5 Nov 2012 09:52
PART I
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED 30TH SEPTEMBER, 2012
` in croreSr. Particulars Quarter ended Half Year ended Year endedNo. 30.09.2012 30.06.2012
30.09.2011 30.09.2012 30.09.2011 31.03.2012
Unaudited Unaudited
Unaudited Unaudited Unaudited Audited
1 Income from operations
Net sales / Income from operations 1670.21 1659.17
1451.47 3329.38 2920.30 6485.38
(Net of excise duty) Net Sales / Income from operations 1670.21 1659.17
1451.47 3329.38 2920.30 6485.38
2 Expenses
(a) Cost of materials consumed 841.24 888.60
769.20 1729.84 1600.16 3467.62
(b) Purchases of stock-in-trade 384.41 421.32
250.22 805.73 539.87 1265.47
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (3.28) (88.12)
29.84 (91.40) (49.59) (7.39)
(d) Employee benefits 100.96 101.42
89.20 202.38 181.01 363.59
(e) Depreciation and amortisation 17.50 17.05
26.71 34.55 55.29 90.71
(f) Other expenses 199.87 177.59
151.61 377.46 300.79 675.41
Total expenses 1540.70 1517.86
1316.78 3058.56 2627.53 5855.41
3 Profit from operations before
other income and finance costs 129.51 141.31
134.69 270.82 292.77 629.97
4 Other income 14.67 18.07
16.82 32.74 32.48 50.41
5 Profit before finance costs 144.18 159.38
151.51 303.56 325.25 680.38
6 Finance costs (5.93) (2.40)
0.05 (8.33) 1.48 3.68
7 Profit from ordinary activities after
finance costs before tax 150.11 161.78
151.46 311.89 323.77 676.70
8 Tax expense 38.42 41.51
39.14 79.93 82.43 171.84
9 Net profit from ordinary activities
after tax 111.69 120.27
112.32 231.96 241.34 504.86
10 Paid-up equity share capital
(Face value of equity share of ` 2 each) 128.30 128.30
128.30 128.30 128.30 128.30
11 Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year 2558.56 12 Earnings Per Share (of ` 2 each) 1.74 1.87 1.75 3.61 3.76 7.87 Basic and diluted (Not annualised)
PART I
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2012 ` in croreSr. Particulars Quarter ended Half Year ended Year endedNo. 30.09.2012 30.06.2012 30.09.2011
30.09.2012 30.09.2011 31.03.2012
Unaudited Unaudited Unaudited
Unaudited Unaudited Audited
1 Income from operations Net sales / Income from 1670.21 1659.17 1451.47 3329.38 2920.30 6485.38 operations (Net of excise duty) Net Sales / Income from 1670.21 1659.17 1451.47 3329.38 2920.30 6485.38 operations 2 Expenses (a) Cost of materials 841.24 888.60 769.20 1729.84 1600.16 3467.62 consumed (b) Purchases of 384.41 421.32 250.22 805.73 539.87 1265.47 stock-in-trade
(c) Changes in inventories (3.28) (88.12) 29.84 (91.40) (49.59) (7.39)
of finished goods, work-in-progress and stock-in-trade
(d) Employee benefits 100.96 101.42 89.20 202.38 181.01 363.59
(e) Depreciation and 17.50 17.05 26.71
34.55 55.29 90.71
amortisation
(f) Other expenses 199.87 177.59 151.61
377.46 300.79 675.41
Total expenses 1540.70 1517.86 1316.78
3058.56 2627.53 5855.41
3 Profit from operations
before
other income and finance 129.51 141.31 134.69 270.82 292.77 629.97 costs 4 Other income 14.67 18.07 16.82 32.74 32.48 50.41 5 Profit before finance 144.18 159.38 151.51 303.56 325.25 680.38 costs 6 Finance costs (5.93) (2.40) 0.05 (8.33) 1.48 3.68 7 Profit from ordinary 150.11 161.78 151.46 311.89 323.77 676.70
activities after finance
costs before tax
8 Tax expense 38.42 41.51 39.14
79.93 82.43 171.84
9 Net profit from ordinary 111.69 120.27 112.32 231.96 241.34 504.86 activities after tax 10 Paid-up equity share capital (Face value of equity 128.30 128.30 128.30 128.30 128.30 128.30 share of ` 2 each) 11 Reserves excluding Revaluation Reserve as per balance 2558.56 sheet of previous accounting year 12 Earnings Per Share (of ` 2 1.74 1.87 1.75 3.61 3.76 7.87 each) Basic and diluted (Not annualised) STANDALONE SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30TH SEPTEMBER, 2012 ` in croreSr. Particulars Quarter ended Half Year ended Year endedNo. 30.09.2012 30.06.2012
