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August 26, 2013

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Tata Power, set up in 1915, captivated its 100th anniversary accepted affair on June 18, 2019. While it should accept been an break to celebrate, with net debt of Rs 47,552 crore in FY19 and a net debt-to-EBITDA (earnings afore interest, taxation, abrasion and amortisation) arrangement of seven, there was not abundant to celebrate. Aback shareholders asked Tata Accumulation Administrator N. Chandrasekaran what he was accomplishing to abate the company’s liabilities, he looked visibly irritated. “We’re alive on a solution; it’s not that we are not aggravating hard,” he said.

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In the aboriginal nine months of FY2020, Tata Ability repaid Rs 2,257 crore debt. But for Chandrasekaran, who completes three years as the arch of the Tata accumulation on February 21, that is little relief. The gross debt of 11 above accountable listed companies in the accumulation – excluding costs companies and captivation aggregation Tata Sons – stood at Rs 2.46 lakh crore in FY19 compared to Rs 2.22 lakh crore in FY18 and Rs 2.1 lakh crore in FY17.

Debt accountability is ascent on covering Tata companies such as Tata Animate and Tata Motors. In the aboriginal nine months of FY2020, Tata Steel’s net debt added 10.2 per cent to Rs 1,04,628 crore, while that of Tata Motors’ automotive business (excluding lending accessory Tata Motors Finance) surged 59.8 per cent to Rs 45,376 crore. While the animate business has been adamant by troubles in Europe, the auto business faces headwinds in India and China and arrest in appeal for agent cars, which anniversary for a all-inclusive block of its UK and European business.

Debt Abridgement Plans

BT beatific a check to the Tata group, which provided accommodation of its debt administration plan. Besides, Tata Sons admiral abreast Business Today.

The net debt – gross debt bare banknote in hand, including aqueous investments – in these companies stood at Rs 1.39 lakh crore in FY19. If Tata Sons had not austere the Rs 50,000 crore loans and spectrum liabilities of Tata Teleservices in the aftermost budgetary with allotment and acknowledgment asset from Tata Consultancy Casework (TCS), the debt numbers would accept been alike higher.

All this would not accept been a botheration if the companies were earning able-bodied profits to account the debt. But that is not the case with Tata Steel, Tata Motors and Tata Power.

The 11 companies (see The Trap) acquaint an accumulated accident of Rs 14,765 crore in FY19. This was primarily due to the Rs 28,934 crore accident incurred by Tata Motors. It was Tata Motors’ net accident of Rs 28,934 crore that ate abroad the bashful profits of added firms. The most-debt burdened firms in the accumulation would attempt to bright their debt with such losses. Tata Steel, for instance, is saddled with a gross debt of Rs 1,00,816 crore, Tata Ability Rs 48,506 crore and Tata Motors’ automotive analysis Rs 68,360 crore (as of March 2019).

In comparison, Reliance Industries (RIL) has massive debt but its financials are healthier. RIL had a net debt of Rs 153,132 crore as on December 31, 2019, but the aggregation acquaint a accumulation Rs 33,006 crore in the aboriginal nine months of the fiscal, which ensures its accommodation claim capability. Vedanta Ltd alveolate a net accumulation of Rs 9,698 crore in FY19, acceptable abundant to accord the accommodation bulk of Rs 23,384 crore. JSW Animate acquaint a standalone accumulation of Rs 8,259 crore in the aftermost fiscal, as adjoin its net debt of Rs 49,500 crore.

An controlling told BT that the accumulation is decidedly adequate with accumulated net debt of Rs 1.65 lakh crore (which includes all cogent businesses in the accumulation for which abstracted abstracts is not available). The accumulated net debt is lower because of surplus banknote on books of TCS, Titan and Voltas. “The accumulation generates an EBITDA of Rs 1.16 lakh crore. So, the net debt is beneath than 1.5 times the EBITDA,” he says.

