Last checked at 12 Aug 2011 10:46
TATA STEEL LTD | ||||||||||||
Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI - 400 001 | ||||||||||||
Financial Results for the Quarter ended on 30th June 2011 | ||||||||||||
Rs.Crores | ||||||||||||
Standalone results | Consolidated results | |||||||||||
Quarter ended on 30-06-2011 | Quarter ended on 30-06-2010 | Financial Year ended on31-03-2011 | Particulars | Quarter ended on 30-06-2011 | Quarter ended on 30-06-2010 | Financial Yearended on31-03-2011 | ||||||
Audited | Audited | Audited | Unaudited | Unaudited | Audited | |||||||
7,792.20 | 6,471.27 | 29,073.50 | 1 | a) | Net Sales / Income from Operations | 32,839.90 | 27,010.06 | 117,149.78 | ||||
68.05 | 80.21 | 322.85 | b) | Other Operating Income | 160.27 | 183.62 | 1,603.34 | |||||
7,860.25 | 6,551.48 | 29,396.35 | 2 | Total Operating Income [ 1(a) + 1(b) ] | 33,000.17 | 27,193.68 | 118,753.12 | |||||
3 | Total Expenditure | |||||||||||
(254.74) | (340.09) | (173.65) | a) | (Increase) / decrease in stock-in-trade | (2,391.44) | (910.10) | (1,355.98) | |||||
37.34 | 36.39 | 180.20 | b) | Purchases of finished, semi-finished steel & other products | 6,058.09 | 3,463.89 | 15,890.40 | |||||
1,790.25 | 1,268.56 | 6,244.01 | c) | Raw materials consumed | 11,227.73 | 7,805.45 | 38,044.12 | |||||
687.00 | 651.38 | 2,837.46 | d) | Staff Cost | 4,231.59 | 3,912.46 | 15,840.20 | |||||
459.33 | 354.85 | 1,404.86 | e) | Purchase of Power | 1,209.29 | 971.36 | 4,014.77 | |||||
406.43 | 352.24 | 1,540.82 | f) | Freight and handling | 1,593.69 | 1,586.06 | 6,389.62 | |||||
285.30 | 280.20 | 1,146.19 | g) | Depreciation | 1,150.79 | 1,043.94 | 4,414.82 | |||||
1,631.48 | 1,311.70 | 5,929.79 | h) | Other Expenditure | 6,648.37 | 5,931.81 | 23,934.37 | |||||
5,042.39 | 3,915.23 | 19,109.68 | i) | Total Expenditure (3a to 3h) | 29,728.11 | 23,804.87 | 107,172.32 | |||||
2,817.86 | 2,636.25 | 10,286.67 | 4 | Profit / (Loss) from Operations before Other Income, Net Finance Charges, Exceptional Items & Tax [2 - 3] | 3,272.06 | 3,388.81 | 11,580.80 | |||||
552.64 | 48.43 | 790.67 | 5 | Other Income | 3,882.26 | 59.31 | 980.98 | |||||
3,370.50 | 2,684.68 | 11,077.34 | 6 | Profit / (Loss) from Operations before Net Finance Charges, Exceptional Items & Tax [4 + 5] | 7,154.32 | 3,448.12 | 12,561.78 | |||||
227.27 | 327.68 | 1,300.49 | 7 | Net Finance Charges | 737.66 | 597.59 | 2,770.04 | |||||
3,143.23 | 2,357.00 | 9,776.85 | 8 | Profit / (Loss) before Exceptional Items & Tax [6 - 7] | 6,416.66 | 2,850.53 | 9,791.74 | |||||
9 | Exceptional Items : | |||||||||||
- | - | - | Restructuring, Impairment & Asset disposals | - | (59.88) | 2,310.21 | ||||||
3,143.23 | 2,357.00 | 9,776.85 | 10 | Profit / (Loss) before Tax [ 8 + 9 ] | 6,416.66 | 2,790.65 | 12,101.95 | |||||
923.80 | 777.61 | 2,911.16 | 11 | Tax Expense | 1,122.99 | 1,000.46 | 3,245.90 | |||||
2,219.43 | 1,579.39 | 6,865.69 | 12 | Net Profit (+) / Loss (-) [10 - 11] | 5,293.67 | 1,790.19 | 8,856.05 | |||||
13 | Minority Interest | 24.81 | (6.49) | 60.28 | ||||||||
14 | Share of profit of associates | 28.07 | 41.56 | 66.36 | ||||||||
15 | Profit / (Loss) after Taxes, Minority Interest and Share of profit of Associates [ 12 + 13 + 14 ] | 5,346.55 | 1,825.26 | 8,982.69 | ||||||||
959.41 | 887.41 | 959.41 | 16 | Paid-up Equity Share Capital[Face value `10 per share] | 958.74 | 886.74 | 958.74 | |||||
