Part 1 ` Millions
  Quarter ended Year ended Consolidated Financial Results
Sl. No Particulars 31st March2013 (Unaudited) 31st December2012 (Unaudited) 31st March2012 (Unaudited) 31st March2013 (Audited) 31st March2012 (Audited) Year ended31st March2013 (Audited) Year ended31st March2012 (Audited)
1 (a) Net Sales / Income from operations
i) Gross sales 136601.4 118014.1 147846.7 493496.9 503484.0 494567.8 503805.4
ii) Less : Excise Duty 14976.5 13067.8 13875.0 53886.4 46943.7 53965.3 46957.7
Sub total (a) (i-ii) 121624.9 104946.3 133971.7 439610.5 456540.3 440602.5 456847.7
(b) Other operating income 1679.3 1754.9 2881.2 6372.1 6810.9 6373.6 6811.1
Total Income from Operations (net) 123304.2 106701.2 136852.9 445982.6 463351.2 446976.1 463658.8
2 Expenses
a) Changes in Inventories of Finished Goods, Work in Progress 11264.4 -7143.4 6337.2 -20160.9 -13685.1 -20151.0 -13669.1
and Stock-in-Trade              
b) Cost of Materials Consumed 45272.0 52963.4 62509.7 211984.8 230208.2 212074.0 230240.9
c) Purchase of Stock in Trade 2.2 10.7 2.3 32.1 48.8 32.1 48.8
d) Employee Benefits Expense 24734.2 20814.7 18205.8 86372.0 79320.5 86494.4 79380.8
e) Power & Fuel 12185.1 11140.4 11703.8 48304.4 44697.4 48304.4 44697.4
f) Depreciation and amortisation expenses 1936.2 4049.0 3891.3 14029.8 15670.3 14048.0 15674.7
g) Other Expenses 20607.7 17531.2 19444.4 72581.4 61807.2 73216.7 61994.5
Total Expenses 116001.8 99366.0 122094.5 413143.6 418067.3 414018.6 418368.0
3 Profit from operations before other income, Finance costs and exceptional items ( 1-2) 7302.4 7335.2 14758.4 32839.0 45283.9 32957.5 45290.8
4 Other Income
i) Interest earned 2009.6 2079.0 2070.7 8264.6 14642.2 8282.4 14644.2
ii) Other Income 79.9 129.5 149.6 1072.8 979.8 1084.3 980.3
Sub total (i+ii) 2089.5 2208.5 2220.3 9337.4 15622.0 9366.7 15624.5
5 Profit from ordinary activities before Finance Costs and Exceptional Items ( 3+4) 9391.9 9543.7 16978.7 42176.4 60905.9 42324.2 60915.3
6 Finance Cost 2145.9 2220.4 1211.4 7476.6 6777.0 7476.7 6777.1
7 Profit from ordinary activities after Finance Costs but before Exceptional Items ( 5-6) 7246.0 7323.3 15767.3 34699.8 54128.9 34847.5 54138.2
8 Exceptional items
(i)Foreign Exchange Loss (-)/ Gain(+) (Refer Note No. vi) 164.9 -307.1 2134.3 -2293.2 -7732.2 -2293.2 -7732.2
(ii)Write Back of Entry Tax Liability     5112.0   5112.0   5112.0
9 Profit from ordinary activities before tax ( 7+8) 7410.9 7016.2 23013.6 32406.6 51508.7 32554.3 51518.0
10 Tax Expense              
(a) Current Tax 3221.8 2732.4 6034.1 10579.6 15010.3 10625.6 15019.9
(b) Deferrred Tax Liability / Assets ( - ) -276.7 -559.2 1247.3 124.4 1134.2 124.3 1127.6
(c) Earlier years 0.5 0.0 -37.6 -0.9 -63.0 -0.8 -63.0
Sub-Total ( a to c ) 2945.6 2173.2 7243.8 10703.1 16081.5 10749.1 16084.5
11 Net Profit from ordinary activities after Tax ( 9-10 ) 4465.3 4843.0 15769.8 21703.5 35427.2 21805.2 35433.5
12 Extraordinary items (net of tax expense Rs. Nil) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
13 Net Profit for the period (11-12) 4465.3 4843.0 15769.8 21703.5 35427.2 21805.2 35433.5
14 Share of profit/(Loss) of Associate         0.0 0.0 0.0
15 Minority Interest         0.0 0.0 0.0
16 Net Profit after taxes, minority interest and share of profit/(Loss) of Associates 4465.3 4843.0 15769.8 21703.5 35427.2 21805.2 35433.5
17 Paid up Equity Share Capital(Face value : Rs.10 per share) 41305.3 41305.3 41305.3 41305.3 41305.3 41305.3 41305.3
18 Reserves (excluding revaluation reserve ) as per balance sheet of previous accounting year       368941.1 356807.9 369485.1 357250.1
19 Basic and Diluted Earnings per share before and after extraordinary items ( Not Annualised ) ( Rupees ) 1.08 1.17 3.82 5.25 8.58 5.28 8.58
20 Debt Service Coverage Ratio (Number of times)       2.81 3.17    
21 Interest Service Coverage Ratio (Number of times)       2.58 3.77    
Part II Rs. in Millions
Sl. No Particulars Quarter ended Year ended
31st March2013 (Unaudited) 31st December2012 (Unaudited) 31st March2012 (Unaudited) 31st March2013 (Audited) 31st March2012 (Audited)
A PARTICULARS OF SHAREHOLDING          
1 Public share holding          
- Number of shares 82,57,77,391 58,53,80,819 58,52,44,659 82,57,77,391 58,52,44,659
- Percentage of share holding 19.99 14.17 14.17 19.99 14.17
2 Promoters and Promoter group shareholding          
(a) Pledged / Encumbered          
- Number of Shares          
- Percentage of shares (as a % of the total shareholding of the promoter and promoter group)          
- Percentage of shares (as a % of the total share capital of the company)          
(b) Non-Encumbered          
- Number of Shares 330,42,93,713 354,46,90,285 354,46,90,285 330,42,93,713 354,46,90,285
- Percentage of shares (as a % of the total shareholding of the promoter and promoter group) 100.00 100.00 100.00 100.00 100.00
- Percentage of shares (as a % of the total share capital of the company) 80.00 85.82 85.82 80.00 85.82
  Particulars 3 months ended 31st March 2013
B INVESTOR COMPLAINTS  
  Pending at the beginning of the quarter 0
  Received during the quarter 36
  Disposed off during the quarter 36
  Remaining unresolved at the end of the quarter 0

