Final Results

29 Jun 2007 14:27

REI Agro Limited29 June 2007 REI AGRO LIMITED REGD. OFFICE 46C, CHOWRINGHEE ROAD, "EVEREST HOUSE", KOLKATA-71. (RS. IN LACS) AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2007SL. PARTICULARS NINE MONTHS QUARTER QUARTER YEAR ENDED YEAR ENDEDNO. ENDED ENDED ENDED 31.03.2007 31.03.2006 31.12.2006 31.3.2007 31.3.2006 (AUDITED) (AUDITED) INCOME 1 NET SALES/INCOME FROM OPERATION 71,639.20 36,875.69 21,641.58 108,514.89 95,876.50 2 OTHER INCOME 2.25 16.48 7.35 18.73 22.02 71,641.45 36,892.17 21,648.93 108,533.62 95,898.52 3 EXPENDITURE A) (INCREASE)/DECREASE IN STOCK 1,496.30 7,133.10 (6,043.79) 8,629.40 (13,774.38) B) MATERIALS CONSUMED / PURCHASE OF GOODS 51,849.55 21,266.61 21,145.09 73,116.16 89,923.53 C) PERSONNEL COST 686.40 232.57 151.21 918.97 780.34 D) MANUFACTURING, ADMINISTRATION & SELLING 2,718.97 3,265.81 2,401.21 5,984.78 4,066.97 COST TOTAL EXPENDITURE 56,751.22 31,898.09 17,653.72 88,649.31 80,996.46 4 INTEREST/FINANCE COST 4,459.71 3,264.63 1,152.70 7,724.34 3,734.72 5 DEPRECIATION 1,139.21 416.49 264.46 1,555.70 934.27 62,350.14 35,579.21 19,070.88 97,929.35 85,665.45 6 PROFIT BEFORE TAX 9,291.31 1,312.96 2,578.05 10,604.27 10,233.07 7 PROVISION FOR TAXATION-CURRENT 1,048.02 494.92 59.16 1,542.94 889.69 8 PROVISION FOR FRINGE BENEFIT TAX 15.70 (5.02) 10.32 10.68 15.91 9 PROFIT BEFORE DEFERRED TAX 8,227.59 9,327.47 PRIOR PERIOD TAX EXPENSES (57.33) 54.44 (57.33) 9 PROVISION FOR TAXATION-DEFERRED (See Note 2,084.97 (2,084.97) 1,030.66 - 2,724.53 No.2) 10 PROFIT AFTER TAX 6,142.62 2,965.36 1,423.47 9,107.98 6,602.94 11 PAID UP EQUITY SHARE CAPITAL 4,072.16 4,491.66 3,883.12 4,491.66 3,883.12 (FACE VALUE RS. 10 PER SHARE) 12 4% NON-CONVERTIBLE PREFERENCE SHARE 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 ( FACE VALUE RS. 100/- PER SHARE) 13 RESERVE EXCLUDING REVALUATION RESERVE 37,722.85 24,709.71 14 EARNING PER SHARE(EPS) - BASIC 15.44 7.41 4.15 22.30 19.32 - DILUTED 15.44 6.85 4.15 20.62 19.32 15 AGGREGATE OF NON PROMOTER SHARE HOLDING NO OF SHARES 23,998,407 28,193,370 16,287,254 28,193,370 21,671,687 PERCENTAGE OF SHAREHOLDING 58.93 62.77 48.70 62.77 55.81 SEGMENT WISE RESULTS AND CAPITAL EMPLOYED AS REQUIRED UNDER CLAUSE 41 OF THE LISTING AGREEMENT SL.NO. PARTICULARS NINE MONTH QTR. ENDED QTR. ENDED YEAR ENDED YEAR ENDED ENDED 31.03.2006 31.12.2006 31.03.2007 31.03.2006 31.03.2007 (AUDITED) 1 Segment Revenue (net sale/income from each segment should be disclosed under this head) a) Segment Rice 68,959.34 36,189.33 21,008.95 105,148.67 94402.23 b) Segment Wind Farm & Others 2,679.86 686.36 632.63 3,366.22 1,474.27 Total 71,639.20 36,875.69 21,641.58 108,514.89 95,876.50 Less: Inter Segment Revenue - - Net Sales/Income from operations 71,639.20 36,875.69 21,641.58 108,514.89 95,876.50 2 Segment Results (Profit) (+)/Loss (-) before Tax and Interest from each Segment a) Segment Rice 12,869.17 4,120.98 3,307.85 16,990.15 13,086.78 b) Segment Wind Farm & Others 879.60 440.13 415.55 1,319.73 858.99 Results 13,748.77 4,561.11 3,723.40 18,309.88 13,945.77 Less: i) Interest 4,459.71 3,264.63 1,152.70 7,724.34 3,734.72 ii) Other unallocable expenditure net (2.25) (16.48) (7.35) (18.73) (22.02) off unallocable income Total Profit before Tax 9,291.31 1,312.96 2,578.05 10,604.27 10,233.07 3 Capital Employed (Segment Assets - Segment Liabilities) a) Segment Rice 42,144.70 45,577.37 32,804.45 45,577.37 32,804.45 b) Segment Wind Farm & Others 5,982.48 7,687.63 4813.95 7,687.63 4813.95 c) Unallocable (7,110.53) (7050.49) (5025.56) (7050.49) (5025.56) Total 41,016.65 46,214.51 32,592.84 46,214.51 32,592.84 NOTES : 1 THE ABOVE AUDITED FINANCIAL RESULTS HAVE BEEN REVIEWED BY THE AUDIT COMMITTEE AND WERE TAKEN ON RECORD BY THE BOARD OF DIRECTORS IN THEIR MEETING HELD ON 29TH JUNE, 2007 2 THE HON'BLE KOLKATA HIGH COURT VIDE ITS DICTATED ORDER DATED 20TH JUNE 2007 HAS ALLOWED THE COMPANY TO UTILIZE THE SECURITIES PREMIUM ACCOUNT TOWARDS MEETING DEFERRED TAX LIABILITY COMPUTED AS PER THE ACCOUNTING STANDARD "ACCOUNTING FOR TAXES ON INCOME" -AS 22 PRESCRIBED BY THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA. ACCORDINGLY DEFERRED TAX LIABILITIES (NET) FOR THE YEAR RS 19,15,41,347 HAS BEEN ADJUSTED WITH SECURITIES PREMIUM ACCOUNT. 3 DURING THE YEAR 60,85,396 EQUITY SHARES OF RS. 10 EACH WERE ISSUED @ RS 120.75 PER SHARE ON CONVERSION OF 1690 1.5% FCCB'S OF USD 10,000 EACH 4 THE COMPANY HAS ALREADY PAID AN INTERIM DIVIDEND @ 15% ON EQUITY SHARES DURING THE YEAR AND THE SAME BE TREATED AS FINAL DIVIDEND. HOWEVER DIVIDEND @ 4% ON NON-CONVERTIBLE REDEMABLE PREFERENCE SHARE IS RECOMMENDED FOR THE YEAR. 5 THERE WERE NO INVESTOR'S COMPLAINTS PENDING AT THE BEGINNING AND END OF THE QUARTER. HOWEVER TWO INVESTOR'S COMLPAINT WAS RECEIVED AND RESOLVED DURING THIS QUARTER. 6 THE COMPANY HAS SUCCESSFULLY EXPANDED ITS RICE MILLING CAPACITY FROM 49 TPH TO 61 TPH AND WIND POWER CAPACITY FROM 29MW TO 35.90 MW DURING THE YEAR. 7 THE BOARD OF DIRECTORS HAVE CONSIDERED IN PRINCIPLE THE RE-ORGANISATION OF THE COMPANY'S BUSINESS BY PROPOSING TO DEMERGE ITS BUSINESSES OF RICE PROCESSING, POWER GENERATION AND RETAIL INTO THREE DIFFERENT ENTITIES FOR WHICH A WORKING COMMITTEE HAS BEEN FORMED TO EXAMINE IN DETAIL ALL THE RELEVANT ISSUES INCLUDING STATUTORY AND LEGAL REQUIREMENTS AND TO SUGGEST A PROPOSAL TO THE BOARD ABOUT ITS FEASIBILTY 8 PEVIOUS YEAR FIGURES HAVE BEEN REGOURPED/REARRANGED WHEREEVER CONSIDERED NECESSARY PLACE: NEW DELHI FOR AND ON BEHALF OF THE BOARD DATE: 29.6.2007 SANDIP JHUNJHUNWALA VICE CHAIRMAN AND MANAGING DIRECTOR This information is provided by RNS The company news service from the London Stock Exchange