Professional Documents
Culture Documents
Shivaji College
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Raja Garden, New Delhi-110027
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Student Declaration
I hereby declare that the project report titled as Comparative Analysis of Financial Statement
of SAIL with other Steel Companies in India is submitted in partial fulfillment of the Degree
of Bachelor of Business Economics (BBE) 2010- 2013 was carried out with sincere intention
of benefiting the organization. It is completed by me by collecting the material from the
referenced sources. The project duration was from 1st July 2011 to 31st August 2011. To the best
of my knowledge, it is an original piece of work done by me and it has neither been submitted to
any other organization nor published at anywhere before.
Signature
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Steel Authority of India Limited, Delhi
This is to certify that Ms. Avneet Kaur Ahuja is a bonafide student of SAIL, Delhi and is
presently pursuing Bachelor of Business Economics (BBE).
Under my guidance, she has submitted her summer internship project report titled as
Comparative Analysis of Financial Statement of SAIL with other Steel Companies in
India for SAIL, Delhi in partial fulfillment of the degree of Bachelor of Business Economics
(BBE) from Shivaji College, University of Delhi, New Delhi.
This report has not been previously submitted as part of any other degree or diploma of
another Business School or University. This project report has been approved here with.
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Organization Certificate
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Shivaji College
(University of Delhi)
Certificate
This is to certify that Ms. Avneet Kaur Ahuja of Shivaji College has successfully
completed the project work titled as Comparative Analysis of Financial Statement of SAIL
with other Steel Companies in India at Steel Authority of India Limited in partial
fulfillment of the required for the award of Bachelor of Business Economics (BBE) prescribed
by the Shivaji College, University of Delhi.
This project is the record of authentic work carried out during the academic year 2010-2011. She
has works under our guidance and direction. She work is found to be satisfactory and complete
in all respect.
Countersigned
Vice Principal
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Acknowledgement
It is great pleasure for me to acknowledge the kind of help and guidance received to me during
my project work. I was fortunate enough to get support from a large number of people to whom I
shall always remain grateful.
I sincerely thank Mr. Sandeep Goel, Sr. Manager (Finance), Person of amiable personality, for
assigning such a challenging project work which has enriched my work experience and getting
me acclimatized in a fit and final working ambience in the premises of Cost and Budget Section
(SAIL).
I acknowledge my gratitude to Prof. Prachi Narang, Assistant Professor (Economics), for her
extended guidance, encouragement, support and reviews and without whom this project would
not have been a success.
Last but not the least I would like to extend my thanks to all the employees at Cost and Budget
Section (SAIL) for their cooperation, valuable information and feedback during my project.
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Executive Summary
Steel Authority of India Limited (SAIL) is the leading steel-making company in India. It is a
fully integrated iron and steel maker, producing both basic and special steels for domestic
construction, engineering, power, railway, automotive and defense industries and for sale in
export markets. SAIL is also among the five Maharatnas of the country's Central Public Sector
Enterprises. The Government of India owns about 86% of SAIL's equity and retains voting
control of the Company.
Global business witnessed a worldwide downturn in all sphere of business including steel
industry in the second half of 2008-09. The global economy started recovering gradually during
2009-10. SAIL has reoriented production in line with market demand, substantially increased
production of value added steel and achieved the saleable steel production of 12.6 MT
representing 114% of capacity utilization. Sales volume of saleable steel also improved by 7 % at
12.1 MT as against 11.3 MT in 2008-09. The steel prices which were at its lowest during
October-December08 started recovering gradually from January 2009 onwards, but at a very
slow pace. Towards the end of current year, the steel prices reached its peak for the financial
year 2009-10.Despite higher sales volume of saleable steel for FY 2009-10, SAIL achieved the
turnover of ` 43935 crore which was lower by 9.9 % as compared to previous year mainly due to
reduction in average net sales realization of saleable steel during 2009-10. However, as
compared to CPLY, the profitability improved due to higher saleable steel production (1.1%) and
sales volume (7%), improved production of value added products (24%), improvement in BF
productivity, reduction in coke rate and specific energy consumption, favorable impact of input
prices, particularly of imported coal, nickel, ferro manganese, silico manganese, aluminium etc.,
reduction in ocean freight on imported coal, reduction in stores & spares consumption, repair &
maintenance expenses, optimization in procurement, prudent funds management, curtailing cost
of production, etc. The profitability was affected due to lower net sales realization, increase in
royalty on minerals, higher interest cost and depreciation etc. The profit before tax of Rs. 10132
crore was higher by Rs. 733 crore over previous year (Rs. 9399 crore).
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During the year, SAIL has continued its thrust on better fund management. M/s FITCH and M/s
CARE, RBI approved credit rating agencies, maintained "AAA" ratings indicating the highest
safety, to SAIL's long term borrowing programme.
This project is a sincere effort to study and analyze the Financial Management of SAIL and its
competitors and also a good experience because every manufacturing company faces the
problem of Financial Management in their day to day processes and need to analysis financial
performance against its competitors.
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Table of Contents
Student Declaration
Certificate from the Organization
Certificate of Internal Guide
Acknowledgement
Executive Summary
S. NO. PARTICULARS PAGE NO.
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3 Chapter-3 Understanding Theoretical Background 24-27
5 Chapter-5 Conclusions 38
Annexure
A. Charts
B. Comparative Statements
Bibliography
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List of Abbreviations
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Chapter-1
Introduction
The project on comparison of financial statement of SAIL with other steel sectors in India has
been a very good experience. Every manufacturing company faces the problem of Financial
Management in their day to day processes. An organizations cost can be reduced and the profit
can be increased only if it is able to manage the financial position of its firm. At the same time
the company can provide customer satisfaction and hence can improve their overall productivity
and profitability.
This project is a sincere effort to study and analyze the Financial Management of SAIL and its
competitors. The project work was divided into two phases. The first phase was focused on
company profile of SAIL, Tata Steel and JSW Steel on the bases on Background, Business
Description, Marketing and Distribution Network, CSR Initiatives, etc and the second phase was
conducted a Comparative analysis of SAIL with its competitors TATA Steel and JSW Steel on
the bases of Production Performance, Financial Performance, Ratio Analysis, Segmental Break-
up and Analysis of Cost and GSR/NSR.
