Tata Steel partly paid financials and balance sheet
BSE: 890144Ferrous Metals
Trading suspended since 17 Feb 2021
Last traded ₹233.50 on 16 Feb 2021
The company's shares trade as Tata Steel (TATASTEEL).
3 years at a glance
Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Tata Steel partly paid annual reports
Revenue, net profit and borrowings, ₹ crore
- Revenue
- Net profit
- Borrowings
Peak revenue ₹2,43,959 Cr, year to Mar 2022
Operating and net margin, per cent
- Operating marginOperating margin. Operating profit before depreciation as a percentage of revenue: how much of each rupee of sales is left after running costs.
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax.
Results for the year to Mar 2022
Consolidated: the company and its subsidiaries together. ₹ crore.
From revenue to net profit
- Revenue2,43,959
- Materials and goods−83,479
- Employee costs−23,264
- Other expenses−73,726
- Operating profit63,490
- Depreciation−9,101
- Other income+785
- One-off items−134
- Finance costs−5,462
- Profit before tax49,578
- Tax−8,478
- Joint ventures+649
- Net profit41,749
What the company owns
- Plant, investments and other assets₹1,99,951 Cr
- Inventory₹48,824 Cr
- Cash and bank₹15,899 Cr
- Receivables₹12,246 Cr
- Current investments₹8,524 Cr
What pays for it: net worth and liabilities
- Net worth₹1,17,098 Cr
- Borrowings₹75,561 Cr
- Other liabilities₹56,021 Cr
- Owed to suppliers₹36,765 Cr
Tata Steel partly paid business segments, year to Mar 2022
A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Tata Steel partly paid segment results by quarter
Revenue by segment
₹3,19,466 CrTotal
- Tata Steel India₹1,29,021 Cr40.4% of total
- Tata Steel Europe₹90,023 Cr28.2% of total
- Other Trade Related Operations₹60,124 Cr18.8% of total
- Other Indian Operations₹21,275 Cr6.7% of total
- South East Asian Operations₹11,482 Cr3.6% of total
- Tata Steel Long Products₹6,802 Cr2.1% of total
- Rest of the World₹739 Cr0.2% of total
Profit by segment
- Tata Steel India₹51,456 Cr77.1% of total
- Tata Steel Europe₹12,164 Cr18.2% of total
- Other Trade Related Operations₹39 Cr0.1% of total
- Other Indian Operations₹547 Cr0.8% of total
- South East Asian Operations₹1,255 Cr1.9% of total
- Tata Steel Long Products₹1,288 Cr1.9% of total
Segment results by year
Consolidated, ₹ crore, years to March.
Tata Steel India
Revenue, ₹ croreProfit, ₹ croreTata Steel Europe
Revenue, ₹ croreProfit, ₹ croreOther Trade Related Operations
Revenue, ₹ croreProfit, ₹ croreOther Indian Operations
Revenue, ₹ croreProfit, ₹ croreSouth East Asian Operations
Revenue, ₹ croreProfit, ₹ croreTata Steel Long Products
Revenue, ₹ croreProfit, ₹ croreRest of the World
Revenue, ₹ croreProfit, ₹ crore
| ₹ crore | Mar 2020 | Mar 2021 | Mar 2022 |
|---|---|---|---|
| Revenue of all businesses | 1,79,702 | – | 3,19,466 |
| Company revenue, as in its resultsCompany revenue. The company's revenue from operations for the period in its results, on the same accounts as its segments. It is below the businesses' sum where they sell to one another, or where the segments include a business the results report as discontinued. | 1,39,817 | – | 2,43,959 |
| Revenue | 60,436 | – | 1,29,021 |
| ProfitSegment profit. What the business earned before tax and finance costs, as the company measures each of its businesses. | 15,096 | – | 51,456 |
| MarginSegment margin. Segment profit as a percentage of the segment's revenue. | 25.0% | – | 39.9% |
| Return on capitalReturn on capital employed in the segment. The year's segment profit as a percentage of the capital employed in the segment at the year end. | 30.9% | – | 54.8% |
| AssetsSegment assets. What the company holds for this business at the period end: plant, stock, receivables and the like. | 1,25,469 | – | 1,93,514 |
| LiabilitiesSegment liabilities. What this business owes at the period end, such as payments due to suppliers. | 76,541 | – | 99,539 |
| Capital employedCapital employed in the segment. Segment assets less segment liabilities at the period end: the money tied up in this business. | 48,928 | – | 93,975 |
| Revenue | 55,939 | – | 90,023 |
| Revenue | 31,728 | – | 60,124 |
| Revenue | 9,496 | – | 21,275 |
| Revenue | – | – | 11,482 |
| Revenue | 3,490 | – | 6,802 |
| Revenue | 415 | – | 739 |
| Revenue | 18,199 | – | – |
| Revenue | −39,886 | – | −75,507 |
Profit is before tax and finance costs, the way companies report their segments.
