25th May 2016 16:06
Standalone Financial Results for the Quarter / Twelve Months ended on 31st March 2016 | ||||||||||
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| ₹ Crores | ||
Particulars | Quarter ended on 31.03.2016 | Quarterended on 31.12.2015 | Quarter ended on 31.03.2015 | Financial Year ended on 31.03.2016 | Financial Year ended on 31.03.2015 | |||||
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| Audited | Audited | Audited | Audited | Audited | ||
| 1 | Income from operations |
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| a) | Net sales / income from operations (net of excise duty) | 10,371.74 | 8,991.35 | 10,522.68 | 37,814.69 | 41,433.82 | ||
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| b) | Other operating income | 149.93 | 72.53 | 112.21 | 395.65 | 351.18 | ||
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| Total income from operations (net) [1(a) + 1(b)] | 10,521.67 | 9,063.88 | 10,634.89 | 38,210.34 | 41,785.00 | |||
| 2 | Expenses |
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| a) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 646.35 | (173.12) | 593.70 | 142.97 | (715.94) | ||
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| b) | Purchases of finished, semi-finished steel & other products | 224.24 | 333.35 | 212.42 | 991.54 | 688.32 | ||
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| c) | Raw materials consumed | 2,158.78 | 2,340.60 | 2,683.82 | 9,700.01 | 11,678.60 | ||
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| d) | Employee benefits expense | 1,018.23 | 1,139.19 | 1,168.07 | 4,324.90 | 4,601.92 | ||
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| e) | Purchase of power | 706.82 | 673.52 | 634.82 | 2,743.10 | 2,570.16 | ||
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| f) | Freight and handling charges | 814.49 | 777.82 | 771.26 | 2,994.88 | 2,883.32 | ||
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| g) | Depreciation and amortisation expense | 492.91 | 490.93 | 572.46 | 1,933.11 | 1,997.59 | ||
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| h) | Other expenses | 2,789.38 | 2,474.41 | 2,891.90 | 10,101.19 | 10,069.82 | ||
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| Total expenses [2(a) to 2(h)] | 8,851.20 | 8,056.70 | 9,528.45 | 32,931.70 | 33,773.79 | |||
| 3 | Profit / (Loss) from operations before other income, finance costs, exceptional items and tax [1 - 2] | 1,670.47 | 1,007.18 | 1,106.44 | 5,278.64 | 8,011.21 | |||
| 4 | Other income | 126.31 | 82.86 | 68.60 | 3,890.70 | 582.78 | |||
| 5 | Profit / (Loss) from operations before finance costs, exceptional items and tax [3 + 4] | 1,796.78 | 1,090.04 | 1,175.04 | 9,169.34 | 8,593.99 | |||
| 6 | Finance costs | 382.93 | 350.09 | 532.37 | 1,460.27 | 1,975.95 | |||
| 7 | Profit / (Loss) before exceptional items and tax [5 - 6] | 1,413.85 | 739.95 | 642.67 | 7,709.07 | 6,618.04 | |||
| 8 | Exceptional items : |
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| a) | Profit / (Loss) on sale of non current investments | - | - | 18.14 | 104.29 | 806.10 | ||
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| b) | Profit on sale of non current assets | - | - | - | - | 1,146.86 | ||
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| c) | Provision for diminution in value of investments/doubtful advances | (88.01) | (15.43) | (198.40) | (199.03) | (198.40) | ||
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| d) | (Provision)/ Reversal of impairment of non-current assets | - | - | 136.29 | (51.51) | 136.29 | ||
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| e) | Provision for demands and claims | - | - | - | (880.05) | - | ||
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| f) | Employee separation compensation | (239.20) | (24.27) | - | (556.25) | - | ||
