Audited financial results for the Quarter ended March 31, 2008(Revised)

Walchand PeopleFirst Limited
Formerly Walchand Capital Limited
Regd Off: 5, Construction House, Walchand Hirachand Marg,
Ballard Estate, Mumbai - 400 001
Revised Audited Financial Results for the Quarter and Year ended March 31, 2008 Rs. In Lacs
Particulars Three Months Ended 31st March Year Ended 31st March Year Ended 31st March Consolidated Consolidated
        Revised   Revised
    Audited Audited Audited Audited Audited
    2008 2007 2008 2007 2008 2008
1 Net Sales / Income from Operations          
  Training Income                  -             221.51             497.87          593.44 992.20 992.21
  Investment Income            32.97             37.87             133.63            96.85 133.63 133.63
2 Other Income            34.49             20.72               88.20            73.95 91.65 91.68
                       -                       -                   -      
3 Total Income (1+2)            67.47           280.10             719.71          764.24     1,217.49          1,217.53
               
4  Expenditure            
  a) Staff Cost            44.89             82.67             398.40          262.72 716.61 716.60
  b) Training Expenses              0.00             25.37               92.27            95.45 167.72 167.72
  c) Other Expenditure            35.33             36.40             188.37          160.38 425.16 425.16
  d) Advertisement & Sales Promotion Expenses              0.23             14.06               44.28            73.05 151.64 151.64
  e) Royalty                  -               27.26               65.28            74.86 140.58 140.58
  f) Bad Debts/Doubtful Assets Written Off            12.50             17.90               12.50            17.90 12.50 12.50
  g) Loss on sale of Investments              0.74               0.90                 5.63              3.00 5.63 5.63
  h) Depreciation , Amortisation & Impairment              5.81             11.51               37.31            41.02 54.88 54.88
  i) Total            99.51           216.09             844.05          728.38 1674.73 1674.72
5 Interest              0.15               0.38                 1.09              1.54 1.35 1.35
6 Exceptional Items            
7 Profit/(Loss)  from Ordinary Activities  before Tax ( 3-4-5+6)           (32.19)             63.63            (125.43)            34.32       (458.58)            (458.54)
  Profit on Slump Sale of Training Business          130.76                  -               906.44                 -   906.44                     -  
8 Tax Expenses            
  Fringe  Benefit Tax             (0.50)             (2.29)                (8.00)            (6.25) (9.00) (9.00)
  Current Tax             (6.45)                  -                (81.45)                 -   (81.45) (81.45)
  Wealth Tax             (0.79)             (3.12)                (3.13)            (3.12) (3.13) (3.13)
  Provision for Fringe Benefit Tax of earlier years                  -                         -     0.00 0.00
  Deferred Tax           (46.87)           227.67              (53.04)          227.67 (53.04) (53.04)
              (54.61)           222.26            (145.62)          218.30 (146.62) (146.62)
9 Profit/(Loss)  from Ordinary Activities 43.97 285.89 635.39 252.62 301.24 (605.16)
  After Tax ( 7-8)            
10 Extraordinary Items                  -                    -                       -                   -      
11 Net  Profit/(Loss ) for the Period            43.97           285.89             635.39          252.62 301.24 (605.16)
12 Paid-up Equity Share Capital          284.89           284.89             284.89          284.89 284.89 284.89
  (Face Value of Rs.100/- Each)            
13 Reserves excluding revaluation reserves as per                   -                    -            1,956.76       1,356.09 1034.40 716.22
  balance sheet of previous accounting year            
14 Basic and Diluted EPS (Rs.)            15.43           100.35             223.03            88.67 105.74 (212.42)
16 Aggregate of Public Shareholding            
  (a) Number of Shares 133,952 143,093 133,952 133,790 133790.00 133952.00
  (b) Percentage of Shareholding 47.02% 50.21% 47.02% 46.96% 46.96% 47.02%
Consolidated Unaudited Financial Results for the Quarter and Nine Months ended December 31, 2007 Rs. In Lacs
Particulars Nine Months Ended 31st December Year Ended 31st March
    Unaudited Audited
    2007 2006 2007
1 Training Income          701.57           371.93             593.44
2 Investment Income          100.66             58.98               96.85
3 Other Income            53.71             53.23               73.95
4 Profit on Slump Sale of Training Business          775.68                  -                       -  
1 Total Revenue       1,631.62           484.14             764.24
         
