REG - Ashok Leyland Ld - Half yearly results <Origin Href="QuoteRef">ASOK.NS</Origin>

Ashok LeylandAnnouncement

05/01/2016 13:15

RNS Number : 5719E
Ashok Leyland Ld
04 November 2015

ASHOK LEYLAND LIMITED

Regd. Office :1 Sardar Patel Road, Guindy, Chennai -600 032; CIN : L34101TN1948PLC000105 ; Email id: reachus@ashokleyland.com

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30-09-2015








Rs. Lakhs 



Three months ended 
Six months ended 
Year ended 












30.09.2015 
30.06.2015 
30.09.2014 
30.09.2015 
30.09.2014 
31.03.2015 



Unaudited 
Unaudited 
Audited 










Part - I







1.
Income from Operations








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

 487,881.21 
 377,529.61 
 315,036.91 
 865,410.82 
 558,498.90 
 1,331,114.48 

b. Other Operating Income

 6,092.62 
 6,592.03 
 6,730.95 
 12,684.65 
 11,049.32 
 25,103.88 










Total Income from Operations (net)

 493,973.83 
 384,121.64 
 321,767.86 
 878,095.47 
 569,548.22 
 1,356,218.36 









2.
Expenses








a. Cost of materials consumed

 327,468.65 
 255,919.24 
 205,742.31 
 583,387.89 
 377,226.02 
 862,663.52 

b. Purchases of stock-in-trade 

 44,583.18 
 35,493.88 
 40,000.00 
 80,077.06 
 67,313.75 
 139,118.72 

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

 (24,308.44)
 (24,696.27)
 (8,922.69)
 (49,004.71)
 (26,131.85)
 (5,261.26)

d. Employee benefits expense

 37,835.32 
 33,041.42 
 29,149.86 
 70,876.74 
 57,463.52 
 118,400.38 

e. Depreciation and amortisation expenses 

 11,294.07 
 10,431.70 
 10,307.97 
 21,725.77 
 20,639.48 
 41,633.67 

f. Other expenses

 48,950.08 
 45,493.50 
 32,916.07 
 94,443.58 
 60,744.10 
 138,633.63 

Total Expenses

 445,822.86 
 355,683.47 
 309,193.52 
 801,506.33 
 557,255.02 
 1,295,188.66 











Three months ended 
Six months ended
Year ended



30.09.2015 
30.06.2015 
30.09.2014 
30.09.2015 
30.09.2014 
31.03.2015 



Unaudited 
Unaudited 
Audited 
 5,355.88 
 6,996.46 
 12,447.13 









5.
Profit / (Loss) from ordinary activities before finance costs and exceptional items 
(3 + 4)
 50,797.35 
 31,147.67 
 15,700.84 
 81,945.02 
 19,289.66 
 73,476.83 









6.
Finance costs

 7,018.17 
 7,656.89 
 10,074.55 
 14,675.06 
 20,708.53 
 39,350.75 
7.
Profit / (Loss) from ordinary activities after finance costs but before exceptional items 
(5 - 6)
 43,779.18 
 23,490.78 
 5,626.29 
 67,269.96 
 (1,418.87)
 34,126.08 









8.
Exceptional items (Refer Note - 6)

 (517.07)
 - 
 10,897.28 
 (517.07)
 10,897.28 
 10,093.59 









9.
Profit / (Loss) from ordinary activities before tax 
(7 + 8)
 43,262.11 
 23,490.78 
 16,523.57 
 66,752.89 
 9,478.41 
 44,219.67 









10.
Tax expense - Income Tax (Refer Note - 7)

 14,581.11 
 7,558.89 
 4,454.70 
 22,140.00 
 2,204.70 
 10,739.07 









11.
Net Profit / (Loss) from ordinary activities after tax 
(9 - 10)
 28,681.00 
 15,931.89 
 12,068.87 
 44,612.89 
 7,273.71 
 33,480.60 









12.
Extraordinary item (net of tax)

 - 
 - 
 - 
 - 
 - 
 - 









13.
Net Profit / (Loss) for the period 
(11 - 12)
 28,681.00 
 15,931.89 
 12,068.87 
 44,612.89 
 7,273.71 
 33,480.60 









14.
Paid-up equity share capital (Face value per share Re.1) 

 28,458.80 
 28,458.80 
 28,458.80 
 28,458.80 
 28,458.80 
 28,458.80 
15.
Reserves excluding Revaluation Reserve






 381,229.68



Three months ended 
Six months ended
Year ended



30.09.2015 
30.06.2015 
30.09.2014 
30.09.2015 
30.09.2014 
31.03.2015 



Unaudited 
Unaudited 
Audited 
 5,355.88 
 6,996.46 
 12,447.13 
18.
Dividend Per Share (Rs.)






 0.45 
19.
Debt Equity Ratio




 0.55 
 0.85 
 0.65 
20.
Debt Service Coverage Ratio




 1.30 
 0.47 
 0.80 
21.
Interest Service Coverage Ratio




 8.03 
 2.69 
 3.60 



















Part - II







A.
Particulars of Shareholding







1.
Public shareholding








- Number of shares

 1,412,029,595 
 1,412,029,595 
 1,412,029,595 
 1,412,029,595 
 1,412,029,595 
 1,412,029,595 

- Percentage of shareholding

 49.62 
 49.62 
 49.62 
 49.62 
 49.62 
 49.62 









2.
Promoters and Promoter group Shareholding








a. Pledged / Encumbered








- Number of shares

 140,200,140 
 140,200,140 
 474,104,204 
 140,200,140 
 474,104,204 
 140,200,140 

- Percentage of shares (as a % of the total shareholding of the promoter and promoter group)

