::: Half Yearly Results :::
[Quarterly
Results Archives]
TATA STEEL LIMITED
Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI 400001
Audited Consolidated Financial Results for the Quarter/ Six months ended
on 30th September, 2006
| |
Quarter ended on 30.09.2006 |
Corresponding quarter ended on 30.09.2005
in the Previous Year |
Six Months ended on 30.09.2006 |
Corresponding Six Months ended on
30.09.2005 in the Previous Year |
Financial Year ended on 31.03.2006 |
| 1 |
Sales/Income from Operations |
Rs. Crores |
6,547.81 |
5,631.67 |
12,788.90 |
10,930.04 |
22,272.14 |
| |
Less: Excise Duty |
" |
539.53 |
519.60 |
1,016.48 |
957.20 |
1,873.05 |
| |
Net Sales/Income from Operations |
" |
6,008.28 |
5,112.07 |
11,772.42 |
9,972.84 |
20,399.09 |
| 2 |
Total Expenditure |
|
|
|
|
|
|
| |
a) (Increase) /decrease in stock in trade |
" |
(161.67) |
118.17 |
(231.94) |
(188.24) |
(47.00) |
| |
b)
Purchases of finished, semi-finished steel and other products |
" |
1,424.25 |
936.89 |
2,750.15 |
2,212.10 |
4,116.61 |
| |
c) Raw materials consumed |
" |
814.87 |
540.80 |
1,557.94 |
1,071.62 |
2,589.15 |
| |
d) Staff Cost |
" |
464.74 |
418.47 |
870.84 |
796.67 |
1,672.46 |
| |
e) Purchase of Power |
" |
324.50 |
225.13 |
639.92 |
455.71 |
972.83 |
| |
f) Freight and handling |
" |
329.80 |
296.65 |
668.45 |
562.80 |
1,225.43 |
| |
g) Other Expenditure |
" |
961.36 |
802.33 |
1,925.26 |
1,604.36 |
3,531.27 |
| |
h) Total Expenditure ( 2a to
2g) |
" |
4,157.85 |
3,338.44 |
8,180.62 |
6,515.02 |
14,060.75 |
| 3 |
Operating Profit |
" |
1,850.43 |
1,773.63 |
3,591.80 |
3,457.82 |
6,338.34 |
| 4 |
Other Income |
" |
168.14 |
107.57 |
247.28 |
138.74 |
246.74 |
| 5 |
Interest ( net) |
" |
72.61 |
38.05 |
127.97 |
80.93 |
155.53 |
| 6 |
Depreciation |
" |
246.03 |
197.16 |
484.19 |
387.40 |
860.37 |
| 7 |
Profit before
Tax and Exceptional Items (3+4-5-6) |
" |
1,699.93 |
1,645.99 |
3,226.92 |
3,128.23 |
5,569.18 |
| 8 |
Exceptional Items |
|
|
|
|
|
|
| |
Employee Separation
Compensation |
" |
(44.36) |
(28.76) |
(63.15) |
(59.15) |
(54.20) |
| 9 |
Profit before Tax ( 7-8) |
" |
1,655.57 |
1,617.23 |
3,163.77 |
3,069.08 |
5,514.98 |
| 10 |
Provision for Current Taxation |
" |
536.60 |
485.98 |
1,011.87 |
954.55 |
1,619.97 |
| 11 |
Provision for Deferred Taxation |
" |
(25.41) |
12.04 |
(10.24) |
13.79 |
144.95 |
| 12 |
Provision for Fringe
Benefits Tax |
" |
6.87 |
6.61 |
10.69 |
10.94 |
28.99 |
| 13 |
Net Profit (+) /
Loss (-) (9-10-11-12) |
" |
1,137.51 |
1,112.60 |
2,151.45 |
2,089.80 |
3,721.07 |
| 14 |
Share of Profits of Associates |
" |
11.60 |
7.03 |
32.49 |
23.69 |
32.19 |
| 15 |
Minority Interest |
" |
(10.00) |
(8.31) |
(25.65) |
(16.85) |
(18.64) |
| 16 |
Profits after Minority Interest and share of Profits of Associates (13 +
14 -15) |
" |
1,139.11 |
1,111.32 |
2,158.29 |
2,096.64 |
3,734.62 |
| 17 |
Paid-up
