Tata Steel Regulatory News (TTST)

TATA STEEL LIMITED

Standalone Financial Results for the Quarter / Six Months ended on 30th September 2012

PART I

`Crores

Particulars

Quarterended on30.09.2012

Quarterended on30.06.2012

Quarterended on30.09.2011

Six Months ended on 30.09.2012

Six Months ended on 30.09.2011

Financial Year ended on 31.03.2012

Audited

Audited

Audited

Audited

Audited

Audited

1

Income from operations

a)

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

9,034.20

8,820.19

8,142.19

17,854.39

15,934.39

33,614.88

b)

Other operating income

116.36

87.84

69.74

204.20

137.79

318.58

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

9,150.56

8,908.03

8,211.93

18,058.59

16,072.18

33,933.46

2

Expenses

a)

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

(241.17)

(496.56)

(40.26)

(737.73)

(295.00)

(220.72)

b)

Purchases of finished, semi-finished steel & other products

83.45

77.03

45.00

160.48

82.34

209.52

c)

Raw materials consumed

2,537.16

2,422.62

1,889.04

4,959.78

3,679.29

8,014.37

d)

Employee benefits expense

829.99

859.13

690.78

1,689.12

1,377.78

3,047.26

e)

Purchase of power

587.63

547.78

432.03

1,135.41

891.36

1,803.72

f)

Freight and handling charges

516.28

481.88

389.99

998.16

796.42

1,703.98

g)

Depreciation and amortisation expense

391.28

354.39

287.11

745.67

572.41

1,151.44

h)

Other expenses

2,321.00

2,236.33

2,019.14

4,557.33

3,638.97

7,838.56

Total expenses (2a to 2h)

7,025.62

6,482.60

5,712.83

13,508.22

10,743.57

23,548.13

3

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

2,124.94

2,425.43

2,499.10

4,550.37

5,328.61

10,385.33

4

Other income

239.69

151.89

249.54

391.58

505.90

886.43

5

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

 2,364.63

2,577.32

2,748.64

 4,941.95

5,834.51

11,271.76

6

Finance costs

453.93

454.44

476.69

908.37

930.34

1,925.42

7

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

1,910.70

2,122.88

2,271.95

4,033.58

4,904.17

9,346.34

8

Exceptional items :

a)

Profit on sale of non current investments

9.60

-

-

9.60

511.01

511.01

9

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

 1,920.30

2,122.88

2,271.95

4,043.18

5,415.18

9,857.35

10

Tax expense

a)

Current tax

357.89

598.60

799.50

956.49

1,743.50

3,115.11

b)

MAT credit

(133.81)

-

-

(133.81)

-

-

c)

Deferred tax

345.41

167.72

(22.77)

513.13

(42.97)

45.82

Total tax expense (10a to 10c)

569.49

766.32

776.73

1,335.81

1,700.53

3,160.93

11

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

 1,350.81

1,356.56

1,495.22

2,707.37

 3,714.65

 6,696.42

12

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

971.41

971.41

959.41

971.41

959.41

971.41

13

Paid up debt capital

12,995.22

12,235.45

12,508.50

14

Reserves excluding revaluation reserves

51,649.95

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)

13.44

13.51

15.12

26.95

37.86

67.84

17

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

13.43

13.51

15.12

26.95

37.48

66.62

18

Net debt equity ratio

0.46

0.42

0.41

19

Debt service coverage ratio

1.04

1.93

1.96

20

Interest service coverage ratio

6.93

11.02

9.80

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

(Net worth: Shareholders' funds+ Hybrid Perpetual Securities +/(-) Foreign Currency Monetary Item Translation Difference Account)

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 2012

Quarterended on30.09.2012

Quarterended on30.06.2012

Quarterended on30.09.2011

Six Monthsended on 30.09.2012

Six Monthsended on 30.09.2011

Financial Year ended on 31.03.2012

A

Particulars of Shareholding

1

Aggregate of public shareholding

Number of shares

648,396,801

649,564,258

640,412,263

648,396,801

640,412,263

648,608,999

% of shareholding

68.04%

68.08%

68.49%

68.04%

68.49%

68.05%

2

Promoters and promoter group shareholding

a)

Pledged / encumbered

- Number of shares

10,000,000

10,000,000

10,000,000

10,000,000

10,000,000

10,000,000

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

3.28%

3.28%

3.39%

3.28%

3.39%

3.28%

- % of shares to total share capital of the company

1.03%

1.03%

1.04%

1.03%

1.04%

1.03%

b)

Non-encumbered

- Number of shares

294,514,362

294,514,362

284,619,519

294,514,362

284,619,519

294,514,362

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

96.72%

96.72%

96.61%

96.72%

96.61%

96.72%

- % of shares to total share capital of the company

30.32%

30.32%

29.67%

30.32%

29.67%

30.32%

Particulars

Quarterended on 30.09.2012

B

Investor complaints

Pending at the beginning of the Quarter

5

Received during the quarter

40

Disposed off during the quarter

26

Remaining unresolved at the end of the quarter

19

Of the total 19 unresolved complaints, 7 complaints have since been resolved and 5 complaints pertain to non-receipt of dividend warrants pending reconciliation.