The internship is a bridge between the institute and the organization. This made me to be
involved in a project that helped me to employ my theoretical knowledge about how the Analysis
of Financial Statement is done by the firm. And in the process I could contribute substantially to
the organizations growth. The experience that I gathered over the past two months has certainly
provided the orientation, which I believe will help me in shouldering any responsibility in future.
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Objectives of the study
The analysis and interpretation are based on secondary data contained in the published
annual reports of SAIL for the study period.
The comparison is rendered difficult because of differences in situations of one company
as compared to the other.
Ratios are tool of quantitative analysis only. Normally qualitative factors are needed to
draw conclusions.
The study of financial performance can be only a means to know about the financial
condition of the company and cannot show a through picture of the activities of the
company.
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Research Methodology
The required data for the study are basically secondary in nature and the data are collected from
the audited reports of 2009- 2010 of the SAIL and its competitors- TATA Steel and JSW and
from reference books.
The data collected were edited, classified and tabulated for analysis. The analytical tools used in
this study are:
Comparative Financial Statements.
Ratio Analysis.
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Chapter-2
Company Profile
Background
Steel Authority of India Ltd (SAIL), established in 1973, is one of Indias largest steel
manufacturing companies. SAIL owns and operates five integrated steel plants at Bhilai, Bokaro,
Durgapur, Rourkela and Burnpur and three special steel plants at dugapur in WB, Salam in TN
and Visvesarya in Karnataka. A subsidiary, Maharashtra Elektrosmelt Ltd (MEL), at Chandrapur
produces ferro alloys. The company is a PSU under the Gol, which holds, 85.82% of the
formers equity. In May 2010, SAIL was awarded the Maharatna status by the Gol.
Business Description
SAIL manufactures the widest spectrum of steel products in the country, covering hot and cold
rolled sheets and coils, galvanized sheets, electrical sheets, structurals, railway products, plates,
bars and rods, stainless steel and other alloy steels. The products of the company are used in
several sectors, encompassing construction, engineering, power, railway, automotive and defence
industries apart from catering to the export market.
During FY10, the steel plants of SAIL produced 14.5 MT of hot metal, 13.5 MT of crude steel
and 12.6 MT of saleable steel with saleable steel achieving 114% of capacity utilization. During
the year several new products were developed, such as 3mm Chequered Coils, SAIL-MC60 HR
Coils, C30 HMn 1.2 HR Coils, SAE1541 HR Coils &API X60 ERW Pipes at RSP, DMR 249B
Plates at RSP & BSP and ATM Grade Plates at BSP.
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Marketing and Distribution Network
SAIL has established a country wide marketing network with 37 branch sales offices, 25
Departmental Warehouses, 42 Consignment Agents and 27 Customer Contact Offices. It also
extended its distribution through its dealers. As on Apr 1, 2010, SAILs distribution network
covered 630 districts of the country with around 2,500 dealers in place.
During the year, SAIL agreed to merge its subsidiary, Maharashtra Electrosmelt Ltd
(MEL) with itself.
Signed an MoU with IRCON international Ltd, a PSU under the Ministry of Railways,
for jointly working on rail infrastructure project both in India and abroad.
The company established a JV SAIL SCI Shipping Pt Ltd in May 2010, to cater to its
requirements of shipping imports of coal.
Entered into a JV with RITES Ltd for establishing a wagon manufacturing plant in Kulti,
in WB.
Signed an MoU with Kobe Steel Japan, for exploring feasibility of ITmk3 technology for
producing premium grade iron nuggets using iron ore fines and non coking coal.
Signed an MoU with POSCO, Korea for exploring business opportunities in the areas of
manufacturing and commercialization of CRNO; and exploration of upstream &
downstream opportunities in utilizing FINEX technology.
Signed an MoU with Rashtriya Ispat Nigam Ltd for jointly exploring and developing
high grade low silica limestone deposits of Qalhat in the sultanate of Oman for supply to
steel plants of SAIL & RINL on a long term basis.
CSR Initiatives
In its endeavor to spread the value and knowledge of education among its employees and
workers, SAIL has opened about 138 schools in the vicinity of its plants and currently provides
education to more than 70,000 children. In order to facilitate dissemination of knowledge among
tribal children, SAIL also provides assistance to over 260 schools with more than 55,000
students of villages surrounding its units. The company is also providing mid-day meals to
21,500 children in schools in and around Bhilai. To provide access to portable water, the
company has also installed over 4,700 water sources in the remote areas surrounding its plants.
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Expansion Plans
SAIL is currently in the process of implementing various growth plans to enhance its hot metal
capacity from the level of 14.5 MTPA to 26.2 MTPA and crude steel from 13.5 MTPA to 24.6
MTPA. Under the ongoing Phase-l of modernization and expansion plan, hot metal production
capacity will expand to 23.5 MT by 2012. Its modernization & expansion plans include
installation of new coke oven batteries, new steel melting shops, installation of new mills, new
blast furnaces of bigger capacity with up gradation of existing blast furnaces, among others. The
ongoing expansion has been planned to achieve saleable steel production of 20.23 MTPA. Apart
from increasing the production capacity, the plan addresses the vital issues of elimination of
technological obsolescence, installing energy efficient & environment friendly technologies,
value addition/ productmix improvement / sustenance of existing assets of the plants and
introduction of customercentric processes.
Background
Tata Steel, formerly known as TISCO and Tata Iron and Steel Company Limited established
in 1907 at Mumbai, is now the worlds 10th largest steel company and the worlds 2nd most
geographically diversified steel producer. It is one of the worlds lowest cost producers of steel, a
shareholder base of over 800,000 people and employee strength over 81,000 across 5 continents.
Tata Steel is mainly involved in the manufacture of steel. Tata's international operations include
UK-based subsidiary Tata Steel Europe, Singapore's NatSteel, and Tata Steel Thailand. The
company also owns interests in coal and iron projects that supply the steel maker with raw
materials. The Tata Group owns about 30% of the company.
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Business Description
Tata Steels operations predominantly relate to the manufacture of steel conducted through its
steel division. Its other main divisions include the bearings division, which manufactures ball
bearings, double row self-aligning bearings, magneto bearings etc; ferro alloys & minerals
division that operates chrome mines and has units for making ferro chrome and ferro manganese;
agrico division manufactures hand tools and implements for application in agriculture; Tata
growth shop designs, develops, manufactures, erects and commissions equipments ranging from
overhead cranes to high precision components; tubes division engaged in commercial and
precision tube manufacturing; and wire division that produces coated and uncoated wires,
branded as Tata Wiron. Some of the companys prominent brands include Tata Steelium,
Steelennium, Tata Tiscon, Tata Shaktee etc.
