Tata Steel Regulatory News (TTST)

Standalone Financial Results for the Quarter / Six Months ended on 30th September 2013

PART I

₹Crores

Particulars

Quarterended on30.09.2013

Quarterended on30.06.2013

Quarterended on30.09.2012

Six Months ended on 30.09.2013

Six Months ended on 30.09.2012

Financial Year ended on 31.03.2013

Audited

Audited

Audited

Audited

Audited

Audited

1

Income from operations

a)

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

9,825.95

9,363.00

9,034.20

19,188.95

 17,854.39

37,725.46

b)

Other operating income

95.09

92.39

116.36

187.48

204.20

473.97

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

9,921.04

9,455.39

9,150.56

19,376.43

18,058.59

38,199.43

2

Expenses

a)

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

(158.62)

(329.44)

(241.17)

(488.06)

(737.73)

(404.60)

b)

Purchases of finished, semi-finished steel & other products

90.72

143.07

83.45

233.79

160.48

453.34

c)

Raw materials consumed

2,413.92

2,305.51

2,537.16

4,719.43

4,959.78

9,877.40

d)

Employee benefits expense

977.33

1,002.78

829.99

1,980.11

1,689.12

3,602.27

e)

Purchase of power

656.88

652.53

587.63

1,309.41

1,135.41

2,321.11

f)

Freight and handling charges

634.01

634.82

516.28

1,268.83

998.16

2,260.76

g)

Depreciation and amortisation expense

551.03

459.58

391.28

1,010.61

745.67

1,640.38

h)

Other expenses

2,368.88

2,211.79

2,321.00

4,580.67

 4,557.33

8,962.91

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

7,534.15

7,080.64

7,025.62

14,614.79

13,508.22

28,713.57

3

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

2,386.89

2,374.75

2,124.94

4,761.64

 4,550.37

9,485.86

4

Other income

325.66

144.21

239.69

469.87

391.58

902.04

5

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

2,712.55

2,518.96

2,364.63

5,231.51

 4,941.95

10,387.90

6

Finance costs

436.58

466.44

453.93

903.02

 908.37

1,876.77

7

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

2,275.97

2,052.52

1,910.70

4,328.49

4,033.58

 8,511.13

8

Exceptional items :

a)

Profit on sale of non current investments

-

-

9.60

-

9.60

12.33

b)

Provision for diminution in value of investments/doubtful advances

-

-

-

-

-

(686.86)

Total exceptional items [8(a) + 8(b)]

-

-

9.60

-

9.60

(674.53)

9

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

2,275.97

2,052.52

1,920.30

4,328.49

 4,043.18

 7,836.60

10

Tax expense

a)

Current tax

735.46

665.79

357.89

1,401.25

956.49

1,770.54

b)

MAT credit

-

-

(133.81)

-

(133.81)

(399.84)

c)

Deferred tax

(18.16)

30.62

345.41

12.46

513.13

1,402.93

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

717.30

696.41

569.49

1,413.71

1,335.81

2,773.63

11

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

1,558.67

1,356.11

1,350.81

2,914.78

2,707.37

5,062.97

12

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

971.41

971.41

971.41

971.41

971.41

971.41

13

Paid up debt capital

14,868.05

12,995.22

14,411.91

14

Reserves excluding revaluation reserves

54,238.27

15

Debenture redemption reserve

2,046.00

2,046.00

2,046.00

16

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

15.59

13.51

13.44

29.11

26.95

50.28

17

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

15.59

13.51

13.43

29.11

26.95

50.28

18

Net debt equity ratio

0.43

0.46

0.44

19

Debt service coverage ratio

1.47

1.04

1.15

20

Interest service coverage ratio

6.79

6.93

6.50

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

2. 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)

3. 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)

4. Interest service coverage ratio: EBIT / Net finance charges

PART II

Select information for the Quarter ended on 30th September 2013

Quarterended on30.09.2013

Quarterended on30.06.2013

Quarterended on30.09.2012

Six Months ended on 30.09.2013

Six Months ended on 30.09.2012

Financial Year ended on 31.03.2013

A

Particulars of Shareholding

1

Aggregate of public shareholding

Number of shares

64,04,60,610

64,08,50,241

64,83,96,801

64,04,60,610

64,83,96,801

64,49,61,944

% of shareholding

67.77%

67.79%

68.04%

67.77%

68.04%

67.93%

2

Promoters and promoter group shareholding

a)

Pledged / encumbered

- Number of shares

2,00,00,000

2,00,00,000

1,00,00,000

2,00,00,000

1,00,00,000

2,00,00,000

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

6.57%

6.57%

3.28%

6.57%

3.28%

6.57%

- % of shares to total share capital of the company

2.06%

2.06%

1.03%

2.06%

1.03%

2.06%

b)

Non-encumbered

- Number of shares

28,45,14,362

28,45,14,362

29,45,14,362

28,45,14,362

29,45,14,362

28,45,14,362

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

93.43%

93.43%

96.72%

93.43%

96.72%

93.43%

- % of shares to total share capital of the company

29.29%

29.29%

30.32%

29.29%

30.32%

29.29%

Particulars

Quarterended on 30.09.2013

B

Investor complaints

Pending at the beginning of the Quarter

3

Received during the quarter

72

Disposed off during the quarter

51

Remaining unresolved at the end of the quarter

24

Of the total 24 unresolved complaints, 3 complaints have since been resolved and 19 complaints pertain to non-receipt of dividend warrants pending reconciliation.

