Interim Results
October 17 2003 - 12:45PM
UK Regulatory
E.I.D.- PARRY (INDIA) LIMITED
Registered Office: `Dare House' Parry's Corner, Chennai - 600 001.
Unaudited Financial Results (Provisional) for the Half Year ended
September 30, 2003
(Rs.in Crores)
Unaudited Audited
Quarter ended Half year ended Year
ended
Sept.30,Sept.30, Sept.30, Sept.30, March 31,
2003 2002 2003 2002 2003
_____________________________________________
1. Net Sales /Income 475.81 438.44 669.84 753.79 1344.52
from Operations-Gross
of Excise Duty
Less : Excise Duty 18.38 14.41 33.15 30.66 54.60
_____________________________________________
Net Sales / Income 457.43 424.03 636.69 723.13 1289.92
from Operations -
Net of Excise Duty
2. Other Income 7.04 13.84 8.35 14.73 31.84
_____________________________________________
Total Income 464.47 437.87 645.04 737.86 1321.76
_____________________________________________
3. Total Expenditure :
a) (Accretion)/ Decretion 21.10 51.02 (56.59) 23.23 (4.08)
to Stock
b) Consumption of Raw 118.70 112.27 238.35 271.22 480.18
Materials
c) Purchase of Goods for 201.46 163.65 249.56 222.87 426.76
resale
d) Staff cost 22.77 19.64 39.86 36.65 67.63
e) Other Expenditure 68.49 58.05 123.58 124.43 236.40
_____________________________________________
432.52 404.63 594.76 678.40 1206.89
_____________________________________________
4. Gross Profit 31.95 33.24 50.28 59.46 114.87
5. Interest (Net) 5.07 7.55 9.49 18.93 32.82
6. Depreciation 11.38 11.27 22.64 22.43 45.02
7. Profit before 15.50 14.42 18.15 18.10 37.03
Taxation (PBT)
8. Provision for Taxation
Current Tax 4.00 1.15 4.60 1.45 3.00
Deferred Tax (Net) 1.30 4.50 1.60 5.50 7.20
9. Net Profit after 10.20 8.77 11.95 11.15 26.83
Taxation (PAT)
10. Paid up Equity Share 17.84 17.84 17.84 17.84 17.84
Capital
(Face value - Rs.10 per Equity Share)
11. Reserves excluding 370.95
Revaluation Reserve
12. Earnings per Share 5.71 4.91 6.69 6.25 15.03
(EPS) - Basic and Diluted
(Not annualised) (Rs. per
Equity Share)
13. Aggregate of Non-Promoter
shareholding
No. of shares 10580103 10601631 10580103
% of shareholding 59.3 59.4 59.3
1. The Hon'ble High Courts of Judicature at Madras and Andhra Pradesh
have approved the Scheme of Arrangement of demerger of the business
of the Farm Inputs Division (FIND) to Coromandel Fertilisers Limited
and the merger of Parry & Company Limited and the Mofussil Warehouse
and Trading Company Limited (wholly owned subsidiaries of the Company)
with the Company effective 01-04-2003. The Scheme will take effect on
filing certified copies of the Hon'ble High Courts' Orders with the
respective Registrar of Companies. Accordingly the effect of the said
scheme has not been considered in the above results.
2. Pending announcement by GOI of final rates of concession on
Fertiliser, profit has been determined on the basis of estimates, as per
extant Accounting Policy.
3. The basic minimum price of sugarcane for the sugar year 2002 -03
notified by the Central Government on 9th January, 2003 is being legally
challenged by the South Indian Sugar Mills Association (of which the
company is a member), and the matter is sub-judice. Based on legal
advice, pending disposal of the case, no provision has been considered
in the above results.
4. The Super annuation benefit for a class of employees was modified
from Defined Benefit Scheme to Defined Contribution Scheme with effect
from July 01, 2003 for which necessary approvals have been obtained.
Consequently the liability amounting to Rs.731 lakhs has been fully
provided for in the above results.
5. The Statutory Auditors of the Company have carried out a Limited
Review of Unaudited Financial Results for the half year ended September
30, 2003
6. During the second quarter, five investor complaints were received
and were disposed off. There were no complaints pending both at the
beginning and end of the quarter.
7. The above statement of Unaudited Financial Results (Provisional)
for the half-year ended September 30, 2003 was approved by the Board of
Directors at their meeting held on October 17, 2003.
8. Figures for the previous year have been regrouped wherever
necessary.
On behalf of the Board
M.V, Subbiah
Executive Chairman
Chennai
October 17, 2003
E.I.D.PARRY ( INDIA ) LIMITED
Segment Reporting under Clause 41 of the Listing Agreement with
Stock Exchange for the Half-year ended 30th September, 2003
Rs. Crore
For the
Quarter ended Half year ended Year ended
Sept.30, Sept.30, Sept.30, Sept.30, March.31,
2003 2002 2003 2002 2003
1.Segment Revenue (Net
sales/Income from each
Segment Gross of Excise)
a. Farm Inputs 355.80 264.08 421.31 381.60 735.56
b. Sugar 82.48 143.93 172.38 307.83 476.75
c. Parryware 38.66 34.31 78.82 70.27 141.87
d. Bio-products 1.21 1.24 2.73 2.61 8.87
e. Others 5.64 10.76 5.75 10.90 22.46
Sub-Total 483.79 454.32 680.99 773.21 1385.51
Less : Intersegmental 0.94 2.04 2.80 4.69 9.15
Revenue
Net Sales /Income from 482.85 452.28 678.19 768.52 1376.36
Operations
2.Segment Results (Profit (+)/ Loss (-)
before Tax and Interest from each segment)
a. Farm Inputs 14.66 10.17 14.04 14.94 19.84
b. Sugar 7.31 1.98 12.93 12.23 21.83
c. Parryware 4.19 3.35 8.57 6.27 16.97
d. Bio-products (1.46) (1.28) (2.97) (2.37) (1.41)
Sub-Total 24.70 14.22 32.57 31.07 57.23
Less: (i) Interest (Net) (5.07) (7.55) (9.49) (18.93) (32.82)
(ii) Other (4.13) 7.75 (4.93) 5.96 12.62
un-allocable
expenditure net of
un-allocable income
Total Profit Before Tax 15.50 14.42 18.15 18.10 37.03
3. Capital Employed
(Segment Assets-Segment Liabilities)
a. Farm Inputs 281.01 284.46 281.01 284.46 235.06
b. Sugar 411.51 368.94 411.51 368.94 361.18
c. Parryware 80.02 78.34 80.02 78.34 79.86
d. Bio-products 34.91 38.24 34.91 38.24 36.25
e. Others (Including 99.64 131.45 99.64 131.45 105.00
Investments)
Total 907.09 901.43 907.09 901.43 817.35
