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Stock Report
Grasim Industries announces audited consolidated Q4 & FY 06 results
Posted On : 2006-07-14 12:10:00( TIMEZONE : IST )
Grasim Industries Ltd has announced the following Audited Consolidated Results for the quarter & year ended March 31, 2006:
The Group has posted a net profit after minority´s share of Rs 3488.00 million for the quarter ended March 31, 2006 (Q4 FY 05-06) as compared to Rs 2492.80 million for the quarter ended March 31, 2005 (Q4 FY 04-05). Total Income has increased from Rs 25635.20 million in Q4 FY 04-05 to Rs 29789.90 million for Q4 FY 05-06.
The Group has posted a net profit after minority´s share of Rs 10406.40 million for the year ended March 31, 2006 (FY 05-06) as compared to Rs 8804.30 million for the year ended March 31, 2005 (FY 04-05). Total Income has increased from Rs 95368.80 million in FY 04-05 to Rs 104443.20 million for FY 05-06.
The Consolidated Financial Results of the Company taken on record by the Board of Directors as on April 27, 2006, were incorporating the results of UltraTech Cement Ltd (UTCL) (a subsidiary of the Company) and Narmada Cement Company Ltd (NCCL) (a subsidiary of UTCL), which were then under merger. NCCL has since been merged in UTCL effective October 01, 2005 and UTCL has filed its audited results, post merger. Accordingly, the Company has made its Consolidated Financial Results for the year ended March 31, 2006 incorporating the results of UTCL post merger, which have been audited and approved by the Committee of Directors on July 14, 2006.
Pursuant to the Scheme of Amalgamation (the Scheme) u/s 18(1)(c) and other applicable provisions of Sick Industrial Companies (Special Provisions) Act, 1985 effective from October 01, 2005 (the Appointed Date) Narmada Cement Company Ltd (NCCL - a subsidiary of UltraTech Cement Ltd (UTCL) has been merged with the UTCL (a subsidiary of the Company). The Scheme is approved by Board for industrial & Financial Reconstruction, New Delhi, on May 15, 2006 and has been made effective from June 01, 2006 (the effective date).
Accordingly the Consolidated Financial Results of the Company for the year ended March 31, 2006 include the results of NCCL for the period April 01, 2005 to September 30, 2005 as a separate entity and thereafter as a merged entity with UTCL.
