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 Sep-2019 Mar-2019 Sep-2018 Mar-2018
Gross Sales 67,641 69,336 79,273 75,419 59,887
Excise Duty -- -- -- -- --
Net Sales 67,641 69,336 79,273 75,419 59,887
Other Operating Income 1,650 1,190 2,005 972 785
Other Income 1,552 669 1,000 1,070 14,718
Total Income 70,842 71,195 82,277 77,462 75,390
Total Expenditure ** 65,230 62,229 67,313 61,608 52,524
PBIDT 5,612 8,966 14,965 15,854 22,866
Interest 3,856 3,678 3,864 3,796 2,761
PBDT 1,757 5,288 11,101 12,058 20,105
Depreciation 4,243 4,198 3,747 3,595 2,767
Minority Interest Before NP -- -- -- -- --
Tax 819 1,266 2,907 3,821 1,044
Deferred Tax (461) (4,192) 398 (408) 470
Reported Profit After Tax (2,844) 4,016 4,048 5,050 15,824
Minority Interest After NP (278) (106) (620) (500) --
Net Profit after Minority Interest (2,566) 4,123 4,669 5,550 15,824
Extra-ordinary Items (3,734) (5.30) 43.90 (90) 10,261
Adjusted Profit After Extra-ordinary item 1,169 4,128 4,625 5,640 5,563
EPS (Unit Curr.) -- 35.10 40.80 47.70 138
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(%) 8.30 12.90 18.90 21 38.20
PBDTM(%) -- -- -- -- --
PATM(%) (4.20) 5.79 5.11 6.70 26.40

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