 |
 |
 |
 |
|
|
Annual Performance : Financial Year 2000-2001 |
|
For the year under review (2000-2001), a richer product mix,
marginally improved realisations, continuing control over costs and slightly higher
volumes have contributed to the highest ever profit before tax.
Compared to the previous year (1999-2000) the significant
achievements are :-
A 78% increase in profit before extraordinary items and tax compared
to the previous year.
A 31% increase in profit after tax after absorbing extraordinary
expenditure compared to the previous year.
A 30% increase in earnings per share.
A 13% increase in turnover. The previous year’s turnover
included the erstwhile Cement business which was divested in October 1999.
A 6% increase in sales from 3.210 million tonnes to 3.401 million
tonnes.
The fourth quarter of the year under review was the best ever quarter
in terms of net profit.
The Pickling Line and the Tandem Cold Rolling Mill, forming the main
equipment of the Cold Rolling Mill Complex started operations in August 2000. The
commercial sales from the Cold Rolling Mill Complex at Jamshedpur was 338,772 tonnes.The
last unit in the complex, Continuous Galvanising Line – II (CGL-II) will be
commencing operations on 2nd June 2001. After this unit comes on stream, the
present modernisation plans of the steel company could be considered as being largely
complete.
The Board has declared a dividend @ 50 % (Rs. 5/- per share) for the
year 2000-2001. (1999-2000: 40%)
The Annual General Meeting of the Company will be held on 19th
July 2001 to consider the accounts for the year 2000-2001.
The statement of Financial results for the year is enclosed.
The Tata Iron & Steel Company Limited
Regd. Office : Bombay House, 24 Homi Mody Street, Mumbai 400001
Audited statement of Financial Results for the year 2000-01
| |
|
|
2000-2001 |
1999-2000 |
% Change |
| |
|
|
|
|
|
|
|
1 |
Production |
' 000 t |
|
3,413.00 |
|
3,262.00 |
5 |
2 |
Sales |
' 000 t |
|
3,401.00 |
|
3,210.00 |
6 |
3 |
Net Sales / Income |
Rs.Crs. |
|
7,759.44 |
|
6,890.87 |
13 |
4 |
Expenditure |
|
|
|
|
|
|
| |
a) (Increase)/Decrease in Stock in trade |
" |
56.74 |
|
33.19 |
|
|
| |
b) Consumption of raw materials |
" |
1,111.36 |
|
986.00 |
|
|
| |
c) Staff cost |
" |
922.66 |
|
957.07 |
|
|
| |
d) Purchase of Power |
|
659.09 |
|
609.59 |
|
|
| |
e) Excise Duty |
" |
920.83 |
|
796.86 |
|
|
| |
f) Other expenditure |
" |
2,386.76 |
|
2,275.02 |
|
|
| |
g) Total expenditure (4a to 4f) |
" |
|
6,057.44 |
|
5,657.73 |
7 |
5 |
Operating Profit |
" |
|
1,702.00 |
|
1,233.14 |
38 |
6 |
Other Income |
" |
|
55.14 |
|
52.46 |
5 |
| 7 |
Profit before Interest, Depreciation, Extraordinary
items & Taxes |
" |
|
1,757.14 |
|
1,285.60 |
37 |
8 |
Interest |
" |
|
376.61 |
|
359.96 |
5 |
9 |
Profit before Depreciation,Extraordinary items &
Taxes |
" |
|
1,380.53 |
|
925.64 |
49 |
10 |
Depreciation |
" |
|
492.25 |
|
426.54 |
15 |
11 |
Profit before Taxes & Exceptional/Extraordinary
items |
" |
|
888.28 |
|
499.10 |
78 |
12 |
Extraordinary items |
|
|
|
|
|
|
| |
a) Employee separation compensation |
" |
(201.52) |
|
(157.99) |
|
|
| |
b) Profit on sale of net assets of Cement Division |
