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Financial Results : 31st Mar. 2003

(Rs. In Crore, except per share data)
UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE FOURTH QUARTER ENDED 31st MARCH'2003
PARTICULARS 4th Quarter
ended
31st March 		Year ended
31st March, 2003 		Year ended
31st March, 2002
  2003 2002 (Provisional) (Audited)
Gross Sales        
- Domestic 367.04 221.56 1281.69 1013.20
- Export 197.92 230.76 739.00 470.80
Total Sales 564.96 452.32 2020.69 1484.00
Less : Excise Duty 50.41 29.80 172.69 126.27
Net Sales 514.55 422.52 1848.00 1357.73
Other Income 0.84 7.28 5.19 9.68
Total Income 515.39 429.80 1853.19 1367.41
Total Expenditure        
(a) (Increase)/Decrease in Stock-in-trade (61.15) (18.34) (41.81) 31.16
(b) Consumption of Raw Material 335.19 309.10 1109.02 809.41
(c) Stores & Spares 35.12 19.43 142.51 84.78
(d) Power & Fuel 46.78 26.09 147.60 99.35
(e) Staff Cost 9.44 4.96 31.30 21.91
(f) Other Expenditure 52.69 26.36 120.53 70.17
Operating Profit before Interest, Depreciation & Tax 97.32 62.20 344.04 250.63
Less : Interest 16.05 26.15 83.82 107.30
Cash Profit 81.27 36.05 260.22 143.33
Depreciation 20.98 24.73 93.57 93.99
Profit before Extraordinary items 60.29 11.32 166.65 49.34
Extraordinary items 2.49 - 9.94 -
Profit Before Tax 57.80 11.32 156.71 49.34
Provision for Current Taxes 5.48 0.90 10.92 2.98
Profit after Current Tax 52.32 10.42 145.79 46.36
Provision for Deferred Tax 15.30 3.67 44.45 14.70
Net Profit 37.02 6.75 101.34 31.66
Paid-up Share Capital        
- Equity (Face value Rs.10/- each) 18.92 18.92 18.92 18.92
- Preference (Face value Rs.10/- each) 20.00 10.00 20.00 10.00
Reserves excluding revaluation reserve (As per the balance sheet of the previous accounting year)       446.41
Basic and diluted EPS for the period for year to date and for the previous year        
- Basic EPS 19.26 3.43 52.60 15.99
- Diluted EPS
* EPS is for the quarter (not annualized Rs.) 		12.97 3.14 36.42 12.53
  1. The above results have been taken on record by the Board of Directors in its meeting held on 16th April, 2003.
  2. The Board of Directors is pleased to announce interim dividend of 60% on Equity Shares of Rs.10/- each for the year ended 31st March'2003.
  3. The entire liability of Rs.9.94 crore on account of entry tax has been provided in the financial year ended on 31st March'2003.
  4. The High Court has convened a meeting of the shareholders and creditors on 25th April, 2003 to approve the proposed Scheme of Restructuring vide which the entire stainless steel operations of the company will be transferred to Jindal Stainless Ltd. and the investments would remain in the Residual Jindal Stainless Ltd.
  5. Diluted EPS is contingent upon conversion of Foreign Currency Convertible Bonds. However, the Bondholders of the FCCBs have already approved the restructuring scheme consequent to which the company is prepaying FCCBs to the extent of USD 15.0 million.
  6. The company has made a bid for acquisition of the Salem Steel Plant from SAIL. The final decision on the same is awaited.
  7. The figures of previous period/quarter have been regrouped wherever necessary to conform to this period/ quarter's classification.
Place: New Delhi
Date : 16th April, 2003

By order of the Board
for Jindal Stainless Limited

Sd/-
Ratan Jindal
Vice Chairman
& Managing Director

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Financial  Shareholding Pattern         Financial  Restructuring Scheme
Financial  Fixed Deposit Form            Financial  Other Financial Informations


hrap stainless steel plates, hr coils manufacturers, hr coils suppliers
"If last year was a year of restructuring of company's assets, it was the year of consolidation. Despite a sluggish market condition for stainless steel globally, Jindal Stainless has managed to build upon the objectives set out at the beginning of this year."


To be amongst the top 10
  stainless steel producers in
  the world

To gain international
  recognition for cost
  leadership, Product
  innovation and Customer
  Satisfaction

To be admired as a socially
  responsible Corporate and a
  sustained value creator for
  all its stakeholders

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