Unaudited Financial Results (Provisional) for the Quarter ended 31st December, 2001
Sr. No.
Particulars
Quarter ended
Nine Months ended on
(Rs in crores)
Year Ended
31.12.2001 (Unaudited)
31.12.2000 (Unaudited)
31.12.2001 (Unaudited)
31.12.2000 (Unaudited)
31.03.2001 (Audited)
1
Net Sales / Income from operations
48.97
39.30
144.04
129.51
167.94
2
Other Income / (Loss)
2.51
1.35
5.98
4.32
21.23
3
Total Expenditure
a) Increase/ Decrease in Stock in trade
-
-
-
-
-
b) Consumption of Stores and Spares
4.78
3.23
9.46
11.04
15.38
c) Subcontract and Labour Charges
2.47
3.63
9.47
13.20
15.56
d) Staff costs
14.40
13.47
42.79
42.01
56.87
e) Repairs and Maintenance Expenses
4.09
1.30
7.31
3.88
7.08
f) Other Expenditure
7.30
7.18
29.79
24.44
49.50
(Less than 10% of total expenditure)
4
Interest and Finance Charges
1.89
2.66
6.97
8.02
10.84
5
Depreciation
5.97
5.23
17.18
15.66
20.99
6
Profit(+) / Loss(-) before tax (1+2-3-4-5)
10.58
3.95
27.05
15.58
12.95
7
Provision for Taxation
2.90
0.43
9.20
1.30
2.52
8
Net Profit (+)/ Loss(-) (6-7)
7.68
3.52
17.85
14.28
10.43
9
Paid up Equity Share Capital (Face Value : Rs. 10/- per Share)
355.15
355.15
355.15
355.15
355.15
10
Reserves (excluding Revaluation Reserves) of
1,273.58
previous accounting year
11
EPS (Basic and diluted) (In Re.) * (not annualised)
0.22*
0.10*
0.50*
0.40*
0.29
12
Aggregate of non-promoters shareholding:
Number of Shares
135,196,380
135,196,380
134,631,482
Percentage of shareholding
38.07%
38.07%
37.91%
Segment wise Revenue, Results & Capital Employed:
Sr.No.
Particulars
Quarter ended on 31.12.2001
Nine months ended on 31.12.2001
1
Segment Revenue
Refinery (Under Construction)
-
-
Drilling Operations
50.21
137.99
Others
1.27
12.03
Total
51.48
150.02
2
Segment Results (Profit Before Tax and Interest)
Refinery (Under Construction)
-
-
Drilling Operations
13.35
32.58
Others
(0.87)
1.44
Total
12.47
34.02
Less: Interest
1.89
6.97
Total Profit Before Tax
10.58
27.05
3
Capital Employed as on 31 st December, 2001
(Segment Assets-Segment Liabilities)
Refinery (Under Construction)
5,087.69
Drilling Operations
305.99
Others / Unallocated
166.36
Total
5,560.04
Notes:
Based on the request of the Company, the lead Financial Institution has revised the pre-disbursement conditions by letter dated 17th December, 2001 and the Company is in the process of complying with the same to resume the activities at the Refinery Project site.
The borrowing costs incurred for the Refinery Project have been considered as expenditure during construction pending allocation between capital and deferred revenue expenditure in terms of Accounting Standard (AS-16) issued by ICAI. The same will be allocated at the time of completion / commissioning of the Refinery Project.
Provision for taxation for the Quarter and Nine Months ended 31st December, 2001 have been made after considering the requirements of the Accounting Standard (AS 22) "Accounting for Taxes on Income" issued by the ICAI w.e.f. 1st April 2001.
Segments have been identified in line with the Accounting Standard on Segment Reporting (AS-17).
The above results were taken on record by the Board of Directors of the Company at its meeting held on 29th January, 2002 at Mumbai.
Place : Mumbai
Date : 29th January, 2002
By Order of the Board
For Essar Oil Limited
Sd/-
Jagdeesh M. Mehta
Managing Director & CEO
CORPORATE
