Tata Steel Limited
NSE Symbol TATASTEEL
Tata Steel records US$2bn Profit After Tax for the year 2010-11
Tata Steel Limited declared Audited Consolidated Financial Results for the full year ending March 31, 2011.
The 2010-11 financial year (FY’11) featured record deliveries and profits from Tata Steel’s Indian operations and a significant turnaround in financial and operating performance in Europe.
Group Performance Highlights:
Tata Steel Group recorded profit after tax of Rs.8,983 crores (US$2,015 million) in FY’11, an improvement of Rs.10,992 crores (US$2,466 million) over the loss of Rs.2,009 crores (US$451 million) in FY’10.
Tata Steel Group recorded EBITDA of Rs.17,103 crores (US$3,836 million) for the full year, 83% higher than the EBITDA of Rs.9,340 crores (US$2,095 million) in FY’10.
The Indian operations’ profit after tax of Rs.6,866 crores (US$1,540 million) and EBITDA of `12,225 crores (US$2,742 million) were the highest ever on the back of higher volumes, improved product-mix and higher realizations.
The European operations recorded robust improvement, posting an EBITDA of Rs.4,204 crores (US$943 million), an increase of Rs.5,555 crores (US$1,246 million) over FY’10. Higher sales and realisations along with cost-cutting measures, initiated in the aftermath of the financial crisis, lay behind this performance. However, the Long Products business continues to face significant challenges and the Company accordingly announced restructuring initiatives earlier this month.
The sale of Teesside Cast Products (a slab manufacturing facility mothballed in February 2010) was completed in March 2011 in a deal valuing the business at Rs.2,091 crores (US$469 million).
Net debt at the end of March 2011 at `46,632 crores (US$10.46 billion) fell from `52,836 crores (US$11.85 billion) at the end of the previous quarter.
The 2.9 million tpa brownfield expansion in Jamshedpur is progressing on schedule. The Company has also begun site work on its greenfield project in Odisha.
The Board of Directors of the Company has recommended a dividend of `12 per equity share for the financial year ended March 2011.
Consolidated Financial results summary
(under Indian GAAP)
for the year ending March 31, 2011
| All figures in US$ mn, unless specified Q4 FY’11 | Q3 FY’11 | Q4 FY’10 | HIGHLIGHTS | FY’11 | FY’10 |
| 6.54 | 5.68 | 6.30 | Steel Deliveries (Mn tons) | 23.54 | 23.61 |
| 7,586 | 6,524 | 6,169 | Turnover | 26,635 | 22,966 |
| 1,055 | 757 | 1,196 | EBITDA | 3,836 | 2,095 |
| 13.9 | 11.6 | 19.4 | EBITDA Margin (%) | 14.4 | 9.1 |
| 262 | 253 | 245 | Depreciation | 990 | 1,007 |
| 172 | 167 | 148 | Net Finance Charges | 621 | 678 |
| 1,127 | 353 | 716 | Profit before Taxes (after Exceptional Items) | 2,714 | 7 |
| 14.9 | 5.4 | 11.6 | PBT Margin (%) | 10.2 | 0.03 |
| 937 | 225 | 546 | Profit after Taxes, Minority Interest and Share of Associates | 2,015 | (451) |
| 12.4 | 3.4 | 8.9 | PAT Margin (%) | 7.6 | (2.0) |
CONSOLIDATED RESULTS TABLE
Net Sales from Operations has gone up to Rs.117149.78 cr in FY 11 – from Rs.101757.77 cr in FY 10 – an increase of 15.13%.
Total Expenditure in FY 11 has gone up to Rs.107172.32 Cr from Rs.98842.19 Cr – an increase of 8.43%.
Profit from Operations in FY 11 has increased to Rs.11580.80 cr from Rs.3550.93 cr – an increase of 226.13%.
Exceptional items (expense) in FY 11 is Rs.(-)2310.21 Cr – against Rs.(+)1683.72 Cr in FY 10.
