The
Paper Products Ltd |
Regd.
Office: Regent Chambers, 13th floor, Nariman Point, Mumbai 400 021 |
Corporate
Office: L.B.Shastri Marg, Majiwade, Thane 400 601. |
| 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 |
For The Paper Products Ltd. |
| 24th October, 2008 | (Visit
us at our website: www.pplpack.com) Suresh
Gupta - Managing Director |