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Quarterly Financial Results
 
 

STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED 31ST DECEMBER, 2017

(Rs. In Lacs except earning per share data)
Particulars Ind AS Quarter ended Ind AS nine months ended
31.12.2017 30.09.2017 31.12.2016 31.12.2017 31.12.2016
Audited Audited Audited Audited Audited
1. Income:
a) Revenue from operations (Including Excise Duty) 13,402.65 13,526.47 13,879.53 41,275.41 45,837.70
b) Other Income 374.60 250.86 166.60 893.75 498.98
Total Income from Operations 13,777.25 13,777.33 14,046.13 42,169.16 46,336.68
2. Expenses::
a) Cost of material consumed 7,900.91 6,934.61 7,280.75 22,032.65 24,175.16
b) Purchase of stock-in-trade 394.34 931.54 910.78 1,979.87 3,235.48
c) Changes in inventories of finished goods, work in progress and stock-in-trade (640.45) 642.95 (118.50) 934.63 (229.51)
d) Excise Duty - - 106.92 64.35 304.28
e) Employee benefits expense 1,187.89 954.18 1,024.26 3,187.74 3,097.71
f) Finance Cost 426.92 460.07 484.21 1,367.25 1,484.87
g) Depreciation and amortisation expense 367.74 316.31 340.82 1,081.18 1,081.89
h) Power and Fuel 369.79 411.69 318.74 1,154.68 1,013.07
i) Other expenses 3,178.65 2,974.59 3,211.21 9,259.21 10,324.69
Total Expenses 13,185.79 13,625.94 13,559.19 41,061.56 44,487.64
3. Profit before exceptional items and tax ( 1-2 ) 591.46 151.39 486.94 1,107.60 1,849.04
4. Exceptional Items - - - - -
5. Profit Before Tax (3-4) 591.46 151.39 486.94 1,107.60 1,849.04
6.Tax Expenses          
a) Current Tax 193.60 11.50 182.10 320.10 649.00
b) Deferred Tax 64.08 58.47 (5.49) 117.92 46.33
7. Net Profit After Tax ( 5-6 ) 333.78 81.42 310.33 669.58 1,153.71
8. Other Comprehensive Income:          
a) Items that will not be re-classified to the Statement of Profit & Loss          
i) Re-measurements of defined employees benefit plans 3.66 87.99 (33.51) 64.98 (1.46)
ii) Deferred tax related on items that will not reclassified to profit or loss (1.68) (30.68) 11.90 (23.06) (0.52)
b) Items that will be re-classified to the Statement of Profit & Loss - - - - -
Total Other Comprehensive Income 1.98 57.31 (21.61) 41.92 (0.94)
9. Total comprehensive income for the period ( 7+8 ) 335.76 138.73 288.72 711.50 1,152.77
10. Paid-up equity share capital (face value of Rs. 10/-each) 1,141.98 1,141.98 1,141.98 1,141.98 1,141.98
Earning per equity share of Rs. 10/- each (Not annualised)          
a) Basic 3.03 0.74 2.81 6.07 10.46
b) Diluted 3.03 0.74 2.81 6.07 10.46
 
 
Segment wise Revenue, Results, Assets and Liabilities for the Quarter and nine months ended on 31st December, 2017
Particulars Ind AS Quarter ended Ind AS nine months ended
31.12.2017 30.09.2017 31.12.2016 31.12.2017 31.12.2016
  Audited Audited Audited Audited Audited
Particulars
1. Segment Revenue
a) Leather & Leather Products 10,839.28 11,323.78 11,594.29 34,413.59 38,538.71
b) Textile Products 2,937.97 2,453.55 2,451.84 7,755.57 7,797.97
Total Segment Revenue 13,777.25 13,777.33 14,046.13 42,169.16 46,336.68
Less: Inter segment revenue - - - - -
Income from Operations 13,777.25 13,777.33 14,046.13 42,169.16 46,336.68
2. Segment Results
(Profit before finance cost and tax)
a) Leather & Leather Products 954.16 559.36 707.04 2,362.88 2,792.14
b) Textile Products 64.22 52.10 264.11 111.97 541.77
Total Profit before finance cost and tax 1,018.38 611.46 971.15 2,474.85 3,333.91
Less: Finance Cost 426.92 460.07 484.21 1,367.25 1,484.87
Profit Before Tax 591.46 151.39 486.94 1,107.60 1,849.04
3. Segment Assets          
a) Leather & Leather Products 50,969.33 50,424.09 50,810.63 50,969.33 50,810.63
b) Textile Products 10,462.05 9,984.06 10,412.95 10,462.05 10,412.95
Total 61,431.38 60,408.15 61,223.58 61,431.38 61,223.58
4. Segment Liabilities          
a) Leather & Leather Products 27,534.44 27,416.66 28,320.97 27,534.44 28,320.97
b) Textile Products 7,343.14 6,775.56 6,798.00 7,343.14 6,798.00
Total 34,877.58 34,192.22 35,118.97 34,877.58 35,118.97
5. Capital Employed          
a) Leather & Leather Products 23,434.89 23,007.43 22,489.66 23,434.89 22,489.66
b) Textile Products 3,118.91 3,208.50 3,614.95 3,118.91 3,614.95
Total 26,553.80 26,215.93 26,104.61 26,553.80 26,104.61
 
NOTES:-
 
1. The above financial results were reviewed by the Audit Committee and were taken on record and approved by the Board of Directors in their meeting held on 08.02.2018.
 
2.The Company adopted the Indian Accounting Standard (Ind AS) effective from 1st April 2017 (transaction date 1st April 2016) and accordingly, the financial results for nine months ended 31st December 2016 have been re-stated to be Ind AS compliance and have not been subjected to audit. However the management has exercised necessary due diligence to ensure that Financial Results provide true and fair view of the Company's affairs.
 
3.After implementation of Goods and Service Tax (GST) with effect from 1st July, 2017, Revenue from operations is required to be disclosed net of GST in accordance with the requirements of Ind AS. Accordingly, the Revenue from operations for the quarter ended and nine months ended 31st December are not comparable with corresponding previous quarter/nine months presented in the financial results which are reported inclusive of Excise Duty.
 
4. Reconciliation of Net Profit for the quarter ended and nine months ended 31st December, 2016 as reported earlier in accordance with, previous Indian GAAP and now being reported in accordance with Ind AS is as under:-
Particulars (Rs. in Lacs)
 

Quarter ended

31.12.2016

Half year ended

31.12.2016
Net Profit as per previous Indian GAAP

309.31

1,149.66
Add/(Less):-    
i) Reclassification of acturial loss and its related tax (33.51) (1.46)
ii) Reclassification of Govt. Grant for PPE 7.51 22.53
iii) Recalculation of Depreciation as a result of subsidy received (7.13) (21.40)
iv) Expected Credit Loss Provision 1.20 5.16
v) Deferred tax created on Ind AS adjustments 11.34 (1.72)
Net Profit as per Ind AS 288.72 1,152.77
 
4.Figures of the previous period have been regrouped and rearranged wherever necessary to correspond with current period's classification/disclosure.
 
  For and on behalf of the BOARD
Date- 08.02.2018
Place- Unnao		     
(Mukhtarul Amin)
(Chairman and Managing Director)
DIN - 15533
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