10th Nov 2011 14:20
TATA STEEL LTD | |||||||||||||
Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI - 400 001 | |||||||||||||
Financial Results for the Quarter / Six Months ended on 30th September 2011 | |||||||||||||
`Crores | |||||||||||||
Standalone results | Consolidated results | ||||||||||||
Quarterended on30.09.2011 | Quarterended on30.09.2010 | Six Months ended on 30.09.2011 | Six Months ended on 30.09.2010 | Financial year ended on 31.03.2011 | Particulars | Quarterended on30.09.2011 | Quarterended on30.09.2010 | Six Months ended on 30.09.2011 | Six Months ended on 30.09.2010 | Financial year ended on 31.03.2011 | |||
Audited | Audited | Audited | Audited | Audited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||||
8,142.19 | 7,038.13 | 15,934.39 | 13,509.40 | 29,073.50 | 1 | a) | Net Sales / Income from Operations | 32,507.45 | 28,090.91 | 65,433.13 | 55,100.97 | 117,149.78 | |
69.74 | 68.62 | 137.79 | 148.83 | 322.85 | b) | Other Operating Income | 290.44 | 555.28 | 364.93 | 738.91 | 1,603.34 | ||
8,211.93 | 7,106.75 | 16,072.18 | 13,658.23 | 29,396.35 | 2 | Total Operating Income [ 1(a) + 1(b) ] | 32,797.89 | 28,646.19 | 65,798.06 | 55,839.88 | 118,753.12 | ||
3 | Total Expenditure | ||||||||||||
(40.26) | 44.37 | (295.00) | (295.72) | (173.65) | a) | (Increase) / decrease in stock-in-trade | 1,066.63 | (808.59) | (1,324.81) | (1,718.69) | (1,355.98) | ||
45.00 | 38.14 | 82.34 | 74.53 | 180.20 | b) | Purchases of finished, semi-finished steel & other products | 4,321.72 | 3,805.93 | 10,379.81 | 7,269.82 | 15,890.40 | ||
1,889.04 | 1,481.17 | 3,679.29 | 2,749.73 | 6,244.01 | c) | Raw materials consumed | 10,831.83 | 9,409.06 | 22,059.56 | 17,214.51 | 38,044.12 | ||
690.78 | 708.58 | 1,377.78 | 1,359.96 | 2,837.46 | d) | Staff Cost | 3,981.13 | 3,946.08 | 8,212.72 | 7,858.54 | 15,840.20 | ||
432.03 | 361.48 | 891.36 | 716.33 | 1,404.86 | e) | Purchase of Power | 1,180.68 | 996.67 | 2,389.97 | 1,968.03 | 4,014.77 | ||
389.99 | 360.27 | 796.42 | 712.51 | 1,540.82 | f) | Freight and handling | 1,684.96 | 1,467.56 | 3,278.65 | 3,053.62 | 6,389.62 | ||
287.11 | 281.46 | 572.41 | 561.66 | 1,146.19 | g) | Depreciation | 1,108.78 | 1,078.10 | 2,259.57 | 2,122.04 | 4,414.82 | ||
2,035.59 | 1,483.72 | 3,667.07 | 2,795.42 | 5,929.79 | h) | Other Expenditure | 6,980.92 | 6,157.31 | 13,629.29 | 12,089.13 | 23,934.37 | ||
5,729.28 | 4,759.19 | 10,771.67 | 8,674.42 | 19,109.68 | i) | Total Expenditure (3a to 3h) | 31,156.65 | 26,052.12 | 60,884.76 | 49,857.00 | 107,172.32 | ||
2,482.65 | 2,347.56 | 5,300.51 | 4,983.81 | 10,286.67 | 4 | Profit / (Loss) from Operations before Other Income, Net Finance Charges, Exceptional Items & Tax [2 - 3] | 1,641.24 | 2,594.07 | 4,913.30 | 5,982.88 | 11,580.80 | ||
23.57 | 732.67 | 576.21 | 781.10 | 790.67 | 5 | Other Income | 120.44 | 814.42 | 4,002.70 | 873.73 | 980.98 | ||
2,506.22 | 3,080.23 | 5,876.72 | 5,764.91 | 11,077.34 | 6 | Profit / (Loss) from Operations before Net Finance Charges, Exceptional Items & Tax [4 + 5] | 1,761.68 | 3,408.49 | 8,916.00 | 6,856.61 | 12,561.78 | ||
