Tata Steel Limited TTST 1st Quarter Results

  Tata Steel Limited (TTST) - 1st Quarter Results

RNS Number : 9105J
Tata Steel Limited
13 August 2012




                         Standalone Financial Results for the Quarter ended on 30th June 2012
PART                                                                                                            `Crores
I
                                 Quarter                    Quarter                 Quarter        Financial Year ended
Particulars                      ended on                   ended on                ended on          on 31.03.2012
                                30.06.2012                 31.03.2012              30.06.2011
                                 Audited                    Audited                 Audited              Audited
 1  Income from
    operations
       Net sales /
    a) income from         8,820.19    9,375.91              
       operations (net                                                                    7,792.20            33,614.88
       of excise duty)
    b) Other operating   87.84   103.52    
       income                                                                                68.05               318.58
    Total income from                                                                      
    operations (net) [     8,908.03    9,479.43             7,860.25            33,933.46
    1(a) + 1(b) ]
 2  Expenses
       Changes in
       inventories of
    a) finished goods,   (496.56)   187.18        
       work-in-progress                                                                   (254.74)             (220.72)
       and
       stock-in-trade
       Purchases of
       finished,                                                                 
    b) semi-finished     77.03  64.24                37.34               209.52
       steel & other
       products
    c) Raw materials       2,422.62    2,147.35            
       consumed                                                                           1,790.25             8,014.37
    d) Employee           859.13   936.33         
       benefits expense                                                                     687.00             3,047.26
    e) Purchase of        547.78   460.28         
       power                                                                                459.33             1,803.72
    f) Freight and        481.88   463.63         
       handling charges                                                                     406.43             1,703.98
       Depreciation and                                                               
    g) amortisation       354.39   289.96               285.30             1,151.44
       expense
    h) Other expenses      2,236.33    2,228.81            
                                                                                          1,619.83             7,838.56
    Total expenses (2a     6,482.60    6,777.78              
    to 2h)                                                                                5,030.74            23,548.13
    Profit / (Loss)
    from operations
 3  before other           2,425.43    2,701.65              
    income, finance                                                                       2,829.51            10,385.33
    costs, exceptional
    items & Tax [1 - 2]
 4  Other income          151.89   182.93      
                                                                                            256.36               886.43
    Profit / (Loss)
    from operations                                                                            
 5  before finance           2,577.32      2,884.58             3,085.87            11,271.76
    costs, exceptional
    items & tax [3 + 4]
 6  Finance costs         454.44   513.96         
                                                                                            453.65             1,925.42
    Profit / (Loss)                                                                          
 7  before exceptional       2,122.88      2,370.62             2,632.22             9,346.34
    items & tax [5 - 6]
 8  Exceptional items :
       Profit on sale          
    a) of non current                          -                        -               511.01               511.01
       investments
    Profit / (Loss)                                                                          
 9  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
    Net Profit /                                                                            
 11 (Loss) for the           1,356.56      1,560.51             2,219.43             6,696.42
    period [9 - 10]
    Paid-up equity
 12 share capital         971.41   971.41      
    [Face value  `10                                                                        959.41               971.41
    per share]
    Reserves excluding                                                                                    
 13 revaluation                                                                                               51,649.95
    reserves
    Basic earnings per
    share (not
 14 annualised) - in     13.51  15.65  
    Rupees                                                                                   22.74                67.84
    (after exceptional
    items)
    Diluted earnings
    per share (not
 15 annualised) - in     13.51  15.45  
    Rupees                                                                                   21.74                66.62
    (after exceptional
    items)





PART II
Select information for the Quarter ended on 30th June 2012                   
                           Quarter      Quarter     Quarter      Financial
                           ended on    ended on     ended on   Year ended on 
                          30.06.2012  31.03.2012   30.06.2011   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        3.28%       3.28%        3.41%         3.28% 
     of promoter &
     promoter group
     - % of shares to
     total share capital        1.03%       1.03%        1.04%         1.03% 
     of the company
  b) Non-encumbered                                                          
     - Number of shares              
                          294,514,362 294,514,362  283,549,520   294,514,362
     - % of shares to
     total share holding       96.72%      96.72%       96.59%        96.72% 
     of promoter &
     promoter group
     - % of shares to
     total share capital       30.32%      30.32%       29.56%        30.32% 
     of the company
                                                                             
