Source - RNS
RNS Number : 5789J
Tata Steel Limited
12 September 2016
 

Standalone Financial Results for the quarter ended on 30th June 2016

₹ Crores

Particulars

Quarter ended on 30.06.2016

Quarter ended on 30.06.2015



Audited

Audited

1

Income from operations




a)

Gross sales / income from operations

             10,261.24

             10,086.36


b)

Other operating income

                    62.24

                    88.53


Total income from operations  [ 1(a) + 1(b) ]

             10,323.48

             10,174.89

2

Expenses 




a)

Changes in inventories of finished goods, work-in-progress and stock-in-trade

            (1,097.05)

               (278.28)


b)

Purchases of finished, semi-finished steel & other products

                  264.84

                  236.43


c)

Raw materials consumed

               2,307.92

               2,329.70


d)

Employee benefits expense

               1,160.36

               1,065.74


e)

Purchase of power

                  687.06

                  609.65


f)

Freight and handling charges

                  763.85

                  695.35


g)

Depreciation and amortisation expense

                  702.97

                  729.09


h)

Excise duty

               1,203.00

               1,099.58


i)

Other expenses

               2,812.14

               2,545.09


Total expenses [ 2(a) to 2(i) ]

               8,805.09

               9,032.35

3

Profit / (Loss) from operations before other income, finance costs, exceptional items & tax [ 1 - 2 ]

               1,518.39

               1,142.54

4

Other income

                  105.50

                    51.48

5

Profit / (Loss) from operations before finance costs, exceptional items & tax [ 3 + 4 ]

1,623.89

1,194.02

6

Finance costs

                  529.19

                  507.47

7

Profit / (Loss) before exceptional items & tax [ 5 - 6 ]

1,094.70

686.55

8

Exceptional items :




a)

Profit / (Loss) on sale of non current investments

                         -  

                      0.73


b)

Provision for diminution in value of investments / doubtful advances

               (133.22)

                         -  


c)

Employee separation compensation

                 (22.25)

                         -  


Total exceptional items [ 8(a) to 8(c) ]

               (155.47)

                      0.73

9

Profit / (Loss) before Tax [ 7 + 8 ]

939.23

687.28

10

Tax Expense




a)

Current tax

                  268.26

                  293.36


b)

Deferred tax

                    95.54

                 (31.42)


Total tax expense [ 10(a) + 10(b) ]

                  363.80

                  261.94

11

Net Profit  / (Loss) for the Period  [ 9 - 10 ]

575.43

425.34

12

Other comprehensive income

                  638.18

(1,901.30)

13

Total Comprehensive Income for the Period [ 11 + 12 ]

1,213.61

(1,475.96)

14

Paid-up equity share capital [Face value ₹ 10 per share]

                  971.41

                  971.41

15

Basic earnings per share (not annualised) - in Rupees

(after exceptional items)

                      5.63

                      4.08

16

Diluted earnings per share (not annualised) - in Rupees

(after exceptional items)

                      5.63

                      4.08

 

Consolidated Financial Results for the quarter ended on 30th June 2016

₹ Crores

Particulars

Quarter ended on 30.06.2016

Quarter ended on 30.06.2015


Unaudited

Unaudited

1

Income from operations




a)

Gross sales / income from operations

             26,332.33

             27,761.66


b)

Other operating income

                    73.77

                  263.77


Total income from operations  [ 1(a) + 1(b) ]

             26,406.10

             28,025.43

2

Expenses





a)

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(1,890.27)

(743.96)


b)

Purchases of finished, semi-finished steel & other products

               3,151.01

               3,113.81


c)

Raw materials consumed

               6,923.20

               7,763.78


d)

Employee benefits expense

               4,679.61

               4,619.25


e)

Purchase of power

               1,220.34

               1,249.91


f)

Freight and handling charges

               1,693.19

               1,710.90


g)

Depreciation and amortisation expense

               1,241.72

               1,337.09


h)

Excise duty

               1,176.35

               1,087.59


i)

Other expenses

               6,210.71

               6,541.39


Total expenses [ 2(a) to 2(i) ]

             24,405.86

             26,679.76

3

Profit / (Loss) from operations before other income, finance costs, exceptional items & tax [ 1 - 2 ]

