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Half Yearly Report

27th Oct 2009 10:45

RNS Number : 4270B
Tata Steel Limited
27 October 2009
 



TATA STEEL LTD

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

Audited 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

Six months ended on 30-09-2009

Six months ended on 30-09-2008

Financial Year ended on  31-03-2009

 

 

 

 

(1)

(2)

(3)

(4)

(5)

 

(A)

 

 

 

 

 

 

 

 

 

1

Steel Production

Tonnes

15,19,017 

13,29,565 

30,61,397 

25,16,438 

53,74,939 

 

2

Steel Sales

"

14,56,755 

12,20,050 

28,74,591 

23,79,545 

52,31,605 

 

3

Export turnover (F.O.B. Value)

Rs. Crores

515.11 

1,086.20 

850.06 

1,954.33 

3,308.76 

 

 

 

USD Mn

106.51 

251.15 

175.16 

459.98 

732.50 

 

(B)

 

 

 

 

 

 

 

 

 

1

a)

Net Sales / Income from Operations

Rs. Crores

5,629.85 

6,725.89 

11,183.87 

12,813.12 

24,024.45 

 

 

b)

Other Operating Income

"

62.26 

87.56 

123.79 

153.25 

291.32 

 

2

Total Income [ 1(a) + 1(b) ]

"

5,692.11 

6,813.45 

11,307.66 

12,966.37 

24,315.77 

 

3

Total Expenditure

 

 

 

 

 

 

 

 

a)

(Increase) / decrease in stock-in-trade

"

(37.54)

(384.39)

8.05 

(586.19)

(289.27)

 

 

b)

Purchases of finished, semi-finished steel & other products

"

32.73 

120.12 

60.55 

236.58 

358.87 

 

 

c)

Raw materials consumed

"

1,426.52 

1,345.43 

2,958.69 

2,349.74 

5,709.91 

 

 

d)

Staff Cost

"

522.11 

598.53 

1,028.32 

1,070.40 

2,305.81 

 

 

e)

Purchase of Power

"

297.86 

278.07 

626.23 

539.99 

1,091.37 

 

 

f)

Freight and handling

"

307.82 

331.46 

623.05 

635.56 

1,251.23 

 

 

g)

Depreciation

"

256.37 

248.82 

509.54 

465.62 

973.40 

 

 

h)

Other Expenditure

"

1,220.38 

1,343.77 

2,338.32 

2,515.25 

4,754.42 

 

 

i)

Total Expenditure (3a to 3h)

"

4,026.25 

3,881.81 

8,152.75 

7,226.95 

16,155.74 

 

4

Profit / (Loss) from Operations before Other Income, Net Finance Charges & Exceptional Items & Tax (2 - 3)

"

1,665.86 

2,931.64 

3,154.91 

5,739.42 

8,160.03 

 

5

Other Income

"

76.05 

240.88 

122.39 

253.10 

308.27 

 

6

Profit / (Loss) from Operations before Net Finance Charges, Exceptional Items & Tax (4 + 5)

"

 1,741.91 

3,172.52 

3,277.30 

 5,992.52 

8,468.30 

 

7

Net Finance Charges

"

392.00 

254.82 

734.16 

496.55 

1,152.69 

 

8

Profit / (Loss) before Exceptional Items & Tax (6 - 7)

"

1,349.91 

2,917.70 

2,543.14 

5,495.97 

7,315.61 

 

9

Exceptional Items

"

 

 

 

 

 

 

 

a)

Exchange Gain / (Loss)

"

-

(345.42)

-

(648.84)

-

 

 

Total Exceptional Items

"

-

(345.42)

-

(648.84)

-

 

10

Profit / (Loss) before Tax [ 8 + 9 ]

"

1,349.91 

2,572.28 

2,543.14 

4,847.13 

7,315.61 

 

11

Tax Expense

"

446.97 

784.47 

850.37 

1,570.92 

2,113.87 

 

12

Net Profit (+) / Loss (-) [ 10 - 11]

"

902.94 

1,787.81 

1,692.77 

3,276.21 

 5,201.74 

 

13

Paid-up Equity Share Capital[Face value Rs.10 per share]

"

887.41 

730.78 

887.41 

730.78 

730.79 

 

14

Paid up Debt Capital

"

 

 

10,634.97 

7,153.16 

8,765.75 

 

15

Reserves excluding revaluation reserves

"

 

 

 

 

23,972.81 

 

16

Debenture Redemption Reserve

"

 

 

646.00 

646.00 

646.00 

 

17

Basic Earnings per share (not annualised) (after Exceptional items)

Rupees

10.89 

24.03 

21.28 

43.96 

69.45 

 

18

Diluted Earnings per share (not annualised) (after Exceptional items)

Rupees

10.37 

21.75 

20.00 

39.87 

61.78 

 

19

Net Debt Equity Ratio

 

 

 

0.76 

0.74 

0.78 

 

20

Debt Service Coverage Ratio

 

 

 

1.15 

6.59 

4.14 

 

21

Interest Service Coverage Ratio

 

 

 

4.46 

12.07 

7.35 

 

22

Aggregate of public shareholding

 

 

 

 

 

 

 

 

Number of shares

Nos.

59,75,90,392

48,25,87,357

59,75,90,392

48,25,87,357

48,25,22,747

 

 

% of shareholding

%

68.36%

66.06%

68.36%

66.06%

66.05%

 

23

Promoters and promoter group shareholding

 

 

 

 

 

 

 

 

a)

Pledged / encumbered

 

 

 

 

 

 

 

 

 

- Number of shares

Nos.

