JSW ISPAT Steel (Delisted) share price

BSE: 500305

JSW ISPAT Steel Ltd · Formerly Ispat Industries · Face value ₹10

Last traded ₹9.95 on 10 Jun 2013

Delisted on 8 Jul 2013.

Last announcements

The company's own last announcements before its shares stopped trading, routine notices left out.

Jun 2013
- 25 Jun · Disclosure
  Goldline Tracom Pvt Ltd has submitted the disclosures under Reg.13(4), 13(4A) of SEBI (Prohibition of Insider Trading) Regulations, 1992
- 4 Jun · Suspension of trading in equity shares
  Members of the Exchange are hereby informed that the trading in equity shares of JSW ISPAT Steel Limited and trading in 0.01% Cumulative Redeemable Preference Shares (Series: P1; ISIN: INE136A04034) shall be suspended w.e.f. June 11, 2013 (i.e. closing hours of trading on June 10, 2013) on account of Scheme of Amalgamation with JSW Steel Limited.
- 3 Jun · Business
  "June 12, 2013", has been fixed as the record date (the "Record Date") for the purpose of drawing up the list of shareholders of JSW ISPAT Steel Ltd ....
- 3 Jun · Corporate action
  As follows : The Company has fixed June 12, 2013 as the record date (the "Record Date") for the purpose of drawing up the list of shareholders of JSW Ispat Steel Limited (JSWISL) to whom equity shares and 0.01% cumulative redeemable preference shares of the Company will be issued and allotted pursuant to and in terms of the Scheme. In terms of the sanctioned Scheme, the shareholders of the transferor company i.e. JSWISL will be issued shares of the Company in the following ratio: (1) For every 72 (Seventy Two) fully paid-up equity shares of face value of Rs.10/- (Rupees Ten Only) each held in JSWISL, as on the Record Date, every equity shareholder of JSWISL will be entitled to receive 1 (One) equity share of face value of Rs.10/- (Rupees Ten only) each of the Company, credited as fully paid-up; and (2) For every 1 (One) 0.01% fully paid-up cumulative redeemable preference share of face value of Rs.10/- (Rupees Ten only) each held in JSWISL, as on the Record Date, every 0.01% cumulative redeemable preference shareholder of JSWISL will be entitled to receive 1 (one) 0.01% cumulative redeemable preference share of face value of Rs.10/- (Rupees Ten only) each of the Company, having the same rights and terms, and credited as fully paid-up.
- 3 Jun · Business
  With reference to the Company's earlier communication dated May 08, 2013 informing the sanctioning of the Composite Scheme of Amalgamation and Arrangement amongst JSW ISPAT Steel Limited ("JSWISL"), JSW Building Systems Limited, JSW Steel Coated Products Limited and JSW Steel Limited and and their respective shareholders and creditors (the "Scheme") by the Hon'ble High Court of Judicature at Bombay. The Company has now informed the Exchange that in terms of Section 391(3) read with Section 394(3) of Companies Act, 1956, the Scheme has become effective from June 01, 2013, upon filing of the certified copy of the Order of the Hon'ble High Court of Bombay with the Registrar of Companies, Maharashtra, Bombay. The Appointed Date, in terms of the Scheme, is July 01, 2012.
- 3 Jun · Business
  With reference to earlier announcement dated May 08, 2013 informing the sanctioning of the Composite Scheme of Amalgamation and Arrangement amongst JSW ISPAT Steel Limited ("JSWISL"), JSW ....

Results for the quarter to Mar 2013

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

Revenue: ₹2,702 Cr−2.5% on the quarter before
Operating profit: ₹190 Cr+47.3% on the quarter before
Net profit: ₹94 Cr
Earnings per share: ₹0.37
Operating margin: 7.0%
Net margin: 3.5%

From revenue to net profit, ₹ crore

Revenue2,702
Operating expenses−2,512
Operating profit190
Depreciation−152
Other income+97
One-off items+31
Finance costs−232
Profit before tax−65
Tax+159
Net profit94

JSW ISPAT Steel results by quarter

Standalone: the listed company alone, without its subsidiaries. Latest quarter to Mar 2013. Results for the quarter to Jun 2013 were due by 29 Aug 2013, 60 days after it ends. Every company's dates are on the results calendar.

