Particulars Formula 2017

Gross WC CA 509,350.30
Net WC CA-CL 174,130.30
Operating Cycle ICP+ RCP 119.9283006
Cash cycle Operating cycle- Credit conversion period 83.55679333
Current ratio CA/CL 1.519450808
Quick ratio (CA-Inventory)/CL 0.779524193
Cash ratio (Cash+Marketable securities)/CL 0.316036633
Inventory turnover ratio (Days) Operating exp/Avg inventory 4.276572721
Debtors collection period (Ac recievable/ revenue)*360 35.74874294
Creditors payable period (AC payable/ Purchaces)*360 36.37150727
FA Turnover ratio Net sales / Avg FA 0.953302912
Short term financing to total financin Short term debt/ ( Short term debt+ Long term debt) 0.446358316
CA to FA ratio CA/ FA 0.416141952
Return on total asset EBIT/ total asset 0.065449651

Inventory conversion period (Inv/ operating exp)*360 84.17955766

 Tata steel JSW steel
2018 2019 2020 2021 2017 2018 2019
678,771.60 589,909.80 587,327.20 602,119.00 130,221.30 140,176.60 143,100.80
324,031.60 216,489.80 243,257.20 140,129.00 -78,270.50 -54,354.00 -70,769.80
121.0791738 111.5123621 99.40378698 111.1230591 94.01189517 96.46899299 92.18032491
86.49334744 82.39436924 72.11518772 82.75734282 42.39858893 35.48756879 40.83876455
1.913434064 1.579748808 1.706999157 1.303316089 0.624587154 0.720588946 0.669099914
1.114791678 0.732014354 0.804022437 0.583032533 0.451953986 0.465638825 0.364732226
0.644044089 0.157094692 0.333844567 0.281414533 0.022906896 0.024062538 0.019712854
4.130703638 4.28440269 4.501370188 4.057639683 5.648638887 4.987311374 5.605920858
33.92695194 27.486647 19.42813847 22.40152936 30.27972761 24.28581192 27.96250787
34.58582638 29.1179929 27.28859927 28.36571632 51.61330624 60.9814242 51.34156036
0.92853655 0.886022056 0.762212387 0.827462601 0.263164349 0.359898905 0.522026472
0.462803446 0.470324928 0.364950635 0.556431801 0.295474075 0.232906484 0.13881018
0.478409831 0.337880197 0.306399509 0.324986098 0.167913021 0.186373429 0.191590907
0.076227103 0.094362893 0.036418497 0.086646551 0.00794469 0.029682254 0.032361811

87.15222188 84.02571514 79.97564851 88.72152978 63.73216756 72.18318107 64.21781704

SW steel
2020 2021
159,908.80 203,190.60
-72,522.60 10,396.00
126.2513131 102.3895361
52.43861523 50.3270174
0.687982777 1.053922672
0.41397892 0.745689454
0.040465703 0.371488621
4.263353175 4.698946752
41.81073654 25.77662279
73.81269782 52.06251867
0.414366056 0.678478221
0.088000896 0.060000144
0.216822346 0.353243734
0.037974214 0.14264016

84.44057652 76.61291328
1

6
Liquidity of the company can be judged by looking at Current/ Liquidity ratio,ideal current ratio to be maintained is b
Formula to calculate CR is CA/ CL, Higher the ratio better the companies liquidity position.
Tata Steel has maintained optimal CR except for the year 2021
CR of Jindal Steel is improving in the long run, it is near to ideal CR.
Comparitively tata steel is better than Jindal steel in case of maintaining optimal Current ratio
There are 2 types of working capital ratios, i.e.- Gross & Net working capital. Gross working capital is the total CA, N
Optimal Net working capital must always be positive, if it is negative then it is considerd as liquidity problems to be l
Net working capital is positive in case of Tata steel, which means that the problem of illiquidity is less incase of Tata
Net working capital is Negative in the case of Jindal steel,In the year 2021 it has just turned positive so the company
Comparitively tata steel is better than Jindal steel since it is able to maintain positive net working capital ratio, The p
The company can adopt the policies like, optimum use of current assets, Recievables period, Paybles period & Invent
In case of Tata steel, The company is using Recievables period as the tool to reduse their working capital needs, (As
But on the other hand Jindal steel is using Paybles period as the tool to fulfill their current working capital needs. (As
The Company can adopt the policies like, optimum use of current assets, Recievables period, Paybles period, Invento
Tata steel is using Advances, Trade recievables & payables, Cash & short term investments, Other short term debts a
Jiandal steel is using Accounts payable & Recievable, Cash & Cash equivalents, Short term lease liability, Current p
Here in case of comparision of short term financing to total financing, Jindal steel is using more short term financing
Recievables management can be measured by looking at the debtors collection period, There is no propper evidence s
In the collection period of Tata Steel, there is the pattern of reduction in the days. It is better for the company to main
In case of the Jindal steel, There is more of irregularities in pattern, it is better for the company to retain the customer
Comparitively Tata steel is is managing recievables better, than that of Jindal steel
Comparitively looking at the use of short term finance the Jindal steel is using more of it, but the company is not havi
those current obligations.
On the other hand we can see that both the companies are using methoods to fulfil the working capital needs, But by l
that of Jiandal steel.
Jindal Steel & Power Ltd (JSP IN) - BBG Adjusted

