Item 1
ICICI Limited
Audited results of ICICI Limited for the financial year ended March 31, 2000 as per Indian GAAP
(Rs. in millions)
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No. Particulars Year Year Quarter Quarter
Ended Ended Ended Ended
31-Mar-2000 31-Mar-99 31-Mar-2000 31-Mar-99
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(1) Net Operating Income:
(i) Income from Operations 81,114.8 72,299.7 21,305.5 19,699.4
(ii) Profit on Sale of Investments 2,934.3 444.2 1,129.7 69.2
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84,049.1 72,743.9 22,435.2 19,768.6
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Less:
(i) Interest and other Operating Expenses 60,055.6 52,798.9 15,265.8 14,249.2
(ii) Depreciation on assets given on lease 3,669.2 3,582.2 867.6 852.9
(iii) Bad and Doubtful Debts 3,725.1 2,321.1 851.4 587.5
(iv) General Provision against Sub-standard assets 792.4 1,314.4 471.8 637.8
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68,242.3 60,016.6 17,456.6 16,327.4
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15,806.8 12,727.3 4,978.6 3,441.2
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(2) Other Income 544.8 474.7 188.2 272.5
(3) Expenditure:
(i) Depreciation (other than on assets
Given on lease) (Note 2) 314.7 276.2 100.4 112.5
(ii) Other Expenses 2,659.4 1,967.4 734.9 574.3
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13,377.5 10,958.4 4,331.5 3,026.9
(4) Provision against Standard Assets (Note 1) 100.0 1,100.0 50.0 1,100.0
Provision against Bad & Doubtful Debts & Others - 397.8 - 397.8
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100.0 1,497.8 50.0 1,497.8
Less:
Appropriated from Capital Reserve - 290.0 - 290.0
Special Reserve created under Section
36(1)(viii) of the Income-tax Act, 1961 - 1,207.8 - 1,207.8
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- 1,497.8 - 1,497.8
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100.0 - 50.0 -
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(5) Profit before Taxation 13,277.5 10,958.4 4,281.5 3,026.9
(6) Provision for Taxation 1,220.0 950.0 335.0 225
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(7) Profit after Taxation 12,057.5 10,008.4 3,946.5 2,801.9
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(8) SEBI Adjustments relating to change in Accounting
policies for corresponding Previous periods (Note 3) - 136.2 - 60
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(9) Adjusted Profit after Taxation 12,057.5 10,144.6 3,946.5 2,861.9
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(10) Profit after Taxation reported earlier 12,057.5 10,008.4 3,946.5 2,801.9
(11) Adjustments relating to earlier
Years/change in Accounting policies 405.4 558.6 (9.4) (15.1)
(12) Taxation of earlier years 36.7 271.9 36.7 211.2
(13) Balance brought from previous year 681.9 531.5 - -
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(14) Disposable Profit 13,181.5 11,370.4 3,973.8 2,998.0
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(15) Appropriation of Profit and Reserves
(a) Special Reserve - in terms of Section
36(1)(viii) of the Income-tax Act, 1961
written back on completion of assessments (3,102.7) -
(b) Investment allowance Reserve written back (16.6) -
(c) Capital Reserve 2,934.3 444.3
(d) Capital Redemption Reserve 750.0 160.0
(e) Special Reserve in terms of Section
36(1)(viii) of the Income-tax Act, 1961 3,200.0 3,400.0
(f) Deferred Tax Credit Reserve 1,200.0 800.0
(g) General Reserve 2,250.0 2,250.0
(h) Dividend (including corporate dividend-tax)
- Equity Shares (Interim) 3,182.8 -
- Equity Shares 777.3 2,931.0
- Preference Shares 1,088.8 703.2
(16) Balance Carried to Balance Sheet 917.6 681.9
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16,300.8 11,370.4 3,973.8 2,998.0
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No. Particulars Year Year Quarter Quarter
Ended Ended Ended Ended
31-Mar-2000 31-Mar-99 31-Mar-2000 31-Mar-99
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(17) Dividend (in Rs.)
(a) per ordinary share; 5.5* 5.5 - -
(b) per right share, if any - - - -
(c) per bonus share, if any - - - -
(d) per share arising out on conversion
of debentures into ordinary share; - _ - -
(e) per preference share $ - - - -
(18) Share Capital
(a) Paid-up equity capital 7,830.6 4,800.9 7,830.6 4,800.9
(b) Paid-up Preference Shares 13,076.6 13,826.6 13,076.6 13,826.6
(19) Reserve except Revaluation Reserve @ 72,394.7 46,550.9 7,2394.7 46,550.9
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*Includes interim dividend of Rs. 4.5 per equity share.
$ 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 17 of this report
@ No Revaluation Reserve created
Notes
1. Incremental Provision of Rs.100 million against Standard Assets for the
year ended March 31, 2000 has been charged to Revenue Account. During
the year ended March 31, 1999 such provision of Rs.110.0 million, being
the cumulative provision against standard assets as on March 31, 1999
made for the first time, had been appropriated out of Special Reserve.
2. (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
to the Companies Act, 1956. Consequently, for the year ended March 31,
2000 depreciation is lower and profit after tax is higher by Rs.226.4
million. Depreciation rendered excess in earlier years Rs.390 million
has been written-back. Accordingly, surplus carried to Balance sheet is
higher by Rs.616.4 million.
(b) The company has capitalised software expenses as against the earlier
policy of treating it as deferred revenue expenditure and amortizing it
over the period(s) during which the benefits are expected to accrue.
Consequently profit after tax for the year is higher by Rs.22.3 million.
Amount written-off in the earlier years Rs.15.4 million (net of
income-tax Rs.1.8 million) has been written-back. Accordingly, surplus
carried to Balance sheet is higher by Rs.37.7 million.
3. 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 2 above.
4. The above results were taken on record by the Board of Directors of the
Company at its meeting held on April 28, 2000.
April 28, 2000
END