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| Tata Steel loss for FY10 at Rs 2,009 crore |
| BS Reporter / Kolkata May 27, 2010, 00:32 IST |
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Tata Steel’s consolidated financial results reflect divergent scenarios in two parts of the world — a growing Indian economy and a gradual recovery from slowdown in Europe.
The results were announced today and the board recommended a dividend of Rs 8 a share.
For 2009-10, the group posted a loss after tax of Rs 2,009 crore, compared to a profit of Rs 4,950 crore the year before. Total income decreased from Rs 1,47,594.9 crore the year before to Rs 1,03,579 crore this time.
 The fourth quarter of 2009-10 was an improvement on the earlier ones. Group profit after tax was Rs 2,434 crore in the quarter, compared to a loss of Rs 4,536 crore in the same period last year. Group Ebitda (earnings before interest, taxes, depreciation and amortisation) in the quarter rose by Rs 5,612 crore, compared to a loss of Rs 279 crore in the corresponding quarter of the earlier year. The fourth quarter Ebitda was higher by 57 per cent over the third quarter.
At Tata Steel Europe, the Ebitda of Rs 1,643 crore was a turnaround from a loss of Rs 1,430 crore in the same period last year. While turnover at Tata Steel India rose 12 per cent to Rs 7,339 crore in the fourth quarter, it dropped four per cent for Tata Steel Europe to Rs 17,091 crore.
For the entire year, group Ebitda halved to Rs 9,340 crore, compared to Rs 18,495 crore a year before, because of lower capacity utilisation in the first half, primarily at Tata Steel Europe and lower average selling prices. Tata Steel India recorded Ebitda growth of four per cent to an all-time record of Rs 9,806 crore.
Kirby Adams, chief executive officer and managing director of Tata Steel Europe, said the first half of the current financial year appeared good, but the second half was suspect, given the volatility in raw material prices. Hemant Nerurkar, managing director, Tata Steel Ltd, projected a 14 per cent growth for India.
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