Last checked at 1 Jun 2009 07:00
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| STEEL AUTHORITY OF INDIA LIMITED |
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| REGISTERED OFFICE: ISPAT BHAWAN, LODI ROAD, NEW DELHI - 110003 |
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| Audited Financial Results for the year ended 31st March 2009 |
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| Quarter ended | Year ended | Consolidated Financial Results | |||
| Sl. No | Particulars | 31st March | 31st March | 31st March | 31st March | Year ended | Year ended |
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| 2009 | 2008 | 2009 | 2008 | 31st March | 31st March |
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| 2009 | 2008 |
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| (Audited) | (Audited) | (Audited) | (Audited) | (Audited) | (Audited) |
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| 1 | (a) Net Sales / Income from operations |
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| i) Gross sales | 129918.60 | 152163.30 | 486653.70 | 452420.90 | 490866.46 | 456354.19 |
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| ii) Finished products internally consumed | 1126.50 | 1095.10 | 5687.00 | 4908.10 | 5687.00 | 4908.10 |
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| iii) Less : Excise Duty | 12529.20 | 19770.30 | 55313.10 | 60451.90 | 56322.64 | 61250.81 |
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| Sub total (a) (i+ii-iii) | 118515.90 | 133488.10 | 437027.60 | 396877.10 | 440230.82 | 400011.48 |
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| (b) Other operating income | 2062.00 | 1308.00 | 5056.70 | 5281.50 | 5064.57 | 5297.80 |
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| Sub total 1 (a) + (b) | 120577.90 | 134796.10 | 442084.30 | 402158.60 | 445295.39 | 405309.28 |
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| 2 | Expenditure |
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| a) Increase(-)/Decrease in stock-in-trade and | 13843.40 | 10045.60 | -19345.30 | -3376.00 | -19494.24 | -3252.62 |
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| work in progress |
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| b) Consumption of Raw Materials | 49797.90 | 34238.30 | 187366.50 | 126289.20 | 188181.48 | 126897.72 |
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| c) Purchase of traded goods | 0.40 | 21.60 | 67.70 | 36.30 | 67.70 | 36.30 |
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| d) Consumption of stores & spares | 7152.70 | 7783.50 | 30210.90 | 28644.30 | 30297.16 | 28714.79 |
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| e) Employees' cost | 13369.10 | 32701.00 | 84015.10 | 79190.20 | 84529.10 | 79740.58 |
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| f) Power & Fuel | 7647.70 | 7498.20 | 31146.30 | 28222.50 | 32463.72 | 29361.63 |
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| g) Depreciation | 3298.20 | 3170.60 | 12851.20 | 12354.80 | 12873.15 | 12373.86 |
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| h) Other Expenditure | 7669.60 | 9075.50 | 38388.40 | 29761.90 | 38534.02 | 29874.62 |
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| Sub total 2 (a) to (h) | 102779.00 | 104534.30 | 364700.80 | 301123.20 | 367452.10 | 303746.88 |
| 3 | Profit from operations before other income, interest | 17798.90 | 30261.80 | 77383.50 | 101035.40 | 77843.29 | 101562.40 |
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| and exceptional items ( 1-2) |
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| 4 | Other Income |
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| i) Interest earned | 5356.70 | 3153.10 | 18289.60 | 11847.60 | 18375.03 | 11874.43 |
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| ii) Other Income | -33.40 | 620.30 | 733.60 | 1181.20 | 811.75 | 1187.24 |
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| Sub total (i+ii) | 5323.30 | 3773.40 | 19023.20 | 13028.80 | 19186.79 | 13061.67 |
| 5 | Profit before interest and exceptional items ( 3+4) | 23122.20 | 34035.20 | 96406.70 | 114064.20 | 97030.08 | 114624.07 |
| 6 | Interest | 411.70 | 521.90 | 2532.40 | 2509.40 | 2534.98 | 2510.53 |
| 7 | Profit after interest but before exceptional items ( 5-6) | 22710.50 | 33513.30 | 93874.30 | 111554.80 | 94495.10 | 112113.54 |
| 8 | Exceptional items (Price escalation of previous years) | 160.20 | 3132.50 | 160.20 | 3132.50 | 160.20 | 3132.50 |
| 9 | Profit from ordinary activities before tax ( 7+8) | 22870.70 | 36645.80 | 94034.50 | 114687.30 | 94655.30 | 115246.04 |
| 10 | Minority Interest |
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| 272.90 | 244.80 |