Profit and loss
Consolidated, ₹ crore, years to March. No results on record for the year to Mar 2021.Tata Steel partly paid quarterly results
| ₹ crore | Mar 2020Filed 30 Jun | Mar 2021 | Mar 2022Filed 4 May |
|---|---|---|---|
| Revenue from operations | 1,39,817 | – | 2,43,959 |
| Operating expenses. What the business spent to run itself in the period, materials, staff and other costs, before depreciation, interest and tax. | 1,22,354 | – | 1,80,469 |
| Materials and goods boughtCost of materials and goods. Raw materials used and goods bought for resale in the period, adjusted for the change in stock held. | 57,475 | – | 83,479 |
| Employee costsEmployee costs. Salaries, wages, bonuses and other benefits paid to staff in the period. | 18,534 | – | 23,264 |
| Other expensesOther expenses. Every operating cost besides materials and staff: power, rent, freight, repairs, marketing and the like. | 46,345 | – | 73,726 |
| Operating profit before depreciationOperating profit before depreciation (EBITDA). Revenue less operating expenses: what the business earns from its operations before depreciation, interest and tax. | 17,463 | – | 63,490 |
| Operating marginOperating margin. Operating profit before depreciation as a percentage of revenue: how much of each rupee of sales is left after running costs. | 12.5% | – | 26.0% |
| Materials, % of revenueMaterials, % of revenue. Raw materials used and goods bought for resale, adjusted for the change in stock, divided by revenue, times 100. | 41.1% | – | 34.2% |
| Employee costs, % of revenueEmployee costs, % of revenue. Salaries, wages and other staff costs divided by revenue, times 100. | 13.3% | – | 9.5% |
| Other expenses, % of revenueOther expenses, % of revenue. Operating costs besides materials and staff divided by revenue, times 100; with the two above and the operating margin it makes 100. | 33.1% | – | 30.2% |
| Depreciation and amortisationDepreciation and amortisation. The part of the cost of plant, buildings and other long-lived assets charged against each year they are used. | 8,441 | – | 9,101 |
| Operating profit after depreciationOperating profit after depreciation (EBIT). Operating profit before depreciation, less depreciation and amortisation. | 9,022 | – | 54,389 |
| Other incomeOther income. Income from outside the main business, such as interest on deposits, dividends received and gains on investments. | 1,843 | – | 785 |
| Finance costsFinance costs. Interest and the other costs of borrowing in the period. | 7,533 | – | 5,462 |
| Profit before one-off items and taxProfit before one-off items and tax. Profit before tax as it would be without the one-off items below it, as the company states it. | 3,332 | – | 49,712 |
| One-off itemsExceptional items. Gains or losses the company reports separately because they are not expected to recur, such as selling a business or writing down an asset. | −3,752 | – | −134 |
| Profit before tax | −420 | – | 49,578 |
| −2,568 | – | 8,478 | |
| Share of profit of joint ventures and associatesShare of profit of joint ventures and associates. The group's share of the profit of companies it part-owns and does not consolidate, as stated. It is part of net profit but not of revenue or operating profit: their sales and costs are not in the group's lines. | 188 | – | 649 |
| Profit from discontinued businessesProfit from discontinued businesses. The profit after tax of businesses the company has sold, demerged or closed, or is about to. It is part of net profit; revenue and the lines above leave those businesses out. | −1,164 | – | – |
| 1,172 | – | 41,749 | |
| Other comprehensive incomeOther comprehensive income. Gains and losses booked straight to net worth rather than through profit, such as changes in the value of some investments, pension plans and currency translation. | 4,483 | – | 1,305 |
| Total comprehensive incomeTotal comprehensive income. Net profit plus other comprehensive income. | 5,655 | – | 43,055 |
| Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. | – | – | 17.1% |
| Net margin without joint ventures and associatesNet margin without joint ventures and associates. Net profit less the share of profit of joint ventures and associates, as a percentage of revenue: the margin on the businesses whose revenue the statement carries. Shown where the company states such a share. | – | – | 16.8% |
Net margin is left blank for the year to Mar 2020: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.
