Unaudited Financial Results (Provisional)
For the Three Months ended 31st December, 2001

Rs. in lakhs
Sr. no. Particulars Three months
ended
31.12.2001 		Three months ended
31.12.2000 		Nine months ended
31.12.2001 		Nine months ended
31.12.2000 		Year
ended
31.03.2001
1 Net Sales/Income from Operations 19336 20031 65907 61613 85372
2 Other Income 155 264 759 1003 1409
3 Total Expenditure          
  a (Increase)/Decrease in stock in trade 2210 (1443) 1636 (549) (14)
  b Consumption of raw materials 10815 14325 40413 39143 52994
  c Staff Cost 2879 2554 8149 7528 10030
  d Excise Duty 1103 1757 5467 6152 8916
  e Other expenditure 2380 2137 8313 7129 10694
  Total 19387 19330 63978 59403 82620
4 Net Interest 162 208 495 1021 963
5 Depreciation 389 379 1231 1106 1479
6 Profit before tax and Extraordinary Income/(Expenses) (447) 378 962 1086 1719
7 Extraordinary Items (Net) 152 (375) (630) (521) (1147)
8 Profit before Taxation (295) 3 332 565 572
9 Provision for Taxation - Current 18 - 193 50 14
10 Credit for Deferred Taxation 317 - 398 - -
11 Profit after Tax 4 3 537 515 558
12 Paid-up equity share capital 3305 3305 3305 3305 3305
13 Reserves excluding revaluation reserves         12202
14 Basic and Diluted Earning per share (Rs.) 0.01 0.01 1.62 1.56 1.69
15 Aggregate of Non-Promoter          
  - Number of shares 25389586   25389586   26457560
  - Percentage of shareholding 76.73%   76.73%   79.96%

Notes :

  1. Earnings per share for the three months and nine months ended 31st December, 2001 and 31st December, 2000 are for the respective periods (not annualised).
  2. Extraordinary Items (Net) for the quarter ended 31st December, 2001 comprise : Profit on sale of share in business - Rs. 122 lakhs (quarter ended 31st December, 2000 : Rs. Nil), Profit on sale of property - Rs. 731 lakhs (quarter ended 31st December, 2000 : Rs. Nil), Profit on surrender of tenancy rights - Rs. 75 lakhs (quarter ended 31st December, 2000 : Rs. 200 lakhs), Profit on sale of machinery - Rs. 10 lakhs (quarter ended 31st December, 2000 : Rs. Nil), Amortisation of VRS expenses - Rs. 735 lakhs (quarter ended 31st December, 2000 : Rs. 575 lakhs), Provision for diminution in value of investments - Rs. 30 lakhs (quarter ended 31st December, 2000 : Rs. Nil), Provision against advances to subsidiaries - Rs. 21 lakhs (quarter ended 31st December, 2000 : Rs. Nil).
  3. Accounting standard 22 relating to 'Accounting for Taxes on Income' is mandatory effective 1st April, 2001. In accordance with the requirements of this standard, Tax effect of timing difference arising during the quarter of Rs. 317 lakhs has been accounted.
    Net deferred tax asset pertaining to the period prior to 1st April, 2001 amounting to Rs.1156 lakhs has been added to the Reserves as at 1st April, 2001 and the Reserves as on1st April, 2001 have increased to Rs. 13358 lakhs.
  4. As per Bombay High Court's order received on 20th September, 2001 Voltas International Ltd. (VIL), a wholly owned subsidiary of Voltas Limited has been merged with the Company effective 1st April, 2001. The results for the current quarter and nine months ended 31st December, 2001 include results of Voltas International Ltd. as given below

      Current Quarter
    (Rs. in lakhs)     		Nine Months
    (Rs. in lakhs)
    Net Sales / Income from Operations 2858.00 8613.00
    Total Expenditure 2405.57 7041.57
    Profit before tax and Extraordinary Income 291.43 1571.43
    Extraordinary Income 122.00 122.00
    Provision for taxation 17.00 189.00
    Profit after tax 396.43 1504.43
  5. Provision for taxation - Current, consists of foreign income tax of Rs.189 lakhs and wealth tax of Rs. 4 lakhs.
  6. 6. Figures for the corresponding period of the previous year do not include figures for Voltas International Ltd. and are therefore not comparable.
  7. The above results have been taken on record by the Board of Directors at its Meeting held on 28th January, 2002.
Segment Report for the period ended 31st December 2001
Rs. in lakhs
Particulars Three months ended
31.12.2001		 Nine months
ended
31.12.2001
1 Segment Revenue    
a Electro - Mechanical Projects and Services 9851 26631
b Engineering Agency and Services 1194 3934
c Unitary Cooling Products for comfort and Commercial use 5953 25460
d Others 2338 9882
Net Sales / Income from Operations 19336 65907
2 Segment Results    
a Electro - Mechanical Projects and Services 842 3040
b Engineering Agency and Services 322 1000
c Unitary Cooling Products for comfort and Commercial use (379) 397
d Others 241 671
Total 1026 5108
Less    
i Interest 162 495
ii Other un-allocable expenditure net off un - allocable income 1311 3651
Net Profit/ (Loss) before Extraordinary Items (447) 962
Extra Ordinary items 152 (630)
Net Profit / (Loss) before Tax (295) 332
3 Capital Employed    
a Electro - Mechanical Projects and Services 4652 4652
b Engineering Agency and Services 2001 2001
c Unitary Cooling Products for comfort and Commercial use 6013 6013
d Others 4216 4216
Total 16882 16882

Notes:

  1. Segment Revenues and Results do not include inter segment profits.
  2. The Company has identified certain facilities as surplus to the requirements of the business segments and these costs have therefore been included under "unallocable expenditure".
  3. The Company has centralised back office functions and therefore, the costs relating to the same cannot be identified with business segments. These have been identified under "unallocable expenditure".
30th July, 2002
A TATA ENTERPRISE
                 Sd/-
                A. SONI
                 Managing Director