Tata Steel Limited
NSE Symbol TATASTEEL
TATA STEEL
has declared adverse results (On
consolidated Basis) for the third
quarter ending Dec, 2011.
Net Sales
in Q3 FY 12 stands at Rs.32964.15 Cr compared to Rs.32507.45 Cr in Q2 FY 12 (
up by 1.40%) – and Rs.28606.15 Cr in Q3 FY 11 (Up by 15.23%).
Raw Materials
in Q3 FY 12 stands at Rs.13869.83 Cr compared to Rs.12012.51 Cr in Q2 FY 12 (
up by15.46%) and Rs.11301.19 Cr in Q3 FY 11 (Up by 22.73%).
Total Expenditure in Q3 FY 12 stands at Rs.32549.77 Cr
compared to Rs. 31156.65 Cr in Q2 FY 12 ( up by 4.47%) and Rs.26791.25 Cr in Q3
FY 11 (up by 21.49%).
Profit from Operations in
Q3 FY 12 stands at Rs.553.30 Cr compared to Rs.1641.24 Cr in Q2 FY 12 (down by -66.29%)and Rs.2298.20 Cr in
Q3 FY 11 (down by -75.92%).
Profit before tax
in Q3 FY 12 stands at Rs(-)15.33Cr compared to Rs.1045.57 Cr in Q2 FY 12 (down
by -101.47%) and Rs.1572.94 Cr in Q3 FY 11 (down by -100.97%).
Tax Expense
in Q3 FY 12 stands at Rs.672.03 Cr – compared to Rs.906.54 Cr in Q2 FY 12 (down
by -25.87%); and Rs.624.04 Cr (Up By 7.69%) in Q3 FY 11.
Net Profit
in Q3 FY 12 stands at Rs(-)687.36 Cr – compared to Rs.139.03 Cr in Q2 FY 12
(down by -594.40%); and Rs.948.90 Cr in
Q3 FY 11 (down by -172.44%).
Consolidated NPT in Q3 FY 12 stands at Rs(-)602.67Cr –
compared to Rs.212.43 Cr in Q2 FY 12 (down by -383.70%); and Rs.1003.02 Cr in
Q3 FY 11 (down by -160.09%).
Basic EPS after EI
is Rs(-)6.76 in Q3 FY 12;Rs.1.75 in Q2 FY 12; and Rs.11.13 in Q3 FY 11.
Future progress in Europe depends on quick recovery in European operations, for which the European Head is taking quick measures. Indian operations and sales are reasonably healthy - but will pick up further as and when RBI relaxes its monetary Policy.
SOME
HIGH LIGHTS
Tata Steel Group
recorded Profit after tax (after minority interest and
share of profit of associates) of `4,956 crores (US$934 million)
during the first
nine months of the financial year 2011-12 (9M FY’12) compared to a
profit of `4,807 crores (US$906 million) in the first nine months
of the financial year 2010-11 (9M FY’11).
The Group
registered a net
loss of `603 crores (US$114 million) in Q3 FY’12 compared to a
net profit of `1,003 crores (US$189 million) in Q3 FY’11.
Group
EBITDA in
9M FY’12 was `13,242 crores (US$2.5 billion) compared to `12,399
crores (US$2.34 billion) in 9M FY’11.
EBITDA in Q3 FY’12 came in at `1,940
crores (US$366 million) compared to `3,374 crores (US$636 million)
recorded in Q3 FY’11.
Group
consolidated turnover in 9M
FY’12 was `98,901 crores (US$18.64 billion), up from the `84,929
crores (US$16.01 billion) recorded in 9M FY’11.
The consolidated turnover for Q3 FY’12 was `33,103
crores (US$6.24 billion) compared to the `29,089 crores (US$5.48 billion) in
Q3 FY’11.
The
Group’s steel deliveries in 9M
FY’12 rose by 0.8% to 18.01 million tonnes compared to 17.86
million tonnes in 9M FY’11.
Steel deliveries in Q3 FY’12 fell
slightly to 5.84 million tonnes from 5.9 million tonnes in Q3 FY’11.
Net
debt at the end of December 2011 was `50,528
crores (US$9.52 billion) compared to `46,627 crores (US$8.79 billion) at
the end of March 2011.
Turnover in Tata Steel India in 9M FY’12 increased by 16.1% to `24,454 crores (US$4.61 billion) from
`21,056
crores (US$3.97 billion) in 9M FY’11.
