3rd Quarter Results

UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED 31ST DECEMBER, 2002 (Rs in Lakhs) Sr Particulars Quarter Quarter Nine Nine Previous No ended ended Months Months Year 31.12. 31.12. ended ended ended 2002 2001 31.12. 31.12. 31.03. 2002 2001 2002 1. Sales/ Income 39610 36167 120742 109391 160185 from Operations 2. Other Income 484 355 940 988 1399 3. Total Expenditure (a) (667) (1933) (324) (445) 350 (Increase)/Decrea se - Stock in trade (b) Consumption 25492 23873 75995 68102 98048 of Raw materials (c) Staff Cost 3949 4376 12212 12763 17642 (d) Excise Duty 3304 2854 10223 8702 13008 (e) Other 4527 4045 14382 13238 19625 Expenditure 4. Interest 1697 1897 5098 5538 7440 5. Depreciation 1174 1191 3307 3355 4426 6. Profit/ (Loss) 618 219 789 (874) 1045 before Tax & Exceptional & Extraordinary Items 7. Exceptional & Extraordinary Items (a) Profit on - - - 3104 3095 sale of land (b) Advances - - - (1727) (3452) written off (c) Profit on - - 2090 - - sale of investment (d) Profit on - - - - - sale of undertaking 8. Profit/(Loss) 618 219 2879 503 688 after Exceptional & Extraordinary Items 9. Provision for Taxation (a) Current Tax - - - - 25 (b) Deferred 274 - 143 106 250 Tax Charge 10. Net Profit 344 219 2736 397 413 /(Loss) After Tax 11. Paid-up Equity 5237 5237 5237 5237 5237 Share Capital (Rs 10/- each) 12. Reserves ( - - - - 34698 excluding revaluation reserve) 13. Basic & Diluted 0.66 0.42 5.22 0.76 0.79 EPS (Rs.) 14. Aggregate of non promoter shareholding * Number of 24907296 28990758 24907296 28990758 28857296 shares * Percentage of 47.56 55.36 47.56 55.36 55.11 shareholding 1/3 SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE PERIOD ENDED 31ST DECEMBER, 2002 (Rs. in lakhs) Sr Particulars Quarter Quarter Nine Nine Previous No ended ended Months Months Year 31.12. 31.12. ended ended ended 2002 2001 31.12. 31.12. 31.03. 2002 2001 2002 1. Segment Revenue: (a) Power Systems 16010 12777 47927 39255 59688 (b) Consumer 12174 11273 38388 35387 49329 Products (c) Industrial 10685 9113 27966 26219 35876 Systems (d) Digital Group 1137 3323 7686 9700 16910 Total 40006 36486 121967 110561 161803 Less: Intersegment 396 319 1225 1170 1618 revenue Sales/Income from 39610 36167 120742 109391 160185 operations 2. Segment Results [Profit/(Loss) before tax and interest from each segment] (a) Power 1979 1897 4224 2943 5329 Systems (b) Consumer 905 947 3052 3085 4175 Products (c) Industrial 514 463 1269 1095 1988 Systems (d) Digital (196) 114 240 214 899 Group Total 3202 3421 8785 7337 12391 Less: (i) Interest 1697 1897 5098 5538 7440 (ii) Other un- 887 1305 808 1296 4263 allocable expenditure net of un- allocable income Total Profit before 618 219 2879 503 688 Tax 3. Capital Employed (Segment Assets - Segment Liabilities) (Based on Estimates in terms of available data) (a) Power Systems 29074 27519 29074 27519 25767 (b) Consumer 10613 11096 10613 11096 12228 Products (c) Industrial 14815 17037 14815 17037 15920 Systems (d) Digital Group 4932 5556 4932 5556 5043 (e) Others 23830 28679 23830 28679 24959 Total 83264 89887 83264 89887 83917 2/3 Notes: 1. The above unaudited financial results for the quarter and 9 months ended 31st December, 2002 were approved at the Meeting of the Board of Directors held on 30th January, 2003. 2. Loans and Advances include Rs 10.76 crores, being option deposits paid for purchase of office premises at Gurgaon in the State of Haryana and land at Kharghar, Maharashtra. Pending allotment of the said properties and registration of the same in the Company's name, adjustment for diminution in the value, if any, has not been made in these accounts. 3. In respect of certain long term investments aggregating to Rs 16.73 crores, though the market value has declined by Rs 10.95 crores in the opinion of the Directors, no provision for the diminution in the value is required since the investments are of strategic importance to the Company. 4. With respect to Auditors' qualifications on contingent liabilities regarding income-tax, excise and sales tax demands aggregating to Rs 17.97 crores ( net of tax) for the year ended 31.3.2002, the Company is of the opinion that the said demands would be dismissed favourably. Hence, no provision needs to be made. 5. During the quarter, the Company has transferred its Zero Coupon Debentures of Solaris Chemtech Limited amounting to Rs 8.00 crores to its wholly owned subsidiary CG Capital & Investments Limited at par. 6. During the quarter, consequent to the buy back of 95,00,000, 7% non convertible, non cumulative, redeemable preference shares by its wholly owned subsidiary CG Capital & Investments Limited at par, the company's investment in these preference shares stands reduced to this extent. 7. Provision for deferred tax charge has been made, for the nine months at the current tax rates in force. No provision for current tax expense has been made since there is no taxable income even under provisions under Section 115JB of the Income Tax Act 1961. 8. The Company follows the practice of consistently reviewing and providing for doubtful debts/advances, if any, as an appropriation of profits only at the year end. Accordingly, no additional provision has been made in the above quarterly accounts for such doubtful debts/advances. 9. Figures of the earlier periods, wherever necessary, have been regrouped and rearranged to conform with those of the current quarter. 10. Regarding segmentwise results, business segments have been identified as reportable Primary Segments in accordance with AS-17, issued by the ICAI, taking into account the organisation and internal reporting structure as well as evaluation of risks and returns from these segments. 11. The business segments comprise of the following : · Power Systems : Transformers, Switchgear, Turnkey Projects · Consumer Products : Fans, Luminaires, Light Sources and Pumps · Industrial Systems : Electric Motors and Alternators · Digital : Networking and Telecommunication 12. Segment Revenue, Results and Capital Employed figures include the respective amounts identifiable to each of these segments. Other un- allocable expenditure includes expenses incurred on common regional services to the segments which are not directly identifiable to the individual segments as well as expenses incurred at a Corporate level which relate to the Company as a whole. Other un-allocable income refers to the profit on sale of investments. The "Other" Capital Employed comprises of Assets and Liabilities, which cannot be allocated to the individual segments. For Crompton Greaves Limited Place : Mumbai S.M. TREHAN Date : 30th January, 2003 Managing Director 3/3 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/01/31/20030130BIT00860/wkr0001.doc Tables http://www.waymaker.net/bitonline/2003/01/31/20030130BIT00860/wkr0002.doc Notes