" |
- |
|
125.26 |
|
|
| |
c) Profit on sale of long term investments |
" |
1.88 |
|
10.22 |
|
|
| |
d) Prov.for power cost relating to prev.years |
" |
(86.20) |
|
- |
|
|
| |
e) Total of Extraordinary items (12a to 12d) |
|
|
(285.84) |
|
(22.51) |
1170 |
13 |
Profit before Taxes |
" |
|
602.44 |
|
476.59 |
26 |
14 |
Taxes |
" |
|
49.00 |
|
54.00 |
(9) |
15 |
Profit after Taxes |
" |
|
553.44 |
|
422.59 |
31 |
16 |
Transfer to Debenture Redemption Reserve |
" |
|
100.00 |
|
110.00 |
|
17 |
Transfer to Capital Redemption Reserve |
" |
|
10.00 |
|
- |
|
| |
|
|
|
443.44 |
|
312.59 |
|
18 |
Add, Amount brought forward from prev. year |
" |
|
188.93 |
|
90.50 |
|
19 |
Disposable Profit |
" |
|
632.37 |
|
403.09 |
|
20 |
Appropriations: |
|
|
|
|
|
|
| |
a) Interim Dividend
(On Preference Shares: Rs. 12.20 Crs, 1999-00 Rs.7.75 Crs) |
" |
12.20 |
|
154.86 |
|
|
| |
b) Proposed Dividend |
" |
183.89 |
|
- |
|
|
| |
c) Tax on Dividend
(2000-01 includes Rs 2.76 Crs on Dividend on Preference Shares, 1999-00 Rs. 0.86 Cr.) |
" |
21.52 |
|
17.04 |
|
|
| |
d) Contingency Reserve |
" |
100.00 |
|
|
|
|
| |
e) General Reserve |
|
100.00 |
|
42.26 |
|
|
| |
|
|
|
417.61 |
|
214.16 |
|
21 |
Balance carried forward |
" |
|
217.76 |
|
188.93 |
|
22 |
Paid up Equity Share Capital
(Face value: Rs. 10 per share) |
" |
|
367.97 |
|
367.97 |
|
23 |
Reserves excluding Revaluation Reserves |
" |
|
4,380.46 |
|
4,040.43 |
|
24 |
Basic & Diluted Earnings per Share |
Rupees |
|
14.64 |
|
11.26 |
30 |
25 |
Aggregate of non-promoter shareholding |
|
|
|
|
|
|
| |
No.of shares |
Nos. |
|
271,338,722 |
278,628,214 |
|
|
| |
% of shareholding |
% |
|
73.78 % |
75.76% |
|
|
| |
|
|
|
|
|
|
|
| |
The Directors recommended dividend for the year ended
31st March 2001 on 367,771,901 shares of Rs. 10 each ( fully paid up) |
|
|
|
|
|
|
| |
2000-01: Rs. 5 per share ( %) - Final |
Rs.Crs. |
|
183.89 |
|
|
|
| |
1999-00: Rs. 4 per share (40%) - Interim |
" |
|
|
|
147.11 |
|
Notes :-
Out of 9.25% Cumulative Redeemable Preference Shares of the face
value have been redeemed during the year. In respect of the balance number of shares with
effect from 1st June 2000, the rate of dividend has been revised from 9.25% to
8.42% and put/call option dates available to the shareholders/ the Company have been
changed to 1st July 2001, 1st August 2002 and 1st
September 2003.
Commercial production of Cold Rolling Mill at Jamshedpur commenced on
1st August 2000.
During the last quarter of the year, the Company acquired 1,20,98,527
equity shares of Tata SSL Limited through an open offer. Consequently Tata SSL Limited has
become a subsidiary of the Company.
The following changes were made at the corporate level , with effect
from 1st May 2001:
Mr. B Muthuraman - Managing Director Designate
Dr. T Mukherjee - Dy. Managing Director (Steel)
Mr. F A Vandrevala - Dy. Managing Director (New & Allied Businesses)
Mr. A N Singh - Dy. Managing Director (Corporate Services)
The above results were approved at the Board Meeting of date.
|
|
THE TATA IRON & STEEL COMPANY LIMITED |
|
|
| Mumbai, 1st June, 2001 |
Sd/- (RATAN N TATA)
Chairman |
|
Back |
|
|
|
|
|
|