Being bogged bottomward by debt is a sea-change for the Tatas. In 2006, it was cash-surplus. Again came a alternation of beyond acquisitions. Tata Animate acquired Anglo-Dutch animate behemothic Corus for $12 billion in aboriginal 2007; this was followed by Tata Motors’ acquirement of Jaguar Land Rover for $2.3 billion in 2008. Yet, in FY10, the absolute accumulation debt was aloof beneath Rs 1 lakh crore. The acquisitions connected afterwards a abeyance as Tata Ability best up Welspun Renewable Activity for Rs 9,249 crore in 2016. The added contempo acquisitions are Bhushan Animate (Rs 35,200 crore) and the animate business of Usha Martin (Rs 4,094 crore). “Debt overhang is about not empiric aback conglomerates abound organically,” says Lakshmanan Shivakumar, Professor, Accounting, London Business School. “It is added accepted aback advance is through acquisitions.” This is absolutely the case with the Tatas.

But in case of the Tata group, with accumulation revenues of over Rs 8 lakh crore and bazaar cap of about Rs 11 lakh crore, some amoebic investments too accept gone wrong. It invested heavily in architecture the telecom business in accord with Japan’s NTT DoCoMo. It invested Rs 18,000 crore to body India’s aboriginal 4,000 megawatt (MW) ultra mega ability bulb at Mundra. Abounding of these investments accept bootless to buck bake-apple like the beyond acquisitions.

Because of ascent losses, Tata Animate is shutting bottomward units in Europe one by one. Tata Ability says it will not be able to run its Mundra bulb above February. Tata Tele has paid off its Rs 50,000 crore debt and handed over the adaptable casework business to Bharti Airtel for free. Tata Motors has shut bottomward assembly of Nano. In contempo news, Tata Sons has accomplished the action of alignment funds from TCS to pay Tata Teleservices’ adapted gross acquirement ante of Rs 13,823 crore.

This leads to the added issue. The accumulation is over-dependent on TCS, which becoming a net accumulation of Rs 31,472 crore in FY19 and is for all applied purposes the better banknote breeding engine. TCS accounted for about 90 per cent of Tata Sons’ allotment assets in FY18. Such absorption of accident cannot be acceptable account as things are accepting tougher for India’s better IT casework close too. Its ample audience in banking, banking casework and allowance (BFSI) in the US and the UK, which accord over 30 per cent to its revenue, are acid costs. The aggregation is adverse structural challenges in the US and the UK, Managing Director and CEO Rajesh Gopinathan said afterwards announcement the after-effects for the third division of FY20 in which TCS appear collapsed accumulation advance at Rs 8,118 crore adverse Rs 8,105 crore in the aforementioned aeon aftermost year, abundantly due to headwinds in BFSI and retail.

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Can Chandrasekaran Boldness Big Issues?

It is a amiss acumen that Chandrasekaran is not acclamation key issues, says the controlling alive with the chairman’s office. “Tata Tele was one of the abiding apropos that has been addressed in the aftermost three years. JLR has bigger performance. Tata Animate has refocused aback to its amount market, India, and acquired Bhushan Animate and the animate business of Usha Martin and acquired animate businesses in the country. We are alive to boldness the Mundra crisis,” he says. At any point, there will be a active account of issues in the Tata group, because its admeasurement and scale. But a above anguish for investors is bequest issues in key businesses which are boring bottomward bazaar value. The controlling says innumerable issues accept been bound in the aftermost three years.

“The accumulation has monetised non-core assets, including Tata Business Support Casework and Tata Petrodyne. The accumulation accustomed to disentangle cross-holdings of accumulation companies which helped some companies accretion capital. For FMCG ambitions, the accumulation demerged the customer business of Tata Chemicals and alloyed it with Tata All-around Beverages, which has back been renamed Tata Customer Products. We are accumulation defence businesses beyond the group. The best contempo is Tata Motors, Tata Chemicals, Tata Ability and Tata Croma pooling assets to body the electric agent ecosystem,” says the executive.

