Item 1
ICICI Limited
Interim audited results of ICICI Limited for half year ended September 30, 2001
as per Indian GAAP
(Rs. in Million)
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QUARTER QUARTER HALF-YEAR HALF-YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
SEPT. 30, SEPT. 30, SEPT. 30, SEPT. 30, MAR. 31,
2001 2000 2001 2000 2001
--------- --------- --------- --------- --------
1 Income from operations 23,811.7 21,919.1 48,097.0 43,296.8 92,466.4
2 Other income 244.9 150.1 478.6 310.4 1,162.0
3 Total Expenditure:
(a) Staff Cost 242.9 251.2 474.2 517.0 990.4
(b) Bad & Doubtful debts written-off/ 809.3 991.0 1,905.6 2,137.5 14,215.3
provided for (including provision for
restructured assets and provision for
standard assets)
(c) Other expenditure 899.7 688.7 1,726.2 1,324.3 3,054.3
-------- -------- -------- -------- --------
Total Expenditure 1,951.9 1,930.9 4,106.0 3,978.8 18,260.0
-------- -------- -------- -------- --------
4 Interest (including interest tax and 17,393.3 16,395.6 34,744.8 31,760.8 65,621.0
expenses on Borrowings)
5 Depreciation (including assets given on 1,152.8 973.5 2,309.8 1,963.7 3,974.7
lease)
6 Profit before tax 3,558.6 2,769.2 7,415.0 5,903.9 5,772.7
7 Provision for taxation:
Current tax 264.5 230.0 744.5 490.0 400.0
Deferred tax 475.5 - 595.5 - -
8 Net Profit after tax 2,818.6 2,539.2 6,075.0 5,413.9 5,372.7
9 Extra ordinary items (see note 2) (1,312.2) - (1,312.2) - -
10 Appropriated from Capital reserve (See 1,312.2 - 1,312.2
note 2)
11 Taxation of earlier years(net) (824.3)
12 Profit for the period 2,818.6 2,539.2 6,075.0 5,413.9 4,548.4
13 Paid up Equity Share Capital 7,848.6 7,845.3 7,848.6 7,845.3 7,848.4
(face value Rs. 10 per share)
(including Equity Share Capital Suspense)
14 Reserves excluding Revaluation Reserves 72,798.5 77,737.0 72,798.5 77,737.0 71,878.6
15 Earning Per Share (Rs) 3.6 3.2 7.7 6.8 6.6
16 Shareholding: No of shares Percentage of shareholding
Deutsche Bank (As Depository for ADS 256,414,285 32.65
holders)
Insurance Companies 184,594,173 23.50
FIIs and NRIs 121,008,820 15.41
Individuals 80,558,057 10.26
Bodies corporate 58,918,073 7.50
Unit Trust of India 49,319,915 6.28
Banks and Financial Institutions 24,643,160 3.14
Mutual funds 9,888,965 1.26
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TOTAL: 785,345,448 100.00
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Notes:
1. The board of ICICI Limited at its meeting on October 25, 2001 decided to
merge ICICI Limited with ICICI Bank Limited. The merger will be subject to
several approvals including those of the Reserve Bank of India,
shareholders and the High Courts. The appointed date of the merger will be
the later of March 31, 2002 and the date of RBI approval. The board of
ICICI Bank Limited also approved the merger.
2. On October 16, 2001, the Reserve Bank of India (RBI) issued clarifications
/ modifications to the guidelines for the classification and valuation of
investments issued on November 9, 2000. The major clarifications /
modifications are as follows:
(i) Only debt securities, preference shares and equity shares held in
subsidiaries and joint ventures (as defined in the guidelines) can be
classified under "Held to Maturity" category.
(ii) Certain investments complying with specified conditions are to be
treated as "in the nature of advance" and to be valued by notionally
extending to them the prudential norms for valuation of outstanding
loans of the issuing company.
In compliance with the clarifications / modifications, ICICI has effected
necessary changes in investment classification and booked consequential
effect on valuation. This has resulted in an additional charge to the
Revenue Account relating to the period upto March 31, 2001 amounting to
Rs. 1312.2 million and is disclosed as an extra-ordinary item. As per the
then accounting policy followed by ICICI in earlier years, realized profit
on sale of investments had been credited to the Revenue Account and
transferred from the Revenue Account to the Capital Reserve account before
arriving at the disposable profit. The Company has utilized this component
of the Capital Reserve to transfer to the Revenue Account an amount
equivalent to the extra-ordinary charge referred to above.
3. Land and Buildings as on April 1, 2001 of the Company have been revalued
based on approved valuer's report. The increase in value of Rs. 7,225.5
million on this account is credited to Revaluation Reserve. Depreciation
on the increase in amount on account of revaluation is drawn from the
Revaluation Reserve.
4. The Accounts are prepared in compliance with the Accounting Standards
referred to in Section 211(3C) of the Companies Act, 1956, except for
Accounting Standards 17 (Segment Reporting), 18 (Related Party
Disclosures), 20 (Earnings Per Share) and 21 (Consolidated Financial
Statements). The Accounting Standard Nos. 17, 18, 20 and 21 relate to
additional disclosures and this being quarterly accounts, additional
disclosures are not made. The Company has made provision for taxation as
per the Accounting Standard 22 "Accounting for Taxes on Income". In
accordance with by the standard the provision for deferred tax liability
as on April 1, 2001 of Rs 3500.0 million has been made out of Deferred Tax
Credit Reserve (DTCR) which was created out of disposable profit in
earlier years.
5. During the current quarter ended September 30, 2001, the following
companies ceased to be subsidiaries of the company:
(1) ICICI West Bengal Infrastructure Development Corporation Limited
(w.e.f. September 26, 2001)
(2) ICICI-Kinfra Limited (w.e.f. September 26, 2001)
The above results were taken on record by the Board of Directors of the Company
at its meeting held on October 25, 2001.
END