ts-audited-Q4FY10 tata

8/7/2019 ts-audited-Q4FY10 tata

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INR in Crores

ParticularsYear ended on

31-03-2010

Year ended on

31-03-2009

Year ended on

31-03-2010

Year ended on

31-03-2009

1 a) Net Sales / Income from Operations Rs. Crores 24,716.82 24,024.45 101,757.77 145,704.60

b) Other Operating Income " 305.16 291.32 635.35 1,624.66

2 " 25,021.98 24,315.77 102,393.12 147,329.26

3

a) (Increase) / decrease in stock-in-trade " 134.97 (289.27) 660.04 1,976.22

b) Purchases of finished, semi-finished steel & other products " 169.08 358.87 13,087.04 31,405.91

c) Raw materials consumed " 5,494.74 5,709.91 31,004.49 41,531.74

d) Staff Cost " 2,361.48 2,305.81 16,462.99 17,975.06

e) Purchase of Power " 1,268.28 1,091.37 4,051.73 5,953.49

f) Freight and handling " 1,357.27 1,251.23 5,549.13 6,026.91

g) Depreciation " 1,083.18 973.40 4,491.73 4,265.39

h) Other Expenditure " 5,284.07 4,754.42 23,535.04 24,332.26

i) Total Expenditure (3a to 3h) " 17,153.07 16,155.74 98,842.19 133,466.98

4 " 7,868.91 8,160.03 3,550.93 13,862.28

5 " 853.79 308.27 1,185.85 265.67

6 " 8,722.70 8,468.30 4,736.78 14,127.95

7 " 1,508.40 1,152.69 3,022.06 3,290.18

8 " 7,214.30 7,315.61 1,714.72 10,837.77

9

" - - (1,683.72) (4,094.53)

10 " 7,214.30 7,315.61 31.00 6,743.24

11 " 2,167.50 2,113.87 2,151.84 1,894.00

12 " 5,046.80 5,201.74 (2,120.84) 4,849.24

13 " (15.24) 40.94

14 " 126.86 60.72

15 " (2,009.22) 4,950.90

TATA STEEL LTD

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

Audited Financial Results for the Year ended on 31st March 2010

Tax Expense

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

Restructuring Costs

Profit / (Loss) from Operations before Other Income, Net Finance

Charges, Exceptional Items & Tax [ 2 - 3 ]

Exceptional Items

Standalone results

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

Profit / (Loss) from Operations before Net Finance Charges,

Exceptional Items & Tax [ 4 + 5 ]

Other Income

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

Minority Interest

Net Finance Charges

Consolidated results

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

Total Expenditure

Share of profit of associates

Profit / (Loss) after Taxes, Minority Interest and Share of profit

of Associates [ 12 + 13 + 14 ]


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ParticularsYear ended on

31-03-2010

Year ended on

31-03-2009

Year ended on

31-03-2010

Year ended on

31-03-2009

Standalone results Consolidated results

16 Rs. Crores 887.41 730.79 886.74 730.12

17 " 9,974.97 8,765.75

18 " 36,074.39 23,972.81 21,927.15 21,511.50

19 " 1,046.00 646.00

20 Rupees 60.26 69.45 (24.92) 66.07

21 " 57.31 62.94 (24.92) 60.09

22 0.61 0.78

23 1.70 4.71

24 5.78 7.35

25

Nos. 605,162,261 482,522,747

% 68.53% 66.05%

26

a) Pledged / encumbered

- Number of shares Nos. 97,400,000 98,900,000

- % of shares to total shareholding of promoter & promoter group % 35.06% 39.87%

- % of shares to total share capital of the company % 10.98% 13.54%

b) Non-encumbered

- Number of shares Nos. 180,433,893 149,165,857

- % of shares to total shareholding of promoter & promoter group % 64.94% 60.13%

- % of shares to total share capital of the company % 20.34% 20.41%

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:Secured Loan+Unsecured Loan - Cash & Bank - Current Investments)

3 Debt Service Coverage Ratio: EBIT / (Net Finance Charges + Scheduled Principal repayments (excluding prepayments) during the period)

(EBIT : Profit before Taxes +/(-) Exceptional Items + Net Finance Charges)