Interest expense is Rs.2770.04 Cr in FY 11 – against Rs.3022.06 cr – a reduction of 8.34%.
Profit before tax has risen to Rs.12101.95 Cr – against Rs.31 cr in FY 10 – a huge increase over the previous year.
Consolidated Net Profit has increased impressively to Rs.8982.69 Cr in FY 11 against a loss of Rs.2009.22 cr in FY 10 - a huge increase of 547%.
On a face Value of Rs.10, Basic EPS after EI is Rs.99.03 in FY 11 against a negative EPS of Rs.(-)24.92 in FY 10.
Current Market Price of Rs.10 share is Rs.561 and the annual Consolidated EPS is Rs.99.03. The stand alone EPS is Rs.75.63. While there could be some pressures on raw material pricing etc – TATA STEEL can improve on its 2011 performance in FY 2012 further – leaving good scope for Investors to Invest for medium to long term.
CONSOLIDATED RESULTS TABLE (INR-LAKHS):
| FY11CS | ||
| Net Sales from Operations | 11,714,978.00 | 10,175,777.00 |
| Other Operating Income | 160,334.00 | 63,535.00 |
| Increase in SIT / WIP | -135,598.00 | 66,004.00 |
| Consumption of Raw Materials | 4,205,888.00 | 3,505,622.00 |
| Purchase of traded goods | 1,589,040.00 | 1,308,704.00 |
| Employees Cost | 1,528,842.00 | 1,646,299.00 |
| Depreciation | 441,482.00 | 449,173.00 |
| Other Expenditure | 3,087,578.00 | 2,908,417.00 |
| Total Expenditure | 10,717,232.00 | 9,884,219.00 |
| Profit from Operations | 1,158,080.00 | 355,093.00 |
| Other Income | 98,098.00 | 118,585.00 |
| Interest | 277,004.00 | 302,206.00 |
| Exceptional items | -231,021.00 | 168,372.00 |
| Profit before tax | 1,210,195.00 | 3,100.00 |
| Tax Expense | 324,590.00 | 215,184.00 |
| Net Profit | 885,605.00 | -212,084.00 |
| Minority Interest | -6,028.00 | 1,524.00 |
| Shares of Associates | -6,636.00 | -12,686.00 |
| Consolidated Net Profit | 898,269.00 | -200,922.00 |
| Face Value (in Rs.) | 10 | 10 |
| Paid-up Equity | 95,874.00 | 88,674.00 |
| Reserves | 3,442,697.00 | 2,192,715.00 |
| Basic EPS after EI (in Rs.) | 99.03 | -24.92 |
| Diluted EPS after EI (in Rs.) | 92.86 | -24.92 |
ANNOUNCEMENTS TO NSE
31-05-2011 Tata Steel Limited has informed the Exchange that the Company has on May 31, 2011 completed the transaction and received the relevant consideration for the transfer of 51% equity shares of Tata Refractories Limited out of its current stake of 77.46% stake in Tata Refractories Limited to Krosaki Harima Corporation of Japan at an equity valuation of Rs.1130 crore. -
25-05-2011 Tata Steel Limited Board of Directors has recommended a dividend of Rs.12 per share on Ordinary Shares for the financial year 2010-11.
25-05-2011 consolidated Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 11714978 lacs for year ending on 31-MAR-2011 against Rs. 10175777 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 898269 lacs for the year ending on 31-MAR-2011 against Rs. (200922) lacs for the year ending on 31-MAR-2010.
25-05-2011 standalone Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 2907350 lacs for year ending on 31-MAR-2011 against Rs. 2471682 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 686569 lacs for the year ending on 31-MAR-2011 against Rs. 504680 lacs for the year ending on 31-MAR-2010. -
20-05-2011 a press release dated May 20, 2011, titled "Tata Steel announces turnaround strategy for Long Products business in Europe".