In Millions of INR except Per Share FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
12 Months Ending 03/31/2017 03/31/2018 03/31/2019 03/31/2020 03/31/2021
Revenue 204,091.40 270,689.90 389,905.80 305,599.40 390,269.90
+ Sales & Services Revenue 204,091.40 270,689.90 389,905.80 305,599.40 390,269.90
Gross Profit — — — — —
+ Other Operating Income 6,413.70 3,144.40 3,815.60 0 0
- Operating Expenses 203,309.20 247,348.70 364,919.10 271,520.60 279,238.20
+ Research & Development 84.4 11.1 4.2 3.1 4.5
+ Depreciation & Amortization 39,490.20 38,830.30 54,803.50 34,288.70 34,533.40
+ Prov For Doubtful Accts 119.3 1,011.50 114.7 435.7 153.1
+ Other Operating Expense 163,615.30 207,495.80 309,996.70 236,793.10 244,547.20
Operating Income (Loss) 7,195.90 26,485.60 28,802.30 34,078.80 111,031.70
- Non-Operating (Income) Loss 33,895.90 44,501.50 41,967.40 38,180.20 38,045.40
+ Interest Expense, Net 32,886.70 37,518.90 40,687.80 36,436.80 29,931.60
+ Interest Expense 35,899.30 39,457.30 41,727.50 36,436.80 29,931.60
- Interest Income 3,012.60 1,938.40 1,039.70 0 0
+ Other Investment (Inc) Loss 0— — — —
+ Foreign Exch (Gain) Loss 361.6 1,206.30 -374 -332.9 1,040.60
+ (Income) Loss from Affiliates — — — 0 0
+ Other Non-Op (Income) Loss 647.6 5,776.30 1,653.60 2,076.30 7,073.20
Pretax Income (Loss), Adjusted -26,700.00 -18,015.90 -13,165.10 -4,101.40 72,986.30
- Abnormal Losses (Gains) 3,729.00 624.6 14,851.80 551 29.9
+ Disposal of Assets 17 624.8 69.1 553.8 29.9
+ Asset Write-Down 3,723.10 — — — —
+ Gain/Loss on Sale/Acquisition of Business — — — — —
+ Legal Settlement — — — — —
+ Sale of Investments -11.1 -0.2 -1.3 -2.8 —
+ Unrealized Investments — — — — —
+ Other Abnormal Items — — 14,784.00 — —
Pretax Income (Loss), GAAP -30,429.00 -18,640.50 -28,016.90 -4,652.40 72,956.40
- Income Tax Expense (Benefit) -5,026.80 -2,398.10 -3,901.70 1,084.50 17,687.10
+ Current Income Tax 7.2 331.4 515.8 7,549.70 -692.1
+ Deferred Income Tax -5,034.00 -2,729.50 -4,417.50 -6,465.20 18,379.20
- (Income) Loss from Affiliates -27 -87.4 0 0 0
Income (Loss) from Cont Ops -25,375.20 -16,155.00 -24,115.20 -5,736.90 55,269.30
- Net Extraordinary Losses (Gains) 0 0 0 -1,739.90 12,598.90
+ Discontinued Operations 0 0 0 -1,739.90 12,598.90
+ XO & Accounting Changes 0 0 0 0 0
Income (Loss) Incl. MI -25,375.20 -16,155.00 -24,115.20 -3,997.00 42,670.40
- Minority Interest -2,562.40 -2,063.90 -7,661.80 -2,905.30 6,334.80
Net Income, GAAP -22,812.80 -14,091.10 -16,453.40 -1,091.70 36,335.60
- Preferred Dividends 0 0 0 0 0
- Other Adjustments 0 0 0 0 0
Net Income Avail to Common, GAAP -22,812.80 -14,091.10 -16,453.40 -1,091.70 36,335.60

Net Income Avail to Common, Adj -20,202.50 -13,653.90 -6,057.10 -2,445.90 48,955.40
Net Abnormal Losses (Gains) 2,610.30 437.2 10,396.30 385.7 20.9
Net Extraordinary Losses (Gains) 0 0 0 -1,739.90 12,598.90

Basic Weighted Avg Shares 914.9 916.2 967.9 1,014.80 1,020.00

Basic EPS, GAAP -24.93 -15.38 -17 -1.08 35.63
Basic EPS from Cont Ops, GAAP -24.93 -15.38 -17 -2.79 51.69
Basic EPS from Cont Ops, Adjusted -22.08 -14.9 -6.26 -2.41 51.7

Diluted Weighted Avg Shares 914.9 916.2 1,016.50 1,015.00 1,020.10

Diluted EPS, GAAP -24.93 -15.38 -17 -1.08 35.63
Diluted EPS from Cont Ops, GAAP -24.93 -15.38 -17 -2.79 51.69
Diluted EPS from Cont Ops, Adjusted -22.08 -14.9 -6.77 -2.41 51.7