The fiscal year FY 10 is a landmark year for Tata Steels Indian operations with an outstanding
performance across all its Units and Divisions. TATA Steel has an integrated steel plant, the
Company achieved its best ever production of hot metal (7.23 million tonnes), crude steel (6.56
million tonnes) located at Jamshedpur, Jharkhand and saleable steel (6.44 million tonnes) in FY
10.
Tata Steel Processing and Distribution Limited is wholly owned subsidiary of Tata Steel. With 8
large processing units, 23 sales locations and a host of partners like external processing agencies,
suppliers, retailers and other stakeholders, today TSPDL is Indias largest steel service
organization. Distribution centres are Jamshedpur, Kolkata, Raipur, Bhubneswar, Faridabad,
Noida, Gurgaon, Roorkee, Pantnagar, Kanpur, Pune, Chennai and Bengaluru.
April, 2010, Tata Steel signed an MoU with Nippon Steel Corporation (NSC), Japan for
setting up a Continuous Annealing and Processing Line at Jamshedpur, India with 0.6
mtpa capacity.
Signed an MoU with the State Government of Orissa for setting up a 6 mtpa1 Greenfield
steel plant in Orissa.
Signed an MoU with the government of Chhattisgarh for setting up of a 5 mtpa
Greenfield integrated steel plant in Bastar.
1
Mtpa- million tonne per annam
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Entered into a Joint Venture (JV) with prominent steel making companies of India and
Thailand, Australia, SINTICIM (the Mozambican National Construction and
Mineworkers Union), Ivory Coast, Canada and Oman for the source of raw material.
Continues to explore other materials and metal and goes to establish several plants within
the country and aboard.
Joint Venture with Tata BlueScope Steel Ltd, company entered steel building and
construction application market.
Acquisition of Corus and investment in global outfits like Millennium Steel (now Tata
Steel Thailand) and NatSteel holdings, Singapore- created manufacturing and marketing
network in Europe, SE Asia and the Pacific- Rim Countries.
In accordance with the Tata Steel Group Vision, Tata Steel Group (the Group) aspires
to be the global steel industry benchmark for value creation and corporate citizenship.
CSR Initiatives
Expansion Plan
As part of the Brownfield expansion project, TATA Steel has commissioned H Blast Furnace in
May 2008, Caster #3 in October 2008 at the steel melting shop #1 and up gradation of Hot Strip
Mill roughing mill as part of 1.8 million tonne growth plan to reach capacity of 6.8 million
tonne. TATA Steel is continuing with its programme of expansion of hot metal and steel making
capacity by 3 million tonne to reach 10 million tonne. and Crude steel capacity as on March 31,
2009: 6.8 million tonne (Jamshedpur works) and Tata Steel has also envisaged massive
expansion of its capacities through various greenfield projects at Sarai Kala (Jharkhand),
Kalinganagar (Orissa) and Bastar (Chhattisgarh).
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JSW Steel Limited
Background
JSW Group is one of the fastest growing business conglomerates with a strong presence in the
core economic sector. JSW Steel Ltd (JSW Steel) was incorporated in 1994 as Jindal
Vijayanagar Steel Ltd. It was promoted jointly by JISCO and KSIIDC. In FY04, JISCOs
investment in the company was transferred to Jindal South West Holdings Ltd and JISCO was
merged with the company. In 2005, the company acquired its current name. During FY08, the
company merged Southern Iron & Steel Company Ltd with itself. On 21 December 2010, it was
declared that JSW Steel will buy controlling interest in Ispat Industries at an enterprise value of
$3 billion to emerge as Indias largest producer of the commodity with an annual capacity of
14.3 million tonnes. The company will now be called JSW Ispat Steel Ltd.
Business Description
JSW Steels business is organized into two segments viz. steel and power that is generated
mainly for captive consumption. The company produces pellets, slabs, HR coils, HR plates,
CR coils, galvanized steel, and color-coated galvanized steel, TMT Rebars, Wire Rods & Special
Steel Bars, Rounds & Blooms. The Company has installed crude steel making capacity of 7.8
MTPA in India consisting 23% of value added flat products, (capacity of 1.8 MTPA), spread
across four locations, viz. Vijayanagar Works in Karnataka, Salem Works in Tamil Nadu and
Vasind & Tarapur Works in Maharashtra.
During the FY09-10, it had achieved crude steel production of 5.987 Million tonnes (the overall
production was 6.02 Million tonnes, considering trial run production from the expansion project)
and saleable steel of 5.720 Million tonnes (the overall sales was 5.74 Million tonnes, considering
trial run sales), which works out to around 94% of volume guidance of 6.4 Million tonnes and
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6.1 Million tonnes, respectively for the fiscal year under review. During the year, the production
of Rolled Products, both Long and Flat (including Value Added Flat), went up significantly
compared to last fiscal. HR Coil production has reached highest levels at 3.399 Million tonnes
during the year, which is around 106% of enhanced rated capacity of 3.2 Million tonnes.
JSW Steel has established a country wide marketing network with 16 branch sales offices, 4
Manufacturing Plants, JSW Shoppe continues to expand from 50 in 2008-09 to 174 as on
March10 with Shoppe sales up by 114% to 0.64 million tones and leveraging the demand of the
Semi-Urban and Rural India by introducing innovative concept of Shoppe-On-Wheel.
Additionally, JSW has been expanding its Distribution Points on a Pan-India basis as well and
company has STEELeMART, a B2B steel-trading portal is a venture of Sapphire Technologies
Ltd.
During first quarter of FY 2009-10, the implementation of the Crude Steel capacity
expansion project by 2.8 MTPA to reach 6.8 MTPA at Vijayanagar Works was
completed.
Adapted tuyere gas control and a Jugad slag-splash technique for improving the
refractory life of EOF, introduced Economizer in captive power plant (CPP) to enhance
fuel efficiency and other scheme were implemented in Salem Works.
30 MW Power Plant has been commissioned at Tarapur Works in December 2009,
equipped with latest ESP system and designed for zero affluent discharge.
Signed a Strategic Collaboration Agreement with JFE Steel Corporation that both
companies will involve in Production of steel products other than automotive steel,
Energy reduction and Environmental programmes, Quality and yield improvement
programmes, etc.
