REG - Tata Steel Limited - 3rd Quarter Results

Thu Feb 9, 2012 9:35am EST

* Reuters is not responsible for the content in this press release.

RNS Number : 1453X
Tata Steel Limited
09 February 2012
 



TATA STEEL LTD

 

Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI - 400 001

 

Financial Results for the Quarter / Nine Months ended on 31st December 2011

 
















`Crores

Standalone results





Consolidated results

 

Quarter
ended on
31.12.2011

Quarter
ended on
30.09.2011

Quarter
ended on
31.12.2010

Nine Months ended on 31.12.2011

Nine Months ended on 31.12.2010

Financial Year ended on 31.03.2011

Particulars

Quarter
ended on
31.12.2011

Quarter
ended on
30.09.2011

Quarter
ended on
31.12.2010

Nine Months ended on 31.12.2011

Nine Months ended on 31.12.2010

Financial Year ended on 31.03.2011

 

Audited

Audited

Audited

Audited

Audited

Audited





Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

 

                8,304.58

                8,142.19

                7,324.69

              24,238.97

              20,834.09

              29,073.50


1

a)

Net Sales / Income from Operations

              32,964.15

              32,507.45

              28,606.15

              98,397.28

              83,707.12

             117,149.78

 

                     77.27

                     69.74

                     72.66

                   215.06

                   221.49

                   322.85



b)

Other Operating Income

                   138.92

                   290.44

                   483.30

                   503.85


1,222.21

                 1,603.34

 

                8,381.85

                8,211.93

                7,397.35

              24,454.03

              21,055.58

              29,396.35


2

Total Operating Income [ 1(a) + 1(b) ]

              33,103.07

              32,797.89

              29,089.45

              98,901.13

              84,929.33

             118,753.12

 








3

Total Expenditure







 

                  (112.90)

                    (40.26)

                     38.97

                  (407.90)

                  (256.75)

                  (173.65)



a)

(Increase) / decrease in stock-in-trade

                  (372.19)

                1,066.63

                  (150.18)

               (1,697.00)

               (1,868.87)

               (1,355.98)

 

                     62.94

                     45.00

                     53.06

                   145.28

                   127.59

                   180.20



b)

Purchases of finished, semi-finished steel & other products

                5,265.11

                4,321.72

                3,769.01

              15,644.92

              11,038.83

               15,890.40

 

                2,187.73

                1,889.04

                1,666.58

                5,867.02

                4,416.31

                6,244.01



c)

Raw materials consumed

              12,618.69

              11,093.72

              10,464.37

              35,232.64

              28,019.89

               38,748.58

 

                   733.15

                   690.78

                   627.51

                2,110.93

                1,987.47

                2,837.46



d)

Staff Cost

                4,293.82

                3,981.13

                3,732.23

              12,506.54

              11,590.77

               15,840.20

 

                   452.08

                   432.03

                   345.38

                1,343.44

                1,061.71

                1,404.86



e)

Purchase of Power

                1,251.14

                1,180.68

                1,031.36

                3,641.11

                2,999.39

                 4,014.77

 

                   443.93

                   389.99

                   396.84

                1,240.35

                1,109.35

                1,540.82



f)

Freight and handling

                1,720.66

                1,560.77

                1,593.49

                4,898.45

                4,647.11

                 6,389.62

 

                   289.07

                   287.11

                   286.37

                   861.48

                   848.03

                1,146.19



g)

Depreciation

                1,164.01

                1,108.78

                1,126.41

                3,423.58

                3,248.45

                 4,414.82

 

                1,984.32

                2,035.59

                1,448.49

                5,651.39

                4,243.91

                5,929.79



h)

Other Expenditure

                6,608.53

                6,843.22

                5,224.56

              19,784.29

              16,972.68

               23,229.91

 

                6,040.32

                5,729.28

                4,863.20

              16,811.99

              13,537.62

              19,109.68



i)

Total Expenditure (3a to 3h)

              32,549.77

              31,156.65

              26,791.25

              93,434.53

              76,648.25

             107,172.32

 

                2,341.53

                2,482.65

                2,534.15

                7,642.04

                7,517.96

              10,286.67


4

Profit / (Loss) from Operations before Other Income, Net Finance Charges, Exceptional Items & Tax [2 - 3]

                   553.30

                1,641.24

                2,298.20

                5,466.60

                8,281.08

               11,580.80

 

                    (26.29)

                     23.57

                     11.31

                   549.92

                   792.41

                   790.67


5

Other Income

                   138.30

                   120.44

                  (104.33)

                4,141.00

                   769.40

                    980.98

 