Equity Share Capital ( Face Value : Rs 10 per Share ) |
" |
580.00 |
552.27 |
580.00 |
552.27 |
553.00 |
| 18 |
Reserves
excluding revaluation reserves |
" |
|
|
|
|
9,728.84 |
| 19 |
Basic
and Diluted Earnings per Share (not annualised) ( after exceptional items) |
Rupees |
19.83 |
20.13 |
38.29 |
37.98 |
67.62 |
NOTES:
1. Segment Revenue, Results and Capital Employed
| (Rs. Crores) |
| Particulars |
Quarter ended on 30.09.2006 |
Corresponding quarter ended on 30.09.2005
in the Previous Year |
Six months ended on 30.09.2006 |
Corresponding Six months ended on
30.09.2005 in the Previous Year |
Financial Year ended on 31.03.2006 |
| Revenue by Business Segment |
|
|
|
|
|
| Steel business |
5,378.10 |
4,593.17 |
10,385.98 |
8,851.11 |
17,834.29 |
| Ferro Alloys and Minerals |
349.43 |
302.36 |
701.79 |
680.90 |
1,423.78 |
| Others |
747.46 |
531.42 |
1,450.59 |
1,006.41 |
2,295.05 |
| Total |
6,474.99 |
5,426.95 |
12,538.36 |
10,538.42 |
21,553.12 |
| Less: Inter segment revenue |
466.71 |
314.88 |
765.94 |
565.58 |
1,154.03 |
| Net sales/ income from operations |
6,008.28 |
5,112.07 |
11,772.42 |
9,972.84 |
20,399.09 |
| Segment results before Interest, Exceptional items and Tax: |
|
|
|
|
|
| Steel business |
1,423.92 |
1,452.66 |
2,754.79 |
2,722.48 |
4,828.54 |
| Ferro Alloys and Minerals |
140.18 |
103.62 |
290.61 |
292.62 |
572.52 |
| Others |
61.97 |
50.59 |
117.48 |
94.20 |
193.58 |
| Total |
1,626.07 |
1,606.87 |
3,162.88 |
3,109.30 |
5,594.64 |
| Less: |
|
|
|
|
|
| Interest |
72.61 |
38.05 |
127.97 |
80.93 |
155.53 |
| Other unallocable (income)/expenditure |
(164.44) |
(102.12) |
(216.56) |
(117.27) |
(168.14) |
| Inter
segment eliminations |
17.97 |
24.95 |
24.55 |
17.41 |
38.07 |
| Profit before Tax and Exceptional items |
1,699.93 |
1,645.99 |
3,226.92 |
3,128.23 |
5,569.18 |
| Exceptional items : |
|
|
|
|
|
| Employee Separation Compensation |
(44.36) |
(28.76) |
(63.15) |
(59.15) |
(54.20) |
| Profit before Tax |
1,655.57 |
1,617.23 |
3,163.77 |
3,069.08 |
5,514.98 |
| Less: Taxes |
518.06 |
504.63 |
1,012.32 |
979.28 |
1,793.91 |
| Profit after Tax |
1,137.51 |
1,112.60 |
2,151.45 |
2,089.80 |
3,721.07 |
| Segment Capital Employed: |
|
|
|
|
|
| Steel business |
14,081.96 |
11,734.15 |
14,081.96 |
11,734.15 |
12,061.98 |
| Ferro Alloys and Minerals |
315.92 |
224.82 |
315.92 |
224.82 |
189.35 |
| Others |
1,564.91 |
746.82 |
1,564.91 |
746.82 |
1,147.94 |
| Total |
15,962.79 |
12,705.79 |
15,962.79 |
12,705.79 |
13,399.27 |
- The Consolidated Financial Results have been prepared as per the following Accounting
Standards:
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)
- Figures for the previous period have been regrouped and reclassified to conform to the
classification of the current period, wherever necessary
- The Consolidated Financial results have been taken on record and approved by the Board
in its meeting of date.
