TSL Ir21 Final

114th Year
Resilient. Resolute. Future-Ready. Contents
04 Performance Snapshot 68 Capitals
Summary FY 2020-21 04 Financial capital 68
At Tata Steel, innovation and responsibility The ebbs and flows of business cycles Health, safety and new businesses 06 Manufactured capital 72
have been at the core of building a sustainable notwithstanding, we have focussed on Combating COVID-19 08 Intellectual capital 76
enterprise and exploring possibilities towards strengthening our balance sheet, upholding Human capital 82
14 About Tata Steel

Natural capital 90
creating a better future. Whether by developing the highest standards in ethical and responsible
Social and Relationship capital 98
high-strength steel or offering new solutions business practices and striving towards a shared Corporate portrait 14
Integrated operations 16
for construction and mobility, we relentlessly future of prosperity. Even when faced with a
Product portfolio and 112 Governance
focus on delivering world-class products that once-in-a-century global crisis that tested our geographic presence 18 Compliance and ethics 112
are synonymous with quality and durability. resilience, we stayed true to our core values Introducing our capitals 20 Sustainability strategy 114
Business model 22
We also deploy best available technologies and worked together with our stakeholders to Awards and recognition 116
Value creation imperatives 24
and processes to drive resource efficiency embrace a new normal.
and develop materials of the future which are 28 Leadership 120 Statutory Reports
superior, sustainable and affordable. Board of Directors 28 Board’s Report 120
Chairman’s message 30 Annexures 138
About Tata Steel Management speak 34
Established in India as Asia’s first integrated private steel
company in 1907, Tata Steel today is one of the most
manufacturing facilities in Jamshedpur and Kalinganagar.
Our comprehensive portfolio of products and brands caters 236 Financial Statements
profitable and lowest cost producers of steel in the world, to multiple industries and segments, making the steel we 40 Strategy Financial Highlights 236
with captive iron ore mines and collieries located near our produce an integral part of everyday life. Strategy planning 40 Standalone 240
Strategic objectives 42 Consolidated 334
Risk management 44

Tata Steel’s Four Pillars of Transformation Read more in the Chairman’s message on Page 30 Opportunities 54
Notice of AGM 452
Resilience Simplification Technology and Enabling Planet 58

Stakeholders and
and Agility and Scale Digital Leadership Resilience Materiality
Stakeholder engagement 58
Materiality 62
King Power MahaNakhon, Bangkok

A marvel of tomorrow elevating the skyline and
exemplifying ingenuity and innovation, raising the bar of
luxury for tomorrow.
The iconic structure is built using 2,000 tonne of
Tata Tiscon rebars.
Sure, we make steel.
But #WeAlsoMakeTomorrow
ABOUT THIS REPORT
Our approach to reporting Contributing to UN Global Goals Our capitals
This is the sixth Integrated Report of Tata Steel Limited (Tata Steel). Our Integrated Report provides
quantitative and qualitative disclosures on our relationships with the stakeholders and how our
leadership, culture and strategy are aligned to deliver value while managing risks and changes to Financial Manufactured Intellectual
capital capital capital
the external environment. Our Report continues to evolve towards enhanced disclosures to meet
the requirements of our investors and other stakeholders.
Human Natural Social and

capital capital Relationship
Reporting principle Reporting period capital
The financial and statutory data presented in The information is reported for the period
this Report is in line with the requirements of the April 1, 2020 to March 31, 2021. For KPIs, comparative
Companies Act, 2013 (including the rules made figures for the last three to five years have been
thereunder), Indian Accounting Standards, the
Securities and Exchange Board of India (Listing
incorporated in the Report to provide a holistic view.
Management responsibility Independent assurance
Obligations and Disclosure Requirements)
To optimise governance oversight, risk Assurance on financial statements has been
Regulations, 2015, and the Secretarial Standards
management and controls, the contents of this provided by independent auditors Price
issued by The Institute of Company Secretaries of
Report have been reviewed by the senior executives Waterhouse & Co. Chartered Accountants LLP and
India. The Report is prepared in accordance with
of the Company, including the Chief Executive on non-financial statements by Ernst & Young
the Integrated Reporting <IR> framework of the
International Integrated Reporting Council (IIRC) Scope and boundary Officer and Managing Director; Executive Director Associates LLP. The certificate issued by Ernst &
and Chief Financial Officer; Vice President (Safety, Young Associates LLP is available on our website
and discloses performance against Key Performance
The Report predominantly covers information Health and Sustainability); and the Company at www.tatasteel.com or can be accessed at
Indicators (KPIs) relevant to Tata Steel, which are
with respect to Tata Steel’s plants located at Secretary and Chief Legal Officer (Corporate and https://bit.ly/3ppjwr3
aligned with Global Reporting Initiative (GRI), the
Jamshedpur, Jharkhand and Kalinganagar, Odisha, Compliance).
requirements of Business Responsibility Reporting
issued by the Securities and Exchange Board of India Raw Materials Division and Profit Centres. However,
(SEBI) and World Steel Association (worldsteel). certain sections of the Report include KPIs (financial
and production) of our subsidiaries, Tata Steel
BSL Limited (TSBSL) and Tata Steel Long Products
Limited (TSLP).
Forward-looking statements
Certain statements in the ‘expects’, ‘intends’, ‘may’, ‘will’, current expectations based on
Report regarding our business ‘plans’, ‘outlook’ and other words of reasonable assumptions. Actual
Approach to materiality operations may constitute
forward-looking statements.
similar meaning in connection with
a discussion of future operational or
results could differ materially
from those projected in any
These include all statements other financial performance. forward-looking statements due to
The Report presents an overview of our business
and associated activities that help in long-term E Environmental than statements of historical facts,
Forward-looking statements
various events, risks, uncertainties
including those regarding the and other factors. We neither
value creation. Report content and presentation are necessarily dependent on
financial position, business strategy, assume any obligation nor intend
is based on issues material to Tata Steel and its assumptions, data or methods
management plans and objectives to update or revise any forward-
stakeholders. Material issues are gathered from S Social for future operations.
that may be incorrect or imprecise
looking statements, whether as a
multiple channels and forums of engagement across and that may be incapable of
result of new information, future
the organisation and from external stakeholders. Forward-looking statements can being realised, and as such, are
events or otherwise.
In FY 2018-19, Tata Steel updated its Environmental,
Social and Governance (ESG) material issues and
G Governance be identified by words such as
‘believes’, ‘estimates’, ‘anticipates’,
not intended to be a guarantee of
future results, but constitute our
incorporated them in its long-term plans.
2 Integrated Report & Annual Accounts 2020-21 | 114th Year 3

Performance About Stakeholders Statutory Financial
Leadership Strategy Capitals Governance
Snapshot Tata Steel and Materiality Reports Statements
SUMMARY FY 2020-21
A year of resilience We achieved highest-ever

The first half of the financial year witnessed disruptions caused by the
pandemic. However, the domestic steel demand improved from the India deliveries as well
second half with favourable policies, increased government spending and as consolidated EBITDA
relaxed movement norms. We managed to deliver broad-based, market-
leading volume growth supported by our agile business model. during FY 2020-21.
Tata Steel (Standalone) Tata Steel (India) Tata Steel (Consolidated) Tata Steel (Standalone) Tata Steel (India) Tata Steel (Consolidated)
Crude Steel Production (MnT) Reported EBITDA per tonne (₹)
12.19 7% 16.92 7% 28.54 7% 17,764 45% 16,515 59% 10,838 73%
Deliveries (MnT) Reported profit-after-tax (₹ crore)
12.36 0% 17.31 2% 28.50 1% 13,607 102% 16,695 198% 8,190 599%
Turnover (₹ crore) Cash generated from operations – before tax (₹ crore)
64,869 7% 91,037 11% 1,56,294 5% 29,729 95% 39,612 135% 45,031 102%
Reported EBITDA (₹ crore)
21,952 28,587 30,892

