Last checked at 19 May 2008 07:00
| STEEL AUTHORITY OF INDIA LIMITED |
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| REGISTERED OFFICE: ISPAT BHAWAN, LODI ROAD, NEW DELHI - 110003 | ||||||||||||||||
| Audited Financial Results for the year ended on 31st March 2008 | ||||||||||||||||
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| Quarter ended | Year ended |
| Consolidated Financial Results | |||||||||||
| Sl. No | Particulars | 31st March | 31st March | 31st March | 31st March | Year Ended 31st March | Year Ended 31st March | |||||||||
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| 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||
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| (Audited) | (Audited) | (Audited) | (Audited) | (Unaudited) | (Audited) | |||||||||
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| 1 | Gross sales/ Income from operations | 154566.30 | 119351.80 | 462610.50 | 397335.80 | 463508.60 | 397647.70 | |||||||||
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| Less : Excise Duty | 19787.30 | 15501.00 | 60468.90 | 52655.40 | 60857.30 | 52839.60 | |||||||||
| 2 | Net sales / Income from operations | 134779.00 | 103850.80 | 402141.60 | 344680.40 | 402651.30 | 344808.10 | |||||||||
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| 3 | Interest Earned | 3153.10 | 2150.40 | 11847.60 | 7526.00 | 11847.60 | 7526.00 | |||||||||
| 4 | Other Income | 620.40 | 237.10 | 1181.20 | 865.70 | 1215.60 | 894.60 | |||||||||
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| 5 | Total Income ( 2+3+4 ) | 138552.50 | 106238.30 | 415170.40 | 353072.10 | 415714.50 | 353228.70 | |||||||||
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| 6 | Expenditure |
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| a) Increase(-)/Decrease in stock-in-trade | 10035.60 | 4975.20 | -3393.00 | -2425.80 | -3307.40 | -2159.60 | |||||||||
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| b) Consumption of Raw Materials | 34238.30 | 31737.50 | 126289.20 | 122608.20 | 124349.40 | 120626.40 | |||||||||
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| c) Purchase of traded goods | 21.60 | 8.00 | 36.30 | 12.90 | 36.30 | 12.90 | |||||||||
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| d) Employees' cost | 32701.00 | 16306.50 | 79190.20 | 50841.80 | 79747.40 | 51118.20 | |||||||||
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| e) Consumption of stores & spares | 7602.60 | 6736.40 | 28447.80 | 26015.50 | 28503.70 | 26050.30 | |||||||||
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| f) Power & Fuel | 7498.20 | 6537.10 | 28222.50 | 25713.70 | 29361.60 | 26923.20 | |||||||||
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| g) Depreciation | 3170.60 | 2822.00 | 12354.80 | 12114.80 | 12373.90 | 12131.80 | |||||||||
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| h) Other Expenditure | 9244.90 | 7309.80 | 29958.40 | 26220.90 | 30076.80 | 26325.10 | |||||||||
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| Total Expenditure ( a to h ) | 104512.80 | 76432.50 | 301106.20 | 261102.00 | 301141.70 | 261028.30 | |||||||||
| 7 | Profit before Interest & Tax ( 5-6 ) | 34039.70 | 29805.80 | 114064.20 | 91970.10 | 114572.80 | 92200.40 | |||||||||
| 8 | Interest | 521.90 | 554.80 | 2509.40 | 3321.30 | 2510.50 | 3322.90 | |||||||||
| 9 | Exceptional items (Price escalation of previous years) | -3132.50 | 0.00 | -3132.50 | -5581.70 | -3132.50 | -5581.70 | |||||||||
| 10 | Profit from ordinary activities before tax ( 7-8-9 ) | 36650.30 | 29251.00 | 114687.30 | 94230.50 | 115194.80 | 94459.20 | |||||||||
| 11 | Minority Interest | 0.00 | 0.00 | 0.00 | 0.00 | 1.80 | 1.20 | |||||||||
| 12 | Net Profit after Minority Interest ( 10-11 ) | 36650.30 | 29251.00 | 114687.30 | 94230.50 | 115193.00 | 94458.00 | |||||||||
| 13 | Provision for Taxation |
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| (a) Current Tax | 11432.70 | 10055.90 | 37458.10 | 32995.50 | 37720.60 | 33100.50 | |||||||||
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| (b) Fringe Benefit Tax | 132.00 | 81.80 | 329.00 | 264.80 | 330.80 | 266.30 | |||||||||
