Reference Model

Tata Steel
Prepared By: Gourav Agarwal, Classroom Student

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Email ID :mumbai@proschoolonline.com
Mumbai
IMS Proschool Pvt Ltd,
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+91 9372895050

Directions

Tata Steel is among the top ten global steel companies. A financial model of such a company is in great demand in the investm
guide our student to come out with a financial model on the company. These exercises help the student at IMS Proschool to ho

This model is being developed by a financial modeling student at IMS Proschool. This is provided as reference model and is fo
the objective of the reference model, the formulas and linkages of the model are kept intact.

IMS Proschool provides certificate programs in Financial Modeling. The program grooms the candidates for entry level jobs in t
analysis and modeling skills. The program aims to impart the necessary skills required to perform the role of a Financial Resea
with the practical skill sets required to perform financial analysis, modeling and valuation through Excel.
please contact the address furnished below. You can also email us at the below mentioned email-id.

any is in great demand in the investment market. This gave us the opportunity to
elp the student at IMS Proschool to hone their financial modeling skills.

provided as reference model and is for information purpose only. Keeping in view
act.

the candidates for entry level jobs in the finance sector which require financial
perform the role of a Financial Research Analyst. The program equips students
through Excel.
For more details,
ed email-id.

IMS Proschool Pvt Ltd,

Maharashtra High School Complex,
Principal N.M Kale Marg, Off Gokhale Rd,
Dadar (W), Mumbai 400028
Tel. No. :022-65285393/94
+91 9372895050

Email ID : mumbai@proschoolonline.com

TATA Steel Limited

Company Overview
(Rs in crores , except per share data)
Company Information

Company Description

Industry
Cournty
Crrent Market Price
Ticker
Market Capitalization
Relative Indiex
Year end
Reporting currency

Metals-Steel
India
652
TATASTEEL
53978
S&P-Nifty
31-Mar
Rs

Tata Steel Limited is a diversified steel pro

Company provides steel for different indu
energy and power, rail, engineering, shipb
includes hot-rolled coil through to high-glo
Steel provides a range of products and inf
sleeper products and other specialized tra
segments consists of tubes, bearings, refr
Business Segments

Pershare Data & Key Ratios

FY10 A
EPS diluted
Gross Profit Margin(%)
EBITDA/Sales (%)
EBIT/Sales(%)
Net Profit/Sales (%)
ROE
EV/Sales
EV/EBITDA
P/E
P/Sales
P/BV

(25)
49%
9%
5%
-2%
-9%
0.98
10.9
-26
0.41
1.44

Geographic Revenue
India
Outside India
Total

FY11 E
38
49%
11%
7%
3%
12%
0.97
8.5
17.05
0.37
2.04

26849
75544
102393

FY12 E
36
49%
11%
7%
3%
10%
0.97
8.5
18.31
0.53
2.36

FY13 E
34
49%
11%
7%
3%
9%
0.96
8.4
18.98
0.52
2.08

74%

India
26%

Revenue Forecast
FY08 A
131534

Net Sales
YoY Growth %

160000
140000
120000
100000

FY09 A
147329
12.01%

FY10 A
102393
-30.50%

FY11 E
102954
0.55%

160000
140000
120000
100000
80000
60000
40000
20000
0
FY08 A

Share Holding pattern

Net Sales
FY09
A
FY10 A

31/03/2010 %

Promoters

277930680

31%

FII/NRI

149019739

17%

Institutions

223918106

25%

Public

236345671

27%

Total

887214196

100%

27%

25%

31%

17%

Promoter
s
FII/NRI
Institution
s

YoY Growth
%
FY11
E
FY12
E

FY13 E

ed is a diversified steel producer. It has a global presence in 50 markets and manufacturing operations in 26 countries. The
des steel for different industries, which include construction, automotive, aerospace, consumer goods, materials handling,
er, rail, engineering, shipbuilding, packaging, and security & defense. Tata Steel manufactures and processes steel, which
ed coil through to high-gloss, pre-painted perforated blanks, wire rod and wire, sections, plate, bearings and tubes. Tata
range of products and infrastructure services to the international railway industry, which include rail section sizes, steel
s and other specialized track components. The Company's operations relate to manufacture of Steel. Its other business
sts of tubes, bearings, refractories, pigments, port operations, town services and investment activities.
ents