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP
EBITDA 46,686.10 65,315.90 83,605.80 68,367.50 145,565.10
EBITDA Margin (T12M) 22.88 24.13 21.44 22.37 37.3
EBITA 7,611.70 27,425.60 29,357.10 34,732.50 111,298.00
EBIT 7,195.90 26,485.60 28,802.30 34,078.80 111,031.70
Gross Margin — — — — —
Operating Margin 3.53 9.78 7.39 11.15 28.45
Profit Margin -9.9 -5.04 -1.55 -0.8 12.54
Current Profit — — — — —
Sales per Employee — — 64,650,273.59 49,666,731.68 64,104,779.90
Dividends per Share 0 0 0 0 0
Total Cash Common Dividends 0 0 0 0 0
Capitalized Interest Expense — — — — —
Personnel Expenses 9,135.50 9,556.60 10,718.50 9,132.60 8,998.60
Depreciation Expense 39,074.40 37,890.30 54,248.70 33,635.00 34,267.10
Rental Expense 399.8 1,361.10 2,346.50 175 104.4
Source: Bloomberg
Jindal Steel & Power Ltd (JSP IN) - Standardized

In Millions of INR except Per Share FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
12 Months Ending 03/31/2017 03/31/2018 03/31/2019 03/31/2020 03/31/2021
Total Assets
+ Cash, Cash Equivalents & STI 4,775.90 4,680.90 4,216.00 9,405.50 71,621.00
+ Cash & Cash Equivalents 4,772.20 4,678.80 4,166.40 9,030.00 61,508.20
+ ST Investments 3.7 2.1 49.6 375.5 10,112.80
+ Accounts & Notes Receiv 17,166.20 18,260.90 30,285.40 35,492.60 27,944.00
+ Accounts Receivable, Net 17,166.20 18,260.90 30,285.40 35,492.60 27,944.00
+ Notes Receivable, Net 0 0 0 0 0
+ Unbilled Revenues — — — — —
+ Inventories 35,992.60 49,595.60 65,095.30 63,687.10 59,425.70
+ Raw Materials 9,879.10 18,762.80 21,078.20 20,070.60 25,812.70
+ Work In Process 1,574.20 2,527.50 2,785.10 2,386.90 1,787.10
+ Finished Goods 6,550.70 7,797.30 15,137.90 19,300.80 14,933.20
+ Other Inventory 17,988.60 20,508.00 26,094.10 21,928.80 16,892.70
+ Other ST Assets 72,286.60 67,639.20 43,504.10 51,323.60 44,199.90
+ Prepaid Expenses 8,252.90 — — — —
+ Derivative & Hedging Assets — — 0 0 0
+ Assets Held-for-Sale 1,700.20 2,507.80 2,840.90 2,488.70 558
+ Taxes Receivable 5,275.90 5,457.40 4,923.30 4,638.60 4,762.70
+ Misc ST Assets 57,057.60 59,674.00 35,739.90 44,196.30 38,879.20
Total Current Assets 130,221.30 140,176.60 143,100.80 159,908.80 203,190.60
+ Property, Plant & Equip, Net 709,140.90 685,019.60 699,091.30 691,935.70 527,654.20
+ Property, Plant & Equip 802,419.50 815,720.90 870,177.40 903,308.40 752,065.90
- Accumulated Depreciation 93,278.60 130,701.30 171,086.10 211,372.70 224,411.70
+ LT Investments & Receivables 30.8 1,457.60 4,934.00 1,998.50 3,866.80
+ LT Investments 30.8 1,457.60 4,934.00 1,998.50 3,866.80
+ Other LT Assets 66,356.60 65,650.40 42,882.80 43,576.50 43,692.60
+ Total Intangible Assets 47,124.00 49,250.50 31,641.40 33,135.70 32,957.90
 + Goodwill 5,669.90 5,921.80 6,163.70 6,098.20 5,001.00
+ Other Intangible Assets 41,454.10 43,328.70 25,477.70 27,037.50 27,956.90
+ Prepaid Expense 341.4 1,267.40 — — —
+ Derivative & Hedging Assets 0 0 0 0 0
+ Investments in Affiliates 3,567.60 — 0 0 0
+ Misc LT Assets 15,323.60 15,132.50 11,241.40 10,440.80 10,734.70
Total Noncurrent Assets 775,528.30 752,127.60 746,908.10 737,510.70 575,213.60
Total Assets 905,749.60 892,304.20 890,008.90 897,419.50 778,404.20

