| 
::: Annual Results Archives :::
THE TATA IRON AND STEEL COMPANY LIMITED
Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI 400001
Audited Financial Results for the Quarter/Year Ended on 31st March, 2004
| |
|
|
Nine Months ended on
31.12.2003 |
Quarter ended on
31.03.2004 |
Corresponding quarter ended on
31.03.2003 in the Previous year |
Financial Year ended 31.03.2004
(Audited) |
Previous Financial Year ended on
31.03.2003 (Audited) |
| |
|
|
(1) |
(2) |
(3) |
(4) |
(5) |
| (A) |
| 1 |
Steel Production |
Tonnes |
3,026,789 |
1,028,312 |
1,070,548 |
4,055,101 |
3,975,471 |
| 2 |
Steel Sales |
" |
2,906,995 |
1,051,444 |
1,153,444 |
3,958,439 |
3,904,650 |
| 3 |
Export Turnover
(F.O.B Value) |
Rs. Crores |
1,055.12 |
404.56 |
422.15 |
1,459.68 |
1,313.24 |
| US $ Mill. |
229.70 |
89.91 |
88.73 |
319.61 |
272.46 |
| (B) |
| 1 |
Sales/Income from Operations |
Rs. Crores |
8,430.91 |
3,490.05 |
2,981.31 |
11,920.96 |
9,793.27 |
| |
Less: Excise Duty |
Rs. Crores |
928.79 |
289.78 |
316.55 |
1,218.57 |
1,071.95 |
| |
Net Sales/Income from Operations |
Rs. Crores |
7,502.12 |
3,200.27 |
2,664.76 |
10,702.39 |
8,721.32 |
| 2 |
Total Expenditure |
| |
a) (Increase) /decrease in stock in trade |
Rs. Crores |
(125.79) |
61.33 |
111.77 |
(64.46) |
(15.03) |
| |
b) Purchases of finished, semi-finished steel and other products |
" |
496.37 |
270.76 |
104.18 |
767.13 |
459.02 |
| |
c) Raw materials consumed |
" |
1,054.55 |
407.89 |
347.01 |
1462.44 |
1,290.95 |
| |
d) Staff Cost |
" |
1,032.19 |
318.82 |
315.67 |
1351.01 |
1,217.72 |
| |
e) Purchase of Power |
" |
509.50 |
158.03 |
169.13 |
667.53 |
734.77 |
| |
f) Freight and handling |
" |
560.07 |
188.37 |
203.68 |
748.44 |
695.77 |
| |
g) Other Expenditure |
" |
1,663.26 |
611.63 |
614.96 |
2,274.89 |
2,036.14 |
| |
h) Total Expenditure
(2a to 2g) |
" |
5,190.15 |
2,016.83 |
1,866.40 |
7,206.98 |
6,419.34 |
| 3 |
Operating Profit |
" |
2,311.97 |
1,183.44 |
798.36 |
3,495.41 |
2,301.98 |
| 4 |
Other Income |
" |
100.67 |
39.84 |
12.98 |
140.51 |
50.39 |
| 5 |
Interest (net) |
" |
193.19 |
(71.02) |
57.82 |
122.17 |
304.82 |
| 6 |
Depreciation |
" |
439.47 |
185.64 |
132.79 |
625.11 |
555.48 |
| 7 |
Profit before Tax and Exceptional Items (3+4-5-6) |
" |
1,779.98 |
1,108.66 |
620.73 |
2,888.64 |
1,492.07 |
| 8 |
Exceptional Items |
| |
a) Employee Separation Compensation |
" |
(92.63) |
(138.20) |
(14.49) |
(230.83) |
(229.57) |
| |
b) Profit on sale of long term investments |
" |
8.39 |
(0.24) |
- |
8.15 |
- |
| |
c) Total of Exceptional items (8a+8b) |
" |
(84.24) |
(138.44) |
(14.49) |
(222.68) |
(229.57) |
| 9 |
Profit before Tax(7-8c) |
" |
1,695.74 |
970.22 |
606.24 |
2,665.96 |
1,262.50 |
| 10 |
Provision for Current Taxation |
" |
581.85 |
338.15 |
137.08 |
920.00 |
261.88 |
| 11 |
Provision for Deferred Taxation |
" |
(3.45) |
3.19 |
0.08 |
(0.26) |
(11.69) |
| 12 |
Net Profit (+) / Loss (-) (9-10-11) |
" |
1,117.34 |
628.88 |
469.08 |
1,746.22 |
1,012.31 |
| 13 |
Paid-up Equity Share Capital (Face Value : Rs 10 per Share) |
" |
369.18 |
369.18 |
367.97 |
369.18 |
367.97 |
| 14 |
Reserves excluding revaluation reserves |
" |
- |
- |
- |
- |
2,816.30 |
| 15 |
Basic and Diluted Earnings per Share (not annualised) (after
exceptional items) |
Rupees |
30.28 |
17.04 |
12.71 |
47.32 |
27.43 |
| 16 |
Aggregate of Non-promoter Shareholding |
| |
Number
of shares |
Nos. |
271,966,962 |
271,966,962 |
270,638,105 |
271,966,962 |
270,638,105 |
| |
% of shareholding |
% |
73.71% |
73.71% |
73.59% |
73.71% |
73.59% |
NOTES:
1.Segment Revenue, Results and Capital Employed
| (Rs. Crores) |
| Particulars |
Quarter ended on
31.03.2004 |
Corresponding Quarter ended on 31.03.2003 in the
previous year |
