Himachal Futuristic Communications Ltd.
HIMACHAL FUTURISTIC COMMUNICATIONS LIMITED
Regd. Office : 8,Electronics Complex, Chambaghat, Solan-173213 (Himachal Pradesh)
 
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2005
   
 
(Rs in Crores)
Sl. No. Particulars Nine Months Ended 31st Dec 2004 (Unaudited) Fourth Quarter Ended
31st March
Financial Year Ended
31st March		 Consolidated Results for the
Year Ended 31st March
2005
(Unaudited)		 2004
(Unaudited)		 2005
(Audited)		 2004
(Audited)		 2005
(Audited)		 2004
(Audited)
                 
1. Net Turnover/Income From Operations 340.55
64.86 177.66 405.41 749.05 879.78 1,044.47
2. Other Income 27.69 2.42 4.36 30.11 13.48 31.32 14.94
3. Total Expenditure 333.66 181.72 489.77 515.38 941.63 819.12 1,132.88
a. (Increase)/ Decrease in stock in trade 5.92 3.13 17.98 9.05 3.90 12.09 0.74
b. Cost of Raw Material/services 249.73 86.75 116.27 336.48 516.05 516.59 586.67
c. Staff Cost 19.97 7.72 8.64 27.69 31.08 70.41 74.17
d. Provision for diminution in value of investments (0.11) 2.40 0.02 2.29 (0.58) 2.29 (0.55)
e. Network operations expenditure -
 - - - - 109.10 95.00
f. Loss on sale of investments (0.04) 0.53 22.03 0.49 23.78 (73.03) (44.25)
g. Bad Debts,Advances and Misc. Balances written off 18.04 51.78 186.90 69.82 187.60 77.95 195.14
  Less: Transferred from provision of doubtful debts/ advances (16.94) (46.84) (1.58) (63.78) (1.58) (63.78) (1.58)
h. Provision for inventories/ doubtful debts and advances 13.62 24.13 105.89 37.75 105.89 40.49 125.76
i. Research expenses written off
 - 28.88 - 28.88 - 28.88 -
j. Payment towards guarantee obligation written off 4.27 0.64 8.54 4.91 8.54 4.91 8.54
k. Royalty 4.37 0.45 5.33 4.82 7.79 7.91 9.07
l. Administrative and other Overheads
 34.83 22.15 19.75 56.98 59.16 85.31 84.17
4. Interest and Finance Charges 45.20 17.83 35.69 63.03 112.38 151.84 204.83
5. Depreciation 22.68 4.40 6.50 27.08 25.82 131.09 107.18
6. Profit before write offs, provisions and non recurring items (40.61) (83.19) (19.60) (123.80) 14.89 (207.45) (93.88)
7. Profit before Tax (1+2-3-4-5) (33.30) (136.67) (349.94) (169.97) (317.30) (190.95) (385.48)
8. Provision for Taxation              
  - Current Tax including for earlier years 0.48 (1.52) (8.60) (1.04) (6.11) (0.66) (5.90)
  -Deffered Tax -
- (51.90) - (49.03) - (48.73)
9. Net Profit (7-8) (33.78) (135.15) (289.44) (168.93) (262.16) (190.29) (330.85)
10. Paid-up Equity share capital (Face value of Rs. 10/- each) 329.76 329.76 316.81 329.76 316.81 329.76 316.81
11. Reserves excluding Revalution Reserve - - - 884.80 1,132.61 371.86 643.43
12. Earning per share(Rs.) - Basic (1.19) (4.15) (9.31) (5.35) (10.02) (6.00) (12.54)
    -Diluted   (1.11) (3.91) (8.43) (5.04) (9.11) (5.65) (11.40)
13. Aggregate of non-promoter shareholding              
  -Number of Shares - - - 319,667,911 306,720,340 319,667,911 306,720,340
  -Percentage of Shareholding - - - 96.94% 96.81% 96.94% 96.81%
 
 

