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Sea Survival Training

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(Rs. In lakh)
Sl. Particulars Unaudited Unaudited Audited
No.   For the Quarter ended For the Half Year ended For the Year ended
    30.09.2006 30.09.2005 30.09.2006 30.09.2005 31.03.2006
1 Gross Sales/Income from Operations 14146.57 12728.04 28822.89 23681.28 48200.87
  Less: Excise Duty Recovered 78.02 48.57 151.57 132.42 278.00
  Net Sales/Income from Operations 14068.55 12679.47 28671.32 23548.86 47922.87
2 Other Income 939.71 863.84 1359.66 1162.76 2354.99
3 Total Expenditure 7028.73 5524.46 13522.07 10289.09 20577.02
  a) (Increase)/Decrease instock-in-trade 25.33 4.16 50.17 2.35 (211.58)
  b) Purchases (Trading) 1634.84 1214.38 3307.01 2150.02 3433.79
  c) Consumption of rawmaterials* 64.52 53.71 141.64 87.19 373.17
  d) Staff expenditure 627.43 235.24 924.88 515.94 1272.66
  e) Statutory levies 2981.62 2662.24 6095.62 5161.80 9695.67
  f) Other expenditure 1694.99 1354.73 3002.75 2371.79 6013.31
4 Interest 4.10 5.51 7.38 7.69 46.97
5 Depreciation** 1847.26 1936.35 4078.12 3288.08 8457.28
6 Profit before Tax and Extraordinary Items (1+2-3-4-5) 6128.17 6076.99 12423.41 11126.76 21196.59
7 Extraordinary Items-Excess of Insurance Claims over book value         640.54
8 Profit before Tax (6+7) 6128.17 6076.99 12423.41 11126.76 21837.13
9 Provision for taxation          
  a) Current Year 2115.80 1905.40 4516.60 3605.80 6348.10
  b) Earlier Years 0.00 92.77 0.00 92.77 92.61
  c) Deferred Tax Liability(Asset) (171.25) (71.92) (405.47) (50.20) 911.29
  d) Fringe Benefit Tax 9.64 12.49 19.31 21.26 54.35
  Sub Total (a+b+c+d) 1954.19 1938.74 4130.44 3669.63 7406.35
10 Net profit (6-7) 4173.98 4138.25 8292.97 7457.13 14430.78
11 Paid-up equity sharecapital (Face value of share Rs. 10) 1425.92 1425.93 1425.92 1425.93 1425.93
12 Reserves excludingrevaluation reserves***         51917.40
13 Earning per share excl. extraordinary Items - Basic & Diluted (Rs.) 29.27 29.02 58.16 52.30 98.22
14 Earning per share incl. extraordinary Items - Basic & Diluted (Rs.) 29.27 29.02 58.16 52.30 101.20
15 Aggregate of non-promoter shareholding          
  -Number of shares 368754569 368773541 368754569 368773541 368773541
  -Percentage of shareholding 25.86 25.86 25.86 25.86 25.86

*Represents consumption of raw materials, stores & spares. ** Also includes depletion, amortisation and impairment loss ***Reserves excluding intangibles

Segment wise Revenue, Results and Capital Employed under Clause 41 of the Listing Agreement

Segment wise Revenue, Resultsand Capital Employed under Clause 41 of the Listing Agreement
            (Rs. in Lakh)
Sl.   Unaudited Unaudited Audited
No.   For the Quarter ended For the Half Year ended for the year ended
    30.09.2006 30.09.2005 30.09.2006 30.09.2005 31.03.2006
1 Segment Revenue          
  A) Offshore 10181.39 8829.67 20620.23 16662.51 34194.15
  B) Onshore 4271.30 4112.60 8652.74 7320.20 15004.19
  Total 14452.69 12942.27 29272.97 23982.71 49198.34
  Less: Inter Segment Revenue          
  Net sales/income fromoperations 14452.69 12942.27 29272.97 23982.71 49198.34
             
2 Segment ResultProfit(+)/Loss(-) before tax and          
  interest from eachsegment          
  A) Offshore 5496.55 4653.68 11297.57 9170.20 16990.61
  B) Onshore 212.41 959.34 556.25 1399.73 3492.24
  Total 5708.96 5613.02 11853.82 10569.93 20482.85
             
  Less:          
  i. Interest Payment 4.10 5.51 7.38 7.69 46.97
  ii. Other unallocable expenditure net of unallocable income. (423.31) (469.48) (576.97) (564.52) (760.71)
             
  Profit before Tax and Extraordinary Items 6128.17 6076.99 12423.41 11126.76 21196.59
  Extraordinary Items-Excess of Insurance Claims over book value         640.54
  Profit before Tax 6128.17 6076.99 12423.41 11126.76 21837.13
             