Balance sheet
Consolidated, ₹ crore, at 31 March.
| ₹ crore | Mar 2020Filed 30 Jun | Mar 2021 | Mar 2022Filed 4 May |
|---|---|---|---|
| Net worth. What the company owns less everything it owes: the money shareholders have in the business, paid in and kept from profits. | 76,163 | – | 1,17,098 |
| Net worth belonging to the company's shareholders. Net worth less the part that belongs to outside owners of subsidiaries. | 73,576 | – | 1,14,443 |
| Share capitalShare capital. The face value of all the shares the company has issued. | 1,145 | – | 1,221 |
| ReservesReserves. The rest of the shareholders' net worth: profits kept in the business over the years, and money paid for shares above their face value. | 72,431 | – | 1,13,222 |
| Belonging to outside owners of subsidiariesNet worth belonging to outside owners of subsidiaries. The part of net worth that belongs to the other shareholders of subsidiaries the company does not fully own. | 2,587 | – | 2,655 |
| Borrowings. Loans, bonds and other money the company has borrowed and must repay with interest. | 1,13,289 | – | 75,561 |
| Liabilities due within a year. Everything the company must pay within twelve months: borrowings falling due, suppliers, and other dues and provisions. | 60,313 | – | 90,397 |
| Liabilities due after a year. Everything the company owes that falls due more than twelve months on, borrowings among it. | 1,12,596 | – | 77,759 |
| Liabilities going with businesses held for saleLiabilities going with businesses held for sale. What the company owes that leaves with the businesses it is selling or demerging, borrowings among it, kept out of its other liability lines until they go. | 1,348 | – | 191 |
| Total assets. Everything the company owns or controls: plant, investments, stock, money owed by customers and cash. | 2,50,419 | – | 2,85,446 |
| Assets held for longer than a year. Everything the company owns that it does not expect to turn into cash within twelve months: plant, intangibles, long-term investments, loans given and the like. | 1,91,687 | – | 1,92,889 |
| Assets turning to cash within a year. Everything the company expects to turn into cash or use up within twelve months: stock, money owed by customers, cash and short-term investments. | 55,909 | – | 92,256 |
| Net debtNet debt. Borrowings less cash, other bank balances and current investments: what the company would still owe if it used its cash to repay. | 1,01,803 | – | 51,138 |
Borrowings are counted again inside the liabilities due within a year and after a year.
Cash flow
Consolidated, ₹ crore, years to March.
| ₹ crore | Mar 2022Filed 4 May |
|---|---|
| Cash from operations. Cash the business brought in from its operations in the period, after paying suppliers, staff and tax. | 44,381 |
| Cash generated before tax. Cash from operations before income tax paid: profit before tax, with non-cash items added back and the change in working capital. | 56,283 |
| Change in working capital. Cash taken up, below nought, or released by the change in stock, money owed by customers, money owed to suppliers and other short-term items over the year. | −9,618 |
| ReceivablesChange in receivables. Cash taken up, below nought, or released by the change in what customers owe. | −6,220 |
| InventoriesChange in inventories. Cash taken up, below nought, or released by the change in stock held. | −16,917 |
| PayablesChange in payables. Cash kept, above nought, or paid out by the change in what the company owes suppliers. | 13,519 |
| Tax paidTax paid. Income tax paid in cash during the year, net of refunds. | −11,902 |
| Capital spendingCapital spending. Cash spent in the period on plant, equipment, buildings and other long-lived assets. | 10,522 |
| Free cash flowFree cash flow. Cash from operations less capital spending: what is left to repay borrowings, pay dividends or keep. | 33,859 |
| Cash from investing. Cash spent on, below nought, or received from plant, investments, businesses bought or sold, and interest and dividends received. | −10,881 |
| Cash from financing. Cash raised from, or paid to, lenders and shareholders: borrowings taken and repaid, interest, lease payments, dividends and shares issued or bought back. | −23,401 |
| Dividends paidDividends paid. Cash paid to shareholders as dividends during the period. | 3,020 |
| Shares bought backShares bought back. Cash spent buying the company's own shares back from shareholders. | 0 |
| Shares issuedShares issued. Cash raised by selling new shares. | 326 |
| Net change in cashNet change in cash. Cash from operations, investing and financing added together: how much cash and cash equivalents rose or fell over the year, before currency effects. | 10,099 |
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the year to Mar 2020.
