15th Feb 2011 13:54
TATA STEEL LTD
Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI - 400 001
Financial Results for the Quarter / Nine months ended on 31st December 2010
`Crores
Consolidated results | Standalone results | ||||||||||||
Quarterended on 31-12-2010 | Quarterended on 31-12-2009 | Nine months ended on 31-12-2010 | Nine months ended on 31-12-2009 | Financial Year ended on31-03-2010 | Particulars | Quarterended on 31-12-2010 | Quarterended on 31-12-2009 | Nine months ended on 31-12-2010 | Nine months ended on 31-12-2009 | Financial Year ended on31-03-2010 | |||
Unaudited | Unaudited | Unaudited | Unaudited | Audited | Audited | Audited | Audited | Audited | Audited | ||||
28,606.15 | 26,068.55 | 83,707.12 | 74,532.37 | 101,757.77 | 1 | a) | Net Sales / Income from Operations | 7,324.69 | 6,307.48 | 20,834.09 | 17,491.35 | 24,716.82 | |
483.30 | 133.46 | 1,222.21 | 356.99 | 635.35 | b) | Other Operating Income | 72.66 | 67.40 | 221.49 | 191.19 | 305.16 | ||
29,089.45 | 26,202.01 | 84,929.33 | 74,889.36 | 102,393.12 | 2 | Total Operating Income [ 1(a) + 1(b) ] | 7,397.35 | 6,374.88 | 21,055.58 | 17,682.54 | 25,021.98 | ||
3 | Total Expenditure | ||||||||||||
(150.18) | (808.68) | (1,868.87) | 186.37 | 660.04 | a) | (Increase) / decrease in stock-in-trade | 38.97 | 42.33 | (256.75) | 50.38 | 134.97 | ||
3,769.01 | 3,258.88 | 11,038.83 | 10,460.12 | 13,087.04 | b) | Purchases of finished, semi-finished steel & other products | 53.06 | 59.50 | 127.59 | 120.05 | 169.08 | ||
10,269.83 | 8,032.60 | 27,484.34 | 23,580.87 | 31,004.49 | c) | Raw materials consumed | 1,666.58 | 1,422.31 | 4,416.31 | 4,381.00 | 5,494.74 | ||
3,608.72 | 4,199.86 | 11,213.32 | 12,523.21 | 16,462.99 | d) | Staff Cost | 598.46 | 652.25 | 1,860.34 | 1,680.57 | 2,361.48 | ||
1,031.36 | 1,084.46 | 2,999.39 | 3,062.28 | 4,051.73 | e) | Purchase of Power | 345.38 | 303.19 | 1,061.71 | 929.42 | 1,268.28 | ||
1,593.49 | 1,445.06 | 4,647.11 | 4,062.95 | 5,549.13 | f) | Freight and handling | 396.84 | 358.14 | 1,109.35 | 981.19 | 1,357.27 | ||
1,126.41 | 1,154.68 | 3,248.45 | 3,397.18 | 4,491.73 | g) | Depreciation | 286.37 | 262.18 | 848.03 | 771.72 | 1,083.18 | ||
5,542.61 | 6,039.26 | 17,885.68 | 17,721.05 | 23,535.04 | h) | Other Expenditure | 1,477.54 | 1,380.26 | 4,371.04 | 3,718.58 | 5,284.07 | ||
26,791.25 | 24,406.12 | 76,648.25 | 74,994.03 | 98,842.19 | i) | Total Expenditure (3a to 3h) | 4,863.20 | 4,480.16 | 13,537.62 | 12,632.91 | 17,153.07 | ||
2,298.20 | 1,795.89 | 8,281.08 | (104.67) | 3,550.93 | 4 | Profit / (Loss) from Operations before Other Income, Net Finance Charges, Exceptional Items & Tax [2 - 3] | 2,534.15 | 1,894.72 | 7,517.96 | 5,049.63 | 7,868.91 | ||
(104.33) | 409.92 | 769.40 | 631.76 | 1,185.85 | 5 | Other Income | 11.31 | 263.56 | 792.41 | 385.95 | 853.79 | ||
2,193.87 | 2,205.81 | 9,050.48 | 527.09 | 4,736.78 | 6 | Profit / (Loss) from Operations before Net Finance Charges, Exceptional Items & Tax [4 + 5] | 2,545.46 | 2,158.28 | 8,310.37 | 5,435.58 | 8,722.70 | ||
743.23 | 763.04 | 2,004.53 | 2,362.11 | 3,022.06 | 7 | Net Finance Charges | 335.44 | 415.72 | 1,005.60 | 1,149.88 | 1,508.40 | ||
1,450.64 | 1,442.77 | 7,045.95 | (1,835.02) | 1,714.72 | 8 | Profit / (Loss) before Exceptional Items & Tax [6 - 7] | 2,210.02 | 1,742.56 | 7,304.77 | 4,285.70 | 7,214.30 | ||
9 | Exceptional Items : | ||||||||||||
122.30 | (195.72) | 30.84 | (1,325.80) | (1,683.72) | Restructuring costs | - | - | - | - | - | |||
1,572.94 | 1,247.05 | 7,076.79 | (3,160.82) | 31.00 | 10 | Profit / (Loss) before Tax [ 8 + 9 ] | 2,210.02 | 1,742.56 | 7,304.77 | 4,285.70 | 7,214.30 | ||
624.04 | 814.78 | 2,369.47 | 1,365.24 | 2,151.84 | 11 | Tax Expense | 696.56 | 550.81 | 2,146.79 | 1,401.18 | 2,167.50 | ||
