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- Nov 13, 2015 - Tata Steel: Its Europe again
Tata Steel: Its Europe again
Performance summary:
- Income from operations declined by 18.1% YoY during 2QFY16 and other operating income also declined by 12.3% leading to decline in total income by 18.1% YoY during 2QFY16.
- Operating Margin has also declined by 4% to 6.2% from 10.2% during 2QFY15.
- Other income surged during this quarter by whopping 814% which includes gain of Rs 28.08 billion on sale of quoted investments.
- Due to increase in other income and lesser tax outgo, net profit increased by 21.9% YoY despite an increase in exceptional item which has increased by 149.2% YoY during 2QFY16 due to provision for impairment of non-current assets, provision for demands and claims, employee separation compensation and restructuring and other provisions.
- Net profit for the first half grew by 44% YoY due to surge in other income and lower tax outgo.
Standalone financial performance
| (Rs mn) | 2QFY15 | 2QFY16 | Change | 1H FY15 | 1H FY16 | Change |
|---|---|---|---|---|---|---|
| Total Income | 357,771 | 293,047 | -18% | 722,043 | 596,050 | -17.4% |
| Total Expenses | 321,343 | 274,742 | -14.5% | 642,889 | 550,003 | -14.4% |
| Operating profit (EBITDA) | 36,428 | 18,305 | -49.8% | 79,154 | 46,047 | |
| Operating profit margin (%) | 10.18% | 6.25% | 10.96% | 7.73% | -29.5% | |
| Other income | 3215 | 29382 | 813.8% | 5377 | 37004 | 588.2% |
| Interest | 12328 | 10487 | -14.9% | 24852 | 21468 | -13.6% |
| Depreciation | 14295 | 13708 | -4.1% | 29798 | 27173 | -8.8% |
| Profit before tax & exceptional items | 13021 | 23491 | 80.4% | 13021 | 34410 | 164.3% |
| Exceptional Item | 11450 | -5637 | -149.2% | 8,825 | -4,053 | -145.9% |
| Tax | 11748 | 2402 | -79.6% | 22,552 | 7,555 | -66.5% |
| Minority Interest | -33 | -8 | -74.9% | -177 | 59 | -133.5% |
| Share of profit / (loss) of associates | -146 | -157 | 7.3% | -61 | 56 | -191.7% |
| Net Profit | 12543 | 15287 | 21.9% | -944 | 22917 | -2527.6% |
| Net profit margin (%) | 3.5% | 5.2% | -0.1% | 3.8% | ||
| No. of shares (m) | 970.24 | |||||
| Basic diluted earnings per share (Rs) ^ | -33.24 | |||||
| P/E ratio (x) * | N.A. |
(^annualised, * on trailing twelve month earnings)
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