2000-2001 Financial Results

AUDITED FINANCIAL RESULTS
FOR THE YEAR ENDED 31ST MARCH 2001

(Rs. In Lakhs )

ACCT. YEAR ENDED ACCT. YEAR ENDED SR .NO PARTICULARS 31.03.2001 31.03.2000         1 Net Sales / Income from operation 134577.91 92956.15 2 Other Income 315.07 168.48 3 Total Expenditure 111787.55 80146.41   a) (Increase) / decrease in stock in Trade 2413.41 (2,838.61)   b) Consumption of Raw Materials 81433.75 60949.87   c) Staff Cost 651.18 380.08   d) Other Expenditure 27289.21 21655.07          i) Excise Duty 18517.71 12223.43          ii) Other Work & Admn Expenses 8771.50 9431.64 4 Interest 19434.14 19767.28 5 Depreciation 7691.24 8029.12 6 Profit (+) / Loss (-) before Tax (1+2-3-4-5) (4019.95) (14818.18) 7 Provision for Taxation 0.00 0.00 8 Net Profit (+) / Loss (-) (6-7) (4019.95) (14818.18) 9 Paid up Equity Share Capital (face value of Rs. 10 per share 135191.00 105474.59 10 Reserve excluding revaluation reserves of previous accounting year     11 Basic & diluted EPS for the period, for the year to date & for the previous year     12 Aggregate of Non promotor shareholding     -No. of shares 440507081 696767860 -Percentage of shareholdings 34.13 48.98 Notes : (1) (a) In respect of Corex-1, Basic Oxygen Furnace & Continuous Casting Plants (BOF-CCP), in view of the extended trial run period, borrowing costs and other pre-operative expenses incurred during current year are treated as Deferred Revenue Expenditure to be written off in 5 years on commencement of commercial production.      (b) Pellet Plant,Continuous Casting Plant -II and Corex II have commenced trial run production in November 2000, March 2001 and April 2001 respectively. (2) Previous period figures have been recast wherever necessary. (3) The above financial results have been taken on record by the Board of Directors at its meeting held on May 18, 2001. Place  :    Mumbai SESHAGIRI RAO MVS Date   :    May 18, 2001 Director (Finance)