Q3 FY’12 sales of `8,382
crores (US$1.58 billion) were up by 13.3% from the `7,397
crores (US$1.39 billion) of Q3 FY’11 and up 2.1% from the `8,212
crores (US$1.55 billion) of Q2 FY’12.
EBITDA in 9M FY’12 at `9,053
crores (US$1.71 billion) was slightly down by 1.1% from `9,158
crores (US$1.73 billion) in the previous year.
Q3 FY’12 EBITDA of `2,604
crores (US$491 million) was down by 8% from the `2,832 crores (US$534 million) of Q3
FY’11 and down by 6.8% from the `2,793 crores (US$526 million) of Q2
FY’12. The 9M FY’12 EBITDA margin was nevertheless healthy at 37%.
Turnover in Tata Steel Europe in in 9M FY’12 increased
by 18.9% to `62,230 crores (US$11.73 billion) from the `52,356
crores (US$9.87 billion) in 9M FY’11.
Q3 FY’12 sales of `20,535
crores (US$3.87 billion) were 17.2% up from the `17,523 crores (US$3.3 billion) of
Q3 FY’11, but down 3.0% from the `21,160 crores (US$3.99 billion) of
Q2 FY’12.
EBITDA for 9M FY’12 came in at
`1,631
crores (US$308 million), down by 37.9% from `2,626 crores (US$495 million) in 9M
FY’11.
There was
an EBITDA loss of `781 crores
(US$147 million) in Q3
FY’12 compared to positive EBITDA of `392 crores
(US$74 million) in Q3 FY’11 and `505 crores (US$95 million) in Q2
FY’12. The Q3 FY’12 loss was mainly due to mark-to-market provisions on stock.
The 2.9
mtpa brownfield expansion in Jamshedpur is expected to be commissioned in Q4
FY’12.
Consolidated Financial Results summary
(under Indian GAAP) for
the nine months ending December 2011
All figures in US$ million,
unless specified
|
9M FY’12
|
9M FY’11
|
HIGHLIGHTS
|
Q3 FY’12
|
Q3 FY’11
|
Q2 FY’12
|
|
18.01
|
17.86
|
Steel Deliveries (Mn tons)
|
5.84
|
5.9
|
6.12
|
|
18,639
|
16,006
|
Turnover
|
6,239
|
5,482
|
6,181
|
|
2,496
|
2,337
|
EBITDA
|
366
|
636
|
555
|
|
13.4
|
14.6
|
EBITDA Margin (%)
|
5.9
|
11.6
|
9.0
|
|
645
|
612
|
Depreciation
|
219
|
212
|
209
|
|
407
|
378
|
Net Finance Charges
|
133
|
140
|
135
|
|
1,403
|
1,334
|
P B T (after EI)
|
(3)
|
296
|
197
|
|
7.5
|
8.3
|
PBT Margin (%)
|
(0.05)
|
5.4
|
3.2
|
|
934
|
906
|
Profit after Taxes, M/I &
S/O/A
|
(114)
|
189
|
40
|
|
5.0
|
5.7
|
PAT Margin (%)
|
(1.8)
|
3.4
|
0.6
|
For the purposes of
converting all financial numbers into US$ for all comparable periods, a US$/` exchange rate of
53.06 has been used throughout this document.
Executive Comment
Tata Steel Managing Director Mr HM
Nerurkar said: “Our Indian operations delivered steady performance during the
last quarter, with flat product volumes increasing 3% year-on-year. Long
product volumes dropped marginally due to planned shutdowns, but we increased
our market reach, recording our highest ever quarterly retail long products
sales. Company-wide cost saving measures benefitted margins in an otherwise
difficult market. We expect steel demand to improve on expectations of the RBI
relaxing monetary policy to aid growth and investment. An improvement in
operating performance, coupled with a number of new marketing initiatives,
should increase profitability at the South East Asian operations.”
Tata Steel Europe MD & CEO Dr
Karl-Ulrich Köhler said: “The December quarter marked the height of the cyclical
cost-price squeeze. Tata Steel was one of the first steel companies in Europe
last year to start adjusting its output and configuration to the slowdown in
the recovery. The turnaround programme in our Long Products business is well on
course for completion by the end of the financial year, as planned. Similar
measures have been taken elsewhere in the Company, most recently at some of our
tubes operations in the Netherlands and the UK. Through our Step Up & Save
initiative we are accelerating cash conservation in expectation of muted but
stable demand in our core markets in 2012.”
