4th Feb 2016 13:57
Standalone Financial Results for the Nine Months ended on 31st December 2015 | |||||||||||
₹ Crores | |||||||||||
Particulars | Quarterended on31.12.2015 | Quarterended on30.09.2015 | Quarterended on31.12.2014 | Nine Months ended on 31.12.2015 | Nine Months ended on 31.12.2014 | Financial Year ended on 31.03.2015 | |||||
Audited | Audited | Audited | Audited | Audited | Audited | ||||||
1 | Income from operations | ||||||||||
a) | Net sales / income from operations (net of excise duty) | 8,991.35 | 9,445.71 | 9,824.46 | 27,442.95 | 30,911.14 | 41,433.82 | ||||
b) | Other operating income | 72.53 | 85.37 | 72.32 | 245.72 | 238.97 | 351.18 | ||||
Total income from operations (net) [1(a) + 1(b)] | 9,063.88 | 9,531.08 | 9,896.78 | 27,688.67 | 31,150.11 | 41,785.00 | |||||
2 | Expenses | ||||||||||
a) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | (173.12) | (132.00) | (662.00) | (503.38) | (1,309.64) | (715.94) | ||||
b) | Purchases of finished, semi-finished steel & other products | 333.35 | 197.52 | 231.71 | 767.30 | 475.90 | 688.32 | ||||
c) | Raw materials consumed | 2,340.60 | 2,870.93 | 3,709.08 | 7,541.23 | 8,994.78 | 11,678.60 | ||||
d) | Employee benefits expense | 1,139.19 | 1,085.14 | 1,164.79 | 3,306.67 | 3,433.85 | 4,601.92 | ||||
e) | Purchase of power | 673.52 | 668.46 | 536.61 | 2,036.28 | 1,935.34 | 2,570.16 | ||||
f) | Freight and handling charges | 777.82 | 707.22 | 727.17 | 2,180.39 | 2,112.06 | 2,883.32 | ||||
g) | Depreciation and amortisation expense | 490.93 | 481.03 | 457.30 | 1,440.20 | 1,425.13 | 1,997.59 | ||||
h) | Other expenses | 2,474.41 | 2,272.24 | 2,209.51 | 7,311.81 | 7,177.92 | 10,069.82 | ||||
Total expenses [2(a) to 2(h)] | 8,056.70 | 8,150.54 | 8,374.17 | 24,080.50 | 24,245.34 | 33,773.79 | |||||
3 | Profit / (Loss) from operations before other income, finance costs, exceptional items and tax [1 - 2] | 1,007.18 | 1,380.54 | 1,522.61 | 3,608.17 | 6,904.77 | 8,011.21 | ||||
4 | Other income | 82.86 | 2,932.69 | 108.29 | 3,764.39 | 514.18 | 582.78 | ||||
5 | Profit / (Loss) from operations before finance costs, exceptional items and tax [3 + 4] | 1,090.04 | 4,313.23 | 1,630.90 | 7,372.56 | 7,418.95 | 8,593.99 | ||||
6 | Finance costs | 350.09 | 331.28 | 462.44 | 1,077.34 | 1,443.58 | 1,975.95 | ||||
7 | Profit / (Loss) before exceptional items and tax [5 - 6] | 739.95 | 3,981.95 | 1,168.46 | 6,295.22 | 5,975.37 | 6,618.04 | ||||
8 | Exceptional items : | ||||||||||
a) | Profit / (Loss) on sale of non current investments | - | (1.58) | - | 104.29 | 787.96 | 806.10 | ||||
b) | Profit on sale of non current assets | - | - | - | - | 1,146.86 | 1,146.86 | ||||
c) | Provision for diminution in value of investments/doubtful advances | (15.43) | (95.59) | - | (111.02) | - | (198.40) | ||||
d) | (Provision)/ Reversal of impairment of non-current assets | - | (51.51) | - | (51.51) | - | 136.29 | ||||
e) | Provision for demands and claims | - | (880.05) | - | (880.05) | - | - | ||||
f) | Employee separation compensation | (24.27) | (292.78) | - | (317.05) | - | - | ||||
Total exceptional items [8(a) to 8(f)] | (39.70) | (1,321.51) | - | (1,255.34) | 1,934.82 | 1,890.85 | |||||
9 | Profit / (Loss) before tax [ 7 + 8 ] | 700.25 | 2,660.44 | 1,168.46 | 5,039.88 | 7,910.19 | 8,508.89 | ||||
10 | Tax expense | ||||||||||
