) Current investments 
 - 
 40,845.20 
 26,411.31 
 69,300.29 

(b) Inventories 
 173,059.40 
 139,852.72 
 206,026.32 
 156,644.89 

(c) Trade receivables 
 125,094.95 
 124,266.94 
 151,529.25 
 133,874.80 

(d) Cash and bank balances 
 156,813.14 
 75,128.79 
 175,783.80 
 90,508.78 

(e) Short-term loans and advances 
 62,614.67 
 56,367.58 
 328,106.39 
 260,928.50 

(f) Other current assets 
 11,478.36 
 32,838.29 
 28,708.64 
 45,513.88 

Sub-total - Current assets 
 529,060.52 
 469,299.52 
 916,565.71 
 756,771.14 

TOTAL - ASSETS
 1,338,552.14 
 1,331,149.02 
 2,296,315.37 
 1,952,462.49 
(A) Notes to the Standalone results of the Company














(1)The Board of Directors have recommended a dividend of Re 0.95 per equity share for the year ended March 31
, 2016 at their meeting held on May 25, 2016 (Previous year Re. 0.45 per equity share ) to be approved by shareholders at the Annual General Meeting. The Reserves excluding Revaluation Reserves are net of Proposed Dividend and Corporate Dividend tax thereon.








(2)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 year ended March 31, 2016 aggregated Rs. 8,507.16 Lakhs [ quarter ended March 31, 2016 Rs. 214.30 Lakhs ; quarter ended March 31, 2015 Rs. (1,304.41) Lakhs ; quarter ended December 31, 2015 : Rs. 1,170.74 Lakhs ; year ended March 31, 2015 Rs. 7,078.66 Lakhs].
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. 2,428.53 Lakhs as at March 31, 2016 [March 31, 2015: Loss of Rs. 1,424.85 Lakhs]. These amounts are reflected as part of the "Reserves and Surplus" in line with the guideline issued by the Institute of Chartered Accountants of India.








(3)Exceptional items consist of:






Rs in Lakhs


Description
Three Months Ended
Year Ended


31.03.2016
31.12.2015
31.03.2015
31.03.2016
31.03.2015


Profit (net) from divestment of windmill business
 - 
 - 
 1,653.14 
 - 
 1,653.14 


Net Profit on sale of other Long - term Investments
 4,168.04 
 - 
 - 
 19,350.97 
 - 


Net Profit on sale of Current Investments
 - 
 - 
 27.55 
 - 
 27.55 


Profit on sale of Immovable Properties 
 - 
 - 
 19,935.09 
 - 
 30,832.37 


Diminution in the value of investments
 (42,093.79)
 (500.00)
 (22,419.47)
 (58,293.79)
 (22,419.47)


Total
 (37,925.75)
 (500.00)
 (803.69)
 (38,942.82)
 10,093.59 

















(4) 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.








(5)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.
















(6) The Company has adopted the formulae for computing Ratios mentioned in Sl. No 21, 22 and 23 is given below:








Sl. No Ref.
Ratio
Formulae
21
Debt Equity Ratio
Total Borrowings / (Share Capital + Total Reserves)
22
Debt Service Coverage Ratio
(Profit from ordinary activities before Tax + Interest charge on borrowings + Depreciation and amortisation - Tax expense) / (Interest charge on borrowings + Principal repayments for Term loans) 
23
Interest Service Coverage Ratio
(Profit from ordinary activities before Tax +Interest charge on borrowings + Depreciation and amortisation) / Interest charge on borrowings 








(7) Tax expense comprises Current Tax after considering Minimum Alternate Tax (MAT) credit entitlement under Section 115JAA (1A) of the Income Tax Act 1961, where applicable in respective periods and Deferred Tax.








(8) The figures set out above of the Company's standalone results for the three months ended March 31, 2016 and March 31, 2015 are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2016 and March 31, 2015 and the published unaudited year to date figures (as regrouped) upto December 31, 2015 and December 31, 2014 respectively.








(9) The figures for the previous periods have been reclassified / regrouped , wherever necessary.








(B) Notes to the Consolidated results of the Company














(1) The group's primary segment is identified as business segment based on nature of products, risks, returns and the internal business reporting system as per Accounting Standard 17. The Group is principally engaged in a single business segment viz., automotive segment including vehicle financing and vehicle engineering services thereof.
(2)Exceptional items consist of:



Rs in Lakhs





Description
Year Ended





31.03.2016
31.03.2015





Profit (net) from divestment of windmill business
 - 
 1,516.58 





Net Profit on sale of other Long - term Investments
 42,579.53 
 - 





Net Profit on sale of Current Investments
 - 
 27.55 





Profit on sale of Immovable Properties 
 - 
 30,832.37 





Provision for Diminution / Loss in value of Investments
 (2,393.09)
 (1,019.47)





Provision for impairment in the value of Goodwill
 (21,856.62)
 - 





Provision for impairment in value of Assets / Losses of Joint venture operations etc
 (14,885.48)
 (60,888.64)





Total
 3,444.34 
 (29,531.61)













(3) The Consolidated Results of the Company for the year include unaudited financials of three joint venture companies, as received, reflecting total assets (net) of Rs.55,125.45 lakhs, total liabilities (net) of Rs.95,020.47 lakhs, total revenue (net) Rs.17,272.56 lakhs and total expenditure (net) of Rs.101,307.78 lakhs. The said financials are pending approval by the Board of Directors of these companies. As the Company is required to submit its consolidated results within 60 days from the end of the financial year to the Stock Exchange, it has considered the said financials, as received from the joint venture companies for the purposes of such consolidation. The statutory auditors have qualified the Consolidated Results in this regard.








(4) The figures for the previous periods have been reclassified / regrouped , wherever necessary.
























Place : Mumbai






VINOD K DASARI
Date : May 25, 2016






Managing Director

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