2009-10 Annual Report - SPML

DIRECTORS’ REPORTANNUAL REPORT 2009-10Dear Shareholders,Your Directors present their 29th Annual Report on your Company’s operations and performance together with the audited statement of accounts forthe year ended 31st March 2010.Financial ResultsThe performance of the Company for the financial year ended March 31, 2010 is summarized below :(Rs. in Lacs)PARTICULARSFor the year ended31.03.2010For the year ended31.03.2009Gross Operating Revenue & Others Income 141373.37 128323.31Profit before Interest and Depreciation 16608.04 18816.21Less :- Interest and Financial Charges 9969.59 11317.60Less :- Depreciation 1109.78 860.63Profit Before Tax 5528.67 6637.98Provision for Taxation 737.00 1117.20Fringe Benefit Tax (39.56) 126.32Provision for Deferred Tax (354.00) 77.59 1321.11Profit After Tax 5185.23 5316.87Add : Balance brought forward from previous year 14453.97 11151.64Profit available for Appropriation 19639.20 16468.51Appropriations :-Proposed Dividend 293.20 439.80Tax on Distributed Profits 48.70 341.90 74.74 514.54Transfer to General Reserve 1000.00 1500.00Surplus carried to Balance Sheet 18297.30 14453.97Total : 19639.20 16468.51Operating ResultsYou will be glad to note that your company achieved a turnover of Rs.1400.32 Crores as against Rs.1257.22 Crores achieved in the previousyear, registering a growth of 11.40%. The company earned a gross profitof Rs.166.08 Crores before interest and depreciation as against Rs.188.18Crores in the previous year. After deducting interest of Rs.99.70 Crores,providing a sum of Rs.11.10 Crores towards depreciation, tax provisionof Rs.3.43 Crores, the operations resulted in a net profit of Rs. 51.85Crores as against Rs.53.17 Crores in the previous year.Management Discussion and Analysis of Financial condition andOperational Performance of the Company for the year under review, asstipulated in Clause 49 of the Listing Agreement with the Stock Exchangesin India, is given as a separate statement in the Annual Report.DividendYour Directors have recommended a dividend of 40% (last year 60%)on 36650276 Equity Shares of Rs. 2/- each for the financial year endedMarch 31, 2010. The total dividend, including tax, amounts to Rs.341.90Lakhs as against Rs.514.54 Lakhs during the previous year.The dividend payout for the year under review has been formulated inaccordance with the Company’s policy of striving to pay stable dividendlinked to long term performance and growth plans.Change of name of the CompanyThe name of the Company has been changed to “SPML Infra Limited”vide fresh certificate of Incorporation dated 12.04.2010 issued by theRegistrar of Companies, New Delhi.Subsidiary CompaniesYour Company has the following Subsidiary Companies:1. Neogal Power Company Private Ltd.2. Awa Power Company Private Ltd.3. Luni Power Company Private Ltd.13