About Leadership Strategy Stakeholders Capitals Governance Statutory

Tata Steel and Materiality Reports

Financial
Statements
CONSOLIDATED BALANCE SHEET
as at March 31, 2021
CONSOLIDATED BALANCE SHEET (CONTD.)
as at March 31, 2021
Note Page As at March 31, 2021
(₹ crore)
As at March 31, 2020
 (₹ crore)
Note Page As at March 31, 2021 As at March 31,
2020
Assets                                                                                         
                                                                                           
I Non-current
(a) Property,assetsplant and equipment 3 364 1,19,003.50
(b) Capital work-in-progress 18,128.74
(c) Right-of-use assets 4 368 9,450.95
(d) Goodwill on consolidation 5 371 4,344.69
(e) Other intangible assets 6 372 2,976.04
(f ) Intangible assets under development 878.66
(g) Equity accounted investments 7 374 2,475.66
(h) Financial assets
(i) Investments 8 375 987.38
(ii) Loans 9 376 336.57
(iii) Derivative assets 162.66
(iv) Other financial assets 10 377 214.93
(i) Retirement benefit assets 11 379 20,019.47
(j) Non-current tax assets 1,845.34
(k) Deferred tax assets 12 380 1,578.02
(l) Other assets 13 383 2,872.70
Total non-current assets 1,85,275.31
II   Current assets                                                                         
                                                                                                      14 384 33,276.38
(a) Inventories
(b) Financial assets
(i) Investments 8 375 7,218.89
(ii) Trade receivables 15 385 9,539.84
(iii) Cash and cash equivalents 16 386 5,532.08
(iv) Other balances with banks 17 387 250.10
(v) Loans 9 376 64.72
(vi) Derivative assets 498.79
(vii) Other financial assets 10 377 1,420.97
(c) Retirement benefit assets 11 379 0.42
(d) Current tax assets 156.74
(e) Other assets 13 383 2,153.44
Total current assets 60,112.37
III Assets held for sale 18 387 99.53
Total assets 2,45,487.21
 1,19,503.98
18,862.06
8,549.78
4,054.53
2,442.37
634.77
2,168.54

684.77
488.71
279.64
588.93
27,278.45
1,725.67
1,270.33
3,154.20
1,91,686.73

31,068.72

3,431.87
7,884.91
7,541.96
512.76
215.68
1,486.06
446.42
-
143.20
3,177.69
55,909.27
2,823.45
2,50,419.45
Equity and liabilities                                                           
                                                                                               
    (a) Equity share capital 19 389 1,197.61
IV Equity
(b) Hybrid perpetual securities 20 392 775.00
(c) Other equity 21 392 72,266.16
Equity attributable to owners of the Company 74,238.77
Non-controlling interests 3,269.68
Total equity 77,508.45
V Non-current liabilities
(a) Financial liabilities
(i) Borrowings 23 399 72,408.79
(ii) Derivative liabilities 71.41
(iii) Other financial liabilities 24 403 522.70
(b) Provisions 25 404 4,691.92
(c) Retirement benefit obligations 11 379 3,499.79
(d) Deferred income 26 405 144.26
(e) Deferred tax liabilities 12 380 9,241.42
(f ) Other liabilities 27 406 6,531.34
Total non-current liabilities 97,111.63
VI   Current liabilities                                                                                                                                   
                                     
(a) Financial liabilities
(i) Borrowings 23 399 9,492.11
(ii) Trade payables 28 406
(a) Total outstanding dues of micro and small enterprises 484.66
(b) Total outstanding dues of creditors other than micro and small 25,482.83
                      enterprises                                                                                                                          
                                      510.01
(iii) Derivative liabilities
(iv) Other financial liabilities 24 403 14,403.11
(b) Provisions 25 404 4,725.32
(c) Retirement benefit obligations 11 379 166.84
(d) Deferred income 26 405 63.98
(e) Current tax liabilities 4,424.44
(f ) Other liabilities 27 406 11,113.83
Total current liabilities 70,867.13
VII Liabilities held for sale 18 387 -
Total equity and liabilities 2,45,487.21
Notes forming part of the consolidated financial statements 1-52
 1,144.95
2,275.00
70,156.35
73,576.30
2,586.60
76,162.90

