TATA

Standalone Statement of Profit and Loss for the quarter/nine months ended on 3 1 s t December 2023

Nine months Nine months Financial year

Quarter ended Quarter ended Quarter ended
ended on ended on ended on
Particulars
ou 31.12.2023 0 30.09.2023 on 31.12.2022
31.12.2023 31.12.2022 31.03.2023

Audited Audited Audited Audited Audited Audited

Revenue from operations

34199.01 33.786.46 33.490.63 1.03,131.01 1,03.790.54 1,41.443.88

a) Gross sales income from operations

b) Other operating revenues 482.89 398.75 438.74 1.221.64 1,074.71 1.469.44

Total revenue from operations [ Ia) - 1 t b ] 34.681.90 34.185.21 3 3. 9 2 9 . 3 7 1.04.352.65 1.04.865.25 142913.32

2 Other income 328.59 823.99 2641.85 2.045.41 2.530.44

3 Total income [ 1 + 2 ] 35,010.49 35,009.20 34,653.79 1,06,994.50 1,06,910.66 1,45,443.76

4 Expenses

a) Cost of materials consumed 1 1.1 7 1.1 0 11.948.54 14.483.85 36.293.14 47,894.97 59.948.72

b) Purchases of stock-in-trade 2281.13 2.508.49 1.910.61 7413.98 5.179.37 7424.21

Changes in inventories of finished and semi-finished goods, stock-in-trade and

e) 092243) 5 7 0. 4 7 400.72 (816.46) (1,329.69
work-in-progress

d) Employee benefits expense 1.866.53 1.863.53 1.76298 5. 4 4 5 . 3 2 5.241.84 7.220.74

e) Finance costs 1.057.91 1.13737 1117.26 3256.96 2.879.05 3.974.63

f) Depreciation and amortisation expense 1.507.61 1.465.54 1.503.11 4.441.95 4452.28 5.956.32

g) Other expenses 12.035.95 10 426.55 1 0. 2 3 5 29 34.229.68 29.784.84 41.378.66

Total expenses [ 4a) to 4(g ] 28,997.78 29,920.49 31,413.82 90,244.57 92,581.03 1,24,573.59

5 Profit /(Loss) before exceptional items & tax [ 3 - 4 ] 6,012.71 5,088.71 3,239.97 16,749.93 14,329.63 20,870.17

6 Exceptional items

a) Profit (loss) on sale of non-current investments 3 3 8 56

Provision for impairment of investments doubtful advances other financial

b) ( 1 2 9 6 0. 9 6 ) ( 1 2. 9 6 0 . 9 6 ) (12.39) (1.056.39)
assets (net)

e) Employee separation compensation 7 38 (36.70) 22 (47.82 (96.52 (91.94)

d) Restructuring and other provisions 1.65 (0.02) (1.65) (1.69)

Gain (loss) on non-current investments classified as fair value through profit

e) 267 4.89 165 14.84 29.11 30.99
and loss (net)

Total exceptional items [ 6(a) to 6 ( e ) ] 10.05 (12992.77) (12.993.96) (8145) (780.47)

7 Profit/ (Loss) before t a x [ 5 + 6 ] 6,022.76 (7,904.06) 3,232.75 3,755.97 14,248.18 20,089.70

8 Tax Expense

a) Current tax 1.666.47 819.26 920.45 3 . 6 8 5 .0° 4.918.39

b) Deferred tax (296.75) (209.74) (5121 (686.20) 306.17 486.06

Total tax expense [ 8(a) - 8 ( b ) ] 1.369.72 609.52 869.24 2998.87 3.735.41 5.404.45

9 Net Profit/ (Loss) for the period [ 7 - 8 ] 4,653.04 (8,513.58) 2,363.51 757.10 10,512.77 14,685.25

10 Other comprehensive income

A (i) Items that will not be reclassified to profit or loss 229.75 197.9° 0.01 607.09 (66.37)

(ii) Income tax relating to items that will not be reclassified to profit or loss (18.79) (1241 (4.31) (48.10) 238 (44.31)

B (i) Items that will be reclassified to profit or loss (5745 10 39 (2 79 ($5 54 1 2 9 $5 79.78

(ii) Income tax relating to items that will be reclassified to profit or loss 14.42 (2.61) 1 3. 4 7 13.98 (242 20.12

Total other comprehensive income 167.93 193.34 (43 6 1 ) 517.43 33.14 88.58

1 Total Comprehensive Income for the period [ 9 + 10 ] 4,820.97 (8,320.29 2,319.90 1,274.53 10,545.91 14,773.83

12 Paid-up equity share capital [Face value & I per share] L.229.98 1.22240 122237 1.229.98 1.22240

13 Paid-up debt capital 10.126.53 10,625.88 12910.57 10.126.53 12910.57 15,058.49

14 Reserves excluding revaluation reserves 1.35,386.47

1 Securities premium reserve 31289.09 31.289.09 3 1 . 2 8 7 75 31.289.09 31.287.75 31,289.09

16 Earnings per equity share

Basic earnings per share (not annualised) - in Rupees

3.73 (6.82 1.89 0.61 8.42 1 1. 7 6
(after exceptional items)

Diluted earnings per share (not annualised) - in Rupees

373 (6.82 1.89 0.61 8.42 1 1.7 6
(after exceptional items)

(a) Paid up debt capital represents debentures

hartered'AC TATA STEEL L I M I T E D

Office Bombay Hous e 24 H o m i M o d y Street Fort M u m b a i 400 001 India

R
'') 30:a2sg
91 22 6665 8282 Fax 9 1 22 6665 7724 Website www.tatasteel.com

Mm!:. Corporate Identity N u m b e r L 2 7 1 0 0 M H 1 9 0 7 P L C 0 0 0 2 6 0

 TATA

Additional information pursuant to Regulation 52(4) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015, for Standalone financial results as at and

for the quarter/nine months ended on 31st December 2023:

