Tata Steel Limited today declared Consolidated Financial Results for the quarter ended June 30, 2011.
Group Performance Highlights:
- Tata Steel Group recorded profit after tax of Rs5,347 crores (US$1.2 billion) in Q1 FY’12, almost three times the profit of Rs1,825 crores (US$408 million) recorded in Q1 FY’11.
- Tata Steel Group recorded EBITDA of Rs8,358 crores (US$1.9 billion) in Q1 FY’12 which included one-off gains of Rs4,007 crores (US$896 million). The underlying EBITDA was Rs4,351 crores (US$974 million) compared to the EBITDA recorded in Q1 FY’11 of Rs4,506 crores (US$1 billion).
- Group Revenue in the first quarter of Rs33,000 crores (US$7.4 billion) was an increase of 21.4% over Rs27,194 crores (US$6.1 billion) recorded in Q1 FY’11, due to higher average realisations and volumes. Group deliveries of 6.1 million tonnes in Q1 FY’12 were 3.1% higher than the deliveries of 5.9 million tonnes recorded in Q1 FY’11.
- The Indian operations continued to perform strongly, with EBITDA of Rs3,656 crores (US$818 million) and profit after tax of Rs2,219 crores (US$497 million). The underlying EBITDA margin, excluding one-off gains of Rs511 crores (US$ 114 million), was 40% in Q1 FY’12, 3.3 percentage points higher than the EBITDA margin of 36.7% in Q4 FY’11.
- The European operations performed steadily on the strength of higher average realisations. EBITDA of Rs1,907 crores (US$ 427 million) was 41.2% higher than the EBITDA recorded in Q1 FY’11 of Rs1,351 crores (US$ 302 million).
- Net debt at the end of June 2011 of Rs40,824 crores (US$9.13 billion) was lower than the Rs46,627 crores (US$10.43 billion) recorded at the end of March’11.
- The Company divested its stake in Riversdale Mining Limited (RML) for a consideration of Rs4,942 crores (US$1,106 million). Following this stake sale, the Company continues to hold a 35% stake in Riversdale Energy (Mauritius) Limited, a project company currently developing the Benga coal tenement in Mozambique.