Ashok Leyland Ld AKLD 2nd qtr results

  Ashok Leyland Ld (AKLD) - 2nd qtr results

RNS Number : 7008Q
Ashok Leyland Ld
08 November 2012




                                                                                            ASHOK LEYLAND LIMITED
                                                                         Regd. Office :1 Sardar Patel Road, Guindy, Chennai -600 032
                                                               STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30-09-2012
                                                                                                                                                                                         Rs. Lakhs
                                                                           30.09.2012           30.06.2012           30.09.2011           30.09.2012           30.09.2011           31.03.2012
                                                                           Unaudited            Unaudited            Unaudited            Unaudited            Unaudited             Audited
    Part - I
1.  Income from Operations
    a. Net Sales / Income from operations (Net of
                                                                         322,243.93    294,098.00    307,076.10    616,341.93    555,425.84     1,264,204.66
     excise duty)
                                                                                      
                                                                                              6,636.72   4,405.17    13,997.34   7,325.04    19,994.66
    b. Other Operating Income                                                 7,360.62
    Total Income from Operations (net)                                   329,604.55    300,734.72    311,481.27    630,339.27    562,750.88     1,284,199.32
2.  Expenses
    a. Cost of materials consumed                                        188,097.79    204,868.98    196,248.35    392,966.77    393,659.39    912,148.33
    b. Purchases of stock-in-trade - trading goods                       30,258.53    25,320.18   9,246.94    55,578.71    16,761.48    50,737.37
                                                                                              (11,322.30)    23,747.42    10,253.95          (16,701.30)
    c. Changes in inventories of finished goods,                         21,576.25                                                                                 (19.81)
                                                                                                                                                                                                     
     work-in-progress and stock-in-trade                                                                                                                                      
                                                                                      
                                                                                               26,785.60    25,151.35    53,166.07    50,125.26    102,039.42
    d. Employee benefits expense                                               26,380.47
                                                                                
                                                                                              8,925.23   8,593.25    18,766.32    17,059.13    35,281.32
    e. Depreciation and amortisation expenses                                      9,841.09
    f. Other expenses                                                                         31,012.39    23,971.70    60,895.00    44,647.10    110,366.01
                                                                         29,882.61
                                                                                                                                                                                                   
    Total Expenses                                                       306,036.74    285,590.08    286,959.01    591,626.82    522,232.55     1,193,871.15
3.  Profit from operations before other income,                                   
                                                              (1 - 2)                          15,144.64    24,522.26    38,712.45    40,518.33    90,328.17
    finance costs and exceptional                                                 23,567.81
    item
                                                                                  
                                                                                              1,286.59   1,346.45   3,673.26   2,090.65   4,035.03
4.  Other income                                                                  2,386.67
5.  Profit from ordinary activities before finance                                       
                                                                                               16,431.23    25,868.71    42,385.71    42,608.98    94,363.20
    costs and exceptional                                    (3 + 4)    25,954.48
    item
                                                                                
                                                                                              8,337.64   6,583.53    18,701.46    12,250.50    25,525.32
6.  Finance costs                                                                 10,363.82
   
                                                                                    
   Profit from ordinary activities after finance costs but                                   8,093.59    19,285.18    23,684.25    30,358.48    68,837.88
    before exceptional                                        (5 - 6)           15,590.66
7.  item
8.                                                                                                                                                 
    Exceptional item - Profit on disposal of non-current                                                                                                                             159.78
                                                                               -    
    investments-net                                                                                          -                   -                   -                   -                     
                                                                                         
                                                                                                                                                           
                                                                                         
                                                                                              8,093.59    19,285.18    23,684.25    30,358.48    68,997.66
9.  Profit from ordinary activities before tax    (7 + 8)    15,590.66
 

 
                                                                                       
                                                                                              1,400.00   3,877.00   2,731.00   6,325.00    12,400.00
10. Tax expense - Income Tax (Refer Note - 6)                                1,331.00
                                                                                                                                                                                                    
                                                                                        
    
                                                                    
                                                                                
                                                                 (9 -                         6,693.59    15,408.18    20,953.25    24,033.48    56,597.66
11. Net Profit from ordinary activities after tax                 10)             14,259.66

   
                                                                                                                        
                                                                                                               -                    -                   -
12. Extraordinary item (net of tax)                                                     -         -                                                 -
                                                                                                                                                                                                      
