ORIENT PAPER & INDUSTRIES LTD.
[Regd. Office : Unit VIII, Plot 7, Bhoinagar, Bhubaneswar - 751012 (Orissa)] |
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Audited Financial Results for the year ended 31st March, 2010 |
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Orient Paper & Industries Limited. |
Consolidated |
Sl. No. |
Particulars |
Nine months ended 31-12-2009
(Unaudited) |
Three months ended 31-03-2010 (Unaudited) |
Corresponding three months ended 31-03-2009 (Unaudited) |
Current Accounting year ended 31-03-2010 (Audited) |
Previous Accounting year ended 31-03-2009 (Audited) |
Current Accounting year ended 31.03.2010 (Audited) |
Previous Accounting year ended 31.03.2009 (Audited) |
1 |
Gross Sales/Income from Operations |
116744.09 |
60110.30 |
50963.65 |
176854.39 |
169063.36 |
176854.39 |
169643.62 |
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Less: Excise duty |
9568.41 |
5310.52 |
4267.53 |
14878.93 |
18745.60 |
14878.93 |
18807.60 |
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(a)Net Sales/Income from Operations |
107175.68 |
54799.78 |
46696.12 |
161975.46 |
150317.76 |
161975.46 |
150836.02 |
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(b) Other Operating Income |
556.98 |
430.16 |
1325.14 |
987.14 |
1673.01 |
817.15 |
1,673.07 |
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Total Income |
107732.66 |
55229.94 |
48021.26 |
162962.60 |
151990.77 |
162792.61 |
152509.09 |
2 |
Expenditure |
90541.56 |
46198.95 |
35976.73 |
136740.51 |
114689.26 |
136743.05 |
114972.77 |
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(a) Increase (-) / decrease (+) in Stock in trade and work-in-progress |
(6,527.40) |
3759.29 |
3664.11 |
(2768.11) |
201.66 |
(2768.11) |
208.89 |
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(b) Purchase of Traded Goods |
5524.09 |
2771.49 |
2150.52 |
8295.58 |
6037.22 |
8295.58 |
6037.22 |
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(c) Consumption of raw materials |
33350.97 |
14761.73 |
10079.78 |
48112.70 |
36498.30 |
48112.70 |
36878.18 |
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(d) Consumption of Stores, Chemicals & Spares |
3975.16 |
1453.17 |
1907.59 |
5428.33 |
7251.26 |
5428.33 |
7253.45 |
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(e) Power & Fuel |
18640.91 |
8156.12 |
5845.30 |
26797.03 |
21461.24 |
26797.03 |
21463.40 |
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(f) Employees Cost |
7802.34 |
2747.58 |
2151.11 |
10549.92 |
8686.15 |
10549.92 |
8732.56 |
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(g) Packing, Freight & Forwarding Charges (Net) |
12818.22 |
6048.04 |
4830.06 |
18866.26 |
18830.97 |
18866.26 |
18840.75 |
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(h) Deferred Revenue Expenditure written off * |
174.05 |
58.00 |
78.11 |
232.05 |
311.94 |
232.05 |
311.94 |
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(I) Depreciation |
3620.07 |
1881.29 |
1013.31 |
5501.36 |
3471.39 |
5502.00 |
3473.16 |
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(j) Other Expenditure |
11163.15 |
4562.24 |
4256.84 |
15725.39 |
11939.13 |
15727.29 |
11773.22 |
3 |
Profit from Operations before Other Income, Interest, Exceptional Items & tax ( 1-2) |
17191.10 |
9030.99 |
12044.53 |
26222.09 |
37301.51 |
26049.56 |
37536.32 |
4 |
Other Income |
467.65 |
174.07 |
138.47 |
641.72 |
645.16 |
641.72 |
645.16 |
5 |
Profit before Interest, Exceptional Items & tax ( 3 + 4) |
17658.75 |
9205.06 |
12183.00 |
26863.81 |
37946.67 |
26691.28 |
38181.48 |
6 |
Interest |
2347.54 |
1105.73 |
687.36 |
3453.27 |
2067.92 |
3453.27 |
2070.39 |
7 |
Profit after Interest but before Exceptional Items & tax (5-6) |
15311.21 |
8099.33 |
11495.64 |
23410.54 |
35878.75 |
23238.01 |
36111.09 |
8 |
Exceptional Items |
- |
- |
1,846.95 |
- |
4,865.88 |
- |
4,865.88 |
9 |
Profit from Ordinary Activities before tax ( 7-8) |
15311.21 |
8099.33 |
9648.69 |
23410.54 |
31012.87 |
23238.01 |
31245.21 |
10 |
Tax Expenses |
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Current Tax ** |
490.32 |
4290.33 |
2487.00 |
4780.65 |
10445.75 |
4780.65 |
10445.75 |
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MAT Credit Entitlement |
1.24 |
3,310.00 |
89.96 |
3,311.24 |
75.98 |
3,311.24 |
75.98 |
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Deferred Tax |
4375.13 |
1635.12 |
1753.89 |
6010.25 |
471.70 |
6,010.25 |
471.70 |
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Fringe Benefit Tax |
- |
- |
43.64 |
- |
162.00 |
- |
162.44 |
11 |
Net Profit from Ordinary Activities after tax (9-10) |
10447.00 |
5483.88 |
5454.12 |
15930.88 |
20009.40 |
15758.35 |
20241.30 |
12 |
Paid-up Equity Share Capital (Face Value per share : Re.1/-) |
1928.53 |
1928.67 |
1927.67 |
1928.67 |
1927.67 |
1928.67 |
1927.67 |
13 |
Paid-up Debt Capital |
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10000.00 |
10000.00 |
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14 |
Reserves excluding Revalution Reserve |
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74733.94 |
62318.24 |
74726.21 |
62313.47 |
15 |
Debenture Redemption Reserve (included in item 14 above) |
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4375.00 |
5000.00 |
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16 |
Basic and Diluted earning per share (EPS) (Rupees) |
5.42 |
2.84 |
2.83 |
8.26 |
10.36 |
8.17 |
10.48 |
17 |
Debt Equity Ratio |
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0.43 |
0.31 |
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18 |
Debt Service Coverage Ratio |
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6.99 |
10.22 |
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19 |
Interest Service Coverage Ratio |
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7.46 |
11.57 |
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-Number of shares |
127606093 |
128259273 |
121889205 |
128259273 |
121889205 |
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-Percentage of shareholding |
66.16% |
66.50% |
63.19% |
66.50% |
63.19% |
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21 |
