Last checked at 12 Nov 2014 11:08
Standalone Financial Results for the Quarter / Six Months ended on 30th September 2014 | ||||||||||
PART I | `Crores | |||||||||
Particulars | Quarterended on30.09.2014 | Quarterended on30.06.2014 | Quarterended on30.09.2013 | Six Months ended on 30.09.2014 | Six Months ended on 30.09.2013 | Financial Year ended on 31.03.2014 | ||||
Audited | Audited | Audited | Audited | Audited | Audited | |||||
1 | Income from operations | |||||||||
a) | Net sales / income from operations (net of excise duty) | 10,700.98 | 10,377.73 | 9,817.55 | 21,078.71 | 19,188.95 | 41,271.24 | |||
b) | Other operating income | 84.09 | 90.53 | 103.49 | 174.62 | 187.48 | 439.79 | |||
Total income from operations (net) [1(a) + 1(b)] | 10,785.07 | 10,468.26 | 9,921.04 | 21,253.33 | 19,376.43 | 41,711.03 | ||||
2 | Expenses | |||||||||
a) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | (304.18) | (343.46) | (158.62) | (647.64) | (488.06) | (155.18) | |||
b) | Purchases of finished, semi-finished steel & other products | 176.27 | 67.92 | 90.72 | 244.19 | 233.79 | 352.63 | |||
c) | Raw materials consumed | 2,721.71 | 2,563.99 | 2,413.92 | 5,285.70 | 4,719.43 | 9,677.71 | |||
d) | Employee benefits expense | 1,143.33 | 1,130.26 | 977.33 | 2,273.59 | 1,980.11 | 3,673.08 | |||
e) | Purchase of power | 677.45 | 721.28 | 656.88 | 1,398.73 | 1,309.41 | 2,564.61 | |||
f) | Freight and handling charges | 693.97 | 690.92 | 634.01 | 1,384.89 | 1,268.83 | 2,755.08 | |||
g) | Depreciation and amortisation expense | 474.57 | 493.26 | 551.03 | 967.83 | 1,010.61 | 1,928.70 | |||
h) | Other expenses | 2,582.39 | 2,381.49 | 2,368.88 | 4,963.88 | 4,580.67 | 10,026.20 | |||
Total expenses [2(a) to 2(h)] | 8,165.51 | 7,705.66 | 7,534.15 | 15,871.17 | 14,614.79 | 30,822.83 | ||||
3 | Profit / (Loss) from operations before other income, finance costs, exceptional items and tax [1 - 2] | 2,619.56 | 2,762.60 | 2,386.89 | 5,382.16 | 4,761.64 | 10,888.20 | |||
4 | Other income | 262.39 | 143.50 | 325.66 | 405.89 | 469.87 | 787.64 | |||
5 | Profit / (Loss) from operations before finance costs, exceptional items and tax [3 + 4] | 2,881.95 | 2,906.10 | 2,712.55 | 5,788.05 | 5,231.51 | 11,675.84 | |||
6 | Finance costs | 488.80 | 492.34 | 436.58 | 981.14 | 903.02 | 1,820.58 | |||
7 | Profit / (Loss) before exceptional items and tax [5 - 6] | 2,393.15 | 2,413.76 | 2,275.97 | 4,806.91 | 4,328.49 | 9,855.26 | |||
8 | Exceptional items : | |||||||||
a) | Profit on sale of non current investments | - | 787.96 | - | 787.96 | - | - | |||
b) | Profit on sale of non current assets | 1,146.86 | - | - | 1,146.86 | - | - | |||
c) | Provision for diminution in value of investments/doubtful advances | - | - | - | - | - | (141.76) | |||
Total exceptional items [8(a) to 8(c)] | 1,146.86 | 787.96 | - | 1,934.82 | - | (141.76) | ||||
9 | Profit / (Loss) before tax [ 7 + 8 ] | 3,540.01 | 3,201.72 | 2,275.97 | 6,741.73 | 4,328.49 | 9,713.50 | |||
10 | Tax expense | |||||||||
a) | Current tax | 1,035.70 | 893.27 | 735.46 | 1,928.97 | 1,401.25 | 3,098.02 | |||
b) | Deferred tax | 27.90 | 40.47 | (18.16) | 68.37 | 12.46 | 203.29 | |||
Total tax expense [10(a) + 10(b)] | 1,063.60 | 933.74 | 717.30 | 1,997.34 | 1,413.71 | 3,301.31 | ||||
