Exhibit 2
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Unaudited Unconsolidated Financial Results (Provisional) for Silverline
Technologies Limited for the quarter ended September 30, 2001 in Indian Rupees.
SILVERLINE TECHNOLOGIES LTD.
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Regd Office : 1405 Maker Chamber V, Nariman Point, Mumbai 400 021 (Rs. In Crores)
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Unaudited financial results (Provisional) for the quarter ended September 30, 2001
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Quarter ended Half Year ended Year ended
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30.9.2001 30.9.2000 30.9.2001 30.9.2000 31.03.2001
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1 Net Sales 44.22 71.79 99.83 136.76 272.72
2 Other Income 5.90 21.26 8.48 22.59 36.63
3 Total Income 50.12 93.05 108.31 159.35 309.35
4 Staff cost 7.21 6.86 14.66 13.11 28.29
5 Software development expenses 19.29 27.57 44.00 54.59 112.67
6 Other expenditure 6.42 6.96 11.95 12.17 22.71
7 Total expenditure 32.92 41.39 70.61 79.87 163.67
8 Operating profits (PBDIT) 17.20 51.66 37.70 79.48 145.68
9 Finance charges 0.47 0.38 0.49 0.61 0.96
10 Depreciation 2.85 2.43 5.78 4.84 10.25
11 Profit before tax 13.88 48.85 31.43 74.03 134.47
12 Provision for taxation 0.00 0.65 0.00 0.65 3.00
13 Net Profit after tax 13.88 48.20 31.43 73.38 131.47
14 Paid-up equity share capital 85.65 73.20 85.65 73.20 85.65
15 Reserves excluding revaluation reserves 1113.8
16 Earnings per share (EPS) in Rs. - Basic 1.73 7.31 3.91 11.14 18.22
-Diluted 1.62 6.58 3.67 10.03 15.35
17 Aggregate of Non-Promoter Shareholding
No of Shares 68,655,293 68,655,293
% of shareholding 80.15 80.15
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Notes:-
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1 The above results have been approved and taken on record by the Board
of Directors at their meeting held on October 31, 2001.
2 Other income includes the following
i) Exchange gain from operations of Rs. 4.74 Crores for the quarter
(exchange gain during the corresponding quarter of the previous year
Rs. 5.6 Crores) due to fluctuations in exchange rates.
ii) Exchange gain on translation of foreign currency assets maintained
abroad resulting from the ADS issue - Rs. NIL (exchange gain during
the corresponding quarter of the previous year Rs. 11.32 crores)
3 The company made additional investments of US$ 5,000,000 in the common
stock of its wholly owned subsidiary Silverline Technologies Inc. U.S.A.
for expansion of company's sales & marketing operations. The company
was issued 5,405 additional common stock of Silverline Technologies Inc.,
U.S.A.
4 In line with the amendment to the listing agreement as directed by SEBI,
the company has during the quarter adopted the Accounting Standard No 22
on Accounting for Taxes on Income effective 1st April, 2001. The
cumulative (net) deferred tax liability for the previous years up to 31st
March, 2001 works out to Rs. 72.37 lacs which will be adjusted at the
year end against the opening balance of General Reserve. The deferred tax
liability for the period April to September 2001 is estimated to be
Rs. 1.62 lacs. The appropriate accounting treatment for the deferred tax
provision will be carried out at the year end i.e. 31st March 2002.
5 Basic and Diluted Earnings per share (EPS) have been calculated on
income after taxes.
6 The above financial presentation in in compliance with the disclosure
requirements of SEBI/Stock Exchange. The company restates and reports its
financials separately to comply with US GAAP provisions
Place: Mumbai On behalf of the Board of Directors
Date: October 31, 2001 for Silverline Technologies Ltd.
/s/ Ravi Subramanian
Chairman