Liabilities & Shareholders' Equity

+ Payables & Accruals 37,151.30 46,275.30 52,043.10 55,671.30 40,382.90
+ Accounts Payable 29,148.50 41,899.10 52,043.10 55,671.30 40,382.90
+ Accrued Taxes 1.1 0— — —
+ Interest & Dividends Payable 7,377.40 3,761.20 — — —
+ Other Payables & Accruals 624.3 615 — — —
+ ST Debt 132,521.60 100,061.40 48,258.90 27,965.40 13,290.80
+ ST Borrowings 73,601.00 62,429.40 48,258.90 27,788.70 13,208.00
+ ST Lease Liabilities 0 0 0 176.7 82.8
+ ST Finance Leases 0 0 0— —
+ Current Portion of LT Debt 58,920.60 37,632.00 — — —
+ Other ST Liabilities 38,818.90 48,193.90 113,568.60 148,794.70 139,120.90
+ Deferred Revenue 0 0 0 0 0
+ Derivatives & Hedging — — — — —
+ Misc ST Liabilities 38,818.90 48,193.90 113,568.60 148,794.70 139,120.90
Total Current Liabilities 208,491.80 194,530.60 213,870.60 232,431.40 192,794.60
+ LT Debt 315,983.40 329,559.10 299,402.20 289,820.00 208,222.00
+ LT Borrowings 315,983.40 329,559.10 299,402.20 278,965.30 202,304.00
+ LT Lease Liabilities 0 0 0 10,854.70 5,918.00
+ LT Finance Leases 0 0 0— —
+ Other LT Liabilities 64,302.00 59,965.00 61,150.20 61,561.10 68,017.90
+ Accrued Liabilities 908.8 18.9 0— 0
+ Pension Liabilities 408.8 521.4 — — —
 + Deferred Revenue 0 0 0 0 0
+ Deferred Tax Liabilities 53,586.30 50,283.60 53,643.00 56,225.90 62,393.70
+ Derivatives & Hedging 0 0 0 0 0
+ Misc LT Liabilities 9,398.10 9,141.10 7,507.20 5,335.20 5,624.20
Total Noncurrent Liabilities 380,285.40 389,524.10 360,552.40 351,381.10 276,239.90
Total Liabilities 588,777.20 584,054.70 574,423.00 583,812.50 469,034.50
+ Preferred Equity and Hybrid Capital 0 0 0 0 0
+ Share Capital & APIC 975.1 14,858.00 14,858.00 20,604.80 20,604.80
+ Common Stock 915 967.9 967.9 1,020.00 1,020.00
+ Additional Paid in Capital 60.1 13,842.10 13,842.10 19,584.80 19,584.80
+ Other Share Capital 0 48 48 0 0
- Treasury Stock 0 0 0 0 0
+ Retained Earnings 258,092.40 242,198.40 218,918.10 229,676.20 284,949.90
+ Other Equity 51,437.80 46,789.70 87,070.80 71,090.40 12,592.00
Equity Before Minority Interest 310,505.30 303,846.10 320,846.90 321,371.40 318,146.70
+ Minority/Non Controlling Interest 6,467.10 4,403.40 -5,261.00 -7,764.40 -8,777.00
Total Equity 316,972.40 308,249.50 315,585.90 313,607.00 309,369.70
Total Liabilities & Equity 905,749.60 892,304.20 890,008.90 897,419.50 778,404.20

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP
Shares Outstanding 915 967.9 967.9 1,020.00 1,020.00
Number of Treasury Shares 0 0 0 0 0
Pension Obligations 408.8 521.4 0 0 0
Future Minimum Operating Lease Obligations 3,040.30 11,908.20 10,010.20 — —
Capital Leases - Total 0 0 0— —
Percent Of Foreign Ownership 0.77 19.97 17.81 14.06 11.66
Number Of Shareholders 163,512.00 163,512.00 164,769.00 172,186.00 176,107.00
Options Granted During Period 0 0 2 2.1 0
Options Outstanding at Period End 0 0 0.2 0 0
Net Debt 443,729.10 424,939.60 343,445.10 308,379.90 149,891.80
Net Debt to Equity 139.99 137.86 108.83 98.33 48.45
Tangible Common Equity Ratio 30.67 30.2 33.69 33.35 38.26
Current Ratio 0.62 0.72 0.67 0.69 1.05
Cash Conversion Cycle 67.02 67.67 54.69 71.13 69.6
Number of Employees — — 6,031.00 6,153.00 6,088.00
Source: Bloomberg
Jindal Steel & Power Ltd (JSP IN) - Standardized

In Millions of INR except Per Share FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
12 Months Ending 03/31/2017 03/31/2018 03/31/2019 03/31/2020 03/31/2021
Cash from Operating Activities
+ Net Income -22,812.80 -14,091.10 -16,453.40 -1,091.70 36,335.60
+ Depreciation & Amortization 39,490.20 38,830.30 54,803.50 34,288.70 34,533.40
+ Non-Cash Items -6,083.90 -2,681.00 2,745.40 21,956.80 35,577.70
+ Stock-Based Compensation 15.2 0 27.8 291 -7
+ Other Non-Cash Adj -6,099.10 -2,681.00 2,717.60 21,665.80 35,584.70
+ Chg in Non-Cash Work Cap 17,263.60 9,872.30 4,007.20 -2,752.30 -8,586.20
+ (Inc) Dec in Accts Receiv — — — — —
+ (Inc) Dec in Inventories 6,483.30 -13,603.00 -16,134.50 434.5 -3,340.50
+ Inc (Dec) in Accts Payable — — — — —
+ Inc (Dec) in Other 10,780.30 23,475.30 20,141.70 -3,186.80 -5,245.70
+ Net Cash From Disc Ops 0 0 0— —
Cash from Operating Activities 27,857.10 31,930.50 45,102.70 52,401.50 97,860.50

