A Project Report on Financial Analysis

Submitted in the partial fulfillment towards the award of the

Masters in Business Administration

Birla Institute of Technology and Science, Pilani

(2020-21)

Submitted to
PROF. KRISHNA M
 PREFACE

This report has been prepared as a part of our Experiential Learning project, as a part of MBA.
The report is prepared with the view to include all the details regarding the project that we carried out.
The initial portion is the description and study of Financial Statements and Steel Industry, its
History and its Current Scenario. How the Steel sector has taken a full circle from earlier being private,
later it being handed over to the Govt. and now once again with liberalization this sector is open to
private players. After taking the macroscopic view, we have given microscopic view of the sector by
studying the one of major companies JSW STEEL PVT Ltd. All the details of the company where we
have studied are mentioned in the initial part of the report. Next portion is regarding the core project
financial statement analysis through ratio analysis.
In this project we had taken Research and Ratio for describing the Company’s SWOT Analysis.
Thus as you go ahead the report will reveal the details of the work that we have done in our grand
project.
ACKNOWLEDGEMENT

We thank our professor in Financial Management PROF. KRISHNA M for giving us an

opportunity to submit this Project.

We are also thankful to BITs Pilani for providing us this kind of course outline which gives us in-
depth insight of financial analysis by doing this project. We would like to extend our thanks to
the members of Group no. 29 who have contributed to the success this Financial Analysis report.

Most importantly, we would like to thank our professor, PROF. KRISHNA M for making us able
to do this kind of work and giving most of us a new experience. PROF. KRISHNA M has been
very professional and explains the details very clearly with examples.

The best part is he engages the teams as he teaches and clarifies the queries with simple
understandable examples. He also makes us understand the terms and theory of Finance apart from
giving us guidance numerical examples.

Last but not the least, we are grateful to our institute, Birla Institute of technology and Science,
including all their members and participants for providing such excellent infrastructure to teach
online and making our MBA dreams come true. We are privileged and honor to be part of BITS
Pilani.

2
 MBA ZC/PDFIZC 415
Financial and Management Accounting
EC1 Experiential Learning

Financial Statement Analysis

Executive Summary
JSW Steel is one of India’s leading integrated steel manufacturers with a capacity of 18 MTPA. It is
one of the fastest growing companies in India with a footprint in over 140 countries. With state-of-the-
art manufacturing facilities located in Karnataka, Tamil Nadu and Maharashtra, it is recognized for its
innovation and quality. JSW offers a wide gamut of steel products that includes Hot Rolled, Cold
Rolled, Bare & Pre-painted Galvanized & Galvalume, TMT Rebars, Wire Rods and Special Steel.
As a pioneer in the industry JSW Steel perceives an opportunity as a market share shift takes place in
the steel industry with the MSME and secondary producers not being able to ramp up in these
challenging times.

Financials for Fiscal Year 2019-20:

Total Revenue from Operations: Rs.73,326 Crore
Capex Spend: Rs.10,200 Crore
Capacity Utilization: 89%
Conversion Cost /Tonne: US $ 117
Crude Steel Produced: 16.06 MnT
Direct & Indirect Beneficiaries: Approximately 5.5 Lakh
PBDIT Margin – 13.86% (FY 2020) vis-à-vis margin of 19.44%) in FY 2019.

Comparative Analysis:

Particulars JSW Steel(Cr’s) Tata Steel(Cr’s) SAIL(Cr’s)

3
Net Sales 74,769 70,610 66,967
PBDIT 19,009 22,857 10,092
PBDIT % 24.77% 32.52% 15.33%
PAT 8,259 10,533 2,179
PAT % 11.05% 14.91% 3.25%
TOL/TNW 2.01 0.41 1.08
Current Ratio 0.81 0.67 0.78

Financial and Management Accounting

Instructors: Dr. Krishna M
Table of contents
TOPIC PAGE NO.

Preface………………………………………………………………………….......... 2

Acknowledgement……………………………………………………………………2

Group Details………………………………………………………………………...3

Executive Summary……………………………………………………....................4

1. Introduction to JSW Steel

a) History of company, Milestones……………………………………….…. 8
b) Vision, Mission, objectives of company…………………………..…….. 11
c) Organization structure………………………………………………..….. 13
d) Products and services offered…………………………………………… 15
e) Operational Model………………………………………………………..15
f) Five major competitors of company……………………………………....15

2. Research Methodology
a) Financial Ratios…………………………………………………………..16
b) Selection of Competitors………………………………………………... 15
c) Source of Data…………………………………………………………... 15

3. Financial Performance
a) Trend Analysis…………………………………………………………...19
b) Comparative analysis with competitors………………………………….28
c) Ratio analysis of financial statements……………………………............19

4
 d) Comparative ratio analysis with competitors…………………………….29

4. SWOT Analysis………………………………………………….…………….. 41

5. Conclusion……………………………………………………………….…...... 42

Annexures………………………………………………………………………….43

References

1. Introduction to XYZ ltd [3-5 pages]

a. History of company, Milestones
b. Vision, Mission, objectives of company
c. Organization structure
d. Products and services offered
e. Operational model
f. Five major competitors of company, their brief profile and position in market
2. Research Methodology [Use data from company websites, annual reports, or other reputed
sources only] - [2-4 pages]
a. Which financial ratios would you use for financial analysis of company?
b. Selection of competitors [On what basis did you select the competitors?]
c. Source of Data [Where did you get the financial data for company and competitors?]
3. Financial performance [use tables and graphs for better presentation] - [10-20 pages]
a. Trend analysis of performance in last five years [year on year financial data]
b. Comparative analysis of performance with competitors [at least 2 competitors]
c. Ratio analysis of financial statements [Liquidity, Solvency, Profitability, Efficiency]
d. Comparative ratio analysis of with competitors [at least 2 competitors]
4. SWOT Analysis of XYZ [2-3 pages]
a. Strengths, weaknesses, opportunities and threats [from financial performance view

5
 point]
5. Conclusion [1 pages]
a. You comments on overall financial position of XYZ ltd vis a vis its competitors.
Point to areas of concern and areas of good performance. Suggest measures for
improving financial ratios in future.

Financial and Management Accounting

Instructors: Dr. Krishna M
1. Introduction

JSW Group

Amongst the leading conglomerates in India, JSW Group is a $12 billion company. It is an integral
part of the O. P. Jindal Group, and has been a part of major projects that have played a key role in
India’s growth.

Ranked among India's top business houses, JSW's innovative and sustainable ideas cater to the core
sectors of Steel, Energy, Cement and Infrastructure. The Group continues to strive for excellence with
its strength, differentiated product mix, state-of-the-art technology, excellence in execution and focus on
sustainability.

From its humble beginnings in steel, the JSW Group has expanded its presence across India, South
America, South Africa & Europe. Through its CSR projects, it also continues to participate in and
initiate activities that assist in improving those areas of our country that lack resources. JSW is known to
be the “strategic first mover” to venture away from status quo, have the conviction to make fundamental
changes and drive operational excellence on its quest to become better every day.

JSW STEEL

6
 JSW Steel is one of India’s leading integrated steel manufacturers with a capacity of 18 MTPA. It is
one of the fastest growing companies in India with a footprint in over 140 countries. With state-of-the-
art manufacturing facilities located in Karnataka, Tamil Nadu and Maharashtra, it is recognized for its
innovation and quality. JSW offers a wide gamut of steel products that includes Hot Rolled, Cold
Rolled, Bare & Pre-painted Galvanized & Galvalume, TMT Rebars, Wire Rods and Special Steel.

JSW Steel continues to enhance its capabilities to meet the rapidly changing global market needs. To
stay on the leading edge of technical advancement, JSW has entered into technological collaboration
with JFE Steel Corp, Japan to manufacture high strength and advanced high strength steel for the
automobile sector. JSW Steel
Has also entered into a joint venture with Marubeni-Itochu Steel Inc. Tokyo, to set up a state–of-the-art
steel processing center.
JSW Steel aims to produce 40 million tons of steel annually by 2025.
JSW Steel – Plant locations and Capacity

Milestones
JSW steel was 11.8% of India’s capacity in FY-09 and increased to 18% of India’s capacity in FY-20.

7
 JSW Steel – Past 10 years’ growth story
Vision,
Mission
and

Objectives
JSW Steel Limited believes in creating sustainable growth while balancing utilization of natural
resources and social development in its business decisions.
It also believes in pursuing its business objectives ethically, transparently and with accountability to its
stakeholders across the value chain.
JSW is committed to promote integrated responsible behavior and value for social and environmental
well-being.
JSW’s commitment to do business responsibly is built into the core values of the Company to conduct
every aspect of business responsibly and sustainably.
It relies on:

 A dynamic leadership
 Adherences to core values
 A well-articulated Enterprise Risk Management framework.
 Practices that seek to sustain and enhance the long term competitive advantage of JSW with care
for the society and environment.
Organization Structure

8
 Mr. Sajjan Jindal
(Chaiman &
Managing
Director)

Mr. Jayant Acharya

Mr. Seshagiri Rao Dr. Vinod Nowal
(JMD & Group (Director -
(DMD & Head -
CFO) Commercial &
Manufacturing)
Marketig

Organizational Hierarchy

Directors
L20 -President
L19 - Executive V.P
L18 - Sr V.P
L17 - V.P
L16 - A.V.P
L15 -GM, L14 -DGM, L13 - AGM
L12 - Sr Mgr, L11 -Mrg
L10 - Dep Mgr, L09 -Asst Mgr
L08 - Junior Mgr /GET
L07 -Execcutive , L03 -DET

Products Offered
With the largest product portfolio in steel, JSW Steel Manufacturing Flat products and Long products
with wide range of grades and sizes. Brief product list mentioned below

9
Operational Model:
The Company believes in creating sustainable growth while balancing utilization of natural resources
and social development in its business decisions.
It also believes in pursuing its business objectives ethically, transparently and with accountability to its
stakeholders across the value chain.
JSW steel is committed to promote integrated responsible behavior and value for social and
environmental well-being.
The incremental growth strategy has worked better than the Big- Bang approach when plans for new
projects were not working out.

Competitors of JSW:

Reliance Steel
Reliance Pipe Fitting is a prominent name in the industry as a dealer of ferrous and non-
ferrous products. We have been catering to the needs of our clients nationwide for over 9 years. Ours is
a professionally managed firm commenced by a team of active youths over two decades ago. Equipped
with a state-of-the-art manufacturing unit, Reliance Pipe Fitting delivers first-class steel and pipe fitting
components to our clients. Our dedication and excellent services have aided in maintaining a strong grip
in our domain. We are leaders in exporting and importing all types of ferrous and nonferrous metals,
which include carbon steel, stainless steel, alloy steel, aluminum, copper, brass, nickel and alloy, to
name a few.

Sail India
Steel Authority of India Limited (SAIL) is one of the largest steel-making companies in
India and one of the Maharatna’s of the country’s Central Public Sector Enterprises.

1
0
SAIL produces iron and steel at five integrated plants and three special steel plants, one located
principally in the eastern and central regions of India and situated close to domestic sources of raw
materials. SAIL manufactures and sells a broad range of steel products

BAOSTEEL
In terms of operating performance, Baosteel keeps a top position in the domestic industry
And among the leading global iron and steel enterprises. Year 2016 continued witnessing Baosteel on
the Fortune Global 500 list for the thirteenth consecutive year and ranked at the 275th place.

BlueScope Steel
Since 1915 the steel industry has been an essential part of Australia and its economy. BlueScope's
heritage traces back to the very beginning. Today, the future lies in selling innovation, technology and
expertise in growth markets. BlueScope has built a strong foundation for growth, with a diverse
portfolio of businesses in some of the fastest growing economies of the world, and a strong balance
sheet, which enables strategic flexibility.

SIDMA S.A. STEEL PRODUCTS (SIDMA)

Sidma provides processing, trading, and exporting of steel products. The Company offers flat products,
such as hot rolled, pickled and oiled, chequered and tear drop, cold rolled, galvanized, stainless,
plastified surface coils and sheets. It also provides long products, including hot rolled steel bars with
rectangular, square, equilateral angular, non-equilateral angular, T-shaped, and U-shaped cross-section.
In addition, the Company offers tubes comprising electric resistance welding (ERW) uncoated self-
colored steel profiles, ERW zinc-coated steel profiles, ERW uncoated self-colored construction steel
pipes, and ERW zinc-coated hot-dip galvanized construction steel pipes. Further, it provides wire
products comprising black non-galvanized wires, galvanized wires, and galvanized fencing mesh

2. Research Methodology:

Financial Ratios
There are few numbers in financial statements that are significant and provide significant insights which
helps to draw meaningful inferences from their relationships to other amounts or their change from one
period to another. These tools help in establishing significant relationships and changes. The most
commonly used financial ratios are: -

Ratio analysis of financial statements [Liquidity, Solvency, Profitability, Efficiency]

The various advantages of ratio analysis are as follows,

1
1
  It helps in the financial forecasting and planning activities.
 It helps in making strategic decisions.
 It helps in assessing firm’s progress and performance and inter-firm comparison
with industry average.

