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Reference Model

Tata Steel
Prepared By: Gourav Agarwal, Classroom Student

http://proschoolonline.com
Email ID : mumbai@proschoolonline.com
Mumbai
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

Directions

Tata Steel is among the top ten global steel companies. A financial model of such a company is in great demand in the investme
This gave us the opportunity to guide our student to come out with a financial model on the company. These exercises help the
IMS Proschool to hone their financial modeling skills.
This model is being developed by a financial modeling student at IMS Proschool. This is provided as reference model and is for
purpose only. Keeping in view 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 th
sector which require financial analysis and modeling skills. The program aims to impart the necessary skills required to perform
Financial Research Analyst. The program equips students with the practical skill sets required to perform financial analysis, mod
valuation through Excel.
For more details, please contact the address furnished below. You can also email us at the below mentioned email-id.

IMS Proschool Pvt Ltd,


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

Email ID : mumbai@proschoolonl

is in great demand in the investment market.


mpany. These exercises help the student at

ded as reference model and is for information


s of the model are kept intact.

candidates for entry level jobs in the finance


ecessary skills required to perform the role of a
d to perform financial analysis, modeling and

elow mentioned 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 producer. It has a global presenc


Company provides steel for different industries, which include construc
energy and power, rail, engineering, shipbuilding, packaging, and secur
includes hot-rolled coil through to high-gloss, pre-painted perforated b
provides a range of products and infrastructure services to the internat
products and other specialized track components. The Company's oper
consists of tubes, bearings, refractories, pigments, port operations, tow
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%

26%
India

Outside India

Revenue Forecast
FY08 A
131534

Net Sales
YoY Growth %

160000
140000
120000

FY09 A
147329
12.01%

FY10 A
102393
-30.50%

FY11 E
102954
0.55%

FY12 E
103502
0.53%

FY13 E
104061
0.54%

0.2
0.1

0.1
120000
0

100000
80000

-0.1

60000

-0.2

40000
-0.3

20000
0

-0.4
FY08 A

Share Holding pattern

FY09 A FY10 A
Net Sales

31/03/2010 %

Promoters

277930680

31%

FII/NRI

149019739

17%

Institutions

223918106

25%

Public

236345671

27%

887214196

100%

Total

27%

31%

Promoters
FII/NRI
Institutions
Public

25%

17%

FY11 E

FY12 E FY13 E
YoY Growth %

ducer. It has a global presence in 50 markets and manufacturing operations in 26 countries. The
stries, which include construction, automotive, aerospace, consumer goods, materials handling,
uilding, packaging, and security & defense. Tata Steel manufactures and processes steel, which
oss, pre-painted perforated blanks, wire rod and wire, sections, plate, bearings and tubes. Tata Steel
cture services to the international railway industry, which include rail section sizes, steel sleeper
ponents. The Company's operations relate to manufacture of Steel. Its other business segments
gments, port operations, town services and investment activities.

Business Segment Revenue


Steel
93706
Others
8297
Unallocable
390
Total
102393

8%
0%

92%
Steel

Enterprise Valueadded
Explicit Forecast
Terminal Value
Total Enterprise Value

140000
120000

12255
115777
128032

Others

Unallocable

120000

Axis Title

100000
80000

Series2

60000

Series1

40000
20000
0
Explicit Forecast

Terminal Value

Total Enterprise Value

Series2
Series1

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

FY12 E

FY13 E

Geographic Revenue
India
Outside India
Total

20171

26300

26849

27409

27957

28517

111363

121030

75544

75544

75544

75544

131534

147329

102393

102954

103502

104061

117733

133482

93706

94219

94721

95233

13386

13176

8297

8343

8387

8432

414

672

390

392

394

396

131534

147329

102393

102954

103502

104061

Business Segments
Steel
Others
Unallocable
Total
Profit & Loss A/c
Net Sales

131534

147329

102393

102954

103502

104061

Gross Profit

64542

62895

49878

50151

50418

50690

Operating Profit

17783

18127

8042

11782

11840

11900

EBITDA

18259

18393

9228

11782

11840

11900

EBIT

14122

14128

4737

7242

7038

6857

PAT

12322

4849

(2121)

3164

2947

2842

Net Profit-Group

12350

4823

(2063)

3164

2947

2842

EPS-Basic

177

66

(25)

38

36

34

EPS-Diluted

163

56

(25)

