Tata Steel Limited TTST Half Yearly Report

  Tata Steel Limited (TTST) - Half Yearly Report

RNS Number : 7665Q
Tata Steel Limited
09 November 2012




                                                                               TATA STEEL LIMITED
                                             Standalone Financial Results for the Quarter / Six Months ended on 30th September 2012
PART I                                                                                                                                                                    `Crores
                               Quarter                  Quarter                    Quarter            Six Months ended on      Six Months ended on      Financial Year ended on
Particulars                    ended on                 ended on                   ended on                30.09.2012               30.09.2011                 31.03.2012
                              30.09.2012               30.06.2012                 30.09.2011
                               Audited                  Audited                    Audited                  Audited                  Audited                    Audited
 1  Income from
    operations
       Net sales /
    a) income from               8,820.19    8,142.19              15,934.39     33,614.88
       operations (net  9,034.20                                                                     17,854.39
       of excise duty)
    b) Other operating        87.84  69.74       137.79   318.58
       income           116.36                                                                       204.20
    Total income from                                                                 
    operations (net) [  9,150.56                8,908.03    8,211.93   18,058.59               16,072.18     33,933.46
    1(a) + 1(b) ]
 2  Expenses
       Changes in
       inventories of
    a) finished goods,         (496.56)                (295.00)  (220.72)
       work-in-progress (241.17)                                          (40.26)                    (737.73)
       and
       stock-in-trade
       Purchases of
       finished,                                                                 
    b) semi-finished    83.45                   77.03  45.00 160.48                  82.34  209.52
       steel & other
       products
    c) Raw materials             2,422.62    1,889.04            3,679.29    8,014.37
       consumed         2,537.16                                                                     4,959.78
    d) Employee               859.13   690.78           1,377.78    3,047.26
       benefits expense 829.99                                                                       1,689.12
    e) Purchase of            547.78   432.03           891.36   1,803.72
       power            587.63                                                                       1,135.41
    f) Freight and            481.88   389.99        796.42   1,703.98
       handling charges 516.28                                                                       998.16
       Depreciation and                                                               
    g) amortisation     391.28               354.39   287.11  745.67                  572.41   1,151.44
       expense
    h) Other expenses            2,236.33    2,019.14            3,638.97    7,838.56
                        2,321.00                                                                     4,557.33
    Total expenses (2a           6,482.60    5,712.83              10,743.57     23,548.13
    to 2h)              7,025.62                                                                     13,508.22
    Profit / (Loss)
    from operations
 3  before other                 2,425.43    2,499.10            5,328.61    10,385.33
    income, finance     2,124.94                                                                     4,550.37
    costs, exceptional
    items & Tax [1 - 2]
 4  Other income              151.89   249.54        505.90   886.43
                        239.69                                                                       391.58
    Profit / (Loss)
    from operations
 5  before finance
    costs, exceptional
    items & tax [3 + 4] 2,364.63              2,577.32                    2,748.64     4,941.95               5,834.51       11,271.76
 6  Finance costs                                                                  
                        453.93                  454.44   476.69  908.37                  930.34   1,925.42
    Profit / (Loss)
 7  before exceptional
    items & tax [5 - 6] 1,910.70               2,122.88                    2,271.95         4,033.58              4,904.17      9,346.34
 8  Exceptional items :
       Profit on sale      
    a) of non current   9.60                   -                        -                        9.60                    511.01   511.01
       investments
    Profit / (Loss)
 9  before tax [ 7 + 8  1,920.30              2,122.88                   2,271.95                   4,043.18               5,415.18                   9,857.35
    ]
 10 Tax expense
    a) Current tax            598.60   799.50        1,743.50    3,115.11
                        357.89                                                                       956.49
    b) MAT credit                      
                        (133.81)               -                        -                        (133.81)               -                        -
    c) Deferred tax           167.72                        45.82
                        345.41                                            (22.77)                    513.13                 (42.97)
    Total tax expense
    (10a to 10c)              766.32   776.73           1,700.53    3,160.93
                        569.49                                                                       1,335.81
    