Business Segment Revenue

Steel
93706
Others
8297
Unallocable
390
Total
102393

8%

Steel
92%

26%

FY13 E
104061
0.54%

15.00%
10.00%
5.00%
0.00%
-5.00%

Enterprise Valueadded
Explicit Forecast
Terminal Value
Total Enterprise Value

Axis Title

FY12 E
103502
0.53%

140000
120000
100000

12255
115777
128032

Others

Unallocable

hFY12
%
E

10.00%
5.00%
0.00%
-5.00%
-10.00%

140000
120000
100000
80000

-15.00%

60000

-20.00%

40000

-25.00%

20000

-30.00%
-35.00%
FY13 E

Axis Title

15.00%

Explicit Forecast

Terminal Value

Total E
Value

ns in 26 countries. The
s, materials handling,
processes steel, which
ings and tubes. Tata
il section sizes, steel
. Its other business
es.

Others

8%
0%

Unallocable

Colu
mn K

Terminal Value

Total Enterprise
Value

TATA Steel Limited

Prsentations Sheet
(Rs in crores , except per share data)
Y/E Mar, Rs. in Crores

FY08 A

FY09 A

FY10 A

FY11 E

Geographic Revenue
India
Outside India
Total

20171

26300

26849

27409

111363

121030

75544

75544

131534

147329

102393

102954

117733

133482

93706

94219

13386

13176

8297

8343

Business Segments
Steel
Others
Unallocable

414

672

390

392

131534

147329

102393

102954

131534

147329

102393

102954

Gross Profit

64542

62895

49878

50151

Operating Profit

17783

18127

8042

11782

EBITDA

18259

18393

9228

11782

EBIT

14122

14128

4737

7242

PAT

12322

4849

(2121)

3164

Net Profit-Group

12350

4823

(2063)

3164

EPS-Basic

177

66

(25)

38

EPS-Diluted

163

56

(25)

38

Total
Profit & Loss A/c
Net Sales

Other Selected Items & Ratios

Cash and Cash equivalents

4232

6148

6788

5767

Capex

(8420)

(8434)

(7150)

(7189)

Total Debt

53625

59901

53100

53100

Total Shareholder's Equity

34174

27714

22814

25978

52

32

41

41

97

140

140

144

100

163

163

Days Sales Outstanding (DSO)

Inventory Days
Payable Days
Book Value Per Share

452

319

276

314

Cash Flow Statement

Cash Flow From Operations Activities

13394

15696

10471

6168

Cash Flow From Investining Activities

(46198)

(10822)

(4696)

(7189)

20543

(2755)

(5135)

(12262)

2119

640

16494

4029

6148

6788

4232

6148

6788

5767

Cash Flow From Financing Activities

Net Increase/Decrease in net cash
Opening Cash Balance
closing Cash Balance

0
(1021)

Valuation Metrics
Gross Profit Margin (%)

49%

43%

49%

49%

EBITDA Margin (%)

14%

12%

9%

11%

EBIT Margin (%)

11%

10%

5%

7%

Net Profit Margin (%)

9%

3%

-2%

3%

ROE

36%

17%

-9%

12%

EV/Sales

0.76

0.68

0.98

0.97

EV/EBITDA

5.49

5.45

10.86

8.51

P/E

3.99

11.72

-26.15

17.05

FY12 E

FY13 E

27957

28517

75544

75544

103502

104061

94721

95233

8387

8432

394

396

103502

104061

103502

104061

50418

50690

11840

11900

11840

11900

7038

6857

2947

2842

2947

2842

36

34

36

34

6245

6819

(7227)

(7266)

53100

53100

28925

31767

41

41

140

140

163

163

349

384

7705

7839

(7227)

