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Tata Steel Limited Financial Results Q2H1 FY'16

5th Nov 2015 12:26

RNS Number : 7162E
Tata Steel Limited
05 November 2015
 



Standalone Financial Results for the Six Months ended on 30th September 2015

PART I

₹ Crores

Particulars

Quarterended on30.09.2015

Quarterended on30.06.2015

Quarterended on30.09.2014

Six Months ended on 30.09.2015

Six Months ended on 30.09.2014

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)

9,445.71

9,005.89

10,705.44

18,451.60

21,086.68

41,433.82

b)

Other operating income

85.37

87.82

79.63

173.19

166.65

351.18

Total income from operations (net) [1(a) + 1(b)]

9,531.08

9,093.71

10,785.07

18,624.79

21,253.33

41,785.00

2

Expenses

a)

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(132.00)

(198.26)

(304.18)

(330.26)

(647.64)

(715.94)

b)

Purchases of finished, semi-finished steel & other products

197.52

236.43

176.27

433.95

244.19

688.32

c)

Raw materials consumed

2,870.93

2,329.70

2,721.71

5,200.63

5,285.70

11,678.60

d)

Employee benefits expense

1,085.14

1,082.34

1,140.92

2,167.48

2,269.06

4,601.92

e)

Purchase of power

668.46

694.30

677.45

1,362.76

1,398.73

2,570.16

f)

Freight and handling charges

707.22

695.35

693.97

1,402.57

1,384.89

2,883.32

g)

Depreciation and amortisation expense

481.03

468.24

474.57

949.27

967.83

1,997.59

h)

Other expenses

2,272.24

2,565.16

2,584.80

4,837.40

4,968.41

10,069.82

Total expenses [2(a) to 2(h)]

8,150.54

7,873.26

8,165.51

16,023.80

15,871.17

33,773.79

3

Profit / (Loss) from operations before other income, finance costs, exceptional items and tax [1 - 2]

1,380.54

1,220.45

2,619.56

2,600.99

5,382.16

8,011.21

4

Other income

2,932.69

748.84

262.39

3,681.53

405.89

582.78

5

Profit / (Loss) from operations before finance costs, exceptional items and tax [3 + 4]

4,313.23

1,969.29

2,881.95

6,282.52

5,788.05

8,593.99

6

Finance costs

331.28

395.97

488.80

727.25

981.14

1,975.95

7

Profit / (Loss) before exceptional items and tax [5 - 6]

3,981.95

1,573.32

2,393.15

5,555.27

4,806.91

6,618.04

8

Exceptional items :

a)

Profit / (Loss) on sale of non current investments

(1.58)

105.87

-

104.29

787.96

806.10

b)

Profit on sale of non current assets

-

-

1,146.86

-

1,146.86

1,146.86

c)

Provision for diminution in value of investments/doubtful advances

(95.59)

-

-

(95.59)

-

(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

(292.78)

-

-

(292.78)

-

-

Total exceptional items [8(a) to 8(f)]

(1,321.51)

105.87

1,146.86

(1,215.64)

1,934.82

1,890.85

9

Profit / (Loss) before tax [ 7 + 8 ]

2,660.44

1,679.19

3,540.01

4,339.63

6,741.73

8,508.89

10

Tax expense

a)

Current tax

579.10

390.34

1,035.70

969.44

1,928.97

1,908.60

b)

MAT credit

(264.31)

(49.62)

-

(313.93)

-

(117.21)

c)

Deferred tax

(177.27)

89.86

27.90

(87.41)

68.37

278.38

Total tax expense [10(a) to 10(c)]

 

137.52

430.58

1,063.60

568.10

1,997.34

2,069.77

11

Net Profit / (Loss) for the period [9 - 10]

2,522.92

1,248.61

2,476.41

3,771.53

4,744.39

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

Paid up debt capital

10,779.97

15,194.51

11,399.97

14

Reserves excluding revaluation reserves

65,692.48

15

Debenture redemption reserve

2,046.00

2,046.00

2,046.00

16

Basic earnings per share (not annualised) - in Rupees(after exceptional items)