94,104.97
127.92
387.67
4,235.07
3,598.18
151.30
9,261.38
729.15
1,12,595.64

19,184.48

198.86
21,181.99

729.22
9,518.53
1,663.67
141.26
34.55
609.58
7,050.44
60,312.58
1,348.33
2,50,419.45
In terms of our report attached For and on behalf of the Board of Directors
sd/- sd/- sd/- sd/- sd/- sd/-
For Price Waterhouse & Co Chartered Accountants LLP N. Chandrasekaran Mallika Srinivasan O. P. Bhatt Peter Blauwhoff Deepak Kapoor Aman Mehta
Firm Registration Number: 304026E/E-300009 Chairman Independent Director Independent Director Independent Director Independent Director Independent Director
DIN: 00162957 DIN: 00009364
Non-Executive Non-Executive Chief Executive Officer Executive Director Company Secretary &
Director Director & Managing Director & Chief Financial Officer Chief Legal Officer
DIN: 02449088 DIN: 02144558 DIN: 03083605 DIN: 00004989 (Corporate & Compliance) ACS: 15921
About Leadership Strategy Stakeholders Capitals Governance Statutory
Tata Steel and Materiality Reports
Financial
Statements
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
for the year ended March 31, 2021
CONSOLIDATED STATEMENT OF PROFIT AND LOSS (CONTD.)
for the year ended March 31, 2021
Note Page Year ended March
31, 2021
 (₹ crore)
Year ended
March 31, 2020
Note Page Year ended
March 31, 2021
 (₹ crore)
Year ended
March 31, 2020
XI Other comprehensive income/(loss)
A. (i) Items that will not be reclassified subsequently to profit and loss:
(a) Remeasurement gain/(loss) on post-employment defined benefit plans (9,418.17)
(b) Fair value changes of investments in equity shares 354.38
(c) Share of equity accounted investees 1.68
(ii) Income tax on items that will not be reclassified subsequently 1,779.97
                    to profit and loss                                                                                                                                    
                                    
B. (i) Items that will be reclassified subsequently to profit and loss:
(a) Foreign currency translation differences (205.82)
(b) Fair value changes of cash flow hedges 332.83
(c) Share of equity accounted investees 18.09
(ii) Income tax on items that will be reclassified subsequently to profit and loss (73.97)
Total other comprehensive income/(loss) for the year (7,211.01)
XII Total comprehensive income/(loss) for the year (X+XI) 978.78

XIII Profit/(loss) for the year attributable to:

Owners of the Company 7,490.22
Non-controlling interests 699.57
8,189.79
XIV Total comprehensive income for the year attributable to:
Owners of the Company 281.33
Non-controlling interests 697.45
978.78
XV Earnings per share 36 410
Basic (₹) 63.78
Diluted(₹) 63.78
XVI Notes forming part of the consolidated financial statements 1-52
 5,474.69
(250.46)
(3.25)
(1,019.01)

554.96
(378.49)
25.94
78.45
4,482.83
5,655.29

1,556.54
(384.08)
1,172.46

6,026.17
(370.88)
5,655.29

11.86
11.86
I Revenue from operations 29 407 1,56,294.18
II Other income 30 407 895.60
III Total income 1,57,189.78
IV Expenses:
(a) Cost of materials consumed 46,187.96
(b) Purchases of stock-in-trade 9,235.42
(c) Changes in inventories of finished and semi-finished goods, stock-in- trade and work-in-progress 1,516.77

(d) Employee benefits expense 31 408 19,908.81

(e) Finance costs 32 408 7,606.71
(f ) Depreciation and amortisation expense 33 409 9,233.64
(g) Other expenses 34 409 50,706.65
1,44,395.96
(h) Less: Expenditure (other than interest) transferred to capital and other accounts 1,765.69
Total expenses 1,42,630.27
V Share of profit/(loss) of joint ventures and associates 327.34
VI Profit/(loss) before exceptional items and tax (III-IV+V) 14,886.85
VII Exceptional items: 35 410
(a) Profit on sale of subsidiaries and non-current investments 15.81
(b) Provision for impairment of investments/doubtful advances 70.23
(c) Provision for impairment of non-current assets (723.41)
(d) Provision for demands and claims -
(e) Employee separation compensation (443.55)
(f ) Restructuring and other provisions 87.50
(g) Gain/(loss) on non-current investments classified as fair value through profit and loss (net) (49.74)
Total exceptional items (1,043.16)
VIII Profit/(loss) before tax (VI+VII) 13,843.69
IX Tax expense: 12 380
(a) Current tax 4,288.27
(b) Deferred tax 1,365.63
Total tax expense 5,653.90
X Profit/(loss) for the year (VIII-IX) 8,189.79
 1,48,971.71
1,821.99
1,50,793.70