234.27 | 342.48 | 461.54 | 670.16 | 1,300.49 | 7 | Net Finance Charges | 716.11 | 663.71 | 1,453.77 | 1,261.30 | 2,770.04 | ||
2,271.95 | 2,737.75 | 5,415.18 | 5,094.75 | 9,776.85 | 8 | Profit / (Loss) before Exceptional Items & Tax [6 - 7] | 1,045.57 | 2,744.78 | 7,462.23 | 5,595.31 | 9,791.74 | ||
9 | Exceptional Items : | ||||||||||||
- | - | - | - | - | Restructuring, Impairment & Asset disposals | - | (31.58) | - | (91.46) | 2,310.21 | |||
2,271.95 | 2,737.75 | 5,415.18 | 5,094.75 | 9,776.85 | 10 | Profit / (Loss) before Tax [ 8 + 9 ] | 1,045.57 | 2,713.20 | 7,462.23 | 5,503.85 | 12,101.95 | ||
776.73 | 672.62 | 1,700.53 | 1,450.23 | 2,911.16 | 11 | Tax Expense | 906.54 | 744.97 | 2,029.53 | 1,745.43 | 3,245.90 | ||
1,495.22 | 2,065.13 | 3,714.65 | 3,644.52 | 6,865.69 | 12 | Net Profit (+) / Loss (-) [10 - 11] | 139.03 | 1,968.23 | 5,432.70 | 3,758.42 | 8,856.05 | ||
13 | Minority Interest | 54.18 | 10.26 | 78.99 | 3.77 | 60.28 | |||||||
14 | Share of profit of associates | 19.22 | 0.32 | 47.29 | 41.88 | 66.36 | |||||||
15 | Profit / (Loss) after Taxes, Minority Interest and Share of profit of Associates [ 12 + 13 + 14 ] | 212.43 | 1,978.81 | 5,558.98 | 3,804.07 | 8,982.69 | |||||||
959.41 | 902.41 | 959.41 | 902.41 | 959.41 | 16 | Paid-up Equity Share Capital[Face value `10 per share] | 958.74 | 901.74 | 958.74 | 901.74 | 958.74 | ||
12,235.45 | 9,976.76 | 13,014.84 | 17 | Paid up Debt Capital | |||||||||
45,807.02 | 18 | Reserves excluding revaluation reserves | 34,426.97 | ||||||||||
2,046.00 | 1,046.00 | 2,046.00 | 19 | Debenture Redemption Reserve | |||||||||
15.12 | 22.98 | 37.86 | 40.81 | 75.63 | 20 | Basic Earnings per share (not annualised) - in Rupees(after Exceptional items) | 1.75 | 22.04 | 57.12 | 42.63 | 99.03 | ||
15.12 | 21.51 | 37.48 | 38.71 | 70.99 | 21 | Diluted Earnings per share (not annualised) - in Rupees(after Exceptional items) | 1.75 | 20.63 | 55.62 | 40.40 | 92.86 | ||
0.42 | 0.61 | 0.49 | 22 | Net Debt Equity Ratio | |||||||||
2.12 | 2.07 | 2.67 | 23 | Debt Service Coverage Ratio | |||||||||
12.73 | 8.60 | 8.52 | 24 | Interest Service Coverage Ratio | |||||||||
25 | Aggregate of public shareholding | ||||||||||||
640,412,263 | 603,421,463 | 640,412,263 | 603,421,463 | 641,803,872 | Number of shares | 640,412,263 | 603,421,463 | 640,412,263 | 603,421,463 | 641,803,872 | |||
68.49% | 67.31% | 68.49% | 67.31% | 68.62% | % of shareholding | 68.49% | 67.31% | 68.49% | 67.31% | 68.62% | |||
26 | Promoters and promoter group shareholding | ||||||||||||
a) | Pledged / encumbered | ||||||||||||
10,000,000 | - | 10,000,000 | - | - | - Number of shares | 10,000,000 | - | 10,000,000 | - | - | |||
3.39% | - | 3.39% | - | - | - % of shares to total share holding of promoter & promoter group | 3.39% | - | 3.39% | - | - | |||
1.04% | - | 1.04% | - | - | - % of shares to total share capital of the company | 1.04% | - | 1.04% | - | - | |||
b) | Non-encumbered | ||||||||||||
