Unaudited Financial Results for the Quarter Ended 30.09.2008

         
(Rs in Lacs)
 
Quarter
Ended
30.09.2008
(Unaudited)
Quarter
Ended
30.09.2007
(Unaudited)
9 Months
Ended
30.09.2008
(Unaudited)
9 Months
Ended
30.09.2007
(Unaudited)
Year
Ended
31.12.2007
(Audited)
Gross Sales
19,431
16,296
55,874
47,300
64,327
Less: Excise & Sales Tax
1,681
1,719
5,059
5,568
7,268
Net Sales / Income from Operations
17750
14,577
50,815
41,732
57,059
Other Operating Income
176
285
664
691
969
Total Income
17,926
14,862
51,479
42,423
58,028
Expenditure
 
  (Increase)/ Decrease In Stock In Trade
(149)
(298)
(287)
(715)
(752)
  Consumption of Raw & Packing Materials
13,192
10,759
36,911
30,411
41,333
  Staff Costs
1,310
1,141
3,793
3,213
4,394
  Depreciation & Amortisation
706
745
2,154
2,134
2,886
  Other Expenditure
1,909
1,706
5,560
4,837
6,499
Total Expenditure
16,968
14,053
48,131
39,880
54,360
Foreign Exchange (-)Loss/(+) Gain (Refer Note D)
(318)
(3)
(1,054)
71
108
Profit from Operations before Other Income, Interest & Exceptional Items
640
806
2,294
2,614
3,776
Other Income
39
15
125
73
93
Profit before Interest & Exceptional Items
679
821
2,419
2,687
3,869
Interest (Net)
67
48
57
106
173
Profit after Interest but before Exceptional Items
612
773
2,362
2,581
3,696
Exceptional Items ((+) Income/ (-) Loss) (Refer Note E)
-
-
-
(318)
(318)
Profit from Ordinary Activities Before Tax
612
773
2,362
2,263
3,378
Provision for  - Current Taxes
194
60
670
287
482
                     - Deferred Taxes
(2)
(45)
(97)
19
12
                     - Fringe Benefits Tax
13
11
41
36
47
Profit from Ordinary Activities After Tax
407
747
1,748
1,921
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.)
0.65
1.19
2.79
3.06
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%
Notes:          
A. Inter Unit Sales (Incl. in Net Sales & Raw Materials Consumed above)
1,297
1,036
3,884
2,755
3,853
 
Auditors have carried out limited review & qualified their opinion on the results for the quarter ended 30th September 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. One investor complaint was received & resolved 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. 

A Foreign Exchange Loss of Rs.318 Lacs and Rs.1054 Lacs has been taken in above Q3-2008 & Nine months 2008 results respectively which also includes a book loss of Rs.53 Lacs and Rs. 575 Lacs respectively, for mark 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.
E.

The Exceptional Item of Rs. 318 Lacs in 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 made based on the legal advice obtained.
F.

Reconstruction of Thane Plant is on going & relocation of operations in a phased manner is progressing as per schedule.
G.

The above results were reviewed by the audit committee & taken on record by the board at it's meeting held on 24th October 2008.
Mumbai   
 
24th October, 2008  
For The Paper Products Ltd.
(Visit us at our website: www.pplpack.com)
             Suresh Gupta - Managing Director