Tata Steel Limited today declared its Consolidated Results for the quarter ended June 30, 2010.
Group performance highlights:
- Tata Steel Group during the first quarter of the financial year 2010-11 (Q1 FY'11) recorded Profit after tax (after minority interest and share of profit of associates) of Rs1,825 crores (US$393 million) compared to a Loss of Rs2,209 crores (US$476 million) in Q1 FY'10, an improvement of Rs4,034 crores (US$869 million).
- Group EBITDA in Q1 FY'11 was Rs4,527 crores (US$975 million) compared to Rs204 crores (US$44 million) in Q1 FY'10, an improvement of Rs4,323 crores (US$931 million). The return to robust EBITDA levels was attributable mainly to the significant turnaround in the financial performance of the European operations and a much improved financial performance in India.
- Group consolidated turnover rose Rs3,903 crores (US$840 million), or 17%, to Rs27,195 crores (US£5,856 million) from Rs23,292 crores (US$5,016 million) in Q1 FY'10, reflecting the recovery in global steel markets.
- The Group's steel deliveries rose 13% to 6.05 million tonnes compared to Q1 FY'10 as capacity utilisation improved in Europe.
- Net Finance Charges for the Group at Rs598 crores (US$129 million) in Q1 FY'11 were 32% lower than in Q1 FY'10 (Rs882 crores, US$190 million) a reduction of Rs284 crores (US$61 million), primarily due to lower interest charges on variable elements of senior debt facilities and repayment of debt at Tata Steel Europe.
- Liquidity and Net Debt: The Group continued to enjoy a strong liquidity position (including undrawn credit lines) of Rs13,277 crores (US$2,859 million) as at end June 2010, resulting from tight working capital management across all geographies. The Group's net debt at the end of June 2010 stood at Rs45,713 crores (US$9,843 million).