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| Total exceptional items [8(a) to 8(f)] | (327.21) | (39.70) | (43.97) | (1,582.55) | 1,890.85 | |||
| 9 | Profit / (Loss) before tax [ 7 + 8 ] | 1,086.64 | 700.25 | 598.70 | 6,126.52 | 8,508.89 | |||
| 10 | Tax expense |
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| a) | Current tax | 264.42 | 199.20 | (313.98) | 1,433.06 | 1,908.60 | ||
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| b) | MAT credit
| 163.34 | (1.58) | (117.21) | (152.17) | (117.21) | ||
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| c) | Deferred tax | (17.72) | 49.81 | 215.80 | (55.32) | 278.38 | ||
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| Total tax expense [10(a) to 10(c)] | 410.04 | 247.43 | (215.39) | 1,225.57 | 2,069.77 | |||
| 11 | Net Profit / (Loss) for the period [9 - 10] | 676.60 | 452.82 | 814.09 | 4,900.95 | 6,439.12 | |||
| 12 | Paid-up equity share capital[Face value ₹10 per share] | 971.41 | 971.41 | 971.41 | 971.41 | 971.41 | |||
| 13 | Paid up debt capital |
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| 10,363.30 | 11,399.97 | |||
| 14 | Reserves excluding revaluation reserves |
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| 69,505.31 | 65,692.48 | |||
| 15 | Debenture redemption reserve |
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| 2,046.00 | 2,046.00 | |||
| 16 | Basic earnings per share (not annualised) - in Rupees(after exceptional items) | 6.52 | 4.21 | 7.94 | 48.67 | 64.49 | |||
| 17 | Diluted earnings per share (not annualised) - in Rupees(after exceptional items) | 6.52 | 4.21 | 7.94 | 48.67 | 64.49 | |||
| 18 | Net debt equity ratio |
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| 0.34 | 0.40 | |||
| 19 | Debt service coverage ratio |
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| 1.65 | 1.43 | |||
| 20 | Interest service coverage ratio |
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| 10.23 | 6.35 | |||
| (a) | Paid up debt capital represents debentures | ||||||||
| (b) | Net debt to equity: Net Debt / Average Net Worth | ||||||||
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| (Net debt: Long term borrowings + Current maturities of long term borrowings + Short term borrowings - Cash & bank balances - Current investments) | ||||||||
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| (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) | ||||||||
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| (EBIT : Profit before Tax +/(-) Exceptional Items + Net finance charges) | ||||||||
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| (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 | ||||||||
| Standalone Segment Revenue, Results and Capital Employed | |||||
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| ₹ Crores |
| Particulars | Quarterended on 31.03.2016 | Quarterended on 31.12.2015 | Quarterended on 31.03.2015 | Financial Yearended on 31.03.2016 | Financial year ended on 31.03.2015 |
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| Audited | Audited | Audited | Audited | Audited |
| Revenue by Business Segment: |
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| Steel business | 9,843.43 | 8,517.44 | 10,336.34 | 36,294.00 | 40,343.85 |
| Ferro Alloys and Minerals | 567.68 | 509.56 | 215.32 | 1,651.66 | 1,154.89 |
| Others | 545.24 | 503.66 | 580.36 | 2,119.62 | 2,378.39 |
| Total | 10,956.35 | 9,530.66 | 11,132.02 | 40,065.28 | 43,877.13 |
| Less: Inter segment revenue | 434.68 | 466.78 | 497.13 | 1,854.94 | 2,092.13 |
| Net sales / income from operations | 10,521.67 | 9,063.88 | 10,634.89 | 38,210.34 | 41,785.00 |
| Segment results before finance costs, exceptional items and tax: |
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| Steel business | 1,658.06 | 1,086.42 | 1,329.81 | 5,503.68 | 8,749.47 |
