28th Jan 2010 10:09
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TATA STEEL LTD |
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Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI - 400 001 |
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Audited Financial Results for the Quarter / Nine months ended on 31st December 2009 |
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Particulars |
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Quarter ended on 31-12-2009 |
Quarter ended on 31-12-2008 |
Nine months ended on 31-12-2009 |
Nine months ended on 31-12-2008 |
Financial Year ended on 31-03-2009 |
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(1) |
(2) |
(3) |
(4) |
(5) |
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(A) |
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1 |
Steel Production |
Tonnes |
1,687,659 |
1,234,764 |
4,749,056 |
3,751,202 |
5,374,939 |
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2 |
Steel Sales |
" |
1,596,487 |
1,071,805 |
4,471,078 |
3,451,350 |
5,231,605 |
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3 |
Export turnover (F.O.B. Value) |
Rs. Crores |
626.09 |
391.65 |
1,476.15 |
2,345.98 |
3,308.76 |
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USD Mn |
132.64 |
79.89 |
307.80 |
539.87 |
732.50 |
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(B) |
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1 |
a) |
Net Sales / Income from Operations |
Rs. Crores |
6,307.48 |
4,750.61 |
17,491.35 |
17,563.73 |
24,024.45 |
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b) |
Other Operating Income |
" |
67.40 |
59.79 |
191.19 |
213.04 |
291.32 |
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2 |
Total Income [ 1(a) + 1(b) ] |
" |
6,374.88 |
4,810.40 |
17,682.54 |
17,776.77 |
24,315.77 |
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3 |
Total Expenditure |
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a) |
(Increase) / decrease in stock-in-trade |
" |
42.33 |
(636.02) |
50.38 |
(1,222.21) |
(289.27) |
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b) |
Purchases of finished, semi-finished steel & other products |
" |
59.50 |
93.10 |
120.05 |
329.68 |
358.87 |
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c) |
Raw materials consumed |
" |
1,422.31 |
1,610.27 |
4,381.00 |
3,960.01 |
5,709.91 |
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d) |
Staff Cost |
" |
652.25 |
568.86 |
1,680.57 |
1,639.26 |
2,305.81 |
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e) |
Purchase of Power |
" |
303.19 |
263.54 |
929.42 |
803.53 |
1,091.37 |
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f) |
Freight and handling |
" |
358.14 |
262.23 |
981.19 |
897.79 |
1,251.23 |
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g) |
Depreciation |
" |
262.18 |
251.31 |
771.72 |
716.93 |
973.40 |
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h) |
Other Expenditure |
" |
1,380.26 |
1,173.70 |
3,718.58 |
3,688.95 |
4,754.42 |
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i) |
Total Expenditure (3a to 3h) |
" |
4,480.16 |
3,586.99 |
12,632.91 |
10,813.94 |
16,155.74 |
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4 |
Profit / (Loss) from Operations before Other Income, Net Finance Charges & Exceptional Items & Tax (2 - 3) |
" |
1,894.72 |
1,223.41 |
5,049.63 |
6,962.83 |
8,160.03 |
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5 |
Other Income |
" |
263.56 |
11.72 |
385.95 |
264.82 |
308.27 |
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6 |
Profit / (Loss) from Operations before Net Finance Charges, Exceptional Items & Tax (4 + 5) |
" |
2,158.28 |
1,235.13 |
5,435.58 |
7,227.65 |
8,468.30 |
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7 |
Net Finance Charges |
" |
415.72 |
348.20 |
1,149.88 |
844.75 |
1,152.69 |
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8 |
Profit / (Loss) before Exceptional Items & Tax (6 - 7) |
" |
1,742.56 |
886.93 |
4,285.70 |
6,382.90 |
7,315.61 |
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9 |
Exceptional Items |
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a) |
Exchange Gain / (Loss) |
" |
- |
(126.80) |
- |
(775.64) |
- |
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Total Exceptional Items |
" |
- |
(126.80) |
- |
(775.64) |
- |
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10 |
Profit / (Loss) before Tax [ 8 + 9 ] |
" |
1,742.56 |
760.13 |
4,285.70 |
5,607.26 |
7,315.61 |
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11 |
