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  • Gujarat Fluorochemicals Limited
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  Financial Info

  Results   Export To Excel
       
 
Quarterly Financial Statement for quarter ended -  December 31, 2009
 
  Quarter Ended Corresponding Quarter in previous year Year to date figures for current period Year to date figures for previous year Previous accounting year
  Dec 31, 2009 Dec 31, 2008 Dec 31, 2009 Dec 31, 2008 Mar 31, 2009
Net Sales  2,496.70     6,844.40  3,037.80  10,463.90
Other Income  94.90     404.00  108.70  316.60
Expenditure  -1,676.10     -4,545.10  -1,343.30  -5,536.50
Interest  -124.10     -253.70      
Profit (+)/ Loss (-) from Ordinary Activities before Tax  791.40     2,331.00  1,686.10  4,744.00
Tax  -338.00     -723.80  -493.60  -1,342.70
Net Profit  453.40     1,607.20  1,192.50  3,401.30
Equity Capital  109.90     109.90  115.00  109.85
Reserves  0.00     0.00  0.00  12,198.40
Depreciation  0.00     0.00  0.00  0.00
EPS  4.13     14.63  10.30  29.91

(in Rs. million)

 

Notes

Status of Investor Complaints for the quarter

Complaints Pending at the beginning of the quarter Nil

Complaints Received during the quarter 12

Complaints disposed off during the quarter 12

Complaints unresolved at the end of the quarter Nil

1. The above results, reviewed by the Audit Committee, were approved by the Board of Directors at their meeting held on January 23, 2010 and have undergone "Limited Review" by the Statutory Auditors.

2. Corresponding figures for the previous period / year have been regrouped / recast wherever necessary to
correspond to current period / year classification.

3. Net Sales / Income from Operations include income from Certified Emissions Reductions (Carbon Credits). "Chemicals" segment includes figures pertaining to Carbon Credits. Income on sale of electricity generated is
recognised on the basis of units sold and is net of unscheduled interchange charges.

4. The Company had commenced arbitration proceedings against Gujarat Gas Company Ltd (GGCL), for purported termination of the Gas Supply Agreement, and purported increase in price of gas supplied, from US $ 4.60 per MMBTU (plus applicable taxes thereon) to US $ 24.62 per MMBTU (plus applicable taxes thereon), for supplies made from April 2008, and had also approached the Delhi High Court for interim protection. These proceedings have been settled out of Court with GGCL on December 17, 2009, and it has been agreed that the amounts paid by GFL to GGCL pursuant to the interim orders of the Honorable High Court of Delhi, at US $ 10 per MMBTU (plus applicable taxes thereon), shall be the final agreed price for supplies made during April 01, 2008 and December 31, 2008. Since this gas supply was accounted earlier at a price of @ US $ 4.62 per MMBTU (plus applicable taxes thereon), the difference @ US $ 5.38 per MMBTU
(plus applicable taxes thereon), amounting to Rs 2886 Lacs, is charged to books of accounts in the Power & Fuel expenses in this quarter. The Company has also made alternative arrangements, for supply of its gas requirements, from two different sources, at prices ranging from US $ 4.81 to US $ 5.91 per MMBTU (plus applicable taxes thereon), and supplies under these new agreements have commenced since December 2008.

5. The Company has received Income-tax assessment order for A.Y. 2007-2008 raising a total demand of Rs. 5119 Lacs including interest. This demand is raised, inter-alia, on account of treatment of investment activity as business activity, disallowance of depreciation on wind mills on account of non deduction of tax at source on capital expenditure (including cost of assets purchased) and denial of claim of deduction u/s 80IA in respect of the Company´s captive power undertaking. The Company is contesting the matters in appeal and consequently the liability on this account is not provided.

6. The Company has made provision for Minimum Alternate Tax during the quarter as per the provisions of Section 115 JB of the Income-Tax Act, 1961 and has also recognized MAT credit entitlement, amounting to Rs 1866 Lacs, as per the provisions of Section 115JAA of the Income-Tax Act, 1961, during the quarter.

7. The Board of Directors, at their meeting held on January 23, 2010, have declared an interim dividend @ 100% i.e. Re 1 per share for equity share of Re 1 each.

Vivek Jain
Managing Director
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