| Ferro Alloys and Minerals | 63.93 | 36.54 | (37.84) | 135.80 | 108.79 |
| Others | 57.50 | 17.32 | 13.57 | 96.72 | 48.64 |
| Unallocated income / (expenditure) | 17.29 | (50.24) | (130.50) | 3,433.14 | (312.91) |
| Total Segment results before finance costs, exceptional items and tax | 1,796.78 | 1,090.04 | 1,175.04 | 9,169.34 | 8,593.99 |
| Less: Finance costs | 382.93 | 350.09 | 532.37 | 1,460.27 | 1,975.95 |
| Profit / (Loss) before exceptional items and tax | 1,413.85 | 739.95 | 642.67 | 7,709.07 | 6,618.04 |
| Exceptional items: |
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| Profit / (Loss) on sale of non current investments | - | - | 18.14 | 104.29 | 806.10 |
| Profit on sale of non current assets | - | - | - | - | 1,146.86 |
| Provision for diminution in value of investments/doubtful advances | (88.01) | (15.43) | (198.40) | (199.03) | (198.40) |
| (Provision)/ Reversal of impairment of non-current assets | - | - | 136.29 | (51.51) | 136.29 |
| Provision for demands and claims | - | - | - | (880.05) | - |
| Employee Separation Compensation | (239.20) | (24.27) | - | (556.25) | - |
| Profit / (Loss) before tax | 1,086.64 | 700.25 | 598.70 | 6,126.52 | 8,508.89 |
| Less: Tax expense | 410.04 | 247.43 | (215.39) | 1,225.57 | 2,069.77 |
| Net Profit / (Loss) | 676.60 | 452.82 | 814.09 | 4,900.95 | 6,439.12 |
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| Segment Capital Employed: |
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| Steel business | 49,019.54 | 49,080.11 | 47,257.07 | 49,019.54 | 47,257.07 |
| Ferro Alloys and Minerals | 201.38 | 251.98 | 266.32 | 201.38 | 266.32 |
| Others | 13.41 | 59.59 | 107.51 | 13.41 | 107.51 |
| Unallocated | (349.63) | (420.73) | (855.12) | (349.63) | (855.12) |
| Total | 48,884.70 | 48,970.95 | 46,775.78 | 48,884.70 | 46,775.78 |
Standalone Statement of Assets & Liabilities |
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| ₹ Crores |
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| Standalone results | |
Particulars | As at31.03.2016 | As at31.03.2015 | |||
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| Audited | Audited |
A | EQUITY AND LIABILITIES |
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(1) | Shareholders' funds |
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| (a) | Share Capital | 971.41 | 971.41 | |
| (b) | Reserves and surplus | 69,505.31 | 65,692.48 | |
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| Sub-total - Shareholders' funds | 70,476.72 | 66,663.89 |
(2) | Share application money pending allotment | - | - | ||
(3) | Hybrid Perpetual Securities | 2,275.00 | 2,275.00 | ||
(4) | Non-current liabilities |
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| (a) | Long-term borrowings | 23,457.77 | 23,900.37 | |
| (b) | Deferred tax liabilities (net) | 2,179.83 | 2,250.41 | |
| (c) | Other long-term liabilities | 842.66 | 1,128.87 | |
| (d) | Long-term provisions | 2,888.18 | 2,875.92 | |
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| Sub-total - Non current liabilities | 29,368.44 | 30,155.57 |
(5) | Current liabilities |
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| (a) | Short-term borrowings | 5,261.02 | 34.88 | |
| (b) | Trade payables | 7,706.13 | 5,801.98 | |
| (c) | Other current liabilities | 6,115.81 | 9,256.91 | |
| (d) | Short-term provisions | 2,005.03 | 1,675.41 | |
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| Sub-total - Current liabilities | 21,087.99 | 16,769.18 |
TOTAL - EQUITY AND LIABILITIES | 123,208.15 | 115,863.64 | |||
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B | ASSETS |
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(1) | Non-current assets |
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| (a) | Fixed assets | 52,410.96 | 48,285.19 | |
| (b) | Non-current investments | 52,360.42 | 52,164.24 | |