25.53

12.41

25.04

37.94

47.94

64.49

17

Diluted earnings per share (not annualised) - in Rupees(after exceptional items)

25.53

12.41

25.04

37.94

47.94

64.49

18

Net debt equity ratio

0.34

0.36

0.40

19

Debt service coverage ratio

1.40

5.94

1.43

20

Interest service coverage ratio

12.08

8.70

6.35

(a)

Paid up debt capital represents debentures and Foreign Currency Convertible Bonds (FCCB)

(b)

Net debt to equity: Net Debt / Average Net Worth

(Net debt: Long term borrowings + Current maturities of long term borrowings + Short term borrowings - Cash & bank balances - Current investments)

(Net worth: Shareholders' funds+ Hybrid Perpetual Securities)

(c)

Debt Service Coverage Ratio: EBIT / (Net finance charges + Scheduled principal repayments of long term debts (excluding prepayments) during the period)

(EBIT : Profit before Tax +/(-) Exceptional Items + Net finance charges)

(Net finance charges: Finance costs (excluding interest on short term debts) - Interest income - Dividend income from current investments - Net Gain/(Loss) on sale of current investments)

(d)

Interest Service Coverage Ratio: EBIT / Net Finance Charges

 

PART II

Select information for the Quarter ended on 30th September 2015

Quarterended on30.09.2015

Quarterended on30.06.2015

Quarterended on30.09.2014

Six Months ended on 30.09.2015

Six Months ended on 30.09.2014

Financial Year ended on 31.03.2015

A

Particulars of Shareholding

1

Aggregate of public shareholding

Number of shares

64,75,54,920

64,74,14,648

64,93,36,002

64,75,54,920

64,93,36,002

64,87,93,230

% of shareholding

68.02%

68.01%

68.07%

68.02%

68.07%

68.06%

2

Promoters and promoter group shareholding

a)

Pledged / encumbered

- Number of shares

2,74,00,000

2,74,00,000

2,74,00,000

2,74,00,000

2,74,00,000

2,74,00,000

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

9.00%

9.00%

9.00%

9.00%

9.00%

9.00%

- % of shares to total share capital of the company

2.82%

2.82%

2.82%

2.82%

2.82%

2.82%

b)

Non-encumbered

- Number of shares

27,71,14,362

27,71,14,362

27,71,14,362

27,71,14,362

27,71,14,362

27,71,14,362

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

91.00%

91.00%

91.00%

91.00%

91.00%

91.00%

- % of shares to total share capital of the company

28.53%

28.53%

28.53%

28.53%

28.53%

28.53%

 

Particulars

Quarterended on30.09.2015

B

Investor complaints

Pending at the beginning of the Quarter

6

Received during the quarter

30

Disposed off during the quarter

23

Remaining unresolved at the end of the quarter

13

Of the total 13 unresolved complaints, 2 complaints were subsequently resolved and 5 complaints pertained to non-receipt of dividend pending reconciliation.

 

Standalone Segment Revenue, Results and Capital Employed

₹ Crores

Particulars

Quarterended on30.09.2015

Quarterended on30.06.2015

Quarterended on30.09.2014

Six Months ended on 30.09.2015

Six Months ended on 30.09.2014

Financial Year ended on 31.03.2015

Audited

Audited

Audited

Audited

Audited

Audited

Revenue by Business Segment:

Steel business

9,165.44

8,767.69

10,388.13

17,933.13

20,355.19

40,343.85

Ferro Alloys and Minerals

299.45

274.97

299.44

574.42

746.79

1,154.89

Others

531.10

539.62

618.37

1,070.72

1,207.63

2,378.39

Total

9,995.99

9,582.28

11,305.94

19,578.27

22,309.61

43,877.13

Less: Inter segment revenue

464.91

488.57

520.87

953.48

1,056.28

2,092.13

Net sales / income from operations

9,531.08

9,093.71

10,785.07

18,624.79

21,253.33

41,785.00

Segment results before finance costs, exceptional items and tax:

Steel business

1,444.72

1,314.48

2,816.10

2,759.20

5,642.08

8,749.47

Ferro Alloys and Minerals

27.03

8.30

57.58

35.33

164.93

108.79

Others

15.10

6.80

11.67

21.90

28.11

48.64

Unallocated income / (expenditure)

