Punjab Tractors Limited         

 

Press Release

(21st October, 2008)

 

PTL Q2 Profit Up 162%

 

New Delhi, 21st October, 2008: The Board of Directors of Punjab Tractors Ltd. has met today to consider and approve financial results for the second quarter

 and half year ended 30th September, 2008.

 

During the July – September 2008 period, aggregate tractor Industry has grown by around 6% reaching 83000 tractors. Against this industry growth,

 PTL consolidated its performance and registered a growth of 41% with tractor billing reaching 8303 tractors compared to 5909 tractors billed during

same period of last year. On the strength of improved tractor billing, total net operating revenue for the second quarter has moved to Rs. 308.0 crores from

last year corresponding period level of Rs. 206.9 crores – an increase of 49%. 

 

Despite continued pressure on commodity prices, Profit Before Tax (PBT) for Q2 moved to Rs. 39.0 crores against Rs. 14.9 crores of previous year’s

second quarter – Up 162%. Moving in tandem, Profit After Tax reached Rs. 27.3 crores against Rs. 9.8 crores of same period last year.

 

For the half year ended 30th September, 2008, total tractor billing reached 17257 nos. against billing of 10974 nos. during same period last year - Up 57%.

 Total net operating revenue for H1 reached Rs. 622.1 crores compared to Rs. 380.8 crores for H1 of last year. Profit Before Tax for the period reached

Rs. 71.0 crores against Rs. 19.3 crores of previous year’s first half. Profit After Tax was Rs. 49.7 crores against last year’s Rs. 13.1 crores.

 

Mr. Anjanikumar Choudhari – Chairman, Punjab Tractors Ltd. and President - Farm Equipment Sector, Mahindra & Mahindra Ltd. said,  “The           current performance is very encouraging and became possible due to efforts made in last fiscal in terms of streamlining the distribution system and initiating           steps to promote Swaraj brand. Enhanced retail financing by Mahindra & Mahindra Financial Services Limited to mitigate the uncertainty of bank  credit          during this quarter has also helped in achieving this performance.“

 

Unaudited Financial Results are attached.

 

 

 

Anjanikumar Choudhari

(Chairman)
 
PUNJAB TRACTORS LIMITED
Regd. Office : Phase IV, S.A.S.Nagar - 160 055, Punjab
UNAUDITED FINANCIAL RESULTS (PROVISIONAL)
FOR THE SECOND QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2008
      (Rs. Lakhs)
Particulars Unaudited Audited
  Quarter Ended Half Year Ended Year Ended
  30.09.2008 30.09.2007 30.09.2008 30.09.2007 31.03.2008
           
Net Sales / Income from Operations 30453 20471 61522 37705 95805
Other Operating Income 345 219 686 375 1154
Total Operating Income 30798 20690 62208 38080 96959
           
Expenditure          
a) (Increase) / Decrease in Stock in Trade and W.I.P. (5621) (5340) (5841) (4400) (282)
b) Consumption of Raw Materials  27780 19410 50600 30600 67564
c) Purchase of Traded Goods 171 300 311 510 782
d) Employees Cost 2722 2630 6042 5140 10799
e) Depreciation 443 410 883 820 1692
f) Other Expenditure 2690 2140 5190 4030 8390
Total Expenditure 28185 19550 57185 36700 88945
Profit from Operations before Other Income, Interest and Exceptional Items 2613 1140 5023 1380 8014
           
Other Income               599                  -                 859                  -                 239
           
Profit before Interest and Exceptional Items 3212 1140 5882 1380 8253
           
Interest (690) (350) (1220) (550) (1458)
           
Profit after Interest but before Exceptional Items 3902 1490 7102 1930 9711
           
Exceptional Items                   -                    -                     -                    -                    -  
           
Profit from Ordinary Activities before Tax 3902 1490 7102 1930 9711
           
Tax Expenses - Current 1303 555 2353 715 3603
                         - Fringe Benefit 34 37 60 60 118
                         - Deferred (164) (82) (284) (155) (527)
                         - Total 1173 510 2129 620 3194
           
Net Profit from Ordinary Activities after Tax 2729 980 4973 1310 6517
           
           
Extraordinary Items(Net of Tax expense)                   -                    -                     -                    -                    -  
           
Net Profit  2729 980 4973 1310 6517
           
Paid-up Equity Share Capital (Face Value Rs.10/-) 6076 6076 6076 6076 6076
Reserves (excluding Revaluation Reserves) -- -- -- -- 60408
           
Basic / Diluted Earning Per Share (Not Annualised)          
Before Extraordinary Items Rs. 4.49 Rs. 1.61 Rs. 8.18 Rs. 2.15 Rs.10.73
After Extraordinary Items Rs. 4.49 Rs. 1.61 Rs. 8.18 Rs. 2.15 Rs.10.73
           
Public Shareholding          
  -  Number of Shares 2,14,85,535 2,14,85,535 2,14,85,535 2,14,85,535 2,14,85,535
  -  Percentage of Shareholding 35.4% 35.4% 35.4% 35.4% 35.4%
           


The above results have been subjected to a 'Limited Review' by Auditors of the Company and were approved by the Board of Directors in their meeting held at New Delhi on 21st October, 2008.

The Company is primarily engaged in the business of tractors & self propelled harvester combines. As the basic nature of these activities are governed by same set of risk and returns, these have been grouped as single segment in above disclosures as per Accounting Standard 17 dealing with "Segment Reporting".

The Company did not have any investor complaints pending as on 1st July, 2008 and 30th September, 2008. No investor complaint was received during the said quarter.

Previous year figures have been regrouped / recast, wherever necessary.
for and on behalf of
the Board of Directors



(Anjanikumar Choudhari)
Chairman