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Financials

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE
QUARTER /NINE MONTHS ENDED DECEMBER 31, 2002

(Rs. Cr.)

Sr. no	Particulars	1	2	3	4	5
		Quarter ended 31-12-02	Quarter ended 31-12-01	Nine month ended 31-12-02	Nine month ended 31-12-2001	Accounting year ended 31-03-02
		(Unaudited)	(Audited)	(Audited)	(Audited)	(Audited)
1	Income from operations	1797	1909	5497	5966	7804
2	Other income	27	21	81	92	145
3	Total Expenditure
	(a) Staff cost	21	20	62	87	108
	(b) Bond issue expenses w/off	12	15	47	49	66
	(c) Other Expenditure	29	31	93	90	114
	Total Expenditure (except Interest cost)	62	66	202	226	288
4	Interest Cost	1447	1557	4373	4768	6250
5	Profit before Depreciation and provisions (1+2-3-4)	315	307	1003	1064	1411
6	Depreciation	51	55	154	168	223
7	Bad and doubtful debts/ investments written-off/ provided for	222	217	660	644	773
8	Profit before tax (5-6-7)	42	35	189	252	415
9	Provision for taxation	6	0	18	10	10
10	Deferred tax credit	4	0	22	0	19
11	Net profit (8-9+10)	40	35	193	242	424
12	Paid up Equity Share Capital (Face value Rs. 10 per share)	653	653	653	653	653
13	Reserves excluding Revaluation Reserves					6001
14	Accelerated write-off of bad and doubtful debts by withdrawal from Reserve Fund (refer note 'e' given below)	0	0	0	0	2500
15	Earning Per Share (Rs.)	0.62	0.54	2.95	3.71	6.50

Notes:

The above results have been taken on record by the Board of Directors at their meeting held on January 28, 2003.
The working results for quarter/nine month ended 31st December 2002 have been arrived at after considering provisions for Bad & Doubtful Debts, Income Tax and other usual and necessary provisions on an estimated basis.
In case of investments classified under Available for Sale, valuation thereof as required by RBI guidelines is made on yearly basis.
Segment Reporting as defined in Accounting Standard AS 17 is considered not applicable.
Accelerated write-off of bad and doubtful debts of Rs.2500.26 Cr. during the previous accounting year ended March 31, 2002 was made by drawing the equivalent amount from Special Reserve u/s 36(1)(viii) of Income Tax Act, 1961.
The figures of the previous year/period have been regrouped and adjusted wherever required.

By order of the Board
Place : Mumbai Date : January 28, 2003	(P. P. Vora) Chairman & Managing Director