    Net Profit /
 11 (Loss) for the      1,350.81              1,356.56                   1,495.22                    2,707.37             3,714.65                  6,696.42
    period [9 - 10]
    Paid-up equity
 12 share capital             971.41   959.41        959.41   971.41
    [Face value  `10    971.41                                                                       971.41
    per share]
 13 Paid up debt                                                                                                          12,235.45     12,508.50
    capital                                                                                          12,995.22
    Reserves excluding
 14 revaluation                                                                                                                                         51,649.95
    reserves
 15 Debenture                                                                                                 2,046.00    2,046.00
    redemption reserve                                                                               2,046.00
    Basic earnings per
    share (not
 16 annualised) - in        13.51  15.12     37.86  67.84
    Rupees              13.44                                                                        26.95
    (after exceptional
    items)
    Diluted earnings
    per share (not
 17 annualised) - in        13.51  15.12     37.48  66.62
    Rupees              13.43                                                                        26.95
    (after exceptional
    items)
 18 Net debt equity                                                                                        
    ratio                                                                                            0.46                   0.42                       0.41
 19 Debt service                                                                                           
    coverage ratio                                                                                   1.04                   1.93                       1.96
 20 Interest service                                                                                   11.02 
    coverage ratio                                                                                   6.93                                              9.80
1. Paid up debt capital represents debentures, Convertible Alternative Reference Securities (CARS) 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 +/(-) Foreign Currency Monetary Item Translation Difference Account)
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 2012
                      Quarter      Quarter     Quarter     Six Months   Six Months    Financial
                      ended on    ended on     ended on     ended on     ended on   Year ended on
                     30.09.2012  30.06.2012   30.09.2011   30.09.2012   30.09.2011   31.03.2012
A Particulars of
  Shareholding
  Aggregate of
1 public
  shareholding
  Number of shares                 
                    648,396,801  649,564,258 640,412,263  648,396,801  640,412,263  648,608,999
  % of shareholding       68.04%      68.08%       68.49%       68.04%       68.49%        68.05%
  Promoters and
2 promoter group
  shareholding
  a) Pledged /
     encumbered
     - Number of         
     shares         10,000,000   10,000,000  10,000,000   10,000,000   10,000,000   10,000,000
     - % of shares
     to total share
     holding of            3.28%       3.28%        3.39%        3.28%        3.39%         3.28%
     promoter &
     promoter group
     - % of shares
     to total share        1.03%       1.03%        1.04%        1.03%        1.04%         1.03%
     capital of the
     company
  b) Non-encumbered
     - Number of                   
     shares         294,514,362  294,514,362 284,619,519  294,514,362  284,619,519  294,514,362
     - % of shares
     to total share
     holding of           96.72%      96.72%       96.61%       96.72%       96.61%        96.72%
     promoter &
     promoter group
     - % of shares
     to total share       30.32%      30.32%       29.67%       30.32%       29.67%        30.32%
     capital of the
     company
                      Quarter
Particulars           ended on
                    30.09.2012
B Investor
  complaints
  Pending at the
  beginning of the       5
  Quarter
  Received during        40
  the quarter
  Disposed off
  during the             26
  quarter
  Remaining
  unresolved at the      19
  end of the
  quarter
Of the total 19 unresolved complaints, 7 complaints have since been resolved and 5 complaints
pertain to non-receipt of dividend warrants pending reconciliation.