Nine mouths Nine mouths Financial year

Quarter ended Quarter euded Quarter euded
Particulars ended o ended o ended on
on 31,12.2023 on 30.09.2023 01 31.ll.l0ll
31.12.2023 31.12.2022 31.03.202

Net debt equity ratio

t.Net debt Average equity

[Net debt: Non-cunent bonowgs - C e n t bonowgs - Non-cunent and c e n t lease hablines - C e n t etments - Cash and 0.29 03l 0.32 0.29 032 0.2$

cash eqvalents - Other balances wth banks tmcludg non-cnent eara ked balances'

[Equity: Eqn: share capital - Other equny

Debt service coverage ratio

«EBIT tNer finance charges Interest come for group companes - Scheduled pr mcrpal epayments o
f non cunent bonow mgs and

lease obhganons tecludug prepayments du mg the period

4.37 2.49 41.26 200 3 09 3.$J

[EBIT. Profit before taes - t- Eceptonal tews - Net finance charges!

[Ver finance char ges: Fmance costs ecludg mterest on cunent bonowmgsr - Iterest mcome - Drdend mcome f om cur ent

newnents - Net gam loss on ale o

f cunent vestment'

Interest service coverage ratio

IEBIT «Net finance charges Interest mcome fom group compamen

[EBIT Poft before taes - t- Eceptonal tens - Net finance char ge 912 796 9.07 10 $9

[Ver finance char ges.: Fmance costs fecludg terest on c e n t bonow mgr - Iteest come Dndend mcome fom current

vestments - Net gam loss» on sale o

f curent vestments

Current ratio

Total cnent assets Cunt et habhnes

07$ 0.76 078 0 7$ 0.7$ 0.90

[Cun ent habhtes. Total c e n t habhes - Current m a t e s o

f non-cunent borrow mg and lease oblrgatons

Long tern debt to working capital ratio

ft.Von-crent borrowmgs - Non-cunent lease h a b e s - Cunent mattes o

f non-cunent bon owgs and lease oblganon» Total

c e n t asers - Current hables

[Cun ent habhnes: Total cent habhes - Cunrent man es of non-cent bonow mgs and lease obhganons

Bad debts to account receivable ratio

019 0.1S
tBad debts Average nade ecenable»

Current liability ratio

0.50 0.54 0. 5 0 0.49
(Total cunent habhtes Total habhter

Total debts to total assets ratio

019 020 0 20 019 020 0 1$
ttVon-cunent bonowmg + Cunent bonow gt - Non-current and cnet lease habhesr Total aet

Debtors turover ratio (in days)

(Average nade ecenables Turnover u day

[Turnover: Revenue fom operanons!

, , l a v e u t o ry turover ratio (in days)

69 0 66
"0
(Average nnentony Sale o
fproducts mdays

Operating EBIDT.A atgl()

EBIDIA Turnover»

[EBIDT4: Profit before taes - t- Eceptonal tews - Ner finance cha ges - Deprecaton and amortusanon'

11 23 $ 20 46 15 72 191$

[t.Vet finance charges. Fance cots - teret mcome - Drydend come fom cnent nestments -Net gam lossr on sale o
f cunent

vestments

[rover. Revenue fom operatons!

Net profit margin (o)

4 Net profit after ta Tuover

13.42 (24.90) 697 0.7J 10.03 10..2$

[Trover: Revenue f om operaton

1 Debenture redemption reserve (in ?Crore) 1,32$.7$ 1.328$.7$ 2.046 00 1.32$.7$ 2.046 00 2.046 00

, , N e t worth (in ? Crore)

1.31,022 66 1.26.206.90 1.29.90$ 19 1.31.022 $6 1.29.908 19 1.34.137.48
(Equity share capital - Other equty - Captal eerve -Amalgamation eenver

15 Outstanding redeemable preference shares (quantity and value) Not applicable

Net working capital i

s uegate

TATA STEEL L I M I T E D

ffi c e B o m b a y H o u s e 24 H o m i Mody Street Fort M u m b a i 400 001 India

1 22 6665 8282 Fax 9 1 22 6665 7724 Website www.tatasteel.com

Corporate Identity N u m b e r L 2 7 1 0 0 M H 1 9 0 7 P L C 0 0 0 2 6 0
 TATA
Consolidated Statement of Profit and Loss for the quarter/nine months ended on 31st December 2023

Crore

Nine months Nine months Financial year

Quarter ended Quarter ended Quarter ended
ended on ended on ended on
Particulars
on 31.12.2023 on 30.09.2023 0u 31.12.2022
31.12.2023 31.12.2022 31.03.2023

Unaudited Unaudited Unaudited Unaudited Unaudited Audited

Revenue from operations

a) Gross sales income from operations $4.727.30 55.107.21 $6.756.61 1.68.850.31 1.79.397.47 2.41.636.25

b) Other operating revenues $84.58 574.72 326.95 1.633.16 993.68 1.716.44

Total revenue from operations [ I(a) 1b)] 55.311.88 55.681.93 57.083.56 1.70.483.47 1.80.391.15 2.43.352.69

2 Other income 227.69 270.60 1.632.94 867.94 1.037.48

3 Total income [ 1 + 2 ] 55.,539.77 55.910.16 57.354.16 1.72.116.41 1.81.259.09 2,44,390.17

4 Expenses

a) Cost of materials consumed 19.114.60 20.473.43 2 4. 6 9 5 . 3 S 61.855.97 7$.$03.74 1.01.483.08

b) Purchases of stock-in-trade 3.011.21 4.673.56 3.535.93 11.377.38 11.805.36 15.114.11

Changes in inventories of finished and semi-finished goods. stock-in-trade

e) 320.70 756.14 1.791.28 2.591.46 (6.026.87) (3.358.89)
and work-in-progress

d) Employee benefits expense 6.527.07 $.916.53 18.368.98 16.624.05 22.419.32

c) Finance costs l.880. 76 1.959.39 1.767.92 5.665.32 4.505.10 6.298. 70

Depreciation and amortisation expense 2.422.04 2.479.85 2.368.3$ 7.314.21 6.952.99

