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::: 1st Quarter Results :::
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TATA STEEL LIMITED
Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI 400001
Audited Financial Results for the Quarter ended on 30th June, 2007
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Quarter ended
on 30.06.2007 |
Quarter ended on 30.06.2006 |
Financial Year ended on
31.03.2007 |
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(1) |
(2) |
(3) |
| (A) |
1. |
Steel Production |
Tonnes |
1,064,832 |
1,108,514 |
4,928,548 |
2. |
Steel Sales |
" |
1,040,963 |
1,115,066 |
4,794,012 |
| 3. |
Export turnover (F.O.B Value) |
Rs. Crores |
362.01 |
456.94 |
1,957.91 |
| US $ Mill. |
88.19 |
99.38 |
434.18 |
| (B) |
1. |
Sales/Income from Operations |
Rs. Crores |
4,745.30 |
4,390.20 |
19,762.57 |
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Less: Excise Duty |
" |
547.72 |
490.75 |
2,210.55 |
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Net Sales/Income from Operations |
" |
4,197.58 |
3,899.45 |
17,552.02 |
2. |
Total Expenditure |
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a) (Increase)/decrease in stock in trade |
" |
(77.09) |
(69.89) |
(82.47) |
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b) Purchases of finished, semi-finished steel and other
products |
" |
86.02 |
137.28 |
450.60 |
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c) Raw materials consumed |
" |
743.48 |
696.63 |
3,121.46 |
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d) Staff Cost |
" |
376.59 |
303.40 |
1,454.83 |
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e) Purchase of Power |
" |
232.78 |
228.48 |
921.69 |
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f) Freight and Handling |
" |
246.14 |
258.49 |
1,117.45 |
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g) Other Expenditure |
" |
890.49 |
763.76 |
3,595.19 |
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h) Total Expenditure (2a to 2g) |
" |
2,498.41 |
2,318.15 |
10,578.75 |
3. |
Operating Profit (1-2) |
" |
1,699.17 |
1,581.30 |
6,973.27 |
4. |
Other Income |
" |
146.12 |
77.93 |
433.67 |
5. |
Interest (net) |
" |
79.99 |
29.29 |
173.90 |
| 6. |
Depreciation |
" |
211.24 |
195.14 |
819.29 |
7. |
Profit before Tax and Exceptional Items
(3+4-5-6) |
" |
1,554.06 |
1,434.80 |
6,413.75 |
| 8. |
Exceptional Items |
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a) Employee Separation Compensation |
" |
(54.58) |
(18.44) |
(152.10) |
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b) Contribution for Sports Infrastructure (See Note 6)
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" |
(150.00) |
- |
- |
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c) Exchange Gain / (Loss) (See
Note 7) |
" |
553.02 |
- |
- |
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Total of Exceptional items
(Net) |
" |
348.44 |
(18.44) |
(152.10) |
9. |
Profit before Tax (7+8) |
" |
1,902.50 |
1,416.36 |
6,261.65 |
10. |
Provision for Current Taxation |
" |
513.81 |
458.00 |
2,076.01 |
| 11. |
Provision for Deferred Taxation |
" |
162.08 |
1.45 |
(52.51) |
| 12. |
Provision for Fringe Benefits Tax |
" |
4.50 |
3.50 |
16.00 |
13. |
Net Profit (+)/Loss (-)
(9-10-11-12) |
" |
1,222.11 |
953.41 |
4,222.15 |
14. |
Paid-up Equity Share Capital
(Face Value: Rs.10 per Share) |
" |
609.17 |
553.67 |
580.67 |
15. |
Reserves excluding revaluation reserves |
" |
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13,368.42 |
| 16. |
Basic and Diluted Earnings per Share (not annualised) (after
Exceptional items) |
Rupees |
20.23 |
17.23 |
73.76 |
| 17. |
Aggregate of Public Shareholding
Number of shares
% of shareholding |
Nos.