53,592.83
10,504.20
(490.05)

19,152.23
7,580.72
8,707.67
50,702.93
1,49,750.53
2,318.00
1,47,432.53
187.97
3,549.14

202.99
(40.95)
(4,372.44)
(196.41)
(107.37)
(165.40)
(250.00)
(4,929.58)
(1,380.44)

2,113.63
(4,666.53)
(2,552.90)
1,172.46
In terms of our report attached For and on behalf of the Board of Directors
sd/- sd/- sd/- sd/- sd/- sd/-
For Price Waterhouse & Co Chartered Accountants LLP N. Chandrasekaran Mallika Srinivasan O. P. Bhatt Peter Blauwhoff Deepak Kapoor Aman Mehta
Firm Registration Number: 304026E/E-300009 Chairman Independent Director Independent Director Independent Director Independent Director Independent Director
DIN: 00162957 DIN: 00009364
Non-Executive Non-Executive Chief Executive Officer Executive Director Company Secretary &
Director Director & Managing Director & Chief Financial Officer Chief Legal Officer
DIN: 02449088 DIN: 02144558 DIN: 03083605 DIN: 00004989 (Corporate & Compliance) ACS: 15921
About Leadership Strategy Stakeholders Capitals Governance Statutory
Tata Steel and Materiality Reports
Financial
Statements
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended March 31, 2021
A. Equity share capital
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTD.)
for the year ended March 31, 2021
C. Other equity (Contd.)
Balance as at Changes
April 1, 2020 during the year

Balance as at Changes
 (₹ crore)
Balance as at
March 31, 2021

(₹ crore)
Balance as at Balance as at April 1, 2019
 (₹ crore)
Retained Items of other Other Share Other equity Non- Total
earnings [refer comprehensive consolidated application attributable to controlling
note 21A, income reserves money pending the owners interests
page 392] [refer note 21B, [refer note 21C, allotment of the Company
page 393] page 394] [refer note 21D,
page 397]
14,056.43 7,612.15 43,836.56 - 65,505.14 2,364.46 67,869.60
April 1, 2019 during the year
March 31, 2020
Profit/(loss) for the year 1,556.54 - - - 1,556.54
Other comprehensive income 4,459.24 10.39 - - 4,469.63

Total comprehensive income for 6,015.78 10.39 - - 6,026.17

Issue of Ordinary Shares - - 0.03 (0.04) (0.01)

 (384.08) 1,172.46
13.20 4,482.83

(370.88) 5,655.29

192.80 192.79
1,144.94 0.01 1,1
B. Hybrid perpetual secur
(₹
for the year
the year
Balance as at April 1, 2020 Changes during the year
Balance as at
March 31, 2021 Equity issue expenses
(5.31) - - - (5.31) - (5.31)
2,275.00 (1,500.00)
775.00
Balance as at April 1, 2019 Changes during the year
 (₹ crore)
Balance as at March 31, 2020
written (off)/back                                                                                                                                                        
(1,488.13) - - - (1,488.13) (18.42) (1,506.55) Tax on dividend
- - - (297.40) - (297.40)
hybrid perpetual securities
Distribution on (266.15) - - (266.15)

Tax on distribution on hybrid 66.97 - - -66.97

- (266.15)

- 66.97
2,275.00
C. Other equity

Retained Items of other Other Share Other equity

 Transfers within equity 14.28
(₹ crore) Additions relating to acquisitions -
Non- Total Disposal of group undertakings -
(6.63) (7.65) - - - -
- 584.24 -584.24 219.91 804.15
- (0.56) (0.56) 181.47 180.91
earnings [refer comprehensive consolidated application attributable to

