Tata Steel Regulatory News (TTST)

Standalone Financial Results for the Quarter / Year ended on 31st March 2014

PART I

`Crores

Particulars

Quarterended on31.03.2014

Quarterended on31.12.2013

Quarterended on31.03.2013

Financial Year ended on 31.03.2014

Financial Year ended on 31.03.2013

Unaudited(Refer Note 4)

Audited

Unaudited(Refer Note 4)

Audited

Audited

1

Income from operations

a)

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

12,041.92

10,040.37

10,642.29

41,271.24

37,846.98

b)

Other operating income

149.30

103.01

128.24

439.79

352.45

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

12,191.22

10,143.38

10,770.53

41,711.03

38,199.43

2

Expenses

a)

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

296.41

36.47

576.12

(155.18)

(404.60)

b)

Purchases of finished, semi-finished steel & other products

54.00

64.84

117.94

352.63

453.34

c)

Raw materials consumed

2,743.23

2,215.05

2,418.73

9,677.71

9,877.40

d)

Employee benefits expense

797.52

903.95

1,029.29

3,681.58

3,602.27

e)

Purchase of power

617.68

637.52

561.28

2,564.61

2,321.11

f)

Freight and handling charges

769.61

716.64

699.32

2,755.08

2,260.76

g)

Depreciation and amortisation expense

461.63

456.46

460.77

1,928.70

1,640.38

h)

Other expenses

2,804.00

2,633.03

2,063.83

10,017.70

8,962.91

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

8,544.08

7,663.96

7,927.28

30,822.83

28,713.57

3

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

3,647.14

2,479.42

2,843.25

10,888.20

9,485.86

4

Other income

52.95

264.82

474.74

787.64

902.04

5

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

3,700.09

2,744.24

3,317.99

11,675.84

10,387.90

6

Finance costs

464.64

452.92

459.42

1,820.58

1,876.77

7

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

3,235.45

2,291.32

2,858.57

9,855.26

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

(141.76)

-

(686.86)

(141.76)

(686.86)

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

(141.76)

-

(684.13)

(141.76)

(674.53)

9

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

3,093.69

2,291.32

2,174.44

9,713.50

7,836.60

10

Tax expense

a)

Current tax

996.61

700.16

486.49

3,098.02

1,770.54

b)

MAT credit

-

-

(144.68)

-

(399.84)

c)

Deferred tax

118.44

72.39

523.42

203.29

1,402.93

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

1,115.05

772.55

865.23

3,301.31

2,773.63

11

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

1,978.64

1,518.77

1,309.21

6,412.19

5,062.97

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

15,092.78

14,411.91

14

Reserves excluding revaluation reserves

60,176.58

54,238.27

15

Debenture redemption reserve

2,046.00

2,046.00

16

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

19.93

15.18

13.02

64.21

50.28

17

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

19.93

15.18

13.02

64.21

50.28

18

Net debt equity ratio

0.41

0.44

19

Debt service coverage ratio

1.50

1.15

20

Interest service coverage ratio

7.69

6.50

PART II

Select information for the Quarter ended on 31st March 2014

Quarterended on31.03.2014

Quarterended on31.12.2013

Quarterended on31.03.2013

Financial Year ended on 31.03.2014

Financial Year ended on 31.03.2013

A

Particulars of Shareholding

1

Aggregate of public shareholding

Number of shares

63,78,25,723

63,78,20,006

64,49,61,944

63,78,25,723

64,49,61,944

% of shareholding

67.69%

67.69%

67.93%

67.69%

67.93%

2

Promoters and promoter group shareholding

a)

Pledged / encumbered

- Number of shares

2,24,00,000

2,00,00,000

2,00,00,000

2,24,00,000

2,00,00,000

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

7.36%

6.57%

6.57%

7.36%

6.57%

- % of shares to total share capital of the company

2.31%

2.06%

2.06%

2.31%

2.06%

b)