Cash from Investing Activities

+ Change in Fixed & Intang -23,541.40 -16,216.60 -11,897.10 -15,063.90 -8,368.30
+ Disp in Fixed & Intang 1,433.60 9,550.70 2,436.00 338.9 212.8
+ Disp of Fixed Prod Assets — — 2,436.00 338.9 212.8
+ Disp of Intangible Assets — — 0 0 0
+ Acq of Fixed & Intang -24,975.00 -25,767.30 -14,333.10 -15,402.80 -8,581.10
+ Acq of Fixed Prod Assets -24,975.00 -25,767.30 -14,333.10 -15,402.80 -8,581.10
+ Acq of Intangible Assets 0 0 0 0 0
+ Net Change in LT Investment -100.9 2,522.50 5.3 0 0
+ Dec in LT Investment 0 2,666.80 5.3 0 0
+ Inc in LT Investment -100.9 -144.3 0 0 0
+ Net Cash From Acq & Div 0 0 0 0 0
+ Cash from Divestitures 0 0 0 0 0
 + Cash for Acq of Subs 0 0 0 0 0
+ Cash for JVs 0 0 0 0 0
+ Other Investing Activities 2,896.50 -2,150.60 3,038.70 -218.7 -11,459.70
+ Net Cash From Disc Ops 0 0 0— —
Cash from Investing Activities -20,745.80 -15,844.70 -8,853.10 -15,282.60 -19,828.00

Cash from Financing Activities

+ Dividends Paid 0 0 0 0 0
+ Cash From (Repayment) Debt -9,681.90 -29,809.00 -36,897.00 -39,007.00 -23,366.70
+ Cash From (Repay) ST Debt -4,645.90 -7,877.70 -14,170.50 -20,867.20 -11,853.80
+ Cash From LT Debt 23,715.80 7,082.80 16,130.00 11,237.00 29,706.10
+ Repayments of LT Debt -28,751.80 -29,014.10 -38,856.50 -29,376.80 -41,219.00
+ Cash (Repurchase) of Equity 0.1 12,199.20 0 5,128.50 0
+ Increase in Capital Stock 0.1 12,199.20 0 5,128.50 0
+ Decrease in Capital Stock 0 0 0 0 0
+ Other Financing Activities 0 1,698.30 -18.2 -17.5 -18.6
+ Net Cash From Disc Ops 0 0 0— —
Cash from Financing Activities -9,681.80 -15,911.50 -36,915.20 -33,896.00 -23,385.30

Effect of Foreign Exchange Rates 0 0 0 0 0

Net Changes in Cash -2,570.50 174.3 -665.6 3,222.90 54,647.20

Cash Paid for Taxes -450 553.4 -296.3 -861.3 -515.4

Cash Paid for Interest 41,395.60 46,844.90 45,698.70 36,268.20 22,734.50

Reference Items
EBITDA 46,580.30 64,691.10 83,536.70
67,813.70 145,483.10
Trailing 12M EBITDA Margin 22.82 23.9 21.42 22.19 37.28
Interest Received 754.4 1,532.60 532.4 526.5 985.7
Net Cash Paid for Acquisitions — — — — —
Free Cash Flow 2,882.10 6,163.20 30,769.60 36,998.70 89,279.40
Free Cash Flow to Firm — — — — 111,954.60
Free Cash Flow to Equity -5,366.20 -14,095.10 -3,691.40 -1,669.40 66,125.50
Free Cash Flow per Basic Share 3.15 6.73 31.79 36.46 87.53
Price to Free Cash Flow 38.41 32.57 5.65 2.25 3.93
Cash Flow to Net Income — — — — 2.69
Source: Bloomberg
Tata Steel Ltd (TATA IN) - BBG Adjusted

