1st Quarter Results

Standalone Financial Results for the Quarter ended on 30th June 2013

PART I

`Crores

Particulars

Quarterended on30.06.2013

Quarterended on31.03.2013

Quarterended on30.06.2012

Financial Year ended on 31.03.2013

Audited

Audited

Audited

Audited

1

Income from operations

a)

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

9,363.00

10,602.88

8,820.19

37,725.46

b)

Other operating income

92.39

167.65

87.84

473.97

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

9,455.39

10,770.53

8,908.03

38,199.43

2

Expenses

a)

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

(329.44)

576.12

(496.56)

(404.60)

b)

Purchases of finished, semi-finished steel & other products

143.07

117.94

77.03

453.34

c)

Raw materials consumed

2,305.51

2,418.73

2,422.62

9,877.40

d)

Employee benefits expense

1,002.78

1,029.29

859.13

3,602.27

e)

Purchase of power

652.53

561.28

547.78

2,321.11

f)

Freight and handling charges

634.82

699.32

481.88

2,260.76

g)

Depreciation and amortisation expense

459.58

460.77

354.39

1,640.38

h)

Other expenses

2,211.79

2,063.83

2,236.33

8,962.91

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

7,080.64

7,927.28

6,482.60

28,713.57

3

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

2,374.75

2,843.25

2,425.43

9,485.86

4

Other income

144.21

474.74

151.89

902.04

5

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

2,518.96

3,317.99

2,577.32

10,387.90

6

Finance costs

466.44

459.42

454.44

1,876.77

7

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

2,052.52

2,858.57

2,122.88

8,511.13

8

Exceptional items :

a)

Profit on sale of non current investments

-

2.73

-

12.33

b)

Provision for diminution in value of investments/doubtful advances

-

(686.86)

-

(686.86)

Total exceptional items [(8(a) + 8(b)]

-

(684.13)

-

(674.53)

9

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

2,052.52

2,174.44

2,122.88

7,836.60

10

Tax expense

a)

Current tax

665.79

486.49

598.60

1,770.54

b)

MAT credit

-

(144.68)

-

(399.84)

c)

Deferred tax

30.62

523.42

167.72

1,402.93

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

696.41

865.23

766.32

2,773.63

11

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

1,356.11

1,309.21

1,356.56

5,062.97

12

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

971.41

971.41

971.41

971.41

13

Reserves excluding revaluation reserves

54,238.27

14

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

13.51

13.02

13.51

50.28

15

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

13.51

13.02

13.51

50.28

PART II

Select information for the Quarter ended on 30th June 2013

Quarterended on30.06.2013

Quarterended on31.03.2013

Quarterended on30.06.2012

Financial Year ended on 31.03.2013

A

Particulars of Shareholding

1

Aggregate of public shareholding

Number of shares

640,850,241

644,961,944

649,564,258

644,961,944

% of shareholding

67.79%

67.93%

68.08%

67.93%

2

Promoters and promoter group shareholding

a)

Pledged / encumbered

- Number of shares

20,000,000

20,000,000

10,000,000

20,000,000

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

6.57%

6.57%

3.28%

6.57%

- % of shares to total share capital of the company

2.06%

2.06%

1.03%

2.06%

b)

Non-encumbered

- Number of shares

284,514,362

284,514,362

294,514,362

284,514,362

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

93.43%

93.43%

96.72%

93.43%

- % of shares to total share capital of the company

29.29%

29.29%

30.32%

29.29%

Particulars

Quarterended on 30.06.2013

B

Investor complaints

Pending at the beginning of the Quarter

8

Received during the quarter

33

Disposed off during the quarter

38

Remaining unresolved at the end of the quarter

3

Standalone Segment Revenue, Results and Capital Employed

`Crores

Particulars

Quarterended on30.06.2013

Quarterended on31.03.2013

Quarterended on30.06.2012

Financial Year ended on 31.03.2013

Audited

Audited

Audited

Audited

Revenue by Business Segment:

Steel business

8,966.09

10,117.48

8,204.82

35,270.21

Ferro Alloys and Minerals

492.75

607.98

711.60

2,909.62

Others

522.12

546.31

494.93

2,046.98

Total

9,980.96

11,271.77

9,411.35

40,226.81

Less: Inter segment revenue

525.57

501.24

503.32

2,027.38

Net sales / income from operations

9,455.39

10,770.53

8,908.03

38,199.43

Segment results before finance costs, exceptional items and tax:

Steel business

2,477.45

2,889.96

2,428.62

9,541.53

Ferro Alloys and Minerals

107.95

78.64

186.66

628.24

Others

7.53

11.25

12.72

34.93

Unallocated income / (expenditure)

(73.97)

338.14

(50.68)

183.20

Total Segment results before finance costs, exceptional items and tax

2,518.96

3,317.99

2,577.32

10,387.90

Less: Finance costs

466.44

459.42

454.44

1,876.77

Profit / (Loss) before exceptional items and tax

2,052.52

2,858.57

2,122.88

8,511.13

Exceptional items:

Profit on sale of non current investments

-

2.73

-

12.33

Provision for diminution in value of investments/doubtful advances

-

(686.86)

-

(686.86)

Profit / (Loss) before tax

2,052.52

2,174.44

2,122.88

7,836.60

Less: Tax expense

696.41

865.23

766.32

2,773.63

Net Profit / (Loss)

1,356.11

1,309.21

1,356.56

5,062.97

Segment Capital Employed:

Steel business

33,071.44

31,736.78

27,892.47

31,736.78

Ferro Alloys and Minerals

260.66

260.14

267.36

260.14

Others

225.07

201.68

260.53

201.68

Unallocated

1,782.43

2,535.73

1,373.72

2,535.73

Total

35,339.60

34,734.33

29,794.08

34,734.33

Consolidated Financial Results for the Quarter ended on 30th June 2013

PART I

`Crores

Particulars

Quarterended on30.06.2013

Quarterended on31.03.2013

Quarterended on30.06.2012

Financial Year ended on 31.03.2013

Unaudited

Unaudited

Unaudited

Audited

1

Income from operations

a)

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

32,550.21

34,180.05

33,547.73

133,416.60

b)

Other operating income

254.58

470.42

273.47

1,294.94

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

32,804.79

34,650.47

33,821.20

134,711.54

2

Expenses

a)

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

(1,466.03)

2,624.29

(2,673.01)

1,418.92

b)

Purchases of finished, semi-finished steel & other products

4,204.06

3,689.40

6,138.14

18,473.87

c)

Raw materials consumed

10,440.58

8,754.72

11,584.64

40,643.46

d)

Employee benefits expense

4,791.17

4,853.03

4,782.48

18,912.00

e)

Purchase of power

1,463.41

1,346.81

1,390.61

5,554.01

f)

Freight and handling charges

1,985.29

2,031.07

1,735.81

7,434.27

g)

Depreciation and amortisation expense

1,403.27

1,469.56

1,307.98

5,575.32

h)

Other expenses

7,698.27

6,982.21

7,459.25

29,953.80

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

30,520.02

31,751.09

31,725.90

127,965.65

3

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

2,284.77

2,899.38

2,095.30

6,745.89

4

Other income

183.63

(67.86)

289.38

479.15

5

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

2,468.40

2,831.52

2,384.68

7,225.04

6

Finance costs

992.44

994.74

969.01

3,968.11

7

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

1,475.96

1,836.78

1,415.67

3,256.93

8

Exceptional items :

a)

Profit on sale of non current investments

17.76

943.13

-

966.03

b)

Provision for impairment of non-current assets

-

(8,355.91)

-

(8,355.91)

Total exceptional items [(8(a) + 8(b)]

17.76

(7,412.78)

-

(7,389.88)

9

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

1,493.72

(5,576.00)

1,415.67

(4,132.95)

10

Tax expense

a)

Current tax

766.63

745.54

712.17

2,325.40

b)

MAT credit

-

(148.55)

(1.25)

(410.12)

c)

Deferred tax

(415.24)

504.53

187.71

1,314.16

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

351.39

1,101.52

898.63

3,229.44

11

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

1,142.33

(6,677.52)

517.04

(7,362.39)

12

Minority interest

2.92

139.07

39.89

214.46

13

Share of profit / (loss) of associates

(6.24)

9.94

40.95

90.31

14

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

1,139.01

(6,528.51)

597.88

(7,057.62)

15

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

971.41

971.41

971.41

971.41

16

Reserves excluding revaluation reserves

33,200.83

17

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

11.28

(67.69)

5.69

(74.54)

18

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

11.28

(67.69)

5.69

(74.54)

Consolidated Segment Revenue, Results and Capital Employed

`Crores

Particulars

Quarterended on30.06.2013

Quarterended on31.03.2013

Quarterended on30.06.2012

Financial Year ended on 31.03.2013

Unaudited

Unaudited

Unaudited

Audited

Revenue by Business Segment:

Steel business

31,349.23

32,922.08

32,412.51

127,620.83

Others

3,244.60

3,327.25

3,660.69

14,541.07

Unallocated

239.36

276.05

238.59

993.09

Total

34,833.19

36,525.38

36,311.79

143,154.99

Less: Inter segment revenue

2,028.40

1,874.91

2,490.59

8,443.45

Net sales / income from operations

32,804.79

34,650.47

33,821.20

134,711.54

Segment results before finance costs, exceptional items and tax:

Steel business

2,639.47

3,098.61

2,718.07

8,225.68

Others

216.72

122.27

197.82

578.15

Unallocated income / (expenditure)

269.30

618.59

147.88

2,201.44

Less: Inter segment eliminations

657.09

1,007.95

679.09

3,780.23

Total Segment results before finance costs, exceptional items and tax

2,468.40

2,831.52

2,384.68

7,225.04

Less: Finance costs

992.44

994.74

969.01

3,968.11

Profit / (Loss) before exceptional items and tax

1,475.96

1,836.78

1,415.67

3,256.93

Exceptional items:

Profit on sale of non current investments

17.76

943.13

-

966.03

Provision for impairment of non-current assets

-

(8,355.91)

-

(8,355.91)

Profit / (Loss) before tax

1,493.72

(5,576.00)

1,415.67

(4,132.95)

Less: Tax expense

351.39

1,101.52

898.63

3,229.44

Net Profit / (Loss)

1,142.33

(6,677.52)

517.04

(7,362.39)

Segment Capital Employed:

Steel business

91,133.75

83,556.85

83,920.25

83,556.85

Others

5,327.04

5,123.65

4,935.92

5,123.65

Unallocated

2,581.24

3,442.24

1,579.34

3,442.24

Inter segment eliminations

2.32

(19.94)

(545.45)

(19.94)

Total

99,044.35

92,102.80

89,890.06

92,102.80