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| (c) Deferrred Tax Liability / Assets ( - ) | 1349.50 | 120.70 | 1559.40 | -718.00 | 1488.30 | -730.00 | |||||||||
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| (d) Earlier years | -31.50 | -26.20 | -27.00 | -334.70 | -27.00 | -332.10 | |||||||||
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| Sub-Total ( a to d ) | 12882.70 | 10232.20 | 39319.50 | 32207.60 | 39512.70 | 32304.70 | |||||||||
| 14 | Net Profit from ordinary activities after Tax ( 12-13 ) | 23767.60 | 19018.80 | 75367.80 | 62022.90 | 75680.30 | 62153.30 | |||||||||
| 15 | Extraordinary items (net of tax expense Rs. Nil) |
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| 16 | Net Profit ( 14-15) | 23767.60 | 19018.80 | 75367.80 | 62022.90 | 75680.30 | 62153.30 | |||||||||
| 17 | Paid up Equity Share Capital | 41304.00 | 41304.00 | 41304.00 | 41304.00 | 41304.00 | 41304.00 | |||||||||
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| ( Face value : Rs. 10 per share ) |
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| 18 | Reserves (excluding revaluation reserve ) & surplus | 189331.70 | 131827.50 | 189331.70 | 131827.50 | 189974.90 | 132264.90 | |||||||||
| 19 | Earnings per share - Basic and Diluted | 5.75 | 4.60 | 18.25 | 15.02 | 18.32 | 15.05 | |||||||||
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| 20 | Aggregate of public share holding |
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| - Number of shares | 58,49,23,210 | 58,41,63,425 | 58,49,23,210 | 58,41,63,425 |
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| - Percentage of share holding | 14.16 | 14.14 | 14.16 | 14.14 |
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| Notes : |
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| i) | The above results for the quarter/year ended 31st March 2008 were taken on record at the Board of Directors meeting held on 16th May 2008. The audited accounts | |||||||||||||||
| are subject to review by the Comptroller and Auditor General of India under section 619(4) of the Companies Act, 1956. | ||||||||||||||||
| ii) | The Board of Directors have recommended a final dividend of 18% on paid-up equity share capital, in addition to the interim dividend of 19% already paid, for the | |||||||||||||||
| financial year 2007-08, thus taking the total dividend to 37% on paid-up equity share capital, subject to approval of shareholders. | ||||||||||||||||
| iii) | The wage revision of the employees of the company is due w.e.f 1st January, 2007. Pending finalisation of fresh agreements, a sum of Rs.15915.30 millions | |||||||||||||||
| (corresponding quarter of previous year -Rs.1700.60 millions) has been provided during the quarter ended 31st March, 2008 and Rs.24394.50 millions | ||||||||||||||||
| (Previous year -1700.60 millions), including ad-hoc adjustable payment of Rs.4923.70 millions, for the year ended 31st March, 2008, under employees' costs | ||||||||||||||||
| on estimated basis for the period 1st January, 2007 to 31st March, 2008. | ||||||||||||||||
| iv) | The Company has two subsidiary companies: a) IISCO Ujjain Pipe & Foundry Co. Limited (IISCO-Ujjain) and b) Maharashtra Elektrosmelt Limited (MEL). | |||||||||||||||
| The `IISCO-Ujjain' is under liquidation. The unaudited financial results of `MEL' have been considered in the preparation of consolidated financial results. | ||||||||||||||||
| v) | The information on Investor's complaints pursuant to Clause 41 of the listing agreement for the quarter ended 31st March, 2008 is : | |||||||||||||||
| Opening Balance | Received during the quarter | Resolved during the quarter | Closing balance | |||||||||||||
| 1 | 6 |
| 6 |
| 1 | |||||||||||
| vi) | Figures for the previous periods/year have been regrouped, wherever necessary. | |||||||||||||||
| Annexure - II ( contd. ) | ||||
| SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED | ||||
| (Rs. in Millions) | ||||
| PARTICULARS | Quarter Ended |
| Year Ended |
