Tata steel Q3 2008 financial results

1. TATA STEEL LTD
Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI - 400 001
Audited Financial Results for the Quarter / Nine months ended on 31st December 2008
Quarter Quarter Nine months Nine months Financial Year
Particulars ended on ended on ended on ended on ended on
31-12-2008 31-12-2007 31-12-2008 31-12-2007 31-03-2008
(1) (2) (3) (4) (5)
(A)
Steel Production
1 1,234,764 1,245,926 3,751,202 3,590,430 4,858,401
Tonnes
Steel Sales
2 1,071,805 1,243,500 3,451,350 3,502,789 4,781,847
quot;
Export turnover (F.O.B. Value)
3 404.30 596.04 2,388.42 1,555.25 2,123.41
Rs. Crores
79.89 150.32 539.87 384.93 527.17
US $ Mns
(B)
1 a) Net Sales / Income from Operations 4,735.68 4,928.23 17,595.43 13,806.86 19,483.28
Rs. Crores
b) Other Operating Income 66.46 45.69 219.90 149.73 210.00
quot;
Total Income [ 1(a) + 1(b) ]
2 4,802.14 4,973.92 17,815.33 13,956.59 19,693.28
quot;
Total Expenditure
3 quot;
a) (Increase) / decrease in stock-in-trade (636.02) (61.43) (1,222.21) (154.41) (38.73)
quot;
b) Purchases of finished, semi-finished steel & other products 93.12 93.32 330.07 258.22 387.83
quot;
c) Raw materials consumed 1,611.17 902.32 3,962.57 2,410.12 3,345.66
quot;
d) Staff Cost 568.86 429.67 1,639.26 1,294.06 1,815.95
quot;
e) Purchase of Power 263.54 239.51 803.53 710.97 932.78
quot;
f) Freight and handling 262.23 298.35 897.79 845.29 1,140.63
quot;
g) Depreciation 251.31 209.21 716.93 625.46 834.61
quot;
h) Other Expenditure 1,161.29 1,040.60 3,721.33 2,947.02 4,111.80
quot;
i) Total Expenditure (2a to 2h) 3,575.50 3,151.55 10,849.27 8,936.73 12,530.53
quot;
Profit from Operations before Other Income, Net Finance
4 1,226.64 1,822.37 6,966.06 5,019.86 7,162.75
quot;
Charges, Exceptional Items & Tax (2 - 3)
Other Income
5 8.49 47.05 261.59 236.12 242.80
quot;
Profit from Operations before Net Finance Charges, Exceptional
6 1,235.13 1,869.42 7,227.65 5,255.98 7,405.55
quot;
Items & Tax (4 + 5)
Net Finance Charges
7 348.20 342.69 844.75 573.46 786.50
quot;
Exceptional Items
8 quot;
a) Exchange Gain / (Loss) [Refer Note 2] (126.80) 47.92 (775.64) 691.25 597.31
quot;
b) Contribution for Sports Infrastructure - - - (150.00) (150.00)
quot;
Total Exceptional Items (126.80) 47.92 (775.64) 541.25 447.31
quot;
Profit before Tax [ 6 - 7 + 8 ]
9 760.13 1,574.65 5,607.26 5,223.77 7,066.36
quot;
10 Tax Expense 293.89 506.07 1,864.81 1,742.25 2,379.33
quot;
11 Net Profit (+) / Loss (-) [ 9 - 10] 466.24 1,068.58 3,742.45 3,481.52 4,687.03
quot;
Paid-up Equity Share Capital
12 730.78 609.17 730.78 609.17 730.78
quot;
[Face value Rs.10 per share]
13 Reserves excluding revaluation reserves 21,097.43
quot;
Basic Earnings per share (not annualised)
14 5.94 15.53 49.90 50.73 67.17
Rupees
(after Exceptional items)
Diluted Earnings per share (not annualised)
15 5.67 13.86 45.53 47.17 61.63
Rupees
(after Exceptional items)
16 Aggregate of public shareholding
Number of shares 482,487,356 403,502,773 482,487,356 403,502,773 482,587,357
Nos.
% of shareholding 66.04% 66.26% 66.04% 66.26% 66.06%
%

