Unaudited Financial Results (Provisional) for the Quarter ended on 31st December 2001

December 31, 2001

The Board of The Tata Iron and Steel Company Limited today announced unaudited financial results for the third quarter ended 31^st December 2001.
Income from operations increased by 2% in the quarter ended 31^st 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 31^st 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 31^st December 2001 is enclosed.

Unaudited Financial Results (Provisional) for the Quarter ended on 31^st December 2001

			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
	a) (Increase)/decrease in stock in trade	"	(4.58)	(54.86)	(223.30)	(182.80)	56.74
	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
	c) Staff Cost	"	261.19	256.00	805.10	733.43	922.41
	d) Excise Duty	"	223.61	228.34	660.54	652.74	920.83
	e) Purchase of Power	"	176.98	151.49	537.26	478.79	659.09
	f) Freight and handling	"	149.22	141.56	434.68	429.76	578.45
	g) Other Expenditure	"	434.47	419.70	1,253.87	1,197.76	1,672.68
	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	"
	a) Employee Separation Compensation	"	(59.36)	(52.70)	(173.31)	(149.58)	(201.52)
	b) Provision for power cost relating to previous years	"	-	-	-	(86.04)	(86.20)
	c) Profit on sale of long term investments	"	3.23	-	18.94	0.87	1.88
	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	"					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
		US $ Million	30.59	37.60	85.70	126.41	164.08

NOTES:

1.Segment Revenue, Results and Capital Employed

(Rs. Crores)
Particulars	Quarter ended 31-Dec-01	Nine months ended 31-Dec-01

Revenue by Business Segment
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
	1,902.21	5,446.55
Segment Profit before interest, extraordinary items and tax
Steel business	185.77	503.51
Others	8.72	35.92
Total	194.49	539.43

Less: Interest	96.66	306.46
Other unallocable (Income)/expenditure	1.44	(14.37)
Profit before tax and Extraordinary items	96.39	247.34

Segment Capital Employed
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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