Bayer

(A) UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED 30.06.2003

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(UNDER CLAUSE 41 OF THE LISTING AGREEMENT)

Rs. Lacs

QUARTER ENDED

SIX MONTHS ENDED

YEAR ENDED

QUARTER ENDED

SIX MONTHS ENDED

YEAR ENDED

PARTICULARS

30TH JUNE

31ST DECEMBER

PARTICULARS

30TH JUNE

31ST DECEMBER

2003

2002

2003

2002

2003

2002

2003

2002

(AUDITED)

1. Segment Revenue

Sales and Other Operating Income

14,151

19,172

27,264

33,695

61,356

a. Segment CropProtection

8,998

15,133

16,117

24,882

41,467

Other Income

456

159

878

317

720

b. Segment - Rubber

3,121

2,476

6,195

5,145

10,520

Total Income

14,607

19,331

28,142

34,012

62,076

c. Others

2,032

1,563

4,952

3,668

9,369

Total Expenditure

Total

14,151

19,172

27,264

33,695

61,356

a) (Increase)/Decrease in Stock

(1,403)

(123)

(465)

646

(1,372)

Less: Inter segment revenue

-

b) Consumption of Raw Materials

5,817

3,425

9,359

6,054

12,919

Sales & Other Operating Income

14,151

19,172

27,264

33,695

61,356

c) Cost of Traded Goods sold

2,163

6,295

3,925

10,021

18,415

d) Staff Cost

1,574

1,433

3,018

2,889

5,912

2. Segment Results

e) Other Expenditure ( Net of Recoveries)

5,138

5,492

8,843

9,411

19,131

a. Segment - CropProtection

1,090

2,175

2,424

3,813

4,687

Total

13,289

16,522

24,680

29,021

55,005

b. Segment - Rubber

(164)

112

(146)

178

206

c. Others

(75)

173

334

287

732

Interest

269

443

664

936

1,854

Total

851

2,460

2,612

4,278

5,625

Depreciation

384

301

767

603

1,251

Add/ (Less):

PROFIT FOR THE PERIOD BEFORE EXTRA-ORDINARY ITEMS

665

2,065

2,031

3,452

3,966

I. Interest

(269)

(443)

(664)

(936)

(1,854)

Extra-Ordinary Items (Note 1)

II.Other
un-allocable income/
(expenses) (net)

83

48

83

110

195

Add : Profit from Transfer of Consumer Care Business

1,239

-

1,239

-

Total Profit Before Extra-Ordinary Items

665

2,065

2,031

3,452

3,966

Less : Provisions for the discontinued Consumer Care Business

1,068

-

1,068

-

Less : Voluntary Retirement Schemes/Provision for Restructuring

168

-

168

506

1,189

3. Capital Employed

(Segment Assets - Segment Liabilities)

PROFIT FOR THE PERIOD BEFORE TAXATION

668

2,065

2,034

2,946

2,777

a. Segment - CropProtection

12,042

12,234

12,042

12,234

10,179

Less : Provision for Taxation

568

763

1,195

1,126

1,346

b. Segment - Rubber

6,723

6,626

6,723

6,626

6,812

Less : Provision for Deferred Tax

(516)

9

(691)

55

(116)

c. Others

5,375

5,244

5,375

5,244

6,689

d. Unallocated Corporate

1,797

720

1,797

720

(112)

PROFIT FOR THE PERIOD AFTER TAXATION

616

1,293

1,530

1,765

1,547

Total

25,937

24,824

25,937

24,824

23,568

Paid up Equity Share Capital

1,622

Reserves & Surplus

7,188

Basic Earning Per Share (Rs.)

(1.17)

73.81

55.06

117.77

132.00

[on the basis of profits excluding extra-ordinary items (net of tax)]

Aggregate of non-promoters shareholdings

Number of shares

725,159

Percentage of shareholdings (%)

44.71

Notes:

1. (a) As part of global restructuring, business of Consumer Care division has been sold to S. C. Johnson Products Private Limited w.e.f. June 1, 2003.

The profit of Rs. 1,239 lacs and one time contingency/other costs provisions amounting to Rs. 1,068 lacs relating to the discontinued

Consumer Care business are shown under extra-ordinary items.

(b) VRS cost for the current period is net of the amount( Rs. 330 lacs) borne by S. C. Johnson Products Private Limited (the purchaser) towards VRS given to the employees of Consumer Care division.

2. In terms of a scheme of arrangement submitted to the Bombay High Court, Bayer Cropscience India Limited is proposed to be merged with the Company with effect from April 1, 2003. The scheme is pending approval of the shareholders and the court, and pending such approval, the above financial results do not incorporate the results of Bayer Cropscience India Limited.

3. Investors complaints received and disposed off during the quarter ended June 30, 2003.

Numbers

Complaints pending at the beginning of the quarter

NIL

Complaints received during the quarter

3

Complaints attended during the quarter

3

Complaints lying unresolved at the end of the quarter

NIL

4. The statutory auditors have carried out a limited review of the results for six months ended 30th June, 2003.

5. Previous period's figures have been regrouped wherever necessary.

The above results have been approved by the Board of Directors at their Meeting held on 24th July, 2003.

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