Ratios
Consolidated, years to March.
| Ratio | Mar 2020Filed 30 Jun | Mar 2021 | Mar 2022Filed 4 May |
|---|---|---|---|
| Return on equityReturn on equity. Profit belonging to shareholders as a percentage of their average net worth over the year. | 2.1%what Return on equity, Mar 2020, includes. This year's return on equity, asset turnover and assets per rupee of net worth are on its year-end balance sheet: none a year before is on record to average with. | – | 35.1%what Return on equity, Mar 2022, includes. This year's return on equity, asset turnover and assets per rupee of net worth are on its year-end balance sheet: none a year before is on record to average with. |
| Return on capital employedReturn on capital employed. Operating profit after depreciation divided by net worth plus borrowings at the year end, times 100: what the business earns on all the money in it. | 4.8% | – | 28.2% |
| Cash conversionCash conversion. Cash from operations as a percentage of net profit: how much of the reported profit came in as cash. | – | – | 106.3% |
| Interest coverInterest cover. Operating profit after depreciation divided by finance costs: how many times over the profit pays the interest bill. | 1.2 | – | 10.0 |
| Debt to equityDebt to equity. Borrowings at the year end divided by net worth: rupees borrowed for each rupee shareholders have in the business. | 1.49 | – | 0.65 |
| Receivable daysReceivable days. Trade receivables divided by revenue, times 365: the average days customers take to pay. | 21 | – | 18 |
| Inventory daysInventory days. Inventories divided by the cost of materials and goods, times 365: the days of stock the company holds. | 197 | – | 213 |
| Payable daysPayable days. Trade payables divided by the cost of materials and goods, times 365: the average days the company takes to pay suppliers. | 136 | – | 161 |
| Cash conversion cycle, daysCash conversion cycle. Receivable days plus inventory days less payable days: how long money is tied up between paying suppliers and being paid by customers. | 82 | – | 71 |
| Working capital daysWorking capital days. Assets turning to cash within a year, less cash, bank deposits and current investments, minus liabilities due within a year, less borrowings, divided by the year's revenue, times 365. | 9what Working capital days, Mar 2020, includes. This year's balance sheet lists long-term loans due within the year among other liabilities, not borrowings, so its working capital days count them, unlike the years from April 2021. | – | 4 |
| Asset turnoverAsset turnover. Revenue divided by average total assets: rupees of sales for each rupee of assets. | 0.56 | – | 0.85 |
| Assets per rupee of net worthAssets per rupee of net worth. Average total assets divided by average net worth: how far borrowings and other liabilities stretch the shareholders' money. | 3.40 | – | 2.49 |
| Sales per rupee of plantSales per rupee of plant. Revenue divided by the net block: rupees of sales for each rupee of plant in use. | 1.09 | – | 1.96 |
| Capital spending to depreciationCapital spending to depreciation. Capital spending for the period divided by its depreciation and amortisation. | – | – | 1.16 |
| Plant being built, % of plant in useCapital work in progress, % of net block. Plant still being built as a percentage of the plant in use. | 14.7% | – | 17.0% |
Growth and returns over 3, 5 and 10 years
Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2022.
- Return on assets, latest yearReturn on assets, latest year. Profit to the company's own shareholders in the latest year ÷ the average of that year's opening and closing total assets × 100; empty for a bank, a lender or an insurer, whose own return on assets is shown with its accounts.
- 14.1%
- Cash from operations against operating profitCash from operations against operating profit. Cash from operating activities in the latest year ÷ operating profit before depreciation × 100: how much of the operating profit arrived as cash; empty where that profit is nought or a loss.