30.09.2011 30.09.2012 30.09.2011 31.03.2012
Unaudited Unaudited
Unaudited Unaudited Unaudited Audited
1. Segment Revenue (net of excise duty): (a) Power Systems 623.59 594.83 598.79 1218.42 1167.41 2747.42 (b) Consumer Products 584.39 653.70 480.14 1238.09 1023.81 2133.62 (c) Industrial Systems 389.21 338.59 376.57 727.80 738.29 1520.08 (d) Others 91.21 85.74 3.02 176.95 5.83 129.90 Total 1688.40 1672.86 1458.52 3361.26 2935.34 6531.02 Less: Inter Segment Revenue 18.19 13.69 7.05 31.88 15.04 45.64 Net Sales / Income from operations 1670.21 1659.17 1451.47 3329.38 2920.30 6485.38 2. Segment Results: [Profit before tax and finance costs from each segment] (a) Power Systems 61.69 56.46 67.16 118.15 138.85 319.75 (b) Consumer Products 55.68 85.03 54.27 140.71 129.64 262.88 (c) Industrial Systems 60.13 42.98 59.08 103.11 116.63 225.40 (d) Others 6.46 3.80 0.29 10.26 0.64 (7.90) Total 183.96 188.27 180.80 372.23 385.76 800.13 Less: (i) Finance costs (5.93) (2.40) 0.05 (8.33) 1.48 3.68 (ii) Other un-allocable expenditure net of un-allocable income 39.78 28.89 29.29 68.67 60.51 119.75 Profit from Ordinary Activities before tax 150.11 161.78 151.46 311.89 323.77 676.70 3. Capital Employed: (Segment Assets - Segment Liabilities) (a) Power Systems 924.57 935.16 839.33 924.57 839.33 837.58 (b) Consumer Products 67.01 62.67 106.95 67.01 106.95 92.02 (c) Industrial Systems 429.02 422.97 336.17 429.02 336.17 399.92 (d) Others 1502.15 1418.19 1289.68 1502.15 1289.68 1422.04 Total 2922.75 2838.99 2572.13 2922.75 2572.13 2751.56 STANDALONE STATEMENT OF ASSETS AND LIABILITIES ` in crore Particulars As at 30.09.2012 As at 31.03.2012 Unaudited AuditedA EQUITY AND LIABILITIES 1 Shareholders' funds (a) Share capital 128.30 128.30 (b) Reserves and surplus 2744.80 2572.58 Sub-total - Shareholders' funds 2873.10 2700.88 2 Non-current liabilities (a) Long-term borrowings 1.21 2.06 (b) Deferred tax liabilities (net) 47.01 43.23 (c) Other long-term liabilities 25.77 24.94 (d) Long-term provisions 34.42 31.11 Sub-total - Non-current liabilities 108.41 101.34 3 Current liabilities (a) Short-term borrowings - 0.20 (b) Trade payables 1231.45 1171.03 (c) Other current liabilities 488.43 477.86 (d) Short-term provisions 131.60 119.18 Sub-total - Current liabilities 1851.48 1768.27 TOTAL - EQUITY AND LIABILITIES 4832.99 4570.49 B ASSETS 1 Non-current assets: (a) Fixed assets 711.91 675.48 (b) Non current investments 543.59 543.59 (c) Long-term loans and advances 19.61 22.16 (d) Other non-current assets - 0.80 Sub-total - Non-current assets 1275.11 1242.03 2 Current assets: (a) Current investments 348.38 508.91 (b) Inventories 563.17 449.60 (c) Trade receivables 1755.82 1735.62 (d) Cash and cash equivalents 258.91 320.30 (e) Short-term loans and advances 587.55 265.15 (f) Other current assets 44.05 48.88 Sub-total - Current assets 3557.88 3328.46 TOTAL - ASSETS 4832.99 4570.49
Notes on standalone financial results:
1. The above unaudited standalone financial results have beenreviewed by the Audit Committee and approved by the Board of Directors at itsmeeting held on 2nd November, 2012. The statutory auditors have carried out alimited review of the financials of the Company as required under Clause 41 ofthe Listing Agreement and the related report is being forwarded to the StockExchanges.2. The Company, during the quarter, has reclassified its segments. They havebeen identified in accordance with Accounting Standard (AS) 17 SegmentReporting, considering the risks and returns profile of the businesses, theirorganisation structure and the internal reporting systems. The operation ofPower Distribution business which was hitherto part of the Power Systemssegment has been segregated and reported under the segment "Others". Thefigures pertaining to the corresponding previous periods have been regroupedand restated for proper comparison.