948.90 | 432.27 | 4,707.32 | (4,526.06) | (2,120.84) | 12 | Net Profit (+) / Loss (-) [10 - 11] | 1,513.46 | 1,191.75 | 5,157.98 | 2,884.52 | 5,046.80 | ||
38.02 | (14.76) | 41.79 | (10.96) | (15.24) | 13 | Minority Interest | |||||||
16.10 | 55.14 | 57.98 | 93.74 | 126.86 | 14 | Share of profit of associates | |||||||
1,003.02 | 472.65 | 4,807.09 | (4,443.28) | (2,009.22) | 15 | Profit / (Loss) after Taxes, Minority Interest and Share of profitof Associates [ 12 + 13 + 14 ] | |||||||
901.74 | 886.74 | 901.74 | 886.74 | 886.74 | 16 | Paid-up Equity Share Capital[Face value `10 per share] | 902.41 | 887.41 | 902.41 | 887.41 | 887.41 | ||
21,927.15 | 17 | Reserves excluding revaluation reserves | 36,074.39 | ||||||||||
11.13 | 5.33 | 53.69 | (55.61) | (24.92) | 18 | Basic Earnings per share (not annualised) - in Rupees(after Exceptional items) | 16.77 | 13.43 | 57.56 | 34.98 | 60.26 | ||
10.29 | 5.31 | 50.62 | (55.61) | (24.92) | 19 | Diluted Earnings per share (not annualised) - in Rupees(after Exceptional items) | 15.57 | 13.24 | 54.24 | 33.39 | 57.31 | ||
20 | Aggregate of public shareholding | ||||||||||||
Number of shares | 597,815,338 | 604,715,374 | 597,815,338 | 604,715,374 | 605,162,261 | ||||||||
% of shareholding | 67.07% | 68.56% | 67.07% | 68.56% | 68.53% | ||||||||
21 | Promoters and promoter group shareholding | ||||||||||||
a) | Pledged / encumbered | ||||||||||||
- Number of shares | - | 97,400,000 | - | 97,400,000 | 97,400,000 | ||||||||
- % of shares to total share holding of promoter & promoter group | - | 35.13% | - | 35.13% | 35.06% | ||||||||
- % of shares to total share capital of the company | - | 10.98% | - | 10.98% | 10.98% | ||||||||
b) | Non-encumbered | ||||||||||||
- Number of shares | 293,485,240 | 179,848,857 | 293,485,240 | 179,848,857 | 180,433,893 | ||||||||
- % of shares to total share holding of promoter & promoter group | 100.00% | 64.87% | 100.00% | 64.87% | 64.94% | ||||||||
- % of shares to total share capital of the company | 32.53% | 20.27% | 32.53% | 20.27% | 20.34% | ||||||||
Segment Revenue, Results and Capital Employed | ||||||||||
`Crores | ||||||||||
Consolidated results | Standalone results | |||||||||
Quarterended on 31-12-2010 | Quarterended on 31-12-2009 | Nine months ended on 31-12-2010 | Nine months ended on 31-12-2009 | Financial Year ended on31-03-2010 | Particulars | Quarterended on 31-12-2010 | Quarterended on 31-12-2009 | Nine months ended on 31-12-2010 | Nine months ended on 31-12-2009 | Financial Year ended on31-03-2010 |
Unaudited | Unaudited | Unaudited | Unaudited | Audited | Audited | Audited | Audited | Audited | Audited | |
Revenue by Business Segment: | ||||||||||
27,578.36 | 25,149.14 | 81,067.43 | 70,922.47 | 97,388.95 | Steel business | 6,773.07 | 5,832.53 | 19,267.82 | 16,232.04 | 22,962.55 |
Ferro Alloys and Minerals | 608.70 | 523.84 | 1,748.49 | 1,315.07 | 1,854.67 | |||||
3,235.69 | 2,601.98 | 9,113.17 | 8,001.43 | 10,877.13 | Others | 441.75 | 410.00 | 1,329.74 | 1,127.49 | 1,573.29 |
399.30 | 423.15 | 1,089.24 | 1,086.63 | 1,429.07 | Unallocated | - | - | - | - | - |
31,213.35 | 28,174.27 | 91,269.84 | 80,010.53 | 109,695.15 | Total | 7,823.52 | 6,766.37 | 22,346.05 | 18,674.60 | 26,390.51 |
2,123.90 | 1,972.26 | 6,340.51 | 5,121.17 | 7,302.03 | Less: Inter segment revenue | 426.17 | 391.49 | 1,290.47 | 992.06 | 1,368.53 |
29,089.45 | 26,202.01 | 84,929.33 | 74,889.36 | 102,393.12 | Net sales/ income from operations | 7,397.35 | 6,374.88 | 21,055.58 | 17,682.54 | 25,021.98 |
Segment results before net finance charges, exceptional items and tax: | ||||||||||
2,165.05 | 2,265.52 | 8,586.62 | 651.44 | 4,082.36 | Steel business | 2,301.45 | 2,014.12 | 6,945.25 | 5,276.39 | 7,941.92 |
Ferro Alloys and Minerals | 175.88 | 113.88 | 578.74 | 201.80 | 340.44 | |||||
