gayatri projects limited - Edelweiss

DepreciationDepreciation increased by 14.93% from Rs.857.26 lakhs in the year ended March 31, 2004 to Rs.985.25 lakhs in the yearended March 31, 2005, primarily due to the acquisition of additional equipment.Profit before taxProfit before taxes increased by 44.96% to Rs.1325.13 lacs in the year ended March 31, 2005 from Rs.914.34 lacs in theyear ended March 31, 2004.Provision for TaxesProvision for taxes includes current tax liabilities and deferred tax liabilities. Provision for taxes increased by 17.36% toRs.390.79 lacs in the year ended March 31, 2005 from Rs.332.98 lacs in the year ended March 31, 2004, primarily due toincrease in our taxable profit.Profit After TaxesProfit after tax increased by 60.71% from Rs.581.36 lacs in the year ended March 31, 2004 to Rs.934.34 lacs in the yearended March 31, 2005.Year ended March 31, 2004 compared to year ended March 31, 2003IncomeGross Contract ReceiptsOur income marginally decreased by 7.94% from Rs.34066.34 lakhs in the year ended March 31, 2003 to Rs.31356.67 lacsin the year ended March 31, 2004, primarily due to delay in materialization of few contracts.Other IncomeThere is significant increase in other income from Rs.128.76 lakhs in the year ended 31 st March, 2003 to Rs.555.28 lakhs inthe year ended March 31, 2004 primarily due to increase in the royalty income on SRSP projects which were in progress.ExpenditureOur expenditure consists of work expenditure, operating and administrative expenses, financial charges incurred, depreciationand amortization charges and miscellaneous expenditure written off. Total expenditure decreased by 13.12% from Rs.31002.00lakhs in the year ended 31 st March, 2003 to Rs.26931.52 lakhs in the year ended 31 st March, 2004.Work ExpenditureWork expenditure relating to projects decreased by 13.63% from Rs.29467.06 lakhs in the year ended March 31, 2003 toRs.25450.25 lacs in the year ended March 31, 2004 on account of decrease in the cost of HSD oils, lubricants and bitumen.Staff CostThe staff cost which consists of salaries, wages and bonus payment to employees, contribution to provident fund and otherfunds and expenses incurred in connection with workmen and staff welfare Rs.552.18 lacs in the year 31 st March 2004 asagainst Rs.550.64 lacs for the year ended 31 st March, 2003.Administration ExpensesOur administration expenses include project related expenses, personnel related expenses and administrative andestablishment expenses. The administration expenses have increased by 13.82% from Rs.564.17 lacs in the year ended31 st March, 2003 to Rs.642.04 lacs in the year ended 31 st March, 2004 on account of increase in the traveling expenses,project consultancy fee, tender expenses and other general administration expenses.Financial chargesExpenditure on account of financial charges comprising of bank/financial charges, paid for letters of credit, and performanceguarantees and other misc. financial transitions have decreased by 31.67% from Rs.420.13 lakhs in the year ended March31, 2003 to Rs.287.05 lakhs in the year ended March 31, 2004 on account of reduction in the bank charges and commissionpayable on the less number of bank guarantees and Letters of Credit.143