(7266)

478

573

5767

6245

6245

6819

49%

49%

11%

11%

7%

7%

3%

3%

10%

9%

0.97

0.96

8.47

8.43

18.31

18.98

TATA Steel Limited

Consolidated Income Statement
(Rs in crores , except per share data)
Y/E Mar, Rs. in Crores

FY08 A

FY09 A

FY10 A

FY11 E

Net Sales

131534

147329

102393

102954

YoY Growth (%)

12.01%

-30.50%

0.55%

COGS

66992

84434

52515

52803

Gross Profit

64542

62895

49878

50151

Other Operating Expenses

46759

44768

41835

38369

Margin %
Operating Profit
Other Income
EBITDA
Margin %

36%

30%

41%

37%

17783

18127

8042

11782

476

266

1186

18259

18393

9228

11782

14%

12%

9%

11%

1%

-50%

28%

YoY Growth (%)

D&A

4137

4265

4492

4540

EBIT

14122

14128

4737

7242

Interest,net

4085

3290

3022

2942

EBT before Exceptional item

10036

10837

1715

4300

Exceptional Item +/-

(6335)

4095

1684

EBT After Excep. Item

16371

6743

31

4300

4049

1894

2152

1136

25%

28%

6991%

26%

12322

4849

(2121)

3164

9%

3%

-2%

3%

Minority Interest

(140)

41

(15)

Share of profits of Associates

168

61

127

Tata Steel Group Profit

12350

4951

(2009)

3164

Less: Preference Dividend

128

54

Tata Steel Group Profit

12350

4823

(2063)

3164

Eps-Basic

177

66

(25)

38

Eps-Diluted

163

56

(25)

38

Reported share count-Basic

70

73

83

83

Reported share count-Diluted

76

87

83

83

COGS

51%

57%

51%

51%

Gross Profit

49%

43%

49%

49%

Other Operating Expenses

36%

30%

41%

37%

14%

12%

8%

11%

Other Income

0%

0%

1%

0%

Interest ,net

3%

2%

3%

3%

Tax
Effective Tax Rate
EAT/PAT
Margin %

As a % of Revenue

Operating Profit

BLUE = Historical
RED = Assumptions
BLACK = Formulas
FY12 E

FY13 E

103502

104061

0.53%

0.54%

53084

53371

50418

50690

38577

38790

37%

37%

11840

11900

11840

11900

11%

11%

0%

1%

4803

5043

7038

6857

3033

2995

4005

3862

4005

3862

1058

1020

26%

26%

2947

2842

3%

3%

2947

2842

2947

2842

36

34

36

34

83

83

83

83

51%

51%

49%

49%

37%

37%

11%

11%

0%

0%

3%

3%

TATA Steel Limited

Consolidated Balance Sheet
(Rs in crores , except per share data)
Y/E Mar, Rs. in Crores

FY08 A

FY09 A

FY10 A

FY11 E

Current Assets
Stock-in-trade,stores & spare parts

23064

21668

18687

20288

Sundry debtors

18698

13032

11624

11688

4232

6148

6788

5767

46003

40855

37107

37751

15460

12999

6761

6761

41966

45306

45796

48444

3367

6411

5418

5418

472

18050

15365

14542

14542

10

76

115

115

156

105

125012

121589

109738

113031

26361

23093

23389

23517

Interest accrued on investments

Cash & Bank balances
Total Current Assets & L&A
Loands & Advances
Fixed Assets
Net Block
Investments
Foreign currency monerary trans.difference
Goodwill on consolidation
Deffered Tax Asset
Miscell. Expenditure not written off
Total Assets
Current Liabilitie& Provisions
Current Liabilities
Provisions

