Tata Steel Regulatory News (TTST)

TATA STEEL LTD

Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI - 400 001

Financial Results for the Quarter / Six months ended on 30th September 2010

`Crores

Consolidated results

Standalone results

Quarter ended on 30-09-2010

Quarter ended on 30-09-2009

Six Months ended on 30-09-2010

Six Months ended on 30-09-2009

Financial Year ended on31-03-2010

Particulars

Quarter ended on 30-09-2010

Quarter ended on 30-09-2009

Six Months ended on 30-09-2010

Six Months ended on 30-09-2009

Financial Year ended on31-03-2010

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Audited

Audited

Audited

Audited

Audited

28,090.91

25,276.14

55,100.97

48,463.82

101,757.77

1

a)

Net Sales / Income from Operations

7,038.13

5,629.85

13,509.40

11,183.87

24,716.82

555.28

118.90

738.91

223.53

635.35

b)

Other Operating Income

68.62

62.26

148.83

123.79

305.16

28,646.19

25,395.04

55,839.88

48,687.35

102,393.12

2

Total Operating Income [ 1(a) + 1(b) ]

7,106.75

5,692.11

13,658.23

11,307.66

25,021.98

3

Total Expenditure

(808.59)

(329.90)

(1,718.69)

995.05

660.04

a)

(Increase) / decrease in stock-in-trade

44.37

(37.54)

(295.72)

8.05

134.97

3,805.93

3,702.65

7,269.82

7,201.24

13,087.04

b)

Purchases of finished, semi-finished steel & other products

38.14

32.73

74.53

60.55

169.08

9,409.06

8,486.17

17,214.51

15,548.27

31,004.49

c)

Raw materials consumed

1,481.17

1,426.52

2,749.73

2,958.69

5,494.74

3,827.51

4,360.82

7,604.60

8,323.35

16,462.99

d)

Staff Cost

683.74

522.11

1,261.88

1,028.32

2,361.48

996.73

1,012.75

1,968.03

1,977.82

4,051.73

e)

Purchase of Power

361.48

297.86

716.33

626.23

1,268.28

1,467.56

1,458.00

3,053.62

2,617.89

5,549.13

f)

Freight and handling

360.27

307.82

712.51

623.05

1,357.27

1,078.10

1,153.52

2,122.04

2,242.50

4,491.73

g)

Depreciation

281.46

256.37

561.66

509.54

1,083.18

6,275.66

6,332.75

12,343.07

11,681.79

23,535.04

h)

Other Expenditure

1,508.56

1,220.38

2,893.50

2,338.32

5,284.07

26,051.96

26,176.76

49,857.00

50,587.91

98,842.19

i)

Total Expenditure (3a to 3h)

4,759.19

4,026.25

8,674.42

8,152.75

17,153.07

2,594.23

(781.72)

5,982.88

(1,900.56)

3,550.93

4

Profit / (Loss) from Operations before Other Income, Net Finance Charges, Exceptional Items & Tax [2 - 3]

2,347.56

1,665.86

4,983.81

3,154.91

7,868.91

814.26

17.94

873.73

221.84

1,185.85

5

Other Income

732.67

76.05

781.10

122.39

853.79

3,408.49

(763.78)

6,856.61

(1,678.72)

4,736.78

6

Profit / (Loss) from Operations before Net Finance Charges, Exceptional Items & Tax [4 + 5]

3,080.23

1,741.91

5,764.91

3,277.30

8,722.70

663.71

717.18

1,261.30

1,599.07

3,022.06

7

Net Finance Charges

342.48

392.00

670.16

734.16

1,508.40

2,744.78

(1,480.96)

5,595.31

(3,277.79)

1,714.72

8

Profit / (Loss) before Exceptional Items & Tax [6 - 7]

2,737.75

1,349.91

5,094.75

2,543.14

7,214.30

9

Exceptional Items

(31.58)

(911.32)

(91.46)

(1,130.08)

(1,683.72)

Restructuring costs

-

-

-

-

-

2,713.20

(2,392.28)

5,503.85

(4,407.87)

31.00

10

Profit / (Loss) before Tax [ 8 + 9 ]

2,737.75

1,349.91

5,094.75

2,543.14

7,214.30

744.97

327.52

1,745.43

550.46

2,151.84

11

Tax Expense

672.62

446.97

1,450.23

850.37

2,167.50

1,968.23

(2,719.80)

3,758.42

(4,958.33)

(2,120.84)

12

Net Profit (+) / Loss (-) [10 - 11]

2,065.13

902.94

3,644.52

1,692.77

5,046.80

10.26

(17.41)

3.77

3.80

(15.24)

13

Minority Interest

0.32

29.96

41.88

38.60

126.86

14

Share of profit of associates

1,978.81

(2,707.25)

