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Stock Report
Mahindra Forgings Ltd Q1 net loss at Rs.3.36 Crores
Posted On : 2007-07-25 23:21:59( TIMEZONE : IST )
Mahindra Forgings Ltd has announced the UnAudited Financial Results for the quarter ended June 30, 2007.
The Company has posted a net loss of Rs.33.68 million for the quarter ended June 30, 2007 where as the net loss was at Rs.7.71 million for the quarter ended June 30, 2006. Total Income is Rs.501.14 million for the quarter ended June 30, 2007 where as the same was at Rs.477.94 million for the quarter ended June 30, 2006.
The company reported an Earnings Per Share (EPS) of Rs.-1.2 for Quarter ended June 30, 2007 compared to Rs.-0.46 reported during Quarter ended June 30, 2006.
From April 01, 2007, the Company has implemented ERP solutions ´SAP´. On migration to SAP, the Company has changed the basis of valuation of Raw Material and Die Steel to ´Moving Weighted Average´ method as against ´Specific identification´ method followed earlier. This change has no material impact on the Profit & Loss account for the quarter.
The Board of Directors of the Company at its meeting held on June 05, 2007 approved the Scheme of Arrangement / Amalgamation envisaging merger of Mahindra Stokes Holding Company Ltd, Mahindra Forgings Overseas Ltd and Mahindra Forgings Mauritius Ltd with the Company. The Board has accepted the joint valuation reports submitted by the valuers viz. namely M/s N. M. Raiji & Co. and M Dalal & Shah, Chartered Accountants, recommending the share swap ratio for the Scheme, on the basis of which the Company will issue 40,547,153 equity shares to the share holders of the amalgamating Companies. The Scheme, is subject to requisite approval of the shareholders/creditors of the Company and the transferor companies and the sanction/confirmation by the Honorable High Court of Judicature at Bombay and any other appropriate authority and will be effective from April 01, 2007.
The above financial results do not include the results of the amalgamating companies (and their subsidiaries) mentioned aforesaid as the amalgamation is subject to obtaining of aforementioned approvals and sanctions from the appropriate authorities. The net Revenues, EBIDTA and Profit after tax of these amalgamating companies (including their subsidiaries) for the quarter ended June 30, 2007 (neither audited nor subjected to limited review) are Rs. 5110 million, Rs 580 million and Rs 160 million respectively.