| (c) | Long-term loans and advances | 3,787.88 | 3,207.90 | |
| (d) | Other non current assets | 227.40 | 211.75 | |
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| Sub-total - Non current assets | 108,786.66 | 103,869.08 |
(2) | Current assets |
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| (a) | Current investments | 4,320.17 | 1,000.08 | |
| (b) | Inventories | 7,083.81 | 8,042.00 | |
| (c) | Trade receivables | 632.80 | 491.46 | |
| (d) | Cash and bank balances | 1,014.67 | 478.59 | |
| (e) | Short-term loans and advances | 1,243.48 | 1,927.16 | |
| (f) | Other current assets | 126.56 | 55.27 | |
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| Sub-total - Current assets | 14,421.49 | 11,994.56 |
TOTAL - ASSETS | 123,208.15 | 115,863.64 | |||
| Consolidated Financial Results for the Quarter / Twelve Months ended on 31st March 2016 | ||||||||
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| ₹ Crores |
| Particulars | Quarter ended on 31.03.2016 | Quarter ended on 31.12.2015 | Quarter ended on 31.03.2015 | Financial Year ended on 31.03.2016 | Financial Year ended on 31.03.2015 | |||
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| Unaudited | Unaudited | Unaudited | Audited | Audited |
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| 1 | Income from operations |
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| a) | Net sales / income from operations (net of excise duty) | 29,164.37 | 27,818.73 | 33,336.81 | 115,951.74 | 138,318.91 |
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| b) | Other operating income | 343.18 | 220.29 | 329.37 | 1,199.85 | 1,184.82 |
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| Total income from operations (net) [1(a) +1(b)] | 29,507.55 | 28,039.02 | 33,666.18 | 117,151.59 | 139,503.73 | |
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| 2 | Expenses |
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| a) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 1,902.70 | 956.66 | 2,193.35 | 2,453.82 | 1,122.18 |
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| b) | Purchases of finished, semi-finished steel & other products | 2,507.71 | 2,431.88 | 2,459.33 | 10,174.01 | 13,804.22 |
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| c) | Raw materials consumed | 7,057.42 | 7,624.80 | 8,781.76 | 32,188.30 | 40,741.04 |
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| d) | Employee benefits expense | 5,115.97 | 4,964.63 | 5,426.06 | 19,966.80 | 21,407.64 |
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| e) | Purchase of power | 1,289.03 | 1,317.13 | 1,435.18 | 5,433.59 | 5,913.28 |
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| f) | Freight and handling charges | 1,981.03 | 1,988.49 | 2,300.82 | 8,045.48 | 8,811.41 |
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| g) | Depreciation and amortisation expense | 1,231.88 | 1,132.66 | 1,512.72 | 5,081.84 | 5,943.60 |
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| h) | Other expenses | 7,448.45 | 7,979.75 | 9,526.71 | 31,303.94 | 35,168.21 |
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| Total expenses [2(a) to 2(h)] | 28,534.19 | 28,396.00 | 33,635.93 | 114,647.78 | 132,911.58 | |
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| 3 | Profit / (Loss) from operations before other income, finance costs, exceptional items and tax [1 - 2] | 973.36 | (356.98) | 30.25 | 2,503.81 | 6,592.15 | |
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| 4 | Other income | 129.14 | 96.16 | 139.41 | 3,925.66 | 796.18 | |
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| 5 | Profit / (Loss) from operations before finance costs, exceptional items and tax [3 + 4] | 1,102.50 | (260.82) | 169.66 | 6,429.47 | 7,388.33 | |
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| 6 | Finance costs | 1,017.79 | 964.08 | 1,195.19 | 4,128.64 | 4,847.75 | |