TATA STEEL LIMITED
| Mumbai, 30th October, 2006 |
Sd/- Ratan N. Tata
Chairman |
TATA STEEL LIMITED
Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI 400001
Audited Financial Results for the Quarter/ Six months ended on 30th
September, 2006
| |
|
|
Quarter ended on 30.09.2006 |
Corresponding quarter ended on 30.09.2005
in the Previous Year |
Six Months ended on 30.09.2006 |
Corresponding Six Months ended on
30.09.2005 in the Previous Year |
Financial Year ended on 31.03.2006 |
| |
|
|
(1) |
(2) |
(3) |
(4) |
(5) |
| (A) |
|
|
|
|
|
|
|
| 1 |
Steel Production |
Tonnes |
1,257,822 |
1,208,689 |
2,366,336 |
2,157,615 |
4,552,136 |
| 2 |
Steel Sales |
" |
1,183,994 |
1,179,605 |
2,299,060 |
2,055,102 |
4,418,311 |
| 3 |
Export turnover (F.O.B Value) |
Rs. Crores |
545.95 |
629.33 |
1,002.89 |
1,037.44 |
2,051.20 |
| US $ Mill . |
116.99 |
144.26 |
216.37 |
237.53 |
432.38 |
| (B) |
|
|
|
|
|
|
|
| 1 |
Sales/Income from Operations |
Rs. Crores |
4,724.53 |
4,395.08 |
9,114.73 |
8,356.53 |
17,144.22 |
| |
Less: Excise Duty |
" |
538.78 |
510.66 |
1,013.13 |
939.56 |
1,851.76 |
| |
Net Sales/Income from Operations |
" |
4,185.75 |
3,884.42 |
8,101.60 |
7,416.97 |
15,292.46 |
| 2 |
Total Expenditure |
|
|
|
|
|
|
| |
a) (Increase) /decrease in stock in trade |
" |
1.03 |
55.57 |
(68.86) |
(166.51) |
(104.91) |
| |
b)
Purchase of finished, semi-finished steel and other products |
" |
91.87 |
143.59 |
229.15 |
355.11 |
656.08 |
| |
c) Raw materials consumed |
" |
732.63 |
514.91 |
1,429.26 |
1,001.26 |
2,368.30 |
| |
d) Staff Cost |
" |
362.71 |
341.18 |
666.11 |
644.45 |
1,351.51 |
| |
e) Purchase of Power |
" |
225.61 |
190.43 |
454.09 |
387.80 |
819.17 |
| |
f) Freight and handling |
" |
274.67 |
238.74 |
533.16 |
461.60 |
1,004.32 |
| |
g) Other Expenditure |
" |
792.41 |
748.40 |
1,572.57 |
1,493.45 |
3,266.48 |
| |
h) Total Expenditure ( 2a to
2g) |
" |
2,480.93 |
2,232.82 |
4,815.48 |
4,177.16 |
9,360.95 |
| 3 |
Operating Profit (1-2) |
" |
1,704.82 |
1,651.60 |
3,286.12 |
3,239.81 |
5,931.51 |
| 4 |
Other Income |
" |
177.23 |
118.79 |
255.16 |
149.12 |
254.76 |
| 5 |
Interest (net) |
" |
47.77 |
30.71 |
77.06 |
64.86 |
118.44 |
| 6 |
Depreciation |
" |
195.73 |
175.51 |
390.87 |
346.15 |
775.10 |
| 7 |
Profit before
Tax and Exceptional Items (3+4-5-6) |
" |
1,638.55 |
1,564.17 |
3,073.35 |
2,977.92 |
5,292.73 |
| 8 |
Exceptional Items |
|
|
|
|
|
|
| |
Employee Separation
Compensation |
" |
(44.26) |
(28.99) |
(62.70) |
(58.56) |
(52.77) |
| 9 |
Profit before Tax (7+8) |
" |
1,594.29 |
1,535.18 |
3,010.65 |
2,919.36 |
5,239.96 |
| 10 |
Provision for Current Taxation |
" |
520.00 |
475.37 |
978.00 |
930.00 |
1,579.00 |
| 11 |
Provision for Deferred Taxation |
" |
(33.70) |
8.34 |
(32.25) |
9.87 |
127.58 |
| 12 |
Provision for Fringe
Benefits Tax |
" |
6.50 |
6.05 |
10.00 |
9.96 |
27.00 |
| 13 |
Net Profit (+) /
Loss (-) (9-10-11-12) |
" |
1,101.49 |
1,045.42 |
2,054.90 |
1,969.53 |
3,506.38 |
| 14 |
Paid-up Equity Share Capital (Face
Value : Rs 10 per Share) |
" |
580.67 |
553.67 |
580.67 |
553.67 |
553.67 |
| 15 |
Reserves excluding revaluation reserves |
" |
|
|
|
|
9,201.63 |
| 16 |
Basic and Diluted Earnings per Share (not annualised)
(after Exceptional items) |
Rupees |
19.15 |
18.89 |
36.41 |
35.58 |
63.35 |
| 17 |
Aggregate
of public Shareholding |
|
|
|
|
|
|
| |
Number
of shares |
Nos. |
404,816,773 |
406,406,773 |
404,816,773 |
406,406,773 |
405,186,773 |
| |
% of shareholding |
% |
69.74% |
73.43% |
69.74% |
73.43% |
73.21% |
NOTES:
1. Segment Revenue, Results and Capital Employed
| (Rs. Crores) |
| Particulars |
Quarter ended on 30.09.2006
|
Corresponding quarter ended on 30.09.2005
in the Previous Year |
Six months ended on 30.09.2006 |
Corresponding Six months ended on
30.09.2005 in the Previous Year |
Financial Year ended on 31.03.2006 |
| Revenue by Business Segment |
|
|
|
|
|
| Steel business |
3,748.05 |
3,541.47 |
7,219.63 |
6,630.55 |
13,619.54 |
| Ferro Alloys and Minerals |
349.43 |
304.61 |
701.79 |
683.15 |
1,423.78 |
| Others |
310.46 |
249.49 |
