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Annual Results


Annual Results

TATA SPONGE  IRON LIMIITED
Regd. Office : Joda , Post- Joda
Dist- Keonjhar, Orissa, Pin Code 758 034
STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS  FOR THE QUARTER AND YEAR ENDED 31 MARCH, 2015
Part I (Rs. In Lacs)
Particulars 3 Months
ended
31.03.2015
Preceding 3 months
ended
31.12.2014
Corresponding
3 months ended
31.03.2014 in the previous year
Current accounting year ended 31.03.2015
(Audited)
Previous accounting year
ended
31.03.2014
(Audited)
1 Income from operations
a) Net Sales/Income from operations (net of excise duty) 15,985 20,718 22,836 76,623 76,272
b) Other Operating Income 48 796 820 2,350 1,950
Total Income from operations (net) 16,033 21,514 23,656 78,973 78,222
2 Expenses
a) Cost of materials consumed 13,410 17,117 14,863 57,892 54,706
b) Purchase of Finished Goods
c) Changes in inventories of finished goods (1,026) 73 446 (568) (169)
d) Employee benefits expense 1,170 837 736 3,515 2,684
e) Depreciation and amortisation expenses 407 302 437 1,294 1,775
f) Other expenses 2,654 1,700 1,682 8,212 6,468
Total Expenses 16,615 20,029 18,164 70,345 65,464
3 Profit from Operations before other income, finance cost and exceptional Items (1-2) (582) 1,485 5,492 8,628 12,758
4 Other Income 2,354 866 975 5,554 3,545
5 Profit from ordinary activities before finance costs and exceptional items (3 + 4) 1,772 2,351 6,467 14,182 16,303
6 Finance Cost 223 145 344 530 1,322
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 1,549 2,206 6,123 13,652 14,981
8 Exceptional items
9 Profit from ordinary activities before tax (7 + 8) 1,549 2,206 6,123 13,652 14,981
10 Tax expense 692 555 2,073 4,458 4,862
11 Net Profit from ordinary activities after tax (9 – 10) 857 1,651 4,050 9,194 10,119
12 Extraordinary items (net of tax expenses)
13 Net Profit for the period (11 – 12) 857 1,651 4,050 9,194 10,119
14 Paid up equity share capital (Face value : Rs.10 per share) 1,540 1,540 1,540 1,540 1,540
15 Reserves excluding revaluation reserves as per balance sheet of previous accounting year 77,977 70,718
16 Earnings Per share (EPS)
a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not annualised) 5.56 10.72 26.30 59.71 65.71
b) Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year (not annualised)
5.56 10.72 26.30 59.71 65.71
See accompanying note to the financial results
CONSOLIDATED SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND YEAR ENDED 31 MARCH, 2015
(Rs. In Lacs)
Particulars 3 Months
ended
31.03.2015
Preceding 3 months
ended
31.12.2014
Corresponding
3 months ended
31.03.2014 in the previous year
Current accounting year ended 31.03.2015
(Audited)
Previous accounting year
ended
31.03.2014
(Audited)
Revenue by Business Segment :
Sponge business 14,892 20,419 22,283 74,224 73,723
Power business 458 2,447 1,747 6,198 5,778
Others
Total 15,350 22,866 24,030 80,422 79,501
Less: Intersegment revenue 683 (1,352) (374) (1,449) (1,279)
Net sales / income from operation 16,033 21,514 23,656 78,973 78,222
Segment results before finance costs, exceptional items and tax:
Sponge business 561 1 5,030 6,535 10,526
Power business 3 1,838 940 4,220 3,040
Others
Unallocated income/ (expenditure) 1,212 512 495 3,427 2,737
Total segment results before finance costs, exceptional items and tax 1,776 2,351 6,465 14,182 16,303
Less: Finance cost 223 145 344 530 1,322
Profit /(Loss) before exceptional items and tax 1,553 2,206 6,121 13,652 14,981
Exceptional items:
Profit / (Loss) before tax 1,553 2,206 6,121 13,652 14,981
Less : Tax expense 692 555 2,073 4,458 4,862
Net Profit /(Loss) 861 1,651 4,048 9,194 10,119
Segment Capital Employed :
Sponge business 16,896 16,728 8,979 16,896 8,979
Power business 4,508 3,273 3,078 4,508 3,078
Others
Unallocated 58,113 60,513 60,201 58,113 60,201