9,78,40,882 

 

9,78,40,882 

 

9,89,00,000 

 

 

 

- % of shares to total share holding of promoter & promoter group

%

35.37%

 

35.37%

 

39.87%

 

 

 

- % of shares to total sharecapital of the company

%

11.03%

 

11.03%

 

13.54%

 

 

b)

Non-encumbered

 

 

 

 

 

 

 

 

 

- Number of shares

Nos.

17,88,05,995 

 

17,88,05,995 

 

14,91,65,857 

 

 

 

- % of shares to total share holding of promoter & promoter group

%

64.63%

 

64.63%

 

60.13%

 

 

 

- % of shares to total sharecapital of the company

%

20.15%

 

20.15%

 

20.41%

1. Paid up Debt Capital represents Debentures and Convertible Alternative Reference Securities (CARS)

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 + Principal repayment 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

Particulars

Quarter ended on 30-09-2009

Quarter ended on 30-09-2008

Six months ended on 30-09-2009

Six months ended on 30-09-2008

Financial Year ended on  31-03-2009

 

(1)

(2)

(3)

(4)

(5)

Revenue by Business Segment:

 

 

 

 

 

Steel business

5,193.67 

5,881.97 

10,399.51 

11,183.46 

21,666.67 

Ferro Alloys and Minerals

433.91 

926.02 

791.23 

1,754.64 

2,636.86 

Others

376.10 

497.18 

717.49 

911.45 

1,566.23 

Total

6,003.68 

7,305.17 

11,908.23 

13,849.55 

25,869.76 

Less: Inter segment revenue

311.57 

491.72 

600.57 

883.18 

1,553.99 

Net sales/ income from operations

5,692.11 

6,813.45 

11,307.66 

12,966.37 

24,315.77 

 

 

 

 

 

 

Segment results before net finance charges, exceptional items and tax:

 

 

 

 

 

Steel business

1,682.76 

2,425.39 

3,262.27 

4,786.91 

7,391.31 

Ferro Alloys and Minerals

71.80 

556.80 

87.92 

1,034.74 

1,233.94 

Others

36.12 

30.01 

60.68 

66.72 

(29.54)

Unallocated income / (expenditure)

(48.77)

160.32 

(133.57)

104.15 

(127.41)

Total Segment results before net finance charges, exceptional items and tax:

1,741.91 

3,172.52 

3,277.30 

5,992.52 

8,468.30 

Less: Net Finance Charges

392.00 

254.82 

734.16 

496.55 

1,152.69 

Profit / (Loss) before exceptional items & tax

1,349.91 

2,917.70 

2,543.14 

5,495.97 

7,315.61 

Exceptional Items:

 

 

 

 

 

Exchange Gain / (Loss)

-

(345.42)

-

(648.84)

-

Profit / (Loss) before tax

1,349.91 

2,572.28 

2,543.14 

4,847.13 

7,315.61 

Less: Tax Expense

446.97 

784.47 

850.37 

1,570.92 

2,113.87 

Net Profit (+) / Loss (-) 

902.94 

1,787.81 

1,692.77 

3,276.21 

5,201.74 

 

 

 

 

 

 

Segment Capital Employed:

 

 

 

 

 

Steel business

13,114.69 

12,970.78 

13,114.69 

12,970.78 

12,730.41 

Ferro Alloys and Minerals

316.43 

753.53 

316.43 

753.53 

425.51 

Others

256.53 

318.29 

256.53 

318.29 

278.67 

Unallocated

3,253.37 

1,750.00 

3,253.37 

1,750.00 

2,111.06 

Total

16,941.02 

15,792.60 

16,941.02 

15,792.60 

15,545.65 

Notes:
1. The above financial results do not include the consolidated financial performance of the Company. The consolidated financial results of the Company including Tata Steel Europe Ltd. (Corus) for the quarter / six months ended September 30, 2009 would be published by the end of November 2009.
 
2. The Company has issued Global Depository Receipts (GDRs) for a gross amount of US$ 500 million and allotted 65,410,589 GDRs on 24th July 2009, each GDR representing one share at a price of US$ 7.644 (Rs. 370.20) per GDR.
 
3. The Company has converted on 1st September 2009, 547,266,011 Cumulative Convertible Preference Shares (CCPS) of Rs. 100 each into 91,211,001 equity shares of Rs. 10 each at a premium of Rs. 590 per share, in the ratio of 6:1. The Company has paid pro-rata interim dividend @ Rs. 0.838356 per CCPS for the period 1st April 2009 to 31st August 2009.
 
4. Tata Steel Limited and Mineral and Metal Trading Company Limited signed an agreement on 22nd October 2009 to establish a 74:26 joint venture company for acquiring, development and operation of mines and processing of minerals and metals.
 
5. The Company adopted the Companies (Accounting Standards) Amendment Rules 2009 relating to Accounting Standard 11 during the last quarter of 2008-09. Accordingly, an exchange translation gain of Rs. 15.96 crores (loss of Rs. 1.14 crores for the quarter) has been adjusted to the cost of capital assets during the six months ended September 30, 2009 and Rs.10.00 crores (Rs. 6.08 crores for the quarter) 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 period ended September 30, 2009 would have been higher by Rs. 279.19 crores (by Rs. 2.13 crores during the quarter).
 
6. Information on investor complaints pursuant to clause 41 of the listing agreement for the quarter ended September 30, 2009:
 
Opening
Balance
Received during the quarter
Resolved during the quarter
Closing
Balance
4
184
166
22
 
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 and were approved by the Board of Directors in its meeting of date.
 
 

Tata Steel Limited

Sd/-

Ratan N.Tata

Chairman

Mumbai: October 27, 2009

 
 
This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR BGBDGRXDGGCR

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