Electrosteel Casting - Half Yearly Report

Electrosteel Castings

29/10/2014 12:21

RNS Number : 5969V

Electrosteel Castings Limited

29 October 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 SEPTEMBER 30, 2014
( Rs. in million)
PART I
Particulars
Quarter Ended
Half Year Ended
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)
1.
Income from operations
(a)Net sales/income from operations (Net of excise duty)
5099.36
4427.09
5445.29
9526.44
10103.16
20951.24
(b)Other operating income
252.19
156.76
224.39
408.94
488.63
917.56
Total income from operations (net)
5351.54
4583.84
5669.68
9935.38
10591.79
21868.79
2.
Expenses
0.00
0.00
0.00
0.00
(a)Cost of materials consumed
2622.35
2386.67
2266.22
5009.02
4524.59
9473.20
(b)Purchases of stock-in-trade
450.94
196.15
895.61
647.09
1338.43
1825.73
(c)Changes in inventories of finished goods,
 work-in-progress and stock-in-trade
(483.97)
(450.14)
(116.95)
(934.11)
(352.37)
(296.38)
(d)Employee benefits expense
424.32
378.82
390.10
803.14
730.99
1487.61
(e)Depreciation and amortisation expense
181.95
165.93
134.87
347.88
266.89
529.67
(f)Power and fuel
443.17
412.35
385.85
855.52
756.02
1581.53
(g)Stores and spares
365.22
346.24
329.17
711.47
635.71
1301.76
(h)Other expenditure
826.58
656.54
796.25
1483.12
1857.44
3444.82
Total expenses
4830.56
4092.57
5081.11
8923.13
9757.70
19347.94
3.
Profit / (Loss) from operations before other income, finance costs and exceptional items (1-2)
520.98
491.27
588.56
1012.25
834.09
2520.86
4.
Other Income
63.19
93.50
37.48
156.69
91.48
197.01
5.
Profit / (Loss) from ordinary activities before finance costs and exceptional items (3 + 4)
584.17
584.77
626.04
1168.94
925.57
2717.87
6.
Finance costs
413.63
294.36
410.98
707.99
698.83
1358.20
7.
Profit / (Loss) from ordinary activities after finance costs but before exceptional items (5 - 6)
170.54
290.41
215.06
460.95
226.73
1359.67
8.
Tax expense
42.75
92.77
20.16
135.52
26.33
354.09
9.
Net Profit / (Loss) from ordinary activities after tax (7 - 8)
127.79
197.64
194.90
325.43
200.40
1005.58
10.
Paid-up equity share capital (Face value - Re. 1/-)
356.96
356.96
326.75
356.96
326.75
343.82
11.
Reserves excluding revaluation reserve as per balance sheet of previous accounting year
0.00
0.00
0.00
0.00
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.)
0.36
0.36
0.56
0.56
0.60
0.60
0.92
0.92
0.61
0.61
3.02
3.02
13.
Debt Service Coverage Ratio (DSCR)*
1.23
1.06
1.48
14.
Interest Service Coverage Ratio (ISCR)**
1.87
1.60
2.13
*DSCR = PBDIT / (Net Finance charges + Scheduled principal repayments (excluding repayments from investment / refinancing) during the period)
**ISCR = PBDIT/Net Finance charges
 Net finance Charges: Interest Cost - Interest Income on Fixed Deposit - exchange loss related to interest cost
PART II
Quarter Ended
Half Year Ended
Year Ended
Particulars
30.09.2014
30.06.2014
30.09.2013
30.09.2014
30.09.2013
31.03.2014
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Audited)
A
PARTICULARS OF SHAREHOLDING
1.
Public shareholding
- Number of shares
165317718
164965950
164965950
165317718
164965950
164965950
- Percentage of shareholding
46.31%
46.21%
50.48%
46.31%
50.48%
47.98%
2.
Promoters and Promoter Group Shareholding
a) Pledged / Encumbered
-Number of shares
32675270
32675270
-
32675270
-
32675270
-Percentage of shares (as a % of the total shareholding of promoter and promoter group)
17.27%
17.27%
-
17.27%
-
18.56%
-Percentage of shares (as a % of the total share capital of the company)
9.15%
9.15%
-
9.15%
-
9.50%
b) Non - encumbered
-Number of shares
156549102
156544102
159016755
156549102
159016755
143406102
-Percentage of shares (as a % of the total shareholding of promoter and promoter group)
82.73%
82.73%
100.00%
82.73%
100.00%
81.44%
-Percentage of shares (as a % of the total share capital of the company)
43.86%
43.86%
48.67%
43.86%
48.67%
41.71%