              2,315.24

              2,506.22

              2,545.46

              8,191.96

              8,310.37

            11,077.34


6

Profit / (Loss) from Operations before Net Finance Charges, Exceptional Items & Tax [4 + 5]

                  691.60

              1,761.68

              2,193.87

              9,607.60

              9,050.48

            12,561.78

 

                   201.99

                   234.27

                   335.44

                   663.53

                1,005.60

                1,300.49


7

Net Finance Charges

                   706.93

                   716.11

                   743.23

                2,160.70

                2,004.53

                 2,770.04

 

              2,113.25

              2,271.95

              2,210.02

              7,528.43

              7,304.77

              9,776.85


8

Profit / (Loss) before Exceptional Items & Tax [6 - 7]

                  (15.33)

              1,045.57

              1,450.64

              7,446.90

              7,045.95

               9,791.74

 








9

Exceptional Items :







 

                           -  

                           -  

                           -  

                           -  

                           -  

                           -  



Restructuring, Impairment & Asset disposals

                           -  

                           -  

                   122.30

                           -  

                     30.84

                 2,310.21

 

              2,113.25

              2,271.95

              2,210.02

              7,528.43

              7,304.77

              9,776.85


10

Profit / (Loss) before Tax [ 8 + 9 ]

                  (15.33)

              1,045.57

              1,572.94

              7,446.90

              7,076.79

            12,101.95

 

                   691.99

                   776.73

                   696.56

                2,392.52

                2,146.79

                2,911.16


11

Tax Expense

                   672.03

                   906.54

                   624.04

                2,701.56

                2,369.47

                 3,245.90

 

              1,421.26

              1,495.22

              1,513.46

              5,135.91

              5,157.98

              6,865.69


12

Net Profit (+) / Loss (-) [10 - 11]

                (687.36)

                  139.03

                  948.90

              4,745.34

              4,707.32

               8,856.05

 








13

Minority Interest

                     64.05

                     54.18

                     38.02

                   143.04

                     41.79

                      60.28

 








14

Share of profit of associates

                     20.64

                     19.22

                     16.10

                     67.93

                     57.98

                      66.36

 








15

Profit / (Loss) after Taxes, Minority Interest and Share of profit of Associates  [ 12 + 13 + 14 ]

                (602.67)

                  212.43

              1,003.02

              4,956.31

              4,807.09

               8,982.69

 

                   959.41

                   959.41

                   902.41

                   959.41

                   902.41

                   959.41


16

Paid-up Equity Share Capital[Face value `10 per share]

                   958.74

                   958.74

                   901.74

                   958.74

                   901.74

                    958.74

 






              45,807.02


17

Reserves excluding revaluation reserves






               34,426.97

 

                     14.35

                     15.12

                     16.77

                     52.20

                     57.56

                     75.63


18

Basic Earnings per share (not annualised) - in Rupees
(after Exceptional items)

                      (6.76)

                       1.75

                     11.13

                     50.36

                     53.69

                      99.03

 

                     13.69

                     15.12

                     15.57

                     51.18

                     54.24

                     70.99


19

Diluted Earnings per share (not annualised) - in Rupees
(after Exceptional items)

                      (6.76)

                       1.75

                     10.29

                     49.41

                     50.62

                      92.86

 








20

Aggregate of public shareholding







 

          643,937,893

          640,412,263

          597,815,338

          643,937,893

          597,815,338

          641,803,872



Number of shares

          643,937,893

          640,412,263

          597,815,338

          643,937,893

          597,815,338

           641,803,872

 

68.60%

68.49%

67.07%

68.60%

67.07%

68.62%



% of shareholding

68.60%

68.49%

67.07%

68.60%

67.07%

68.62%

 








21

Promoters and promoter group shareholding







 









a)

Pledged / encumbered







 

            10,000,000

            10,000,000

                           -  

            10,000,000

                           -  

                           -  




- Number of shares

            10,000,000

            10,000,000

                           -  

            10,000,000

                           -  

                           -  

 

3.39%

3.39%

                           -  

3.39%

                           -  

                           -  




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

3.39%

3.39%

                           -  

3.39%

                           -  

                           -  

 

1.04%

1.04%

                           -  

1.04%

                           -  

                           -  




- % of shares to total share capital of the company

1.04%

1.04%

                           -  

1.04%

                           -  

                           -  

 









b)

Non-encumbered







 

          284,735,764

          284,619,519

          293,485,240

          284,735,764

          293,485,240

          293,492,790




- Number of shares

          284,735,764

          284,619,519

          293,485,240

          284,735,764

          293,485,240

           293,492,790

 

