Financial Results For The Year Ended 31 March 2008

(Rs.in lacs)

Sl.No

Particulars

Standalone

Consolidated

Quarter ended

Year ended

Quarter ended

Year ended

31.03.08

31.03.07

31.03.08

31.03.07

31.03.08

31.03.07

31.03.08

31.03.07

(Unaudited)

(Audited)

(Unaudited)

(Audited)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

1

Gross Sales/Income from operations

18237

14766

65678

52677

28328

16559

88707

61722

Less : Excise duty recovered

1829

1758

7377

6222

1899

1888

7667

6730

Net Sales/Income from operations

16408

13008

58301

46455

26429

14671

81040

54992

Income from works contracts

85

382

85

382

2

Other Income

1810

984

8465

2142

1846

979

8242

1770

3

Proportionate share of income from Joint Ventures

2414

1894

9512

7109

4

Total Income (1+2+3)

18303

13992

67148

48597

30774

17544

99176

63871

5

Expenditure

a) (Increase)/decrease in stock in trade & work in progress

25

(489)

(630)

(944)

(195)

(122)

(973)

(669)

b) Consumption of raw materials

6553

5353

22652

17026

10330

5889

28765

19662

c) Employees Cost

1703

1425

6930

5255

3432

1930

10640

6959

d) Power & Fuel

1748

1505

6101

5259

1306

1132

5661

5098

e) Depreciation

803

487

2521

1682

1019

530

3003

1950

f) Other expenditure

3763

3115

14165

11074

7757

3588

24827

13398

g) Proportionate share of JV expenditure

2079

1432

7960

5521

h) Total

14595

11396

51739

39352

25728

14379

79883

51919

6

Interest (Net)

478

303

1691

712

522

315

1890

759

7

Profit from ordinary activities before tax

3230

2293

13718

8533

4524

2850

17403

11193

8

Tax Expense

       - Current Tax

413

615

3095

1995

946

864

4447

2942

       - Deferred Tax

300

(88)

765

583

355

(79)

817

591

       - Fringe benefit Tax

42

26

141

89

51

39

161

119

9

Net Profit from ordinary activities after tax

2475

1740

9717

5866

3172

2026

11978

7541

Add: Share of Profit from Associate

322

135

545

479

Less: Minority Interest

(54)

144

635

512

10

Net Profit from ordinary activities after tax

3548

2017

11888

7508

11

Paid up Capital
( Face value-Rs 2 per share)

1867

1867

1867

1867

1867

1867

1867

1867

12

Reserves excluding revaluation reserve

33036

25222

42319

31817

13

Basic and Diluted Earnings per share (Rs.) (EPS for quarters not annualised)

2.65

1.86

10.41

6.28

3.80

2.16

12.73

8.04

14

Aggregate of public shareholding

- Number of Shares

53149694

53455811

53149694

53455811

- Percentage of shareholding

57%

57%

57%

57%

The above statement of audited results was reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 30th April 2008.

Other income for the quarter includes Rs.1147 Lakhs profit on sale of investments. In addition, other income for the year includes Rs. 5579 Lakhs profit relating to sale of land and building consequent to closure of Pallikaranai and Varvala units. The expenditure aggregating to Rs. 368 Lakhs incurred at Pallikaranai unit, subsequent to suspension of operations till the date of closure and VRS expenditure of Rs. 266 Lakhs incurred due to closure of the Pallikaranai unit have been included in the respective heads of accounts.

Pursuant to the scheme of amalgamation sanctioned by the Honourable High court of Madras on 10th April 2008, the entire undertaking of Erstwhile Prodorite Anticorrosives Limited (a wholly owned subsidiary of the company), including all assets and liabilities and reserves became vested in the company with effect from 01st April 2007. Accordingly, the accounts for the year ended 31st March 2008 have been drawn up giving effect to the scheme and includes the transactions relating to the amalgamating company for the year 2007-08. Hence figures for quarter/year ended 31st March 2008 are not comparable with figures of the corresponding quarter/year ended 31st March 2007

The Board of directors have recommended a dividend of 100 % (Rs.2 Per equity share of Rs. 2 each)

During the quarter ended 31st March 2008, the company had received 3 investor complaints, which were resolved. No complaint was pending at the beginning of the quarter or lying unresolved at end of the quarter.

Figures for the previous periods have been regrouped and reclassified, wherever considered necessary.