Notes to financial results

  1. The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors in their meeting held on 30th May, 2013. The Audited Accounts are subject to review by the Comptroller and Auditor General of India under section 619(4) of the Companies Act, 1956.
  2. The figures for the quarter ended 31st March,2013, are the balancing figures between the audited figures in respect of full financial year ended 31st March, 2013 and the published year to date figures upto the 3rd quarter ended 31st December, 2012.
  3. The Company has four Subsidiary Companies: a) IISCO Ujjain Pipe & Foundry Co. Limited (IISCO-Ujjain), b) SAIL Jagdispur Power Plant Limited, c) SAIL Refractory Company Limited, d) SAIL Sindri Projects Limited. Except `IISCO-Ujjain`, which is under liquidation, the financial results of other subsidiary companies have been considered in the preparation of consolidated financial results. The accounts of joint ventures & associate companies have not been considered in the preparation of consolidated financial results.
  4. The Board of Directors have recommended a final dividend of `0.40 per equity share, in addition to the interim dividend of `1.60 per equity share already paid, for the financial year 2012-13, thus taking the total dividend to `2 per equity share, subject to approval of shareholders
  5. Net Sales include sales to Government agencies recognised on provisional contract prices during the year ended 31st March, 2013: `36179.0 million (previous year: `34790.4 million) and cumulatively upto 31st March, 2013: `182883.8 million (upto previous year : `149019.4 million).
  6. Pending decisions by the Hon`ble Supreme Court of India on levy of entry tax in the states of Chattisgarh, Odisha, and Uttar Pradesh, the entry tax demands, under dispute, upto 31st March, 2013 of `8884.6 million, `1703.2 million and `816.4 million in respective states, have been treated as contingent liabilities.
  7. Pending decision by the Hon`ble Supreme Court of India, on the issue of allowance of depreciation on the original value of fixed assets without reducing value of assets by `25781.3 million, consequent to waiver of loans from Steel Development Fund, the income-tax demands of `876.2 million have been treated as contingent liabilities.
  8. Pending decision by the Hon`ble Supreme Court of India in the determination of the electricity tariff, claims of `2174.0 million made by Damodar Valley Corporation in respect of electricity supplied to one of the Plants of the Company, have been treated as contingent liabilities.
  9. In accordance with Companies (Accounting Standards) Amendment Rules, 2009, relating to Accounting Standard – 11, notified on 31st March 2009 and amended from time to time, the foreign exchange fluctuation loss on long-term foreign currency loans of `1345.3 million (net debit) for the current year [Previous year- `1412.8 million (net debit)], has been adjusted in the carrying cost of the Fixed Assets/Capital Work-in-progress.
  10. Formulas used for computation of coverage ratios : Debt Service Coverage Ratio = Earnings before interest, exceptional items and tax/principal and interest repayment of long terms loans; and Interest Service Coverage Ratio = Earnings before interest, exceptional items and tax/interest including transferred to Capital Work in Progress.
  11. The figures of previous periods have been re-grouped, wherever necessary, to conform to current quarter/year`s classification.
  12. For and on behalf of Board of Directors

    Place: New Delhi

    ( Anil Kumar Chaudhary )

    Dated: 30th May, 2013

    Director (Finance)