Tata Steel (India) – Tata Steel standalone + Tata Steel BSL Limited (TSBSL) + Tata Steel Long Products Limited (TSLP)
45% 62% 71% Tata Steel (Consolidated) – Tata Steel India + Tata Steel Europe + Tata Steel South-East Asia + Rest of the World
Numbers pertain to FY 2020-21. The percentage increase/decrease is compared to FY 2019-20

HEALTH, SAFETY AND NEW BUSINESSES
Progress on new businesses

Our new initiatives
In a year like no other, we delivered robust performance and continued to consolidate
our industry leadership in India. The pandemic-induced challenges notwithstanding, we
increased our deliveries, introduced new and value-added products and strengthened
our health and safety standards.
Committed towards health and safety
Aashiyana Steel Recycling Business

Our online home building platform offering Tata » Completed shredder erection
Steel's entire product range generated a revenue of
» Launched brands for Ferrous Scrap: Tata
`726 crore in FY 2020-21, an increase of 130% Y-o-Y
FerroBaled® and Tata FerroShred® – first in
the world
» Launched first-of-its-kind app FerroHaatTM to
build a digital supply chain for scrap
New Materials Business

Health Safety » Enhanced manufacturing capacity of composites
business
» Rapidly augmented COVID-19 testing capability to
1,000 tests per day; undertaking RT-PCR and RAT
» Trained 13,000+ workforce on various safety
standards at Safety Leadership Development » Onboarded six manufacturing and supply partners Services and Solutions
tests across operating locations Centre in FY 2020-21 with a focus on asset-light model
» Tata Pravesh achieved best-ever yearly
» 56% high risk cases transformed to moderate or low » Reduced red-risk incidents by 61% Y-o-Y » Registered trademarks for graphene-enriched fabrics performance with 80,000+ installations
risk cases in FY 2020-21 related to lifestyle diseases ‘FABOUR’ and graphene-coating solutions ‘WONDRA’
» Installed 89 additional cameras at the Jamshedpur » Nest-In completed first major G+1 project
plant to enable remote operations through Light Gauge Steel Frame construction

COMBATING COVID-19 Other initiatives under the #CombatCovid19 programme
Combating the pandemic with the nation

The unprecedented health crisis triggered by the COVID-19 pandemic not only posed significant
threat to human life, but also impacted livelihood.
As the containment measures brought economic activities to a halt, socio-economic fallout was significant. At Tata Steel,
we rolled out multi-pronged programmes to ensure the health and safety of all stakeholders, while boosting healthcare
infrastructure and providing immediate relief to the community. #ThoughtforFood #StitchinTime #CashforWork
Worked with the District Engaged with communities to Helping increase the average
Administration to provide warm make 50,000 three-ply cloth income of 1,000 households
wholesome meals to 50,000 masks for frontline health workers by promoting kitchen gardens,
families a day in the worst-affected in need of Personal Protective linking farm produce to markets,
settlements and slums Equipment making bags from newspapers and
in Jamshedpur creating art and textile designs
#HopeSprings #FriendinNeed
Supporting the community Designed modules with trained Created a Suicide Prevention Centre
psychiatrists and happiness practitioners with a team of dedicated volunteers,
to pre-emptively address any trauma extending emotional support during
Reached out to faced by migrant labour brought upon the pandemic
During the first wave of COVID-19, the Tata Steel Foundation (TSF) due to the pandemic
undertook a 10-point #CombatCovid19 programme, reaching out
to more than 10.5 lakh people across India.
10.5 lakh
lives during the first wave
The programme was recalibrated in early 2021 and has reached over
4.5 lakh people since. The basic objectives remain:
» Enhancing public health systems capacity for communities
» Meeting deficits of material, information and well-being
6,000+
» Creating economic and other opportunities to address sociological hours of volunteering
impacts of the pandemic
The primary emphasis in 2021 has large-scale vaccination, we adopted #DigitalBridges programme.
been on expeditiously closing gaps a three-pronged approach to bring Moreover, it also helps reduce crowding Supporting our team members
in key consumables and equipment communities in and around our in facilities that provide public services.
available with public health systems operational areas on board. Our digital Along with Tata Main Hospital,
that serve communities in remote campaign, #ApnoKiSuno, focussed Jamshedpur and the state government,
We set up a 24x7 COVID-19 helpline for employees across locations to disseminate accurate
areas of Jharkhand and Odisha. towards effective behavioural change we are facilitating vaccination at seven and quick information, including those related to HR and medical.
These include ~50,000 home isolation communication through centres in the city.
Speak Up, a Coronavirus Guidelines Violation Reporting the freedom to select work locations of their choice and
kits, 3,78,000 testing kits, 10 ventilators crowd-sourced videos from Village
Our employee volunteering initiative, Helpline, was created and used extensively for reporting helped them make decisions pertaining to their personal
and oxygen concentrators, while more Heads on critical issues relating to
#FarRishta, has been activated to lend any violations of quarantine rules. For employees who lost life to enable better work-life balance.
than 6,000 oximeters and 2,000 thermal vaccination. These videos helped secure
a helping hand at major vaccination their lives to COVID-19, we have extended our social security
scanners have been provided to 10,000+ registrations. The new policies have encouraged a trust-based,
centres in Jamshedpur. Till date, schemes to the family, including medical benefits; this policy
frontline health workers to aid effective outcome-driven culture as well as helped attract and retain
We are also helping people register ~45,000 people have been reached out covers both frontline employees and shop floor workers.
early detection. the best talent available. Having invested in our digital
online for COVID-19 vaccination. across seven states through more than
The pandemic also invalidated the traditional thinking platforms for improved connectivity, we could seamlessly
Vaccination remains one of the primary What began as an initiative in Odisha 6,000 hours of volunteering.
of productivity being contingent on fixed hours of work implement the model to ensure continuity of work for
goals as well as challenges. Sensing and Jharkhand has now turned into
within an office environment and bust many myths around employees in their respective environment, presenting
the need to increase awareness a nationwide campaign, reaching
remote working. We implemented an Agile Working Model more opportunities for them.
around vaccination, as well as drive out to ~40,000 people through our
in November 2020. Flexible working provided employees

COVID-19 (CONTD.)
Medical support Liquid medical oxygen
The second wave of the We have been collaborating with the of initiatives involving technological
We have set up health infrastructure at all our We coordinated with state governments and local
central and state governments to process improvements at oxygen
administration to establish COVID Care facilities at all our COVID-19 pandemic saw
manufacturing and mining locations across augment the supply chain of Liquid generating plants have led to an over
operating locations.
an increase in demand for Medical Oxygen (LMO) in the country. eight-fold increase in LMO supplies from
Jharkhand and Odisha to ensure the health and The 1,000-bed Tata Main Hospital (TMH) at Jamshedpur Under guidance from the Steel Ministry, our plants from March to May 2021.
well-being of our people and communities. in Jharkhand has 450 oxygen beds and 78 ventilator beds oxygen for medical use. we have been supplying LMO from our
While there have been collaborative
dedicated for COVID care. In addition, 100 oxygen beds We are collaborating with all steel plants at Jamshedpur in Jharkhand
efforts from the Central Government,
have been provided to two subsidiary company hospitals and Kalinganagar and Dhenkanal
stakeholders to optimise the state governments and steel companies
and a 150-bed COVID care. Centre has been set up for in Odisha.
to manage the supply chain of LMO in
asymptomatic patients and those showing mild symptoms. LMO supply chain. Regular route optimisation exercises the country, we have taken a proactive
In Odisha, the Tata Medica Super Specialty Hospital in combining different modes of approach to set up large-scale COVID
55,000 tonne
Kalinganagar has 120 beds with provision of oxygen and transportation such as roadways, rail Care facilities with oxygenated beds
ventilators dedicated to COVID Care, including a 15-bed and air transport have resulted in close to our steel plants to enable usage
ICU facility. Along with the Odisha Government and district improvement of turnaround time of of oxygen near its production source and
administration, the NC Autonomous College at Jajpur has Liquid medical oxygen supplied till oxygen tankers and optimisation of the reduce time taken for transportation of
been converted into a 200-bed COVID Care Centre. At the May 2021 entire LMO supply chain. Further, a series LMO to the extent possible.
Tata Steel BSL plant in Dhenkanal, a 200-bed COVID Care
facility has been set up with oxygen supply and equipped
with oxygen concentrators.
COVID Care facilities have also been set up at different
locations. A total of 631 beds have been set up across our
operational areas in Jharia, West Bokaro, Noamundi in
Jharkhand as well as Joda and Gopalpur in Odisha.
We are establishing 1,500-bed COVID hospitals (facilities
with oxygenated-beds) at all our manufacturing locations
to augment the existing healthcare infrastructure.

