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9 Feb 2012 14:35
TATA STEEL LTD |
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Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI - 400 001 |
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Financial Results for the Quarter / Nine Months ended on 31st December 2011 |
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`Crores | |||||||||||||||||
Standalone results | Consolidated results |
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Quarterended on31.12.2011 | Quarterended on30.09.2011 | Quarterended on31.12.2010 | Nine Months ended on 31.12.2011 | Nine Months ended on 31.12.2010 | Financial Year ended on 31.03.2011 | Particulars | Quarterended on31.12.2011 | Quarterended on30.09.2011 | Quarterended on31.12.2010 | Nine Months ended on 31.12.2011 | Nine Months ended on 31.12.2010 | Financial Year ended on 31.03.2011 |
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Audited | Audited | Audited | Audited | Audited | Audited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited |
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8,304.58 | 8,142.19 | 7,324.69 | 24,238.97 | 20,834.09 | 29,073.50 | 1 | a) | Net Sales / Income from Operations | 32,964.15 | 32,507.45 | 28,606.15 | 98,397.28 | 83,707.12 | 117,149.78 |
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77.27 | 69.74 | 72.66 | 215.06 | 221.49 | 322.85 | b) | Other Operating Income | 138.92 | 290.44 | 483.30 | 503.85 | 1,222.21 | 1,603.34 |
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8,381.85 | 8,211.93 | 7,397.35 | 24,454.03 | 21,055.58 | 29,396.35 | 2 | Total Operating Income [ 1(a) + 1(b) ] | 33,103.07 | 32,797.89 | 29,089.45 | 98,901.13 | 84,929.33 | 118,753.12 |
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3 | Total Expenditure |
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(112.90) | (40.26) | 38.97 | (407.90) | (256.75) | (173.65) | a) | (Increase) / decrease in stock-in-trade | (372.19) | 1,066.63 | (150.18) | (1,697.00) | (1,868.87) | (1,355.98) |
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62.94 | 45.00 | 53.06 | 145.28 | 127.59 | 180.20 | b) | Purchases of finished, semi-finished steel & other products | 5,265.11 | 4,321.72 | 3,769.01 | 15,644.92 | 11,038.83 | 15,890.40 |
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2,187.73 | 1,889.04 | 1,666.58 | 5,867.02 | 4,416.31 | 6,244.01 | c) | Raw materials consumed | 12,618.69 | 11,093.72 | 10,464.37 | 35,232.64 | 28,019.89 | 38,748.58 |
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733.15 | 690.78 | 627.51 | 2,110.93 | 1,987.47 | 2,837.46 | d) | Staff Cost | 4,293.82 | 3,981.13 | 3,732.23 | 12,506.54 | 11,590.77 | 15,840.20 |
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452.08 | 432.03 | 345.38 | 1,343.44 | 1,061.71 | 1,404.86 | e) | Purchase of Power | 1,251.14 | 1,180.68 | 1,031.36 | 3,641.11 | 2,999.39 | 4,014.77 |
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443.93 | 389.99 | 396.84 | 1,240.35 | 1,109.35 | 1,540.82 | f) | Freight and handling | 1,720.66 | 1,560.77 | 1,593.49 | 4,898.45 | 4,647.11 | 6,389.62 |
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289.07 | 287.11 | 286.37 | 861.48 | 848.03 | 1,146.19 | g) | Depreciation | 1,164.01 | 1,108.78 | 1,126.41 | 3,423.58 | 3,248.45 | 4,414.82 |
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1,984.32 | 2,035.59 | 1,448.49 | 5,651.39 | 4,243.91 | 5,929.79 | h) | Other Expenditure | 6,608.53 | 6,843.22 | 5,224.56 | 19,784.29 | 16,972.68 | 23,229.91 |
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6,040.32 | 5,729.28 | 4,863.20 | 16,811.99 | 13,537.62 | 19,109.68 | i) | Total Expenditure (3a to 3h) | 32,549.77 | 31,156.65 | 26,791.25 | 93,434.53 | 76,648.25 | 107,172.32 |
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2,341.53 | 2,482.65 | 2,534.15 | 7,642.04 | 7,517.96 | 10,286.67 | 4 | Profit / (Loss) from Operations before Other Income, Net Finance Charges, Exceptional Items & Tax [2 - 3] | 553.30 | 1,641.24 | 2,298.20 | 5,466.60 | 8,281.08 | 11,580.80 |
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(26.29) | 23.57 | 11.31 | 549.92 | 792.41 | 790.67 | 5 | Other Income | 138.30 | 120.44 | (104.33) | 4,141.00 | 769.40 | 980.98 |
