Interim Results

RNS Number:4707V                                                                                       
SIEL Ld
3 May 2002

Dated 30 April 2002


Unaudited Financial Results (Provisional) for the three months ended 31st March, 
2002

                                                                           Rs in Million

S.No      Particulars                        Three months ended          Six months ended       Year ended
                                           31.3.2002     31.3.2001    31.3.2002    31.3.2001    30.09.2001 
                                                                                                Audited

 1       Net sales/Income from operations       1,029         1,125        2,206        2,284         4,789
 2       Other income                              25            13           35           20            46

 3       Total expenditure                         
(a)      (Increase)/decrease in stock in trade  (1,011)         (961)      (1,310)      (1,333)        (174)
(b)      Consumption of raw materials/purchase 
         of finished goods                       1,356         1,343        2,260        2,259        2,730
(c)      Staff cost                                 92           101          169          183          338
(d)      Power and fuel                            151           140          314          277          593
(e)      Stores, spares and components             109           129          200          221          382
(f)      Excise duty on incremental closing stock   65            62           80           90           12
(g)      Other expenditure                         195           199          313          328          337
 4       PBIDT (before extraordinary income)        97           125          215          279          617
 5       Interest (net)                            126           141          246          271          535
 6       PBDT (before extraordinary income)        (29)          (16)         (31)           8           82
 7       Extraordinary Income                        -             -            -          116          116
 8       Depreciation                               56            55          113          110          215
 9       Profit/(Loss) before tax                  (85)          (71)        (144)          14          (17)
10       Provision for taxation                      -             -            -            -            2
11       Net Profit/(Loss)                         (85)          (71)        (144)          14          (19)

12       Paid-up equity share capital              407           358          407          358          407
        (face value of each share - Rs.10/-)
13       Reserves excluding revaluation reserve
        (as per balance sheet) of previous 
         accounting year                             -             -            -            -        1,776
14       EPS (Rs)                                (2.16)        (1.99)        (3.67)       0.38        (0.63)
15       Aggregate of Non-Promoter Shareholding                         
            Number of shares                                            24,654,471  25,926,688   24,629,613
            Percentage of shareholding                                       59.75%      62.84%       59.69%

Notes:
 
1        The above results have been taken on record by the Board of Directors 
         in its meeting held on 30.4.2002

2        The Company manufactures Sugar, which is a seasonal industry. In this 
         industry, all purchases/production typically take place in the first 
         six months, whereas sales take place at a slower rate throughout the 
         year.

3        The above results should be read together with the observations of the 
         Auditors in their Report to the accounts for the year ended 30.9.2001. 
         No further provision has been considered necessary in regard to 
         Company's exposure in Subsidiaries as referred to in Note 10 and 
         matters covered in Notes 8 and 11 for the reasons stated therein.                                              
       
4        As the Company has substantial unabsorbed depreciation and carry 
         forward losses under the Income-tax Act, 1961 and is unlikely to have 
         taxable income in the foreseeable future, in accordance with Accounting 
         Standard (AS) 22 issued by the Institute of Chartered Accountants of 
         India, the net deferred tax asset has not been recognised.
                                      
5        Long term interest due to Financial Institutions for the quarter has 
         been accrued in the accounts but not paid due to liquidity constraints.

6        Figures have been regrouped wherever necessary.


 
Segment wise Revenue, Results and Capital Employed, under Clause 41 of 
the Listing Agreement for the three months ended 31st March 2002

                                                                 Rs. In Million

S.No.              Particulars        Three months ended         Six months ended
                                      31.3.2002                  31.3.2002

   1      Segment Revenue                 
          a)  Sugar                                  660                   1,463
          b)  Chemicals                              249                     507
          c)  Edible oils                            118                     232
          d)  Others                                   2                       4

          Total                                    1,029                   2,206

          Less:  Inter segment revenue                 -                       -

          Net sales/income from operations         1,029                   2,206

   2      Segment Results

          a)   Sugar                                  90                     212
          b)   Chemicals                             (20)                   (53)
          c)   Edible oils                             1                       2
          d)   Others                                  -                     (1)

          Total:                                      71                     160

          Less:   i)  Interest                       126                     246
                 ii)  Other un-allocable expenditure
                      net of un-allocable income      30                      58

          Total Profit before Tax:                   (85)                  (144)

   3      Capital Employed
          a)   Sugar                                 676                     676
          b)   Chemicals                             941                     941
          c)   Edible oils                            68                      68
          d)   Others                                 (1)                    (1)

          Total Segment Capital Employed            1684                    1684





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