Financial Results
30th JUNE 2013 31st MARCH 2013 31st DECEMBER 2012 30th SEPTEMBER 2012

STATEMENT OF STANDALONE UNAUDITED/AUDITED RESULTS
FOR THE QUARTER AND 6 MONTHS ENDED ON 30/09/2012
(Rs. in lac)
PARTICULARS  3 months
ended 30.09.2012


 Preceding 3 months
ended 30.06.2012
 Corresponding 3 months
ended 30.09.2011 in the previous year

 Year to date figures for current period ended 30.09.2012


 Year to date figures for previous period ended 30.09.2011


 Previous year ended 31.03.2012
    (Unaudited)   (Unaudited)  (Unaudited)   (Unaudited)   (Unaudited)   (Audited)
1 Income from operations            
  (a) Net Sales/Income from operations (Net of excise duty)           540,341.32              500,243.92           608,140.88         1,040,585.24         1,197,814.01             2,599,106.63
  (b) Other Operating Income               2,381.37                    547.22                  639.57               2,928.59                  922.79                      538.63
  Total income from operations(net)         542,722.69            500,791.14         608,780.45      1,043,513.83      1,198,736.80          2,599,645.26
2 Expenses                    
  (a) Cost of materials consumed           363,631.69              324,705.12           306,644.47           688,336.81           606,984.57             1,403,499.46
  (b) Purchases of stock-in-trade             78,643.18              115,577.55           242,983.92           194,220.73           462,386.78               982,789.10
  (c ) Changes in inventories of finished goods, work-in-progress and stock-in-trade.             60,884.04                (3,555.34)               3,657.50             57,328.70             28,631.23                (61,214.93)
  (d) Employee benefits expenses              3,101.41                 3,150.19               3,426.27               6,251.60               5,687.58                 11,025.61
  (e) Depreciation and amortisation expenses              3,427.48                 3,462.97               3,402.49               6,890.45               6,558.35                 14,077.65
  (f) Other expenses             29,946.95               46,203.17             43,004.24             76,150.12             69,607.01               197,235.27
  Total Expenses         539,634.75            489,543.66         603,118.89      1,029,178.41      1,179,855.52          2,547,412.16
3 Profit/(Loss) from operations before other income, finance costs and exceptional items(1-2)              3,087.94               11,247.48               5,661.56             14,335.42             18,881.28                 52,233.10
4 Other Income              8,316.12                 6,773.84               5,610.31             15,089.96               9,113.20                 22,725.65
5 Profit/(Loss) from ordinary activities before finance costs and exceptional items(3+4)             11,404.06               18,021.32             11,271.87             29,425.38             27,994.48                 74,958.75
6 Finance costs               1,858.50               11,658.96             10,405.31             13,517.46             16,846.05                 52,126.19
7 Profit/(Loss) from ordinary activities after  finance costs but before exceptional items(5+6)              9,545.56                 6,362.36                  866.56             15,907.92             11,148.43                 22,832.56
8 Exceptional Items                        -                            -                          -                          -                          -                              -  
9 Profit/(Loss) from ordinary activities before tax(7+8)              9,545.56                 6,362.36                  866.56             15,907.92             11,148.43                 22,832.56
10 Tax Expenses              2,979.88                 2,101.51                  488.76               5,081.39               4,154.47                 10,601.09
11 Net Profit/(Loss) from ordinary activities after tax(9+10)              6,565.68                 4,260.85                  377.80             10,826.53               6,993.96                 12,231.47
12 Extraordinary items (net of tax expenses Rs. Nil )                        -                            -                          -                          -                          -                              -  
13 Net Profit/(Loss) for the period (11+12)              6,565.68                 4,260.85                  377.80             10,826.53               6,993.96                 12,231.47
14 Share of Profit/(loss) of associates                        -                            -                          -                          -                          -                              -  
15 Minority Interest                        -                            -                          -                          -                          -                              -  
16 Net Profit/(Loss) after taxes, monority interest and share of profit/(loss) of associates (13+14+15).              6,565.68                 4,260.85                  377.80             10,826.53               6,993.96                 12,231.47
17 Paid up - Equity Share Capital               6,668.79                 6,668.79               6,660.37               6,668.79               6,660.37                   6,667.17
  (Face value Rs. 2/- per  share)            
  Preference Share Capital                  200.00                    200.00                  200.00                  200.00                  200.00                      200.00
  (Face value Rs.100/- per  share)                  
18 Reserve excluding Revaluation Reserve as per balance sheet of previous accounting year  -   -   -                    172,187.04
19.i Earning per share (before extraordinary items)            
  (of ` 2/-each) (not annualised)( in ` Per share)            
  a)  Basic                     1.97                       1.28                     0.11                     3.25                     2.10                         3.67
  b) Diluted                     1.97                       1.28                     0.11                     3.24                     2.10                         3.66
19.ii Earning per share (after extraordinary items)            
  (of Rs.2/-each) (not annualised)( in Rs. Per share)            
  a)  Basic                     1.97                       1.28                     0.11                     3.25                     2.10                         3.67
  b) Diluted                     1.97                       1.28                     0.11                     3.24                     2.10                         3.66
 