- 69.9%
| Measure | 3 years |
|---|---|
| Return on equity, averageReturn on equity, average. 3 years: The plain average of the yearly return on equity over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly return on equity over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly return on equity over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | 18.6% |
| Return on capital employed, averageReturn on capital employed, average. 3 years: The plain average of the yearly return on capital employed over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly return on capital employed over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly return on capital employed over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | 16.5% |
| Operating margin, averageOperating margin, average. 3 years: The plain average of the yearly operating profit margin over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly operating profit margin over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly operating profit margin over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | 19.3% |
| Asset turnover, averageAsset turnover, average. 3 years: The plain average of the yearly asset turnover over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly asset turnover over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly asset turnover over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | 0.71 |
| Cash conversion cycle, days, averageCash conversion cycle, days, average. 3 years: The plain average of the yearly cash conversion cycle in days over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly cash conversion cycle in days over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly cash conversion cycle in days over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | 77 |
| Interest cover, averageInterest cover, average. 3 years: The plain average of the yearly interest cover over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly interest cover over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly interest cover over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | 5.6 |
| Debt to equity, averageDebt to equity, average. 3 years: The plain average of the yearly debt to equity over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly debt to equity over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly debt to equity over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | 1.07 |
Where the cash came from and went
Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2022.
| ₹ crore | Latest year |
|---|---|
| Cash from operationsCash from operations. Latest year: Cash from operating activities in the latest year. 3 years: Cash from operating activities added over the last three years, needing every one of them. 5 years: Cash from operating activities added over the last five years, needing every one of them. | 44,381 |
| Cash from investingCash from investing. Latest year: Cash from investing activities in the latest year. 3 years: Cash from investing activities added over the last three years, needing every one of them. 5 years: Cash from investing activities added over the last five years, needing every one of them. | −10,881 |
| Cash from financingCash from financing. Latest year: Cash from financing activities in the latest year. 3 years: Cash from financing activities added over the last three years, needing every one of them. 5 years: Cash from financing activities added over the last five years, needing every one of them. | −23,401 |
| Capital spendingCapital spending. Latest year: Spending on property, plant and equipment in the latest year. 3 years: Spending on property, plant and equipment added over the last three years, needing every one of them. 5 years: Spending on property, plant and equipment added over the last five years, needing every one of them. | 10,522 |
| Dividends paidDividends paid. Latest year: Dividends paid in the latest year. 3 years: Dividends paid added over the last three years, needing every one of them. 5 years: Dividends paid added over the last five years, needing every one of them. | 3,020 |
| Shares bought backShares bought back. Latest year: Shares bought back in the latest year. 3 years: Shares bought back added over the last three years, needing every one of them. 5 years: Shares bought back added over the last five years, needing every one of them. | 0 |
| Shares issued for cashShares issued for cash. Latest year: Shares issued for cash in the latest year. 3 years: Shares issued for cash added over the last three years, needing every one of them. 5 years: Shares issued for cash added over the last five years, needing every one of them. | 326 |
| Borrowings raisedBorrowings raised. Latest year: Money raised by borrowing, as a positive amount, in the latest year; empty where a year's filing states only borrowing net of repayment, which says neither how much was raised nor how much paid back. 3 years: Money raised by borrowing, as a positive amount, added over the last three years, needing every one of them; empty where a year's filing states only borrowing net of repayment, which says neither how much was raised nor how much paid back. 5 years: Money raised by borrowing, as a positive amount, added over the last five years, needing every one of them; empty where a year's filing states only borrowing net of repayment, which says neither how much was raised nor how much paid back. | 12,439 |
| Borrowings repaidBorrowings repaid. Latest year: Money paid back on borrowings, as a positive amount, in the latest year. 3 years: Money paid back on borrowings, as a positive amount, added over the last three years, needing every one of them. 5 years: Money paid back on borrowings, as a positive amount, added over the last five years, needing every one of them. | 26,360 |
Accounting checks
Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.
| Check | Mar 2022 |
|---|---|
| Effective tax rateEffective tax rate. Tax charged as a percentage of profit before tax.Published threshold 17.16 per cent | 17.10 |
| Tax charged less tax paid, % of profitTax charged less tax paid. Tax charged against profit less tax actually paid in cash, as a percentage of profit before tax.Our threshold 10 percentage points | −6.91 |
A threshold marked as ours has no published figure; it is the line we read the check against.