Tata Steel Long Products Ltd

₹ 830 0.49%

16 Nov 2023

tatasponge.com BSE: 513010 NSE: TATASTLLP

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.

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Market Cap ₹ 3,743 Cr.
Current Price ₹ 830
High / Low ₹ /
Stock P/E
Book Value ₹ 418
Dividend Yield 0.00 %
ROCE 1.37 %
ROE -46.1 %
Face Value ₹ 10.0

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Pros

Cons

Company has low interest coverage ratio.
Company has a low return on equity of 0.07% over last 3 years.
Earnings include an other income of Rs.683 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

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	1,186	1,364	1,547	1,688	1,637	1,677	1,799	1,994	1,914	1,790	1,765	1,910	1,734
	1,002	955	1,049	1,167	1,396	1,426	1,635	2,062	1,989	1,723	1,618	1,764	1,554
Operating Profit	184	410	498	520	242	251	164	-68	-75	67	148	146	180
OPM %	15%	30%	32%	31%	15%	15%	9%	-3%	-4%	4%	8%	8%	10%
	16	36	15	39	50	-3	24	161	165	160	146	195	181
Interest	63	57	46	31	24	22	32	342	345	350	350	356	367
Depreciation	79	85	84	84	82	82	71	86	86	89	86	88	88
Profit before tax	58	304	383	444	185	144	85	-335	-341	-212	-142	-104	-94
Tax %	-2%	-0%	11%	25%	27%	28%	30%	-1%	-2%	12%	29%	-65%	44%
	59	304	340	332	135	104	60	-331	-333	-237	-184	-36	-136
EPS in Rs	13.09	67.49	75.35	73.53	29.88	23.03	13.22	-73.41	-73.92	-52.53	-40.82	-8.09	-30.10
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	619	796	777	790	574	557	800	992	3,490	4,750	6,802	7,464	7,200
	506	676	632	690	549	496	617	847	3,335	3,642	5,612	7,390	6,659
Operating Profit	113	120	145	99	24	62	183	145	155	1,108	1,190	74	541
OPM %	18%	15%	19%	13%	4%	11%	23%	15%	4%	23%	17%	1%	8%
	23	32	35	55	37	37	43	58	-82	69	98	631	683
Interest	6	8	13	5	5	2	3	3	293	235	110	1,387	1,423
Depreciation	18	18	18	13	13	13	12	12	311	327	320	348	352
Profit before tax	112	126	150	136	43	83	210	188	-530	615	858	-1,030	-551
Tax %	32%	32%	32%	33%	26%	30%	33%	34%	-3%	7%	27%	5%
	76	85	101	92	32	59	141	124	-516	572	630	-1,085	-593
EPS in Rs	15.64	17.65	20.90	18.99	6.59	12.14	29.10	25.69	-114.47	126.82	139.66	-240.69	-131.54
Dividend Payout %	16%	14%	15%	17%	48%	29%	22%	15%	0%	4%	9%	0%

Compounded Sales Growth
10 Years:	25%
5 Years:	56%
3 Years:	29%
TTM:	-3%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-20%

Stock Price CAGR
10 Years:	4%
5 Years:	17%
3 Years:	2%
1 Year:	0%

Return on Equity
10 Years:	1%
5 Years:	-2%
3 Years:	0%
Last Year:	-46%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	15	15	15	15	15	15	15	15	45	45	45	45	45
Reserves	553	624	707	780	811	849	971	1,068	1,972	2,549	3,155	2,024	1,838
	0	0	0	0	0	0	0	0	2,755	1,424	13,482	14,752	14,761
	163	175	207	178	161	181	228	241	1,405	1,890	3,130	3,845	3,886
Total Liabilities	731	815	929	973	987	1,046	1,214	1,324	6,176	5,908	19,812	20,666	20,530
	174	162	150	148	164	155	149	220	4,615	4,342	4,081	3,860	3,734
CWIP	16	16	16	20	9	6	6	7	37	24	58	87	102
Investments	25	128	205	208	285	263	200	244	17	21	9,303	13,652	13,875
	516	510	558	597	529	622	860	853	1,507	1,522	6,371	3,067	2,819
Total Assets	731	815	929	973	987	1,046	1,214	1,324	6,176	5,908	19,812	20,666	20,530

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	66	112	101	-16	77	22	41	100	-336	1,690	1,761	-270
	-173	-90	-89	16	-58	51	-213	-12	-3,574	91	-9,405	-4,022
	-12	-13	-12	-18	-18	-18	-20	-37	3,805	-1,559	11,923	-164
Net Cash Flow	-119	9	-1	-18	0	55	-192	51	-105	221	4,280	-4,456

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	16	9	12	4	19	23	27	29	16	6	3	3
Inventory Days	74	36	41	68	28	48	62	59	133	133	129	92
Days Payable	39	31	36	29	35	51	49	39	136	200	226	145
Cash Conversion Cycle	52	14	17	43	12	20	39	50	14	-62	-94	-49
Working Capital Days	3	-16	-33	0	-38	-31	-12	6	-23	-49	-64	-42
ROCE %	22%	22%	24%	19%	6%	10%	23%	18%	-3%	19%	10%	1%

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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