Total 79,517 80,514 72,258 79,517 72,258
(Rs. In Lacs)
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES As at
31.03.2015
As at
31.03.2014
Audited Audited
A EQUITY AND LIABILITIES
1 Share holders’ Funds
(a) Share Capital 1,540 1,540
(b) Reserves and Surplus 77,977 70,718
Sub-total – Shareholders’ funds 79,517 72,258
2 Non- current liabilities
(a) Deferred Tax Liabilities (net) 2,304 2,181
(b) Other long term liabilities
(c) Long-term provisions 528 466
Sub-total – Non- current liabilities 2,832 2,647
3 Current Liabilities
(a) Short-term borrowings
(b) Trade Payables 4,691 5,405
(c) Other current liabilities 1,756 4,181
(d) Short-term provisions 8,495 8,437
Sub-total – Current Liabilities 14,942 18,023
TOTAL – EQUITY AND LIABILITIES 97,291 92,928
B ASSETS
1 Non- current asstes
(a) Fixed Assets 16,764 16,655
(b) Non current investments 80 80
(c) Long term loans and advances 19,568 17,809
(d) Other non-current assets 2 2
Sub-total – Non- current asstes 36,414 34,546
2 Current Assets
(a) Current investments 20,716 20,369
(b) Inventories 10,845 6,185
(c) Trade receivables 888 2,607
(d) Cash and cash equivalents 25,156 26,933
(e) Short-term loans and advances 2,233 1,662
(f) Other current assets 1,039 626
Sub-total – current asstes 60,877 58,382
TOTAL 97,291 92,928
TATA SPONGE IRON LIMITED
Regd. Office : Joda , Post- Joda
Dist- Keonjhar, Orissa, Pin Code 758 034
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH, 2015
Part I (Rs. In Lacs)
Particulars 3 Monthsended31.03.2015(Audited) Preceding 3 monthsended31.12.2014(Audited) Corresponding3 months ended31.03.2014 in the previous year(Audited) Current accounting year ended 31.03.2015(Audited) Previous accounting yearended31.03.2014(Audited)
1 Income from operations
a) Net Sales/Income from operations (net of excise duty) 15,985 20,718 22,836 76,623 76,272
b) Other Operating Income 48 796 820 2,350 1,950
Total Income from operations (net) 16,033 21,514 23,656 78,973 78,222
2 Expenses
a) Cost of materials consumed 13,410 17,117 14,863 57,892 54,706
b) Purchase of Finished Goods
c) Changes in inventories of finished goods (1,026) 73 446 (568) (169)
d) Employee benefits expense 1,170 837 736 3,515 2,684
e) Depreciation and amortisation expenses 407 302 437 1,294 1,775
f) Other expenses 2,653 1,700 1,681 8,211 6,467
Total Expenses 16,614 20,029 18,163 70,344 65,463
3 Profit from Operations before other income, finance cost and exceptional Items (1-2) (581) 1,485 5,493 8,629 12,759
4 Other Income 2,353 866 972 5,548 3,542
5 Profit from ordinary activities before finance costs and exceptional items (3 + 4) 1,772 2,351 6,465 14,177 16,301
6 Finance Cost 223 145 344 530 1,322
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 1,549 2,206 6,121 13,647 14,979
8 Exceptional items
9 Profit from ordinary activities before tax (7 + 8) 1,549 2,206 6,121 13,647 14,979
10 Tax expense 692 555 2,073 4,458 4,862
11 Net Profit from ordinary activities after tax (9 – 10) 857 1,651 4,048 9,189 10,117
12 Extraordinary items (net of tax expenses)
13 Net Profit for the period (11 – 12) 857 1,651 4,048 9,189 10,117
14 Paid up equity share capital (Face value : Rs.10 per share) 1,540 1,540 1,540 1,540 1,540
15 Reserves excluding revaluation reserves as per balance sheet of previous accounting year 77,977 70,722
16 Earnings Per share (EPS)
a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not annualised) 5.56 10.72 26.29 59.67 65.69
b) Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year (not annualised) 5.56 10.72 26.29 59.67 65.69
See accompanying note to the financial results
PART II
SELECT INFORMATION FOR THE QUARTER AND YEAR ENDED 31 MARCH, 2015
Particulars 3 Monthsended31.03.2015(Audited) Preceding 3 monthsended31.12.2014(Audited) Corresponding3 months ended31.03.2014 in the previous year(Audited) Current accounting year ended 31.03.2015(Audited) Previous accounting yearended31.03.2014(Audited)
