Registered Office Voltas House 'A' Dr. Babasaheb Ambedkar Road Chinchpokli Mumbai 400 033
Tel 91 22 56656 666 Fax 91 22 56656 231
Unaudited Financial Results
For the nine months ended 31st December, 2002
(Rs. in lakhs)
Sr. no. Particulars Three months
ended
31.12.2002		 Three months ended
31.12.2001		 Nine months ended
31.12.2002		 Nine months ended
31.12.2001		 Year
ended
31.03.2002
(Audited)
1 Net Sales/Income from Operations 26405 19336 85192 65907 94066
2 Other Income 277 155 1384 759 1410
3 Total Expenditure          
  a (Increase)/Decrease in stock in trade 512 2210 (260) 1636 1597
  b Consumption of raw materials / cost of traded goods sold / cost of jobs, manufacture and services 17854 10815 60616 40413 59813
  c Staff Cost [see note 1(a)] 3088 2879 9111 8149 10982
  d Excise Duty 1281 1103 4470 5467 7460
  e Other expenditure 3134 2380 9852 8313 11882
  Total 25869 19387 83789 63978 91734
4 Interest (Net) 139 162 322 495 551
5 Depreciation 354 389 1096 1231 1374
6 Profit before tax and Extraordinary Income/(Expenses) 320 (447) 1369 962 1817
7 Net Extraordinary Income / (Expenses) 195 152 695 (630) (146)
8 Profit before Taxation 515 (295) 2064 332 1671
9 Provision for Taxation - Current 51 18 216 193 289
10 Debit / (Credit) for Deferred Taxation 179 (317) 534 (398) (301)
11 Net Profit after Tax 285 4 1314 537 1683
12 Paid-up equity share capital (Face Value Rs. 10/-) 3305 3305 3305 3305 3305
13 Reserves excluding revaluation reserves         15496
14 Basic and Diluted Earning per share (Rs.) * not annualised 0.9* 0.0* 4.0* 1.6* 5.1
15 Aggregate of Non-Promoter shareholdings          
  - Number of shares 24589455 25389586 24589455 25389586 24864368
  - Percentage of shareholding 74.32 76.73 74.32 76.73 75.15

Notes :

  1. Figures for the Nine months ended 31st December, 2002 are not comparable with the previous period on account of the following:
    1. Staff cost for the Nine months ended 31st December, 2002 includes additional one time charge for gratuity and leave encashment for past period aggregating Rs 222 lakhs consequent upon reduction in interest rates.
    2. Pursuant to the order of the Bombay High Court dated 27th September, 2002, the balance in the Deferred Revenue Expenditure (DRE) towards past VRS aggregating Rs 5561 lakhs has been adjusted against Share Premium Account. For the nine months ended 31st December 2001, the charge towards amortisation of past VRS was Rs. 2161 lakhs.
    3. Transfer of Room Air conditioners manufacturing facility at Dadra to a joint venture company effective 1st October, 2001
    4. The Bombay High Court has by its order dated 5th September, 2002 approved of the amalgamation of Virat Investment Company Limited (Virat) and Voltas Systems Limited (VSL), wholly owned subsidiaries, with the Company effective 1st April, 2002. The results for the nine months of the current year also include results of Virat and VSL, as given below:
      (Rs. in lakhs)
    5.   Current Quarter
      		 Current Quarter Nine Months Nine Months
      Virat
      VSL
      Virat
      VSL
      Net Sales / Income from Operations
      131.73
      -
      395.19
      -
      Other Income
      -
      -
      66.44
      0.23
      Total Expenditure
      16.65
      -
      111.21
      0.17
      Profit before tax
      115.08
      -
      350.39
      0.16

      - Other Income for the nine months ended 31st December, 2001 includes dividend received from Virat
      - Rs 67 lakhs.

  2. Net Extraordinary Income/ (Expenses) for the quarter ended 31st December, 2002 comprise: Compensation on surrender of Tenancy Rights - Rs 224 lakhs (quarter ended 31st December, 2001 - Rs 75 lakhs), Profit on sale of Investments - Rs. 69 lakhs (quarter ended 31st December 2001 - Nil), VRS - Rs 26 lakhs (quarter ended 31st December, 2001 - Rs 735 lakhs) Provision for Doubtful Advances - Rs 72 lakhs (quarter ended 31st December 2001- Nil), Others - Nil (quarter ended 31st December, 2001 income of Rs 812 lakhs)
  3. The Company has retrenched, with the approval of Labour Commissioner, 100 employees and the retrenchment compensation has been accounted as a cost in the Company's Accounts. However the employees have challenged the order of Labour Commissioner in High Court and not accepted the retrenchment compensation. Since the retrenchment compensation has already been accounted, the Company has not accounted for their salary subsequent to the date of retrenchment.
  4. Provision for taxation for the nine months ended 31st December, 2002, includes foreign income tax of Rs.75 lakhs and wealth tax of Rs 4 lakhs.
  5. Adjustment to the Deferred Tax Asset, if any, will be made at the year-end.
  6. The above results have been taken on record by the Board of Directors at its Meeting held on 27th January, 2003

     
Segment Report
For the nine months ended 31st December, 2002
(Rs. in lakhs)

Particulars

 

 Three months ended
31.12.2002		 Three months ended
31.12.2001		 Nine months
ended
31.12.2002		 Nine months ended 31.12.2001 Financial Year ended
31.03.2002
1 Segment Revenue          
a Electro - Mechanical Projects and Services 14506 9851 43094 26631 40684
b Engineering Agency and Services 1585 1194 4415 3934 5796
c Unitary Cooling Products for comfort and Commercial use 7763 5953 29959 25460 35521
d Others 2568 2338 7802 9882 12351
Less: intersegment revenue 17
-
 78
-
 286
Net Sales / Income from Operations 26405 19336 85192 65907 94066
2 Segment Results          
a Electro - Mechanical Projects and Services 754 842 2556 3040 4120
b Engineering Agency and Services 682 322 1452 1000 1587
c Unitary Cooling Products for comfort and Commercial use (56) (379) 419 397 283
d Others 348 241 846 671 408
Total 1728 1026 5273 5108 6398
Less          
i Interest 139 162 322 495 551
ii Other un-allocable expenditure net off un - allocable income 1269 1311 3582 3651 4030
Net Profit/ (Loss) before Extraordinary Items 320 (447) 1369 962 1817
Extraordinary Income (Exp.) 195 152 695 (630) (146)
Net Profit / (Loss) before Tax 515 (295) 2064 332 1671
3 Capital Employed          
a Electro - Mechanical Projects and Services 3628 4652 3628 4652 4506
b Engineering Agency and Services 1231 2001 1231 2001 1725
c Unitary Cooling Products for comfort and Commercial use 6678 6013 6678 6013 4849
d Others 3241 4216 3241 4216 2785
Total 14778 16882 14778 16882 13865

 
27th January, 2003
A TATA ENTERPRISE
 Sd/-
A. SONI
Managing Director