Segmentwise Revenue, Results and Capital Employed

(Rs in Crores)
Particulars Nine months ended 31st December 2004
(Unaudited)
 Fourth Quarter Ended
31st March 		Financial Year Ended
31st March
Consolidated Results for the
Year Ended 31st March
2005
(Unaudited)
 2004
(Unaudited)
 2005
(Audited)
 2004
(Audited)
 2005
(Audited)
 2004
(Audited)
               
Segment Revenue              
a.Telecom Products 266.41 59.63 157.62 326.04 561.92 567.08 701.28
b. Turnkey Contracts and services 72.12 4.40 18.93 76.52 182.46 76.52 182.46
c. Basic Telephony and ISP - - - - - 253.31 192.19
d. Hire Purchase and Finance Business - - - - - - 5.02
e. Others 2.02
0.83 1.11 2.85 4.67 2.85 4.67
Total 340.55 64.86 177.66 405.41 749.05 899.76 1,085.62
Less:Inter segment revenue - - - - - 19.98 41.15
Net Turnover from Operations 340.55 64.86 177.66 405.41 749.05 879.78 1,044.47
               
Segment Results              
a.Telecom Products 5.36 (33.13) 17.02 (27.77) 84.39 (28.77) 83.37
b. Turnkey Contracts and Services 5.49 (1.90) 3.59 3.59 51.17 3.59 51.17
c. Basic Telephony and ISP - - - - - 9.26 (33.18)
d.Hire Purchase and Finance Business - - - - - - 4.85
e. Others 1.11 (0.53) (0.83) 0.58 1.12 0.58 (1.13)
Total
 11.96 (35.56) 19.78 (23.60) 136.68 (15.34) 106.08
Less:              
a. Interest and Finance charges 45.20 17.83 35.69 63.03 112.38 151.84 204.83
b. Other un-allocable expenditure net off un-allocable income 7.37 29.80 3.69 37.17 9.41 40.27 (4.87)
c. Write offs, provisions and non recurring items (7.31) 53.48 330.34 46.17 332.19 (16.50) 291.60
Profit before Tax (33.30) (136.67) (349.94) (169.97) (317.30) (190.95) (385.48)
               
Capital Employed              
a. Telecom Products 580.09 481.17 592.03 481.17 592.03 335.32 470.92
b. Turnkey Contracts and services 276.69 213.16 258.97 213.16 258.97 213.16 258.97
c. Basic Telephony and ISP - - - - - 74.09 169.77
d. Hire Purchase and Finance Business - - - - - - -
e. Others 27.39 20.76 25.00 20.76 25.00 20.76 25.92
Total capital employed in segments
 884.17 715.09 876.00 715.09 876.00 643.33 925.58
Add:              
Un-allocable corporate assets less liabilities 626.90 579.98 653.92 579.98 653.92 138.67 208.16
Total Capital employed in company 1,511.07 1,295.07 1,529.92 1,295.07 1,529.92 782.00 1,133.74
 

Notes:

  1. The above results have been taken on record by the Board of Directors at its meeting held on 28th June 2005.
    1. All the Loans from financial institutions and banks have been rescheduled under Corporate Debt Restructuring (CDR) scheme approved by CDR Empowered group and subsequently approved by respective lenders individually. Accordingly, the impact of CDR scheme has been incorporated in these financial statements and consequently interest amounting to Rs. 27.19 crore relating to earlier year has been reversed and shown as other income.
    2. CDR Empowered Group in its meeting held on 8th June 2005 has approved modifications in the CDR package of the Company and one of its subsidiary i. e. HFCL Infotel Ltd.The modifications in the scheme includes interalia reduction in rate of interest on loans, conversion of certain loan amount into zero coupon premium bonds, rescheduling of loans repayment etc. The cut off date is 1st April 2005.
  3. Status of investor complaints during the quarter ended 31st March 2005 :
    Pending at the beginning Nil; Received 5; Disposed off 5 ; Pending at the end Nil
  4. Increase in Paid up Capital amounting to Rs.12.95 crore during the year under review is on account of conversion of FCCBs into Equity.
  5. Figures of the previous periods have been regrouped/rearranged wherever considered necessary .

Place : New Delhi
Date : 28th June 2005.

By Order of the Board

Mahendra Nahata
(Managing Director)