FINANCE -PROFIT AND LOSS - Annualised - Tata Steel Ltd (Curr: Rs in Cr.

) As on December 2010 PROFIT AND LOSS - Annualised - Tata Steel Ltd (Curr: Rs in Cr.) As on December 2010
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
INCOME : INCOME :
Sales Turnover 7,755.37 7,604.27 9,788.49 11,917.88 15,867.62 17,136.92 19,756.84 22,191.43 26,843.53 26,757.60 Sales Turnover 17,136.92 19,756.84 22,191.43 26,843.53 26,757.60
Excise Duty 920.83 899.58 1,071.95 1,218.57 1,377.92 2,004.83 2,304.18 2,537.02 2,495.21 1,816.95 Excise Duty 2,004.83 2,304.18 2,537.02 2,495.21 1,816.95
Net Sales 6,834.54 6,704.69 8,716.54 10,699.31 14,489.70 15,132.09 17,452.66 19,654.41 24,348.32 24,940.65 Net Sales 15,132.09 17,452.66 19,654.41 24,348.32 24,940.65
Other Income 5.37 120.13 92.33 7.63 108.75 252.58 362.12 586.41 603.07 1,241.08 Other Income 252.58 362.12 586.41 603.07 1,241.08
Stock Adjustments -56.74 -11.38 15.03 64.46 289.55 104.91 82.47 38.73 289.27 -134.97 Stock Adjustments 104.91 82.47 38.73 289.27 -134.97
Total Income 6,783.17 6,813.44 8,823.90 10,771.40 14,888.00 15,489.58 17,897.25 20,279.55 25,240.66 26,046.76 Total Income 15,489.58 17,897.25 20,279.55 25,240.66 26,046.76

EXPENDITURE : EXPENDITURE :
Raw Materials 1,609.03 1,756.52 2,261.09 3,456.28 4,578.43 4,766.44 5,762.42 6,063.53 8,568.71 8,356.45 Raw Materials 4,766.44 5,762.42 6,063.53 8,568.71 8,356.45
Power & Fuel Cost 688.45 719.18 787.75 724.62 778.3 897.57 1,027.84 1,038.77 1,222.48 1,383.44 Power & Fuel Cost 897.57 1,027.84 1,038.77 1,222.48 1,383.44
Employee Cost 924.34 1,097.60 1,217.72 1,349.59 1,291.00 1,351.51 1,454.83 1,589.77 2,305.81 2,361.48 Employee Cost 1,351.51 1,454.83 1,589.77 2,305.81 2,361.48
Other Manufacturing Expenses 932.74 815.86 905.22 1,130.30 1,440.72 1,466.83 1,561.40 1,654.96 2,127.48 2,419.89 Other Manufacturing Expenses 1,466.83 1,561.40 1,654.96 2,127.48 2,419.89
Selling and Administration Expenses 749.57 752.83 963.13 273.55 259.74 255.93 244.92 247.77 400.24 417.9 Selling and Administration Expenses 255.93 244.92 247.77 400.24 417.9
Miscellaneous Expenses 323.42 543.1 590.61 509.78 679.86 727.12 805.99 1,029.30 1,180.08 1,287.04 Miscellaneous Expenses 727.12 805.99 1,029.30 1,180.08 1,287.04
Total Expenditure 5,009.79 5,641.04 6,664.73 7,288.84 8,823.23 9,352.78 10,621.38 11,448.60 15,461.15 15,900.09 Total Expenditure 9,352.78 10,621.38 11,448.60 15,461.15 15,900.09

