Investor Relations
STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH,2013
   
1
2 3 4 5 6 7
Rs. in Crore
    Stand Alone Consolidated
Sr. No. Particulars Quarter ended 31st March,2013 Quarter ended 31st Dec,2012 Quarter ended 31st March,2012 Year ended 31st March, 2013 Year ended 31st March, 2012 Year ended 31st March, 2013 Year ended 31st March, 2012
     Unaudited Unaudited Unaudited Audited Audited Audited Audited
1 Gross Sales/ Income from Operations 640.10 513.96 742.66 2,513.02 2,980.60 2,666.13 3,146.22
  Less : Inter Segment Transfers 204.61 144.45 228.84 745.29 792.72 745.29 792.72
  Inter Division Transfers 17.20 19.31 30.93 112.38 164.84 112.38 164.84
  Subsidary Company Transfers -- -- -- -- -- 126.29 76.86
  Excise Duty 37.82 36.75 35.73 143.94 143.62 143.94 143.62
  (a) Net Sales/ Income from Operations 380.47 313.45 447.16 1,511.41 1,879.42 1,538.23 1,968.18
  (b) Other Operating Income 17.91 24.00 22.09 80.38 65.01 82.00 67.00
   
  Total Income from Operations (a+b) 398.38 337.45 469.25 1,591.79 1,944.43 1,620.23 2,035.18
   
2 Expenses
  (a) Consumption of Raw Materials 197.58 166.14 227.75 773.44 1,000.07 782.02 1,029.20
  (b) Purchase of stock-in-trade 2.15 2.24 - 8.21 - 8.21 -
  (c) Changes in inventories of finished goods,work-in-progress and stock-in-trade (1.00) (8.32) 2.79 (27.18) (39.26) (32.40) (23.30)
  (d) Employee benefit expenses 30.08 28.07 29.35 115.79 113.47 137.64 137.02
  (e) Depreciation & Amortisation Expense 24.67 25.33 21.10 95.64 84.50 101.22 90.46
  (f) Other Expenses :              
  (i) Energy 51.83 75.09 85.99 295.60 343.63 297.33 346.59
  (ii)Other Direct Expenditure 65.80 47.98 66.43 239.95 265.18 244.47 268.31
  (iii) Other Expenditure 17.78 5.13 6.02 35.12 20.31 44.15 29.58
   
  Total Expenses 388.89 341.66 439.43 1,536.57 1,787.90 1,582.64 1,877.86
   
3 Profit/(Loss) from Operations before other income,finance costs 9.49 (4.21) 29.82 55.22 156.53 37.59 157.32
  and exceptional items (1-2)
4 Other Income 8.13 3.40 11.13 20.66 24.44 24.67 25.35
5 Profit/(Loss) from ordinary activities before finance costs and 17.62 (0.81) 40.95 75.88 180.97 62.26 182.67
  exceptional items ( 3+4)              
6 Finance Costs 37.15 39.62 36.96 152.66 120.79 157.63 125.59
7 Profit / (Loss) from ordinary activities after finance costs but before (19.53) (40.43) 3.99 (76.78) 60.18 (95.37) 57.08
  exceptional items ( 5-6)
8 Exceptional item - Foreign Exchange (Gain)/ Loss 11.02 8.73 12.28 63.85 31.52 62.31 31.89
9 Profit / (Loss) from ordinary activities before tax (7- 8) (30.55) (49.16) (8.29) (140.63) 28.66 (157.68) 25.19
10 Tax Expenses (10.30) (13.50) (6.07) (40.92) 0.07 (33.51) (0.04)
11 Net Profit / (Loss) from ordinary activities after tax (9-10) (20.25) (35.66) (2.22) (99.71) 28.59 (124.17) 25.23
12 Extraordinary items - - - - - - -
13 Net Profit / (Loss) for the period (11-12) (20.25) (35.66) (2.22) (99.71) 28.59 (124.17) 25.23
14 Share of Minority Interest - - - - - (0.09) 0.04
15 Net Profit / ( Loss) after tax and Minority Interest (13-14) (20.25) (35.66) (2.22) (99.71) 28.59 (124.08) 25.19
16 Paid-up Equity Share Capital (Face Value of Rs.5/- per share) 73.25 73.25 73.25 73.25 73.25 73.25 73.25
17 Reserves excluding Revaluation Reserves as per Balance Sheet of previous accounting year. - - - 416.57 509.08 351.64 472.05
18 Earnings per share before extraordinary items              
  Basic & Diluted Earnings per share of Rs.5/- each (Rs) ( not annualised) (1.38) (2.43) (0.15) (6.81) 1.95 (8.47) 1.72
19 Earnings per share after extraordinary items              
  Basic & Diluted Earnings per share of Rs.5/- each (Rs) ( not annualised) (1.38) (2.43) (0.15) (6.81) 1.95 (8.47) 1.72
   
