Become a Member

Track your favourite stocks
Create & monitor portfolios
Daily portfolio value

Company	Chg	Chg %
Quickpicks
£	%
Add shares to your quickpicks to display them here!

Annual Financial Results & Dividend for FY 09-10

26th May 2010 15:51

RNS Number : 5978M

Tata Steel Limited

26 May 2010

Dividend & Audited Financial Results of Tata Steel Limited

for the Year ended 31st March 2010.

At the Board Meeting held on 26th May 2010, the Directors of Tata Steel Limited have recommended, subject to the approval of shareholders at the Annual General Meeting scheduled to be held on Friday, 13th August 2010, dividend of Rs.8/- per Ordinary Share of Rs.10 each for the year ended 31st March 2010.

The Register of Members will remain closed from Wednesday, 14th July 2010 to Tuesday, 20th July 2010 (both days inclusive) for the purpose of Annual General Meeting and payment of dividend for the financial year ended 31st March 2010 when sanctioned. The Share Transfer Books of the Company for Ordinary Shares will also remain closed during the aforesaid period.

The audited financial results and audited consolidated financial results of the Company for the year ended 31st March 2010, are as follows,

TATA STEEL LTD

Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI - 400 001

Audited Financial Results for the Year ended on 31st March 2010

					Standalone results				Consolidated results
Particulars					Year ended on 31-03-2010		Year ended on 31-03-2009	Year ended on 31-03-2010		Year ended on 31-03-2009

	1	a)	Net Sales / Income from Operations	Rs. Crores	24,716.82	24,024.45			1,01,757.77	1,45,704.60
		b)	Other Operating Income	"	305.16	291.32			635.35	1,624.66
	2	Total Income [ 1(a) + 1(b) ]		"	25,021.98	24,315.77			1,02,393.12	1,47,329.26
	3	Total Expenditure
		a)	(Increase) / decrease in stock-in-trade	"	134.97	(289.27)			660.04	1,976.22
		b)	Purchases of finished, semi-finished steel & other products	"	169.08	358.87			13,087.04	31,405.91
		c)	Raw materials consumed	"	5,494.74	5,709.91			31,004.49	41,531.74
		d)	Staff Cost	"	2,361.48	2,305.81			16,462.99	17,975.06
		e)	Purchase of Power	"	1,268.28	1,091.37			4,051.73	5,953.49
		f)	Freight and handling	"	1,357.27	1,251.23			5,549.13	6,026.91
		g)	Depreciation	"	1,083.18	973.40			4,491.73	4,265.39
		h)	Other Expenditure	"	5,284.07	4,754.42			23,535.04	24,332.26
		i)	Total Expenditure (3a to 3h)	"	17,153.07	16,155.74			98,842.19	1,33,466.98
	4	Profit / (Loss) from Operations before Other Income, Net Finance Charges, Exceptional Items & Tax [ 2 - 3 ]		"	7,868.91	8,160.03			3,550.93	13,862.28
	5	Other Income		"	853.79	308.27			1,185.85	265.67
	6	Profit / (Loss) from Operations before Net Finance Charges, Exceptional Items & Tax [ 4 + 5 ]		"	8,722.70	8,468.30			4,736.78	14,127.95
	7	Net Finance Charges		"	1,508.40	1,152.69			3,022.06	3,290.18
	8	Profit / (Loss) before Exceptional Items & Tax [ 6 - 7 ]		"	7,214.30	7,315.61			1,714.72	10,837.77
	9	Exceptional Items
		Restructuring Costs		"	-	-			(1,683.72)	(4,094.53)
	10	Profit / (Loss) before Tax [ 8 + 9 ]		"	7,214.30	7,315.61			31.00	6,743.24
	11	Tax Expense		"	2,167.50	2,113.87			2,151.84	1,894.00
	12	Net Profit (+) / Loss (-) [ 10 - 11]		"	5,046.80	5,201.74			(2,120.84)	4,849.24
	13	Minority Interest		"					(15.24)	40.94
	14	Share of profit of associates		"					126.86	60.72
	15	Profit / (Loss) after Taxes, Minority Interest and Share of profit of Associates [ 12 + 13 + 14 ]		"					(2,009.22)	4,950.90
	16	Paid-up Equity Share Capital[Face value Rs.10 per share]		Rs. Crores	887.41	730.79			886.74	730.12
	17	Paid up Debt Capital		"	9,974.97	8,765.75
	18	Reserves excluding revaluation reserves		"	36,074.39	23,972.81			21,927.15	21,511.50
	19	Debenture Redemption Reserve		"	1,046.00	646.00
	20	Basic Earnings per share (after Exceptional items)		Rupees	60.26	69.45			(24.92)	66.07
	21	Diluted Earnings per share (after Exceptional items)		"	57.31	62.94			(24.92)	60.09
	22	Net Debt Equity Ratio			0.61	0.78
	23	Debt Service Coverage Ratio			1.70	4.71
	24	Interest Service Coverage Ratio			5.78	7.35
	25	Aggregate of public shareholding
		Number of shares		Nos.	60,51,62,261	48,25,22,747
		% of shareholding		%	68.53%	66.05%
	26	Promoters and promoter group shareholding
		a)	Pledged / encumbered
			- Number of shares	Nos.	9,74,00,000	9,89,00,000
			- % of shares to total shareholding of promoter & promoter group	%	35.06%	39.87%
			- % of shares to total share capital of the company	%	10.98%	13.54%
		b)	Non-encumbered
			- Number of shares	Nos.	18,04,33,893	14,91,65,857
			- % of shares to total shareholding of promoter & promoter group	%	64.94%	60.13%
			- % of shares to total share capital of the company	%	20.34%	20.41%
1	Paid up Debt Capital represents Debentures, Convertible Alternative Reference Securities (CARS) and Foreign Currency Convertible Bonds (FCCB)
2	Net Debt to Equity: Net Debt / Average Net Worth
	(Net Debt:Secured Loan+Unsecured Loan - Cash & Bank - Current Investments)
	(Net Worth: Equity Share Capital + Preference Share Capital + Reserves & Surplus - Miscellaneous Expenses to the extent not written off or adjusted - Foreign Currency Monetary Translation Diff. Account)

