Lloyds Metals And Energy (512455) Q4 01/02 earnings summary

Executive summary

• FY2001-02 total income was Rs. 11,837.83 lakh, while the reported loss after tax was Rs. 8,630.55 lakh; working-capital constraints and a slowdown in user industries pressured operations.

• The Board classified the business as sick under SICA and planned a reference to BIFR for determination of remedial measures.

Financial highlights

• Sales were Rs. 11,718.98 lakh versus Rs. 11,475.40 lakh; total income was Rs. 11,837.83 lakh versus Rs. 11,670.58 lakh.

• Profit before interest, depreciation and tax was Rs. 422.15 lakh versus Rs. 844.10 lakh; net finance charges were Rs. 7,458.72 lakh versus Rs. 6,482.75 lakh.

• Loss before tax and reported loss after tax were each Rs. 8,630.55 lakh; net loss after prior-period adjustments was Rs. 8,626.92 lakh.

• Accumulated loss carried forward was Rs. 20,893.80 lakh, after Rs. 3,943.51 lakh was set off against general reserve.

Outlook and guidance

• Management saw early signs of improved 2002 demand, citing automobile-sector revival and potential support from higher government infrastructure spending.

• FY2002-03 outlook depended on government policy, international iron and steel prices, market conditions, China’s entry and exchange-rate movements.