Standalone Segment Revenue, Results and Capital Employed

`Crores

Particulars

Quarterended on30.09.2012

Quarterended on30.06.2012

Quarterended on30.09.2011

Six Monthsended on 30.09.2012

Six Monthsended on 30.09.2011

Financial Year ended on 31.03.2012

Audited

Audited

Audited

Audited

Audited

Audited

Revenue by Business Segment:

Steel business

8,383.47

8,204.82

7,652.82

16,588.29

14,955.39

31,331.71

Ferro Alloys and Minerals

793.93

711.60

541.15

1,505.53

1,077.99

2,473.98

Others

511.53

494.93

482.25

1,006.46

980.10

2,002.42

Total

9,688.93

9,411.35

8,676.22

19,100.28

17,013.48

35,808.11

Less: Inter segment revenue

538.37

503.32

464.29

1,041.69

941.30

1,874.65

Net sales / income from operations

9,150.56

8,908.03

8,211.93

18,058.59

16,072.18

33,933.46

Segment results before finance costs, exceptional items and tax:

Steel business

2,183.77

2,428.62

2,534.43

4,612.39

5,225.68

10,276.29

Ferro Alloys and Minerals

189.92

186.66

98.86

376.58

252.83

530.45

Others

1.44

12.72

12.19

14.16

33.43

63.61

Unallocated income / (expenditure)

(10.50)

(50.68)

103.16

(61.18)

322.57

401.41

Total Segment results before finance costs, exceptional items and tax

2,364.63

2,577.32

2,748.64

4,941.95

5,834.51

11,271.76

Less: Finance costs

453.93

454.44

476.69

908.37

930.34

1,925.42

Profit / (Loss) before exceptional items & tax

1,910.70

2,122.88

2,271.95

4,033.58

4,904.17

9,346.34

Exceptional items:

Profit on sale of non current investments

9.60

-

-

9.60

511.01

511.01

Profit / (Loss) before tax

1,920.30

2,122.88

2,271.95

4,043.18

5,415.18

9,857.35

Less: Tax expense

569.49

766.32

776.73

1,335.81

1,700.53

3,160.93

Net Profit / (Loss)

1,350.81

1,356.56

1,495.22

2,707.37

3,714.65

6,696.42

Segment Capital Employed:

Steel business

29,189.04

27,892.47

22,488.91

29,189.04

22,488.91

26,147.62

Ferro Alloys and Minerals

368.23

267.36

111.61

368.23

111.61

195.43

Others

253.74

260.53

218.83

253.74

218.83

243.39

Unallocated

2,778.91

1,373.72

7,550.97

2,778.91

7,550.97

4,508.89

Total

32,589.92

29,794.08

30,370.32

32,589.92

30,370.32

31,095.33

Standalone Statement of Assets & Liabilities

` Crores

Particulars

As at 30.09.2012

As at 31.03.2012

Audited

Audited

A

EQUITY AND LIABILITIES

(1)

Shareholders' funds

(a)

Share capital

971.41

971.41

(b)

Reserves and surplus

53,204.17

51,649.95

Sub-total - Shareholders' funds

54,175.58

52,621.36

(2)

Share application money pending allotment

-

-

(3)

Hybrid Perpetual Securities

2,275.00

2,275.00

(4)

Non-current liabilities

(a)

Long-term borrowings

21,783.94

21,353.20

(b)

Deferred tax liabilities (net)

977.12

970.51

(c)

Other long-term liabilities

284.41

216.05

(d)

Long-term provisions

1,837.55

1,851.30

Sub-total - Non current liabilities

24,883.02

24,391.06

(5)

Current liabilities

(a)

Short-term borrowings

1,011.48

65.62

(b)

Trade payables

5,774.20

5,883.92

(c)

Other current liabilities

9,094.08

8,798.55

(d)

Short-term provisions

890.59

2,172.38

Sub-total - Current liabilities

16,770.35

16,920.47

TOTAL - EQUITY AND LIABILITIES

98,103.95

96,207.89

B

ASSETS

(1)

Non-current assets

(a)

Fixed assets

30,339.03

27,424.75

(b)

Non-current investments

49,702.29

49,078.35

(c)

Foreign currency monetary item translation difference account

350.34

404.90

(d)