3	Debt Service Coverage Ratio: EBIT / (Net Finance Charges + Scheduled Principal repayments (excluding prepayments) during the period)
	(EBIT : Profit before Taxes +/(-) Exceptional Items + Net Finance Charges)
4	Interest Service Coverage Ratio: EBIT / Net Finance Charges


Segment Revenue, Results and Capital Employed
				Rs. Crores
	Standalone results		Consolidated results
Particulars	Year ended on 31-03-2010	Year ended on 31-03-2009	Year ended on 31-03-2010	Year ended on 31-03-2009

Revenue by Business Segment:
Steel business	22,962.55	21,666.67	1,07,879.37	1,49,384.58
Ferro Alloys and Minerals	1,854.67	2,636.86
Others	1,573.29	1,566.23	10,877.13	16,561.29
Unallocated	-	-	1,429.07	1,613.72
Total	26,390.51	25,869.76	1,20,185.57	1,67,559.59
Less: Inter segment revenue	1,368.53	1,553.99	17,792.45	20,230.33
Net sales/ income from operations	25,021.98	24,315.77	1,02,393.12	1,47,329.26

Segment results before net finance charges, exceptional items and tax:
Steel business	7,941.92	7,391.31	4,082.36	13,079.05
Ferro Alloys and Minerals	340.44	1,233.94
Others	113.69	(29.54)	1,031.34	1,164.68
Unallocated income / (expenditure)	326.65	(127.41)	(14.30)	(242.75)
Less: Inter Segment Eliminations	-	-	362.62	(126.97)
Total Segment results before net finance charges, exceptional items and tax:	8,722.70	8,468.30	4,736.78	14,127.95
Less: Net Finance Charges	1,508.40	1,152.69	3,022.06	3,290.18
Profit / (Loss) before exceptional items & tax	7,214.30	7,315.61	1,714.72	10,837.77
Exceptional Items:
Restructuring Costs	-	-	(1,683.72)	(4,094.53)
Profit / (Loss) before Tax	7,214.30	7,315.61	31.00	6,743.24
Less: Tax Expense	2,167.50	2,113.87	2,151.84	1,894.00
Net Profit (+) / Loss (-)	5,046.80	5,201.74	(2,120.84)	4,849.24

Segment Capital Employed:
Steel business	13,099.51	12,730.41	48,174.30	56,713.49
Ferro Alloys and Minerals	188.09	425.51
Others	223.79	278.67	4,141.75	4,025.42
Unallocated	3,870.32	2,111.06	7,717.58	8,482.87
Inter Segment Eliminations	-	-	(43.95)	(18.65)
Total	17,381.71	15,545.65	59,989.68	69,203.13


Statement of Assets & Liabilities
					Rs. Crores
		Standalone results		Consolidated results
		Year ended on 31-03-2010	Year ended on 31-03-2009	Year ended on 31-03-2010	Year ended on 31-03-2009