CSR Initiatives
The JSW group fulfils its social development responsibility through activities that are undertaken
through four public charitable trusts, viz. Jindal South West Foundation, Hampi Foundation, a
Heal Foundation and Friends of the Sir J J School of Arts Trust. These Trusts annually consult
with the Management and other company's personnel to identify the list of activities that are
subsequently incorporated into the JSW Group's business plans. The corporate social initiatives
undertaken are in the areas of community development, environment, sports and arts and culture.
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Expansion Plan
By 2020, the Company aims to produce 34 million tons of steel annually with Greenfield
integrated steel plants coming up in West Bengal and Jharkhand. Further expansion of crude
Steel capacity by 3.2 MTPA to reach 10 MTPA at Vijayanagar Works along with associated
facilities is under implementation and targeted for completion by March 2011. With the
commissioning of Blooming Mill in FY 2010-11, Salem Works will complete expansion of
rolling capacity, matching with the existing cast steel production capacity.
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Chapter-3
Meaning
Financial statement analysis is a systematic process that examines past and current financial
data for the purpose of evaluating performance and estimating future risk and potentials. The
complex data given in these financial statements is divided/ broken into simple and valuable
elements and relationship are established between the elements of the same statements or
different financial statements. This process of division, establishing relationship and
interpretation thereof to understand the working and financial position of a business is known as
analysis of Financial Statements. Financial statement analysis is used by investors, creditor,
security analysts, bank lending officers, managers, governmental agencies, suppliers, and many
other parties who rely on financial data for making economic decisions about a company.
(Here for this study Comparative Financial Statements and Ratio Analysis were taken)
It shows the operating results for a number of accounting periods so that change in data in terms
of money and percentage from one period to another may be known. Here we have make the
Comparative Financial Statements of SAIL, TATA Steel, JSW Steel and RINL.
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To analyze the increase or decrease in the income and expenditure in terms of rupee and
also the percentage.
To review the business operations of the last year and its likely effect on the current
years operations.
Ratio Analysis
Ratio is simple arithmetical expression of the relationship of one number to another. It may be
defined as the indicated quotient of two mathematical expressions. Ratio analysis is an important
technique, which is widely used for interpreting financial statement. The technique serves as a
tool for assessing the current and long-term financial soundness of a business. It is also used to
analysis various aspects of operating efficiency and level of profitability. A German scholar used
ratios for the first time in 1919. Thus, Ratio analysis is a study of relationship among various
financial factors in a business.
To judge the earning capacity (profitability), financial soundness (position) and operating
efficiency of a business organization.
To help in business planning and forecasting.
To locate the weak spots in the business and take remedial action.
Estimate about the trend of the business.
Classification of Ratios
Classification of ratio is made based on requirement by end users and they indicate symptoms as
characteristic of the company.
It is used to compute the soundness of the long- term financial position of the firm. This ratio
expresses a relationship between debt (external equities) and equity (internal equities).
Acceptable Debt-Equity Ratio is 2:1 which means debt can be twice the equity.
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PAT (profit after tax) to Avg. Net Worth Ratio
(Net Worth = Equity Share Capital + Preference Share Capital + Reserves & Surplus
Miscellaneous Expenses to the extent not written off or adjusted - Foreign Currency Monetary
Translation Diff Account).
This ratio establishes the relationship between net credit sales and average debtors of the year.
Average debtors are calculated by dividing the sum of debtors in the beginning and at the end
by 2.
Average Age of Debtors is also called Debtors Velocity or Average Collection Period or Period
of Credit given. It is used to find out the period within which debtors are realized.
EPS indicates the quantum of net profit of the year that would be ranking for dividend for each
share of the company being held by the equity share holders.
This ratio helps in evaluating the prevailing market price of share in the light of profit-earning
capacity. The more the earning per share better is the performance and prospects of the company.
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Current Ratio
It is the relationship between the current assets and current liabilities and is computed to assess
the short-term financial position of the enterprise.
As a conventional rule a Current Ratio of 2:1 is considered most satisfactory. . Higher the current
ratio, greater the short-term solvency.
PBT/Turnover
PAT/Turnover
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Chapter-4
A. Production Performance
MT
SAIL TATA JSW
Major Reasons for increase in the production of all the three companies during the year
were the improvement of furnaces and reduction in coal rate and fuel, increased
production at the coke ovens at their plants, higher captive power generation and low
maintenance cost but SAIL has registered a growth of 1% over CPLY in saleable steel
production with 114% capacity utilization while Tata Steel has registered a growth of
20% for saleable steel production and JSW steel registered a growth of 67% in saleable
steel Production.
B. Financial Performance
Based on published results / Annual Reports for the financial year 2009-2010, the financial
and physical performance of SAIL has been compared with published information domestic
steel companies (Tata Steel, JSW Steel). Annexures are also placed in the file giving full
information of comparative income statements of SAIL and other domestic steel companies.
