Tata Steel BSL Ltd

About

Tata Steel BSL Ltd is one of the prominent players in the Indian Steel industry. Backed with more than 27 years of experience, It is now India's 5th largest Secondary Steel Producing Company with an existing steel production capacity of 5.6 million ton per annum. In 2018, Tata Steel acquired Tata Steel BSL Limited (formerly known as Bhushan Steel Limited) through its wholly owned subsidiary Bamnipal Steel Ltd.

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Key Points

Production Strengths
Tata Steel BSL is a source for vivid variety of products such as Hot Rolled Coil ,CRCA ,CRFH ,Galvanized Coil and Sheet ,Galume Coil and Sheet ,Color Coated Coils,Color Coated Tiles and many more. It has emerged as the country's largest and the only Cold Rolled Steel Plant with an independent line for manufacturing Cold Rolled Coil and Sheet being amongst the prime movers of the technological revolution in Indian Cold Rolled Steel Industry. [1]

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  • Market Cap 9,868 Cr.
  • Current Price 90.2
  • High / Low 110 / 23.2
  • Stock P/E 1.75
  • Book Value 192
  • Dividend Yield 0.00 %
  • ROCE 12.0 %
  • ROE 12.6 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Stock is trading at 0.47 times its book value
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 22.18% CAGR over last 5 years

Cons

Peer comparison

Sector: Steel Industry: Steel - Large

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
5,862 4,889 5,518 4,333 4,555 5,038 4,274 2,697 5,519 5,881 7,321 7,858
4,687 3,881 4,732 3,550 4,035 4,760 3,504 2,550 4,412 4,257 4,752 4,755
Operating Profit 1,175 1,008 786 783 520 278 770 147 1,107 1,624 2,569 3,103
OPM % 20% 21% 14% 18% 11% 6% 18% 5% 20% 28% 35% 39%
Other Income 140 -100 108 96 13 15 14 13 26 25 28 26
Interest 900 789 741 415 410 422 408 440 416 361 313 247
Depreciation 356 359 366 353 368 372 370 371 375 375 371 404
Profit before tax 60 -240 -212 111 -244 -502 6 -650 342 913 1,914 2,479
Tax % 0% 0% 0% 0% 0% 0% 0% -0% 0% 0% 0% 0%
Net Profit 60 -240 -212 111 -244 -502 6 -650 342 913 1,913 2,478
EPS in Rs 0.55 -2.19 -1.94 1.02 -2.23 -4.59 0.05 -5.95 3.13 8.35 17.50 22.66

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
5,603 7,004 9,961 10,744 9,676 10,646 11,819 13,703 17,013 20,892 18,199 21,419 26,580
4,179 4,972 6,964 7,434 6,985 8,473 9,758 10,903 14,806 17,094 15,849 15,970 18,176
Operating Profit 1,424 2,032 2,997 3,310 2,691 2,172 2,061 2,800 2,206 3,797 2,350 5,449 8,404
OPM % 25% 29% 30% 31% 28% 20% 17% 20% 13% 18% 13% 25% 32%
Other Income 146 69 24 17 28 2 76 65 -23,004 3,108 140 91 105
Interest 213 448 1,046 1,287 1,663 2,494 4,601 5,427 6,305 3,752 1,655 1,529 1,336
Depreciation 209 278 620 831 964 938 1,730 1,686 1,786 1,442 1,463 1,491 1,525
Profit before tax 1,149 1,376 1,355 1,209 92 -1,258 -4,195 -4,248 -28,888 1,712 -628 2,519 5,648
Tax % 27% 27% 25% 25% 36% 0% 21% 15% 15% 0% 0% 0%
Net Profit 843 1,007 1,015 907 59 -1,257 -3,441 -3,615 -24,566 1,712 -628 2,518 5,646
EPS in Rs 37.23 44.48 44.80 40.04 2.61 -55.48 -151.89 -159.59 -1,084.52 15.66 -5.75 23.03 51.64
Dividend Payout % 1% 1% 1% 1% 19% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:12%
5 Years:13%
3 Years:8%
TTM:60%
Compounded Profit Growth
10 Years:10%
5 Years:22%
3 Years:55%
TTM:507%
Stock Price CAGR
10 Years:-12%
5 Years:16%
3 Years:47%
1 Year:286%
Return on Equity
10 Years:%
5 Years:%
3 Years:%
Last Year:13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
79 111 128 145 149 176 45 45 45 219 219 219
Reserves 3,917 5,797 7,444 9,081 9,013 7,711 2,085 -1,528 -26,097 18,101 18,267 20,785
Borrowings 11,404 16,561 21,501 28,523 35,224 39,079 49,358 49,958 49,648 17,035 16,738 10,816
2,031 2,925 4,736 5,892 6,828 6,117 8,409 11,742 16,246 4,231 3,589 5,302
Total Liabilities 17,395 25,326 33,724 43,540 51,110 52,952 59,897 60,216 39,843 39,586 38,813 37,122
2,083 12,567 15,734 18,149 21,876 36,564 51,436 51,764 30,362 29,155 29,774 28,639
CWIP 11,195 5,441 9,217 12,848 16,591 2,787 2,729 1,171 1,180 1,154 682 442
Investments 304 153 373 383 383 373 242 122 1 1,596 1 694
3,813 7,165 8,400 12,160 12,261 13,228 5,490 7,160 8,300 7,681 8,356 7,348
Total Assets 17,395 25,326 33,724 43,540 51,110 52,952 59,897 60,216 39,843 39,586 38,813 37,122

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
417 994 2,739 -211 2,303 2,172 924 753 1,788 5,800 1,866 8,160
-3,442 -5,501 -4,844 -4,521 -4,822 -1,402 -204 -80 -645 -1,617 532 -663
3,027 4,422 2,430 4,523 2,440 -766 -765 -579 -675 -4,500 -1,951 -7,484
Net Cash Flow 2 -84 326 -208 -79 3 -46 93 469 -317 447 13

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 49 26 45 80 93 82 36 41 26 12 14 7
Inventory Days 203 306 220 351 454 449 123 175 148 147 168 149
Days Payable 101 98 66 103 165 168 69 62 48 99 98 143
Cash Conversion Cycle 151 233 198 328 382 363 91 154 126 60 84 13
Working Capital Days 133 146 129 246 272 262 -8 -67 -218 32 58 6
ROCE % 11% 10% 9% 7% 4% 3% 1% 2% 1% 8% 3% 12%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
72.65 72.65 72.65 72.65 72.65 72.65 72.65 72.65 72.65 72.65 72.65 72.65
0.04 0.04 0.00 0.02 0.16 0.32 0.29 0.30 0.43 0.76 1.11 0.74
11.44 11.27 10.94 10.32 10.22 10.50 10.82 10.05 8.32 7.35 6.44 4.59
15.87 16.04 16.41 17.01 16.97 16.53 16.24 16.99 18.59 19.23 19.79 22.02

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