Financing Developments:
On January 20, 2012, Tata
Sons exercised the option to convert 12 million warrants into Ordinary Shares
of the Company at a price of `594/- per share. The Committee of Directors at its meeting held on
January 20, 2012, approved the allotment to Tata Sons Ltd of 12 million
Ordinary Shares of `10/- each at a premium of `584/- per share.
ANNOUNCEMENTS
BY TATA STEEL
09-02-2012 Tata
Steel has proposed to seek the approval
of the members of the Company thru' postal ballot pursuant to Section 192A of
the Companies Act, 1956, for the following: (a) Increase in the borrowing limit
under Section 293 (1)(d) of the Companies Act, 1956 from Rs.40,000 crores to
Rs.50,000 crores or up to the aggregate of the paid up capital and free reserves
of the Company, whichever is higher; and (b) Creation of charges under Section
293 (1)(a) of the Companies Act, 1956 on the movable and immovable properties
of the Company, both present and future, in respect of borrowings in terms of
(a) above.
27-01-2012 Press
Release issued by Tata Steel Europe Limited, London, UK dated January 25, 2012
titled "Tata Steel proposes recovery plan for Tubes business in
Europe".
19-01-2012 Press Release issued by
Tata Steel Europe Limited, London, UK dated January 18, 2012, titled "Tata
Steel secures major profiled steel plate order for Siemens wind towers".
CONSOLIDATED
RESULTS TABLE
|
Q3FY12
|
%DIF1
|
%DIF2
|
|||
|
Net Sales
|
3296415
|
3,250,745.00
|
1.40
|
2,860,615.00
|
15.23
|
|
Other Oprtng Income
|
13892
|
29,044.00
|
-52.17
|
48,330.00
|
-71.26
|
|
Increase in SIT/WIP
|
-37219
|
106,663.00
|
-134.89
|
-15,018.00
|
147.83
|
|
Raw Materials
|
1386983
|
1,201,251.00
|
15.46
|
1,130,119.00
|
22.73
|
|
Traded goods
|
526511
|
432,172.00
|
21.83
|
376,901.00
|
39.69
|
|
Employees Cost
|
429382
|
398,113.00
|
7.85
|
360,872.00
|
18.98
|
|
Depreciation
|
116401
|
110,878.00
|
4.98
|
112,641.00
|
3.34
|
|
Other Expenditure
|
832919
|
866,588.00
|
-3.89
|
713,610.00
|
16.72
|
|
Total Expenditure
|
3254977
|
3,115,665.00
|
4.47
|
2,679,125.00
|
21.49
|
|
Profit from Operations
|
55330
|
164,124.00
|
-66.29
|
229,820.00
|
-75.92
|
|
Other Income
|
13830
|
12,044.00
|
14.83
|
-10,433.00
|
-232.56
|
|
Interest
|
70693
|
71,611.00
|
-1.28
|
74,323.00
|
-4.88
|
|
Exceptional items
|
-
|
-
|
-12,230.00
|
||
|
Profit before tax
|
-1533
|
104,557.00
|
-101.47
|
157,294.00
|
-100.97
|
|
Tax Expense
|
67203
|
90,654.00
|
-25.87
|
62,404.00
|
7.69
|
|
Net Profit
|
-68736
|
13,903.00
|
-594.40
|
94,890.00
|
-172.44
|
|
Minority Interest
|
-6405
|
-5,418.00
|
18.22
|
-3,802.00
|
68.46
|
|
Shares of Associates
|
-2064
|
-1,922.00
|
7.39
|
-1,610.00
|
28.2
|
|
Consolidated NPT
|
-60267
|
21,243.00
|
-383.70
|
100,302.00
|
-160.09
|
|
Face Value (in Rs.)
|
10
|
10
|
0.00
|
10
|
0
|
|
Paid-up Equity
|
95874
|
95,874.00
|
0.00
|
90,174.00
|
6.32
|
|
Basic EPS after EI(Rs.)
|
-6.76
|
1.75
|
-486.29
|
11.13
|
-160.74
|
|
Diluted EPS after EI
|
-6.76
|
1.75
|
-486.29
|
10.29
|
-165.69
|
|
Public Holding (%)
|
68.6
|
68.49
|
0.16
|
-
|
* *
* E N D *
* *
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