Building on
our core
strengths
At Tata Steel, profitable growth remains the
bedrock of sustainability. In a year like no other,
we delivered a robust performance by leveraging
our core strengths, which also validates
our roadmap. Our strong free cash flows from
operations enabled us to deleverage and
accelerate capital deployment in immediately
growth-accretive projects.
The Kelpies, Falkirk, Scotland ABOUT TATA STEEL

The Kelpies are two monumental steel sculptures of horses’
heads. Visually stunning and standing up to 30 metres high, Corporate portrait 14
they represent a truly remarkable feat of engineering. Integrated operations 16
Our operational capacity in India (MnTPA) For its strength and versatility, more than 300 tonne of Tata Product portfolio and
Steel’s Celsius 355 hot-finished Structural Hollow Section was geographic operations 18
Present Target capacity by 2030 provided to create the complex frames that form the dramatic
Introducing our capitals 20
19.6 35-40
internal structure and were crucial factors in bringing The
Kelpies ‘to life’. Business model 22
Sure, we make steel. Value creation imperatives 24
Poised to double our India But #WeAlsoMakeTomorrow
capacity within a decade
CORPORATE PORTRAIT
Vision
Forging our resolve to We aspire to be the global steel industry benchmark for
Value Creation and Corporate Citizenship.
be future-ready We make a difference through:
OUR PEOPLE OUR OFFERINGS OUR INNOVATIVE

As one of the world’s most geographically diversified steel OUR CONDUCT OUR POLICIES
APPROACH
producers, Tata Steel strives to be the global steel industry
Mission
benchmark for value creation, corporate citizenship and
business ethics. Through our completely integrated operations in
India, we cater to a wide array of industries with an unparalleled Consistent with the vision and values of the founder
focus on innovation and cutting-edge technologies. Together, Jamsetji Tata, Tata Steel strives to strengthen India’s
industrial base through effective utilisation of staff
with our stakeholders, we are building a sustainable enterprise and materials. The means envisaged to achieve this are
that’s capable of standing the test of time. cutting-edge technology and high productivity, consistent
with modern management practices.
Tata Steel recognises that while honesty and integrity are
Operations Products Presence
essential ingredients of a strong and stable enterprise,
profitability provides the main spark for economic activity.
Integrated from mining Diverse product range Wide presence across Overall, the Company seeks to scale the heights of
to finished steel across segments the country excellence in all it does in an atmosphere free from fear,
Page 16 Page 18 Page 19 and thereby reaffirms its faith in democratic values.
At Tata Steel, we leverage

our innovation capabilities,
INNOVATION
Creating solutions that make a positive
TECHNOLOGY
Technology leadership is a strategic
Values INTEGRITY
We will be fair, honest,
transparent and
EXCELLENCE
We will be passionate
about achieving the
UNITY
We will invest in
our people and
RESPONSIBILITY
We will integrate
environmental and
PIONEERING
We will be bold and
agile, courageously
technology leadership and difference to the society with patents, enabler to achieve sustainable ethical in our conduct; highest standards partners, enable social principles in our taking on challenges,
new products and materials and differentiation and create everything we do of quality, always continuous learning, businesses, ensuring using deep customer
focus on sustainability to create developing in-house technologies. innovative businesses. must stand the test of promoting meritocracy. and build caring that what comes from insight to develop
long-term value. public scrutiny. and collaborative the people goes back innovative solutions.
relationships based to the people many
SUSTAINABILITY
on trust and times over.
Remaining committed to conserving mutual respect.
natural resources while ensuring
sustainable growth and fostering strong
relationships with communities.
Bogibeel Bridge, Assam, India

Spanning 4.94 km across the Brahmaputra, the Bogibeel bridge – India’s longest rail-cum-road bridge—shortens
travel time for no less than 5 million people in Assam.
Over 75% of the rebars used in the fully welded steel-concrete composite girders are Tata Tiscon SD, capable of
taking heavy loads and withstanding severe earthquakes. Helping bridge the gap between today and tomorrow.
But #WeAlsoMakeTomorrow.

INTEGRATED OPERATIONS
Inbuilt excellence for tomorrow and beyond RAW MATERIALS
Our fully integrated operations – from mining to finished steel production – enables us The making of steel involves complex metallurgical
to deliver superior value proposition. We invest continuously in process efficiency and processes and technological expertise of the highest degree. Coal
state-of-the-art technology with a relentless focus on innovation. We source most of our required raw materials from our • Sourced from two mine groups: Jharia
captive mines, which provide supply security and enable us Group and West Bokaro Group
to keep costs low as well as drive resource efficiencies. • Jharia has a leasehold area of
5,500 acres across two colliery groups
(Jamadoba and Sijua), five operating
MANUFACTURING FACILITIES IN INDIA underground collieries and washing
capacity of 3 MnTPA
• West Bokaro has a leasehold area of
4,300 acres, with two opencast sites, a
coal washing and processing capacity
of 6.5 MnTPA, and dispatch circuit and
loading station of 7 MnTPA
9.5 MnTPA
Coal washing and processing capacity
Jamshedpur Iron Ore

The Jamshedpur plant is our flagship • Sourced from the captive mines of
facility and is among the first steel Kalinganagar Noamundi in Jharkhand and Joda,
plants in Asia. It is also the only facility Commissioned in 2016, the Katamati and Khondbond in Odisha
in India to produce steel at the same Kalinganagar plant attained
site continuously for over 100 years. production levels at its rated capacity Dhenkanal • Jamshedpur and Kalinganagar procure
100% of their iron ore requirements
Our sustainable growth has been of 3 MnTPA in less than two years. Tata Steel BSL’s plant in Dhenkanal is from captive mines
driven by operational excellence and A capacity expansion to 8 MnTPA one of India’s largest integrated steel
culture of continuous improvement. (Phase II) is currently underway, which
will augment our product portfolio
mills equipped with steelmaking and 100%
In FY 2019-20, Tata Steel’s subsidiary, finishing facilities, with downstream Captive iron ore sourcing
Tata Steel Long Products Limited, with new value-added products while operations at Sahibabad (Uttar
(TSLP) acquired the steel business of driving operational efficiency. Pradesh), Khopoli (Maharashtra)
Usha Martin Limited with specialised and Hosur (Tamil Nadu).
~1 MnTPA alloy-based manufacturing
capacity in long products,
at Jamshedpur. Ferro Alloys
• Supplied by the Ferro Alloys and
11 MnTPA* 3 MnTPA 5.6 MnTPA

Minerals Division (FAMD)
• Minerals sourced from manganese ore
reserves of Odisha
Installed capacity Installed capacity Installed capacity
With over a century of experience, we strive to uphold responsible mining practices • India’s leading manganese alloy
*includes Steel Works, Jamshedpur (Tata Steel) and plant at Gamharia (TSLP) producer