Operating Profit 1,768.01 1,052.27 2,066.84 3,474.93 5,956.02 5,884.22 6,913.75 8,244.54 9,176.44 8,905.59 Operating Profit 5,884.22 6,913.75 8,244.54 9,176.44 8,905.59
PBDIT 1,773.38 1,172.40 2,159.17 3,482.56 6,064.77 6,136.80 7,275.87 8,830.95 9,779.51 10,146.67 PBDIT 6,136.80 7,275.87 8,830.95 9,779.51 10,146.67
Interest 481.9 403.15 342.41 230.56 228.8 168.44 251.25 929.03 1,489.50 1,848.19 Interest 168.44 251.25 929.03 1,489.50 1,848.19
PBDT 1,291.48 769.25 1,816.76 3,252.00 5,835.97 5,968.36 7,024.62 7,901.92 8,290.01 8,298.48 PBDT 5,968.36 7,024.62 7,901.92 8,290.01 8,298.48
Depreciation 492.25 524.75 555.48 625.11 618.78 775.1 819.29 834.61 973.4 1,083.18 Depreciation 775.1 819.29 834.61 973.4 1,083.18
Other written off 201.52 0 44.38 0 0 0 0 0 0 0 Other written off 0 0 0 0 0
Profit before tax 597.71 244.5 1,216.90 2,626.89 5,217.19 5,193.26 6,205.33 7,067.31 7,316.61 7,215.30 Profit before tax 5,193.26 6,205.33 7,067.31 7,316.61 7,215.30
Extraordinary Items 4.93 7.1 46.2 39.77 80.79 47.5 57.29 0 0 0 Extraordinary Items 47.5 57.29 0 0 0
PBT (Extra old items) 602.64 251.6 1,263.10 2,666.66 5,297.98 5,240.76 6,262.62 7,067.31 7,316.61 7,215.30 PBT (Extra old items) 5,240.76 6,262.62 7,067.31 7,316.61 7,215.30 2006 2007 2008 2009 2010
Tax 49.2 46.7 250.79 920.44 1,823.82 1,734.38 2,040.47 2,380.28 2,114.87 2,168.50 Tax 1,734.38 2,040.47 2,380.28 2,114.87 2,168.50 Tax % 33.40 32.88 33.68 28.91 30.05
Reported Net Profit 553.44 189.19 1,012.31 1,746.22 3,474.16 3,506.38 4,222.15 4,687.03 5,201.74 5,046.80 Reported Net Profit 3,506.38 4,222.15 4,687.03 5,201.74 5,046.80 Tax 0.33 0.33 0.34 0.29 0.30
Total Value addition 3,400.76 3,884.52 4,403.64 3,832.56 4,244.80 4,586.34 4,858.96 5,385.07 6,892.44 7,543.64 Total Value addition 4,586.34 4,858.96 5,385.07 6,892.44 7,543.64 Int(1-tax) 112.19 168.63 616.13 1058.96 1292.73
Preference dividend 0 2.07 0 0 0 0 0 22.19 109.45 45.88 Preference dividend 0 0 22.19 109.45 45.88
Equity dividend 196.09 147.11 295.19 368.98 719.51 719.51 943.91 1,168.93 1,168.95 709.77 Equity dividend 719.51 943.91 1,168.93 1,168.95 709.77
Corporate dividend tax 21.52 0.21 37.82 47.27 101.86 100.92 160.42 202.43 214.1 122.8 Corporate dividend tax 100.92 160.42 202.43 214.1 122.8
Per share data (annualized) Per share data (annualized)
Shares in issue (lakhs) 3,677.72 3,677.72 3,677.72 3,677.72 5,534.73 5,534.73 5,804.73 7,305.84 7,305.92 8,872.14 Shares in issue (lakhs) 5,534.73 5,804.73 7,305.84 7,305.92 8,872.14
Earnings Per Share-Rs 15.05 5.09 27.53 47.48 62.77 63.35 72.74 63.85 69.7 56.37 Earnings Per Share-Rs 63.35 72.74 63.85 69.7 56.37
Equity dividend % 50 40 80 100 130 130 155 160 160 80 Equity dividend % 130 155 160 160 80
Book Value-Rs 129.11 93.7 86.6 122.79 127.56 176.26 240.31 298.78 331.68 418.94 Book Value-Rs 176.26 240.31 298.78 331.68 418.94
 FINANCE -BALANCE SHEET - Tata Steel Ltd (Curr: Rs in Cr.) As on December 2010
2001 2002 2003 2004 2005
SOURCES OF FUNDS :
Share Capital 507.97 367.97 367.97 369.18 553.67
Equity Share Capital 367.97 367.97 367.97 369.18 553.67
Share Application Money 0 0 1.21 0 0
Preference Share capital 140 0 0 0 0
Reserves 4,380.46 3,077.99 2,816.84 4,146.68 6,506.25
Networth 4,888.43 3,445.96 3,186.02 4,515.86 7,059.92
Secured Loans 4,129.96 4,056.93 3,667.63 3,010.16 2,468.18
Unsecured Loans 542.26 650.89 557.98 363.12 271.52
Total Debt 4,672.22 4,707.82 4,225.61 3,373.28 2,739.70
Total Liabilities 9,560.65 8,153.78 7,411.63 7,889.14 9,799.62