96.61%

96.61%

100.00%

96.61%

100.00%

100.00%




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

96.61%

96.61%

100.00%

96.61%

100.00%

100.00%

 

29.68%

29.67%

32.53%

29.68%

32.53%

30.60%




- % of shares to total share capital of the company

29.68%

29.67%

32.53%

29.68%

32.53%

30.60%

 

 

 

 

Segment Revenue, Results and Capital Employed  






















`Crores

Standalone results


Consolidated results

Quarter
ended on
31.12.2011

Quarter
ended on
30.09.2011

Quarter
ended on
31.12.2010

Nine Months ended on 31.12.2011

Nine Months ended on 31.12.2010

Financial Year ended on 31.03.2011

Particulars

Quarter
ended on
31.12.2011

Quarter
ended on
30.09.2011

Quarter
ended on
31.12.2010

Nine Months ended on 31.12.2011

Nine Months ended on 31.12.2010

Financial Year ended on 31.03.2011

Audited

Audited

Audited

Audited

Audited

Audited


Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited







Revenue by Business Segment:







               7,678.48

               7,646.98

               6,773.07

             22,626.46

             19,267.82

              26,861.17

Steel business

              31,717.78

              31,553.43

              27,578.36

              94,969.99

              81,067.43

                113,034.83

                  675.83

                  541.15

                  608.70

               1,753.82

               1,748.49

                2,431.70

Ferro Alloys and Minerals







                  484.87

                  482.25

                  441.75

               1,464.97

               1,329.74

                1,839.74

Others

                3,371.34

                2,924.90

                3,235.69

                9,630.31

                9,113.17

                  13,074.88

                          -  

                          -  

                          -  

                          -  

                          -  

                           -  

Unallocated

                   418.72

                   425.36

                   399.30

                1,266.85

                1,089.24

                    1,470.49

             8,839.18

             8,670.38

             7,823.52

           25,845.25

           22,346.05

            31,132.61

Total

            35,507.84

            34,903.69

            31,213.35

          105,867.15

            91,269.84

             127,580.20

                  457.33

                  458.45

                  426.17

               1,391.22

               1,290.47

                1,736.26

Less: Inter segment revenue

                2,404.77

                2,105.80

                2,123.90

                6,966.02

                6,340.51

                    8,827.08

             8,381.85

             8,211.93

             7,397.35

           24,454.03

           21,055.58

            29,396.35

Net sales/ income from operations

            33,103.07

            32,797.89

            29,089.45

            98,901.13

            84,929.33

             118,753.12




















Segment results before net finance charges, exceptional items and tax:







               2,240.28

               2,534.43

               2,301.45

               7,465.96

               6,945.25

                9,459.43

Steel business

                   415.88

                2,836.34

                2,165.05

                6,872.45

                8,586.62

                  12,304.81

                  148.43

                    98.86

                  175.88

                  401.26

                  578.74

                   822.18

Ferro Alloys and Minerals







                    11.22

                    12.19

                    17.15

                    44.65

                    58.81

                     79.09

Others

                     42.04

                  (102.35)

                   203.58

                     31.42

                   765.48

                    1,041.82

                  (84.69)

                (139.26)

                    50.98

                  280.09

                  727.57

                   716.64

Unallocated income / (expenditure)

                   318.57

                  (187.91)

                    (72.69)

                3,936.46

                  (109.49)

                     (371.59)

                          -  

                          -  

                          -  

                          -  

                          -  

                           -  

Less: Inter Segment Eliminations

                     84.89

                   784.40

                   102.07

                1,232.73

                   192.13

                       413.26

             2,315.24

             2,506.22

             2,545.46

             8,191.96

             8,310.37

            11,077.34

Total Segment results before net finance charges, exceptional items and tax

                  691.60

              1,761.68

              2,193.87

              9,607.60

              9,050.48

               12,561.78

                  201.99

                  234.27

                  335.44

                  663.53

               1,005.60

                1,300.49

Less: Net Finance Charges

                   706.93

                   716.11

                   743.23

                2,160.70

                2,004.53

                    2,770.04

             2,113.25

             2,271.95

             2,210.02

             7,528.43

             7,304.77

              9,776.85

Profit / (Loss) before exceptional items & tax

                  (15.33)

              1,045.57

              1,450.64

              7,446.90

              7,045.95

                  9,791.74







Exceptional Items:







                          -  

                          -  

                          -  

                          -  

                          -  

                           -  

Restructuring, Impairment & Asset disposals

                           -  

                           -  

                   122.30

                           -  

                     30.84

                    2,310.21

             2,113.25

             2,271.95

             2,210.02

             7,528.43

             7,304.77

              9,776.85

Profit / (Loss) before tax

                  (15.33)

