Tata Steel Consolidated 4QFY09 results – First Cut (Results below estimates)

>> Net sales Rs264,310mn (yoy down 26.7%, qoq down 20.4%)

>> EBITDA Rs330mn (yoy down 99.3%, qoq down 98.8%)

>> Adj net loss Rs10,353mn (yoy profit Rs41,012mn, qoq profit 9,463mn)

>> Standalone 4QFY09 Adj PAT Rs9,473mn (yoy down 27.2%, qoq up 72.3%)

>> Corus and other subsidiaries report 4QFY09 EBITDA loss of Rs14,149mn

>> Corus and other subsidiaries report 4QFY09 net loss of Rs19,826mn

>> Inventory write down of Rs11,884mn for 4QFY09

>> Restructuring/impairment loss (includes accelerated depreciation, goodwill impairment) of Rs40,945mn in 4QFY09

>> Corus to cut 2,045 jobs in FY10 to reduce cost of production