AMBUJA CEMENT RAJASTHAN LIMITED
Regd. Office: Village Rabriyawas,Tehsil Jaitaran,Distt. Pali,Rajasthan.
Financial Results for the year ended 30.06.2003
		Nine month	Quarter ended		Accounting year ended
		ended	30.06.2003	30.06.2002	30.06.2003	30.06.2002
		31.03.2003			(Audited)	(Audited)
Production - quantity in Lac Tonnes
Clinker		10.88	2.65	3.32	13.53	13.44
Cement		10.87	3.64	3.15	14.51	12.73
Sales-quantity in Lac Tonnes
Clinker		1.49	0.21	0.07	1.70	1.55
Cement		10.89	3.69	3.12	14.58	12.67
				Rs. in lacs
Net Sales/Income from Operations		23,430	7,661	6,620	31,091	28,467
Less: Excise Duty		4,188	1,508	1,117	5,696	4,768
		19,242	6,153	5,503	25,395	23,699
Other Income		52	325	101	377	478
Total Expenditure:-
	a) (Increase)/Decrease in Stock	46	619	(496)	665	(262)
	b) Consumption of Raw Materials
	- Clinker Purchased	-	-	113	-	119
	- Others	2,338	676	657	3,014	2,516
		2,338	676	770	3,014	2,635
	c) Staff Cost	788	291	225	1,079	935
	d) Power and Fuel	6,249	1,655	2,050	7,904	8,099
	e) Freight and Forwarding	2,551	867	706	3,418	3,655
	f) Other Expenditure	3,718	1,954	1,396	5,672	5,038
		15,690	6,062	4,651	21,752	20,100
Operating Profit		3,604	416	953	4,020	4,077
Interest (Net)		3,054	962	1,129	4,016	4,683
Depreciation		1,894	656	655	2,550	2,511
Net Profit /(Loss) before taxation		(1,344)	(1,202)	(831)	(2,546)	(3,117)
Provision for taxation (Refer Note No 2)
- Current		-	-	-	-	-
- Deferred tax liability/(assets)		-	-	-	-	-
		-	-	-	-	-
Provision for Taxation (Refer note no.2)		-	-	-	-	-
Adjustments relating to prior period		-	-	-	-	-
Net (Loss)		(1,344)	(1,202)	(831)	(2,546)	(3,117)
Paid up equity share capital		26129	26,129	26,129	26,129	26,129
(Face value of Rs. 10 per share)
Reserves excluding revaluation reserves.					(32,987)	(30,461)
Earnings per share (EPS-in Rs.)
- Basic & Diluted
(EPS for quarter/nine months not annualised)		(0.51)	(0.46)	(0.32)	(0.97)	(1.19)
Aggregate of Non-Promoter Shareholding
- Number of Shares (in lacs)					1,331	1,331
- Percentage of Share holding					50.95%	50.95%
Notes:-
1. Change in Accounting Policies:
(a)	Depreciation on vehicles,which was hitherto provided on Straight Line Method, has now been provided on Written Down Value Method with retrospective effect.
	Further, pro-rata depreciation (where applicable) which was hitherto calculated with reference to the date of additions or deletions of the fixed assets as the case may be, has now been provided for with reference to the month of additions or deletions of fixed assets, as the case may be.
	Consequent upon the above changes the depreciation and loss for the year are higher by Rs. 28.86 lacs.
(b)	Inventory of Coal, Fuel, Packing Materials, Stores and Spares and Raw Materials,which was hitherto valued on Annual Weighted Average basis, from this year, has been valued on FIFO basis and consequently the aggregate consumption of these items and loss for the year are lower by Rs. 9.32 lacs.
(c)	Leave encashment, which was hitherto valued on arithmetical basis, from this year, has been valued on an actuarial basis and consequently, the provision for leave encashment and loss for the year are lower by Rs. 4.83 lacs.
(d)	The net effect of the above changes is that the loss for the year is higher by Rs. 14.71 lacs.
2. (a)	No provision for current taxation has been made in the accounts in view of the carried forward business loss/unabsorbed depreciation in respect of past years.
(b)	As the Company has substantial unabsorbed depreciation and carried forward business losses under the Income Tax Act,1961 and is unlikely to have taxable income in the foreseeable future,the deferred tax assets/liabilities have not been recognised.This is in accordance with Accounting Standard (AS) 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.
3.	The Company has only one business segment i.e. Cement.
4.	Consequent upon erosion of the entire net worth as on 30.06.2001, the Company has been declared as a Sick Industrial Company by The Board for Industrial and Financial Reconstruction (BIFR).The Company has submitted Draft Rehabilitation Scheme for the approval of BIFR.
4.	The Board of Directors have proposed amalgamation of the Company with Gujarat Ambuja Cements Ltd. (GACL) in the Draft Rehabilitation Scheme submitted to BIFR for its approval. As per the proposal, Shareholders of the Company will receive one fully paid up equity share of GACL in exchange for every 50 fully paid up equity shares held in the Company.
5.	There were no pending investor complaints at the beginning of the quarter ended 30th June, 2003. Durint the said quarter, the Company has received 60 complaints, all of which have been redressed and no complaints remain unresolved as on 30th June 2003.
6.	The previous year figures have been regrouped wherever necessary.
7.	The above results have been approved and taken on record by the Board of Directors of the Company at the meeting held on July, 26, 2003.
				By the Order of the Board
	Mumbai				(N.P.Ghuwalewala)
	July, 26, 2003				Managing Director