Financial Results
30th JUNE 2013 31st MARCH 2013 31st DECEMBER 2012 30th SEPTEMBER 2012
1 STATEMENT OF STANDALONE UN-AUDITED  RESULTS FOR THE QUARTER  ENDED ON 30/06/2013
    STANDALONE
Part 1       (in lac)
PARTICULARS  3 months
ended 30.06.2013 		  3 months
ended 31.03.2013  (Refer Note 8)
 3 months
ended 30.06.2012  		 Year to date figures for current year ended 31.03.2013
  (Unaudited) (Audited)   (Unaudited) (Audited)  
1 Income from operations        
  (a) Net Sales/Income from operations (Net of excise duty) 483,894.74 751,646.68 500,243.92 2,609,748.09
  (b) Other Operating Income  1,560.46 3,749.70 547.22 6,283.73
  Total income from operations(net) 485,455.20 755,396.38 500,791.14 2,616,031.82
2 Expenses  
  (a) Cost of materials consumed 280,252.73 405,423.55 324,705.12 1,601,462.77
  (b) Purchases of stock-in-trade 108,416.00   274,627.82 115,577.55 751,797.92
  (c ) Changes in inventories of finished goods, work-in-progress and stock-in-trade. 44,122.17   (2,725.82)   (3,555.34) 15,043.19
  (d) Employee benefits expenses   3,920.14 3,694.28 3,150.19 14,255.90
  (e) Depreciation and amortisation expenses   4,031.17 4,580.43 3,462.97 15,426.29
  (f) Other expenses 38,270.60 62,638.50 46,203.17 189,924.54
  Total Expenses 479,012.81 748,238.76 489,543.66 2,587,910.61
3 Profit/(Loss) from operations before other income, finance costs and exceptional items(1-2) 6,442.39 7,157.62 11,247.48 28,121.21
4 Other Income 8,172.85 10,285.91 6,773.84 33,840.73
5 Profit/(Loss) from ordinary activities before finance costs and exceptional items(3+4) 14,615.24 17,443.53 18,021.32 61,961.94
6 Finance costs  14,021.44 9,394.61 11,658.96 31,607.46
7 Profit/(Loss) from ordinary activities after  finance costs but before exceptional items(5+6) 593.80 8,048.92 6,362.36 30,354.48
8 Exceptional Items -     -   -   -  
9 Profit/(Loss) from ordinary activities before tax(7+8) 593.80 8,048.92 6,362.36 30,354.48
10 Tax Expenses 286.00 190.05 2,101.51 6,728.07
11 Net Profit/(Loss) from ordinary activities after tax(9+10) 307.80 7,858.87 4,260.85 23,626.41
12 Extraordinary items (net of tax expenses `  Nil ) -     -   -   -  
13 Net Profit/(Loss) for the period (11+12) 307.80 7,858.87 4,260.85 23,626.41
14 Share of Profit/(loss) of associates -     -   -   -  
15 Less: Minority Interest share (Gain/Loss) -     -   -   -  
16 Net Profit/(Loss) after taxes, monority interest and share of profit/(loss) of associates (13+14+15). 307.80 7,858.87 4,260.85 23,626.41
17 Paid up - Equity Share Capital (Face value ` 2/- per  share) 6,680.93 6,678.45 6,668.79 6,678.45
  Preference Share Capital (Face value ` 100/- per  share) 200.00 200.00   200.00 200.00
18 Reserve excluding Revaluation Reserve as per balance sheet of previous accounting year  -   -   -  190,772.75
19.i Earning per share (before extraordinary items)(of ` 2/-each) (not annualised)( in ` Per share)        
  a)  Basic   0.09   2.35   1.28   7.08
  b) Diluted   0.09   2.35   1.28   7.07
19.ii Earning per share (after extraordinary items)(of ` 2/-each) (not annualised)( in ` Per share)        
  a)  Basic   0.09   2.35   1.28   7.08
  b) Diluted   0.09   2.35   1.28   7.07
See accompanying notes  to the financial results        
Part II
Select Information for the Quarter ended 30/06/2013
  STANDALONE
PARTICULARS  3 months
ended 30.06.2013 		  3 months
ended 31.03.2013
 3 months
ended 30.06.2012 
Year to date figures for current year ended 31.03.2013
           
