| KALYANI
STEELS LIMITED
Regd. Office : Mundhwa, Pune - 411 036
AUDITED FINANCIAL RESULTS
FOR THE YEAR ENDED 31ST
MARCH, 2008
| (Rs.in Million) |
| Sr.No.
|
Particulars |
Year
Ended
31st March, 2008
(Audited)
|
Year
Ended
31st March, 2007
(Audited)
|
Consolidated
Results for the Year Ended
31st March,2008
(Audited) |
Consolidated
Results for the Year Ended
31st March,2007
(Audited) |
|
1 |
Net Sales and
Income from Operations |
9,818.351 |
9,093.677 |
9,994.416 |
9,329.750 |
|
2 |
Other Income |
114.307 |
120.968 |
114.635 |
121.197 |
|
3 |
Total Income |
9,932.658 |
9,214.645 |
10,109.051 |
9,450.947 |
|
4 |
Total Expenditure |
|
|
|
|
|
|
a) (Increase)/Decrease
in stock in trade |
(327.822) |
(43.437) |
(327.822) |
(43.437) |
|
|
b) Consumption
of Raw Materials |
4,852.044 |
4,030.256 |
4,852.044 |
4,030.256 |
|
|
c) Conversion
Cost |
872.151 |
787.013 |
872.151 |
787.013 |
|
|
d) Purchase of
traded goods |
2,121.640 |
1,942.950 |
2,121.640 |
1,942.950 |
|
|
e) Employees
Cost |
255.807 |
214.343 |
353.142 |
289.119 |
|
|
f) Depreciation |
194.163 |
178.498 |
195.553 |
179.826 |
| |
g) Other Expenses |
728.776 |
684.193 |
837.209 |
785.627 |
|
|
Total Expenditure |
8,696.759 |
7,793.816 |
8,903.917 |
7,971.354 |
| 5 |
Interest |
185.584 |
169.284 |
185.731 |
263.954 |
| 6 |
Profit/(Loss)
before tax |
1,050.315 |
1,251.545 |
1,019.403 |
1,215.639 |
|
7 |
Add: Share
of Profit on Investments in Associates
(See Note No. 8 and 9)
|
- |
- |
113.754 |
96.319 |
|
8 |
Prior Period
adjustments((Debit)/Credit) |
0.026 |
(0.405) |
(0.022) |
(0.405) |
|
9 |
Tax Expenses: |
|
|
|
|
|
|
Provision for
Taxation |
224.950 |
373.100 |
225.081 |
373.133 |
|
|
Deferred Tax
(Net Debit/(Credit)) |
26.887 |
(22.381) |
26.269 |
(23.106) |
|
|
Fringe Benefit
Tax
|
6.000 |
2.000 |
5.830 |
3.575 |
|
10 |
Net Profit/(Loss)
after Tax |
792.504 |
898.421 |
875.955 |
957.951 |
| 11 |
Income attributable
to Consolidated Group |
- |
- |
875.955 |
957.951 |
|
12 |
Paid-up Equity
Share Capital
(excluding Amount Received on Forfeited Shares) (face value
Rs.10/-) |
436.531 |
436.531 |
436.531 |
436.531 |
|
13 |
Reserves excluding
revaluation reserves |
4,867.742 |
4,102.949 |
5,191.664 |
4,523.420 |
| 14 |
Earning Per Share
: |
|
|
|
|
| |
Basic and diluted |
18.15 |
21.09 |
20.07 |
22.49 |
|
15 |
Public Shareholding |
|
|
|
|
|
|
- Number of Shares
|
20,501,610 |
20,497,866 |
- |
- |
|
|
- Percentage
of Shareholding |
46.96% |
46.95% |
- |
- |
NOTES :
-
Directors recommend a Dividend of Rs.
4/- per Equity Share(40%), subject to approval of the shareholders.
-
Sale for the year ended 31st March, 2008
includes sale of goods traded in, aggrgating Rs.2,204.331
million (Previous Year Rs.2,049.571 million).
-
During the quarter, no Investor Complaint
was received. There were no investor complaints pending for
redressal as at the commencement and end of the quarter.
-
During the year, the Company has made provision
for the employee benefits in accordance with the AS-15 (Revised).
Further in accordance with the transitional provision, the
additional provision towards employee benefits amounting Rs.3.423
million (net of deferred tax) has been adjusted from General
Reserve.
-
The above results were reviewd by the Audit
Committee and taken on record by the Board of Directors of
the Company at its meeting held on 6th June, 2008.
-
Consolidated financial results include
results of the following companies :
| Name of the Company |
% Shareholding & Voting
Power of Kalyani Steels Ltd. & Subsidiaries |
Segment |
| Surajmukhi Investment and Finance Limited |
100 % |
Finance & Investment |
| Chakrapani Investments and Trades Limited |
100 % |
Finance & Investment |
| Gladiolla Investments Limited |
100 % |
Finance & Investment |
| Hospet Steels Limited |
49.99 % |
Others |
| Lord Ganesha Minerals Private Limited |
50.00 % |
Others |
| Hikal Limited |
34.19 % |
Others |
| Bharat NRE Coke Limited |
40.00 % |
Others |
7. The above consolidated financial results
include interest in Joint Venture and Associate Companies and
have been prepared in accordance with Accounting Standard 27 on
Financial Reoprting of interest in Joint Venture Accounting Standard
23 on Accounting for Investments in Associates. Accordingly, the
interest in Hospet Steels Limited, a Joint Venture Company and
Hikal Limited, Bharat NRE Coke Limited and Lord Ganesha Minerals
Private Limited as Associate Companies have been incorporated
in the above Consolidated Financial Results.
8. Consolidated Financial Statements of Hikal
Limited and its subsidiaries for the year ended 31st March, 2008,
have not been prepared. However, Unaudited Finalcial Results of
Hikal Limited on stand alone basis have been received by the Company
and the same have been considered in preparing consolidated financial
results. Changes, if any, in the audited results and the effect
of consolidated results of Hikal Limited will be incorporated
next year. Financial statements of Bharat NRE Coke Limited have
not been prepared for the year 31st March, 2008 and therefore
the same are not considered in preparing the Consolidated Financial
Results. The Statutory Auditors have disclaimed opinion to this
effect in their report on the "Consolidated Financial Statements"
for the year ended 31st March, 2008.
9. Company's investments in Joint Venture, viz.
Kalyani Mukand Limited has been committed for sale to a third
party, hence the same has not been considered.
10.Previous year figures have been regrouped
and reclassified wherever necessary.
Segmentwise
Revenue Results
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