13th Feb 2013 11:15
TATA STEEL LIMITED | |||||||||
Standalone Financial Results for the Quarter / Nine Months ended on 31st December 2012 | |||||||||
PART I | `Crores | ||||||||
Particulars | Quarterended on31.12.2012 | Quarterended on30.09.2012 | Quarterended on31.12.2011 | Nine Months ended on 31.12.2012 | Nine Months ended on 31.12.2011 | Financial Year ended on 31.03.2012 | |||
Audited | Audited | Audited | Audited | Audited | Audited | ||||
1 | Income from operations | ||||||||
a) | Net sales / income from operations (net of excise duty) | 9,268.19 | 9,034.20 | 8,304.58 | 27,122.58 | 24,238.97 | 33,614.88 | ||
b) | Other operating income | 102.12 | 116.36 | 77.27 | 306.32 | 215.06 | 318.58 | ||
Total income from operations (net) [ 1(a) + 1(b) ] | 9,370.31 | 9,150.56 | 8,381.85 | 27,428.90 | 24,454.03 | 33,933.46 | |||
2 | Expenses | ||||||||
a) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | (242.99) | (241.17) | (112.90) | (980.72) | (407.90) | (220.72) | ||
b) | Purchases of finished, semi-finished steel and other products | 174.92 | 83.45 | 62.94 | 335.40 | 145.28 | 209.52 | ||
c) | Raw materials consumed | 2,498.89 | 2,537.16 | 2,187.73 | 7,458.67 | 5,867.02 | 8,014.37 | ||
d) | Employee benefits expense | 883.86 | 829.99 | 733.15 | 2,572.98 | 2,110.93 | 3,047.26 | ||
e) | Purchase of power | 624.42 | 587.63 | 452.08 | 1,759.83 | 1,343.44 | 1,803.72 | ||
f) | Freight and handling charges | 563.28 | 516.28 | 443.93 | 1,561.44 | 1,240.35 | 1,703.98 | ||
g) | Depreciation and amortisation expense | 433.94 | 391.28 | 289.07 | 1,179.61 | 861.48 | 1,151.44 | ||
h) | Other expenses | 2,341.75 | 2,321.00 | 1,970.78 | 6,899.08 | 5,609.75 | 7,838.56 | ||
Total expenses [2(a) to 2(h)] | 7,278.07 | 7,025.62 | 6,026.78 | 20,786.29 | 16,770.35 | 23,548.13 | |||
3 | Profit / (Loss) from operations before other income, finance costs, exceptional items and Tax [1 - 2] | 2,092.24 | 2,124.94 | 2,355.07 | 6,642.61 | 7,683.68 | 10,385.33 | ||
4 | Other income | 35.72 | 239.69 | 197.60 | 427.30 | 703.50 | 886.43 | ||
5 | Profit / (Loss) from operations before finance costs, exceptional items and tax [3 + 4] | 2,127.96 | 2,364.63 | 2,552.67 | 7,069.91 | 8,387.18 | 11,271.76 | ||
6 | Finance costs | 508.98 | 453.93 | 481.12 | 1,417.35 | 1,411.46 | 1,925.42 | ||
7 | Profit / (Loss) before exceptional items and tax [5 - 6] | 1,618.98 | 1,910.70 | 2,071.55 | 5,652.56 | 6,975.72 | 9,346.34 | ||
8 | Exceptional items : | ||||||||
a) | Profit / (Loss) on sale of non-current investments | - | 9.60 | - | 9.60 | 511.01 | 511.01 | ||
9 | Profit / (Loss) before tax [ 7 + 8 ] | 1,618.98 | 1,920.30 | 2,071.55 | 5,662.16 | 7,486.73 | 9,857.35 | ||
10 | Tax expense | ||||||||
a) | Current tax | 327.56 | 357.89 | 646.50 | 1,284.05 | 2,390.00 | 3,115.11 | ||
b) | MAT credit | (121.35) | (133.81) | - | (255.16) | - | - | ||
c) | Deferred tax | 366.38 | 345.41 | 3.79 | 879.51 | (39.18) | 45.82 | ||
Total tax expense [10(a) to 10(c)]
| 572.59 | 569.49 | 650.29 | 1,908.40 | 2,350.82 | 3,160.93 | |||
11 | Net Profit / (Loss) for the period [9 - 10] | 1,046.39 | 1,350.81 | 1,421.26 | 3,753.76 | 5,135.91 | 6,696.42 | ||
12 | Paid-up equity share capital[Face value `10 per share] | 971.41 | 971.41 | 959.41 | 971.41 | 959.41 | 971.41 | ||
13 | Reserves excluding revaluation reserves | 51,649.95 | |||||||
14 | Basic earnings per share (not annualised) - in Rupees(after exceptional items) | 10.31 | 13.44 | 14.35 | 37.26 | 52.20 | 67.84 | ||
15 | Diluted earnings per share (not annualised) - in Rupees(after exceptional items) | 10.31 | 13.43 | 13.69 | 37.26 | 51.18 | 66.62 | ||
PART II | ||||||||
