1st Quarter Results
03 8월 2004 - 4:00PM
UK Regulatory
RNS Number:5036B
Associated Cement Companies Ld(The)
2 August 2004
To: RNS
Dated: July 22, 2004
Pursuant to the provisions of the Listing Agreement, we are furnishing in the
enclosed statement the Unaudited Financial Results (provisional) in respect of
the Company's working for the first quarter ended 30th June 2004 which have been
reviewed by the Auditors. The text of the said statement was approved by the
Board of Directors of the Company at its Meeting held today and the same was
taken on record. In terms of the Listing Agreement, the said statement will be
published in "The Times of India" and "Maharashtra Times".
Thanking you,
From: The Associated Cement Companies Ltd.,
THE ASSOCIATED CEMENT COMPANIES LIMITED
Registered Office : Cement House,
121, Maharshi Karve Road, Mumbai - 400 020
UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED JUNE 30,2004
* TOTAL INCOME FOR Q-1 UP BY 16%.
* PROFIT AFTER TAX FOR Q-1 Rs. 81 CRORE UP BY 84%.
* COST FOCUS HELPS CONTAIN IMPACT OF INFLATION.
I. The audit committee and the Board of Directors of the Company at its meeting
held on July 22, 2004 have reviewed and approved the unaudited accounts for the
quarter ended June 30, 2004 which have been subjected to a limited review by the
auditors and the text of this statement was also taken on record.
II. SUMMARISED FINANCIAL RESULTS
QUARTER QUARTER YEAR
ENDED ENDED ENDED
JUNE 30,2004 JUNE 30,2003 MARCH 31,2004
REVIEWED REVIEWED AUDITED
Lakh Tonnes Lakh Tonnes Lakh Tonnes
SALE OF CEMENT
OWN 37.43 37.00 146.66
SUBSIDIARIES 1.29 1.23 4.84
OTHER TRADED CEMENT 0.13 0.29 1.01
TOTAL SALES 38.85 38.52 152.51
Rs. Crore Rs. Crore Rs. Crore
1 NET SALES / INCOME FROM OPERATIONS 1100.57 962.31 3888.30
LESS: EXCISE DUTY RECOVERED 152.64 152.52 603.83
NET SALES 947.93 809.79 3284.47
2 OTHER INCOME
i) Dividend 3.13 3.71 37.60
ii) Gain on foreign exchange 0.27 8.39 42.48
iii) Other items 11.14 6.82 58.48
iv) Other non-recurring items - - 11.97
TOTAL (1+2) 962.47 828.71 3435.00
3 TOTAL EXPENDITURE
a)(Increase) /Decrease in stock in trade (46.47) (1.88) 7.98
b) Consumption of Raw materials 146.94 112.58 486.13
c) Staff cost 52.21 47.56 203.22
d) Power & Fuel 201.51 186.96 744.09
e) Outward Freight charges on Cement etc. 127.18 113.41 459.23
f) Excise Duties (Net) 7.07 5.53 11.21
g) Purchase of Cement & Other Products 54.70 42.87 184.28
h) Other Expenditure 242.68 180.52 804.94
Total Expenditure 785.82 687.55 2901.08
4 PROFIT BEFORE INTEREST,
DEPRECIATION AND TAX (1+2-3) 176.65 141.16 533.92
5 INTEREST ( NET ) 20.88 24.96 92.91
6 DEPRECIATION 43.91 43.56 176.85
7 PROFIT/(LOSS) BEFORE TAX & EXCEPTIONAL ITEMS (4-5-6) 111.86 72.64 264.16
8 EXCEPTIONAL ITEMS
a) WRITE DOWN OF VALUE OF ASSETS - (8.00) (8.00)
b) PROVISION FOR CONTINGENCIES - (4.50) (2.30)
9 PROFIT/(LOSS) AFTER EXCEPTIONAL ITEMS
& BEFORE TAX ( 7-8) 111.86 60.14 253.86
10 PROVISION FOR CURRENT TAX 8.52 4.72 16.09
11 PROVISION FOR DEFERRED TAX 22.11 11.28 37.53
12 PROFIT/(LOSS) AFTER PROVISION FOR TAXATION &
EXCEPTIONAL ITEMS (9-10-11) 81.23 44.14 200.24
13 Paid-up Equity Share Capital 178.42 171.25 177.94
(Face value per share Rs.10)
14 Reserves excluding Revaluation Reserves 1175.79
15 Basic Earnings per Share Rs. 4.56 2.58 11.68
Fully diluted Earnings per Share Rs. 4.39 2.58 11.61
16 Aggregate of Non-Promoter Shareholding
Number of Shares 178188849 170960629 177195530
Percentage of shareholding 100% 100% 100%
Information on investor complaints pursuant to clause 41 of the listing
agreement for the quarter ended June 30, 2004
Particulars Complaints Complaints Complaints Closing
pending at the received during disposed of and Balance
beginning the quarter ended resolved at the
of the quarter June 30, 2004 end of the quarter
- 36 35 1
Notes: 1) EPS for the quarters are not annualised.
