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9 Nov 2012 11:11
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 | |||
Notes:
1. 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 statement of profit and loss, the consolidated profit after taxes, minority interest and share of profit of associates for the six months ended September 30, 2012 would have been lower by `1,629.55crores(`189.86crores for the quarter) and the consolidated profit after taxes, minority interest and share of profit of associates for the six months ended September 30, 2011 would have been lower by `2,311.16crores(`2,233.17crores for the quarter ended September 30, 2011).
2. During the quarter, the company divested 49% stake in Jamshedpur Continuous Annealing & Processing Company Private Limited (JCAPL) to Nippon Steel Corporation. During the same period, Tata Steel Europe also disposed off of its stake in three joint ventures namely HKS Scrap Metals B.V, IjzerhandelGeertsemaStaal B.V and B V Ijzerleew. Exceptional Item in the consolidated results represents profit of `42.68crores(`9.60croresin the stand-alone) on sale of these non-current investments.
3. Figures for the previous periods have been regrouped and reclassified to conform to the classification of the current period, wherever necessary.
4. The consolidated financial results have been subjected to limited review and the stand-alone financial results have been audited by the statutory auditors.
5. The above results have been reviewed by the Audit Committee in its meeting held on November 8, 2012 and were approved by the Board of Directors in its meeting of date.
Tata Steel Limited
Sd/-
Ratan N. Tata
Chairman
Mumbai: November 9, 2012
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