A. PARTICULARS OF SHARE HOLDING    
1 Public shareholding   
  No. of shares  151,105,673  151,321,271 153,382,842  151,321,271
  Percentage of Shareholding  45.24 45.32 46.00 45.32
2 Promoters and Promoters Group Shareholding      
  a) Pledged/Encumbered      
    - Number of shares 30,448,665 30,724,217 3,301,665  30,724,217
    - Percentage of shares(as a % of the total  16.64 16.83   1.83 16.83
  shareholding of promoter and promoter group)      
    - Percentage of shares(as a % of the total   9.11  9.20 0.99 9.20
  share capital of the Company)  
  b) Non-encumbered      
    - Number of shares 152,492,084 151,877,084 176,755,115  151,877,084
    - Percentage of shares(as a % of the total shareholding of promoter and promoter group) 83.36 83.17 98.17 83.17
    - Percentage of shares(as a % of the total  45.65 45.48 53.01 45.48
  share capital of the Company)        
  Particulars 3 months
ended 30.06.2013
B.   INVESTOR COMPLAINTS  
  Pending at the beginning of the quarter -  
  Received during the quarter 13
  Disposed of during the quarter 13
  Remaining unresolved at the end of the quarter -  
     
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED 
(in lac)
      STANDALONE
  PARTICULARS  3 months
ended 30.06.2013 		  3 months
ended 31.03.2013 (Refer Note 8)
 3 months
ended 30.06.2012 		 Year to date figures for current year ended 31.03.2013
    (Unaudited) (Audited) (Unaudited) (Audited)
1   Segment Revenue      
    Oils 297,547.56 372,653.12 337,266.98   1,668,897.45
    Vanaspati 17,177.94 15,524.61 19,546.43 78,374.31
    Seed Extraction 195,729.51   335,638.19 175,516.37 951,384.66
    Food Products 14,259.44 9,318.78 11,851.07 41,220.63
    Wind Turbine Power Generation   1,948.32 1,539.08 2,051.43 7,094.25
    Others 19,149.12 78,758.93 25,948.53 168,006.14
    Unallocated      
    Total Segment Revenue 545,811.89   813,432.71 572,180.81   2,914,977.44
    Less : Inter segment Revenue 61,917.15 61,786.03 71,936.89 305,229.35
    Net Sales/Income from operations  483,894.74   751,646.68 500,243.92   2,609,748.09
2   Segment ResultsProfit/(loss) before tax and interest from each segment  
           
    Oils 1,719.30 3,187.73 5,246.10 8,481.62
    Vanaspati 89.57 541.49 265.56 1,683.98
    Seed Extraction 4,066.74 9,820.11 3,625.26 25,381.39
    Food Products 425.79 180.29  429.25 1,382.10
    Wind Turbine Power Generation 1,043.57 582.71 1,282.54 3,667.60
    Others 432.14 (5,175.28)  501.67  (10,126.84)
    Unallocated -   -   -    
    Total    7,777.11 9,137.05 11,350.38 30,469.85
    Less: (i) Finance costs 14,021.44 9,394.61 11,658.96 31,607.46
      (ii) Interest Income (6,838.13) (8,306.48) (6,670.94) (31,451.28)
      (iii) Other unallocable expenditure net   
      off un-allocable income  -   -   -    (40.81)
    Total Profit before tax  593.80 8,048.92 6,362.36 30,354.48
3   Capital Employed(Segment Assets less Segment Liabilities)  
    Oils 222,684.34   175,556.35 86,136.34 175,556.35
    Vanaspati 40,107.35 37,258.14 23,911.63 37,258.14
    Seed Extraction 197,246.87 145,151.22 97,592.39 145,151.22
    Food Products 14,650.94 13,751.02 13,537.66 13,751.02
    Wind Turbine Power Generation 47,109.04 45,020.25 49,742.43 45,020.25
    Others  22,350.65 79,417.97 95,006.15 79,417.97
    Unallocated -   -   -   -  
    T O T  A L  544,149.19 496,154.95 365,926.60 496,154.95
  Notes :
1.
The above results have been reviewed by the Audit Committee and have been approved by the Board of Directors of the Company at the meeting held on August 9, 2013.
2.
The Compensation Committee of the Board of Directors, at its meeting held on - May 28, 2013 has allotted 1,23,850 equity shares of Rs. 2/- each on exercise of 1,23,850 options by the eligible employees in accordance with the Employee Stock Option Scheme – 2007 of the Company, as amended from time to time.
 