284,619,519 | 293,035,480 | 284,619,519 | 293,035,480 | 293,492,790 | - Number of shares | 284,619,519 | 293,035,480 | 284,619,519 | 293,035,480 | 293,492,790 | |||
96.61% | 100.00% | 96.61% | 100.00% | 100.00% | - % of shares to total share holding of promoter & promoter group | 96.61% | 100.00% | 96.61% | 100.00% | 100.00% | |||
29.67% | 32.48% | 29.67% | 32.48% | 30.60% | - % of shares to total share capital of the company | 29.67% | 32.48% | 29.67% | 32.48% | 30.60% | |||
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 Loans + Unsecured Loans - Cash & Bank - Current Investments) | |||||||||||||
(Net Worth: Equity Share Capital + Preference Share Capital + Reserves & Surplus + Hybrid Perpetual Securities - Miscellaneous Expenses to the extent not written off or adjusted - Foreign Currency Monetary Item Translation Difference 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 | ||||||||||
`Crores | ||||||||||
Standalone results | Consolidated results | |||||||||
Quarterended on30.09.2011 | Quarterended on30.09.2010 | Six Months ended on 30.09.2011 | Six Months ended on 30.09.2010 | Financial year ended on 31.03.2011 | Particulars | Quarterended on30.09.2011 | Quarterended on30.09.2010 | Six Months ended on 30.09.2011 | Six Months ended on 30.09.2010 | Financial Year ended on31-03-2011 |
Audited | Audited | Audited | Audited | Audited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Revenue by Business Segment: | ||||||||||
7,646.98 | 6,497.14 | 14,947.98 | 12,494.75 | 26,861.17 | Steel business | 31,553.43 | 27,306.67 | 63,252.21 | 53,489.07 | 113,034.83 |
541.15 | 605.24 | 1,077.99 | 1,139.79 | 2,431.70 | Ferro Alloys and Minerals | |||||
482.25 | 448.76 | 980.10 | 887.99 | 1,839.74 | Others | 2,924.90 | 3,006.73 | 6,258.97 | 5,877.48 | 13,074.88 |
- | - | - | - | - | Unallocated | 425.36 | 364.26 | 848.13 | 689.94 | 1,470.49 |
8,670.38 | 7,551.14 | 17,006.07 | 14,522.53 | 31,132.61 | Total | 34,903.69 | 30,677.66 | 70,359.31 | 60,056.49 | 127,580.20 |
458.45 | 444.39 | 933.89 | 864.30 | 1,736.26 | Less: Inter segment revenue | 2,105.80 | 2,031.47 | 4,561.25 | 4,216.61 | 8,827.08 |
8,211.93 | 7,106.75 | 16,072.18 | 13,658.23 | 29,396.35 | Net sales/ income from operations | 32,797.89 | 28,646.19 | 65,798.06 | 55,839.88 | 118,753.12 |
Segment results before net finance charges, exceptional items and tax: | ||||||||||
2,534.43 | 2,176.40 | 5,225.68 | 4,643.80 | 9,459.43 | Steel business | 2,836.34 | 3,139.14 | 6,456.57 | 6,421.57 | 12,304.81 |
98.86 | 199.42 | 252.83 | 402.86 | 822.18 | Ferro Alloys and Minerals | |||||
12.19 | 4.32 | 33.43 | 41.66 | 79.09 | Others | (102.35) | 234.00 | (10.62) | 561.90 | 1,041.82 |
(139.26) | 700.09 | 364.78 | 676.59 | 716.64 | Unallocated income / (expenditure) | (187.91) | 36.25 | 3,617.89 | (36.80) | (371.59) |
- | - | - | - | - | Less: Inter Segment Eliminations | 784.40 | 0.90 | 1,147.84 | 90.06 | 413.26 |
2,506.22 | 3,080.23 | 5,876.72 | 5,764.91 | 11,077.34 | Total Segment results before net finance charges, exceptional items and tax | 1,761.68 | 3,408.49 | 8,916.00 | 6,856.61 | 12,561.78 |