PRODUCT PORTFOLIO AND GEOGRAPHIC PRESENCE
Catering to diverse customer segments Our footprint

(TATA STEEL LIMITED)
We are primarily involved in the business

of mining, steelmaking and providing
downstream value-added products and
solutions. Our operational footprint has S
S
been indicated on the map. S
AUTOMOTIVE INDUSTRIAL AND GENERAL ENGINEERING
Market sub-segments Products and brands Market sub-segments Products and brands 12
DOWNSTREAM S
10
11
S
Auto OEMs* (B2B) Hot-rolled (HR), Cold-rolled (CR), Coated Panel and Appliances, Tata Steelium (CR), Galvano (Coated), OPERATIONS 4 1
3 7 5 8
Tubes Manufacturing and Agrico S
16 6
Coils and Sheets Fabrication and Tata Astrum (HR), Tata Structura (tubes), 9 13 18
17
Capital Goods, Tata Astrum (for fabrication) 1 Jamshedpur S
14
Auto Ancillaries HR, CR, Coated Steel Coils and Sheets, Furniture (B2ECA) 2
S
(B2B) (B2ECA) Precision Tubes, Tyre Bead Wires, Spring 15

S
Wires Manufacturing
Wires, Bearings LPG (B2B) HR
1 Jamshedpur 2 Tarapur
S MANUFACTURING
LOCATIONS
Welding (B2B) Wire rods 3 Pithampur 4 Indore
Transmission Power Tata Astrum (for fabrication) Jamshedpur

Bearings Manufacturing
and Distribution Flat products: 7 MnTPA
5 Kharagpur
(B2B) Long products: 3 MnTPA
S
Process Industries Tata Tiscrome (ferro chrome), Tata
CONSTRUCTION RAW MATERIAL LOCATIONS
(Cement, Power) Ferromag (ferro manganese), boiler
Iron Ore Mines and Quarries
(B2B) tubes, Tata Pipes, Tata Ferroshots Kalinganagar
Market sub-segments Products and brands (Secondary Steel), Blast Furnance Slag 6 Noamundi 7 Joda East Flat products: 3 MnTPA
(Cement), Metallics (Secondary Steel),
8 Katamati 9 Khondbond
6 38
Individual House Tata Tiscon (rebars), Tata Pravesh (steel Coal Tar (Chemical Industry)
Builders (B2C) doors and windows), Tata Shaktee (roofing
Opencast Coal Mines
sheets), Tata Pipes (plumbing pipes),
Tata Structura (tubes) 10 West Bokaro
Zonal Hubs Steel Processing Centres
Corporate and Habinest (prefabricated houses),
Underground Coal Mines Delhi, Faridabad, Nagpur, SPCs across 11 locations (Jamshedpur,
Government Bodies AquaNest Water Kiosks, Ezynest Modular
11 Jamadoba Group 12 Sijua Group Kolkata, Chennai and Kalinganagar, Chennai, Kolkata, Faridabad, Manesar,
(B2B) (B2G) Toilets, MobiNest (office cabins), Nestudio
Vijayawada Pune, Mumbai, Indore, Delhi and Nagpur)
(rooftop houses), CanvaNest (EV charging
station), Smart Easy Nest (for smart cities) AGRICULTURE
RAW MATERIALS REVENUE STREAM
27
Infrastructure (B2B) TMT Rebars (higher dia rebars and (Ferro Alloys and Minerals)
corrosion-resistant steel) Market sub-segments Products and brands Ferro Alloys Plants Sales Offices
Housing and Tiscon Readybuild (cut and bend bars),
Agri Equipment Bearings 13 Joda 14 Bamnipal 15 Gopalpur
Commercial Tata Structura (tubes), PC Strands
(B2B)
(B2ECA) (LRPC)**, Tata Nirman (Fine Aggregates),
Manganese Mines
18 262 14,688
Tata Aggreto (Coarse Aggregates), Ground Fencing, Farming Galvanised iron (GI), wires, agricultural
Granulated Blast Furnace Slag (Binder in and Irrigation (B2C) and garden tools, conveyance tubes 16 Joda West 17 Bamebari
concrete), WAMA – GC for walling
18 Tiringpahar Stockyards Distributors Dealers
Notes:
B2B – Business to Business; B2C – Business to Consumer; B2G – Business to Government; B2ECA – Business to Emerging Corporate Account
*OEM: Original Equipment Manufacturer **LRPC: Low-relaxation Pre-stressed Concrete

INTRODUCING OUR CAPITALS

Human capital
Effective utilisation of resources Our people form the core of our operations. We invest in employee welfare
and happiness to drive performance excellence. Our work culture ensures
safety, health, competency enhancement and overall well-being of
Staying true to our founding philosophy of ‘profits with a purpose’, we have adopted our people.
a multi-capital, integrated approach in our decision-making and disclosure practices.
Communicating our business objectives using this approach helps our stakeholders 745 tcs/employee/year 0.55
Employee productivity Loss Time Injury Frequency Rate (LTIFR)
identify the most significant levers for value creation and preservation.
7.4% 17.2%
Women in workforce Affirmative Action community in workforce
Page: 82
Financial capital Natural capital

At Tata Steel, our focus is on optimising returns to the providers We depend on natural resources such as iron ore, coal and other minerals,
of our financial capital. We endeavour to maximise surplus funds which constitute our key raw materials. At the same time, land and water are
from both business operations and monetisation of assets indispensable for our operations. We strive for excellence in environmental
and investments. performance, climate change mitigation and adaptation, and resource
efficiency to reduce our ecological footprint.
₹64,869 cr. ₹21,952 cr.

Revenue from operations EBITDA Tata Steel Jamshedpur
Page: 68
2.29 tCO2/tcs 100% 2.25 m3/tcs 0.82 m3/tcs
CO2 emission intensity Solid waste Specific freshwater Effluent discharge
Manufactured capital utilisation consumption* intensity
It is our constant endeavour to adopt best available
technologies to maintain and upgrade facilities in our
integrated steel operations for improving efficiency, safety, Tata Steel Kalinganagar
sustainability and reliability of our processes.
2.44 tCO2/tcs 99.7% 4.16 m3/tcs 0.21 m3/tcs
CO2 emission intensity Solid waste Specific freshwater Effluent discharge
utilisation consumption* intensity
13.24 MnT 12.19 MnT 12.36 MnT

Hot Metal Production Crude Steel Production Deliveries *excludes drinking water consumption
Page: 72 Page: 90
Intellectual capital Social and Relationship capital

Our focus on innovation and research reinforces our drive to improve Our communities, customers and suppliers are critical to our business
operational efficiency, resource optimisation and sustainability. continuity and social licence to operate. We believe in building long-term,
We incorporate customer requirements (current and future) in our transparent and trust-based relationships with them through continuous
product development while also collaborating with experts, academia, stakeholder engagement and innovation.
technologies providers, research institutions, etc. for our Research &
Development (R&D) efforts.
1.61 83.3 844 201
million Customer Suppliers trained Critical suppliers
satisfaction through Vendor assessed on
₹231 crore 109 79 Lives reached
through CSR index (Steel) Capability Advancement Responsible Supply
R&D spend Patents granted New products developed (Score out of 100) Programme (VCAP) Chain Policy
Page: 76 Page: 98 activities
Note: Above figures pertain to Tata Steel Limited Note: tcs - tonnes of crude steel

