Tata Steel Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 5.11 13.30 15.20 (27)
Op profit growth (20) 28.70 113 (36)
EBIT growth (36) 43.30 286 (58)
Net profit growth (88) (417) 1,008 (90)
Profitability ratios (%)        
OPM 12.50 16.50 14.50 7.81
EBIT margin 7.77 12.80 10.10 3.01
Net profit margin 1.11 10.10 (3.60) (0.40)
RoCE 5.69 11.10 8.51 2.33
RoNW 0.58 6.97 (2.70) (0.30)
RoA 0.20 2.19 (0.80) (0.10)
Per share ratios ()        
EPS 10.30 155 -- --
Dividend per share 10 10 10 8
Cash EPS (57) 62.10 (102) (59)
Book value per share 611 506 366 451
Valuation ratios        
P/E 26.30 3.68 -- --
P/CEPS (4.70) 9.19 (4.50) (5.20)
P/B 0.44 1.13 1.26 0.68
EV/EBIDTA 7.18 6.46 7.12 12.70
Payout (%)        
Dividend payout -- 8.52 (23) (203)
Tax payout 77.10 (30) (41) 60.10
Liquidity ratios        
Debtor days 26.50 32.90 36.80 45.40
Inventory days 77.50 72.90 69.70 80.80
Creditor days (62) (64) (67) (79)
Leverage ratios        
Interest coverage (1.40) (3.10) (2.30) (0.70)
Net debt / equity 1.47 1.38 2.20 1.73
Net debt / op. profit 6.20 3.85 4.59 9.51
Cost breakup ()        
Material costs (41) (39) (33) (40)
Employee costs (13) (13) (15) (17)
Other costs (33) (31) (37) (35)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 139,817 133,016 117,420 101,965
yoy growth (%) 5.11 13.30 15.20 (27)
Raw materials (57,475) (52,165) (39,305) (40,621)
As % of sales 41.10 39.20 33.50 39.80
Employee costs (18,534) (17,606) (17,252) (17,588)
As % of sales 13.30 13.20 14.70 17.20
Other costs (46,345) (41,355) (43,855) (35,787)
As % of sales 33.10 31.10 37.30 35.10
Operating profit 17,463 21,891 17,008 7,968
OPM 12.50 16.50 14.50 7.81
Depreciation (8,441) (5,962) (5,673) (5,306)
Interest expense (7,533) (5,502) (5,072) (4,221)
Other income 1,843 1,084 535 412
Profit before tax 3,332 11,511 6,798 (1,147)
Taxes 2,568 (3,405) (2,778) (690)
Tax rate 77.10 (30) (41) 60.10
Minorities and other (780) (4,270) (3,936) (2,426)
Adj. profit 5,121 3,835 83.40 (4,263)
Exceptional items (3,752) 9,599 (4,324) 3,990
Net profit 1,557 13,434 (4,241) (383)
yoy growth (%) (88) (417) 1,008 (90)
NPM 1.11 10.10 (3.60) (0.40)
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 3,332 11,511 6,798 (1,147)
Depreciation (8,441) (5,962) (5,673) (5,306)
Tax paid 2,568 (3,405) (2,778) (690)
Working capital (8,145) (5,921) (8,916) (10,152)
Other operating items -- -- -- --
Operating cashflow (10,684) (3,777) (10,569) (17,295)
Capital expenditure 86,150 14,953 (16,538) (57,783)
Free cash flow 75,465 11,175 (27,106) (75,078)
Equity raised 105,684 89,269 72,965 83,461
Investments (1,562) 13,878 9,199 5,620
Debt financing/disposal 127,174 101,608 102,118 106,954
Dividends paid -- 1,145 971 776
Other items -- -- -- --
Net in cash 306,761 217,076 158,147 121,733
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 3,420 3,420 3,420 970
Preference capital -- 13.30 20 --
Reserves 70,156 65,505 57,451 34,574
Net worth 73,576 68,938 60,891 35,544
Minority interest
Debt 116,328 100,803 92,127 83,014
Deferred tax liabilities (net) 17,476 22,320 18,028 14,808
Total liabilities 209,967 194,426 171,982 134,969
Fixed assets 154,047 143,083 112,719 107,791
Intangible assets
Investments 6,285 5,738 17,899 12,457
Deferred tax asset (net) 9,484 10,669 8,494 5,664
Net working capital 32,095 31,594 24,932 4,136
Inventories 31,069 31,656 28,331 24,804
Inventory Days 81.10 -- 77.70 77.10
Sundry debtors 7,885 11,811 12,416 11,587
Debtor days 20.60 -- 34.10 36
Other current assets 41,808 37,144 29,419 10,888
Sundry creditors (21,381) (21,717) (20,414) (18,574)
Creditor days 55.80 -- 56 57.70
Other current liabilities (27,286) (27,300) (24,820) (24,568)
Cash 8,055 3,341 7,938 4,921
Total assets 209,967 194,426 171,982 134,969
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Particulars ( Rupees In Crores.) Sep-2020 Jun-2020 Mar-2020 Dec-2019 Sep-2019
Gross Sales 36,476 23,813 32,867 34,774 33,954
Excise Duty -- -- -- -- --
Net Sales 36,476 23,813 32,867 34,774 33,954
Other Operating Income 678 476 903 746 625
Other Income 378 266 1,464 135 366
Total Income 37,532 24,554 35,233 35,656 34,945
Total Expenditure ** 31,052 23,822 32,963 32,314 31,694
PBIDT 6,479 732 2,271 3,342 3,251
Interest 1,940 1,998 1,925 1,931 1,871
PBDT 4,539 (1,266) 345 1,411 1,379
Depreciation 2,261 2,111 2,224 2,019 2,127
Minority Interest Before NP -- -- -- -- --
Tax 788 26.60 622 196 315
Deferred Tax (175) 1,245 (886) 425 (4,365)
Reported Profit After Tax 1,665 (4,648) (1,615) (1,229) 3,302
Minority Interest After NP 99.70 (232) (134) (144) (103)
Net Profit after Minority Interest 1,565 (4,417) (1,481) (1,085) 3,405
Extra-ordinary Items 28 36.10 (2,783) 46 282
Adjusted Profit After Extra-ordinary item 1,537 (4,453) 1,302 (1,131) 3,124
EPS (Unit Curr.) 13.20 (39) (13) (9.90) 29.30
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 1,145 1,145 1,145 1,145 1,145
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(%) 17.80 3.08 6.91 9.61 9.57
PBDTM(%) 12.40 (5.30) 1.05 4.06 4.06
PATM(%) 4.56 (20) (4.90) (3.50) 9.73

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