234.27 | 342.48 | 461.54 | 670.16 | 1,300.49 | Less: Net Finance Charges | 716.11 | 663.71 | 1,453.77 | 1,261.30 | 2,770.04 |
2,271.95 | 2,737.75 | 5,415.18 | 5,094.75 | 9,776.85 | Profit / (Loss) before exceptional items & tax | 1,045.57 | 2,744.78 | 7,462.23 | 5,595.31 | 9,791.74 |
Exceptional Items: | ||||||||||
- | - | - | - | - | Restructuring, Impairment & Asset disposals | - | (31.58) | - | (91.46) | 2,310.21 |
2,271.95 | 2,737.75 | 5,415.18 | 5,094.75 | 9,776.85 | Profit / (Loss) before tax | 1,045.57 | 2,713.20 | 7,462.23 | 5,503.85 | 12,101.95 |
776.73 | 672.62 | 1,700.53 | 1,450.23 | 2,911.16 | Less: Tax Expense | 906.54 | 744.97 | 2,029.53 | 1,745.43 | 3,245.90 |
1,495.22 | 2,065.13 | 3,714.65 | 3,644.52 | 6,865.69 | Net Profit (+) / Loss (-) | 139.03 | 1,968.23 | 5,432.70 | 3,758.42 | 8,856.05 |
Segment Capital Employed: | ||||||||||
22,488.91 | 15,029.59 | 22,488.91 | 15,029.59 | 15,997.68 | Steel business | 73,688.48 | 53,238.83 | 73,688.48 | 53,238.83 | 60,240.90 |
111.61 | 345.70 | 111.61 | 345.70 | 333.87 | Ferro Alloys and Minerals | |||||
218.83 | 234.62 | 218.83 | 234.62 | 199.28 | Others | 4,472.46 | 4,876.11 | 4,472.46 | 4,876.11 | 5,167.50 |
7,550.99 | 5,624.72 | 7,550.99 | 5,624.72 | 9,272.56 | Unallocated | 8,403.86 | 9,962.61 | 8,403.86 | 9,962.61 | 13,380.32 |
Inter Segment Eliminations | (642.90) | (71.35) | (642.90) | (71.35) | (63.14) | |||||
30,370.34 | 21,234.63 | 30,370.34 | 21,234.63 | 25,803.39 | Total | 85,921.90 | 68,006.20 | 85,921.90 | 68,006.20 | 78,725.58 |
Statement of Assets & Liabilities | ||||||
` Crores | ||||||
Standalone results | Consolidated results | |||||
Six Months ended on 30.09.2011 | Six Months ended on 30.09.2010 | Six Months ended on 30.09.2011 | Six Months ended on 30.09.2010 | |||
Audited | Audited | Unaudited | Unaudited | |||
Shareholders' Funds: | ||||||
959.41 | 902.41 | (a) | Capital | 958.74 | 901.74 | |
178.20 | 178.20 | (b) | Share Warrants | 178.20 | 178.20 | |
49,413.97 | 40,604.30 | (c) | Reserves and Surplus | 40,618.64 | 26,516.65 | |
2,275.00 | - | Hybrid Perpetual Securities | 2,275.00 | - | ||
Preference Shares issued by a Subsidiary Company | 112.33 | - | ||||
Warrants Issued by a Subsidiary Company | 17.46 | 17.46 | ||||
Minority Interests | 1,006.14 | 924.30 | ||||
28,715.94 | 25,757.59 | Loan Funds | 60,250.48 | 55,929.02 | ||
889.53 | 943.89 | Deferred Tax Liability | 2,414.31 | 2,097.93 | ||
- | 145.01 | Foreign Currency Monetary Item Translation Difference Account | - | 145.01 | ||
820.87 | 909.83 | Provision For Employee Separation Compensation | 829.49 | 916.77 | ||
83,252.92 | 69,441.23 | TOTAL | 108,660.79 | 87,627.08 | ||
26,022.62 | 17,359.70 | Fixed Assets | 57,394.98 | 48,956.27 | ||
47,164.57 | 43,504.54 | Investments | 6,288.51 | 4,715.59 | ||
322.05 | - | Foreign Currency Monetary Item Translation Difference Account | 322.05 | - | ||
Goodwill on Consolidation | 16,300.53 | 15,039.31 | ||||
Deferred Tax Assets | 181.81 | 181.96 | ||||
Current Assets, Loans And Advances | ||||||