2,826.38

639.71

(3.40)

3,466.09

(47.07)

(312.91)

Total Segment results before finance costs, exceptional items and tax

4,313.23

1,969.29

2,881.95

6,282.52

5,788.05

8,593.99

Less: Finance costs

331.28

395.97

488.80

727.25

981.14

1,975.95

Profit / (Loss) before exceptional items and tax

3,981.95

1,573.32

2,393.15

5,555.27

4,806.91

6,618.04

Exceptional items:

Profit / (Loss) on sale of non current investments

(1.58)

105.87

-

104.29

787.96

806.10

Profit on sale of non current assets

-

-

1,146.86

-

1,146.86

1,146.86

Provision for diminution in value of investments/doubtful advances

(95.59)

-

-

(95.59)

-

(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

(292.78)

-

-

(292.78)

-

-

Profit / (Loss) before tax

2,660.44

1,679.19

3,540.01

4,339.63

6,741.73

8,508.89

Less: Tax expense

137.52

430.58

1,063.60

568.10

1,997.34

2,069.77

Net Profit / (Loss)

2,522.92

1,248.61

2,476.41

3,771.53

4,744.39

6,439.12

Segment Capital Employed:

Steel business

48,175.06

48,483.87

43,209.62

48,175.06

43,209.62

47,257.07

Ferro Alloys and Minerals

365.52

299.36

288.67

365.52

288.67

266.32

Others

71.64

106.19

141.45

71.64

141.45

107.51

Unallocated

(540.89)

(1,131.77)

668.35

(540.89)

668.35

(855.12)

Total

48,071.33

47,757.65

44,308.09

48,071.33

44,308.09

46,775.78

 

 

Standalone Statement of Assets & Liabilities

₹ Crores

Standalone results

Particulars

As at30.09.2015

As at31.03.2015

Audited

Audited

A

EQUITY AND LIABILITIES

(1)

Shareholders' funds

(a)

Share Capital

971.41

971.41

(b)

Reserves and surplus

69,384.76

65,692.48

Sub-total - Shareholders' funds

70,356.17

66,663.89

(2)

Share application money pending allotment

-

-

(3)

Hybrid Perpetual Securities

2,275.00

2,275.00

(4)

Non-current liabilities

(a)

Long-term borrowings

23,313.96

23,900.37

(b)

Deferred tax liabilities (net)

2,162.97

2,250.41

(c)

Other long-term liabilities

610.20

1,128.87

(d)

Long-term provisions

3,213.11

2,875.92

Sub-total - Non current liabilities

29,300.24

30,155.57

(5)

Current liabilities

(a)

Short-term borrowings

2,017.91

34.88

(b)

Trade payables

6,619.27

5,801.98

(c)

Other current liabilities

6,954.29

9,256.91

(d)

Short-term provisions

1,497.39

1,675.41

Sub-total - Current liabilities

17,088.86

16,769.18

TOTAL - EQUITY AND LIABILITIES

1,19,020.27

1,15,863.64

B

ASSETS

(1)

Non-current assets

(a)

Fixed assets

50,527.59

48,285.19

(b)

Non-current investments

52,308.05

52,164.24

(c)

Long-term loans and advances

3,485.66

3,207.90

(d)

Other non current assets

199.86

211.75

Sub-total - Non current assets

1,06,521.16

1,03,869.08

(2)

Current assets

(a)

Current investments

1,410.28

1,000.08

(b)

Inventories

7,893.22

8,042.00

(c)

Trade receivables

890.83

491.46

(d)

Cash and bank balances

650.05

478.59

(e)

Short-term loans and advances

1,581.37

1,927.16

(f)

Other current assets

73.36

55.27

Sub-total - Current assets

12,499.11

11,994.56

TOTAL - ASSETS

1,19,020.27

1,15,863.64

 

Consolidated Financial Results for the Six Months ended on 30th September 2015

PART I

₹ Crores

Particulars

Quarterended on30.09.2015

Quarterended on30.06.2015

Quarterended on30.09.2014

Six Months ended on 30.09.2015

Six Months ended on 30.09.2014

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)

