Close
Company Search
Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Tata Steel Ltd - Financial Results Q1 FY2015-16

11th Aug 2015 13:38

RNS Number : 7380V
Tata Steel Limited
11 August 2015
 



Standalone Financial Results for the Quarter ended on 30th June 2015

 

PART I

₹ Crores

 

Particulars

Quarterended on30.06.2015

Quarterended on31.03.2015

Quarterended on30.06.2014

Financial Year ended on 31.03.2015

 

Audited

Audited

Audited

Audited

 

1

Income from operations

 

a)

Net sales / income from operations (net of excise duty)

9,005.89

10,522.68

10,381.24

41,433.82

 

b)

Other operating income

87.82

112.21

87.02

351.18

 

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

9,093.71

10,634.89

10,468.26

41,785.00

 

2

Expenses

 

a)

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

(169.03)

564.47

(343.46)

(745.17)

 

b)

Purchases of finished, semi-finished steel & other products

236.43

212.42

67.92

688.32

 

c)

Raw materials consumed

2,300.47

2,713.05

2,563.99

11,707.83

 

d)

Employee benefits expense

1,082.34

1,168.07

1,128.14

4,601.92

 

e)

Purchase of power

694.30

634.82

721.28

2,570.16

 

f)

Freight and handling charges

695.35

771.26

690.92

2,883.32

 

g)

Depreciation and amortisation expense

468.24

572.46

493.26

1,997.59

 

h)

Other expenses

2,565.16

2,891.90

2,383.61

10,069.82

 

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

7,873.26

9,528.45

7,705.66

33,773.79

 

3

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

1,220.45

1,106.44

2,762.60

8,011.21

 

4

Other income

748.84

68.60

143.50

582.78

 

5

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

1,969.29

1,175.04

2,906.10

8,593.99

 

6

Finance costs

395.97

532.37

492.34

1,975.95

 

7

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

1,573.32

642.67

2,413.76

6,618.04

 

8

Exceptional items :

 

a)

Profit on sale of non current investments

105.87

18.14

787.96

806.10

 

b)

Profit on sale of non current assets

-

-

-

1,146.86

 

c)

Provision for diminution in value of investments/doubtful advances

-

(198.40)

-

(198.40)

 

d)

(Provision)/ Reversal of impairment of non-current assets

-

136.29

-

136.29

 

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

105.87

(43.97)

787.96

1,890.85

 

9

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

1,679.19

598.70

3,201.72

8,508.89

 

10

Tax expense

 

a)

Current tax

390.34

(313.98)

893.27

1,908.60

 

b)

MAT credit

(49.62)

(117.21)

-

(117.21)

 

c)

Deferred tax

89.86

215.80

40.47

278.38

 

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

430.58

(215.39)

933.74

2,069.77

 

11

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

1,248.61

814.09

2,267.98

6,439.12

 

12

Paid-up equity share capital[Face value ₹10 per share]

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)

12.41

7.94

22.90

64.49

 

15

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

12.41

7.94

22.90

64.49

 

 

PART II

 

Select information for the Quarter ended on 30th June 2015

 

Quarterended on30.06.2015

Quarterended on31.03.2015

Quarterended on30.06.2014

Financial Year ended on 31.03.2015

A

Particulars of Shareholding

1

Aggregate of public shareholding

Number of shares

 6474,14,648

6487,93,230

6432,73,897

6487,93,230

% of shareholding

68.01%

68.06%

67.87%

68.06%

2

Promoters and promoter group shareholding

a)

Pledged / encumbered

- Number of shares

274,00,000

274,00,000

274,00,000

274,00,000

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

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%

b)

Non-encumbered

- Number of shares

2771,14,362

2771,14,362

2771,14,362

2771,14,362

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

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%

Particulars

Quarterended on30.06.2015

B

Investor complaints

Pending at the beginning of the Quarter

7

Received during the quarter

20

Disposed off during the quarter

21

Remaining unresolved at the end of the quarter

6

Of the total 6 unresolved complaints, 3 complaints were subsequently resolved.

