tata.com: Voltas :Unaudited financial results (provisional)) for the three months & nine months ended 31st Dec, 2003

Unaudited financial results (provisional)) for the three months & nine months ended 31st December, 2003

(Rs. in Lakhs)
Particulars	Three Months Ended	Three Months Ended	Nine Months Ended	Nine Months Ended	Year ended 31.03.2003
Particulars	31.12.2003	31.12.2002	31.12.2003	31.12.2002	( Audited)
1. Net Sales/ Income from Operations	25384	26405	92254	85192	123041
2. Other Income	327	277	1251	1384	1642
3. Total Expenditure
a. ( Increase)/Decrease in stock in trade	(1540)	512	(1612)	(260)	168
b. Consumption of raw materials	18826	17854	66944	60616	86399
c. Staff Cost	2769	3088	9398	9111	12573
d. Excise Duty	886	1281	3492	4470	6495
e. Other expenditure	4097	3134	12198	9852	14939

Total	25038	25869	90420	83789	120574
4. Interest (Net)	8	139	116	322	255
5. Depreciation	328	354	987	1096	1448
6. Profit before tax and Extraordinary Income/(Expenses)	337	320	1982	1369	2406
7. Extraordinary Items ( Net )	48	195	362	695	499
8. Profit before Taxation	385	515	2344	2064	2905
9. Provision for Taxation - Current	37	51	212	216	347

10. Debit / (Credit) for Deferred Taxation	(175)	179	160	534	-
11. Net Profit/(Loss) after tax	523	285	1972	1314	2558
12. Paid-up equity share capital (Face value Rs 10/-)	3305	3305	3305	3305	3305
13. Reserves excluding revaluation reserves					12811
14. Basic and Diluted Earning per share(Rs) (*not annualised)	*1.6	*0.9	*6.0	*4.0	7.73
15. Aggregate of non - promoter shareholding
- Number of shares	23910852	24589455	23910852	24589455	24589455
- Percentage of shareholding	72.26%	74.32%	72.26%	74.32%	74.31%

Notes:

Net Extraordinary Income / (Expenses) for the quarter ended 31st December, 2003 comprise amortization of Rs. 65 Lakhs and charge of Rs.1959 Lakhs towards VRS expenses (quarter ended 31st December, 2002 amortization Rs.26 Lakhs), profit on sale of property/compensation on surrender of tenancy rights - Rs.2082 Lakhs (quarter ended 31st December 2002 : Rs.224 Lakhs), provision for diminution in value of investments - Rs. 8 Lakhs (quarter ended 31st December, 2002 : Nil), profit on sale of investments : Nil (quarter ended 31st December, 2002 : Rs.69 Lakhs) , provision for advances : Rs 2 Lakhs ( quarter ended 31st December, 2002 :Rs 72 Lakhs ).
In accordance with the Accounting Standard AS 26 on Intangible Assets which became effective from 1st April 2003, the Company has fully charged off during the quarter, Rs. 1959 Lakhs in respect of VRS accepted during the quarter as against amortising the same over 36 months as in previous years. Consequently, the profit before tax for the quarter and nine months ended 31st December, 2003 is lower by Rs. 1847 Lakhs.
Staff Cost for the quarter ended 31st December, 2003 is net of provision of Rs.429 Lakhs made earlier, no longer required.
Other Expenditure includes a provision by way of abundant caution of Rs. 782 Lakhs in respect of encashment of a bank guarantee on premature termination of a contract for which the Company has disputed the claim.
The Statutory Auditors of the Company have conducted a Limited Review of the Profit and Loss Account for the quarter ended 31st December,2003.
The above results have been taken on record by the Board of Directors at its Meeting held on 30th January, 2004.
There were no investor complaints pending as on 1st October, 2003 or 31st December 2003. The Company had received 1 investor complaint during the current quarter which was attended to.

Segment report for the three months & nine months ended per 31st Dec, 2003

(Rs. In lakh)
Particulars	Three months Ended	Three months Ended	Nine months Ended	Nine months Ended	Year Ended 31st Mar 2003
Particulars	31st Dec 2003	31st Dec 2002	31st Dec 2003	31st Dec 2002	(Audited)
1. Segment Revenue
a ) Segment - A ( Electro - Mechanical Projects and Services)	14618	14506	51265	43094	64712
b ) Segment - B ( Engineering Agency and Services )	2176	1585	5969	4415	6488
c ) Segment - C ( Unitary Cooling Products for Comfort and Commercial use )	6196	7763	28605	29959	41820
d ) Others	2399	2568	6447	7802	10193
Less : inter segment revenue	5	17	32	78	172
Net Sales / Income from Operations	25384	26405	92254	85192	123041
2. Segment Results
a ) Segment - A ( Electro - Mechanical
Projects and Services) (See Note 1 below)	(30)	614	1392	2167	3137
b ) Segment - B ( Engineering Agency and Services )	681	667	1744	1391	2159
c ) Segment - C ( Unitary Cooling Products for Comfort and Commercial use )	(364)	98	72	468	(125)
d ) Others	335	325	743	782	773
Total	622	1704	3951	4808	5944
Less : i. Interest	8	139	116	322	255
ii. Other unallocable expenditure	277	1245	1853	3117	3283
net off unallocable income
Profit before Extraordinary Items	337	320	1982	1369	2406
Extraordinary Income	48	195	362	695	499
Profit before Tax	385	515	2344	2064	2905
3. Capital Employed
a ) Segment - A ( Electro - Mechanical Projects and Services)	4918	3628	4918	3628	5151
b ) Segment - B ( Engineering Agencyand Services )	1481	1231	1481	1231	1387
c ) Segment - C ( Unitary Cooling Products for Comfort and Commercial use )	7878	6678	7878	6678	4800
d ) Others	3826	3241	3826	3241	3482
Total	18103	14778	18103	14778	14820

Note:

Result of Segment - A (Electro-Mechanical Projects and Services) is after making provision by way of abundant caution of Rs. 782 Lakhs in respect of encashment of bank guarantee on premature termination of a contract for which the Company has disputed the claim.

Figures have been re-classified wherever necessary

Mumbai
Dated: 30th Jan, 2004

A. Soni
Managing Director

Voltas Limited