Lloyds Metals And Energy (512455) Q4 00/01 earnings summary

Executive summary

• FY ended 31 Mar 2001 revenue was Rs. 11,475.40 lakh and total income Rs. 11,670.58 lakh; reported after-tax loss was Rs. 7,231.85 lakh, with no dividend recommended.

• Continuing working-capital constraints, user-industry slowdown and rising input costs without matching realization gains weighed on operations and margins.

Financial highlights

• Revenue fell to Rs. 11,475.40 lakh from Rs. 12,630.38 lakh YoY; total income declined to Rs. 11,670.58 lakh from Rs. 12,846.03 lakh.

• Profit before interest, depreciation and tax increased to Rs. 844.10 lakh from Rs. 569.05 lakh; finance charges rose to Rs. 6,482.75 lakh from Rs. 3,540.46 lakh.

• Loss before tax was Rs. 7,231.85 lakh and reported loss after tax was Rs. 7,231.85 lakh; after prior-period items, loss carried forward was Rs. 16,210.39 lakh.

• Auditors stated that providing the disputed Rs. 382.18 lakh interest would raise the year's after-tax loss to Rs. 7,614.03 lakh.

Outlook and guidance

• Management described the global slowdown and domestic steel industry as challenging, and emphasized resilience and ability to manage change to withstand the recession.

• Proposed restructuring was intended to revive financial conditions; demerger and amalgamation steps had shareholder and unsecured-creditor approval, with some secured-creditor approvals pending.