REG - Ashok Leyland Ld - Unaudited financial results <Origin Href="QuoteRef">ASOK.NS</Origin>
RNS Number : 3709WAshok Leyland Ld06 November 2014
ASHOK LEYLAND LIMITED
Regd. Office :1 Sardar Patel Road, Guindy, Chennai -600 032
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30-09-2014
Rs. Lakhs
Three Months ended
Three months ended
Three months ended
Six months ended
Six months ended
Previous year ended
30.09.2014
30.06.2014
30.09.2013
30.09.2014
30.09.2013
31.03.2014
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Part - I
1.
Income from Operations
a. Net Sales / Income from operations (Net of excise
duty)
315,036.91
243,461.99
249,828.28
558,498.90
481,149.56
973,573.36
b. Other Operating Income
6,730.95
4,318.37
5,134.03
11,049.32
10,193.95
20,769.31
Total Income from Operations (net)
321,767.86
247,780.36
254,962.31
569,548.22
491,343.51
994,342.67
2.
Expenses
a. Cost of materials consumed
205,742.31
171,483.71
145,669.81
377,226.02
299,654.41
590,969.47
b. Purchases of stock-in-trade - trading goods
40,000.00
27,313.75
31,180.49
67,313.75
59,408.58
126,902.76
c. Changes in inventories of finished goods, work-in-
progress and stock-in-trade
(8,922.69)
(17,209.16)
17,721.55
(26,131.85)
13,877.14
42,387.10
d. Employee benefits expense
29,149.86
28,313.66
25,457.24
57,463.52
51,276.13
99,967.23
e. Depreciation and amortisation expenses (Refer Note - 4)
10,307.97
10,331.51
9,008.43
20,639.48
18,525.78
37,703.60
f. Other expenses
32,359.42
26,269.73
29,306.15
58,629.15
59,174.47
117,459.88
Total Expenses
308,636.87
246,503.20
258,343.67
555,140.07
501,916.51
1,015,390.04
3.
Profit / (Loss) from operations before other
income, finance costs and exceptional items
(1 - 2)
13,130.99
1,277.16
(3,381.36)
14,408.15
(10,573.00)
(21,047.37)
4.
Other income
2,569.85
2,311.66
2,311.50
4,881.51
3,537.17
6,652.07
5.
Profit / (Loss) from ordinary activities before
finance costs and exceptional items
(3 + 4)
15,700.84
3,588.82
(1,069.86)
19,289.66
(7,035.83)
(14,395.30)
6.
Finance costs
10,074.55
10,633.98
12,441.35
20,708.53
22,509.29
45,292.48
7.
Profit / (Loss) from ordinary activities after finance
costs but before exceptional items
(5 - 6)
5,626.29
(7,045.16)
(13,511.21)
(1,418.87)
(29,545.12)
(59,687.78)
8.
Exceptional items (Refer Note - 7)
10,897.28
-
4,375.77
10,897.28
3,724.61
50,565.89
9.
Profit / (Loss) from ordinary activities before tax
(7 + 8)
16,523.57
(7,045.16)
(9,135.44)
9,478.41
(25,820.51)
(9,121.89)
10.
Tax expense - Income Tax (Refer Note - 9)
4,454.70
(2,250.00)
(6,630.00)
2,204.70
(9,140.00)
(12,060.00)
11.
Net Profit / (Loss) from ordinary activities after tax
(9 - 10)
12,068.87
(4,795.16)
(2,505.44)
7,273.71
(16,680.51)
2,938.11
12.
Extraordinary item (net of tax)
-
-
-
-
-
-
13.
Net Profit / (Loss) for the period
(11 - 12)
12,068.87
(4,795.16)
(2,505.44)
7,273.71
(16,680.51)
2,938.11
14.
Paid-up equity share capital (Face value per share Re.1)
(Refer Note - 8)
28,458.80
26,606.80
26,606.80
28,458.80
26,606.80
26,606.80
15.
Reserve excluding Revaluation Reserves
300,788.96
16.
Debenture Redemption Reserve
7,250.00
17.
Earnings Per Share (EPS) (Basic and Diluted) (Rs.) (of Re.1
each - Not annualised)
0.42
(0.18)
(0.09)
0.26
(0.63)
0.11
18.
Dividend Per Share (Rs.)
-
19.
Debt Equity Ratio
0.85
1.33
1.05
20.
Debt Service Coverage Ratio
0.47
0.26
0.65
21.
Interest Service Coverage Ratio
2.69
0.66
1.71
Part - II
A.
Particulars of Shareholding
1.
Public shareholding
- Number of shares
1,412,029,595
1,226,829,595
1,304,239,070
1,412,029,595
1,304,239,070
1,226,829,595
- Percentage of shareholding
49.62
46.11
49.02
49.62
49.02
46.11
2.
