Item 1
ICICI Limited
Interim audited results of ICICI Limited for the nine months ended December 31,
1999 as per Indian GAAP (Rs. in millions)
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No. Particulars 9 months 9 months Quarter Quarter Year
Ended Ended Ended Ended ended
31-Dec-99 31-Dec-98 31-Dec-99 31-Dec-98 31-Mar-99
(Note 1) (Note 1)
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(1) Net Operating Income:
(i) Income from Operations 59,809.3 52,600.3 20,428.2 17,991.7 72,336.9
(ii) Profit on Sale of Investments 1,804.6 375.0 852.3 5.9 444.2
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61,613.9 52,975.3 21,280.5 17,997.6 72,781.1
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Less:
(i) Interest and other Operating 44,789.8 38,581.5 15,261.2 13,416.4 52,832.8
Expenses
(ii) Depreciation on assets given on lease 2,801.6 2,697.5 1,185.6 895.9 3,548.3
(iii) Bad and Doubtful Debts 2,923.7 1,733.6 1,258.7 645.7 2,321.1
(iv) General Provision against 320.6 676.6 87.6 234.8 1,314.4
Sub-standard assets
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50,835.7 43,689.2 17,793.1 15,192.8 60,016.6
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10,778.2 9,286.1 3,487.4 2,804.8 12,764.5
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(2) Other Income 356.6 202.2 246.1 55.3 450.9
(3) Expenditure:
(i) Depreciation (other than on assets
given on lease) (Note 4) 214.3 163.7 75.4 58.6 276.2
(ii) Other Expenses 1,924.5 1,393.1 649.0 457.4 1,980.8
(4) Provision against Standard Assets - - - - 1,100.0
Provision against Bad & Doubtful Debts - - - - 397.8
& Other Assets
- - - - 1,497.8
Less:
Appropriated from Capital Reserve - - - - 290.0
Special Reserve created under Section
36(1)(viii) of the Income-tax Act, 1961 - - - - 1,207.8
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- - - - 1,497.8
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(5) Profit before Taxation 8,996.0 7,931.5 3,009.1 2,344.1 10,958.4
(6) Provision for Taxation 885.0 725.0 295.0 210.0 950.0
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(7) Profit after Taxation 8,111.0 7,206.5 2,714.1 2134.1 10,008.4
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(8) Adjustments relating to change in
Accounting policies for corresponding
Previous periods (Note 5) 76.2 26.8 129.8
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(9) Adjusted Profit after Taxation 8,111.0 7,282.7 2,714.1 2,160.9 10,138.2
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(10) Profit after Taxation reported earlier 10,008.4
(11) Adjustments relating to earlier 558.6
Years/change in Accounting policies
(12) Taxation of earlier years 271.9
(13) Balance brought from previous year 531.5
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(14) Disposable Profit 11,370.4
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(15) Appropriation of Profit and Reserves
(a) Capital Reserve 444.3
(b) Capital Redemption Reserve 160.0
(c) Special Reserve in terms of Section
36(1)(viii) of the Income-tax Act, 1961 3,400.0
(d) Deferred Tax Credit Reserve 800.0
(e) General Reserve 2,250.0
(f) Dividend
- Equity Shares 2,931.0
- Preference Shares 703.2
(includes Corporate Dividend Tax
Rs. 354.3 million for FY 98-99)
(16) Balance Carried to Balance Sheet 681.9
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11,370.4
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9 months 9 months Quarter Quarter Year
Ended Ended ended Ended ended
31-Dec-99 31-Dec-98 31-Dec-99 31-Dec-98 31-Mar-99
(Note 1) (Note 1)
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(17) Dividend (in Rs.)
(a) per ordinary share; - - - - 5.5
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(b) per right share, if any - - - - -
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(c) per bonus share, if any - - - - -
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(d) per share arising out on conversion
of debentures into ordinary share; - - - - -
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(e) per preference share $ - - - - -
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(18) Share Capital
(a) Paid-up equity capital 7,682.8 4,800.3 7,682.8 4,800.3 4,800.9
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(b) Paid-up Preference Shares 13,076.6 12,302.9 13,076.6 12,302.9 13,826.6
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(19) Reserve except Revaluation Reserve @ 72,480.0 47,476.5 72,480.0 47,476.5 46,550.9
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$ Dividend at the rate of Rs. 100 per share on Preference shares of Rs.
1 crore each and at rates ranging between Rs. 0.925 to Rs. 1.325 per
share on various series of preference shares of Rs. 10 each. The total
dividend paid for the above state periods in mentioned under para 15
of this report
@ No Revaluation Reserve created
Notes
1. Including Anagram Finance Limited (AFL). These results comprise of the
reported profit of the company Rs. 7264.6 million and Rs. 2084.7
million for the period ended December 31, 1998 and quarter ended
December 31, 1998 respectively and loss of AFL of Rs. 58.1 million and
a profit of Rs. 49.4 million for each of the above periods which have
not been adjusted for alignment of accounting policies of AFL with the
company.
2. Considering the potential problems which may arise on account of Year
2000 rollover on the computer accounting systems of the company, the
accounts for the period ended December 31, 1999 are prepared
considering transactions upto December 22, 1999.
3. Provision against Standard assets of Rs. 50 million for the period
ended December 31, 1999 has been charged to Revenue Account. Such
provision has been appropriated out of Special Reserve for the year
ended March 31, 1999.
4. (a) The company has changed the method of providing for depreciation
on fixed assets other than assets given on lease from written down
value method to straight line method at the rates prescribed in
Schedule XIV of the Companies Act, 1956. Consequently, for the period
ended December 31, 1999 depreciation is lower and profit after tax is
higher by Rs. 186.4 million. Accumulated depreciation provided in
earlier years Rs. 395.3 million has been written-back. Accordingly,
surplus carried to Balance Sheet is higher by Rs. 581.7 million.
(b) The company has capitalized software expenses as against the
earlier policy of treating it as a deferred revenue expenditure and
amortizing it over the period(s) during which the benefits are
expected to arise. Consequently amount written-off in the earlier
years Rs. 19.5 million (net of income-tax Rs. 1.9 million) has been
written-back. As a result of this change, profit after tax for the
period is higher by Rs. 32.3 million and surplus carried to the
Balance Sheet is higher by Rs. 51.8 million.
5. Adjustments as required by SEBI guidelines to recast the results of the
corresponding previous periods as per the present accounting policies
as stated in Note 4 above.
6. The company has achieved a smooth transition into Year 2000 and its
systems are Y2K compliant.
7. The above results were taken on record by the Board of Directors of the
Company at its meeting held on January 28, 2000.
January 28, 2000
END