4 Interest Service Coverage Ratio: EBIT / Net Finance Charges

Reserves excluding revaluation reserves

Diluted Earnings per share

(after Exceptional items)

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

Basic Earnings per share

(after Exceptional items)

Aggregate of public shareholding

Number of shares

Paid up Debt Capital

Debenture Redemption Reserve

Net Debt Equity Ratio

Debt Service Coverage Ratio

Interest Service Coverage Ratio

(Net Worth: Equity Share Capital + Preference Share Capital + Reserves & Surplus Miscellaneous Expenses to the extent not written off or

adjusted - Foreign Currency Monetary Translation Diff. Account)

% of shareholding

Promoters and promoter group shareholding


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Segment Revenue, Results and Capital Employed

Rs. Crores

Particulars Year ended on31-03-2010

Year ended on31-03-2009



Revenue by Business Segment:

Steel business 22,962.55 21,666.67 107,879.37 149,384.58

Ferro Alloys and Minerals 1,854.67 2,636.86

Others 1,573.29 1,566.23 10,877.13 16,561.29

Unallocated - - 1,429.07 1,613.72

Total 26,390.51 25,869.76 120,185.57 167,559.59

Less: Inter segment revenue 1,368.53 1,553.99 17,792.45 20,230.33

Net sales/ income from operations 25,021.98 24,315.77 102,393.12 147,329.26

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

Steel business 7,941.92 7,391.31 4,082.36 13,079.05

Ferro Alloys and Minerals 340.44 1,233.94

Others 113.69 (29.54) 1,031.34 1,164.68

Unallocated income / (expenditure) 326.65 (127.41) (14.30) (242.75)

Less: Inter Segment Eliminations - - 362.62 (126.97)

Total Segment results before net finance charges, exceptional items and tax: 8,722.70 8,468.30 4,736.78 14,127.95

Less: Net Finance Charges 1,508.40 1,152.69 3,022.06 3,290.18

Profit / (Loss) before exceptional items & tax 7,214.30 7,315.61 1,714.72 10,837.77

Exceptional Items:

Restructuring Costs - - (1,683.72) (4,094.53)

Profit / (Loss) before Tax 7,214.30 7,315.61 31.00 6,743.24

Less: Tax Expense 2,167.50 2,113.87 2,151.84 1,894.00

Net Profit (+) / Loss (-) 5,046.80 5,201.74 (2,120.84) 4,849.24

Segment Capital Employed:

Steel business 13,099.51 12,730.41 48,174.30 56,713.49

Ferro Alloys and Minerals 188.09 425.51

Others 223.79 278.67 4,141.75 4,025.42

Unallocated 3,870.32 2,111.06 7,717.58 8,482.87

Inter Segment Eliminations - - (43.95) (18.65)

Total 17,381.71 15,545.65 59,989.68 69,203.13



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Statement of Assets & Liabilities

Rs. Crores

Year ended on

31-03-2010

Year ended on

31-03-2009

Year ended on

31-03-2010

Year ended on

31-03-2009

(a) Capital 887.41 6,203.45 886.74 6,202.78

(b) Reserves and Surplus 36,074.39 23,972.81 21,927.15 21,511.50

17.46 17.46

884.07 894.88

25,239.20 26,946.18 53,100.35 59,900.50

867.67 585.73 1,768.96 1,785.55

206.95 - 206.95 -

Provision For Employee Separation Compensation 957.16 1,033.60 963.67 1,042.41

64,232.78 58,741.77 79,755.35 91,355.08

16,006.03 14,482.22 45,795.83 45,305.86

44,979.67 42,371.78 5,417.79 6,411.10

14,541.82 15,364.92

114.85 76.12

471.66 - 471.66

(a) Inventories 3,077.75 3,480.47 18,686.64 21,668.42

(b) Sundry Debtors 434.83 635.98 11,623.95 13,031.63

(c) Cash and Bank balances 3,234.14 1,590.60 6,787.81 6,148.36

(d) Other current assets 0.29 - 7.92 6.81

(e) Loans and Advances 5,499.68 4,561.04 6,761.47 12,998.73

Less: Current liabilities and provisions

(a) Current liabilities 6,653.09 6,039.86 23,388.57 23,093.30

(b) 2,346.52 2,917.19 6,594.16 7,140.71

- 105.07 - 105.48

64,232.78 58,741.77 79,755.35 91,355.08

Goodwill on Consolidation

Deferred Tax Assets

TOTAL

Fixed Assets


Warrants Issued by a Subsidiary Company

Minority Interests

Miscellaneous Expenditure (Not Written off or Adjusted)