Non-encumbered

- Number of shares

28,21,14,362

28,45,14,362

28,45,14,362

28,21,14,362

28,45,14,362

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

92.64%

93.43%

93.43%

92.64%

93.43%

- % of shares to total share capital of the company

29.04%

29.29%

29.29%

29.04%

29.29%

Particulars

Quarterended on 31.03.2014

B

Investor complaints

Pending at the beginning of the Quarter

5

Received during the quarter

69

Disposed off during the quarter

71

Remaining unresolved at the end of the quarter

3

Standalone Segment Revenue, Results and Capital Employed

`Crores

Particulars

Quarterended on31.03.2014

Quarterended on31.12.2013

Quarterended on31.03.2013

Financial year ended on 31.03.2014

Financial year ended on 31.03.2013

Unaudited(Refer Note 4)

Audited

Unaudited(Refer Note 4)

Audited

Audited

Revenue by Business Segment:

Steel business

11,304.72

9,299.21

10,117.48

38,688.35

35,270.21

Ferro Alloys and Minerals

825.26

808.30

607.98

2,921.66

2,909.62

Others

616.84

529.18

546.31

2,209.58

2,046.98

Total

12,746.82

10,636.69

11,271.77

43,819.59

40,226.81

Less: Inter segment revenue

555.60

493.31

501.24

2,108.56

2,027.38

Net sales / income from operations

12,191.22

10,143.38

10,770.53

41,711.03

38,199.43

Segment results before finance costs, exceptional items and tax:

Steel business

3,453.36

2,454.47

2,889.96

10,724.95

9,541.53

Ferro Alloys and Minerals

255.93

227.06

78.64

800.74

628.24

Others

24.49

9.71

11.25

43.25

34.93

Unallocated income / (expenditure)

(33.69)

53.00

338.14

106.90

183.20

Total Segment results before finance costs, exceptional items and tax

3,700.09

2,744.24

3,317.99

11,675.84

10,387.90

Less: Finance costs

464.64

452.92

459.42

1,820.58

1,876.77

Profit / (Loss) before exceptional items and tax

3,235.45

2,291.32

2,858.57

9,855.26

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

(141.76)

-

(686.86)

(141.76)

(686.86)

Profit / (Loss) before tax

3,093.69

2,291.32

2,174.44

9,713.50

7,836.60

Less: Tax expense

1,115.05

772.55

865.23

3,301.31

2,773.63

Net Profit / (Loss)

1,978.64

1,518.77

1,309.21

6,412.19

5,062.97

Segment Capital Employed:

Steel business

38,860.47

35,899.28

31,736.78

38,860.47

31,736.78

Ferro Alloys and Minerals

288.96

256.70

260.14

288.96

260.14

Others

131.36

182.09

201.68

131.36

201.68

Unallocated

(83.16)

621.85

2,535.73

(83.16)

2,535.73

Total

39,197.63

36,959.92

34,734.33

39,197.63

34,734.33

Standalone Statement of Assets & Liabilities

` Crores

Particulars

As at 31.03.2014

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

60,176.58

54,238.27

Sub-total - Shareholders' funds

61,147.99

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

23,808.09

23,565.57

(b)

Deferred tax liabilities (net)

2,038.98

1,843.74

(c)

Other long-term liabilities

983.52

380.87

(d)

Long-term provisions

1,905.05

2,113.42

Sub-total - Non current liabilities

28,735.64

27,903.60

(5)

Current liabilities

(a)

Short-term borrowings

43.69

70.94

(b)

Trade payables

8,272.11

6,363.66

(c)

Other current liabilities

8,663.17

8,509.79

(d)

Short-term provisions

1,902.81

1,544.26

Sub-total - Current liabilities

18,881.78

16,488.65

TOTAL - EQUITY AND LIABILITIES

1,11,040.41

1,01,876.93

B

ASSETS

(1)

Non-current assets

(a)

Fixed assets

42,775.15

33,597.34

(b)

Non-current investments

52,318.56

49,984.80

(c)

Long-term loans and advances

4,080.07

6,574.15

(d)

Other non current assets

302.03

215.79

Sub-total - Non current assets

99,475.81

90,372.08

(2)

Current assets

(a)

Current investments

2,343.24

434.00

(b)

Inventories

6,007.81

5,257.94

(c)

Trade receivables

770.81

796.92

(d)

Cash and bank balances

961.16

2,192.36

(e)

Short-term loans and advances

1,299.20

2,207.83

(f)