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Summarized Profit & Accounts for the Year 2009- 2010
2009- 2010
% ' + / -' % ' + /-' % '+ /-'
P A R A M ET ER S U N IT S A IL O V E R T A T A O V E R J S W O V E R
CPLY CPLY CPLY
S A L E S Q U A N T IT Y M T 1 2 .1 1 7 % 6 .1 7 1 9 % 5 .7 2 6 7 %
N E T S A L E S / I N C O M E F O R M O P E R A T I OR sN / C R O R4 1E3 0 7 .2 1- 6 % 2 4 7 1 6 .8 32 % 18314 29%
ST EEL SEGEM N T REVEN U E R s / C R O R4 1E3 0 7 .2 1- 6 % 2 2 9 6 2 .5 65 % 1 8 6 8 0 .22 8 %
ST EEL SEGEM N T REVEN U E R S / T S S 3 4 1 1 0 - 1 2 %3 7 2 1 6 .4- 51 1 % 3 2 6 5 7 .6 -92 4 %
R A W M A T E R IA L C O N S U M E D R s / C R O R1 6E0 3 7 .3 6- 1 5 % 5 6 6 3 .8 2- 7 % 1 0 4 9 0 .46 6 %
STA FF COST R s / C R O R5 E4 1 6 .8 1- 3 6 % 2 3 6 1 .4 82 % 3 6 5 .2 2 %
O P E R A T IN G P R O F IT (E B ID T A ) R s / C R O R1 1E8 7 1 .2 8 8 % 9 8 0 5 .8 84 % 4 8 0 5 .7 14 0 9 %
P R O F IT B E F O R E T A X (P B T ) R s / C R O R1 0E1 3 2 .0 3 8 % 7 2 1 4 .3- 1 % 2 8 1 9 .6 35 1 6 %
N E T P R O F IT (P A T ) R s / C R O R6 E7 5 4 .3 7 9 % 5 0 4 6 .8- 3 % 2 0 2 2 .7 34 4 1 %
S H A R E C A P T IA L R s / C R O R 4E1 3 0 .4 8 8 7 .4 1 5 2 7 .1 1
STA FF CO ST T O T O TA L CO ST % 17% 13% 2%
E B I D T A T O N E T S A L E S / I N C O M E F R O M %O P E R A 2T 9I %O N 40% 26%
E P S B a s ic ( R s ) R s / S H A R E1 6 .3 5 6 0 .2 6 1 0 6 .3 4
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From the above summarized & re- drawn P&L A/cs, the apparent observations are as under:
The sales quantity of SAIL is 12.11 which was improved CPLY by 7% but TATA has
significant advantage in sales realization per tonne of saleable steel sales. The GSR/t of
Tata Steel at 42873/t is higher by Rs. 6592.3 as compared to SAIL but SAIL has
advantage of Rs. 2264.6/t as compared to GSR/t of JSW steel.
Higher per tonne sale realization of TATA is mainly due to enrichment of product mix.
Other factors such as reduction in credit tenure, shortened supply lead time, introduction
of price extras, Customer meets, new supply points, domestic and export sales, etc may
also contributed to variation in realization per tonne of saleable steel.
The NSR/t of SAIL at 34110.0 is lower by Rs. 5949.7 as compared to TATA but higher
by Rs. 2092.5 as compared to JSW Steel and 6% decrease over CPLY in SAIL in net
sales turnover while there is an increase of 3% in Tata Steel.
However, on expenditure side, total expenditure per tonne of saleable steel sales is lower
in SAIL by about Rs. 3482.7/t as compare to TATA. Apart from production mix which
affects the cost, the item wise analysis of expenditure are as under:-
Raw Material expenditure in TATA is lower by Rs. 3901/t as compared to SAIL. One of
the reasons of lower expenditure in Tata Steel would be lower imported coal as compared
to SAIL. Over CPLY there is 15% and 7% decrease in SAIL and TATA respectively
whereas in JSW, there is increase about 66% in raw material consumed.
EBIDTA up by 55% to Rs. 4,806 crores (Rs.8401.6/t) mainly due to reduction in cost of
production relative to last year and foreign exchange gains of Rs. 412.95 crores in JSW
Steel and over CPLY, there is change about 109% whereas EBIDTA up by 8.5% to Rs.
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11,871 crore (Rs. 9802.9/t) in SAIL and in TATA, EBIDTA up by 4% to Rs. 9805.88
crore (Rs 15892.8/t).
The profitability of SAIL was affected due to lower net sales realisation, increase in
royalty on minerals, higher interest cost and depreciation etc. The profit before tax (PBT)
of Rs. 10132 crore (Rs. 8366.7/t) was higher by Rs. 733 crore over previous year (Rs.
9399 crore) and profit after tax (PAT) was Rs. 6754 crore (Rs. 5577.5/t) which was
higher by Rs. 583 crore i.e., 9% increase over CPLY and JSW also posted a highest ever
Profit after Tax of Rs. 2,022.74 crores (Rs. 3536.3/t), up 341% over CPLY whereas there
is a decrease of 1% (Rs. 11692.5/t) and 3% in PBT and PAT (Rs. 8179.6/t) respectively
in TATA Steel which affects its profitability during the FY09-10.
Share Capital in SAIL is Rs. 4130.40/crore whereas in Tata Steel, it is Rs. 887.41./crore
and in JSW, it is 527.11/crore. EPS Basic is Rs. 16.35/share in SAIL and Rs. 60.26/share
in TATA whereas Rs. 106.34/share in JSW Steel.
Staff cost to Total cost is higher in SAIL which is 17% whereas 13% and 2% in TATA
and JSW respectively.
A further analysis of cost and profitability has been attempted between SAIL, Tata Steel and
JSW Steel on like to like basis in part E of the note.
31
C. Ratio Analysis
A brief ratio analysis has also been attempted between SAIL and domestic competitors (Tata
Steel, JSW Steel and RINL).The ratios of competitors are either taken from published
Annual Reports or re-computed for like to like comparison.
The major Ratios for the year 2009-10 are tabulated below:
Debt- Equity Ratio: Increase in the ratio of SAIL in FY09-10 is due mainly on account
of increase in borrowings for capital expenditure while the debts are decreased in Tata
Steel due to stringent credit control measures and lower exports. There is decrease in
Debt- Equity ratio of JSW from 1.24:1 to 1.07:1 is due to additional borrowings for
expansion projects.
PAT (profit after tax) to Avg. Net Worth: The ratio is highest for JSW at 23.7%
followed by SAIL at 22% and 15% for Tata Steel. The ratio has decreased for SAIL and
increased for JSW due to an increase in the Companys profit. The ratio of Tata Steel is
declined due to issue of Cumulative Preference Shares.
Average Age of Debtors: The ratio is one part of measuring efficiency of fund/working
capital management. The collection period is 8 days for Tata Steel and 10 days for JSW
32
as compared to 29 days for SAIL. One of the reasons for higher age of debtors SAIL may
be due to compulsive credit sales to Govt. Departments/PSU.
Earnings per Share (EPS): EPS at Rs. 106.34 per share is highest for JSW as compared
to Rs. 16.35 for SAIL and Rs. 60.26 for Tata Steel. The lower EPS in case of SAIL is due
to its large paid up capital base (Rs. 4130 crores) as compared to Tata Steel and JSW.
Current Ratio: The ratios compute the number of times the current assets are in excess
over current liabilities. SAIL has a high ratio i.e., 3.52 which shows that it has enough
liquidity while JSW has low ratio i.e., 0.72 which means company is unable to meet its
current liabilities on time.
