TATA STEEL LTD

As on Quarter Gross OP Margin Cost of material cons. Rev from OP Material cost%
30.6.2015 Q1 FY 16 1,688.69 2,300.47 9,093.71 25%
30.9.2015 Q2 FY 16 1,861.57 2,870.93 9,531.08 30%
31.12.2015 Q3 FY 16 1,498.11 2,340.60 9,063.88 26%
31.3.2016 Q4 FY 16 2,163.38 2,158.78 10,521.67 21%
30.6.2016 Q1 FY 17 2,221.36 2,307.92 10,323.48 22%
30.9.2016 Q2 FY 17 1,914.77 2,643.85 11,718.31 23%
31.12.2016 Q3 FY 17 3,378.86 3,297.56 14,106.04 23%
31.3.2017 Q4 FY 17 4,360.96 4,247.45 17,113.13 25%
30.6.2017 Q1 FY 18 2,966.28 4,219.58 14,421.72 29%
30.9.2017 Q2 FY 18 3,375.25 4,448.98 14,220.93 31%
31.12.2017 Q3 FY 18 4,628.11 4,210.96 15,595.78 27%
31.3.2018 Q4 FY 18 4,809.32 3,998.11 16,280.94 25%
30.6.2018 Q1 FY 19 5,071.94 4,576.48 16,405.46 28%
30.9.2018 Q2 FY 19 5,996.11 4,769.16 17,902.04 27%
31.12.2018 Q3 FY 19 4,549.42 5,332.44 17,173.87 31%
31.3.2019 Q4 FY 19 4,945.47 5,162.21 19,129.55 27%
30.6.2019 Q1 FY 20 3,956.86 4,700.02 16,091.32 29%
30.9.2019 Q2 FY 20 3,478.23 4,843.12 14,871.18 33%
31.12.2019 Q3 FY 20 3,777.80 3,929.42 15,262.04 26%
31.3.2020 Q4 FY 20 3,648.68 3,934.47 14,211.43 28%
30.6.2020 Q1 FY 21 1,251.04 2,432.91 9,338.78 26%
30.9.2020 Q2 FY 21 4,624.67 3,758.10 16,361.98 23%
31.12.2020 Q3 FY 21 6,701.86 3,778.44 17,965.66 21%
31.3.2021 Q4 FY 21 9,187.78 3,899.15 21,202.58 18%

NOTES
1. Data is populated from quarterly Financial Results declared by Tata Steel
2. Figures are from Standalone Financial Statements
3. Gross OP Margin = Revenue from Operations - Total Expenses (excl. Finance Cost, Depreciation & Amortisation cost, Exc

# Sensitivity: Internal Restricted

 Gross OP margin % Pig Iron HR Coil
19% 28825 39056
20% 24758 38492
17% 23842 36375
21% 23467 35333
22% 26600 39333
16% 27600 36002
24% 31770 39500
25% 32240 44333
21% 33167 43833
24% 30267 42433
30% 31800 42067
30% 33933 43300
31% 35967 45033
33% 35433 44667
26% 35267 45467
26% 34633 43050
25% 34500 42717
23% 32000 38150
25% 30667 36150
26% 31667 39300
13% 31100 38300
28% 34233 39850
37% 38033 46050
43% 40378 52383

ost, Depreciation & Amortisation cost, Exceptional items & Tax)

# Sensitivity: Internal Restricted

50%

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%
Q1 FY 1 6 Q2 FY 1 6 Q3 FY 1 6 Q4 FY 1 6 Q1 FY 1 7 Q2 FY 1 7 Q3 FY 1 7 Q4 FY 1 7 Q1 FY 1 8 Q2 FY 1 8 Q3 FY 1 8 Q4 FY 1 8 Q1 FY 1 9 Q

60000

50000

40000

30000

20000

10000

0
Q1 FY Q2 FY Q3 FY Q4 FY Q1 FY Q2 FY Q3 FY Q4 FY Q1 FY Q2 FY Q3 FY Q4 FY
16 16 16 16 17 17 17 17 18 18 18 18
FY 1 8 Q4 FY 1 8 Q1 FY 1 9 Q2 FY 1 9 Q3 FY 1 9 Q4 FY 1 9 Q1 FY 2 0 Q2 FY 2 0 Q3 FY 2 0 Q4 FY 2 0 Q1 FY 2 1 Q2 FY 2 1 Q3 FY 2 1 Q4 FY 2 1

Q2 FY Q3 FY Q4 FY Q1 FY Q2 FY Q3 FY Q4 FY Q1 FY Q2 FY Q3 FY Q4 FY Q1 FY Q2 FY Q3 FY Q4 FY
18 18 18 19 19 19 19 20 20 20 20 21 21 21 21
FY 2 1 Q4 FY 2 1

FY Q3 FY Q4 FY
21 21