3. The Company has declared second interim dividend of ` 0.40 per share on 641,491,536 Equity Shares of ` 2 each for the financial year 2012-13.
4. Figures of the previous periods / year have been regrouped and reclassified, wherever necessary.
Notice is hereby given pursuant to Section 154 of the Companies Act, 1956 that the record date for the interim dividend will be Thursday, 8th November, 2012, and the date for payment will be Tuesday, 20th November, 2012.
For Crompton Greaves Limited
Place: Mumbai Laurent Demortier
Date: 2nd November, 2012 CEO & Managing Director
STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2012
` in croreSr. Particulars Quarter ended Half Year ended Year endedNo. 30.09.2012 30.06.2012 30.09.2011
30.09.2012 30.09.2011 31.03.2012
Unaudited Unaudited Unaudited
Unaudited Unaudited Audited
Income from
1 operations
Net Sales / Income from operations 2924.17 2811.14 2705.53
5735.31 5143.27 11248.58
(Net of excise duty) Net Sales / Income from operations 2924.17 2811.14 2705.53
5735.31 5143.27 11248.58
2 Expenses
(a) Cost of materials consumed 1640.36 1751.51 1754.51 3391.87 3364.88 6443.31 (b) Purchases of stock-in-trade 384.41 421.32 250.22 805.73 539.87 1265.47 (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (53.38) (297.23) (184.67)
(350.61) (456.74) (23.79)
(d) Employee benefits 441.96 420.87 357.44
862.83 679.49 1466.21
(e) Depreciation and amortisation 54.43 46.61 72.63 101.04 133.40 259.96 (f) Other expenses 374.34 347.92 302.05 722.26 607.93 1293.74 Total expenses 2842.12 2691.00 2552.18 5533.12 4868.83 10704.90 Profit from operations 3 before other income and finance costs 82.05 120.14 153.35 202.19 274.44 543.68 4 Other income 20.76 19.19 21.50 39.95 36.63 52.40 Profit before finance 5 costs 102.81 139.33 174.85
242.14 311.07 596.08
6 Finance costs 18.96 9.89 10.22
28.85 21.17 46.34
7 Profit from ordinary
activities after finance costs before tax 83.85 129.44 164.63
213.29 289.90 549.74
8 Tax expenses 41.38 44.50 46.32
85.88 93.83 182.14
9 Net profit from ordinary
activities after tax 42.47 84.94 118.31
127.41 196.07 367.60
Share of profit / (loss) in 10 associates (net) (0.95) 0.94 (1.76) (0.01) 0.02 5.34 11 Minority interest 0.53 0.02 0.11 0.55 0.04 0.65 12 Net profit after taxes, minority interest and share of profit / (loss) of associates (net) 42.05 85.90 116.66
127.95 196.13 373.59
Paid-up equity share 13 capital 128.30 128.30 128.30
128.30 128.30 128.30
(Face value of equity share of ` 2 each) 14 Reserves excluding Revaluation Reserve as per the balance sheet of previous accounting year 3468.62 15 Earnings Per Share 0.65 1.34 1.82 1.99 3.06 5.82 (of ` 2 each) Basic and diluted (Not annualised) CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS AND
CAPITAL EMPLOYED FOR THE QUARETR ENDED 30TH SEPTEMBER, 2012 ` in croreSr Particulars Quarter ended Half year ended Year endedNo. 30.09.2012 30.06.2012
30.09.2011 30.09.2012 30.09.2011 31.03.2012
Unaudited Unaudited
Unaudited Unaudited Unaudited Audited
1. Segment Revenue (net of excise duty): (a) Power Systems 1781.91 1676.30 1761.08 3458.21 3277.68 7194.81 (b) Consumer Products 584.39 653.70 480.14 1238.09 1023.81 2133.62 (c) Industrial Systems 481.58 405.05 465.54 886.63 845.28 1820.24 (d) Others 94.48 89.78 5.82 184.26 11.54 145.55 Total 2942.36 2824.83 2712.58 5767.19 5158.31 11294.22 Less: Inter Segment Revenue 18.19 13.69 7.05 31.88 15.04 45.64 Net Sales / Income from operations 2924.17 2811.14 2705.53 5735.31 5143.27 11248.58 2. Segment Results: [Profit before tax and finance costs from each segment] (a) Power Systems 10.00 42.78 93.43 52.78 133.51 248.53 (b) Consumer Products 55.68 85.03 54.27 140.71 129.64 262.88 (c) Industrial Systems 70.30 36.47 55.79 106.77 106.64 210.28 (d) Others 6.61 3.94 0.65 10.55 1.79 (5.39) Total 142.59 168.22 204.14 310.81 371.58 716.30 Less: (i) Finance costs 18.96 9.89 10.22 28.85 21.17 46.34 (ii) Other un-allocable expenditure net of un-allocable income 39.78 28.89 29.29 68.67 60.51 120.22 Profit from Ordinary Activities before tax 83.85 129.44 164.63 213.29 289.90 549.74 3. Capital Employed: (Segment Assets - Segment Liabilities) (a) Power