HR Stainless Steel Plates,Chequered Plates,CR Stainless Steel Coils,Cold Rolled Chequered Plates,Continuous Cast Slabs,Continuous Cast Blooms

(Rs. in Crore, except per share data)

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE SECOND QUARTER ENDED 30th SEPTEMBER’2002

PARTICULARS	2nd Quarter Ended 30th September		Half Year Ended 30th September		Year ended 31st March, 2002 (Audited)
	2002	2001	2002	2001
Gross Sales
- Domestic	327.11	286.56	630.23	550.96	1067.07
- Export	157.03	40.32	317.42	63.83	416.93
	484.14	326.88	947.65	614.79	1484.00
Less : Excise Duty	42.23	40.13	77.64	63.23	126.27
Net Sales	441.91	286.75	870.01	551.56	1357.73
Other Income	0.95	1.23	1.66	2.26	9.68
Total Income	442.86	287.98	871.67	553.82	1367.41
Total Expenditure
(a) (Increase) / Decrease in Stock-in-trade	5.75	(34.49)	39.77	32.31	31.16
(b) Consumption of Raw Material	255.51	205.81	488.63	289.05	809.41
(c) Stores & Spares	38.21	19.40	69.65	40.36	84.78
(d) Power & Fuel	33.74	24.51	64.80	44.35	99.35
(e) Staff Cost	7.48	5.20	13.62	11.27	21.91
(f) Other Expenditure	19.36	11.95	38.02	25.66	76.28
Operating Profit before Interest, Depreciation & Tax	82.81	55.60	157.18	110.82	244.52
Less : Interest	23.43	20.17	52.80	43.47	101.19
Cash Profit	59.38	35.43	104.38	67.35	143.33
Depreciation	22.69	21.33	48.77	42.11	93.99
Profit before Extraordinary items	36.69	14.10	55.61	25.24	49.34
Extraordinary items	4.97	-	4.97	-	-
Profit before tax	31.72	14.10	50.64	25.24	49.34
Provision for Current Taxes	1.19	0.95	2.48	1.80	2.98
Profit after current taxes	30.53	13.15	48.16	23.44	46.36
Provision for Deferred tax	8.07	3.68	15.09	7.36	14.70
Net Profit	22.46	9.47	33.07	16.08	31.66
Paid-up Share Capital
- Equity (Face value Rs.10/- each)	18.92	18.92	18.92	18.92	18.92
- Preference (Face value Rs.10/- each)	20.00	10.00	20.00	10.00	10.00
Reserves excluding revaluation reserve (As per the Balance Sheet of previous year)					446.41
Basic & diluted EPS for the period for year to date and for the previous year
- Basic EPS	11.63	4.80	17.10	8.05	15.99
- Diluted EPS EPS is for the quarter (not annualized Rs.)	8.09	3.41	12.36	5.82	12.53
Aggregate of Non-promoter Shareholding
Number of Shares Percentage of Shareholding	10780738 57%	12289242 64.97%	10780738 57%	12289242 64.97%	11170078 59.05%

The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors in their respective meetings held on 19th October 2002.
The company continues to operate in a challenging global environment. However, it is confident of achieving similar growth in the second half of the current financial year.
In September’02 the company has expanded its stainless steel melting capacity from 250,000 TPA to 400,000 TPA. The entire expenditure of Rs. 40 Cr. incurred on this expansion has been met from internal accruals.
The company intends to make a bid for SAIL’s Salem Steel Plant.
Entry Tax of Rs. 4.97 Cr. has been provided for the current quarter under extraordinary items. The total liability is of Rs. 9.94 Cr. and the balance will be provided for in the second half.
The operations of the Vizag Division were stopped temporarily and efforts are being made to resume production at the earliest.
The company has issued Foreign Currency Convertible Bonds. The diluted EPS is contingent upon its conversion at pre-determined price i.e. Rs.124/-.
The decrease in non-promoters shareholding is due to re-computation of promoter’s stake.
The figures of previous period/quarter have been regrouped wherever necessary to conform to this period/quarter’s classification.

Place: New Delhi
Date : 19th October, 2002

By order of the Board
for Jindal Stainless Limited

Sd/-
Ratan Jindal
Vice Chairman
& Managing Director


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