Promoters and Promoter Group Share Holding |
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a) |
Pledged / Encumbered |
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Number of shares |
Nil |
Nil |
Nil |
Nil |
Nil |
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Percentage of shares (as % of the total shareholding of |
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promoter and promoter group |
Nil |
Nil |
Nil |
Nil |
Nil |
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Percentage of shares (as % of the total share capital of the company) |
Nil |
Nil |
Nil |
Nil |
Nil |
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b) |
Non- Encumbered |
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Number of shares |
65278677 |
64625497 |
70995565 |
64625497 |
70995565 |
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Percentage of shares (as % of the total shareholding of |
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promoter and promoter group) |
100% |
100% |
100% |
100% |
100% |
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Percentage of shares (as % of the total share capital of the company) |
33.84% |
33.50% |
36.81% |
33.50% |
36.81% |
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* |
Represents compensation under voluntary retirement scheme. |
** |
Current tax for the quarter / year ended 31st March 2010 includes Rs. 836.65 lacs for earlier years. |
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Notes :- |
1 |
The Board recommends a dividend of Rs 1.50 per share (150%) on equity shares of the Company. The Board also recommends dividend on preference shares @ 6% for the current year. |
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2 |
Pursuant to the Scheme of Amalgamation as approved by the shareholders the Company and the Hon’ble Board for Industrial and Financial Reconstruction (BIFR) by an order dated 12th March 2010, Air conditioning Corporation Ltd. (ACCL), a wholly owned subsidiary of the company , have been merged with the company w.e.f. 1st April, 2009. |
3 |
The new Cement mill and the 2nd unit of 25 MW Captive Power Plant at the Company's Cement unit at Devapur, have been commissioned during the quarter . |
4 |
Merger of wholly owned subsidiary Company, OPI Export Ltd. could not be completed during the year, hence the Board has decided toamalgamate the said company w.e.f. 01-04-10 subject to necessary approvals. |
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5 |
Ratios have been computed as follows: |
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Debt Service Coverage Ratio = Earning before interest, depreciation, tax and exceptional items / [interest expenses (including interest capitalised)+ principal repayment ] |
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Interest Service Coverage Ratio = Earning before interest, depreciation , tax and exceptional items / interest expenses(including interest capitalised). |
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Debt represents long term loans / debentures. |
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Equity represents Issued, Subscribed and Paid up Share Capital and Reserves & Surplus ( excluding revaluation reserve). |
6 |
Paid up Debt Capital represents listed Debentures. |
7 |
Provision against demand for Water Tax, which has been referred to by the auditors in their report on accounts for the year ended 31st March, 2010, has been continued on the same basis as provided in the year 2008-09 since the demand is currently stayed and under reconsideration by the Government of Madhya Pradesh. |
8 |
The Consolidated Financial Results for 2009-10 as indicated in the above table includes results of Orient Paper & Industries Ltd., and its wholly owned subsidiary but does not include proportionate interest in the joint venture company due to non availability of accounts due to suspension of operation of the JV Company. |
9 |
There were no investor’s complaints at the beginning and close of the quarter. The company had received 21 complaints during the year, which were resolved during the year. |
10 |
There were no extraordinary items during the quarter / year ended 31st March,2010. |
11 |
Previous period figures have been recasted/regrouped wherever necessary. |
12 |
The above results were reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at their respective meetings held on 4th May, 2010. |
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Statement of Assets and Liablities: |
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Particulars |
ORIENT PAPER & INDUSTRIES LTD |
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CONSOLIDATED |
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AUDITED |
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AUDITED |
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As at 31st March 2010 |
As at 31st March 2009 |
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As at 31st March 2010 |
As at 31st March 2009 |
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SHAREHOLDERS' FUNDS: |
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(a) Share Capital |
2028.67 |
2027.67 |
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2028.67 |
2027.67 |
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(b) Reserves & Surplus |
75640.20 |
63264.54 |
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75632.47 |
63281.04 |
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LOANS FUNDS |
51351.73 |
46232.96 |
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51351.73 |
46232.96 |
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DEFERRED PAYMENT LIABILITIES |
273.04 |
364.97 |
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273.04 |
364.97 |
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DEFERRED TAX LIABILITY (Net) |
11027.81 |
5017.56 |
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11027.81 |
5017.56 |
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Total |
140321.45 |
116907.70 |
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140313.72 |
116924.20 |
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FIXED ASSETS |