580.11 |
478.84 |
1,007.63 |
| Total |
4,407.94 |
4,095.57 |
8,501.53 |
7,792.54 |
16,050.95 |
| Less: Inter segment revenue |
222.19 |
211.15 |
399.93 |
375.57 |
758.49 |
| Net sales/ income from operations |
4,185.75 |
3,884.42 |
8,101.60 |
7,416.97 |
15,292.46 |
| Segment results before Interest, Exceptional items and
Tax: |
|
|
|
|
|
| Steel business |
1,364.04 |
1,382.41 |
2,600.29 |
2,608.61 |
4,618.66 |
| Ferro Alloys and Minerals |
142.23 |
103.62 |
292.81 |
292.62 |
572.52 |
| Others |
16.43 |
7.49 |
43.01 |
25.38 |
54.13 |
| Total |
1,522.70 |
1,493.52 |
2,936.11 |
2,926.61 |
5,245.31 |
| Less: |
|
|
|
|
|
| Interest |
47.77 |
30.71 |
77.06 |
64.86 |
118.44 |
| Other
unallocable (income)/expenditure |
(163.62) |
(101.36) |
(214.30) |
(116.17) |
(165.86) |
| Profit before Tax and Exceptional items |
1,638.55 |
1,564.17 |
3,073.35 |
2,977.92 |
5,292.73 |
| Exceptional items : |
|
|
|
|
|
| Employee Separation Compensation |
(44.26) |
(28.99) |
(62.70) |
(58.56) |
(52.77) |
| Profit before Tax |
1,594.29 |
1,535.18 |
3,010.65 |
2,919.36 |
5,239.96 |
| Less: Taxes |
492.80 |
489.76 |
955.75 |
949.83 |
1,733.58 |
| Profit after Tax |
1,101.49 |
1,045.42 |
2,054.90 |
1,969.53 |
3,506.38 |
| Segment Capital Employed: |
|
|
|
|
|
| Steel business |
10,373.07 |
10,268.63 |
10,373.07 |
10,268.63 |
10,389.38 |
| Ferro Alloys and Minerals |
270.45 |
224.82 |
270.45 |
224.82 |
189.35 |
| Others |
278.59 |
176.59 |
278.59 |
176.59 |
203.50 |
| Total |
10,922.11 |
10,670.04 |
10,922.11 |
10,670.04 |
10,782.23 |
- In accordance with the shareholders' approval in the annual general meeting held on 5th
July, 2006, the Company has, on a preferential basis, issued the following securities to
Tata Sons Limited, in accordance with the provisions of Chapter XIII of the SEBI
(Disclosure and Investor Protection) Guidelines, 2000 :-
| • |
2,70,00,000 Ordinary Shares of Rs.10 each at a price of Rs.516 per share
aggregating Rs.1,393.20 crores. |
| • |
2,85,00,000 Warrants, where each Warrant would entitle Tata Sons Limited
to subscribe to one Ordinary Share of the Company against payment in cash. As per the SEBI
Guidelines, an amount equivalent to 10% of the price i.e Rs.51.60 per Warrant has been
received from Tata Sons Limited on allotment of the Warrants. The price at which the
Warrants will be exercised will be determined in accordance with the SEBI prescribed
pricing formula applicable at the time of exercise. Accordingly the outstanding warrants
have not been considered for computation of diluted earnings per share.
|
- The Board of Directors at its meeting held on 20th October, 2006, has approved the
proposed acquisition of the entire issued share capital of Corus Group plc
("Corus"), at a price of 455 pence per share in cash valuing 100% equity of
Corus at GBP 4.3 billion (Rs. 37,286 crores). The acquisition is proposed to be made by
Tata Steel U.K., a wholly-owned indirect subsidiary of Tata Steel. The above acquisition
through the Scheme of Arrangements is subject to the approvals of the High Court of
Justice in England and Wales and the shareholders of Corus. The proposed acquisition would
be financed through equity contribution by Tata Steel of around US $ 3.5 billion (Rs.
15,862 crores) and the balance through non-recourse debt on Tata Steel UK to be serviced
through the cash flows of Corus.
- Information on investor complaints pursuant to clause 41 of the listing agreement for
the quarter ended 30.09.2006:
| |
Opening balance |
Received during the quarter |
Resolved during the quarter |
Closing balance |
| Investor complaints |
3 |
18 |
17 |
4 |
| Complaints pertaining to receipt of dividend warrants for 2005-06 |
- |
278 |
70 |
208 |
- Figures for the previous period have been regrouped and reclassified to conform to the
classification of the current period, wherever necessary.
- The above results have been taken on record in the Board meeting of date.
TATA STEEL LIMITED
| Mumbai, 30th October, 2006 |
Sd/- Ratan N. Tata
Chairman |
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