33
E. Analysis of Cost & GSR/ NSR
a. Material Cost -
Material cost per tonne of saleable steel is SAIL is higher by about Rs. 3901/t as compared to
Tata Steel.
b. Energy Consumption -
Furnace Oil- Avg. Rate (Rs./ Kilo Litres) 28439 23145.44 25820
34
c. Employee Cost -
The manpower of Tata Steel as on 31.03.10 was 34,101 as against on the same date in
SAIL. The manpower is 1, 16,950 for 5 ISPs in SAIL and in JSW Steel, the manpower is
near about 7,703.
Average employee cost in Tata Steel is around Rs. 6.92 lakhs per annum per employee as
compared to Rs. 4.63 lakhs per annum in SAIL and in JSW Steel, it is around 4.73 lakhs.
Labour productivity in SAIL is 226 Tonnes CS/M/Y and in Tata, it was 510 tonne
CS/M/Y.
In JSW Steel, Employee remuneration and benefits are increased from 288.75 crores to
365.2 crores mainly because of annual increments and rise in manpower relating to
operations, on commissioning of new facilities at Vijayanagar, which were under
construction in last year.
In SAIL, the Employee remuneration and benefits were decreased with a significant
change around 36% over CPLY whereas there is 2% and 2% increase in JSW and TATA
respectively.
While in Tata Steel, the Staff cost or Employee remuneration and benefits was higher
mainly due to annual increases in salary and allowances partly offset by lower charges of
employee benefits towards gratuity and ESS on account of higher discounting rates
applied for actuarial valuation.
35
d. Other Operating Cost -
Cost of Store & Spare is almost comparable. The cost is lower by Rs. 35.48/t in
SAIL as compared to Tata Steel. The part of difference may be due to proportion of
stores and spares internally manufactured, freight component, difference in
requirements, procurement rate, etc.
Power & Fuel cost is lower in Tata Steel which is Rs.1969.3/t as compared to Rs.
25663.3/t in SAIL. Lower cost in Tata Steel may be due to additional volumes of
purchased power to cater to its requirement for additional production whereas SAIL
purchased electricity from outside including JVCs. The power purchase rate in Tata
Steel is around Rs. 2.84/kwh and avg. cost from own generation is about Rs.
2.08/kwh. For SAIL, the avg. power purchase cost is Rs. 3.46/kwh and for JSW, the
avg. power purchase cost is Rs. 3.52.
Repair & Maintenance cost Rs. 451/t in SAIL as against Rs. 1566.64/t in Tata Steel.
This repair and maintenance expenses for SAIL and Tata Steel includes repairs on
building and Plant & Machinery under the heading of store and spares, Employees'
Remuneration & Benefits, etc.
Interest cost of Tata is higher as compared to SAIL and JSW. It is around Rs. 1508.4
crores (Rs.2342.2/t) in Tata Steel and Rs 402.51 crores (Rs. 318.2/t) in SAIL and Rs.
822.68 crores in JSW Steel.
Freight and handling expenditure are higher in Tata Steel by Rs. 1573.8/t as
compared to SAIL. The reason may be higher volume of steel dispatches by both rail
and road and port handling charges under this head by Tata. This may resulted in
lower expenditure in Tata Steel as compared to SAIL.
Other Expenses is higher in TATA at Rs. 8205.1/t as compared to Rs. 1705.3/t for
SAIL.
36
e. GSR/NSR -
Tata Steel has significant advantage in sales realization per tonne of saleable steel sales.
The GSR/t of Tata Steel at 42873/t is higher by Rs. 6592.3 as compared to SAIL but
SAIL has advantage of Rs. 2264.6/t as compared to GSR/t of JSW steel.
Higher per tonne sale realization of Tata Steel is mainly due to enrichment of product
mix. Other factors such as reduction in credit tenure, shortened supply lead time,
introduction of price extras, Customer meets, new supply points, domestic and export
sales, etc may also contributed to variation in realization per tonne of saleable steel.
The NSR/t of SAIL at 34110.0 is lower by Rs. 5949.7 as compared to Tata Steel but
higher by Rs. 2092.5 as compared to JSW Steel and 6% decrease over CPLY in SAIL in
net sales turnover while there is an increase of 3% in Tata Steel.
Charts and Comparative Statements of SAIL, TATA Steel and JSW Steel are enclosed at
Annexure.
37
Chapter-5
Conclusion
In this project, I draw an Inter Firm Comparison between SAIL and its competitors and ratio
analysis; these statements and ratios are very useful to interpret financial position of the
company. From that it is clear that the SAIL, TATA and JSW are in advanced stage.
On the basis of analysis of financial statements and Ratios of SAIL we may conclude that the
overall working stability soundness have improved over the years.
SAIL registered a turnover of Rs. 43,935 crore. EBIDTA of Rs. 11,871 crore - a growth
of 8.5%. Profit before Tax (PBT) of Rs. 10,132 crore, higher by 8% - second highest
since inception. Profit after Tax (PAT) of Rs. 6,754 crore, higher by 9.5%.
Produced 14.5 million tonnes of Hot Metal, 13.5 million tonnes of crude steel and 12.6
million tonnes of saleable steel. Best ever sales of 4.45 million tonnes of long products,
higher by 3% over last year.
Highest ever labour productivity of 226 tonnes/ man/ year. Best ever coke rate at 517
Kg/thm (1% improvement). Best ever specific energy consumption at 6.72 Gcal/tcs
(Previous best of 6.74 Gcal/tcs achieved in FY'09).
The debtors turnover ratio is lower for SAIL compared to its competitors which shows
that the debtors are less liquid implying inefficient management of debtors/sales.
The proportion of current assets to total assets has increased comparing to current
liabilities which serve as an evidence for good working capital position of the company.
The current ratio for SAIL is more than other competitors which shows that it has enough
liquidity in comparison to other competitors.
The debt equity ratio is 0.50 which is lower than the competitors. This means that it is
more traditionally financed in comparison to other competitors. It has lower debt so it can
easily raise debt in future.
38
SAIL is more efficient and effective to utilize its fund.
