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Management Discussion and Analysis Quarter 4 Ending 31 Mar 2019
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TSTH
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                Management Discussion and Analysis

Company name                             : TATA STEEL (THAILAND) PUBLIC COMPANY 
LIMITED
Year                                     : 2019
Quarter                                  : Quarter 4
Ending                                   : 31-Mar-2019
Note                                     :
 - TRANSLATION -


TSTH    024/2019 RM/AN/PB                            April 19, 2019

To:    President
    The Stock Exchange of Thailand

Subject:   Report of the Company's Operating Results for the fourth quarter of 
FY2019 (January-March 2019)
                   
Tata Steel (Thailand) Public company Limited ("Company") would like to report 
the company's operating results for the fourth quarter of FY2019 (January-March
2019) as under:

1.    Operating Results

The sale volume for the current quarter was higher than the previous quarter 
reflecting improvement in general market sentiment on account of lower
availability in the market though the overall market demand for long products
remains low. The mega projects are delayed and yet to start ordering for the
materials. This was coupled with softening of international prices resulting in
slowdown in domestic wire rods demand while imports from Malaysia, Vietnam,
Russia and China increased year on year.

Operating Results compared with previous quarter & previous year

1.1    Net Sales
Sales volume in the current quarter was higher than the previous quarter by 9%, 
while it was lower by 4% as compared to the same quarter previous year due to
weak sentiment in the construction market in Thailand.

Net sale during the current quarter at 5,483 MB was almost at par as compared to
the previous quarter, while it was lower by 10% as compared to the same quarter
 previous year reflecting lower sales volume and drop in selling price.

For FY2019 sales volume was lower by 5% as compared to the previous year. While,
in terms of net sales at 22,222 MB was almost at par as compared to previous
year due to higher prices of finished goods from the increasing trend of raw
material price. Partly offset by the lower domestic sales volume.
 
1.2    Profit(Loss) Before Tax
The company reported a loss of (93) MB in the current quarter against a loss of 
(196) MB in the previous quarter attributable to improvement in sales volume
from rebar and small section, lower metallic price and conversion cost, however
selling price remained under pressure as explained above.


For the FY2019, the loss stands at (148) MB against a profit of 585 MB in the 
previous year attributable to lower sales volume due to weak market sentiment
and higher cost of goods sold due to higher metallic and raw material price.

2.    Statement of Financial Position

2.1    Assets
As on March 31, 2019, the total assets have decreased by (523) MB over March 31,
 2018 mainly due to:
-    Reduction in Trade and other receivables by (583) MB.
-    Reduction in inventories (290) MB.
-    Reduction in Properties, Plant and Equipment (137) MB on account of normal 
depreciation.
-    Partly compensated by the increase in Cash and cash equivalent 407 MB and 
other current assets 77 MB on account of Value Added Tax refundable.

2.2    Liabilities and Shareholders' Equity
As on December 31, 2019, the total liabilities & shareholder equity have 
decreased by (523) MB over March 31, 2018 mainly due to:
-    Reduction in Trade and other payables by (263) MB.
-    Reduction in Income tax payable by (55) MB.
-    Reduction in Short term working capital borrowings by (54) MB.
-    Reduction in shareholders' equity by (191) MB from current net profit/(loss) 
for FY2019.
    
    Please be informed accordingly.    
            

Sincerely yours,
Tata Steel (Thailand) Public Company Limited

- signature -


(Mr. Rajiv Mangal)
President and CEO

Corporate Secretary Office
Tel  No.  0-2937-1000 Ext. 3111/3156/3210
Fax No.  0-2937-1224
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