Highlights for the quarter:

• Sales volume of Indian operations was higher by 22% during Q1 FY’10 over Q1FY’09.  Total steel deliveries for the Group for the quarter dropped 37% to 5.443 million tonnes from 8.603 million tonnes in Q1 FY’09 mainly due to fall in volume in Tata Steel Europe (TSE) affected by the demand contraction especially in Europe on account of the global economic downturn.
• Group consolidated turnover was Rs.23,292 crores (US$ 4,863 million) as compared to Rs. 43,496 crores (US$ 9,081mn) registered during the first quarter of 2008-09 (Q1 FY’09) caused primarily by the drop in sales volume in TSE as well as drop in prices in India and South-East Asia.
• The cost savings benefits achieved in the first quarter from the ‘Weathering the Storm’ and ‘Fit for the Future’ programs was around Rs. 2,200 crores (US$ 460 mn).
• EBITDA during Q1 FY’10 was Rs. 204 crores (US$ 43 million) against Rs. 7,375 crores(US$ 1,540 mn) in Q1 FY’09. The drop in EBITDA was attributable mainly to the challenging economic environment caused by the global recession especially in UK & Europe.
• Consequently, Loss after tax (after minority interest and share of profit of associates) was Rs. 2,209 crores (US$ 461mn) as compared to a profit of Rs.3,901 crores (US$ 814 mn) in Q1 FY’09.
• In July 2009, the Company has issued 65,410,589 Global Depository Receipts (“GDRs”) worth US$ 500 million, each GDR representing one ordinary share.
• The Group continues to have robust liquidity position (including undrawn credit lines) of over Rs. 16,750 crores (US $ 3,500 mn) as on date on account of external capital raising and tight working capital management across all geographies. The net debt for the Group as at end June 2009 was Rs. 49,170 crores (US$ 10,265 mn).