Part II
Select Information for the Quarter and 6 Months ended 30/09/2012
PARTICULARS  3 months
ended 30.09.2012


 Preceding 3 months
ended 30.06.2012

 Corresponding 3 months
ended 30.09.2011 in the previous year

 Year to date figures for current period ended 30.09.2012


 Year to date figures for previous period ended 30.09.2011


 Previous year ended 31.03.2012
               
A. PARTICULARS OF SHAREHOLING          
1 Public shareholding                 
  No. of shares          153,672,942            153,382,842          158,480,876          153,672,942          158,480,876              154,020,318
  Percentage of Shareholding                    46.09                      46.00                   47.59                   46.09                   47.59                       46.20
2 Promoters and Promoters Group Shareholding      
  a) Pledged/Encumbered            
    - Number of shares             3,751,665               3,301,665             6,366,190             3,751,665             6,366,190                 7,801,665
    - Percentage of shares(as a % of the total                      2.09                       1.83                     5.93                     2.09                     5.93                         4.35
      shareholding of promoter and promoter group)            
    - Percentage of shares(as a % of the total                      1.12                       0.99                     1.91                     1.12                     1.91                         2.34
      share capital of the Company)                      
  b) Non-encumbered            
    - Number of shares         176,015,015            176,755,115          168,171,356          176,015,015          168,171,356              171,536,589
    - Percentage of shares(as a % of the total                    97.91                      98.17                   94.07                   97.91                   94.07                       95.65
      shareholding of promoter and promoter group)                      
    - Percentage of shares(as a % of the total                    52.79                      53.01                   50.50                   52.79                   50.50                       51.46
      share capital of the Company)            
  Particulars 3 months
ended 30.09.2012


          
B.   INVESTOR COMPLAINTS          
  Pending at the beginning of the quarter                        -            
  Received during the quarter                         5          
  Disposed of during the quarter                         5          
  Remaining unresolved at the end of the quarter                        -          
   

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED ,
FOR THE QUARTER AND 6 MONTHS ENDED ON 30/09/2012
(Rs. in lac)
  PARTICULARS  3 months
ended 30.09.2012


 Preceding 3 months
ended 30.06.2012
 Corresponding 3 months
ended 30.09.2011 in the previous year