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| 31st March | 31st March | 31st March | 31st March |
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| 2008 | 2007 | 2008 | 2007 |
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| (Audited) | (Audited) | (Audited) | (Audited) |
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| Segment Revenue (Net sales / Income for Operations) |
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| - Bhilai Steel Plant | 54209.70 | 34107.60 | 147765.80 | 123257.80 |
| - Durgapur Steel Plant | 16444.00 | 13010.60 | 50891.30 | 40322.40 |
| - Rourkela Steel Plant | 21210.90 | 16387.40 | 64774.30 | 56262.10 |
| - Bokaro Steel Plant | 35728.80 | 30223.30 | 112487.80 | 101812.40 |
| - IISCO Steel Plant | 5532.30 | 4914.00 | 16724.50 | 14457.50 |
| - Alloy Steel Plant | 3526.70 | 1802.20 | 9921.40 | 7066.70 |
| - Salem Steel Plant | 3786.90 | 3476.60 | 12194.00 | 11698.20 |
| - Visvesvaraya Iron & Steel Plant | 2309.10 | 2181.30 | 7027.80 | 6648.50 |
| - Others | 2891.30 | 2969.50 | 10694.70 | 9350.90 |
| Total Segment Revenue | 145639.70 | 109072.50 | 432481.60 | 370876.50 |
| Less : Inter-Segment Revenue | 7728.20 | 5221.70 | 27207.50 | 20614.40 |
| Net sales / Income from Operations | 137911.50 | 103850.80 | 405274.10 | 350262.10 |
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| Segment Results (Profit(+)/Loss(-) before interest and tax) |
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| - Bhilai Steel Plant | 20138.40 | 11536.20 | 54252.80 | 42862.40 |
| - Durgapur Steel Plant | 3296.80 | 2107.90 | 10363.40 | 6392.30 |
| - Rourkela Steel Plant | 4041.60 | 3676.10 | 14809.80 | 13692.00 |
| - Bokaro Steel Plant | 7955.20 | 8716.70 | 28708.40 | 27711.30 |
| - IISCO Steel Plant | -1706.60 | -993.60 | -2800.60 | -2453.70 |
| - Alloy Steel Plant | 37.50 | 66.20 | 83.50 | 227.30 |
| - Salem Steel Plant | 313.40 | 477.60 | 1076.90 | 1235.50 |
| - Visvesvaraya Iron & Steel Plant | -397.50 | -91.40 | -520.50 | -298.00 |
| - Others | 3493.40 | 4310.10 | 11223.00 | 8182.70 |
| Total | 37172.20 | 29805.80 | 117196.70 | 97551.80 |
| Less : Interest Expenses | 521.90 | 554.80 | 2509.40 | 3321.30 |
| Profit before tax | 36650.30 | 29251.00 | 114687.30 | 94230.50 |
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| Capital Employed |
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| ( Segment assets less segment liabilities excluding |
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| Inter unit Balances ) |
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| - Bhilai Steel Plant | 22113.60 | 24421.20 | 22113.60 | 24421.20 |
| - Durgapur Steel Plant | 24100.10 | 27438.70 | 24100.10 | 27438.70 |
| - Rourkela Steel Plant | 27238.10 | 31256.90 | 27238.10 | 31256.90 |
| - Bokaro Steel Plant | 16141.90 | 21604.50 | 16141.90 | 21604.50 |
| - IISCO Steel Plant | 822.40 | -2373.80 | 822.40 | -2373.80 |
| - Alloy Steel Plant | 5431.90 | 4573.50 | 5431.90 | 4573.50 |
| - Salem Steel Plant | 6887.50 | 6052.90 | 6887.50 | 6052.90 |
| - Visvesvaraya Iron & Steel Plant | 4470.40 | 4449.00 | 4470.40 | 4449.00 |
| - Others | 169568.20 | 111640.40 | 169568.20 | 111640.40 |
| Total Capital Employed in the Company | 276774.10 | 229063.30 | 276774.10 | 229063.30 |
| Note : | ||||
1. Segments have been identified in line with the Accounting Standard -17 on Segment Reporting taking into account the Organisation and Management structure and also Internal Financial Reporting System though the Company primarily deals in Iron & Steel items. Segment Revenue,Results and Capital Employed include the respective amounts identifiable to each of the segments.
2. Segment revenue and results of Bhilai Steel Plant and Durgapur Steel Plant for the quarter ended 31st March, 2008 included Rs. 2904.90 millions (for the quarter ended 30th June, 2006 Rs. 4886.60 millions) and Rs. 227.60 millions (for the quarter ended 30th June, 2006 Rs. 695.10 millions) respectively towards the impact of price escalations finalized with a major customer for the earlier periods.
On behalf of Board of Directors.
Director (Finance)
Place : New Delhi
Date : May 16, 2008