0

g) Other expenses 20.074.73 19.594.45 17.670.73 60.5$4.41 $4.103.91 75.394.91

Total expenses [ 4(a) to 4(g) ] 53.351.13 55.853.35 $7.172.02 1.67.757.73 1.66.768.28 2.26.686.43

Profit (Loss) before share of profit (loss) of joint ventures & associates.
2.188.64 6.81 182.14 14.490.S1 17.703.74
exceptional items & tax [ 3 - 4 ]

6 Share of profit (loss) of joint ventures & associates 73.40 102.90 60.49 (94.98) 321.$7 4 1 8 . 1 22

7 Profit / (Loss) before exceptional items & tax [ S + 6 ] 2.262.04 159.71 242.63 4,263.70 14,812.68 18.121.86

S Exceptional items :

a) Profit (loss) on sale of subsidiaries and non-current investments 71.49 4.68 $7.05 66.86

Provision for impairment of investments doubtful advances other financial

b) 96.07 19.98 83.68 83.68
assets (net)

c) Provision for impairment of non-cunent assets (net) (3.255.11 (3.255.11 2$.37

d) (23.65 ( 7. 2 2 )
Employee separation compensation (36.70) (78.89 (96.$2) (91.94)

e) (313.15 (3.611.9$) (1.65

Restructuring and other provisions (3.925.15 (1.6$) {l.70)

Gain (loss) on non-current investments classified as fair value through

0 2.67 4.$9 1.65 14.84 29.11 30.99
profit and loss (net)

Total exceptional items [ 8(a) to 8(f) ] (334.13) (6.898.90) 160.34 (7.219.61) 101.67 113.26

9 Profit/ (Loss) before tax [ 7 + 8 ] 1,927.91 (6.739.19) 402.97 (2,955.91) 14,914.35 18.235.12

10 Tax Expense

a) Current tax 1.797.29 1.114.33 754.65 4,054.36 4.177.17 $.324.96

b) Current tax in relation to earlier years 7.89 (9.$2) 0.30 (17.69) 27.65 36.37

e) Deferred tax (399.41) 01.332.54) 2.149.97 (1.428.41) 4.200.42 4.798.44

Total tax expense [ IO(a) to 0(e) ] 1.40s.77 (22$.03) 2.904.92 2.508.26 8.405.24 10.159.77

11 Net Profit / (Loss) for the period [ 9 - 10 ] 522.14 (6.511.16) (2.501.95 (5.464.17) 6,509.11 8.075.35

12 Profit (Loss) for the period attributable to:

Owners of the Company $13.37 (6.196.24) (2.223.84) ($.048.92) $.760.40

Non controlling interests 8. 77 (314.92) (27$.11) (41$.25 (546.43) (685.05)

13 Other comprehensive income

A (i) Items that will not be reclassified to profit or loss 250.75 (922.70) (7.125.23) ($.362.15 02.723.$8) (13.529.65

(ii) Income tax relating to items that will not be reclassified to profit or loss (21.07) 270.01 1.7$5.92 1.448.17 3.167.21 3.353.56

B (i) Items that will be reclassified to profit or loss 792.26 61.80 1.208.39 1.284.74 (4.495.89) (4.175.40)

(ii) Income tax on items that will be reclassified to profit or loss 19.52 (183.30) $01.99 (276.20) 398.75 502.42

Total other comprehensive income 1.041.46 (774.19) (3.628.93) (2.905.44) (13.6$3.$1) (13.$49.07)

14 Total Comprehensive Income for the period [ 11 + 13 ] 1.,563.60 (7.285.35) (6.130.88) (8,369.61) (7.144.70) (5,773.72)

15 Total comprehensive income for the period attributable to:

Owners of the Company 1.$11.17 (6,9$8.10) ($.917.75) (7.957.48) (6.622.12) (5.107.74)

Non controlling interests (27.29 (213.13) (412.13) (322.58) (665.98)

16 Paid-up cquity share capital [Face value < I per share] 1 . 2 2 8. $ 2 1.221.24 1.228.$2 1.221.21

17 Reserves (excluding revaluation reserves) and Non controlling interest 1.03.953.97

1S Earnings per equity share:

Basic earnings per share (not annualised) - n

i Rupees
0.42 ($.07) 1.s2) (4.13) $.7$ 7.17
(after exceptional items)

Diluted earnings per share (not annualised) - in Rupees

0.42 (1.$2) (4.13) 5.7$ 7.17
(after exceptional items)

Co Chart

P I N AAC.

TATA STEEL L I M I T E D

, harteredtcc
ice Bombay House 24 Homi Mody Street Fort M u m b a i 400 001 I n d i a

f@ 22 6665 8282 Fax 91 22 6665 7724 Website ww w . t a t a s t e e l. c o m

3¥)>'VQ:2@FE
C or p o r a t e Identity N u m b e r L 2 7 1 0 0 M H 1 9 0 7 P L C 0 0 0 2 6 0

. f r
 TATA

Consolidated Segment Revenue, Results, Assets and Liabilities

Crore

Nine months Nine months Financial year

Quarter ended Quarter ended Quarter ended
ended on ended on ended on
Particulars
on 3 1 . 1 2 . 2 0 2 3 0n 30.09.2023 0u 3 1 . 1 2 . 2 0 2 2
31.12.2023 31.12.2022 31.03.2023

t audited Unaudited t audited taudited t'audited Audited

Segment Revenue:

Tata Steel India 3 4 6 8 1 90 3418521 33929.37 1.04.3$265 104865.25 142913.32

Neelachal [spat Nigam Limited 1 426 75 1 283 99 366.29 4.379.02 386 4 1 1645.55

Other Indian Operations 2907.34 2919.59 2660 89 8.$5219 8.041 94 10.921 59

Tata Steel Europe 1 8 1 4 1 9 7 18.846 7 L 20.744.61 $8.323 $0 68.264.24 90,300.39

