12 Sep 2016 11:59
Standalone Financial Results for the quarter ended on 30th June 2016 | |||||
₹ Crores | |||||
Particulars | Quarter ended on 30.06.2016 | Quarter ended on 30.06.2015 | |||
Audited | Audited | ||||
1 | Income from operations | ||||
a) | Gross sales / income from operations | 10,261.24 | 10,086.36 | ||
b) | Other operating income | 62.24 | 88.53 | ||
Total income from operations [ 1(a) + 1(b) ] | 10,323.48 | 10,174.89 | |||
2 | Expenses | ||||
a) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | (1,097.05) | (278.28) | ||
b) | Purchases of finished, semi-finished steel & other products | 264.84 | 236.43 | ||
c) | Raw materials consumed | 2,307.92 | 2,329.70 | ||
d) | Employee benefits expense | 1,160.36 | 1,065.74 | ||
e) | Purchase of power | 687.06 | 609.65 | ||
f) | Freight and handling charges | 763.85 | 695.35 | ||
g) | Depreciation and amortisation expense | 702.97 | 729.09 | ||
h) | Excise duty | 1,203.00 | 1,099.58 | ||
i) | Other expenses | 2,812.14 | 2,545.09 | ||
Total expenses [ 2(a) to 2(i) ] | 8,805.09 | 9,032.35 | |||
3 | Profit / (Loss) from operations before other income, finance costs, exceptional items & tax [ 1 - 2 ] | 1,518.39 | 1,142.54 | ||
4 | Other income | 105.50 | 51.48 | ||
5 | Profit / (Loss) from operations before finance costs, exceptional items & tax [ 3 + 4 ] | 1,623.89 | 1,194.02 | ||
6 | Finance costs | 529.19 | 507.47 | ||
7 | Profit / (Loss) before exceptional items & tax [ 5 - 6 ] | 1,094.70 | 686.55 | ||
8 | Exceptional items : | ||||
a) | Profit / (Loss) on sale of non current investments | - | 0.73 | ||
b) | Provision for diminution in value of investments / doubtful advances | (133.22) | - | ||
c) | Employee separation compensation | (22.25) | - | ||
Total exceptional items [ 8(a) to 8(c) ] | (155.47) | 0.73 | |||
9 | Profit / (Loss) before Tax [ 7 + 8 ] | 939.23 | 687.28 | ||
10 | Tax Expense | ||||
a) | Current tax | 268.26 | 293.36 | ||
b) | Deferred tax | 95.54 | (31.42) | ||
Total tax expense [ 10(a) + 10(b) ] | 363.80 | 261.94 | |||
11 | Net Profit / (Loss) for the Period [ 9 - 10 ] | 575.43 | 425.34 | ||
12 | Other comprehensive income | 638.18 | (1,901.30) | ||
13 | Total Comprehensive Income for the Period [ 11 + 12 ] | 1,213.61 | (1,475.96) | ||
14 | Paid-up equity share capital [Face value ₹ 10 per share] | 971.41 | 971.41 | ||
15 | Basic earnings per share (not annualised) - in Rupees (after exceptional items) | 5.63 | 4.08 | ||
16 | Diluted earnings per share (not annualised) - in Rupees (after exceptional items) | 5.63 | 4.08 | ||
Consolidated Financial Results for the quarter ended on 30th June 2016 | |||||
₹ Crores | |||||
Particulars | Quarter ended on 30.06.2016 | Quarter ended on 30.06.2015 | |||
Unaudited | Unaudited | ||||
1 | Income from operations | ||||
a) | Gross sales / income from operations | 26,332.33 | 27,761.66 | ||
b) | Other operating income | 73.77 | 263.77 | ||
Total income from operations [ 1(a) + 1(b) ] | 26,406.10 | 28,025.43 | |||
2 | Expenses | ||||
a) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | (1,890.27) | (743.96) | ||
b) | Purchases of finished, semi-finished steel & other products | 3,151.01 | 3,113.81 | ||
c) | Raw materials consumed | 6,923.20 | 7,763.78 | ||
d) | Employee benefits expense | 4,679.61 | 4,619.25 | ||
e) | Purchase of power | 1,220.34 | 1,249.91 | ||
f) | Freight and handling charges | 1,693.19 | 1,710.90 | ||
g) | Depreciation and amortisation expense | 1,241.72 | 1,337.09 | ||
h) | Excise duty | 1,176.35 | 1,087.59 | ||
i) | Other expenses | 6,210.71 | 6,541.39 | ||
Total expenses [ 2(a) to 2(i) ] | 24,405.86 | 26,679.76 | |||
3 | Profit / (Loss) from operations before other income, finance costs, exceptional items & tax [ 1 - 2 ] | 2,000.24 | 1,345.67 | ||
4 | Other income | 136.73 | 61.95 | ||
5 | Profit / (Loss) from operations before finance costs, exceptional items & tax [ 3 + 4 ] | 2,136.97 | 1,407.62 | ||
6 | Finance costs | 1,070.73 | 1,146.95 | ||
