Tata Steel Long Products Ltd

₹ 830 0.49%

16 Nov 2023

About

Tata Steel Long Products Ltd, formerly known as Tata Sponge Iron Limited, is engaged in manufacturing high alloy steel, primarily for the auto sector and wire rope industry, and sponge iron for use by the secondary steel sector. ^[1]

Key Points

History^[1]
Tata Steel Long Products Limited (TSPL) was setup as a JV between Tata Steel Limited (TSL) and Industrial Promotion & Investment Corporation of Orissa Limited in 1982. TSLPL was 74.91% subsidiary of TSL. The company is one of the early entrants in the domestic sponge iron industry, with a plant in Keonjhar district of Odisha with an installed capacity of 4,65,000 mtpa. In April 2019, through a slump sale by Usha Martin Limited, TSLPL acquired their 1-mtpa integrated alloy steel plant in Jamshedpur which manufactures alloy/high carbon steel for automotive, tractor and other agriculture equipment, lifting and excavation, general engineering, railways, construction (reinforcement), and power (transmission and distribution) sectors. In FY22, TSLPL acquired NINL’s 1-mtpa steel plant located at Kalinganagar, Odisha.

Website BSE

Market Cap ₹ 3,743 Cr.
Current Price ₹ 830
High / Low ₹ 861 / 620
Stock P/E
Book Value ₹ 61.1
Dividend Yield 0.00 %
ROCE %
ROE %
Face Value ₹ 10.0

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Pros

Cons

Stock is trading at 13.6 times its book value
Company has low interest coverage ratio.
Earnings include an other income of Rs.212 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Steel Industry: Steel - Sponge Iron

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	778	999	1,008	653	1,186	1,364	1,547	1,688	1,869	2,113	3,016	3,568	2,948
	820	964	872	646	1,002	955	1,049	1,167	2,124	2,485	3,058	3,407	2,854
Operating Profit	-42	35	136	7	184	410	498	520	-255	-372	-42	161	94
OPM %	-5%	3%	14%	1%	15%	30%	32%	31%	-14%	-18%	-1%	5%	3%
	3	9	-115	11	16	36	15	39	52	33	57	64	58
Interest	80	73	72	69	63	57	46	31	345	350	351	356	368
Depreciation	78	83	82	80	79	85	84	84	227	204	199	198	221
Profit before tax	-197	-112	-132	-130	58	304	383	444	-775	-893	-535	-329	-437
Tax %	0%	-0%	-1%	-1%	-2%	-0%	11%	25%	15%	12%	2%	23%	-5%
	-197	-112	-133	-131	59	304	340	332	-662	-787	-524	-254	-460
EPS in Rs	-43.65	-24.88	-29.54	-29.12	13.10	67.49	75.36	73.53	-143.29	-170.63	-111.23	-53.03	-97.14
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2023	TTM
	796	777	790	574	557	800	992	3,490	4,750	8,992	11,644
	676	632	690	549	496	617	847	3,335	3,642	9,729	11,803
Operating Profit	120	145	99	24	62	183	145	155	1,108	-737	-159
OPM %	15%	19%	13%	4%	11%	23%	15%	4%	23%	-8%	-1%
	32	35	56	37	37	43	58	-82	69	302	212
Interest	8	13	5	5	2	3	3	293	235	1,387	1,425
Depreciation	18	18	13	13	13	12	12	311	327	716	822
Profit before tax	126	150	137	43	84	210	188	-530	615	-2,538	-2,194
Tax %	32%	32%	33%	26%	30%	33%	34%	3%	7%	9%
	85	101	92	32	59	141	124	-516	572	-2,304	-2,025
EPS in Rs	17.64	20.91	19.00	6.60	12.14	29.11	25.70	-114.46	126.83	-498.55	-432.03
Dividend Payout %	14%	15%	17%	48%	29%	22%	15%	0%	4%	0%

Compounded Sales Growth
10 Years:	27%
5 Years:	62%
3 Years:	37%
TTM:	%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	%

Stock Price CAGR
10 Years:	7%
5 Years:	5%
3 Years:	0%
1 Year:	27%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2023	Sep 2023
Equity Capital	15	15	15	15	15	15	15	45	45	45	45
Reserves	624	707	780	811	850	971	1,068	1,972	2,549	913	230
	0	0	0	0	0	0	0	2,755	1,424	14,757	14,767
	175	207	178	161	181	228	241	1,405	1,890	6,510	6,545
Total Liabilities	815	929	973	987	1,046	1,214	1,324	6,177	5,909	22,225	21,587
	162	150	148	164	155	149	220	4,615	4,342	16,466	16,278
CWIP	16	16	20	9	6	6	7	37	24	235	292
Investments	128	204	208	285	263	200	244	18	21	1,124	879
	510	558	597	529	622	860	853	1,507	1,522	4,402	4,138
Total Assets	815	929	973	987	1,046	1,214	1,324	6,177	5,909	22,225	21,587

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2023
	112	101	-16	77	22	41	100	-336	1,690	-1,616
	-90	-89	16	-58	51	-213	-12	-3,574	91	-2,944
	-13	-12	-18	-18	-18	-20	-37	3,805	-1,559	137
Net Cash Flow	9	-1	-18	0	55	-192	51	-105	221	-4,423

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2023
Debtor Days	9	12	4	19	23	27	29	16	6	8
Inventory Days	36	41	68	28	48	62	59	133	133	132
Days Payable	31	36	29	35	51	49	39	136	200	164
Cash Conversion Cycle	14	17	43	12	20	39	50	14	-62	-24
Working Capital Days	-16	-33	0	-38	-31	-12	6	-23	-49	16
ROCE %		24%	19%	6%	10%	23%	18%	-3%	19%

Shareholding Pattern

Numbers in percentages

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	74.91%	74.91%	74.91%	74.91%	74.91%	74.91%	74.91%	74.91%	74.91%	74.91%	74.91%	74.91%
	0.32%	0.42%	0.51%	0.55%	0.53%	0.63%	0.51%	0.26%	0.26%	0.71%	1.16%	1.20%
	5.08%	5.54%	6.16%	5.03%	5.00%	4.78%	4.78%	4.71%	4.69%	4.69%	4.68%	4.90%
	19.69%	19.12%	18.42%	19.50%	19.56%	19.68%	19.79%	20.12%	20.13%	19.70%	19.24%	18.99%
No. of Shareholders	44,775	48,969	50,899	53,817	62,175	73,272	77,076	76,842	70,266	65,643	63,123	58,398

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
	54.50%	54.50%	54.50%	75.91%	74.91%	74.91%	74.91%	74.91%
	5.98%	8.72%	3.46%	0.93%	0.42%	0.63%	0.71%	1.20%
	0.89%	0.90%	2.71%	5.43%	5.54%	4.78%	4.69%	4.90%
	38.63%	35.88%	39.33%	17.73%	19.12%	19.68%	19.70%	18.99%
No. of Shareholders	35,915	35,031	41,128	43,714	48,969	73,272	65,643	58,398

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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