| |
| QUARTERLY
RESULTS |
|
|
SESA
GOA LIMITED
Regd. Office: Sesa Ghor, 20 EDC Complex, Patto,
Panjim, Goa-403001 |
|
|
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS
ENDED 31 DECEMBER 2009 |
| Click
here to view the pdf version
of the results
Click
here to view previous quarter results |
| (Rs in lakhs)
|
|
Particulars |
CONSOLIDATED |
|
STANDALONE
|
| Unaudited |
Audited |
Unaudited |
Audited |
| Quarter
Ended |
Nine
Months Ended |
Year
Ended |
Quarter
Ended |
Nine
Months Ended |
Year
Ended |
| 31
December |
31
December |
31
March |
31
December |
31
December |
31
March |
| 2009 |
2008 |
2009 |
2008 |
2009 |
2009 |
2008 |
2009 |
2008 |
2009 |
| 1a. |
Sales
/ Income from Operations |
205489 |
149321 |
384636 |
371925 |
530259 |
153007 |
146445 |
314986 |
357425 |
505827 |
| |
Less:
Excise Duty |
1111 |
1137 |
3138 |
6137 |
7318 |
- |
- |
- |
- |
- |
| |
|
204378 |
148184 |
381498 |
365788 |
522941 |
153007 |
146445 |
314986 |
357425 |
505827 |
| |
Less:
Ocean Freight |
17699 |
11154 |
41547 |
16099 |
30371 |
15127 |
11153 |
38154 |
16069 |
30339 |
| |
|
186679 |
137030 |
339951 |
349689 |
492570 |
137880 |
135292 |
276832 |
341356 |
475488 |
| 1b. |
Other
operating income |
2236 |
(1045) |
3988 |
1867 |
3340 |
1969 |
(1205) |
3327 |
1191 |
2420 |
| 2. |
Total
Expenditure |
|
| a) |
(Increase)
/ decrease in stock in trade and work in progress |
8141 |
10972 |
(5723) |
(7423) |
(2682) |
6764 |
12323 |
(5331) |
(5224) |
(3844) |
| b) |
Consumption
of raw materials |
8827 |
9825 |
25776 |
19265 |
25694 |
8048 |
8561 |
23313 |
19175 |
22883 |
| c) |
Staff
cost |
5151 |
2478 |
12436 |
7492 |
9993 |
3489 |
2082 |
8990 |
6265 |
8450 |
| d) |
Consumption
of stores |
6897 |
4559 |
17508 |
12377 |
17832 |
5632 |
4393 |
14935 |
11696 |
16927 |
| e) |
Contractors
for inland transportation & other services |
|
| |
-
Inland transportation |
21841 |
22629 |
60230 |
65144 |
85293 |
19818 |
22507 |
57202 |
64604 |
84534 |
| |
-
Other services |
10918 |
7016 |
24792 |
21544 |
30125 |
9256 |
6756 |
21127 |
20708 |
28535 |
| f) |
Purchase
of ore |
6451 |
3276 |
14749 |
16776 |
26408 |
6451 |
3276 |
14749 |
16776 |
26408 |
| g) |
Export
duty |
1751 |
9878 |
2610 |
22839 |
21564 |
1203 |
9876 |
1948 |
22771 |
21564 |
| h) |
Other
expenditure |
16162 |
9994 |
29400 |
16826 |
30666 |
10479 |
9816 |
22499 |
15438 |
30256 |
| 3. |
Less:
Costs / Expenses recovered |
(826) |
(616) |
(2022) |
(1813) |
(2862) |
(1104) |
(793) |
(2702) |
(2435) |
(3669) |
| 4. |
Depreciation |
2245 |
1338 |
5786 |
3664 |
5167 |
1583 |
1129 |
4166 |
3094 |
4410 |
| 5. |
Profit
from operations before other income & interest (1-2+3-4) |
101357 |
54636 |
158397 |
174865 |
248712 |
68230 |
54161 |
119263 |
169679 |
241454 |
| 6. |
Other
income |
13248 |
6076 |
29691 |
16733 |
22403 |
12820 |
5878 |
28753 |
16187 |
21715 |
| 7. |
Profit
before interest & tax (5+6) |
114605 |
60712 |
188088 |
191598 |
271115 |
81050 |
60039 |
148016 |
185866 |
263169 |
| 8. |
Interest |
2506 |
20 |
2907 |
25 |
99 |
2479 |
20 |
2840 |
25 |
99 |
| 9. |
Profit
(+) / Loss (-) from ordinary activities |
112099 |
60692 |
185181 |
191573 |
271016 |
78571 |
60019 |
145176 |
185841 |
263070 |
| 10. |
Provision
for tax |
|
|
|
|
|
|
|
|
|
|
| |
-
Current tax |
28486 |
13590 |
41529 |
46500 |
71000 |
17100 |
13700 |
28400 |
44100 |
68400 |
| |
-
Fringe Benefit tax |
- |
27 |
- |
77 |
81 |
- |
23 |
- |
68 |
75 |
| |
-
Deferred tax |
574 |
6 |
1259 |
343 |
446 |
700 |
5 |
1400 |
302 |
346 |
| 11. |
Profit
/ (Loss) after tax (9-10) |
83039 |
47069 |
142393 |
144653 |
199489
|
60771 |
46291 |
115376 |
141371 |
194249 |
| 12.