BUSINESS MODEL (TATA STEEL LIMITED)
Steps to create long-term value

INPUTS VALUE CREATION APPROACH OUTPUTS OUTCOMES
FINANCIAL CAPITAL OUR VISION OUR VALUES STRATEGIC OBJECTIVES FY 2020-21 FINANCIAL CAPITAL
- Net Worth (₹ cr.) 91,267 HIGHLIGHTS - Turnover (₹ cr.) 64,869
- Net Debt (₹ cr.) 20,219
We aspire to be the INTEGRITY SO1 SO2
12.19 MnT
- EBITDA (₹ cr.)
- Savings through Shikhar25 projects (₹ cr.)
21,952
3,274
MANUFACTURING CAPITAL global steel industry EXCELLENCE Leadership in India Consolidate position as
global cost leader
Crude steel
production INTELLECTUAL CAPITAL
- Patents granted (Nos.) 109
- Steel processing centres - Own (Nos.)
- TSJ installed capacity - Crude Steel (MnT)
38
10 benchmark for UNITY SO3 SO4 13.24 MnT
- New products developed (Nos.) 79
- TSK installed capacity - Crude Steel (MnT) 3
value creation and RESPONSIBILITY Attain leadership Leadership in Hot Metal
production
HUMAN CAPITAL
- Health index (Score out of 16) (Nos.) 12.83
position in adjacent Sustainability
INTELLECTURAL CAPITAL corporate citizenship PIONEERING businesses
-
-
Diversity -% women in the workforce#
Employee productivity (tcs/employee/year)$
7.4
745
- Collaborations/memberships 20 Page: 42 12.36 MnT - Affirmative Action workforce (%) 17.2
(Technical Institutes) (Nos.) Deliveries - LTI (Nos.) 95
- Patents filed (Nos.) 119 - LTIFR (Index) 0.55
- R&D spend (₹ cr.) 231 - Workforce covered through formal 86.1
7.4 MnT trade unions (%)
Enriched/
HUMAN CAPITAL value-added NATURAL CAPITAL
- Employees on roll* (Nos.) 31,189 product sales - TSJ - CO2 emission intensity (tCO2/tcs) 2.29
- Investment in employee 151.12 - TSK - CO2 emission intensity (tCO2/tcs) 2.44
OUTBOUND LOGISTICS
- TSJ - Solid waste utilisation (%) 100
INBOUND LOGISTICS
training and development (₹ cr.) > 12 MnT - TSK - Solid waste utilisation (%) 99.7
- Employee trained (Person-days) 1,98,881 By-products
- TSJ - Dust emission intensity (kg/tcs) 0.29
generated
Rolling - TSK - Dust emission intensity (kg/tcs) 0.49
NATURAL CAPITAL products - TSJ - Effluent discharge intensity (m3/tcs) 0.82
- TSJ - Energy intensity (Gcal/tcs) 5.61 Mining - TSK - Effluent discharge intensity (m3/tcs) 0.21
- TSK - Energy Intensity (Gcal/tcs) 6.24 Processed - Total sites covered under biodiversity 52.38
- TSJ - Specific fresh water consumption** 2.25 Raw Material management plans (%)
(m3/tcs)
- TSK - Specific fresh water consumption** 4.16 SOCIAL & RELATIONSHIP CAPITAL
(m3/tcs) - Suppliers assessed based on safety (Nos.) 745
- Customer satisfaction index (Steel) (out of 100) 83.3
- Import of raw materials (MnT)
- Capital spend on environment (₹ cr.)
14.6
33 Tata Steel CUSTOMERS - Net promoter score (Out of 100) - Tata Tiscon 91
- Net promoter score (Out of 100) - Tata Shaktee 80
value chain - Suppliers trained through VCAP@ (Nos.) 844
SOCIAL & RELATIONSHIP CAPITAL Ironmaking Steelmaking Processing - Business associates trained on TCoC^ (Nos.) 1,747
- Pan-India dealers (Nos.) 14,688 centres - Critical suppliers assessed on 201
- Pan-India distributors (Nos.) 262 Responsible Supply Chain Policy (Nos.)
- Customer- facing processes (Nos.) 11 - Quality/customer complaints (PPM) 452
- Customer service teams (Nos.) 34 BY-PRODUCTS - Lives reached through CSR initiatives 1.61
PRODUCTS
- Active supplier base (Nos.) 5,071 (million)
- CSR spend (₹ cr.) 222 - Loyalty score (Out of 100) 88.5
# Diversity - % women in the workforce is defined as percentage of permanent women employees (officers + non-officers) as per Employee on Roll (EOR) report over total
workforce as per EOR report (includes doctors on contract)
$ Employee productivity is defined as amount of crude steel produced (in tonne) per employee in the given year. Employee count here is segregated based on Works/
TSJ - Tata Steel Jamshedpur
Services functions
TSK - Tata Steel Kalinganagar @ VCAP - Vendor Capability Advancement Programme
*Employees on roll - Number of permanent employees of company (officers + non-officers) except those on deputation + doctors on contract ^“Business Associate” here means suppliers, customers, vendors, dealers, distributors, franchisees, lessors, lessees or such other persons with whom Tata Steel has any
**excludes drinking water consumption business or transactional dealings including the Business Associate’s employees, agents and other representatives

VALUE CREATION IMPERATIVES
Drivers of sustainable
long-term value creation
Our stakeholders comprise providers of financial capital as well as other
stakeholders. Our value creation model leverages our core competencies and
focusses on creating a best-in-class integrated value chain. At Tata Steel, we
not only pursue financial outcomes but also invest in the sustainability and
preservation of natural resources, technology, the development and well-being
of our employees as well as communities to make us future-ready.
Medical Staff at Tata Main Hospital

remain committed to a healthier tomorrow
Imperatives for value creation

Structural Financial Cultural
• Balance the portfolio in favour of growing • Focus on deleveraging, fund profitable • Attract top talent by becoming an
Indian market for steel products and growth in India employer of choice
Contributing to global goals services
• Structural cost reduction through focus • Focus on safety leadership and
Through our process of managing our capitals and creating • Completion of capacity expansion at on raw materials security and logistics strengthen processes
value, we make significant contributions to the United Kalinganagar to reach 8 MnTPA infrastructure
• Leverage digital technology to
Nations Sustainable Development Goals (UN SDGs).
• Growth in long products portfolio and • Drive operational efficiencies and enhance efficiency and enable
Our priorities for sustainable development are aligned to
driving synergies from acquisitions cost effectiveness through structured business transformation
those of India as well as the steel industry. As a responsible
continuous improvement programmes
corporate citizen, we have mapped our capitals to • Attain leadership position in Adjacent • Focus on R&D and technology to
(Shikhar25)
the 17 SDGs. Businesses (New Materials, Services & achieve technology leadership in the
Solutions, Mining) • Consolidate position as global cost leader steel industry
• Create a sustainable business in Europe • Build a culture and capability of
breakthrough innovation
• Simplify and consolidate Tata Steel Group
companies • Foster a culture of agility

Enhancing
sustainable
value
Our business model is designed to create
long-term value for all our stakeholders.
With integrated operations across the
steel value chain, we are developing
world-class products and solutions, while
improving efficiencies and elevating
customer experience. We are also
investing in best available technologies
to drive business transformation in a
rapidly changing world.
OUR LEADERSHIP
Board of Directors 28
Chairman’s message 30
Management speak 34
BOARD OF DIRECTORS
Mr. Ratan N. Tata

Chairman Emeritus
Standing (Left to Right) Not in picture
Board Committees T. V. Narendran V. K. Sharma Peter Blauwhoff Deepak Kapoor Saurabh Agrawal Koushik Chatterjee Parvatheesam Kanchinadham
Chief Executive Officer Non-Executive Director Independent Director Independent Director Non-Executive Director Executive Director and Company Secretary & Chief Legal
1. Audit and Managing Director Chief Financial Officer Officer (Corporate & Compliance)
2. Nomination and Remuneration
3. Corporate Social Responsibility 3 4 5 6 5 6 1 4 6 1 3 5 1 4 3 4 5
& Sustainability
4. Risk Management
Seated (Left to Right)
5. Stakeholders’ Relationship
6. Safety, Health and Environment
Aman Mehta N. Chandrasekaran Mallika Srinivasan O. P. Bhatt
Member Independent Director Chairman Independent Director Independent Director
Chairperson
1 4 2 2 6 1 2 3