29,068.54

29,900.10

35,507.71

58,968.64

71,654.49

1,38,318.91

b)

Other operating income

236.15

400.23

269.40

636.38

549.83

1,184.82

Total income from operations (net) [1(a) + 1(b)]

29,304.69

30,300.33

35,777.11

59,605.02

72,204.32

1,39,503.73

2

Expenses

a)

Changes in inventories of finished goods, work-in-progress and stock-in-trade

114.12

(519.66)

33.38

(405.54)

(559.26)

1,122.18

b)

Purchases of finished, semi-finished steel & other products

2,392.04

2,842.38

3,667.32

5,234.42

7,796.12

13,804.22

c)

Raw materials consumed

8,783.73

8,722.35

10,395.72

17,506.08

21,405.84

40,741.04

d)

Employee benefits expense

4,990.45

4,895.75

5,399.31

9,886.20

11,031.46

21,407.64

e)

Purchase of power

1,378.96

1,448.47

1,527.90

2,827.43

3,134.57

5,913.28

f)

Freight and handling charges

2,044.93

2,031.03

2,190.48

4,075.96

4,380.76

8,811.41

g)

Depreciation and amortisation expense

1,370.80

1,346.50

1,429.51

2,717.30

2,979.79

5,943.60

h)

Other expenses

7,769.97

8,105.77

8,920.18

15,875.74

17,099.44

35,168.21

Total expenses [2(a) to 2(h)]

28,845.00

28,872.59

33,563.80

57,717.59

67,268.72

1,32,911.58

3

Profit / (Loss) from operations before other income, finance costs, exceptional items and tax [1 - 2]

459.69

1,427.74

2,213.31

1,887.43

4,935.60

6,592.15

4

Other income

2,938.19

762.17

321.52

3,700.36

537.66

796.18

5

Profit / (Loss) from operations before finance costs, exceptional items and tax [3 + 4]

3,397.88

2,189.91

2,534.83

5,587.79

5,473.26

7,388.33

6

Finance costs

1,048.74

1,098.03

1,232.78

2,146.77

2,485.15

4,847.75

7

Profit / (Loss) before exceptional items and tax [5 - 6]

2,349.14

1,091.88

1,302.05

3,441.02

2,988.11

2,540.58

8

Exceptional items :

a)

Profit / (Loss) on sale of non current investments

21.52

158.43

(1.85)

179.95

1,312.32

1,315.34

b)

Profit on sale of non current assets

-

-

1,146.86

-

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

(7,924.30)

-

-

(7,924.30)

(1,576.65)

(6,052.57)

e)

Provision for demands and claims

(880.05)

-

-

(880.05)

-

-

f)

Employee separation compensation

(292.78)

-

-

(292.78)

-

-

g)

Restructuring and other provisions

8,602.56

-

-

8,602.56

-

-

Total exceptional items [8(a) to 8(g)]

(563.74)

158.43

1,145.01

(405.31)

882.53

(3,928.67)

9

Profit / (Loss) before tax [ 7 + 8 ]

1,785.40

1,250.31

2,447.06

3,035.71

3,870.64

(1,388.09)

10

Tax expense

a)

Current tax

615.98

452.65

1,130.19

1,068.63

2,156.97

2,214.71

b)

MAT credit

(264.44)

(49.81)

-

(314.25)

-

(117.32)

c)

Deferred tax

(111.37)

112.53

44.58

1.16

98.21

470.02

Total tax expense [10(a) to 10(c)]

240.17

515.37

1,174.77

755.54

2,255.18

2,567.41

11

Net Profit / (Loss) for the period [9 - 10]

1,545.23

734.94

1,272.29

2,280.17

1,615.46

(3,955.50)

12

Minority interest

(0.84)

6.78

(3.34)

5.94

(17.74)

13.29

13

Share of profit / (loss) of associates

(15.68)

21.24

(14.62)

5.56

(6.06)

16.69

14

Net Profit / (Loss) after taxes, minority interest and share of profit /(loss) of associates [ 11 + 12 + 13 ]

1,528.71

762.96

1,254.33

2,291.67

1,591.66

(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)