Liquidity Ratios: liquidity ratios measure a company's ability to pay off its short-term debts as
they come due using the company's current or quick assets. Liquidity ratios include current
ratio, quick ratio, and Fixed assets turnover ratio.

In simple terms it assesses whether a business has sufficient cash or equivalent current assets to
be able to pay its debts as they fall due. For evaluating Ashok Leyland liquidity, we examine
the following three ratios: -

 Current Ratio
 Quick Ratio
 Inventory Turnover Ratio

Current Ratio:-

Current ratio is the ratio of current assets to current liabilities. It is a widely used
indicator of a company’s ability to pay its obligations in the short-term, and shows the
amount of current assets a company has per rupee of current liabilities. Current assets
and current liabilities are those that are receivable or payable in the normal operating
cycle or within 12 months after the reporting period. Current ratio is calculated as
Current assets / Current liabilities.

Key Ratio of JSW Steel 31-Mar-20 31-Mar-19 31-Mar-18

Current Ratio 0.81 0.79 0.98
Cu

1
2
 Current Rati o
1.2

1
0.98

0.8 0.79 0.81

Current Ratio

0.6

0.4

0.2

0
Ma r' 18 Ma r' 19 Ma r' 2 0
Fiscal Year

Interpretation:

In our above case while the Jsw Steel, current ratio was better in march’18 than in Mar’20.

Generally speaking, a ratio between 1.5 and 3 is preferable and indicates strong financial
performance. A Current Ratio of less than 1 indicates that your organization would be unable to
meet all of your financial obligations if they came due at the same time. While this certainly is
not good, it's not uncommon for organizations to operate in the red for short periods of time,
especially if the business is funding growth by accumulating debt. On the other hand, a high
Current Ratio may mean that the business is sitting on a large amount of cash, instead of
investing it back into the business.
Current Ratio provides investors and financial analysts with an indication of the
efficiency of your company's operating cycle. In other words, is your business able to
generate a constant revenue stream and collect account receivables in a timely manner?
These important questions tell potential investors a lot about the financial health of your
organization.

1
3
Quick Ratio:-

All Current assets are not equally liquid. While cash is readily available to make
payments to suppliers and receivables can be converted into cash with some effort,
inventories are two steps away from cash (sale and collection). Thus, a large current
ratio by itself is not a satisfactory measure of liquidity when inventories constitute a
major part of the current assets. Therefore, the quick ratio or acid test ratio, is computed
to supplement to the current ratio. This ratio relates relatively more liquid current assets,
usually current assets less inventories, to current liabilities.

Quick ratio is calculated as quick assets / current liabilities.

Key Ratio of JSW Steel 31-Mar-20 31-Mar-19 31-Mar-18

Quick Ratio 0.84 0.73 0.68

Quick Rati o
0.9 0.84
0.8 0.73
0.68
0.7
0.6
Quick Ratio

0.5
0.4
0.3
0.2
0.1
0
Ma r' 18 Ma r' 19 Ma r' 2 0
Fiscal Year

Interpretation:
The quick ratio is an indicator of a company’s short-term liquidity position and
measures a company’s ability to meet its short-term obligations with its most
liquid assets. Since it indicates the company’s ability to instantly use its near-cash
assets (assets that can be converted quickly to cash) to pay down its current
liabilities, it is also called the acid test ratio. An acid test is a quick test designed
to produce instant results—hence, the name.
 The higher the ratio result, the better a company's liquidity and financial health; the lower
the ratio, the more likely the company will struggle with paying debts.

In This case the Quick ratio of company has improved from 2018 to 2020
Inventory Turnover:-
Inventory turnover also termed as Management efficiency ratio is the number of
times a company’s inventories are turned into sales. Investment in inventory
represents idle cash. The lesser the inventory level, the greater the cash available
for meeting day-to-day operating needs and investment in productive assets.

Key Ratio of JSW Steel 31-Mar-18 31-Mar-19 31-Mar-20

Inventory turnover 6.57 7.14 6.68

Inventory Turnover Rati o

7.2 7.14
7.1
7
Inventory Turnover Ratio

6.9
6.8
6.68
6.7
6.57
6.6
6.5
6.4
6.3
6.2
Ma r' 18 Ma r' 19 Ma r' 2 0
Fiscal Year

Interpretation:

The inventory turnover ratio was high in 2019 for JSW Steel indicating better
inventory management. The reduction in 2020 implies that the sales revenue is not
gearing up based on the Inventory. The inventory turnover implies an average
inventory holding period.

Solvency Ratios: Also called financial leverage ratios, solvency ratios compare a
company's debt levels with its assets, equity, and earnings to evaluate whether a
company can stay afloat in the long-term by paying its long-term debt and interest on
the debt. Examples of solvency ratios include debt-equity ratio, debt-assets ratio, and
interest coverage ratio.

Debt-to Equity Ratio:- Mix of debt and equity can increase the return on equity for two
key reasons:-

a) Debt is generally cheaper than equity

b) Interest expense is tax deductible, whereas dividends are paid from after tax profits.
In addition, dividend payment attracts dividend distribution tax.
The debt-to-equity ratio for JSW Steel is computed as below

Key Ratio of JSW Steel 31-Mar-18 31-Mar-19 31-Mar-20

Debt Equity Ratio 1.14% 0.94% 1.2%

Total Debt to Owners Fund

1.4
1.2
1.14
1.2

1 0.94
Debt Equity Ratio

0.8

0.6

0.4

0.2

0
Ma r' 18 Ma r' 19 Ma r' 2 0
Fiscal Year

Interpretation
Debt-to equity ratio is fluctuating and was highest in 2020.

Profitability Ratios: these ratios show how well a company can generate profits from
its operations. Profit margin, return on assets, return on equity, return on capital
employed, and gross margin ratio are examples of profitability ratios.
Profitability ratios measure the degree of operating success of a company. We have used
three most commonly used ratios to evaluate profitability:-

 Profit Margin
 Asset Turnover
 Return on Assets

Profit Margin: - This ratio, also known as return on sales (ROS), measures the amount
of net profit earned from each rupee of revenue.

Key Ratio of JSW STEEL 31-Mar-18 31-Mar-19 31-Mar-20

Net Profit Margin(%) 7.11% 10.52% 8.23%

NP Margin
12
10.52
10
Net Profit Margin Ratipo

8.23
8
7.11

0
Ma r' 18 Ma r' 19 Ma r' 2 0
Fiscal year

Interpretation: Profit margin reduced in 2019-20 to 8.23% from 10.52 % in 2018-19 and
was higher than 7.11in 2017-18. Profit margin provides some indication of the cushion
available to the company in the event of an increase in costs or a drop in selling prices,
because of recession or greater competition.

The pressure on margin should be further analyzed by looking at major categories of

expenses, such as materials, salaries and wages and advertising.
Fixed Asset turnover ratio:-

This is a measure of a firm’s efficiency in utilizing its assets. It indicates how many
times the assets were turned over in a period in order to generate sales. If the assets
turnover is high, we can infer that the enterprise is managing its assets efficiently. A low
assets turnover implies the presence of more assets that the business needs for its
operations.

Key Ratio of JSW Steel 31-Mar-18 31-Mar-19 31-Mar-20

Fixed Assets Turnover Ratio 1.12% 1.5% 1.01%

FA Rati o
Fixed Asset Turnover Ratio

1.6 1.5
1.4
1.12
1.2 1.01
1
0.8
0.6
0.4
0.2
0
Ma r' 18 Ma r' 1 9 Ma r' 2 0
Fiscal Year

In 2019-20, JSW Steel Fixed Assets Turnover reduced to 1.01 % from 1.5% in 2018-19.
Interpretation:
Increase in asset turnover could be because of capacity reduction, regular
equipment maintenance, timely availability of raw materials and power, effective
management of inventories, receivables and cash, better industrial relations and so
on. The reduction is due to increase in assets in 2018 predicting more sales revenue
in the next 3 years.

Return on Asset: -
Return on assets also known as return on investment, is a measure of profitability
from a given level of investment. It is an excellent indicator of a company’s overall
performance. Return on asset is calculated as Profit / Assets

The increase in ROA indicates significant improvement in the company’s overall

profitability. The ROA increased because of the improvement in both margin and
turnover, the higher ROA came from the larger investments, suggesting that the
 additional investment would probably bring even more profits.
Efficiency Ratios: also called activity ratios, efficiency ratios evaluate how well a
company uses its assets and liabilities to generate sales and maximize profits. Key
efficiency ratios are the asset turnover ratio, inventory turnover, and days' sales in
inventory.

The efficiency ratio is typically used to analyze how well a company uses its assets
and liabilities internally. An efficiency ratio can calculate the turnover of
receivables, the repayment of liabilities, the quantity and usage of equity, and the
general use of inventory and machinery. An efficiency ratio measures a company's
ability to use its assets to generate income. For example, an efficiency ratio often
looks at various aspects of the company, such as the time it takes to collect cash
from customers or the amount of time it takes to convert inventory to cash. This
makes efficiency ratios important, because an improvement in the efficiency ratios
usually translates to improved profitability.

Some of the key ratios are:-

 Inventory turnover
 Debtors turnover ratio or Receivable turnover ratio
 Investment turnover ratio
 Fixed asset turnover ratio
 Asset turnover ratio

Each of the above different efficiency ratios focuses on a different aspect of the
business. Ultimately, when the efficiency ratios all indicate the business is being
run efficiently.

Inventory turnover is a gauge of how fast a retailer sells through its inventory and
needs to replace it. This metric is vital for understanding which products attract
consumers and drive sales for the retailer. The longer items stay in a retailer's
possession the bigger the hit on potential revenue and profits they can expect. The
faster you "turn" your inventory, the more inventory you will need and hopefully
sell.

The formula for assessing inventory turnover is a simple one: Sales ÷ Inventory.

The accounts receivable turnover ratio, also known as the debtor’s turnover ratio, is
an efficiency ratio that measures how efficiently a company is using its assets. The
accounts receivable turnover ratio measures the number of times over a given period
that a company collects its average accounts receivable.
The formula for assessing accounts receivable turnover ratio is Net Credit Sales /
Average Accounts Receivable.

The investment turnover ratio helps us measure the ability of a company to generate
revenues using the debt and capital that have been invested in the business. In general,
the higher the investment turnover ratio, the more efficient the company is in generating
revenues from its debt and equity capital.

The formula for assessing investment turnover ratio = Sales Revenue / (Shareholders’
Equity + Debt Outstanding)

Fixed Asset Turnover (FAT) is an efficiency ratio that indicates how well or efficiently
the business uses fixed assets to generate sales. This ratio divides net sales by net fixed
assets, over an annual period. The net fixed assets include the amount of property, plant,
and equipment, less the accumulated depreciation. Generally, a higher fixed asset ratio
implies more effective utilization of investments in fixed assets to generate revenue.
This ratio is often analyzed alongside leverage and profitability ratios.
The formula for Fixed Asset turnover is = Net Sales / Average Fixed Assets

The asset turnover ratio, also known as the total asset turnover ratio, measures the efficiency
with which a company uses its assets to generate sales. The asset turnover ratio formula is equal
to net sales divided by the total or average assets of a company. A company with a high asset
turnover ratio operates more efficiently compared to competitors with lower ratios.

Mar Mar Mar Mar Mar

  '20 '19 '18 '17 '16
Management Efficiency Ratios

Inventory Turnover Ratio 6.68 7.14 6.57 6.14 6.06

Debtors Turnover Ratio 12.94 13.47 15.04 16.19 16.18
Investments Turnover Ratio 0.76 1.14 6.57 6.14 6.06
Fixed Assets Turnover Ratio 1.01 1.5 1.12 0.93 0.74
Total Assets Turnover Ratio 0.76 1.14 1.09 0.91 0.7
Asset Turnover Ratio 0.84 1.21 1.11 0.95 0.71
 Average Raw Material Holding -- -- -- -- --
Average Finished Goods Held -- -- -- -- --
Number of Days In Working Capital -17.52 -23.4 -17.7 -36.03 -94.1

Management Efficiency Ratios

20 Mar '16
Mar '17
0 Mar '18
o Mar '19
ati
-20 tio tio o Mar '20
R Ra Ra ati tio o
Values

r g
ve e r r r R Ra ati in ld
ta
l
rno -40
nov
ov e
v e
v e r
e r R
o ld
s He pi
u r n o v H a
yT Tu ur rn no no l od C
or rs-60 ts T Tu T ur ur e ria Go in
g
t o t s T t d k
ve
n bt en se et
s
et a e or
In De -80 s tm As A ss A ss w
M
nis h n
W
ve d l R a F i I
ixe ta s
In ge ge ay

Fiscal Year
-100 F To a ra D
er e
ro
f
Av Av
be
m
Nu
Ratios

Mar '20 Mar '19 Mar '18 Mar '17 Mar '16

3. Financial performance

There are few facts in financial statements that are significant and provide significant
insights which helps to draw meaningful inferences from their relationships to other
amounts or their change from one period to another. These tools help in establishing
significant relationships and changes. The most commonly used analytical techniques
are:-

1. Horizontal Analysis
2. Vertical Analysis
3. Trend Analysis and
4. Ratio Analysis
Horizontal Analysis

Horizontal analysis looks at amounts on the financial statements over the past years and
present comparative information for at least two years. Horizontal analysis calculates the
amount and percentage changes from the previous year to the current year. While the
amount is useful, converting it to percentage is more useful in appreciating the order of
magnitude.