APPLICATION OF FUNDS :
Gross Block 10,762.47 11,412.29 12,192.71 12,505.83 13,085.07
Less : Accumulated Depreciation 3,720.08 4,198.74 4,849.99 5,411.62 5,845.49
Net Block 7,042.39 7,213.55 7,342.72 7,094.21 7,239.58
Capital Work in Progress 495.7 330.15 201.08 763.64 1,872.66
Investments 846.92 912.74 1,194.55 2,194.12 2,432.65
Inventories 921.77 1,021.59 1,152.95 1,249.08 1,872.40
Sundry Debtors 1,279.31 1,073.66 958.47 651.3 581.82
Cash and Bank 237.11 208.2 221.02 250.54 246.68
Total Current Assets 2,438.19 2,303.45 2,332.44 2,150.92 2,700.90
Loans and Advances 785.3 1,014.72 2,000.08 2,782.49 2,234.96
Fixed deposits 2.12 11 152.1 0.2 0.04
Total CA, Loans and Advances 3,225.61 3,329.17 4,484.62 4,933.61 4,935.90
Total Current Liabilities 1,712.38 3,291.68 3,594.23 3,908.93 4,247.43
Provisions 1,257.88 1,329.14 2,217.11 3,343.48 2,648.56
Total CL & Provisions 2,970.26 4,620.82 5,811.34 7,252.41 6,895.99
Net Current Assets 255.35 -1,291.65 -1,326.72 -2,318.80 -1,960.09
Miscellenous Expenses 920.29 988.99 0 155.97 214.82
Total Assets 9,560.65 8,153.78 7,411.63 7,889.14 9,799.62
Contingent Liabilities 1,454.37 1,309.84 1,580.70 2,669.02 2,983.05
Book Value (Rs.) 129.11 93.7 86.6 122.79 127.56
Cr.) As on December 2010
2006 2007 2008 2009 2010

553.67 580.67 6,203.30 6,203.45 887.41

553.67 580.67 730.78 730.79 887.41
0 147.06 0 0 0
0 0 5,472.52 5,472.66 0
9,201.63 13,368.42 21,097.43 23,501.15 36,281.34
9,755.30 14,096.15 27,300.73 29,704.60 37,168.75
2,191.74 3,758.92 3,520.58 3,913.05 2,259.32
324.41 5,886.41 14,501.11 23,033.13 22,979.88
2,516.15 9,645.33 18,021.69 26,946.18 25,239.20
12,271.45 23,741.48 45,322.42 56,650.78 62,407.95

15,407.17 16,029.49 16,479.59 20,057.01 22,306.07

6,699.85 7,486.37 8,223.48 9,062.47 10,143.63
8,707.32 8,543.12 8,256.11 10,994.54 12,162.44
1,157.73 2,497.44 4,367.45 3,487.68 3,843.59
4,069.96 6,106.18 4,103.19 42,371.78 44,979.67
2,174.75 2,332.98 2,604.98 3,480.47 3,077.75
539.4 631.63 543.48 635.98 434.83
288.35 446.51 465 463.58 500.3
3,002.50 3,411.12 3,613.46 4,580.03 4,012.88
1,994.46 4,025.95 34,582.84 5,884.61 6,678.55
0.04 7,234.84 0.04 1,127.02 2,733.84
4,997.00 14,671.91 38,196.34 11,591.66 13,425.27
4,552.39 6,349.24 6,842.26 8,965.76 8,699.34
2,361.44 1,930.46 2,913.52 2,934.19 3,303.68
6,913.83 8,279.70 9,755.78 11,899.95 12,003.02
-1,916.83 6,392.21 28,440.56 -308.29 1,422.25
253.27 202.53 155.11 105.07 0
12,271.45 23,741.48 45,322.42 56,650.78 62,407.95
3,872.34 7,185.93 9,250.08 12,188.55 13,184.61
176.26 240.31 298.78 331.68 418.94
 BALANCE SHEET - Tata Steel Ltd (Curr: Rs in Cr.) As on December 2010
2006 2007 2008 2009 2010
SOURCES OF FUNDS :
Share Capital 553.67 580.67 6,203.30 6,203.45 887.41
Equity Share Capital 553.67 580.67 730.78 730.79 887.41
Share Application Money 0 147.06 0 0 0
Preference Share capital 0 0 5,472.52 5,472.66 0
Reserves 9,201.63 13,368.42 21,097.43 23,501.15 36,281.34
Networth 9,755.30 14,096.15 27,300.73 29,704.60 37,168.75
Secured Loans 2,191.74 3,758.92 3,520.58 3,913.05 2,259.32
Unsecured Loans 324.41 5,886.41 14,501.11 23,033.13 22,979.88
Total Debt 2,516.15 9,645.33 18,021.69 26,946.18 25,239.20
Total Liabilities 12,271.45 23,741.48 45,322.42 56,650.78 62,407.95