11 | Net Profit / (Loss) for the period [9 - 10] | 2,476.41 | 2,267.98 | 1,558.67 | 4,744.39 | 2,914.78 | 6,412.19 | |||
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 | 15,194.51 | 14,868.05 | 15,092.78 | ||||||
14 | Reserves excluding revaluation reserves | 60,176.58 | ||||||||
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) | 25.04 | 22.90 | 15.59 | 47.94 | 29.11 | 64.21 | |||
17 | Diluted earnings per share (not annualised) - in Rupees(after exceptional items) | 25.04 | 22.90 | 15.59 | 47.94 | 29.11 | 64.21 | |||
18 | Net debt equity ratio | 0.36 | 0.43 | 0.41 | ||||||
19 | Debt service coverage ratio | 5.62 | 1.47 | 1.50 | ||||||
20 | Interest service coverage ratio | 7.99 | 6.79 | 7.69 | ||||||
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 2014 | |||||||||
Quarterended on30.09.2014 | Quarterended on30.06.2014 | Quarterended on30.09.2013 | Six Months ended on 30.09.2014 | Six Months ended on 30.09.2013 | Financial Year ended on 31.03.2014 | ||||
A | Particulars of Shareholding | ||||||||
1 | Aggregate of public shareholding | ||||||||
Number of shares | 6493,36,002 | 6432,73,897 | 6404,60,610 | 6493,36,002 | 6404,60,610 | 6378,25,723 | |||
% of shareholding | 68.07% | 67.87% | 67.77% | 68.07% | 67.77% | 67.69% | |||
2 | Promoters and promoter group shareholding | ||||||||
a) | Pledged / encumbered | ||||||||
- Number of shares | 274,00,000 | 274,00,000 | 200,00,000 | 274,00,000 | 200,00,000 | 224,00,000 | |||
- % of shares to total share holding of promoter & promoter group | 9.00% | 9.00% | 6.57% | 9.00% | 6.57% | 7.36% | |||
- % of shares to total share capital of the company | 2.82% | 2.82% | 2.06% | 2.82% | 2.06% | 2.31% | |||
b) | Non-encumbered | ||||||||
- Number of shares | 2771,14,362 | 2771,14,362 | 2845,14,362 | 2771,14,362 | 2845,14,362 | 2821,14,362 | |||
- % of shares to total share holding of promoter & promoter group | 91.00% | 91.00% | 93.43% | 91.00% | 93.43% | 92.64% | |||
- % of shares to total share capital of the company | 28.53% | 28.53% | 29.29% | 28.53% | 29.29% | 29.04% | |||
Particulars | Quarter ended on30.09.2014 | ||||||||
B | Investor complaints | ||||||||
Pending at the beginning of the Quarter | 4 | ||||||||
Received during the quarter | 43 | ||||||||
Disposed off during the quarter | 32 | ||||||||
Remaining unresolved at the end of the quarter | 15 | ||||||||
Of the total 15 unresolved complaints, 8 complaints pertain to non-receipt of dividend warrants pending reconciliation. | |||||||||
Standalone Segment Revenue, Results and Capital Employed | |||||||
`Crores | |||||||
Particulars | Quarterended on30.09.2014 | Quarterended on30.06.2014 | Quarterended on30.09.2013 | Six Months ended on 30.09.2014 | Six Months ended on 30.09.2013 | Financial year ended on 31.03.2014 | |
Audited | Audited | Audited | Audited | Audited | Audited | ||
Revenue by Business Segment: | |||||||
Steel business | 10,388.13 | 9,967.06 | 9,118.33 | 20,355.19 | 18,084.42 | 38,688.35 | |
Ferro Alloys and Minerals | 299.44 | 447.35 | 795.35 | 746.79 | 1,288.10 | 2,921.66 | |
Others | 618.37 | 589.26 | 541.44 | 1,207.63 | 1,063.56 | 2,209.58 | |
Total | 11,305.94 | 11,003.67 | 10,455.12 | 22,309.61 | 20,436.08 | 43,819.59 | |
Less: Inter segment revenue | 520.87 | 535.41 | 534.08 | 1,056.28 | 1,059.65 | 2,108.56 | |