note 21A, income reserves money pending the owners

controlling

interests
31.35 - - - 31.35 (31.35) -
page 392] [refer note 21B, [refer note 21C, allotment [refer
page 393] page 394] note 21D,
page 397]
of the Company
ownership interests                                                                                                                                                      
received - - - 0.04 0.04 - 0.04
Other movements - - - - - 48.61
Balance as at March 31, 2020 18,127.82 7,615.91 44,412.62 - 70,156.35
(i) Dividend paid during the year ended March 31, 2021 is ₹10.00 per Ordinary share (face value ₹10 each
₹2.504 per Ordinary Share (face value ₹10 each, partly paid up ₹2.504 per share) (March 31, 2020: ₹13.00 p
value ₹10 each, fully paid up and ₹3.25 per Ordinary Share of face value ₹10 each, partly paid up ₹2.504 pe
D. Notes forming part of the consolidated financial statements
Balance as at April 1, 2020 18,127.82 7,615.91 44,412.62 - 70,156.35
Profit / (loss) for the year 7,490.22 - - - 7,490.22
Other comprehensive income for the (7,627.26) 418.37 - - (7,208.89)
year
Total comprehensive income for (137.04) 418.37 - - 281.33
the year
Issue of Ordinary Shares - - 3,185.84 - 3,185.84
Equity issue expenses written (1.96) - (1.36) - (3.32)
(off)/back
Dividend(i)
(1,144.75) - - - (1,144.75)
Distribution on hybrid perpetual (242.34) - - - (242.34)
securities
Tax on distribution on hybrid 60.99 - - - 60.99
perpetual securities
Transfers within equity (139.39) 138.68 0.71 - -
Adjustment for changes in ownership (46.63) - - - (46.63)
interests
Application money received - - - 3.78 3.78
Other movements - - 14.91 - 14.91
Balance as at March 31, 2021 16,476.70 8,172.96 47,612.72 3.78 72,266.16
2,586.60 72,742.95
699.57 8,189.79
(2.12) (7,211.01)

697.45 978.78

- 3,185.84
- (3.32)

(5.78) (1,150.53)
- (242.34)

- 60.99

- -
(7.83) (54.46)

- 3.78
(0.76) 14.15
3,269.68 75,535.84
In terms of our report attached For and on behalf of the Board of Directors
sd/- sd/- sd/- sd/- sd/- sd/-
For Price Waterhouse & Co Chartered Accountants LLP N. Chandrasekaran Mallika Srinivasan O. P. Bhatt Peter Blauwhoff Deepak Kapoor Aman Mehta
Firm Registration Number: 304026E/E-300009 Chairman Independent Director Independent Director Independent Director Independent Director Independent Director
DIN: 00162957 DIN: 00009364
Non-Executive Non-Executive Chief Executive Officer Executive Director Company Secretary &
Director Director & Managing Director & Chief Financial Officer Chief Legal Officer
DIN: 02449088 DIN: 02144558 DIN: 03083605 DIN: 00004989 (Corporate & Compliance) ACS: 15921
About Leadership Strategy Stakeholders Capitals Governance Statutory
Tata Steel and Materiality Reports
Financial
Statements
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended March 31, 2021
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTD.)
for the year ended March 31, 2021
Year ended March 31, 2021
(₹ crore)
Year ended March 31, 2020
 (₹ crore)
Year ended March 31, 2021 Year ended March
31, 2020
A.  Cash flows from operating activities:                                                              
                                                                   13,843.69
Profit/(loss) before tax
Adjustments for:
Depreciation and amortisation expense 9,233.64
Dividend income (41.42)
(Gain)/Loss on sale of non-current investments (0.27)
(Gain)/loss on sale of property, plant and equipment including intangible (148.03)
           assets (net of loss on assets scrapped/
written off)                                                                                                                  
Exceptional (income)/expenses 1,043.16
  
(Gain)/loss on cancellation of forwards, swaps and options 2.72
Interest income and income from current investments (508.02)
Finance costs 7,606.71
Foreign exchange (gain)/loss (2,375.23)
Share of profit or loss of joint ventures and associates (327.34)
Other non-cash items 210.08
14,696.00
Operating profit before changes in non-current/current assets and 28,539.69
      liabilities                                                                                                                   
                                                                  
           Adjustments for:                                                                                                178.35
                                                                   Non-current/current financial and other
assets Inventories 45.68
Non-current/current financial and other liabilities/provisions 16,267.28
16,491.31
Cash generated from operations 45,031.00
Income taxes paid (net of refund) (704.32)
Net cash from/(used in) operating activities 44,326.68