3 Capital Employed (Segment Assets - Segment Liabilities)          
  A) Offshore 18968.03 17902.27 18968.03 17902.27 16430.74
  B) Onshore 12185.05 12280.67 12185.05 12280.67 13549.81
  Total 31153.08 30182.94 31153.08 30182.94 29980.55
  Unallocated Corporate Assets less Liabilities 31101.81 24119.47 31101.81 24119.47 23979.12
  Grand Total 62254.89 54302.41 62254.89 54302.41 53959.67
Note:
Segment Revenue in respect of onshore segment for the current quarter and half year ended 30th September, 2006 includes Rs. 1636.29 crore (Previous quarter- Rs. 1215.69 crore) and Rs. 3309.70 crore (Previous half year- Rs. 2152.02 crore) on account of tra

Notes :

  • In terms of the decision of the GOI, the company has shared under recoveries of Oil Marketing Companies (OMCs) for the 2nd quarter of 2006-07 by allowing discount in the prices of Crude Oil, PDS kerosene and domestic LPG based on the provisional rates of discount communicated by Petroleum Planning and Analysis Cell (PPAC). The impact on this account is as under:-
    Decrease in For the Quarter ended For the Half Year ended For the Year ended
      30.09.2006 30.09.2005 30.09.2006 30.09.2005 31.03.2006
    Gross Discount 5032.00 2876.00 10152.00 5703.86 11956.49
    Decrease in Sales Revenue 4826.82 2876.00 9766.83 5703.86 11956.49
    Decrease in Profit before tax 4560.29 2634.36 9236.30 5216 10867.66
  • Gross sales and purchases for the quarter include Rs. 1636.29 crore (previous quarter Rs. 1215.69 crore) and Rs. 1634.83 crore (previous quarter Rs. 1214.38 crore) respectively on account of trading of MRPL products, a subsidiary of ONGC. Similarly, gross sales and purchases for the half year include Rs. 3309.70 crore (previous half year Rs. 2152.02 crore) and Rs. 3307.01crore (previous half year 2150.02 crore) respectively.
  • The Institute of Chartered Accountants of India (ICAI) has issued a revised AS-15 on Employee Benefits effective from 01.04.2006. Pending final determination of liability in terms of said AS, for certain post retirement & other benefit plans, an additional provision of Rs.17 crore and Rs. 27 crore has been made in the current quarter and half year respectively in this respect on an estimated basis.
  • The statutory auditors in their report on the accounts for the year 2005-06 have commented on accounting treatment of side tracking cost in respect of abandoned portion of wells for which a reference was made to The Institute of Chartered Accountants of India (ICAI) by the company. Since the opinion was received on 31.05.2006, and the company has sought certain specific clarifications, no accounting adjustment has been made in the current quarter.
  • In accordance with the ICAI Guidance note on VAT accounting, the sales turnover is net of VAT of Rs. 587.97 crore and Rs. 1222.90 crore during current quarter and half year respectively whereas sales turnover of corresponding periods of previous year are inclusive of VAT.
  • The company in its Annual General Meeting held on 19th September, 2006 has approved issue of bonus shares in the ratio of 1:2, i.e. one share against two shares held. The record date for the issue has been fixed as 30th October, 2006.
  • Hazira gas processing complex experienced unprecedented floods resulting in total plant shutdown from 07.08.2006 to 19.08.2006. The operations were fully restored on 08.09.2006. The estimated revenue loss on this account is Rs. 485.28 crore.
  • Staff expenditure includes Rs. 305 crore on account of Golden Jubilee and additional annual incentive.
  • Other expenditure includes an amount of Rs. 365 crore on account of liquidated damages payable to GOI for extension of License period/surrender of NELP blocks.
  • Information on investors’ complaints pursuant to clause 41 of Listing Agreement for the quarter ended 30th September , 2006:
      Opening Balance Additions Disposals Closing Balance
    No. of complaints 7 17 24 Nil
    These exclude investor complaints regarding the offer for sale upto 10% of equity shares of the company made by the Government of India in March, 2004, which are being attended to by the Registrar to the issue appointed by Govt. of India.
  • The above results have been reviewed and recommended by the Audit & Ethics Committee and approved by the Board of Directors in its meeting held on 19th October, 2006 The same are subject to limited review by the statutory auditors of the company.
  • Previous period’s figures have been regrouped/reclassified wherever necessary.
  By order of the Board
Place: New Delhi
Date: October 19th, 2006		 (R.S.Sharma)
Chairman & Managing Director
and Director (Finance)