45,807.02 | 17 | Reserves excluding revaluation reserves | 34,426.97 | |||||||||
22.74 | 17.80 | 75.63 | 18 | Basic Earnings per share (not annualised) - in Rupees (after Exceptional items) | 55.38 | 20.59 | 99.03 | |||||
21.74 | 17.17 | 70.99 | 19 | Diluted Earnings per share (not annualised) - in Rupees (after Exceptional items) | 52.36 | 19.77 | 92.86 | |||||
20 | Aggregate of public shareholding | |||||||||||
641,730,802 | 605,883,935 | 641,803,872 | Number of shares | |||||||||
68.61% | 68.55% | 68.62% | % of shareholding | |||||||||
21 | Promoters and promoter group shareholding | |||||||||||
a) | Pledged / encumbered | |||||||||||
10,000,000 | - | - | - Number of shares | |||||||||
3.41% | - | - | - % of shares to total share holding of promoter & promoter group | |||||||||
- | - | - % of shares to total share capital of the company | ||||||||||
b) | Non-encumbered | |||||||||||
283,549,520 | 277,930,680 | 293,492,790 | - Number of shares | |||||||||
96.59% | 100.00% | 100.00% | - % of shares to total share holding of promoter & promoter group | |||||||||
29.56% | 31.33% | 30.60% | - % of shares to total share capital of the company | |||||||||
| |||||||
Segment Revenue, Results and Capital Employed | |||||||
Rs.Crores | |||||||
Standalone results | Consolidated results | ||||||
Quarter ended on 30-06-2011 | Quarter ended on 30-06-2010 | Financial Year ended on31-03-2011 | Particulars | Quarter ended on 30-06-2011 | Quarter ended on 30-06-2010 | Financial Year ended on31-03-2011 | |
Audited | Audited | Audited | Unaudited | Unaudited | Audited | ||
| Revenue by Business Segment: | ||||||
| 7,301.00 | 5,997.61 | 26,861.17 | Steel business | 31,698.78 | 26,182.39 | 113,034.83 |
| 536.84 | 534.55 | 2,431.70 | Ferro Alloys and Minerals | |||
| 497.85 | 439.23 | 1,839.74 | Others | 3,334.07 | 2,870.75 | 13,074.88 |
| - | - | - | Unallocated | 422.77 | 325.68 | 1,470.49 |
| 8,335.69 | 6,971.39 | 31,132.61 | Total | 35,455.62 | 29,378.82 | 127,580.20 |
| 475.44 | 419.91 | 1,736.26 | Less: Inter segment revenue | 2,455.45 | 2,185.14 | 8,827.08 |
| 7,860.25 | 6,551.48 | 29,396.35 | Net sales/ income from operations | 33,000.17 | 27,193.68 | 118,753.12 |
| |||||||
| Segment results before net finance charges, exceptional items and tax: | ||||||
| 2,691.25 | 2,467.40 | 9,459.43 | Steel business | 3,620.23 | 3,282.43 | 12,304.81 |
| 153.97 | 203.44 | 822.18 | Ferro Alloys and Minerals | |||
| 21.24 | 37.34 | 79.09 | Others | 91.73 | 327.90 | 1,041.82 |
| 504.04 | (23.50) | 716.64 | Unallocated income / (expenditure) | 3,805.80 | (73.05) | (371.59) |
| - | - | - | Less: Inter Segment Eliminations | 363.44 | 89.16 | 413.26 |
| 3,370.50 | 2,684.68 | 11,077.34 | Total Segment results before net finance charges, exceptional items and tax | 7,154.32 | 3,448.12 | 12,561.78 |
| 227.27 | 327.68 | 1,300.49 | Less: Net Finance Charges | 737.66 | 597.59 | 2,770.04 |
| 3,143.23 | 2,357.00 | 9,776.85 | Profit / (Loss) before exceptional items & tax | 6,416.66 | 2,850.53 | 9,791.74 |
| Exceptional Items: | ||||||
| - | - | - | Restructuring, Impairment & Asset disposals | - | (59.88) | 2,310.21 |
| 3,143.23 | 2,357.00 | 9,776.85 | Profit / (Loss) before tax | 6,416.66 | 2,790.65 | 12,101.95 |
| 923.80 | 777.61 | 2,911.16 | Less: Tax Expense | 1,122.99 | 1,000.46 | 3,245.90 |