21-04-2011 a press release dated April 21, 2011, titled "Tata Steel Limited inducts Krosaki Harima Corporation as strategic partner in Tata Refractories Limited".
13-04-2011 Tata Steel Limited has informed the Exchange that the Board of Directors of the Company and Centennial Steel Company Limited (CSCL) have at their respective meetings held on April 12, 2011 approved amalgamation of CSCL with the Company with effect from April 01, 2011. This is subject to and conditional upon requisite approvals and sanction being received thereof, including approvals and orders under Sections 391 and 394 of the Companies Act, 1956, as may be required.
01-04-2011 Tata Steel Limited has informed the Exchange that "TCIL, a company listed on BSE and NSE has become a subsidiary of the Company with effect from April 1, 2011, consequent to increase in the Company's shareholding in TCIL from 42.88% to 59.45%. This increase is due to automatic and compulsory conversion of 3% fully convertible debentures of Rs. 100 each held by the Company into equity shares on April 1, 2011." -
25-03-2011 Tata Steel Limited had informed the Exchange regarding the definitive Sale Agreement entered into by company's subsidiary Tata Steel UK Limited, whereby they agreed to sell certain assets of Teesside Cast Products to Sahaviriya Steel Industries UK Limited. The company has now informed the Exchange vide its letter dated March 25, 2011 that : "The transfer of ownership of the assets covered by the above Agreement was completed yesterday."
18-03-2011 a press release dated March 18, 2011, titled "Tata Steel launches the maiden offer of Perpetual Hybrid Securities by an Indian Corporate".
25-02-2011 a press release dated February 24, 2011, titled "Tata Steel signs definitive agreement with SSI for sale of TCP".
24-02-2011 a press release dated February 23, 2011, titled "Investment in Riversdale Mining Limited".
22-01-2011 Tata Steel Limited Committee of Directors duly authorized by the Board of Directors of the Company by a resolution dated January 22, 2011, has finalized the issue price at Rs. 610 per Equity Share in accordance with the book building process under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.
19-01-2011 Tata Steel Limited Committee of the Board of Directors by a resolution dated January 18, 2011, in consultation with the book running lead managers, has finalised allocation of 8,325,000 Equity Shares, in aggregate, to Anchor Investors at a price of Rs. 610 per Equity Share (including a premium of Rs. 600 per Equity Share).
17-01-2011 Tata Steel Limited has informed the Exchange that, with respect to the proposed Follow-on public offer (FPO) of equity shares of Rs. 10 each (the "Equity Shares") of Tata Steel Ltd (the "Company") (the "Issue"), a Committee of Directors duly authorized by the Board of Directors of the Company by a resolution dated January 14, 2011, has fixed the price band at Rs.594 to Rs.610 per Equity Share. The Bid opens on January 19, 2011 and closes on January 21, 2011. The anchor book opens and closes on January 18, 2011. The minimum bid lot will be 10 equity shares of Rs. 10 each.
11-01-2011 the Committee of Directors of the Company at its meeting held on January 11, 2011 approved a Further Public Issue of 57 million Ordinary Shares of Rs. 10 each of the Company for such price as may be determined through the book-building process under the SEBI (Issue of Capital and Disclosure Requirements), Regulations, 2009, as amended ("SEBI Regulations"). This includes a reservation for eligible employees for 1.5 million Ordinary Shares of Rs. 10 each (the "Issue"). The price band and the minimum bid lot for the issue will be decided by the Company in consultation with the book running lead managers and will be advertised at least one working day prior to the bid/Issue opening date. The issue will open after completion of all necessary regulatory requirements. -
11-01-2011 a press release dated January 11, 2011, titled "Tata Steel LTD-Quarterly Performance and Teesside Arbitration Update".
07-01-2011 press release dated January 07, 2011, titled "JOINT VENTURE FOR AUTOMOTIVE COLD-ROLLED FLAT PRODUCTS".
* * * E N D * * *
No comments:
Post a Comment