Tata Steel Regulatory News (TTST)

Standalone Financial Results for the Quarter / Twelve Months ended on 31st March 2015

PART I

₹ Crores

Particulars

Quarterended on31.03.2015

Quarterended on31.12.2014

Quarterended on31.03.2014

Financial Year ended on 31.03.2015

Financial Year ended on 31.03.2014

Audited

Audited

Audited

Audited

Audited

1

Income from operations

a)

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

10,522.68

9,824.46

12,041.92

41,433.82

41,271.24

b)

Other operating income

112.21

72.32

149.30

351.18

439.79

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

10,634.89

9,896.78

12,191.22

41,785.00

41,711.03

2

Expenses

a)

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

564.47

(662.00)

296.41

(745.17)

(155.18)

b)

Purchases of finished, semi-finished steel & other products

212.42

231.71

54.00

688.32

352.63

c)

Raw materials consumed

2,713.05

3,709.08

2,743.23

11,707.83

9,677.71

d)

Employee benefits expense

1,168.07

1,164.79

789.02

4,601.92

3,673.08

e)

Purchase of power

634.82

536.61

617.68

2,570.16

2,564.61

f)

Freight and handling charges

771.26

727.17

769.61

2,883.32

2,755.08

g)

Depreciation and amortisation expense

572.46

457.30

461.63

1,997.59

1,928.70

h)

Other expenses

2,891.90

2,209.51

2,812.50

10,069.82

10,026.20

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

9,528.45

8,374.17

8,544.08

33,773.79

30,822.83

3

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

1,106.44

1,522.61

3,647.14

8,011.21

10,888.20

4

Other income

68.60

108.29

52.95

582.78

787.64

5

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

1,175.04

1,630.90

3,700.09

8,593.99

11,675.84

6

Finance costs

532.37

462.44

464.64

1,975.95

1,820.58

7

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

642.67

1,168.46

3,235.45

6,618.04

9,855.26

8

Exceptional items :

a)

Profit on sale of non current investments

18.14

-

-

806.10

-

b)

Profit on sale of non current assets

-

-

-

1,146.86

-

c)

Provision for diminution in value of investments/doubtful advances

(198.40)

-

(141.76)

(198.40)

(141.76)

d)

(Provision)/ Reversal of impairment of non-current assets

136.29

-

-

136.29

-

Total exceptional items [8(a) to 8(d)]

(43.97)

-

(141.76)

1,890.85

(141.76)

9

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

598.70

1,168.46

3,093.69

8,508.89

9,713.50

10

Tax expense

a)

Current tax

(313.98)

293.61

996.61

1,908.60

3,098.02

b)

MAT credit

(117.21)

-

-

(117.21)

-

c)

Deferred tax

215.80

(5.79)

118.44

278.38

203.29

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

(215.39)

287.82

1,115.05

2,069.77

3,301.31

11

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

814.09

880.64

1,978.64

6,439.12

6,412.19

12

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

971.41

971.41

971.41

971.41

971.41

13

Paid up debt capital

11,399.97

15,092.78

14

Reserves excluding revaluation reserves

65,692.48

60,176.58

15

Debenture redemption reserve

2,046.00

2,046.00

16

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

7.94

8.61

19.93

64.49

64.21

17

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

7.94

8.61

19.93

64.49

64.21

18

Net debt equity ratio

0.40

0.41

19

Debt service coverage ratio

1.05

1.50

20

Interest service coverage ratio

5.45

7.69

(a)

Paid up debt capital represents debentures and Foreign Currency Convertible Bonds (FCCB)

(b)

Net debt to equity: Net Debt / Average Net Worth

(Net debt: Long term borrowings + Current maturities of long term borrowings + Short term borrowings - Cash & bank balances - Current investments)

(Net worth: Shareholders' funds+ Hybrid Perpetual Securities)

(c)

Debt Service Coverage Ratio: EBIT / (Net finance charges + Scheduled principal repayments (excluding prepayments) during the period)

(EBIT : Profit before Tax +/(-) Exceptional Items + Net finance charges)

(Net finance charges : Finance costs - Interest income - Dividend income from current investments - Net Gain / (Loss) on sale of current investments)

(d)

Interest Service Coverage Ratio: EBIT / Net Finance Charges

PART II

Select information for the Quarter ended on 31st March 2015

Quarterended on31.03.2015

Quarterended on31.12.2014

Quarterended on31.03.2014

Financial Year ended on 31.03.2015

Financial Year ended on 31.03.2014

A

Particulars of Shareholding

1

Aggregate of public shareholding

Number of shares

64,87,93,230

64,99,53,363

63,78,25,723

64,87,93,230

63,78,25,723

% of shareholding

68.06%

68.10%

67.69%

68.06%

67.69%

2

Promoters and promoter group shareholding

a)