Net sales / income from operations | 10,785.07 | 10,468.26 | 9,921.04 | 21,253.33 | 19,376.43 | 41,711.03 | |
Segment results before finance costs, exceptional items and tax: | |||||||
Steel business | 2,785.83 | 2,801.69 | 2,339.67 | 5,587.52 | 4,817.12 | 10,724.95 | |
Ferro Alloys and Minerals | 55.68 | 106.01 | 209.80 | 161.69 | 317.75 | 800.74 | |
Others | 11.67 | 16.44 | 1.52 | 28.11 | 9.05 | 43.25 | |
Unallocated income / (expenditure) | 28.77 | (18.04) | 161.56 | 10.73 | 87.59 | 106.90 | |
Total Segment results before finance costs, exceptional items and tax | 2,881.95 | 2,906.10 | 2,712.55 | 5,788.05 | 5,231.51 | 11,675.84 | |
Less: Finance costs | 488.80 | 492.34 | 436.58 | 981.14 | 903.02 | 1,820.58 | |
Profit / (Loss) before exceptional items and tax | 2,393.15 | 2,413.76 | 2,275.97 | 4,806.91 | 4,328.49 | 9,855.26 | |
Exceptional items: | |||||||
Profit on sale of non current investments | - | 787.96 | - | 787.96 | - | - | |
Profit on sale of non current assets | 1,146.86 | - | - | 1,146.86 | - | - | |
Provision for diminution in value of investments/doubtful advances | - | - | - | - | - | (141.76) | |
Profit / (Loss) before tax | 3,540.01 | 3,201.72 | 2,275.97 | 6,741.73 | 4,328.49 | 9,713.50 | |
Less: Tax expense | 1,063.60 | 933.74 | 717.30 | 1,997.34 | 1,413.71 | 3,301.31 | |
Net Profit / (Loss) | 2,476.41 | 2,267.98 | 1,558.67 | 4,744.39 | 2,914.78 | 6,412.19 | |
Segment Capital Employed: | |||||||
Steel business | 43,212.21 | 40,732.32 | 34,408.94 | 43,212.21 | 34,408.94 | 38,860.47 | |
Ferro Alloys and Minerals | 288.86 | 323.91 | 224.99 | 288.86 | 224.99 | 288.96 | |
Others | 141.45 | 142.55 | 208.87 | 141.45 | 208.87 | 131.36 | |
Unallocated | 665.57 | (1,644.84) | 2,200.36 | 665.57 | 2,200.36 | (83.16) | |
Total | 44,308.09 | 39,553.94 | 37,043.16 | 44,308.09 | 37,043.16 | 39,197.63 | |
Standalone Statement of Assets & Liabilities | ||||||
` Crores | ||||||
Particulars | As at 30.09.2014 | 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 | 64,868.56 | 60,176.58 | |||
Sub-total - Shareholders' funds | 65,839.97 | 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 | 22,963.60 | 23,808.09 | |||
(b) | Deferred tax liabilities (net) | 2,050.22 | 2,038.98 | |||
(c) | Other long-term liabilities | 1,175.66 | 983.52 | |||
(d) | Long-term provisions | 2,466.82 | 1,905.05 | |||
Sub-total - Non current liabilities | 28,656.30 | 28,735.64 | ||||
(5) | Current liabilities | |||||
(a) | Short-term borrowings | 72.45 | 43.69 | |||
(b) | Trade payables | 6,350.05 | 8,263.61 | |||
(c) | Other current liabilities | 12,447.37 | 8,671.67 | |||
(d) | Short-term provisions | 1,543.14 | 1,902.81 | |||
Sub-total - Current liabilities | 20,413.01 | 18,881.78 | ||||
TOTAL - EQUITY AND LIABILITIES | 1,17,184.28 | 1,11,040.41 | ||||
B | ASSETS | |||||
(1) | Non-current assets | |||||
(a) | Fixed assets | 45,698.52 | 42,775.15 | |||
(b) | Non-current investments | 52,266.71 | 52,318.56 | |||
(c) | Long-term loans and advances | 2,812.77 | 4,080.07 | |||
(d) | Other non current assets | 215.55 | 302.03 | |||
Sub-total - Non current assets | 1,00,993.55 | 99,475.81 | ||||
(2) | Current assets | |||||
(a) | Current investments | 4,851.20 | 2,343.24 | |||
