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QUARTERLY RESULTS
SESA GOA LIMITED
Regd. Office: Sesa Ghor, 20 EDC Complex, Patto, Panjim, Goa-403001
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2008
Click here to view the pdf version of the results
(Rs in Crores)
Particulars
CONSOLIDATED
STAND ALONE
Unaudited
Audited
Unaudited
Unaudited
Audited
Quarter Ended
Year Ended
9 Months Ended
Quarter Ended
Year Ended
31 March
31 March
31 December
31 March
31 March
2008
2007
2008
2007
2007
2008
2007
2008
2007
1.
 Sales / Income from Operations
1727.55
853.28
3901.86
2296.91
1957.68
1644.48
775.15
3602.16
2023.83
aa
 Less: Excise Duty
22.30
18.74
79.04
60.08
0.00
0.00
0.00
0.00
0.00
aa
aa
1705.25
834.54
3822.82
2236.83
1957.68
1644.48
775.15
3602.16
2023.83
aa
 Less: Ocean Freight
0.17
15.08
0.17
18.90
0.00
0.00
15.04
0.00
18.71
aa
aa
1705.08
819.46
3822.65
2217.93
1957.68
1644.48
760.11
3602.16
2005.12
2.
 Other Income
27.26
12.70
74.41
45.10
44.76
25.49
12.27
70.25
44.32
3.
 Total Expenditure  
a)
 (Increase) / decrease in stock in trade
4.51
50.73
(38.38)
12.60
(33.52)
4.14
47.74
(29.38)
5.84
b)
 Consumption of raw materials
67.04
65.31
277.96
247.17
152.10
48.40
46.33
200.50
177.30
c)
 Staff cost
17.13
15.31
68.46
63.71
42.22
13.76
12.66
55.98
52.47
d)
 Consumption of stores
35.76
37.78
135.36
135.97
90.73
32.61
33.98
123.34
121.60
e)
 Contractors for inland transportation & other services  
 
 - Inland transportation
157.58
102.82
413.68
358.73
247.86
154.71
99.18
402.57
347.09
 
 - Other services
64.08
41.75
189.38
129.04
116.15
61.18
38.31
177.33
117.09
f)
 Purchase of ore
63.71
56.41
237.04
206.00
173.33
63.71
56.41
237.04
206.00
g)
 Export duty
48.59
33.49
159.13
33.49
110.54
48.59
33.49
159.13
33.49
h)
 Other expenditure
40.04
29.03
109.61
96.07
64.14
38.11
27.06
102.25
84.97
4.
 Less: Costs / Expenses recovered
(11.28)
(9.11)
(30.11)
(25.05)
(21.63)
(14.27)
(10.02)
(35.90)
(27.87)
5.
 Interest
0.01
0.01
0.03
0.34
0.01
0.02
0.00
0.03
0.33
6.
 Cash Profit (before depreciation & tax) (1+2-3-4-5)
1245.17
408.63
2374.90
1004.96
1060.51
1219.01
387.24
2279.52
931.13
7.
 Depreciation
15.84
11.77
49.96
39.25
29.08
13.50
9.10
42.58
31.28
8.
 Profit / (Loss) before tax (6-7)
1229.33
396.86
2324.94
965.71
1031.43
1205.51
378.14
2236.94
899.85
9.
 Provision for tax  
 