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| 7 | Profit / (Loss) before exceptional items and tax [5 - 6] | 84.71 | (1,224.90) | (1,025.53) | 2,300.83 | 2,540.58 | |
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| 8 | Exceptional items : |
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| a) | Profit / (Loss) on sale of non current investments | - | - | 3.02 | 179.95 | 1,315.34 |
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| b) | Profit on sale of non current assets | - | - | - | - | 1,146.86 |
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| c) | Provision for diminution in value of investments/doubtful advances | (38.41) | - | (338.30) | (129.10) | (338.30) |
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| d) | Provision for impairment of non-current assets | (1,724.18) | (72.11) | (4,475.92) | (9,720.59) | (6,052.57) |
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| e) | Provision for demands and claims | - | - | - | (880.05) | - |
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| f) | Employee separation compensation | (239.20) | (24.27) | - | (556.25) | - |
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| g) | Restructuring and other provisions | (856.00) | (615.39) | - | 7,131.17 | - |
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| Total exceptional items [8(a) to 8(g)] | (2,857.79) | (711.77) | (4,811.20) | (3,974.87) | (3,928.67) | |
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| 9 | Profit / (Loss) before tax [ 7 + 8 ] | (2,773.08) | (1,936.67) | (5,836.73) | (1,674.04) | (1,388.09) | |
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| 10 | Tax expense |
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| a) | Current tax | 384.72 | 177.79 | (248.47) | 1,631.14 | 2,214.71 |
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| b) | MAT credit | 164.18 | (2.49) | (117.32) | (152.56) | (117.32) |
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| c) | Deferred tax | (42.88) | 68.10 | 231.34 | 26.38 | 470.02 |
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| Total tax expense [10(a) to 10(c)] | 506.02 | 243.40 | (134.45) | 1,504.96 | 2,567.41 | |
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| 11 | Net Profit / (Loss) for the period [9 - 10] | (3,279.10) | (2,180.07) | (5,702.28) | (3,179.00) | (3,955.50) | |
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| 12 | Minority interest | 72.03 | 30.97 | 15.40 | 108.94 | 13.29 | |
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| 13 | Share of profit / (loss) of associates | (6.69) | 21.87 | 12.59 | 20.74 | 16.69 | |
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| 14 | Net Profit / (Loss) after taxes, minority interest and share of profit /(loss) of associates [ 11 + 12 + 13 ] | (3,213.76) | (2,127.23) | (5,674.29) | (3,049.32) | (3,925.52) | |
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| 15 | Paid-up equity share capital[Face value ₹10 per share] | 970.24 | 970.24 | 971.41 | 970.24 | 971.41 | |
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| 16 | Reserves excluding revaluation reserves |
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| 27,508.61 | 30,378.00 | |
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| 17 | Basic earnings per share (not annualised) - in Rupees (after exceptional items) | (33.58) | (22.38) | (58.88) | (33.23) | (42.24) | |
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| 18 | Diluted earnings per share (not annualised) - in Rupees(after exceptional items) | (33.58) | (22.38) | (58.88) | (33.23) | (42.24) | |
Consolidated Segment Revenue, Results and Capital Employed |
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| ₹ Crores |
Particulars | Quarterended on31.03.2016 | Quarterended on31.12.2015 | Quarterended on31.03.2015 | Financial Year ended on 31.03.2016 | Financial Year ended on 31.03.2015 |