Standalone Segment Revenue, Results and Capital Employed
                                                                                                                                                      `Crores
                     Quarter                  Quarter                    Quarter                 Six Months            Six Months       Financial Year ended
Particulars          ended on                 ended on                   ended on           ended on 30.09.2012   ended on 30.09.2011      on 31.03.2012
                    30.09.2012               30.06.2012                 30.09.2011
                     Audited                  Audited                    Audited                  Audited               Audited               Audited
Revenue by
Business
Segment:
Steel                  8,204.82    7,652.82                     
business      8,383.47                                                                     16,588.29              14,955.39            31,331.71
Ferro Alloys        711.60   541.15                
and Minerals  793.93                                                                       1,505.53               1,077.99             2,473.98
Others              494.93   482.25             
              511.53                                                                       1,006.46               980.10               2,002.42
Total          9,688.93  9,411.35      8,676.22      19,100.28            
                                                                                                                  17,013.48            35,808.11
Less: Inter                                                                         
segment       538.37                  503.32   464.29  1,041.69               941.30               1,874.65
revenue
Net sales /                                                                                                                 
income from    9,150.56  8,908.03      8,211.93      18,058.59  16,072.18            33,933.46
operations
Segment
results
before
finance
costs,
exceptional
items and
tax:
Steel                  2,428.62    2,534.43                 
business      2,183.77                                                                     4,612.39               5,225.68             10,276.29
Ferro Alloys        186.66   98.86         
and Minerals  189.92                                                                       376.58                 252.83               530.45
Others          12.72  12.19     
              1.44                                                                         14.16                  33.43                63.61
Unallocated                                                 
income /      (10.50)                (50.68)                     103.16  (61.18)                322.57               401.41
(expenditure)
Total Segment
results
before                                                                                                                    
finance        2,364.63  2,577.32      2,748.64      4,941.95 5,834.51             11,271.76
costs,
exceptional
items and tax
Less: Finance       454.44   476.69          
costs         453.93                                                                       908.37                 930.34               1,925.42
Profit /
(Loss) before  1,910.70  2,122.88      2,271.95      4,033.58         
exceptional                                                                                                       4,904.17             9,346.34
items & tax
Exceptional
items:
Profit on
sale of non          
current       9.60                   -                        -                        9.60                   511.01               511.01
investments
Profit /                                                                                                                  
(Loss) before  1,920.30  2,122.88      2,271.95      4,043.18 5,415.18             9,857.35
tax
Less: Tax           766.32   776.73                
expense       569.49                                                                       1,335.81               1,700.53             3,160.93
Net Profit /   1,350.81  1,356.56      1,495.22      2,707.37         
(Loss)                                                                                                            3,714.65             6,696.42
Segment
Capital
Employed:
Steel                    27,892.47     22,488.91                      
business      29,189.04                                                                    29,189.04              22,488.91            26,147.62
Ferro Alloys        267.36   111.61          
and Minerals  368.23                                                                       368.23                 111.61               195.43
Others              260.53   218.83          
              253.74                                                                       253.74                 218.83               243.39
Unallocated            1,373.72    7,550.97                 
              2,778.91                                                                     2,778.91               7,550.97             4,508.89
Total          32,589.92   29,794.08       30,370.32       32,589.92            
                                                                                                                  30,370.32            31,095.33





Standalone Statement of
Assets & Liabilities
                                                                        ` Crores
Particulars                         As at                       As at
                                 30.09.2012                 31.03.2012
                                   Audited                     Audited
 A  EQUITY AND
    LIABILITIES
(1) Shareholders' funds
     (a)  Share capital    971.41   971.41
     (b)  Reserves and     53,204.17     51,649.95
          surplus
              Sub-total -
            Shareholders'  54,175.58       52,621.36
                    funds
    Share application      
(2) money pending         -                        -
    allotment
(3) Hybrid Perpetual       2,275.00    2,275.00
    Securities
(4) Non-current
    liabilities
     (a)  Long-term        21,783.94     21,353.20
          borrowings
          Deferred tax
     (b)  liabilities      977.12   970.51
          (net)
     (c)  Other long-term  284.41   216.05
          liabilities
     (d)  Long-term        1,837.55    1,851.30
          provisions
              Sub-total -
              Non current  24,883.02       24,391.06
              liabilities
(5) Current liabilities
     (a)  Short-term       1,011.48    65.62
          borrowings
     (b)  Trade payables   5,774.20    5,883.92
     (c)  Other current    9,094.08    8,798.55
          liabilities
     (d)  Short-term       890.59   2,172.38
          provisions
              Sub-total -
                  Current  16,770.35       16,920.47
              liabilities
TOTAL - EQUITY AND        98,103.95       96,207.89
LIABILITIES
 B  ASSETS
(1) Non-current assets
     (a)  Fixed assets     30,339.03     27,424.75
     (b)  Non-current      49,702.29     49,078.35
          investments
          Foreign
          currency
     (c)  monetary item    350.34   404.90
          translation
          difference
          account
     (d)  Long-term loans  6,940.92    6,477.56
          and advances
     (e)  Other non            
          current assets  2.76                       2.76
              Sub-total -
              Non current  87,335.34       83,388.32
                   assets
(2) Current
    assets
     (a)  Current          192.65   1,204.17
          investments
     (b)  Inventories      6,071.62    4,858.99
     (c)  Trade            825.40   904.08
          receivables
     (d)  Cash and bank    1,249.95    3,946.99
          balances
          Short-term
     (e)  loans and        2,290.78    1,783.16
          advances
     (f)  Other current    138.21   122.18
          assets
              Sub-total -
                  Current  10,768.61       12,819.57
                   assets
TOTAL - ASSETS             98,103.95       96,207.89