Financial Year ended
31.03.2004 |
Previous Financial Year ended on31.03.2003 |
| |
| Revenue by Business Segment |
| Steel business |
2980.22 |
2440.24 |
9875.81 |
8115.05 |
| Others |
433.14 |
351.22 |
1423.16 |
1053.28 |
| Total |
3413.36 |
2791.46 |
11298.97 |
9168.33 |
| Less: Inter segment revenue |
213.09 |
126.70 |
596.58 |
447.01 |
| Net Sales/ Income from operations |
3200.27 |
2664.76 |
10702.39 |
8721.32 |
| Segment results before interest, extraordinary items
and tax |
| Steel business |
961.58 |
675.02 |
2775.83 |
1694.54 |
| Others |
68.24 |
(0.98) |
194.73 |
87.92 |
| Total |
1029.82 |
674.04 |
2970.56 |
1782.46 |
| Less: |
| Interest |
(71.02) |
57.82 |
122.17 |
304.82 |
| Other unallocable (income) /expenditure |
(7.82) |
(4.51) |
(40.25) |
(14.43) |
| Profit before Tax and Exceptional Items |
1108.66 |
620.73 |
2888.64 |
1492.07 |
| Less: Exceptional items |
| Employees' Separation Compensation |
(138.20) |
(14.49) |
(230.83) |
(229.57) |
| Profit on Sale of Long Term Investments |
(0.24) |
- |
8.15 |
- |
| Profit before Tax |
970.22 |
606.24 |
2665.96 |
1262.50 |
| Less: Taxes |
341.34 |
137.16 |
919.74 |
250.19 |
| Profit after Tax |
628.88 |
469.08 |
1746.22 |
1012.31 |
| Segment Capital Employed |
| Steel business |
8047.98 |
8154.00 |
8047.98 |
8154.00 |
| Others |
289.86 |
412.26 |
289.86 |
412.26 |
| Total |
8337.84 |
8566.26 |
8337.84 |
8566.26 |
2Accounting Standard AS-26 published by the Institute of Chartered Accountants of India
on Intangible Assets came into effect on 1st April 2003. Under the standard, compensation
in the nature of employee separation cost was required to be charged to the Profit &
Loss Account in the period in which the employee was separated. Accordingly, the net
present value of the future compensation payable for Employee Separation Scheme (ESS) was
charged to the Profit & Loss Account during the first three quarters.
In March 2004, the Institute revised AS-26 to exclude employee termination benefits
from the scope of the standard. As a result of this change, the earlier practice of
amortisation has been reinstated. Further, the Company has revised its accounting policy
for amortisation from this year to reduce the amortisation period from 120 months to 5
years. Consequent to this change, the profit for the year is lower by Rs. 26.98 crores.
Further, in view of the general reduction in interest rates, the basis of calculation
of net present value of the future compensation payable under ESS has been revised. As a
result of the above revision, there is an additional charge of Rs. 142.33 crores to the
Profit & Loss Account for the year.
3.Consequent to the reinstatement of earlier practice of amortisation of ESS as
mentioned in para 2 above, the charge to the Profit and Loss Account for the first three
quarters have been recomputed. As a result, the profit before tax for the quarter ended
31.3.2004 is higher by Rs. 51.53 crores.
4.Figures for the previous periods have been regrouped and reclassified to conform to
the classification of the current period, wherever necessary.
5.Information on investor complaints pursuant to clause 41 of the listing agreement for
the quarter ended 31.03.2004.
| Opening balance |
Received during the quarter |
Resolved during the quarter |
Closing balance |
| 531 |
378 |
902 |
7 |
6.The above results have been taken on record in the Board meeting of date.
7.The Board of Directors has recommended a dividend of 100% for the year 2003-04
[2002-03: 80%].
8.The Board of Directors will meet on June 7, 2004 to consider a proposal for Bonus
Share issue.
9.The Annual General Meeting of the Company will be held on 22nd July,2004 to consider
the Accounts for 2003-04.
