Unaudited Financial Results (Provisional)
For the Three Months ended 30th June, 2002

(Rs. in Lakhs)

Sr.No.
Particulars
Three months
ended
30.02.2002
Three months
ended
30.06.2001
Year ended
31.03.2002
(Audited)
1. Net Sales / Income from Operations 30447 25522 94066
2. Other Income 368 212 1410
3. Total Expenditure      
  a) (Increase) / Decrease in stock in trade 453 1497 1597
  b) Consumption of raw materials / cost of traded goods / cost of jobs, manufacture and services 21435 15544 59813
  c) Staff Cost 2691 2432 10982
  d) Excise Duty 1820 2401 7460
  e) Other expenditure 3013 2593 11882
  Total 29412 24467 91734
4. Interest (Net) 171 259 551
5. Depreciation 382 443 1374
6. Profit before tax and Extraordinary Income/
(Expenses) 		850 565 1817
7. Net Extraordinary Income/(Expenses) (542) (385) (146)
8. Profit before Taxation 308 180 1671
9. Provision for Taxation - Current 48 11 289
10. Credit for Deferred Taxation 17 8 301
11. Net Profit after Tax 277 177 1683
12. Paid-up equity share capital (Face value Rs 10/-) 3305 3305 3305
13. Reserves excluding revaluation reserves     15496
14. Basic and Diluted Earnings per share (not annualised) (Rs) 0.8 0.5 5.1
15. Aggregate of Non-Promoter Shareholdings      
  - Number of shares 24589455 26457560 24864368
  - Percentage of shareholding 74.31% 79.96% 75.15%

Notes

  1. Net Extraordinary Income / (Expenses) for the quarter ended 30th June, 2002 comprise amortisation of VRS expenses - Rs. 887 lakhs (quarter ended 30th June, 2001 : Rs. 709 lakhs), other expenses - Rs. 30 lakhs (quarter ended 30th June, 2001 : Rs 23 lakhs), profit on sale of plant and machinery of an undertaking - Nil (quarter ended 30th June, 2001 : Rs 94 lakhs), reversal of excess provision for Hermatic Motor Plant in respect of future salary payable - Nil (quarter ended 30th June, 2001 : Rs 23 lakhs) and profit on sale of property / compensation on surrender of tenancy rights / forfeiture of deposit - Rs. 375 lakhs (quarter ended 30th June, 2001 : Rs 230 lakhs).
  2. Provision for taxation, includes foreign income tax of Rs.43 lakhs and wealth tax of Rs. 2 lakhs.
  3. The approval of the shareholders is being sought at the ensuing Annual General Meeting, for adjusting the unamortised amount of VRS as on 31st March, 2002 (Deferred Revenue Expenditure) together with any further additions during the current year, against the balance available in Share Premium account. In the interim, the pro- rata amount of VRS cost has been charged under Extraordinary Income / (Expenses). Upon receipt of the shareholders' and Bombay High Court's approval, the charge of VRS would be reversed.
  4. Figures for the corresponding quarter of the previous year are not comparable since the Room Air conditioners manufacturing facility at Dadra was transferred to a joint venture with effect from 1st October, 2001 and erstwhile Voltas International Ltd. was merged with the Company effective 1st April, 2001, upon receipt of approval of Bombay High Court for the amalgamation on 20th September, 2001
  5. Virat Investment Company Limited (Virat) and Voltas Systems Limited (VSL), wholly owned subsidiaries of the Company are proposed to be amalgamated with the Company effective 1st April, 2002. Pending Bombay High Court's approval for the amalgamation, the figures of Virat and VSL have not been included in the current year's first quarter results above.
  6. 6. The above results have been taken on record by the Board of Directors at its Meeting held on 30th July, 2002.

 
Segment Report
for the quarter ended 30th June, 2002
(Rs. In Lakhs)
Segment Reporting
Quarter ended 30.06.2002
Year ended 31.03.2002
1 Segment Revenue    
a Electro - Mechanical Projects and Services 11510 40684
b Engineering Agency and Services 1368 5796
c Unitary Cooling Products for Comfortand Commercial use 14995 35521
d Others 2607 12351
Less : inter segment revenue 33 286
Net Sales / Income from Operations 30447 94066
2 Segment Results    
a Electro - Mechanical Projects and Services 840 4120
b Engineering Agency and Services 319 1587
c Unitary Cooling Products for Comfort and Commercial use 521 283
d Others 160 408
Total 1840 6398
Less : (i) Interest 171 551
          (ii) Other un-allocable expenditurenet off un-allocable income 819 4030
Profit before Extraordinary Income/(Expenses) 850 1817
Net Extraordinary Income/(Expenses) (542) (146)
Profit before Tax 308 1671
3 Capital Employed    
a Electro - Mechanical Projects and Services 4046 4506
b Engineering Agency and Services 1519 1725
c Unitary Cooling Products for Comfort and Commercial use 6743 4849
d Others 2813 2785
Total 15121 13865
Note : The business of Unitary Cooling Products is cyclical in nature. Therefore, the result of this segment for the current quarter is not representative of the annual results.
30th July, 2002
A TATA ENTERPRISE
                 Sd/-
                A. SONI
                 Managing Director