Revenue and net profit by quarter, ₹ crore

Revenue
Net profit
Loss

Back to profit in the quarter to Mar 2013, ₹94 CrA loss in 8 of the 12 quarters shown

Operating and net margin by quarter, per cent

Operating margin
Net margin

₹ crore	Jun 2008	Sep 2008	Dec 2008	Mar 2009	Jun 2009	Sep 2009	Dec 2009	Mar 2010	Jun 2010	Sep 2010	Dec 2010	Mar 2011	Jun 2011	Sep 2011	Dec 2011	Mar 2012	Jun 2012	Sep 2012	Dec 2012	Mar 2013
Revenue from operations	2,788	3,223	1,124	1,316	1,400	2,048	2,199	2,484	2,428	2,185	978	2,722	2,619	2,736	2,768	2,783	2,973	2,641	2,771	2,702
	2,239	2,628	1,390	1,042	1,296	1,735	1,766	1,954	2,086	2,261	1,148	2,315	2,213	2,567	2,520	–	2,631	2,535	2,642	2,512
Materials and goods bought	1,510	1,768	931	528	779	1,082	1,135	1,238	1,422	1,594	686	1,622	1,602	1,833	1,835	1,898	1,812	1,747	1,862	1,706
Operating profit before depreciation	549	595	−267	274	104	313	432	530	342	−77	−170	407	406	169	248	–	342	106	129	190
Operating margin	19.7%	18.5%	−23.7%	20.8%	7.4%	15.3%	19.7%	21.3%	14.1%	−3.5%	−17.3%	14.9%	15.5%	6.2%	9.0%	–	11.5%	4.0%	4.7%	7.0%
Depreciation and amortisation	161	162	174	150	164	165	150	146	149	154	146	148	147	149	159	–	162	162	158	152
Other income	88	1	–	–	2	–	–	–	–	–	–	–	11	9	0	102	114	100	118	97
Finance costs	431	473	94	161	268	264	252	243	259	265	274	188	224	279	286	268	256	180	248	232
Profit before one-off items and tax	–	–	−535	−37	−325	−116	30	141	−66	−496	−590	70	45	−250	−198	−128	38	−136	−159	−96
One-off items	–	–	−441	−17	–	–	–	–	–	–	–	–	−1,181	−95	−111	−13	−339	235	−83	31
Profit before tax	46	−40	−976	−54	−325	−116	30	141	−66	−496	−590	70	−1,135	−345	−309	−141	−301	99	−242	−65
	17	−13	−324	−15	−110	−37	11	119	3	−164	−181	0	–	0	–	–	−779	−23	−111	−159
Current tax	–	–	–	–	–	–	–	119	0	–	–	0	–	–	–	–	–	–	–	–
Deferred tax	–	–	–	–	–	–	–	0	3	–	–	0	–	–	–	–	–	–	–	–
Tax rate	37.2%	–	–	–	–	–	37.0%	84.2%	–	–	–	0.4%	–	–	–	–	–	−23.1%	–	–
Net profit	29	−27	−652	−38	−215	−79	19	22	−69	−332	−409	70	−1,135	−345	−309	−141	478	122	−131	94
Net margin	1.0%	−0.8%	−58.0%	−2.9%	−15.4%	−3.9%	0.9%	0.9%	−2.9%	−15.2%	−41.8%	2.6%	−43.3%	−12.6%	−11.1%	−5.1%	16.1%	4.6%	−4.7%	3.5%
Earnings per share	₹0.08	–	–	–	–	–	–	–	–	–	–	–	–	–	–	−₹0.57	₹1.92	₹0.49	−₹0.52	₹0.37
Diluted earnings per share	₹0.08	–	–	–	–	–	–	–	–	–	–	–	–	–	–	−₹0.57	₹1.91	₹0.49	−₹0.52	₹0.37

Earnings per share in rupees, restated for later splits and bonuses.

The quarters either side of a change of basis do not compare. From the quarter to Mar 2009, the company's revenue for the year to Mar 2009, ₹8,538 Cr, differs from its quarters added, ₹8,450 Cr. From the quarter to Jun 2012, the company's revenue for the year to Jun 2012, ₹11,104 Cr, differs from its quarters added, ₹11,259 Cr.

5 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March, then June.

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 3 of the 4 years with results on record

Operating and net margin, per cent

The company moved its year end from March to June: its last year to March on record ended in Mar 2009, its first year to June in Jun 2011.

The years either side of a change of basis do not compare. From the year to Mar 2009, the company's revenue for that year, ₹8,538 Cr, differs from its quarters added, ₹8,450 Cr. From the year to Jun 2012, the company's revenue for that year, ₹11,104 Cr, differs from its quarters added, ₹11,259 Cr.

Results for the year to Jun 2012

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue11,104
Operating expenses−10,335
Operating profit769
Depreciation−627
Other income+424
One-off items−586
Finance costs−1,076
Profit before tax−1,096
Tax+779
Net profit−317

Profit and loss

Standalone, ₹ crore, years to March, then June. No results on record for the year to Jun 2010. The last column is the twelve months to Mar 2013, the latest four quarters added.