| 11 | Net Profit after Minority Interest ( 9-10 ) | 22870.70 | 36645.80 | 94034.50 | 114687.30 | 94382.40 | 115001.24 |
| 12 | Provision for Taxation |
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| (a) Current Tax | 9134.60 | 11428.20 | 34686.70 | 37458.10 | 34931.70 | 37722.10 |
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| (b) Fringe Benefit Tax | 76.70 | 132.00 | 520.60 | 329.00 | 522.30 | 330.80 |
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| (c) Deferrred Tax Liability / Assets ( - ) | -1114.30 | 1349.50 | -2364.50 | 1559.40 | -2399.26 | 1489.10 |
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| (d) Earlier years | -93.10 | -31.50 | -556.40 | -27.00 | -556.40 | -27.00 |
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| Sub-Total ( a to d ) | 8003.90 | 12878.20 | 32286.40 | 39319.50 | 32498.34 | 39515.00 |
| 13 | Net Profit from ordinary activities after Tax ( 11-12 ) | 14866.80 | 23767.60 | 61748.10 | 75367.80 | 61884.06 | 75486.24 |
| 14 | Extraordinary items (net of tax expense Rs. Nil) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 15 | Net Profit for the period (13-14) | 14866.80 | 23767.60 | 61748.10 | 75367.80 | 61884.06 | 75486.24 |
| 16 | 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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| 17 | Reserves (excluding revaluation reserve ) |
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| 238537.00 | 189331.70 | 340957.60 | 260693.70 |
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| as per balance sheet of previous accounting year |
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| 18 | Basic and Diluted Earnings per share before and after | 3.60 | 5.75 | 14.95 | 18.25 | 14.98 | 18.28 |
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| extraordinary items ( Not Annualised ) ( Rupees ) |
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| 19 | Aggregate of public share holding |
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| - Number of shares | 58,50,66,915 | 58,49,23,210 | 58,50,66,915 | 58,49,23,210 |
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| - Percentage of share holding | 14.16 | 14.16 | 14.16 | 14.16 |
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| 20 | Promoters and Promoter group shareholding |
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| (a) Pledged / Encumbered |
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| - Number of Shares |
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| - Percentage of shares (as a % of the total |
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| shareholding of the promoter and promoter group) |
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| - Percentage of shares (as a % of the total |
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| share capital of the company) |
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| (b) Non-Encumbered |
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| - Number of Shares | 3544690285 | 3544690285 | 3544690285 | 3544690285 |
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| - Percentage of shares (as a % of the total | 100.00 | 100.00 | 100.00 | 100.00 |
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| shareholding of the promoter and promoter group) |
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| - Percentage of shares (as a % of the total | 85.82 | 85.82 | 85.82 | 85.82 |
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| share capital of the company) |
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Notes :
i) The above results for the quarter/year ended 31st March 2009 were taken on record at the Board of Directors meeting held on 28th May 2009. 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 Re.1.30 per equity share, in addition to the interim dividend of Rs.1.30 per equity share already paid, for the financial year 2008-09, thus taking the total dividend to Rs.2.60 per equity share, 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, cumulative amount of Rs.52876.6 millions upto the year ended 31st March, 2009 (upto previous year-26095.1 millions), have been provided towards employees' costs on estimated basis for the period 1st January, 2007 to 31st March, 2009. Against the provision made, payments on account of ad-hoc adjustable amount and merger of Dearness Allowance with Basic Pay, of Rs.10772.4 millions have been adjusted.
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 audited 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, 2009 is :
| Opening Balance | Received during the quarter | Resolved during the quarter | Closing balance |
| - | 8 | 8 | - |
vi) The figures of previous periods have been re-grouped, wherever necessary, to conform to current quarter/year 's classification .