(b) | Inventories | 7,141.51 | 6,007.81 | |||
(c) | Trade receivables | 534.13 | 770.81 | |||
(d) | Cash and bank balances | 1,956.25 | 961.16 | |||
(e) | Short-term loans and advances | 1,633.27 | 1,299.20 | |||
(f) | Other current assets | 74.37 | 182.38 | |||
Sub-total - Current assets | 16,190.73 | 11,564.60 | ||||
TOTAL - ASSETS | 1,17,184.28 | 1,11,040.41 | ||||
- | - | |||||
Consolidated Financial Results for the Quarter / Six Months ended on 30th September 2014 | ||||||||||
PART I | `Crores | |||||||||
Particulars | Quarter ended on 30.09.2014 | Quarter ended on 30.06.2014 | Quarter ended on 30.09.2013 | Six Months ended on 30.09.2014 | Six Months ended on 30.09.2013 | Financial Year ended on 31.03.2014 | ||||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |||||
1 | Income from operations | |||||||||
a) | Net sales / income from operations (net of excise duty) | 35,503.25 | 36,143.27 | 36,361.24 | 71,646.52 | 68,919.85 | 1,47,347.28 | |||
b) | Other operating income | 273.86 | 283.94 | 283.65 | 557.80 | 529.83 | 1,266.27 | |||
Total income from operations (net) [1(a) + 1(b)] | 35,777.11 | 36,427.21 | 36,644.89 | 72,204.32 | 69,449.68 | 1,48,613.55 | ||||
2 | Expenses | |||||||||
a) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 33.38 | (592.64) | 184.54 | (559.26) | (1,281.49) | (514.67) | |||
b) | Purchases of finished, semi-finished steel & other products | 3,667.32 | 4,128.80 | 3,775.47 | 7,796.12 | 7,979.53 | 17,008.21 | |||
c) | Raw materials consumed | 10,395.72 | 11,010.12 | 11,567.00 | 21,405.84 | 22,007.58 | 46,242.98 | |||
d) | Employee benefits expense | 5,401.71 | 5,634.28 | 5,170.88 | 11,035.99 | 9,962.05 | 20,303.41 | |||
e) | Purchase of power | 1,527.90 | 1,606.67 | 1,571.92 | 3,134.57 | 3,035.33 | 6,035.77 | |||
f) | Freight and handling charges | 2,190.48 | 2,190.28 | 2,146.03 | 4,380.76 | 4,131.32 | 9,007.92 | |||
g) | Depreciation and amortisation expense | 1,429.51 | 1,550.28 | 1,443.99 | 2,979.79 | 2,847.26 | 5,841.22 | |||
h) | Other expenses | 8,917.78 | 8,177.13 | 8,523.70 | 17,094.91 | 16,221.97 | 34,118.92 | |||
Total expenses [2(a) to 2(h)] | 33,563.80 | 33,704.92 | 34,383.53 | 67,268.72 | 64,903.55 | 1,38,043.76 | ||||
3 | Profit / (Loss) from operations before other income, finance costs, exceptional items and tax [1 - 2] | 2,213.31 | 2,722.29 | 2,261.36 | 4,935.60 | 4,546.13 | 10,569.79 | |||
4 | Other income | 321.52 | 216.14 | 203.36 | 537.66 | 386.99 | 516.81 | |||
5 | Profit / (Loss) from operations before finance costs, exceptional items and tax [3 + 4] | 2,534.83 | 2,938.43 | 2,464.72 | 5,473.26 | 4,933.12 | 11,086.60 | |||
6 | Finance costs | 1,232.78 | 1,252.37 | 1,066.62 | 2,485.15 | 2,059.06 | 4,336.83 | |||
7 | Profit / (Loss) before exceptional items and tax [5 - 6] | 1,302.05 | 1,686.06 | 1,398.10 | 2,988.11 | 2,874.06 | 6,749.77 | |||
8 | Exceptional items : | |||||||||
a) | Profit on sale of non current investments | (1.85) | 1,314.17 | - | 1,312.32 | 17.76 | 18.20 | |||
b) | Profit on sale of non current assets | 1,146.86 | - | - | 1,146.86 | - | - | |||
c) | Provision for diminution in value of investments | - | - | - | - | - | (0.42) | |||
d) | Provision for impairment of non-current assets | - | (1,576.65) | - | (1,576.65) | - | (45.42) | |||
