Audited Financial Results
For the year ended 31st March, 2002

Rs. in lakhs
Sr. no.
Particulars
Nine months ended
31.12.2001

Three
months
ended
31.03.2002

Three months ended 31.03.2001

Year ended 31.03.2002
(Audited)

Year ended 31.03.2001
1. Net Sales/Income from Operations 65907 28159 23759 94066 85372
2. Other Income 759 651 406 1410 1409
3. Total Expenditure          
  a (Increase)/Decrease in stock in trade 1636 (39) 535 1597 (14)
  b Consumption of raw materials 40413 19400 13851 598133565 52994
  c Staff cost 8149 2833 2502 10982 10030
  d Excise Duty 5467 1993 2764 7460 8916
  e Other expenditure 8313 3569 3565 11882 10694
  Total 63978 27756 23217 91734 82620
4. Interest (Net) 495 56 (58) 551 963
5. Depreciation 1231 143 373 1374 1479
6. Profit before tax and Extraordinary Income / (Expenses) 962 855 633 1817 1719
7. Extraordinary Items (Net) (630) 484 (626) (146) (1147)
8. Profit before Taxation 332 1339 7 1671 572
9. Provision for taxation - Current 193 96 (36) 289 14
10. Credit for Deferred Taxation 398 (97) - 301 -
11. Net Profit 537 1146 43 1683 558
12. Paid-up equity share capital (Face value Rs.10/-) 3305 3305 3305 3305 3305
13. Reserves excluding revaluation reserves       15496 12202
14. Basic and Diluted Earning per share (Rs) 2 4 0.1 5 2
15 Aggregate of non-promoter shareholdings          
  - Number of shares 25389586 24864368 26457560 24864368 26457560
  - Percentage of shareholding 76.73% 75.15% 79.96% 75.15% 79.96%

Notes :

  1. Extraordinary Items (Net) for the year ended 31st March, 2002 comprise : Profit on sale of Undertaking - Rs 1967.21 lakhs (previous year Nil), Profit on sale of property / transfer of development rights - Rs 3685.87 lakhs (previous year Rs 311.62 lakhs), Write back of diminution in value of investments - Rs 717.71 lakhs (previous year Nil), Other income Rs 233.76 lakhs (previous year - Rs 2267.50 lakhs), Loss on sale of investment in subsidiary companies - Rs 1923.95 lakhs (previous year Nil), Provision for diminution in value of investments - Nil (previous year Rs 1452.15 lakhs), Amortisation of VRS expenses - Rs 3077.95 lakhs (previous year Rs 2273.57 lakhs), Advances written off/provided for - Rs 1328.52 lakhs (previous year Nil), Provision for contingency - Rs 200 lakhs (previous year Nil), Other expenses - Rs 220.16 lakhs (previous year Nil).
  2. 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 year of Rs.301 lakhs has been accounted.
    Net deferred tax asset pertaining to the period prior to 1st April, 2001 amounting to Rs.868 lakhs has been added to the Reserves as at 1st April, 2001 and the Reserves as on 1st April, 2001 have increased to Rs. 13070 lakhs.
  3. 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 w.e.f 1st April, 2001.

    The results for the year ended 31st March, 2002 include full year results of VIL as given below :
      Rs. in lakhs
    Net Sales / Income from Operations 13882
    Total Expenditure 11495
    Profit before tax 2387
    Provision for taxation (Including foreign income tax) 231
    Profit after tax 2156

  4. Provision for taxation, includes foreign income tax of Rs. 207 lakhs and wealth tax of Rs. 8 lakhs.
  5. Figures for the corresponding period last year have been regrouped for making them comparable.
  6. The Board of Directors have recommended a dividend @ 18% for the year 2001-02 (previous year 12%)
  7. The above results have been taken on record by the Board of Directors at its Meeting held on 29th May, 2002.
Segment Report for the year ended 31st March, 2002
Rs. in lakhs
Particulars
 Year
ended
31st March 2002
1. Segment Revenue  
a Electro - Mechanical Projects and Services 40684
b Engineering Agency and Services 5796
c Unitary Cooling Products for Comfort and Commercial use 35521
d Others 12351
Less inter segment revenue 286
Net Sales / Income from Operations 94066
2 Segment Results  
a Electro - Mechanical Projects and Services 4120
b Engineering Agency and Services 1587
c Unitary Cooling Products for Comfort and Commercial use 283
d Others 408
Total 6398
Less :  
i Interest 551
ii Other un-allocable expenditure net off un-allocable income 4030
Profit before Extraordinary Items 1817
Extraordinary items (146)
Profit before Tax 1671
3 Capital Employed  
a Electro - Mechanical Projects and Services 4506
b Engineering Agency and Services 1725
c Unitary Cooling Products for Comfort and Commercial use 4849
d Others 2785
Total 13865
30th July, 2002
A TATA ENTERPRISE
                 Sd/-
                A. SONI
                 Managing Director