REG - Tata Steel Limited - 1st Quarter Results

Mon Aug 13, 2012 9:49am EDT

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RNS Number : 9105J
Tata Steel Limited
13 August 2012
 



Standalone Financial Results for the Quarter ended on 30th June 2012

PART I






`Crores

Particulars

Quarter
ended on
30.06.2012

Quarter
ended on
31.03.2012

Quarter
ended on
30.06.2011

Financial Year ended on 31.03.2012





Audited

Audited

Audited

Audited


1

Income from operations







a)

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

                8,820.19

                9,375.91

                7,792.20

              33,614.88



b)

Other operating income

                     87.84

                   103.52

                     68.05

                   318.58



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

                8,908.03

                9,479.43

                7,860.25

              33,933.46


2

Expenses







a)

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

                  (496.56)

                   187.18

                  (254.74)

                  (220.72)



b)

Purchases of finished, semi-finished steel & other products

                     77.03

                     64.24

                     37.34

                   209.52



c)

Raw materials consumed

                2,422.62

                2,147.35

                1,790.25

                8,014.37



d)

Employee benefits expense

                   859.13

                   936.33

                   687.00

                3,047.26



e)

Purchase of power

                   547.78

                   460.28

                   459.33

                1,803.72



f)

Freight and handling charges

                   481.88

                   463.63

                   406.43

                1,703.98



g)

Depreciation and amortisation expense

                   354.39

                   289.96

                   285.30

                1,151.44



h)

Other expenses

                2,236.33

                2,228.81

                1,619.83

                7,838.56



Total expenses (2a to 2h)

                6,482.60

                6,777.78

                5,030.74

              23,548.13


3

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

                2,425.43

                2,701.65

                2,829.51

              10,385.33


4

Other income

                   151.89

                   182.93

                   256.36

                   886.43


5

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

              2,577.32

              2,884.58

              3,085.87

            11,271.76


6

Finance costs

                   454.44

                   513.96

                   453.65

                1,925.42


7

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

              2,122.88

              2,370.62

              2,632.22

              9,346.34


8

Exceptional items :







a)

Profit on sale of non current investments

                           -  

                           -  

                   511.01

                   511.01


9

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

              2,122.88

              2,370.62

              3,143.23

              9,857.35


10

Tax expense

                   766.32

                   810.11

                   923.80

                3,160.93


11

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

              1,356.56

              1,560.51

              2,219.43

              6,696.42


12

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

                   971.41

                   971.41

                   959.41

                   971.41


13

Reserves excluding revaluation reserves




              51,649.95


14

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

                     13.51

                     15.65

                     22.74

                     67.84


15

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

                     13.51

                     15.45

                     21.74

                     66.62

 

 








PART II






Select information for the Quarter ended on 30th June 2012

 


Quarter
ended on
30.06.2012

Quarter
ended on
31.03.2012

Quarter
ended on
30.06.2011

Financial Year ended on 31.03.2012

 

A

Particulars of Shareholding





 

1

Aggregate of public shareholding





 


Number of shares

           649,564,258

          648,608,999

           641,730,802

            648,608,999

 


% of shareholding

68.08%

68.05%

68.61%

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

 



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

3.28%

3.28%

3.41%

3.28%

 



- % of shares to total share capital of the company

1.03%

1.03%

1.04%

1.03%

 


b)

Non-encumbered





 



- Number of shares

           294,514,362

          294,514,362

           283,549,520

            294,514,362

 



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

96.72%

96.72%

96.59%

96.72%

 



- % of shares to total share capital of the company

30.32%

30.32%

29.56%

30.32%

 








 

Particulars

Quarter
ended on
 30.06.2012




 

B

Investor complaints





 


Pending at the beginning of the Quarter

7




 


Received during the quarter

47




 


Disposed off during the quarter

49




 


Remaining unresolved at the end of the quarter

5




 

 

 

Standalone Segment Revenue, Results and Capital Employed  








`Crores

Particulars

Quarter
ended on
30.06.2012

Quarter
ended on
31.03.2012

Quarter
ended on
30.06.2011

Financial Year
ended on 31.03.2012


Audited

Audited

Audited

Audited

Revenue by Business Segment:





Steel business

                8,193.20

                8,681.47

                7,301.00

                31,307.93

Ferro Alloys and Minerals

                   711.60

                   720.16

                   536.84

                  2,473.98

Others

                   494.93

                   537.45

                   497.85

                  2,002.42

Total

              9,399.73

              9,939.08

              8,335.69

              35,784.33

Less: Inter segment revenue

                   491.70

                   459.65

                   475.44

                  1,850.87

Net sales / income from operations

              8,908.03

              9,479.43

              7,860.25

              33,933.46






Segment results before finance costs, exceptional items and tax:





Steel business

                2,428.62

                2,810.33

                2,691.25

                10,276.29

Ferro Alloys and Minerals

                   186.66

                   129.19

                   153.97

                     530.45

Others

                     12.72

                     18.96

                     21.24

                       63.61

Unallocated income / (expenditure)

                    (50.68)

                    (73.90)

                   219.41

                     401.41

Total Segment results before finance costs, exceptional items and tax

              2,577.32

              2,884.58

              3,085.87

              11,271.76

Less: Finance costs

                   454.44

                   513.96

                   453.65

                  1,925.42

Profit / (Loss) before exceptional items & tax

              2,122.88

              2,370.62

              2,632.22

                9,346.34

Exceptional items:





Profit on sale of non current investments

                           -  

                           -  

                   511.01

                     511.01

Profit / (Loss) before tax

              2,122.88

              2,370.62

              3,143.23

                9,857.35

Less: Tax expense

                   766.32

                   810.11

                   923.80

                  3,160.93

Net Profit / (Loss)

              1,356.56

              1,560.51

              2,219.43

                6,696.42






Segment Capital Employed:





Steel business

              27,892.47

              26,147.62

              16,548.97

                26,147.62

Ferro Alloys and Minerals

                   267.36

                   195.43

                    (19.51)

                     195.43

Others

                   260.53

                   243.39

                   217.04

                     243.39

Unallocated

                1,373.72

                4,508.89

                8,544.67

                  4,508.89

Total

            29,794.08

            31,095.33

            25,291.17

              31,095.33

 

Consolidated Financial Results for the Quarter ended on 30th June 2012

PART I






`Crores

Particulars

Quarter
ended on
30.06.2012

Quarter
ended on
31.03.2012

Quarter
ended on
30.06.2011

Financial Year
ended on 31.03.2012





Unaudited

Unaudited

Unaudited

Audited


1

Income from operations







a)

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

              33,547.73

              33,860.08

              32,925.68

            132,257.36



b)

Other operating income

                   273.47

                   138.49

                     74.49

                   642.34



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

              33,821.20

              33,998.57

              33,000.17

            132,899.70


2

Expenses







a)

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

               (2,673.01)

                   911.07

               (2,391.44)

                  (785.93)



b)

Purchases of finished, semi-finished steel & other products

                6,138.14

                5,428.51

                6,058.09

              21,073.43



c)

Raw materials consumed

              11,584.64

              10,224.90

              11,520.23

              45,457.54



d)

Employee benefits expense

                4,782.48

                4,722.10

                4,231.59

              17,228.64



e)

Purchase of power

                1,390.61

                1,274.34

                1,209.29

                4,915.45



f)

Freight and handling charges

                1,735.81

                1,761.09

                1,617.01

                6,659.54



g)

Depreciation and amortisation expense

                1,307.98

                1,093.07

                1,150.79

                4,516.65



h)

Other expenses

                7,459.25

                6,497.73

                6,298.17

              25,934.24



Total expenses (2a to 2h)

              31,725.90

              31,912.81

              29,693.73

            124,999.56


3

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

                2,095.30

                2,085.76

                3,306.44

                7,900.14


4

Other income

                   289.38

                   222.02

                   761.25

                1,573.03


5

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

              2,384.68

              2,307.78

              4,067.69

              9,473.17


6

Finance costs

                   969.01

                1,128.00

                1,012.95

                4,250.11


7

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

              1,415.67

              1,179.78

              3,054.74

              5,223.06


8

Exceptional items :







a)

Profit on sale of non current investments

                           -  

                           -  

                3,361.92

                3,361.92


9

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

              1,415.67

              1,179.78

              6,416.66

              8,584.98


10

Tax expense

                   898.63

                   976.60

                1,122.99

                3,636.46


11

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

                  517.04

                  203.18

              5,293.67

              4,948.52


12

Minority interest

                     39.89

                     30.10

                     24.81

                   173.14


13

Share of profit / (loss) of associates

                     40.95

                   200.18

                     28.07

                   268.11


14

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

                  597.88

                  433.46

              5,346.55

              5,389.77


15

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

                   971.41

                   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)