|
Minority
Interest |
288 |
9 |
767 |
606 |
676 |
- |
- |
- |
- |
- |
| 13. |
Net
Profit for the group |
82751 |
47078 |
141626 |
144047 |
198813 |
60771 |
46291 |
115376 |
141371 |
194249 |
| 14. |
Paid
up equity capital (Face value Re.1) |
8205 |
7872 |
8205 |
7872 |
7872 |
8205 |
7872 |
8205 |
7872 |
7872 |
| 15. |
Reserves
excluding revaluation reserves |
|
|
|
|
463702 |
|
|
|
|
443906 |
| 16. |
Earnings
per share (Rs.) - Basic |
*10.21 |
*5.98 |
*17.48 |
*18.30 |
25.26 |
*7.50 |
*5.88 |
*14.24 |
*17.96 |
24.68 |
|
|
- Diluted |
*9.46 |
*5.98 |
*16.47 |
*18.30 |
25.26 |
*6.82 |
*5.88 |
*13.33 |
*17.96 |
24.68 |
|
|
*Non
annualised |
*Non
annualised |
|
17. |
Aggregate
of public shareholding |
|
| |
-
Number of shares |
348926712 |
384314900 |
348926712 |
384314900 |
384314900 |
348926712 |
384314900 |
348926712 |
384314900 |
384314900 |
|
|
-
Percentage of shareholding |
42.53% |
48.82% |
42.53% |
48.82% |
48.82% |
42.53% |
48.82% |
42.53% |
48.82% |
48.82% |
| |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
|
|
|
|
|
| |
Pledged
/ Encumbered |
|
|
|
|
|
|
|
|
|
|
| |
Number
of Shares |
- |
NA |
- |
NA |
- |
- |
NA |
- |
NA |
- |
| |
Percentage
of Shares (as a % of the total shareholding of promoter and
promoter group) |
- |
NA |
- |
NA |
- |
- |
NA |
- |
NA |
- |
| |
Percentage
of Shares (as a % of the total share capital of the company) |
- |
NA |
- |
NA |
- |
- |
NA |
- |
NA |
- |
| |
Non-encumbered |
|
|
|
|
|
|
|
|
|
|
| |
Number
of Shares |
471587688 |
NA |
471587688 |
NA |
402925500 |
471587688 |
NA |
471587688 |
NA |
402925500 |
| |
Percentage
of Shares (as a % of the total shareholding of promoter and
promoter group) |
100.00% |
NA |
100.00% |
NA |
100.00% |
100.00% |
NA |
100.00% |
NA |
100.00% |
| |
Percentage
of Shares (as a % of the total share capital of the company) |
57.47% |
NA |
57.47% |
NA |
51.18% |
57.47% |
NA |
57.47% |
NA |
51.18% |
|
NA
- Not Applicable |
|
| |
| Segment
Information |
| (Rs in lakhs)
|
| Particulars |
CONSOLIDATED |
|
STANDALONE
|
| Unaudited |
Audited |
Unaudited |
Audited |
| Quarter
Ended |
Nine
Months Ended |
Year
Ended |
Quarter
Ended |
Nine
Months Ended |
Year
Ended |
| 31
December |
31
December |
31
March |
31
December |
31
December |
31
March |
| 2009 |
2008 |
2009 |
2008 |
2009 |
2009 |
2008 |
2009 |
2008 |
2009 |
|
Segment
Revenues |
|
| Iron
Ore |
172655 |
124844 |
298084 |
302547 |
430796 |
129413 |
124844 |
252175 |
302547 |
430796 |
|
Metallurgical
Coke |
10508 |
9324 |
28161 |
40151 |
47261 |
10508 |
9324 |
28161 |
40151 |
47261 |
|
Pig
Iron |
14069 |
9194 |
40178 |
45029 |
58333 |
- |
- |
- |
- |
- |
| Total
|
197232 |
143362 |
366423 |
387727 |
536390 |
139921 |
134168 |
280336 |
342698 |
478057 |
|
Less:
Inter-segment revenues |
|
|
Iron
Ore |
1872 |
396 |
4114 |
7147 |
7249 |
- |
- |
- |
- |
- |
| Metallurgical
Coke |
6251 |
6876 |
18028 |
28823 |
33014 |
- |
- |
- |
- |
- |
|
Pig
Iron |
- |
15 |
13 |
30 |
59 |
- |
- |
- |
- |
- |
|
Total |
8123 |
7287 |
22155 |
36000 |
40322 |
- |
- |
- |
- |
- |
|
Net
Revenue from Operations |
189109 |
136075 |
344268 |
351727 |
496068 |
139921 |
134168 |
280336 |
342698 |
478057 |
|
Add:
Interest, Dividend and Other Unallocable Income |
13054 |
5986 |
29362 |
16562 |
22245 |
12748 |
5797 |
28576 |
16036 |
21566 |
|
Enterprise
Revenue |
202163 |
142061 |
373630 |
368289 |
518313 |
152669 |
139965 |
308912 |
358734 |
499623 |
|
Segment
Results - Profit / (Loss) Before Tax, Interest, Dividend and
Other Non-Recurring / Unallocable Income |
|
| Iron
Ore |
98159 |
53077 |
147483 |
148893 |
220607 |
68238 |
52911 |
118202 |
149533 |
220370 |
|
Metallurgical
Coke |
(38) |
2019 |
2185 |
19064 |
20469 |
63 |
1331 |
1238 |
20297 |
21233 |
|
Pig
Iron |
3430 |
(370) |
9058 |
7079 |
7794 |
- |
- |
- |
- |
- |
| Total
|
101551 |
54726 |
158726 |