In Millions of INR except Per Share FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
12 Months Ending 03/31/2017 03/31/2018 03/31/2019 03/31/2020 03/31/2021
Revenue 1,166,825.70 1,317,414.90 1,546,918.40 1,461,060.00 1,533,083.90
+ Sales & Services Revenue 1,166,825.70 1,317,414.90 1,546,918.40 1,461,060.00 1,533,083.90
Gross Profit — — — — —
+ Other Operating Income 7,373.70 12,748.80 29,771.50 28,657.10 29,857.90
- Operating Expenses 1,060,753.40 1,170,271.30 1,356,274.80 1,398,518.10 1,350,235.60
+ Research & Development — 6,722.80 8,572.10 7,563.10 7,383.10
+ Depreciation & Amortization 56,728.80 59,616.60 73,418.30 87,076.70 92,336.40
+ Prov For Doubtful Accts 459.5 1,018.50 1,739.00 58.2 854.1
+ Other Operating Expense 1,003,565.10 1,102,913.40 1,272,545.40 1,303,820.10 1,249,662.00
Operating Income (Loss) 113,446.00 159,892.40 220,415.10 91,199.00 212,706.20
- Non-Operating (Income) Loss 47,872.00 49,703.80 76,845.10 78,281.80 63,837.70
+ Interest Expense, Net 48,874.40 52,681.40 73,434.60 55,033.60 66,498.10
+ Interest Expense 50,722.00 55,017.90 76,601.00 68,978.70 69,302.40
- Interest Income 1,847.60 2,336.50 3,166.40 13,945.10 2,804.30
+ Other Investment (Inc) Loss -730.3 -829.9 -341.9 -466.4 -420.3
+ Foreign Exch (Gain) Loss 0 13,567.10 7,858.90 7,221.20 -18,951.70
+ (Income) Loss from Affiliates -76.5 -1,741.00 -2,247.00 -1,879.70 -3,273.40
+ Other Non-Op (Income) Loss -195.6 -13,973.80 -1,859.50 18,373.10 19,985.00
Pretax Income (Loss), Adjusted 65,574.00 110,188.60 143,570.00 12,917.20 148,868.50
- Abnormal Losses (Gains) 40,837.70 -100,908.90 -15,487.20 26,721.60 10,431.60
+ Abnormal Derivatives 1,359.00 1,586.60 -369.5 12.6 —
+ Disposal of Assets -858.7 — — -20.1 —
+ Asset Write-Down 2,676.30 10,015.90 -2,569.30 32,012.80 7,234.10
+ Impairment of Goodwill — — — — —
+ Impairment of Intangibles — — — — —
+ Gain/Loss on Sale/Acquisition of Business — — — — —
+ Restructuring 36,138.00 -137,430.60 -2,092.30 -424.3 -875
 + Sale of Investments -3,406.20 -6,807.60 -7,089.60 -1,408.60 -158.1
+ Unrealized Investments 673.1 -416 -80.1 -1,486.70 -702.3
+ Other Abnormal Items 4,256.20 32,142.80 -3,286.40 -1,964.10 4,932.90
Pretax Income (Loss), GAAP 24,736.30 211,097.50 159,057.20 -13,804.40 138,436.90
- Income Tax Expense (Benefit) 27,780.10 34,053.90 67,184.30 -25,529.00 56,539.00
+ Current Income Tax 17,417.00 20,027.70 67,281.40 21,136.30 42,882.70
+ Deferred Income Tax 10,363.10 14,026.20 -97.1 -46,665.30 13,656.30
- (Income) Loss from Affiliates — — — — —
Income (Loss) from Cont Ops -3,043.80 177,043.60 91,872.90 11,724.60 81,897.90
- Net Extraordinary Losses (Gains) 38,641.90 -584.5 889.6 0 0
+ Discontinued Operations 38,641.90 -584.5 889.6 0 0
+ XO & Accounting Changes 0 0 0 0 0
Income (Loss) Incl. MI -41,685.70 177,628.10 90,983.30 11,724.60 81,897.90
- Minority Interest 722.3 43,284.80 -10,961.60 -3,840.80 6,995.70
Net Income, GAAP -42,408.00 134,343.30 101,944.90 15,565.40 74,902.20
- Preferred Dividends 0 0 0 0 0
- Other Adjustments 1,740.10 1,734.30 0 0 1,813.50
Net Income Avail to Common, GAAP -44,148.10 132,609.00 101,944.90 15,565.40 73,088.70

Net Income Avail to Common, Adj 23,080.20 61,388.30 91,993.50 34,270.50 80,390.80
Net Abnormal Losses (Gains) 28,586.40 -70,636.20 -10,841.00 18,705.10 7,302.10
Net Extraordinary Losses (Gains) 38,641.90 -584.5 889.6 0 0

Basic Weighted Avg Shares 1,029.30 1,035.00 1,144.70 1,144.70 1,145.90

Basic EPS, GAAP -42.89 128.12 89.05 13.6 63.78
Basic EPS from Cont Ops, GAAP -5.35 127.56 89.83 13.6 63.78
Basic EPS from Cont Ops, Adjusted 22.42 59.31 80.36 29.94 70.16