Other Trade Related Operations 1$.35091 12.37672 14.788.82 43.026 94 6.765.41 73973.53

South East Asian Operations 163708 1.798.23 1.9463 $314.92 6.53293 8.731.44

Rest of the World 496 89 $2796 231.61 1296 1 6 62201 648.77

Total 74,642.84 71,938.21 74,667.22 2,25,245.38 2,45,478.19 3,29,134.59

Less Inter Segment Revenue 1 9 . 3 3 0 96 1 6 256.28 1 7 . 5 8 3 66 54.761.91 65.087 04 85.781.90

Total Segment Revenue from operations $ $ ,3 1 1 . 8 8 55,681.93 57,083.56 1,70,483.47 1,80,391.15 2,43,352.69

Segment Results before exceptiounl items, interest, tax and depreciation :

Tata Steel India 8256 60 6995 88 $ 33461 2281421 20111.71 28.7$3.76

Neelachal Ispat Nigam Limited 45 3 1 ( 7 6. 4 4 ) (436.46) (17.74 (614.60) (773.23

Other Indian Operations 25232 230.92 19174 648.37 601.77 76127

Tata Steel Europe (287162 «.51242 (1,550.98) (695318) 6273.25 4632.06

Other Trade Related Operations 600.79 749 63 876.94 1.33756 ( 1 8 6. 9 8 ) 168.49

South East Asian Operations 933 10.67 ( 1 69) 74.09 409 89 473.64

Rest of the World 6.66 56 29 (256.15 90.05 (35092 (480 .91

Total 6.,299.39 5,454.53 4,158.01 17,993.36 26,244.12 33,535.08

Less Inter Segment Eliminations (3474) 1 1 5 9 80 4.34 1.22250 77L.98 837.57

Total Segment Results before exceptional items, interest, tax and depreciation 6.334.13 4,314.73 4,153.67 16,770.86 25$,472.14 32,697.51

Add Finance income 1 s 7 5 3 181 32 1647 567 3 $ 476.76 640.13

Less Finance costs 1.880.78 1 959 39 1.76792 5.665 32 4.505.10 6298.70

Less Depreciation and Amortisation 24798$ 2368 38

-514 .21
695299 9.335.20

Add Share of profit (loss) of joint ventures and associates 75 40 1 0 2 90 60 49 (94 98) 321.87 41812

Profit / (Loss) before exceptional items & tax 2,262.04 159.71 242.63 4,263.70 14,812.68 18,121.86

Add. Exceptional items (334.13 (6,898.90 160 34 (721961 10167 11326

Profit / (Loss) before tax 1,927.91 (6,739.19 402.97 (2,955.91) 14,914.35 18,23$.12

Less Tax expense 140s.77 228 031 2.904.92 2508 26 8405 24 10159.77

Net Profit / (Loss) for the period 522.14 (6,511.16) (2,501.95 (5,464.17) 6,509.11 8,075.35

Segment Assets:

Tata Steel India 1.87.468 58 1,81.91948 2 0 9. 6 1 3 . 5 2 1.87.468.58 2.09.613 52 210.493.22

Neelachal Ispat igam Limited 1 3 , 3 9 9 82 13237.79 13.11747 13.599.82 1311747 13.449.21

Other Indian Operations 1 0 . 2 3 8 96 9.239.20 11.02721 9239.20 9234.70

Tata Steel Europe 6757764 83,16874 68.21292 83,168.74 84,399.40

Other Trade Related Operations 28.739.71 28,080.99 26.566 15 28,739.71 26 5 6 6 1 5 30.362.20

South ±as»t AA»an Gp«erations 38$960 3.59779 4,753.70 3,85960 4.7$3.70 4.888.17

Rest of the World 690494 8.03117 7381.26 690494 7 , 3 8 1 26 7082.40

Less Inter Segment Eliminations 40.711.56 40913.35 68.648 4 1 40.711.56 68.64841 71.906.96

Total Segment Assets 2,78,901.22 2,71,770.47 2,85,191.63 2,78,901.22 2,85,191.63 2,87,962.34

Assets held for sale 46.52 4 3 5 35 62.56 46 52 62.56 59.40

Total Assets 2,78,947.74 2,71,814.00 2,8$,254.19 2,78,947.74 2,8$,24.19 2,88,021.74

Segment Liabilities:

Tata Steel India 1 . 1 3 . 8 6 1 98 1 1265472 1 . 1 4 . 3 4 3 29 1,13.861.98 1 14.343 29 1.09.62213

Neelachal Ispat Nigam Limited 7 895.18 7,509.56 685939 7,895.18 6.859 39 7.176.98

Other Indian Operations 274219 2438.75 2700.54 2,74219 2700.54 2524.49

Tata Steel Europe <749303 $ 3 . 1 2 9 0° 48.740.63 57493 03 48 . 7 4 0 . 6 3 $3039.52

Other Trade Related Operations 39 290 03 3 7 1 $ 0 69 69.044 69 39.290.03 69,04469 75.889.08

South East Asian Operations 859.58 6777 836.37 859.58 836.37 933.31

Rest of the World 9 , 801.70 10.797 56 9,596 84 9.801 70 9,596.84 9,560.37

Less Inter Segment Eliminations 45.207 10 43,416.37 70.670.31 4 $ . 2 0 7 . 10 7067031 75,899.35

Total Segment Liabilities 1,86,736.59 1,81.011.75 1,81,451.44 1,86,736.59 1,81,451.44 1,82,846.53

Total Liabilities 1,86,736.59 1,81,011.75 1,81,451.44 1,86,736.59 1,81,451.44 1,82,846.53

Co C h a r

TATA STEEL LI M IT E D

ice Bombay House 24 Homi Mody Street F o rt Mumbai 400 001 India

2 6665 8282 Fax 91 22 6665 7724 Website ww w . t a t a s t e e l. c o m

Corporate Identity Number L27100MH1907PLC000260

 6
1
TATA
Additional information pursuant to Regulation 52(4) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation,

2015, for Consolidated financial results as at and for the quarter/nine months ended on 31st December 2023 :

Nine months Fiucial year

Particulars uded on ended on

31.12.2022 31.03.2023

Net debt equity ratio

t.Net debt _Average equty

[Net debt: Non-current borrowmrgs - Current bonowmngs - Non-curent and cunent lease habhines - Curent vestments - Cash and 0.7$ 0.79 065 0.78 0.6° 0.6l

cash equnvalents - Other balances wth banks tcludng non-current earmarked balances

[Equty: Equty share captal - Other equty - Non controllg mteest!