Tax Expense |
" |
550.81 |
293.89 |
1,401.18 |
1,864.81 |
2,113.87 |
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12 |
Net Profit (+) / Loss (-) [ 10 - 11] |
" |
1,191.75 |
466.24 |
2,884.52 |
3,742.45 |
5,201.74 |
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13 |
Paid-up Equity Share Capital [Face value Rs.10 per share] |
" |
887.41 |
730.78 |
887.41 |
730.78 |
730.79 |
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14 |
Reserves excluding revaluation reserves |
" |
23,972.81 |
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15 |
Basic Earnings per share (not annualised) (after Exceptional items) |
Rupees |
13.43 |
5.94 |
34.98 |
49.90 |
69.45 |
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16 |
Diluted Earnings per share (not annualised) (after Exceptional items) |
Rupees |
13.24 |
5.67 |
33.39 |
45.53 |
62.94 |
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17 |
Aggregate of public shareholding |
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Number of shares |
Nos. |
604,715,374 |
482,487,356 |
604,715,374 |
482,487,356 |
482,522,747 |
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% of shareholding |
% |
68.56% |
66.04% |
68.56% |
66.04% |
66.05% |
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18 |
Promoters and promoter group shareholding |
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a) |
Pledged / encumbered |
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- Number of shares |
Nos. |
97,400,000 |
97,400,000 |
98,900,000 |
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- % of shares to total share holding of promoter & promoter group |
% |
35.13% |
35.13% |
39.87% |
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- % of shares to total sharecapital of the company |
% |
10.98% |
10.98% |
13.54% |
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b) |
Non-encumbered |
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- Number of shares |
Nos. |
179,848,857 |
179,848,857 |
149,165,857 |
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- % of shares to total share holding of promoter & promoter group |
% |
64.87% |
64.87% |
60.13% |
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- % of shares to total sharecapital of the company |
% |
20.27% |
20.27% |
20.41% |
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Segment Revenue, Results and Capital Employed |
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Rs.Crores |
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Particulars |
Quarter ended on 31-12-2009 |
Quarter ended on 31-12-2008 |
Nine months ended on 31-12-2009 |
Nine months ended on 31-12-2008 |
Financial Year ended on 31-03-2009 |
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(1) |
(2) |
(3) |
(4) |
(5) |
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Revenue by Business Segment: |
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Steel business |
5,832.53 |
4,465.31 |
16,232.04 |
15,648.77 |
21,666.67 |
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Ferro Alloys and Minerals |
523.84 |
399.43 |
1,315.07 |
2,154.07 |
2,636.86 |
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Others |
410.00 |
315.49 |
1,127.49 |
1,226.94 |
1,566.23 |
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Total |
6,766.37 |
5,180.23 |
18,674.60 |
19,029.78 |
25,869.76 |
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Less: Inter segment revenue |
391.49 |
369.83 |
992.06 |
1,253.01 |
1,553.99 |
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Net sales/ income from operations |
6,374.88 |
4,810.40 |
17,682.54 |
17,776.77 |
24,315.77 |
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Segment results before net finance charges, exceptional items and tax: |
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Steel business |
2,014.12 |
1,284.64 |
5,276.39 |
6,071.55 |
7,391.31 |
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Ferro Alloys and Minerals |
113.88 |
143.47 |
201.80 |
1,178.20 |
1,233.94 |
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Others |
16.29 |
(61.72) |
76.97 |
5.00 |
(29.54) |
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Unallocated income / (expenditure) |
13.99 |
(131.26) |
(119.58) |
(27.10) |
(127.41) |
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Total Segment results before net finance charges, exceptional items and tax: |
2,158.28 |
1,235.13 |
5,435.58 |
7,227.65 |
8,468.30 |
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Less: Net Finance Charges |