Diluted Weighted Avg Shares 1,029.30 1,035.20 1,144.90 1,144.80 1,146.00

Diluted EPS, GAAP -42.89 128.1 89.04 11.86 63.78
Diluted EPS from Cont Ops, GAAP -5.35 127.54 89.82 11.86 63.78
Diluted EPS from Cont Ops, Adjusted 22.42 59.3 80.35 28.2 70.15
Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP
EBITDA 170,343.70 219,509.00 296,208.30 178,275.70 305,042.60
EBITDA Margin (T12M) 14.6 16.66 19.15 12.2 19.9
EBITA 116,182.20 162,380.00 223,407.50 101,467.40 224,857.20
EBIT 113,446.00 159,892.40 220,415.10 91,199.00 212,706.20
Gross Margin — — — — —
Operating Margin 9.72 12.14 14.25 6.24 13.87
Profit Margin 2.13 4.79 5.95 2.35 5.36
Current Profit — — — — —
Sales per Employee 33,348,358.06 — 20,545,042.10 20,809,263.37 20,727,994.11
Dividends per Share 9.42 10 13 10 25
Total Cash Common Dividends 9,700.50 12,029.50 15,638.30 12,029.50 30,073.60
Capitalized Interest Expense 2,842.20 1,153.50 2,060.10 2,410.00 1,599.00
Personnel Expenses 172,522.20 176,061.90 187,588.70 191,522.30 199,088.10
Depreciation Expense 54,161.50 57,129.00 72,800.80 76,808.30 80,185.40
Rental Expense 23,641.00 24,394.30 34,549.10 23,525.10 22,484.90
Source: Bloomberg
In Millions of INR except Per Share FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
12 Months Ending 03/31/2017 03/31/2018 03/31/2019 03/31/2020 03/31/2021
Total Assets
+ Cash, Cash Equivalents & STI 105,941.80 228,468.20 58,662.30 114,865.90 130,010.70
+ Cash & Cash Equivalents 49,210.50 79,378.50 33,413.70 80,547.20 57,821.80
+ ST Investments 56,731.30 149,089.70 25,248.60 34,318.70 72,188.90
+ Accounts & Notes Receiv 115,868.20 124,155.20 118,110.00 78,849.10 95,398.40
+ Accounts Receivable, Net 115,868.20 124,155.20 118,110.00 78,849.10 95,398.40
+ Notes Receivable, Net 0 0 0 0 0
+ Inventories 248,038.20 283,310.40 316,561.00 310,687.20 332,763.80
+ Raw Materials 73,699.30 76,122.80 94,823.10 79,977.00 87,032.30
+ Work In Process 43,787.50 51,453.00 45,918.10 42,732.50 45,629.80
+ Finished Goods 99,783.70 119,490.20 132,853.10 142,399.60 149,044.70
+ Other Inventory 30,767.70 36,244.40 42,966.70 45,578.10 51,057.00
+ Other ST Assets 39,502.10 42,837.80 96,576.50 82,925.00 43,946.10
+ Prepaid Expenses 14,127.90 22,162.70 21,330.50 20,062.90 —
+ Derivative & Hedging Assets 1,040.40 1,509.50 3,591.10 14,860.60 4,987.90
+ Assets Held-for-Sale 9,914.20 1,024.70 41,422.60 28,234.50 995.3
+ Taxes Receivable 350.8 622.8 1,339.40 1,432.00 1,567.40
+ Misc ST Assets 14,068.80 17,518.10 28,892.90 18,335.00 36,395.50
Total Current Assets 509,350.30 678,771.60 589,909.80 587,327.20 602,119.00
+ Property, Plant & Equip, Net 1,023,949.60 1,064,825.80 1,364,074.80 1,469,158.20 1,465,831.90
+ Property, Plant & Equip 1,389,079.70 1,525,609.40 1,869,584.10 2,096,172.60 2,246,083.30
- Accumulated Depreciation 365,130.10 460,783.60 505,509.30 627,014.40 780,251.40
+ LT Investments & Receivables 55,631.10 19,266.20 19,037.00 11,734.80 13,239.50
+ LT Investments 55,631.10 19,266.20 19,037.00 11,734.80 13,239.50
+ Other LT Assets 144,401.40 334,715.80 362,802.30 435,974.30 373,681.70
+ Total Intangible Assets 53,957.20 62,367.20 66,756.40 71,316.70 81,993.90
+ Goodwill 34,947.30 40,994.50 39,966.20 40,545.30 43,446.90
+ Other Intangible Assets 19,009.90 21,372.70 26,790.20 30,771.40 38,547.00
+ Prepaid Expense 33,678.40 23,624.00 44,357.40 28,769.80 —
+ Deferred Tax Assets 8,858.70 10,358.00 8,089.50 12,703.30 15,780.20
 + Derivative & Hedging Assets 831.7 291.6 1,087.40 2,796.40 1,626.60
+ Prepaid Pension Costs 17,526.40 205,708.70 199,641.90 272,784.50 200,194.70
+ Investments in Affiliates 15,939.40 17,812.20 19,229.50 21,685.40 24,756.60
+ Misc LT Assets 13,609.60 14,554.10 23,640.20 25,918.20 49,329.70
Total Noncurrent Assets 1,223,982.10 1,418,807.80 1,745,914.10 1,916,867.30 1,852,753.10
Total Assets 1,733,332.40 2,097,579.40 2,335,823.90 2,504,194.50 2,454,872.10

Total Current liabilities 335,220.00 354,740.00 373,420.00 344,070.00 461,990.00

+ Trade payables 107,170.00 112,430.00 109,700.00 106,010.00 106,390.00
+ advance from customers 3,800.00 3,640.00 4,850.00 5,600.00 18,860.00
+ other liabilites 224,240.00 238,670.00 258,880.00 232,450.00 336,750.00
st term loans 228,040.00 242,310.00 263,730.00 238,050.00 355,610.00
Total Long term debt 282,850.00 281,260.00 297,010.00 414,230.00 283,480.00
Tata Steel Ltd (TATA IN) - Standardized