Debt service coverage ratio

(EBIT tNer finance charges Scheduled pr mcpal repayments o

f n o n - c e n t borrow gs and lease oblgatons tecludmg

pepayments du mg the perod

1.62 0.21 093 051 2.79

[EBIT Pofit before taes t- Eceptonal es - Net fance charges!

[Net finance cha ges. Fmance costs (excludg merest on current borrowmng - Interest mcome - Ddend mcome fom current

vestments - Net gam (loss+ on sale o

f current vestments'

Interest service coverage ratio

IEBIT Net finance charges»

[EBIT: Profit before taes -t- Eceptonal tems - Net fmance charges' 2.8$ 112 2.31 6.84 6 01

[Net finance charges.: Fance costs teclucdg mteest on current borrowgs» - Interest come - Drdend come fom cunrent

vestments - Net gam f current nestments'

loss+ on sale o

Current ratio

(Total current assets Crent habhes

0.79 0.84 0.99 0.79 0.99 L.0L

[Current habhes. Total cunent habhes - Current mattes o

f non-current bonowmgs and lease oblgatons

Long term debt to working capital ratio

(t.Von-current bonowgs No n - c e n t lease habhtes Current matures o

f non-current borowmngs and lease oblgaton Total

current assets - Current habhtes)

69.78

[Cunent habhtes.: Total cu rent hables - Cun ent matunes o

f non-current bonowmgs and lease obhgatons

Bad debts to account receivable ratio

0.00 0.06 0.00 0.06 0.00 0.00
(Bad debts ·Average nade ecenables»

Curreut liability ratio

0.58 0.57 0.55 0.58 0.$ 0.$3
Total current habhtes Total habhtes

Total debts to total assets ratio

0.32 0.33 0.3l 0.32 031 0.29
(t.Von-current borowmgs - Current borrowings - Non-current and current lease habhites) Total asset

Debtors turnover ratio (in days)

.Average trade recerables Tu nover mdays

II 12 15 12 16 1

[Turnover Revenue from oper anons'

« Iaveutory turnover ratio (in days)

86 86 93 88 Si 79
(Average entony Sale o
fproducts m days

Operating EBIDTA margin(%)

IEBIDTA Turnover

[EBIDT4: Pofit before taxes t- Ecepnonal ems - Net finance charges f results of equut
Deprecaton and amortsaton - Shae o

; accounted nestments!
11.45 7.75 72$ 9.84 1412

[tNer finance charger. Fmance costs - Interest mome - Dndend mcome fom current nestmenrs -Net gam tlossr on sale o
fc e n t

vestments!

[Turnover: Revenue fom ope anons'

Net profit margin (°o)

,, tNet profit after ta Turnover»

0.94 (11.69) (438) (321 3.6l 3.32

[Turnover: Revenue from operations'

I3 Debenture redemption reserve (in & Crore)

1.328.75 1.328.75 2.046.00 1,32$.75 2.046.00 2.046.00

, Net worth (in Crore)

$7.660.28 $6.571.33 98.956.53 $7.680.28 98.956.53 1.00.462.79
(Equty share captal - Other equty - Captal reserve -Captal eserve on consohdaton -.Amalgamaton eserver

IS Outstanding redeemable preference shares (quantity and value)

Not applicable

Net working capital is negative

0.00represents value less than 0.01

Co Chart

TATA S T E E L LI M I T E D

ffice Bombay H o u s e 24 H o m i M o d y Street Fort M u m b a i 400 001 India

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TATA

Notes:

1. The results have been reviewed by the A u d i t Committee and were approved by the B o a r d of Directors

in meetings on January 24, 2 0 2 4 .

2. The Board of Directors of the Company at its meeting held on September 2 2 , 2 0 2 2 , co n s i d e r e d and

approved the amalgamation of Tata Steel Long Products Limited ("TSLP"), Tata Metaliks Limited

("TML"), The Tinplate Company of I n d i a Limited ("TCIL"), TRF Limited ("TRF"), The I n d i a n Steel & Wire

Products Limited ("ISWP"), Tata Steel M i n i n g Limited ("TSML") and S&T Mining Company Limited

("S&T Mining") into and with the C o m p a n y by way of separate schemes of amalgamation and had

recommended a share exchange ratio/cash consideration as below:

a) 67 fully paid-up equity shares of 1/- each of the Company for every 1 0 fully paid-up equity shares

of U O / - each held by the public shareholders of T S L P .

b ) 79 full y paid u - p e q ui ty shares of R 1 / - each of the Com p any for every 1 0 fully p a i d u p e - q ui ty shares

of R 1 0 / - each h e l d by the p u b l i c shareholders of T M L.

c ) 3 3 fully p a i d u p equity shares of

- U/- each of the Company for every 1 0 fully paid up equi - ty s hare s

of 10/- each held by the public shareholders of T C I L.

d ) 1 7 fully paid up equi - ty shares of R 1 / - each of the Company for every 1 0 fully paid up equi - ty s hares

of 1 0 /- each h e l d b y the p u b l i c s h a r e h o l d e r s of T R F.

e ) cash consideration o f H26/- fo r ever y 1 fu ll y paid up - e q uity share of 10/- e a ch h e l d by the

minori ty s h a e h o l d e r s of
r J S W P .