415.72 |
348.20 |
1,149.88 |
844.75 |
1,152.69 |
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Profit / (Loss) before exceptional items & tax |
1,742.56 |
886.93 |
4,285.70 |
6,382.90 |
7,315.61 |
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Exceptional Items: |
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Exchange Gain / (Loss) |
- |
(126.80) |
- |
(775.64) |
- |
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Profit / (Loss) before tax |
1,742.56 |
760.13 |
4,285.70 |
5,607.26 |
7,315.61 |
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Less: Tax Expense |
550.81 |
293.89 |
1,401.18 |
1,864.81 |
2,113.87 |
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Net Profit (+) / Loss (-) |
1,191.75 |
466.24 |
2,884.52 |
3,742.45 |
5,201.74 |
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Segment Capital Employed: |
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Steel business |
12,125.32 |
13,840.58 |
12,125.32 |
13,840.58 |
12,730.41 |
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Ferro Alloys and Minerals |
294.71 |
545.97 |
294.71 |
545.97 |
425.51 |
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Others |
248.04 |
325.33 |
248.04 |
325.33 |
278.67 |
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Unallocated |
3,802.05 |
4,689.72 |
3,802.05 |
4,689.72 |
2,111.06 |
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Total |
16,470.12 |
19,401.60 |
16,470.12 |
19,401.60 |
15,545.65 |
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Notes:
1. The above financial results do not include the consolidated financial performance of the Company. The consolidated financial results of the Company including Tata Steel Europe Ltd. (Corus) for the quarter / nine months ended December 31, 2009 would be published in February, 2010.
2. The Company had issued Convertible Alternate Reference Securities (CARS) for an aggregate principal amount of US$ 875 mn in September 2007. The Company invited holders of the CARS to offer to exchange their holdings for 4.5% Convertible Bonds due in 2014. The offer closed on November 16, 2009 and Convertible Bonds worth US$ 546.94 mn were issued in exchange of CARS having face value of US$ 493 mn. The 4.5% Convertible Bonds are convertible at Rs. 605.5325 at US$/INR rate of 46.36 at any time on or after December 31, 2009 and up to the close of business on November 11, 2014. The aggregate principal amount of CARS remaining outstanding after this exchange is US$ 382 mn.
3. The Company adopted the Companies (Accounting Standards) Amendment Rules 2009 relating to Accounting Standard 11 during the last quarter of 2008-09. Accordingly, an exchange translation gain of Rs. 25.01 crores (Rs. 9.05 crores for the quarter) has been adjusted to the carrying value of capital assets during the nine months ended December 31, 2009 and Rs.163.71 crores (Rs. 153.71 crores for the quarter) being amortization of cumulative net loss has been charged to profit & loss account. The amortization includes a charge of Rs. 185.01 crores for debt instruments prematurely extinguished during the current quarter. Had the Company followed the previous practice of recognizing the translation gain / loss in the profit & loss account, the Net Profit for the period ended December 31, 2009 would have been higher by Rs. 494.87 crores (by Rs. 215.68 crores during the quarter).
4. Information on investor complaints pursuant to clause 41 of the listing agreement for the quarter ended December 31, 2009:
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Opening Balance |
Received during the quarter |
Resolved during the quarter |
Closing Balance |
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22 |
685 |
233 |
474* |
* Out of 474 unresolved complaints, 412 complaints pertain to non-receipt of dividend on Ordinary Shares & Cumulative Convertible Preference Shares (CCPS), 27 complaints pertain to non-receipt of interim dividend on CCPS and 25 complaints pertain to non-receipt of fractional payment in respect of CCPS. As on date, all complaints relating to unpaid dividends and fractional payments are since resolved.
5. Figures for the previous period have been regrouped and reclassified to conform to the classification of the current period, wherever necessary.
6. The above results have been reviewed by the Audit Committee and were approved by the Board of Directors in their meeting of date.
Tata Steel Ltd.
Sd/-
H. M. Nerurkar
Managing Director
Mumbai: January 28, 2010
Related Shares:
Tata Steel