7 | Profit / (Loss) from operations before exceptional items & tax [ 5 - 6 ] | 1,066.24 | 260.67 | ||
8 | Share of profit / (loss) of Joint Ventures & Associates | 14.20 | 6.28 | ||
9 | Profit / (Loss) before exceptional items & tax [ 7 + 8 ] | 1,080.44 | 266.95 | ||
10 | Exceptional items : | ||||
a) | Profit / (Loss) on sale of non current investments | - | 25.65 | ||
b) | Provision for diminution in value of investments / doubtful advances | (116.86) | - | ||
c) | Employee separation compensation | (50.94) | - | ||
d) | Provision for impairment of non-current assets | - | (170.24) | ||
Total exceptional items [ 10(a) to 10(d) ] | (167.80) | (144.59) | |||
11 | Profit / (Loss) before Tax [ 9 + 10 ] | 912.64 | 122.36 | ||
12 | Tax Expense | ||||
a) | Current tax | 233.84 | 341.95 | ||
b) | Deferred tax | 506.61 | (241.29) | ||
Total tax expense [ 12(a) + 12(b) ] | 740.45 | 100.66 | |||
13 | Net Profit / (Loss) after tax from Continuing Operations [ 11 - 12 ] | 172.19 | 21.70 | ||
14 | Net Profit / (loss) after tax from Discontinued Operations | (3,355.26) | (338.61) | ||
15 | Net Profit / (Loss) for the Period [ 13 + 14 ] | (3,183.07) | (316.91) | ||
16 | Profit/(Loss) from continuing operations for the period attributable to: | ||||
Owners of the Company | 148.58 | 19.49 | |||
Non controlling interests | 23.61 | 2.21 | |||
17 | Profit/(Loss) from discontinued operations for the period attributable to: | ||||
Owners of the Company | (3,355.26) | (338.61) | |||
Non controlling interests | - | - | |||
18 | Other comprehensive income | 349.59 | (1,871.93) | ||
19 | Total Comprehensive Income for the Period [ 15 + 18 ] | (2,833.48) | (2,188.84) | ||
20 | Total comprehensive income for the period attributable to: | ||||
Owners of the Company | (2,866.73) | (2,182.64) | |||
Non controlling interests | 33.25 | (6.20) | |||
21 | Paid-up equity share capital [Face value ₹ 10 per share] | 970.24 | 970.24 | ||
22 | Earnings per equity share (for continuing operation): | ||||
Basic earnings per share (not annualised) - in Rupees(after exceptional items) | 1.48 | (0.07) | |||
Diluted earnings per share (not annualised) - in Rupees(after exceptional items) | 1.48 | (0.07) | |||
23 | Earnings per equity share (for continuing and discontinued operations): | ||||
Basic earnings per share (not annualised) - in Rupees (after exceptional items) | (33.11) | (3.56) | |||
Diluted earnings per share (not annualised) - in Rupees (after exceptional items) | (33.11) | (3.56) | |||
Consolidated Segment Revenue, Results, Assets and Liabilities | ||
₹ Crores | ||
Particulars | Quarter ended on 30.06.2016 | Quarter ended on 30.06.2015 |
Unaudited | Unaudited | |
Segment Revenue: | ||
Tata Steel India | 10,323.48 | 10,174.89 |
Other Indian Operations | 1,470.83 | 1,599.80 |
Tata Steel Europe | 13,100.47 | 14,865.39 |
Other Trade Related Operations | 4,174.81 | 3,908.89 |
South East Asian Operations | 2,224.73 | 2,632.84 |
Rest of the World | 147.27 | 227.42 |
Total | 31,441.59 | 33,409.22 |
Less: Inter segment revenue | 5,035.49 | 5,383.79 |
Total income from operations | 26,406.10 | 28,025.43 |
Segment Results before exceptional items, interest, tax and depreciation : | ||
Tata Steel India | 2,236.10 | 1,897.27 |
Other Indian Operations | 123.89 | 157.21 |
Tata Steel Europe | 856.22 | 325.49 |
Other Trade Related Operations | (203.27) | 278.93 |
South East Asian Operations | 191.36 | 19.17 |
Rest of the World | 9.84 | (12.57) |
Less: Inter Segment Eliminations | (55.70) | (27.08) |
Total Segment Results before exceptional items, interest, tax and depreciation | 3,269.84 | 2,692.59 |
Add: Finance income | 123.05 | 58.40 |
Less: Finance costs | 1,070.73 | 1,146.95 |
Less: Depreciation and Amortisation | 1,241.72 | 1,337.09 |
Profit / (Loss) before exceptional items & tax | 1,080.44 | 266.95 |
Add: Exceptional items | (167.80) | (144.59) |
Profit / (Loss) before tax | 912.64 | 122.36 |
Less: Tax Expense | 740.45 | 100.66 |
