Tata Steel Ltd., Asia's fourth and India's largest private sector steel company, reported a net loss on consolidated basis for the fourth-quarter on one-time charge. However, on a stand-alone basis, the company posted a lower net profit for the quarter.
Consolidated Results
The Mumbai-based company posted fourth-quarter consolidated net loss, after minority interest and share of profit of associates, of Rs.6,528.51 crore or Rs.67.69 per share, compared with a net profit of Rs.433.46 crore or Rs.4.00 per share in Q4FY12.
Results for the quarter included a one-time charge of Rs.7,412.78 crore, towards provision for impairment of non-current assets minus profit on sale of non current investments.
Net income from operations was Rs.34,180.05 crore, up by one percent from the Rs.33,860.08 crore in the year-ago quarter, while other operating income totaled Rs.470.42 crore, compared with Rs.138.49 crore in Q4FY12.
For the quarter, income from 'Steel Business' was Rs.32,922.08 crore, up by two percent from last year's Rs.32,279.51 core, while that from 'Others' was Rs.3,327.25 crore, down by 14 percent from the Rs.3,866.27 crore last year. Income from 'Unallocated' was Rs.276.05 crore, compared with Rs.396.97 crore last year.
For the fiscal year, it reported net loss of Rs.7,057.62 crore, compared with a net profit of Rs.5,389.77 crore. Total income, including other operating income, totaled Rs.134,711.54 crore, compared with Rs.132,899.70 crore, an increase of one percent.
Results for the year included a one-time charge of Rs.7,389.88 crore, towards provision for impairment of non-current assets minus profit on sale of non current investments.
Stand-alone Results
The company reported fourth-quarter stand-alone net profit of Rs.1,309.21 crore or Rs.13.02 per share, lower by 16 percent than the Rs.1,560.51 crore or Rs.13.45 per share for the quarter ended March 31 last year.
Net income from operations totaled Rs.10,602.88 crore, up by 13 percent from the Rs.9,375.91 crore in Q4FY12, while other operating income amounted to Rs.167.75 crore, compared with Rs.103.52 crore in the year-ago quarter.
For the fiscal year, its stand-alone net profit stood at Rs.5,062.97 crore, compared with Rs.6,696.42 crore last year, reflecting a 24 percent decline. Total income, including other operating income, totaled Rs.38,199.43 crore, up by 13 percent from the Rs.33,933.46 crore in the previous year.
The company's board declared a dividend of 8. percent or Rs.8.00 per equity share of Rs.10 each for the fiscal year 20123.
Managing Director Hemant Nerurkar said, "Despite the weakening market conditions in the last year, the Indian operations posted a strong growth in production and deliveries. Our investment over the years in customer relationship building, developing distribution chain, undertaking market research and retail focus paid dividend through the significant sequential increase in deliveries in the last quarter.... The brownfield expansion is now fully ramped up and we are committed to commissioning the greenfield plant in Odisha on schedule The South East Asian operations have performed well with improving demand, product differentiation, efficiency improvement and restructuring measures."
At the BSE, Tata Steel closed Friday's trading at Rs.299.50, down 2.03 percent from the previous close.
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