(Summary of Profit and Loss account is given below)

JSW Steel
Profit & Loss account ------------------- in Rs. Cr. -------------------
  Mar 20 Mar-19 Mar-18 Mar-17 Mar-16

  12 mths 12 mths 12 mths 12 mths 12 mths

INCOME
Revenue From Operations 62,565.0 75,210.0 65,046.0 56,244.0
[Gross] 0 0 0 0 40,354.48
Less: Excise/Sevice Tax/Other
Levies 0 0 1,259.00 4,623.00 4,152.04
62,565.0 75,210.0 63,787.0 51,621.0
Revenue From Operations [Net] 0 0 0 0 36,202.44
Other Operating Revenues 1,697.00 1,977.00 1,188.00 669 504.48
64,262.0 77,187.0 64,975.0 52,290.0
Total Operating Revenues 0 0 0 0 36,706.92
Other Income 628 405 213 255 318.3
64,890.0 77,592.0 65,188.0 52,545.0
Total Revenue 0 0 0 0 37,025.22
EXPENSES
33,073.0 39,179.0 35,995.0 28,400.0
Cost Of Materials Consumed 0 0 0 0 18,763.32
Purchase Of Stock-In Trade 420 499 1,063.00 945 152.72
 Changes In Inventories Of FG,WIP
And Stock-In Trade -27 -180 412 -1,390.00 1,083.56
Employee Benefit Expenses 1,496.00 1,435.00 1,260.00 1,168.00 953.29
Finance Costs 4,022.00 3,789.00 3,591.00 3,643.00 3,218.73
Depreciation And Amortisation
Expenses 3,522.00 3,421.00 3,054.00 3,025.00 2,847.24
16,783.0 17,742.0 12,504.0 11,623.0
Other Expenses 0 0 0 0 9,385.18
59,289.0 65,885.0 57,879.0 47,414.0
Total Expenses 0 0 0 0 36,404.04

Profit/Loss Before Exceptional, 11,707.0

ExtraOrdinary Items And Tax 5,601.00 0 7,309.00 5,131.00 621.18
Exceptional Items -1,309.00 0 -234 0 -5,860.45
11,707.0
Profit/Loss Before Tax 4,292.00 0 7,075.00 5,131.00 -5,239.27
Tax Expenses-Continued Operations
Current Tax 789 2,356.00 1,578.00 -53 6.71
Deferred Tax -1,788.00 1,230.00 872 1,607.00 -1,716.31
Total Tax Expenses -999 3,586.00 2,450.00 1,554.00 -1,709.60
Profit/Loss After Tax And
Before ExtraOrdinary Items 5,291.00 8,121.00 4,625.00 3,577.00 -3,529.67

Growth Over Previous period

JSW Steel
Profit & Loss account - Growth over last year
  Mar 20 Mar-19 Mar-18 Mar-17
 INCOME

Revenue From Operations [Gross] -16.81% 15.63% 15.65% 39.37%

Revenue From Operations [Net] -16.81% 17.91% 23.57% 42.59%
Other Operating Revenues -14.16% 66.41% 77.58% 32.61%
Total Operating Revenues -16.75% 18.79% 24.26% 42.45%
Other Income 55.06% 90.14% -16.47% -19.89%
Total Revenue -16.37% 19.03% 24.06% 41.92%
EXPENSES
Cost Of Materials Consumed -15.58% 8.85% 26.74% 51.36%
Purchase Of Stock-In Trade -15.83% -53.06% 12.49% 518.78%
Employee Benefit Expenses 4.25% 13.89% 7.88% 22.52%
Finance Costs 6.15% 5.51% -1.43% 13.18%
Depreciation And Amortisation
Expenses 2.95% 12.02% 0.96% 6.24%
Other Expenses -5.41% 41.89% 7.58% 23.84%
Total Expenses -10.01% 13.83% 22.07% 30.24%

Profit/Loss Before Exceptional,

ExtraOrdinary Items And Tax -52.16% 60.17% 42.45% 726.01%
Tax Expenses-Continued Operations
- -
Total Tax Expenses 127.86% 46.37% 57.66% 190.90%
Profit/Loss After Tax And Before -
ExtraOrdinary Items -34.85% 75.59% 29.30% 201.34%

Interpretation: -

The above information is revealing. In 2019-20, the sales were down by 16.81% % and profit
after tax also down by 34.85%. Other income and exceptional items consist mostly of non-
operating items and are highly volatile and while Other income shot up by 55.06%, exceptional
items was -1309 crore in 2019-20 which was not occurring in 2018-19 as per the P&L statement
attached in the annexures. Because of the same, the profit after tax was down Rs. 4292 crore.
Without Exceptional items, the Gross Profit was 5601 crore.

Vertical Analysis:

Vertical analysis reports each amount on a financial statement as a percentage of another item.
For example, the vertical analysis of the balance sheet means every amount on the balance sheet
is restated to be a percentage of total assets. The results of vertical analysis are presented in the
form of common size statements in which the items within each statement are expressed in
percentages of some common number and always add up to 100.

JSW Steel
Balance Sheet ------------------- in Rs. Cr. -------------------

  Mar 20 Mar-19 Mar-18 Mar-17 Mar-16

  12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS        
Equity Share Capital 301 301 302 301 300.9
Preference Share Capital 0 231 0 0 638.78
Total Share Capital 301 532 302 301 939.68
27,605.0 23,797.0 20,109.3
Reserves and Surplus 38,061.00 34,592.00 0 0 5
27,605.0 23,797.0 20,109.3
Total Reserves and Surplus 38,061.00 34,592.00 0 0 5
27,907.0 24,098.0 21,049.0
Total Shareholders Funds 38,362.00 35,124.00 0 0 3
NON-CURRENT LIABILITIES
29,551.0 28,358.0 29,506.0
Long Term Borrowings 39,247.00 27,435.00 0 0 3
Deferred Tax Liabilities [Net] 1,315.00 3,331.00 2,071.00 1,329.00 0
Other Long Term Liabilities 7,202.00 5,113.00 702 972 136.51
Long Term Provisions 322 235 115 74 1,017.42
32,439.0 30,733.0 30,659.9
Total Non-Current Liabilities 48,086.00 36,114.00 0 0 6
CURRENT LIABILITIES
Short Term Borrowings 6,813.00 5,371.00 2,172.00 4,875.00 2,069.90
13,988.0 11,604.0 11,011.3
Trade Payables 13,354.00 13,128.00 0 0 2
Other Current Liabilities 15,363.00 17,635.00 8,934.00 9,517.00 8,611.87
Short Term Provisions 64 53 111 132 105.67
25,205.0 26,128.0 21,798.7
Total Current Liabilities 35,594.00 36,187.00 0 0 6
1,22,042.0 1,07,425.0 85,551.0 80,959.0 73,507.7
Total Capital And Liabilities 0 0 0 0 5
ASSETS
NON-CURRENT ASSETS
49,503.0 50,215.0 46,498.1
Tangible Assets 50,219.00 51,600.00 0 0 1
Intangible Assets 323 172 65 51 61.82
Capital Work-In-Progress 23,810.00 10,099.00 3,071.00 2,745.00 6,203.54
Intangible Assets Under
Development 331 344 321 282 235.78
52,960.0 53,293.0 52,999.2
Fixed Assets 74,683.00 62,215.00 0 0 5
Non-Current Investments 5,999.00 5,397.00 4,878.00 4,750.00 4,764.03
Deferred Tax Assets [Net] 0 0 0 0 479.54
Long Term Loans And Advances 8,705.00 7,675.00 5,165.00 2,771.00 241.75
Other Non-Current Assets 3,280.00 3,740.00 3,295.00 2,347.00 1,559.59
66,298.0 63,161.0 60,044.1
Total Non-Current Assets 92,667.00 79,027.00 0 0 6
CURRENT ASSETS
Current Investments 0 0 0 300 0
10,082.0
Inventories 9,623.00 10,815.00 0 9,270.00 6,741.74
Trade Receivables 3,166.00 6,770.00 4,692.00 3,948.00 2,510.71
Cash And Cash Equivalents 11,401.00 5,813.00 601 1,027.00 598.54
Short Term Loans And Advances 321 136 158 121 1,325.31
OtherCurrentAssets 4,864.00 4,864.00 3,720.00 3,132.00 2,287.29
19,253.0 17,798.0 13,463.5
Total Current Assets 29,375.00 28,398.00 0 0 9
1,22,042.0 1,07,425.0 85,551.0 80,959.0 73,507.7
Total Assets 0 0 0 0 5
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
20,744.0 14,927.0 12,341.6
Contingent Liabilities 30,488.00 28,317.00 0 0 5
CIF VALUE OF IMPORTS        
Raw Materials 0 21,937.00 0 0 8,609.76
Stores, Spares And Loose Tools 0 1,321.00 0 0 583.43
Capital Goods 0 3,121.00 0 0 1,531.72
EXPENDITURE IN FOREIGN EXCHANGE
22,617.0 17,595.0
Expenditure In Foreign Currency 22,680.00 1,636.00 0 0 872.4
REMITTANCES IN FOREIGN CURRENCIES FOR DIVIDENDS
Dividend Remittance In Foreign
Currency - - - - 8.64
EARNINGS IN FOREIGN EXCHANGE
10,938.0 10,149.0
FOB Value Of Goods 9,677.00 7,604.00 0 0 2,485.17
Other Earnings - - - - 212.8

BONUS DETAILS
Bonus Equity Share Capital - - - - -
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted
Market Value 364 619 - - 636.2
Non-Current Investments
Unquoted Book Value 878 798 1,030.00 978 4,127.83
CURRENT INVESTMENTS
Current Investments Quoted
Market Value - - - - -
Current Investments Unquoted
Book Value - - - 300 -

Analysis

JSW Steel
Balance Sheet - Vertical Analysis
  Mar 20 Mar-19 Mar-18 Mar-17 Mar-16

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS        
Equity Share Capital to total
share capital 100.00% 56.58% 100.00% 100.00% 32.02%
Preference Share Capital to total
share capital 0.00% 43.42% 0.00% 0.00% 67.98%
Total Share Capital Total
Reserves and Surplus 0.79% 1.54% 1.09% 1.26% 4.67%
Reserves and Surplus to Total
Reserves and Surplus 99.22% 98.49% 98.92% 98.75% 95.54%
Total Reserves and Surplus 38,061.00 34,592.00 27,605.00 23,797.00 20,109.35
Total Shareholders Funds of
Total Capital And Liabilities 31.19% 32.20% 32.27% 29.39% 27.36%
NON-CURRENT LIABILITIES
Long Term Borrowings 81.62% 75.97% 91.10% 92.27% 96.24%
Deferred Tax Liabilities [Net] 2.73% 9.22% 6.38% 4.32% 0.00%
Other Long Term Liabilities 14.98% 14.16% 2.16% 3.16% 0.45%
Long Term Provisions 0.67% 0.65% 0.35% 0.24% 3.32%
Total Non-Current Liabilities
out of Total Capital And
Liabilities 39.40% 33.62% 37.92% 37.96% 41.71%
CURRENT LIABILITIES
Short Term Borrowings 19.14% 14.84% 8.62% 18.66% 9.50%
Trade Payables 37.52% 36.28% 55.50% 44.41% 50.51%
Other Current Liabilities 43.16% 48.73% 35.45% 36.42% 39.51%
Short Term Provisions 0.18% 0.15% 0.44% 0.51% 0.48%
Total Current Liabilities out
of Total Capital And
Liabilities 29.17% 33.69% 29.46% 32.27% 29.66%
Total Capital And Liabilities 1,22,042.00 1,07,425.00 85,551.00 80,959.00 73,507.75
ASSETS
NON-CURRENT ASSETS
Tangible Assets 54.19% 65.29% 74.67% 79.50% 77.44%
Intangible Assets 0.35% 0.22% 0.10% 0.08% 0.10%
Capital Work-In-Progress 25.69% 12.78% 4.63% 4.35% 10.33%
Intangible Assets Under
Development 0.36% 0.44% 0.48% 0.45% 0.39%

Fixed Assets 80.59% 78.73% 79.88% 84.38% 88.27%

Non-Current Investments 6.47% 6.83% 7.36% 7.52% 7.93%
Deferred Tax Assets [Net] 0.00% 0.00% 0.00% 0.00% 0.80%
Long Term Loans And
Advances 9.39% 9.71% 7.79% 4.39% 0.40%
Other Non-Current Assets 3.54% 4.73% 4.97% 3.72% 2.60%
Total Non-Current Assets to 0.76 79,027.00 66,298.00 63,161.00 60,044.16
 total asset
CURRENT ASSETS
Current Investments 0.00% 0.00% 0.00% 1.69% 0.00%
Inventories 32.76% 38.08% 52.37% 52.08% 50.07%
Trade Receivables 10.78% 23.84% 24.37% 22.18% 18.65%
Cash And Cash Equivalents 38.81% 20.47% 3.12% 5.77% 4.45%
Short Term Loans And
Advances 1.09% 0.48% 0.82% 0.68% 9.84%
OtherCurrentAssets 16.56% 17.13% 19.32% 17.60% 16.99%
Total Current Assets to total
asset 24.07% 26.44% 22.50% 21.98% 18.32%
Total Assets 1,22,042.00 1,07,425.00 85,551.00 80,959.00 73,507.75

Trend Analysis:

Trend analysis involves studying changes in financial statement items for many years. It is an
extension of horizontal analysis. We first assign a value of 100 to the financial statements in a
past financial year used as the base year and then express the amounts in the following years as a
percentage of the base year value.