Net Profit / (Loss) from Continuing Operations | 172.19 | 21.70 |
Net Profit / (Loss) from Discontinued Operations | (3,355.26) | (338.61) |
Net Profit / (Loss) for the Period | (3,183.07) | (316.91) |
Segment Assets: | ||
Tata Steel India | 1,06,448.92 | 1,02,035.62 |
Other Indian Operations | 5,097.56 | 4,819.70 |
Tata Steel Europe | 48,294.02 | 46,144.13 |
Other Trade Related Operations | 44,738.78 | 40,860.91 |
South East Asian Operations | 10,233.52 | 7,449.68 |
Rest of the World | 7,457.23 | 8,039.55 |
Less: Inter Segment Eliminations | 46,814.98 | 34,836.32 |
Total Segment Assets | 1,75,455.04 | 1,74,513.28 |
Segment Liabilities: | ||
Tata Steel India | 61,420.25 | 56,053.63 |
Other Indian Operations | 3,095.11 | 2,894.37 |
Tata Steel Europe | 76,253.91 | 71,307.98 |
Other Trade Related Operations | 29,896.46 | 25,509.55 |
South East Asian Operations | 6,100.19 | 3,332.66 |
Rest of the World | 6,274.85 | 5,493.71 |
Less: Inter Segment Eliminations | 48,339.93 | 35,906.21 |
Total Segment Liabilities | 1,34,700.84 | 1,28,685.69 |
Notes:
1. The results have been reviewed by the Audit Committee in its meeting held on September 12, 2016 and were approved by the Board of Directors in its meeting of date.
2. The Group has adopted Indian Accounting Standard (referred to as 'Ind AS') with effect from April 01, 2016 and accordingly these financial results along with the comparatives have been prepared in accordance with the recognition and measurement principles laid down as per Ind AS 34 "Interim Financial Reporting" as prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.
3. During the quarter, Tata Steel Europe discontinued the operations of its Long Products business and on May 31, 2016, completed its sale to Greybull Capital LLP. Loss on disposal amounting to ₹ 3,296.48 crores has been included in profit/ (loss) after tax on discontinued operations.
4. During the quarter, the Company has revised the useful life of certain property, plant and equipment based on past trend of plant performance, periodic repairs and refurbishment of plants, future usage potential and independent expert's judgement on life of similar plants. Had there been no change in the useful life of the assets, depreciation for the quarter would have been higher by ₹ 125.28 crores.
5. In accordance with Ind AS 101, on transition, the Company elected fair value as deemed cost of certain assets including property, plant and equipment and investments in subsidiaries as at April 1, 2015. The net changes in the above has been reflected in the opening reserves on transition.
6. Reconciliation between Standalone/Consolidated financial results as reported under erstwhile Indian GAAP (referred to as 'I GAAP') and Ind AS are summarised as below:
₹ Crores | ||
Standalone | Consolidated | |
Particulars | Quarter ended on 30.06.2015 | Quarter ended on 30.06.2015 |
Net Profit as per I GAAP | 1,248.61 | 762.96 |
Re-measurements:- | ||
Reversal of gain on sale of equity instruments classified as fair value through OCI | (802.51) | (802.51) |
Additional depreciation and amortisation on fair value as deemed cost of property, plant and equipment | (246.47) | (63.40) |
(Increase) / Decrease in defined benefit cost | 16.60 | (422.95) |
Others | 40.48 | (188.01) |
Tax effect on above adjustments | 168.63 | 397.00 |
Net Profit as per Ind AS | 425.34 | (316.91) |
Other Comprehensive Income as per Ind AS | (1,901.30) | (1,871.93) |
Total Comprehensive Income as per Ind AS | (1,475.96) | (2,188.84) |
Other Comprehensive Income primarily includes impact of fair valuation of quoted non-current investments and re-measurement gains/losses on actuarial valuation of post-employment defined benefits. The consolidated financial statements also include effect of foreign currency translation on consolidation.
Tata Steel Limited
Sd/-
Cyrus P Mistry
Chairman
Mumbai: September 12, 2016
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Tata Steel (TTST)