Audited financial results for the quarter and year ended 31st March 2014

Audited financial results for the quarter and year ended 31st March 2014

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2014
  (` in lakhs)
Particulars Standalone Financials Consolidated Financials
For the Three Months Ended Year Ended Year Ended
31-Mar-2014 31-Dec-2013 31-Mar-2013 31-Mar-2014 31-Mar-2013 31-Mar-2014 31-Mar-2013
  Audited Unaudited Audited Audited Audited Audited Audited
1. Income from Operations    
 
       
   (a)  Net Sales / Income from operations (Net of excise duty)    
21378.76
21066.68
21070.47
83024.30
82825.96
103605.05
100891.60
   (b) Other Operating Income
1150.63
2713.23
1315.38
6090.53
4563.47
6087.51
4558.28
   Total Income from Operations (net)  [ a + b ]
22529.39
23779.91
22385.85
89114.83
87389.43
109692.56
105449.88
2. Expenses
    (a) Cost of Materials Consumed
14070.94
14295.01
13917.61
55083.31
54478.52
69800.84
66974.96
    (b) (Increase) / Decrease  in inventories of finished goods
247.06
63.15
496.17
424.48
541.79
478.56
532.71
    (c) (Increase) / Decrease  in inventories of Work in Progress
15.17
104.10
(23.30)
164.70
194.61
327.38
(35.71)
    (d) Purchases of stock-in-trade
1066.66
1289.73
1235.05
4411.92
4351.82
4411.92
4351.82
    (e) Employee Benefits Expense
3315.20
3463.90
3158.74
13165.05
12787.35
16068.13
15180.28
    (f) Depreciation and amortisation expense
521.21
860.01
837.50
3066.46
3195.01
4239.50
3983.44
    (g) Exchange Fluctuation (Gain) / Loss
65.68
(25.48)
2.61
185.59
380.17
813.69
369.27
    (h) Other Expenses
2428.34
2185.65
1821.18
9098.50
8611.52
12577.90
10838.57
     Total Expenses
21730.26
22236.07
21445.56
85600.01
84540.79
108717.92
102195.34
3. Profit / (Loss) from Operations before Other Income, finance costs and
      Exceptional Items [ 1 – 2 ]
799.13
1543.84
940.29
3514.82
2848.64
974.64
3254.54
4. Other Income
     (a) Profit / (Loss) on Sale of Assets
14.76
61.67
8.34
123.57
51.15
130.83
58.45
     (b) Others
117.15
48.34
18.21
238.68
100.45
314.94
415.29
5. Profit / (Loss) from ordinary activities before finance costs and
    exceptional items [ 3 + 4 ]
931.04
1653.85
966.84
3877.07
3000.24
1420.41
3728.28
6. Finance Costs
144.12
200.85
380.78
651.96
1633.07
1017.95
1996.22
7. Profit / (Loss) from ordinary activities after finance costs but before
    exceptional items [ 5 – 6 ]
786.92
1453.00
586.06
3225.11
1367.17
402.46
1732.06
8. Exceptional Items – Income – Net
–  
–  
5163.34
5163.34
9. Profit / (Loss) from Ordinary Activities before Tax [ 7 + 8 ]
786.92
1453.00
586.06
8388.45
1367.17
5565.80
1732.06
10.Tax Expense  – Net
54.94
260.00
( 296.87)
1688.52
( 206.87)
1837.77
( 34.09)
11. Net Profit / (Loss) from Ordinary Activities After Tax [ 9 – 10 ]
731.98
1193.00
882.93
6699.93
1574.04
3728.03
1766.15
12. Extraordinary Item  – (Net of Tax Expense)
–  
–  
–  
–  
–  
–  
–  
13. Net Profit / (Loss) for the period [ 11- 12 ]
731.98
1193.00
882.93
6699.93
1574.04
3728.03
1766.15
14. Share of Profit / (Loss) of associates
–  
–  
–  
–  
–  
–  
–  
15. Minority Interest
–  
–  
–  
–  
–  
–  
–  
16. Net Profit / (Loss) after taxes, minority interest and share of 
731.98
1193.00
882.93
6699.93
1574.04
3728.03
1766.15
         Profit / (Loss) of associates [ 13 + 14 + 15]
17.  Paid-up-Equity Share Capital (Face Value of ` 1/- each)
945.00
945.00
900.00
945.00
900.00
945.00
900.00
18. Reserves excluding Revaluation Reserves as per balance sheet
      of previous accounting year 
31133.20
24552.75
33305.00
27119.21
19.  Earnings per share (of ` 1/- each) (not annualised) :
        (a) Basic [16 / 17]
0.77
1.26
0.98
7.16
1.75
3.98
1.96
        (b) Diluted
0.77
1.26
0.93
7.16
1.67
3.98
1.87
 