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2,315.24 | 2,506.22 | 2,545.46 | 8,191.96 | 8,310.37 | 11,077.34 | 6 | Profit / (Loss) from Operations before Net Finance Charges, Exceptional Items & Tax [4 + 5] | 691.60 | 1,761.68 | 2,193.87 | 9,607.60 | 9,050.48 | 12,561.78 |
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201.99 | 234.27 | 335.44 | 663.53 | 1,005.60 | 1,300.49 | 7 | Net Finance Charges | 706.93 | 716.11 | 743.23 | 2,160.70 | 2,004.53 | 2,770.04 |
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2,113.25 | 2,271.95 | 2,210.02 | 7,528.43 | 7,304.77 | 9,776.85 | 8 | Profit / (Loss) before Exceptional Items & Tax [6 - 7] | (15.33) | 1,045.57 | 1,450.64 | 7,446.90 | 7,045.95 | 9,791.74 |
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9 | Exceptional Items : |
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- | - | - | - | - | - | Restructuring, Impairment & Asset disposals | - | - | 122.30 | - | 30.84 | 2,310.21 |
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2,113.25 | 2,271.95 | 2,210.02 | 7,528.43 | 7,304.77 | 9,776.85 | 10 | Profit / (Loss) before Tax [ 8 + 9 ] | (15.33) | 1,045.57 | 1,572.94 | 7,446.90 | 7,076.79 | 12,101.95 |
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691.99 | 776.73 | 696.56 | 2,392.52 | 2,146.79 | 2,911.16 | 11 | Tax Expense | 672.03 | 906.54 | 624.04 | 2,701.56 | 2,369.47 | 3,245.90 |
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1,421.26 | 1,495.22 | 1,513.46 | 5,135.91 | 5,157.98 | 6,865.69 | 12 | Net Profit (+) / Loss (-) [10 - 11] | (687.36) | 139.03 | 948.90 | 4,745.34 | 4,707.32 | 8,856.05 |
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13 | Minority Interest | 64.05 | 54.18 | 38.02 | 143.04 | 41.79 | 60.28 |
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14 | Share of profit of associates | 20.64 | 19.22 | 16.10 | 67.93 | 57.98 | 66.36 |
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15 | Profit / (Loss) after Taxes, Minority Interest and Share of profit of Associates [ 12 + 13 + 14 ] | (602.67) | 212.43 | 1,003.02 | 4,956.31 | 4,807.09 | 8,982.69 |
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959.41 | 959.41 | 902.41 | 959.41 | 902.41 | 959.41 | 16 | Paid-up Equity Share Capital[Face value `10 per share] | 958.74 | 958.74 | 901.74 | 958.74 | 901.74 | 958.74 |
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45,807.02 | 17 | Reserves excluding revaluation reserves | 34,426.97 |
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14.35 | 15.12 | 16.77 | 52.20 | 57.56 | 75.63 | 18 | Basic Earnings per share (not annualised) - in Rupees(after Exceptional items) | (6.76) | 1.75 | 11.13 | 50.36 | 53.69 | 99.03 |
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13.69 | 15.12 | 15.57 | 51.18 | 54.24 | 70.99 | 19 | Diluted Earnings per share (not annualised) - in Rupees(after Exceptional items) | (6.76) | 1.75 | 10.29 | 49.41 | 50.62 | 92.86 |
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20 | Aggregate of public shareholding |
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643,937,893 | 640,412,263 | 597,815,338 | 643,937,893 | 597,815,338 | 641,803,872 | Number of shares | 643,937,893 | 640,412,263 | 597,815,338 | 643,937,893 | 597,815,338 | 641,803,872 |
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68.60% | 68.49% | 67.07% | 68.60% | 67.07% | 68.62% | % of shareholding | 68.60% | 68.49% | 67.07% | 68.60% | 67.07% | 68.62% |
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21 | Promoters and promoter group shareholding |
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a) | Pledged / encumbered |
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10,000,000 | 10,000,000 | - | 10,000,000 | - | - | - Number of shares | 10,000,000 | 10,000,000 | - | 10,000,000 | - | - |
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3.39% | 3.39% | - | 3.39% | - | - | - % of shares to total share holding of promoter & promoter group | 3.39% | 3.39% | - | 3.39% | - | - |
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1.04% | 1.04% | - | 1.04% | - | - | - % of shares to total share capital of the company | 1.04% | 1.04% | - | 1.04% | - | - |