Pledged / encumbered

- Number of shares

2,74,00,000

2,74,00,000

2,24,00,000

2,74,00,000

2,24,00,000

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

9.00%

9.00%

7.36%

9.00%

7.36%

- % of shares to total share capital of the company

2.82%

2.82%

2.31%

2.82%

2.31%

b)

Non-encumbered

- Number of shares

27,71,14,362

27,71,14,362

28,21,14,362

27,71,14,362

28,21,14,362

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

91.00%

91.00%

92.64%

91.00%

92.64%

- % of shares to total share capital of the company

28.53%

28.53%

29.04%

28.53%

29.04%

Particulars

Quarterended on31.03.2015

B

Investor complaints

Pending at the beginning of the Quarter

7

Received during the quarter

25

Disposed off during the quarter

25

Remaining unresolved at the end of the quarter

7

₹ Crores

Particulars

Quarterended on31.03.2015

Quarterended on31.12.2014

Quarterended on31.03.2014

Financial Year ended on 31.03.2015

Financial Year ended on 31.03.2014

Audited

Audited

Audited

Audited

Audited

Revenue by Business Segment:

Steel business

10,336.34

9,652.32

11,304.72

40,343.85

38,688.35

Ferro Alloys and Minerals

215.32

192.78

825.26

1,154.89

2,921.66

Others

580.36

590.40

616.84

2,378.39

2,209.58

Total

11,132.02

10,435.50

12,746.82

43,877.13

43,819.59

Less: Inter segment revenue

497.13

538.72

555.60

2,092.13

2,108.56

Net sales / income from operations

10,634.89

9,896.78

12,191.22

41,785.00

41,711.03

Segment results before finance costs, exceptional items and tax:

Steel business

1,329.81

1,777.58

3,453.36

8,749.47

10,724.95

Ferro Alloys and Minerals

(37.84)

(18.30)

255.93

108.79

800.74

Others

13.57

6.96

24.49

48.64

43.25

Unallocated income / (expenditure)

(130.50)

(135.34)

(33.69)

(312.91)

106.90

Total Segment results before finance costs, exceptional items and tax

1,175.04

1,630.90

3,700.09

8,593.99

11,675.84

Less: Finance costs

532.37

462.44

464.64

1,975.95

1,820.58

Profit / (Loss) before exceptional items and tax

642.67

1,168.46

3,235.45

6,618.04

9,855.26

Exceptional items:

Profit on sale of non current investments

18.14

-

-

806.10

-

Profit on sale of non current assets

-

-

-

1,146.86

-

Provision for diminution in value of investments/doubtful advances

(198.40)

-

(141.76)

(198.40)

(141.76)

(Provision)/ Reversal of impairment of non-current assets

136.29

-

-

136.29

-

Profit / (Loss) before tax

598.70

1,168.46

3,093.69

8,508.89

9,713.50

Less: Tax expense

(215.39)

287.82

1,115.05

2,069.77

3,301.31

Net Profit / (Loss)

814.09

880.64

1,978.64

6,439.12

6,412.19

Segment Capital Employed:

Steel business

47,257.07

45,509.65

38,866.52

47,257.07

38,866.52

Ferro Alloys and Minerals

266.32

255.99

284.68

266.32

284.68

Others

107.51

152.59

129.59

107.51

129.59

Unallocated

(855.12)

(836.31)

(83.16)

(855.12)

(83.16)

Total

46,775.78

45,081.92

39,197.63

46,775.78

39,197.63

Standalone Statement of Assets & Liabilities

₹ Crores

Standalone results

Particulars

As at31.03.2015

As at31.03.2014

Audited

Audited

A

EQUITY AND LIABILITIES

(1)

Shareholders' funds

(a)

Share Capital

971.41

971.41

(b)

Reserves and surplus

65,692.48

60,176.58

Sub-total - Shareholders' funds

66,663.89

61,147.99

(2)

Share application money pending allotment

-

-

(3)

Hybrid Perpetual Securities

2,275.00

2,275.00

(4)

Non-current liabilities

(a)

Long-term borrowings

23,900.37

23,808.09

(b)

Deferred tax liabilities (net)

2,250.41

2,038.98

(c)

Other long-term liabilities

1,087.74

983.52

(d)

Long-term provisions

2,875.92

1,905.05

Sub-total - Non current liabilities

30,114.44

28,735.64

(5)

Current liabilities

(a)

Short-term borrowings

34.88

43.69

(b)

Trade payables

5,801.98

8,263.61

(c)

Other current liabilities

9,111.52

8,671.67

(d)

Short-term provisions

1,675.41

1,902.81

Sub-total - Current liabilities

16,623.79

18,881.78

TOTAL - EQUITY AND LIABILITIES

1,15,677.12

1,11,040.41

B

ASSETS

(1)

Non-current assets

(a)

Fixed assets

48,285.19

42,775.15

(b)

