1. India includes Tata Steel Standalone and Tata Steel Long Products on proforma basis without inter-company eliminations; 2. Tata Steel Standalone numbers have been restated from April 1, 2019 to reflect Tata Steel BSL’s merger into Tata Steel. 3. Figures for previous periods have been regrouped and reclassified to conform to classification of current period, where necessary. 4. 4QFY21 figures have been restated consequent to the re-classification of South East Asia operations from "Held for Sale" to "Continuing Operations"; 5. Production numbers for consolidated financials are calculated using crude steel for India, liquid steel for Europe and saleable steel for SEA; 6. Adjusted for fair value changes on account of FX rate movement on loan given to T Steel Holdings and revaluation gain/loss on external/ internal company debts/ receivables at TS Global Holdings
T V Narendran, chief executive officer and managing director:
“Tata Steel has again demonstrated its ability to deliver stellar results despite heightened complexity in the face of COVID as well as geopolitical tensions. Our Indian business showed broad-based growth across our chosen segments due to our sustained focus on customer relationships, our distribution network and our portfolio of brands supported by our agile business model. Our European operations delivered robust performance as the transformation programme undertaken helped to leverage the strong business environment. We have pursued several initiatives to de-risk the business, particularly across procurement and supply chain and continue to invest in technology and digitisation to drive productivity and improve our resilience. Kalinganagar expansion is progressing well and will drive cost savings as well as product mix enrichment. The acquisition of Neelachal Ispat Nigam Limited will be closed in 1QFY23, and we will scale it up rapidly to drive the expansion of our high-value retail business. I am happy to share that Tata Steel has been recognised as Steel sustainability champion for the fifth year in a row by the WorldSteel.”
Koushik Chatterjee, executive director and chief financial officer:
“We have closed the financial year with consistent and record operating and financial performance for the year, surpassing the previous best in FY21, with EBIDTA being 2x and Profit after Tax being >5x the previous year. This is despite the significant surge in international coal prices and the inflationary impact of various commodities. Our full-year consolidated revenues stood at Rs2,43,959 crore, and EBIDTA was Rs63,830 crores which works out to a margin of 26 percent and EBITDA per ton of Rs 21,626. Our cash outflow for the Capex in the year was Rs10,522 crore, which is well within our earlier guidance. We continue to focus on deleveraging while advancing on our strategic growth priorities – our focus is on the completion of the Kalinganagar expansion. Tata Steel has generated strong free cash flows of Rs27,185 crore for the year despite higher working capital, taxes, and capex. While the Indian business continued to perform strongly with an EBITDA margin of 39 percent and an EBITDA per ton of Rs28,863, our European business generated the highest ever EBITDA of £1,199 million (Rs12,164 crore), which translates to an EBITDA per ton of £133. We have repaid Rs15,232 crore during the year. As a result of the strong financial performance, our Net Debt to EBIDTA has further improved to 0.8x, and our financial metrics continue to be well within investment-grade level. As part of the overall policy to reward the shareholders, the Board has recommended a record dividend of Rs51 per share and have also recommended the splitting of the shares to Rs1 per share face value in a 10:1 split.”
