Bayer
CropScience Limited
Unaudited Financial Results for the Quarter
ended
30th September, 2006 |
Rs. in Lacs |
. |
Quarter
Ended
|
Nine
Month Ended
|
Year Ended
|
| Particulars |
30th September,
2006 |
30th September,
2005 |
30th
September,
2006 |
30th
September,
2005 |
31st December
2005
(Audited) |
Income |
|
|
|
|
|
| Sales and Other Operating Income |
26,164
|
21,674
|
50,473 |
46,434
|
67,743
|
| Other Income |
679
|
1.738 |
2,579 |
3,082
|
4,089
|
| Total Income |
26,843
|
23,412
|
53,052
|
49,516
|
71,832
|
Expenditure |
. |
| (a) Decrease/(Increase) in Stock |
(1,273)
|
(278)
|
(3,653)
|
(2,244)
|
637 |
| (b) Consumption of Raw Materials |
9,916
|
9,994
|
23,212
|
24,143
|
31,860
|
| (c) Cost of Traded Goods sold |
7,435
|
2,353
|
10,162 |
2.609 |
5,102 |
| (d) Staff Cost |
1,689
|
1,524
|
5,043 |
4,367
|
5,721 |
| (e) Other (Net of Recoveries) |
3,556
|
5,081
|
10,210 |
12,923 |
17,350 |
Total Expenditure |
21,323
|
18,674
|
44,974
|
41,798
|
60,670
|
| Interest |
231
|
167 |
605 |
522 |
744 |
| Depreciation |
552
|
580 |
1,631
|
1,681
|
2,258
|
| PROFIT FOR THE PERIOD BEFORE PRIOR
PERIOD AND EXCEPTIONAL ITEMS |
4,737
|
3,991 |
5,842 |
5,515 |
8,160 |
Less: Exceptional Items
(Voluntary Retirement Expenditure) |
- |
- |
|
(691)
|
(691)
|
| PROFIT FOR THE PERIOD
BEFORE TAXATION |
4,737
|
3,991
|
5,842
|
4,824
|
7,469 |
| Less :Provision For Taxation (including Deferred Tax &
Fringe Benefit Tax) |
(1,679)
|
(1,390)
|
(2,134)
|
(1,864)
|
(3,754)
|
| PROFIT FOR THE PERIOD AFTER TAXATION |
3,058
|
2,601 |
3,708 |
2,960 |
3,715 |
| Paid up Equity Share Capital (Face Value Rs. 10) |
3,950
|
3,950
|
3,950
|
3,950
|
3,950
|
| Reserves and Surplus(excluding Revaluation Reserve) |
. |
. |
. |
. |
24,617
|
| Number of Equity Shares (Face Value of Rs.10) |
39,498,747 |
39,498,747 |
39,498,747 |
39,498,747 |
39,498,747 |
| Earning Per Share (basic & diluted)[excluding exceptional
items (net of tax)] |
7.74
|
6.58
|
9.39
|
8.65
|
10.57 |
Basic Earning Per Share of Rs 100 / each.
|
|
|
|
|
|
| Earning Per Share (basic & diluted)[including exceptional items
(net of tax)] |
7.74
|
6.58
|
9.39
|
7.49 |
9.40 |
| |
|
|
|
|
|
| Aggregate of non-promoters shareholdings |
|
|
|
|
|
| Number of shares |
11,412,085
|
11,412,032
|
11,412,085
|
11,412,032
|
11,412,032 |
| Percentage of shareholding (%) |
28.89%
|
28.89%
|
28.89%
|
28.89%
|
28.89% |
Notes:
1. The above results have been reviewed
and recommended by the Audit Committee and approved by the Board of
Directors of the Company at its meeting held on 30th October, 200 and
the statutory auditors had carried out a limited review of the results
for the period ended 30th September, 2006..
2. At the meeting of the Board of
Directors held on 24th July, 2006, the Directors had approved the amendment
of the Object Clause of the Company for the inclusion of seeds and such
other activities to optimally utilize the company's resources.The approval
of the shareholders to the said amendment was obtained through the process
of postal ballot, the result of which was declared on 12th September,
2006. The integration at present will be in the area of Sales and General
Administration. Accordingly, the Company shall enter into an agency
agreement with Proagro Seed Company Private Limited (a Bayer Group Company)
effective sometime in 2007.
3.At the meeting of the Board of Directors held on 24th August, 2006,
the Company announced planned cessation of manufacturing and related
activities at the Thane plant in the course of year 2007. It is clarified
that the cessation of manufacturing and related activities at Thane
is not a closure of the Company's undertaking.
4. Pursuant to an agreement dated 29th August 2006 between Bayer CropScience
AG and United Phosporous Limited for divestment of certain Crop Protection
products globally, the Company is in process of obtaining valuation
report for intellectual property rights for its ODM (Oxydemeton methyl)
business. The Income from the divestment of ODM business will be recognised
upon receipt of valuation report and compeltion of other necessary legal
formalities.
5. Pursuant to the global divestment
of Diagnostics business to Siemens AG, the Company's investment in the
shares of Bayer Diagnostics India Limited will be transferred at a consideration
of Rs. 1,808 lacs, in accordance with the guidelines on pricing under
SEBI (Substantial Acquisition of Shares and Takeover) Regulations 1997,
subject to necessary approvals.
6. The Company has appointed a Wholetime Director, whose approval for
appointment is awaited from the Central Government of India.
7. In accordance with the past practice consistently followed, Sales
for the nine months ended 30th September, 2006 are net of estimated
returns of Rs. 2,094 lacs (Jan - Sep 2005 Rs. 5,370 lacs), in respect
of seasonal sales which in the Management's opinion, may need to be
reviewed dependant on future circumstances. Further, sales returns are
accounted at actuals at the year end.
8. The Company has only one reportable business segment, i.e. "Pesticides"
7. The status of Investor complaints received and disposed off during
the quarter ended 30th September, 2006 is:
| Complaints pending at the beginning of the quarter |
0 |
| Complaints received during the quarter |
2 |
| Complaints attended during the quarter |
1 |
| Complaints lying unresolved at the end of the quarter |
1 |
8. Provision for taxation (including Deferred Tax
& Fringe Benefit Tax) for nine months ended Sepember 30, 2005 includes
deferred tax charge pertaining to prior period Rs. 11 lacs and Rs. 48
lacs on account of revaluation of deferred tax assets consequent to
reduction in tax rates.
9. Provision for taxation for the quarter and nine months ended September
30, 2005, includes Fringe Benefit Tax of Rs. 63 lacs and Rs. 117 lacs
resepectively in respect of the period commencing April 2005.
10. Previous period's figures have been regrouped wherever necessary.
|
Place: Mumbai
Date: 30th October, 2006
Copyright © Bayer CropScience Ltd.
|
By Order of the Board
Christian Kunze
Director |
|