₹ crore	Mar 2008	Mar 2009	Jun 2010	Jun 2011	Jun 2012	Mar 2013Twelve months
Revenue from operations	8,284	8,538	–	8,531	11,104	11,086
	7,108	7,107	–	7,902	10,335	10,320
Materials and goods bought	4,705	4,737	–	5,504	7,371	7,127
Operating profit before depreciation	1,176	1,431	–	629	769	767
Operating margin	14.2%	16.8%	–	7.4%	6.9%	6.9%
Depreciation and amortisation	638	647	–	596	627	634
Operating profit after depreciation	538	784	–	33	142	133
Other income	427	0	–	20	424	428
Finance costs	849	1,159	–	1,023	1,076	915
Profit before one-off items and tax	–	−375	–	−970	−510	−354
One-off items	–	−649	–	−1,181	−586	−155
Profit before tax	116	−1,024	–	−2,150	−1,096	−508
	81	−336	–	−344	−779	−1,072
Current tax	–	–	–	0	–	–
Deferred tax	–	–	–	−344	–	–
Net profit	35	−688	–	−1,806	−317	564
Net margin	0.4%	−8.1%	–	−21.2%	−2.9%	5.1%

Standalone, ₹ per share, years to March, then June.

₹ per share	Jun 2012
Earnings per share	−₹1.27
Diluted earnings per share	−₹1.27
Market cap at the year end (₹ crore)	2,553

Ratios

Standalone, years to March, then June.

Ratio	Mar 2008	Mar 2009	Jun 2010	Jun 2011	Jun 2012
Interest cover	0.6	0.7	–	0.0	0.1

Revenue growth and operating profit growth are left blank for the years to Mar 2009 and Jun 2012: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Jun 2012.

Measure	3 years
Operating margin, average	7.2%
Net margin, average	−12.0%
Interest cover, average	0.1

Where the return came from

Yearly rates to Jun 2012, per-share figures restated for splits and bonuses.

Over	Return a year	Earnings growth	Change in P/E	Dividend yield
1 year	−44.3%	–	–	0.0%
3 years	−19.4%	–	–	0.0%
5 years	−5.5%	–	–	0.0%

Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth and the change in P/E are left empty where earnings per share at either end of the window was a loss or is not on record.

Recent sessions

The 10 trading days to 10 Jun 2013, as traded on BSE.

Date	Open	High	Low	Close	Average price	Volume
10 Jun 2013	9.95	10.10	9.85	9.95	9.98	1,29,40,583
7 Jun 2013	10.00	10.20	9.85	9.95	10.01	42,44,168
6 Jun 2013	10.00	10.30	9.90	10.15	10.10	40,68,179
5 Jun 2013	9.80	10.15	9.75	10.00	9.88	1,00,21,771
4 Jun 2013	9.50	9.95	9.50	9.80	9.71	1,64,25,616
3 Jun 2013	9.30	9.55	9.30	9.50	9.40	78,92,499
31 May 2013	9.65	9.80	9.25	9.30	9.45	42,68,253
30 May 2013	9.40	9.80	9.40	9.75	9.61	25,22,296
29 May 2013	9.60	9.75	9.50	9.55	9.60	23,02,893
28 May 2013	9.70	9.90	9.60	9.75	9.67	70,90,974

Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.

Ex-date	Event	Price factor	What happened
23 Jan 2008	Price move	–	Between two trading sessions the price moved by a fifth or more. The Nifty 500 moved 5% or more the same way over the same sessions. Not adjusted for.
22 Jan 2008	Price move	–	Between two trading sessions the price moved by a fifth or more. The Nifty 500 moved 5% or more the same way over the same sessions. Not adjusted for.
21 Jan 2008	Price move	–	Between two trading sessions the price moved by a fifth or more. The Nifty 500 moved 5% or more the same way over the same sessions. Not adjusted for.

Each event is noted and not adjusted for.

Company details

BSE code: 500305
ISIN: INE136A01022
Former symbols: JSWISPAT, ISPATIND, ISPATIND
Website: www.jswispat.in
CIN: L27106WB1984PLC037519; Corporate identity number, the registrar of companies' code for it
Incorporated: 1984
Registered office: The Enclave, 5th Floor, Behind Marathe Udyog Bhavan, New Prabhadevi Road, Mumbai 400025, Maharashtra
Share registrar: Link Intime India Pvt. Ltd; Keeps the register of shareholders and handles transfers and dividend payments