2) Previous period figures have been regrouped wherever necessary.
III. CONSOLIDATED RESULTS
CONSOLIDATED CONSOLIDATED CONSOLIDATED
QUARTER ENDED QUARTER ENDED YEAR ENDED
JUNE 30,2004 JUNE 30,2003 March 31,2004
REVIEWED REVIEWED AUDITED
Rs. Crore Rs. Crore Rs. Crore
1 NET SALES / INCOME FROM OPERATIONS 1225.67 1031.46 4147.69
LESS: EXCISE DUTY RECOVERED 152.83 145.81 587.25
NET SALES 1072.84 885.65 3560.44
2 OTHER INCOME
i) Dividend - - 0.14
ii) Gain on foreign exchange 0.27 8.39 42.91
iii) Other items 11.46 6.62 60.15
iv) Other non-recurring items - 0.04 63.74
3 Share of earnings of Associates (0.12) (0.47) (0.01)
TOTAL (1+2+3) 1084.45 900.23 3727.37
4 TOTAL EXPENDITURE
a)(Increase)/Decrease in stock in trade (36.69) 7.83 14.24
b) Consumption of Raw materials 142.61 105.43 575.90
c) Staff cost 62.10 54.28 234.88
d) Power & Fuel 218.45 192.41 778.74
e) Outward Freight charges on Cement etc. 143.26 123.84 497.77
f) Excise Duties (Net) 14.06 12.03 52.65
g) Purchase of Cement & Other Products 58.36 49.76 59.16
h) Other Expenditure 280.64 201.01 908.48
Total Expenditure 882.79 746.59 3121.82
5 PROFIT BEFORE INTEREST,
DEPRECIATION AND TAX (1+2+3-4) 201.66 153.64 605.55
6 INTEREST ( NET ) 21.95 26.75 98.91
7 DEPRECIATION 53.45 47.72 198.95
8 MINORITY INTEREST 2.07 1.60 13.84
9 PROFIT/(LOSS) AFTER MINORITY INTEREST &
BEFORE TAX & EXCEPTIONAL ITEMS (5-6-7-8) 124.19 77.57 293.85
10 EXCEPTIONAL ITEMS
a) WRITE DOWN OF VALUE OF ASSETS - (8.00) (8.00)
b) PROVISION FOR CONTINGENCIES - (1.44) 2.01
11 PROFIT/(LOSS) AFTER EXCEPTIONAL ITEMS
& BEFORE TAX (9-10) 124.19 68.13 287.86
12 PROVISION FOR CURRENT TAX 13.52 7.66 27.59
13 PROVISION FOR DEFERRED TAX 23.89 11.80 40.14
14 PROFIT/(LOSS) AFTER PROVISION FOR TAXATION
& EXCEPTIONAL ITEMS (11-12-13) 86.78 48.67 220.13
15 Paid-up Equity Share Capital 178.42 171.25 177.94
(Face value per share Rs. 10)
16 Reserves excluding Revaluation Reserves 1235.72
17 Basic Earnings per Share Rs. 4.88 2.85 12.84
Diluted Earnings per Share Rs. 4.69 2.85 12.76
18 Aggregate of Non-Promoter Shareholding
Number of Shares 178188849 170960629 177195530
Percentage of shareholding 100% 100% 100%
Notes: 1) The consolidated Financial Results are prepared in accordance with
Accounting Standard (AS) 21 on Consolidated Financial Statements and
(AS) 23 on Accounting for Investments in Associates in Consolidated
Financial Statements issued by the Institute of Chartered Accountants
of India.
2) Current quarter consolidated figures are not comparable with the
previous quarter consolidated figures to the extent that Bargarh
Cement Limited (Subsidiary Company) was acquired on December 23, 2003
and which is consolidated as per Accounting Standard (AS) 21.
3) Previous period figures have been regrouped wherever necessary.
