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Unaudited Financial Results (Provisional) for the Quarter ended on
31st December 2001 |
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The Board of The Tata Iron and Steel Company Limited today announced
unaudited financial results for the third quarter ended 31st December 2001.
Income from operations increased by 2% in the quarter ended 31st
December 2001. Income during the first nine months amounting to equal to the corresponding
period last year.
Tata Steel declared a profit after tax in the quarter ended 31st
December 2001 (as compared to the same quarter last year). This is in the midst of one of
the worst times for the steel industry, downturn in global and domestic economies and
international trade restrictions all of which resulted in lower margins.
Tata Steel's continuing improvement initiatives through various cost
reduction programmes have helped the Company to achieve the current results. In addition,
the product mix has been improved by increasing volumes of cold rolled and coated steels.
There have been impressive efforts in terms of branding and initiatives in rural
marketing.
The statement of Financial Results for the quarter/nine months ended
31st December 2001 is enclosed.
Unaudited Financial Results (Provisional) for the Quarter ended on 31st
December 2001
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Quarter ended on
31-12-2001 |
Corresponding quarter ended
on 31-12-2000 in the Previous Year |
Nine Months ended on
31-12-2001 |
Corresponding Nine Months ended on
31-12-2000 in the Previous Year |
Previous Accounting Year ended on
31-03-2001 (Audited) |
1. |
Production |
Tonnes |
943,371 |
838,376 |
2,680,702 |
2,548,328 |
3,413,318 |
2. |
Sales |
" |
925,644 |
808,432 |
2,514,663 |
2,388,398 |
3,401,392 |
3. |
Net Sales/Income from Operations |
Rs. Crores |
1,902.21 |
1,868.17 |
5,446.55 |
5,405.94 |
7,759.44 |
4. |
Total Expenditure |
|
|
|
|
|
|
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a) (Increase)/decrease
in stock in trade |
" |
(4.58) |
(54.86) |
(223.30) |
(182.80) |
56.74 |
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b) Consumption of raw materials, finished and
semi-finished steel and other products |
" |
348.46 |
307.87 |
1,069.41 |
901.64 |
1,247.24 |
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c) Staff Cost |
" |
261.19 |
256.00 |
805.10 |
733.43 |
922.41 |
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d) Excise Duty |
" |
223.61 |
228.34 |
660.54 |
652.74 |
920.83 |
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e) Purchase of Power |
" |
176.98 |
151.49 |
537.26 |
478.79 |
659.09 |
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f) Freight and handling |
" |
149.22 |
141.56 |
434.68 |
429.76 |
578.45 |
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g) Other Expenditure |
" |
434.47 |
419.70 |
1,253.87 |
1,197.76 |
1,672.68 |
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h) Total Expenditure (4a to 4g) |
" |
1,589.35 |
1,450.10 |
4,537.56 |
4,211.32 |
6,057.44 |
5. |
Operating Profit |
" |
312.86 |
418.07 |
908.99 |
1,194.62 |
1,702.00 |
6. |
Other Income |
" |
16.02 |
3.62 |
47.63 |
39.82 |
55.14 |
7. |
Interest (net) |
" |
96.66 |
99.25 |
306.46 |
269.13 |
376.61 |
8. |
Gross Profit after Interest but before
Depreciation, Extraordinary items and Tax
(5+6-7) |
" |
232.22 |
322.44 |
650.16 |
965.31 |
1,380.53 |
9. |
Depreciation |
" |
135.83 |
129.05 |
402.82 |
355.13 |
492.25 |
10. |
Profit before Tax and Extra Ordinary Items (8-9) |
" |
96.39 |
193.39 |
247.34 |
610.18 |
888.28 |
11. |
Extraordinary Items |
" |
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a) Employee Separation
Compensation |
" |
(59.36) |