a) | Current tax | 199.20 | 579.10 | 293.61 | 1,168.64 | 2,222.58 | 1,908.60 | ||||
b) | MAT credit | (1.58) | (264.31) | - | (315.51) | - | (117.21) | ||||
c) | Deferred tax | 49.81 | (177.27) | (5.79) | (37.60) | 62.58 | 278.38 | ||||
Total tax expense [10(a) to 10(c)] | 247.43 | 137.52 | 287.82 | 815.53 | 2,285.16 | 2,069.77 | |||||
11 | Net Profit / (Loss) for the period [9 - 10] | 452.82 | 2,522.92 | 880.64 | 4,224.35 | 5,625.03 | 6,439.12 | ||||
12 | Paid-up equity share capital[Face value ₹10 per share] | 971.41 | 971.41 | 971.41 | 971.41 | 971.41 | 971.41 | ||||
13 | Reserves excluding revaluation reserves | 65,692.48 | |||||||||
14 | Basic earnings per share (not annualised) - in Rupees(after exceptional items) | 4.21 | 25.53 | 8.61 | 42.15 | 56.55 | 64.49 | ||||
15 | Diluted earnings per share (not annualised) - in Rupees(after exceptional items) | 4.21 | 25.53 | 8.61 | 42.15 | 56.55 | 64.49 | ||||
Standalone Segment Revenue, Results and Capital Employed | ||||||
₹ Crores | ||||||
Particulars | Quarterended on31.12.2015 | Quarterended on30.09.2015 | Quarterended on31.12.2014 | Nine Months ended on 31.12.2015 | Nine Months ended on 31.12.2014 | Financial Year ended on 31.03.2015 |
Audited | Audited | Audited | Audited | Audited | Audited | |
Revenue by Business Segment: | ||||||
Steel business | 8,517.44 | 9,165.44 | 9,652.32 | 26,450.57 | 30,007.51 | 40,343.85 |
Ferro Alloys and Minerals | 509.56 | 299.45 | 192.78 | 1,083.98 | 939.57 | 1,154.89 |
Others | 503.66 | 531.10 | 590.40 | 1,574.38 | 1,798.03 | 2,378.39 |
Total | 9,530.66 | 9,995.99 | 10,435.50 | 29,108.93 | 32,745.11 | 43,877.13 |
Less: Inter segment revenue | 466.78 | 464.91 | 538.72 | 1,420.26 | 1,595.00 | 2,092.13 |
Net sales / income from operations | 9,063.88 | 9,531.08 | 9,896.78 | 27,688.67 | 31,150.11 | 41,785.00 |
Segment results before finance costs, exceptional items and tax: | ||||||
Steel business | 1,086.42 | 1,444.72 | 1,777.58 | 3,845.62 | 7,419.66 | 8,749.47 |
Ferro Alloys and Minerals | 36.54 | 27.03 | (18.30) | 71.87 | 146.63 | 108.79 |
Others | 17.32 | 15.10 | 6.96 | 39.22 | 35.07 | 48.64 |
Unallocated income / (expenditure) | (50.24) | 2,826.38 | (135.34) | 3,415.85 | (182.41) | (312.91) |
Total Segment results before finance costs, exceptional items and tax | 1,090.04 | 4,313.23 | 1,630.90 | 7,372.56 | 7,418.95 | 8,593.99 |
Less: Finance costs | 350.09 | 331.28 | 462.44 | 1,077.34 | 1,443.58 | 1,975.95 |
Profit / (Loss) before exceptional items and tax | 739.95 | 3,981.95 | 1,168.46 | 6,295.22 | 5,975.37 | 6,618.04 |
Exceptional items: | ||||||
Profit / (Loss) on sale of non current investments | - | (1.58) | - | 104.29 | 787.96 | 806.10 |
Profit on sale of non current assets | - | - | - | - | 1,146.86 | 1,146.86 |
Provision for diminution in value of investments/doubtful advances | (15.43) | (95.59) | - | (111.02) | - | (198.40) |
(Provision)/ Reversal of impairment of non-current assets | - | (51.51) | - | (51.51) | - | 136.29 |
Provision for demands and claims | - | (880.05) | - | (880.05) | - | - |
Employee Separation Compensation | (24.27) | (292.78) | - | (317.05) | - | - |
Profit / (Loss) before tax | 700.25 | 2,660.44 | 1,168.46 | 5,039.88 | 7,910.19 | 8,508.89 |
Less: Tax expense | 247.43 | 137.52 | 287.82 | 815.53 | 2,285.16 | 2,069.77 |
Net Profit / (Loss) | 452.82 | 2,522.92 | 880.64 | 4,224.35 | 5,625.03 | 6,439.12 |