Total exceptional items [8(a) to 8(d)] | 1,145.01 | (262.48) | - | 882.53 | 17.76 | (27.64) | ||||
9 | Profit / (Loss) before tax [ 7 + 8 ] | 2,447.06 | 1,423.58 | 1,398.10 | 3,870.64 | 2,891.82 | 6,722.13 | |||
10 | Tax expense | |||||||||
a) | Current tax | 1,130.19 | 1,026.78 | 837.17 | 2,156.97 | 1,603.80 | 3,482.64 | |||
b) | MAT credit | - | - | - | - | - | (0.21) | |||
c) | Deferred tax | 44.58 | 53.63 | (390.02) | 98.21 | (805.26) | (424.27) | |||
Total tax expense [10(a) to 10(c)] | 1,174.77 | 1,080.41 | 447.15 | 2,255.18 | 798.54 | 3,058.16 | ||||
11 | Net Profit / (Loss) for the period [9 - 10] | 1,272.29 | 343.17 | 950.95 |
1,615.46 | 2,093.28 | 3,663.97 | |||
12 | Minority interest | (3.34) | (14.40) | (37.48) | (17.74) | (34.56) | (69.92) | |||
13 | Share of profit / (loss) of associates | (14.62) | 8.56 | 3.30 | (6.06) | (2.94) | 0.84 | |||
14 | Net Profit / (Loss) after taxes, minority interest and share of profit /(loss) of associates [ 11 + 12 + 13 ] | 1,254.33 | 337.33 | 916.77 |
1,591.66 | 2,055.78 | 3,594.89 | |||
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 | 39,560.55 | ||||||||
17 | Basic earnings per share (not annualised) - in Rupees(after exceptional items) | 12.46 | 3.02 | 8.98 | 15.48 | 20.26 | 35.19 | |||
18 | Diluted earnings per share (not annualised) - in Rupees(after exceptional items) | 12.46 | 3.02 | 8.98 | 15.48 | 20.26 | 35.19 | |||
Consolidated Segment Revenue, Results and Capital Employed | |||||||
`Crores | |||||||
Particulars | Quarter ended on 30.09.2014 | Quarter ended on 30.06.2014 | Quarter ended on 30.09.2013 | Six Months ended on 30.09.2014 | Six Months ended on 30.09.2013 | Financial Yearended on 31.03.2014 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
Revenue by Business Segment: | |||||||
Steel business | 34,582.74 | 34,960.49 | 35,113.69 | 69,543.23 | 66,462.92 | 1,42,115.87 | |
Others | 2,869.67 | 3,400.63 | 3,508.83 | 6,270.30 | 6,753.43 | 14,346.56 | |
Unallocated | 338.41 | 337.42 | 297.24 | 675.83 | 536.60 | 1,120.94 | |
Total | 37,790.82 | 38,698.54 | 38,919.76 | 76,489.36 | 73,752.95 | 1,57,583.37 | |
Less: Inter segment revenue | 2,013.71 | 2,271.33 | 2,274.87 | 4,285.04 | 4,303.27 | 8,969.82 | |
Net sales / income from operations | 35,777.11 | 36,427.21 | 36,644.89 | 72,204.32 | 69,449.68 | 1,48,613.55 | |
Segment results before finance costs, exceptional items and tax: | |||||||
Steel business | 3,099.43 | 3,268.68 | 2,761.64 | 6,368.11 | 5,401.11 | 12,470.70 | |
Others | (45.92) | 109.07 | 178.82 | 63.15 | 395.54 | 829.74 | |
Unallocated income / (expenditure) | 1,401.47 | 599.76 | 695.95 | 2,001.23 | 965.25 | 1,835.59 | |
Less: Inter segment eliminations | 1,920.15 | 1,039.08 | 1,171.69 | 2,959.23 | 1,828.78 | 4,049.43 | |
Total Segment results before finance costs, exceptional items and tax | 2,534.83 | 2,938.43 | 2,464.72 | 5,473.26 | 4,933.12 | 11,086.60 | |
Less: Finance costs | 1,232.78 | 1,252.37 | 1,066.62 | 2,485.15 | 2,059.06 | 4,336.83 | |
Profit / (Loss) before exceptional items and tax | 1,302.05 | 1,686.06 | 1,398.10 | 2,988.11 | 2,874.06 | 6,749.77 | |
Exceptional items: | |||||||
Profit on sale of non current investments | (1.85) | 1,314.17 | - | 1,312.32 | 17.76 | 18.20 | |
Profit on sale of non current assets | 1,146.86 | - | - | 1,146.86 | - | - | |