3,804.07

(4,915.93)

(2,009.22)

15

Profit / (Loss) after Taxes, Minority Interest and Share of profit of Associates [ 12 + 13 + 14 ]

901.74

886.74

901.74

886.74

886.74

16

Paid-up Equity Share Capital[Face value `10 per share]

902.41

887.41

902.41

887.41

887.41

17

Paid up Debt Capital

9,976.76

10,634.97

9,974.97

21,927.15

18

Reserves excluding revaluation reserves

36,074.39

19

Debenture Redemption Reserve

1,046.00

646.00

1,046.00

22.04

(33.74)

42.63

(64.58)

(24.92)

20

Basic Earnings per share (not annualised) - in Rupees(after Exceptional items)

22.98

10.89

40.81

21.28

60.26

20.63

(33.74)

40.40

(64.58)

(24.92)

21

Diluted Earnings per share (not annualised) - in Rupees(after Exceptional items)

21.51

10.37

38.71

20.00

57.31

22

Net Debt Equity Ratio

0.61

0.76

0.61

23

Debt Service Coverage Ratio

2.07

1.15

1.70

24

Interest Service Coverage Ratio

8.60

4.46

5.78

25

Aggregate of public shareholding

Number of shares

603,421,463

597,590,392

603,421,463

597,590,392

605,162,261

% of shareholding

67.31%

68.36%

67.31%

68.36%

68.53%

26

Promoters and promoter group shareholding

a)

Pledged / encumbered

- Number of shares

-

97,840,882

-

97,840,882

97,400,000

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

-

35.37%

-

35.37%

35.06%

- % of shares to total share capital of the company

-

11.03%

-

11.03%

10.98%

b)

Non-encumbered

- Number of shares

293,035,480

178,805,995

293,035,480

178,805,995

180,433,893

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

100.00%

64.63%

100.00%

64.63%

64.94%

- % of shares to total share capital of the company

32.48%

20.15%

32.48%

20.15%

20.34%

1

Paid up Debt Capital represents Debentures, Convertible Alternative Reference Securities (CARS) and Foreign Currency Convertible Bonds (FCCB)

2

Net Debt to Equity: Net Debt / Average Net Worth

(Net Debt:Secured Loan+Unsecured Loan - Cash & Bank - Current Investments)

(Net Worth: Equity Share Capital + Preference Share Capital + Reserves & Surplus - Miscellaneous Expenses to the extent not written off or adjusted - Foreign Currency Monetary Translation Diff. Account)

3

Debt Service Coverage Ratio: EBIT / (Net Finance Charges + Scheduled Principal repayments ( excluding prepayments) during the period)

(EBIT : Profit before Taxes +(-) Exceptional Items + Net Finance Charges)

4

Interest Service Coverage Ratio: EBIT / Net Finance Charges

`Crores

Consolidated results

Standalone results

Quarter ended on 30-09-2010

Quarter ended on 30-09-2009

Six Months ended on 30-09-2010

Six Months ended on 30-09-2009

Financial Year ended on31-03-2010

Particulars

Quarter ended on 30-09-2010

Quarter ended on 30-09-2009

Six Months ended on 30-09-2010

Six Months ended on 30-09-2009

Financial Year ended on31-03-2010

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Audited

Audited

Audited

Audited

Audited

Revenue by Business Segment:

27,306.67

24,163.25

53,489.07

45,773.33

97,388.95

Steel business

6,497.14

5,193.67

12,494.75

10,399.51

22,962.55

Ferro Alloys and Minerals

605.24

433.91

1,139.79

791.23

1,854.67

3,006.73

2,621.96

5,877.48

5,399.45

10,877.13

Others

448.76

376.10

887.99

717.49

1,573.29

364.26

324.35

689.94

663.48

1,429.07

Unallocated

-

-

-

-

-

30,677.66

27,109.56

60,056.49

51,836.26

109,695.15

Total

7,551.14

6,003.68

14,522.53

11,908.23

26,390.51

2,031.47

1,714.52

4,216.61

3,148.91

7,302.03

Less: Inter segment revenue

444.39

311.57

864.30

600.57

1,368.53

28,646.19

25,395.04

55,839.88

48,687.35

102,393.12

Net sales/ income from operations

7,106.75

5,692.11

13,658.23

11,307.66

25,021.98

Segment results before net finance charges, exceptional items and tax:

3,139.14

(656.74)

6,421.57

(1,614.08)

4,082.36

Steel business

2,176.40

1,682.76

4,643.80

3,262.27

7,941.92

Ferro Alloys and Minerals

199.42

71.80

402.86

87.92

340.44

234.00

230.39

561.90

379.65

1,031.34

Others

4.32

36.12

41.66

60.68

113.69

36.25

(284.88)

