Electrosteel Casting - 1st Quarter Results

Electrosteel Castings

11/08/2014 11:13

RNS Number : 7761O

Electrosteel Castings Limited

11 August 2014

ELECTROSTEEL CASTINGS LIMITED
Registered Office : Rathod Colony, P. O. Rajgangpur, District Sundergarh, Odisha - 770 017
Corporate Office:- G K Tower, 19, Camac Street , Kolkata - 700 017
CIN : L27310OR1955PLC000310; website: www.electrosteel.com, Phone: 033-71034557; Fax: 033-22894339
FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2014
( Rs. in Millions)
PART I
Particulars
Quarter Ended
Year Ended
30.06.2014
31.03.2014
30.06.2013
31.03.2014
(Unaudited)
(Audited)
(Unaudited)
(Audited)
1.
Income from operations
(a)Net sales/income from operations (Net of excise duty)
4427.09
5938.93
4657.88
20951.24
(b)Other operating income
156.76
210.86
264.24
917.56
Total income from operations (net)
4583.84
6149.79
4922.11
21868.79
2.
Expenses
(a)Cost of materials consumed
2386.67
2734.01
2258.37
9473.20
(b)Purchases of stock-in-trade
196.15
382.86
442.82
1825.73
(c)Changes in inventories of finished goods,
 work-in-progress and stock-in-trade
(450.14)
13.11
(235.41)
(296.38)
(d)Employee benefits expense
378.82
386.54
340.89
1487.61
(e)Depreciation and amortisation expense
165.93
130.45
132.03
529.67
(f)Power and fuel
412.35
428.04
370.17
1581.53
(g)Stores and spares
346.24
332.42
306.54
1301.76
(h)Other expenditure
656.54
868.52
1061.19
3444.82
Total expenses
4092.57
5275.94
4676.59
19347.94
3.
Profit / (Loss) from operations before other income, finance costs and exceptional items (1-2)
491.27
873.85
245.53
2520.86
4.
Other Income
93.50
76.42
54.00
197.01
5.
Profit / (Loss) from ordinary activities before finance costs and exceptional items (3 + 4)
584.77
950.27
299.52
2717.87
6.
Finance costs
294.36
298.74
287.86
1358.20
7.
Profit / (Loss) from ordinary activities after finance costs but before exceptional items (5 - 6)
290.41
651.53
11.67
1359.67
8.
Tax expense
92.77
183.69
6.17
354.09
9.
Net Profit / (Loss) from ordinary activities after tax (7 - 8)
197.64
467.84
5.50
1005.58
10.
Paid-up equity share capital (Face value - Re. 1/-)
356.96
343.82
326.75
343.82
11.
Reserves excluding revaluation reserve as per balance sheet of previous accounting year
18448.02
12.
Earnings per share (EPS) for the period, before and after extraordinary items and for the previous year (not annualized):
Basic ( Rs.)
 Diluted ( Rs.)
0.56
0.56
1.36
1.36
0.02
0.02
3.02
3.02
PART II
Quarter Ended
Year Ended
Particulars
30.06.2014
31.03.2014
30.06.2013
31.03.2014
(Unaudited)
(Audited)
(Unaudited)
(Audited)
A
PARTICULARS OF SHAREHOLDING
1.
Public shareholding
- Number of shares
164965950
164965950
164965950
164965950
- Percentage of shareholding
46.21%
47.98%
50.48%
47.98%
2.
Promoters and Promoter Group Shareholding
a) Pledged / Encumbered
-Number of shares
32675270
32675270
-
32675270
-Percentage of shares (as a % of the total shareholding of promoter and promoter group)
17.27%
18.56%
-
18.56%
-Percentage of shares (as a % of the total share capital of the company)
9.15%
9.50%
-
9.50%
b) Non - encumbered
-Number of shares
156544102
143406102
159016755
143406102
-Percentage of shares (as a % of the total shareholding of promoter and promoter group)
82.73%
81.44%
100.00%
81.44%
-Percentage of shares (as a % of the total share capital of the company)
43.86%
41.71%
48.67%
41.71%


Particulars
3 months ended 30 / 06 / 2014
B
INVESTOR COMPLAINTS
Pending at the beginning of the quarter
Nil
Received during the quarter
0
Disposed of during the quarter
0
Remaining unresolved at the end of the quarter
Nil
Notes:
1.
The above financial results , as reviewed by audit committee, were approved by the Board of Directors at their meeting held on August 11 , 2014.The above results have been subjected to Limited Review by the Statutory Auditors.
2.
The Company operates mainly in one business segment viz. Pipes and all other activities revolve around the main business.
3.
During the quarter 1,31,38,000 equity has been allotted on preferential basis to promoter companies.
4.
The Board of Directors of the Company has decided to amalgate its wholly owned subsidiary, Mahadev Vyapaar Private Limited with the company with effect from April 01, 2014 subject to necessary approvals.
5.
During the quarter, depreciation has been provided as per Schedule II of the Companies act, 2013 which has been made effective from 1st day of April 2014. Accordingly, carrying amount of the assets as on 31st March, 2014 have been depreciated over the remaining useful life of the assets recomputed as above. Consequently, depreciation for the quarter is higher by Rs.34.84 millions.
6.
Previous periods' figures have been regrouped/rearranged wherever necessary.
For ELECTROSTEEL CASTINGS LTD.
P.K.Khaitan
Kolkata
Chairman
August 11, 2014


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