Shareholders' Funds:
(a)	Capital	887.41	6,203.45	886.74	6,202.78
(b)	Reserves and Surplus	36,074.39	23,972.81	21,927.15	21,511.50
Warrants Issued by a Subsidiary Company				17.46	17.46
Minority Interests				884.07	894.88
Loan Funds		25,239.20	26,946.18	53,100.35	59,900.50
Deferred Tax Liability		867.67	585.73	1,768.96	1,785.55
Foreign Currency Monetary Item Translation Difference Account		206.95	-	206.95	-
Provision For Employee Separation Compensation		957.16	1,033.60	963.67	1,042.41
TOTAL		64,232.78	58,741.77	79,755.35	91,355.08
Fixed Assets		16,006.03	14,482.22	45,795.83	45,305.86
Investments		44,979.67	42,371.78	5,417.79	6,411.10
Goodwill on Consolidation				14,541.82	15,364.92
Deferred Tax Assets				114.85	76.12
Foreign Currency Monetary Item Translation Difference Account			471.66	-	471.66
Current Assets, Loans And Advances
(a)	Inventories	3,077.75	3,480.47	18,686.64	21,668.42
(b)	Sundry Debtors	434.83	635.98	11,623.95	13,031.63
(c)	Cash and Bank balances	3,234.14	1,590.60	6,787.81	6,148.36
(d)	Other current assets	0.29	-	7.92	6.81
(e)	Loans and Advances	5,499.68	4,561.04	6,761.47	12,998.73
Less: Current liabilities and provisions
(a)	Current liabilities	6,653.09	6,039.86	23,388.57	23,093.30
(b)	Provisions	2,346.52	2,917.19	6,594.16	7,140.71
Miscellaneous Expenditure (Not Written off or Adjusted)		-	105.07	-	105.48
TOTAL		64,232.78	58,741.77	79,755.35	91,355.08

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. This treatment is consistent with the accounting principles followed by Tata Steel Europe and earlier by Corus Group plc under IFRS. Had the company recognised changes in actuarial valuations of pension plans of Tata Steel Europe in the profit and loss account, the consolidated loss after taxes, minority interest and share of profit of associates for the year ended March 31, 2010 would have been higher by Rs. 3,541.23 crores and the consolidated profit after taxes, minority interest and share of profit of associates for the year ended March 31, 2009 would have been lower by Rs. 5,496.58 crores.

2. The Company and its Indian subsidiaries have adopted the Companies (Accounting Standards) Amendment Rules 2009 relating to Accounting Standard AS11 during the last quarter of 2008-09. Consequently: (a) an exchange translation gain of Rs. 36.00 crores (loss of Rs. 45.58 crores during FY 2008-09) {in consolidated results exchange translation gain of Rs. 51.41 crores for 2009-10 & loss of Rs. 54.81 crores for the previous year} has been adjusted to the carrying value of capital assets. (b) Rs. 85.67 crores (Rs. 30.79 crores during FY 2008-09) being amortization of cumulative net loss has been charged to profit & loss account. Had the Company followed the previous practice of recognizing the translation gain / loss in the profit & loss account, the Net Profit for the year would have been higher by Rs. 561.60 crores (lower by Rs. 889.47 crores for the previous year). The consolidated loss after taxes, minority interest and share of profit of associates for the year ended March 31, 2010 would have been lower by Rs. 577.04 crores (the consolidated Profit after Taxes, Minority Interest and Share of profit of Associates for the year ended March 31, 2009 would have been lower by Rs. 899.58 crores).

3. The Company changed its accounting policy for accounting of derivatives from April 1, 2009, in the consolidated accounts. In the absence of any operative Indian Accounting Standard on the subject, changes in fair value of outstanding derivative instruments designated as cash flow hedges against firm commitments and highly probable forecast transactions which were hitherto accounted in the profit & loss account have now been accounted in "Reserves & Surplus" in accordance with IFRS principles and the proposed Accounting Standard AS30. Had the Company not changed the policy, the consolidated loss after taxes, minority interest and share of profit of associates for the year ended March 31, 2010 would have been lower by Rs. 61.53 crores.

4. During the current quarter, the investment in Riversdale Mining Limited has crossed the threshold limit of 20% and accordingly it has become an associate company.

5. Pursuant to the sanction of the Honourable High Court of Calcutta to the Scheme of Amalgamation, the assets and liabilities of the erstwhile Hooghly Met Coke & Power Company Ltd. whose principal business was manufacture of metallurgical coke, have been merged with the Company with effect from 1st April, 2009.

6. Information on investor complaints pursuant to clause 41 of the listing agreement for the quarter ended March 31, 2010:

Opening

Balance

Received during the quarter

Resolved during the quarter

Closing

Balance

474

392

860

7. Figures for the previous period have been regrouped and reclassified to conform to the classification of the current period, wherever necessary.

8. The above results have been reviewed by the Audit Committee in its meeting held on May 25, 2010 and were approved by the Board of Directors in its meeting of date.

9. The Board of Directors has recommended a dividend of Rs 8 per share on Ordinary Shares for the financial year 2009-10.

10. The Annual General Meeting of the Company will be held on August 13, 2010 to consider the accounts for the financial year 2009-10

B. Muthuraman H. M. Nerurkar

Vice Chairman Managing Director

Mumbai: May 26, 2010

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR BSGDURSDBGGL

Related Shares:

FTSE 100 Latest

Value8,804.27

Change-67.04