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Unaudited financial results (provisional) for the quarter/six months ended 30th September 2001.
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Particulars
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Quarter ended on 30-09-2001 |
Corresponding quarter ended on 30-09-2000 in the previous year |
Six Months ended on 30-09-2001 |
Corresponding six months ended on 30-09-2000 in the Previous year |
Previous accounting year ended on 31-03-2001 (Audited) |
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1 |
Production |
Tonnes |
917,392 |
875,044 |
1,737,331 |
1,709,950 |
3,413,318 |
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2 |
Sales |
" |
902,491 |
843,654 |
1,589,019 |
1,568,971 |
3,401,392 |
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3 |
Net sales / income from operations |
Rs Crores |
1,931.99 |
1,809.50 |
3,543.40 |
3,537.77 |
7,759.44 |
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4 |
Expenditure |
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a) (Increase) / decrease in stock in trade |
" |
16.54 |
(46.75) |
(219.14) |
(127.94) |
56.74 |
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b) Consumption of raw materials, finished & semi-finished steel and other products |
" |
365.83 |
305.27 |
717.48 |
593.77 |
1,247.24 |
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c) Staff cost |
" |
294.67 |
238.11 |
543.87 |
477.43 |
922.41 |
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d) Excise duty |
" |
230.45 |
217.11 |
437.22 |
424.40 |
920.83 |
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e) Purchase of power |
" |
173.88 |
173.60 |
360.01 |
327.30 |
659.09 |
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f) Freight and handling |
" |
145.08 |
144.21 |
285.53 |
288.20 |
578.45 |
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g) Other expenditure |
" |
418.06 |
359.14 |
821.07 |
778.06 |
1,672.68 |
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h) Total expenditure ( 4a to 4g) |
" |
1,644.51 |
1,390.69 |
2,946.04 |
2,761.22 |
6,057.44 |
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5 |
Operating profit |
" |
287.48 |
418.81 |
597.36 |
776.55 |
1,702.00 |
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6 |
Other income |
" |
25.72 |
20.67 |
31.61 |
36.20 |
55.14 |
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7 |
Interest (net) |
" |
95.23 |
66.77 |
209.80 |
169.88 |
376.61 |
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8 |
Gross profit after interest but before depreciation, extraordinary items and tax (5+6-7) |
" |
217.97 |
372.71 |
419.17 |
642.87 |
1,380.53 |
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9 |
Depreciation |
" |
131.34 |
113.93 |
266.98 |
226.08 |
492.25 |
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10 |
Profit before tax and extraordinary items (8-9) |
" |
86.63 |
258.78 |
152.19 |
416.79 |
888.28 |
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11 |
Extraordinary items |
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a) Employee separation compensation |
" |
(57.61) |
(49.39) |
(113.95) |
(96.88) |
(201.52) |
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b) Provision for power cost relating to previous years |
" |
- |
(86.04) |
- |
(86.04) |
(86.20) |
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c) Profit on sale of long term investments |
" |
4.13 |
0.87 |
15.71 |
0.87 |
1.88 |
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d) Total of extraordinary items( 11a to 11c) |
" |
(53.48) |
(134.56) |
(98.24) |
(182.05) |
(285.84) |
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12 |
Profit before tax ( 10-11d) |
" |
33.15 |
124.22 |
53.95 |
234.74 |
602.44 |
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13 |
Provision for taxation |
" |
1.02 |
8.88 |
2.45 |
18.00 |
49.00 |
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14 |
Provision for deferred taxation |
" |
4.62 |
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2.92 |
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15 |
Net profit (+) / loss (-) (12-13-14) |
" |
27.51 |
115.34 |
48.58 |
216.74 |
553.44 |
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16 |
Paid-up equity share capital ( Face Value : Rs 10 per Share ) |
" |
367.97 |
367.97 |
367.97 |
367.97 |
367.97 |
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17 |
Reserves excluding revaluation reserves |
" |
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4,380.46 |
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18 |
Basic and diluted earnings per share ( not annualised ) (after extraordinary items) |
Rupees |
0.75 |
3.02 |
1.26 |
5.68 |
14.64 |
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19 |
Aggregate of non-promoter shareholding |
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19 |
Aggregate of non-promoter shareholding No. of shares |
Nos. |
270,677,655 |
273,968,380 |
270,677,655 |
273,968,380 |
271,338,722 |
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% of shareholding |
% |
73.60% |
74.49% |
73.60% |
74.49% |
73.78% |
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20 |
Export turnover ( F.O.B Value) |
Rs Crores |
139.16 |
226.64 |
260.43 |
404.06 |
757.11 |
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US $ Mill . |
29.30 |
48.86 |
55.11 |
88.81 |
164.08 |
Notes:
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Antidumping duties and import restrictions imposed by the USA on Indian Steel exports resulted in excess availability of steel in the domestic market. Consequently, steel prices were under pressure. The cost reduction programme by the company has partly offset the loss of margin.
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Commercial production of Continuous Galvanising Line (CGL II) of Cold Rolling Complex at Jamshedpur commenced on 1st July 2001.
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The company has privately placed the following Secured Non-Convertible Debentures during the quarter :
9.9% aggregating Rs100 crore ( second week of July 2001)
9.5% aggregating Rs100 crore ( third week of August 2001)
9.45% aggregating Rs50 crore ( second week of September 2001)
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The company has exercised the early redemption option on 14% Secured Redeemable Non-Convertible Debentures aggregating Rs50 crore on 11th August 2001.
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Pursuant to Standard on Accounting for Taxes on Income the company has recorded a net cumulative deferred tax laibility of Rs1069 crore upto 31.03.2001 (reported at Rs1128 crore in the quarter ended 30th June 2001) as reduction in General Reserve. Further the impact of Deferred Tax Liability of Rs2.92 crore
for the half year ended on 30th September 2001 has been debited to Profit & Loss Account.
THIS HAS BEEN TAKEN ON RECORD IN THE BOARD MEETING OF DATE
Place: Mumbai
Dated: 30th October, 2001 |
The Tata Iron and Steel Company Limited
(Ratan Tata)
Chairman |
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