                                       Consolidated Financial Results for the Quarter / Six Months ended on 30th September 2012
PART I                                                                                                                                                         `Crores
                               Quarter                 Quarter                    Quarter                 Six Months            Six Months          Financial Year
Particulars                   ended on                 ended on                   ended on           ended on 30.09.2012    ended on 30.09.2011   ended on 31.03.2012
                             30.09.2012               30.06.2012                 30.09.2011
                              Unaudited               Unaudited                  Unaudited                Unaudited              Unaudited              Audited
 1  Income from
    operations
       Net sales /
    a) income from                33,547.73     32,507.45                       
       operations (net  33,867.32                                                                   67,415.05              65,433.13             132,257.36
       of excise duty)
    b) Other operating       273.47   290.44           
       income           265.41                                                                      538.88                 364.93                642.34
    Total income from                                                                                     
    operations (net) [  34,132.73              33,821.20     32,797.89    67,953.93              65,798.06             132,899.70
    1(a) + 1(b) ]
 2  Expenses
       Changes in
       inventories of
    a) finished goods,          (2,673.01)   1,066.63                    
       work-in-progress 1,265.01                                                                    (1,408.00)             (1,324.81)            (785.93)
       and
       stock-in-trade
       Purchases of
       finished,                                                                                        
    b) semi-finished    4,697.26               6,138.14    4,321.72   10,835.40              10,379.81             21,073.43
       steel & other
       products
    c) Raw materials              11,584.64     11,093.73                       
       consumed         10,534.88                                                                   22,119.52              22,613.96             45,457.54
    d) Employee                 4,782.48    3,981.13                  
       benefits expense 4,539.34                                                                    9,321.82               8,212.72              17,228.64
    e) Purchase of              1,390.61    1,180.68                  
       power            1,404.72                                                                    2,795.33               2,389.97              4,915.45
    f) Freight and              1,735.81    1,560.78                  
       handling charges 1,795.19                                                                    3,531.00               3,177.79              6,659.54
       Depreciation and                                                                             
    g) amortisation     1,334.94               1,307.98    1,108.78   2,642.92               2,259.57              4,516.65
       expense
    h) Other expenses           7,459.25    6,725.78                      
                        7,586.25                                                                    15,045.50              13,023.95             25,934.24
    Total expenses (2a            31,725.90     31,039.23                       
    to 2h)              33,157.59                                                                   64,883.49              60,732.96             124,999.56
    Profit / (Loss)
    from operations
 3  before other             2,095.30    1,758.66                  
    income, finance     975.14                                                                      3,070.44               5,065.10              7,900.14
    costs, exceptional
    items & tax [1 - 2]
 4  Other income             289.38   336.09              
                        201.77                                                                      491.15                 1,097.34              1,573.03
    Profit / (Loss)
    from operations                                                                                                    
 5  before finance      1,176.91               2,384.68      2,094.75      3,561.59 6,162.44              9,473.17
    costs, exceptional
    items & tax [3 + 4]
 6  Finance costs            969.01   1,049.18                  
                        972.11                                                                      1,941.12               2,062.13              4,250.11
    Profit / (Loss)                                                                                                
 7  before exceptional  204.80                 1,415.67      1,045.57      1,620.47 4,100.31              5,223.06
    items & tax [5 - 6]
 8  Exceptional items :
       Profit on sale                 
    a) of non current   42.68                 -                        -                        42.68                  3,361.92              3,361.92
       investments
    Profit / (Loss)                                                                                                
 9  before tax [ 7 + 8  247.48                 1,415.67      1,045.57      1,663.15 7,462.23              8,584.98
    ]
 10 Tax expense
    a) Current tax           712.17   930.86                 
                        457.59                                                                      1,169.76               1,951.62              3,517.65
    b) MAT credit                               
                        (135.88)              (1.25)                     (1.52)                     (137.13)               (3.32)                (5.41)
    c) Deferred tax          187.71                 
                        339.04                                           (22.80)                    526.75                 81.23                 124.22
    Total tax expense
    (10a to 10c)             898.63   906.54                 
                        660.75                                                                      1,559.38               2,029.53              3,636.46
    