                                                                                                              
    Net profit for the                                        (11±12)  14,259.66    6,693.59       15,408.18        20,953.25       24,033.48        56,597.66
13. period
14.                                                                                            26,606.80    26,606.80    26,606.80    26,606.80    26,606.80
                                                                         26,606.80
   Paid-up equity share capital (Face value per share Re.1)                                                                                                                                        
 
    Reserve excluding Revaluation Reserves as per balance                                                                                                                              262,874.85
15. sheet of previous accounting year
   

16. Debenture Redemption Reserve                                                                                                                                                      9,000.00

   
                                                                                                     
17. Earnings Per Share (EPS) (Basic and Diluted) (Rs.) (of Re.1 each                                         0.25                  0.58                  0.79                  0.90                  2.13
    - Not annualised)                                                                 0.54
   

18. Debt Equity Ratio                                                                                                                    0.9821  0.8020  0.7362

   
19. Debt Service Coverage Ratio                                                                                                          0.8288     2.0609       2.7015
20. Interest Service Coverage Ratio                                                                                                      3.5825  5.5052  5.6475
    Part - II
A.  Particulars of Shareholding
1.  Public shareholding
    - Number of shares                                                     1,304,239,070      1,304,239,070      1,304,239,070      1,304,239,070      1,304,239,070      1,304,239,070

                                                                                                                                                                                                  
                                                                                                                         
    - Percentage of shareholding                                                            49.02                 49.02                 49.02                 49.02                 49.02
                                                                                      49.02
                                                                                                                                                                                                   
2.  Promoter shareholding
    a. Pledged / Encumbered
    - Number of shares                                                    237,052,102     237,052,102     237,052,102     237,052,102     237,052,102     237,052,102
                                                                                                         
    - Percentage of promoter shareholding                                             17.48                 17.48                 17.48                 17.48                 17.48                 17.48
                                                                                                   
    - Percentage of total share capital                                                8.91                  8.91                  8.91                  8.91                  8.91                  8.91
    b. Non-encumbered
    - Number of shares                                                     1,119,385,462      1,119,385,462      1,119,385,462      1,119,385,462      1,119,385,462      1,119,385,462
                                                                                                         
    - Percentage of promoter shareholding                                             82.52                 82.52                 82.52                 82.52                 82.52                 82.52
                                                                                                         
    - Percentage of total share capital                                               42.07                 42.07                 42.07                 42.07                 42.07                 42.07
                           Particulars                                               THREE MONTHS
                                                                                  ENDED - 30.09.2012
B.  Investor Complaints
1.  Pending at the beginning of the quarter                                                4
2.  Received during the quarter                                                           200
3.  Disposed during the quarter                                                           201
4.  Remaining unresolved at the end of the quarter                                         3

(1) The above results have been  reviewed by the Audit Committee and  then 
approved by the Board of Directors at its meeting held on November 8, 2012.

(2) The statutory  auditors have conducted  a limited review  of the  above 
results.

(3) Statement of Assets and Liabilities:

                                  Rs. Lakhs



                  Particulars                          As at
                                            30.09.2012      31.03.2012
                                             Unaudited        Audited
A.    EQUITY AND LIABILITIES
   1) Shareholders' funds
      a) Share capital                     26,606.80   26,606.80
      b) Reserves and surplus              416,460.08    394,210.55
           Sub total - Shareholders funds  443,066.88    420,817.35
   2) Non-current liabilities
      a) Long-term borrowings              244,190.07    229,335.11
      b) Deferred tax liabilities (Net)    51,767.69   49,036.69
      c) Other long term liabilities       369.51  475.62
      d) Long-term provisions              7,430.54   7,656.30
      Sub total - Non current liabilities  303,757.81    286,503.72
   3) Current liabilities
      a) Short-term borrowings             106,654.01    10,175.00
      b) Trade payables                    222,352.27    277,246.10
      c) Other current liabilities         182,099.51    154,795.10
      d) Short-term provisions             11,689.74   42,037.44
          Sub total - Current liabilities  522,795.53    484,253.64
           TOTAL - EQUITY AND LIABILITIES 1,269,620.22    1,191,574.71
B.    ASSETS
   1) Non-current assets
      a) Fixed assets                      573,063.67    546,171.50
      b) Non-current investments           182,057.97    153,447.89
      c) Long-term loans and advances      60,172.85   60,823.95
      d) Other non-current assets          1,007.49   742.74
           Sub total - Non current assets  816,301.98    761,186.08
   2) Current assets
      a) Inventories                       217,196.98    223,062.52
      b) Trade receivables                 139,834.79    123,024.79
      c) Cash and cash equivalents         1,409.51   3,255.58
      d) Short-term loans and advances     87,301.54   72,709.06
      e) Other current assets              7,575.42   8,336.68
               Sub total - Current assets  453,318.24    430,388.63
                           TOTAL - ASSETS 1,269,620.22    1,191,574.71