Comparative ratio analysis of with competitors:

India is one of the few bright spots for the world’s steel industry in what is predicted to be a
lower growth era. India has become the second-largest steel producer in the world, overtaking
Japan, with a growth rate of 4.9%. According to the short-term projections given by Worldsteel,
India is also expected to become the world number two in steel consumption by end of 2019.
What is driving the steel demand in India?
A study conducted by Worldsteel in collaboration with the Indian Steel Association notes that
the construction sector is going to be a pan-India driver of steel demand in the country. This
would be driven by strong government thrust for infrastructure development and housing for all.
Government initiatives such as ‘Smart Cities’ and ‘Affordable Housing’ as well as building of
industrial corridors will boost India’s steel demand definitively. For the country, it means
enhanced connectivity, reduced logistical costs and well-distributed development spanning all
Indian states.
Further support to development of the steel industry is expected to come through the ‘Make in
India’ initiative, which aims to transform India into a global design and manufacturing hub, with
sectors along the industrial and freight corridors. To that end, a number of Indian states are
expected to set up automotive and ancillary industries to become global hubs for manufacturing
export-oriented small cars
All these factors, along with favourable demographics, point to a high scope for improved
macroeconomic fundamentals and sustained growth in steel demand in the near future. In fact,
steel demand is expected to grow by 7.3% in India. Even so, in 2017, the apparent per capita
steel consumption in India for finished steel was much below the world average of 212.3 kg.
This suggests that the steel demand in India remains largely untapped as of now.
What are the challenges ahead?
In order to unleash the demand-led growth of steel industry in India, the government is pushing
through extensive reforms to strengthen infrastructure to enhance productivity. It would be
intriguing to see how effectively India implements its reform agenda and infrastructure plans to
pave the way for optimal growth and expansion of the steel industry.
In parallel with this, there are certain international trends such as the looming trade wars and
economic slowdown which are going to test the mettle of Indian steel industry. Amidst this
backdrop, there have been some concerns as the government is inching closer to signing the
Regional Comprehensive Economic Partnership (RCEP) deal which would clear the way for
duty-free steel imports.
It is worth noting here that the cost of steel production in India is higher compared to other
countries by about US$40 a tonne because of creaking infrastructure, high taxes and expensive
cost of capital. In consideration of this, the Indian steel industry has urged its government to
provide an export incentive of equal value to put both the domestic and global companies on an
equal footing before opening up the steel markets for global competitors.
We have considered three competitors of JSW Steel and comparison of their key ratios are
mentioned in the tabular and graphical representation.

Jindal Steel
Key Ratios for 2020 JSW Steel Tata Steel SAIL
and Power
Current Ratio 0.81 0.42 0.45 0.68
Quick Ratio 0.84 0.29 0.4 0.58
Inventory Turnover 6.68 5.64 6.75 2.6
Net Profit Margin 8.23 11.15 2.35 3.27
 Comparative ratio analysis -
JSW Steel vs Tata Steel vs Jindal Steel and Power vs SAIL
12
10
Ratio Values

8
6
4
2
0
Current Ratio Quick Ratio Inventory Turnover Net Profit Margin
Key Ratios

JSW Steel Tata Steel

Jindal Steel and Power SAIL

Interpretation:

Current Ratio:- Current ratio shows the proportion of current assets of a business in relation to its
current liabilities. Current ratio expresses the extent to which the current liabilities of a business
(i.e. liabilities due to be settled within 12 months) are covered by its current assets (i.e. assets
expected to be realized within 12 months). A current ratio of 2 would mean that current assets
are sufficient to cover for twice the amount of a company's short-term liabilities.

Comparative Current ratio analysis

0.8
0.4 0.81
Values

0.68
0.42 0.45
0
JSW Steel Tata Steel Jindal Steel and SAIL
Power

Competitors

Current Ratio
Current ratio of all the companies are below 1 which implies that they don’t have sufficient funds
to fund their short-term liabilities. Amongst the lot JSW Steel has better current ratio at 0.81. The
current ratio is also sacrosanct to the investment required in the industry.

Quick Ratio - also known as Acid Test Ratio, shows the ratio of cash and other liquid resources
of an organization in comparison to its current liabilities. Quick ratio shows the extent of cash
and other current assets that are readily convertible into cash in comparison to the short-term
obligations of an organization. A quick ratio of 0.5 would suggest that a company is able to settle
half of its current liabilities instantaneously.

Comparative quick ratio analysis

0.8
0.6
0.4 0.84
Values

0.58
0.2 0.4
0.29
0
JSW Steel Tata Steel Jindal Steel and SAIL
Power

Competitors

Quick Ratio

The above graph shows the comparative quick ratio of four competitors. JSW Steel has better
quick ratio at 0.84 amongst the lot that means against current liability of Re. 1 they have liquid
asset of 0.84. The other three companies have liquid asset of less than 0.6 against liability of Re.
1.
Inventory Turnover:-

Inventory turnover ratio or Stock turnover ratio indicates the velocity with which stock of
finished goods is sold i.e. replaced. Generally it is expressed as number of times the average
stock has been "turned over" or rotate of during the year.
 Comparative inventory turn over ratio analysis
10
6.68 5.64 6.75
Values 0 2.6
JSW Steel Tata Steel Jindal Steel and SAIL
Power

Competitors

Inventory Turnover

Amongst the competitors JSW steel has best inventory turnover ratio at 6.68 times followed
closely by Jindal steel and power at 6.75 times this implies that the inventory movement is
fastest for JSW Steel as compared to its peers. SAIL has the lowest inventory turnover ratio of
2.6.

Net Profit margin:-

Net Profit Margin (also known as “Profit Margin” or “Net Profit Margin Ratio”) is a ratio used to
calculate the percentage of profit a company produces from its total revenue. It measures the
amount of net profit a company obtains per dollar of revenue gained.

Comparative net profit margin ratio analysis

12
10
8
6 11.15
Values

4 8.23
2 3.27
2.35
0
JSW Steel Tata Steel Jindal Steel and SAIL
Power

Competitors

Net Profit Margin

As indicated by the graph the net profit margin is highest for tata steel at 11.5% of the revenue
generated followed by JSW Steel at 8.23%. Jindal steel and power has the lowest net profit
margin amongst the lot at 2.35%. Companies with high profit margin have room to beat the
competition by decreasing the price of increasing the expenditure on advertisement etc.
Key Financial Ratios:

JSW Steel
Key Financial Ratios ------------------- in Rs. Cr. -------------------

Mar Mar Mar Mar

  '20 '19 '18 '17 Mar '16

Investment Valuation Ratios

Face Value 1 1 1 1 10
Dividend Per Share 2 4.1 3.2 2.25 7.5
Operating Profit Per Share (Rs) 52.12 77.08 57.11 48.04 263.48
Net Operating Profit Per Share (Rs) 267.57 321.38 270.03 217.6 1,518.56
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital -- -- -- -- --
Profitability Ratios
Operating Profit Margin(%) 19.47 23.98 21.14 22.07 17.35
Profit Before Interest And Tax
Margin(%) 13.86 19.44 16.39 16.21 9.51
Gross Profit Margin(%) 13.99 19.55 16.44 16.29 9.59
Cash Profit Margin(%) 15.59 14.87 12.13 12.56 13.98
Adjusted Cash Margin(%) 15.59 14.87 12.13 12.56 13.98
Net Profit Margin(%) 8.23 10.52 7.11 6.84 -9.61
Adjusted Net Profit Margin(%) 8.15 10.46 7.09 6.8 -9.53
Return On Capital Employed(%) 11.39 22.81 18.27 15.3 7.29
Return On Net Worth(%) 13.79 23.27 16.57 14.84 -17.29
Adjusted Return on Net Worth(%) 17.2 23.27 17.41 14.84 11.41
Return on Assets Excluding
Revaluations 159.73 145.28 115.98 100.28 844.37
Return on Assets Including
Revaluations 159.73 145.28 115.98 100.28 844.37
Return on Long Term Funds(%) 12.39 24.77 18.97 16.72 7.59
Liquidity And Solvency Ratios
Current Ratio 0.81 0.79 0.98 0.79 0.67
Quick Ratio 0.84 0.73 0.68 0.56 0.41
Debt Equity Ratio 1.2 0.95 1.14 1.38 1.58
Long Term Debt Equity Ratio 1.02 0.79 1.06 1.18 1.48
Debt Coverage Ratios
Interest Cover 2.39 4.09 3.04 2.41 1.19
Total Debt to Owners Fund 1.2 0.94 1.14 1.38 1.55
Financial Charges Coverage Ratio 3.27 4.99 3.89 3.24 2.08
Financial Charges Coverage Ratio Post
Tax 3.19 4.05 3.14 2.81 0.79
Management Efficiency Ratios

Inventory Turnover Ratio 6.68 7.14 6.57 6.14 6.06

Debtors Turnover Ratio 12.94 13.47 15.04 16.19 16.18
Investments Turnover Ratio 0.76 1.14 6.57 6.14 6.06
Fixed Assets Turnover Ratio 1.01 1.5 1.12 0.93 0.74
Total Assets Turnover Ratio 0.76 1.14 1.09 0.91 0.7
Asset Turnover Ratio 0.84 1.21 1.11 0.95 0.71
Average Raw Material Holding -- -- -- -- --
Average Finished Goods Held -- -- -- -- --
Number of Days In Working Capital -17.52 -23.4 -17.7 -36.03 -94.1
Profit & Loss Account Ratios
Material Cost Composition 56.94 56.05 61.09 60.64 57.28

Imported Composition of Raw

Materials Consumed -- -- -- -- --
Selling Distribution Cost Composition -- -- -- -- --
Expenses as Composition of Total Sales 15.05 9.85 16.83 19.4 7.35
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit 22.49 11.18 14.16 6.09 --
Dividend Payout Ratio Cash Profit 13.5 7.86 8.52 3.3 -46.89
Earning Retention Ratio 81.97 88.82 86.52 93.91 86.27
Cash Earning Retention Ratio 88.25 92.14 91.73 96.7 93.82
AdjustedCash Flow Times 4.55 2.84 4.01 5.03 6.1

Tata Steel
Key Financial Ratios ------------------- in Rs. Cr. -------------------

Mar Mar Mar Mar Mar

  '20 '19 '18 '17 '16

Investment Valuation Ratios

Face Value 10 10 10 10 10
Dividend Per Share 10 13 10 10 8
Operating Profit Per Share (Rs) 123.42 170.77 131.04 122.28 74.25
Net Operating Profit Per Share (Rs) 501.91 586.41 495.11 494.15 393.43
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital 22.07 22.07 22.07 26.04 26.04
Profitability Ratios
Operating Profit Margin(%) 24.59 29.12 26.46 24.74 18.87
Profit Before Interest And Tax
Margin(%) 17.98 22.95 19.95 17.21 12.53
Gross Profit Margin(%) 18.1 23.73 20.21 17.36 13.81
Cash Profit Margin(%) 20.32 19.79 18.65 15.88 19.99
Adjusted Cash Margin(%) 20.32 19.79 18.65 15.88 19.99
Net Profit Margin(%) 11.15 14.91 6.99 7.17 12.82
Adjusted Net Profit Margin(%) 11.08 14.42 6.9 7.11 11.64
Return On Capital Employed(%) 9.77 19.28 14.39 10.95 9.03
Return On Net Worth(%) 9.04 14.95 6.77 6.93 6.95
Adjusted Return on Net Worth(%) 11.32 15.11 12.25 8.35 9.19
Return on Assets Excluding
Revaluations 619.23 585.11 510.87 511.31 725.65
Return on Assets Including
Revaluations 619.23 585.11 510.87 511.31 725.65
Return on Long Term Funds(%) 10.48 19.28 14.5 11.41 9.53
Liquidity And Solvency Ratios
Current Ratio 0.42 0.55 0.64 0.55 0.52
Quick Ratio 0.29 0.26 0.34 0.28 0.32
Debt Equity Ratio 0.56 0.41 0.45 0.61 0.44
Long Term Debt Equity Ratio 0.45 0.41 0.44 0.54 0.37
Debt Coverage Ratios        
Interest Cover 3.74 6.79 4.56 3.25 6.28
Total Debt to Owners Fund 0.56 0.41 0.45 0.61 0.44
Financial Charges Coverage Ratio 5.04 8.13 5.89 4.57 7.6
Financial Charges Coverage Ratio
Post Tax 4.52 6.08 3.81 3.6 5.68
Management Efficiency Ratios
Inventory Turnover Ratio 5.64 6.27 5.49 5.2 6.03
Debtors Turnover Ratio 50.79 43.6 30.71 36.37 67.97
Investments Turnover Ratio 0.52 0.71 5.49 5.2 6.03
Fixed Assets Turnover Ratio 0.67 0.82 0.72 0.6 0.88
Total Assets Turnover Ratio 0.52 0.72 0.68 0.61 0.38
Asset Turnover Ratio 0.56 0.75 0.71 0.53 0.39
           