Standalone Segment Revenue, Results and Capital Employed

₹ Crores

Particulars

Quarterended on30.06.2015

Quarterended on31.03.2015

Quarterended on30.06.2014

Financial Year ended on 31.03.2015

Audited

Audited

Audited

Audited

Revenue by Business Segment:

Steel business

8,767.69

10,336.34

9,967.06

40,343.85

Ferro Alloys and Minerals

274.97

215.32

447.35

1,154.89

Others

539.62

580.36

589.26

2,378.39

Total

9,582.28

11,132.02

11,003.67

43,877.13

Less: Inter segment revenue

488.57

497.13

535.41

2,092.13

Net sales / income from operations

9,093.71

10,634.89

10,468.26

41,785.00

Segment results before finance costs, exceptional items and tax 

Steel business

1,314.48

1,329.81

2,825.98

8,749.47

Ferro Alloys and Minerals

8.30

(37.84)

107.35

108.79

Others

6.80

13.57

16.44

48.64

Unallocated income / (expenditure)

639.71

(130.50)

(43.67)

(312.91)

Total Segment results before finance costs, exceptional items and tax

1,969.29

1,175.04

2,906.10

8,593.99

Less: Finance costs

395.97

532.37

492.34

1,975.95

Profit / (Loss) before exceptional items and tax

1,573.32

642.67

2,413.76

6,618.04

Exceptional items:

Profit on sale of non current investments

105.87

18.14

787.96

806.10

Profit on sale of non current assets

-

-

-

1,146.86

Provision for diminution in value of investments/doubtful advances

-

(198.40)

-

(198.40)

(Provision)/ Reversal of impairment of non-current assets

-

136.29

-

136.29

Profit / (Loss) before tax

1,679.19

598.70

3,201.72

8,508.89

Less: Tax expense

430.58

(215.39)

933.74

2,069.77

Net Profit / (Loss)

1,248.61

814.09

2,267.98

6,439.12

Segment Capital Employed:

Steel business

48,483.87

47,257.07

40,731.46

47,257.07

Ferro Alloys and Minerals

299.36

266.32

323.73

266.32

Others

106.19

107.51

142.55

107.51

Unallocated

(1,131.77)

(855.12)

(1,643.80)

(855.12)

Total

47,757.65

46,775.78

39,553.94

46,775.78

 

Consolidated Financial Results for the Quarter / Three Months ended on 30th June 2015

PART I

₹ Crores

Particulars

Quarterended on30.06.2015

Quarterended on31.03.2015

Quarterended on30.06.2014

Financial Year ended on 31.03.2015

Unaudited

Unaudited

Unaudited

Audited

1

Income from operations

a)

Net sales / income from operations (net of excise duty)

29,900.10

33,336.81

36,146.77

1,38,318.91

b)

Other operating income

400.23

329.37

280.44

1,184.82

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

30,300.33

33,666.18

36,427.21

1,39,503.73

2

Expenses

a)

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

(490.43)

2,164.12

(592.64)

1,092.95

b)

Purchases of finished, semi-finished steel & other products

2,842.38

2,459.33

4,128.80

13,804.22

c)

Raw materials consumed

8,693.12

8,810.99

11,010.12

40,770.27

d)

Employee benefits expense

4,895.75

5,426.06

5,632.15

21,407.64

e)

Purchase of power

1,448.47

1,435.18

1,606.67

5,913.28

f)

Freight and handling charges

2,031.03

2,300.82

2,190.28

8,811.41

g)

Depreciation and amortisation expense

1,346.50

1,512.72

1,550.28

5,943.60

h)

Other expenses

8,105.77

9,526.71

8,179.26

35,168.21

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

28,872.59

33,635.93

33,704.92

1,32,911.58

3

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

1,427.74

30.25

2,722.29

6,592.15

4

Other income

762.17

139.41

216.14

796.18

5

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

2,189.91

169.66

2,938.43

7,388.33

6

Finance costs

1,098.03

1,195.19

1,252.37

4,847.75

7

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

1,091.88

 (1,025.53)

1,686.06

2,540.58

8

Exceptional items :

a)

Profit on sale of non current investments

158.43

3.02

1,314.17

1,315.34

b)

Profit on sale of non current assets

-

-

-

1,146.86

c)

Provision for diminution in value of investments

-

(338.30)

-

(338.30)

d)

Provision for impairment of non-current assets

-

(4,475.92)

(1,576.65)

(6,052.57)

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

158.43

(4,811.20)

(262.48)

(3,928.67)

9

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

1,250.31

 (5,836.73)

1,423.58

(1,388.09)

10

Tax expense

a)

Current tax

452.65

(248.47)

1,026.78

2,214.71

b)

MAT credit

(49.81)

(117.32)

-

(117.32)

c)

Deferred tax

112.53

231.34

53.63

470.02

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

515.37

(134.45)

1,080.41

2,567.41

11

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

734.94

 (5,702.28)

343.17

(3,955.50)

12

Minority interest

6.78

15.40

(14.40)

13.29

13

Share of profit / (loss) of associates

21.24

12.59

8.56

16.69

14

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

762.96

 (5,674.29)

337.33

(3,925.52)

15

Paid-up equity share capital[Face value ₹10 per share]