38

36

34

Other Selected Items & Ratios


Cash and Cash equivalents

4232

6148

6788

5767

6245

6819

Capex

(8420)

(8434)

(7150)

(7189)

(7227)

(7266)

Total Debt

53625

59901

53100

53100

53100

53100

Total Shareholder's Equity

34174

27714

22814

25978

28925

31767

52

32

41

41

41

41

97

140

140

140

140

144

100

163

163

163

163

Days Sales Outstanding (DSO)


Inventory Days
Payable Days
Book Value Per Share
Cash Flow Statement

452

319

276

314

349

384

Cash Flow From Operations Activities

13394

15696

10471

6168

7705

7839

Cash Flow From Investining Activities

(46198)

(10822)

(4696)

(7189)

(7227)

(7266)

Cash Flow From Financing Activities

20543

(2755)

(5135)

(12262)

2119

640

(1021)

478

573

16494

4029

6148

6788

5767

6245

4232

6148

6788

5767

6245

6819

Net Increase/Decrease in net cash


Opening Cash Balance
closing Cash Balance

Valuation Metrics
Gross Profit Margin (%)

49%

43%

49%

49%

49%

49%

EBITDA Margin (%)

14%

12%

9%

11%

11%

11%

EBIT Margin (%)

11%

10%

5%

7%

7%

7%

9%

3%

-2%

3%

3%

3%

36%

17%

-9%

12%

10%

9%

Net Profit Margin (%)


ROE

EV/Sales

0.76

0.68

0.98

0.97

0.97

0.96

EV/EBITDA

5.49

5.45

10.86

8.51

8.47

8.43

P/E

3.99

11.72

-26.15

17.05

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

FY12 E

FY13 E

Net Sales

131534

147329

102393

102954

103502

104061

12.01%

-30.50%

0.55%

0.53%

0.54%

YoY Growth (%)


COGS

66992

84434

52515

52803

53084

53371

Gross Profit

64542

62895

49878

50151

50418

50690

Other Operating Expenses

46759

44768

41835

38369

38577

38790

Margin %
Operating Profit
Other Income

36%

30%

41%

37%

37%

37%

17783

18127

8042

11782

11840

11900

476

266

1186

18259

18393

9228

11782

11840

11900

14%

12%

9%

11%

11%

11%

1%

-50%

28%

0%

1%

D&A

4137

4265

4492

4540

4803

5043

EBIT

14122

14128

4737

7242

7038

6857

EBITDA
Margin %
YoY Growth (%)

Interest,net

4085

3290

3022

2942

3033

2995

EBT before Exceptional item

10036

10837

1715

4300

4005

3862

Exceptional Item +/-

(6335)

4095

1684

EBT After Excep. Item

16371

6743

31

4300

4005

3862

Tax

4049

1894

2152

1136

1058

1020

Effective Tax Rate

25%

28%

6991%

26%

26%

26%

EAT/PAT

12322

4849

(2121)

3164

2947

2842

Margin %

9%

3%

-2%

3%

3%

3%

Minority Interest

(140)

41

(15)

Share of profits of Associates

168

61

127

12350

4951

(2009)

3164

2947

2842

Tata Steel Group Profit


Less: Preference Dividend

128

54

12350

4823

(2063)

3164

2947

2842

Eps-Basic

177

66

(25)

38

36

34

Eps-Diluted

163

56

(25)