CHAIRMAN’S MESSAGE Dear Shareholders,

Transforming for a It is my privilege to write to you and present the Integrated Report for
FY 2020-21. I hope this letter finds you safe and in good health.
better future The past 18 months have been dramatic in a way we have not
experienced before. On one hand we have collectively faced
In 2021, the global economy is poised to grow 6% Y-o-Y,
driven by policy support and improving consumer sentiment.
overwhelming challenges and hardships. The human toll The outlook for the global steel industry in 2021 is positive,
alone is difficult to accept, and vulnerabilities in healthcare benefiting from the substantial fiscal stimulus – especially
and social safety nets across the world have been laid bare. infrastructure-supportive spending – by governments
At the same time, we have experienced advancement that we in the developed world and China, as well as the global
could not have imagined – from scientific breakthroughs to manufacturing recovery.
new ways of learning, living and working.
Beyond the near-term uncertainty, it is clear that the
The spread of the COVID-19 pandemic brought economic post-pandemic world will be unavoidably different.
activity to a near-standstill in the first half of FY 2020-21. Recent years have been marked, for example, by elevated
Global growth plunged 3.5% Y-o-Y in 2020 – the deepest geo-political volatility, accelerated technology disruption
global recession since the Great Depression. India’s and greater action to mitigate climate risks, among other
(FY 2020-21) GDP is estimated to have contracted by important global trends. The pandemic has accelerated many
7.7% Y-o-Y. Yet despite the dramatic toll on lives and of these shifts, while underscoring the pace at which we need
livelihoods, resurgent demand in China and a better-than- to act to remain ahead of the curve.
expected post-lockdown recovery in H2 meant the effect on
the global steel industry was relatively benign.
Over the entire pandemic
period, your Company’s
#CombatCovid19
programme and direct Tata Steel’s Four Pillars of
COVID care support has Transformation
reached the lives of over
Tata Steel Group has pursued four broad
one million beneficiaries,
dimensions of transformation that position us
providing medical and
strongly and boldly for the future. This strategy
sustenance supplies,
reflects in the steps we have taken during this
treatment, counselling
difficult, pandemic-disrupted year.
and livelihood support.
1
Resilience and Agility
One of the keys to our agility and resilience was a robust Two notable examples of resilience stand out.
risk framework, which raised early red flags related to the Despite challenging market conditions (India’s FY 2020-21
pandemic, giving the organisation an important head GDP contracted 7.7% Y-o-Y), deliveries at Tata Steel India
start – on the order of a month – for preparations increased 2% over FY 2019-20, enabled by a seamless shift to
which proved crucial. exports in the first half of the year. Tata Steel India was cash
positive in Q1FY2021, a significant achievement given the
In FY 2020-21, your Company achieved its highest ever
pandemic. Your Company has reclassified Tata Steel South
consolidated EBITDA of `30,892 crore with 71% Y-o-Y growth,
East Asia operations to 'Continuing Operations' from 'Held for
translating to an EBITDA per tonne of `10,838 and an EBITDA
Sale', on the back of a 50% increase in EBITDA to `549 crore.
margin of ~20%. This was driven by higher prices, a better
N. Chandrasekaran product mix, and operating efficiency initiatives. Your
This was enabled by higher prices and a focus on raw material
cost reduction.
Chairman Company also recorded its highest-ever free cash flow of
`23,748 crore, driven by efficient management of working
capital and a strong focus on cash.

2 Simplification and Scale India, Tata Steel Netherlands and Tata Steel UK. In India, We are working to push our sustainability ambitions
we ventured into the Steel Recycling business, a definitive even further, exploring new manufacturing processes
Riding the steel cycle to deleverage far beyond targets, and Operational integration focussed on improved efficiencies step towards a lower footprint production process across such as scrap-based electric arc furnaces and gas-based
successfully integrating key acquisitions, are key indicators has reflected in the robust financial performance of Tata Steel emissions, resource-use and energy consumption. During the direct reduced iron; investing ahead on promising green
of your Company being well-positioned for both inorganic BSL and Tata Steel Long Products, which delivered year, the company sent out its first raw material consignment technologies like Carbon Capture Use and Storage (CCUS);
and organic growth opportunities. As part of the enterprise FY 2020-21 EBITDA of `5,481 crore and `1,154 crore of ferrous scrap for trials, from its Scrap Processing Plant assessing the long-term supply of key inputs such as clean
deleveraging plan, Tata Steel Group completed deleveraging respectively, a marked improvement on FY 2019-20 EBITDA (0.5 MnTPA capacity) at Rohtak, Haryana. electricity and biomass for hydrogen production; and
of net debt by `29,390 crore (~$4 billion) in FY 2020-21, of `2,370 crore and `184 crore, respectively. securing supply of carbon offsets.
surpassing the annual deleveraging target of $1 billion. As a
Tata Steel BSL’s performance is particularly commendable.
result, its net debt-to-EBITDA ratio has dropped to a healthy
Its EBITDA grew 131% from FY 2019-20 to FY 2020-21, as a
2.4 in FY 2020-21, from 5.8 in FY 2019-20 and 3.2 in FY 2018-19.
result of increasing use of captive raw material, combined
This success has enabled us to continue critical capital
expenditure focussed on India, including the ongoing
cargo planning (inbound and outbound), and manufacturing
of Tata Steel branded products at Tata Steel BSL plants at
Tata Steel’s COVID-19 response
Pellet plant and Cold Roll Mill commissioning at Tata Steel arm’s length. This rapid business transformation experience
In this pandemic-defined year, Tata Steel has made considerable efforts to
Kalinganagar. Once completed, these investments will help will be invaluable as the steel industry’s consolidation
support our employees, families and communities in a number of ways. The
expand margins by boosting value-added products into the continues over the next decade.
second wave of the COVID-19 pandemic in India has seen a five to seven-fold
existing mix.
In Europe, the pandemic-induced economic contraction increase in the demand for medical oxygen. As of May 2021, Tata Steel India
We progressed further on simplifying the India business to saw a 11% reduction in 2020 steel demand over 2019 and has cumulatively supplied 55,000 tonnes of liquid medical oxygen from our
create four clusters: Long Products, Mining, Downstream created considerable challenges for Tata Steel Europe. installations. We also helped debottleneck oxygen transportation in the
and Utilities & Infrastructure Services. Most notably, progress Following the termination of the discussions with SSAB country by importing 40 cryogenic tanks, and more tanks are in the pipeline.
was made on the Scheme to amalgamate Tata Steel BSL and on Tata Steel Netherlands, the Company is focussed on
Over the entire pandemic period, your Company’s #CombatCovid19
Tata Steel, with both companies’ shareholders approving the performance and cash flows in the immediate term. The
programme and direct COVID-Care support has reached the lives of over
Scheme at a March 2021 meeting. process to separate Tata Steel Netherlands and Tata Steel
1 million beneficiaries, providing medical and sustenance supplies, treatment,
UK is currently underway. Tata Steel remains committed
counselling and livelihood support. Across the Company's operating locations
to arrive at a strategic and sustainable resolution for its
in Jharkhand and Odisha, over 1,600 COVID treatment beds were set up and
European portfolio.
50,000 vaccinations administered. Over 2 million cooked meals were provided
across various locations. In keeping with the ethos of the Tata Steel Group, we
3 are continuing to deepen and broaden our efforts in timely response to the
Technology and Digital Leadership evolving nature of the pandemic.
Tata Steel plants have been recognised widely for the Beyond core technology innovation, your Company will
pioneering use of advanced analytics to optimise the way pursue its digital sales channel. Revenue through Tata
raw materials are used, as well as embedding – through Steel India’s e-commerce portal Aashiyana increased to
capability building and worker training – the ability to `726 crore – growing 130% over FY 2019-20 – enabled In conclusion
continue driving improvements over time. In turn, this by more consumer touchpoints and higher adoption by
digital analytics effort has helped raise margins by several ecosystem partners. As the Indian economy recovers of the coming decade, we will strive must undertake and have begun
percentage points, making Tata Steel plants among the most from the pandemic, ongoing reform to be a leader in the transition to a with pushing targets and
Going forward, we will focus on six areas of technology measures and forward-looking policies greener economy – aiming to create a ambitions forward.
advanced steel plants globally.
leadership: utilising low-quality raw material; coatings of such as ‘Atmanirbhar Bharat’ have virtuous cycle of growth and returns for
This year, the Tata Steel Jamshedpur plant was recognised the future; mobility; carbon capture and usage; hydrogen Before I end, I would like to take
the potential to boost the growth our shareholders.
as part of the World Economic Forum (WEF) Global and water. this opportunity to thank all our
trajectory. The steel industry is also
Lighthouse Network, in addition to our IJmuiden and This is the challenge ahead of us and a employees and their families for
entering a phase which will see better
Kalinganagar plants. new frontier in an exciting journey for their profound contributions in these
spreads enabled by robust demand
the Tata group. As a large and diverse trying times. I would also like to thank
and geo-political factors. The strategic
conglomerate based in India, but with you shareholders for your continued
moves your Company has made over
4 Enabling Planet Resilience the last few years has given it the
a global footprint, we are uniquely trust, confidence, and support in the
positioned for this leadership. Our coming years.
structural and financial strength to
Leadership in mitigating emissions, in accessing low-cost environmentally efficient and cost competitive steel companies are present in 150 countries,
capture the opportunities that arise
clean energy, and in providing circular economy solutions producers in Europe and as a result, Tata Steel Netherlands is we employ over 7,50,000 people and
going forward, while ensuring its
will define our sector’s journey going forward. Tata Steel ranked in top 5 lowest CO2 emitting heavy industries by WSA. touch the lives of 650 million consumers.
resilience in the face of uncertainty
India and Tata Steel Europe are already recognised as I will be the first to say that we have a Warm regards,
But we know there is much more to be done. This year, we and a dynamic operating environment.
‘Sustainability Champions’ by the World Steel Association long journey ahead of us. But we are N. Chandrasekaran
created the long term decarbonisation plan for Tata Steel As we continue to position ourselves
(WSA). Tata Steel’s IJmuiden plant is among the most clear that this is the right journey we Chairman
to capitalise on the opportunities

