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Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI - 400 001
Audited Financial Results for the Quarter / Nine months ended on 31st December 2009
10 Profit / (Loss) before Tax [ 8 + 9 ] " 1,742.56 760.13 4,285.70 5,607.26 7,315.61
12 Net Profit (+) / Loss (-) [ 10 - 11] " 1,191.75 466.24 2,884.52 3,742.45 5,201.74
Segment results before net finance charges, exceptional items and tax:
Steel business 2,014.12 1,284.64 5,276.39 6,071.55 7,391.31
Ferro Alloys and Minerals 113.88 143.47 201.80 1,178.20 1,233.94
Others 16.29 (61.72) 76.97 5.00 (29.54)
Unallocated income / (expenditure) 13.99 (131.26) (119.58) (27.10) (127.41)
Total Segment results before net finance charges, exceptional items and tax: 2,158.28 1,235.13 5,435.58 7,227.65 8,468.30
Less: Net Finance Charges 415.72 348.20 1,149.88 844.75 1,152.69
Profit / (Loss) before exceptional items & tax 1,742.56 886.93 4,285.70 6,382.90 7,315.61
Exceptional Items:
Exchange Gain / (Loss) - (126.80) - (775.64) -
Profit / (Loss) before tax 1,742.56 760.13 4,285.70 5,607.26 7,315.61
Less: Tax Expense 550.81 293.89 1,401.18 1,864.81 2,113.87
Net Profit (+) / Loss (-) 1,191.75 466.24 2,884.52 3,742.45 5,201.74
1. The above financial results do not include the consolidated financial performance of the Company. The consolidated
financial results of the Company including Tata Steel Europe Ltd. (Corus) for the quarter / nine months ended December
31, 2009 would be published in February, 2010.
2. The Company had issued Convertible Alternate Reference Securities (CARS) for an aggregate principal amount of US$
875 mn in September 2007. The Company invited holders of the CARS to offer to exchange their holdings for 4.5%
Convertible Bonds due in 2014. The offer closed on November 16, 2009 and Convertible Bonds worth US$ 546.94 mn
were issued in exchange of CARS having face value of US$ 493 mn. The 4.5% Convertible Bonds are convertible at Rs.
605.5325 at US$/INR rate of 46.36 at any time on or after December 31, 2009 and up to the close of business on
November 11, 2014. The aggregate principal amount of CARS remaining outstanding after this exchange is US$ 382 mn.
3. The Company adopted the Companies (Accounting Standards) Amendment Rules 2009 relating to Accounting Standard
11 during the last quarter of 2008-09. Accordingly, an exchange translation gain of Rs. 25.01 crores (Rs. 9.05 crores for
the quarter) has been adjusted to the carrying value of capital assets during the nine months ended December 31, 2009
and Rs.163.71 crores (Rs. 153.71 crores for the quarter) being amortization of cumulative net loss has been charged to
profit & loss account. The amortization includes a charge of Rs. 185.01 crores for debt instruments prematurely
extinguished during the current quarter. Had the Company followed the previous practice of recognizing the translation
gain / loss in the profit & loss account, the Net Profit for the period ended December 31, 2009 would have been higher by
Rs. 494.87 crores (by Rs. 215.68 crores during the quarter).
4. Information on investor complaints pursuant to clause 41 of the listing agreement for the quarter ended December 31,
2009:
Opening Balance Received during the quarter Resolved during the quarter Closing Balance
* Out of 474 unresolved complaints, 412 complaints pertain to non-receipt of dividend on Ordinary Shares & Cumulative
Convertible Preference Shares (CCPS), 27 complaints pertain to non-receipt of interim dividend on CCPS and 25
complaints pertain to non-receipt of fractional payment in respect of CCPS. As on date, all complaints relating to unpaid
dividends and fractional payments are since resolved.
5. Figures for the previous period have been regrouped and reclassified to conform to the classification of the current period,
wherever necessary.
6. The above results have been reviewed by the Audit Committee and were approved by the Board of Directors in their
meeting of date.
H. M. Nerurkar
Mumbai: January 28, 2010 Managing Director