26th Nov 2009 10:02
TATA STEEL LIMITED
Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI - 400 001
Unaudited Consolidated Financial Results for the Quarter/Six months ended on 30th September 2009
|
Particulars |
Quarter ended on 30-09-2009 |
Quarter ended on 30-09-2008 |
Quarter ended on 30-06-2009 |
Quarter ended on 30-06-2008 |
Six months ended on 30-09-2009 |
Six months ended on 30-09-2008 |
Financial Year ended on 31-03-2009 |
|||||
|
(Audited) |
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|
1 |
a) |
Net Sales / Income from Operations |
Rs. Crores |
25,269.82 |
44,050.07 |
23,180.51 |
43,374.52 |
48,450.33 |
87,424.59 |
1,45,693.85 |
||
|
b) |
Other Operating Income |
" |
125.22 |
130.49 |
111.80 |
121.65 |
237.02 |
252.14 |
1,635.41 |
|||
|
2 |
Total Income [ 1(a) + 1(b) ] |
" |
25,395.04 |
44,180.56 |
23,292.31 |
43,496.17 |
48,687.35 |
87,676.73 |
1,47,329.26 |
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|
3 |
Total Expenditure |
|||||||||||
|
a) |
(Increase) / decrease in stock-in-trade |
" |
(329.90) |
(3,174.93) |
1,324.95 |
(749.98) |
995.05 |
(3,924.91) |
1,976.22 |
|||
|
b) |
Purchases of finished, semi-finished steel & other products |
" |
3,702.65 |
11,696.09 |
3,498.59 |
9,143.54 |
7,201.24 |
20,839.63 |
31,405.91 |
|||
|
c) |
Raw materials consumed |
" |
8,486.17 |
12,647.65 |
7,062.10 |
11,752.59 |
15,548.27 |
24,400.24 |
41,531.74 |
|||
|
d) |
Staff Cost |
" |
4,360.82 |
4,745.75 |
3,962.53 |
4,815.00 |
8,323.35 |
9,560.75 |
17,975.06 |
|||
|
e) |
Purchase of Power |
" |
1,012.75 |
1,768.85 |
965.07 |
1,615.11 |
1,977.82 |
3,383.96 |
5,953.49 |
|||
|
f) |
Freight and handling |
" |
1,458.00 |
1,606.74 |
1,159.89 |
1,731.62 |
2,617.89 |
3,338.36 |
6,026.91 |
|||
|
g) |
Depreciation |
" |
1,153.52 |
1,147.00 |
1,088.98 |
1,104.98 |
2,242.50 |
2,251.98 |
4,265.39 |
|||
|
h) |
Other Expenditure |
" |
6,332.75 |
6,663.65 |
5,349.04 |
7,852.73 |
11,681.79 |
14,516.38 |
24,332.26 |
|||
|
i) |
Total Expenditure (3a to 3h) |
" |
26,176.76 |
37,100.80 |
24,411.15 |
37,265.59 |
50,587.91 |
74,366.39 |
1,33,466.98 |
|||
|
4 |
Profit / (Loss) from Operations before Other Income, Net Finance Charges, Exceptional Items & Tax [ 2 - 3 ] |
" |
(781.72) |
7,079.76 |
(1,118.84) |
6,230.58 |
(1,900.56) |
13,310.34 |
13,862.28 |
|||
|
5 |
Other Income |
" |
17.94 |
74.44 |
203.90 |
52.69 |
221.84 |
127.13 |
265.67 |
|||
|
6 |
Profit / (Loss) from Operations before Net Finance Charges, Exceptional Items & Tax [ 4 + 5 ] |
" |
(763.78) |
7,154.20 |
(914.94) |
6,283.27 |
(1,678.72) |
13,437.47 |
14,127.95 |
|||
|
7 |
Net Finance Charges |
" |
717.18 |
820.93 |
881.89 |
824.27 |
1,599.07 |
1,645.20 |
3,290.18 |
|||
|
8 |
Profit / (Loss) before Exceptional Items & Tax [ 6 - 7 ] |
" |
(1,480.96) |
6,333.27 |
(1,796.83) |
5,459.00 |
(3,277.79) |
11,792.27 |
10,837.77 |
|||
|
9 |
Exceptional Items |
|||||||||||
|
a) |
Exchange Gain / (Loss) |
" |
- |
(345.41) |
- |
(303.43) |
- |
(648.84) |
- |
|||
|
b) |
Restructuring Costs |
" |
(911.32) |
(17.86) |
(218.76) |
(347.96) |
(1,130.08) |
(365.82) |
(4,094.53) |
|||
|
Total Exceptional Items |
" |
(911.32) |
(363.27) |
(218.76) |
(651.39) |
(1,130.08) |
(1,014.66) |
(4,094.53) |