Average Raw Material Holding -- -- -- -- --
Average Finished Goods Held -- -- -- -- --
Number of Days In Working Capital -82.64 -86.21 -73.11 -91.51 -55.33
Profit & Loss Account Ratios
Material Cost Composition 39.02 36.38 34.94 33.6 34.32
Imported Composition of Raw
Materials Consumed -- -- -- -- 56.77
Selling Distribution Cost
Composition -- -- -- -- --
Expenses as Composition of Total
Sales 10.44 9.2 9.89 8.32 2.85
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit 22.08 10.87 29.67 30.28 15.85
Dividend Payout Ratio Cash Profit 13.96 7.99 15.66 14.93 11.36
Earning Retention Ratio 82.37 89.24 83.59 74.86 88.02
Cash Earning Retention Ratio 87.96 92.07 89.02 86.44 90.77
AdjustedCash Flow Times 3.36 2 2.44 3.93 3.68

Jindal Steel & Power

Key Financial Ratios ------------------- in Rs. Cr. -------------------

Mar Mar Mar Mar Mar

  '20 '19 '18 '17 '16
Investment Valuation Ratios        
Face Value 1 1 1 1 1
Dividend Per Share -- -- -- -- --
Operating Profit Per Share (Rs) 56.64 62.16 41.05 31.71 26.68
Net Operating Profit Per Share (Rs) 257.14 286.34 176.3 151.34 138.77
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital 76.04 80.14 80.14 84.77 84.78
Profitability Ratios        
Operating Profit Margin(%) 22.02 21.7 23.28 20.95 19.22
Profit Before Interest And Tax
Margin(%) 13.3 13.37 12.09 6.19 2.3
Gross Profit Margin(%) 13.3 13.38 12.09 6.19 2.3
Cash Profit Margin(%) 11.07 12.41 11.08 7.62 5.73
Adjusted Cash Margin(%) 11.07 12.41 11.08 7.62 5.73
Net Profit Margin(%) 2.35 -0.94 -2.11 -7.12 -11.17
Adjusted Net Profit Margin(%) 2.35 -0.94 -2.11 -7.11 -11.15
Return On Capital Employed(%) 8.96 9.27 4.67 1.88 0.67
Return On Net Worth(%) 2.6 -1.16 -1.58 -4.53 -6.14
Adjusted Return on Net Worth(%) 2.6 5.03 -0.07 -4.53 -6.14
Return on Assets Excluding
Revaluations 232.44 232.9 235.42 237.88 252.11
Return on Assets Including
Revaluations 232.44 232.9 235.42 237.88 252.11
Return on Long Term Funds(%) 9.76 10.67 5.54 2.27 0.8
Liquidity And Solvency Ratios
Current Ratio 0.45 0.39 0.38 0.32 0.36
Quick Ratio 0.4 0.35 0.45 0.54 0.59
Debt Equity Ratio 0.64 0.78 0.94 1.11 1.04
Long Term Debt Equity Ratio 0.51 0.55 0.63 0.75 0.71
Debt Coverage Ratios
Interest Cover 1.34 1.29 0.86 0.37 0.12
Total Debt to Owners Fund 0.64 0.78 0.94 1.11 1.04
Financial Charges Coverage Ratio 2.21 2.08 1.66 1.25 0.93
Financial Charges Coverage Ratio
Post Tax 2.11 1.71 1.65 1.45 1.28
Management Efficiency Ratios
Inventory Turnover Ratio 6.75 7.12 5.65 8.21 6.02
Debtors Turnover Ratio 28.1 32.65 21.45 17.01 11.8
Investments Turnover Ratio 0.67 0.69 0.39 8.21 6.02
Fixed Assets Turnover Ratio 0.48 0.53 0.33 0.3 0.28
Total Assets Turnover Ratio 0.68 0.69 0.39 0.3 0.27
Asset Turnover Ratio 0.66 0.66 0.38 0.3 0.3
Average Raw Material Holding -- -- -- -- --
Average Finished Goods Held -- -- -- -- --
Number of Days In Working Capital -118.19 -99.28 -151.26 -170.93 -136.77
Profit & Loss Account Ratios        
Material Cost Composition 52.26 56.09 50.54 47.02 52.21
Imported Composition of Raw
Materials Consumed -- -- -- -- --
Selling Distribution Cost
Composition -- -- -- -- --
Expenses as Composition of Total
Sales 19.88 10.44 17.13 16.89 5.18
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit -- -- -- -- --
Dividend Payout Ratio Cash Profit -- -- -- -- --
Earning Retention Ratio 100 100 100 100 100
Cash Earning Retention Ratio 100 100 100 100 100
Adjusted Cash Flow Times 5.23 5.11 11.27 22.86 32.78

Steel Authority of India

Key Financial Ratios ------------------- in Rs. Cr. -------------------

Mar '20 Mar '19 Mar '18 Mar '17 Mar '16
 
Investment Valuation Ratios
Face Value 10 10 10 10 10
Dividend Per Share -- 0.5 -- -- --
Operating Profit Per Share (Rs) 24.69 23.57 11.18 0.09 -7.02
Net Operating Profit Per Share
149.28 162.13 139.35 107.62 94.54
(Rs)
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital -- -- -- -- --
Profitability Ratios
Operating Profit Margin(%) 16.54 14.53 8.02 0.08 -7.42
Profit Before Interest And Tax
10.28 9.4 2.67 -5.87 -13.37
Margin(%)
Gross Profit Margin(%) 10.45 9.48 2.69 -5.94 -13.57
Cash Profit Margin(%) 10.45 8.81 4.4 0.14 -4.08
Adjusted Cash Margin(%) 10.45 8.81 4.4 0.14 -4.08
Net Profit Margin(%) 3.27 3.25 -0.83 -6.37 -10.29
Adjusted Net Profit Margin(%) 3.22 3.22 -0.82 -6.29 -10.14
Return On Capital Employed(%) 8.16 8.64 2.62 -2.81 -6.51
Return On Net Worth(%) 5.08 5.71 -1.34 -7.86 -10.25
Adjusted Return on Net
7.02 6.73 -1.42 -7.26 -10.25
Worth(%)
Return on Assets Excluding
96.3 92.36 86.46 87.18 94.89
Revaluations
Return on Assets Including
96.3 92.36 86.46 87.18 94.89
Revaluations
Return on Long Term Funds(%) 9.99 9.98 3.11 -3.82 -8.3
Liquidity And Solvency Ratios
Current Ratio 0.68 0.64 0.7 0.6 0.61
Quick Ratio 0.58 0.41 0.4 0.38 0.42
Debt Equity Ratio 1.29 1.09 1.18 1.08 0.84
Long Term Debt Equity Ratio 0.87 0.81 0.83 0.53 0.45
Debt Coverage Ratios
Interest Cover 2.13 2.18 0.72 -0.83 -2.05
Total Debt to Owners Fund 1.29 1.09 1.18 1.08 0.84
Financial Charges Coverage
3.21 3.25 1.81 0.23 -1
Ratio
Financial Charges Coverage
2.66 2.76 1.92 0.94 0.3
Ratio Post Tax
Management Efficiency Ratios
Inventory Turnover Ratio 2.6 3.44 3.47 3.17 2.99
Debtors Turnover Ratio 9.27 16.01 16.95 14.66 12.33
Investments Turnover Ratio 0.68 0.84 0.74 0.59 0.54
Fixed Assets Turnover Ratio 0.56 0.67 0.61 0.54 0.51
Total Assets Turnover Ratio 0.69 0.86 0.75 0.61 0.55
Asset Turnover Ratio 0.72 0.85 0.75 0.6 0.54
           
Average Raw Material Holding -- -- -- -- --
Average Finished Goods Held -- -- -- -- --
Number of Days In Working
-2.85 -65.81 -93.95 -100.08 -88.18
Capital
Profit & Loss Account Ratios
Material Cost Composition 53.41 52.66 50.53 52.7 49.87
Imported Composition of Raw
-- -- -- -- 54.88
Materials Consumed
Selling Distribution Cost
-- -- -- -- --
Composition
Expenses as Composition of Total
5.87 4.28 3.89 -- 4.01
Sales
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit -- -- -- -- --
Dividend Payout Ratio Cash
-- -- -- -- --
Profit
Earning Retention Ratio 100 100 100 100 102.56
Cash Earning Retention Ratio 100 100 100 100 --
AdjustedCash Flow Times 7.82 6.96 16.44 613.09 --

4. SWOT Analysis:
Strengths
1. India’s third largest steelmaker with a combined capacity of 18+ MTPA hence enjoys
economies of scale
2. Promoters increasing shareholding QoQ
3. High growth prospects with a consistently increasing revenue and strong financial
position
4. Book Value per share Improving for last 2 years
5. Growth in Net Profit with increasing Profit Margin (QoQ)
6. One of the lowest cost steel producers in the world
7. First steel producer in the world to use Corex Technology for producing hot metals
8. Operates in both upstream as well as downstream sectors
9. Strong Momentum: Price above short, medium and long term moving averages
Weaknesses
1. Limited portfolio diversification compared to industry leaders
2. Less number of mines under its hood affects availability of raw materials
3. Capacity utilization is not cent percent
4. Companies with growing costs YoY for long term projects
5. Bearish Engulfing (Bearish Reversal)
6. Inefficient use of shareholder funds - ROE declining in the last 2 years
7. Inefficient use of assets to generate profits - ROA declining in the last 2 years
8. Red Flag: Downgrade by Credit Rating Agency
9. De-growth in Revenue and Profit
10. Decline in Quarterly Net Profit with falling Profit Margin (YoY)
11. Declining Net Cash Flow : Companies not able to generate net cash
12. Major fall in TTM Net Profit
Opportunities
1. Increase in demand from all sectors in Indian & Global world
2. Brokers upgraded recommendation or target price in the past three months
3. Mergers & Acquisition to keep steady supply of raw materials
4. Turnaround companies- loss to profit QoQ
5. Product development by investing more in R&D
6. Negative to Positive growth in Sales and Profit with Strong Price momentum
7. Highest Recovery from 52 Week Low
Threats
1. Cyclical nature of steel industry needs to have efficient process of production
2. Stocks with high Price-to-Earnings Ratio (PE > 40)
3. Competition from existing and foreign players
4. Insiders sold stocks
5. Government and environment regulations
6. Changes in the prices of raw materials & end products
5. Conclusion [1 pages]
a. You comments on overall financial position of XYZ ltd vis a vis its competitors.
Point to areas of concern and areas of good performance. Suggest measures for
improving financial ratios in future.