6458

7141

6594

6594

32819

30234

29983

30111

Secured

35415

34244

28059

28059

Unsecured

18210

25657

25041

25041

53625

59901

53100

53100

6203

6203

887

887

27971

21512

21927

25092

34174

27714

22814

25978

17

17

17

17

Total
Loans

Total Long Term liabilities

Shareholder's Fund
Share Capital
Reserves and Surplus
Total Sharehlders Fund
Warrants issude by Subsidiary company
Monority Interest
Deffered Tax Liability
Foreign Currency MonetaryTran. Differen
Provision for Emp.separation compensation

833

895

884

884

2465

1786

1769

1769

207

207

1080

1042

964

964

Total Liabilities
Check sum

125012

121589

109738

113031

Ratio Analysis
Liquidity Ratios
Current Ratio

1.40

1.35

1.24

1.25

Quick Ratio

0.70

0.63

0.61

0.58

51.89

32.29

41.44

41

96.69

140.24

140

Activity Ratios
Days Sales Outstanding (DSO)
Inventory Days
Payable Days

144

100

163

163

Total Debt

53625

59901

53100

53100

Net Debt

49393

53752

46313

47333

452

319

276

314

Book Value

BLUE = Historical
RED = Assumptions
BLACK = Formulas
FY12 E

FY13 E

20396

20506

11750

11813

6245

6819

38399

39146

6761

6761

50868

53091

5418

5418

14542

14542

115

115

116103

119073

23642

23770

6594

6594

30236

30364

28059

28059

25041

25041

53100

53100

887

887

28039

30881

28925

31767

17

17

884

884

1769

1769

207

207

964

964

116103

119073

1.27

1.29

0.60

0.61

41

41

140

140

163

163

53100

53100

46855

46282

349

384

TATA Steel Limited

Consolidated Cash flow Statement
(Rs in crores , except per share data)
Y/E Mar, Rs. in Crores
A.Cash Flow from Operations

FY08 A

FY09 A

Profit/(Loss) before Taxes,MI& Share of Profit of Associates

Adjustmesnts
Depreciation
Income from other investments
P/L on sale of other investments
P/L on sale of assets/descarded
Restructuring costs
Interest & income from current investmet
Interest charged to profit & loss A/c
Gain/Loss on forward concellation
Amortisation of emp separation compens
Contributaion fro sports infrastructure written off
Exchange G/L on revaluation of foreigh currency loan
Unrealised Foreign exchange on consolidation
Preliminary expenditure written off
Acturial Gain/Loss onfunds for employee benefits
Provision for wealth tax
Other amortisation & Non-cash Expen.

16371

6743

4137
(77)
(18)
(254)
0
(454)
4539
(124)
227
150
(741)
(286)
3
(5907)
2
735
1931
18302

4265
(80)
(114)
(45)
4095
(501)
3791
(27)
224
0
160
(101)
0
0
2
380
12049
18792

3859
(2701)
(3380)
16080
2686
13394

3003
1012
(3731)
19077
3381
15696

(8420)
423
0
(33390)
(40740)
35353
465
110
(46198)

(8434)
73
(0)
(60757)
(183)
58068
(65)
367
108
(10822)

4881
4
5473
52465
(35458)

0
14
0
10509
(8457)

Operating Profit befoe WC change

Adjustments
Trade & other receivables
Inventoreies
Trade payables and other liabilities
Cash Flow from Operations
Direct taxes paid
Net cash flow from operations
B.Cash Flow from Investing Activities
Purcahse of fixed assets
sale of fixed assets
Pre-operative expenses
Purcahse of investments
Acquisition of subsidiaries/JV
Sale of investments
Inter coporate deposit , net
interest & income from current investment received
Dividend received
Net Cash Flow from Investment Activities
C.Cash Flow from Financing Activities
issue of equity capital
Capital contribution received
Issue of cumulative convertible preference shared
Proceeds from borrowings
Repaymentf of borrowings

Amount received on cancellation forward cover

Long term loan expenses paid
Interest paid
Divident paid
Net Cash from Financiang Activities
Net Increase/ decrease in C & C equivalents(A+B+C)
Opening Cash & Cash equivalents
Closing Cash & cash equivalents