||||
|
10 |
Profit / (Loss) before Tax [ 8 + 9 ] |
" |
(2,392.28) |
5,970.00 |
(2,015.59) |
4,807.61 |
(4,407.87) |
10,777.61 |
6,743.24 |
|||
|
11 |
Tax Expense |
" |
327.52 |
1,266.36 |
222.94 |
892.99 |
550.46 |
2,159.35 |
1,894.00 |
|||
|
12 |
Net Profit (+) / Loss (-) [ 10 - 11 ] |
" |
(2,719.80) |
4,703.64 |
(2,238.53) |
3,914.62 |
(4,958.33) |
8,618.26 |
4,849.24 |
|||
|
13 |
Minority Interest |
" |
(17.41) |
(32.07) |
21.21 |
(114.02) |
3.80 |
(146.09) |
40.94 |
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|
14 |
Share of profit of associates |
" |
29.96 |
100.08 |
8.64 |
100.30 |
38.60 |
200.38 |
60.72 |
|||
|
15 |
Profit after Minority Interest and Share of profit of Associates [ 12 + 13 + 14 ] |
" |
(2,707.25) |
4,771.65 |
(2,208.68) |
3,900.90 |
(4,915.93) |
8,672.55 |
4,950.90 |
|||
|
16 |
Paid-up Equity Share Capital [Face value Rs.10 per share] |
" |
886.74 |
730.11 |
730.12 |
730.11 |
886.74 |
730.11 |
730.12 |
|||
|
17 |
Reserves excluding revaluation reserves |
" |
21,511.50 |
|||||||||
|
18 |
Basic Earnings per share (after Exceptional items) (not annualised) |
Rupees |
(33.74) |
64.93 |
(30.70) |
53.01 |
(64.58) |
117.94 |
66.07 |
|||
|
19 |
Diluted Earnings per share (after Exceptional items) (not annualised) |
Rupees |
(33.74) |
58.03 |
(30.70) |
47.14 |
(64.58) |
105.17 |
58.99 |
|||
|
Segment Revenue, Results and Capital Employed |
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|
Rs. Crores |
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|
Particulars |
Quarter ended on 30-09-2009 |
Quarter ended on 30-09-2008 |
Quarter ended on 30-06-2009 |
Quarter ended on 30-06-2008 |
Six months ended on 30-09-2009 |
Six months ended on 30-09-2008 |
Financial Year ended on 31-03-2009 |
|
|
(Audited) |
||||||||
|
Revenue by Business Segment: |
||||||||
|
Steel business |
27,046.91 |
45,426.23 |
23,727.09 |
44,286.68 |
50,774.00 |
89,712.91 |
1,49,384.58 |
|
|
Others |
2,621.96 |
5,048.27 |
2,777.49 |
4,761.63 |
5,399.45 |
9,809.90 |
16,561.29 |
|
|
Unallocated |
324.35 |
381.30 |
339.13 |
445.01 |
663.48 |
826.31 |
1,613.72 |
|
|
Total |
29,993.22 |
50,855.80 |
26,843.71 |
49,493.32 |
56,836.93 |
1,00,349.12 |
1,67,559.59 |
|
|
Less: Inter segment revenue |
4,598.18 |
6,675.24 |
3,551.40 |
5,997.15 |
8,149.58 |
12,672.39 |
20,230.33 |
|
|
Net Sales / Income from Operations |
25,395.04 |
44,180.56 |
23,292.31 |
43,496.17 |
48,687.35 |
87,676.73 |
1,47,329.26 |
|
|
Segment Results before Net Finance Charges, Exceptional Items & Tax: |
||||||||
|
Steel business |
(656.74) |
6,490.44 |
(957.34) |
5,990.01 |
(1,614.08) |
12,480.45 |
13,079.05 |
|
|
Others |
230.39 |
1,082.61 |
149.26 |
456.66 |
379.65 |
1,539.27 |
1,164.68 |
|
|
Unallocated income / (expenditure) |
(284.88) |
3.01 |
(91.35) |
(181.61) |
(376.23) |
(178.60) |
(242.75) |
|
|
Less: Inter Segment Eliminations |
52.55 |
421.86 |
15.51 |
(18.21) |
68.06 |
403.65 |
(126.97) |
|
|
Total Segment Results before Net Finance Charges, Exceptional Items & Tax |
(763.78) |
7,154.20 |
(914.94) |
6,283.27 |
(1,678.72) |
13,437.47 |
14,127.95 |
|
|
Less: Net Finance Charges |
717.18 |
820.93 |
881.89 |
824.27 |
1,599.07 |
1,645.20 |
3,290.18 |
|
|