(4) Exchange  difference  on translation  or  settlement of  long  term 
foreign currency monetary items  at rates different from  those at which  they 
were initially recorded or  as at April 1,  2007, in so far  as it relates  to 
acquisition of depreciable assets are adjusted  to the cost of the assets.  In 
other cases, such exchange differences, arising effective April 1, 2011,  are 
accumulated in "Foreign currency monetary item translation difference account"
and amortized  by recognition  as income  or  expense in  each year  over  the 
balance term till settlement  occurs but not beyond  March 31, 2020  (notified 
earlier as March 31, 2011).  This is in line  with Notification No. G.S.R  913 
(E) dated  December 29,  2011 issued  by the  Ministry of  Corporate  Affairs, 
Government of  India, amending  the  Companies (Accounting  Standards)  Rules, 
2006, which supersedes their earlier notification dated May 11, 2011.



 Accordingly,

a)  Foreign  exchange  (Gain)  /  Loss  relating  to  acquisition   of 
depreciable assets, capitalized during the half year ended September 30,  2012 
aggregated Rs. 11,012.09 Lakhs  [ September 30, 2011  : Rs. 12,575.26  Lakhs; 
March 31, 2012 Rs. 21,234.97 Lakhs; June 30, 2012 Rs. 18,638.67 Lakhs ] and

b) The un-amortized net  exchange difference in  respect of long  term 
monetary items relating to other than acquisition of depreciable assets, is  a 
gain of Rs. 77.50 Lakhs as at  September 30, 2012 [^#September 30, 2011:  Loss 
of Rs. 38.68 Lakhs; March 31, 2012 : Gain of Rs. 415.25 Lakhs; June 30,  2012: 
Gain of Rs. 1,026.75 Lakhs].

 # - represents amortisation per earlier notification

(5) The Company's  primary segment  is identified  as business  segment 
based on  nature  of  products,  risks,  returns  and  the  internal  business 
reporting system and secondary segment is identified based on the geographical
location  of  the  customers  as  per  Accounting  Standard  17.  The  Company 
isprincipally engaged in a single  business segment viz., commercial  vehicles 
and related components.

(6)  Current  tax  expense  is  after  considering  credit  of  Minimum 
Alternate Tax (MAT) credit  under Section 115 JAA  (1A) of the Income-tax  Act 
1961 for relevant periods as tabulated below.

                                      

  Rs.
                                    Lakhs

Description         Three Months ended          Six months ended    Year Ended

            30.09.2012 30.06.2012 30.09.2011 30.09.2012 30.09.2011 31.03.2012
 MAT Credit    4,431.00     626.00   1,182.16   5,057.00   1,713.53   6,278.00
 considered



(7) The Company had adopted the principles of Accounting Standard 30  - 
Financial instruments: Recognition and  measurement, issued by the  Institute 
of Chartered Accountants of India, with effect from April 1, 2008, in  respect 
of forward  contracts  for  firm  commitments  and  highly  probable  forecast 
transactions  meeting  necessary  criteria  for  designation  as  "Cash   flow 
hedges". The gains and losses on effective Cash flow hedges are recognized in
Hedge Reserve Account till the underlying forecast transaction occurs.

(8) The Company has adopted the following formulae for computing Ratios
mentioned in Sl. No 18, 19 and 20.



Sl. No Ref.         Ratio                           Formula
    18      Debt Equity Ratio     Total Borrowings / (Share Capital + Total
                                  Reserves)
    19      Debt Service Coverage (Profit from ordinary activities before Tax
            Ratio                 + Interest charge on borrowings +
                                  Depreciation - Tax expense) / (Interest
                                  charge on borrowings + Principal repayments
                                  for Term loans)
    20      Interest Service      (Profit from ordinary activities before Tax
            Coverage Ratio        +Interest charge on borrowings +
                                  Depreciation) / Interest charge on
                                  borrowings







(9) The  figures for  the  previous periods  have been  reclassified  / 
regrouped / amended, wherever necessary.



                        For and on behalf of the Board

                                                                             

                                                                             

                                                                             

Place : Chennai   
 VINOD K DASARI

Date  :  November  8,  2012    
 Managing Director



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           The company news service from the London Stock Exchange

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IR UWRNRUNAARAA -0- Nov/08/2012 16:09 GMT
 
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