Systems 3706.13 2874.84 2472.23 3706.13 2472.23 2554.00 (b) Consumer Products 67.01 62.67 106.95 67.01 106.95 92.02 (c) Industrial Systems 845.87 859.31 756.25 845.87 756.25 823.43 (d) Others 707.14 1035.03 1044.66 707.14 1044.66 1149.89 CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES ` in crore Particulars As at 30.09.2012 As at 31.03.2012 Unaudited Audited A EQUITY AND LIABILITIES 1 Shareholders' Funds (a) Share capital 128.30 128.30 (b) Reserves and surplus 3568.43 3482.64 Sub-total- Shareholders' funds 3696.73 3610.94 2 Minority Interest 12.67 15.66 3 Non-current Liabilities (a) Long term borrowings 1352.68 616.26 (b) Deferred tax liabilities 141.62 135.59 (c) Other long term liabilities 181.88 187.43 (d) Long term provisions 87.75 83.84 Sub-total- Non-current liabilities 1763.93 1023.12 4 Current Liabilities (a) Short term borrowings 292.93 368.59 (b) Trade payables 2237.60 2107.58 (c) Other current liabilities 1365.32 1344.46 (d) Short term provisions 301.82 294.85 Sub-total- Current liabilities 4197.67 4115.48 TOTAL - EQUITY AND LIABILITIES 9671.00 8765.20 B ASSETS 1 Non-current Assets: (a) Fixed assets 1997.83 1669.32 (b) Goodwill on consolidation 1052.47 588.21 (c) Non current investments 277.80 277.26 (d) Deferred tax assets 237.73 186.89 (e) Long-term loans and advances 29.15 32.21 (f) Other non-current assets - 0.80 Sub-total - Non-current assets 3594.98 2754.69 2 Current Assets: (a) Current investments 348.66 509.15 (b) Inventories 1743.04 1223.27 (c) Trade receivables 3162.70 3143.26 (d) Cash and cash equivalents 275.52 496.79 (e) Short-term loans and advances 409.49 490.02 (f) Other current assets 136.61 148.02 Sub-total - Current assets 6076.02 6010.51 TOTAL - ASSETS 9671.00 8765.20
Notes on consolidated financial results:
1. The above unaudited consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 2nd November, 2012.
2. The Company has changed its accounting policy effective April 1, 2012 inrespect of goodwill arising on acquisition of business. The company would bedoing an annual impairment testing for goodwill instead of the currentpractice of amortization. The Management believes, this change in accountingpolicy aligns well with leading international practices and reflects enduringbenefits to be derived from goodwill arising on acquisitions.Had the Company not changed the accounting policy as above, depreciation andamortization for the quarter ended 30th September, 2012 and half year ended30th September, 2012 would have been higher by ` 18.82 crore and ` 37.64 crorerespectively and net profit would have been lower by the same amount.
3. The Company, during the quarter, through its overseas subsidiary, has acquired Spain based ZIV Group for an enterprise value of Euro 150 million. The ZIV Group is engaged in business of providing digital equipment for Grid Automation and Advanced Metering Infrastructure (AMI).
4. The Company, during the quarter, has reclassified its segments. They havebeen identified in accordance with Accounting Standard (AS) 17 SegmentReporting, considering the risks and returns profile of the businesses, theirorganisation structure and the internal reporting systems. The operation ofPower Distribution business which was hitherto part of the Power Systemssegment has been segregated and reported under the segment "Others". Thefigures pertaining to the corresponding previous periods have been regroupedand restated for proper comparison.
5. The Company, during the quarter, has incurred expenses for right sizing of its subsidiaries located in Europe as well as for capacity enhancement. The restructuring expenses will be reclassified as exceptional items after completion of the entire process.
6. Current period includes, the results of the subsidiariesacquired during the quarter i.e. ZIV Group in Spain. Consequently, figures forthe current period are not comparable with the figures of the previous periods/ year. Figures for the previous periods / year have been regrouped andreclassified, wherever necessary.
For Crompton Greaves Limited
Place: Mumbai Laurent Demortier
Date: 2nd November, 2012 CEO & Managing Director
CGVD.L (CGVD)