Other current assets

182.38

615.80

Sub-total - Current assets

11,564.60

11,504.85

TOTAL - ASSETS

1,11,040.41

1,01,876.93

Consolidated Financial Results for the Quarter / Year ended on 31st March 2014

PART I

`Crores

Particulars

Quarterended on31.03.2014

Quarterended on31.12.2013

Quarterended on31.03.2013

Financial Year ended on 31.03.2014

Financial Year ended on 31.03.2013

Unaudited

Unaudited

Unaudited

Audited

Audited

1

Income from operations

a)

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

42,017.63

36,409.80

34,219.46

1,47,347.28

1,33,538.12

b)

Other operating income

410.42

326.02

431.01

1,266.27

1,173.42

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

42,428.05

36,735.82

34,650.47

1,48,613.55

1,34,711.54

2

Expenses

a)

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

2,275.19

(1,508.37)

2,624.29

(514.67)

1,418.92

b)

Purchases of finished, semi-finished steel & other products

4,238.53

4,790.15

3,689.40

17,008.21

18,473.87

c)

Raw materials consumed

12,602.67

11,632.73

8,754.72

46,242.98

40,643.46

d)

Employee benefits expense

5,363.85

4,986.01

4,853.03

20,311.91

18,912.00

e)

Purchase of power

1,595.19

1,405.25

1,346.81

6,035.77

5,554.01

f)

Freight and handling charges

2,643.65

2,232.95

2,031.07

9,007.92

7,434.27

g)

Depreciation and amortisation expense

1,471.87

1,522.09

1,469.56

5,841.22

5,575.32

h)

Other expenses

8,697.89

9,190.56

6,982.21

34,110.42

29,953.80

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

38,888.84

34,251.37

31,751.09

1,38,043.76

1,27,965.65

3

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

3,539.21

2,484.45

2,899.38

10,569.79

6,745.89

4

Other income

111.70

18.12

(67.86)

516.81

479.15

5

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

3,650.91

2,502.57

2,831.52

11,086.60

7,225.04

6

Finance costs

1,169.35

1,108.42

994.74

4,336.83

3,968.11

7

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

2,481.56

1,394.15

1,836.78

6,749.77

3,256.93

8

Exceptional items :

a)

Profit on sale of non current investments

-

0.44

943.13

18.20

966.03

b)

Provision for diminution in value of investments

(0.42)

-

-

(0.42)

-

c)

Provision for impairment of non-current assets

(45.42)

-

(8,355.91)

(45.42)

(8,355.91)

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

(45.84)

0.44

(7,412.78)

(27.64)

(7,389.88)

9

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

2,435.72

1,394.59

(5,576.00)

6,722.13

(4,132.95)

10

Tax expense

a)

Current tax

1,060.07

818.77

745.54

3,482.64

2,325.40

b)

MAT credit

(0.21)

-

(148.55)

(0.21)

(410.12)

c)

Deferred tax

304.67

76.32

504.53

(424.27)

1,314.16

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

1,364.53

895.09

1,101.52

3,058.16

3,229.44

11

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

1,071.19

499.50

(6,677.52)

3,663.97

(7,362.39)

12

Minority interest

(38.10)

2.74

139.07

(69.92)

214.46

13

Share of profit / (loss) of associates

2.78

1.00

9.94

0.84

90.31

14

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

1,035.87

503.24

(6,528.51)

3,594.89

(7,057.62)

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

39,560.55

33,200.83

17

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

10.20

4.73

(67.69)

35.19

(74.54)

18

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

10.20

4.73

(67.69)

35.19

(74.54)

Consolidated Segment Revenue, Results and Capital Employed

`Crores

Particulars

Quarterended on31.03.2014

Quarterended on31.12.2013

Quarterended on31.03.2013

Financial Yearended on31.03.2014

Financial Year ended on 31.03.2013

Unaudited

Unaudited

Unaudited

Audited

Audited

Revenue by Business Segment:

Steel business

40,573.36

35,079.59

32,922.08

1,42,115.87

1,27,620.83

Others

3,995.37

3,597.76

3,327.25

14,346.56

14,541.07

Unallocated

247.30

337.04

276.05

1,120.94

993.09

Total

44,816.03

39,014.39

36,525.38

1,57,583.37

1,43,154.99

Less: Inter segment revenue

2,387.98

2,278.57

1,874.91

8,969.82

8,443.45

Net sales / income from operations

42,428.05

36,735.82

34,650.47

1,48,613.55

1,34,711.54

Segment results before finance costs, exceptional items and tax:

Steel business

4,046.66

3,022.93

3,098.61

12,470.70

8,225.68

Others

181.06

253.14

122.27

829.74

578.15

Unallocated income / (expenditure)

452.54

417.80

618.59

1,835.59

2,201.44

Less: Inter segment eliminations

1,029.35

1,191.30

1,007.95

4,049.43

3,780.23

Total Segment results before finance costs, exceptional items and tax

3,650.91

2,502.57

2,831.52

11,086.60

7,225.04

Less: Finance costs

1,169.35

1,108.42

994.74

4,336.83

3,968.11

Profit / (Loss) before exceptional items and tax

2,481.56

1,394.15

1,836.78

6,749.77

3,256.93

Exceptional items:

Profit on sale of non current investments

-

0.44

943.13

18.20

966.03

Provision for diminution in value of investments

(0.42)

-

-

(0.42)

-

Provision for impairment of non-current assets

(45.42)

-

(8,355.91)

(45.42)

(8,355.91)

Profit / (Loss) before tax

2,435.72

1,394.59

(5,576.00)

6,722.13

(4,132.95)

Less: Tax expense

1,364.53

895.09

1,101.52

3,058.16

3,229.44

Net Profit / (Loss)

1,071.19

499.50

(6,677.52)

3,663.97

(7,362.39)

Segment Capital Employed:

Steel business

1,05,554.03

1,07,001.48

85,989.85

1,05,554.03

85,989.85

Others

4,306.79

5,402.24

5,123.65

4,306.79

5,123.65

Unallocated

(1,375.57)

(3,627.60)

3,442.24

(1,375.57)

3,442.24

Inter segment eliminations

3.41

36.89

(19.94)

3.41

(19.94)

Total

1,08,488.66

1,08,813.01

94,535.80

1,08,488.66

94,535.80

Consolidated Statement of Assets & Liabilities

` Crores

Particulars

As at 31.03.2014

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

39,560.55

33,200.83

 Sub-total - Shareholders' funds

40,531.96

34,172.24

(2)

Share application money pending allotment

-

-

(3)

Preference shares issued by subsidiary companies

20.00

21.21

(4)

Hybrid Perpetual Securities

2,275.00

2,275.00

(5)

Minority interest

1,737.72

1,669.36

(6)

Non-current liabilities

(a)

Long-term borrowings

52,366.41

46,857.62

(b)

Deferred tax liabilities (net)

2,595.77

3,154.98

(c)

Other long-term liabilities

1,837.97

1,120.52

(d)

Long-term provisions

6,156.48

5,356.44

 Sub-total - Non current liabilities

62,956.63

56,489.56

(7)

Current liabilities

(a)

Short-term borrowings

16,026.18

10,547.56

(b)

Trade payables

22,912.87

19,339.59

(c)

Other current liabilities

21,986.35

19,454.98

(d)

Short-term provisions

3,197.74

2,943.29

 Sub-total - Current liabilities

64,123.14

52,285.42

TOTAL - EQUITY AND LIABILITIES

1,71,644.45

1,46,912.79

B

ASSETS

(1)

Non-current assets

(a)

Fixed assets

85,980.58

69,213.24

(b)

Goodwill on consolidation

15,748.80

13,064.98

(c)

Non-current investments

2,425.07

2,497.37

(d)

Deferred tax assets (net)

40.77

36.49

(e)

Long-term loans and advances

8,781.73

7,097.65

(f)

Other non current assets

678.09

778.29

 Sub-total - Non current assets

1,13,655.04

92,688.02

(2)

Current assets

(a)

Current investments

2,668.40

760.29

(b)

Inventories

26,880.00

24,091.19

(c)

Trade receivables

16,005.77

13,993.96

(d)

Cash and bank balances

8,604.50

9,833.92

(e)

Short-term loans and advances

3,192.99

4,060.54

(f)

Other current assets

637.75

1,484.87

Sub-total - Current assets

57,989.41

54,224.77

TOTAL - ASSETS

1,71,644.45

1,46,912.79