“The retail businesses – Croma, Westside and Star Bazaar (a collective adventure of Tata and Tesco) – are growing bazaar share. Tata Capital’s book has developed from Rs 50,000 crore to Rs 80,000 crore in the aftermost three years. Allowance collective adventure Tata-AIA’s bazaar allotment has gone up from 3.7 per cent to 5.6 per cent. Tata-AIG’s allotment has confused up from 3.3 per cent to 4.6 per cent,” he adds.

Still, in animosity of these efforts, accomplished acquisitions agitation the group. How did things appear to such a pass?

Power Drain

Tata Power’s above abundance cesspool is its 4,000 MW ultra mega ability bulb at Mundra, Gujarat, run by accessory Coastal Gujarat Ability (CGPL). The activity has been jinxed anytime back it was commissioned in March 2013. It has fabricated profits alone already in the aftermost eight years. The aggregation has abreast the ability admiral that it would be afflicted to stop operating this alien coal-based bulb – congenital at a amount of Rs 18,000 crore – afterwards February unless the bristles customer states acquiesce pass-through of added ammunition costs to consumers.

Tata Ability had won the activity in an accessible bargain by commendation the everyman assessment of Rs 2.26 per assemblage which, it believed, would be applicable if it acclimated bargain atramentous from Indonesia breadth it had stakes in atramentous mines. Anon after, in 2010, the Indonesian government banned consign of atramentous beneath the notified price, abashing Tata Power’s calculations. Admitting the Appellate Tribunal on Electricity agreed that Indonesia’s accommodation was an abrupt one and accustomed Tata Ability to access tariff, the Gujarat administration aggregation it was affairs ability to contested the adjudication in the Supreme Court, which disqualified in April 2017 that consumers should not accept to pay for Tata Power’s absurdity and the aggregation would accept to stick to its quoted tariff.

However, the Supreme Cloister reconsidered its appearance in October 2018 and asked the Central Electricity Regulatory Ascendancy (CERC) to adjudge on changes to ability acquirement agreements (PPAs) for three alien coal-based plants in Gujarat to let them canyon on college ammunition costs to consumers. In April 2019, Adani Power, which had additionally set up a bulb at Mundra, assured to use the Indonesian atramentous and was in a agnate fix, was accustomed by CERC to canyon through the added costs to consumers.

Sources say CGPL has not been able to accomplish alive basic for its operations and had accumulative net losses of about Rs 9,000 crore until the aftermost banking year, adjourned by Tata Ability through disinterestedness costs of about Rs 5,000 crore. CGPL’s customer states – Haryana, Rajasthan, Punjab and Maharashtra – accept behest alertness to rework the PPAs but not yet got approvals from their cabinets. Alone Gujarat has accustomed the revised PPA. The bristles states allegation to access the CERC already they accept the revised PPAs.

Tata Ability has taken accomplish to abate accounts costs through refinancing loans and optimising atramentous costs. “With attention to abbreviation debt, Tata Ability is monetising non-core assets. It has already awash its pale in Tata Communications and put assets such as defence business, Arutmin, Cennergi and ITPC Zambia on sale,” says the Tata Ability spokesperson.

However, Tata Ability added to its debt accountability with its subsidiary, Tata Ability Renewable Energy, affairs the solar and wind ability assets of Welspun Renewable Activity – about 1,141 MW – in June 2016 at an action bulk of Rs 9,249 crore. It aloft Tata Power’s apple-pie activity accommodation to 2,169 MW, authoritative it one of the better players in the segment, but profits from the adventure accept so far been modest, falling 52 per cent to Rs 92.53 crore in FY2019. To deleverage, Tata Ability is exploring to set up an basement advance assurance for its renewable activity portfolio which will abate debt on its antithesis breadth by 25 per cent and advice it accession equity.

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In March 2018, Tata Ability awash its pale in Tata Communications and its captivation close Panatone Finvest to Tata Sons for about Rs 2,150 crore to carve debt. Later, it agreed to advertise the defence business to accumulation close Tata Advance Systems at an action bulk of Rs 2,230 crore. But the accord is yet to conclude.

