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8 Feb 2019 | Corporate News
Tata Steel reports consolidated financial results for the quarter and nine month ended December 31, 2018
Highlights of the quarter:
Tata Steel India and Consolidated Highligh
(Figures in Rs. crore unless otherwise specified)
|
India |
Consolidated2 |
|||
Standalone |
TSBSL |
Standalone |
|||
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 |
Key Operating and Financial Highlights of the quarter:
Key corporate developments:
Management Comments:
Mr. T V Narendran, CEO & Managing Director:
“Tata Steel is committed to growing its India footprint while focusing on benchmark operational performance, superior market presence, strong customer relationships and sustainability. Despite a sharp drop in international steel prices, we were able to maintain our overall realizations and increase our volumes significantly in India. The integration of Tata Steel BSL continues and our 5 MTPA expansion at Tata Steel Kalinganagar is also making good progress. We are also looking forward to enhancing our long products and downstream capability through the acquisition of the 1mtpa steel business of Usha Martin. The phase II review of the TSE ThyssenKrupp JV is ongoing and we are closely working with the European Commission to facilitate the same. In line with our strategy of divesting non-core assets and focusing on India, we have announced a divestment of a 70% stake in our SEA business and we continue to work on exploring similar opportunities across our portfolio.”
Mr. Koushik Chatterjee, Executive Director and CFO:
“The market environment for the industry was challenging during the quarter with softening of steel prices. Inspite of the challenging quarter, Tata Steel consolidated revenues improved by 23%YoY to reach Rs. 41,220 crores while adjusted EBITDA improved by 27%YoY to Rs.7,225 crores. The Standalone adjusted EBITDA during the same period was Rs.4,872 crores with the EBIDTA margin of 28.4% while Tata Steel BSL reported an EBITDA of Rs.1,008 crores with a margin of 20.6%. The consolidated Profit after Tax stood at Rs.1,753 crores, a 54%YoY growth. The short-term finance taken for Tata Steel BSL acquisition has been refinanced with long-term loans of Rs.15,500 crores. During the quarter, Tata Steel Group generated operating cash flows of Rs.4,150 crores. The liquidity position of the Group remains strong at Rs.19,320 crores, including Rs.8,549 crores of cash and cash equivalents. Our consolidated gross debt has declined by Rs.9,083 crores during the quarter including de-leveraging of over Rs.6,000 crores. We have repaid Rs.3,000 crores from Tata Steel BSL since the acquisition as part of the overall de-leveraging. The proceeds from the divestment of 70% of our stake in our South-east Asia business as well as from the sale of our residual holding in TRL Krosaki will be used for further deleveraging.”
Disclaimer:
Statements in this press release describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/or other incidental factors.
About Tata Steel
Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 33 million tonnes per annum (MTPA). It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world. The Group recorded a consolidated turnover of US $20.41 billion (INR 133,016 crore) in FY18. In 2018, Tata Steel acquired Bhushan Steel Ltd (now renamed as Tata Steel BSL Ltd). Currently, Tata Steel's consolidated India crude steel production capacity stands at 18.6 MTPA.
A Great Place to Work-CertifiedTM organisation, Tata Steel Ltd., together with its subsidiaries, associates and joint ventures, is spread across five continents with an employee base of over 65,000.
Tata Steel retained Industry Leader position in FY18 and ranked second overall in the DJSI assessment, 2017. The Company has been recognised as the Climate Disclosure Leader in ‘Steel category’ by CDP (2017). Besides being a member of the World Steel Climate Action Programme, Tata Steel has won several awards including the Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17, ‘Corporate Strategy Award’ by Mint (2018), Golden Peacock Award for Risk Management 2018 and Best Risk Management Framework & Systems Award 2019 by CNBC TV18. The Company also received the ‘Most Ethical Company’ award from Ethisphere Institute for the sixth time (2018), Steel Sustainability Champions (2017) by the World Steel Association, Dun & Bradstreet Corporate Awards (2017 & 2018), Golden Peacock HR Excellence Award by Institute of Directors (2017 & 2018) as well as 'Asia's Best Integrated Report' award by the Asia Sustainability Reporting Awards (2017), among several others.
In 2018, the Company launched a corporate brand campaign #WeAlsoMakeTomorrow. (www.wealsomaketomorrow.com)
To know more, visit www.tatasteel.com
For media enquiries contact:
Kulvin Suri
Tel: +91 22 6665 0581/ +91 92310 52397
Email: kulvinsuri@tatasteel.com
Rob Simpson
Tel: +44 207 717 4404/ +44 7990 786 531
Email: rob.simpson@tatasteel.com