Group Performance Highlights:

• Tata Steel Group during the first half of the financial year 2010-11 (H1 FY’11) recorded Profit after tax (after minority interest and share of profit of associates) of Rs 3,804 crores (US$847 million) compared to a Loss of Rs 4,916 crores (US$1.09 billion) in H1 FY’10, an improvement of Rs 8,720 crores (US$1.94 billion).  The Group’s Profit after tax for Q2 FY’11 at  Rs 1,979 crores (US$440 million) was around 8.5% higher than the profit of Rs 1,825 crores    (US$406 million) in Q1 FY’11.
• Group EBITDA in H1 FY’11 was Rs 9,024 crores (US$2 billion) compared to Rs 606 crores (US$135 million) in H1 FY’10.  Group EBITDA in Q2 FY’11 at Rs 4,497 crores (US$1 billion) matched the level recorded in Q1 FY’11, despite steel prices falling in India and higher raw materials prices affecting the financial performance of both the Indian and European operations.
• Group consolidated turnover at Rs 28,646 crores (US$6.4 billion) in Q2 FY’11 rose by Rs 1,453 crores (US$323 million), or 5%, compared with Q1 FY’11 on increased deliveries in India and price improvements in other geographies.
• The Group’s steel deliveries fell 1% to 5.82 million tonnes in Q2 FY’11 from Q1 FY’11.  Lower deliveries at the European operations during the summer months were largely made up by higher deliveries from Tata Steel India and Tata Steel Thailand.
• Net Finance Charges for the Group at Rs 664 crores (US$148 million) during the September  quarter increased by US$15 million over Q1 FY’11 on account of lower interest income earned.
• Liquidity and Net Debt: The Group continued to enjoy a strong liquidity position of Rs 7,841 crores (US$1.74 billion) at the end of September 2010, resulting from tight working capital management across all geographies.  The Group’s net debt at the end of September 2010 stood at Rs 48,096 crores (US$10.7 billion).