Annual Report 2006-2007 - Gammon India

DIRECTORS’ REPORT
17
Annual Report 2006-2007
Your Directors have pleasure in presenting their 85 th Annual Report together with the Audited Accounts of the
Company for the year ended 31 st March, 2007.
1. FINANCIAL PERFORMANCE:
Current Year
Rs. in Crores
12 Months
Previous Period
Rs. in Crores
15 Months
The Profit for the year before providing
Depreciation and Taxation amounted to: 178.28 148.26
From which is to be deducted:
Depreciation 35.22 37.10
Profit Before Taxation 143.06 111.16
Provision for Taxation:
– Current Tax 40.10 9.25
– Deferred Tax 3.40 (2.07)
– Fringe Benefit Tax 1.20 1.15
44.70 8.33
Profit After Tax 98.36 102.83
Add/(Less)
Excess/(Short) Provision of taxation for earlier years (53.88) 1.41
Net Profit After Prior Year Tax Charge 44.48 104.24
Profit Brought Forward from last year 102.82 42.40
Profit Available for Appropriation 147.30 146.64
Less:
Amount Transferred to General Reserve (10.00) (25.00)
Amount Transferred from Debenture Redemption Reserve – 17.16
Amount Transferred to Debenture Redemption Reserve (10.71) (10.00)
Amount Transferred to Special Contingency Reserve (10.00) (20.00)
Proposed Dividend (0.87) (5.25)
Interim Dividend (3.50) –
Tax on Dividend (0.64) (0.73)
(35.72) (43.82)
Balance Carried to Balance Sheet 111.58 102.82
Your Company achieved a Turnover of Rs. 1844.84 crores (excluding company’s share of turnover in Joint
Venture aggregating to Rs. 239.49 crores) during the year ended 31 st March, 2007 as compared to a Turnover
of Rs. 1454.44 crores (excluding company’s share of turnover in Joint Venture aggregating to Rs. 191.25
crores) for the previous period ended 31 st March, 2006 (of 15 months) thereby registering an increase of 57%
on annualized basis.
Profit before tax (after providing for deprecation) for the year ended 31 st March, 2007 stood at Rs. 143.06 crores
compared to Profit before tax of Rs. 111.16 crores in the previous period indicating an increase of 60.87% on
an annualized basis.