A s part of the scheme of amalgamations, e q ui ty shares and prefe ence r shares , if an y , held by the

Com p an y in the above entities shall stand c a n c e ll e d . N o shares of the Company shall be issued nor any

cash payment shall be m a de whatsoever by the Company in l i e u of cancellation of shares of T S M L and

S &T M i n i n g ( both being wholl y owned s u b s i d i a r ies . )

The p ro p o s e d amalgamations w ill enhance management e ffi ciency, d ive sharper strategic
r fo cus and

improve ag il ity across b u s i n e s s e s based on the strong parental support fr om the Company s leadershi ' p.

The amal g amations will also drive synergies through operational e ffi ci e n c i e s , raw material sec u ri ty an d

be tt er fa c i l i ty uti li sation.

A s part of d e fi n e d regulatory process , each of the above schemes have received approval s) ( fr om stoc k

exchan g es and S e cu r i t i e s and E xchange Board of I n d i a (S E BI ) . S&T M i n i n g and T S ML bein g wholly

owned subsidiaries of the Company, a pproval fr om stoc k e x changes and S E B I w s not r e q u i r e d .

a

E ach of the above schemes have been fil ed at the r elevant benches of the H on ble
' Na tional C ompany Law

Tribunal ( ' N C L T ).

Status of each of these schemes is as b elow -

a) Scheme of amal g amation of T S M L with the Company - Scheme of A mal g amatio n has b ee n

approved and s a n c t o n e d by the i N C L T Cuttack bench on A ugu t s 8 , 2 0 2 3 .

b ) S c h e m e of amal g amation of TS LP with the Co mp any - Scheme of A malgamation has b ee n a pp ro v ed

and sanctioned b y the N CLT M u m b a i bench on O cto b e r 20, 2 0 2 3 and b y the N C L T C u tt a ck be nch

on O cto b er 1 8 , 2 0 2 3 .

TATA STEEL LI M I T E D

{fed Office Bombay H o u s e 24 H o m i M o d y Street Fort M u m b a i 400 001 India

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c) Scheme of amalgamation of S&T with the Company- S c h e m e of Amalgamation has been approved

and s a n c t i o n e d by the NCLT Kolkata bench on N o v e m b e r 1 0 , 2 0 2 3 .

d) Scheme of amalgamation of T C I L with the Company- S c h e m e of Amalgamation has been approved

and sanctioned by the N C L T M u m b a i b e n c h on October 20, 2 0 2 3 and by the NCLT Kolkata bench

on January 1, 2 0 2 4.

e) Scheme of amalgamation of T M L with the Company- S c h e m e of Amalgamation has been approved

and s a n c t i o n e d by the N C L T Mumbai bench on January 1 1 , 2 0 2 4 and by the NCLT, Kolkata bench

on D e c e m b e r 2 1 , 2 0 2 3 .

f) Scheme of amalgamation of ISWP with the Company- s a n c t i o n of N CL T awaited.

g) S c h e m e of a m a l g a m a t i o n of TRF with the C o m p a n y - sanction of N C L T awaited.

Accordingly, the Company has accounted for the mergers s a n c t i o n e d by NCLT, as a fo r e s a i d , using the

pooling of interest method retrospectively for all periods presented in the standalone results as

prescribed in I n d AS 1 0 3 - " B u s i n e s s C o m b i n a t i o n s " . The n o n - c o n t ro ll i n g interest as on D e c e m b e r 3 1 ,

2 0 2 3 in T C I L and T M L are presented u n d e r other equity, p e n d i n g allotment of shares in the C o m p a n y

to the non-controlling shareholders of T C I L and TML and the same is co n s i d e r e d in both b a s i c and

diluted E P S of s t a n d a l o ne results. The previous p e r i o d s ' figures in the s t a n d a l o n e results have been

accordingly restated from April 1, 2 0 2 2 .

The figures in the co n s o li d a t e d fi n a n c i a l results for the quarter e n d e d D e c e m b e r 3 1 , 2 0 2 3 i n cl u d e the

impact of the accounting adjustments in accordance with the a p p li c a b l e I n d AS.

C o n s e q u e n t to the merger, T S M L , TSLP, S&T Mining, T C I L and T M L are now reported as part of Tata

Steel I n d i a segment and N e e l a c h a l I spat Nigam Limited, a non-wholly owned s u b s i d i a r y of TSLP, is now

presented as a separate segment with previous periods restated accordingly.

Further, TSML and S&T b e i n g wholly owned subsidiaries, there was no co n s i d e r a t i o n paid for the

amalgamation of both these s u b s i d i a r i e s into a n d with the Company. C o n s e q u e n t to the scheme of

amalgamation amongst TSLP and the Company and their respective shareholders becoming effective,

the Board of Directors of the C o m p a n y on N o v e m b e r 2 2 , 2 0 2 3 , has allotted 7 , 5 8 , 0 0 , 3 0 9 equity shares of

face value Re. 1 / - each of the Company to eligible s h a r e h o l d e r s of T S L P h o l d i n g e q u i ty shares of face

value Rs. 1 0 / - each, as on the record date of N o v e m b e r 1 7 , 2 0 2 3 , in share exchange ratio o f 6 7 : 1 0 as per

the scheme of amalgamation. T h e s e shares are being listed a n d traded on B S E Limited and the N a t i o n a l

Stock Exchange of I n d i a Limited. C o n s e q u e n t to the scheme of amalgamation amongst T C I L and the

Company and their respective shareholders b e c o m i n g effective, the Board of Directors of the Company

on January 2 1 , 2 0 2 4 , has allotted 8 , 6 4 , 9 2 , 9 9 3 equity shares of face value Re. 1 / - each of the C o m p a n y to

eligible shareholders o f T C I L h o l d i n g e q u i ty shares of face value Rs. 1 0 / - each, as on the record date of

January 1 9 , 2 0 2 4 , in share exchange ratio of 3 3 : 1 0 as per the scheme of a m a l g a m a t i o n . These shares

will be listed and traded on B S E Li m i t e d a n d the N a t i o n a l Stock Exchange of I n d i a Li m i t e d .