Particulars
3 months ended 30 / 09 / 2014
B
INVESTOR COMPLAINTS
Pending at the beginning of the quarter
Nil
Received during the quarter
3
Disposed of during the quarter
3
Remaining unresolved at the end of the quarter
Nil
Standalone and Consolidated Statement of Assets and Liabilities
(Rs. In million)
STANDALONE
Particulars
30.09.2014
31.03.2014
(Unaudited)
(Audited)
A
EQUITY AND LIABILITIES
Shareholders' funds
(a) Share capital
356.96
343.82
(b) Reserves and surplus
24684.69
24128.62
(c) Money received against share warrants
Sub-total - Shareholders' funds
25041.65
24472.44
Share application money pending allotment
Minority interest
Non-current liabilities
(a) Long-term borrowings
13828.32
15154.77
(b) Deferred tax liabilities (net)
317.54
351.49
(c) Other long-term liabilities
34.74
49.97
(d) Long-term provisions
120.56
150.56
Sub-total - Non-current liabilities
14301.16
15706.79
Current liabilities
(a) Short-term borrowings
8288.94
6864.97
(b) Trade payables
1724.87
3047.36
(c) Other current liabilities
3712.75
3425.60
(d) Short-term provisions
598.48
562.70
Sub-total - Current liabilities
14325.05
13900.63
TOTAL - EQUITY AND LIABILITIES
53667.85
54079.86
B
ASSETS
Non-current assets
(a) Fixed assets
23262.18
23054.45
(b) Goodwill on consolidation
-
-
(b) Non-current investments
12544.58
10323.76
(c) Deferred tax assets (net)
0.00
(c) Long-term loans and advances
543.95
2886.62
(d) Other non-current assets
49.11
127.93
Sub-total - Non-current assets
36399.82
36392.77
Current assets
(a) Current investments
79.04
675.84
(b) Inventories
6540.89
5567.95
(c) Trade receivables
5730.91
6168.58
(d) Cash and cash equivalents
1774.99
2288.44
(e) Short-term loans and advances
1966.67
1923.55
(f) Other current assets
1175.53
1062.75
Sub-total - Current assets
17268.03
17687.10
TOTAL - ASSETS
53667.85
54079.86
Notes:
1.
The above financial results , as reviewed by audit committee, were approved by the Board of Directors at their meeting held on October 29 , 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 ended September 30, 2014 (a) the company has sold 245000 shares of its subsidiary Singardo International Pte Ltd. Consequent to sale of such shares Singardo International Ptd Ltd ceased to be a subsidiary of the company w.e.f September 30 , 2014 and has become an associate company. (b) the company has invested Rs.2225.00 million by acquiring equity shares of Electrosteel Steels Ltd., an associate of the company.
4(a)







4(b)
The Hon'ble Supreme Court of India vide its Order dated September 24, 2014 has cancelled the coal blocks allotted in earlier years to various companies. This includes Parbatpur coal block allotted to the company and North Dhadhu coal block allotted to it jointly with other companies. The Government of India, Ministry of Law and Justice (Legislative Department) has promulgated an Ordinance on October 21, 2014 for implementing the order of Supreme Court and fixation of compensation, etc. to the existing allottees. The coal mines at Parbatpur is in the advance stage of implementation and in terms of the Ordinance the company will be allowed to continue its operation till March 31, 2015. In case of North Dhadhu barring company's share of initial investments, no further contributions has been made and the mine is yet to be made operational. The company has filed petition before the Hon'ble Supreme Court of India and is examining the implication of the Ordinance on the company's investment so far made in coal mining operations. Pending this, no adjustments in the value of fixed assets and investments as such has been considered as the same will be given effect to in subsequent quarters on ascertainment of the amounts.

In view of the above, the adjustment on account of additional levy of Rs. 295 per MT arising in terms of the said Ordinance against the coal extracted from the mining operations aggregating to Rs. 297.19 million having impact of Rs. 94.38 million on working results has not been given effect to and as stated above will be suitably dealt with in subsequent quarters.
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 March 31, 2014 have been depreciated over the remaining useful life of the assets recomputed as above. Consequently, depreciation for the quarter and six months period is higher by Rs. 47.96 million and Rs.82.80 million respectively.
6.
Previous period's figures have been regrouped/rearranged wherever necessary.
For ELECTROSTEEL CASTINGS LTD.
Umang Kejriwal
Kolkata
Managing Director
October 29, 2014


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