15.31

7.42

12.46

22.72

15.48

(42.24)

18

Diluted earnings per share (not annualised) - in Rupees(after exceptional items)

15.31

7.42

12.46

22.72

15.48

(42.24)

 

Consolidated Segment Revenue, Results and Capital Employed

₹ Crores

Particulars

Quarterended on30.09.2015

Quarterended on30.06.2015

Quarterended on30.09.2014

Six Months ended on 30.09.2015

Six Months ended on 30.09.2014

Financial Year ended on 31.03.2015

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Revenue by Business Segment:

Steel business

28,396.10

29,265.71

34,582.74

57,661.83

69,543.23

1,34,407.07

Others

2,441.19

2,837.86

2,869.67

5,279.03

6,270.30

12,419.88

Unallocated

253.33

290.67

338.41

544.00

675.83

1,448.14

Total

31,090.62

32,394.24

37,790.82

63,484.86

76,489.36

1,48,275.09

Less: Inter segment revenue

1,785.93

2,093.91

2,013.71

3,879.84

4,285.04

8,771.36

Net sales / income from operations

29,304.69

30,300.33

35,777.11

59,605.02

72,204.32

1,39,503.73

Segment results before finance costs, exceptional items and tax:

Steel business

986.59

1,737.26

3,129.69

2,723.84

6,422.67

9,500.78

Others

(161.26)

(7.74)

(44.02)

(168.99)

66.39

27.65

Unallocated income / (expenditure)

3,893.36

1,643.93

1,369.31

5,537.29

1,943.43

5,205.02

Less: Inter segment eliminations

1,320.81

1,183.54

1,920.15

2,504.35

2,959.23

7,345.12

Total Segment results before finance costs, exceptional items and tax

3,397.88

2,189.91

2,534.83

5,587.79

5,473.26

7,388.33

Less: Finance costs

1,048.74

1,098.03

1,232.78

2,146.77

2,485.15

4,847.75

Profit / (Loss) before exceptional items and tax

2,349.14

1,091.88

1,302.05

3,441.02

2,988.11

2,540.58

Exceptional items:

Profit / (Loss) on sale of non current investments

21.52

158.43

(1.85)

179.95

1,312.32

1,315.34

Profit on sale of non current assets

-

-

1,146.86

-

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

(7,924.30)

-

-

(7,924.30)

(1,576.65)

(6,052.57)

Provision for demands and claims

(880.05)

-

-

(880.05)

-

-

Employee separation compensation

(292.78)

-

-

(292.78)

-

-

Restructuring and other provisions

8,602.56

-

-

8,602.56

-

-

Profit / (Loss) before tax

1,785.40

1,250.31

2,447.06

3,035.71

3,870.64

(1,388.09)

Less: Tax expense

240.17

515.37

1,174.77

755.54

2,255.18

2,567.41

Net Profit / (Loss)

1,545.23

734.94

1,272.29

2,280.17

1,615.46

(3,955.50)

Segment Capital Employed:

Steel business

1,03,687.00

1,07,705.06

1,06,195.67

1,03,687.00

1,06,195.67

1,04,754.17

Others

2,577.24

2,910.36

2,689.71

2,577.24

2,689.71

2,774.85

Unallocated

(1,140.88)

(5,779.02)

159.93

(1,140.88)

159.93

(4,867.87)

Inter segment eliminations

127.17

158.78

(33.65)

127.17

(33.65)

(33.77)

Total

1,05,250.53

1,04,995.18

1,09,011.66

1,05,250.53

1,09,011.66

1,02,627.38

 

 

Consolidated Statement of Assets & Liabilities

₹ Crores

Particulars

As at 30.09.2015

As at 31.03.2015

Unaudited

Audited

A

EQUITY AND LIABILITIES

(1)

Shareholders' funds

(a)

Share Capital

970.24

971.41

(b)

Reserves and surplus

34,074.42

30,378.00

Sub-total - Shareholders' funds

35,044.66

31,349.41

(2)

Share application money pending allotment

-

-

(3)

Preference Shares issued by subsidiary companies

20.00

20.00

(4)

Hybrid Perpetual Securities

2,275.00

2,275.00

(5)