| Unaudited | Unaudited | Unaudited | Audited | Audited |
Revenue by Business Segment: |
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Steel business | 28,032.50 | 26,821.56 | 32,339.21 | 112,515.91 | 134,407.07 |
Others | 2,903.42 | 2,621.64 | 3,204.19 | 10,804.07 | 12,419.88 |
Unallocated | 93.05 | 137.57 | 378.28 | 774.62 | 1,448.14 |
Total | 31,028.97 | 29,580.77 | 35,921.68 | 124,094.60 | 148,275.09 |
Less: Inter segment revenue | 1,521.42 | 1,541.75 | 2,255.50 | 6,943.01 | 8,771.36 |
Net sales / income from operations | 29,507.55 | 28,039.02 | 33,666.18 | 117,151.59 | 139,503.73 |
Segment results before finance costs, exceptional items and tax: |
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Steel business | 1,392.85 | (81.23) | 625.03 | 4,035.45 | 9,500.78 |
Others | 158.82 | 26.37 | 5.59 | 16.20 | 27.65 |
Unallocated income / (expenditure) | 1,718.16 | 1,201.32 | 2,651.28 | 8,456.78 | 5,205.02 |
Less: Inter segment eliminations | 2,167.33 | 1,407.28 | 3,112.24 | 6,078.96 | 7,345.12 |
Total Segment results before finance costs, exceptional items and tax | 1,102.50 | (260.82) | 169.66 | 6,429.47 | 7,388.33 |
Less: Finance costs | 1,017.79 | 964.08 | 1,195.19 | 4,128.64 | 4,847.75 |
Profit / (Loss) before exceptional items and tax | 84.71 | (1,224.90) | (1,025.53) | 2,300.83 | 2,540.58 |
Exceptional items: |
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Profit / (Loss) on sale of non current investments | - | - | 3.02 | 179.95 | 1,315.34 |
Profit on sale of non current assets | - | - | - | - | 1,146.86 |
Provision for diminution in value of investments/doubtful advances | (38.41) | - | (338.30) | (129.10) | (338.30) |
Provision for impairment of non-current assets | (1,724.18) | (72.11) | (4,475.92) | (9,720.59) | (6,052.57) |
Provision for demands and claims | - | - | - | (880.05) | - |
Employee separation compensation | (239.20) | (24.27) | - | (556.25) | - |
Restructuring and other provisions | (856.00) | (615.39) | - | 7,131.17 | - |
Profit / (Loss) before tax | (2,773.08) | (1,936.67) | (5,836.73) | (1,674.04) | (1,388.09) |
Less: Tax expense | 506.02 | 243.40 | (134.45) | 1,504.96 | 2,567.41 |
Net Profit / (Loss) | (3,279.10) | (2,180.07) | (5,702.28) | (3,179.00) | (3,955.50) |
Segment Capital Employed: |
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Steel business | 92,041.51 | 95,736.62 | 104,754.17 | 92,041.51 | 104,754.17 |
Others | 2,574.46 | 2,458.60 | 2,774.85 | 2,574.46 | 2,774.85 |
Unallocated | 7,074.96 | 6,224.46 | (4,867.87) | 7,074.96 | (4,867.87) |
Inter segment eliminations | 329.23 | 117.11 | (33.77) | 329.23 | (33.77) |
Total | 102,020.16 | 104,536.79 | 102,627.38 | 102,020.16 | 102,627.38 |
Consolidated Statement of Assets & Liabilities |
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| ₹ Crores |
Particulars | As at 31.03.2016 | As at 31.03.2015 | |||
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| Audited | Audited |
A | EQUITY AND LIABILITIES |
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(1) | Shareholders' funds |
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| (a) | Share Capital |
| 970.24 | 971.41 |
| (b) | Reserves and surplus |
| 27,508.61 | 30,378.00 |
| Sub-total - Shareholders' funds | 28,478.85 | 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 |
| 1,654.24 | 1,703.85 | |
(6) | Non-current liabilities |
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| (a) | Long-term borrowings |
| 68,354.09 | 65,675.20 |
| (b) | Deferred tax liabilities |
| 2,904.88 | 2,884.51 |
| (c) | Other long-term liabilities |
| 1,383.69 | 1,748.80 |
| (d) | Long-term provisions |
| 7,622.70 | 7,503.76 |
| Sub-total - Non current liabilities | 80,265.36 | 77,812.27 | ||
(7) | Current liabilities |
|
|
| |
| (a) | Short-term borrowings |
