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1st Quarter Results

13 Aug 2013 14:31

RNS Number : 6077L
Tata Steel Limited
13 August 2013
 



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

 

Notes:

 

1. The results have been reviewed by the Audit Committee in its meeting held on August 12, 2013 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, 2013 would have been higher by ` 854.99 crores and the consolidated profit after taxes, minority interest and share of profit of associates for the quarter ended June 30, 2012 would have been lower by `1,439.69 crores.

 

3. The Committee of Directors in their meeting held on April 10, 2013 approved the scheme of amalgamation of the following subsidiaries with the Company:

(a) Kalimati Investment Company Ltd. with an appointed date of January 1, 2013. The Scheme is subject to the approval of the High Court of Judicature at Bombay.

(b) Tata Metaliks Ltd. and Tata Metaliks Kubota Pipes Limited with an appointed date of April 1, 2013. The Scheme is subject to the approval of the High Courts of Judicature at Bombay and Calcutta. The standalone results of the company for the quarter ended June 30, 2013 do not include the results of these companies.

 

4. Figures for the quarter ended March 31, 2013 represent the difference between the audited figures in respect of the full financial year and the published figures of nine months ended December 31, 2012.

 

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

 

 

Tata Steel Limited

 

Sd/-

Cyrus P Mistry

Chairman

Mumbai: August 13, 2013

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