Segment Capital Employed: | ||||||
Steel business | 49,080.11 | 48,175.06 | 45,509.65 | 49,080.11 | 45,509.65 | 47,257.07 |
Ferro Alloys and Minerals | 251.98 | 365.52 | 255.99 | 251.98 | 255.99 | 266.32 |
Others | 59.59 | 71.64 | 152.59 | 59.59 | 152.59 | 107.51 |
Unallocated | (420.73) | (540.89) | (836.31) | (420.73) | (836.31) | (855.12) |
Total | 48,970.95 | 48,071.33 | 45,081.92 | 48,970.95 | 45,081.92 | 46,775.78 |
Consolidated Financial Results for the Nine Months ended on 31st December 2015 | ||||||||||
₹ Crores | ||||||||||
Particulars | Quarterended on31.12.2015 | Quarterended on30.09.2015 | Quarterended on31.12.2014 | Nine Months ended on 31.12.2015 | Nine Months ended on 31.12.2014 | Financial Year ended on 31.03.2015 | ||||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |||||
1 | Income from operations | |||||||||
a) | Net sales / income from operations (net of excise duty) | 27,818.73 | 29,068.54 | 33,327.61 | 86,787.37 | 1,04,982.10 | 1,38,318.91 | |||
b) | Other operating income | 220.29 | 236.15 | 305.62 | 856.67 | 855.45 | 1,184.82 | |||
Total income from operations (net) [1(a) + 1(b)] | 28,039.02 | 29,304.69 | 33,633.23 | 87,644.04 | 1,05,837.55 | 1,39,503.73 | ||||
2 | Expenses | |||||||||
a) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 956.66 | 114.12 | (511.91) | 551.12 | (1,071.17) | 1,122.18 | |||
b) | Purchases of finished, semi-finished steel & other products | 2,431.88 | 2,392.04 | 3,548.77 | 7,666.30 | 11,344.89 | 13,804.22 | |||
c) | Raw materials consumed | 7,624.80 | 8,783.73 | 10,553.44 | 25,130.88 | 31,959.28 | 40,741.04 | |||
d) | Employee benefits expense | 4,964.63 | 4,990.45 | 4,950.12 | 14,850.83 | 15,981.58 | 21,407.64 | |||
e) | Purchase of power | 1,317.13 | 1,378.96 | 1,343.53 | 4,144.56 | 4,478.10 | 5,913.28 | |||
f) | Freight and handling charges | 1,988.49 | 2,044.93 | 2,129.83 | 6,064.45 | 6,510.59 | 8,811.41 | |||
g) | Depreciation and amortisation expense | 1,132.66 | 1,370.80 | 1,451.09 | 3,849.96 | 4,430.88 | 5,943.60 | |||
h) | Other expenses | 7,979.75 | 7,769.97 | 8,542.06 | 23,855.49 | 25,641.50 | 35,168.21 | |||
Total expenses [2(a) to 2(h)] | 28,396.00 | 28,845.00 | 32,006.93 | 86,113.59 | 99,275.65 | 1,32,911.58 | ||||
3 | Profit / (Loss) from operations before other income, finance costs, exceptional items and tax [1 - 2] | (356.98) | 459.69 | 1,626.30 | 1,530.45 | 6,561.90 | 6,592.15 | |||
4 | Other income | 96.16 | 2,938.19 | 119.11 | 3,796.52 | 656.77 | 796.18 | |||
5 | Profit / (Loss) from operations before finance costs, exceptional items and tax [3 + 4] | (260.82) | 3,397.88 | 1,745.41 | 5,326.97 | 7,218.67 | 7,388.33 | |||
6 | Finance costs | 964.08 | 1,048.74 | 1,167.41 | 3,110.85 | 3,652.56 | 4,847.75 | |||
7 | Profit / (Loss) before exceptional items and tax [5 - 6] | (1,224.90) | 2,349.14 | 578.00 | 2,216.12 | 3,566.11 | 2,540.58 | |||
8 | Exceptional items : | |||||||||
a) | Profit / (Loss) on sale of non current investments | - | 21.52 | - | 179.95 | 1,312.32 | 1,315.34 | |||
b) | Profit on sale of non current assets | - | - | - | - | 1,146.86 | 1,146.86 | |||
c) | Provision for diminution in value of investments/doubtful advances | - | (90.69) | - | (90.69) | - | (338.30) | |||
d) | Provision for impairment of non-current assets | (72.11) | (7,924.30) | - | (7,996.41) | (1,576.65) | (6,052.57) | |||