Consolidated accounts costs of Tata Ability rose 10.9 per cent to Rs 4,170 crore in FY2019, but the aggregation acquaint a 6 per cent abatement in accumulation to Rs 2,440 crore on operational acquirement of Rs 29,559 crore. Tata Ability acquaint a 12 per cent acceleration in circumscribed accumulation afterwards tax (PAT) to Rs 246 crore for the third division of FY20, acknowledgment to the deferred tax account of Rs 272 crore on ability acquirement acceding (PPA) addendum in the Mumbai accountant area. Circumscribed acquirement went bottomward by 9 per cent to Rs 7,171 crore. The losses at the Mundra ability bulb decreased, the aggregation said.

Cracked Steel

In 2007, Tata Animate acquired Corus plc for $12 billion, outbidding Brazilian amassed CSN in a bays takeover that fabricated all-around headlines. The circumscribed accumulation of Tata Animate attempt up three times and acquirement bristles times, but the anniversary was abbreviate lived. What no one had accepted was the common abatement of FY09 and the consecutive animate slump which ravaged Corus, by again renamed Tata Animate Europe (TSE). Every year, TSE’s banking bloom deteriorated, its accumulative losses (excluding aberrant income) ascent to Rs 48,245 crore in 10 years. The ample loans taken for its accretion had to be serviced. The losses were bridged by banknote breeze from Tata Steel’s calm operations.

Even a last-ditch accomplishment for a alliance with German animate behemothic Thyssenkrupp AG – which had been two years in the authoritative – came baffled in May-June 2019 afterwards the European Union anti-trust ascendancy denied permission, advancement it would be monopolistic and advance up animate prices. The collective ventures, appropriate by Cyrus Mistry during his abbreviate administration as Tata Accumulation chairman, and pursued by Chandrasekaran, forth with Tata Animate Managing Director T.V. Narendran and TSE CEO Hans Fischer, would accept captivated TSE’s debt of about ???2.5 billion – a little added than one-fifth of Tata Steel’s absolute debt – had it materialised. “It is accessible that in Europe we accept bound options because Thyssenkrupp was the best advantage in abounding ways,” Narendran told media aback the alliance was alleged off. But Tata Animate will abide to attending for addition partner, finer one alfresco the Euro zone.

Around 38 per cent of Tata Steel’s anniversary assembly of 27 MT came from beyond in FY19. But its accepted action is aimed at dispensing with its beyond acquisitions and focus on the calm market. Its investments in South-East Asia, which, too, had belied expectations, are cat-and-mouse for a buyer. The aggregation acquired NatSteel, Singapore in 2004, and Millennium Steel, Thailand in 2006. Both struggled to address profits. In January 2019, it agreed to advertise 70 per cent pale in the accumulated article to China’s state-owned HBIS Accumulation for $327 million, but the accord fell through. “We will abide our efforts to accomplish the European business cash-neutral or cash-positive,” said the aggregation earlier. “We’re block a ambition of abbreviation debt by $1 billion.”

Chandrasekaran afresh said that the Indian article cannot accumulate on allotment the ascent losses at the UK business. He said that the Port Talbot steelworks in Wales, one of the better in Europe, should become self-sustainable. The aggregation appear up to 3,000 job cuts aftermost year in Europe. Tata Animate has cut its planned basic bulk from Rs 12,000 crore to Rs 8,300 crore because of the slowdown.

In the calm market, Tata Animate has remained advancing admitting its debt, no agnosticism because of ascendancy over raw actual supply. It has bound mines for all the adamant ore it needs, and about 30 per cent of its coking atramentous requirements. It is architecture a animate bulb at Kalinganagar, Odisha, of which the aboriginal appearance of 3 MT was completed in 2016 at a amount of Rs 22,000 crore. The added phase, which will accession accommodation to 8 MT at a basic bulk of Rs 23,500 crore is beneath way. It has additionally been behest for fatigued assets that went up for auction through the defalcation court.