Standalone Segment Revenue, Results and Capital Employed

₹Crores

Particulars

Quarterended on30.09.2013

Quarterended on30.06.2013

Quarterended on30.09.2012

Six Months ended on 30.09.2013

Six Months ended on 30.09.2012

Financial Year ended on 31.03.2013

Audited

Audited

Audited

Audited

Audited

Audited

Revenue by Business Segment:

Steel business

9,118.33

8,966.09

8,383.47

18,084.42

16,588.29

35,270.21

Ferro Alloys and Minerals

795.35

492.75

793.93

1,288.10

1,505.53

2,909.62

Others

541.44

522.12

511.53

1,063.56

1,006.46

2,046.98

Total

10,455.12

9,980.96

9,688.93

20,436.08

19,100.28

40,226.81

Less: Inter segment revenue

534.08

525.57

538.37

1,059.65

1,041.69

2,027.38

Net sales / income from operations

9,921.04

9,455.39

9,150.56

19,376.43

18,058.59

38,199.43

Segment results before finance costs, exceptional items and tax:

Steel business

2,339.67

2,477.45

2,183.77

4,817.12

4,612.39

9,541.53

Ferro Alloys and Minerals

209.80

107.95

189.92

317.75

376.58

628.24

Others

1.52

7.53

1.44

9.05

14.16

34.93

Unallocated income / (expenditure)

161.56

(73.97)

(10.50)

87.59

(61.18)

183.20

Total Segment results before finance costs, exceptional items and tax

2,712.55

2,518.96

2,364.63

5,231.51

4,941.95

10,387.90

Less: Finance costs

436.58

466.44

453.93

903.02

908.37

1,876.77

Profit / (Loss) before exceptional items and tax

2,275.97

2,052.52

1,910.70

4,328.49

4,033.58

8,511.13

Exceptional items:

Profit on sale of non current investments

-

-

9.60

-

9.60

12.33

Provision for diminution in value of investments/doubtful advances

-

-

-

-

-

(686.86)

Profit / (Loss) before tax

2,275.97

2,052.52

1,920.30

4,328.49

4,043.18

7,836.60

Less: Tax expense

717.30

696.41

569.49

1,413.71

1,335.81

2,773.63

Net Profit / (Loss)

1,558.67

1,356.11

1,350.81

2,914.78

2,707.37

5,062.97

Segment Capital Employed:

Steel business

34,408.94

33,071.44

29,189.04

34,408.94

29,189.04

31,736.78

Ferro Alloys and Minerals

224.99

260.66

368.23

224.99

368.23

260.14

Others

208.87

225.07

253.74

208.87

253.74

201.68

Unallocated

2,200.36

1,782.43

2,778.91

2,200.36

2,778.91

2,535.73

Total

37,043.16

35,339.60

32,589.92

37,043.16

32,589.92

34,734.33

Standalone Statement of Assets & Liabilities

₹Crores

Particulars

As at 30.09.2013

As at 31.03.2013

Audited

Audited

A

EQUITY AND LIABILITIES

(1)

Shareholders' funds

(a)

Share capital

971.41

971.41

(b)

Reserves and surplus

56,827.30

54,238.27

Sub-total - Shareholders' funds

57,798.71

55,209.68

(2)

Share application money pending allotment

-

-

(3)

Hybrid Perpetual Securities

2,275.00

2,275.00

(4)

Non-current liabilities

(a)

Long-term borrowings

25,837.12

23,565.57

(b)

Deferred tax liabilities (net)

1,856.20

1,843.74

(c)

Other long-term liabilities

912.32

380.87

(d)

Long-term provisions

2,268.41

2,113.42

Sub-total - Non current liabilities

30,874.05

27,903.60

(5)

Current liabilities

(a)

Short-term borrowings

439.24

70.94

(b)

Trade payables

8,572.03

6,363.66

(c)

Other current liabilities

6,393.53

8,509.79

(d)

Short-term provisions

781.72

1,544.26

Sub-total - Current liabilities

16,186.52

16,488.65

TOTAL - EQUITY AND LIABILITIES

1,07,134.28

1,01,876.93

B

ASSETS

(1)