               2,000.24

               1,345.67

4

Other income

                  136.73

                    61.95

5

Profit / (Loss) from operations before finance costs, exceptional items & tax [ 3 + 4 ]

2,136.97

1,407.62

6

Finance costs

               1,070.73

               1,146.95

7

Profit / (Loss) from operations before exceptional items & tax [ 5 - 6 ]

1,066.24

260.67

8

Share of profit / (loss) of Joint Ventures & Associates

                    14.20

                      6.28

9

Profit / (Loss) before exceptional items & tax [ 7 + 8 ]

1,080.44

266.95

10

Exceptional items :




a)

Profit / (Loss) on sale of non current investments

                         -  

                    25.65


b)

Provision for diminution in value of investments / doubtful advances

(116.86)

                         -  


c)

Employee separation compensation

(50.94)

                         -  


d)

Provision for impairment of non-current assets

                         -  

(170.24)


Total exceptional items [ 10(a) to 10(d) ]

(167.80)

(144.59)

11

Profit / (Loss) before Tax [ 9 + 10 ]

                912.64

                122.36

12

Tax Expense




a)

Current tax

                  233.84

                  341.95


b)

Deferred tax

                  506.61

(241.29)


Total tax expense [ 12(a) + 12(b) ]

                  740.45

                  100.66

13

Net Profit  / (Loss) after tax from Continuing Operations  [ 11 - 12 ]

                172.19

                  21.70

14

Net Profit / (loss) after tax from Discontinued Operations

(3,355.26)

(338.61)

15

Net Profit / (Loss) for the Period  [ 13 + 14 ]

           (3,183.07)

              (316.91)

16

Profit/(Loss) from continuing operations for the period attributable to:




Owners of the Company

                  148.58

                    19.49


Non controlling interests

                    23.61

                      2.21

17

Profit/(Loss) from discontinued operations for the period attributable to:




Owners of the Company

(3,355.26)

(338.61)


Non controlling interests

                         -  

                         -  

18

Other comprehensive income

                  349.59

(1,871.93)

19

Total Comprehensive Income for the Period [ 15 + 18 ]

(2,833.48)

(2,188.84)

20

Total comprehensive income for the period attributable to:




Owners of the Company

(2,866.73)

(2,182.64)


Non controlling interests

                    33.25

(6.20)

21

Paid-up equity share capital [Face value ₹ 10 per share]

                  970.24

                  970.24

22

Earnings per equity share (for continuing operation):




Basic earnings per share (not annualised) - in Rupees
(after exceptional items)

                      1.48

(0.07)


Diluted earnings per share (not annualised) - in Rupees
(after exceptional items)

                      1.48

(0.07)

23

Earnings per equity share (for continuing and discontinued operations):




Basic earnings per share (not annualised) - in Rupees

(after exceptional items)

                 (33.11)

                   (3.56)


Diluted earnings per share (not annualised) - in Rupees

(after exceptional items)

             (33.11)

                   (3.56)

 

Consolidated Segment Revenue, Results, Assets and Liabilities





₹ Crores

Particulars

Quarter ended on 30.06.2016

Quarter ended on 30.06.2015


Unaudited

Unaudited

Segment Revenue:



Tata Steel India

             10,323.48

             10,174.89

Other Indian Operations

               1,470.83

               1,599.80

Tata Steel Europe

             13,100.47

             14,865.39

Other Trade Related Operations

               4,174.81

               3,908.89

South East Asian Operations

               2,224.73

               2,632.84

Rest of the World

                  147.27

                  227.42

Total

31,441.59

33,409.22

Less: Inter segment revenue

               5,035.49

               5,383.79

Total income from operations

26,406.10

28,025.43




Segment Results before exceptional items, interest, tax and depreciation : 

Tata Steel India

               2,236.10

               1,897.27

Other Indian Operations

                  123.89

                  157.21

Tata Steel Europe

                  856.22

                  325.49

Other Trade Related Operations

               (203.27)

                  278.93

South East Asian Operations

                  191.36

                    19.17

Rest of the World

                      9.84

                 (12.57)

Less: Inter Segment Eliminations

                 (55.70)

                 (27.08)

Total Segment Results before exceptional items, interest, tax and depreciation

             3,269.84

             2,692.59

Add: Finance income

                  123.05

                    58.40

Less: Finance costs

               1,070.73

               1,146.95

Less: Depreciation and Amortisation

               1,241.72

               1,337.09

Profit / (Loss) before exceptional items & tax

             1,080.44

                266.95

Add: Exceptional items

                (167.80)