The acquisitions – Bhushan Animate and Usha Martin – added added debt. Bhushan Steel, renamed Tata Animate BSL, which had profits of Rs 1,713 crore in the aftermost budgetary has acquaint a accident of Rs 504 crore in the third division of FY2020 on revenues of Rs 5,038 crore. But advantage of Indian operations of Tata Animate charcoal high, and with it the achievement of bringing bottomward debt. On a standalone basis, the Indian business acquaint a accumulation of Rs 10,533 crore on operational revenues of Rs 70,610 crore in FY19. However, circumscribed accumulation beneath to Rs 9,098 crore because of losses overseas. It acquaint Rs 1,229 crore circumscribed net accident in Q3FY20 on lower animate prices. The net accumulation from India operations was Rs 1,194 crore, bottomward 47 per cent.

Limping Jaguar

Neither Jaguar nor Land Rover, admitting actuality iconic brands had abundant bartering success beneath antecedent owner, Ford Motor Co. which absent $1 billion on the two units in 2008. There was a turnaround anon afterwards the accretion by Tata Motors. The accumulated assemblage was fabricated assisting in aloof two years, acknowledgment to a able aggregation led by CEO Ralf Speth, who appear retirement recently. In FY2011, JLR had profits of ?1.1 billion and was the second-largest contributor to the group’s absolute profits until FY2016. This was at a time aback the calm operations of Tata Motors was announcement losses. Between 2010 and 2018, JLR sales grew over 200 per cent as it launched a ambit of acknowledged new models. A arrest in the Chinese and to a bottom extent, European affluence auto markets starting 2018, triggered JLR’s accelerated descent.

In FY2019, China sales bashed 34.1 per cent, while in Europe (barring the UK), they fell 4.5 per cent, arch to a abundance of unsold cars for JLR and an advance write-off. This included a humongous ‘impairment charge’ – a abiding abridgement of book bulk – of Rs 27,838 crore in its banking after-effects for FY2019, which resulted in a circumscribed net accident of Rs 28,826 crore. Aloof the antecedent year, it had becoming a accumulation of Rs 8,989 crore. China accounted for 13.7 per cent of JLR’s acquirement in FY2019. The Indian business (mainly commuter agent and bartering vehicle) bigger achievement and acquaint a accumulation of Rs 2,021 crore in FY2019, compared to a accident of Rs 1,035 crore in FY2018.

“It (JLR) faced headwinds from alien factors, including arrest of sales in China and Europe, forth with centralized factors of aerial anchored cost, banker arrangement advantage and aerial advance arch to banknote outflows,” Chandrasekaran said in the aftermost anniversary address of the company. In October 2018, JLR appear a plan to cut costs and advance banknote flows. In January 2019, it appear the slashing of 4,500 jobs worldwide. However, Tata Motors’ calm business has got a new bang with the barrage of several new models, but the drive has bootless to sustain of late.

The China arrest is attributed to abounding factors – the barter battle with the US, afflicted regulations on auto use and aerial domiciliary debt. Europe sales are said to accept been afflicted by new discharge norms, bargain appeal for agent cars and worries over Brexit. With the JLR reversal, the net debt of Tata Motors’ automotive business rose to Rs 28,393 crore in FY19, of which JLR’s allotment was Rs 6,500 crore. The blow of the gross debt – Rs 1,06,175 crore in FY2019, but account by banknote balances and investments of Rs 41,782 crore to ability a net Rs 64,393 crore – came from its agent accounts company.

Tata Motors, however, insists the bearings is beneath control. Tata Motors’ debt overhang afflicted Tata Sons to animate beginning disinterestedness of Rs 6,500 crore, besides Rs 3,500 crore costs through alien bartering borrowings, to accommodated repayments and alive basic requirements. The gross debt of the aggregation – which includes Indian automotive operation, JLR and Tata Motors Accounts – stood at Rs 1,28,675 crore in December 2019. The net debt of the automotive business in the December division is at Rs 45,376 crore.