Provision for diminution in value of investments | - | - | - | - | - | (0.42) | |
Provision for impairment of non-current assets | - | (1,576.65) | - | (1,576.65) | - | (45.42) | |
Profit / (Loss) before tax | 2,447.06 | 1,423.58 | 1,398.10 | 3,870.64 | 2,891.82 | 6,722.13 | |
Less: Tax expense | 1,174.77 | 1,080.41 | 447.15 | 2,255.18 | 798.54 | 3,058.16 | |
Net Profit / (Loss) | 1,272.29 | 343.17 | 950.95 | 1,615.46 | 2,093.28 | 3,663.97 | |
Segment Capital Employed: | |||||||
Steel business | 1,06,267.17 | 1,05,267.87 | 1,01,871.70 | 1,06,267.17 | 1,01,871.70 | 1,05,554.03 | |
Others | 2,688.23 | 2,849.54 | 4,937.21 | 2,688.23 | 4,937.21 | 4,306.79 | |
Unallocated | 157.15 | (4,426.04) | 2,697.66 | 157.15 | 2,697.66 | (1,375.57) | |
Inter segment eliminations | (100.90) | 47.50 | (36.20) | (100.90) | (36.20) | 3.41 | |
Total | 1,09,011.65 | 1,03,738.87 | 1,09,470.37 | 1,09,011.65 | 1,09,470.37 | 1,08,488.66 |
Consolidated Statement of Assets & Liabilities | ||||||
` Crores | ||||||
Particulars | As at 30.09.2014 | As at 31.03.2014 | ||||
Unaudited | Audited | |||||
A | EQUITY AND LIABILITIES | |||||
(1) | Shareholders' funds | |||||
(a) | Share capital | 971.41 | 971.41 | |||
(b) | Reserves and surplus | 41,074.68 | 39,560.55 | |||
Sub-total - Shareholders' funds | 42,046.09 | 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 | 1,772.73 | 1,737.72 | |||
(6) | Non-current liabilities | |||||
(a) | Long-term borrowings | 49,397.15 | 52,366.41 | |||
(b) | Deferred tax liabilities (net) | 2,632.12 | 2,595.77 | |||
(c) | Other long-term liabilities | 1,784.73 | 1,837.97 | |||
(d) | Long-term provisions | 6,252.63 | 6,156.48 | |||
Sub-total - Non current liabilities | 60,066.63 | 62,956.63 | ||||
(7) | Current liabilities | |||||
(a) | Short-term borrowings | 7,494.01 | 16,026.18 | |||
(b) | Trade payables | 21,010.46 | 22,904.37 | |||
(c) | Other current liabilities | 35,170.88 | 21,994.85 | |||
(d) | Short-term provisions | 2,658.72 | 3,197.74 | |||
Sub-total - Current liabilities | 66,334.07 | 64,123.14 | ||||
TOTAL - EQUITY AND LIABILITIES | 1,72,514.52 | 1,71,644.45 | ||||
B | ASSETS | |||||
(1) | Non-current assets | |||||
(a) | Fixed assets | 86,002.17 | 85,980.58 | |||
(b) | Goodwill on consolidation | 15,353.48 | 15,748.80 | |||
(c) | Non-current investments | 2,480.62 | 2,425.07 | |||
(d) | Deferred tax assets (net) | 29.42 | 40.77 | |||
(e) | Long-term loans and advances | 6,925.40 | 8,781.73 | |||
(f) | Other non current assets | 538.03 | 678.09 | |||
Sub-total - Non current assets | 1,11,329.12 | 1,13,655.04 | ||||
(2) | Current assets | |||||
(a) | Current investments | 5,275.19 | 2,668.40 | |||
(b) | Inventories | 27,965.88 | 26,880.00 | |||
(c) | Trade receivables | 13,314.96 | 16,005.77 | |||
(d) | Cash and bank balances | 9,087.63 | 8,604.50 | |||
(e) | Short-term loans and advances | 5,005.08 | 3,192.99 | |||
(f) | Other current assets | 536.66 | 637.75 | |||
Sub-total - Current assets | 61,185.40 | 57,989.41 | ||||
TOTAL - ASSETS | 1,72,514.52 | 1,71,644.45 | ||||
- | - | |||||
Notes:
1. The results have been reviewed by the Audit Committee in its meeting held on November 11, 2014 and approved by the Board of Directors in its meeting of date.