    Net Profit /                                                                                   
 11 (Loss) for the      (413.27)               517.04    139.03   103.77                 5,432.70              4,948.52
    period [9 - 10]
 12 Minority interest      39.89  54.18      
                        27.51                                                                       67.40                  78.99                 173.14
    Share of profit /                                                                
 13 (loss) of           21.83                  40.95  19.22 62.78                  47.29                 268.11
    associates
    Net Profit / (Loss)
    after taxes,
    minority interest                                                                               
 14 and share of profit (363.93)               597.88    212.43   233.95                 5,558.98              5,389.77
    /(loss) of
    associates [ 11 +
    12 + 13 ]
    Paid-up equity
 15 share capital            971.41   958.74           
    [Face value  `10    971.41                                                                      971.41                 958.74                971.41
    per share]
    Reserves excluding                                                                                                                           
 16 revaluation                                                                                                                                  42,049.71
    reserves
    Basic earnings per
    share (not
 17 annualised) - in                  
    Rupees              (4.21)                5.69                       1.75                       1.48                   57.12                 54.28
    (after exceptional
    items)
    Diluted earnings
    per share (not
 18 annualised) - in                                   
    Rupees              (4.21)                5.69                       1.75                       1.48  55.62                 53.63
    (after exceptional
    items)



Consolidated Segment Revenue, Results and Capital Employed
                                                                                                                                               `Crores
                    Quarter                 Quarter                    Quarter                Six Months          Six Months         Financial Year
Particulars         ended on                ended on                   ended on          ended on 30.09.2012  ended on 30.09.2011 ended on 31.03.2012
                   30.09.2012              30.06.2012                 30.09.2011
                   Unaudited               Unaudited                  Unaudited               Unaudited            Unaudited            Audited
Revenue by
Business
Segment:
Steel                  32,412.51     31,559.27                   
business      32,032.21                                                                  64,444.72            63,259.62           127,266.50
Others               3,660.69    2,924.90              
              3,763.14                                                                   7,423.83             6,258.97            13,496.58
Unallocated       238.59   425.36       
              242.61                                                                     481.20               848.13              1,663.82
Total                    36,311.79       34,909.53                         
              36,037.96                                                                  72,349.75            70,366.72           142,426.90
Less: Inter                                                                          
segment       1,905.23              2,490.59    2,111.64   4,395.82             4,568.66            9,527.20
revenue
Net sales /                                                                                      
income from   34,132.73             33,821.20       32,797.89      67,953.93            65,798.06           132,899.70
operations
Segment
results
before
finance
costs,
exceptional
items and
tax:
Steel                2,718.07    2,836.34              
business      1,499.76                                                                   4,217.83             6,456.57            9,575.83
Others            197.82   (102.35)     
              118.83                                                                     316.65               (10.62)             102.21
Unallocated                                                                          
income /      1,185.67              147.88   345.39  1,333.55             1,215.48            4,431.65
(expenditure)
Less: Inter                                                                          
segment       1,627.35              679.09   984.63  2,306.44             1,498.99            4,636.52
eliminations
Total Segment
results
before                                                                                     
finance       1,176.91              2,384.68      2,094.75     3,561.59             6,162.44            9,473.17
costs,
exceptional
items and tax
Less: Finance     969.01   1,049.18              
costs         972.11                                                                     1,941.12             2,062.13            4,250.11
Profit /
(Loss) before      1,415.67      1,045.57                    
exceptional   204.80                                                                     1,620.47             4,100.31            5,223.06
items & tax
Exceptional
items:
Profit on
sale of non            
current       42.68                -                        -                        42.68                3,361.92            3,361.92
investments
Profit /                                                                               
(Loss) before 247.48                1,415.67      1,045.57     1,663.15             7,462.23            8,584.98
tax
Less: Tax         898.63   906.54             
expense       660.75                                                                     1,559.38             2,029.53            3,636.46
Net Profit /         517.04    139.03              
(Loss)        (413.27)                                                                   103.77               5,432.70            4,948.52
Segment
Capital
Employed:
Steel                  83,920.25     70,727.47                   
business      84,216.41                                                                  84,216.41            70,727.47           77,632.32
Others               4,935.92    4,472.46              
              5,082.63                                                                   5,082.63             4,472.46            4,263.56
Unallocated          1,579.34    11,364.85                 
              4,149.70                                                                   4,149.70             11,364.85           6,682.53
Inter segment      (545.45)  (644.62)        
eliminations  (541.45)                                                                   (541.45)             (644.62)            (441.49)
Total                    89,890.06       85,920.16                         
              92,907.29                                                                  92,907.29            85,920.16           88,136.92