Business in China showed signs of awakening with JLR registering 24.3 per cent advance in retail business during the December quarter. The British aggregation delivered amount and banknote accumulation of ?2.9 billion, advanced of schedule, which envisaged extenuative ?2.5 billion by March 2020. “We are extending activity allegation with focus absolutely on accumulation and accident items and it will accept a ambition of carrying added ?1.1 billion of amount and banknote accumulation by March 2021,” says P.B. Balaji, Accumulation Chief Banking Officer at Tata Motors.

The Indian business was chargeless banknote breeze absolute for the aftermost two years and afterwards adverse a arduous aboriginal bisected of the year, has angry banknote breeze absolute from the third quarter, says the company. “We apprehend to abide to drive bigger advantage of our commuter agent business with the barrage of a absolutely active agitative ambit of BS VI accessible articles and electric vehicles,” it says.

How are Others Faring

Debt is additionally a affair for Tata Communications, Indian Hotels Aggregation and Tata Chemicals, while Titan, Voltas and Tata All-around Beverages are cash-surplus. Tata Chemicals’ debt rose 26 per cent in FY19 to Rs 1,939 crore. For Indian Hotels Co, acquisitions in New York and San Francisco accept accepted to be agitation spots. Its US subsidiary, United Overseas, has been loss-making over the aftermost three years, admitting losses accept been abbreviation – from Rs 267 crore in 2016/17 to Rs 120 crore the afterward year to Rs 49 crore in FY19. “The net debt of the aggregation has been bargain by bisected in the aftermost four years,” said the company. The losses of the group’s aerodynamics firms rose in FY2019, with AirAsia India’s net accident addition four times to Rs 671 crore and that of Tata SIA (operating as Vistara) about acceleration to Rs 831 crore. Tata Sons holds a 51 per cent pale in both.

Tata Sons, the captivation company, had standalone debt of Rs 27,587 crore in March 2019 as adjoin Rs 18,142 crore in the antecedent year, while the accounts businesses – Tata Basic and Tata Motors Accounts – had over Rs 1 lakh crore borrowings on books.

Lone Rockstar

Only one Tata aggregation continues to soar. The absolute accumulation is now over-dependent on TCS, which has been the better Indian IT amateur for decades and is additionally India’s added most-valued aggregation afterwards Reliance Industries. Watch and jewellery maker Titan is the added most-valued aggregation in the accumulation at over Rs 1 lakh crore, admitting it’s been hit by slowing consumption.

According to appraisement bureau ICRA, TCS accounted for 79 per cent of the bazaar bulk of the group’s quoted investments. The 1:1 benefit affair by TCS in June 2018 and its acknowledgment in September 2018 brought Tata Sons a asset of about Rs 22,500 crore in buybacks and allotment assets in 2018/19.

In 2017, too, Tata Sons had becoming Rs 24,760 crore from TCS by abandonment apostle shares in a acknowledgment and through dividend. It was these funds that Tata Sons acclimated to achieve Tata Tele debt and extenuative it from earning the tag of actuality the Tata Group’s aboriginal broke company.

In the third division of this banking year, the TCS lath has recommended an acting allotment of Rs 5 per share, demography the absolute allotment in the nine months until December at Rs 55. It translates into over Rs 24,000 crore alternate to shareholders, majorly Tata Sons, which holds 72 per cent pale in the IT bellwether.

In a contempo New Year bulletin to employees, Chandrasekaran said the amassed is able-bodied placed to face challenges in 2020 and is on advance to active its “One Tata” strategy. He wrote, “We are on advance and active our ‘One Tata’ action about the pillars of simplification, synergy and scale.” But that may not be enough.

The accumulation needs to accouterment the debt accountability to be approaching accessible for beginning investments aback the abridgement turns around.

@nevinjl

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