134
(1737)
(4272)
(948)
20543
(12262)
16494
4232

(10)
(37)
(3547)
(1227)
(2755)
2119
4029
6148

Calculation of Free Cash Flow

Operatin Cash Flow
Capital Expenditure
Free Cash Flow

13394
(8420)
4974

15696
(8434)
7262

4137
41966

4265
45306
10%

(8420)
6%

(8434)
6%

Depreciation Schedule
Depreciation
Net,PPE Value
Implied Depreciation Rate
Capex Estimation
Acquistition of Proper & Equipment
Capex as % of Revenue

BLUE = Historical
RED = Assumptions
BLACK = Formulas
FY10 A

FY11 E

FY12 E

FY13 E

31

4300

4005

3862

4492
(70)
(1036)
(109)
1684
(472)
3494
29
220
0
(94)
(259)
3
0
2
369
8252
8283

4540

4803

5043

4540
8840

4803
8808

5043
8905

2088
1884
675
12930
2459
10471

(64)
(1601)
128
7304
1136
6168

(62)
(108)
125
8762
1058
7705

(63)
(110)
128
8859
1020
7839

(7150)
202
(3)
(191578)
(354)
193685
195
216
89
(4696)

(7189)

2422
25
0
10038
(12725)

(7227)
-

(7189)

(7266)
-

(7227)
-

(7266)

(29)
(279)
(3266)
(1321)
(5135)
640
6148
6788

0
(1021)
6788
5767

0
478
5767
6245

0
573
6245
6819

10471
(7150)
3321

6168
(7189)
(1021)

7705
(7227)
478

7839
(7266)
573

4492
45796
10%

4540
48444
10%

4803
50868
10%

5043
53091
10%

(7150)
7%

(7189)
7%

(7227)
7%

(7266)
7%

TATA Steel Limited

Geographic Revenue Model
(Rs in crores , except per share data)
Y/E Mar, Rs. in Crores

FY08 A

FY09 A

FY10 A

FY11 E

20171

26300

26849

27409

Ousside India

111363

121030

75544

75544

Net Sales

131534

147329

102393

102954

30%

2%

2%

9%

-38%

0%

India

YoY (%) growth in Net Sales

India
Ousside India
Net Sales
Geographic Revenue as % of Net sales
India

15%

18%

26%

27%

Ousside India

85%

82%

74%

73%

100%

100%

100%

100%

Net Sales

BLUE = Historical
RED = Assumptions
BLACK = Formulas
FY12 E

FY13 E

27957

28517

75544

75544

103502

104061

2%

2%

0%

0%

27%

27%

73%

73%

100%

100%

TATA Steel Limited

Business Segment Model
(Rs in crores , except per share data)
Y/E Mar, Rs. in Crores
Steel

FY08 A

FY09 A

FY10 A

117733

133482

93706

13386

13176

8297

414

672

390

131534

147329

102393

Steel

90%

91%

92%

Others

10%

9%

8%

0%

0%

0%

100%

100%

100%

Others
Unallocable
Total
Segment revenue as % of total revenue

Unallocable
Total

BLUE = Historical
RED = Assumptions
BLACK = Formulas
FY11 E

FY12 E

FY13 E

94219

94721

95233

8343

8387

8432

392

394

396

102954

103502

104061

92%

92%

92%

8%

8%

8%

0%

0%

0%

100%

100%

100%

TATA Steel Limited

Cost Model
(Rs in crores , except per share data)
Y/E Mar, Rs. in Crores

FY08 A

FY09 A

FY10 A

FY11 E

Total Operating Expenses

Less: Expenditure to Capital A/c & others
Operating Expenses (Ex capital expenditure)

114299
548
113751

129985
783
129202

95178
827
94351

91999
827
91172

Less COGS

66992

84434

52515

52803

Other Operating Expenses

46759

44768

41835

38369

Total Operating exp as % of Revenue

87%

88%

93%

89%

COGS as % of revenue

51%

57%

51%

51%

BLUE = Historical
RED = Assumptions
BLACK = Formulas
FY12 E

FY13 E

92488
827
91661

92988
827
92161

53084

53371

38577

38790

89%

89%

51%

51%

TATA Steel Limited

Consolidated Balance Sheet
(Rs in crores , except per share data)
Y/E Mar, Rs. in Crores