                           Quarter
Particulars                ended on                                          
                         30.06.2012
B Investor complaints                                                        
  Pending at the
  beginning of the            7                                              
  Quarter
  Received during the         47                                             
  quarter
  Disposed off during         49                                             
  the quarter
  Remaining unresolved
  at the end of the           5                                              
  quarter





Standalone Segment Revenue, Results and
Capital Employed
                                                                                                        `Crores
                       Quarter                    Quarter                 Quarter            Financial Year
Particulars            ended on                   ended on                ended on        ended on 31.03.2012
                      30.06.2012                 31.03.2012              30.06.2011
                       Audited                    Audited                 Audited               Audited
Revenue by
Business
Segment:
Steel            8,193.20    8,681.47              
business                                                                        7,301.00              31,307.93
Ferro Alloys    711.60   720.16         
and Minerals                                                                      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         491.70   459.65               475.44               1,850.87
revenue
Net sales /                                                                          
income from        8,908.03      9,479.43             7,860.25              33,933.46
operations
Segment
results
before
finance
costs,
exceptional
items and
tax:
Steel            2,428.62    2,810.33              
business                                                                        2,691.25              10,276.29
Ferro Alloys    186.66   129.19      
and Minerals                                                                      153.97                 530.45
Others         12.72  18.96  
                                                                                   21.24                  63.61
Unallocated                        
income /                         (50.68)                    (73.90)               219.41                 401.41
(expenditure)
Total Segment
results
before                                                                               
finance            2,577.32      2,884.58             3,085.87              11,271.76
costs,
exceptional
items and tax
Less: Finance   454.44   513.96         
costs                                                                             453.65               1,925.42
Profit /
(Loss) before      2,122.88      2,370.62                
exceptional                                                                     2,632.22               9,346.34
items & tax
Exceptional
items:
Profit on
sale of non          
current                              -                        -               511.01                 511.01
investments
Profit /                                                                           
(Loss) before      2,122.88      2,370.62             3,143.23               9,857.35
tax
Less: Tax       766.32   810.11         
expense                                                                           923.80               3,160.93
Net Profit /       1,356.56      1,560.51                
(Loss)                                                                          2,219.43               6,696.42
Segment
Capital
Employed:
Steel             27,892.47     26,147.62                
business                                                                       16,548.97              26,147.62
Ferro Alloys    267.36   195.43     
and Minerals                                                                     (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                                                                                                            `Crores
I
                                 Quarter                    Quarter                 Quarter           Financial Year
Particulars                      ended on                   ended on                ended on       ended on 31.03.2012
                                30.06.2012                 31.03.2012              30.06.2011
                                Unaudited                  Unaudited               Unaudited             Audited
 1  Income from
    operations
       Net sales /
    a) income from          33,547.73     33,860.08                  
       operations (net                                                                   32,925.68           132,257.36
       of excise duty)
    b) Other operating    273.47   138.49    
       income                                                                                74.49               642.34
    Total income from                                                                          
    operations (net) [      33,821.20     33,998.57            33,000.17           132,899.70
    1(a) + 1(b) ]
 2  Expenses
       Changes in
       inventories of
    a) finished goods,    (2,673.01)   911.07           
       work-in-progress                                                                 (2,391.44)             (785.93)
       and
       stock-in-trade
       Purchases of
       finished,                                                                           
    b) semi-finished       6,138.14    5,428.51             6,058.09            21,073.43
       steel & other
       products
    c) Raw materials        11,584.64     10,224.90                
       consumed                                                                          11,520.23            45,457.54
    d) Employee            4,782.48    4,722.10              
       benefits expense                                                                   4,231.59            17,228.64
    e) Purchase of         1,390.61    1,274.34            
       power                                                                              1,209.29             4,915.45
    f) Freight and         1,735.81    1,761.09            
       handling charges                                                                   1,617.01             6,659.54
       Depreciation and                                                                  
    g) amortisation        1,307.98    1,093.07             1,150.79             4,516.65
       expense
    h) Other expenses      7,459.25    6,497.73              
                                                                                          6,298.17            25,934.24
    Total expenses (2a      31,725.90     31,912.81                  
    to 2h)                                                                               29,693.73           124,999.56
    Profit / (Loss)
    from operations
 3  before other           2,095.30    2,085.76            
    income, finance                                                                       3,306.44             7,900.14
    costs, exceptional
    items & tax [1 - 2]
 4  Other income          289.38   222.02         
                                                                                            761.25             1,573.03
    Profit / (Loss)
    from operations                                                                          
 5  before finance           2,384.68      2,307.78             4,067.69             9,473.17
    costs, exceptional
    items & tax [3 + 4]
 6  Finance costs         969.01    1,128.00            
                                                                                          1,012.95             4,250.11
    Profit / (Loss)                                                                          
 7  before exceptional       1,415.67      1,179.78             3,054.74             5,223.06
    items & tax [5 - 6]
 8  Exceptional items :
       Profit on sale                
    a) of non current                          -                        -             3,361.92             3,361.92
       investments
    Profit / (Loss)                                                                          
 9  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
    Net Profit /                                                                            
 11 (Loss) for the         517.04    203.18             5,293.67             4,948.52
    period [9 - 10]
 12 Minority interest    39.89  30.10    
                                                                                             24.81               173.14
    Share of profit /                                                            
 13 (loss) of            40.95   200.18                28.07               268.11
    associates
    Net Profit / (Loss)
    after taxes,
    minority interest                                                                        
 14 and share of profit    597.88    433.46             5,346.55             5,389.77
    /(loss) of
    associates [ 11 +
    12 + 13 ]
    Paid-up equity
 15 share capital         971.41   971.41      
    [Face value  `10                                                                        958.74               971.41
    per share]
    Reserves excluding                                                                                    
 16 revaluation                                                                                               42,049.71
    reserves
    Basic earnings per
    share (not
 17 annualised) - in               
    Rupees                                    5.69                       4.02                55.38                54.28
    (after exceptional
    items)
    Diluted earnings
    per share (not
 18 annualised) - in               
    Rupees                                    5.69                       4.02                52.36                53.63
    (after exceptional
    items)