Non-current assets

(a)

Fixed assets

37,990.06

33,597.34

(b)

Non-current investments

50,070.11

49,984.80

(c)

Long-term loans and advances

7,271.61

6,574.15

(d)

Other non current assets

257.09

190.04

Sub-total - Non current assets

95,588.87

90,346.33

(2)

Current assets

(a)

Current investments

1,128.00

434.00

(b)

Inventories

6,035.21

5,257.94

(c)

Trade receivables

807.21

796.92

(d)

Cash and bank balances

1,593.43

2,218.11

(e)

Short-term loans and advances

1,912.34

2,207.83

(f)

Other current assets

69.22

615.80

Sub-total - Current assets

11,545.41

11,530.60

TOTAL - ASSETS

1,07,134.28

1,01,876.93

Consolidated Financial Results for the Quarter / Six Months ended on 30th September 2013

PART I

₹Crores

Particulars

Quarterended on30.09.2013

Quarterended on30.06.2013

Quarterended on30.09.2012

Six Months ended on 30.09.2013

Six Months ended on 30.09.2012

Financial Year ended on 31.03.2013

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

1

Income from operations

a)

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

36,369.64

32,550.21

33,867.32

68,919.85

67,415.05

1,33,416.60

b)

Other operating income

275.25

254.58

265.41

529.83

538.88

1,294.94

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

36,644.89

32,804.79

34,132.73

69,449.68

67,953.93

1,34,711.54

2

Expenses

a)

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

184.54

(1,466.03)

1,265.01

(1,281.49)

(1,408.00)

1,418.92

b)

Purchases of finished, semi-finished steel & other products

3,775.47

4,204.06

4,697.26

7,979.53

10,835.40

18,473.87

c)

Raw materials consumed

11,567.00

10,440.58

10,534.88

22,007.58

22,119.52

40,643.46

d)

Employee benefits expense

5,170.88

4,791.17

4,539.34

9,962.05

9,321.82

18,912.00

e)

Purchase of power

1,571.92

1,463.41

1,373.49

3,035.33

2,764.10

5,554.01

f)

Freight and handling charges

2,146.03

1,985.29

1,795.19

4,131.32

3,531.00

7,434.27

g)

Depreciation and amortisation expense

1,443.99

1,403.27

1,334.94

2,847.26

2,642.92

5,575.32

h)

Other expenses

8,523.70

7,698.27

7,617.48

16,221.97

15,076.73

29,953.80

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

34,383.53

30,520.02

33,157.59

64,903.55

64,883.49

1,27,965.65

3

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

2,261.36

2,284.77

975.14

4,546.13

3,070.44

6,745.89

4

Other income

203.36

183.63

201.77

386.99

491.15

479.15

5

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

2,464.72

2,468.40

1,176.91

4,933.12

3,561.59

7,225.04

6

Finance costs

1,066.62

992.44

972.11

2,059.06

1,941.12

3,968.11

7

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

1,398.10

1,475.96

204.80

2,874.06

1,620.47

3,256.93

8

Exceptional items :

a)

Profit on sale of non current investments

-

17.76

42.68

17.76

42.68

966.03

b)

Provision for impairment of non-current assets

-

-

-

-

(8,355.91)

Total exceptional items [8(a) + 8(b)]

-

17.76

42.68

17.76

42.68

(7,389.88)

9

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

1,398.10

1,493.72

247.48

2,891.82

1,663.15

(4,132.95)

10

Tax expense

a)

Current tax

837.17

766.63

457.59

1,603.80

1,169.76

2,325.40

b)

MAT credit

-

-

(135.88)

-

(137.13)

(410.12)

c)

Deferred tax

(390.02)

(415.24)

339.04

(805.26)

526.75

1,314.16

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

447.15

351.39

660.75

798.54

1,559.38

3,229.44

11

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

950.95

1,142.33

(413.27)

2,093.28

103.77

(7,362.39)

12

Minority interest

(37.48)

2.92

27.51

(34.56)

67.40

214.46

13

Share of profit / (loss) of associates

3.30

(6.24)

21.83

(2.94)

62.78

90.31

14

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

916.77

1,139.01

(363.93)

2,055.78

233.95

(7,057.62)

15

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

971.41

971.41

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)

8.98

11.28

(4.21)

20.26

1.48

(74.54)

18

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

8.98

11.28

(4.21)

20.26

1.48

(74.54)

Consolidated Segment Revenue, Results and Capital Employed

₹Crores

Particulars

Quarterended on30.09.2013

Quarterended on30.06.2013

Quarterended on30.09.2012

Six Months ended on 30.09.2013

Six Months ended on 30.09.2012

Financial Year ended on 31.03.2013

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Revenue by Business Segment:

Steel business

35,113.69

31,349.23

32,032.21

66,462.92

64,444.72

1,27,620.83

Others

3,508.83

3,244.60

3,763.14

6,753.43

7,423.83

14,541.07

Unallocated

297.24

239.36

242.61

536.60

481.20

993.09

Total

38,919.76

34,833.19

36,037.96

73,752.95

72,349.75

1,43,154.99

Less: Inter segment revenue

2,274.87

2,028.40

1,905.23

4,303.27

4,395.82

8,443.45

Net sales / income from operations

36,644.89

32,804.79

34,132.73

69,449.68

67,953.93

1,34,711.54

Segment results before finance costs, exceptional items and tax:

Steel business

2,761.64

2,639.47

1,499.76

5,401.11

4,217.83

8,225.68

Others

178.82

216.72

118.83

395.54

316.65

578.15

Unallocated income / (expenditure)

695.95

269.30

1,185.67

965.25

1,333.55

2,201.44

Less: Inter segment eliminations

1,171.69

657.09

1,627.35

1,828.78

2,306.44

3,780.23

Total Segment results before finance costs, exceptional items and tax

2,464.72

2,468.40

1,176.91

4,933.12

3,561.59

7,225.04

Less: Finance costs

1,066.62

992.44

972.11

2,059.06

1,941.12

3,968.11

Profit / (Loss) before exceptional items and tax

1,398.10

1,475.96

204.80

2,874.06

1,620.47

3,256.93

Exceptional items:

Profit on sale of non current investments

-

17.76

42.68

17.76

42.68

966.03

Provision for impairment of non-current assets

-

-

-

-

-

(8,355.91)

Profit / (Loss) before tax

1,398.10

1,493.72

247.48

2,891.82

1,663.15

(4,132.95)

Less: Tax expense

447.15

351.39

660.75

798.54

1,559.38

3,229.44

Net Profit / (Loss)

950.95

1,142.33

(413.27)

2,093.28

103.77

(7,362.39)

Segment Capital Employed:

Steel business

97,829.02

91,133.75

84,216.41

97,829.02

84,216.41

83,556.85

Others

4,937.21

5,327.04

5,082.63

4,937.21

5,082.63

5,123.65

Unallocated

2,697.66

2,581.24

4,149.70

2,697.66

4,149.70

3,442.24

Inter segment eliminations

(36.20)

2.32

(541.45)

(36.20)

(541.45)

(19.94)

Total

1,05,427.69

99,044.35

92,907.29

1,05,427.69

92,907.29

92,102.80

Consolidated Statement of Assets & Liabilities

₹Crores

Particulars

As at 30.09.2013

As at 31.03.2013

Unaudited

Audited

A

EQUITY AND LIABILITIES

(1)

Shareholders' funds

(a)

Share capital

971.41

971.41

(b)

Reserves and surplus

39,671.56

33,200.83

Sub-total - Shareholders' funds

40,642.97

34,172.24

(2)

Share application money pending allotment

-

-

(3)

Preference shares issued by subsidiary companies

21.21

21.21

(4)

Hybrid Perpetual Securities

2,275.00

2,275.00

(5)

Minority interest

1,917.79

1,669.36

(6)

Non-current liabilities

(a)

Long-term borrowings

54,453.09

46,857.62

(b)

Deferred tax liabilities (net)

2,428.27

3,154.98

(c)

Other long-term liabilities

1,616.77

1,120.52

(d)

Long-term provisions

6,020.69

5,356.44

Sub-total - Non current liabilities

64,518.82

56,489.56

(7)

Current liabilities

(a)

Short-term borrowings

10,721.05

8,114.56

(b)

Trade payables

26,518.45

21,772.59

(c)

Other current liabilities

21,728.87

19,448.61

(d)

Short-term provisions

2,203.49

2,943.29

Sub-total - Current liabilities

61,171.86

52,279.05

TOTAL - EQUITY AND LIABILITIES

1,70,547.65

1,46,906.42

B

ASSETS

(1)

Non-current assets

(a)

Fixed assets

81,076.40

69,213.24

(b)

Goodwill on consolidation

15,980.22

13,064.98

(c)

Non-current investments

2,571.15

2,497.37

(d)

Deferred tax assets (net)

42.17

36.49

(e)

Long-term loans and advances

8,591.04

7,097.65

(f)

Other non current assets

789.43

752.54

Sub-total - Non current assets

1,09,050.41

92,662.27

(2)

Current assets

(a)

Current investments

1,494.79

760.29

(b)

Inventories

29,422.36

24,091.19

(c)

Trade receivables

14,955.51

13,993.96

(d)

Cash and bank balances

11,236.57

9,859.67

(e)

Short-term loans and advances

3,814.85

4,060.54

(f)

Other current assets

573.16

1,478.50

Sub-total - Current assets

61,497.24

54,244.15

TOTAL - ASSETS

1,70,547.65

1,46,906.42