FY08 A

FY09 A

FY10 A

FY10 E

Secured Loans

35415

34244

28059

28059

Unsecured Loans

18210

25657

25041

25041

53625

59901

53100

53100

Total Long Term Liabilities

Debt Repayment/Borrowings
Secured Loans

Unsecured Loans

Interest Expenses ,Net

Interest Income
Interest Expenses
Interest Expenses ,Net
Interest Expenses Rate

454

501

472

553

(4539)

(3791)

(3494)

(3494)

(4085)

(3290)

(3022)

(2942)

8%

6%

7%

7%

4232

6148

6788

5767

11%

8%

8%

Interest Income Calculations

Cash & Cash Equivalent
Interest Income Rate

BLUE = Historical
RED
= Assumptions
BLACK = Formulas
FY12 E

FY13 E

28059

28059

25041

25041

53100

53100

461

500

(3494)

(3494)

(3033)

(2995)

7%

7%

6245

6819

8%

8%

TATA Steel Limited

Valuation Model
(Rs in crores , except per share data )
Growth Assumptions

Enterprise Value (EV)

Long term Growth rate

8%

Current Market Price

Diluted shares

CAPM Assumptions

83

Market Capitalisation

53949
53100

Ke

17.1%

Long Term Liabilities

Risk free rate

7.84%

Less:Cash &Cash Equivalent

Beta Value

1.496

Market Risk Premium (Rp)

Net Debt

14%

Enterprise Value (EV)

2010A

2011E

2012E

2013E

102393

102954

103502

104061

EBITDA

9228

11782

11840

11900

EBIT

4737

7242

7038

6857

Tax Expense

2152

1136

1058

1020

2585

6106

5980

5837

4492

4540

4803

5043

4647

(1537)

(45)

(46)

Net Operating Profit After Tax

Depreciation
Working Capital Cahnge
Operating Cash Flow

2430

12183

10828

10926

(7150)

(7189)

(7227)

(7266)

(4720)

4994

3601

3660

83

83

83

83

Projection Year

discount Factor

0.90

0.81

0.72

Present Value of FCF

4483

2901

2646

Capex
FCF
Diluted Shares

6788
46313

Calculation of Free Cash Flows

Revenues

652

100261

Terminal Value
Sum of Pv of FCF
WACC
Long term growth in EBIT
Terminal Value
PV of terminal value
Terminal Value as % of Total Value

Calculated Equity Value

10030

Enterprise Value

125807

11%

Less: Debt

(53100)

8%

Add: Cash

6788

3953

Net Debt

115777

(46313)

Equity Value

79494

92%

Sensitivity -varying terminal growht rate

Pv of Terminal Value
WACC PV of FCF

115777

7%

7%

8%

9%

10,439

9%

155911

195803

262291

10%

10,266

10%

111365

130536

157375

11%

10,030

Err:522

Err:522

Err:522

Err:522

12%

9,935

12%

70869

78321

87430

13%

9,776

13%

59966

65268

71534

47.24%

Debt equity weightage

E/(D+E)

54%

E/(D+E)

46%

Interest Rate (%)

