Tata Steel rose 2% to Rs 461.20 at 9:25 IST on BSE after the company reported a consolidated net profit of Rs 1035.87 crore in Q4 March 2014 as against net loss of Rs 6528.51 crore in Q4 March 2013.
The result was announced after market hours on Wednesday, 14 May 2014.
Meanwhile, the BSE Sensex was up 119.64 points, or 0.50%, to 23,934.76.
On BSE, so far 3.70 lakh shares were traded in the counter, compared with an average volume of 9.08 lakh shares in the past one quarter.
The stock hit a high of Rs 463.70 and a low of Rs 456 so far during the day. The stock hit a 52-week high of Rs 454.45 on Wednesday, 14 May 2014. The stock hit a 52-week low of Rs 195.40 on 7 August 2013.
The stock had outperformed the market over the past one month till 14 May 2014, rising 7.63% compared with 5.24% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 21.86% as against Sensex's 16.93% rise.
The large-cap company has an equity capital of Rs 971.21 crore. Face value per share is Rs 10.
Tata Steel's total income from operations rose 22.44% to Rs 42428.05 crore in Q4 March 2014 over Q4 March 2013.
Tata Steel reported a consolidated net profit of Rs 3594.89 crore in the year ended 31 March 2014 (FY 2014) as against net loss of Rs 7057.62 crore in the year ended 31 March 2013 (FY 2013). Total income from operations rose 10.31% to Rs 148613.55 crore in FY 2014 over FY 2013.
Tata Group steel deliveries in the fiscal year ended March 2014 (FY 2014) increased to 26.56 million tonnes from 24.13 million tonnes in FY 2013. Deliveries in Q4 March 2014 (Q4 2014) increased to 7.62 million tonnes compared to 6.38 million tonnes in Q3 December 2013 (Q3 2014) and 6.56 million tonnes in Q4 March 2013 (Q4 2013).
Group consolidated turnover in FY 2014 was Rs 148614 crore versus Rs 134712 crore in FY 2013. Q4 2014 turnover increased to Rs 42428 crore from Rs 36736 crore in Q3 2014 and Rs 34650 crore in Q4 2013.
FY 2014 Group EBITDA was Rs 16377 crore compared to Rs 12654 crore in FY 2013, implying an improvement of 29%. Q4 2014 EBITDA increased significantly to Rs 4917 crore from Rs 3921 crore in Q3 2014 and Rs 4368 crore in Q4 2013.
Group Profit after Tax (after minority interest and share of profit of associates) in FY 2014 swung to Rs 3595 crore versus the loss of Rs 7058 crore in FY 2013. FY 2014 results included exceptional charges of Rs 28 crore compared to the charges of Rs 7390 crore in FY 2013. Profit after tax in Q4 2014 doubled to Rs 1036 crore compared to Rs 503 crore in Q3 2014 and was a significant improvement over the loss of Rs 6529 crore in Q4 2013. Q4 2014 results were affected by exceptional charges of Rs 46 crore while the exceptional charges for Q4 2013 were Rs 7413 crore.
The improved and steady performance of operations across geographies, despite weak market conditions, led to this significantly improved Group performance, the company said in a statement.
Cash and cash equivalents as on 31 March 2014 were Rs 11373 crore and net debt was Rs 67326 crore.
Tata Steel said that the actuarial gains and losses on funds for employee benefits (pension plans) of Tata Steel Europe for the period from 1 April 2008 have been accounted in "Reserves and Surplus" in the consolidated financial statements in accordance with IFRS/IND AS principles and as permitted by Accounting Standard 21. Had the company recognised changes in actuarial valuations of pension plans of Tata Steel Europe in the statement of profit and loss, the consolidated profit after taxes, minority interest and share of profit of associates for the year ended 31 March 2014 would have been lower by Rs 628.23 crore (Rs 247.90 crore for the quarter) and the consolidated loss after taxes, minority interest and share of profit of associates for the year ended 31 March 2013 would have been higher by Rs 317.26 crore (lower by Rs 1504.80 crore for the quarter), Tata Steel said.
Tata Steel's board of directors at its meeting held on Wednesday, 14 May 2014, recommended a dividend of Rs 10 per share for FY 2014.
Tata Steel Group is among the top-ten global steel companies with an annual crude steel capacity of over 29 million tonnes per annum. It is now the world's second-most geographically-diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries.
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