Select information for the Quarter ended on 31st December 2012 | ||||||||
Quarterended on31.12.2012 | Quarterended on30.09.2012 | Quarterended on31.12.2011 | Nine Months ended on 31.12.2012 | Nine Months ended on 31.12.2011 | Financial Year ended on 31.03.2012 | |||
A | Particulars of Shareholding | |||||||
1 | Aggregate of public shareholding | |||||||
Number of shares | 646,640,774 | 648,396,801 | 643,937,893 | 646,640,774 | 643,937,893 | 648,608,999 | ||
% of shareholding | 67.98% | 68.04% | 68.60% | 67.98% | 68.60% | 68.05% | ||
2 | Promoters and promoter group shareholding | |||||||
a) | Pledged / encumbered | |||||||
- Number of shares | 20,000,000 | 10,000,000 | 10,000,000 | 20,000,000 | 10,000,000 | 10,000,000 | ||
- % of shares to total share holding of promoter & promoter group | 6.57% | 3.28% | 3.39% | 6.57% | 3.39% | 3.28% | ||
- % of shares to total share capital of the company | 2.06% | 1.03% | 1.04% | 2.06% | 1.04% | 1.03% | ||
b) | Non-encumbered | |||||||
- Number of shares | 284,514,362 | 294,514,362 | 284,735,764 | 284,514,362 | 284,735,764 | 294,514,362 | ||
- % of shares to total share holding of promoter & promoter group | 93.43% | 96.72% | 96.61% | 93.43% | 96.61% | 96.72% | ||
- % of shares to total share capital of the company | 29.29% | 30.32% | 29.68% | 29.29% | 29.68% | 30.32% | ||
Particulars | Quarterended on 31.12.2012 | |||||||
B | Investor complaints | |||||||
Pending at the beginning of the Quarter | 19 | |||||||
Received during the quarter | 108 | |||||||
Disposed off during the quarter | 124 | |||||||
Remaining unresolved at the end of the quarter | 3 | |||||||
Standalone Segment Revenue, Results and Capital Employed | ||||||
`Crores | ||||||
Particulars | Quarterended on31.12.2012 | Quarterended on30.09.2012 | Quarterended on31.12.2011 | Nine Months ended on 31.12.2012 | Nine Months ended on 31.12.2011 | Financial Year ended on 31.03.2012 |
Audited | Audited | Audited | Audited | Audited | Audited | |
Revenue by Business Segment: | ||||||
Steel business | 8,564.44 | 8,383.47 | 7,688.07 | 25,152.73 | 22,643.46 | 31,331.71 |
Ferro Alloys and Minerals | 796.11 | 793.93 | 675.83 | 2,301.64 | 1,753.82 | 2,473.98 |
Others | 494.21 | 511.53 | 484.87 | 1,500.67 | 1,464.97 | 2,002.42 |
Total | 9,854.76 | 9,688.93 | 8,848.77 | 28,955.04 | 25,862.25 | 35,808.11 |
Less: Inter segment revenue | 484.45 | 538.37 | 466.92 | 1,526.14 | 1,408.22 | 1,874.65 |
Net sales / income from operations | 9,370.31 | 9,150.56 | 8,381.85 | 27,428.90 | 24,454.03 | 33,933.46 |
Segment results before finance costs, exceptional items and tax: | ||||||
Steel business | 2,039.18 | 2,183.77 | 2,240.28 | 6,651.57 | 7,465.96 | 10,276.29 |
Ferro Alloys and Minerals | 173.02 | 189.92 | 148.43 | 549.60 | 401.26 | 530.45 |
Others | 9.52 | 1.44 | 11.22 | 23.68 | 44.65 | 63.61 |
Unallocated income / (expenditure) | (93.76) | (10.50) | 152.74 | (154.94) | 475.31 | 401.41 |
Total Segment results before finance costs, exceptional items and tax | 2,127.96 | 2,364.63 | 2,552.67 | 7,069.91 | 8,387.18 | 11,271.76 |
Less: Finance costs | 508.98 | 453.93 | 481.12 | 1,417.35 | 1,411.46 | 1,925.42 |
Profit / (Loss) before exceptional items and tax | 1,618.98 | 1,910.70 | 2,071.55 | 5,652.56 | 6,975.72 | 9,346.34 |
Exceptional items: | ||||||
Profit / (Loss) on sale of non-current investments | - | 9.60 | - | 9.60 | 511.01 | 511.01 |
Profit / (Loss) before tax | 1,618.98 | 1,920.30 | 2,071.55 | 5,662.16 | 7,486.73 | 9,857.35 |
Less: Tax expense | 572.59 | 569.49 | 650.29 | 1,908.40 | 2,350.82 | 3,160.93 |
Net Profit / (Loss) | 1,046.39 | 1,350.81 | 1,421.26 | 3,753.76 | 5,135.91 | 6,696.42 |