 Year to date figures for current period ended 30.09.2012


 Year to date figures for previous period ended 30.09.2011


 Previous year ended 31.03.2012
  (Unaudited)   (Unaudited)  (Unaudited)   (Unaudited)   (Unaudited)   (Audited)
1 Segment Revenue          
  Oils            366,106.25         337,266.97         504,336.75         703,373.22      1,000,299.99    1,864,454.60
  Vanaspati             22,482.17           19,546.43           28,276.76           42,028.60           53,709.46         95,302.88
  Seed Extraction            173,919.15         175,516.37         116,973.97         349,435.52         246,129.81       828,429.39
  Food Products             11,050.76           11,851.07            8,543.49           22,901.83           16,725.11         31,010.82
  Wind Turbine Power Generation               2,441.76             2,051.43            1,098.31            4,493.19            2,840.43           5,676.07
  Others             28,053.45           25,948.54            9,851.51           54,001.99           17,061.37       112,870.87
  Unallocated            
  Total Segment Revenue            604,053.54         572,180.81         669,080.79      1,176,234.35      1,336,766.17    2,937,744.63
  Less : Inter segment Revenue             63,712.22           71,936.89           60,939.91         135,649.11         138,952.16       338,638.00
  Net Sales/Income from operations             540,341.32         500,243.92         608,140.88      1,040,585.24      1,197,814.01    2,599,106.63
2 Segment Results          
  (Profit/(loss) before tax and interest from each segment)        
  Oils                  542.48             5,246.10               882.52            5,788.58            9,874.44         14,986.48
  Vanaspati                  253.57               265.56               268.51               519.13               768.96           1,134.36
  Seed Extraction               1,283.22             3,625.26            3,251.46            4,908.48            5,294.57         30,750.60
  Food Products                  346.87               429.25               257.52               776.12               520.64           1,360.33
  Wind Turbine Power Generation               1,632.92             1,282.54               368.86            2,915.46            1,465.47           2,816.75
  Others  (854.90)                501.67               687.14              (353.23)            1,148.17           2,194.98
  Unallocated                         -                        -                        -                          -                      -  
  Total                3,204.16           11,350.38            5,716.01           14,554.54           19,072.25         53,243.50
  Less: (i) Finance costs               1,858.50           11,658.96           10,405.31           13,517.46           16,846.05         52,126.19
          (ii) Interest Income  (8,199.90)            (6,670.94)  (5,555.86)          (14,870.84)  (8,922.23)   (21,655.24) 
            (iii) Other unallocable expenditure net   off un-allocable income                          -                        -                        -                        -                        -                (60.01)
  Total Profit before tax                9,545.56             6,362.36               866.56           15,907.92           11,148.43         22,832.56
3 Capital Employed          
  (Segment Assets less Segment Liabilities)        
  Oils            164,902.45           86,136.34           64,244.00         164,902.45           64,244.00       127,173.00
  Vanaspati             26,918.22           23,911.63           30,573.00           26,918.22           30,573.00         56,355.18
  Seed Extraction             30,352.18           97,592.39         126,372.00           30,352.18         126,372.00       137,428.16
  Food Products             12,844.48           13,537.66            9,231.00           12,844.48            9,231.00         13,345.45
  Wind Turbine Power Generation             48,082.21           49,742.43           44,585.00           48,082.21           44,585.00         45,336.84
  Others              48,419.98           95,006.15           35,029.00           48,419.98           35,029.00         71,969.74
  Unallocated                         -                        -                        -                        -                        -                      -  
  T O T  A L             331,519.52         365,926.60         310,034.00         331,519.52         310,034.00       451,608.37
3 Statement of Assets and Liabilities
(Rs.in Lac)
    STANDALONE
  Particulars As at (Current half year end) 30.09.2012 As at (previous year end) 31.03.2012
    Unaudited Audited
 A.  EQUITY AND LIABILITIES     
          (1)  Shareholders’ funds     
   (a) Share capital              6,868.79             6,867.17
   (b) Reserves and surplus          223,087.47         213,814.77
   (c) Money received against share warrants                       -                        -  
   Sub-total-Shareholders' funds        229,956.26       220,681.94
          (2)  Share application money pending allotment                        -                        -  
          (3)  Minority interest                       -                        -  
          (4)  Non-current liabilities     
   (a) Long-term borrowings            87,791.13           79,970.50
   (b) Deferred tax liabilities (Net)            25,541.21           25,287.21
   (c) Other Long term liabilities              3,309.31             3,324.58
   (d) Long-term provisions                 166.19               166.69
     Sub-total-Non-current liabilities        116,807.84       108,748.98
          (5)  Current liabilities     
   (a) Short-term borrowings          397,929.70         378,740.09
   (b) Trade payables          477,657.16         412,407.82
   (c) Other current liabilities          146,369.03         146,152.39
   (d) Short-term provisions              2,888.28             1,702.64
     Sub-total-current liabilities     1,024,844.17       939,002.94
    TOTAL -EQUITY AND LIABILITIES     1,371,608.27    1,268,433.36
 B.   ASSETS     
          (1)  Non-current assets     
   (a) Fixed assets          257,937.84         258,199.77
   (b) Goodwill on consolidation     
   (c) Non-current investments            24,471.53           21,028.55
   (d) Deferred tax assets (net)                       -                        -  
   (e) Long-term loans and advances             16,171.71             8,470.98
   (f) Other non-current assets                   38.78               165.93
    Sub-total-Non-current Assets        298,619.86       287,865.23
          (2)  Current assets      
   (a) Current investments                   44.39                 44.18
   (b) Inventories          214,036.86         366,020.26
   (c) Trade receivables          391,017.94         309,901.57
   (d) Cash and Bank Balances           389,857.98         239,923.29
   (e) Short-term loans and advances             59,485.94           47,067.22
   (f) Other current assets            18,545.30           17,612.11
    Sub-total-Current Assets     1,072,988.41       980,568.63
  TOTAL -ASSETS     1,371,608.27    1,268,433.86

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 20th October, 2012. The Statutory Auditors have carried out a limited review of the above results.

2

The Compensation Committee of the Board of Directors, at its meeting held on 20th October, 2012 has allotted 482950 equity shares of Rs.2/- each on exercise of 482950 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 30th September, 2012 are as follows  : 

Date of Grant

Opening Balance as in July 1,2012

Issued during the quarter

Cancelled during the quarter

Exercised during  the quarter

Closing Balance as on September 30,2012

 

 

 

 

 

 

April 1st 2008

82,100

-

-

-

82,100

October 1st 2009

563,850

-

-

-

563,850

April 1st 2010

141,050

-

-

-

141,050

April 1st 2011

157,400

-

-

-

157,400

April 1st 2012

15,000

-

-

-

15,000

Total

959,400

-

-

-

959,400

3

Pursuant to notification dated 29th December 2011 issued by the Ministry of Corporate Affairs, with effect from 1st April 2011, the Company has exercised the option available under the said Clause. Accordingly, the exchange difference arising on reporting of long term foreign currency monetary items, in so far as they relate to acquisition of depreciable fixed assets, have been adjusted to the cost of the assets and in other cases, the same has been accumulated in 'Foreign Currency Monetary Item Translation Difference Account' and will be amortised over the balance period of liability/ asset. The said asset  remaining unamortised as at the end of the quarter is Rs. 79.67 lacs.

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 September 30, 2012 :

    

Particulars

Amount ( Rs. in lacs)

Additional depreciation/impairment/amortisation on account of revaluation

567.64

 Advertisement Expenses for Business Development (net of current tax)

179.34

Total

746.98

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. 2,185.75 lacs (Including gain of  Rs. 85.71 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 “Hedge Reserve”.

6

The tax expenses for the three months ended 30th September, 2012 comprises current tax of  Rs. 2,677.88 lac & Deffered tax liability of Rs 302 lac.

7

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
Date  : 20th October, 2012		 Sd/-
MANAGING DIRECTOR