 9.78 
 9.78 
 33.07 
 9.78 
 33.07 
 9.78 

- Percentage of shares (as a % of the total share capital of the company)

 4.92 
 4.92 
 16.66 
 4.92 
 16.66 
 4.92 

b. Non-encumbered








- Number of shares

 1,293,646,899 
 1,293,646,899 
 959,742,835 
 1,293,646,899 
 959,742,835 
 1,293,646,899 

- Percentage of shares (as a % of the total shareholding of the promoter and promoter group)

 90.22 
 90.22 
 66.93 
 90.22 
 66.93 
 90.22 

- Percentage of shares (as a % of the total share capital of the company)

 45.46 
 45.46 
 33.72 
 45.46 
 33.72 
 
45.46









Particulars

Three Months 







Ended 30-09-2015 





B.
Investor Complaints
















1.
Pending at the beginning of the quarter

5





2.
Received during the quarter

145





3.
Disposed during the quarter

145





4.
Remaining unresolved at the end of the quarter

5













Notes:
(1) The above standalone financial results were reviewed by the Audit Committee and then approved by the Board of Directors at its meeting held on November 4, 2015.
(2) The statutory auditors have conducted a limited review of the above standalone financial results.
(3) Statement of Assets and Liabilities:
Rs. Lakhs


Particulars
As at 


30.09.2015 
31.03.2015 



Unaudited 
Audited 
A.

EQUITY AND LIABILITIES



1)
Shareholders' funds




a) Share capital
 28,458.80 
 28,458.80 


b) Reserves and surplus
 526,596.78 
 483,410.58 


Sub total - Shareholders funds
 555,055.58 
 511,869.38 

2)
Non-current liabilities




a) Long-term borrowings
 220,375.92 
 256,633.61 


b) Deferred tax liabilities (Net)
 51,599.69 
 51,026.69 


c) Other long term liabilities
 334.32 
 206.04 


d) Long-term provisions
 8,845.34 
 7,861.36 


Sub total - Non current liabilities
 281,155.27 
 315,727.70 

3)
Current liabilities




a) Short-term borrowings
 15,465.84 
 2,500.00 


b) Trade payables
 276,263.91 
 282,831.87 


c) Other current liabilities
 195,185.23 
 192,615.47 


d) Short-term provisions
 14,294.02 
 25,604.60 


Sub total - Current liabilities
 501,209.00 
 503,551.94 







TOTAL - EQUITY AND LIABILITIES
1,337,419.85 
1,331,149.02 





B.

ASSETS



1)
Non-current assets




a) Fixed assets
 525,914.01 
 537,569.65 


b) Non-current investments
 208,282.79 
 224,038.13 


c) Long-term loans and advances
 92,083.06 
 98,291.76 


d) Other non-current assets
 1,757.82 
 1,949.96 


Sub total - Non current assets
 828,037.68 
 861,849.50 

2)
Current assets




a) Current investments
 40,845.20 
 40,845.20 


b) Inventories
 192,919.58 
 139,852.72 


c) Trade receivables
 153,092.51 
 125,769.25 


d) Cash and Bank balances
 6,456.74 
 75,128.79 


e) Short-term loans and advances
 82,317.37 
 56,367.58 


f) Other current assets
 33,750.77 
 31,335.98 


Sub total - Current assets
 509,382.17 
 469,299.52 


TOTAL - ASSETS
1,337,419.85 
1,331,149.02 
(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 half year ended September 30, 2015 aggregated Rs.7,122.12 Lakhs [quarter ended September 30, 2015 Rs 4,330.43 Lakhs; quarter ended June 30, 2015 Rs. 2,791.69 Lakhs; quarter ended September 30, 2014 Rs 4,011.95 Lakhs; half year ended September 30, 2014 Rs. 5,228.40 Lakhs; year ended March 31, 2015 Rs. 7,078.66 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. 2,073.79 Lakhs as at September 30, 2015 [June 30, 2015: loss of Rs. 1,444.95 Lakhs; September 30, 2014: loss of Rs. 1,015.98 Lakhs; 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 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
Description
Three Months ended
Six Months ended
Year Ended
Unaudited
Unaudited
Audited
30.09.2015
30.06.2015
30.09.2014
30.09.2015
30.09.2014
31.03.2015
Profit (net) from divestment of windmill business
-
-
-
-
-
1,653.14 
Net Profit on sale of Current Investments
-
-
-
-
-
27.55 
Profit on sale of Long - term Investments
15,182.93
-
-
15,182.93
-
-
Profit on sale of Immovable Properties 
-
-
10,897.28
-
10,897.28
30,832.37 
Diminution in the value of Long -term investments of JV's / Subsidiaries
(15,700.00)
-
-
(15,700.00)
-
(22,419.47)
Total
(517.07)
-
10,897.28
(517.07)
10,897.28
10,093.59 
(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 115JAA (1A) of the Income Tax Act, 1961. Deferred tax asset has been recognized mainly 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) The Company would be consolidating and presenting its Consolidated Financial Statements at the end of the year i.e. March 31, 2016.
(10) The formulae for computing Ratios mentioned in Sl. No 19, 20 and 21 are given below:
Sl. No Ref.
Ratio
Formula
19
Debt Equity Ratio
Total Borrowings / (Share Capital + Total Reserves)
20
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) 
21
Interest Service Coverage Ratio
(Profit from ordinary activities before Tax +Interest charge on borrowings + Depreciation and Amortisation) / Interest charge on borrowings 
(11) The figures for the previous periods have been reclassified / regrouped wherever necessary.
 For and on behalf of the Board
 Place: Chennai VINOD K DASARI
 Date: November 4, 2015 Managing Director

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