Orient Paper & Industries Limited   
  
  
       
    
    
  
     
ORIENT PAPER & INDUSTRIES LTD.
[Regd. Office : Unit VIII, Plot 7, Bhoinagar, Bhubaneswar - 751012 (Orissa)]
 
Unaudited Financial Results for the Quarter / Half year ended 30th Sept, 2006 
            (Rs. in Lacs)
Sl.
No.		 Particulars Quarter Ended Half Year Ended Year Ended
    30.09.06 30.09.05 30.09.06 30.09.05 31.03.06
(Audited)
1 Gross Sales/Income from Operations 26481.28 19820.35 56457.66 43685.85 100862.13
  Less : Excise duty / Sales tax 3538.68 3108.18 7674.57 7003.80 15831.75
  (a) Net Sales/Income from Operations 22942.60 16712.17 48783.09 36682.05 85030.38
  (b) Know How & Service Fees -  331.85 -  462.27 731.18
2 Other Income 244.54 854.79 382.87 902.18 1455.11
3 Total Expenditure 18567.41 15917.41 39068.61 33830.06 75013.96
  (a) Increase (-) / decrease (+) in Stock -951.46 -383.99 -1333.08 -322.23 680.55
  (b) Consumption of raw materials 7070.17 5278.57 14760.84 11268.75 26601.96
  (c) Consumption of Stores , Chemicals & Spares 1289.57 1592.36 2981.37 3285.36 6651.43
  (d) Power & Fuel 3767.99 3652.94 7458.30 7776.62 15535.93
  (e) Staff Cost 1710.93 1492.44 3375.46 2991.83 6340.90
  (f) Packing, Freight & Forwarding Charges (Net) 3481.47 2315.06 7098.32 5022.13 11429.06
  (g) Deferred Revenue Expenditure written off 152.28 156.32 299.04 312.18 630.24
  (h) Other Expenditure 2046.46 1813.71 4428.36 3495.42 7143.89
4 Profit before interest, depreciation, prior period items & tax (1+2-3) 4619.73 1981.40 10097.35 4216.44 12202.71
5 Interest 870.34 1182.46 1790.58 2317.47 4190.32
6 Profit before depreciation , prior period items &  tax (4-5) 3749.39 798.94 8306.77 1898.97 8012.39
7 Depreciation 680.27 664.91 1323.96 1324.65 2660.89
8 Profit before prior period items & tax ( 6-7) 3069.12 134.03 6982.81 574.32 5351.50
9 Prior Period Item - Gratuity Liability for earlier years -  -       -  1847.53
10 Profit before tax ( 8-9) 3069.12 134.03 6982.81 574.32 3503.97
11 Provision for Taxation          
  Current Tax   330.03 -17.36  770.00 -    193.00
  MAT Credit Entitlement (330.03) -    (770.00) -  -
  Deferred Tax 1001.96 -200.09 2319.31 -51.89 1012.75
  Fringe Benefit Tax     24.50 27.50     49.51 44.50 151.41
  Excess provision for taxation written-back - - - - -10.97
12 Net Profit (10-11) 2042.66 323.98 4613.99 581.71 2157.78
13 Paid-up Equity Share Capital (Face Value per share : Rs. 10/-) 1483.75 1483.75 1483.75 1483.75 1483.75
14 Reserves excluding Revaluation Reserve         1978.19
15 Basic and Diluted earning per share (EPS) (Rupees)          
  EPS after prior period item # 13.36 1.78 30.29 3.11 12.70
  EPS before prior period item # 13.36 1.78 30.29 3.11 19.91
16 Aggregate of Public Shareholding          
  - Number of shares 10263876 10378173 10263876 10378173 10401873
  - Percentage of shareholding 69.18 69.95 69.18 69.95 70.11
  *Includes compensation under voluntary retirement scheme Rs.256.04 lacs ( Rs.238.15 lacs )
  #After considering proportionate dividend on  Cumulative Preference Shares in terms of Accounting Standard 20
 