% |
403,316,773
66.23% |
404,707,353
73.12% |
403,316,773
69.48% |
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NOTES1. Segment Revenue, Results and Capital
Employed |
| (Rs. Crores) |
| Particulars |
Quarter ended
on 30.06.2007 |
Quarter
ended on 30.06.2006 |
Financial Year ended
on 31.03.2007 |
| Revenue by Business Segment: |
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| Steel business |
3,816.69 |
3,455.20 |
15,627.86 |
| Ferro Alloys and Minerals |
318.89 |
352.36 |
1,574.35 |
| Others |
312.49 |
269.63 |
1,257.50 |
| Total |
4,448.07 |
4,077.19 |
18,459.71 |
| Less: Inter segment revenue |
250.49 |
177.74 |
907.69 |
| Net sales/income from operations |
4,197.58 |
3,899.45 |
17,552.02 |
| Segment results before interest, exceptional items and
tax: |
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| Steel business |
1,417.63 |
1,236.25 |
5,643.82 |
| Ferro Alloys and Minerals |
121.41 |
150.58 |
573.67 |
| Others |
(0.15) |
26.58 |
53.62 |
| Total |
1,538.89 |
1,413.41 |
6,271.11 |
| Less: |
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| Interest |
79.99 |
29.29 |
173.90 |
| Other unallocable (income)/expenditure |
(95.16) |
(50.68) |
(316.54) |
| Profit before Tax and Exceptional items |
1,554.06 |
1,434.80 |
6,413.75 |
| Exceptional items: |
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| Employee Separation Compensation |
(54.58) |
(18.44) |
(152.10) |
| Contribution for Sports
Infrastructure |
(150.00) |
- |
- |
| Exchange Gain / (Loss) |
553.02 |
- |
- |
| Profit before Tax |
1,902.50 |
1,416.36 |
6,261.65 |
| Less: Taxes |
680.39 |
462.95 |
2,039.50 |
| Profit after Tax |
1,222.11 |
953.41 |
4,222.15 |
| Segment Capital Employed: |
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| Steel business |
10,935.05 |
9,953.88 |
10,625.37 |
| Ferro Alloys and Minerals |
201.31 |
215.41 |
149.90 |
| Others |
290.21 |
221.84 |
276.20 |
| Total |
11,426.57 |
10,391.13 |
11,051.47 |
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| 2. |
The above financial results do not include the consolidated financial performance of the Company. The consolidated financial results of the Company including Corus for the quarter ended 30th June 2007 would be published by the end of August 2007. |
| 3. |
The Company,
pursuant to the Sale Agreement signed on 2nd April 2007 has
sold its Cold Rolling Mill at Sisodra, as a going concern to
Theis Precision Steel India Pvt Ltd. (Theis), an indirect
wholly owned subsidiary of Friedr. Gustav Theis Kaltwalzweke
GmbH, Germany at a consideration of Rs 67 crores. |
| 4. |
The Company had adopted Accounting Standard - 15 (revised 2005) on employee benefits with effect from 1st April 2006. Consequent upon the recent guidance issued by the Institute of Chartered Accountants of India clarifying certain provisions of AS 15, the employee benefit liability as on 1st April 2006 and the amount charged to the profit and loss account during 2006-07 has been reworked. Accordingly, the excess liability as on 1st April 2006 of Rs. 200.14 crores (net of deferred tax of Rs. 103.05 crores) which had been adjusted to General Reserve during 2006-07 has been reversed. The profit and loss account for the current quarter ended 30th June 2007 includes a write back of Rs. 17.21 crores on account of the rework of the employee benefit charge debited to the profit and loss account during 2006-07. |
| 5. |
2,85,00,000 ordinary shares of Rs. 10 each, at a premium of Rs. 474.27 per share, have been allotted to Tata Sons Ltd on 17th April 2007 on Tata Sons Ltd having exercised the option to convert 2,85,00,000 warrants into ordinary shares of the Company. |
| 6. |
Item 8(b) of the Exceptional items represents the contribution of Rs. 150.00 crores towards the development of sports infrastructure for National Games in the state of Jharkhand. |
| 7. |
Item 8(c) of the Exceptional items represents a gain of Rs. 686.43 crores on account of unrealized exchange differences on foreign currency borrowings and a realized loss of Rs. 133.41 crores on foreign currency deposits mainly in relation to the acquisition of Corus. The net gain of Rs. 553.02 crores is due to the appreciation of the Rupee against the various foreign currencies during the current quarter. |
| 8. |
Information on
investor complaints pursuant to clause 41 of the listing
agreement for the quarter ended 30.6.2007:
| Opening Balance |
Received during the quarter |
Resolved during the quarter |
Closing balance |
| 3 |
14 |
16 |
1 |
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| 9. |
Figures for the
previous period have been regrouped and reclassified to
conform to the classification of the current period,
wherever necessary. |
| 10. |
The above results
have been reviewed by the Audit Committee in its meeting
held on 28th July 2007 and approved by the Board in its
meeting of date. |
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TATA STEEL LIMITED |
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| Mumbai, July 30, 2007 |
Sd/- Ratan N. Tata
Chairman |
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