| 2,219.43 | 1,579.39 | 6,865.69 | Net Profit (+) / Loss (-) | 5,293.67 | 1,790.19 | 8,856.05 |
| |||||||
| Segment Capital Employed: | ||||||
| 16,548.97 | 14,347.90 | 15,997.68 | Steel business | 70,004.08 | 51,578.52 | 60,240.90 |
| (19.51) | 324.69 | 333.87 | Ferro Alloys and Minerals | |||
| 217.04 | 245.32 | 199.28 | Others | 4,555.48 | 4,597.97 | 5,167.50 |
| 8,544.69 | 4,844.21 | 9,272.56 | Unallocated | 11,252.17 | 7,723.04 | 13,380.32 |
| - | - | - | Inter Segment Eliminations | (78.38) | (62.78) | (63.14) |
| 25,291.19 | 19,762.12 | 25,803.39 | Total | 85,733.35 | 63,836.75 | 78,725.58 |
Notes:
1. 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 principles and permitted by Accounting Standard 21. Had the Company recognised changes in actuarial valuations of pension plans of Tata Steel Europe in the profit and loss account, the consolidated profit after taxes, minority interest and share of profit of associates for the quarter ended June 30, 2011 would have been lower by `77.99 crores and the consolidated profit after taxes, minority interest and share of profit of associates for the quarter ended June 30, 2010 would have been lower by `694.56 crores.
2. During the current quarter, the company has sold part of its investment in Tata Refractories Limited (TRL) to Krosaki Harima Corporation for `576.10 crores. Consequently, the company and its subsidiary's holding in TRL (now known as TRL Krosaki Refractories Ltd.) has reduced to 26.62%. Accordingly it has ceased to be a subsidiary and became an associate. 'Other Income' includes `511.01 crores in the stand-alone results and `442.11 crores in the consolidated results (after consolidation adjustments), being the gain on sale of these shares.
3. During the current quarter, The Tinplate Company of India Limited (TCIL) has become a subsidiary of the company pursuant to conversion of Fully Convertible Debentures (FCD) into equity share capital. Consequent to this conversion, the company and its subsidiary's holding in TCIL has increased from 44.40% to 60.96%.
4. During the current quarter, the company tendered its entire 26.27% stake in Riversdale Mining Limited to Rio Tinto Jersey Holdings Limited for A$ 1,060 mn (`4,942.07 crores). 'Other income' in the consolidated results includes profit of `2,879.29 crores on disposal of Tata Steel Global Mineral Holding's investment in Riversdale Mining Limited. The company continues to hold 35% stake in Riversdale Energy (Mauritius) Limited.
5. 'Other income' in the consolidated results includes the cash settlement of `597.71 crores relating to the arbitration with the Teeside Cast Products (TCP) Consortium.
6. Information on investor complaints pursuant to clause 41 of the listing agreement for the quarter ended June 30, 2011:
Opening Balance | Received during the quarter | Resolved during the quarter | Closing Balance |
4 | 130 | 132 | 2 |
7. Figures for the previous period have been regrouped and reclassified to conform to the classification of the current period, wherever necessary.
8. The consolidated financial results have been subjected to limited review and the stand-alone financial results have been audited by the statutory auditors.
9. The above results have been reviewed by the Audit Committee and were approved by the Board of Directors in its meeting of date.
Tata Steel Limited
H. M. Nerurkar
Mumbai: August 12, 2011 Managing Director