Interim Results

UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2003 (Rs. in lakhs) Sr Particulars Quarter Quarter Half Half Previou No ended ended year year s year 30.09.2 30.09.2 ended ended ended 003 002 30.09.2 30.09.2 31.03.2 003 002 003 Sales/Income from 44258 40596 84554 81132 172639 1. Operations 2. Other Income 535 246 942 456 1346 3. Total Expenditure (a (Increase)/Decrea 538 1570 (1312) 343 153 ) se - Stock in trade (b Consumption of 27752 24056 55273 50503 108286 ) raw materials (c Staff Cost 3736 4136 7860 8263 16192 ) (d Excise Duty 3395 2832 6524 6485 13937 ) (e Other Expenditure 4859 5587 9726 10289 21349 ) 4. Interest 1045 1557 2379 3401 6443 5. Depreciation 1033 993 2172 2133 4525 6. Profit/(Loss) before 2435 111 2874 171 3100 Tax & Exceptional & Extraordinary Items 7. Exceptional & - 2090 - 2090 620 Extraordinary Items 8. Profit/(Loss) after 2435 2201 2874 2261 3720 Exceptional & Extraordinary Items 9. Provision for Taxation (a Current Tax 165 - 165 - 25 ) (b Deferred Tax - (131) 166 (131) 878 ) Charge 10 Net Profit/(Loss) 2270 2332 2543 2392 2817 . After Tax 11 Paid-up Equity Share 5237 5237 5237 5237 5237 . Capital (Rs.10/- each) 12 Reserves (excluding - - - - 37225 . revaluation reserves) 13 Basic & Diluted EPS 4.33 4.45 4.86 4.57 5.38 . (Rs.) 14 Aggregate of non- . promoter shareholding * Number of shares 2490729 2490729 2490729 2490729 2490729 6 6 6 6 6 * Percentage of 47.56 47.56 47.56 47.56 47.56 shareholding 1/4 SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE PERIOD ENDED 30TH SEPTEMBER, 2003 (Rs. in lakhs) Sr Particulars Quarte Quarte Half Half Previo No r r year year us ended ended ended ended year 30.09. 30.09. 30.09. 30.09. ended 2003 2002 2003 2002 31.03. 2003 1. Segment Revenue (a Power Systems 18918 17335 31759 31917 69072 ) (b Consumer 13367 11400 30637 26214 53392 ) Products (c Industrial 10896 8942 20229 17281 39243 ) Systems (d Digital Group 1462 3250 2821 6549 12624 ) Total 44643 40927 85446 81961 174331 Less: Inter segment 385 331 892 829 1692 revenue Sales/Income from 44258 40596 84554 81132 172639 operations 2. Segment Results [Profit/(Loss) before tax and interest from each segment] (a Power Systems 1717 1001 2434 2245 6304 ) (b Consumer 1407 919 2856 2147 4295 ) Products (c Industrial 959 490 1444 755 2337 ) Systems (d Digital Group (244) 299 (260) 436 365 ) Total 3839 2709 6474 5583 13301 Less: (i Interest 1045 1557 2379 3401 6443 ) (i Other un- 359 (1049) 1221 (79) 3138 i) allocable expenditure net of un-allocable income Total Profit Before 2435 2201 2874 2261 3720 Tax 3. Capital Employed (Segment Assets - Segment Liabilities) (Based on estimates in terms of available data) (a Power Systems 30435 29225 30435 29225 27919 ) (b Consumer 6019 11276 6019 11276 10569 ) Products (c Industrial 10269 14989 10269 14989 13421 ) Systems (d Digital Group 4823 4307 4823 4307 3683 ) (e Others 24886 26475 24886 26475 26420 ) Total 76432 86272 76432 86272 82012 2/4NOTES : 1. The above un-audited financial results for the quarter and half- year ended 30th September, 2003 were approved at the meeting of the Board of Directors held on 28th October, 2003 after being approved and recommended by the Audit Committee and subjected to limited review by the Statutory Auditors of the Company. 2. With respect to Auditors' qualifications on non-provision regarding income-tax, excise and sales tax demands aggregating to Rs.12.29 crores (net of tax) for the year ended 31.03.2003, the Company is of the opinion that the said demands would be dismissed in favour of the Company and hence, no provision is considered necessary. 3. The Company has provided for Current Tax u/s. 115JB (MAT) of the Income Tax Act, 1961, at the annual effective income tax rate. Wealth Tax and Deferred Tax Liability / Asset, if any, will be provided for at the year-end. 4. 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. 5. Figures for the previous period wherever applicable, have been regrouped and re-arranged to conform with those of the current period. 6. Regarding segment-wise 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. 7. 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 : Telecommunications. 8. Segment Revenue and Results include the respective amounts identifiable to each of the business 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 the Corporate level which relate to the Company as a whole. 9. Segment Assets and Liabilities include all operating assets used by the business segments. Common Assets and Liabilities which cannot be allocated to any of the segments are shown as part of 'Others'. 10. With respect to fluctuations in the market value of investments, the Company will review the same at the year-end and necessary adjustments, if any, will be accounted for then. (Appreciation as on 30th September, 2003 has not been reckoned). 11. The Company received and satisfactorily resolved two investor complaints during the quarter; there are no complaints lying unresolved as at 30th September, 2003. 3/4 12. In accordance with AS 26 - 'Intangible Assets' issued by the Institute of Chartered Accountants of India, which has become mandatory w.e.f. 01.04.2003, expenditure on certain intangible items which were treated as deferred revenue expenditure have now been charged off. Further, the carrying amount of such expenditure upto 31st July, 2003 amounting to Rs.152,05,62,049 as detailed below, has been adjusted against the Securities Premium Account in accordance with the Resolution passed at the Annual General Meeting held on 22nd July, 2003 and as per the Order of the Hon'ble High Court of Judicature at Mumbai dated 15th September, 2003 : (a) Miscellaneous Expenditure to the extent not written off or adjusted being Rs.64,32,98,169. (b) Deferred Tax Asset being Rs.79,46,00,000. (c) Debit Balance in the Profit and Loss Account being Rs.8,26,63,880. 13. The Management had decided to suspend the operations w.e.f. 22nd April, 2003, in respect of the following Divisions : (a) Capacitor - Pune; (b) Industrial Electronics - Satpur, Nasik; and (c) Digital-Informatics - Bangalore. However, in the opinion of the Management, there will not be any material impact on the future operations of the Company and the fair value of fixed assets. 14. The Company has declared an interim dividend for the financial year 2003-04 of Rs.3.00 (Rupees Three) per share on 5,23,66,656 equity shares of Rs 10/- each. Notice is hereby given pursuant to Section 154 of the Companies Act 1956, that the Record Date for payment of the interim dividend will be Friday, 21st November, 2003. For Crompton Greaves Limited Place : Mumbai. SM Trehan Date : 28th October, 2003. Managing Director 4/4 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/10/29/20031029BIT00530/wkr0001.doc http://www.waymaker.net/bitonline/2003/10/29/20031029BIT00530/wkr0002.pdf