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.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 136,977 154,692 122,731 116,683 105,683
Excise Duty -- -- 1,316 4,995 4,375
Net Sales 136,977 154,692 121,415 111,687 101,308
Other Operating Income 2,840 2,977 1,379 737 657
Other Income 2,221 2,070 15,170 644 7,442
Total Income 142,038 159,739 137,964 113,068 109,407
Total Expenditure ** 127,459 128,920 105,612 103,714 99,686
PBIDT 14,578 30,819 32,352 9,355 9,721
Interest 7,533 7,660 5,455 5,072 4,221
PBDT 7,045 23,159 26,897 4,282 5,499
Depreciation 8,441 7,342 5,742 5,673 5,306
Minority Interest Before NP -- -- -- -- --
Tax 2,085 6,728 1,980 1,742 1,321
Deferred Tax (4,653) (9.70) 1,412 1,036 (631)
Reported Profit After Tax 1,172 9,098 17,763 (4,169) (497)
Minority Interest After NP (384) (1,120) -- 72.20 --
Net Profit after Minority Interest 1,557 10,218 17,763 (4,241) (497)
Extra-ordinary Items (1,668) (70) 8,051 (1,546) 2,669
Adjusted Profit After Extra-ordinary item 3,224 10,288 9,712 (2,695) (3,166)
EPS (Unit Curr.) 11.90 87.80 128 (45) (6.90)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 100 130 100 100 80
Equity 1,145 1,145 1,145 970 970
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(%) 10.60 19.90 26.60 8.38 9.60
PBDTM(%) 5.14 15 22.20 3.83 5.43
PATM(%) 0.86 5.88 14.60 (3.70) (0.50)