Tata Steel reports Consolidated Financial Results for the first half and second quarter ending September 30, 2011
- Turnover at Tata Steel in India of Rs16,072 crores (US$3.28 billion) in H1 FY’12 was up 17.7% from the Rs13,658 crores (US$2.79 billion) in H1 FY’11. Q2 sales of Rs8,212 crores (US$1.68 billion) were up 15.5% from the Rs7,107 crores (US$1.45 billion) of Q2 FY’11 and up 4.5% from the Rs7,860 crores (US$1.61 billion) of Q1 FY’12.
- Tata Steel posted EBITDA in India of Rs6,449 crores (US$1.32 billion) in H1 FY’12, up 1.9% from Rs6,327 crores (US$1.29 billion) in H1 FY’11. Q2 EBITDA of Rs2,793 crores (US$570 million) was down 16.9% from the Rs3,362 crores (US$686 million) of Q2 FY’11 and down 23.6% from the Rs3,656 crores (US$747 million) of Q1 FY’12.
- Turnover at Tata Steel’s European operations of Rs41,695 crores (US$8.51 billion) in H1FY12 was 19.7% up from the Rs34,834 crores (US$7.11 billion) in H1FY11. Q2 sales of Rs21,160 crores (US$4.32 billion) were 19.0% up from the Rs17,787 crores (US$3.63 billion) of Q2 FY’11 and 3.0% up from the Rs20,535 crores (US$4.19 billion) of Q1 FY’12.
- Tata Steel in Europe posted EBITDA of Rs2,412 crores (US$493 million) in H1FY12, 8.0% up from Rs2,234 crores (US$456 million) in H1FY11. Q2 EBITDA of Rs505 crores (US$103 million) was 42.8% down from the Rs883 crores (US$180 million) of Q2 FY’11 and 73.5% down from the Rs1,907 crores (US$389 million) of Q1 FY’12, which included the Teeside Cast Products settlement credit of Rs685 crores (US$140 million).
- Tata Steel Group’s Profit after tax (after minority interest and share of profit of associates) during the first half of the financial year 2011-12 (H1 FY’12) was Rs5,559 crores (US$1,135 million) compared to a profit of Rs3,804 crores (US$777 million) in the first half of the financial year 2010-11 (H1 FY’11), an increase of Rs1,755 crores (US$358 million). Tata Steel Group’s Profit after tax for Q2 FY’12 at Rs212 crores (US$43 million) fell from the profit of Rs1,979 crores (US$404 million) in the corresponding period of the previous year (Q2 FY’11).
- Group EBITDA in H1 FY’12 was Rs11,302 crores (US$2.31 billion) compared to Rs9,024 crores (US$1.84 billion) in H1 FY’11. Group EBITDA in Q2 FY’12 at Rs2,944 crores (US$601 million) was 34.5% lower than the Rs4,497 crores (US$918 million) recorded in Q2 FY’11. The Group EBITDA in Q2 FY’12 declined on account of higher global raw materials costs and lower average selling prices at Tata Steel Europe.
- Group consolidated turnover in H1 FY’12 of Rs65,798 crores (US$13.44 billion) was 17.8% up from the Rs55,840 crores (US$11.40 billion) in H1 FY’11. The consolidated turnover at Rs32,798 crores (US$6.7 billion) in Q2 FY’12 was 14.5% up from the Rs28,646 crores (US$5.85 billion) in Q2 FY’11.
- The Group’s steel deliveries in H1 FY’12 rose by 1.8% to 12.17 million tonnes compared to 11.96 million tonnes in H1 FY’11. Steel deliveries increased by 0.8% to 6.11 million tonnes in Q2 FY’12 from the 6.06 million tonnes recorded in Q2 FY’11. Deliveries from Tata Steel India and NatSteel Holdings grew, whereas Tata Steel Thailand’s operations were affected by adverse weather conditions.
- Net debt at the end of September 2011 was Rs45,056 crores (US$9.2 billion) compared to Rs46,627 crores (US$9.5 billion) at the end of March 2011.