Promoters and Promoter group Shareholding
a. Pledged / Encumbered
- Number of shares
474,104,204
474,104,204
474,104,204
474,104,204
474,104,204
474,104,204
- Percentage of Promoters and Promoter group
33.07
33.07
34.95
33.07
34.95
33.07
- Percentage of total share capital
16.66
17.82
17.82
16.66
17.82
17.82
b. Non-encumbered
- Number of shares
959,742,835
959,742,835
882,333,360
959,742,835
882,333,360
959,742,835
- Percentage of Promoters and Promoter group
66.93
66.93
65.05
66.93
65.05
66.93
- Percentage of total share capital
33.72
36.07
33.16
33.72
33.16
36.07
Particulars
THREE MONTHS
ENDED 30-09-2014
B.
Investor Complaints
1.
Pending at the beginning of the quarter
1
2.
Received during the quarter
125
3.
Disposed during the quarter
119
4.
Remaining unresolved at the end of the quarter
7
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 6, 2014.
(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
30.09.2014
31.03.2014
Unaudited
Audited
A.
EQUITY AND LIABILITIES
1)
Shareholders' funds
a) Share capital
28,458.80
26,606.80
b) Reserves and surplus
481,277.76
418,181.63
Sub total - Shareholders funds
509,736.56
444,788.43
2)
Non-current liabilities
a) Long-term borrowings
290,290.51
329,650.51
b) Deferred tax liabilities (Net)
42,881.39
40,676.69
c) Other long term liabilities
297.70
237.12
d) Long-term provisions
6,290.29
6,786.62
Sub total - Non current liabilities
339,759.89
377,350.94
3)
Current liabilities
a) Short-term borrowings
79,506.34
58,740.81
b) Trade payables
224,571.20
221,415.37
c) Other current liabilities
154,792.82
169,691.35
d) Short-term provisions
8,704.42
8,812.67
Sub total - Current liabilities
467,574.78
458,660.20
TOTAL - EQUITY AND LIABILITIES
1,317,071.23
1,280,799.57
B.
ASSETS
1)
Non-current assets
a) Fixed assets
564,130.87
584,139.44
b) Non-current investments
245,728.61
240,531.11
c) Long-term loans and advances
70,080.48
67,276.53
d) Other non-current assets
1,362.15
3,308.99
Sub total - Non current assets
881,302.11
895,256.07
2)
Current assets
a) Current investments
39,832.55
38,437.48
b) Inventories
154,902.08
118,870.31
c) Trade receivables
147,481.17
129,901.05
d) Cash and Bank balances
2,605.18
1,169.06
e) Short-term loans and advances
82,934.45
80,071.10
f) Other current assets
8,013.69
17,094.50
Sub total - Current assets
435,769.12
385,543.50
TOTAL - ASSETS
1,317,071.23
1,280,799.57
(4) In terms of the proviso to clause 3(i) of Part A of Schedule II to the Companies Act, 2013 (the Act), the Company, 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.
(5) 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, 2014 aggregated Rs. 5,228.40 Lakhs [quarter ended June 30, 2014 Rs. 1,216.45 Lakhs; half year ended September 30, 2013 Rs. 30,160.31 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. 1,015.98 Lakhs as at September 30, 2014 [June 30, 2014: loss of Rs. 518.41 Lakhs; September 30, 2013: loss of Rs. 564.94 Lakhs; March 31, 2014 : Loss of Rs. 592.89 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.
(6) 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 isprincipally engaged in a single business segment viz., commercial vehicles and related components.
(7) Exceptional items consist of:
Rs in Lakhs
Description
Three Months ended
Year to Date Figures
Year Ended
30.09.2014
30.06.2014
30.09.2013
30.09.2014
30.09.2013
31.03.2014
Net Profit on sale of Long - term Investments
-
-
4,831.93
-
4,831.93
36,870.91
Profit on sale of Immovable Properties
10,897.28
-
-
10,897.28
-
19,327.24
Diminution in the value of investments
-
-
(456.16)
-
(1,107.32)
(957.32)
Voluntary Retirement Scheme
-
-
-
-
-
(4,674.94)
Total
10,897.28
-
4,375.77
10,897.28
3,724.61
50,565.89
(8) 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 through Qualified Institutional Placement (QIP). The Company raised funds aggregating to Rs. 66,672.00 Lakhs of which an amount of Rs. 1,852.00 Lakhs was towards the equity share capital with Face value of Re. 1 each and balance of Rs. 64,820.00 Lakhs representing share premium was credited to Securities Premium account. Share issue expenses of Rs. 1,482.84 Lakhs have been debited to Securities premium account. The net proceeds of the issue have been utilized for repayment of existing loans and general corporate purposes.
(9) Tax expense comprises Current Tax, where applicable in respective periods, and Deferred Tax. Deferred tax asset has been recognized mainly on unabsorbed depreciation.
(10) 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.
(11) The Company would be disclosing at the year end, i.e. March 31, 2015, its Consolidated Financial Statements.
(12) The formulae for computing Ratios mentioned in Sl. No 19, 20 and 21 is 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
(13) 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 : November 6, 2014 Managing Director
This information is provided by RNSThe company news service from the London Stock ExchangeENDIR FSIFDMFLSEEF
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