SELECT INFORMATION FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2013
A. PARTICULARS OF SHAREHOLDING
(1)  Public share holding  : Number of Shares 
5,79,96,054
5,79,96,054
5,34,96,054
5,79,96,054
5,34,96,054
5,79,96,054
5,34,96,054
Percentage of share holding
61.37
61.37
59.44
61.37
59.44
61.37
59.44
(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
3,65,03,946
3,65,03,946
3,65,03,946
3,65,03,946
3,65,03,946
3,65,03,946
        – 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)
38.63
38.63
40.56
38.63
40.56
38.63
40.56
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
 
31-03-2014
31-03-2013
31-03-2014
31-03-2013
A. EQUITY AND LIABILITIES
     1. Shareholders’ funds
         (a) Share Capital
945.00
900.00
945.00
900.00
         (b) Reserves and Surplus
31133.20
24552.75
33305.00
27119.21
         (c) Money received against share warrants
202.50
202.50
                                                                           Sub-total-Shareholders’ funds
32078.20
25655.25
34250.00
28221.71
     2. Non-current liabilities
         (a) Long-term borrowings
–  
1171.47
366.13
         (b) Deferred tax liabilities (net)
810.00
400.00
922.57
366.91
         (c) Long-term provisions
605.64
392.43
828.92
537.77
                                                                           Sub-total-Non-current liabilities
1415.64
792.43
2922.96
1270.81
     3. Current liabilities
         (a) Short-term borrowings
4394.17
5026.19
5440.24
6194.86
         (b) Trade payables
16542.88
16288.16
22839.83
19169.57
         (c) Other current liabilities
3238.01
8569.69
5058.88
10886.84
         (d) Short-term provisions
606.74
576.61
706.24
737.03
                                                                           Sub-total-Current liabilities
24781.80
30460.65
34045.19
36988.30
                                                                TOTAL – EQUITY AND LIABILITIES
58275.64
56908.33
71218.15
66480.82
B. ASSETS
     1. Non-current assets
         (a) Fixed Assets
18097.99
18335.07
27989.25
25068.13
         (b) Non-current investments
6038.53
3880.50
72.00
72.00
         (c) Deferred tax assets (net)
–  
–  
–  
–  
         (d) Long-term loans and advances
350.47
551.51
422.41
621.89
         (e) Other non-current assets
6247.16
5786.93
6597.73
6117.43
                                                                           Sub-total-Non-current assets
30734.15
28554.01
35081.39
31879.45
     2. Current Assets
         (a) Current Investments
–  
–  
165.91
161.75
         (b) Inventories
9659.58
10624.56
12630.54
12987.26
         (c) Trade Receivables
15897.46
16396.44
18497.68
18065.17
         (d) Cash and cash equivalents
377.97
220.92
1724.15
1143.48
         (e) Short-term loans and advances
1464.23
1020.04
2934.79
2150.39
         (f) Other current assets
142.25
92.36
183.69
93.32
                                                                           Sub-total-Current assets
27541.49
28354.32
36136.76
34601.37
                                                                           TOTAL – ASSETS
58275.64
56908.33
71218.15
66480.82
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, 2014.
4. Exchange Fluctuation for the year ended 31st March, 2014 represents notional Loss of ` 194.31 lakhs consequent to re-statement of foreign currency loans and export receivables as per Accounting Standard 11 and Gain ` 8.72 lakhs consequent to actual settlements..
5.Net Sales of Rs. 83024.30 lakhs for the year ended 31st March 2014 does not include sales relating to business transferred to
Denso Pricol India Limited (a Joint Venture), effective April 2013. The sales performance for the year ended 31st March 2014 is 7.53%
over comparable figure of the corresponding period in the previous year.
6.Other Operating Income includes income from Sale of Land held as Stock-in-Trade amounting to ` 1351.83 lakhs
which has resulted in a profit of ` 1142.06 lakhs.
7. The Board of Directors at their meeting on 24th January 2014 approved a Scheme for Amalgamation of Xenos Automotive Limited with the Company,
which will be given effect to after the General Body and Regulatory approvals. The appointed date for the amalgamation is 1st January 2014.
8. The figures for the quarter ended 31st March 2014 and 31st March 2013 are the balancing figures between audited figures
in respect of the full financial year and the year to date figures upto the third quarter.
9.The Board of Directors has recommended a final dividend @ 40% (` 0.40 per ` 1.00 share) in addition to interim dividend of 40%
(` 0.40 per ` 1.00 share) paid during the year from the profit on sale of business. The final dividend is subject to approval of shareholders
in the Annual General Meeting.
  By order of the Board
Coimbatore
29th May, 2014
VIKRAM MOHAN
Managing Director