|
|
|
Unaudited
Financial Results for the Quarter Ended 30.06.2008
| |
|
|
|
|
(Rs
in Lacs) |
| |
Quarter
Ended
30.06.2008
(Unaudited) |
Quarter
Ended
30.06.2007
(Unaudited) |
Half
Year
Ended
30.06.2008
(Unaudited) |
Half
Year
Ended
30.06.2007
(Unaudited) |
Year
Ended
31.12.2007
(Audited) |
| Gross
Sales |
18,853 |
16,057 |
36,442 |
31,004 |
64,327 |
| Less:
Excise & Sales Tax |
1,613 |
1,928 |
3,378 |
3,849 |
7,268 |
| Net
Sales / Income from Operations |
17,240 |
14,129 |
33,064 |
27,155 |
57,059 |
| Other
Income (Refer Note D) |
358 |
234 |
574 |
465 |
1,062 |
| Total
Income |
17,598 |
14,363 |
33,638 |
27,620 |
58,121 |
| Expenditure |
|
|
|
|
|
| (Increase)/
Decrease In Stock In Trade |
(1) |
(181) |
(139) |
(417) |
(752) |
| Consumption
of Raw & Packing Materials |
12,304 |
10,249 |
23,719 |
19,652 |
41,333 |
| Staff
Costs (Refer Note E) |
1,437 |
1,113 |
2,483 |
2,072 |
4,394 |
Depreciation
& Amortisation |
718 |
721 |
1,448 |
1,389 |
2,886 |
| Other
Expenditure |
1,944 |
1,622 |
3,651 |
3,131 |
6,499 |
| Total
Expenditure |
16,402 |
13,524 |
31,162 |
25,827 |
54,360 |
| Interest
(Net) (Refer Note F) |
32 |
34 |
(10) |
59 |
173 |
| Exchange
(-)Loss/+Gain (Refer Note G) |
(592) |
68 |
(736) |
74 |
108 |
| Exceptional
Item ((+) Income/ (-) Loss) (Refer Note H) |
- |
(318) |
- |
(318) |
(318) |
Profit
from Ordinary Activities Before Tax |
572 |
555 |
1,750 |
1,490 |
3,378 |
| Provision
for - Current Taxes (Refer Note I) |
214 |
141 |
476 |
227 |
482 |
|
- Deferred Taxes |
(56) |
2 |
(95) |
64 |
12 |
|
-
Fringe Benefits Tax |
16 |
12 |
28 |
25 |
47 |
| Profit
from Ordinary Activities After Tax |
398 |
400 |
1,341 |
1,174 |
2,837 |
| Dividend
paid per Equity Share (Rs.) |
|
|
|
|
1.80 |
| Paid
Up Share Capital - Equity Face Value Rs.2 |
1,254 |
1,254 |
1,254 |
1,254 |
1,254 |
| Reserves
(Excl. Revaluation Reserve) |
|
|
|
|
22,279 |
| Basic
& Diluted EPS (Not Annualised) (Rs.) |
0.64 |
0.64 |
2.14 |
1.87 |
4.53 |
| Aggregate
of Public Shareholding |
|
|
|
|
|
| -
Number of Shares |
22,734,830 |
22,734,830 |
22,734,830 |
22,734,830 |
22,734,830 |
| -
Percentage of Shareholding |
36.27% |
36.27% |
36.27% |
36.27% |
36.27% |
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| Notes: |
|
|
|
|
|
| A. |
Inter
Unit Sales (Incl. in Net Sales & Raw Materials Consumed
above) |
1,362 |
798 |
2,587 |
1,719 |
3,853 |
|
Auditors
have carried out limited review & qualified their opinion
on the results for the quarter ended 30th June 2008(as in
the prior periods) for inclusion of inter unit sales in net
sales & raw materials consumed. The management has continued
with this practice as in its view this treatment helps in
correctly evaluating the operating profit ratio & the
asset turnover ratio. Further this treatment has no impact
on profits for the quarter. |
| B. |
There
were no investor complaints pending at the beginning &
at the end of the quarter. No investor complaint was received
during the quarter. |
| C. |
The
company's sole business segment is consumer packaging & all
activities of the company are incidental to this business
segment. |
D. |
Other
Income for Q2-2008 includes profit of Rs.137 Lacs realised
on the sale of right to receive transferrable development
rights to which Company is entitled on transfer of a portion
of Thane Plant vacant land which was compulsorily acquired
by Thane Municipal Corporation.
|
| E. |
Personnel Expenses include a onetime charge of Rs.130 Lacs
towards settlement compensation paid to employees of Nagpur
Unit which ceased manufacturing operations with effect from
27th April 2008. |
| F. |
Interest
Expense is net of Interest Income of Rs. 28 Lacs & Rs.145
Lacs received during Q2-2008 & H1-2008 respectively on
Income Tax Refunds. |
| G. |
A
book loss of Rs.406 Lacs & Rs.522 Lacs has been taken
in Q2-2008 & H1-2008 respectively, for marked to market
valuation of forex contracts which have been entered into
to hedge the forecast transactions, consequent to the ICAI
announcement of 29th March 2008 on Accounting for Derivatives. |
| H. |
The
Exceptional Item of Rs. 318 Lacs in Q2-2007 had arisen out
of the Supreme Court judgement received by the company on
a contested matter on excise duty which was shown as contingent
liability in the past years' financial statements. Provision
had been done based on the legal advice obtained. |
| I. |
Provision
for current taxes is net of write back in Q1-2008 of excess
provision for earlier periods of Rs. 62 Lacs. |
| J. |
Reconstruction
of Thane Plant is on going & relocation of operations
in a phased manner has commenced as scheduled from June 2008. |
K. |
The
above results were reviewed by the audit committee & taken
on record by the board in it's meeting held on 25th July 2008.
|
| Mumbai |
|
| 25th
July, 2008 |
For The Paper Products Ltd. |
| (Visit
us at our website: www.pplpack.com) |
Suresh
Gupta - Managing Director |
|
