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UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2008
     
(Rs. In Lakhs)
 
For the Quarter ended 30.09.2008
(Unaudited)
Corresponding Quarter in the previous year
(Unaudited)
Six months ended 30.09.2008
(Unaudited)
Corresponding Six months in the previous year
(Unaudited)
Previous Accouting year ended 31.03.2008 (Audited)
 
( 1 )
( 2 )
( 3 )
( 4 )
( 5 )
         
1. Income          
a) Freight & charter hire
25,685.18
20,142.92
46,235.13
39,493.14
85,080.73
b) Net Exchange gain/(loss)
-
4,227.66
-
13,938.64
9,438.27
c) Net profit/(Loss) on sale of ships and other
   assets
-
0.03
308.45
189.40
191.70
   Total Income
25,685.18
24,370.61
46,543.58
53,621.18
94,710.70
           
2. Expenditure          
a ) Staff cost (ashore and floating)
2,513.67
2,290.06
5029.55
4,649.39
9,340.77
b ) Bunker cost
2,411.00
1,461.42
3,555.52
2,225.75
5,283.08
c ) Port expenses
354.87
363.72
509.35
593.77
1,688.28
d ) Stores,Lubes & Victualling
1,024.24
859.89
1,776.97
1,574.63
3,343.96
e ) Repairs & Maintenance including
3,044.18
2,226.14
5,375.63
5,140.42
7,766.06
     drydocking cost, spares and survey
f ) Depreciation
5,718.87
5,412.98
11,542.16
10,373.49
21,191.73
g ) Impairment loss on certain ships due to
     exchange ratevariation
-
-
-
-
1,262.29
h ) Hire of chartered ship
939.00
387.45
1,601.26
387.45
1,773.28
i ) Other expenditure
1,844.80
1,816.28
3,660.45
3,239.19
6,576.04
Total
17,850.63
14,817.94
33,050.89
28,184.09
58,225.49
         
3. Profit from Operations before Other
    Income, Interest & Exceptional Items
7,834.55
9,552.67
13,492.69
25,437.09
36,485.21
4. Other Income
32.25
42.85
92.74
106.29
255.75
5. Profit before Interest & Exceptional Items
   (3+4)
7,866.80
9,595.52
13,492.69
25,437.09
36,740.96
6. Interest
3,409.16
3,786.97
6,938.52
7,002.37
13,951.03
7. Profit from ordinary activities before tax
   (excluding exchange gain)
4,457.64
1,580.89
6,646.91
4,602.37
13,351.66
8. Profit from ordinary activities before tax
   (including exchange gain)
4,457.64
5,808.55
6,646.91
18,541.01
22,789.93
9. Tax expense          
   Current tax
13.00
29.00
50.00
64.00
140.00
   Fringe benefits tax
18.00
15.00
37.00
30.00
72.00
10. Net Profit from Ordinary Activities after
     tax (note 1)
4,426.64
5,764.55
6,559.91
18,447.01
22,577.93
11. Paid- up equity share capital
     (face value Rs.10/-)
15,000.78
14,977.78
15,000.78
14,977.78
15,000.78
12. Reserves excluding revaluation reserves           (note 3)        
76,483.65
13. Earnings per share for the period
     (in Rs.) 		         
     EPS - (weighted average)          
     Basic (excluding exchange gain)
2.95
1.03
4.37
3.06
8.84
     Diluted (excluding exchange gain)
2.95
1.03
4.37
3.05
8.84
     Basic (including exchange gain)
2.95
3.85
4.37
12.52
15.19
     Diluted (including exchange gain)
2.95
3.84
4.37
12.50
15.19
     (NOT ANNUALISED FOR THE QUARTERLY    
     AND HALF YEARLY RESULTS)		          
14. Public shareholding          
     Number of shares
85,945,126
85,715,126
85,945,126
85,715,126
85,945,126
     Percentage of shareholding
57.29
57.23
57.29
57.23
57.29
Note :
1
(a) Net profit from ordinary activities after tax for the quarter ended September 30, 2008 is Rs 4426.64 lakhs compared to Rs 1536.89 lakhs
      in the corresponding quarter of the previous period after adjusting for exchange gains in the previous period.

(b) Similarly net profit from ordinary activities after tax for the six months ended September 30, 2008 is Rs 6559.91 lakhs compared to
      Rs 4508.37 lakhs in the corresponding period of the six months period after adjusting for exchange gains in the previous period.
2
The Board of Directors has declared 2nd interim dividend of Rs 1.50 per equity share (1st interim dividend was Rs 0.50 per equity share). The outgo on this account including Dividend Distribution Tax will be Rs 2632.52 lakhs.
3
Although not mandatory, the Company has with effect from April 01, 2008 adopted the principles of Accounting Standard (AS) 30 Financial Instruments – Recognition and Measurement in respect of accounting for derivatives in accordance with the recommendations of the Institute of Chartered Accountants of India.

In view of this, during the current quarter, in respect of financial instruments that qualify for hedge accounting, an amount of Rs 16359.41 lakhs has been accounted for as a Hedging Reserve, which along with Rs 13569.34 lakhs for the quarter ended June 30, 2008, amounts to Rs 29928.75 lakhs. This will be ultimately recognized in the profit and loss account when the underlying hedged transaction occurs, as against the earlier practice of recognizing the same in the profit and loss account on valuation at the end of each period. As a result of adoption of AS 30, the profit after tax for the quarter ended September 30, 2008 stands at Rs 4426.64 lakhs and for the six months ended 30th September, 2008 stands at Rs 6559.91 lakhs, instead of a loss of Rs 11932.77 lakhs for the quarter ended September 30, 2008 and a loss of Rs 23368.84 lakhs for the six months ended September 30, 2008. However, due to devaluation of Rupee vis-a-vis US dollar market valuation of ships in Rupee terms compared to their book value as on September 30, 2008 has also increased substantially.
4
Provision for cost of Employee benefits as per AS-15 (Revised) has been made on an estimated basis.

5
Provision for taxation is made taking into consideration special provisions relating to income of shipping companies as provided under chapter XII-G and other applicable provisions under the Income tax Act, 1961.

6
In accordance with the requirements of Clause 41 of listing agreement with the Stock Exchanges, the Statutory Auditors have performed a limited review of the above financial results for three months ended September 30, 2008.
7
There were 3 investor complaints pending as on June 30, 2008. 80 investor complaints were received during the quarter and 81 complaints were disposed off during the quarter. Hence 2 complaints were lying unresolved on September 30, 2008.
8
The Company is engaged primarily in shipping business and there are no separate reportable segments as per Accounting Standard 17.
9
The above results have been reviewed by the Audit Committee and have been approved by the Board of Directors of the Company at its meeting held on October 24,2008.
#
Figures for the previous accounting period have been regrouped wherever necessary.