Unaudited Financial Results (Provisional) for the Quarter Ended 30th September, 2006
|No.||For the Quarter ended||For the Half Year ended||For the Year ended|
|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|
|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|
|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
|No.||For the Quarter ended||For the Half Year ended||for the year ended|
|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|
|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)|
|Unallocated Corporate Assets less Liabilities||31101.81||24119.47||31101.81||24119.47||23979.12|
|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|
- 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 Nill
- 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.
|Place: New Delhi Date: October 19th, 2006|
|By order of the Board||(R.S.Sharma)
Chairman & Managing Director
and Director (Finance)