IV. Segment wise Revenue, Results and Capital Employed
Particulars
Quarter Quarter Year Consolidated Consolidated Consolidated
ended ended ended quarter ended quarter ended year ended
June 30,2004 June 30,2003 March 31,2004 June 30,2004 June 30,2003 March 31,2004
Reviewed Reviewed Audited Reviewed Reviewed Audited
Rs.Crore Rs.Crore Rs.Crore Rs.Crore Rs.Crore Rs.Crore
1 Segment Revenue ( net
sale/ income from each
segment )
a. Cement 844.62 734.32 2935.58 882.70 734.53 2996.35
b. Refractory 49.11 38.10 178.27 49.11 38.10 178.27
c. Ready Mix Concrete 43.13 28.78 128.86 43.13 28.78 128.86
d. Others 26.50 19.80 95.27 108.15 91.38 332.42
Total 963.36 821.00 3337.98 1083.09 892.79 3635.90
Less: Inter segment revenue 15.91 11.77 55.65 10.73 7.70 77.60
Net sales / income from
operations 947.45 809.23 3282.33 1072.36 885.09 3558.30
Income from non-segmental operations 0.48 0.56 2.14 0.48 0.56 2.14
Total 947.93 809.79 3284.47 1072.84 885.65 3560.44
2 Segment Results
(Profit + /(Loss)(-) before
tax and interest)
a. Cement 151.04 86.69 270.98 161.01 90.31 287.94
b. Refractory 7.68 4.44 23.53 7.68 4.44 23.53
c. Ready Mix Concrete 3.86 2.73 10.96 3.86 2.73 10.96
d. Others 3.93 2.29 18.41 15.87 11.45 40.91
Total 166.51 96.15 323.88 188.42 108.93 363.34
Less: i Interest 20.88 24.96 92.91 21.95 26.75 98.91
ii Other un-allocable
expenditure net of
un-allocable income. 33.77 -1.45 -33.19 42.28 4.61 -29.42
Total Profit Before Tax &
Exceptional Items 111.86 72.64 264.16 124.19 77.57 293.85
Exceptional Items
Write down of value of assets - (8.00) (8.00) - (8.00) (8.00)
Provision for contingencies - (4.50) (2.30) - (1.44) 2.01
Total Profit after Exceptional
Items & before Tax 111.86 60.14 253.86 124.19 68.13 287.86
3 Capital Employed
(Segment assets- Segment
Liabilities)
a. Cement 2293.84 2320.19 2305.03 2499.48 2390.63 2544.27
b. Refractory 62.58 61.97 63.21 62.58 61.97 63.21
c. Ready Mix Concrete 56.87 62.16 62.11 56.87 62.16 62.11
d. Others 25.39 23.90 22.47 180.85 169.73 171.83
Sub-total 2438.68 2468.22 2452.82 2799.78 2684.49 2841.42
Capital work in progress 163.27 93.01 96.46 164.24 93.24 96.79
Capital Employed excludes assets not allocable to specific segment & Investments.
Notes: 1) Current quarter consolidated figures are not comparable with the
previous quarter consolidated figures to the extent that Bargarh
Cement Limited (Subsidiary Company) was acquired on December 23,2003
and which is consolidated as per Accounting Standard (AS) 21.
2) Previous period figures have been regrouped wherever necessary.
V. Sales volume of cement including traded cement at 38.85 Lakh Tonnes for Q1
2004-05 was marginally higher as compared to the corresponding previous
period. Total income for Q1 2004-05 has gone up by 16% to Rs.962.47 crore
due to improved price realisation as against Rs.828.71 crore in the
corresponding previous period.
During the quarter industry faced severe problem in availability and
transportation of coal. This together with increase in price of coal,
gypsum, diesel & freight resulted in pressure on cost which was neutralised
largely by way of improved operating efficiencies.
Profit before interest, depreciation, exceptional items and tax for Q1
2004-05 was higher at Rs.176.65crore as compared to Rs.141.16 crore in the
previous period registering an increase of 25%.
Interest cost for Q1 2004-05 came down by 16% over previous period due to
reduction in interest rates and improved financial and working capital
management.
Depreciation for Q1 2004-05 was marginally higher at Rs.43.91 crore
compared to Rs.43.56 crore for the corresponding previous period.
The profit before tax was higher at Rs.111.86 crore as compared to Rs.60.14
crore for the corresponding previous period denoting an increase of 86%.
The net profit during Q1 2004-05 is higher by 84% at Rs.81.23 crore as
compared to Rs.44.14 crore in the previous period.
RMC and Refractory businesses have reported continued growth in sales and
profitability.
VI New Projects / Modernisation
The modernisation programme at Chaibasa including installation of a 15 MW
Captive Power Plant is progressing as per schedule. The company is
augmenting its grinding capacity at Gagal by 1 million tonne.
VII. OUTLOOK
The Cement Industry has posted a lower growth of around 2.3% in Q1 2004-05
as compared to 4.5% in the corresponding period of the previous year. The
continued emphasis in Finance Bill 2004 on infrastructure such as roads,
airports and housing augurs well for the cement industry and it is expected
to do better in the remaining period of the financial year. Also as no new
large capacities are in the pipeline, the demand supply dynamics of the
Industry is expected to turn favourable leading to stability in cement
prices.
VIII Consolidated Financial Statements
It may be observed from the Consolidated results that the net profit for
the group for the quarter ended June 30,2004 amounted to Rs.86.78crore as
compared to Rs.81.23crore for the company.
( M.L.Narula )
MANAGING DIRECTOR
Mumbai - July 22, 2004
This information is provided by RNS
The company news service from the London Stock Exchange
END
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