Tata Steel BSL Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 6.55 24.70 15.90 11
Op profit growth 6.63 (25) 41.80 (5.10)
EBIT growth 86.40 (61) 222 (67)
Net profit growth (97) 580 5.07 174
Profitability ratios (%)        
OPM 12.90 12.90 21.30 17.40
EBIT margin 5.26 3.01 9.54 3.44
Net profit margin (3.50) (144) (26) (29)
RoCE 3.25 1.25 2.29 0.78
RoNW 4.15 44.60 (279) (17)
RoA (0.50) (15) (1.60) (1.70)
Per share ratios ()        
EPS -- -- -- --
Dividend per share -- -- -- --
Cash EPS (19) (1,163) (234) (228)
Book value per share 169 (1,150) (65) 94
Valuation ratios        
P/E -- -- -- --
P/CEPS (0.90) -- (0.20) (0.20)
P/B 0.10 -- (0.90) 0.38
EV/EBIDTA 7.31 21.60 17.10 23.40
Payout (%)        
Dividend payout -- -- -- --
Tax payout -- (75) (15) (21)
Liquidity ratios        
Debtor days 19.30 29.30 36.10 55.30
Inventory days 89 76.70 69.90 145
Creditor days (58) (47) (58) (87)
Leverage ratios        
Interest coverage (0.60) (0.10) (0.20) (0.10)
Net debt / equity 0.86 (1.90) (34) 23.10
Net debt / op. profit 6.76 22.10 17 23.90
Cost breakup ()        
Material costs (58) (58) (48) (53)
Employee costs (2.20) (3.50) (3.60) (3.70)
Other costs (27) (26) (27) (26)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 18,199 17,081 13,703 11,819
yoy growth (%) 6.55 24.70 15.90 11
Raw materials (10,524) (9,895) (6,550) (6,220)
As % of sales 57.80 57.90 47.80 52.60
Employee costs (409) (593) (491) (436)
As % of sales 2.25 3.47 3.58 3.69
Other costs (4,916) (4,389) (3,741) (3,103)
As % of sales 27 25.70 27.30 26.30
Operating profit 2,350 2,204 2,921 2,061
OPM 12.90 12.90 21.30 17.40
Depreciation (1,463) (1,786) (1,686) (1,730)
Interest expense (1,655) (6,305) (5,427) (4,601)
Other income 70.50 95.10 72 75.60
Profit before tax (698) (5,791) (4,119) (4,195)
Taxes -- 4,322 624 864
Tax rate -- (75) (15) (21)
Minorities and other -- 0.31 8.72 (110)
Adj. profit (698) (1,469) (3,487) (3,441)
Exceptional items 69 (23,097) (6.70) --
Net profit (628) (24,566) (3,615) (3,441)
yoy growth (%) (97) 580 5.07 174
NPM (3.50) (144) (26) (29)
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax (698) (5,791) (4,119) (4,195)
Depreciation (1,463) (1,786) (1,686) (1,730)
Tax paid -- 4,322 624 864
Working capital 907 (13,121) (9,761) (7,404)
Other operating items -- -- -- --
Operating cashflow (1,254) (16,376) (14,942) (12,464)
Capital expenditure 42,141 36,074 33,736 27,047
Free cash flow 40,887 19,699 18,794 14,583
Equity raised 24,800 6,213 11,067 14,434
Investments (151) (372) (261) (141)
Debt financing/disposal 8,571 33,869 24,274 21,253
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 74,107 59,409 53,874 50,129
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 219 219 45.30 45.30
Preference capital -- -- -- --
Reserves 18,267 18,101 (26,097) (1,528)
Net worth 18,486 18,320 (26,052) (1,483)
Minority interest
Debt 16,738 17,035 49,648 49,958
Deferred tax liabilities (net) -- -- -- 10,168
Total liabilities 35,224 35,354 23,595 58,642
Fixed assets 30,456 30,309 31,541 52,935
Intangible assets
Investments 1.37 1,596 1.08 122
Deferred tax asset (net) -- -- -- 6,653
Net working capital 3,913 3,045 (8,866) (1,223)
Inventories 4,848 4,582 4,025 3,149
Inventory Days 97.20 -- 86 83.90
Sundry debtors 702 697 1,220 1,526
Debtor days 14.10 -- 26.10 40.60
Other current assets 1,952 1,998 2,137 2,329
Sundry creditors (2,871) (3,579) (2,189) (1,616)
Creditor days 57.60 -- 46.80 43
Other current liabilities (718) (653) (14,059) (6,612)
Cash 853 405 918 156
Total assets 35,224 35,354 23,595 58,642
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Particulars ( Rupees In Crores.) Sep-2020 Jun-2020 Mar-2020 Dec-2019 Sep-2019
Gross Sales 5,187 2,515 4,065 4,737 4,312
Excise Duty -- -- -- -- --
Net Sales 5,187 2,515 4,065 4,737 4,312
Other Operating Income 332 182 209 301 243
Other Income 26 13.20 99 15.30 13.40
Total Income 5,545 2,710 4,373 5,053 4,568
Total Expenditure ** 4,412 2,550 3,588 4,760 4,035
PBIDT 1,133 160 784 293 533
Interest 416 440 408 422 410
PBDT 717 (279) 376 (129) 124
Depreciation 375 371 370 372 368
Minority Interest Before NP -- -- -- -- --
Tax 0.31 0.13 -- -- --
Deferred Tax -- -- -- -- --
Reported Profit After Tax 342 (650) 5.93 (502) (244)
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 342 (650) 5.93 (502) (244)
Extra-ordinary Items -- -- (0.80) -- --
Adjusted Profit After Extra-ordinary item 342 (650) 6.68 (502) (244)
EPS (Unit Curr.) 0.93 (6) 0.05 (4.60) (2.20)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 219 219 219 219 219
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 21.80 6.38 19.30 6.19 12.40
PBDTM(%) 13.80 (11) 9.25 (2.70) 2.87
PATM(%) 6.59 (26) 0.15 (11) (5.70)