 - Current tax
415.70
129.40
773.80
308.50
335.70
407.20
123.20
742.90
287.70
 
 - Fringe Benefit tax
0.23
0.22
0.71
0.60
0.43
0.21
0.21
0.64
0.54
 
 - Deferred tax
(0.20)
2.50
1.50
5.60
1.60
(0.20)
2.40
1.40
5.20
10.
 Profit / (Loss) after tax (8-9)
813.60
264.74
1548.93
651.01
693.70
798.30
252.33
1492.00
606.41
11.
Minority Interest
2.02
1.40
7.35
4.89
#DBE--
BE--
BE--
BE--
BE--
12.
 Net Profit for the group
811.58
263.34
1541.58
646.12
-
-
-
-
-
13.
 Paid up equity capital (Face value Rs.10)
39.36
39.36
39.36
39.36
39.36
39.36
39.36
39.36
39.36
14.
 Reserves excluding revaluation reserves
-
-
2904.09
1569.74
-
-
-
2751.77
1467.00
15.
 Earnings per share (Rs.) - Basic & Diluted
206.19*
66.90*
391.65
164.15
176.24*
202.82*
64.10*
379.06
154.06
*Not annualised
 *Not annualised
16.
 Aggregate of non-promoter shareholding     
aa
 - Number of shares
19215745
19287196
19215745
19287196
19215745
19215745
19287196
19215745
19287196
aa
 - Percentage of shareholding
48.82
49.00
48.82
49.00
48.82
48.82
49.00
48.82
49.00
Segment Information
(Rs in Crores)
Particulars
CONSOLIDATED
STAND ALONE
Unaudited
Audited
Unaudited
Unaudited
Audited
Quarter Ended
Year Ended
9 Months Ended
Quarter Ended
Year Ended
31 March
31 March
31 December
31 March
31 March
2008
2007
2008
2007
2007
2008
2007
2008
2007
Segment Revenues  
Iron Ore
1542.55
701.26
3290.34
1796.39
1747.79
1537.28
701.26
3285.07
1796.39
Metallurgical Coke
109.86
60.06
321.83
211.84
211.97
109.77
60.06
321.74
211.83
Pig Iron
149.21
113.81
504.33
387.68
-
-
-
-
-
Total
1801.62
875.13
4116.50
2395.90
1959.76
1647.05
761.32
3606.81
2008.22
Less: Inter-segment revenues  
Iron Ore
30.95
13.43
81.54
41.62
-
-
-
-
-
Metallurgical Coke
62.88
40.70
207.00
132.30
-
-
-
-
-
Pig Iron
0.15
0.29
0.67
0.87
-
-
-
-
-
Total
93.96
54.42
289.21
174.79
-
-
-
-
-
Net Revenue from Operations
1707.66
820.71
3827.29
2221.11
1959.76
1647.05
761.32
3606.81
2008.22
Add: Interest, Dividend and Other Unallocable Income
24.68
11.45
69.77
41.92
42.68
22.92
11.06
65.60
41.22
Enterprise Revenue
1732.34
832.16
3897.06
2263.03
2002.44
1669.97
772.38
3672.41
2049.44
Segment Results-Profit/(Loss) Before Tax, Interest, Dividend & Other Non-Recurring /Unallocable Income		  
Iron Ore
1133.53
370.18
2078.87
871.06
946.92
1137.61
369.77
2084.53
869.47
Metallurgical Coke
47.13
(2.57)
86.84
(9.11)
41.85
44.99
(2.69)
86.84
(10.51)
Pig Iron
24.01
17.81
89.49
62.18
-
-
-
-
-
Total
1204.67
385.42
2255.20
924.13
988.77
1182.60
367.08
2171.37
858.96
Less: Interest Expenses
0.02
0.01
0.03
0.34
0.01
0.02
0.00
0.03
0.33
Add: Interest Income
0.13
0.18
0.21
4.27
0.08
0.01
0.18
0.09
4.27
Add: Dividend Income
24.31
11.27
69.23
37.35
42.50
22.68
10.88
65.18
36.65
Add: Other Non-Recurring / Unallocable Income
0.24
0.00
0.33
0.30
0.09
0.24
0.00
0.33
0.30
Profit Before Tax
1229.33
396.86
2324.94
965.71
1031.43
1205.51
378.14
2236.94
899.85
Capital Employed 		 
Iron Ore
732.75
535.97
732.75
535.97
693.13
739.38
538.66
739.38
538.66
Metallurgical Coke
244.59
259.22
244.59
259.22
269.53
273.27
273.38
273.27
273.38
Pig Iron
178.05
172.54
178.05
172.54
-
-
-
-
-
Unallocated
1881.08
725.54
1881.08
725.54
1291.10
1831.98
746.42
1831.98
746.42
Total
3036.47
1693.27
3036.47
1693.27
2253.76
2844.63
1558.46
2844.63
1558.46
 NOTES:
1.
The Company has filed a petition before the High Court of Bombay, Goa for merger of its subsidiary Company, Sesa Industries Limited (SIL) with the Company with effect from 1.4.2005 subsequent to the shareholders' consent obtained at the meeting convened on 8 May 2006 under the direction of court. Pending receipt of requisite approvals, the above results have been compiled on a stand alone basis, without considering merger of SIL. The interim and final dividend for the years ended 31 March 2006, 31 March 2007 and 31 March 2008 would also be payable to the recipients of the Company shares on approval of the merger of SIL with the Company out of the appropriable profits of the merged Company for the relevant years. The position of reserves as stated above is before considering the appropriations for dividend on such shares.
2.
Figures for the previous periods have been regrouped / rearranged as necessary to conform to the current period's classification.
3.
The above results were reviewed by the Audit Committee and approved at the meeting of the Board of Directors held on 28 April 2008.
4.
The Board of Directors have recommended a final dividend of Rs. 30 per equity share for the year 2007-08 on the exisiting share capital, in addition to the interim dividend of Rs. 15 per equity share already paid. The said dividends would also be payable to the recipients of the Company shares on approval of the merger of SIL with the Company.
5.
The Board of Directors at their meeting held on 28 April 2008 have also recommended an issue of bonus shares in the ratio of 1:1 and sub division of each equity share of Rs. 10 each into ten shares of Re. 1 each.
6.
There were no pending investor complaints at the beginning of the quarter. During the quarter ended 31 March 2008, a total number of 153 investor complaints were received and disposed off. There were no pending investor complaints at the end of the quarter.
Place: Mumbai
PK Mukherjee
Date: 28 April 2008
Managing Director
Results of the Previous Quarter: Quarter Ended 31 December 2007
Business Performance