PART-II  
A SELECT INFORMATION FOR THE QUARTER AND YEAR ENDED 31st MARCH,2013.
  PARTICULARS OF SHAREHOLDING
1 Public Shareholding
  Number of Shares 70150712 70794009 70754009 70150712 70754009 70150712 70754009
  Percentage of Shareholding 47.88% 48.32% 48.30% 47.88% 48.30% 47.88% 48.30%
2 Promoters and promoter group shareholding
  (a) Pledged / Encumbered              
  Number of Shares NIL NIL NIL NIL NIL NIL NIL
  Percentage of Shares ( as a % of the total shareholding of promoter - - - - - - -
  and promoter group )              
  Percentage of Shares ( as a % of the total share capital of the company ) - - - - - - -
  (b) Non - Encumbered
  Number of Shares 76350671 75707374 75747374 76350671 75747374 76350671 75747374
  Percentage of Shares ( as a % of the total shareholding of promoter 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
  and promoter group )
  Percentage of Shares ( as a % of the total share capital of the company ) 52.12% 51.68% 51.70% 52.12% 51.70% 52.12% 51.70%
B INVESTOR COMPLAINTS
  Pending at the beginning of the quarter NIL
  Received during the quarter 04
  Disposed of during the quarter 04
  Remaining unresolved at the end of the quarter NIL
   
 
   
  NOTES ON AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH, 2013
1 The Company had adopted the Hedge Accounting policy and principles set out in Accounting Standard (AS) 30 Financial Instruments: Recognition and Measurement. During the quarter ended 31st March, 2013, the Company has carried Exchange gain of Rs.6.74 Crore to Hedge Reserve Account and charged Exchange Loss of Rs.12.87 Crore to Profit and Loss Account from Hedge Reserve Account. Balance in Hedge Reserve Accounts as on 31st March, 2013 is Rs. 15.44 Crore.
2 The Company has exercised the option as per Para 46 A inserted in the Accounting Standard ( AS-11) for treatment of exchange difference on long term monetary liabilities, other than covered under the Hedge accounting . Accordingly during the quarter ended 31st March, 2013, Exchange gain capitalized is Rs. 4.87 Crore and Exchange gain recognized in Foreign Currency Monetary Item Translation Difference Account (FCMITDA) is Rs. 0.28 Crore and Exchange Loss of Rs. 0.21 Crore transferred to Profit & Loss Account from FCMITDA. Balance in FCMITDA as on 31st March, 2013 is Rs. 6.75 Crore.
3 Based on the advice on treatment of Amalgamation Reserve created in terms of the Scheme of Arrangement, sanctioned by the Hon'ble High Court, Bombay, the Company has adjusted depreciation of Rs.1.66 Crore and Rs. 6.72 Crore during current quarter and nine months ended 31st March, 2013 respectively against the Amalgamation Reserve.
4 The Company has invested Rs.48.43 Crore in its subsidiary ISMT Enterprises, Luxembourg, which in turn holds 100 % investment in Structo Hydraulics AB, Sweden (SHAB). The company has given a corporate guarantee of Rs 27.20 Crores (USD 5 Million) for loan availed by SHAB. The net recoverable on account of supplies by the company to SHAB is Rs. 27.98 Crore. While SHAB had cash profit in the previous year, it has incurred cash loss in the current year and the net worth of SHAB is eroded. The management is of the opinion that the investment made in ISMT Enterprises group is strategic and with a long term view as a forward integration in the value chain of core business of the Company as such no provision for the same is considered necessary.
5 Employee benefits expense include remuneration paid to Non Executive Director amounting to Rs.0.12 Crores and to Executive Directors amounting to Rs. 1.67 Crores, which is in excess of limit specified under Schedule XIII to The Companies Act, 1956, is subject to approval of Central Govt.
6 The Company had entered in to an Energy Banking Agreement ( EBA) dated 7th May, 2010 with Maharashtra Electricity Distribution Company Limited (MSEDCL) which was not implemented by MSEDCL while granting Open Access permission. Upon petition filed by the Company in this matter an interim order has been passed by Maharashtra Electricity Regulatory Commission, Mumbai (MERC), staying Open Access Circular No. 170 of MSEDCL and making the EBA operative .Consequent on the order of MERC and based on the legal opinion, the Company has accounted refund claim of Rs.29.94 Crore representing excess energy charges paid to MSEDCL on account of non availability of banking facility.
7 The Company had recognized insurance claim amounting to Rs. 14.98 Crore in the financial year 2011-12. After accounting for receipt of part claim and credit for rejected material, the balance amount of Rs. 2.45 Crore is yet to be received from the Insurance Company The Company expects that the said claim would be settled by the Insurance Company and there would be no material difference in the settlement of the claim.
8 The figures of the last quarter of year ended 31st March, 2013 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year.
9 The consolidated financial statements have been prepared in accordance with Accounting Standard (AS) 21.
10 The comparative figures are regrouped and reclassified to meet the current quarter's classification.
11 The above results were reviewed by the Audit committee and have been taken on record by the Board of Directors at their meeting held on 28th May, 2013.
   
   
  For ISMT Limited
   
  Place : Pune Rajiv Goel
  Date : 28th May, 2013 Chief Financial Officer
   
 
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