175036 |
248870 |
68301 |
54242 |
119440 |
169830 |
241603 |
|
Less:
Interest Expenses |
2506 |
20 |
2907 |
25 |
99 |
2479 |
20 |
2840 |
25 |
99 |
|
Add:
Interest Income |
3864 |
1565 |
9396 |
1580 |
4302 |
3844 |
1565 |
9363 |
1567 |
4283 |
|
Add:
Dividend Income |
1909 |
4414 |
5786 |
11973 |
14930 |
1623 |
4225 |
5042 |
11463 |
14273 |
|
Add:
Other Non-Recurring / Unallocable Income |
7281 |
7 |
14180 |
3009 |
3013 |
7282 |
7 |
14171 |
3006 |
3010 |
|
Profit
Before Tax |
112099 |
60692 |
185181 |
191573 |
271016 |
78571 |
60019 |
145176 |
185841 |
263070 |
|
Capital
Employed
|
|
| Iron
Ore |
230038 |
71061 |
230038 |
71061 |
63550 |
59196 |
74713 |
59196 |
74713 |
63742 |
|
Metallurgical
Coke |
9563 |
21309 |
9563 |
21309 |
12773 |
12266 |
18814 |
12266 |
18814 |
14133 |
|
Pig
Iron |
15381 |
18153 |
15381 |
18153 |
15963 |
- |
- |
- |
- |
- |
|
Unallocated |
653365 |
324169 |
653365 |
324169 |
382626 |
781672 |
322045 |
781672 |
322045 |
373903 |
| Total
|
908347 |
434692 |
908347 |
434692 |
474912 |
853134 |
415572 |
853134 |
415572 |
451778 |
|
| |
| NOTES:
|
| 1. |
The
Single Judge Bench of the Honourable High Court of Bombay
at Goa, had vide an order in December 2008 approved of the
scheme of amalgamation of Sesa Industries Limited (SIL) with
the Company effective from the appointed date, i.e.; 1 April
2005. Consequent to an appeal filed by a shareholder, the
Order was set aside by the Division Bench of the Bombay High
Court in February 2009. The Company has filed an appeal against
the Order of the Division Bench to the Supreme Court. |
| 2. |
The
Company has vide a share purchase agreement dated 11 June
2009, acquired V. S. Dempo & Company Private Limited and
its subsidiary Dempo Mining Corporation Private Limited, which
are engaged in mining operations at Goa. The unaudited consolidated
results for the quarter and nine months ended 31 December
2009 are inclusive of figures for the above mentioned companies
for the period 12 June 2009 to 31 December 2009. In view of
the said acquisition in the current period, the consolidated
figures for the quarter and nine months ended 31 December
2009 are not comparable with the corresponding figures of
the previous period. |
| 3. |
Consequent
to the resolution passed at the Extraordinary General Meeting
held on 9 July 2009, 3,33 lakh equity shares of Re. 1 each
were allotted on a preferential basis. Accordingly, the paid
up equity capital of the Company stands increased from Rs.
78,72 lakh to Rs. 82,05 lakh. The earnings per share for the
quarter and nine months ended 31 December 2009, mentioned
above is based on the weighted average number of shares during
the period. |
| 4. |
The
Company has issued 5 year Foreign Currency Convertible Bonds
(FCCB) totalling to US $ 500 million in October 2009. The
FCCB have been issued at a coupon rate of 5% per annum (net
to the bondholders), and have an option of conversion to equity
shares of the Company on or after 9 December 2009 at Rs. 346.88
per share. The diluted earning per share has been accordingly
calculated in line with AS 20. |
| 5. |
Figures
for the previous periods have been regrouped / rearranged
as necessary to conform to the current period's classification. |
| 6. |
The
above results were subjected to a 'limited review' by the
statutory auditors, reviewed by the Audit Committee and approved
at the meeting of the Board of Directors held on 18 January
2010. |
| 7. |
There
were no investor complaints at the beginning of the quarter.
During the quarter ended 31 December 2009, no investor complaints
were received. There were no pending investor complaints at
the end of the quarter. |
| Place:
Panaji, Goa |
PK
Mukherjee |
| Date:
18 January, 2010 |
Managing
Director |
|
| Results
of the Previous Quarter: Quarter
Ended 30 June 2009 |
| |
| |
|
| |
|
