GUJARAT AMBUJA CEMENTS LIMITED
Ambujanagar P.O.,Taluka - Kodinar, District-Junagadh, Gujarat - 362 715
Unaudited Quarterly Financial Results
			Quarter ended		Six month ended		Previous
							Year ended
			31.12.2003	31.12.2002	31.12.2003	31.12.2002	30-6-2003
							(Audited)
Production - Quantity in Lac Tonnes
Clinker			23.30	22.92	42.86	41.80	85.85
Cement			25.58	23.66	47.10	44.44	98.40
Sales - Quantity in Lac Tonnes
Clinker			-	0.01	-	0.03	0.03
Cement			25.47	23.02	47.86	44.38	98.14
			25.47	23.03	47.86	44.41	98.17
(Rs. in crores)
Net Sales / Income from Operations
	Gross Sales		517.73	486.98	962.18	921.01	2,025.30
	Less : Excise duty paid		83.29	67.64	154.19	128.41	290.58
	Net Sales		434.44	419.34	807.99	792.60	1,734.72
Other Income			9.43	7.86	24.04	14.76	36.24
Total Expenditure
	a)	(Increase) / Decrease in Stock	(16.95)	(25.66)	(9.66)	(23.93)	(4.39)
	b)	Consumption of raw materials :
		- Clinker Purchased	7.58	9.71	11.45	15.37	29.53
		- Others	22.09	17.68	38.73	34.14	70.92
			29.67	27.39	50.18	49.51	100.45
	c)	Staff Cost (Refer Note 1(c))	18.06	17.95	35.84	31.93	63.46
	d)	Power & Fuel	117.11	110.78	214.46	209.26	430.60
	e)	Freight & Forwarding :
		- On Sales	72.53	63.81	138.67	127.82	275.42
		- On inter-units Clinker transfer	16.06	13.01	27.79	25.54	57.97
			88.59	76.82	166.46	153.36	333.39
	f)	Other Expenditure (Refer Note 1(b))	94.78	79.47	181.62	162.14	334.67
			331.26	286.75	638.90	582.27	1,258.18
Operating Profit			112.61	140.45	193.13	225.09	512.78
Interest (Net)			22.11	26.11	41.64	48.13	87.94
Depreciation (Refer Note 1(a))			40.61	43.90	81.43	87.30	171.64
Operating Profit before Tax			49.89	70.44	70.06	89.66	253.20
Provision for taxation :
	- Current tax		3.79	5.50	5.35	7.00	19.75
	- Deferred tax		1.96	4.75	4.10	9.57	11.72
			5.75	10.25	9.45	16.57	31.47
Net Profit before prior period items			44.14	60.19	60.61	73.09	221.73
			Quarter ended		Six month ended		Previous
							Year ended
			31.12.2003	31.12.2002	31.12.2003	31.12.2002	30-6-2003
							(Audited)
Prior period items :
a)	Depreciation written back (Refer
	Note 1 (a))		27.64	0.13	35.46	0.16	-
b)	Expenses on sales promotion (Refer
	note 1(b))		(10.73)	-	(15.48)	-	-
c)	Staff cost (Refer Note 1 (c))		(1.51)	-	(6.23)	-	-
			15.40	0.13	13.75	0.16	-
Net profit			59.54	60.32	74.36	73.25	221.73
Paid up Equity Share Capital
(Face value Rs. 10/- each)			158.31	155.21	158.31	155.21	155.32
Reserves excluding Revaluation Reserves							1,461.25
Earning per share (EPS - in Rs.)
	Basic
	- on normal profit		2.84	3.88	3.89	4.71	14.31
	- on profit after prior period items		3.82	3.89	4.78	4.72	14.31
	Diluted
	- on normal profit		2.57	3.47	3.57	4.25	12.82
	- on profit after prior period items		3.46	3.48	4.36	4.26	12.82
(EPS for quarters not annualised)
Aggregate shareholding of non promoters :
	- No. of shares (in crores)				11.66	11.25	11.26
	- Percentage of shareholding				73.7%	72.5%	72.5%
Notes:
1)	Prior Period Items :
	a)	During the year, the Company has rectified the rate of depreciation as well as the classification of certain block of fixed assets. Resultant excess depreciation provided in earlier years has been written back during the quarter and half-year ended 31st December, 2003 amounting to Rs. 27.61 crores (net of provision for taxation Rs. 21.31 crores) and Rs. 35.43 crores (net of provision for taxation Rs. 27.35 crores), respectively. Further, the depreciation charge for the quarter and half-year ended 31st December, 2003 is lower by Rs. 2.93 crores and Rs. 5.70 crores respectively.
	b)	Certain expenses on sales promotion hitherto accounted on payment basis have, this year, been accounted on accrual basis. The liability for such expenses for the period upto 30th June, 2003 has been ascertained and accounted during the quarter and half-year ended 31st December, 2003 at Rs. 10.73 crores (net of provision for taxation Rs. 0.89 crores) and Rs. 15.48 crores (net of provision for taxation Rs. 1.29 crores) respectively and considered as a Prior Period Item. Accordingly, charge for such expenses for the quarter and half-year ended 31st December, 2003 is higher by Rs. 3.74 crores and Rs. 7.38 crores respectively.
	c)	Certain staff costs, hitherto accounted on payment basis has, this year, been accounted on accrual basis. The liability for such expenses for the period upto 30th June 2003, has been ascertained and considered as a Prior Period Item. Accordingly, such liability has been accounted for, during the quarter and half year ended 31st December, 2003 amounting to Rs. 1.51 crores (net of provision for taxation Rs. 0.12 crores ) and Rs. 6.23 crores (net of provision for taxation Rs. 0.51 crores), respectively. The charge for such expenses for the quarter and half-year ended 31st December 2003 is higher by Rs. 1.54 crores and Rs. 3.04 crores respectively.
2)	During this quarter, paid-up Equity Share Capital of the Company has increased by Rs. 2.51 crores and security premium amount by Rs. 53.38 crores on account of allotment of 25,13,700 Shares/GDR on conversion of the part of the 1% Foreign Currency Convertible Bonds (known as Rating Enhanced Equity Linked Securities) of aggregate face value of Rs. 55.96 crores at the conversion price of Rs. 222.336 per share.
3)	During this quarter, DLF Gujarat Limited has become a Subsidiary Company, on investment of Rs. 1.62 crores.
4)	The Company has only one business segment "Cement".
5)	At the beginning of the quarter ended 31st December 2003, 4 investor complaints were pending and further 79 complaints were received. All these 83 complaints were resolved and no complaint was