JSW Steel is the 2nd Largest Steel producers in India and stands among Top 20 Steel
producers in the world.
JSW Steel though is driven by technology, does not spend much on research and
development, prefers to acquire and get technology solutions from the market either through
purchase or sometimes through joint ventures and projects.
It can be described as a Technology follower. Though it strives to have the latest
technology in manufacturing as well as other technology units, it prefers getting the technology
from the innovators and the front runners.
Technology forms the core of its business. JSW steel focuses on producing low cost
products over the years and are able to do that consistently over the last 10 years. The average
cost of production per tonne has reduced over the years and the productivity of labor has
increased substantially over the years. This has primarily been due to the deployment of latest
technology in their processes and in order for the trend to continue it needs to sustain investment
in the domain.
Annexures:
Balance Sheet and Income Statements of the Company
JSW Steel
Standalone Balance Sheet ------------------- in Rs. Cr. -------------------

  Mar 20 Mar 19 Mar 18 Mar 17 Mar 16

  12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 301.00 301.00 302.00 301.00 300.90

Preference Share Capital 0.00 231.00 0.00 0.00 638.78

Total Share Capital 301.00 532.00 302.00 301.00 939.68

Reserves and Surplus 38,061.00 34,592.00 27,605.00 23,797.00 20,109.35

Total Reserves and Surplus 38,061.00 34,592.00 27,605.00 23,797.00 20,109.35

Total Shareholders Funds 38,362.00 35,124.00 27,907.00 24,098.00 21,049.03

NON-CURRENT LIABILITIES

Long Term Borrowings 39,247.00 27,435.00 29,551.00 28,358.00 29,506.03

Deferred Tax Liabilities [Net] 1,315.00 3,331.00 2,071.00 1,329.00 0.00

Other Long Term Liabilities 7,202.00 5,113.00 702.00 972.00 136.51

Long Term Provisions 322.00 235.00 115.00 74.00 1,017.42

Total Non-Current Liabilities 48,086.00 36,114.00 32,439.00 30,733.00 30,659.96

CURRENT LIABILITIES

Short Term Borrowings 6,813.00 5,371.00 2,172.00 4,875.00 2,069.90

Trade Payables 13,354.00 13,128.00 13,988.00 11,604.00 11,011.32

Other Current Liabilities 15,363.00 17,635.00 8,934.00 9,517.00 8,611.87

Short Term Provisions 64.00 53.00 111.00 132.00 105.67

Total Current Liabilities 35,594.00 36,187.00 25,205.00 26,128.00 21,798.76

Total Capital And Liabilities 122,042.00 107,425.00 85,551.00 80,959.00 73,507.75

ASSETS

NON-CURRENT ASSETS

Tangible Assets 50,219.00 51,600.00 49,503.00 50,215.00 46,498.11

Intangible Assets 323.00 172.00 65.00 51.00 61.82

Capital Work-In-Progress 23,810.00 10,099.00 3,071.00 2,745.00 6,203.54

Intangible Assets Under

331.00 344.00 321.00 282.00 235.78
Development

Fixed Assets 74,683.00 62,215.00 52,960.00 53,293.00 52,999.25

Non-Current Investments 5,999.00 5,397.00 4,878.00 4,750.00 4,764.03

Deferred Tax Assets [Net] 0.00 0.00 0.00 0.00 479.54

Long Term Loans And Advances 8,705.00 7,675.00 5,165.00 2,771.00 241.75

Other Non-Current Assets 3,280.00 3,740.00 3,295.00 2,347.00 1,559.59

Total Non-Current Assets 92,667.00 79,027.00 66,298.00 63,161.00 60,044.16

CURRENT ASSETS

Current Investments 0.00 0.00 0.00 300.00 0.00

Inventories 9,623.00 10,815.00 10,082.00 9,270.00 6,741.74

Trade Receivables 3,166.00 6,770.00 4,692.00 3,948.00 2,510.71

Cash And Cash Equivalents 11,401.00 5,813.00 601.00 1,027.00 598.54

Short Term Loans And Advances 321.00 136.00 158.00 121.00 1,325.31

OtherCurrentAssets 4,864.00 4,864.00 3,720.00 3,132.00 2,287.29

Total Current Assets 29,375.00 28,398.00 19,253.00 17,798.00 13,463.59

Total Assets 122,042.00 107,425.00 85,551.00 80,959.00 73,507.75

OTHER ADDITIONAL INFORMATION

CONTINGENT LIABILITIES,
COMMITMENTS

Contingent Liabilities 30,488.00 28,317.00 20,744.00 14,927.00 12,341.65

CIF VALUE OF IMPORTS

Raw Materials 0.00 21,937.00 0.00 0.00 8,609.76

Stores, Spares And Loose Tools 0.00 1,321.00 0.00 0.00 583.43

Capital Goods 0.00 3,121.00 0.00 0.00 1,531.72

EXPENDITURE IN FOREIGN
EXCHANGE

Expenditure In Foreign Currency 22,680.00 1,636.00 22,617.00 17,595.00 872.40

REMITTANCES IN FOREIGN
CURRENCIES FOR DIVIDENDS

Dividend Remittance In Foreign

- - - - 8.64
Currency

EARNINGS IN FOREIGN EXCHANGE

FOB Value Of Goods 9,677.00 7,604.00 10,938.00 10,149.00 2,485.17

Other Earnings - - - - 212.80

BONUS DETAILS

Bonus Equity Share Capital - - - - -

NON-CURRENT INVESTMENTS

Non-Current Investments Quoted

364.00 619.00 - - 636.20
Market Value

Non-Current Investments
878.00 798.00 1,030.00 978.00 4,127.83
Unquoted Book Value

CURRENT INVESTMENTS

Current Investments Quoted

- - - - -
Market Value

Current Investments Unquoted

- - - 300.00 -
Book Value
JSW Steel
Standalone Profit & Loss
------------------- in Rs. Cr. -------------------
account

  Mar 20 Mar 19 Mar 18 Mar 17 Mar 16

  12 mths 12 mths 12 mths 12 mths 12 mths

INCOME

Revenue From Operations

62,565.00 75,210.00 65,046.00 56,244.00 40,354.48
[Gross]

Less: Excise/Sevice Tax/Other

0.00 0.00 1,259.00 4,623.00 4,152.04
Levies

Revenue From Operations [Net] 62,565.00 75,210.00 63,787.00 51,621.00 36,202.44

Other Operating Revenues 1,697.00 1,977.00 1,188.00 669.00 504.48

Total Operating Revenues 64,262.00 77,187.00 64,975.00 52,290.00 36,706.92

Other Income 628.00 405.00 213.00 255.00 318.30

Total Revenue 64,890.00 77,592.00 65,188.00 52,545.00 37,025.22

EXPENSES

Cost Of Materials Consumed 33,073.00 39,179.00 35,995.00 28,400.00 18,763.32

Purchase Of Stock-In Trade 420.00 499.00 1,063.00 945.00 152.72

Changes In Inventories Of FG,WIP

-27.00 -180.00 412.00 -1,390.00 1,083.56
And Stock-In Trade

Employee Benefit Expenses 1,496.00 1,435.00 1,260.00 1,168.00 953.29

Finance Costs 4,022.00 3,789.00 3,591.00 3,643.00 3,218.73

Depreciation And Amortisation

3,522.00 3,421.00 3,054.00 3,025.00 2,847.24
Expenses

Other Expenses 16,783.00 17,742.00 12,504.00 11,623.00 9,385.18

Total Expenses 59,289.00 65,885.00 57,879.00 47,414.00 36,404.04

  Mar 20 Mar 19 Mar 18 Mar 17 Mar 16

  12 mths 12 mths 12 mths 12 mths 12 mths

Profit/Loss Before Exceptional,

5,601.00 11,707.00 7,309.00 5,131.00 621.18
ExtraOrdinary Items And Tax

Exceptional Items -1,309.00 0.00 -234.00 0.00 -5,860.45

Profit/Loss Before Tax 4,292.00 11,707.00 7,075.00 5,131.00 -5,239.27

Tax Expenses-Continued Operations

Current Tax 789.00 2,356.00 1,578.00 -53.00 6.71

Deferred Tax -1,788.00 1,230.00 872.00 1,607.00 -1,716.31

Total Tax Expenses -999.00 3,586.00 2,450.00 1,554.00 -1,709.60

Profit/Loss After Tax And

5,291.00 8,121.00 4,625.00 3,577.00 -3,529.67
Before ExtraOrdinary Items

Profit/Loss From Continuing

5,291.00 8,121.00 4,625.00 3,577.00 -3,529.67
Operations

Profit/Loss For The Period 5,291.00 8,121.00 4,625.00 3,577.00 -3,529.67

  Mar 20 Mar 19 Mar 18 Mar 17 Mar 16

  12 mths 12 mths 12 mths 12 mths 12 mths

OTHER ADDITIONAL INFORMATION

EARNINGS PER SHARE

Basic EPS (Rs.) 22.03 33.77 19.24 14.89 -146.02

Diluted EPS (Rs.) 21.89 33.60 19.14 14.80 -146.02

VALUE OF IMPORTED AND

INDIGENIOUS RAW MATERIALS

STORES, SPARES AND LOOSE TOOLS

DIVIDEND AND DIVIDEND

PERCENTAGE

Equity Share Dividend 1,190.00 908.00 655.00 218.00 320.03

Equity Dividend Rate (%) 200.00 410.00 320.00 225.00 75.00

B: Balance Sheet and Income Statements of Competitors

Steel Authority of India
Standalone Balance Sheet ------------------- in Rs. Cr. -------------------

  Mar '20 Mar '19 Mar '18 Mar '17 Mar '16

  12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds

Total Share Capital 4,130.53 4,130.53 4,130.53 4,130.53 4,130.53

Equity Share Capital 4,130.53 4,130.53 4,130.53 4,130.53 4,130.53

Reserves 35,646.85 34,021.04 31,583.14 31,878.53 35,065.37

Networth 39,777.38 38,151.57 35,713.67 36,009.06 39,195.90

Secured Loans 51,200.81 41,433.88 30,180.65 18,416.09 16,134.04

Unsecured Loans 0.00 0.00 11,840.83 20,484.43 16,936.53

Total Debt 51,200.81 41,433.88 42,021.48 38,900.52 33,070.57

Total Liabilities 90,978.19 79,585.45 77,735.15 74,909.58 72,266.47

  Mar '20 Mar '19 Mar '18 Mar '17 Mar '16

  12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds

Gross Block 112,199.71 100,978.84 95,077.25 84,163.62 77,396.40

Less: Accum. Depreciation 43,180.67 39,619.63 36,465.70 33,878.15 31,470.45

Net Block 69,019.04 61,359.21 58,611.55 50,285.47 45,925.95

Capital Work in Progress 8,751.56 16,013.50 18,395.43 23,275.39 24,927.22

Investments 1,584.98 1,584.75 1,491.30 1,395.48 1,291.75

Inventories 23,747.20 19,441.80 16,996.67 15,711.35 14,679.53

Sundry Debtors 8,812.39 4,495.05 3,869.94 2,921.69 3,143.49

Cash and Bank Balance 363.25 219.42 254.06 289.09 297.96

Total Current Assets 32,922.84 24,156.27 21,120.67 18,922.13 18,120.98

Loans and Advances 12,819.39 13,324.00 14,570.85 12,661.00 10,074.37

Total CA, Loans & Advances 45,742.23 37,480.27 35,691.52 31,583.13 28,195.35

Current Liabilities 27,655.89 30,248.10 30,177.19 25,121.18 22,159.50

Provisions 6,463.73 6,604.18 6,277.46 6,508.71 5,914.30

Total CL & Provisions 34,119.62 36,852.28 36,454.65 31,629.89 28,073.80

Net Current Assets 11,622.61 627.99 -763.13 -46.76 121.55

Total Assets 90,978.19 79,585.45 77,735.15 74,909.58 72,266.47

Contingent Liabilities 50,723.81 37,336.25 12,571.97 15,113.03 48,271.10

Book Value (Rs) 96.30 92.36 86.46 87.18 94.89

Steel Authority of India

Standalone Profit & Loss

------------------- in Rs. Cr. -------------------
account

  Mar '20 Mar '19 Mar '18 Mar '17 Mar '16

  12 mths 12 mths 12 mths 12 mths 12 mths

Income

Sales Turnover 61,660.55 66,967.31 58,962.36 49,767.10 43,875.17

Excise Duty 0.00 0.00 1,403.90 5,314.69 4,823.29

Net Sales 61,660.55 66,967.31 57,558.46 44,452.41 39,051.88

Other Income 85.02 358.04 688.41 -37.75 499.80

Stock Adjustments 5,555.82 2,716.62 -1,135.49 -120.63 -540.61

Total Income 67,301.39 70,041.97 57,111.38 44,294.03 39,011.07

Expenditure

Raw Materials 32,937.43 35,268.19 29,084.63 23,428.90 19,477.37

Power & Fuel Cost 6,191.55 6,052.52 5,809.81 5,233.93 5,333.87

Employee Cost 8,781.32 8,830.34 8,850.07 8,947.83 9,714.97

Miscellaneous Expenses 9,107.06 9,798.77 8,060.61 6,683.08 6,884.43

Total Expenses 57,017.36 59,949.82 51,805.12 44,293.74 41,410.64

  Mar '20 Mar '19 Mar '18 Mar '17 Mar '16

  12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 10,199.01 9,734.11 4,617.85 38.04 -2,899.37

PBDIT 10,284.03 10,092.15 5,306.26 0.29 -2,399.57

Interest 3,486.76 3,154.92 2,822.75 2,527.82 2,300.45

PBDT 6,797.27 6,937.23 2,483.51 -2,527.53 -4,700.02

Depreciation 3,755.05 3,384.72 3,064.92 2,679.95 2,402.35

Profit Before Tax 3,042.22 3,552.51 -581.41 -5,207.48 -7,102.37

PBT (Post Extra-ord Items) 3,042.22 3,552.51 -581.41 -5,207.48 -7,102.37

Tax 1,149.12 1,159.07 -277.23 -2,017.62 -2,986.06

Reported Net Profit 2,021.54 2,178.82 -481.71 -2,833.24 -4,021.44

Total Value Addition 24,079.93 24,681.63 22,720.49 20,864.84 21,933.27

Equity Dividend 0.00 0.00 0.00 0.00 103.26

Corporate Dividend Tax 0.00 0.00 0.00 0.00 21.02

Per share data (annualised)

Shares in issue (lakhs) 41,305.25 41,305.25 41,305.25 41,305.25 41,305.25

Earning Per Share (Rs) 4.89 5.27 -1.17 -6.86 -9.74

Equity Dividend (%) 0.00 5.00 0.00 0.00 0.00

Book Value (Rs) 96.30 92.36 86.46 87.18 94.89

Tata Steel
Standalone Balance Sheet ------------------- in Rs. Cr. -------------------

