Tata Steel Ltd Bombay House, 24 Homi Mody Street Fort, Mumbai, 400001
INDUSTRY : Steel - Large HOUSE : Tata TEL : 91-22-66658282FAX : 91-22-66657724/66657725
Financial Performance (Rs Cr) Quarterly Results (Rs Cr)
Year End 200803 200703 200603 200503 Period-Ended LTM 200809 200806 200803 200712 200709
Net Sales 19654.78 17458.39 15135.41 14493.16 Net Sales 23726.31 6850.67 6165.03 5736.69 4973.92 4785.9
Operating Cost 9301.18 8616.39 7305.1 6861.01 EBITDA 9875.92 2837.55 2721.16 2285.63 2031.58 2060.27
Gross Profit 10353.6 8842 7830.31 7632.15 Depreciation 883.98 248.82 216.8 209.15 209.21 205.01
S,G&E 1467.01 1491.57 1373.71 1304.05 Op Income 8991.94 2588.73 2504.36 2076.48 1822.37 1855.26
EBITDA 8886.59 7350.43 6456.6 6328.1 Misc.Inc (Exp.) 365.54 238.37 12.22 0 114.95 80.51
Depreciation 834.61 819.29 775.1 618.78 Interest Exp 1093.11 254.82 241.73 233.89 362.67 189.15
Operating Income 8051.98 6531.14 5681.5 5709.32 EBT 8264.37 2572.28 2274.85 1842.59 1574.65 1746.62
Other Inc (Expen) -1039.23 -586.55 -623.27 -488.43 Taxes 2714.07 784.47 786.45 637.08 506.07 555.79
Int./Dividend Income 982.64 568.31 356.24 305.19 Net Inc(Reg) 5550.3 1787.81 1488.4 1205.51 1068.58 1190.83
Interest Expenses 929.03 251.25 174.51 228.8 Extraord. Items -577.05 -240.08 -198.52 -126.84 -11.61 23.19
Earnings Before Taxes 7066.36 6261.65 5239.96 5297.28 Rep Net Inc 6127.35 2027.89 1686.92 1332.35 1080.19 1167.64
Taxes 2360.33 2023.5 1706.58 1823.12 EPS 78.87 24.46 20.37 16.5 17.54 19.55
Regular Net Income 4706.03 4238.15 3533.38 3474.16 EBITDA Margin 41.62 41.42 44.14 39.84 40.84 43.05
Extraordinary Items 172.73 -83.74 -1.23 -35.35 Tax Rate 32.84 30.5 34.57 34.58 32.14 31.82
Reported Net Income 4533.3 4321.89 3534.61 3509.51 Net Margin(Reg) 23.39 26.1 24.14 21.01 21.48 24.88
Dividends 1168.93 943.91 719.51 719.51 Sales Growth 11.12 7.47 15.34 3.93 14.02
EPS 61.06 69.95 61.51 60.91 EBITDA Growth 4.28 19.06 12.51 -1.39 51.36
Net Worth 21828.21 13949.09 9755.3 7059.92 Earnings Growth 20.12 23.47 12.81 -10.27 -2.56
Debt 18021.69 9645.33 2516.15 2739.7 EPS Growth 20.12 23.47 -5.96 -10.27 -2.56
Capital Employed 45322.42 23594.42 12271.45 9799.62 P/E (Annual) 4.35 8.94 10.5 15.98 10.87
Net Plant 8356.58 8643.53 8801.51 7333.77 Market Capital 15349.49 31093.48 43860.37 47849.34 53211.79
Cash 465.04 7681.35 288.39 246.72 Shareholding Pattern
Marketable Securities 4103.19 6106.18 4069.96 2432.65 (as on 30-Sep-2008) Shares (%)
Ratio Analysis Foreign 128987988 17.66
Gross Margin 52.68 50.65 51.74 52.66 Institutions 164202579 22.48
EBITDA Margin 45.21 42.1 42.66 43.66 Govt Holding 120333 0.02
Tax Rate 33.4 32.32 32.57 34.42 Non Promoter Corp. Hold. 24253505 3.32
Net Margin (Regular) 23.94 24.28 23.35 23.97 Promoters 247993096 33.94
Dividend Payout 25.06 22.36 20.52 20.71 Public & Others 165026819 22.59
ROE 25.34 36.46 42.04 60.64 Totals 730584320 100
ROC 23.32 36.79 50.13 63.79 Share Price Graph
Sales Growth 12.58 15.35 4.43 35.42
EBITDA Growth 20.9 13.84 2.03 74.25
Earnings Growth 4.89 22.27 0.72 88.02
EPS Growth -12.71 13.72 0.99 32.36
Dividend Growth 23.84 31.19 0 95
M Cap Growth 94.04 -12.09 33.8 56.81
Invtry.Turnovr(days) 40.6 41.62 43.09 35.89
Recvble Turnovr(days) 10 9 9 10
Paybles Turnovr(days) 103 93 89 82
Market Capital(Rs Cr) 50640.15 26097.93 29688.13 22188.61
Net Debt 17556.65 1963.98 2227.76 2492.98
Enterprise Value 68196.8 28061.91 31915.89 24681.59 Market Data (As on 28-Nov-2008)
P/E 11.17 6.04 8.4 6.32 Price (Rs) 150.95 52 W H/L(Rs) 952 / 146
P/BV 2.32 1.87 3.04 3.14 Lat. P/E 1.8 Lat. EPS(Rs) 83.87
EV/EBIDTA (x) 7.67 3.82 4.94 3.9 Mkt. Cap.(Rs Cr) 11028.11 Lat Eqty.(Rs Cr) 730.58
Lat. BV(Rs) 298.78 Div. Yield (%) 10.6