Group Performance Highlights:

• Tata Steel Group’s profit after tax (after minority interest and share of profit of associates) during the financial year 2011-12 (FY'12) was Rs. 5,390 crores (US$1.06 billion) compared to a profit of Rs. 8,983 crores (US$1.77 billion) in the financial year 2010-11 (FY'11). The Group’s profit after tax for Q4 FY'12 was Rs. 433 crores (US$85 million) compared to a loss of Rs. 603 crores (US$118 million) in Q3 FY’12 and a profit of Rs. 4,176 crores (US$821 million) in Q4 FY'11.
• Group EBITDA in FY'12 was Rs. 13,533 crores (US$2.66 billion) compared to Rs. 17,116 crores (US$3.36 billion) in FY'11. Group EBITDA in Q4 FY'12 was Rs. 3,419 crores (US$672 million) compared to Rs. 2,023 crores (US$398 million) in Q3 FY’12 and Rs. 4,782 crores (US$940 million) in Q4 FY'11.
• Group consolidated turnover of Rs. 1,32,900 crores (US$26.13 billion) in FY'12 was 11.9% higher than the turnover of Rs. 1,18,753 crores (US$23.34 billion) in FY'11. The consolidated turnover of Rs. 33,999 crores (US$6.68 billion) in Q4 FY'12 was up by 2.7% from Rs. 33,103 crores (US$6.51 billion) in Q3 FY’12 and by 0.5% from Rs. 33,824 crores (US$6.65 billion) in Q4 FY'11.
• The Group’s steel deliveries in FY'12 fell marginally by 1.1% to 24.22 million tonnes compared to 24.50 million tonnes in FY'11. Q4 FY'12 steel deliveries fell by 6.5% to 6.22 million tonnes compared to 6.65 million tonnes in Q4 FY'11, but rose by 6.5% from 5.84 million tonnes in Q3 FY’12.
• Net debt at the end of March 2012 increased slightly to Rs. 47,697 crores (US$9.38 billion) compared to Rs. 46,660 crores (US$9.17 billion) at the end of March 2011.
• Turnover at Tata Steel India in FY12 increased by 15.4% to Rs. 33,933 crores (US$6.67 billion) from Rs. 29,396 crores (US$5.78 billion) in FY'11. Q4 FY’12 sales of Rs. 9,479 crores (US$1.86 billion) were up 13.7% from the Rs. 8,341 crores (US$1.64 billion) of Q4 FY'11 and up 13.1% from the Rs. 8,382 crores (US$1.65 billion) of Q3 FY'12.
  
  EBITDA in FY'12 at Rs. 11,559 crores (US$2.27 billion) was down by 0.6% from Rs. 11,625 crores (US$2.29 billion) in FY'11. Q4 FY’12 EBITDA of Rs. 2,975 crores (US$585 million) was down 3.3% from the Rs. 3,076 crores (US$605 million) of Q4 FY'11, but 13.7% higher than the Rs. 2,618 crores (US$515 million) of Q3 FY'12.
• Turnover in Tata Steel Europe in FY'12 increased to Rs. 82,153 crores (US$16.15 billion) from Rs. 73,844 crores (US$14.52 billion) in FY'11. Q4 FY’12 sales were Rs. 19,923 crores (US$3.92 billion) compared to Rs. 21,488 crores (US$4.22 billion) in Q4 FY'11 and Rs. 20,535 crores (US$4.04 billion) in Q3 FY'12. FY’12 sales increased by 3.7% over FY’11 as per Tata Steel Europe’s reporting currency.
  
  EBITDA in FY'12 was Rs. 1,777 crores (US$349 million) compared to Rs. 4,691 crores (US$922 million) in FY'11. Q4 FY’12 EBITDA of Rs. 146 crores (US$29 million) was down from the Rs. 1,557 crores (US$306 million) of Q4 FY'11, but recovered from the loss of Rs. 781 crores (US$153 million) of Q3 FY'12.
• The Board of Directors of the Company has recommended a dividend of Rs. 12 per equity share for the financial year ended March 2012.

Financial Performance Analysis:

Consolidated Financial results summary (under Indian GAAP) for the year ending March 31, 2012

All figures in US$ million, unless specified