08 February 2019
Corporate News

Tata Steel reports consolidated financial results for the quarter and nine month ended December 31, 2018

Highlights of the quarter:

 

  • Health and Safety: Lost Time injury frequency rate per mn man hours worked of Tata Steel group reduced to 0.47 in 9MFY19
  • Consolidated steel production grew 11%YoY to 7.23 mn tons and deliveries increased 7%YoY to 6.99 mn tons
  • India1 steel production surged 34%YoY to 4.38 mn tons while deliveries grew 18%YoY to 3.89 mn tons from 3.30 mn tons in 3QFY18
  • Consolidated revenues increased 23%YoY to Rs.41,220 crores; India1 revenues recorded 41%YoY growth to Rs.22,063 crores as compared to Rs.15,596 crores in 3QFY18
  • Consolidated adjusted EBITDA grew 27%YoY to Rs.7,225 crores as compared to Rs.5,671 crores in 3QFY18
  • Standalone adjusted EBITDA was4,872 crores and EBITDA margin stood at 28.4%. Standalone EBITDA/t was Rs.16,407/t
  • Consolidated PAT increased to Rs.1,753 crores as compared to Rs.1,136 crores in 3QFY18
  • The liquidity position of the group remains robust at Rs.19,320 crores comprising of Rs.8,549 crores in cash and cash equivalents and Rs.10,771 crores in undrawn bank lines
  • Gross debt decreased by Rs.9,083 crores during the quarter.

Tata Steel India and Consolidated Highlights 

(Figures in Rs. crore unless otherwise specified)     

                                                                                   India
  Standalone TSBSL Standalone Consolidated2
       
  3QFY19 QFY18 3QFY19 3QFY18
Production (mn ton)3    3.34    1.04    3.27    7.23    6.49
Deliveries (mn ton)    2.97    0.92    3.30    6.99    6.56
Turnover    17,174    4,889    15,596    41,220    33,447
Adjusted EBITDA4    4,872    1,008    4,710    7,225    5,671
PBT before exceptional items    3,514    (105)    3,226    3,119    3,210
Exceptional Charges    260    (134)    (1,115)    32    (1,116)
PAT from Continuing Operations    2,456    (240)    1,338    1,751    1,144
PAT from Discontinued Operations    -    -    -    2    (8)
Reported PAT (A)    2,456    (240)    1,338    1,753    1,136
Other Comprehensive Income (B)   (105)    9    136    172    189
Total Comprehensive Income (A+B)    2,351    (231)    1,474    1,925    1,325
Diluted EPS (Rs.)    21.05    (2.19)    12.55    19.59    12.07

             ​​​​1.India includes Tata Steel Standalone and Tata Steel BSL on proforma basis without inter-company eliminations Tata Steel BSL financials are consolidated from 18th May, 2018 3. Production numbers for consolidated financials are calculated using Crude steel for India, Liquid steel for Europe and saleable steel for SEA 4. EBITDA restated to exclude share of JV and Associates, and adjusted for fair value changes on account of exchange rate movement on investments in Tata Steel Holdings and revaluation gain/loss on external/ internal company debts/ receivables at Tata Steel Global Holdings; TSBSL: Tata Steel BSL

Key Operating and Financial Highlights of the quarter:

  • India steel production grew by 34%YoY to 4.38 mn tons with the acquisition and ramp-up of Tata Steel BSL. India1 deliveries stood at 3.89 mn tons and now account for more than 55% of consolidated volumes.
  • Tata Steel continued to increase its market share in chosen segments. Automotive segment sales increased by 24%YoY; Industrial Products and Projects segment sales grew by 29%YoY. Branded products, Retail & Solutions segment sales grew by 16%YoY; Tata Steel now touches 3 million retail customers.
  • India1 revenues from oper