(52.70) |
(173.31) |
(149.58) |
(201.52) |
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b) Provision for power cost
relating to previous years |
" |
- |
- |
- |
(86.04) |
(86.20) |
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c) Profit on sale of long term
investments |
" |
3.23 |
- |
18.94 |
0.87 |
1.88 |
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d) Total of Extraordinary
items (11a to 11c) |
" |
(56.13) |
(52.70) |
(154.37) |
(234.75) |
(285.84) |
12. |
Profit before Tax
(10-11d) |
" |
40.26 |
140.69 |
92.97 |
375.43 |
602.44 |
13. |
Provision for Taxation |
" |
1.74 |
13.00 |
4.09 |
31.00 |
49.00 |
14. |
Provision for Deferred Taxation |
" |
3.98 |
- |
6.45 |
- |
- |
15. |
Net Profit (+)/Loss (-)
(12-13-14) |
" |
34.54 |
127.69 |
82.43 |
344.43 |
553.44 |
16 |
Paid-up Equity Share Capital
(Face Value: Rs 10 per Share) |
" |
367.97 |
367.97 |
367.97 |
367.97 |
367.97 |
17. |
Reserves excluding revaluation reserves |
" |
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4,380.46 |
| 18. |
Basic and Diluted Earnings per Share (not annualised) (after
extra ordinary items) |
Rs. |
0.94 |
3.37 |
2.18 |
9.05 |
14.64 |
| 19. |
Aggregate of Non-promoter Shareholding Number of shares %
of shareholding |
Nos.
% |
270,640,982
73.59% |
271,151,419
73.73% |
270,640,982
73.59% |
271,151,419
73.73% |
271,338,722
73.78% |
| 20. |
Export Turnover
(FOB Value) |
Rs. Crores |
147.35 |
177.31 |
407.78 |
581.37 |
757.11 |
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|
US $ Million |
30.59 |
37.60 |
85.70 |
126.41 |
164.08 |
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| NOTES: 1.Segment
Revenue, Results and Capital Employed
| (Rs. Crores) |
| Particulars |
Quarter ended
31-Dec-01 |
Nine months ended
31-Dec-01 |
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| Revenue by Business Segment |
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| Steel business |
1,753.18 |
4,974.50 |
| Others |
236.47 |
736.72 |
| Total |
1,989.65 |
5,711.22 |
| Less: Inter segment revenue |
87.44 |
264.67 |
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1,902.21 |
5,446.55 |
| Segment Profit before interest,
extraordinary items and tax |
|
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| Steel business |
185.77 |
503.51 |
| Others |
8.72 |
35.92 |
| Total |
194.49 |
539.43 |
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| Less: Interest |
96.66 |
306.46 |
| Other unallocable (Income)/expenditure |
1.44 |
(14.37) |
| Profit before tax and Extraordinary items |
96.39 |
247.34 |
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| Segment Capital Employed |
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| Steel business |
8,076.30 |
8,076.30 |
| Others |
418.50 |
418.50 |
| Total |
8,494.80 |
8,494.80 |
2. The Company has privately placed the following Secured Non-Convertible
Debentures during the quarter :
| 8.90% aggregating Rs. 100 crores |
(third week of October 2001) |
| 9.50% aggregating Rs. 50 crores |
( first week of November 2001) |
| 9.50% aggregating Rs. 50 crores |
( third week of December 2001) |
3. The Company has exercised the early redemption option on 1st November
2001 in respect of
Secured, Redeemable, Non Convertible Bonds of Rs.500 crores issued in
November 1996.
4. Excise duty under item 4(d) for the quarter and nine months ended 31.12.2001 of the
financial
results is net of reversal of provision of Rs.16.51 crores made in
earlier years, consequent to
an appellate decision in favour of the company.
THIS HAS BEEN TAKEN ON RECORD IN THE BOARD MEETING OF DATE
Mumbai,
24th January, 2002 |
THE TATA IRON AND STEEL COMPANY LIMITED.
Sd/- ( RATAN N TATA )
Chairman |
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