970.24

971.41

971.41

971.41

16

Reserves excluding revaluation reserves

30,378.00

17

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

7.42

(58.88)

3.02

(42.24)

18

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

7.42

(58.88)

3.02

(42.24)

 

Consolidated Segment Revenue, Results and Capital Employed

₹ Crores

Particulars

Quarterended on30.06.2015

Quarterended on31.03.2015

Quarterended on30.06.2014

Financial Year ended on 31.03.2015

Unaudited

Unaudited

Unaudited

Audited

Revenue by Business Segment:

Steel business

29,265.71

32,339.21

34,960.49

1,34,407.07

Others

2,837.86

3,204.19

3,400.63

12,419.88

Unallocated

290.67

378.28

337.42

1,448.14

Total

32,394.24

35,921.68

38,698.54

1,48,275.09

Less: Inter segment revenue

2,093.91

2,255.50

2,271.33

8,771.36

Net sales / income from operations

30,300.33

33,666.18

36,427.21

1,39,503.73

Segment results before finance costs, exceptional items and tax:

Steel business

1,737.26

625.03

3,292.98

9,500.78

Others

(7.74)

5.59

110.41

27.65

Unallocated income / (expenditure)

1,643.93

2,651.28

574.12

5,205.02

Less: Inter segment eliminations

1,183.54

3,112.24

1,039.08

7,345.12

Total Segment results before finance costs, exceptional items and tax

2,189.91

169.66

2,938.43

7,388.33

Less: Finance costs

1,098.03

1,195.19

1,252.37

4,847.75

Profit / (Loss) before exceptional items and tax

1,091.88

(1,025.53)

1,686.06

2,540.58

Exceptional items:

Profit on sale of non current investments

158.43

3.02

1,314.17

1,315.34

Profit on sale of non current assets

-

-

-

1,146.86

Provision for diminution in value of investments

-

(338.30)

-

(338.30)

Provision for impairment of non-current assets

-

(4,475.92)

(1,576.65)

(6,052.57)

Profit / (Loss) before tax

1,250.31

(5,836.73)

1,423.58

(1,388.09)

Less: Tax expense

515.37

(134.45)

1,080.41

2,567.41

Net Profit / (Loss)

734.94

(5,702.28)

343.17

(3,955.50)

Segment Capital Employed:

Steel business

1,07,705.06

1,04,754.17

1,05,286.27

1,04,754.17

Others

2,910.36

2,774.85

2,848.96

2,774.85

Unallocated

(5,779.02)

(4,867.87)

(4,425.00)

(4,867.87)

Inter segment eliminations

158.78

(33.77)

28.64

(33.77)

Total

1,04,995.18

1,02,627.38

1,03,738.87

1,02,627.38

 

Notes:

1. The results have been reviewed by the Audit Committee in its meeting held on August 10, 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 quarter ended June 30, 2015 would have been higher by ₹ 622.92 crores and the consolidated profit after taxes, minority interest and share of profit of associates for the quarter ended June 30, 2014 would have been lower by ₹ 452.46 crores.

 

3. Other income during the quarter includes gain of ₹ 696.79 crores on sale of quoted investments.

 

4. Exceptional Item 8(a) in the standalone results during the quarter includes profit of ₹ 105.14 crores on sale of the Company's stake in Tata Projects Ltd. The consolidated results further include profit of ₹52.64 crores on sale of the Group's stake in two of its joint ventures in Europe. During the quarter ended June 30, 2014, Exceptional Item 8(a) in the consolidated results includes ₹1,270.21 crores (₹787.96 crores in the standalone) on sale of its stake in The Dhamra Port Company Limited.

 

5. In July 2015, formal consultation with the employees on the benefit changes has been completed for the British Steel Pension Scheme. The trustee body and the Company have made the amendments to the scheme to enable the benefit changes to be adopted. Simultaneously, on 7 July, 2015, the execution agreement for the Company's main pension scheme in the Netherlands, Stichting Pensioenfonds Hoogovens (SPH), was signed by Tata Steel Nederland BV and the SPH Board. The terms of this agreement will allow the scheme to be classified as a defined contribution scheme rather than defined benefit scheme.

 

6. Figures for the quarter ended March 31, 2015 represent the difference between the audited figures in respect of the full financial year and the published figures of nine months ended December 31, 2014.

 

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

 

8. 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/7380V_-2015-8-11.pdf

 

 

Tata Steel Limited

 

 

Cyrus P Mistry

Mumbai: August 11, 2015 Chairman

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

Related Shares:

Tata Steel
FTSE 100 Latest
Value8,849.95
Change-21.36