Bajaj Steel Industries (BAJAJST) Q4 00/01 earnings summary

Executive summary

• FY ended 31 Mar 2001 sales and other income totaled Rs 498.91m, down from Rs 702.02m; net loss was Rs 40.17m versus profit after tax of Rs 10.51m.

• Operations were hit by a cotton crop failure affecting the Steel Division and a workers’ strike that cost the Plastic Division 108 production days.

Financial highlights

• Sales were Rs 451.26m versus Rs 675.33m; other income rose to Rs 47.65m from Rs 26.69m.

• PBT and PAT were both a loss of Rs 40.17m, compared with prior-year PBT of Rs 16.31m and PAT of Rs 10.51m.

• Total expenditure after stock adjustment was Rs 539.08m versus Rs 685.71m; interest was Rs 25.45m and depreciation Rs 19.06m.

• Other income included Rs 40.74m processing charges, Rs 1.32m interest and Rs 1.00m dividends.

• No dividend was recommended due to the year’s loss.

Outlook and guidance

• First-quarter sales of the current year were Rs 128.03m versus Rs 78.81m in the corresponding prior-year period.

• The Board said it was working to improve performance.