  Notes:-
1 Limited Review of the above quarterly results has been carried out by the statutory auditors of the Company.
2 Results for the current quarter has been affected due to the scheduled long term maintenance (5 yearly) related production shut down at the Company's Paper unit at Amlai for 33 days during the quarter.
3 In view of Accounting Standard - 9, Income from Know How & Service Fees and interest on loans/debts receivables from the Joint Venture Company viz. Pan African Paper Mills, (E.A.) Ltd., Kenya amounting to Rs. 239.85 lacs and Rs.477.08 lacs for the quarter & half year ended 30th September, 2006 respectively, has not been accounted for as a matter of prudence.
4 In view of Accounting Standard 22 on "Accounting for taxes on income", deferred tax liability of Rs.2319.31 lacs for the half year ended 30th, September 2006 has been accounted for .This leaves a net balance of Rs. 412.79 lacs as deferred tax asset (recognised in the accounts in earlier periods) as on 30th September, 2006.The management is certain that there would be sufficient taxable income in future to claim this tax credit.
5 In view of brought forward taxable losses, Minimum Alternate Tax (MAT) liability has been provided which being available as tax credit for set-off in future years has been carried forward as recoverable under "MAT Credit Entitlement".
6 There were no investor's complaints at the beginning and close of the quarter. The company had received three complaints during the quarter which were resolved during the quarter.
7 Previous period figures have been regrouped / rearranged wherever necessary.
8 The above results were reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at their respective meetings held on 27th October, 2006.
 
  Segment wise Revenue, Results and Capital Employed under Clause 41 of the Listing Agreement
Sl. No. Particulars  Quarter Ended  Half Year ended  Year Ended 
    30.09.05  30.09.06  31.03.06 (Audited)
1 Segment Revenue:
  a) Paper & Board 4776.69 6055.34 11584.94 12287.86 26332.11
  b) Cement 14088.86 7330.26 28249.22 17241.34 39507.35
  c) Electric Fans 4077.05 3326.57 8948.93 7152.85 19190.92
  d) Know-How & Service Fees -  331.85 -  462.27 731.18
  Total 22942.60 17044.02 48783.09 37144.32 85761.56
  Less : Inter Segment Revenue - - - - -
  Net Sales/Income from Operations 22942.60 17044.02 48783.09 37144.32 85761.56
 
2 Segment Results : Profit (+)/Loss(-) before interest,
  Prior period items & Tax from each segment):
  a) Paper & Board - Amlai -566.72 369.28 588.01 1251.54 3298.46
  - Brajrajnagar * -284.90 -294.67 -563.93 -594.01 -1210.30
    -851.62 74.61 24.08 657.53 2088.16
  b) Cement 4897.61 68.14 9650.34 1267.04 5458.79
  c) Electric Fans -74.00 222.70 -156.80 254.76 1199.42
  d) Know-How & Service Fees -21.90 338.05 32.06 459.34 731.91
  Total 3950.09 703.50 9549.68 2638.67 9478.28
  Less:          
  (i)  Interest 870.34 1182.46 1790.58 2317.47 4190.32
  (ii) Other un-allocable expenditure
  net of un-allocable income 10.63 -612.99 776.29 -253.12 -63.54
  Total Profit before prior period items & Tax 3069.12 134.03 6982.81 574.32 5351.50
  Less : Prior Period Item - Gratuity Liability for earlier years   -    -    1847.53
  Total Profit before Tax 3069.12 134.03 6982.81 574.32 3503.97
3 Capital Employed :
  a) Paper & Board 13264.88 13832.92 13264.88 13832.92 13251.62
  b) Cement 21540.38 20936.44 21540.38 20936.44 21072.95
  c) Electric Fans 4946.91 3975.96 4946.91 3975.96 4993.35
  d) Know-How & Service Fees 1606.01 1272.25 1606.01 1272.25 1560.19
  Total 41358.18 40017.57 41358.18 40017.57 40878.11
  
   
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