Profit / (Loss) before Exceptional Items & Tax |
(1,480.96) |
6,333.27 |
(1,796.83) |
5,459.00 |
(3,277.79) |
11,792.27 |
10,837.77 |
|
|
Exceptional Items: |
||||||||
|
Exchange Gain / (Loss) |
- |
(345.41) |
- |
(303.43) |
- |
(648.84) |
- |
|
|
Restructuring Costs |
(911.32) |
(17.86) |
(218.76) |
(347.96) |
(1,130.08) |
(365.82) |
(4,094.53) |
|
|
Profit / (Loss) before Tax |
(2,392.28) |
5,970.00 |
(2,015.59) |
4,807.61 |
(4,407.87) |
10,777.61 |
6,743.24 |
|
|
Less: Tax Expense |
327.52 |
1,266.36 |
222.94 |
892.99 |
550.46 |
2,159.35 |
1,894.00 |
|
|
Net Profit (+) / Loss (-) |
(2,719.80) |
4,703.64 |
(2,238.53) |
3,914.62 |
(4,958.33) |
8,618.26 |
4,849.24 |
|
|
Segment Capital Employed: |
||||||||
|
Steel business |
50,518.88 |
66,065.51 |
52,319.39 |
61,238.38 |
50,518.88 |
66,065.51 |
56,713.49 |
|
|
Others |
3,934.96 |
5,105.12 |
4,122.87 |
4,136.76 |
3,934.96 |
5,105.12 |
4,025.42 |
|
|
Unallocated |
10,004.98 |
10,777.86 |
6,596.23 |
8,057.91 |
10,004.98 |
10,777.86 |
8,482.87 |
|
|
Inter Segment Eliminations |
(36.37) |
(81.58) |
(36.47) |
(47.62) |
(36.37) |
(81.58) |
(18.65) |
|
|
Total |
64,422.45 |
81,866.91 |
63,002.02 |
73,385.43 |
64,422.45 |
81,866.91 |
69,203.13 |
|
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 six months ended September 30, 2009 would have been higher by Rs. 2,282.54 crores (Rs. 135.44 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, 2008 would have been lower by Rs. 4,352.35 crores (higher by Rs. 1,156.02 crores for the quarter ended September 30, 2008).
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. Accordingly, an exchange translation gain of Rs. 23.86 crores (loss of Rs. 0.27 crores for the quarter) has been adjusted to the cost of capital assets during the six months ended September 30, 2009 and Rs. 10 crores (Rs. 6.08 crores for the quarter) being amortization of cumulative net loss has been charged to profit & loss account for the six months ended September 30, 2009. Had the Company and its Indian subsidiaries followed the previous practice of recognizing the translation gain / loss in the profit & loss account, the consolidated loss after taxes, minority interest and share of profit of associates for the six-months ended September 30, 2009 would have been lower by Rs. 287.09 crores (Rs. 4.82 crores for the quarter).
3. The Company has changed its accounting policy for accounting of derivatives effective 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 six-months ended September 30, 2009 would have been higher by Rs.459.01 crores (lower by Rs. 392.76 crores for the quarter).
4. 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.
5. Tata Ryerson Limited became a wholly owned subsidiary of the Company during the current quarter.
6. Figures for the previous period have been regrouped and reclassified to conform to the classification of the current period, wherever necessary.
7. The above results have been reviewed by the Audit Committee in its meeting held on November 25, 2009 and were approved by the Board of Directors in its meeting of date.
Tata Steel Limited
Sd/-
Ratan N.Tata
Chairman
Mumbai: November 26, 2009
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