A PARTICULARS OF SHAREHOLDING
1 Public shareholding
– Number of Shares 70,06,446 70,06,446 70,06,446 70,06,446 70,06,446
-Percentage of shareholdings 45.50 45.50 45.50 45.50 45.50
2 Promoters and promoter group Shareholding
a) Pledged/Encumbered
– No. of shares Nil Nil Nil Nil Nil
– Percentage of shares (as a % of the total shareholding of the promoter and promoter group) Nil Nil Nil Nil Nil
– Percentage of shares (as a % of the total share capital of the company) Nil Nil Nil Nil Nil
b) Non-encumbered
– No. of shares 83,93,554 83,93,554 83,93,554 83,93,554 83,93,554
– Percentage of shares (as a % of the total shareholding of the promoter and promoter group) 100.00 100.00 100.00 100.00 100
– Percentage of shares (as a % of the total share capital of the company) 54.50 54.50 54.50 54.50 54.50
Particulars 3 months ended 31.03.2015
B INVESTOR COMPLAINTS
Pending at the beginning of the quarter 1
Received during the quarter 2
Disposed of during the quarter 3
Remaining unresolved at the end of the quarter
SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND YEAR ENDED 31 MARCH, 2015
(Rs. In Lacs)
Particulars 3 Monthsended31.03.2015(Audited) Preceding 3 monthsended31.12.2014(Audited) Corresponding3 months ended31.03.2014 in the previous year(Audited) Current accounting year ended 31.03.2015(Audited) Previous accounting yearended31.03.2014(Audited)
Revenue by Business Segment :
Sponge business 14,892 20,419 22,283 74,224 73,723
Power business 458 2,447 1,747 6,198 5,778
Others
Total 15,350 22,866 24,030 80,422 79,501
Less: Intersegment revenue 683 (1,352) (374) (1,449) (1,279)
Net sales / income from operation 16,033 21,514 23,656 78,973 78,222
Segment results before finance costs, exceptional items and tax:
Sponge business 561 1 5,030 6,535 10,526
Power business 3 1,838 940 4,220 3,040
Others
Unallocated income/ (expenditure) 1,208 512 495 3,422 2,735
Total segment results before finance costs, exceptional items and tax 1,772 2,351 6,465 14,177 16,301
Less: Finance cost 223 145 344 530 1,322
Profit /(Loss) before exceptional items and tax 1,549 2,206 6,121 13,647 14,979
Exceptional items:
Profit / (Loss) before tax 1,549 2,206 6,121 13,647 14,979
Less : Tax expense 692 555 2,073 4,458 4,862
Net Profit /(Loss) 857 1,651 4,048 9,189 10,117
Segment Capital Employed :
Sponge business 16,896 16,728 8,979 16,896 8,979
Power business 4,508 3,273 3,078 4,508 3,078
Others
Unallocated 58,113 60,513 60,205 58,113 60,205
Total 79,517 80,514 72,262 79,517 72,262
(Rs. In Lacs)
STATEMENT OF ASSETS AND LIABILITIES As at 31.03.2015 As at 31.03.2014
Audited Audited
A EQUITY AND LIABILITIES
1 Share holders’ Funds
(a) Share Capital 1,540 1,540
(b) Reserves and Surplus 77,977 70,722
Sub-total – Shareholders’ funds 79,517 72,262
2 Non- current liabilities
(a) Deferred Tax Liabilities (net) 2,304 2,181
(b) Other long term liabilities
(c) Long-term provisions 528 466
Sub-total – Non- current liabilities 2,832 2,647
3 Current Liabilities
(a) Short-term borrowings
(b) Trade Payables 4,690 5,404
(c) Other current liabilities 1,756 4,181
(d) Short-term provisions 8,495 8,437
Sub-total – Current Liabilities 14,941 18,022
TOTAL – EQUITY AND LIABILITIES 97,290 92,931
B ASSETS
1 Non- current asstes
(a) Fixed Assets 16,764 16,655
(b) Non current investments 186 186
(c) Long term loans and advances 19,568 17,809
(d) Other non-current assets 2 2
Sub-total – Non- current asstes 36,520 34,652
2 Current Assets
(a) Current investments 20,614 20,270
(b) Inventories 10,845 6,185
(c) Trade receivables 888 2,607
(d) Cash and cash equivalents 25,151 26,930
(e) Short-term loans and advances 2,233 1,661
(f) Other current assets 1,039 626
Sub-total – current asstes 60,770 58,279
TOTAL 97,290 92,931