              1,045.57

              1,572.94

              7,446.90

              7,076.79

               12,101.95

                  691.99

                  776.73

                  696.56

               2,392.52

               2,146.79

                2,911.16

Less: Tax Expense

                   672.03

                   906.54

                   624.04

                2,701.56

                2,369.47

                    3,245.90

             1,421.26

             1,495.22

             1,513.46

             5,135.91

             5,157.98

              6,865.69

Net Profit (+) / Loss (-)

                (687.36)

                  139.03

                  948.90

              4,745.34

              4,707.32

                  8,856.05




















Segment Capital Employed:







             23,817.70

             22,488.91

             15,250.22

             23,817.70

             15,250.22

              15,997.68

Steel business

              81,102.18

              73,688.48

              56,093.21

              81,102.18

              56,093.21

                  60,240.90

                  180.89

                  111.61

                  356.38

                  180.89

                  356.38

                   333.87

Ferro Alloys and Minerals







                  279.78

                  218.83

                  232.78

                  279.78

                  232.78

                   199.28

Others

                5,035.90

                4,472.46

                5,173.63

                5,035.90

                5,173.63

                    5,167.50

               9,105.42

               7,550.99

               5,399.27

               9,105.42

               5,399.27

                9,272.56

Unallocated

                6,911.92

                8,403.86

              11,263.93

                6,911.92

              11,263.93

                  13,380.32







Inter Segment Eliminations

                  (461.98)

                  (642.90)

                    (72.92)

                  (461.98)

                    (72.92)

                       (63.14)

           33,383.79

           30,370.34

           21,238.65

           33,383.79

           21,238.65

            25,803.39


Total

            92,588.02

            85,921.90

            72,457.85

            92,588.02

            72,457.85

               78,725.58

 

 

 

 

Notes:

1.   1,20,00,000 ordinary shares of  `10 each, at a premium of `584 per share, have been allotted to Tata Sons Ltd on January 20, 2012 on Tata Sons Ltd having exercised the option to convert 1,20,00,000 warrants into ordinary shares of the Company.

 

2.   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 profit and loss account, the consolidated profit after taxes, minority interest and share of profit of associates for the nine months ended December 31, 2011 would have been lower by `3,005.48 crores (`694.32 crores for the quarter; `2,233.17 crores for the preceding quarter) and the consolidated profit after taxes, minority interest and share of profit of associates for the nine months ended December 31, 2010 would have been lower by `32.90 crores (higher by `927.50 crores for the quarter ended December 31, 2010).

3.   Consequent to the notification issued by the Ministry of Corporate Affairs on December 29, 2011, the Company adopted the option given in paragraph 46A of the Accounting Standard-11 "The Effects of Changes in Foreign Exchange Rates" with effect from April 1, 2011. Accordingly, the exchange difference on foreign currency denominated long term borrowings relating to acquisition of depreciable capital assets are adjusted in the carrying cost of such assets and the exchange difference on other long term foreign currency monetary items is amortised w.e.f. April 1, 2011 over its tenor till maturity or March 31, 2020, whichever is earlier. The amortised portion of foreign exchange loss (net) incurred on long term foreign currency monetary items for the quarter and nine-months ended December 31, 2011 is `17.70 crores and  `170.06 crores (which includes the cumulative impact of reversal of amortization for the previous quarters of  `96.84 crores). Earlier such differences were amortised till March 31, 2012.

As a result, profit before tax for the quarter and nine months ended December 31,2011 is higher by `333.07 crores. The unamortised portion carried forward as on December 31, 2011 is `733.82 crores.

 

4.   Value of inventories of raw materials and finished goods at some of the subsidiary companies especially in Tata Steel Europe has been written down to recognise the fall in market price of these products. The write down for the quarter ended December 31, 2011 amounts to `741.70 crores (`222.63 crores for the preceding quarter;`990.28 crores for the nine months ended December 31).

 

5.   Information on investor complaints pursuant to clause 41 of the listing agreement for the quarter ended December 31, 2011:

Opening

Balance

Received during the quarter

Resolved during the quarter

Closing

Balance

28

200

220

8

      Of the total 8 unresolved complaints, 3 complaints have since been resolved.

6.   Figures for the previous periods have been regrouped and reclassified to conform to the classification of the current period, wherever necessary.

 

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.   The above results have been reviewed by the Audit Committee and were approved by the Board of Directors in its meeting of date.

 

Tata Steel Limited

 

Sd/-

 

Ratan N. Tata

Chairman

 

Mumbai: February 09, 2012


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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