Consolidated Statement of
Assets & Liabilities
                                                                       ` Crores
Particulars                         As at                      As at
                                 30.09.2012                31.03.2012
                                  Unaudited                   Audited
 A  EQUITY AND
    LIABILITIES
(1) Shareholders' funds
     (a)  Share capital   971.41                      971.41
     (b)  Reserves and    41,658.33                   42,049.71
          surplus
              Sub-total -
            Shareholders' 42,629.74                  43,021.12
                    funds
    Share application      
(2) money pending         -                        -
    allotment
    Preference shares
(3) issued by subsidiary  22.43                       22.43
    companies
(4) Warrants issued by a  17.46                       17.46
    subsidiary company
(5) Hybrid Perpetual      2,275.00                    2,275.00
    Securities
(6) Minority interest     1,789.09                    1,091.15
(7) Non-current
    liabilities
     (a)  Long-term       45,359.77                   45,238.24
          borrowings
          Deferred tax
     (b)  liabilities     2,314.11                    2,503.85
          (net)
     (c)  Other long-term 854.16                      807.88
          liabilities
     (d)  Long-term       4,840.32                    4,715.05
          provisions
              Sub-total -
              Non current 53,368.36                  53,265.02
              liabilities
(8) Current liabilities
     (a)  Short-term      8,071.42                    4,699.08
          borrowings
     (b)  Trade payables  19,846.46                  20,528.55
     (c)  Other current   20,733.09                   18,860.99
          liabilities
     (d)  Short-term      2,221.91                   3,476.19
          provisions
              Sub-total -
                  Current 50,872.88                  47,564.81
              liabilities
TOTAL - EQUITY AND       150,974.96                147,256.99
LIABILITIES
 B  ASSETS
(1) Non-current assets
     (a)  Fixed assets    67,540.87                   62,140.03
     (b)  Goodwill on     18,325.66                   17,354.61
          consolidation
     (c)  Non-current     2,458.82                    2,622.88
          investments
     (d)  Deferred tax    69.51                       61.44
          assets (net)
          Foreign
          currency
     (e)  monetary item   350.34                      404.90
          translation
          difference
          account
     (f)  Long-term loans 6,636.35                    8,100.77
          and advances
     (g)  Other non       11.22                       42.16
          current assets
              Sub-total -
              Non current 95,392.77                  90,726.79
                   assets
(2) Current
    assets
     (a)  Current         839.57                      1,398.37
          investments
     (b)  Inventories     27,373.66                   25,598.00
     (c)  Trade           14,546.67                   14,878.48
          receivables
     (d)  Cash and bank   8,750.80                    10,798.81
          balances
          Short-term
     (e)  loans and       3,952.48                    3,769.45
          advances
     (f)  Other current   119.01                      87.09
          assets
              Sub-total -
                  Current 55,582.19                  6,530.20
                   assets
TOTAL - ASSETS
                          150,974.96                 47,256.99




Notes:



1. 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 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, 2012 would have been  lower 
by `1,629.55crores(`189.86crores for the quarter) and the consolidated  profit 
after taxes, minority interest and share  of profit of associates for the  six 
months   ended   September    30,   2011    would   have    been   lower    by 
`2,311.16crores(`2,233.17crores for the quarter ended September 30, 2011).



2. During  the  quarter,  the  company divested  49%  stake  in  Jamshedpur 
Continuous Annealing &  Processing Company Private  Limited (JCAPL) to  Nippon 
Steel Corporation. During the same period, Tata Steel Europe also disposed off
of  its  stake  in  three  joint   ventures  namely  HKS  Scrap  Metals   B.V, 
IjzerhandelGeertsemaStaal B.V  and  B V  Ijzerleew.  Exceptional Item  in  the 
consolidated  results  represents  profit  of  `42.68crores(`9.60croresin  the 
stand-alone) on sale of these non-current investments.



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



4. The consolidated financial results have been subjected to limited review
and the stand-alone financial results have been audited by the statutory
auditors.



5. The  above results  have been  reviewed by  the Audit  Committee in  its 
meeting held on November 8, 2012 and  were approved by the Board of  Directors 
in its meeting of date.







Tata Steel Limited



Sd/-



Ratan N. Tata

Chairman

Mumbai: November 9, 2012



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

END


IR BGBDBCUGBGDC -0- Nov/09/2012 11:11 GMT
 
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