Notes :
(1) The above results have been noted in the Audit committee and approved at the meeting of the Board of Directors held on April 20, 2015.

(2) The Company has identified sale of power as separate business segment other than sale of sponge iron considering the requirements under Accounting Standard – 17 on “Segment Reporting”. Further, as the Company’s products are sold primarily in India there is no reportable secondary segment i.e. Geographical Segment.

(3)a.
In the month of November 2012, Ministry of Coal (“MoC”) issued notices to the Company for invocation of bank guarantee (“BG”) of Rs. 3,250 lacs submitted towards performance of conditions for allocation of coal block. The Hon’ble High Court of Delhi vide its order dated October 30, 2014 has granted a stay on invocation of bank guarantee. The High Court also directed the Company to keep the bank guarantee valid till 28th May 2015 by which the Union of India has been directed to take a decision. Pending finalisation of the matter, the BG amount continues to be disclosed as a contingent liability.

b. During pendency of the aforesaid matters in Delhi High Court, the Hon’ble Supreme Court of India vide its order dated September 24, 2014 has cancelled allocation of 214 coal blocks including the Radhikapur (East) Coal Block which was allotted to the Company on February 07, 2006. The carrying value of investments made in Radhikapur East Coal Block as on March 31st, 2015 is Rs. 18,074.18 lac

c. Pursuant to the judgment of Hon’ble Supreme Court of India, the Government of India has promulgated Coal Mines (Special Provision) Rules, 2014 (“Rules”) for allocation of the coal mines through auction and matters related thereto. In terms of the said Rules, the successful bidder will be called upon to pay to the prior allocattee the expenses incurred by the prior allocatee towards land and mine infrastructure. Pursuant to MoC’s directive seeking the details of expenses vide letter dated December 26, 2014, the Company has furnished the required statement of expenses on 5h January 2015. Based on the Rules and necessary legal opinion obtained by the company, the provision made during the quarter ended September 30, 2014 on coal block expenses amounting to Rs 627.60 lac has been reversed during the current quarter.

(4)
Other Income as shown in item no 4 of the standalone and consolidated results for 3 months ended and current accounting year ended March 31, 2105 includes an amount of Rs. 1295 lacs being reversed of provisions made in earlier year in respect of indirect tax litigation based on favorable orders from competent authorities.

(5) Figures for the previous period/year have been regrouped and reclassified to conform to the classification of current period, where necessary.

(6) The Board of Directors has recommended a dividend of Rs.10 per equity (100%) share for the year ended 31 March 2015. The cash outflow on account of dividend will be Rs.1540 lacs and for tax on distributed profit including Education Cess will be Rs.313.51 lacs.

(7) The figures of the last quarter are the balancing figure between audited figures in respect of the full financial year & the publised year to date figures upto the 3rd quarter of the current financial year .

For and on behalf of the Board of Directors

D. P. Deshpande
Managing Director
Jamshedpur, 20 April, 2015

TSILEL Financial Statements of Subsidiary Company, FY 2014-15