B.  Cash flows from investing activities:                                                               
                                                                   (6,978.59)
Purchase of capital assets
Sale of capital assets 444.63
Purchase of non-current investments (70.64)
Sale of non-current investments -
(Purchase)/sale of current investments (net) (3,560.04)
Repayment of loans given 25.78
Principal receipts under sublease 101.04
Fixed/restricted deposits with banks (placed)/realised 223.80
Interest received 266.28
Dividend received from associates and joint ventures 92.85
Dividend received from others 42.03
Acquisition of subsidiaries/undertakings -
Sale of subsidiaries/undertakings (i)
89.98
Net cash from/(used in) investing activities (9,322.88)
 (1,380.44)

8,707.67
(35.08)
(2.01)
4.36

4,929.58
1.26
(1,547.11)
7,580.72
982.07
(187.97)
(974.62)
19,458.87
18,078.43

4,631.12

1,561.94
(1,996.86)
4,196.20
22,274.63
(2,105.91)
20,168.72

(10,398.00)

385.73
(61.83)
121.21
(766.15)
8.16
67.72
(138.18)
202.57
56.02
46.64
(4,432.74)
378.50
(14,530.35)
C.  Cash flows from financing activities:                                                              
                                                                    3,238.95
Proceeds from issue of equity shares (net of issue expenses)
Proceeds from long-term borrowings (net of issue expenses) 9,800.61
Repayment of long-term borrowings (29,168.25)
Proceeds/(repayments) of short term borrowings (net) (10,008.99)
Payment of lease obligations (1,283.92)
Proceeds from divestment of stake in subsidiary 21.06
Amount received/(paid) on utilisation/cancellation of derivatives 31.34
Repayment of Hybrid Perpetual securities (1,500.00)
Distribution on Hybrid Perpetual securities (266.25)
Interest paid (6,803.69)
Dividend paid (1,150.53)
Tax on dividend paid -
Net cash from/(used in) financing activities (37,089.67)
Net increase/(decrease) in cash and cash equivalents (2,085.87)
Opening cash and cash equivalents (ii)
7,732.34
Effect of exchange rate on translation of foreign currency cash and cash equivalents (114.39)

Closing cash and cash equivalents (Refer note 16, page 386) (ii)
5,532.08
 187.53

8,907.35
(7,937.37)
7,666.32
(1,028.99)
-
10.78
-
(265.76)
(7,419.26)
(1,506.55)
(308.67)
(1,694.62)
3,943.75
3,270.30
518.29

7,732.34
(i) Includes ₹84.81 crore (2019-20: ₹112.75 crore) received in respect of deferred consideration on disposal of subsidiary and joi
(ii) Opening cash and cash equivalents includes ₹190.38 crore (2019-20: ₹294.77 crore) and closing cash and cash equivalents inc
(iii) Significant non-cash movements in borrowings during the year include:
(a) addition on account of subsidiaries acquired during the year Nil (2019-20: ₹121.71 crore) and reclassified from held for sale ₹
(b) reduction on account of subsidiaries disposed off and liquidated Nil (2019-20: ₹182.28 crore)
(c) exchange loss (including translation) ₹76.65 crore (2019-20: ₹4,095.03 crore)
(d) amortisation/effective interest rate adjustments of upfront fees ₹606.55 crore (2019-20: ₹498.76 crore)
(e) net addition to lease obligations ₹1,536.59 crore (2019-20: increase ₹4,080.85 crore)
(f) gain on refinancing treated as modification of existing borrowings Nil (2019-20: ₹1,169.66 crore).
D. Notes forming part of the consolidated financial statements Note 1-52
In terms of our report attached For and on behalf of the Board of Directors
sd/- sd/- sd/- sd/- sd/- sd/-
For Price Waterhouse & Co Chartered Accountants LLP N. Chandrasekaran Mallika Srinivasan O. P. Bhatt Peter Blauwhoff Deepak Kapoor Aman Mehta
Firm Registration Number: 304026E/E-300009 Chairman Independent Director Independent Director Independent Director Independent Director Independent Director
DIN: 00162957 DIN: 00009364
Non-Executive Non-Executive Chief Executive Officer Executive Director Company Secretary &
Director Director & Managing Director & Chief Financial Officer Chief Legal Officer
DIN: 02449088 DIN: 02144558 DIN: 03083605 DIN: 00004989 (Corporate & Compliance) ACS: 15921