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the PDF format of the Audited Financial Results for the Quarter / Six months ended
on 30th September, 2007 |
|
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, 2007
| |
|
|
Quarter ended on
30.09.2007 |
Quarter ended on 30.09.2006
|
Six Months ended
on 30.09.2007 |
Six Months ended on
30.09.2006 |
Financial Year ended on 31.03.2007 |
| |
|
|
(1) |
(2) |
(3) |
(4) |
(5) |
| (A) |
|
|
|
|
|
|
|
| 1 |
Steel Production |
Tonnes |
1,279,672 |
1,257,822 |
2,344,504 |
2,366,336 |
4,928,548 |
| 2 |
Steel Sales |
" |
1,218,326 |
1,183,994 |
2,259,289 |
2,299,060 |
4,794,012 |
| 3 |
Export turnover (F.O.B Value) |
Rs. Crores |
597.21 |
545.95 |
959.21 |
1,002.89 |
1,957.91 |
| US $ Mill . |
146.42 |
116.99 |
234.61 |
216.37 |
434.18 |
| (B) |
|
|
|
|
|
|
|
| 1 |
Net Sales/Income from Operations |
Rs. Crores |
4,785.09 |
4,202.28 |
8,982.67 |
8,101.73 |
17,552.02 |
| 2 |
Other Income |
" |
94.32 |
177.23 |
240.44 |
255.16 |
433.67 |
| 3 |
Total Income ( 1+2) |
" |
4,879.41 |
4,379.51 |
9,223.11 |
8,356.89 |
17,985.69 |
| 4 |
Total Expenditure |
|
|
|
|
|
|
| |
a) (Increase) /decrease in stock in trade |
" |
(15.89) |
1.03 |
(92.98) |
(68.86) |
(82.47) |
| |
b)
Purchases of finished, semi-finished steel and other products |
|
107.15 |
91.87 |
193.17 |
229.15 |
450.60 |
| |
c) Raw materials consumed |
" |
799.86 |
732.63 |
1,543.34 |
1,429.26 |
3,121.46 |
| |
d) Staff Cost |
" |
376.93 |
362.71 |
753.52 |
666.11 |
1,454.83 |
| |
e) Purchase of Power |
" |
238.68 |
225.61 |
471.46 |
454.09 |
921.69 |
| |
f) Freight and handling |
" |
279.96 |
274.67 |
526.10 |
533.16 |
1,117.45 |
| |
g) Depreciation |
|
205.01 |
195.73 |
416.25 |
390.87 |
819.29 |
| |
h)
Other Expenditure |
" |
972.96 |
808.94 |
1,863.45 |
1,572.70 |
3,595.19 |
| |
i) Total Expenditure (4a to 4h) |
" |
2,964.66 |
2,693.19 |
5,674.31 |
5,206.48 |
11,398.04 |
| 5 |
Interest (net) |
" |
202.15 |
47.77 |
282.14 |
77.06 |
173.90 |
| 6 |
Exceptional Items |
|
|
|
|
|
|
| |
a) Employee Separation
Compensation |
" |
(56.29) |
(44.26) |
(110.87) |
(62.70) |
(152.10) |
| |
b) Contribution for Sports Infrastructure |
" |
- |
- |
(150.00) |
- |
- |
| |
c) Exchange Gain / (Loss ) (See Note 4) |
" |
90.31 |
- |
643.33 |
- |
- |
| |
Total of Exceptional items (6a to 6c) |
" |
34.02 |
(44.26) |
382.46 |
(62.70) |
(152.10) |
| 7 |
Profit before tax (3-4-5+6) |
" |
1,746.62 |
1,594.29 |
3,649.12 |
3,010.65 |
6,261.65 |
| 8 |
Tax Expense
|
" |
555.79 |
492.80 |
1,236.18 |
955.75 |
2,039.50 |
| 9 |
Net Profit (+) / Loss (-) (7-8) |
" |
1,190.83 |
1,101.49 |
2,412.94 |
2,054.90 |
4,222.15 |
| 10 |
Paid-up Equity Share Capital (Face
Value : Rs 10 per Share) |
" |
609.17 |
580.67 |
609.17 |
580.67 |
580.67 |
| 11 |
Reserves excluding revaluation reserves |
" |
- |
- |
- |
- |
13,368.42 |
| 12 |
Basic Earnings per Share (not annualised)
(after Exceptional items) |
Rupees |
19.55 |
19.15 |
39.79 |
36.41 |
73.76 |
| 13 |
Diluted Earnings per Share
(not annualised) ( after Exceptional items) |
Rupees |
17.62 |
19.15 |
37.81 |
36.41 |
73.76 |
| 14 |
Aggregate of Public Shareholding
Number of shares |
Nos. |
403,316,773 |
404,816,773 |
403,316,773 |
404,816,773 |
404,316,773 |
| |
% of shareholding |
% |
66.23% |
69.74% |
66.23% |
69.74% |
69.48% |
NOTES:
1.Segment Revenue, Results and Capital Employed
| (Rs. Crores) |
| Particulars |
Quarter ended on
30.09.2007 |
Quarter ended on 30.09.2006
|
Six months ended
on 30.09.2007 |
Six months ended on
30.09.2006 |
Financial Year ended on 31.03.2007 |
| Revenue by Business Segment: |
|
|
|
|
|
| Steel business |
4,298.31 |
3,764.56 |
8,115.00 |
7,219.76 |
15,627.86 |
| Ferro Alloys and Minerals |
433.76 |
349.43 |
752.65 |
701.79 |
1,574.35 |
| Others |
332.24 |
310.48 |
644.73 |
580.11 |
1,257.50 |
| Total |
5,064.31 |
4,424.47 |
9,512.38 |
8,501.66 |
18,459.71 |
| Less: Inter segment revenue |
279.22 |
222.19 |
529.71 |
399.93 |
907.69 |
| Net sales/ income from operations |
