Interim Results

UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2002 (Rs. in lakhs) Half yea Half yea Previous Quarter Quarter r ended r ended year en Sr ended 30 ended 30 30.09.20 30.09.20 ded 31.0 No Particulars .09.2002 .09.2001 02 01 3.2002 Sales/Income from 1. Operations 40596 35341 81132 73224 160185 2. Other Income 2336 2085 2546 2145 1042 3. Total Expenditure (Increase)/Decrea (a se - Stock in tra ) de 1570 2222 343 1488 350 (b Consumption of ra ) w materials 24056 20019 50503 44229 98048 (c ) Staff Cost 4136 4180 8263 8423 17642 (d ) Excise Duty 3266 2765 6919 5848 13008 (e ) Other Expenditure 5153 4650 9855 9292 19625 4. Interest 1557 1743 3401 3641 7440 5. Depreciation 993 995 2133 2164 4426 Profit/(Loss) before 6. Tax 2201 852 2261 284 688 Provision for 7. Taxation (a ) Current Tax - - - - 25 (b Deferred Tax Char ) ge (131) 106 (131) 106 250 Net Profit/(Loss) 8. After Tax 2332 746 2392 178 413 Paid-up Equity Share Capital (Rs.10/- 9. each) 5237 5237 5237 5237 5237 Reserves (excluding 10. revaluation reserves) - - - - 34698 Basic & Diluted EPS 11. (Rs.) 4.45 1.42 4.57 0.34 0.79 Aggregate of non 12. promoter shareholding Number of shares 24907296 30315718 24907296 30315718 28857296 Percentage of shareholding 47.56 57.89 47.56 57.89 55.11 1/3 SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE PERIOD ENDED 30TH SEPTEMBER, 2002 (Rs. in lakhs) Half yea Previous Quarter r ended year e Sr ended 30 30.09.20 nded 31. No Particulars .09.2002 02 03.2002 1. Segment Revenue (a) Power Systems 17335 31917 59688 (b) Consumer Products 11400 26214 49329 (c) Industrial Systems 8942 17281 35876 (d) Digital Group 3250 6549 16910 Total 40927 81961 161803 Less: Inter segment revenue 331 829 1618 Sales/Income from operations 40596 81132 160185 Segment Results [Profit/(Loss) before tax and interest from each 2. segment] (a) Power Systems 1001 2245 5329 (b) Consumer Products 919 2147 4175 (c) Industrial Systems 490 755 1988 (d) Digital Group 299 436 899 Total 2709 5583 12391 Less: (i) Interest 1557 3401 7440 (ii Other un-allocable expenditure n ) et of un-allocable income (1049) (79) 4263 Total Profit Before Tax 2201 2261 688 Capital Employed (Segment Assets Segment Liabilities) (Based on estimates in terms of available 3. data) (a) Power Systems 29225 29225 25767 (b) Consumer Products 11276 11276 12228 (c) Industrial Systems 14989 14989 15920 (d) Digital Group 4307 4307 5043 (e) Others 22296 22296 24959 Total 82093 82093 83917 2/3 Notes: 1. The above unaudited financial results for the quarter and half- year ended 30th September, 2002, were approved at the Meeting of the Board of Directors held on 22nd October, 2002. 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 Khargar, 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.11.15 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. The Company has divested its shareholding comprising 7,60,000 fully paid up equity shares of Rs.10/- each in CG Newage Electrical Limited and has accounted for the profit of Rs. 20.90 crores including Rs.4.90 crores as business compensation as "Other Income" in the accounts for the half-year ended 30th September, 2002. 5. Loans and Advances includes refundable deposit of Rs.8.00 crores paid to Indian City Properties Ltd (ICPL) in respect of premises occupied upto 31.7.2001 by the Company for the earlier Registered Office. ICPL has settled refundable deposit by way of assigning zero coupon debentures for an equal amount. Based on the expert legal opinion, the Company continues to classify the said amount as deposit under Loans and Advances instead of Investment. 6. With respect to Auditors? qualifications for non provision 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 in favour of the Company. Hence, in the opinion of the management, no provision needs to be made. 7. Provision for deferred tax asset has been made, for the six months at the current tax rates in force. No provisions 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 half-yearly accounts. 9. Figures of the earlier periods, wherever necessary, have been regrouped and rearranged to conform with those of the current quarter. Exceptional items have been regrouped with "Other Income". 10. Regarding segmentwise results, business segments have been identified as reportable Primary Segments in accordance with AS-17, issued by 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 the following : Power Systems : Transformers, Switchgear and 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 the 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 investment. The "Other" Capital Employed comprises of Assets and Libilities which cannot be allocated to the individual segments. 13. Comparative figures in respect of segment details for 30th September, 2001, has not been furnished since the same was not mandatory. For Crompton Greaves Limited Place : Mumbai S. M. TREHAN Date : 22nd October, 2002 Managing Director ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/10/22/20021022BIT00590/wkr0001.doc http://www.waymaker.net/bitonline/2002/10/22/20021022BIT00590/wkr0002.pdf