Segment Capital Employed: | ||||||
Steel business | 30,413.92 | 29,189.04 | 23,817.70 | 30,413.92 | 23,817.70 | 26,147.62 |
Ferro Alloys and Minerals | 351.59 | 368.23 | 180.89 | 351.59 | 180.89 | 195.43 |
Others | 259.15 | 253.74 | 279.78 | 259.15 | 279.78 | 243.39 |
Unallocated | 2,371.81 | 2,778.91 | 9,105.40 | 2,371.81 | 9,105.40 | 4,508.89 |
Total | 33,396.47 | 32,589.92 | 33,383.77 | 33,396.47 | 33,383.77 | 31,095.33 |
Consolidated Financial Results for the Quarter / Nine Months ended on 31st December 2012 | ||||||||||||
PART I | `Crores |
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Particulars | Quarterended on31.12.2012 | Quarterended on30.09.2012 | Quarterended on31.12.2011 | Nine Monthsended on 31.12.2012 | Nine Monthsended on 31.12.2011 | Financial Yearended on 31.03.2012 |
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Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited |
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1 | Income from operations |
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a) | Net sales / income from operations (net of excise duty) | 31,821.50 | 33,867.32 | 32,964.15 | 99,236.55 | 98,397.28 | 132,257.36 |
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b) | Other operating income | 285.64 | 265.41 | 138.92 | 824.52 | 503.85 | 642.34 |
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Total income from operations (net) [ 1(a) + 1(b) ] | 32,107.14 | 34,132.73 | 33,103.07 | 100,061.07 | 98,901.13 | 132,899.70 |
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2 | Expenses |
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a) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 202.63 | 1,265.01 | (372.19) | (1,205.37) | (1,697.00) | (785.93) |
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b) | Purchases of finished, semi-finished steel and other products | 3,949.07 | 4,697.26 | 5,265.11 | 14,784.47 | 15,644.92 | 21,073.43 |
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c) | Raw materials consumed | 9,769.22 | 10,534.88 | 12,618.69 | 31,888.74 | 35,232.64 | 45,457.54 |
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d) | Employee benefits expense | 4,737.15 | 4,539.34 | 4,293.82 | 14,058.97 | 12,506.54 | 17,228.64 |
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e) | Purchase of power | 1,443.10 | 1,373.49 | 1,251.14 | 4,207.20 | 3,641.11 | 4,915.45 |
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f) | Freight and handling charges | 1,872.20 | 1,795.19 | 1,720.66 | 5,403.20 | 4,898.45 | 6,659.54 |
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g) | Depreciation and amortisation expense | 1,462.84 | 1,334.94 | 1,164.01 | 4,105.76 | 3,423.58 | 4,516.65 |
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h) | Other expenses | 7,894.86 | 7,617.48 | 6,412.55 | 22,971.59 | 19,436.51 | 25,934.24 |
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Total expenses [2(a) to 2(h)] | 31,331.07 | 33,157.59 | 32,353.79 | 96,214.56 | 93,086.75 | 124,999.56 |
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3 | Profit / (Loss) from operations before other income, finance costs, exceptional items and tax [1 - 2] | 776.07 | 975.14 | 749.28 | 3,846.51 | 5,814.38 | 7,900.14 |
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4 | Other income | 55.86 | 201.77 | 253.67 | 547.01 | 1,351.01 | 1,573.03 |
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5 | Profit / (Loss) from operations before finance costs, exceptional items and tax [3 + 4] | 831.93 | 1,176.91 | 1,002.95 | 4,393.52 | 7,165.39 | 9,473.17 |