Tax Rate

7%
26%

WACC Calculation
WACC

11%

Intrinsic Value
Equity Value

79494

Diluted Shares

83

Intrinsic Value

960

Intrinsic Value
7%

8%

8%

1450

1932

2735

910

1141

1466

Err:522

Err:522

Err:522

417

507

617

283

347

423

Tatasteel vs Nifty
Date
Tata Steel
11/3/2009
441.05
11/4/2009
471.4
11/5/2009
485
11/6/2009
500.5
11/9/2009
508.05
11/10/2009
504
11/11/2009
527.9
11/12/2009
512.45
11/13/2009
521
11/16/2009
535.9
11/17/2009
538.5
11/18/2009
546
11/19/2009
537.55
11/20/2009
554.2
11/23/2009
575.95
11/24/2009
557
11/25/2009
562.1
11/26/2009
542.2
11/27/2009
543.4
11/30/2009
578
12/1/2009
582
12/2/2009
574.2
12/3/2009
582.35
12/4/2009
575.05
12/7/2009
555.6
12/8/2009
567.5
12/9/2009
546
12/10/2009
548.05
12/11/2009
546.35
12/14/2009
543.65
12/15/2009
544.5
12/16/2009
560
12/17/2009
563.3
12/18/2009
562.4
12/21/2009
556.05
12/22/2009
579.5
12/23/2009
604.7
12/24/2009
615.5
12/29/2009
621.3
12/30/2009
615.05
12/31/2009
617
1/4/2010
636.25

3Digits
Nifty
456.39
471.08
476.555
479.615
489.84
488.17
500.395
495.265
499.895
505.805
506.225
505.47
498.9
505.245
510.355
509.055
510.815
500.555
494.175
503.27
512.2
512.325
513.17
510.89
506.67
514.795
511.2
513.465
511.73
510.57
503.305
504.205
504.175
498.77
495.26
498.585
514.46
517.84
518.795
516.945
520.105
523.22

1/5/2010
1/6/2010
1/7/2010
1/8/2010
1/11/2010
1/12/2010
1/13/2010
1/14/2010
1/15/2010
1/18/2010
1/19/2010
2/11/2010
2/15/2010
2/16/2010
2/17/2010
2/18/2010
2/19/2010
2/22/2010
2/23/2010
2/24/2010
2/25/2010
2/26/2010
3/2/2010
3/3/2010
3/4/2010
3/5/2010
3/8/2010
3/9/2010
3/10/2010
3/11/2010
3/12/2010
3/15/2010
3/16/2010
3/17/2010
3/18/2010
3/19/2010
3/22/2010
3/23/2010
3/25/2010
3/26/2010
3/29/2010
3/30/2010
3/31/2010
4/1/2010
4/5/2010

647.6
643.2
647.2
648.6
647.9
625
641.4
647
644.95
639.05
636.25
534.1
539
550
583.6
578.55
560.05
573
576.95
567.15
571
574.6
610
607.7
617
617
620.65
615.15
612
611.5
606.4
610.5
629.95
631.1
640.5
642.65
627.8
637
638.8
642.55
645.7
633.25
632.25
652.6
674.1

527.79
528.18
526.31
524.475
524.94
521.04
523.395
525.99
525.22
527.485
522.565
482.685
480.195
485.575
491.4
488.775
484.49
485.64
487.005
485.86
485.975
492.23
501.7
508.81
508.025
508.87
512.4
510.15
511.625
513.34
513.7
512.89
519.81
523.19
524.59
526.28
520.52
522.53
526.04
528.2
530.285
526.245
524.91
529.05
536.84

4/6/2010
4/7/2010
4/8/2010
4/9/2010
4/12/2010
4/13/2010
4/15/2010
4/16/2010
4/19/2010
4/20/2010
4/21/2010
4/22/2010
4/23/2010
4/26/2010
4/27/2010
4/28/2010
4/29/2010
4/30/2010
5/3/2010
5/4/2010
5/5/2010
5/6/2010
5/7/2010
5/10/2010
5/11/2010
5/12/2010
5/13/2010
5/14/2010
5/17/2010
5/18/2010
5/19/2010
5/20/2010
5/21/2010
5/24/2010
5/25/2010
5/26/2010
5/27/2010
5/28/2010
5/31/2010
6/1/2010
6/2/2010
6/3/2010
6/4/2010
6/7/2010
6/8/2010

689.1
687
669.5
676.2
684.25
691
684
695.05
669.35
670.95
667.5
652
648.05
656
646.95
624.7
634.55
619
608
572.9
577
576.4
558.7
605.65
579.5
583.7
576.4
547
535.8
529.65
513
509.1
510.15
495.8
477.3
483.9
496.5
491.95
499.75
478
483.5
485.4
483.6
464.25
451.25