THE TATA IRON & STEEL COMPANY LIMITED
| Mumbai, 20th May, 2004 |
Sd/- Ratan N. Tata
Chairman |
THE TATA IRON AND STEEL COMPANY
LIMITED
Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI 400001
Unaudited Consolidated Financial Results for the Year Ended on 31st March, 2004
| |
Financial Year
ended on 31.03.2004
(Unaudited) |
Previous
Financial Year
ended on 31.03.2003
(Audited) |
| 1 |
Sales/Income from Operations |
Rs. Crores |
12,345.59 |
10,229.96 |
| |
Less: Excise Duty |
" |
1,244.07 |
1,093.14 |
| |
Net Sales/Income from Operations |
" |
11,101.52 |
9,136.82 |
| 2 |
Total Expenditure |
| a) |
(Increase) /decrease in stock in trade |
" |
(108.13) |
(12.22) |
| b) |
Purchases of finished, semi-finished steel and other products |
" |
941.71 |
625.52 |
| c) |
Raw materials consumed |
" |
1,625.75 |
1,397.90 |
| d) |
Staff Cost |
" |
1,403.20 |
1,255.31 |
| e) |
Purchase of Power |
" |
674.20 |
744.02 |
| f) |
Freight and handling |
" |
722.33 |
733.14 |
| g) |
Other Expenditure |
" |
2,295.48 |
2,042.11 |
| h) |
Total Expenditure ( 2a to 2g) |
" |
7,554.54 |
6,785.78 |
| 3 |
Operating Profit |
" |
3,546.98 |
2,351.04 |
| 4 |
Other Income |
" |
141.65 |
46.55 |
| 5 |
Interest (net) |
" |
129.30 |
315.39 |
| 6 |
Depreciation |
" |
640.55 |
569.69 |
| 7 |
Profit before Tax and Exceptional / Items (3+4-5-6) |
" |
2,918.78 |
1512.51 |
| 8 |
Exceptioanl Items |
| a) |
Employee Separation Compensation |
" |
(233.89) |
(232.51) |
| b) |
Profit on sale of long term investments |
" |
8.14 |
- |
| c) |
Liability written back as per BIFR order |
" |
17.30 |
- |
| d) |
Provision for Contingencies |
" |
(1.96) |
(1.04) |
| e) |
Total of Exceptional items ( 8a to 8d) |
" |
(210.41) |
(233.55) |
| 9 |
Profit before Tax (7-8e) |
" |
2708.37 |
1278.96 |
| 10 |
Provision for Current Taxation |
" |
937.19 |
267.59 |
| 11 |
Provision for Deferred Taxation |
" |
(0.94) |
(10.91) |
| 12 |
Net Profit (+) / Loss (-) (9-10-11) |
" |
1772.12 |
1022.28 |
| 13 |
Share of income in Associates |
" |
29.96 |
15.13 |
| 14 |
Minority Interest in Consolidated Profit / (Loss) |
" |
(19.28) |
(6.76) |
| 15 |
Profits after Minority Interest and Share of Profits of Associates |
" |
1782.80 |
1030.65 |
| 16 |
Paid-up Equity Share Capital
( Face Value : Rs 10 per Share ) |
" |
368.24 |
368.24 |
| 17 |
Reserves excluding revaluation reserves |
" |
4687.91 |
2925.62 |
| 18 |
Basic and Diluted Earnings per Share
( after exceptional items) |
Rupees |
48.44 |
28.00 |
Notes on Consolidated Financial Results for the year ended
31st March 2004:
The following Subsidiaries, Associates and Joint Ventures have been
considered for the purpose of preparing Consolidated Financial Accounts as per Accounting
Standards on
a) Consolidated Financial Statements (AS-21)
b) Accounting for Investments in Associates in Consolidated Financial Statements (AS-23)
c) Financial Reporting of interests in Joint Ventures (AS-27)
| Name of the Company |
Ownership in % either directly or through Subsidiaries |
| Subsidiaries: |
|
| 1) Kalimati Investment Company Limited |
100.00 |
| 2) Stewarts & Lloyds of India Limited |
54.90 |
| 3) Tata Incorporated |
100.00 |
| 4) Tata Korf Engineering Services Limited |
99.99 |
| 5) Tata Refractories Limited |
51.00 |
| 6) The Tata Pigments Limited |
100.00 |
| 7) TM International Logistics Limited |
51.00 |
| 8) Jamshedpur Utilities Services Company Limited |
99.88 |
| 9) Lanka Special Steels Limited |
100.00 |
| 10) The Indian Steel & Wire Products Limited |
91.36 |
| 11) International Shipping Logistics FZE |
100.00 |
| Associates: |
| 1) Adityapur Toll Bridge Limited |
49.18 |
| 2) Almora Magnesite Limited |
39.00 |
| 3) Jamshedpur Injection Powder Limited |
29.13 |
| 4) Nicco Jubilee Park Limited |
21.60 |
| 5) Rujuvalika Investments Limited |
24.12 |
| 6) Tata Metaliks Limited |
46.66 |
| 7) Tata Sponge Iron Limited |
39.74 |
| 8) TAYO Rolls Limited |
36.53 |
| 9) Tinplate Company of India Limited |
31.89 |
| 10) TKM Overseas Limited |
49.00 |
| 11) TKM Transport Management Services Private Limited |
49.77 |
| 12) TRF Limited |
36.32 |
| 13) Srutech Tubes India Limited |
20.00 |
| 14) Tata Services Limited |
21.34 |
| Joint Ventures: |
| 1) Metaljunction.com Private Limited |
50.00 |
| 2) Tata Ryerson Limited |
50.00 |
2. The above Consolidated Financial Results have been taken on record in the
Board Meeting of date.
| Mumbai, 20th May, 2004 |
Sd/- Ratan N. Tata
Chairman |
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