The Employee Stock Options outstanding as on June 30, 2013 are as follows :
 
Date of Grant
Opening Balance as on April 1, 2013
Issued during the quarter
Exercised during the quarter
Cancelled during the quarter
Closing Balance as on June 30, 2013
'April 1, 2008
-
-
-
-
-
'October 1, 2009
119950
-
10000
-
109950
'April 1, 2010
74450
-
65450
-
9000
'April 1, 2011
152400
-
47400
4000
101000
'April 1, 2012
15000
-
1000
10000
4000
'April 1, 2013
-
219000
-
-

219000
Total
361800
219000
123850
14000
442950
 
 
3.
The Company has exercised the option provided under paragraph 46A of AS 11: The Effects of Changes in Foreign Exchange Rates inserted vide Notification dated December 29, 2011. Consequently, the exchange differences on long term foreign currency monetary items are dealt with in the following manner:
 
The exchange difference to the extent it relates to acquisition of depreciable asset, is adjusted to the cost of the depreciable asset, and depreciated over the balance life of the asset.
 
In other cases, the exchange difference is accumulated in a Foreign Currency Monetary Item Translation Difference Account, and amortised over the balance period of such long term asset/ liability.
 
(a) Accordingly , the Company has adjusted exchange loss of Rs. 5,639.54 lac ( Previous period: Rs. 5,112.20 lac ) in respect of long term foreign currency monetary items relating to acquisition of depreciable fixed assets to the cost of fixed assets and
 
(b) Amortised exchange loss relating to long term foreign currency monetary item in other cases over the life of the long term liability and included Rs. 3,137.29 lac ( Previous period Rs. 1,361.98 lac) being the unamortised portion in Foreign Currency Monetary Item Translation Difference Account.
4.
Pursuant to the Scheme of Amalgamation and Arrangement between the Company and Mac Oil Palm Limited, the Board has approved the following amounts as charge to Business Development Reserve during the quarter ended on June 30, 2013 :
 
Particulars
3 Months quarter ended June 30, 2013 ( Rs. In lacs)
Provision for Doubtful Debts ( net of deferred tax)
(7.45)
Advertisement Expenses ( net of current tax)
394.57
Additional depreciation on account of revaluation
488.15
Total
875.27
   
5.
With effect from 1 April 2011, the Company has adopted the principles of derivatives and hedge accounting of Accounting Standard (AS) 30 “Financial Instruments: Recognition and Measurement”, to account for interest rate swaps. Accordingly, mark to market losses/(gain) of Rs.1,256.74 lacs (Including gain of Rs. 416.06 lacs for the 3 month under review) on account of interest rate swaps designated as effective hedge has been recognized in the balance sheet under the head “Hedging Reserve”.
6. Tax expenses comprises Net current tax Rs. 286.00 lac ( Current Tax Rs.136.00 lac, Deferred tax Rs.150.00 lac and tax for earlier year Rs. Nil lac ).
7.
During the quarter under review, the Company has invested in two Joint Venture Companies incorporated in India. Your company holds 40% stake in one of the JVs, which will be in the business of premium tomato sauce and other products. Your Company holds 51% stake in the other JV, which will be in the business of high quality, functional edible oils.
8.
The figures for the quarter ended March 31, 2013 are the balancing figures between audited figures in respect of the full financial year ended March ,31 2013 and the unaudited published year to date figures upto December 31, 2012 .
9.
The financial statements have been prepared as per the Revised Schedule VI to the Companies Act. 1956 which had a significant impact on presentation. Corresponding figures for the previous period have been regrouped/ reclassified to make them comparable with those of current period.
 
 
 
For AND ON BEHALF OF THE BOARD OF DIRECTORS
Place : Mumbai
Sd/-
Date : August 9 , 2013
MANAGING DIRECTOR