(36.80)

(376.23)

(14.30)

Unallocated income / (expenditure)

700.09

(48.77)

676.59

(133.57)

326.65

0.90

52.55

90.06

68.06

362.62

Less: Inter Segment Eliminations

-

-

-

-

-

3,408.49

(763.78)

6,856.61

(1,678.72)

4,736.78

Total Segment results before net finance charges, exceptional items and tax

3,080.23

1,741.91

5,764.91

3,277.30

8,722.70

663.71

717.18

1,261.30

1,599.07

3,022.06

Less: Net Finance Charges

342.48

392.00

670.16

734.16

1,508.40

2,744.78

(1,480.96)

5,595.31

(3,277.79)

1,714.72

Profit / (Loss) before exceptional items & tax

2,737.75

1,349.91

5,094.75

2,543.14

7,214.30

Exceptional Items:

(31.58)

(911.32)

(91.46)

(1,130.08)

(1,683.72)

Restructuring costs

-

-

-

-

-

2,713.20

(2,392.28)

5,503.85

(4,407.87)

31.00

Profit / (Loss) before tax

2,737.75

1,349.91

5,094.75

2,543.14

7,214.30

744.97

327.52

1,745.43

550.46

2,151.84

Less: Tax Expense

672.62

446.97

1,450.23

850.37

2,167.50

1,968.23

(2,719.80)

3,758.42

(4,958.33)

(2,120.84)

Net Profit (+) / Loss (-)

2,065.13

902.94

3,644.52

1,692.77

5,046.80

Segment Capital Employed:

53,547.67

50,518.87

53,547.67

50,518.87

48,174.30

Steel business

15,029.59

13,114.69

15,029.59

13,114.69

13,099.51

Ferro Alloys and Minerals

345.70

316.43

345.70

316.43

188.09

4,878.82

3,934.96

4,878.82

3,934.96

4,141.75

Others

234.62

256.53

234.62

256.53

223.79

9,659.26

10,004.98

9,659.26

10,004.98

7,717.58

Unallocated

5,624.72

3,253.37

5,624.72

3,253.37

3,870.32

(71.35)

(36.37)

(71.35)

(36.37)

(43.95)

Inter Segment Eliminations

68,014.40

64,422.44

68,014.40

64,422.44

59,989.68

Total

21,234.63

16,941.02

21,234.63

16,941.02

17,381.71

Statement of Assets & Liabilities

` Crores

Consolidated

Standalone

Six months ended on30-09-2010

Six months ended on 30-09-2009

Six months ended on30-09-2010

Six months ended on30-09-2009

Unaudited

Unaudited

Audited

Audited

Shareholders' Funds:

901.74

886.74

(a)

Capital

902.41

887.41

178.20

-

(b)

Share Warrants

178.20

-

26,516.65

23,166.14

(c)

Reserves and Surplus

40,604.30

33,257.31

17.46

17.46

Warrants Issued by a Subsidiary Company

924.30

899.74

Minority Interests

55,937.19

62,013.89

Loan Funds

25,757.59

30,346.24

2,097.93

1,550.12

Deferred Tax Liability

943.89

567.63

145.01

-

Foreign Currency Monetary Item Translation Difference Account

145.01

-

916.77

1,006.24

Provision For Employee Separation Compensation

909.83

998.61

87,635.25

89,540.33

TOTAL

69,441.23

66,057.20

48,956.27

47,592.44

Fixed Assets

17,359.70

15,207.33

4,715.59

8,659.54

Investments

43,504.54

44,535.03

15,039.31

16,424.35

Goodwill on Consolidation

181.96

128.64

Deferred Tax Assets

-

130.19

Foreign Currency Monetary Item Translation Difference Account

130.19

Current Assets, Loans And Advances

25,347.93

19,145.06

(a)

Inventories

4,259.47

3,350.37

11,647.76

12,202.82

(b)

Sundry Debtors

618.12

644.88

7,146.58

5,922.92

(c)

Cash and Bank balances

1,596.14

939.53

6.45

5.50

(d)

Other current assets

-

-

8,325.94

9,727.95

(e)

Loans and Advances

11,871.32

9,122.83

Less: Current liabilities and provisions

27,098.33

23,894.54

(a)

Current liabilities

7,272.66

6,451.59

6,634.21

6,564.86

(b)

Provisions

2,495.40

1,478.90

-

60.32

Miscellaneous Expenditure (Not Written off or Adjusted)

-

57.53

87,635.25

89,540.33

TOTAL

69,441.23

66,057.20

Opening

Balance

Received during the quarter

Resolved during the quarter

Closing

Balance

9

142

104

47