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b) | Non-encumbered |
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284,735,764 | 284,619,519 | 293,485,240 | 284,735,764 | 293,485,240 | 293,492,790 | - Number of shares | 284,735,764 | 284,619,519 | 293,485,240 | 284,735,764 | 293,485,240 | 293,492,790 |
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96.61% | 96.61% | 100.00% | 96.61% | 100.00% | 100.00% | - % of shares to total share holding of promoter & promoter group | 96.61% | 96.61% | 100.00% | 96.61% | 100.00% | 100.00% |
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29.68% | 29.67% | 32.53% | 29.68% | 32.53% | 30.60% | - % of shares to total share capital of the company | 29.68% | 29.67% | 32.53% | 29.68% | 32.53% | 30.60% |
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Segment Revenue, Results and Capital Employed | ||||||||||||
`Crores | ||||||||||||
Standalone results | Consolidated results | |||||||||||
Quarterended on31.12.2011 | Quarterended on30.09.2011 | Quarterended on31.12.2010 | Nine Months ended on 31.12.2011 | Nine Months ended on 31.12.2010 | Financial Year ended on 31.03.2011 | Particulars | Quarterended on31.12.2011 | Quarterended on30.09.2011 | Quarterended on31.12.2010 | Nine Months ended on 31.12.2011 | Nine Months ended on 31.12.2010 | Financial Year ended on 31.03.2011 |
Audited | Audited | Audited | Audited | Audited | Audited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Revenue by Business Segment: | ||||||||||||
7,678.48 | 7,646.98 | 6,773.07 | 22,626.46 | 19,267.82 | 26,861.17 | Steel business | 31,717.78 | 31,553.43 | 27,578.36 | 94,969.99 | 81,067.43 | 113,034.83 |
675.83 | 541.15 | 608.70 | 1,753.82 | 1,748.49 | 2,431.70 | Ferro Alloys and Minerals | ||||||
484.87 | 482.25 | 441.75 | 1,464.97 | 1,329.74 | 1,839.74 | Others | 3,371.34 | 2,924.90 | 3,235.69 | 9,630.31 | 9,113.17 | 13,074.88 |
- | - | - | - | - | - | Unallocated | 418.72 | 425.36 | 399.30 | 1,266.85 | 1,089.24 | 1,470.49 |
8,839.18 | 8,670.38 | 7,823.52 | 25,845.25 | 22,346.05 | 31,132.61 | Total | 35,507.84 | 34,903.69 | 31,213.35 | 105,867.15 | 91,269.84 | 127,580.20 |
457.33 | 458.45 | 426.17 | 1,391.22 | 1,290.47 | 1,736.26 | Less: Inter segment revenue | 2,404.77 | 2,105.80 | 2,123.90 | 6,966.02 | 6,340.51 | 8,827.08 |
8,381.85 | 8,211.93 | 7,397.35 | 24,454.03 | 21,055.58 | 29,396.35 | Net sales/ income from operations | 33,103.07 | 32,797.89 | 29,089.45 | 98,901.13 | 84,929.33 | 118,753.12 |
Segment results before net finance charges, exceptional items and tax: | ||||||||||||
2,240.28 | 2,534.43 | 2,301.45 | 7,465.96 | 6,945.25 | 9,459.43 | Steel business | 415.88 | 2,836.34 | 2,165.05 | 6,872.45 | 8,586.62 | 12,304.81 |
148.43 | 98.86 | 175.88 | 401.26 | 578.74 | 822.18 | Ferro Alloys and Minerals | ||||||
11.22 | 12.19 | 17.15 | 44.65 | 58.81 | 79.09 | Others | 42.04 | (102.35) | 203.58 | 31.42 | 765.48 | 1,041.82 |
(84.69) | (139.26) | 50.98 | 280.09 | 727.57 | 716.64 | Unallocated income / (expenditure) | 318.57 | (187.91) | (72.69) | 3,936.46 | (109.49) | (371.59) |
- | - | - | - | - | - | Less: Inter Segment Eliminations | 84.89 | 784.40 | 102.07 | 1,232.73 | 192.13 | 413.26 |
2,315.24 | 2,506.22 | 2,545.46 | 8,191.96 | 8,310.37 | 11,077.34 | Total Segment results before net finance charges, exceptional items and tax | 691.60 | 1,761.68 | 2,193.87 | 9,607.60 | 9,050.48 | 12,561.78 |
201.99 | 234.27 | 335.44 | 663.53 | 1,005.60 | 1,300.49 | Less: Net Finance Charges | 706.93 | 716.11 | 743.23 | 2,160.70 | 2,004.53 | 2,770.04 |
2,113.25 | 2,271.95 | 2,210.02 | 7,528.43 | 7,304.77 | 9,776.85 | Profit / (Loss) before exceptional items & tax | (15.33) | 1,045.57 | 1,450.64 | 7,446.90 | 7,045.95 | 9,791.74 |
Exceptional Items: | ||||||||||||
- | - | - | - | - | - | Restructuring, Impairment & Asset disposals | - | - | 122.30 | - | 30.84 | 2,310.21 |
2,113.25 | 2,271.95 | 2,210.02 | 7,528.43 | 7,304.77 | 9,776.85 | Profit / (Loss) before tax | (15.33) | 1,045.57 | 1,572.94 | 7,446.90 | 7,076.79 | 12,101.95 |
691.99 | 776.73 | 696.56 | 2,392.52 | 2,146.79 | 2,911.16 | Less: Tax Expense | 672.03 | 906.54 | 624.04 | 2,701.56 | 2,369.47 | 3,245.90 |