| 15,449.88 | 9,598.55 |
| (b) | Trade payables |
| 20,388.25 | 19,189.86 |
| (c) | Other current liabilities |
| 11,209.01 | 14,479.59 |
| (d) | Short-term provisions |
| 3,509.42 | 2,703.52 |
| Sub-total - Current liabilities | 50,556.56 | 45,971.52 | ||
TOTAL - EQUITY AND LIABILITIES | 163,250.01 | 159,132.05 | |||
|
|
|
|
|
|
B | ASSETS |
|
|
| |
(1) | Non-current assets |
|
|
| |
| (a) | Fixed assets |
| 82,417.43 | 83,370.94 |
| (b) | Goodwill on consolidation |
| 13,719.38 | 13,407.51 |
| (c) | Non-current investments |
| 2,084.52 | 2,080.43 |
| (d) | Deferred tax assets |
| 21.85 | 22.75 |
| (e) | Long-term loans and advances |
| 16,110.86 | 5,106.57 |
| (f) | Other non-current assets |
| 1,405.89 | 1,403.71 |
| Sub-total - Non current assets | 115,759.93 | 105,391.91 | ||
(2) | Current assets |
|
|
| |
| (a) | Current investments |
| 4,716.10 | 1,374.62 |
| (b) | Inventories |
| 20,355.98 | 25,149.91 |
| (c) | Trade receivables |
| 11,701.18 | 13,309.87 |
| (d) | Cash and bank balances |
| 6,715.58 | 8,749.94 |
| (e) | Short-term loans and advances |
| 3,577.79 | 4,748.34 |
| (f) | Other current assets |
| 423.45 | 407.46 |
| Sub-total - Current assets | 47,490.08 | 53,740.14 | ||
TOTAL - ASSETS | 163,250.01 | 159,132.05 | |||
Notes:
1. The results have been reviewed by the Audit Committee in its meeting held on May 24, 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 loss after taxes, minority interest and share of profit of associates for the year ended March 31, 2016 would have been lower by ₹ 1,231.23 crores (consolidated loss after taxes, minority interest and share of profit of associates would have been lower by ₹ 505.45 crores for the quarter) and the consolidated loss after taxes, minority interest and share of profit of associates for the year ended March 31, 2015 would have been higher by ₹5,257.97 crores (₹ 2,272.33 crores for the quarter ).
3. Exceptional Item 8(d) in the consolidated results represents non-cash write down of fixed assets mainly relating to the European operations.
During the financial year, Tata Steel India offered a voluntary employee separation scheme as part of its restructuring exercise. Accordingly, 1,395 number of employees have availed of the scheme and has separated from the Company. The Exceptional item 8(f) represents the charge taken on Employee Separation Scheme in Tata Steel India.
During the financial year, Tata Steel Europe undertook restructuring exercise involving 2,950 employees. Exceptional item 8(g) in the consolidated results represents the redundancy and other provisions relating to the European operations.
4. The Company has entered into a Conditional Share Purchase Agreement with Greybull Partners on April 11, 2016 for a strategic divestment of its long products business in Europe. Accordingly, Long Products has been considered as a continuing business as at March 31, 2016.
5. Figures for the quarter ended March 31, 2016 and March 31, 2015 represent the difference between the audited figures in respect of the full financial years and the published figures of nine months ended December 31, 2015 and December 31, 2014 respectively.
6. Figures for the previous periods have been regrouped and reclassified to conform to the classification of the current period, where necessary.
7. The Board of Directors has recommended a dividend of ₹ 8 per share on Ordinary Shares of ₹ 10 each for the financial year 2015-16.
8. The Annual General Meeting of the Company will be held on August 12, 2016 to consider the accounts for the financial year 2015-16.
Click on, or paste the following link into your web browser, to view the associated PDF document.http://www.rns-pdf.londonstockexchange.com/rns/3156Z_-2016-5-25.pdf
Tata Steel Limited
Sd/-
Cyrus P Mistry
Chairman
Mumbai: May 25, 2016
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Tata Steel