5 Total Expenditure      
  a) Staff Cost          462.05           180.05             262.72
  b) Training Expenses          159.13             70.08               95.45
  c) Other Expenditure          263.20           123.98             160.38
  d) Advertisement & Sales Promotion Expenses          148.87             58.99               73.05
  e) Royalty            96.57             47.60               74.86
  f) Bad Debts/Doubtful Assets Written Off                  -                    -                 17.90
  g) Loss on sale of Investments              4.90               2.10                 3.00
6 Interest              1.06               1.16                 1.54
  Total Expenditure       1,135.79           483.95             688.90
7 Profit/(Loss) after Interest but before Depreciation and Tax          495.83               0.20               75.34
         
8 Depreciation , Amortisation & Impairment            35.60             29.51               41.02
9 Profit/(Loss) before Tax (7-8)          460.23           (29.31)               34.32
         
10 Provision for Taxation      
  Fringe  Benefit Tax             (7.50)               3.96                (5.73)
  Current Tax                  -                    -                       -  
  Wealth Tax             (2.34)                  -                  (3.12)
  Provision for Fringe Benefit Tax of earlier years                  -                 0.52                (0.52)
  Deferred Tax            25.40                  -               227.67
2 Profit After Tax          475.79           (24.83)             252.62
         
12 Paid-up Equity Share Capital          284.89           284.89             284.89
  (Face Value of Rs.100/- Each)      
13 Reserves excluding revaluation reserve                  -                    -            1,356.09
14 Basic and Diluted EPS (Rs.)          245.00           (13.40)               87.13
  (Before Interest on Income Tax Refund)      
3 Basic and Diluted EPS (Rs.)          167.01             (8.72)               88.67
16 Aggregate of Public Shareholding      
  (a) Number of Shares        133,952         143,093           133,790
  (b) Percentage of Shareholding 47.02% 50.21% 46.96%
NOTES:
1 The above revised results have been  reviewed by The Audit Committee and were taken on record by the Board of Directors
at its meeting held on July 31, 2008
2 Other Income ( point 2, column 3 representing Year Ended 31st March 2008 figures) has been revised from Rs 88.16 Lacs to Rs 88.20 Lacs on account of a typograpical error in the previous financial result
3 During the previous quarter, with effect from October 24, 2007 the company has transferred its Training business to owned subsidary -  Walchand TalentFirst Ltd.,resulting into profit of Rs. 906.44 lacs. Hence previous year's figures are not comparable.
4 The revision in the audited Consolidated financial results for the year ended 31st March 08 is on account of the profit from slump sale of training business to its subsidary, Walchand TalentFirst Ltd amounting to Rs 906.44 Lacs. Since it is only an inter company transaction, the same has been duly reversed.
5 Previous period's figures have been regrouped/rearranged wherever necessary.
6 A  dividend of 10 % has been recommended at the Board Meeting  subject to the approval of Shareholders .
7 There were no Investor complaints pending at opening and closing of the quarter. -
Complaints received during the quarter -  Nil
8 Investment income includes dividend, interest and profit realised on sale of investments.
9 Pursuant to Accounting Standard - 15 ( revised ) on "Employee Benefits" issued by the Institute of Chartered Accountants of India, being mandatory from the current financial year , the adjustment on account of employee benefits upto March, 31 2007 has been dealt with the opening general reserve as per the transitional provision at the year end. Current year provisions are made on estimated basis.
Segmentwise Revenue, Results and Capital Employed Consolidated Rs. In Lacs
Particulars Three Months Ended 31st March Year Ended 31st March Year Ended 31st March Audited Consolidated
    Audited Audited Audited 2008 Audited
    2008 2007 2008 2007   2008
1 Segment Revenue:                133.63  
  a)  Investment activities            32.97             37.87             133.63            96.85        992.20             133.63
  b)  Dale Carnegie Training division                  -             221.51             497.87          593.44          91.65             992.21
  c)  Unallocated            34.49             20.72               88.20            73.95     1,217.49               91.68
  d) Profit from slump sale          130.76               906.44      
  Income from Operations          198.23           280.10          1,626.15          764.24            1,217.53
               
2 Segment Results (PBIT)               (374.35)  
  a)  Investment activities           (60.65)             23.92             113.46            70.08                -              (374.31)
  b)  Dale Carnegie Training division           (40.12)             54.10            (154.66)            18.86         (84.23)                     -  
  c)  Less Unallocable Expenses (net of unallocable income)            68.58           (14.39)              (84.23)          (54.62)       (458.58)              (84.23)
  d) Profit from slump sale                 906.44      
  Total Profit Before Taxation           (32.19)             63.64             781.01            34.32              (458.54)
               
3 Capital Employed (Segment Assets-Segment Liabilities)            
  a)  Investment activities              2,312.56 1280.11   923.08
  b)  Dale Carnegie Training Division                         -   276.80   148.93
  c)  Unallocated                  (70.91) 225.03              (70.91)
By order of the Board
Mumbai, (Pallavi Jha)
July 31, 2008 Chairperson & Managing Director