Non-current investments

52,164.24

52,318.56

(c)

Long-term loans and advances

3,166.77

4,080.07

(d)

Other non current assets

211.75

302.03

Sub-total - Non current assets

1,03,827.95

99,475.81

(2)

Current assets

(a)

Current investments

1,000.08

2,343.24

(b)

Inventories

8,042.00

6,007.81

(c)

Trade receivables

491.46

770.81

(d)

Cash and bank balances

478.59

961.16

(e)

Short-term loans and advances

1,781.77

1,299.20

(f)

Other current assets

55.27

182.38

Sub-total - Current assets

11,849.17

11,564.60

TOTAL - ASSETS

1,15,677.12

1,11,040.41

Consolidated Financial Results for the Quarter / Twelve Months ended on 31st March 2015

PART I

₹Crores

Particulars

Quarterended on31.03.2015

Quarterended on31.12.2014

Quarterended on31.03.2014

Financial Year ended on 31.03.2015

Financial Year ended on 31.03.2014

Unaudited

Unaudited

Unaudited

Audited

Audited

1

Income from operations

a)

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

33,336.81

33,327.61

42,017.63

1,38,318.91

1,47,347.28

b)

Other operating income

329.37

305.62

410.42

1,184.82

1,266.27

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

33,666.18

33,633.23

42,428.05

1,39,503.73

1,48,613.55

2

Expenses

a)

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

2,164.12

(511.91)

2,275.19

1,092.95

(514.67)

b)

Purchases of finished, semi-finished steel & other products

2,459.33

3,548.77

4,238.53

13,804.22

17,008.21

c)

Raw materials consumed

8,810.99

10,553.44

12,602.67

40,770.27

46,242.98

d)

Employee benefits expense

5,426.06

4,950.12

5,355.35

21,407.64

20,303.41

e)

Purchase of power

1,435.18

1,343.53

1,595.19

5,913.28

6,035.77

f)

Freight and handling charges

2,300.82

2,129.83

2,643.65

8,811.41

9,007.92

g)

Depreciation and amortisation expense

1,512.72

1,451.09

1,471.87

5,943.60

5,841.22

h)

Other expenses

9,526.71

8,542.06

8,706.39

35,168.21

34,118.92

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

33,635.93

32,006.93

38,888.84

1,32,911.58

1,38,043.76

3

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

30.25

1,626.30

3,539.21

6,592.15

10,569.79

4

Other income

139.41

119.11

111.70

796.18

516.81

5

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

169.66

1,745.41

3,650.91

7,388.33

11,086.60

6

Finance costs

1,195.19

1,167.41

1,169.35

4,847.75

4,336.83

7

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

(1,025.53)

578.00

2,481.56

2,540.58

6,749.77

8

Exceptional items :

a)

Profit on sale of non current investments

3.02

-

-

1,315.34

18.20

b)

Profit on sale of non current assets

-

-

-

1,146.86

-

c)

Provision for diminution in value of investments

(338.30)

-

(0.42)

(338.30)

(0.42)

d)

Provision/Reversal of impairment of non-current assets

(4,475.92)

-

(45.42)

(6,052.57)

(45.42)

Total exceptional items [8(a) to 8(d)]

(4,811.20)

-

(45.84)

(3,928.67)

(27.64)

9

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

(5,836.73)

578.00

2,435.72

(1,388.09)

6,722.13

10

Tax expense

a)

Current tax

(248.47)

306.21

1,060.07

2,214.71

3,482.64

b)

MAT credit

(117.32)

-

(0.21)

(117.32)

(0.21)

c)

Deferred tax

231.34

140.47

304.67

470.02

(424.27)

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

(134.45)

446.68

1,364.53

2,567.41

3,058.16

11

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

(5,702.28)

131.32

1,071.19

(3,955.50)

3,663.97

12

Minority interest

15.40

15.63

(38.10)

13.29

(69.92)

13

Share of profit / (loss) of associates

12.59

10.16

2.78

16.69

0.84

14

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

(5,674.29)

157.11

1,035.87

(3,925.52)

3,594.89

15

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

971.41

971.41

971.41

971.41

971.41

16

Reserves excluding revaluation reserves

30,378.00

39,560.55

17

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

(58.88)

1.16

10.20

(42.24)

35.19

18

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

(58.88)

1.16

10.20

(42.24)

35.19

Consolidated Segment Revenue, Results and Capital Employed

₹Crores

Particulars

Quarterended on31.03.2015

Quarterended on31.12.2014

Quarterended on31.03.2014

Financial Year ended on 31.03.2015

Financial Year ended on 31.03.2014

Unaudited

Unaudited

Unaudited

Audited

Audited

Revenue by Business Segment:

Steel business

32,339.21

32,524.61

40,573.36

1,34,407.07

1,42,115.87

Others

3,204.19

2,945.41

3,995.37

12,419.88

14,346.56

Unallocated

378.28

394.02

247.30

1,448.14

1,120.94

Total

35,921.68

35,864.04

44,816.03

1,48,275.09

1,57,583.37

Less: Inter segment revenue

2,255.50

2,230.81

2,387.98

8,771.36

8,969.82

Net sales / income from operations

33,666.18

33,633.23

42,428.05

1,39,503.73

1,48,613.55

Segment results before finance costs, exceptional items and tax:

Steel business

625.03

2,453.07

4,046.66

9,500.78

12,470.70

Others

5.59

(44.33)

181.06

27.65

829.74

Unallocated income / (expenditure)

2,651.28

610.32

452.54

5,205.02

1,835.59

Less: Inter segment eliminations

3,112.24

1,273.65

1,029.35

7,345.12

4,049.43

Total Segment results before finance costs, exceptional items and tax

169.66

1,745.41

3,650.91

7,388.33

11,086.60

Less: Finance costs

1,195.19

1,167.41

1,169.35

4,847.75

4,336.83

Profit / (Loss) before exceptional items and tax

(1,025.53)

578.00

2,481.56

2,540.58

6,749.77

Exceptional items:

Profit on sale of non current investments

3.02

-

-

1,315.34

18.20

Profit on sale of non current assets

-

-

-

1,146.86

-

Provision for diminution in value of investments

(338.30)

-

(0.42)

(338.30)

(0.42)

Provision for impairment of non-current assets

(4,475.92)

-

(45.42)

(6,052.57)

(45.42)

Profit / (Loss) before tax

(5,836.73)

578.00

2,435.72

(1,388.09)

6,722.13

Less: Tax expense

(134.45)

446.68

1,364.53

2,567.41

3,058.16

Net Profit / (Loss)

(5,702.28)

131.32

1,071.19

(3,955.50)

3,663.97

Segment Capital Employed:

Steel business

1,04,754.17

1,07,387.91

1,05,531.42

1,04,754.17

1,05,531.42

Others

2,774.85

2,601.16

4,302.95

2,774.85

4,302.95

Unallocated

(4,867.87)

(1,416.89)

(1,375.57)

(4,867.87)

(1,375.57)

Inter segment eliminations

(33.77)

157.03

29.86

(33.77)

29.86

Total

1,02,627.38

1,08,729.21

1,08,488.66

1,02,627.38

1,08,488.66

Consolidated Statement of Assets & Liabilities

₹ Crores

Particulars

As at 31.03.2015

As at 31.03.2014

Audited

Audited

A

EQUITY AND LIABILITIES

(1)

Shareholders' funds

(a)

Share Capital

971.41

971.41

(b)

Reserves and surplus

30,378.00

39,560.55

 Sub-total - Shareholders' funds

31,349.41

40,531.96

(2)

Share application money pending allotment

-

-

(3)

Preference Shares issued by subsidiary companies

20.00

20.00

(4)

Hybrid Perpetual Securities

2,275.00

2,275.00

(5)

Minority interest

1,703.85

1,737.72

(6)

Non-current liabilities

(a)

Long-term borrowings

65,675.20

52,366.41

(b)

Deferred tax liabilities

2,884.51

2,595.77

(c)

Other long-term liabilities

1,707.67

1,837.97

(d)

Long-term provisions

7,503.76

6,156.48

 Sub-total - Non current liabilities

77,771.14

62,956.63

(7)

Current liabilities

(a)

Short-term borrowings

3,628.68

16,026.18

(b)

Trade payables

19,189.86

22,904.37

(c)

Other current liabilities

20,304.07

21,994.85

(d)

Short-term provisions

2,703.52

3,197.74

Sub-total - Current liabilities

45,826.13

64,123.14

TOTAL - EQUITY AND LIABILITIES

1,58,945.53

1,71,644.45

B

ASSETS

(1)

Non-current assets

(a)

Fixed assets

83,370.94

85,980.58

(b)

Goodwill on consolidation

13,407.51

15,748.80

(c)

Non-current investments

2,080.43

2,425.07

(d)

Deferred tax assets

22.75

40.77

(e)

Long-term loans and advances

5,065.45

8,781.73

(f)

Other non-current assets

1,403.71

678.09

 Sub-total - Non current assets

1,05,350.79

1,13,655.04

(2)

Current assets

(a)

Current investments

1,374.62

2,668.40

(b)

Inventories

25,149.91

26,880.00

(c)

Trade receivables

13,309.87

16,005.77

(d)

Cash and bank balances

8,749.94

8,604.50

(e)

Short-term loans and advances

4,602.94

3,192.99

(f)

Other current assets

407.46

637.75

Sub-total - Current assets

53,594.74

57,989.41

TOTAL - ASSETS

1,58,945.53

1,71,644.45