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| SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED | ||||
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| (Rs. in Millions) |
| PARTICULARS | Quarter Ended |
| Year Ended |
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| 31st March | 31st March | 31st March | 31st March |
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| 2009 | 2008 | 2009 | 2008 |
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| (Audited) | (Audited) | (Audited) | (Audited) |
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| Segment Revenue (Net sales / Income from Operations) |
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| - Bhilai Steel Plant | 50074.9 | 54209.7 | 170696.0 | 147765.8 |
| - Durgapur Steel Plant | 15869.8 | 16444.0 | 60095.2 | 50891.3 |
| - Rourkela Steel Plant | 19099.9 | 21210.9 | 69691.6 | 64774.3 |
| - Bokaro Steel Plant | 28687.1 | 35728.8 | 110558.2 | 112487.8 |
| - IISCO Steel Plant | 5213.2 | 5532.3 | 21803.0 | 16724.5 |
| - Alloy Steel Plant | 2564.9 | 3526.7 | 10796.6 | 9921.4 |
| - Salem Steel Plant | 3063.0 | 3803.9 | 11297.0 | 12211.0 |
| - Visvesvaraya Iron & Steel Plant | 938.7 | 2309.1 | 5972.7 | 7027.8 |
| - Others | 3661.8 | 2891.3 | 12829.8 | 10694.7 |
| Total Segment Revenue | 129173.3 | 145656.7 | 473740.1 | 432498.6 |
| Less : Inter-Segment Revenue | 8435.2 | 7728.2 | 31495.6 | 27207.5 |
| Net sales / Income from Operations | 120738.1 | 137928.5 | 442244.5 | 405291.1 |
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| Segment Results (Profit(+)/Loss(-) before interest and tax) |
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| - Bhilai Steel Plant | 17104.30 | 20138.40 | 50304.40 | 54252.80 |
| - Durgapur Steel Plant | 449.00 | 3296.80 | 7836.40 | 10363.40 |
| - Rourkela Steel Plant | 2092.10 | 4041.60 | 10997.30 | 14809.80 |
| - Bokaro Steel Plant | -188.90 | 7955.20 | 13455.50 | 28708.40 |
| - IISCO Steel Plant | -519.50 | -1706.60 | -1785.90 | -2800.60 |
| - Alloy Steel Plant | -674.30 | 37.50 | -1069.40 | 83.50 |
| - Salem Steel Plant | 26.50 | 313.40 | 71.20 | 1076.90 |
| - Visvesvaraya Iron & Steel Plant | -852.40 | -397.50 | -1484.50 | -520.50 |
| - Others | 5845.60 | 3488.90 | 18241.90 | 11223.00 |
| Total | 23282.40 | 37167.70 | 96566.90 | 117196.70 |
| Less : Interest Expenses | 411.70 | 521.90 | 2532.40 | 2509.40 |
| Profit before tax | 22870.70 | 36645.80 | 94034.50 | 114687.30 |
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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 | 28788.60 | 22113.60 | 28788.60 | 22113.60 |
| - Durgapur Steel Plant | 22838.00 | 24100.10 | 22838.00 | 24100.10 |
| - Rourkela Steel Plant | 33060.20 | 27238.10 | 33060.20 | 27238.10 |
| - Bokaro Steel Plant | 21583.00 | 16141.90 | 21583.00 | 16141.90 |
| - IISCO Steel Plant | 15101.70 | 822.40 | 15101.70 | 822.40 |
| - Alloy Steel Plant | 3935.10 | 5431.90 | 3935.10 | 5431.90 |
| - Salem Steel Plant | 14254.60 | 6887.50 | 14254.60 | 6887.50 |
| - Visvesvaraya Iron & Steel Plant | 3958.80 | 4470.40 | 3958.80 | 4470.40 |
| - Others | 225030.40 | 169568.20 | 225030.40 | 169568.20 |
| Total Capital Employed in the Company | 368550.40 | 276774.10 | 368550.40 | 276774.10 |
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| Note : |
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| 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. |
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| 2. Segment revenue and results of Bhilai Steel Plant and Durgapur Steel Plant for the quarter/year ended 31st March, 2009 included | ||||
| Rs. 160.2 millions and Rs. Nil millions respectively (for the quarter / year ended 31st March 2008, Rs. 2904.9 millions and Rs. 227.6 millions respectively) towards the impact of price escalations finalized with a major customer for the earlier periods. Further, price escalations of Rs. 3153.2 millions were finalised in the current quarter by Bhilai Steel Plant pertaining to the period from 1st April 2008 to 31st December 2008. | ||||
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| On behalf of Board of Directors | |
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| Sd/- |
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| (Soiles Bhattacharya) | |
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| Director (Finance) | |
| Place : New Delhi |
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| Date : May 28, 2009 |
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