Tata Steel Financial Statements

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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 13.30 15.20 (27) (6.10)
Op profit growth 28.70 113 (36) (24)
EBIT growth 43.30 286 (58) (33)
Net profit growth (417) 1,008 (90) (209)
Profitability ratios (%)        
OPM 16.50 14.50 7.81 8.99
EBIT margin 12.80 10.10 3.01 5.30
Net profit margin 10.10 (3.60) (0.40) (2.80)
RoCE 11.10 8.51 2.33 5.92
RoNW 6.97 (2.70) (0.30) (2.70)
RoA 2.19 (0.80) (0.10) (0.80)
Per share ratios ()        
EPS 155 -- -- --
Dividend per share 10 10 8 8
Cash EPS 62.10 (102) (59) (102)
Book value per share 506 366 451 323
Valuation ratios        
P/E 3.68 -- -- --
P/CEPS 9.19 (4.50) (5.20) (3)
P/B 1.13 1.26 0.68 0.94
EV/EBIDTA 6.46 7.12 12.70 7.71
Payout (%)        
Dividend payout 8.52 (23) (203) (24)
Tax payout (30) (41) 60.10 (101)
Liquidity ratios        
Debtor days 32.90 36.80 45.40 38.40
Inventory days 72.90 69.70 80.80 68.10
Creditor days (64) (67) (79) (71)
Leverage ratios        
Interest coverage (3.10) (2.30) (0.70) (1.50)
Net debt / equity 1.38 2.20 1.73 2.30
Net debt / op. profit 3.85 4.59 9.51 5.74
Cost breakup ()        
Material costs (39) (33) (40) (40)
Employee costs (13) (15) (17) (15)
Other costs (31) (37) (35) (36)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 133,016 117,420 101,965 139,504
yoy growth (%) 13.30 15.20 (27) (6.10)
Raw materials (52,165) (39,305) (40,621) (55,667)
As % of sales 39.20 33.50 39.80 39.90
Employee costs (17,606) (17,252) (17,588) (21,408)
As % of sales 13.20 14.70 17.20 15.30
Other costs (41,355) (43,855) (35,787) (49,893)
As % of sales 31.10 37.30 35.10 35.80
Operating profit 21,891 17,008 7,968 12,536
OPM 16.50 14.50 7.81 8.99
Depreciation (5,962) (5,673) (5,306) (5,944)
Interest expense (5,502) (5,072) (4,221) (4,848)
Other income 1,084 535 412 796
Profit before tax 11,511 6,798 (1,147) 2,541
Taxes (3,405) (2,778) (690) (2,567)
Tax rate (30) (41) 60.10 (101)
Minorities and other (4,270) (3,936) (2,426) 30
Adj. profit 3,835 83.40 (4,263) 3.15
Exceptional items 9,599 (4,324) 3,990 (3,929)
Net profit 13,434 (4,241) (383) (3,926)
yoy growth (%) (417) 1,008 (90) (209)
NPM 10.10 (3.60) (0.40) (2.80)
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 11,511 6,798 (1,147) 2,541
Depreciation (5,962) (5,673) (5,306) (5,944)
Tax paid (3,405) (2,778) (690) (2,567)
Working capital (7,343) (8,673) (12,540) 980
Other operating items -- -- -- --
Operating cashflow (5,199) (10,326) (19,684) (4,990)
Capital expenditure 32,044 811 (33,731) (7,273)
Free cash flow 26,845 (9,515) (53,415) (12,264)
Equity raised 82,265 81,425 77,100 74,621
Investments 10,052 8,436 7,456 (1,638)
Debt financing/disposal 102,973 92,496 101,091 105,668
Dividends paid 1,145 971 776 777
Other items -- -- -- --
Net in cash 223,280 173,813 133,008 167,164
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 3,420 3,420 970 3,245
Preference capital 13.30 20 -- --
Reserves 65,505 57,451 34,574 40,487
Net worth 68,938 60,891 35,544 43,733
Minority interest
Debt 100,803 92,127 83,014 81,987
Deferred tax liabilities (net) 23,129 18,028 14,808 17,556
Total liabilities 195,235 171,982 134,969 144,056
Fixed assets 143,083 112,719 107,791 108,196
Intangible assets
Investments 5,738 17,899 12,457 10,714
Deferred tax asset (net) 11,478 8,494 5,664 8,763
Net working capital 31,594 24,932 4,136 10,198
Inventories 31,656 28,331 24,804 20,013
Inventory Days -- 77.70 77.10 71.60
Sundry debtors 11,811 12,416 11,587 12,066
Debtor days -- 34.10 36 43.20
Other current assets 37,144 29,419 10,888 19,709
Sundry creditors (21,717) (20,414) (18,574) (18,557)
Creditor days -- 56 57.70 66.40
Other current liabilities (27,300) (24,820) (24,568) (23,033)
Cash 3,341 7,938 4,921 6,186
Total assets 195,235 171,982 134,969 144,056
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Particulars ( Rupees In Crores.) Mar-2020 Dec-2019 Sep-2019 Jun-2019 Mar-2019
Gross Sales 32,867 34,774 33,954 35,382 41,186
Excise Duty -- -- -- -- --
Net Sales 32,867 34,774 33,954 35,382 41,186
Other Operating Income 903 746 625 565 1,237
Other Income 1,464 135 366 373 599
Total Income 35,233 35,656 34,945 36,320 43,022
Total Expenditure ** 32,963 32,314 31,694 30,605 35,010
PBIDT 2,271 3,342 3,251 5,715 8,013
Interest 1,925 1,931 1,871 1,806 1,938
PBDT 345 1,411 1,379 3,909 6,075
Depreciation 2,224 2,019 2,127 2,071 1,881
Minority Interest Before NP -- -- -- -- --
Tax 622 196 315 950 1,216
Deferred Tax (886) 425 (4,365) 173 683
Reported Profit After Tax (1,615) (1,229) 3,302 714 2,295
Minority Interest After NP (134) (144) (103) (3) (87)
Net Profit after Minority Interest (1,481) (1,085) 3,405 717 2,383
Extra-ordinary Items (2,783) 46 282 6.04 6.36
Adjusted Profit After Extra-ordinary item 1,302 (1,131) 3,124 711 2,376
EPS (Unit Curr.) (13) (9.90) 29.30 5.83 20.40
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(%) 6.91 9.61 9.57 16.20 19.50
PBDTM(%) 1.05 4.06 4.06 11 14.70
PATM(%) (4.90) (3.50) 9.73 2.02 5.57

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