38

36

34

Reported share count-Basic

70

73

83

83

83

83

Reported share count-Diluted

76

87

83

83

83

83

COGS

51%

57%

51%

51%

51%

51%

Gross Profit

49%

43%

49%

49%

49%

49%

Other Operating Expenses

36%

30%

41%

37%

37%

37%

Tata Steel Group Profit

As a % of Revenue

Operating Profit

14%

12%

8%

11%

11%

11%

Other Income

0%

0%

1%

0%

0%

0%

Interest ,net

3%

2%

3%

3%

3%

3%

BLUE = Historical
RED = Assumptions
BLACK = Formulas

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

FY12 E

FY13 E

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

23064

21668

18687

20288

20396

20506

Sundry debtors

18698

13032

11624

11688

11750

11813

Interest accrued on investments

4232

6148

6788

5767

6245

6819

Total Current Assets & L&A

46003

40855

37107

37751

38399

39146

Loands & Advances

15460

12999

6761

6761

6761

6761

41966

45306

45796

48444

50868

53091

3367

6411

5418

5418

5418

5418

472

18050

15365

14542

14542

14542

14542

10

76

115

115

115

115

156

105

125012

121589

109738

113031

116103

119073

26361

23093

23389

23517

23642

23770

Cash & Bank balances

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

6594

6594

32819

30234

29983

30111

30236

30364

Secured

35415

34244

28059

28059

28059

28059

Unsecured

18210

25657

25041

25041

25041

25041

53625

59901

53100

53100

53100

53100

6203

6203

887

887

887

887

Reserves and Surplus

27971

21512

21927

25092

28039

30881

Total Sharehlders Fund

34174

27714

22814

25978

28925

31767

17

17

17

17

17

17

833

895

884

884

884

884

2465

1786

1769

1769

1769

1769

207

207

207

207

1080

1042

964

964

964

964

125012

121589

109738

113031

116103

119073

Total
Loans

Total Long Term liabilities


Shareholder's Fund
Share Capital

Warrants issude by Subsidiary company


Monority Interest
Deffered Tax Liability
Foreign Currency MonetaryTran. Differen
Provision for Emp.separation compensation
Total Liabilities

Check sum

Ratio Analysis
Liquidity Ratios
Current Ratio

1.40

1.35

1.24

1.25

1.27

1.29

Quick Ratio

0.70

0.63

0.61

0.58

0.60

0.61

51.89

32.29

41.44

41

41

41

96.69

140.24

140

140

140

144

100

163

163

163

163

Total Debt

53625

59901

53100

53100

53100

53100

Net Debt

49393

53752

46313

47333

46855

46282

452

319

276

314

349

384

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

Book Value

BLUE = Historical
RED = Assumptions
BLACK = Formulas

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

FY10 A

FY11 E

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

31

4300

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

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

4540
4540
8840

3859
(2701)
(3380)
16080
2686
13394

3003
1012
(3731)
19077
3381
15696

2088
1884
675
12930
2459
10471

(64)
(1601)
128
7304
1136
6168

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

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

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

(7189)
(7189)

4881
4
5473
52465
(35458)
134
(1737)

0
14
0
10509
(8457)
(10)
(37)

2422
25
0
10038
(12725)
(29)
(279)

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

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

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

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

0
(1021)
6788
5767

13394
(8420)
4974

15696
(8434)
7262

10471
(7150)
3321

6168
(7189)
(1021)

4137
41966

4265
45306
10%

4492
45796
10%

4540
48444
10%

(8420)
6%

(8434)
6%

(7150)
7%

(7189)
7%

Calculation of Free Cash Flow


Operatin Cash Flow
Capital Expenditure
Free Cash Flow
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
FY12 E

FY13 E

4005

3862

4803
4803
8808

5043
5043
8905

(62)
(108)
125
8762
1058
7705

(63)
(110)
128
8859
1020
7839

(7227)
(7227)

(7266)
(7266)

0
478
5767
6245

0
573
6245
6819

7705
(7227)
478

7839
(7266)
573

4803
50868
10%

5043
53091
10%

(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

FY12 E

FY13 E

India

20171

26300

26849

27409

27957

28517

Ousside India

111363

121030

75544

75544

75544

75544

Net Sales

131534

147329

102393

102954

103502

104061

India

30%

2%

2%

2%

2%

Ousside India

9%

-38%

0%

0%

0%

YoY (%) growth in Net Sales

Net Sales
Geographic Revenue as % of Net sales
India

15%

18%

26%

27%

27%

27%

Ousside India

85%

82%

74%

73%

73%

73%

Net Sales

100%

100%

100%

100%

100%

100%

BLUE = Historical
RED = Assumptions
BLACK = Formulas

TATA Steel Limited


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

FY08 A

FY09 A

FY10 A

FY11 E

FY12 E

117733

133482

93706

94219

94721

13386

13176

8297

8343

8387

414

672

390

392

394

131534

147329

102393

102954

103502

Steel

90%

91%

92%

92%

92%

Others

10%

9%

8%

8%

8%

0%

0%

0%

0%

0%

100%

100%

100%

100%

100%

Steel
Others
Unallocable
Total
Segment revenue as % of total revenue

Unallocable
Total

BLUE = Historical
RED = Assumptions
BLACK = Formulas
FY13 E
95233
8432
396
104061