4,785.09 |
4,202.28 |
8,982.67 |
8,101.73 |
17,552.02 |
| Segment results before interest,
exceptional items and tax: |
|
|
|
|
|
| Steel business |
1,682.49 |
1,364.04 |
3,100.12 |
2,600.29 |
5,643.82 |
| Ferro Alloys and Minerals |
176.15 |
142.23 |
297.56 |
292.81 |
573.67 |
| Others |
(6.82) |
16.43 |
(6.97) |
43.01 |
53.62 |
| Unallocated ( including exceptional items) |
96.95 |
119.36 |
540.55 |
151.60 |
164.44 |
| Total |
1,948.77 |
1,642.06 |
3,931.26 |
3,087.71 |
6,435.55 |
| Less: |
|
|
|
|
|
| Interest |
202.15 |
47.77 |
282.14 |
77.06 |
173.90 |
| Profit before Tax |
1,746.62 |
1,594.29 |
3,649.12 |
3,010.65 |
6,261.65 |
| Less: Taxes |
555.79 |
492.80 |
1,236.18 |
955.75 |
2,039.50 |
| Profit after Tax |
1,190.83 |
1,101.49 |
2,412.94 |
2,054.90 |
4,222.15 |
| Segment Capital Employed: |
|
|
|
|
|
| Steel business |
11,301.84 |
10,373.07 |
11,301.84 |
10,373.07 |
10,625.37 |
| Ferro Alloys and Minerals |
291.62 |
270.45 |
291.62 |
270.45 |
149.90 |
| Others |
287.51 |
278.59 |
287.51 |
278.59 |
276.20 |
| Unallocated |
17,846.70 |
2,739.07 |
17,846.70 |
2,739.07 |
8,237.32 |
| Total |
29,727.67 |
13,661.18 |
29,727.67 |
13,661.18 |
19,288.79 |
2. The Company has raised Rs 3,578.75 Crores
(US$ 875 Million, including the green shoe option US$ 150
million) through the issue of Foreign Currency Convertible
Alternative Reference Securities (“CARS”). The CARS will be
convertible into either Qualifying Securities (which may be in
the form of depositary receipts with restricted rights of
withdrawal representing underlying ordinary shares with
differential rights as to voting) or ordinary shares. The CARS
will be convertible at an initial conversion price of Rs.876.62
per share, which is at a premium of 35% to the Company's closing
share price on the National Stock Exchange of India Limited as
on August 06, 2007. The CARS carry a coupon rate of 1% p.a. The
outstanding CARS, if any, at maturity will be redeemable at a
premium of 23.34% of the principal amount, with an effective YTM
of 5.15%.
3. The Board has fixed 5th November 2007 as the
record date for the purpose of simultaneous but unlinked rights
issues of 121,794,571 equity shares of Rs.10 each at a premium
of Rs.290 per share in the ratio of 1:5, aggregating Rs.3,654
Crores and 548,075,571 – 2% Cumulative Convertible Preference
Shares (CCPS) of Rs.100 each in the ratio of 9:10, aggregating
Rs.5,481 Crores.
Further, as decided by the Board, six CCPS of Rs.
100 each, will be compulsorily and automatically converted into
one equity share of Rs.10 at a premium of Rs.590 per share on
1st September 2009.
4. Item 6 (c) of the Exceptional items represent
a gain of Rs.776.74 Crores for the six months ended 30th
September 2007 (Rs. 90.31 Crores for the quarter) on account of
unrealized exchange differences on foreign currency borrowings
and a realized loss of Rs.133.41 Crores for the six months ended
30th September 2007 (Rs. Nil for the quarter) on foreign
currency deposits mainly in relation to the acquisition of Corus.
The net gain of Rs.643.33 Crores is due to the appreciation of
the Rupee against the various foreign currencies during the
period ended 30th September 2007.
5. Information on investor complaints pursuant
to clause 41 of the listing agreement for the quarter ended
30.9.2007:
Opening balance |
Received during the quarter |
Resolved during the quarter |
Closing balance |
| 1 |
14 |
14 |
1 |
6. Figures for the previous period have been regrouped and
reclassified to conform to the
classification of the current period, wherever necessary. 7. The above results have been reviewed by the Audit Committee
and were approved by the Board
of Directors in its meeting of date.
Tata Steel Limited
| Mumbai: October 26, 2007 |
Sd/- Ratan N. Tata
Chairman |
| |
|
| |
For Deloitte Haskins & Sells
Chartered Accountants |
| |
|
| Mumbai: October 26, 2007 |
Sd/- P R Ramesh
Partner |
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