  Mar '20 Mar '19 Mar '18 Mar '17 Mar '16

  12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds

Total Share Capital 1,146.13 1,146.12 1,146.12 971.41 971.41

Equity Share Capital 1,146.13 1,146.12 1,146.12 971.41 971.41

Share Application Money 0.00 0.00 0.02 0.01 0.00

Reserves 73,416.99 69,308.59 60,368.70 48,687.59 69,505.31

Networth 74,563.12 70,454.71 61,514.84 49,659.01 70,476.72

Secured Loans 41,514.23 28,934.28 4,803.86 4,710.03 4,613.91

Unsecured Loans 0.00 0.00 22,709.97 25,499.01 26,379.88

Total Debt 41,514.23 28,934.28 27,513.83 30,209.04 30,993.79

Total Liabilities 116,077.35 99,388.99 89,028.67 79,868.05 101,470.51

  Mar '20 Mar '19 Mar '18 Mar '17 Mar '16

  12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds

Gross Block 90,353.13 86,575.39 83,444.46 80,728.28 43,791.68

Less: Accum. Depreciation 19,119.75 15,353.37 11,715.38 8,161.13 18,363.09

Net Block 71,233.38 71,222.02 71,729.08 72,567.15 25,428.59

Capital Work in Progress 8,247.05 5,796.29 5,673.27 6,163.96 26,982.37

Investments 50,096.07 39,406.72 24,276.93 13,665.71 56,680.59

Inventories 10,716.66 11,255.34 11,023.41 10,236.85 7,083.81

Sundry Debtors 1,016.73 1,363.04 1,875.63 2,006.52 632.80

Cash and Bank Balance 1,226.87 718.11 4,696.74 970.31 1,014.67

Total Current Assets 12,960.26 13,336.49 17,595.78 13,213.68 8,731.28

Loans and Advances 7,855.80 7,736.84 5,839.28 5,854.91 5,385.32

Total CA, Loans & Advances 20,816.06 21,073.33 23,435.06 19,068.59 14,116.60

Current Liabilities 31,537.79 35,412.96 33,389.18 28,872.02 16,844.43

Provisions 2,777.42 2,696.41 2,696.49 2,725.34 4,893.21

Total CL & Provisions 34,315.21 38,109.37 36,085.67 31,597.36 21,737.64

 - - -
Net Current Assets -13,499.15 -7,621.04
17,036.04 12,650.61 12,528.77

Total Assets 116,077.35 99,388.99 89,028.67 79,868.05 101,470.51

Contingent Liabilities 32,650.32 34,622.43 28,359.61 25,991.16 38,595.95

Book Value (Rs) 619.23 585.11 510.87 511.31 725.65

Tata Steel
Standalone Profit & Loss
------------------- in Rs. Cr. -------------------
account

  Mar '20 Mar '19 Mar '18 Mar '17 Mar '16

  12 mths 12 mths 12 mths 12 mths 12 mths

Income

Sales Turnover 60,435.97 70,610.92 60,519.37 53,260.96 42,686.29

Excise Duty 0.00 0.21 902.55 5,267.94 4,475.95

Net Sales 60,435.97 70,610.71 59,616.82 47,993.02 38,210.34

Other Income -1,644.64 2,294.73 -2,447.24 -431.34 2,308.15

Stock Adjustments 564.40 554.33 -545.36 1,329.65 -142.97

Total Income 59,355.73 73,459.77 56,624.22 48,891.33 40,375.52

Expenditure

Raw Materials 23,586.17 25,688.42 20,831.29 16,129.77 13,116.66

Power & Fuel Cost 3,104.40 3,033.34 2,925.20 2,880.92 2,881.17

Employee Cost 5,036.62 5,131.06 4,828.85 4,605.13 4,324.90

Miscellaneous Expenses 14,411.61 16,749.28 14,707.16 13,830.90 10,532.89

Total Expenses 46,138.80 50,602.10 43,292.50 37,446.72 30,855.62

  Mar '20 Mar '19 Mar '18 Mar '17 Mar '16

  12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 14,861.57 20,562.94 15,778.96 11,875.95 7,211.75

PBDIT 13,216.93 22,857.67 13,331.72 11,444.61 9,519.90

Interest 3,031.01 2,823.58 2,810.62 2,688.55 1,460.27

PBDT 10,185.92 20,034.09 10,521.10 8,756.06 8,059.63

Depreciation 3,920.12 3,802.96 3,727.46 3,541.55 1,933.11

Profit Before Tax 6,265.80 16,231.13 6,793.64 5,214.51 6,126.52

PBT (Post Extra-ord Items) 6,265.80 16,231.13 6,793.64 5,214.51 6,126.52

Tax -132.82 5,694.06 2,468.70 1,912.38 1,225.57

Reported Net Profit 6,743.80 10,533.19 4,169.55 3,444.55 4,900.95

Total Value Addition 22,552.63 24,913.68 22,461.21 21,316.95 17,738.96

Equity Dividend 1,489.67 1,145.92 1,237.35 1,043.07 776.97

Corporate Dividend Tax 297.71 224.86 95.71 55.65 149.30

Per share data (annualised)

Shares in issue (lakhs) 12,041.27 12,041.26 12,041.19 9,712.15 9,712.15

Earning Per Share (Rs) 56.01 87.48 34.63 35.47 50.46

Equity Dividend (%) 100.00 130.00 100.00 100.00 80.00

Book Value (Rs) 619.23 585.11 510.87 511.31 725.65

Baoshan Iron & Steel Co Ltd

Balance Sheet

In Millions of Renminbi 2019

(except for per share items) 2019-12-31
Restated
2020-06-30
Cash 0.4
Cash & Equivalents 15,758.0
Short Term Investments 4,769.3
Cash and Short Term Investments 20,527.8
Accounts Receivable - Trade, Net 10,877.8
Notes Receivable - Short Term 28,738.6
Receivables - Other 1,684.8
Total Receivables, Net 41,301.1
Total Inventory 40,299.7
Prepaid Expenses 5,002.5
Other Current Assets, Total 30,368.5
Total Current Assets 137,500.0
Property/Plant/Equipment, Total - Gross 429,954.0
Accumulated Depreciation, Total (272,221.0)
Property/Plant/Equipment, Total - Net 157,732.0
Goodwill, Net 521.9
Intangibles, Net 11,887.0
Long Term Investments 32,633.4
Note Receivable - Long Term 264.6
Other Long Term Assets, Total 5,399.0
Other Assets, Total --
Total Assets 345,938.0
Accounts Payable 29,422.5
Payable/Accrued --
Accrued Expenses 4,327.6
Notes Payable/Short Term Debt 76,103.9
Current Port. of LT Debt/Capital Leases 3,250.3
Other Current liabilities, Total 24,960.6
Total Current Liabilities 138,065.0
Long Term Debt 11,007.5
Capital Lease Obligations --
Total Long Term Debt 11,007.5
Total Debt 90,361.7
Deferred Income Tax 884.7
Minority Interest 13,870.4
Other Liabilities, Total 3,938.1
Total Liabilities 167,766.0
Redeemable Preferred Stock, Total --
Preferred Stock - Non Redeemable, Net --
 Common Stock, Total 22,274.5
Additional Paid-In Capital 50,067.0
Retained Earnings (Accumulated Deficit) 107,404.0
Treasury Stock - Common (691.8)
ESOP Debt Guarantee --
Unrealized Gain (Loss) --
Other Equity, Total (882.0)
Total Equity 178,172.0
Total Liabilities & Shareholders' Equity 345,938.0
Shares Outs - Common Stock Primary Issue 22,274.50
Shares Outstanding - Common Issue 2 --
Shares Outstanding - Common Issue 3 --
Shares Outstanding - Common Issue 4 --
Total Common Shares Outstanding 22,274.50
Total Preferred Shares Outstanding --

Baoshan Iron & Steel Co Ltd

Income Statement

2019
2019-12-31
Period Length
12 Months
Revenue 292,057.0
Other Revenue, Total --
Total Revenue 292,057.0
Cost of Revenue, Total 259,683.0
Gross Profit 32,374.2
Selling/General/Admin. Expenses, Total 9,434.2
Research & Development 7,585.2
Depreciation/Amortization 2,116.7
Interest Expense, Net - Operating 2,437.6
Interest/Investment Income - Operating (3,905.8)
Interest Expense(Income) - Net Operating --
Unusual Expense (Income) (433.8)
Other Operating Expenses, Total (374.5)
Total Operating Expense 276,543.0
Operating Income 15,514.6
Interest Expense, Net Non-Operating --
Interest/Invest Income - Non-Operating --
Interest Income(Exp), Net Non-Operating --
Gain (Loss) on Sale of Assets (467.3)
Other, Net (53.2)
Net Income Before Taxes 14,994.0
 Provision for Income Taxes 1,525.0
Net Income After Taxes 13,469.0
Minority Interest (1,045.8)
Equity In Affiliates --
U.S. GAAP Adjustment --
Net Income Before Extra. Items 12,423.2
Accounting Change --
Discontinued Operations --
Extraordinary Item --
Tax on Extraordinary Items --
Net Income 12,423.2
Preferred Dividends --
General Partners' Distributions --
Miscellaneous Earnings Adjustment --
Pro Forma Adjustment --
Interest Adjustment - Primary EPS --
Income Available to Com Excl ExtraOrd 12,423.2
Income Available to Com Incl ExtraOrd 12,423.2
Basic Weighted Average Shares 22,274.50
Basic EPS Excluding Extraordinary Items 0.558
Basic EPS Including Extraordinary Items 0.558
Dilution Adjustment --
Diluted Weighted Average Shares 22,274.50
Diluted EPS Excluding ExtraOrd Items 0.558
Diluted EPS Including ExtraOrd Items 0.558
DPS - Common Stock Primary Issue 0.280
Gross Dividends - Common Stock 6,237.0
Total Special Items 33.5
Normalized Income Before Taxes 15,027.6
Effect of Special Items on Income Taxes 3.4
Inc Tax Ex Impact of Sp Items 1,528.4
Normalized Income After Taxes 13,499.1
Normalized Inc. Avail to Com. 12,453.4
Basic Normalized EPS 0.559
Diluted Normalized EPS 0.559

Sidma Steel
Balance Sheet

Assets
Fiscal year is January- 2019 2018 2017 2016 2015
December. All values
EUR Thousands.
Cash & Short Term 6,239.1 9,248.8 8,309.7 7,543.2 12,273.7
Investments
Cash Only 6,239.1 9,248.8 8,309.7 7,502.8 12,273.7

Short-Term Investments - - - 40.4 -

Cash & Short Term -32.54% 11.30% 10.16% -38.54% -

Investments Growth
Cash & ST Investments / 4.92% 7.05% 6.33% 6.36% 10.17%
Total Assets
Total Accounts 43,459.3 48,517.0 46,366.7 38,260.0 31,905.3
Receivable
Accounts Receivables, 42,656.6 47,871.1 45,975.5 37,204.0 31,117.6
Net
Accounts Receivables, 44,802.4 49,953.2 48,106.5 39,632.8 33,857.0
Gross
Bad Debt/Doubtful (2,145.8) (2,082.1) (2,131.0) (2,428.8) (2,739.5)
Accounts
Other Receivables 802.7 645.9 391.2 1,056.0 787.7

Accounts Receivable -10.42% 4.64% 21.19% 19.92% -

Growth
Accounts Receivable 3.10 2.83 2.71 2.77 3.05
Turnover
Inventories 25,908.7 21,299.4 22,321.7 16,229.8 20,129.1

Finished Goods 11,477.9 10,694.6 9,452.6 8,491.3 9,146.8

Raw Materials 11,018.2 8,117.1 9,042.3 6,733.9 7,435.8

Progress Payments & 3,412.5 2,487.6 3,826.8 1,004.6 3,546.5

Other
Other Current Assets 194.8 - 170.9 125.4 116.9

Prepaid Expenses 194.8 - 170.9 125.2 116.9

Miscellaneous Current - - - 0.1 -

Assets
Total Current Assets 75,802.0 79,065.1 77,168.9 62,158.3 64,425.0

Net Property, Plant & 50,403.0 51,503.6 53,378.5 55,781.9 55,672.9

Equipment
Property, Plant & 62,598.8 61,552.7 61,390.2 61,765.4 60,764.2
Equipment - Gross
Buildings 27,631.8 27,481.8 27,402.8 27,466.8 24,008.6

Land & Improvements 17,854.9 17,900.2 17,889.3 17,938.3 20,139.8

Machinery & Equipment 14,524.0 12,310.3 14,307.0 12,563.0 12,924.4

Construction in Progress 394.8 20.6 76.3 20.5 50.5

Transportation 2,193.2 1,727.9 1,714.8 1,656.1 1,642.5

Equipment
Other Property, Plant & - 2,112.0 - 2,120.7 1,998.5
Equipment
Accumulated 12,195.7 10,049.1 8,011.7 5,983.5 5,091.4
Depreciation
Buildings 2,863.4 1,968.2 1,124.4 280.5 672.8