Minority interest

1,661.20

1,703.85

(6)

Non-current liabilities

(a)

Long-term borrowings

67,434.51

65,675.20

(b)

Deferred tax liabilities

2,825.07

2,884.51

(c)

Other long-term liabilities

1,217.55

1,748.80

(d)

Long-term provisions

8,251.92

7,503.76

 Sub-total - Non current liabilities

79,729.05

77,812.27

(7)

Current liabilities

(a)

Short-term borrowings

4,363.85

3,628.68

(b)

Trade payables

19,945.09

19,189.86

(c)

Other current liabilities

19,469.64

20,449.46

(d)

Short-term provisions

2,628.31

2,703.52

 Sub-total - Current liabilities

46,406.89

45,971.52

TOTAL - EQUITY AND LIABILITIES

1,65,136.80

1,59,132.05

B

ASSETS

(1)

Non-current assets

(a)

Fixed assets

80,156.73

83,370.94

(b)

Goodwill on consolidation

14,419.39

13,407.51

(c)

Non-current investments

2,138.96

2,080.43

(d)

Deferred tax assets

13.16

22.75

(e)

Long-term loans and advances

16,719.20

5,106.57

(f)

Other non-current assets

1,383.46

1,403.71

 Sub-total - Non current assets

1,14,830.90

1,05,391.91

(2)

Current assets

(a)

Current investments

1,774.02

1,374.62

(b)

Inventories

25,649.50

25,149.91

(c)

Trade receivables

13,142.96

13,309.87

(d)

Cash and bank balances

5,364.63

8,749.94

(e)

Short-term loans and advances

4,046.17

4,748.34

(f)

Other current assets

328.62

407.46

Sub-total - Current assets

50,305.90

53,740.14

TOTAL - ASSETS

1,65,136.80

1,59,132.05

 

 

Notes:

1. The results have been reviewed by the Audit Committee in its meeting held on November 04, 2015 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 six months ended September 30, 2015 would have been higher by ₹ 1,315.18 crores (₹ 692.26 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, 2014 would have been lower by ₹ 1,038.82 crores (₹ 586.36 crores for the quarter).

 

3. Other income during the quarter includes gain of ₹ 2,808.29 crores on sale of quoted investments.

 

4. During the quarter, the Company divested its entire stake in a subsidiary Tata Incorporated. The profit/ (loss) on sale of this investment in the consolidated and stand-alone results during the quarter is reported under Exceptional Item 8(a).

 

Exceptional Item 8(c) and 8(d) in the stand-alone and consolidated results represent non-cash write down of fixed assets and other assets in certain non-performing business units within the group. In the consolidated results, Exceptional Item 8(d) includes an impairment loss of ₹ 7,771.78 crores in Strips UK business, Speciality & Bar Mill and other units in Europe.

 

Exceptional Item 8(e) represents certain provisions for demands and claims provided during the quarter in relation to the Indian operations.

 

Exceptional item 8(f) represents the charge taken on Employee Separation Scheme in Tata Steel India.

 

During the quarter, a formal consultation has been completed with the employees with respect to changes in the British Steel Pension Scheme (BSPS) and triennial valuation resulting in a net credit of £ 870 mn. In relation to the Stichting Pensioenfonds Hoogovens (SPH) scheme, an agreement has been entered into between Tata Steel Nederland BV and the SPH Board that allows the scheme to be classified as a defined contribution scheme rather than defined benefit scheme resulting in a net credit of £ 113 mn. Exceptional item 8(g) in the consolidated results includes a net credit of ₹ 9,682.72 crores on account of the above. The balance includes restructuring and other provisions.

 

5. The consolidated financial results have been subjected to limited review and the stand-alone financial results have been audited by the statutory auditors.

 

6. Figures for the previous periods have been regrouped and reclassified to conform to the classification of the current period, where necessary.

 

 

Click on, or paste the following link into your web browser, to view the associated PDF document:

 

http://www.rns-pdf.londonstockexchange.com/rns/7162E_-2015-11-5.pdf

 

 

 

Tata Steel Limited

 

Sd/-

 

Cyrus P Mistry

Chairman

 

Mumbai: November 05, 2015

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