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  Unaudited Financial Results for the quarter ended 30th June, 2004
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FINANCIAL RESULTS

The results for the quarter are not comparable with those of the corresponding periods of the previous year in view of the sale of the Nitrocellulose and Trading Businesses in March 2004. The summarized financial results are :

 
Apr - June 2004Quarter
April - June 2003Quarter
2003-04Year
Sales      
- Continuing Businesses
195.8
156.5
702.7
- Discontinued Businesses
21.6
87.3
 
195.8
178.1
790.0
PBIT
- Continuing Businesses
10.9
6.4
38.6
- Discontinued Businesses
4.3
19.3
 
10.9
10.7
57.9
 
P B T
16.8
11.6
131.5
P A T
12.6
7.6
109.1

QUARTER - April - June 2004

Continuing businesses grew by 26% recording net sales of Rs 171 cr. PBIT from operations for the quarter at Rs 16.2 cr was higher by 38% compared to the corresponding period of the previous year, on account of higher investment income; and improved performance in all the continuing businesses. Consequently, PAT at Rs 12.6 cr was higher than last year's corresponding quarter by 65%.

In view of the prevailing difficult market conditions for the Rubber Chemicals business, net asset value of Rs 9.8 cr (net of tax of Rs 5.5 cr) of the business has been charged to the opening reserves, in line with the transitional provisions of the Accounting Standard 28 dealing with 'Asset impairment'.

Following the divestment of Nitrocellulose and Trading businesses in 2003-04, the segment reporting has been reorganized from this quarter into Paints and Chemicals. The Uniqema, National Starch and Rubber Chemicals businesses have now been grouped together as 'Chemicals' segment.

Business Segments

Paints: Net sales for this quarter at Rs 125 cr reflect a strong growth over the same period previous year. Segment Profit for the quarter at Rs 5.8 cr (previous year Rs 3.6 cr) was achieved through higher volumes, improved mix and control on costs.

Chemicals: During this quarter, Chemicals sales grew by 23% and profit by 82% over the corresponding period of the previous year. Uniqema and National Starch businesses posted a strong growth in sales and profit across key sub-segments. Rubber Chemical achieved higher sales mainly through exports. However, due to weak selling prices and steep increase in the cost of key raw materials, its margins continue to be under pressure.

Kolkata
30 July, 2004

 
 

For further information:

R Guha
Tel: +91 124 2540810
Fax: +91 124 2540839
E mail: r_guha@ici.com