Annexure
39
Chart-3: Financial Performance of SAIL, TATA and JSW for the FY2009-10
Chart-4: Financial Performance of SAIL, TATA and JSW for the FY2008-09
40
Chart-5
Chart-6
41
Chart-7
42
Steel Authority of India Limited
Comparative Income Statement
for the year ended 31st March, 2009 & 2010
SAIL
S. NO. PARTICULARS SAIL 2009-10 SAIL 2008-09 Absolute '+/-
Change OVER
CPLY
Total Saleable Steel production ( equivalent - Pig Iron 12632000 12494000
considered at 25% For SAIL & JSPL ) in Tonnes
1 Saleable Steel Production( in MT) 12.63 12.49 0.14 1%
2 Total Sales (in MT) 12.11 11.32 0.79 7%
Rs in Crore Rs/TSSS* Rs in Crore Rs/TSSS*
3 Total Sales Turnover/ Gross Sales 43934.7 36279.7 48738.11 43054.9 -4803.4 -10%
3.a Other Operating Inciome 755.83 624.1 529.06 467.4 226.77 43%
4 Income from operations(3+3.a) 44690.53 36903.8 49267.17 43522.2 -4576.6 -9%
5 Less: Exise Duty 3383.32 2793.8 5534.05 4888.7 -2150.7 -39%
6 Net Sales/ Income From Operations 41307.21 34110.0 43733.12 38633.5 -2425.9 -6%
7 Interest Earned and Other Income 1926.05 1590.5 1906.31 1684.0 19.74 1%
8 Total Net Sales 43233.26 35700.5 45639.43 40317.5 -2406.2 -5%
9 less: Depletion (-) / Accretion to stocks 1161.01 -1934.53 3095.54
10 Total Revenue 42072.25 34741.7 47573.96 42026.5 -5501.7 -12%
Rs in Crore Exp. %Rs/TSSP** Rs in Crore Exp. % Rs/TSSP**
11 Raw materials consumed ( incl. purchase of semi/fin prod.) 16037.36 50% 12695.8 18866.5 49% 15100.4 -2829.1 -15%
12 Employees' Remuneration & Benefits 5416.81 17% 4288.2 8461.46 22% 6772.4 -3044.7 -36%
13 Power & Fuel 3364.3 11% 2663.3 3183.15 8% 2547.7 181.15 6%
14 Stores & Spares 2573.76 8% 2037.5 2823.74 7% 2260.1 -249.98 -9%
15 Repair & Maintenance 569.74 2% 451.0 624.74 2% 500.0 -55 -9%
16 Freight 674.28 2% 533.8 768.96 2% 615.5 -94.68 -12%
17 Other expenses 2154.14 7% 1705.3 2469.33 6% 1976.4 -315.19 -13%
18 Interest & finance charges 402.01 1% 318.2 259.41 1% 207.6 142.6 55%
19 Depreciation 1337.24 4% 1058.6 1287.77 3% 1030.7 49.47 4%
19.a Less: Finished Goods Internally Consumed -589.42 -2% -466.6 -569.98 -1% -456.2 -19.44 3%
20 Total Expenditure 31940.22 100% 25285.2 38175.08 100% 30554.7 -6234.9 -16%
Rs in Crore Rs/TSSS* Rs in Crore Rs/TSSS*
21 EBIDTA (Gross Margin i.e.,PBT+Int+Dep) 11871.28 9802.9 10946.06 9669.7 925.22 8%
22 Profit before tax 10132.03 8366.7 9398.88 8302.9 733.15 8%
23 Tax 3377.66 2789.1 3228.48 2852.0 149.18
24 Profit after tax 6754.37 5577.5 6170.4 5450.9 583.97 9%
25 Capital Employed (Segment) 51242.87 37044.26
RATIOS:
EPS Basic (Rs) (Not annualised) 16.35 14.94
Debt Equity Ratio 0.5 0.27
Raw Material % of net Sales/Income from Operation(11/6) 39% 43%
EBIDTA Margins (EBIDTA/net sales/income) (21/ 6} 29% 25%
Employee Cost % of total expenditure(12/20) 17% 22%
Employee Cost% of total Net sales/Income from operations(12/6) 13% 19%
Segment-Revenue & Profit
26 Steel Segment Revenue (Rs. In Crore) 41307.21 43733.12 2425.91 -6%
27 Net Sales (from Steel Segment) Rs./TSSS 34110.00 38633.50 4523.50 -12%
28 Profit before Int. & Tax (from Steel Segment) (Rs.in Crore) 10534.04 9658.29 875.75 9%
29 Profit before Int. & Tax (from Steel Segment) Rs./TSSS 8698.63 8532.06 166.57 2%
* Rs./TSSS - Rs. Per Ton of Saleable Steel Sales. ** Rs./TSSP - Rs. Per Ton of Saleable Steel Production.
43
TATA Steel Limited
Comparative Income Statement
for the year ended 31st March, 2009 & 2010
TATA
Absolute '+/-
S.NO . PARTIC ULARS TATA 2009-10 TATA 2008-09
C hange O VER
C PLY
T otal Saleable Steel production ( equivalent - Pig Iron 0 0
considered at 25% For SAIL & JSPL ) in T onnes
1 Saleable Steel Production( in MT ) 6.44 5.38 1.06 20%
2 T otal Sales (in MT ) 6.17 5.20 0.97 19%
Rs in Crore Rs/T SSS* Rs in Crore Rs/T SSS*
3 T otal Sales T urnover/ Gross Sales 26,452.64 42873 26552.41 51062.3 -99.77 -38%
3.a Other Operating Inciome
4 Income from operations(3+3.a) 26,452.64 42873 26552.41 51062.3 -99.77 -38%
5 Less: Exise Dut y 1735.82 2813.3 2527.96 4861.5 -792.14 -31%
6 Net Sal es/ Income From O perati ons 24,716.82 40059.7 24024.45 46200.9 692.37 3%
7 Interest Earned and Other Income 1158.95 1878.4 599.59 1153.1 559.36 93%
8 T otal Net Sales 25,875.77 41938.0 24624.04 47353.9 1251.73 5%
9 less: Depletion (-) / Accretion to stocks 134.97 -289.27 424.24
10 Total Re venue 25740.8 41719.3 24913.31 47910.2 827.49 3%
Rs in Crore Exp. % Rs/T SSP** Rs in Crore Exp. % Rs/T SSP**
11 Raw materials consumed ( incl. purchase of semi/fin prod.) 5663.82 31% 8794.8 6068.78 34% 11280.3 -404.96 -7%
12 Employees' Remuneration & Benefits 2361.48 13% 3666.9 2305.81 13% 4285.9 55.67 2%