Long-term loans and advances

6,940.92

6,477.56

(e)

Other non current assets

2.76

2.76

Sub-total - Non current assets

87,335.34

83,388.32

(2)

Current assets

(a)

Current investments

192.65

1,204.17

(b)

Inventories

6,071.62

4,858.99

(c)

Trade receivables

825.40

904.08

(d)

Cash and bank balances

1,249.95

3,946.99

(e)

Short-term loans and advances

2,290.78

1,783.16

(f)

Other current assets

138.21

122.18

Sub-total - Current assets

10,768.61

12,819.57

TOTAL - ASSETS

98,103.95

96,207.89

Consolidated Financial Results for the Quarter / Six Months ended on 30th September 2012

PART I

`Crores

Particulars

Quarterended on30.09.2012

Quarterended on30.06.2012

Quarterended on30.09.2011

Six Monthsended on 30.09.2012

Six Monthsended on 30.09.2011

Financial Yearended on 31.03.2012

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

1

Income from operations

a)

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

33,867.32

33,547.73

32,507.45

67,415.05

65,433.13

132,257.36

b)

Other operating income

265.41

273.47

290.44

538.88

364.93

642.34

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

34,132.73

33,821.20

32,797.89

67,953.93

65,798.06

132,899.70

2

Expenses

a)

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

1,265.01

(2,673.01)

1,066.63

(1,408.00)

(1,324.81)

(785.93)

b)

Purchases of finished, semi-finished steel & other products

4,697.26

6,138.14

4,321.72

10,835.40

10,379.81

21,073.43

c)

Raw materials consumed

10,534.88

11,584.64

11,093.73

22,119.52

22,613.96

45,457.54

d)

Employee benefits expense

4,539.34

4,782.48

3,981.13

9,321.82

8,212.72

17,228.64

e)

Purchase of power

1,404.72

1,390.61

1,180.68

2,795.33

2,389.97

4,915.45

f)

Freight and handling charges

1,795.19

1,735.81

1,560.78

3,531.00

3,177.79

6,659.54

g)

Depreciation and amortisation expense

1,334.94

1,307.98

1,108.78

2,642.92

2,259.57

4,516.65

h)

Other expenses

7,586.25

7,459.25

6,725.78

15,045.50

13,023.95

25,934.24

Total expenses (2a to 2h)

33,157.59

31,725.90

31,039.23

64,883.49

60,732.96

124,999.56

3

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

975.14

2,095.30

1,758.66

3,070.44

5,065.10

7,900.14

4

Other income

201.77

289.38

336.09

491.15

1,097.34

1,573.03

5

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

1,176.91

2,384.68

2,094.75

3,561.59

6,162.44

9,473.17

6

Finance costs

972.11

969.01

1,049.18

1,941.12

2,062.13

4,250.11

7

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

204.80

1,415.67

1,045.57

1,620.47

4,100.31

5,223.06

8

Exceptional items :

a)

Profit on sale of non current investments

42.68

-

-

42.68

3,361.92

3,361.92

9

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

247.48

1,415.67

1,045.57

1,663.15

7,462.23

8,584.98

10

Tax expense

a)

Current tax

457.59

712.17

930.86

1,169.76

1,951.62

3,517.65

b)

MAT credit

(135.88)

(1.25)

(1.52)

(137.13)

(3.32)

(5.41)

c)

Deferred tax

339.04

187.71

(22.80)

526.75

81.23

124.22

Total tax expense (10a to 10c)

660.75

898.63

906.54

1,559.38

2,029.53

3,636.46

11

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

(413.27)

517.04

139.03

103.77

5,432.70

4,948.52

12

Minority interest

27.51

39.89

54.18

67.40

78.99

173.14

13

Share of profit / (loss) of associates

21.83

40.95

19.22

62.78

47.29

268.11

14

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

(363.93)

597.88

212.43

233.95

5,558.98

5,389.77

15

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

971.41

971.41

958.74

971.41

958.74

971.41

16

Reserves excluding revaluation reserves

42,049.71

17

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

(4.21)

5.69

1.75

1.48

57.12

54.28

18

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

(4.21)

5.69

1.75

1.48

55.62

53.63

Consolidated Segment Revenue, Results and Capital Employed

`Crores

Particulars

Quarterended on30.09.2012

Quarterended on30.06.2012

Quarterended on30.09.2011

Six Monthsended on 30.09.2012

Six Monthsended on 30.09.2011

Financial Yearended on 31.03.2012

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Revenue by Business Segment:

Steel business

32,032.21

32,412.51

31,559.27

64,444.72

63,259.62

127,266.50

Others

3,763.14

3,660.69

2,924.90

7,423.83

6,258.97

13,496.58

Unallocated

242.61

238.59

425.36

481.20

848.13

1,663.82

Total

36,037.96

36,311.79

34,909.53

72,349.75

70,366.72

142,426.90

Less: Inter segment revenue

1,905.23

2,490.59

2,111.64

4,395.82

4,568.66

9,527.20

Net sales / income from operations

34,132.73

33,821.20

32,797.89

67,953.93

65,798.06

132,899.70

Segment results before finance costs, exceptional items and tax:

Steel business

1,499.76

2,718.07

2,836.34

4,217.83

6,456.57

9,575.83

Others

118.83

197.82

(102.35)

316.65

(10.62)

102.21

Unallocated income / (expenditure)

1,185.67

147.88

345.39

1,333.55

1,215.48

4,431.65

Less: Inter segment eliminations

1,627.35

679.09

984.63

2,306.44

1,498.99

4,636.52

Total Segment results before finance costs, exceptional items and tax

1,176.91

2,384.68

2,094.75

3,561.59

6,162.44

9,473.17

Less: Finance costs

972.11

969.01

1,049.18

1,941.12

2,062.13

4,250.11

Profit / (Loss) before exceptional items & tax

204.80

1,415.67

1,045.57

1,620.47

4,100.31

5,223.06

Exceptional items:

Profit on sale of non current investments

42.68

-

-

42.68

3,361.92

3,361.92

Profit / (Loss) before tax

247.48

1,415.67

1,045.57

1,663.15

7,462.23

8,584.98

Less: Tax expense

660.75

898.63

906.54

1,559.38

2,029.53

3,636.46

Net Profit / (Loss)

(413.27)

517.04

139.03

103.77

5,432.70

4,948.52

Segment Capital Employed:

Steel business

84,216.41

83,920.25

70,727.47

84,216.41

70,727.47

77,632.32

Others

5,082.63

4,935.92

4,472.46

5,082.63

4,472.46

4,263.56

Unallocated

4,149.70

1,579.34

11,364.85

4,149.70

11,364.85

6,682.53

Inter segment eliminations

(541.45)

(545.45)

(644.62)

(541.45)

(644.62)

(441.49)

Total

92,907.29

89,890.06

85,920.16

92,907.29

85,920.16

88,136.92

Consolidated Statement of Assets & Liabilities

` Crores

Particulars

As at 30.09.2012

As at 31.03.2012

Unaudited

Audited

A

EQUITY AND LIABILITIES

(1)

Shareholders' funds

(a)

Share capital

971.41

971.41

(b)

Reserves and surplus

41,658.33

42,049.71

Sub-total - Shareholders' funds

42,629.74

43,021.12

(2)

Share application money pending allotment

-

-

(3)

Preference shares issued by subsidiary companies

22.43

22.43

(4)

Warrants issued by a subsidiary company

17.46

17.46

(5)

Hybrid Perpetual Securities

2,275.00

2,275.00

(6)

Minority interest

1,789.09

1,091.15

(7)

Non-current liabilities

(a)

Long-term borrowings

45,359.77

45,238.24

(b)

Deferred tax liabilities (net)

2,314.11

2,503.85

(c)

Other long-term liabilities

854.16

807.88

(d)

Long-term provisions

4,840.32

4,715.05

Sub-total - Non current liabilities

53,368.36

53,265.02

(8)

Current liabilities

(a)

Short-term borrowings

8,071.42

4,699.08

(b)

Trade payables

 19,846.46

20,528.55

(c)

Other current liabilities

20,733.09

18,860.99

(d)

Short-term provisions

 2,221.91

3,476.19

Sub-total - Current liabilities

50,872.88

47,564.81

TOTAL - EQUITY AND LIABILITIES

 150,974.96

 147,256.99

B

ASSETS

(1)

Non-current assets

(a)

Fixed assets

67,540.87

62,140.03

(b)

Goodwill on consolidation

18,325.66

17,354.61

(c)

Non-current investments

2,458.82

2,622.88

(d)

Deferred tax assets (net)

69.51

61.44

(e)

Foreign currency monetary item translation difference account

350.34

404.90

(f)

Long-term loans and advances

6,636.35

8,100.77

(g)

Other non current assets

11.22

42.16

Sub-total - Non current assets

95,392.77

90,726.79

(2)

Current assets

(a)

Current investments

839.57

1,398.37

(b)

Inventories

27,373.66

25,598.00

(c)

Trade receivables

14,546.67

14,878.48

(d)

Cash and bank balances

8,750.80

10,798.81

(e)

Short-term loans and advances

3,952.48

3,769.45

(f)

Other current assets

119.01

87.09

Sub-total - Current assets

55,582.19

6,530.20

TOTAL - ASSETS

150,974.96

 47,256.99