In Millions of INR except Per Share FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
12 Months Ending 03/31/2017 03/31/2018 03/31/2019 03/31/2020 03/31/2021
Cash from Operating Activities
+ Net Income -42,408.00 134,343.30 101,944.90 15,565.40 74,902.20
+ Depreciation & Amortization 56,897.70 59,616.60 75,793.20 87,076.70 92,336.40
+ Non-Cash Items 105,739.90 -143,430.50 21,677.70 -34,025.80 209,762.60
+ Other Non-Cash Adj 105,739.90 -143,430.50 21,677.70 -34,025.80 209,762.60
+ Chg in Non-Cash Work Cap -87,911.70 -18,043.70 -11,832.50 61,930.60 2,240.30
+ (Inc) Dec in Inventories -82,431.70 -15,954.30 -10,687.10 15,619.40 456.8
+ Inc (Dec) in Other -5,480.00 -2,089.40 -1,145.40 46,311.20 1,783.50
+ Net Cash From Disc Ops 30,853.20 -51.5 — — 0
Cash from Operating Activities 63,171.10 32,434.20 187,583.30 130,546.90 379,241.50

Cash from Investing Activities

+ Change in Fixed & Intang -74,269.20 -72,994.50 -86,243.10 -100,122.70 -65,339.60
+ Disp in Fixed & Intang 2,887.20 1,790.50 4,666.90 3,857.30 4,446.30
+ Disp of Fixed Prod Assets 2,887.20 1,790.50 4,666.90 3,857.30 4,446.30
+ Disp of Intangible Assets 0 0 0 0 0
+ Acq of Fixed & Intang -77,156.40 -74,785.00 -90,910.00 -103,980.00 -69,785.90
+ Acq of Fixed Prod Assets — — -90,910.00 -103,980.00 -69,785.90
+ Acq of Intangible Assets — — 0 0 0
+ Net Change in LT Investment -774.9 38,130.70 -274.6 593.8 -706.4
+ Dec in LT Investment 912.4 38,987.40 4,625.00 1,212.10 0
+ Inc in LT Investment -1,687.30 -856.7 -4,899.60 -618.3 -706.4
+ Net Cash From Acq & Div -10,813.60 -2,207.80 -344,127.10 -40,542.40 899.8
+ Cash from Divestitures -10,813.60 -2,550.00 1,561.60 3,785.00 899.8
+ Cash for Acq of Subs 0 0 -345,688.70 -44,327.40 0
+ Cash for JVs 0 342.2 0 0 0
+ Other Investing Activities -7,153.70 -86,840.70 135,297.80 -8,284.50 -32,094.20
 + Net Cash From Disc Ops 0 0 0— 0
Cash from Investing Activities -93,011.40 -123,912.30 -295,347.00 -148,355.80 -97,240.40

Cash from Financing Activities

+ Dividends Paid -9,498.40 -11,799.90 -14,238.90 -18,152.20 -11,505.30
+ Cash From (Repayment) Debt 28,822.50 42,252.30 79,906.40 76,073.10 -306,605.50
+ Cash From (Repay) ST Debt — — -40,085.20 76,663.20 -100,089.90
+ Cash From LT Debt — — 333,436.30 89,073.50 98,006.10
+ Repayments of LT Debt — — -213,444.70 -89,663.60 -304,521.70
+ Cash (Repurchase) of Equity 6,519.00 90,872.30 0 1,875.30 32,389.50
+ Increase in Capital Stock 6,519.00 90,872.30 0 1,875.30 32,389.50
+ Decrease in Capital Stock 0 0 0 0 0
+ Other Financing Activities -4,308.70 -3,469.60 -3,380.60 -2,549.80 -17,138.50
+ Net Cash From Disc Ops 0 0 0— 0
Cash from Financing Activities 21,534.40 117,855.10 62,286.90 57,246.40 -302,859.80

Effect of Foreign Exchange Rates -4,140.60 2,953.20 344.8 5,182.90 -1,143.90

Net Changes in Cash -12,446.50 29,330.20 -45,132.00 44,620.40 -22,002.60

Cash Paid for Taxes 18,426.60 28,882.20 50,942.20 21,059.10 7,043.20

Cash Paid for Interest 47,328.00 51,455.70 69,013.90 74,192.60 68,036.90

Reference Items
EBITDA 170,247.10 218,905.30 296,208.30 178,275.70 305,042.60
Trailing 12M EBITDA Margin 14.59 16.62 19.15 12.2 19.9
Interest Received 1,401.20 2,545.00 1,754.30 2,025.70 2,662.80
Net Cash Paid for Acquisitions 0— 345,688.70 44,327.40 0
Free Cash Flow -13,985.30 -42,350.80 96,673.30 26,566.90 309,455.60
Free Cash Flow to Firm -20,226.60 3,791.70 140,918.70 — 350,454.20
Free Cash Flow to Equity 17,724.40 1,692.00 181,246.60 106,497.30 7,296.40
Free Cash Flow per Basic Share -13.59 -40.92 84.45 23.21 270.05
Price to Free Cash Flow — — 6.17 11.62 3.01
Cash Flow to Net Income — 0.24 1.84 8.39 5.06
Source: Bloomberg