13 Power & Fuel 1268.28 7% 1969.4 1091.37 6% 2028.6 176.91 16%
14 Stores & Spares
15 Repair & Maintenance
16 Freight 1357.27 7% 2107.6 1251.23 7% 2325.7 106.04 8%
17 Other expenses 5284.07 29% 8205.1 4754.42 27% 8837.2 529.65 11%
18 Interest & finance charges 1508.4 8% 2342.2 1152.69 7% 2142.5 355.71 31%
19 Depreciation 1083.18 6% 1682.0 973.4 6% 1809.3 109.78 11%
19.a Less: Finished Goods Internally Consumed
20 Total Expenditure 18526.5 100% 28767.9 17597.7 100% 32709.5 928.8 5%
Rs in Crore Rs/T SSS* Rs in Crore Rs/T SSS*
21 EBIDTA (Gross Margin i.e .,PBT+Int+De p) 9805.88 15892.8 9441.7 18157.1 364.18 4%
22 Profit be fore tax 7214.3 11692.5 7315.61 14068.5 -101.31 -1%
23 Tax 2167.5 3513.0 2113.87 4065.1 53.63
24 Profit afte r tax 5046.8 8179.6 5201.74 10003.3 -154.94 -3%
25 Capital Employed (Segment) 13,099.78 12,730.41
RATIO S:
EPS Basic (Rs) (Not annualised) 60.26 69.45
Debt Equity Ratio 0.6 0.78
Raw Material % of net Sales/Income from Operat ion (11/6) 23% 25%
EBIDT A Margins (EBIDT A/net sales/income) (21/ 6} 40% 39%
Employee Cost % of t otal expenditure (12/20) 13% 13%
Employee Cost % of t otal Net sales/Income from operat ion(12/6) 10% 10%
Se gme nt-Re ve nue & Profit
26 Steel Segment Revenue (Rs. In Crore) 22962.55 21666.67 1295.88 6%
27 Net Sales (from Steel Segment) Rs./T SSS 37216.451 41666.67 -4450.2 -11%
28 Profit before Int. & T ax (from Steel Segment) (Rs.in Crore) 7941.92 7391.31 550.61 7%
29 Profit before Int. & T ax (from Steel Segment) Rs./T SSS 12871.83 14214.06 -1342.23 -9%
* Rs./T SSS - Rs. Per T on of Saleable Steel Sales. ** Rs./T SSP - Rs. Per T on of Saleable Steel Production.
44
JSW Steel Limited
Comparative Income Statement
for the year ended 31st March, 2009 & 2010
JSW
Absolu te '+/-
S.NO . PARTIC ULARS JS W 2009-10 JSW 2008-09
C h an ge O VER
C PLY
T otal Saleable St eel production ( equivalent - P ig Iron 0 0
considered at 25% For SAIL & JSP L ) in T onnes
1 Saleable Steel P roduct ion( in MT )
2 T otal Sales (in MT ) 5.72 3.42 2.3 67%
Rs in Crore Rs/T SSS* Rs in Crore Rs/T SSS*
3 T otal Sales T urnover/ Gross Sales 19456.64 34015.1 15179.29 44383.9 4277.35 28%
3.a Other Operating Inciome 111.52 195.0 157.17 459.6 -45.65 -29%
4 Income from operat ions(3+3.a) 19568.16 34210.1 15336.46 44843.5 4231.7 28%
5 Less: Exise Duty 1254.16 2192.6 1178.04 3444.6 76.12 6%
6 Ne t S ale s/ In com e From O pe ration s 18314 32017.5 14158.42 41398.9 4155.58 29%
7 Interest Earned and Other Income 421.32 736.6 102.39 299.4 318.93 311%
8 T otal Net Sales 18735.32 32754.1 14260.81 41698.3 4474.51 31%
9 less: Deplet ion (-) / Accretion to stocks -29.72 -290.56 260.84
10 Total Re ve nu e 18765.04 32806.0 14551.37 42547.9 4213.67 29%
Rs in Crore Exp. % Rs/T SSP ** Rs in Crore Exp. % Rs/T SSP **
11 Raw mat erials consumed ( incl. purchase of semi/fin prod.) 10490.4 66% 8740.66 63% 1749.74 20%
12 Employees' Remuneration & Benefits 365.2 2% 288.75 2% 76.45 26%
13 Power & Fuel 1014.82 6% 673.07 5% 341.75 51%
14 Stores & Spares
15 Repair & Maintenance
16 Freight
17 Other expenses 2088.88 13% 2546.35 18% -457.47 -18%
18 Interest & finance charges 862.68 5% 797.25 6% 65.43 8%
19 Depreciation 1123.41 7% 827.66 6% 295.75 36%
19.a Less: Finished Goods Internally Consumed
20 Total Expe n di ture 15945.39 100% 13873.74 100% 2071.65 15%
Rs in Crore Rs/T SSS* Rs in Crore Rs/T SSS*
21 EBIDTA (Gross Margin i.e .,PBT+Int+De p) 4,805.74 8401.6 2302.54 6732.6 2,503.20 109%
22 Profi t be fore tax 2,819.65 4929.5 677.63 1981.4 2,142.02 316%
23 T ax 796.91 1393.2 219.13 640.7 577.78
24 Profi t afte r tax 2,022.74 3536.3 458.5 1340.6 1,564.24 341%
25 Capital Employed (Segment) 20659.78 18513.39
RATIO S :
EP S Basic (Rs) (Not annualised) 106.34 22.7
Debt Equity Ratio 1.19 1.42
Raw Material % of net Sales/Income from Operation(11/6) 57% 62%
EBIDT A Margins (EBIDT A/net sales/income) (21/ 6} 26% 16%
Employee Cost % of total expenditure(12/20) 2% 2%
Employee Cost% of total Net sales/Income from operations(12/6) 2% 2%
Se gm e n t-Re ve nue & Profi t
26 Steel Segment Revenue (Rs. In Crore) 18680.2 14608.25 4071.95 28%
27 Net Sales (from Steel Segment) Rs./T SSS 32657.69 42714.18 -10056.5 -24%
28 Profit before Int. & T ax (from Steel Segment) (Rs.in Crore) 3,288.10 1333.2 1954.9 147%
29 Profit before Int. & T ax (from Steel Segment) Rs./T SSS 5748.43 3898.25 1850.181 47%
* Rs./T SSS - Rs. P er T on of Saleable Steel Sales. ** Rs./T SSP - Rs. P er T on of Saleable Steel Product ion.
45
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