BUDGET ESTIMATES FOR THE FINANCIAL YEAR 2008-09 & REVISED BUDGET ESTIMATES FOR THE FY 2007-08

 

The salient features of the revised budget estimates for F.Y. 2007-08 and Budget Estimates for F.Y. 2008-09 are as under :-

In the above background, in the revised budget estimates for 2007-08 the total recovery has been estimated to Rs. 20.28  Crores (Principal Rs. 15.28 Crores & Interest Rs. 5.00 Crores) mainly out of NPAs. 

                                                                                                  (Fig. are in Lakh Rs.)

  PARTICULARS

Actuals

For 2006-07

Budget

Estimate 2007-08

Actuals

till

15.03.08  

Revised

Budget 2007-08

Budget Estimate 2008-09

INCOME

9002.64

5078.50

3423.28

4727.34

3347.66

EXPENDITURE

3278.78

2368.01

2284.39

2414.26

1924.90

NET PROFIT/LOSS BEFORE PROVISIONS

5723.86  

2710.49

1138.89

2313.08

1422.76

ADD: TRANSFER FROM INVESTMENT FLUCTUATION RESERVE

2.40

-

-

-

-

LESS: NPA PROVISIONS   (LOANS)

 3574.45

-

-

1849.00

1163.00

LESS: NPA PROVISIONS (INVESTMENTS)

199.66

-

-

-

-

NET PROFIT     

1952.15

2710.49

1137.89

464.08

259.76

CASH ACCRUAL

5769.71

820.70

1173.89

2353.08

1457.76

REDEMPTION OF BONDS :

The Corporation has redeemed Bonds Rs. 19.66 crores upto 31.03.2008 (during F.Y. 2006-07 Rs. 109.21 crores) and  estimated to redeem bonds Rs. 30.00 crores in the financial year 2008-09.

Due to reduction in Bonds liabilities during the financial year 2007-08, the financial expenses is expected to come down to Rs. 16.88 crores and is likely to go further down  to about Rs. 11.77 crores in the financial year 2008-09.

FINANCIAL PERFORMANCE  :

The estimated profit (before NPA provisioning) during the financial year 2007-08 is Rs.  23.13 crores.  It is because of the fact that the Corporation is required to make additional NPA provisioning of Rs. 18.49 crores during the current financial year 2007-08 as per RBI guidelines.  Therefore,  the Corporation is expected to generate a net profit Rs. 4.64 crores during the current financial year 2007-08.   The Corporation is expected to again earn a profit of Rs. 2.60 crores in the financial year 2008-09.

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