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Tata Steel Reports Consolidated Financial Results for the Quarter ended June 30, 2018

2018-08-16

Aug. 13, 2018 - Key highlights of the quarter:


>> Health and Safety: LTIFR rate improved to 0.42 compared with 0.46 in FY18

>> Consolidated revenues increased by 4.7%QoQ to Rs.37,833 crores.

>> Consolidated EBITDA stood at Rs.6,559 crores compared to Rs.6,579 crores in 4QFY18; consolidated EBITDA margin was 17.3%.

>> Consolidated PAT stood at Rs.1,934 crores compared to Rs.14,688 crores in 4QFY18. Consolidated PAT in 4QFY18 included exceptional gain of Rs.11,376 crores.

>> Standalone deliveries grew by 7.9% YoY to 2.97 million tons. Standalone revenues increased by 13.8%YoY to Rs.16,405 crores.

>> Standalone EBITDA stood at Rs.5,118 crores with a margin of 31.2% compared to Rs.2,922 crores in 1QFY18; EBITDA/t increased to Rs.17,252.

>> The liquidity position of the group remains robust with approximately Rs.24,984 crores comprising of Rs.13,086 crores in cash and cash equivalents and Rs.11,899 crores in undrawn bank lines

>> The capital expenditure for the quarter was Rs.1,931 crores

Key Operating and Financial Highlights:
Tata Steel India Operations:

>> Total deliveries grew by 7.9%YoY to 2.97 million tons in 1QFY19; domestic deliveries grew by 13.7%YoY, much stronger than 9.2%YoY overall steel demand growth in India.


>> The volume growth was broad based and across segments despite a seasonally weaker period. Automotive segment sales increased by 49.5%YoY; Branded products, Retail & Solutions segment sales grew 11.6% YoY; Industrial Products and Projects segment sales grew 36.6% YoY with 67.6% YoY growth in engineering sub segment.

>> Total revenues increased 13.8%YoY to Rs.16,405 crores.

>> EBITDA for the quarter jumped by 75.2%YoY to Rs.5,118 crores, on account of better realisations and improved operational efficiencies. EBITDA margin for the quarter was 31.2%.

>> Exceptional charge of Rs.335 crores primarily includes provision for additional interest on differential royalty on coal.

>> Tata Steel remains focused on operational efficiencies and minimizing environmental impact. Tata Steel Jamshedpur continues to be the benchmark in India for Coke consumption rate & Pulverized Coal Injection usage. It has also been able to increase solid waste utilization to 91.4% in 1QFY19.

Tata Steel European Operations:      
                                                                              
>> Liquid steel production was marginally up at 2.81 million tons compared to 1QFY18 and grew by 7.1%QoQ.

>> Deliveries improved by 1.9%YoY to 2.45 million tons in 1QFY19, however, declined by 3.8%QoQ in seasonally weaker quarter.

>> EBITDA improved significantly by 42%QoQ to £183 million on account of higher selling price and better operational performance.

>> Three new products were launched during the quarter, including a new automotive offering and a defect free cold forming steel for applications like cranes and other heavy vehicles.

Tata Steel South-East Asian Operations:           
                                                                      
>> Revenues decreased by 1%QoQ to Rs.2,604 crores in 1QFY19 primarily on account of lower deliveries, partially offset by better realisations in Singapore.

>> EBITDA increased by 15.3% QoQ to Rs.110 crores in 1QFY19 due to improved realisations and deliveries at NatSteel, partially offset by increase in input metallic cost.

Update on Bhushan Steel acquisition and its Jun’18 quarter operations:

>> On 18th May, 2018, Tata Steel acquired Bhushan Steel Limited under the Insolvency and Bankruptcy Code – 2016. The take-over process was smooth and the Company is focused on ramping up production and achieving operational efficiencies.

>> Bhushan Steel’s financials have been consolidated with effect from 18th May, 2018. The company has launched a program for transformation and realization of synergies with Tata Steel.

Other key corporate Developments:

>> Kalinganagar Phase II expansion project is making good progress. Total estimated project cost is Rs.23,500 crores, including Rs.16,000 crores up to HRC stage. The project also includes raw material handling facilities, a state-of-the-art 2.2 MTPA cold rolling complex and other downstream facilities.

>> On June 30, Tata Steel and thyssenkrupp AG signed definitive agreements to form a 50:50 joint venture in Europe. The JV will focus on quality and technology leadership, and the supply of premium and differentiated products to customers with annual shipments of about 21 MTPA. The Company is working towards the JV formation, including securing approvals from the relevant regulatory authorities.
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