APEEJAY TEA LIMITED

   


    FINANCIAL HIGHLIGHTS 


APEEJAY TEA LIMITED
(Formerly AFT Industries Limited)
Registered Office :Talap 786 156, Assam
Unaudited Financial Results (Provisional) for three months ended September 30, 2004  
                                                                                                                                                                              
                                                                                                                                                                               Rs in Lacs
     
Particulars		 Quarter Ended Half Year Ended Year ended
30.09.2004 (Unaudited) 30.09.2003 (Unaudited) 30.09.2004 (Unaudited) 30.09.2003 (Unaudited) 31.03.2004
(Audited)
1. Gross Sales ( including claims )
3,023
2,223
4,134
3,644
8,695
  Less : Excise duty ( net )
38
(62)
54
(26)
92
  Net Sales/Income from operations
2,994
2,285
4,080
3,670
8,603
2. Other Income
156
285
312
467
1,004
3. Total Expenditure
2,240
1.834
3,465
3,580
10,026
  (a) (Increase)/Decrease in stock
(942)
(1,346)
(2,274)
(1,942)
300
  (b) Consumption of Raw Materials (Note 3)
172
152
222
       172
388
  (c) Staff Cost
1,650
1,495
3,039
2,904
5,244
  (d) Power and Fuel
498
463
843
820
1,311
  (e) Other Expenditure
862
1,070
1,635
1,626
2,783
4. Interest
73
87
123
180
336
5. Depreciation
82
96
154
175
339
6. Profit before Tax ( 1+2-3-4-5) *
755
553
650
202
1,094
7. Provision for Taxation
     
      
    
  - Current Tax
23
51
25
51
-
  - Deferred Tax (net)
(5)
(6)
(10)
(10)
(20)
8. Net Profit ( 6-7)
737
508
635
161
(1,074)
9. Paid up Equity Share Capital
(Face value Rs 10/- per share)
600
600
600
600
600
10. Reserves excluding Revaluation Reserve
    
     
6,715
11. Basic and Diluted EPS (Rs.)
12.28
8.47
10.58
2.68
(17.90)
12. Aggregate of Non Promoter Shareholding
               
  - Number of Shares
15,43,350
15,44,050
   15,43,350
15,44,050
15,43,550
  - Percentage of Share holding
25.72
25.74
25.72
25.74
25.73
  * after considering Exchange (Gain) / Loss - Net
1
(47)
172
(47)
(182)

Reporting of Segmentwise Results and Capital Employed Under Clause 41
of the Listing Agreement 
                                                                                                                                                                                      Rs in Lacs
Particulars
Quarter ended
30.09.2004		 Quarter ended
30.09.2004		 Year ended
31.03.2004
1. Segment Revenue (Sales/Income from Operations)                  
  a) Export
763
763
1,530
  b) Domestic
2,231
3,317
7,073
  Total
2,994
4,080
8,603
  Less: Inter Segment Revenue
-
-
  Net Sales / Income from operations
2,994
4,080
8,603
                 
 2. Segment Result (Profit before Interest and Tax from segment)             
  a) Export
154
154
(123)
  b) Domestic
699
694
(1,017)
  Total
853
848
(1,140)
  Less: Interest
73
123
336
  Add: Unallocated Income net of unallocable expenditure
(25)
(75)
382
  Profit before Tax
755
650
(1,094)
                                                      
 3. Capital Employed             
  a) Export
        739
739
(1)
  b) Domestic
438
438
45
  Total
1,117
1,117
44
  Add: Unallocable corporate assets (net of corporate liabilities)
19,499
19,499
19,997
  Total Capital Employed
20,676
20,676
20,041


Notes:
1.
The above results have been taken on record at the Board Meeting held on Thursday, October 15, 2004, after due consideration of the same by the meeting of the Audit Committee held on the same date.
2. These Accounts have been prepared in accordance with the Accounting Standards issued by the Institute of Chartered Accountants of India.
3.
Consumption of raw material shown above represents cost of green leaf purchased from others .The value of consumption of green leaf harvested from the Company's own estates is not ascertainable because of integrated operation of harvesting green leaf to manufacture of black tea .
4.
a) Provision for tax for the half year ended September 30, 2004 is based on estimate of taxable profits of the relevant period after considering depreciation on fixed assets on the basis of the Calcutta High Court in CIT vs Suman Tea & Plywoods Industries Private Limited reported in 204 ITR 719. The ultimate tax liability would be on the basis of taxable income for the year ending March 31, 2005.
 
b) Deferred Tax Assets (net) pertaining to Agricultural Income Tax Losses have not been recognised in the absence of virtual certainty as to recoverability thereof.
5.
Status of investor grievances for the three months ended September 30, 2004
NO OF COMPLAINTS
Pending as at 01.07.04
Received during the quarter
Disposed during the quarter
Lying unresolved
as at 30.06.04
Nil
5
5
Nil

6.

Tea industry is seasonal in character and as such results for half year ended September 30, 2004 should not be construed as representative of the likely result of the Company for the financial year ending March 31, 2005.
7.
In keeping with Accounting Standard - 28 on "Impairment of Asset" issued by the Institute Chartered Accountants of of India, provision for impairment loss, if any as at April 01, 2004 will be adjusted at the end of financial year against opening balance of General Reserve.
8. Comparative figures have been regrouped / rearranged wherever necessary.

  APEEJAY TEA LIMITED