Anant Raj Limited (515055) Q4 00/01 earnings summary

Executive summary

• FY01 revenue was Rs 183.0m; a Rs 187.0m one-time creditor-claim write-back turned a Rs 19.1m loss before the write-back into Rs 167.8m profit available for appropriation.

• BIFR approved the rehabilitation scheme in June 2001; secured creditors were paid in full under the one-time settlement, and net worth became positive after relief and concessions.

Financial highlights

• Sales and other income fell to Rs 183.0m from Rs 185.0m in FY00; ceramic tile sales rose to Rs 174.8m from Rs 155.1m, while other income included Rs 3.8m bad-debt recoveries and Rs 14.0m share-sale proceeds in FY00.

• Loss before prior-period adjustment and creditor write-back narrowed to Rs 19.1m from Rs 38.6m; FY01 profit available for appropriation was Rs 167.8m after the Rs 187.0m write-back.

• Manufacturing and other expenses increased to Rs 149.0m from Rs 145.8m; financial institution claims fell to Rs 22.5m from Rs 34.9m.

• Depreciation was Rs 9.5m versus Rs 8.6m; excise duty was Rs 25.8m versus Rs 26.6m.

Outlook and guidance

• Rehabilitation scheme implementation followed the BIFR-approved settlement; the scheme included one-time payments to secured creditors.

• Future R&D focus: manufacture finished products to international standards and quality.

• Ongoing export efforts targeted Middle East, African and South East Asian markets following lower exports amid competitive conditions.