Item 1
ICICI Ltd.
Audited Financial Results for the year ended March 31, 2001
(Rs. in Million)
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QUARTER QUARTER YEAR YEAR
ENDED ENDED ENDED ENDED
MARCH 31, 2001 MARCH 31, 2000 MAR. 31, 2001 MAR. 31, 2000
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1 Income from operations 26,333.9 22,536.1 91,799.5 84,108.6
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2 Other income 653.5 188.2 1,162.0 544.8
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3 Total Expenditure:
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(a) Staff Cost 242.8 195.0 990.4 728.4
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(b) Bad & Doubtful debts written-off/ 10,895.2 1,373.2 14,215.3 4,617.5
provided for (including additional
provisioning, provision for restructured
assets and provision for standard assets )
(See Note 2)
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(c) Other expenditure 959.5 729.0 3,054.3 2,120.1
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Total Expenditure 12,097.5 2,297.2 18,260.0 7,466.0
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4 Interest (including interest tax and 16,761.4 15,177.6 64,954.1 59,926.0
expenses on Borrowings)
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5 Depreciation (including assets given on 1,037.0 968.0 3,974.7 3,983.9
lease)
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6 Profit before tax (2,908.5) 4,281.5 5,772.7 13,277.5
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7 Provision for taxation (338.0) 335.0 400.0 1,220.0
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8 Net Profit after tax (2,570.5) 3,946.5 5,372.7 12,057.5
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9 SEBI adjustments relating to change in - - - -
accounting policies for corresponding
previous periods
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10 Adjusted Profit after taxation (2,570.5) 3,946.5 5,372.7 12,057.5
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11 Profit after tax reported earlier (2,570.5) 3,946.5 5,372.7 12,057.5
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12 Adjustments relating to earlier years/ - (9.4) - 405.4
change in accounting policies
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13 Taxation of earlier years(net) (See Note 3) (824.3) - (824.3) 36.7
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14 Profit for the period (3,394.8) 3,937.1 4,548.4 12,499.6
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15 Paid up Equity Share Capital (face value Rs. 7,848.4 7,830.6
10 per share) (including Equity Share
Capital Suspense)
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16 Reserves excluding Revaluation Reserves 71,878.6 72,394.7
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17 Earning Per Share (Rs) @ - 3.1 6.6 14.0
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18 Shareholding: No of shares Percentage of shareholding
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ADR 25,64,14,285 32.65
Insurance Companies 18,43,50,312 23.47
FIIs & NRIs 11,86,44,213 15.11
Individuals 8,01,94,059 10.21
Bodies Corporate 5,91,23,209 7.53
Unit Trust of India 5,21,01,059 6.63
Banks & Financial Institutions 2,43,89,059 3.11
Mutual Funds 93,58,480 1.19
Shares in Transit 7,69,772 0.10
Total.... 78,53,44,448 100.0
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@ EPS for all periods has been calculated based on 785 million shares outstanding.
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NOTES:
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1 The company was hitherto writing-off issue expenses on loan funds over the average tenure of the loan. In the current year, in
respect of bonds which are redeemed on exercise of call options, the unamortised issue expenses outstanding on the redemption
date are charged to the share premium account. On account of this change, profit for the year is higher by Rs. 239.3 million.
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2 (a) During the year the management of the company has reassessed the provisioning requirements of non-performing assets and
have decided to make additional provision/write-off, over and above percentage as prescribed by RBI guidelines. On account of
this additional provision/write-off of Rs. 8,132.7 million is made.
(b) During the year, RBI has issued a guideline in respect of restructured/rescheduled assets. Accordingly, sacrifice on
account of interest has been worked out on assets restructured/rescheduled during the period from March 28, 2001 to March 31,
2001 as per the methodology specified in the said guidelines and mentioned in the significant guidelines. Accordingly a
provision of Rs. 436.3 million is made.
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3 The Finance Act, 2001 has inserted an explanation to Section 36 (I)(vii) of the Income-Tax Act, 1961 with retrospective effect
from April 1, 1989, which clarified the basis on which deduction under the section will be allowed. On account of this,
provision for taxation of two years for which assessments are pending is reworked and shortfall of Rs. 900.0 million is
provided in the current year. The same has been considered in arriving at 'Taxation of earlier years'.
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4 During the year ended March 31, 2001 the following companies have become subsidiaries of ICICI Limited:
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Name of the Subsidiary Date of becoming
Subsidiary
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1. ICICI ePayments Limited April 10, 2000
2. ICICI Securities Holding Inc. June 12, 2000
3. ICICI Securities Inc. June 13,2000
4. Ivory International Inc. June 14, 2000
5. ICICI Prudential Life Insurance Company July 20, 2000
Limited
6. ICICI Eco-Net Limited Sept.25, 2000
7. ICICI Lombard General Insurance Company Oct.30, 2000
Ltd. Ceased to be the subsidiary w.e.f. December 30, 2000
8. ICICI Infotech Pte Ltd. Nov.8, 2000
9. ICICI Global Opportunities Fund, L.L.C. Dec.29, 2000 --------------------"-------------------------
10. Traveljini.com (P) Limited May 11, 2000
11. Cafe Network Limited July 20, 2000 --------------------"-------------------------
12. Billjunction Payment Limited Sept. 8, 2000
13. Webquity e-Marketing Limited Dec. 12, 2000 --------------------"-------------------------
14. Command International Holdings, L.L.C, Mar. 21, 2001
Mauritius
15. Nova Technology Inc., Connecticut Mar. 21, 2001
16. Command International Software, Bangalore Mar. 21, 2001
17. Command Systems Inc., Connecticut
18. Command Delaware Holdings, L.L.C Delaware Mar. 21, 2001
Mar. 21, 2001
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5 ICICI Bank Limited ceased to be a subsidiary of the company w.e.f. March 22, 2001.
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6 The above results were taken on record by the Board of Directors of the Company at its meeting held on May 3, 2001.
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7 The Board of Directors have proposed a dividend of 55% on equity shares for financial year 2000-01 (Previous year 55%
including interim dividend)
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By Order of the Board
sd/.
(K. V. Kamath)
Managing Director & CEO
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May 3, 2001
END