2. Tata Steel UK Holdings Limited, a 100% indirect subsidiary of the Company has signed a non-binding memorandum of understanding with Klesch Group on October 15, 2014 to undertake detailed due diligence and negotiations for the potential sale of its Long Products Europe business and associated distribution activities.
3. 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/IND AS 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, 2014 would have been lower by `1,038.82 crores (`586.36 crores for the quarter) and the consolidated profit after taxes, minority interest and share of profit of associates for the six months ended September 30, 2013 would have been lower by `375.38 crores (`1,230.37 crores for the quarter).
4. Tata Steel UK Holdings Limited, a 100% indirect subsidiary of the Company has executed agreements on October 16, 2014 for the refinancing of its bank debt through term loan and revolving credit facilities of €3.05 billion. The debt was originally incurred in relation with the acquisition of Corus Group plc in 2007. The new financing structure consists of a 5-year loan of €370 million, a 6 year revolving credit facility for working capital purposes of £700 million and a 7-year loan of €1.8 billion.
Tata Steel Global Holdings Pte Ltd., another 100% indirect subsidiary of the Company incorporated in Singapore has also executed agreements on October 16, 2014 for loan facilities of US$1.5 billion comprising of a 5 year loan of US$700 million and a 7 year loan of US$800 million. The proceeds of this loan will be used to repay term debts, term out working capital and fund investment needs of the Tata Steel Group outside India.
5. The Company has been operating its mining activities in Odisha and Jharkhand with all statutory clearances such as environmental clearances, forest clearances, consent to operate etc. The Company had also submitted the applications for renewal of its mines well before the expiry of the leases as stipulated under the law.
In Odisha, the State Government of Odisha has issued Express Order under Section 8(3) of the M&M(D&R) Act, 1957 on May 31, 2014 for Joda East Iron Mine, Katamati, Bamebari and Joda West Mines based on which these mines are currently operating and the procedures for the renewal of the lease execution are currently underway. However, the Express Orders for Sukinda Chromite Mine and Khondbond Iron Mine are still pending with the State Government of Odisha. Consequently, the mining operations and the expansion of mining capacity in Khondbond have been suspended since May 2014. Further the suspension of mining operations at Sukinda Chromite Mine has led to stoppage of operations of the company's Ferro Alloys Plants at Bamnipal and the wholly owned subsidiary TS Alloys since first week of August 2014.
In Jharkhand, the applications for the renewal of the mining leases were made much ahead of its renewal date in compliance to law. However, the state government has issued stop mining order in September 2014 following its interpretation of the gazette notification of the Ministry of Mines, Government of India on July 18, 2014. In response to the Company's petition to the Honourable High Court of Jharkhand, the Government of Jharkhand has informed the Court on November 7, 2014 that it has taken the decision to renew the leases of the Company. The above matter is pending before the High Court of Jharkhand.
6. During the quarter, the company completed the sale of a land at Borivali, Mumbai. Exceptional item 8(b) represents the profit on sale of the land.
7. The consolidated financial results have been subjected to limited review and the stand-alone financial results have been audited by the statutory auditors.
8. Figures for the previous periods have been regrouped and reclassified to conform to the classification of the current period, where necessary.
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Tata Steel Limited
Cyrus P Mistry
Chairman
Mumbai: November 12, 2014