Audited Financial Results for the Quarter and Year Ended 31st March 2013

Audited Financial Results for the Quarter and Year Ended 31st March 2013

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2013
  (` in lakhs)
Particulars Standalone Financials Consolidated Financials
For the Three Months Ended Year Ended Year Ended
31-Mar-2013 31-Dec-2012 31-Mar-2012 31-Mar-2013 31-Mar-2012 31-Mar-2013 31-Mar-2012
  Audited Unaudited Audited Audited Audited Audited Audited
1. Income from Operations    
 
       
   (a)  Net Sales / Income from operations (Net of excise duty)    
21070.47
19848.43
24200.54
82825.96
93147.93
100891.60
105016.56
   (b) Other Operating Income
1315.38
1098.88
1024.62
4563.47
3346.08
4558.28
3232.71
   Total Income from Operations (net)  [ a + b ]
22385.85
20947.31
25225.16
87389.43
96494.01
105449.88
108249.27
2. Expenses  

 

 

    (a) Cost of Materials Consumed
13917.61
12816.70
16027.62
54478.52
62261.76
66974.96
70365.66
    (b) (Increase) / Decrease  in inventories of finished goods
496.17
48.73
444.44
541.79
       

(311.97)
532.710
           

(480.18)
    (c) (Increase) / Decrease  in inventories of Work in Progress            

(23.30)
199.62
339.58
194.61
550.23
            

(35.71)
225.04
    (d) Purchases of stock-in-trade
1235.05
1078.86
959.90
4351.82
3127.54
4351.82
3127.54
    (e) Employee Benefits Expense
3158.74
3224.61
3071.91
12787.35
12589.40
15180.28
14375.67
    (f) Depreciation and amortisation expense
837.50
832.97
723.41
3195.01
2919.11
3983.44
3256.76
    (g) Exchange Fluctuation (Gain) / Loss
2.61
14.22
130.15
380.17
346.86
369.27
144.60
    (h) Other Expenses
1821.18
2135.82
2402.12
8611.52
10556.95
10838.57
11598.74
     Total Expenses
21445.56
20351.53
24099.13
84540.79
92039.88
102195.34
102613.83
3. Profit / (Loss) from Operations before Other Income, finance costs and
      Exceptional Items [ 1 – 2 ]
940.29
595.78
1126.03
2848.64
4454.13
3254.54
5635.44
4. Other Income
     (a) Profit / (Loss) on Sale of Assets
8.34
56.46
6.96
51.15
21.65
58.45
               

(8.06)
     (b) Others
18.21
18.53
99.39
100.45
193.00
415.29
210.47
5. Profit / (Loss) from ordinary activities before finance costs and
    exceptional items [ 3 + 4 ]
966.84
670.77
1232.38
3000.24
4668.78
3728.28
5837.85
6. Finance Costs
380.78
372.57
734.67
1633.07
2979.21
1996.22
3309.03
7. Profit / (Loss) from ordinary activities after finance costs but before
    exceptional items [ 5 – 6 ]
586.06
298.20
497.71
1367.17
1689.57
1732.06
2528.82
8. Exceptional Items – Income – Net                    

–  
                  

–  
4942.03
                 

–  
4942.03
                   

–  
4942.03
9. Profit / (Loss) from Ordinary Activities before Tax [ 7 + 8 ]
586.06
298.20
5439.74
1367.17
6631.60
1732.06
7470.85
10.Tax Expense  – Net          

(296.87)
30.00
1095.00
        

(206.87)
990.00
            

(34.09)
1173.48
11. Net Profit / (Loss) from Ordinary Activities After Tax [ 9 – 10 ]
882.93
268.20
4344.74
1574.04
5641.60
1766.15
6297.37
12. Extraordinary Item  – (Net of Tax Expense)                    

–  
                  

–  
                  

–  
                 

–  
                 

–  
                   

–  
                    

–  
13. Net Profit / (Loss) for the period [ 11- 12 ]
882.93
268.20
4344.74
1574.04
5641.60
1766.15
6297.37
14. Share of Profit / (Loss) of associates                    

–  
                  

–  
                  

–  
                 

–  
                 

–  
                   

–  
                    

–  
15. Minority Interest                    

–  
                  

–  
                  

–  
                 

–  
                 

–  
                   

–  
                    

–  
16. Net Profit / (Loss) after taxes, minority interest and share of 
882.93
268.20
4344.74
1574.04
5641.60
1766.15
6297.37
         Profit / (Loss) of associates [ 13 + 14 + 15]
17.  Paid-up-Equity Share Capital (Face Value of ` 1/- each)
900.00
900.00
900.00
900.00
900.00
900.00
900.00
18. Reserves excluding Revaluation Reserves as per balance sheet
      of previous accounting year 
24552.75
23399.89
27119.21
25799.97
19.  Earnings per share (of ` 1/- each) (not annualised) :
        (a) Basic [16 / 17]
0.98
0.30
4.83
1.75
6.27
1.96
7.00
        (b) Diluted
0.93
0.28
4.76
1.67
6.18
1.87
6.89
 
SELECT INFORMATION FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2013
A. PARTICULARS OF SHAREHOLDING
(1)  Public share holding  : Number of Shares 
5,34,96,054
5,79,06,054
5,79,06,054
5,34,96,054
5,79,06,054
5,34,96,054
5,79,06,054
                                              

Percentage of share holding
59.44
64.34
64.34
59.44
64.34
59.44
64.34
(2)  Promoters and Promoter group share holding
    a) Pledged / Encumbered
        – Number of Shares                    