1,421.26 | 1,495.22 | 1,513.46 | 5,135.91 | 5,157.98 | 6,865.69 | Net Profit (+) / Loss (-) | (687.36) | 139.03 | 948.90 | 4,745.34 | 4,707.32 | 8,856.05 |
Segment Capital Employed: | ||||||||||||
23,817.70 | 22,488.91 | 15,250.22 | 23,817.70 | 15,250.22 | 15,997.68 | Steel business | 81,102.18 | 73,688.48 | 56,093.21 | 81,102.18 | 56,093.21 | 60,240.90 |
180.89 | 111.61 | 356.38 | 180.89 | 356.38 | 333.87 | Ferro Alloys and Minerals | ||||||
279.78 | 218.83 | 232.78 | 279.78 | 232.78 | 199.28 | Others | 5,035.90 | 4,472.46 | 5,173.63 | 5,035.90 | 5,173.63 | 5,167.50 |
9,105.42 | 7,550.99 | 5,399.27 | 9,105.42 | 5,399.27 | 9,272.56 | Unallocated | 6,911.92 | 8,403.86 | 11,263.93 | 6,911.92 | 11,263.93 | 13,380.32 |
Inter Segment Eliminations | (461.98) | (642.90) | (72.92) | (461.98) | (72.92) | (63.14) | ||||||
33,383.79 | 30,370.34 | 21,238.65 | 33,383.79 | 21,238.65 | 25,803.39 | Total | 92,588.02 | 85,921.90 | 72,457.85 | 92,588.02 | 72,457.85 | 78,725.58 |
Notes:
1. 1,20,00,000 ordinary shares of `10 each, at a premium of `584 per share, have been allotted to Tata Sons Ltd on January 20, 2012 on Tata Sons Ltd having exercised the option to convert 1,20,00,000 warrants into ordinary shares of the Company.
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 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 profit and loss account, the consolidated profit after taxes, minority interest and share of profit of associates for the nine months ended December 31, 2011 would have been lower by `3,005.48 crores (`694.32 crores for the quarter; `2,233.17 crores for the preceding quarter) and the consolidated profit after taxes, minority interest and share of profit of associates for the nine months ended December 31, 2010 would have been lower by `32.90 crores (higher by `927.50 crores for the quarter ended December 31, 2010).
3. Consequent to the notification issued by the Ministry of Corporate Affairs on December 29, 2011, the Company adopted the option given in paragraph 46A of the Accounting Standard-11 "The Effects of Changes in Foreign Exchange Rates" with effect from April 1, 2011. Accordingly, the exchange difference on foreign currency denominated long term borrowings relating to acquisition of depreciable capital assets are adjusted in the carrying cost of such assets and the exchange difference on other long term foreign currency monetary items is amortised w.e.f. April 1, 2011 over its tenor till maturity or March 31, 2020, whichever is earlier. The amortised portion of foreign exchange loss (net) incurred on long term foreign currency monetary items for the quarter and nine-months ended December 31, 2011 is `17.70 crores and `170.06 crores (which includes the cumulative impact of reversal of amortization for the previous quarters of `96.84 crores). Earlier such differences were amortised till March 31, 2012.
As a result, profit before tax for the quarter and nine months ended December 31,2011 is higher by `333.07 crores. The unamortised portion carried forward as on December 31, 2011 is `733.82 crores.
4. Value of inventories of raw materials and finished goods at some of the subsidiary companies especially in Tata Steel Europe has been written down to recognise the fall in market price of these products. The write down for the quarter ended December 31, 2011 amounts to `741.70 crores (`222.63 crores for the preceding quarter;`990.28 crores for the nine months ended December 31).
5. Information on investor complaints pursuant to clause 41 of the listing agreement for the quarter ended December 31, 2011:
Opening Balance | Received during the quarter | Resolved during the quarter | Closing Balance |
28 | 200 | 220 | 8 |
Of the total 8 unresolved complaints, 3 complaints have since been resolved.
6. Figures for the previous periods have been regrouped and reclassified to conform to the classification of the current period, wherever necessary.
7. The consolidated financial results have been subjected to limited review and the stand-alone financial results have been audited by the statutory auditors.
8. 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
Sd/-
Ratan N. Tata
Chairman
Mumbai: February 09, 2012
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