Consolidated Segment Revenue, Results and Capital Employed
                                                                                                      `Crores
                       Quarter                    Quarter                 Quarter           Financial Year
Particulars            ended on                   ended on                ended on       ended on 31.03.2012
                      30.06.2012                 31.03.2012              30.06.2011
                      Unaudited                  Unaudited               Unaudited             Audited
Revenue by
Business
Segment:
Steel             32,400.89     32,272.73                
business                                                                       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          2,478.97    2,537.40             2,455.45             9,503.42
revenue
Net sales /                                                                            
income from         33,821.20       33,998.57            33,000.17           132,899.70
operations
Segment
results
before
finance
costs,
exceptional
items and
tax:
Steel            2,718.07    2,703.38          
business                                                                        3,620.23             9,575.83
Others          197.82  70.79  
                                                                                   91.73               102.21
Unallocated                                                               
income /        147.88    2,356.28               870.09             4,431.65
(expenditure)
Less: Inter                                                               
segment         679.09    2,822.67               514.36             4,636.52
eliminations
Total Segment
results
before                                                                           
finance            2,384.68      2,307.78             4,067.69             9,473.17
costs,
exceptional
items and tax
Less: Finance   969.01    1,128.00          
costs                                                                           1,012.95             4,250.11
Profit /
(Loss) before      1,415.67      1,179.78              
exceptional                                                                     3,054.74             5,223.06
items & tax
Exceptional
items:
Profit on
sale of non              
current                              -                        -             3,361.92             3,361.92
investments
Profit /                                                                         
(Loss) before      1,415.67      1,179.78             6,416.66             8,584.98
tax
Less: Tax       898.63   976.60          
expense                                                                         1,122.99             3,636.46
Net Profit /     517.04    203.18              
(Loss)                                                                          5,293.67             4,948.52
Segment
Capital
Employed:
Steel             83,920.25     77,632.32              
business                                                                       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  (545.45)  (441.49)    
eliminations                                                                     (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 

 



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

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