Audited Financial Results for the year ended 31st March 2008

Audited Financial Results for the year ended 31st March 2008

Pricol LimitedRegd. Office: 702 /
7  Avanashi Road,
Coimbator – 641 037.
Audited Financial Results for the Quarter and Year Ended 31st March 2008
(Rs. in Million)
Particulars For theThree Months Ended For theYear Ended Consolidatedfor the Year ended
31.03.2008 31.03.2007 31.03.2008 31.03.2007 31.03.2008 31.03.2007
(a)  Income from Sales & Services 1627.982 1525.859 6064.625 5833.831 6323.741 6029.229
(b)  Other Income 14.317 10.617 69.407 30.362 72.304 24.280
(c) Total Income (a+b) 1642.299 1536.476 6134.032 5864.193 6396.045 6053.509
d) Expenditure
(1) (Increase) / Decrease in Stock in Trade    (100.040) 53.824    (238.739)            6.852      (240.764) 6.852
    (2) (Increase) / Decrease  in Work in Progress 15.177 0.226    (121.442)       (21.298)      (131.204)       (20.819)
(3) Consumption of  Raw  Materials & Components 1119.781 895.413 4024.668 3469.809 4151.376 3580.473
(4) Employees’  Cost 198.017 216.941 896.636 870.259 944.403 890.173
(5)Depreciation 82.081 72.343 327.190 295.924 349.707 307.351
(6) Other Expenditure 251.291 154.921 869.820 663.624 937.631 703.801
(7) Cost of In-house manufactured  Machines & Tools Capitalised (52.633)       (37.960)    (129.430)    (109.585)      (129.430)     (109.585)
Total Expenditure 1513.674 1355.708 5628.703 5175.585 5881.719 5358.246
(e)  Interest 84.495 62.116 287.003 180.481 314.827 188.095
(f) Profit from Ordinary Activities before Tax [ c – d – e ] 44.130 118.652 218.326 508.127 199.499 507.168
Provision for:
     Current Taxation 0.355 36.000 50.000 160.000 50.275 160.745
     Fringe Benefit      Tax 3.250 2.362 7.500 6.000 7.616 6.094
     Deferred Tax        (12.000)               (2.000)         (30.000)             (20.000)            (35.849)                  (20.000)
(h)  Net Profit after Tax from Ordinary Activities before Minority Interest [ f – g ] 52.525 82.290 190.826 362.127 177.457 360.329
(i)  Minority Interest Profit / (Loss)   –    –    –  –  –
(j) Share in Profit / (Loss) of Associates   –    –  –   – 5.614 0.885
(k)  Net Profit [ h + i + j ] 52.525 82.290 190.826 362.127 183.071 361.214
(l)  Paid-up-Equity Share Capital (Face Value of Re. 1/- each) 90.000 90.000 90.000 90.000 90.000 90.000
(m) Reserves excluding revaluation reserve  1778.544            1650.895 1749.472 1629.578
(n) Basic and diluted Earnings Per Share  (Rs.) (not annualised) [k/l] 0.58 0.91 2.12 4.02 2.03 4.01
(o)  Public share holding  : Number of Shares 57,756,535 57,762,129 57,756,535 57,762,129 57,756,535 57,762,129
 Percentage of share holding 64.17 64.18 64.17 64.18 64.17 64.18
Notes:
1. Previous Period’s figures have been regrouped wherever necessary to conform to the current period’s classification.
2. The Company’s Operations mainly relate to One Segment, Automotive Components .
3. An illegal strike by a section of workers at Coimbatore Plants during previous quarters has ended. However, it has affected the planned business growth, sales and profits for the year ended
31st March, 2008
.
4. The revised Accounting Standard 15 (AS 15) on employee benefits has come into effect from the current year and  the same has been complied with.
5.  Pursuant to the Notification issued by the Ministry of Corporate Affairs dated
7th December, 2006
relating to AS 11, Foreign Exchange Fluctuation Gain of Rs.12.870 Mn with respect to Fixed Assets has been recognised in the Profit and Loss Account.
6.  Investors’ Complaints : Pending as at the beginning  of the quarter – 2,  Received  during the quarter- 7, Disposed off   during the quarter – 9, Pending at the end of the quarter – Nil.
7.  During the year Ananya Innovations Limited has become an associate and Pricol Technologies Limited ceased to be an associate.        
8.  The consolidated Net Profit is lower due to loss of 100% subsidiary PT Pricol Surya,
Indonesia
being the first year of commercial operation. After  Dividend @ Re. 0.60 per equity share of Re. 1/- each, recommended by the Board at its meeting on  29th May, 2008, will involve an outflow of Rs. 63.177 million including tax on dividend.
Coimbatore29-May-2008
By Order of the Board
VIJAY MOHAN
Chairman & Managing Director