Garden
     
Garden
Garden

Financial Results

Garden Vareli group of companies, one of the leading industrial groups in India, plays a leading role in the field of fashion fabrics. With annual sales exceeding U.S $ 90 million, we sell our products under a single banner of quality ‘Garden’.

Since our inception, we have been delivering excellent financial results year after year. This year, the Financial Statement was placed before the Board of Directors and taken on record at their meeting.


GARDEN SILK MILLS LTD.
Regd. Office : Sahara Gate, Surat 395010

 Unaudited Financial Results for the Quarter and Nine Months ended 31st March, 2008.
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    (Rs.in Lacs)      
Quarter Ended
31-3-2008		quarter Ended
31-3-2007		Nine Months Ended
31-3-2008		Nine Months Ended
31-3-2007		Annual Audited
30-6-2007
Sales / Income from Operations 45446.08 38360.12 134556.71 108985.33 151466.65
Less: Excise Duty 3828.74 3047.71 11132.19 8473.45 12010.53
Net Sales / Income from Operations 41617.34 35312.41 123424.52 100511.88 139456.12
Other Income 147.81 128.65 582.71 346.59 662.77
Increase / (Decrease) in Stock in Trade and work in progress (3343.08) 3756.43 3375.57 3061.28 3289.15
Total Income 38422.07 39197.49 127382.80 103919.75 143408.04
Expenditure:
(a) Consumption of Raw Materials 26812.04 26760.20 90403.30 71156.12 99296.16
(b) Purchase of traded goods. 839.52 2781.91 2984.14 3587.22 4558.21
(c) Employees Cost 1119.23 981.22 3220.14 2895.57 4008.38
(d) Depreciation 1438.53 1349.00 4274.66 3931.04 5757.05
(e) Other Expenditure 5271.47 4901.26 16386.68 14468.58 19629.76
Total Expenditure 35480.79 36773.59 117268.92 96038.53 133249.56
Interest & Finance Charges (Net) 1443.00 1523.61 4092.61 3830.81 5149.26
Profit before Tax 1498.28 900.29 6021.27 4050.41 5009.22
Provision for Taxation
- Current Tax 384.19 230.00 666.19 590.00 783.00
- Deferred Tax 460.97 336.70 1990.55 1534.40 1860.25
- Fringe Benefits Tax 15.00 10.00 40.00 30.00 40.00
Net Profit after Tax 638.12 323.59 3324.53 1896.01 2325.97
Paid-up Equity Share Capital (Face Value of Rs.10/- each) 3829.06 3829.06 3829.06 3829.06 3829.06
Reserves excluding Revaluation Reserves as per balance sheet of previous year - - - - - - - 32068.31
Earning Per Share (EPS) Basic and diluted (Non Annualised) (Rs) 1.67 0.85 8.68 4.95 6.07
Public shareholding
- Number of shares 17283588 17820249 17283588 17820249 17820249
- Percentage of shareholding 45.14 46.54 45.14 46.54 46.54

Note:

* The above results for the quarter ended March 31, 2008, have been subjected to a "Limited Review" by the auditors of the Company, as per the listing agreement entered into with the stock exchanges.

* After review by the Audit Committee, the Board of Directors of the Company have approved the results at their meeting held on April 28, 2008.

* Figures of the previous year / period have been regrouped / reclassified wherever considered necessary.

* Provision for deferred taxation is made in accordance with the Accounting Standards 22 issued by the Institute of Chartered Accountants of India and is based on the provisional working of deferred tax liability. Any excess/short provision of tax shall be accounted at the end of the year.

* No complaint from Investors was pending at the beginning of the quarter. During the quarter 43 complaints were received and all the complaints were resolved. No complaint was pending as on 31st March, 2008.

* Place: Surat Date: April 28, 2008


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