2. TATA STEEL LTD
Segment Revenue, Results and Capital Employed
Rs. Crores
Quarter Quarter Nine months Nine months Financial Year
Particulars ended on ended on ended on ended on ended on
31-12-2008 31-12-2007 31-12-2008 31-12-2007 31-03-2008
(1) (2) (3) (4) (5)
Revenue by Business Segment:
Steel business 4,465.77 4,377.19 15,657.65 12,492.19 17,500.65
Ferro Alloys and Minerals 377.04 573.01 2,169.98 1,325.66 2,005.78
Others 315.47 315.37 1,227.02 960.10 1,360.02
Total 5,158.28 5,265.57 19,054.65 14,777.95 20,866.45
Less: Inter segment revenue 356.14 291.65 1,239.32 821.36 1,173.17
Net sales/ income from operations 4,802.14 4,973.92 17,815.33 13,956.59 19,693.28
Segment results before net finance charges, exceptional items and tax:
Steel business 1,284.64 1,702.72 6,071.55 4,802.84 6,728.41
Ferro Alloys and Minerals 143.47 233.65 1,178.20 531.21 840.58
Others (61.72) (0.14) 5.00 (7.11) 6.10
Unallocated income / (expenditure) (131.26) (66.81) (27.10) (70.96) (169.54)
Total Segment results before net finance charges, exceptional items and tax: 1,235.13 1,869.42 7,227.65 5,255.98 7,405.55
Less: Net Finance Charges 348.20 342.69 844.75 573.46 786.50
Profit before exceptional items & tax 886.93 1,526.73 6,382.90 4,682.52 6,619.05
Exceptional Items:
Exchange Gain / (Loss) (126.80) 47.92 (775.64) 691.25 597.31
Contribution for Sports Infrastructure - - - (150.00) (150.00)
Profit before tax 760.13 1,574.65 5,607.26 5,223.77 7,066.36
Less: Tax Expense 293.89 506.07 1,864.81 1,742.25 2,379.33
Profit after tax 466.24 1,068.58 3,742.45 3,481.52 4,687.03
Segment Capital Employed:
Steel business 13,840.58 11,623.09 13,840.58 11,623.09 11,893.15
Ferro Alloys and Minerals 545.97 338.85 545.97 338.85 296.69
Others 325.33 301.70 325.33 301.70 278.35
Unallocated 4,689.72 291.81 4,689.72 291.81 (547.13)
Total 19,401.60 12,555.45 19,401.60 12,555.45 11,921.06

3. Notes:
1. The above financial results do not include the consolidated financial performance
of the Company. The consolidated financial results of the Company including
Tata Steel Europe Ltd. (Corus) for the quarter / nine months ended December
31, 2008 would be published by the end of February 2009.
2. Notional exchange loss during the period includes an unrealized translation loss
of Rs.753.38 crores (Rs. 153.56 crores for the quarter) on Convertible Alternate
Reference Securities (CARS) issued in September 2007. The liability has been
translated at the exchange rate as on 31st December 2008. CARS are
convertible into equity shares only between 4th September 2011 to 6th Aug 2012
and are redeemable in foreign currency only in September 2012, if not converted
into equity, and are neither convertible nor redeemable till 4th September 2011.
3. During the quarter the Company subscribed to 35, 88,022 Rights Shares of Tayo
Rolls Ltd. Consequently, Tayo Rolls Ltd has become a subsidiary of the
Company with effect from 1st December 2008.
4. Information on investor complaints pursuant to clause 41 of the listing agreement
for the quarter ended December 31, 2008:
Received Resolved
Opening Closing
Complaints during the during the
Balance balance
quarter quarter
Rights Issue
28 339 365 2
related
Others 20 311 331 -
5. Figures for the previous period have been regrouped and reclassified to conform
to the classification of the current period, wherever necessary.
6. The above results have been reviewed by the Audit Committee and were
approved by the Board of Directors in their meeting of date.
Tata Steel Limited
Ratan N.Tata
Mumbai: January 28, 2009 Chairman