Tata Steel Limited today declared Unaudited Consolidated Group Financial Results for the first nine months and for the third quarter (Q3) ending December 31, 2009.
All the financial numbers in this Press Release are in accordance with Indian GAAP unless otherwise stated.
Group Performance Highlights:
- Tata Steel Group reported consolidated EBITDA of Rs.3,401 crores (US$ 731 million) and PAT (after minority interest and share of profit of associates) of Rs.473 crores (US$ 102 million) for the quarter ended December 31, 2009. The above performance was primarily due to the turnaround in Tata Steel Europe, which reported a positive EBITDA of Rs.660 crores (US$ 142 million) compared to the EBITDA loss of Rs.1,802 crores (US$ 387 million) in Q2 FY’10 on account of lower costs, higher prices and benefits from the ongoing restructuring initiatives.
- Steel Deliveries: Group deliveries during Q3 FY’10 at 6.212 million tonnes were almost unchanged from Q2 FY’10 (6.222 million tonnes).
- Turnover (Net sales plus other operating income): Consolidated turnover for the Group at Rs.26,202 crores (US$ 5,632 million) during Q3 FY’10 was 3% higher than in Q2 FY’10 (Rs.25,395crores, US$ 5,459 million).
- EBITDA: EBITDA for the Group increased by Rs.3,001 crores (US$ 645 million) from Rs.402 crores (US$ 86 million) during Q2 FY’10, an increase of around 750%.
Net Finance Charges: Net Finance Charges for the Group at Rs.763 crores (US$ 164 million) in Q3 FY’10 were 6% higher than in Q2 FY’10 (Rs.717 crores, US$ 154 million).
PBT: Consolidated Profit Before Tax in Q3 FY’10 at Rs.1,247 crores (US$ 268 million) increased by 152% over Q2 FY’10 (loss of Rs.2,392 crores, US$ 514 million)
- PAT: Profit After Tax (after minority interest and share of profit of associates) during Q3 FY’10 at Rs.473 crores (US$ 102 million) increased by Rs.3,180 crores (US$ 684 million) over Q2 FY’10 (loss of Rs.2,707 crores, US$ 582 million).
Liquidity and Net Debt: The Group continues to enjoy a strong liquidity position (including undrawn credit lines) of Rs.13,063 crores (US$ 2,808 million) as on date, and tight working capital management across all geographies. The Group’s net debt at the end of December 2009 stood at Rs.50,921 crores (US$ 10,946 million).