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6 | Finance costs | 1,032.25 | 972.11 | 1,059.98 | 2,973.37 | 3,122.11 | 4,250.11 |
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7 | Profit / (Loss) before exceptional items and tax [5 - 6] | (200.32) | 204.80 | (57.03) | 1,420.15 | 4,043.28 | 5,223.06 |
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8 | Exceptional items : |
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a) | Profit / (Loss) on sale of non-current investments | (19.78) | 42.68 | - | 22.90 | 3,361.92 | 3,361.92 |
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9 | Profit / (Loss) before tax [ 7 + 8 ] | (220.10) | 247.48 | (57.03) | 1,443.05 | 7,405.20 | 8,584.98 |
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10 | Tax expense |
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a) | Current tax | 410.10 | 457.59 | 721.58 | 1,579.86 | 2,673.20 | 3,517.65 |
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b) | MAT credit | (124.44) | (135.88) | (1.95) | (261.57) | (5.27) | (5.41) |
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c) | Deferred tax | 282.88 | 339.04 | (89.30) | 809.63 | (8.07) | 124.22 |
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Total tax expense [10(a) to 10(c)]
| 568.54 | 660.75 | 630.33 | 2,127.92 | 2,659.86 | 3,636.46 |
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11 | Net Profit / (Loss) for the period [9 - 10] | (788.64) | (413.27) | (687.36) | (684.87) | 4,745.34 | 4,948.52 |
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12 | Minority interest | 7.99 | 27.51 | 64.05 | 75.39 | 143.04 | 173.14 |
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13 | Share of profit / (loss) of associates | 17.59 | 21.83 | 20.64 | 80.37 | 67.93 | 268.11 |
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14 | Net Profit / (Loss) after taxes, minority interest and share of profit /(loss) of associates [ 11 + 12 + 13 ] | (763.06) | (363.93) | (602.67) | (529.11) | 4,956.31 | 5,389.77 |
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15 | Paid-up equity share capital[Face value `10 per share] | 971.41 | 971.41 | 958.74 | 971.41 | 958.74 | 971.41 |
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16 | Reserves excluding revaluation reserves | 42,049.71 |
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17 | Basic earnings per share (not annualised) - in Rupees(after exceptional items) | (8.32) | (4.21) | (6.76) | (6.84) | 50.36 | 54.28 |
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18 | Diluted earnings per share (not annualised) - in Rupees(after exceptional items) | (8.32) | (4.21) | (6.76) | (6.84) | 49.41 | 53.63 |
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Consolidated Segment Revenue, Results and Capital Employed | ||||||
`Crores | ||||||
Particulars | Quarterended on31.12.2012 | Quarterended on30.09.2012 | Quarterended on31.12.2011 | Nine Monthsended on 31.12.2012 | Nine Monthsended on 31.12.2011 | Financial Yearended on 31.03.2012 |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Revenue by Business Segment: | ||||||
Steel business | 30,254.03 | 32,032.21 | 31,727.37 | 94,698.75 | 94,986.99 | 127,266.50 |
Others | 3,789.99 | 3,763.14 | 3,371.34 | 11,213.82 | 9,630.31 | 13,496.58 |
Unallocated | 235.84 | 242.61 | 418.72 | 717.04 | 1,266.85 | 1,663.82 |
Total | 34,279.86 | 36,037.96 | 35,517.43 | 106,629.61 | 105,884.15 | 142,426.90 |
Less: Inter segment revenue | 2,172.72 | 1,905.23 | 2,414.36 | 6,568.54 | 6,983.02 | 9,527.20 |
Net sales / income from operations | 32,107.14 | 34,132.73 | 33,103.07 | 100,061.07 | 98,901.13 | 132,899.70 |
Segment results before finance costs, exceptional items and tax: | ||||||
