12 November 2014
Corporate News

Tata Steel reports Consolidated Financial Results for the quarter ended September 30, 2014

Tata Steel Group today declared its Consolidated Financial Results for the first half and second quarter ended September 30, 2014. Performance remained stable as Group Turnover and EBITDA came in at Rs. 35,777 crores and Rs. 3,750 crores respectively. Net profit for the quarter was Rs. 1,254 crores.

Group Performance Highlights:

All figures in Rs. Crore, unless specified

H1 FY'15

H1 FY'14

 

Q2 FY'15

Q1 FY'15

Q2 FY'14

12.95

12.56

Steel Deliveries (million tons)

6.50

6.46

6.48

72,204

69,450

Turnover

35,777

36,427

36,645

8,075

7,539

EBITDA

3,750

4,325

3,784

2,980

2,847

Depreciation

1,430

1,550

1,444

2,485

2,059

Finance Costs

1,233

1,252

1,067

3,871

2,892

PBT

2,447

1,424

1,398

1,592

2,056

Profit after Taxes, Minority Interest and Share of Associates

1,254

337

917

15.48

20.26

Basic and Diluted Earnings per Share (Rs.)

12.46

3.02

8.98

 India

The Indian operations reported stable performance despite the weaker monsoon period.
The Pellet Plant, Merchant Mill, New Bar Mill and Cold Rolling Mill (CRM) achieved best ever H1 production.

There was a planned shutdown of one of the vessels in the Long Products division during the quarter which was completed in a record 36 days against the planned 50 days.

Sales of Automotive and Special Products increased by 30% over the last year while deliveries to the high-end segment were up by 38% yoy. Sales of Branded Products, Retail and Solutions segment increased by 7% over the last year while retail sales were up by 14% over the same period.

• Hot metal and crude steel production reached 2.58 million tonnes and 2.27 million tonnes respectively in Q2 FY’15 while saleable steel production increased to 2.2 million tonnes.

• Deliveries in H1 FY’15 increased to 4.21 million tonnes versus 4.04 million tonnes in H1 FY’14. Q2 FY’15 deliveries increased to 2.11 million tonnes versus 2.04 million tonnes in Q2 FY’14.

• Turnover in H1 FY’15 was Rs. 21,253 crores compared to Rs. 19,376 crores in H1 FY’14. Q2 FY’15 turnover increased by 9% to Rs. 10,785 crores from Rs. 9,921 crores in Q2 FY’14. This improvement was driven by higher volumes and realisations and better product mix.

• H1 FY’15 EBITDA increased to Rs. 6,462 crores from Rs. 6,099 crores in H1 FY’14. Q2 FY’15 EBITDA was stable at Rs. 3,196 crores compared to Rs. 3,202 crores in Q2 FY’14.

• Profit after tax in H1 FY’15 was Rs. 4,744 crores compared to Rs. 2,915 crores in H1 FY’14. Q2 FY’15 profit was Rs. 2,476 crores compared to Rs. 1,559 crores in Q2 FY’14. Profits for Q2 FY’15 included exceptional gains of Rs. 1,147 crores from the sale of land at Borivali.

Europe

The European operations maintained the level of year-on-year improvement in financial performance established in the first quarter. Production and deliveries were higher than in the first quarter, despite extended summer shutdowns.

The shutdowns were used for equipment maintenance and upgrades in support of the company’s customer focus strategy. In the most notable upgrade the power drives on a section of the Port Talbot hot strip mill, which rolls sheet steel, were greatly strengthened. The mi