3. The Board of Directors of the Company at its meeting held on February 6, 2023, considered and

approved the amalgamation of Angul Energy L i m i t e d ("AEL") into and with the C o m p a n y by way of a

scheme of amalgamation and had r e co m m e n d e d a cash consideration of 1 , 0 4 5 / - for every 1 fully paid­

up e q u i ty share of U O / - each held by the s h a r e h o l d e r s (except the Company) in AEL. Upon the s c h e m e

coming into effect, the entire paid-up share capital of AEL shall stand cancelled in its entirety.

The amalgamation will ensure consolidation of all power assets under a single entity, which will

increase system agility for power generation and a ll o c a t i o n . It will h e l p the C o m p a n y to improve its

plant reliability, ensuring steady source of power supply while optimising cost. Further, such

restructuring will lead to s i m p li fi c a t i o n of group structure by e li m i n a t i n g multiple com · · · · r

TATA S T E E L LI M I T E D

Office Bombay H o u s e 24 H o m i Mody Street Fort M u m b a i 400 001 India

1 22 6665 8282 Fax 91 22 6665 7724 Website www.tatasteel.com

Corporate Identity N u m b e r L 2 7 1 0 0 M H 1 9 0 7 P L C 0 0 0 2 6 0
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TATA
operation, optimum use of infrastructure, rationalisation of cost in the areas of operations and

administrative overheads, thereby maximising shareholder value of the Company post amalgamation.

As part of the defined regulatory approval process, this scheme has received approval(s) from stock

exchanges and S E B I. Thereafter, the scheme has been filed atthe relevant benches of the NCLT and the

sanctions of the N C L T s are awaited.

4. The Board of Directors of the Company at its meeting held on November 1, 2 0 2 3 , considered and

approved the amalgamation of Bhubaneshwar Power Private Limited (' B P P L ' ) into and with the

Company, by way of scheme of amalgamation.

As part of the scheme, equity shares and preference shares, if any, held by the Company in the B P P L

shall stand cancelled. No shares of the Company shall be issued nor any cash payment shall be made

whatsoever by the Company in lieu of cancellation of shares of B P P L (being wholly owned subsidiary).

The scheme has been fi l e d with the Hyderabad bench of the N C L T and sanction is awaited, filing of the

scheme with the Mumbai bench of the NCLT has been dispensed with.

5. Tata Steel E u ro p e Limited ("TSE"), a wholly owned indirect subsidiary of the Company, has assessed the

potential impact of the economic downturn in E u ro p e caused by external factors including higher

inflation, higher interest rates and supply chain d i s ru p t i o n caused by the war in Ukraine on its future

business outlook for U K and M a i n l a n d E u ro p e ( M L E ) value c h a i n s .

The Board has considered reasonably p o s s i b l e s c e n a r i o s to stress test the fi n a n c i a l p o s i t i o n of both the

UK and M L E businesses, including the impact of lower steel margins against the Annual Plan and the

mitigating actions the Group could take to limit any adverse consequences to liquidity in the annual

impairment assessments.

Based on the assessment, the M L E business is expected to have adequate liquidity to meet its future

business requirements. In relation to the likely investments required for the de-carbonisation of the

MLE operations driven by regulatory changes in Europe and Netherlands, inter alia, the scenarios

c o n s i d e r that the Dutch Government will provide fi n a n c i a l support to execute the decarbonisation

strategy.

On September 1 5 , 2 0 2 3 , Tata Steel U K Limited (' T S U K' ) which forms the main part of the U K Business,

a n n o u n c e d a j o i n t agreement with the UK Government on a p r o p o s a l to invest in state-of-the-art electric

arc furnace ('EAF') steelmaking at the Port Talbot site with a capital cost of £ 1 . 2 5 b ill i o n inclusive of a

grant from the UK Government of up to £500 million, subject to relevant regulatory approvals,

information and consultation processes, and the finalisation of detailed terms and conditions. Whilst

both the Company and the U K Government have signed a non binding term sheet setting out the details

and confirming the commitments they intend to enter if the proposal was to proceed, the proposal is

currently non-binding until the time that all relevant regulatory approvals, information and

consultation processes, and the finalisation of detailed terms and c o n d i t i o n s have been completed.

Based on such executed term sheet with the UK Government, T S U K would close its blast furnaces, coke

ovens and other supporting facilities (referred to as the 'Heavy End' assets) and w o u l d invest in a state­

of-the-art electric arc furnace ('EAF) at the Port Talbot site (and also upgrade associated assets). The

proposal also includes a wider restructuring of other locations and functions across TSUK, including the

intended closure of the Continuous Annealing Processing Line (CAPL).

TATA S T E E L LI M I T E D

ice Bombay House 24 Homi Mody Street F o rt Mumbai 400 001 I n d i a

22 6665 8282 Fax 91 22 6665 7724 Website www.tatasteel.com

Corporate Identity N u m b e r L 2 7 1 0 0 M H 1 9 0 7 P L C 0 0 0 2 6 0
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TATA

In r e s p o n s e to the c h a ll e n g i n g market a n d b u s i n e s s co n d i t i o n s , T S U K co n t i n u e s to implement various

measures a i m e d at improving its b u s i n e s s p e r fo r m a n c e a n d co n s e r v i n g cash i n cl u d i n g but not li m i t e d

to e n s u r i n g adequate liquidity, if r e q u i r e d , t h ro u g h available fi n a n c i n g o p t i o n s , m a n a g e m e n t of working

capital and i m p l e m e n t a t i o n of cost r e d u c t i o n m e a s u r e s .