Steel business | 909.24 | 1,499.76 | 415.88 | 5,127.07 | 6,872.45 | 9,575.83 |
Others | 139.23 | 118.83 | 42.04 | 455.88 | 31.42 | 102.21 |
Unallocated income / (expenditure) | 249.30 | 1,185.67 | 859.88 | 1,582.85 | 2,075.36 | 4,431.65 |
Less: Inter segment eliminations | 465.84 | 1,627.35 | 314.85 | 2,772.28 | 1,813.84 | 4,636.52 |
Total Segment results before finance costs, exceptional items and tax | 831.93 | 1,176.91 | 1,002.95 | 4,393.52 | 7,165.39 | 9,473.17 |
Less: Finance costs | 1,032.25 | 972.11 | 1,059.98 | 2,973.37 | 3,122.11 | 4,250.11 |
Profit / (Loss) before exceptional items and tax | (200.32) | 204.80 | (57.03) | 1,420.15 | 4,043.28 | 5,223.06 |
Exceptional items: | ||||||
Profit / (Loss) on sale of non-current investments | (19.78) | 42.68 | - | 22.90 | 3,361.92 | 3,361.92 |
Profit / (Loss) before tax | (220.10) | 247.48 | (57.03) | 1,443.05 | 7,405.20 | 8,584.98 |
Less: Tax expense | 568.54 | 660.75 | 630.33 | 2,127.92 | 2,659.86 | 3,636.46 |
Net Profit / (Loss) | (788.64) | (413.27) | (687.36) | (684.87) | 4,745.34 | 4,948.52 |
Segment Capital Employed: | ||||||
Steel business | 86,120.76 | 84,216.41 | 78,304.12 | 86,120.76 | 78,304.12 | 77,632.32 |
Others | 5,186.49 | 5,082.63 | 5,035.90 | 5,186.49 | 5,035.90 | 4,263.56 |
Unallocated | 920.88 | 4,149.70 | 9,709.96 | 920.88 | 9,709.96 | 6,682.53 |
Inter segment eliminations | (491.32) | (541.45) | (463.70) | (491.32) | (463.70) | (441.49) |
Total | 91,736.81 | 92,907.29 | 92,586.28 | 91,736.81 | 92,586.28 | 88,136.92 |
Notes:
1. The results have been reviewed by the Audit Committee in its meeting held on February 12, 2013 and were approved by the Board of Directors in its meeting of date.
2. The actuarial gains and losses on funds for employee benefits (pension plans) of Tata Steel Europe Limited for the period from April 1, 2008 have been accounted in "Reserves and Surplus" in the consolidated financial statements in accordance with IFRS principles and as permitted by Accounting Standard 21. Had the Company recognised changes in actuarial valuations of pension plans of Tata Steel Europe in the statement of profit and loss, the consolidated loss after taxes, minority interest and share of profit of associates for the nine months ended December 31, 2012 would have been higher by `1,822.06 crores (`192.51 crores for the quarter) and the consolidated profit after taxes, minority interest and share of profit of associates for the nine months ended December 31, 2011 would have been lower by `3,005.48 crores (loss would have been higher by `694.32 crores for the quarter ended December 31, 2011).
3. During the quarter, Tata Steel Europe disposed off its stake in three subsidiaries namely Tata Steel International (UK) Limited, Tata Steel International (North America) Limited and Vlietjonge BV and one Joint Venture namely VTS Track Technologies Limited. Further Tata Steel International (Singapore) Holdings Pte. Ltd disposed off its stake in a subsidiary namely Tata Steel International (Hongkong) Limited.
Exceptional Item in the consolidated results represents loss of `19.78 crores for the quarter ended December 31, 2012 on sale of these investments.
4. Figures for the previous periods have been regrouped and reclassified to conform to the classification of the current period, where necessary.
5. The consolidated financial results have been subjected to limited review and the stand-alone financial results have been audited by the statutory auditors.
Tata Steel Limited
Sd/-
Cyrus P Mistry
Chairman
Mumbai: February 13, 2013
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Tata Steel