                       5.69

                       4.02

                     55.38

                     54.28


18

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

                       5.69

                       4.02

                     52.36

                     53.63

 

 

Consolidated Segment Revenue, Results and Capital Employed  







`Crores

Particulars

Quarter
ended on
30.06.2012

Quarter
ended on
31.03.2012

Quarter
ended on
30.06.2011

Financial Year
ended on 31.03.2012


Unaudited

Unaudited

Unaudited

Audited

Revenue by Business Segment:





Steel business

              32,400.89

              32,272.73

              31,698.78

              127,242.72

Others

                3,660.69

                3,866.27

                3,334.07

                13,496.58

Unallocated

                   238.59

                   396.97

                   422.77

                  1,663.82

Total

            36,300.17

            36,535.97

            35,455.62

            142,403.12

Less: Inter segment revenue

                2,478.97

                2,537.40

                2,455.45

                  9,503.42

Net sales / income from operations

            33,821.20

            33,998.57

            33,000.17

            132,899.70






Segment results before finance costs, exceptional items and tax:





Steel business

                2,718.07

                2,703.38

                3,620.23

                  9,575.83

Others

                   197.82

                     70.79

                     91.73

                     102.21

Unallocated income / (expenditure)

                   147.88

                2,356.28

                   870.09

                  4,431.65

Less: Inter segment eliminations

                   679.09

                2,822.67

                   514.36

                  4,636.52

Total Segment results before finance costs, exceptional items and tax

              2,384.68

              2,307.78

              4,067.69

                9,473.17

Less: Finance costs

                   969.01

                1,128.00

                1,012.95

                  4,250.11

Profit / (Loss) before exceptional items & tax

              1,415.67

              1,179.78

              3,054.74

                5,223.06

Exceptional items:





Profit on sale of non current investments

                           -  

                           -  

                3,361.92

                  3,361.92

Profit / (Loss) before tax

              1,415.67

              1,179.78

              6,416.66

                8,584.98

Less: Tax expense

                   898.63

                   976.60

                1,122.99

                  3,636.46

Net Profit / (Loss)

                  517.04

                  203.18

              5,293.67

                4,948.52






Segment Capital Employed:





Steel business

              83,920.25

              77,632.32

              66,847.73

                77,632.32

Others

                4,935.92

                4,263.56

                4,555.48

                  4,263.56

Unallocated

                1,579.34

                6,682.53

              14,408.50

                  6,682.53

Inter segment eliminations

                  (545.45)

                  (441.49)

                    (80.10)

                    (441.49)

Total

            89,890.06

            88,136.92

            85,731.61

              88,136.92

 

Notes:

 

1.     During the current quarter, the company has undertaken two voluntary open offers for acquisition of (i) up to 14,653,470 equity shares from the equity shareholders of The Tinplate Company of India Limited (TCIL), constituting 14% of the equity share capital of TCIL, at `60 per equity share; (ii) and up to 1,734,040 equity shares from the equity shareholders of Tata Sponge Iron Limited (TSIL), constituting 11.26% of the equity share capital of TSIL, at `375 per equity share. These voluntary open offers have been undertaken by the Company pursuant to and in compliance with Regulation 6(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. For further details in relation to the voluntary open offers to the equity shareholders of TCIL and TSIL, please refer to the letters of offer dated July 25, 2012 and July 16, 2012, respectively, available on the website of the Securities and Exchange Board of India, www.sebi.gov.in.

 

2.     The Company has on April 23, 2012 issued Unsecured Redeemable Non Convertible Debentures of face value of`1,500 crores at a discount of 15% to face value with a coupon of 2% per annum and a YTM of 9.8% per annum.

 

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 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 quarter ended June 30, 2012 would have been lower by `1,439.69 crores (lower by `77.99 crores for the quarter ended June 30, 2011).

 

4.     Figures for the quarter ended March 31, 2012 represent the difference between the audited figures in respect of the full financial year and the published figures of nine months ended December 31, 2011.

 

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

 

6.     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

 

 

Ratan N. Tata

Chairman

 

Mumbai: August 13, 2012                                                                                                                     

 


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