APPLICATION OF FUNDS :
Gross Block 15,407.17 16,029.49 16,479.59 20,057.01 22,306.07
Less : Accumulated Depreciation 6,699.85 7,486.37 8,223.48 9,062.47 10,143.63
Net Block 8,707.32 8,543.12 8,256.11 10,994.54 12,162.44
Capital Work in Progress 1,157.73 2,497.44 4,367.45 3,487.68 3,843.59
Investments 4,069.96 6,106.18 4,103.19 42,371.78 44,979.67
Inventories 2,174.75 2,332.98 2,604.98 3,480.47 3,077.75
Sundry Debtors 539.4 631.63 543.48 635.98 434.83
Cash and Bank 288.35 446.51 465 463.58 500.3
Total Current Assets 3,002.50 3,411.12 3,613.46 4,580.03 4,012.88
Loans and Advances 1,994.46 4,025.95 34,582.84 5,884.61 6,678.55
Fixed deposits 0.04 7,234.84 0.04 1,127.02 2,733.84
Total CA, Loans and Advances 4,997.00 14,671.91 38,196.34 11,591.66 13,425.27
Total Current Liabilities 4,552.39 6,349.24 6,842.26 8,965.76 8,699.34
Provisions 2,361.44 1,930.46 2,913.52 2,934.19 3,303.68
Total CL & Provisions 6,913.83 8,279.70 9,755.78 11,899.95 12,003.02
Net Current Assets -1,916.83 6,392.21 28,440.56 -308.29 1,422.25
Miscellenous Expenses 253.27 202.53 155.11 105.07 0
Total Assets 12,271.45 23,741.48 45,322.42 56,650.78 62,407.95
Contingent Liabilities 3,872.34 7,185.93 9,250.08 12,188.55 13,184.61
Book Value (Rs.) 176.26 240.31 298.78 331.68 418.94
 2006 2007 2008 2009 2010
Rate of Growth (%)
Net Worth 38.18 44.50 93.68 8.81 25.13
Sales 4.43 15.34 12.62 23.88 2.43
PAT 0.93 20.41 11.01 10.98 13.98

Investment Valuation Ratios

Market Value (%)
Earnings Per Share 63.35 72.74 64.15 71.20 56.88
Price Earnings ratio
Dividend Per Share 13.00 16.26 16.00 16.00 8.00
Dividend Payout ratio (%) 20.52 22.36 24.94 22.47 14.06

Profitability Ratios (%)

Gross Profit Margin 40.55 41.69 44.93 40.17 40.68
Net Profit Margin 23.17 24.19 23.85 21.36 20.24
Return On Capital Employed 43.69 27.20 17.64 15.54 14.52
Return On Net Worth 35.94 29.95 17.17 17.51 13.58
Return on Assets 28.57 17.78 10.34 9.18 8.09

Efficiency Ratios
Inventory Turnover 6.96 7.48 7.54 7.00 8.10
Debtors Turnover 28.05 27.63 36.16 38.28 57.36
Fixed Assets Turnover 1.53 1.58 1.56 1.68 1.56
Total Assets Turnover 1.23 0.74 0.43 0.43 0.40
Investments Turnover Ratio 1.55 1.24 0.72 0.82 0.67

Liquidity Ratios
Current Ratio 0.66 0.54 0.53 0.51 0.46
Quick Ratio 0.18 0.17 0.15 0.12 0.11
Debt Equity Ratio 0.26 0.68 0.66 0.91 0.68
Long Term Debt Equity Ratio 0.22 0.27 0.13 0.13 0.06
Interest Cover 31.83 25.70 8.61 5.91 4.90
 2006 2007 2008 2009 2010
Net Income 17,136.92 19,756.84 22,191.43 26,843.53 26,757.60
Add: Interest(1-tax) 112.19 168.63 616.13 1058.96 1292.73
Unlevered Income 17,249.11 19,925.47 22,807.56 27,902.49 28,050.33
Add: Depreciation 775.1 819.29 834.61 973.4 1,083.18
Add: Deffered tax 0 0 0 0 0
Less: Changes in NWC -316.74 -812.76 -2,267.67 -4,346.73 -4,027.32
Less: CAPEX 2,695.38 4,340.85 13,204.58 2,403.87 7,464.15
FCF for the year 15,645.57 17,216.67 12,705.26 30,818.75 25,696.68
 2006 2007 2008 2009 2010
Changes in NWC -1,916.83 6,392.21 28,440.56 -308.29 1,422.25

CAPEX
∆ Total Assets 2,471.83 11,470.03 21,580.94 11,328.36 5,757.17
Less: ∆ Total Liabilities -223.55 7,129.18 8,376.36 8,924.49 -1,706.98
2,695.38 4,340.85 13,204.58 2,403.87 7,464.15
ke(E/D+E)+Kd(D/D+E)(1-t)

2006 2007 2008 2009 2010

Cost of Equity
Cost of Debt
WACC