e) | Provision for demands and claims | - | (880.05) | - | (880.05) | - | - | |||
f) | Employee separation compensation | (24.27) | (292.78) | - | (317.05) | - | - | |||
g) | Restructuring and other provisions | (615.39) | 8,602.56 | - | 7,987.17 | - | - | |||
Total exceptional items [8(a) to 8(g)] | (711.77) | (563.74) | - | (1,117.08) | 882.53 | (3,928.67) | ||||
9 | Profit / (Loss) before tax [ 7 + 8 ] | (1,936.67) | 1,785.40 | 578.00 | 1,099.04 | 4,448.64 | (1,388.09) | |||
10 | Tax expense | |||||||||
a) | Current tax | 177.79 | 615.98 | 306.21 | 1,246.42 | 2,463.18 | 2,214.71 | |||
b) | MAT credit | (2.49) | (264.44) | - | (316.74) | - | (117.32) | |||
c) | Deferred tax | 68.10 | (111.37) | 140.47 | 69.26 | 238.68 | 470.02 | |||
Total tax expense [10(a) to 10(c)] | 243.40 | 240.17 | 446.68 | 998.94 | 2,701.86 | 2,567.41 | ||||
11 | Net Profit / (Loss) for the period [9 - 10] | (2,180.07) | 1,545.23 | 131.32 | 100.10 | 1,746.78 | (3,955.50) | |||
12 | Minority interest | 30.97 | (0.84) | 15.63 | 36.91 | (2.11) | 13.29 | |||
13 | Share of profit / (loss) of associates | 21.87 | (15.68) | 10.16 | 27.43 | 4.10 | 16.69 | |||
14 | Net Profit / (Loss) after taxes, minority interest and share of profit /(loss) of associates [ 11 + 12 + 13 ] | (2,127.23) | 1,528.71 | 157.11 | 164.44 | 1,748.77 | (3,925.52) | |||
15 | Paid-up equity share capital[Face value ₹10 per share] | 970.24 | 970.24 | 971.41 | 970.24 | 971.41 | 971.41 | |||
16 | Reserves excluding revaluation reserves | 30,378.00 | ||||||||
17 | Basic earnings per share (not annualised) - in Rupees(after exceptional items) | (22.38) | 15.31 | 1.16 | 0.35 | 16.64 | (42.24) | |||
18 | Diluted earnings per share (not annualised) - in Rupees(after exceptional items) | (22.38) | 15.31 | 1.16 | 0.35 | 16.64 | (42.24) | |||
Consolidated Segment Revenue, Results and Capital Employed | ||||||
₹ Crores | ||||||
Particulars | Quarterended on31.12.2015 | Quarterended on30.09.2015 | Quarterended on31.12.2014 | Nine Months ended on 31.12.2015 | Nine Months ended on 31.12.2014 | Financial Year ended on 31.03.2015 |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Revenue by Business Segment: | ||||||
Steel business | 26,821.56 | 28,396.10 | 32,524.61 | 84,483.39 | 1,02,067.84 | 1,34,407.07 |
Others | 2,621.64 | 2,441.19 | 2,945.41 | 7,900.67 | 9,215.71 | 12,419.88 |
Unallocated | 137.57 | 253.33 | 394.02 | 681.57 | 1,069.85 | 1,448.14 |
Total | 29,580.77 | 31,090.62 | 35,864.04 | 93,065.63 | 1,12,353.40 | 1,48,275.09 |
Less: Inter segment revenue | 1,541.75 | 1,785.93 | 2,230.81 | 5,421.59 | 6,515.85 | 8,771.36 |
Net sales / income from operations | 28,039.02 | 29,304.69 | 33,633.23 | 87,644.04 | 1,05,837.55 | 1,39,503.73 |
Segment results before finance costs, exceptional items and tax: | ||||||
Steel business | (81.23) | 986.59 | 2,453.07 | 2,642.61 | 8,875.75 | 9,500.78 |
Others | 26.37 | (161.26) | (44.33) | (142.62) | 22.05 | 27.65 |
Unallocated income / (expenditure) | 1,201.32 | 3,893.36 | 610.32 | 6,738.61 | 2,553.75 | 5,205.02 |
Less: Inter segment eliminations | 1,407.28 | 1,320.81 | 1,273.65 | 3,911.63 | 4,232.88 | 7,345.12 |
Total Segment results before finance costs, exceptional items and tax | (260.82) | 3,397.88 | 1,745.41 | 5,326.97 | 7,218.67 | 7,388.33 |