MANAGEMENT SPEAK
Focussing on all round Q. The last year, though challenging,

has been rewarding for Tata Steel.
The EBITDA margin of the India business
was around 31.4% and that of Tata
our net debt substantially during the
year. Our credit metrics at the end of
excellence in an uncertain
What are your thoughts on the Steel (standalone) was 33.8% which the year have improved substantially
performance of Tata Steel in demonstrates the strength of with Net Debt to EBITDA under 2.5x
FY 2020-21? the business. and Net Debt to Equity less than 1x on
environment The COVID-19 outbreak towards the

end of FY 2019-20 brought economic
activities to a near-standstill in the first
Overall, we achieved a consolidated
EBITDA of ₹30,892 crore, driven by
multiple factors including improved
a consolidated basis. Going forward,
in FY 2021-22, we intend to reduce the
debt further while prioritising capital
allocation on the on-going expansion
half of FY 2020-21. Restrictions imposed market environment, a better
project in Kalinganagar.
on movement of people and business product mix, continued cost
activities to contain the spread resulted takeout programmes and benefits Q. What are the major focus areas for
in the contraction of global GDP by derived through operational and FY 2021-22?
Koushik Chatterjee T. V. Narendran 3.5% in CY2020. Since then, the global financial efficiency. With disciplined
Strengthening the Balance Sheet
Executive Director and Chief Executive Officer economy has been recovering, driven capital allocation and tight working
continues to be the enterprise strategy
by fiscal stimulus and accommodative capital management, Tata Steel’s full
Chief Financial Officer and Managing Director monetary policies, followed by good year free cash flow after capex was
of the Company. While we are seeing
a surge in COVID-19 cases in the
progress in vaccination. ₹23,748 crore. In FY 2020-21,
second wave across the country, we
consolidated profit after tax for Tata
Despite the challenges, uncertainties are focussed on completing the Cold
Steel Group stood at ₹8,190 crore,
and complexities due to the Rolling Mill complex and the Pellet Plant
significantly above ₹1,172 crore
pandemic, Tata Steel Group delivered in Kalinganagar in the next
reported a year ago. The increase
a strong performance in FY 2020-21. 12 months. Both these projects are
was mainly due to a significant
Consolidated steel production was at margin expansionary and are very high
improvement in the underlying
28.54 MnT while total deliveries stood IRR projects. We have also restarted
business performance resulting in a
at 28.50 MnT, marginally below that the work on the upstream expansion
robust level of earnings for the year.
of the previous year. Our consolidated in Kalinganagar. We aim to strike an
revenues increased by 5% to Q. Deleveraging has been your optimal balance between capital
₹1,56,294 crore, driven by strong strategy for a few years now and expenditure and debt repayment.
underlying performance of our India FY 2020-21 was very successful for
We are also expediting the
operations and improved performance Tata Steel on that front. Can you walk
simplification of Tata Steel Group
of our European operations. us through this achievement?
portfolio and creation of four major
In India, despite a slow start in the first As we mentioned earlier, our business business clusters – Long Products,
quarter of FY 2020-21, we delivered a decisions are pivoted on cash flows. Downstream, Mining, Utilities &
strong performance for the year. During an unprecedented year like Infrastructure Services. We are also on
Our business decisions during the year FY 2020-21 it was important to conserve course to amalgamate the business
pivoted around cash flows and internal cash flows using multiple levers. of Tata Steel BSL into Tata Steel and
fund generations. Hence balancing of Using discretionary judgement towards smooth integration of Tata Steel
sales between domestic and export this goal, we prioritised our capital BSL is important. We have obtained
markets supported by an agile supply expenditure across the Tata Steel Group the approval of shareholders on the
chain was crucial for our success level and restricted our spend to about scheme of amalgamation and are
in the first half, while the second ₹7,000 crore. Our focus on operational now working towards obtaining the
half witnessed a strong economic excellence, including working capital necessary statutory approvals. It
recovery. Most of the steel consuming management and aggressive liquidity is important to mention that since
sectors rebounded with support management, helped us reduce our net acquisition, Tata Steel BSL has reduced
from government spending, pent-up debt by ₹29,390 crore. As a result, our its leverage significantly by ~60% and
demand and easing liquidity. Our India consolidated net debt at year end was therefore has significantly paid back the
operations (which include Tata Steel at ₹75,389 crore, down 28% from FY acquisition cost. We are also focussing
BSL and Tata Steel Long Products) 2019-20. While as a policy we have an on enhancing our footprint in the long
generated revenues of ₹91,037 crore, up annual target to reduce our gross debt products and the mining business.
11% Y-o-Y. by $1 billion, we have accelerated our
deleveraging programme and reduced