TOTAL

Shareholders' Funds:

Loan Funds

Investments

Foreign Currency Monetary Item Translation Difference Account

Current Assets, Loans And Advances

Provisions

Deferred Tax Liability

Foreign Currency Monetary Item Translation Difference Account


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Notes:

1. The actuarial gains and losses on funds for employee benefits (pension plans) of Tata SteelEurope 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 andpermitted by Accounting Standard 21. This treatment is consistent with the accountingprinciples followed by Tata Steel Europe and earlier by Corus Group plc under IFRS. Had

the company recognised changes in actuarial valuations of pension plans of Tata Steel

Europe in the profit and loss account, the consolidated loss after taxes, minority interest

and share of profit of associates for the year ended March 31, 2010 would have been higherby Rs. 3,541.23 crores and the consolidated profit after taxes, minority interest and share of

profit of associates for the year ended March 31, 2009 would have been lower by Rs.

5,496.58 crores.

2. The Company and its Indian subsidiaries have adopted the Companies (AccountingStandards) Amendment Rules 2009 relating to Accounting Standard AS11 during the lastquarter of 2008-09. Consequently: (a) an exchange translation gain of Rs. 36.00 crores

(loss of Rs. 45.58 crores during FY 2008-09) {in consolidated results exchange translation

gain of Rs. 51.41 crores for 2009-10 & loss of Rs. 54.81 crores for the previous year} has

been adjusted to the carrying value of capital assets. (b) Rs. 85.67 crores (Rs. 30.79 croresduring FY 2008-09) being amortization of cumulative net loss has been charged to profit &

loss account. Had the Company followed the previous practice of recognizing the

translation gain / loss in the profit & loss account, the Net Profit for the year would havebeen higher by Rs. 561.60 crores (lower by Rs. 889.47 crores for the previous year). The

consolidated loss after taxes, minority interest and share of profit of associates for the year

ended March 31, 2010 would have been lower by Rs. 577.04 crores (the consolidated Profit

after Taxes, Minority Interest and Share of profit of Associates for the year ended March31, 2009 would have been lower by Rs. 899.58 crores).

3. The Company changed its accounting policy for accounting of derivatives from April 1,2009, in the consolidated accounts. In the absence of any operative Indian Accounting

Standard on the subject, changes in fair value of outstanding derivative instruments

designated as cash flow hedges against firm commitments and highly probable forecasttransactions which were hitherto accounted in the profit & loss account have now been

accounted in Reserves & Surplus in accordance with IFRS principles and the proposedAccounting Standard AS30. Had the Company not changed the policy, the consolidatedloss after taxes, minority interest and share of profit of associates for the year ended March

31, 2010 would have been lower by Rs. 61.53 crores.

4. During the current quarter, the investment in Riversdale Mining Limited has crossed thethreshold limit of 20% and accordingly it has become an associate company.

5. Pursuant to the sanction of the Honourable High Court of Calcutta to the Scheme ofAmalgamation, the assets and liabilities of the erstwhile Hooghly Met Coke & Power

Company Ltd. whose principal business was manufacture of metallurgical coke, have been

merged with the Company with effect from 1st April, 2009.


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6. Information on investor complaints pursuant to clause 41 of the listing agreement for thequarter ended March 31, 2010:

Opening

Balance

Received during the

quarter

Resolved during the

quarter

Closing

Balance

474 392 860 6

7. Figures for the previous period have been regrouped and reclassified to conform to theclassification of the current period, wherever necessary.

8. The above results have been reviewed by the Audit Committee in its meeting held on May25, 2010 and were approved by the Board of Directors in its meeting of date.

9. The Board of Directors has recommended a dividend of Rs 8 per share on Ordinary Sharesfor the financial year 2009-10.

10.The Annual General Meeting of the Company will be held on August 13, 2010 to considerthe accounts for the financial year 2009-10

B. Muthuraman H. M. NerurkarVice Chairman Managing Director

Mumbai: May 26, 2010

ts-audited-Q4FY10 tata

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