                (144.59)

Profit / (Loss) before tax

                912.64

                122.36

Less: Tax Expense

                  740.45

                  100.66

Net Profit / (Loss) from Continuing Operations

                172.19

                  21.70

Net Profit / (Loss) from Discontinued Operations

            (3,355.26)

               (338.61)

Net Profit / (Loss) for the Period

           (3,183.07)

              (316.91)




Segment Assets:



Tata Steel India

          1,06,448.92

          1,02,035.62

Other Indian Operations

               5,097.56

               4,819.70

Tata Steel Europe

             48,294.02

             46,144.13

Other Trade Related Operations

             44,738.78

             40,860.91

South East Asian Operations

             10,233.52

               7,449.68

Rest of the World

               7,457.23

               8,039.55

Less: Inter Segment Eliminations

             46,814.98

             34,836.32

Total Segment Assets

1,75,455.04

1,74,513.28




Segment Liabilities:



Tata Steel India

             61,420.25

             56,053.63

Other Indian Operations

               3,095.11

               2,894.37

Tata Steel Europe

             76,253.91

             71,307.98

Other Trade Related Operations

             29,896.46

             25,509.55

South East Asian Operations

               6,100.19

               3,332.66

Rest of the World

               6,274.85

               5,493.71

Less: Inter Segment Eliminations

             48,339.93

             35,906.21

Total Segment Liabilities

1,34,700.84

1,28,685.69

 

Notes:

1.   The results have been reviewed by the Audit Committee in its meeting held on September 12, 2016 and were approved by the Board of Directors in its meeting of date.

 

2.   The Group has adopted Indian Accounting Standard (referred to as 'Ind AS') with effect from April 01, 2016 and accordingly these financial results along with the comparatives have been prepared in accordance with the recognition and measurement principles laid down as per Ind AS 34 "Interim Financial Reporting" as prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.

 

3.   During the quarter, Tata Steel Europe discontinued the operations of its Long Products business and on May 31, 2016, completed its sale to Greybull Capital LLP. Loss on disposal amounting to ₹ 3,296.48 crores has been included in profit/ (loss) after tax on discontinued operations.

 

4.   During the quarter, the Company has revised the useful life of certain property, plant and equipment based on past trend of plant performance, periodic repairs and refurbishment of plants, future usage potential and independent expert's judgement on life of similar plants. Had there been no change in the useful life of the assets, depreciation for the quarter would have been higher by ₹ 125.28 crores.

 

5.   In accordance with Ind AS 101, on transition, the Company elected fair value as deemed cost of certain assets including property, plant and equipment and investments in subsidiaries as at April 1, 2015. The net changes in the above has been reflected in the opening reserves on transition.

 

6.   Reconciliation between Standalone/Consolidated financial results as reported under erstwhile Indian GAAP (referred to as 'I GAAP') and Ind AS are summarised as below:

 



₹ Crores


Standalone

Consolidated

Particulars

Quarter ended on 30.06.2015

Quarter ended on 30.06.2015

Net Profit as per I GAAP

1,248.61

    762.96

Re-measurements:-



Reversal of gain on sale of equity instruments classified as fair value  through OCI

(802.51)

    (802.51)

Additional depreciation and amortisation on fair value as deemed cost of property, plant and equipment

(246.47)

(63.40)

(Increase) / Decrease in defined benefit cost

16.60

(422.95)

Others

40.48

(188.01)

Tax effect on above adjustments

168.63

     397.00

Net Profit as per Ind AS

425.34

   (316.91)

Other Comprehensive Income as per Ind AS

(1,901.30)

  (1,871.93)

Total Comprehensive Income as per Ind AS

(1,475.96)

(2,188.84)

 

Other Comprehensive Income primarily includes impact of fair valuation of quoted non-current investments and re-measurement gains/losses on actuarial valuation of post-employment defined benefits. The consolidated financial statements also include effect of foreign currency translation on consolidation.                                   

Tata Steel Limited

Sd/-

 

Cyrus P Mistry

Chairman

 

Mumbai: September 12, 2016       

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/5789J_-2016-9-12.pdf

                                                                                          


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