Less: Finance costs | 964.08 | 1,048.74 | 1,167.41 | 3,110.85 | 3,652.56 | 4,847.75 |
Profit / (Loss) before exceptional items and tax | (1,224.90) | 2,349.14 | 578.00 | 2,216.12 | 3,566.11 | 2,540.58 |
Exceptional items: | ||||||
Profit / (Loss) on sale of non current investments | - | 21.52 | - | 179.95 | 1,312.32 | 1,315.34 |
Profit on sale of non current assets | - | - | - | - | 1,146.86 | 1,146.86 |
Provision for diminution in value of investments/doubtful advances | - | (90.69) | - | (90.69) | - | (338.30) |
Provision for impairment of non-current assets | (72.11) | (7,924.30) | - | (7,996.41) | (1,576.65) | (6,052.57) |
Provision for demands and claims | - | (880.05) | - | (880.05) | - | - |
Employee separation compensation | (24.27) | (292.78) | - | (317.05) | - | - |
Restructuring and other provisions | (615.39) | 8,602.56 | - | 7,987.17 | - | - |
Profit / (Loss) before tax | (1,936.67) | 1,785.40 | 578.00 | 1,099.04 | 4,448.64 | (1,388.09) |
Less: Tax expense | 243.40 | 240.17 | 446.68 | 998.94 | 2,701.86 | 2,567.41 |
Net Profit / (Loss) | (2,180.07) | 1,545.23 | 131.32 | 100.10 | 1,746.78 | (3,955.50) |
Segment Capital Employed: | ||||||
Steel business | 95,736.62 | 96,936.52 | 1,07,387.91 | 95,736.62 | 1,07,387.91 | 1,04,754.17 |
Others | 2,458.60 | 2,577.24 | 2,601.16 | 2,458.60 | 2,601.16 | 2,774.85 |
Unallocated | 6,224.46 | 5,609.60 | (1,416.89) | 6,224.46 | (1,416.89) | (4,867.87) |
Inter segment eliminations | 117.11 | 127.17 | 157.03 | 117.11 | 157.03 | (33.77) |
Total | 1,04,536.79 | 1,05,250.53 | 1,08,729.21 | 1,04,536.79 | 1,08,729.21 | 1,02,627.38 |
Notes:
1. The results have been reviewed by the Audit Committee in its meeting held on February 03, 2016 and were approved by the Board of Directors in its meeting of date.
2. 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/Ind AS 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 statement of profit and loss, the consolidated profit after taxes, minority interest and share of profit of associates for the nine months ended December 31, 2015 would have been higher by ₹ 725.78 crores (consolidated loss after taxes, minority interest and share of profit of associates would have been higher by ₹ 589.40 crores for the quarter) and the consolidated profit after taxes, minority interest and share of profit of associates for the nine months ended December 31, 2014 would have been lower by ₹ 2,985.64 crores (₹ 1,946.82 crores for the quarter).
3. Exceptional Item 8(d) in the consolidated results during the quarter represents non-cash write down of fixed assets relating to the European operations.
Exceptional item 8(f) represents the charge taken on Employee Separation Scheme in Tata Steel India.
Exceptional item 8(g) in the consolidated results during the quarter represents restructuring and other provisions relating to the European operations.
4. The consolidated financial results have been subjected to limited review and the stand-alone financial results have been audited by the statutory auditors.
5. Figures for the previous periods have been regrouped and reclassified to conform to the classification of the current period, where necessary.
http://www.rns-pdf.londonstockexchange.com/rns/1201O_-2016-2-4.pdf
Tata Steel Limited
Sd/-
Cyrus P Mistry
Chairman
Mumbai: February 04, 2016
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