92%
8%
0%
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

FY12 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

92488
827
91661

Less COGS

66992

84434

52515

52803

53084

Other Operating Expenses

46759

44768

41835

38369

38577

Total Operating exp as % of Revenue

87%

88%

93%

89%

89%

COGS as % of revenue

51%

57%

51%

51%

51%

BLUE = Historical
RED = Assumptions
BLACK = Formulas
FY13 E
92988
827
92161
53371
38790

89%
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

FY12 E

FY13 E

Secured Loans

35415

34244

28059

28059

28059

28059

Unsecured Loans

18210

25657

25041

25041

25041

25041

53625

59901

53100

53100

53100

53100

Secured Loans

Unsecured Loans

Total Long Term Liabilities


Debt Repayment/Borrowings

Interest Expenses ,Net


Interest Income

454

501

472

553

461

500

(4539)

(3791)

(3494)

(3494)

(3494)

(3494)

Interest Expenses ,Net

(4085)

(3290)

(3022)

(2942)

(3033)

(2995)

Interest Expenses Rate

8%

6%

7%

7%

7%

7%

4232

6148

6788

5767

6245

6819

11%

8%

8%

8%

8%

Interest Expenses

Interest Income Calculations


Cash & Cash Equivalent
Interest Income Rate

BLUE = Historical
RED = Assumptions
BLACK = Formulas

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

E/(D+E)

83

E/(D+E)

53949
53100

17.1%

Long Term Liabilities

Risk free rate

7.84%

Less:Cash &Cash Equivalent

Beta Value

1.496

Net Debt

14%

652

Market Capitalisation

Ke

Market Risk Premium (Rp)

Debt equity weightage

6788

Interest Rate (%)


Tax Rate

46313

Enterprise Value (EV)

100261

WACC Calculation
WACC

Calculation of Free Cash Flows


Revenues

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

Net Operating Profit After Tax


Depreciation

4492

4540

4803

5043

Working Capital Cahnge

4647

(1537)

(45)

(46)

2430

12183

10828

10926

(7150)

(7189)

(7227)

(7266)

(4720)

4994

3601

3660

83

83

83

83

Operating Cash Flow


Capex
FCF
Diluted Shares
Projection Year

discount Factor

0.90

0.81

0.72

Present Value of FCF

4483

2901

2646

Terminal Value

Calculated Equity Value

Intrinsic Value

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

10030

Enterprise Value

125807

Equity Value

11%

Less: Debt

(53100)

Diluted Shares

8%

Add: Cash

6788

3953

Net Debt

115777

(46313)

Equity Value

Intrinsic Value

79494

92%

Sensitivity -varying terminal growht rate


Pv of Terminal Value
WACC PV of FCF

115777

7%

7%

8%

7%

9%

10,439

9%

155911

195803

262291

1450

10%

10,266

10%

111365

130536

157375

910

11%

10,030

11%

111365

130536

157375

907

12%

9,935

12%

70869

78321

87430

417

13%

9,776

13%

59966

65268

71534

283

47.24%

Debt equity weightage


54%
46%
Interest Rate (%)

7%
26%

WACC Calculation
11%

Intrinsic Value

79494
Diluted Shares

83

Intrinsic Value

960

Intrinsic Value
8%

8%

1932

2735

1141

1466

1138

1463

507

617

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
1/5/2010
647.6

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
527.79

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
4/6/2010
4/7/2010
4/8/2010

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
689.1
687
669.5

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
536.6
537.465
530.445

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
6/9/2010
6/10/2010
6/11/2010
6/14/2010
6/15/2010

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
463.5
472.95
473.9
484.4
491.5

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
500.03
507.86
511.935
519.77
522.235

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
8/11/2010
8/12/2010
8/13/2010
8/16/2010
8/17/2010
8/18/2010
8/19/2010

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
519
520
527.55
520
514.5
521.85
522

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
542.06
541.645
545.21
541.83
541.415
547.915
554.02

800
600
400
200

Tata Steel

Nifty

9/3/2010

8/3/2010

6/3/2010
7/3/2010

4/3/2010
5/3/2010

0
2/3/2010
3/3/2010

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

1/3/2010

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

11/3/2009
12/3/2009

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

30000
20000
10000
0
(10000)
(20000)
(30000)
(40000)
(50000)

Cash Flows
FY08 A

FY09 A

FY10 A

FY11 E

FY12 E

FY13 E

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

Steel

93706

Others

8297

Unallocable

390

8% 0%

Steel
Others
Unallocable

92%