Machinery & Equipment 7,482.3 4,379.6 5,189.7 2,206.8 1,060.7

Transportation 1,850.1 1,708.0 1,697.6 1,601.5 1,534.9

Equipment
Other Property, Plant & - 1,993.3 - 1,894.8 1,823.0
Equipment
Long-Term Note - 107.6 - - -
Receivable
Intangible Assets 487.6 524.4 533.0 543.3 488.6

Net Goodwill 419.1 419.1 419.1 419.1 419.1

Net Other Intangibles 68.5 105.3 113.9 124.2 69.4

Other Assets 82.5 - 108.3 117.3 118.7

Tangible Other Assets 82.5 - 108.3 117.3 118.7

Total Assets 126,775.0 131,200.7 131,188.6 118,600.7 120,705.1

Assets - Total - Growth -3.37% 0.01% 10.61% -1.74% -

Asset Turnover 1.04 - - - -

 Return On Average -1.56% - - - -
Assets
Liabilities & Shareholders' Equity
All values EUR 2019 2018 2017 2016 2015
Thousands.
ST Debt & Current 95,521.0 106,273.3 102,342.3 106,287.0 104,678.7
Portion LT Debt
Short Term Debt 40,860.0 46,642.1 46,041.9 48,868.0 45,005.7

Current Portion of Long 54,661.0 59,631.2 56,300.4 57,419.0 59,672.9

Term Debt
Accounts Payable 40,903.0 38,238.6 34,551.9 22,765.4 22,197.7

Accounts Payable Growth 6.97% 10.67% 51.77% 2.56% -

Income Tax Payable - - - 249.1 -

Other Current Liabilities 3,030.6 3,021.5 3,407.5 2,858.1 2,946.2

Miscellaneous Current 3,030.6 3,021.5 3,407.5 2,858.1 2,946.2

Liabilities
Total Current Liabilities 139,454.6 147,533.3 140,301.7 132,159.6 129,822.5

Current Ratio 0.54 0.54 0.55 0.47 0.50

Quick Ratio 0.36 0.39 0.39 0.35 0.34

Cash Ratio 0.04 0.06 0.06 0.06 0.09

Long-Term Debt 9,347.7 3,941.6 7,064.1 - 3,406.5

Long-Term Debt excl. 9,101.6 3,941.6 7,064.1 - 3,406.5

Capitalized Leases
Non-Convertible Debt 9,101.6 3,941.6 7,064.1 - 3,406.5

Provision for Risks & 790.7 718.7 717.8 712.5 936.1

Charges
Deferred Taxes 2,979.4 2,888.4 3,096.4 3,242.4 2,240.5

Deferred Taxes - Credit 2,979.4 2,888.4 3,096.4 3,242.4 2,240.5

Other Liabilities (excl. 0.0 0.0 - 0.0 -

Deferred Income)
Total Liabilities 152,572.4 155,082.0 151,179.9 136,114.6 136,405.5

Non-Equity Reserves 109.1 151.1 193.3 235.4 279.2

Total Liabilities / Total 120.35% 118.20% 115.24% 114.77% 113.01%

Assets
Common Equity (Total) (25,906.5 (24,032.4 (20,184.6) (17,749.3 (15,979.6)
) ) )
Common Stock Par/Carry 13,752.0 13,752.0 13,752.0 13,752.0 13,752.0
Value
Additional Paid-In 9,875.0 9,875.0 9,875.0 9,875.0 9,875.0
Capital/Capital Surplus
Retained Earnings (71,262.1 (69,234.6 (65,376.0) (62,901.0 (58,567.2)
) ) )
Cumulative Translation (54.7) (208.1) (218.9) (258.6) -
Adjustment/Unrealized
For. Exch. Gain
Revaluation Reserves 9,094.7 9,094.7 9,094.7 9,094.7 6,551.2

Other Appropriated 3,384.6 866.4 12,688.6 12,688.6 12,688.6

Reserves
Unappropriated Reserves 9,304.0 11,822.2 - - (279.2)

Common Equity / Total -20.43% -18.32% -15.39% -14.97% -13.24%

Assets
Total Shareholders' Equity (25,906.5 (24,032.4 (20,184.6) (17,749.3 (15,979.6)
) ) )
Total Shareholders' Equity -20.43% -18.32% -15.39% -14.97% -13.24%
/ Total Assets
Total Equity (25,906.5 (24,032.4 (20,184.6) (17,749.3 (15,979.6)
) ) )
Liabilities & Shareholders' 126,775.0 131,200.7 131,188.6 118,600.7 120,705.1
Equity

Income Statement

Fiscal year is 2019 2018 2017 2016 2015

January-December.
All values EUR
Thousands.
Sales/Revenue 134,559. 137,435.3 125,659. 105,935. 97,167.2
4 1 7
Sales Growth -2.09% 9.37% 18.62% 9.02% -

Cost of Goods Sold 123,778. 127,233.6 112,620. 92,786.0 89,513.7

(COGS) incl. D&A 0 1
COGS excluding 121,493. 125,097.0 110,506. 90,702.8 87,269.0
D&A 8 1
Depreciation & 2,284.2 2,136.6 2,114.0 2,083.2 2,244.7
Amortization
Expense
Depreciation - - 2,069.4 2,050.4 -

Amortization of - - 44.6 32.8 -

Intangibles
COGS Growth -2.72% 12.98% 21.38% 3.66% -

Gross Income 10,781.4 10,201.7 13,039.0 13,149.7 7,653.5

Gross Income 5.68% -21.76% -0.84% 71.81% -

Growth
Gross Profit Margin 8.01% - - - -

SG&A Expense 12,561.6 12,133.2 11,906.7 12,356.0 10,687.1

Other SG&A 12,561.6 12,133.2 11,906.7 12,356.0 10,687.1

SGA Growth 3.53% 1.90% -3.64% 15.62% -

Other Operating 29.5 347.7 186.1 139.3 2.6

Expense
EBIT (1,809.7) (2,279.2) 946.2 654.4 (3,036.2)

Unusual Expense (497.4) (801.7) (853.9) 830.3 (791.5)

Non Operating 3,464.8 3,579.9 1,740.1 1,830.8 2,763.7

Income/Expense
Non-Operating 1,010.6 24.0 11.6 16.0 48.6
Interest Income
Interest Expense 5,123.9 6,034.0 6,191.8 6,040.9 6,376.3

Interest Expense -15.08% -2.55% 2.50% -5.26% -

Growth
Gross Interest 5,123.9 6,034.0 6,191.8 6,040.9 6,376.3
Expense
Pretax Income (1,918.7) (3,865.4) (2,640.1) (4,370.0) (5,808.7)

Pretax Income 50.36% -46.41% 39.59% 24.77% -

Growth
Pretax Margin -1.43% - - - -

Income Tax 91.9 (214.5) (171.5) (39.0) 1,172.3

Income Tax - 3.8 - - - -

Current Domestic
Income Tax - 88.2 (214.5) (171.5) (39.0) 1,172.3
Deferred Domestic
Consolidated Net (2,010.7) (3,651.0) (2,468.6) (4,331.0) (6,981.0)
Income
Minority Interest - - - - (51.2)
Expense
Net Income (2,010.7) (3,651.0) (2,468.6) (4,331.0) (6,929.8)

Net Income Growth 44.93% -47.90% 43.00% 37.50% -

Net Margin -1.49% - - - -

Net Income After (2,010.7) (3,651.0) (2,468.6) (4,331.0) (6,929.8)

Extraordinaries
Net Income Available (2,010.7) (3,651.0) (2,468.6) (4,331.0) (6,929.8)
to Common
EPS (Basic) (0.20) (0.36) (0.24) (0.43) (0.69)

EPS (Basic) Growth 44.92% -47.92% 43.02% 38.63% -

Basic Shares 10,186.7 10,186.7 10,186.7 10,186.7 10,001.5

Outstanding
EPS (Diluted) (0.20) (0.36) (0.24) (0.43) (0.69)

EPS (Diluted) 44.93% -47.90% 43.00% 38.64% -

Growth
Diluted Shares 10,186.7 10,186.7 10,186.7 10,186.7 10,001.5
Outstanding
EBITDA 474.5 (142.6) 3,060.2 2,737.6 (791.5)

EBITDA Growth 432.73% -104.66% 11.78% 445.89% -

 EBITDA Margin 0.35% - - - -

EBIT (1,809.7) (2,279.2) 946.2 654.4 (3,036.2)

Bluescope Steel
Balance Sheet

Assets
Fiscal year is July-June. All 2020 2019 2018 2017 2016
values AUD Millions.
Cash & Short Term 1,400 1,645 944 755 555
Investments
Cash Only 1,400 1,645 944 753 550

Short-Term Investments - - - 2 5

Cash & Short Term - 74.13% 25.09 36.06 -

Investments Growth 14.90 % %
%
Cash & ST Investments / 12.11 14.06% 8.64% 7.88% 6.07%
Total Assets %
Total Accounts Receivable 1,101 1,225 1,454 1,332 1,158

Accounts Receivables, Net 1,019 1,124 1,303 1,171 1,087

Accounts Receivables, 1,043 1,146 1,322 1,190 1,105

Gross
Bad Debt/Doubtful (24) (22) (19) (20) (18)
Accounts
Other Receivables 83 101 152 161 71

Accounts Receivable - - 9.22% 14.94 -

Growth 10.09 15.77% %
%
Accounts Receivable 10.25 10.23 7.91 7.91 7.84
Turnover
Inventories 1,922 2,057 1,946 1,659 1,392

Finished Goods 607 636 731 569 488

Work in Progress 537 658 521 585 466

Raw Materials 591 617 582 410 330

Progress Payments & Other 187 146 113 95 108

Other Current Assets 171 152 149 128 101

Miscellaneous Current 171 152 149 128 101

Assets
Total Current Assets 4,593 5,079 4,494 3,873 3,206

Net Property, Plant & 4,513 4,148 4,049 3,722 3,834

Equipment
Property, Plant & 13,711 13,076 12,464 12,074 12,201
Equipment - Gross
Buildings 1,638 1,584 1,495 1,452 1,519

Machinery & Equipment 11,467 11,069 10,475 10,129 10,158

Construction in Progress 268 234 310 298 250

Leased Property - 189 185 195 274

Accumulated Depreciation 9,198 8,929 8,415 8,353 8,367

Buildings 835 792 751 708 715

Machinery & Equipment 8,362 8,017 7,555 7,538 7,467

Leases - 120 109 107 185

Leased Property - 120 109 107 185

Total Investments and 113 127 80 50 39

Advances
LT Investment - Affiliate 90 90 73 44 39
Companies
Other Long-Term 23 37 7 5 -
Investments
Long-Term Note Receivable 52 35 31 32 36
 Intangible Assets 1,722 1,724 1,676 1,640 1,737

Net Goodwill 1,294 1,269 1,210 1,157 1,203

Net Other Intangibles 428 455 466 483 534

Other Assets 155 165 113 104 100

Tangible Other Assets 155 165 113 104 100

Total Assets 11,560 11,696 10,931 9,575 9,149

Assets - Total - Growth -1.16% 7.00% 14.16 4.67% -

%
Asset Turnover 0.97 - - - -

Return On Average Assets 0.87% - - - -

Liabilities & Shareholders' Equity

Income Statement
Fiscal year is July-June. All 2020 2019 2018 2017 2016
values AUD Millions.
Sales/Revenue 11,285 12,533 11,498 10,530 9,083

Sales Growth -9.96% 9.00% 9.19% 15.94% -

Cost of Goods Sold (COGS) incl. 10,032 10,491 9,582 8,806 7,925
D&A
COGS excluding D&A 9,498 10,077 9,206 8,427 7,539

Depreciation & Amortization 535 414 376 379 385

Expense
Depreciation 481 363 - - 343

Amortization of Intangibles 54 51 - - 43

COGS Growth -4.37% 9.49% 8.81% 11.12% -

Gross Income 1,252 2,042 1,916 1,724 1,158

Gross Income Growth - 6.56% 11.13% 48.90% -

38.67%
Gross Profit Margin 11.10% - - - -

SG&A Expense 799 805 736 705 463

Research & Development 22 26 25 26 -

Other SG&A 777 779 712 679 463

SGA Growth -0.67% 9.27% 4.50% 52.27% -

Other Operating Expense 37 - - - -

EBIT 416 1,237 - - -

Unusual Expense 192 70 (214) 92 (285)

Non Operating Income/Expense 87 160 60 89 (204)

Non-Operating Interest Income 19 19 9 6 5

Interest Expense 76 55 110 88 101

Interest Expense Growth 39.63% - 25.09% -12.77% -

50.54%
Gross Interest Expense 76 57 111 88 101

Interest Capitalized - 2 0 - -

Pretax Income 254 1,291 1,352 934 680

Pretax Income Growth - -4.51% 44.72% 37.49% -

80.37%
Pretax Margin 2.25% - - - -

Income Tax 128 293 (270) 182 102

Equity in Affiliates 3 16 33 9 40
References [1-2 pages]

 jsw.in
 indiamart.com
 in.finaince.yahoo.com
 moneycontrol.com
 newsindianexpress.com
 economic times
 indiancompanies.in
 worldsteel.org
 finance.yahoo.com
 screener.in