Titan: Audited financial results for the year ended March 31, 2004

Audited financial results for the year ended March 31, 2004

(Rs. in crores)
Particulars	Nine months ended 31-12-2003	Quarter ended 31-3-2004	Quarter ended 31-3-2003	Year ended 31-3-2004	Year ended 31-3-2003	Consolidated Year ended 31-3-2004	Consolidated Year ended 31-3-2003
Particulars	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)	(Audited)	(Audited)
Net sales / Income from operations	671.02	287.50	258.74	958.52	797.90	963.78	807.50
Other income	1.43	0.66	9.06	2.09	10.40	37.17	15.00

Total income	672.45	288.16	267.80	960.61	808.30	1,000.95	822.50
Expenditure
Decrease / (increase) in stock in trade	(69.15)	34.48	36.85	(34.67)	(5.04)	(34.74)	(2.76)
Consumption of raw materials	457.81	135.66	132.59	593.47	473.23	593.76	475.07
Excise duty	46.17	17.47	14.67	63.64	61.96	63.64	61.96
Staff cost	62.01	22.97	13.32	84.98	71.57	85.18	72.24
VRS cost	7.20	2.40	1.74	9.60	5.18	9.60	5.18
Advertising	48.47	11.35	12.62	59.82	47.44	61.06	48.80
Other expenditure	67.17	14.52	17.29	81.69	63.69	88.19	63.17

Total expenditure	619.68	238.85	229.08	858.53	718.03	866.69	723.66
Interest	30.30	7.32	8.59	37.62	41.35	42.19	46.43
Depreciation	16.60	4.87	4.32	21.47	21.14	23.17	21.27
Amortisation	2.97	0.99	0.17	3.96	8.00	6.40	10.50
Profit / (Loss) before exceptional item	2.90	36.13	25.64	39.03	19.78	62.50	20.64
Exceptional items
Provision for diminution in value of investments	-	10.00	10.00	10.00	10.00	-	-
Provision for doubtful loans and advances	-	15.00	-	15.00	-	-	-
Add: Share of profits less losses of associates (net of amortisation of goodwill on consolidation)	-	-	-	-	-	0.20	(5.14)

Profit / (Loss) before taxes	2.90	11.13	15.64	14.03	9.78	62.70	15.50
Income taxes - Current tax	5.79	3.17	4.23	8.96	4.87	10.23	5.35
- Deferred tax	(4.58)	(1.86)	(0.09)	(6.44)	(2.99)	(6.44)	(3.00)
Profit / (Loss) after taxes for the year	1.69	9.82	11.50	11.51	7.90	58.91	13.15
Less: Income tax of earlier years	-	0.33	1.69	0.33	1.69	0.33	1.69
Net Profit	1.69	9.49	9.81	11.18	6.21	58.58	11.46
Paid-up equity share capital (face value: Rs.10 per share)	42.28	42.28	42.28	42.28	42.28	42.28	42.28
Paid-up preference share capital	40.00	40.00	40.00	40.00	40.00	40.00	40.00
Reserves excluding revaluation reserves	-	-	-	82.85	80.19	83.55	37.78
Basic and diluted earnings per equity share (Rupees)	(0.28)	2.04	2.09	1.76	0.60	12.97	1.84
Aggregate of Non-Promoter shareholding
- Number of shares	19,921,591	19,921,521	19,078,141	19,921,521	19,078,141	19,921,521	19,078,141
- Percentage of shareholding	47.1%	47.1%	45.1%	47.1%	45.1%	47.1%	45.1%
Segment Results
Net sales / Income from segments
Watches & Clocks	350.34	184.15	146.73	534.49	453.89	574.69	466.81
Jewellery	321.72	103.96	112.38	425.68	345.13	425.83	346.42

Total	672.06	288.11	259.11	960.17	799.02	1,000.52	813.23
Profit / (Loss) from segments before interest and taxes
and after share of profits less losses of associates
Watches & Clocks	15.19	40.36	17.76	55.55	37.88	84.87	38.89
Jewellery	17.53	3.04	7.46	20.57	13.72	20.66	13.61

Total	32.72	43.40	25.22	76.12	51.60	105.53	52.50
Less : Interest attributable to segments	27.91	6.63	8.26	34.54	40.13	39.11	45.20
Operating profit / (loss) from segments	4.81	36.77	16.96	41.58	11.47	66.42	7.30
Less : Exceptional items
Provision for diminution in value of investments	-	10.00	10.00	10.00	10.00	-	-
Provision for doubtful loans and advances	-	15.00	-	15.00	-	-	-
Profit / (loss) from segments before taxes	4.81	11.77	6.96	16.58	1.47	66.42	7.30
Unallocable income net of unallocable expenditure	(1.91)	(0.64)	8.68	(2.55)	8.31	(3.72)	8.20
Profit / (loss) before taxes	2.90	11.13	15.64	14.03	9.78	62.70	15.50
Capital Employed in segments Watches & Clocks	463.37	449.89	491.74	449.89	491.74	448.94	447.29
Jewellery	94.92	112.11	124.33	112.11	124.33	112.11	124.87
Others (Corporate)	46.94	44.98	55.04	44.98	55.04	46.63	57.07

Total	605.23	606.98	671.11	606.98	671.11	607.68	629.23

Notes:

The Company has made a further provision of Rs.10 crores towards diminution in the value of its investment in, and Rs. 15 crores in respect of loans and advances

Other income under the Consolidated Results comprises of a one-time surplus from the sale of assets outside India to an Associate Company

The cost of the Company's voluntary retirement scheme (VRS), implemented in August 2002, is being amortised over a period of sixty months.
The Directors have recommended a dividend of Re.1.00 per share (10%), which is the same as in the previous year.

The figures of earlier periods have been regrouped / recast, where necessary.

There were no investor complaints pending at the begining of the quarter. 29 queries/complaints were received during the quarter, 5 were disposed off and 24 queries/complaints, pertaining to non receipt of dividend warrants, were lying unresolved at the end of the quarter. All 24 of these queries have been resolved within 30 days of the end of the quarter by issuing fresh / duplicate dividend warrants after completion of the reconciliation of paid warrants.

The above statement of Financial results for the year ended 31 March 2004 of the Company, and the Consolidated Financial results of the Company prepared as per the Accounting Standards AS-21, AS-23 & AS-27 with its subsidiaries / associates / joint venture were approved by the Board of Directors at their meeting held on 11 June 2004

Bangalore
Dated: 11th June,2004

For & on behalf of the Board of Directors
Bhaskar Bhat
Managing Director

Titan Industries Limited