203.58 | 363.60 | 765.48 | 743.25 | 1,031.34 | Others | 17.15 | 16.29 | 58.81 | 76.97 | 113.69 |
(72.69) | (182.30) | (109.49) | (558.53) | (14.30) | Unallocated income / (expenditure) | 50.98 | 13.99 | 727.57 | (119.58) | 326.65 |
102.07 | 241.01 | 192.13 | 309.07 | 362.62 | Less: Inter Segment Eliminations | - | - | - | - | - |
2,193.87 | 2,205.81 | 9,050.48 | 527.09 | 4,736.78 | Total Segment results before net finance charges,exceptional items and tax | 2,545.46 | 2,158.28 | 8,310.37 | 5,435.58 | 8,722.70 |
743.23 | 763.04 | 2,004.53 | 2,362.11 | 3,022.06 | Less: Net Finance Charges | 335.44 | 415.72 | 1,005.60 | 1,149.88 | 1,508.40 |
1,450.64 | 1,442.77 | 7,045.95 | (1,835.02) | 1,714.72 | Profit / (Loss) before exceptional items & tax | 2,210.02 | 1,742.56 | 7,304.77 | 4,285.70 | 7,214.30 |
Exceptional Items: | ||||||||||
122.30 | (195.72) | 30.84 | (1,325.80) | (1,683.72) | Restructuring costs | - | - | - | - | - |
1,572.94 | 1,247.05 | 7,076.79 | (3,160.82) | 31.00 | Profit / (Loss) before tax | 2,210.02 | 1,742.56 | 7,304.77 | 4,285.70 | 7,214.30 |
624.04 | 814.78 | 2,369.47 | 1,365.24 | 2,151.84 | Less: Tax Expense | 696.56 | 550.81 | 2,146.79 | 1,401.18 | 2,167.50 |
948.90 | 432.27 | 4,707.32 | (4,526.06) | (2,120.84) | Net Profit (+) / Loss (-) | 1,513.46 | 1,191.75 | 5,157.98 | 2,884.52 | 5,046.80 |
Segment Capital Employed: | ||||||||||
56,093.21 | 51,509.64 | 56,093.21 | 51,509.64 | 48,174.30 | Steel business | 15,250.22 | 12,125.32 | 15,250.22 | 12,125.32 | 13,099.51 |
Ferro Alloys and Minerals | 356.38 | 294.71 | 356.38 | 294.71 | 188.09 | |||||
5,175.68 | 4,005.48 | 5,175.68 | 4,005.48 | 4,141.75 | Others | 232.78 | 248.04 | 232.78 | 248.04 | 223.79 |
11,270.79 | 9,665.79 | 11,270.79 | 9,665.79 | 7,717.58 | Unallocated | 5,399.27 | 3,802.05 | 5,399.27 | 3,802.05 | 3,870.32 |
(72.92) | (76.81) | (72.92) | (76.81) | (43.95) | Inter Segment Eliminations | |||||
72,466.76 | 65,104.10 | 72,466.76 | 65,104.10 | 59,989.68 | Total | 21,238.65 | 16,470.12 | 21,238.65 | 16,470.12 | 17,381.71 |
Notes:
1. 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 permitted by Accounting Standard 21. Had the Company recognised changes in actuarial valuations of pension plans of Tata Steel Europe in the profit and loss account, the consolidated profit after taxes, minority interest and share of profit of associates for the nine months ended December 31, 2010 would have been lower by `32.90 crores (higher by `927.50 crores for the quarter) and the consolidated loss after taxes, minority interest and share of profit of associates for the nine months ended December 31, 2009 would have been higher by `2,464.35 crores (profit would have been lower by`181.81 crores for the quarter ended December 31, 2009).
2. The Company completed a further public issue of equity shares of face value ` 10 each for cash at a price of ` 610 per equity share, including premium of ` 600 per equity share, aggregating to` 3,477 crores. The issue was opened to the public on January 19, 2011 and closed on January 21, 2011. The Company completed allotment of 57,000,000 equity shares on January 29, 2011.
3. Information on investor complaints pursuant to clause 41 of the listing agreement for the quarter ended December 31, 2010:
Opening Balance | Received during the quarter | Resolved during the quarter | Closing Balance |
47 | 345 | 386 | 6 |
4. Figures for the previous period have been regrouped and reclassified to conform to the classification of the current period, wherever 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.
6. The above results have been reviewed by the Audit Committee and were approved by the Board of Directors in its meeting of date.
Tata Steel Limited
Ratan N.Tata
Chairman
Mumbai: February 15, 2011
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Tata Steel