–  
                  

–  
                  

–  
                 

–  
                 

–  
                   

–  
                    

–  
        – Percentage of shares (as a % of the total shareholding of promoter 
           and promoter group)                    

–  
                  

–  
                  

–  
                 

–  
                 

–  
                   

–  
                    

–  
        – Percentage of shares (as a% of the total share capital of the company)                    

–  
                  

–  
                  

–  
                 

–  
                 

–  
                   

–  
                    

–  
     b) Non-encumbered
        – Number of Shares
3,65,03,946
3,20,93,946
3,20,93,946
3,65,03,946
3,20,93,946
3,65,03,946
3,20,93,946
        – Percentage of shares (as a% of the total shareholding of promoter 
           and promoter group)
100.00
100.00
100.00
100.00
100.00
100.00
100.00
       – Percentage of shares (as a % of the total share capital of the company)
40.56
35.66
35.66
40.56
35.66
40.56
35.66
B. INVESTOR COMPLAINTS
     Pending at the beginning of the quarter
Nil
     Received during the quarter
Nil
     Disposed off during the quarter
Nil
     Remaining unresolved at the end of the quarter
Nil
STATEMENT OF ASSETS AND LIABILITIES AS PER CLAUSE 41 (v) (h) OF THE LISTING AGREEMENT
(` in lakhs)
 
Standalone
Consolidated
 
31-03-2013
31-03-2012
31-03-2013
31-03-2012
A. EQUITY AND LIABILITIES
     1. Shareholders’ funds
         (a) Share Capital
900.00
900.00
900.00
900.00
         (b) Reserves and Surplus
24552.75
23399.89
27119.21
25799.97
         (c) Money received against share warrants
202.50
202.50
202.50
202.50
                                                                           Sub-total-Shareholders’ funds
25655.25
24502.39
28221.71
26902.47
     2. Non-current liabilities
         (a) Long-term borrowings                    

–  
5,959.62
366.13
6576.20
         (b) Deferred tax liabilities (net)
400.00
510.00
366.91
491.74
         (c) Long-term provisions
392.43
326.23
537.77
334.86
                                                                           Sub-total-Non-current liabilities
792.43
6795.85
1270.81
7402.80
     3. Current liabilities
         (a) Short-term borrowings
5026.19
2060.75
6194.86
3089.51
         (b) Trade payables
16288.16
19022.57
19169.57
21216.83
         (c) Other current liabilities
8394.92
12908.99
10712.07
14642.77
         (d) Short-term provisions
751.38
2386.44
911.80
2476.92
                                                                           Sub-total-Current liabilities
30460.65
36378.75
36988.30
41426.03
                                                                TOTAL – EQUITY AND LIABILITIES
56908.33
67676.99
66480.82
75731.30
B. ASSETS
     1. Non-current assets
         (a) Fixed Assets
18335.07
19131.61
25068.13
26065.29
         (b) Non-current investments
3880.50
3024.07
72.00
72.00
         (c) Deferred tax assets (net)                    

–  
                  

–  
                  

–  
                 

–  
         (d) Long-term loans and advances
551.51
330.36
621.89
361.09
         (e) Other non-current assets
5786.93
5493.46
6117.43
5831.89
                                                                           Sub-total-Non-current assets
28554.01
27979.50
31879.45
32330.27
     2. Current Assets
         (a) Current Investments                    

–  
                  

–  
161.75
164.58
         (b) Inventories
10624.56
13379.30
12987.26
15532.15
         (c) Trade Receivables
16396.44
18008.75
18065.17
18083.06
         (d) Cash and cash equivalents
220.92
6846.69
1143.48
7675.54
         (e) Short-term loans and advances
1020.04
1320.58
2150.39
1803.49
         (f) Other current assets
92.36
142.17
93.32
142.21
                                                                           Sub-total-Current assets
28354.32
39697.49
34601.37
43401.03
                                                                           TOTAL – ASSETS
56908.33
67676.99
66480.82
75731.30
Notes :
1. Previous Period’s figures have been regrouped wherever necessary to conform to the current period’s classification.
2. The Company’s Operations relate to one primary segment, Automotive Components.
3. The above results have been reviewed by the Audit Committee  and taken on record by the Board at its meeting held on 29th May, 2013.
4. Exchange Fluctuation for the year ended  31st March, 2013 represents Gain of ` 35.01 lakhs consequent to re-statement of
    foreign currency loans and export receivables as per Accounting Standard 11 and Loss  ` 415.18 lakhs consequent to actual settlements.
5. Net Sales of  ` 82825.96 lakhs for the year ended 31st March 2013 does not include sales relating to business transferred to Joint    Venture, Johnson Controls Pricol Private Limited at Pune, effective March 2012. The sales growth for the year ended 31st March 2013  is    1.32% over comparable figure of the corresponding period in the previous year.
6. On 22nd April 2013, the company sold its Denso Technology Instrument Cluster Business to  its subsidiary Pricol Components Limited  (presently Denso Pricol India Limited) on a going concern basis. The financial impact has been considered in first quarter of Financial year 2013-14.
7. The figures for the quarter ended 31st March 2013 and 31st March 2012 are the balancing figures between audited figures  in respect of the full financial year and the year to date figures upto the third quarter.
8. The Board of Directors has recommended a dividend @ 40 % ( ` 0.40 per ` 1.00 Share)
  By order of the Board
Coimbatore
29th May, 2013
VIKRAM MOHAN
Managing Director