4,689.49 | 4,259.47 | (a) | Inventories | 27,347.57 | 25,347.93 | |
663.98 | 618.12 | (b) | Sundry Debtors | 14,706.56 | 11,648.04 | |
3,660.10 | 1,596.14 | (c) | Cash and Bank balances | 11,340.26 | 7,146.58 | |
- | - | (d) | Other current assets | 5.08 | 4.15 | |
12,948.58 | 11,882.01 | (e) | Loans and Advances | 9,667.99 | 8,346.24 | |
Less: Current liabilities and provisions | ||||||
9,503.24 | 7,283.35 | (a) | Current liabilities | 28,436.96 | 27,115.82 | |
2,715.23 | 2,495.40 | (b) | Provisions | 6,457.59 | 6,643.17 | |
83,252.92 | 69,441.23 | TOTAL | 108,660.79 | 87,627.08 | ||
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 as 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 six months ended September 30, 2011 would have been lower by `2,311.16 crores (`2,233.17 crores for the quarter) and the consolidated profit after taxes, minority interest and share of profit of associates for the six months ended September 30, 2010 would have been lower by `960.39 crores (`265.83 crores for the quarter ended September 30, 2010).
2. During the current quarter, Bombay High Court approved the Scheme of Amalgamation of Centennial Steel Company Limited (CSCL) with Tata Steel Limited by its Order dated September 16, 2011 effective April 1, 2011. Accordingly the stand-alone results for the current quarter include financial results of CSCL from April 1, 2011.
3. 'Other income' in the consolidated results for the six-months ended September 30, 2011 includes the following transactions which occurred during the quarter ended June 30, 2011:
·; profit of `2,920.07 crores on disposal of investment in Riversdale Mining Limited;
·; gain of `441.85 crores on sale of investment in Tata Refractories Limited (`511.01 crores in the stand-alone results before consolidation adjustments); and
·; cash settlement of `603.72 crores relating to the arbitration with the Teeside Cast Products Consortium.
4. Information on investor complaints pursuant to clause 41 of the listing agreement for the quarter ended September 30, 2011:
Opening Balance | Received during the quarter | Resolved during the quarter | Closing Balance |
2 | 133 | 107 | 28 |
Of the total 28 unresolved complaints, 22 complaints pertain to non-receipt of dividend warrants where reconciliation of the payments is in progress. Replies have been sent to the investors giving warrant details and conveying that fresh warrants, if found outstanding, can be issued after bank reconciliation process. Remaining 6 complaints pertain to miscellaneous issues, which are being resolved.
5. Figures for the previous periods have been regrouped and reclassified to conform to the classification of the current period, wherever necessary.
6. The consolidated financial results have been subjected to limited review and the stand-alone financial results have been audited by the statutory auditors.
7. 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
Sd/-
Ratan N. Tata
Mumbai: November 10, 2011 Chairman
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