117268.91 |
104320.37 |
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117306.56 |
104387.65 |
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INVESTMENTS |
4711.90 |
921.65 |
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4707.30 |
917.05 |
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CURRENT ASSETS, LOANS & ADVANCES |
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(a) Inventories |
15030.93 |
10971.12 |
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15030.93 |
10998.69 |
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(b) Sundry Debtors |
18440.00 |
14070.14 |
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18440.00 |
14191.04 |
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(c) Cash and Bank Balances |
4669.74 |
3328.98 |
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4671.99 |
3381.62 |
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(d) Other Current Assets |
964.63 |
960.13 |
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964.63 |
960.13 |
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(e) Loans and Advances |
10768.04 |
9318.61 |
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10725.05 |
9130.94 |
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Sub Total |
49873.34 |
38648.98 |
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49832.60 |
38662.42 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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(a) Current Liabilities |
23463.23 |
19932.45 |
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23463.27 |
19989.50 |
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(b) Provisions |
8069.47 |
7282.91 |
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8069.47 |
7285.48 |
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Sub Total |
31532.70 |
27215.36 |
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31532.74 |
27274.98 |
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NET CURRENT ASSETS |
18340.64 |
11433.62 |
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18299.86 |
11387.44 |
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MISCELLANEOUS EXPENDITURE |
- |
232.06 |
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- |
232.06 |
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TOTAL |
140321.45 |
116907.70 |
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140313.72 |
116924.20 |
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Segment wise Revenue, Results and Capital Employed under Clause 41 of the Listing Agreement |
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(Rs. in Lacs) |
No. |
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Nine months ended 31-12-2009 |
Three months ended 31-03-2010 |
Corrosponding three months ended 31-03-2009 |
Current Accounting year ended 31-03-2010 |
PreviousAccounting year ended 31-03-2009 |
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(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
(Audited) |
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Segment Revenue : |
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a) Cement |
62072.98 |
27402.81 |
23348.32 |
89475.79 |
87174.67 |
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b) Paper & Board |
16078.83 |
7859.35 |
9102.23 |
23938.18 |
29000.47 |
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c) Electrical Consumer Durables |
28697.40 |
19387.52 |
14245.57 |
48084.92 |
34142.62 |
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d) Others |
326.47 |
150.10 |
- |
476.57 |
- |
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Total |
107175.68 |
54799.78 |
46696.12 |
161975.46 |
150317.76 |
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Less : Inter Segment Revenue |
- |
- |
- |
- |
- |
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Net Sales/Income from Operations |
107175.68 |
54799.78 |
46696.12 |
161975.46 |
150317.76 |
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2 |
Segment Results : (Profit (+)/Loss(-) before interest & Tax from each segment) : |
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a) Cement |
17833.82 |
7556.78 |
10109.86 |
25390.60 |
34261.60 |
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b) Paper & Board - Amlai |
-2648.57 |
-947.54 |
(699.24) |
-3596.11 |
1115.56 |
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- Brajrajnagar * |
-526.08 |
-190.28 |
-161.21 |
-716.36 |
-755.40 |
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-3174.65 |
-1137.82 |
-860.45 |
-4,312.47 |
360.16 |
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c) Electrical Consumer Durables |
3363.63 |
2810.89 |
2393.88 |
6174.52 |
3388.54 |
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d) Others |
32.40 |
-6.23 |
- |
26.17 |
- |
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Total |
18055.20 |
9223.62 |
11643.29 |
27278.82 |
38010.30 |
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Less : |
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(i) Interest |
2347.54 |
1105.73 |
687.36 |
3453.27 |
2067.92 |
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(ii) Other un-allocable expenditure |
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net of un-allocable income |
396.45 |
18.56 |
1307.24 |
415.01 |
4929.51 |
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Profit Before Tax |
15311.21 |
8099.33 |
9648.69 |
23410.54 |
31012.87 |
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3 |
Capital Employed : |
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a) Cement |
87093.83 |
88877.62 |
75939.61 |
88877.62 |
75939.61 |
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b) Paper & Board |
29029.75 |
28858.71 |
27889.60 |
28858.71 |
27889.60 |
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c) Electrical Consumer Durables |
10938.30 |
14374.96 |
11300.03 |
14374.96 |
11300.03 |
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d) Others |
199.25 |
134.97 |
- |
134.97 |
- |
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Total |
127261.13 |
132246.26 |
115129.24 |
132246.26 |
115129.24 |
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