536.6
537.465
530.445
536.175
533.97
532.295
527.36
526.26
520.365
523.01
524.49
526.935
530.41
532.245
530.835
521.545
525.415
527.8
522.275
514.85
512.49
509.085
501.805
519.36
513.615
515.665
517.89
509.35
505.99
506.62
491.965
494.76
493.115
494.395
480.675
491.74
500.31
506.655
508.63
497.02
501.985
511.05
513.55
503.4
498.71

6/9/2010
6/10/2010
6/11/2010
6/14/2010
6/15/2010
6/16/2010
6/17/2010
6/18/2010
6/21/2010
6/22/2010
6/23/2010
6/24/2010
6/25/2010
6/28/2010
6/29/2010
6/30/2010
7/1/2010
7/2/2010
7/5/2010
7/6/2010
7/7/2010
7/8/2010
7/9/2010
7/12/2010
7/13/2010
7/14/2010
7/15/2010
7/16/2010
7/19/2010
7/20/2010
7/21/2010
7/22/2010
7/23/2010
7/26/2010
7/27/2010
7/28/2010
7/29/2010
7/30/2010
8/2/2010
8/3/2010
8/4/2010
8/5/2010
8/6/2010
8/9/2010
8/10/2010

463.5
472.95
473.9
484.4
491.5
484
480.9
474
503.65
493.9
498.3
498.25
490.45
499.65
481.25
486.45
475
473.75
471.8
479.2
474
484.25
495.5
497
511.3
504.7
513.95
507.5
511.8
505.95
531.55
539
534.25
531.05
529.3
532.8
535.35
535.5
546.95
546.6
541
539.5
532
539.3
536

500.03
507.86
511.935
519.77
522.235
523.335
527.485
526.26
535.33
531.655
532.315
532.06
526.905
533.35
525.615
531.25
525.14
523.71
523.59
528.905
524.11
529.685
535.245
538.3
540.065
538.615
537.875
539.39
538.645
536.8
539.935
544.195
544.91
541.86
543.06
539.755
540.89
536.76
543.165
543.955
546.785
544.71
543.925
548.615
546.07

8/11/2010
8/12/2010
8/13/2010
8/16/2010
8/17/2010
8/18/2010
8/19/2010
8/20/2010
8/23/2010
8/24/2010
8/25/2010
8/26/2010
8/27/2010
8/30/2010
8/31/2010
9/1/2010
9/2/2010
9/3/2010
9/6/2010
9/7/2010
9/8/2010
9/9/2010
9/13/2010
9/14/2010
9/15/2010
9/16/2010
9/17/2010
9/20/2010
9/21/2010
9/22/2010
9/23/2010
9/24/2010
9/27/2010
9/28/2010
9/29/2010
9/30/2010

519
520
527.55
520
514.5
521.85
522
518
520.55
514.05
496
500.75
509
527.3
522.4
538.9
543.45
541.05
576
573.15
582.5
593.3
601.4
597
604.45
595.4
607.8
618
614.8
617.65
624
629.95
646.2
655.5
651.95
652

542.06
541.645
545.21
541.83
541.415
547.915
554.02
553.065
554.35
550.51
546.235
547.79
540.87
541.545
540.24
547.185
548.615
547.94
557.695
560.4
560.785
564.005
576
579.555
586.095
582.87
588.495
598.045
600.905
599.1
595.955
601.83
603.565
602.95
599.13
602.995

800
600
400
200
0
Tata Steel

Nifty

40000

Cash Flows

20000
0
(20000)

FY08 A

FY09 A

FY10 A

FY11 E

FY12 E

FY13 E

(40000)
(60000)

Cash Flow From Operations Activities

Axis Title
Cash Flow From Investining Activities
Cash Flow From Financing Activities

Steel

93706

Others

8297

Unallocable

390

8%0%

Steel
Others

92%