Given the risks and challenges associated with the underlying market and business conditions, the

uncommitted nature of available fi n a n c i n g options and the non-binding nature of the p ro p o s e d EAF

investment, there exists a material uncertainty s ur ro u n d i n g the impact of such adversities on the

fi n a n ci a l situation o f T S U K .

The fi n a n c i a l statements of T S E have b e e n p r e p a r e d o n a g o i n g co n c e rn basis r e co g n i s i n g the material

uncertainty in relation to T S U K. The G ro u p has assessed its ability to meet any l i q u i d i t y r e q u i r e m e n t s

at T S E , if r e q u i r e d , and co n cl u d e d that its c a s h fl o w a n d l i q u i d i t y p o s i t i o n r e m a i n s adequate.

The C o m p a n y had i n i t i a t e d i n fo r m a l d i s cu s s i o n s with trade union representatives in September 2 0 2 3

explaining the impact of the restructuring p ro p o s a l i n cl u d i n g the business operations/sites affected,

i m p a c t on employees, the p ro p o s e d t i m e li n e s and the fi n a n c i a l co n s e q u e n c e s .

Based on the above, the C o m p a n y had assessed and co n cl u d e d that it had created a valid expectation to

those affected and a constructive obligation existed as on September 30, 2 0 2 3 . Accordingly, during Q2

FY24, the Company on a p ru d e n t basis had r e co r d e d a p ro v i s i o n of 2,425 crore towards such

r e s t ru c t u r i n g and cl o s u r e costs ( i n cl u d i n g redundancy and employee termination costs) and 2,631

c ro r e towards impairment of Heavy End assets which are not expected to be used for any s i g n i fi c a n t

p e r i o d beyond M a r c h 3 1 , 2 0 2 4 , i n the co n s o l i d a t e d s t a t e m e n t of p ro fi t a n d l o s s . C o n s i d e r i n g the above,

the carrying value of investments and other fi n a n c i a l assets h e l d by the C o m p a n y i n T Steel Holdings

Pte. Ltd. (a wholly o w n e d subsidiary) was a l s o tested for i m p a i r m e n t and a charge of H 2 , 5 6 0 crore was

r e co g n i z e d in the s t a n d a l o n e statement of p ro fi t a n d loss.

Subsequently, on January 1 9 , 2 0 2 4 , the C o m p a n y has a n n o u n c e d that it will now co m m e n c e statutory

consultation on the p ro p o s e d re-structuring plan and support arrangements for affected employees.

The a n n o u n c e m e n t follows d e t a i l e d d i s cu s s i o n s with the U K m u l t i trade u n i o n representative body (UK

Steel Committee) and its advisors wherein the Company carefully co n s i d e r e d alternative scenarios.

Under the p ro p o s e d r e - s t ru c t u r i n g p ro g r a m m e , Port Talbot's two high-emission blast furnaces and

supporting fa c i li t i e s would be cl o s e d in a phased manner during FY25. The C o m p a n y has also agreed

that it would c o n t i n u e to operate the hot strip mill through the p ro p o s e d t r a n s i t i o n p e r i o d a n d in future.

I n addition, the downstream and steel p ro c e s s i n g centres w o u l d c o n t i n u e to serve customers by u t i li s i n g

imported s e m i - fi n i s h e d steel from the Company's plants in the N e t h e r l a n d s and I n d i a as well as other

s e l e c t strategic s u p p li e r s .

The transition at U K o p e r a t i o n s is s u b j e c t to c o n s u l t a t i o n but c o u l d be expected to r e s u l t in up to 2 , 8 0 0

potential j o b losses a c ro s s the b u s i n e s s out o f which a ro u n d 2,500 roles co u l d be impacted d u r i n g the

next 1 8 months. The C o m p a n y expects that a further 3 0 0 ro l e s c o u l d be impacted in three years, which

could i n cl u d e the p o t e n t i a l co n s o l i d a t i o n and r a t i o n a li s a t i o n of cold ro lli n g assets i n Llanwern o n c e the

r e q u i r e d investments are co m p l e t e d at Port T a l b o t. T h ro u g h o u t the p ro p o s e d restructuring, the

TATA STEEL LI M I T E D

.
-'<9±rt@j fN &1 f c e B o m b a y House 24 H o m i M o d y Street Fort M u m b a i 400 0 0 1 India

6665 8282 Fax 9 1 22 6665 7724 Website www.tatasteel.com

Corporate I d e n t i t y Number L27100MH1907PLC000260

 6
1
TATA
Company remains committed to maximising voluntary redundancy before seeking any compulsory

reductions and would support all those potentially impacted through a comprehensive support package

including redundancy terms, skills training, community-support programmes and jobseeker initiatives.

The announcement of January 1 9 , 2 0 2 3 is b ro a d l y consistent with the assumptions for the aforesaid

provisions recognised during the quarter ended September 30, 2023 and therefore no further

adjustments is required during the current quarter.

6. Exceptional item 8(e) in the consolidated financial results represents provision in respect of

redundancies pursuant to an a n n o u n c e m e n t of a re-structuring plan in December 2023 to reduce

employment costs through reduction in head-count within the G ro u p ' s Netherland Operations.

7. The consolidated financial results have been subjected to limited review and the standalone financial

results have been audited by the statutory auditors.

T V Narendran K oushik C hatterjee

Chief Executive Officer & Executive D i r ector &

Managing Director C hief F i n a n ci a l O ffi cer

M u m b a i : January 24 , 2024

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TATA STEEL L I M I T E D

Registered Office Bombay House 24 H o m i Mody Street Fort M u m b a i 400 001 India

Tel 91 22 6665 8282 Fax 91 22 6665 7724 Website www tatasteel.com

Corporate Identity N u m b e r L 2 7 1 0 0 M H 1 9 0 7 P L C 0 0 0 2 6 0