We are also focussing on scaling the creation of enabling infrastructure, We are also leveraging technology
our adjacent businesses. In Services to tap into the global technology and to enhance our environmental
and Solutions, we are restructuring innovation ecosystem. We will continue responsiveness and are on course As a responsible corporate
our distribution channels to cater to to progress on the technology roadmap to establishing best-in-class
different segments while enhancing to create innovative products, invest in manufacturing and distribution citizen, we are deeply committed
our manufacturing and execution new processes and rework our business facilities to improve our operational and to providing resources and
capability. As we are seeing an model in the future. Our workforce is environmental performance. support to help the community
urgent need for enhancing health one of our key assets. In FY 2020-21, Tata Steel, being a signatory to the
infrastructure in the country, our Tata Steel was recognised as the best Task Force on Climate Related Financial in all possible ways during this
Nest-In prefabricated product is now workplace in manufacturing (fourth Disclosures, has identified transition unprecedented crisis in the
being deployed in providing COVID-19 time in a row) by Great Place To Work risks and opportunities to decarbonise
isolation centres and for expansion of and in the coming year we will continue its operations over a period and plans to
country.
COVID-19 bed capacity across to work on diversity and inclusion. mitigate these risks across
the country. We are therefore scaling All of these initiatives are part of our all geographies.
up capacity and capability in this space. strategy to be future ready and build Supporting communities during unprecedented times
We have also made progress in our steel
In the New Materials business, we are on the foundations of an agile culture
recycling business initiative, which is a
investing in creating a robust new across the organisation.
definitive step towards sustainable steel We will continue to pursue our goal to infection. Using our digital tracking of the region with food, sustainable
product funnel while building strategic
The process to reorganise our European production. It will enable us to achieve be the industry leader in sustainability app ‘Suraksha’, we were able to livelihood, provided safety support
relationships. Sustainability and climate
portfolio, including the separation of lower carbon emissions, resource by reducing our CO2 emission intensity continuously monitor our workforce. to the vulnerable communities and
continues to be core focus areas in
Tata Steel Netherlands and Tata Steel consumption and energy utilisation. and specific fresh water consumption, Risk profiling of employees provided augmented the medical facilities at
our strategy and business operations.
UK businesses, is in progress. This will During the year under review, developing sustainable supply chain visibility of critical skillset availability the designated hospitals for medical
We will continue to reduce our carbon
lead to more focus, higher performance we despatched our first raw material and contributing towards the future to plan and manage operations which treatment.
emission footprint through process
accountability and optimise the consignment of ferrous scrap for trials circular economy. avoided any production loss due to
innovation and operational efficiency In response to the health and
global footprint. The Transformation from the state-of-the-art scrap closure or stoppage of facility. The
improvements. Q. While the focus on achieving sociological consequences of the
Programme aimed at improving processing plant of 0.5 MnTPA at deployment of video-based analytics
growth for the business is important, second wave of the pandemic in recent
We are also strengthening our business productivity and rationalisation of costs Rohtak, Haryana. We will continue ensured adherence of social distancing
the COVID-19 pandemic is still not months, we further scaled up our health
enablers. Tata Steel over the past few has started delivering in the last year our quest to remain industry leaders and mask wearing norms. Supported
over, and this is certainly a risk for and medical infrastructure. We now
years has invested in building its digital and we expect to accelerate it further in in sustainability by setting new by 'Anywhere, Anytime, Secure
your people. What steps have you have around 1,600+ COVID-19 beds in
infrastructure, which helped tide the year ahead. benchmarks for a better tomorrow. computing', we were able to seamlessly
taken to ensure the safety and the hospitals run or partnered by the
over not only the initial phase of the shift to a work from home model and
Q. Globally many organisations are Supply chain is an integral part of well-being of your people in Company which has all the modern
pandemic but continues to provide us continued production with a skeletal
focussing on their responsibility our operations. We have adopted a these times? facilities to treat COVID-19 patients, who
with the critical enabler for business on-site workforce. We also proactively
towards sustainable business Responsible Supply Chain Policy which are mostly from the community in and
analytics and automation. We will Yes, the pandemic continues to be very ramped up medical infrastructure in all
practices. What steps is Tata Steel is based on four important principles around our operations in Jharkhand
continue to invest very significantly prevalent in the country and our areas of operations which catered to
taking on this front? of Fair Business Practice, Human Rights, and Odisha. Our frontline employees,
in digital across all business processes the world. As we have always the communities in which we operate.
Health and Safety and Environmental be it doctors, nurses, paramedics, lab
in the Company. As a company, we At Tata Steel, sustainability has always maintained, our people are our first
Protection. Q. Tata Steel has always been technicians, ward boys, volunteers
are also focussing significantly on been core to our strategy and business priority. We are committed to achieving
recognised for its service to the and all support staff including the
technology, and we have identified six operations. As a responsible corporate Both, Tata Steel India and Tata Steel ‘Zero Harm’ and are working on various
community at large. Can you CSR employees, security personnel,
technology leadership areas, along with citizen, we firmly believe in creating Europe have been recognised by strategies to continuously enhance the
highlight your contributions to help employees manning civic facilities at
long-term sustainable value for all the World Steel Association as Steel health and safety standards within the
the society? different locations have been working
our stakeholders. We recognise our Sustainability Champions for the organisation.
tirelessly to support the CSR and
responsibility towards our people, fourth year in a row. The recognition During the last year, our CSR programme
Our primary focus during the pandemic community support programmes of the
We are also focussing our communities, the environment, is a testament to our commitment to
continues to be on the safety and
reached more than 16 lakh (1.6 million)
Company. As a responsible corporate
and the planet at large. We are taking sustainable business practices and lives in the areas of health, access to
significantly on steps aligned with the UN Sustainable our continued efforts to go beyond
well-being of our employees.
drinking water, education, livelihood,
citizen, we are deeply committed to
technology, and we have The frontline employees who have providing resources and support to
Development Goals and have stakeholder expectations. sports and infrastructure development
been running the operations, supply help the community in all possible ways
identified six technology incorporated the same in our long-term During FY 2020-21, we also became a
chain and commercial functions have
and most importantly through the
during this unprecedented crisis in
strategy and sustainability targets. member of ResponsibleSteel™ - interventions to support the community
leadership areas. As a responsible corporate, Tata Steel the steel industry’s first global
been working tirelessly during the
to combat the COVID-19 pandemic.
the country.
year to ensure smooth functioning
supports the UN Global Compact and multi-stakeholder standard and
of the business. We adopted the During the first wave of the pandemic
strives to integrate its 10 principles in all certification initiative.
POD concept across our operations in India, we could support about 10 lakh
facets of the business.
which ensured continuity of business (1 million) citizens. We supported the
operation while containing the communities and migrant labourers

Creating
materials of
the future
At Tata Steel, we focus on developing solutions
Narendra Modi Stadium, Ahmedabad, India
in sync with changing customer preferences. OUR STRATEGY
The world’s largest cricket stadium at Motera, Ahmedabad, is a sight to behold. With a
Backed by strong R&D, we have launched seating capacity of 1,10,000, the stadium is a landmark achievement of national
several value-added products. We forayed into sporting importance. Strategy planning 40
advanced steel grades for future mobility needs 11,000 tonne of Tata Tiscon rebars – 75% supplied in customised sizes – went into the Strategic objectives 42
and are developing alternatives to imported making of this magnificent structure, along with 41,000 couplers and 84,000 threads. Risk management 44
Ensuring timely completion of this project defined how the game is enjoyed tomorrow.
steel grades in the construction segment. Opportunities 54
Sure we make steel.
We also entered the new materials business to But #WeAlsoMakeTomorrow.
explore opportunities beyond steel.
STRATEGY PLANNING
Strategic Objectives
Thinking ahead to retain competitive edge We aspire to be the most
valuable and respected steel
SO1 SO2
company globally by 2030. Leadership in Consolidate position as

Our strategy planning process is influenced by the Vision, Mission and Values of the India global cost leader
organisation, along with the strategic direction provided by the Senior Leadership Team. In pursuit of this goal, we
As part of the process, we examine both external and internal business environment have refreshed our Achieve scale to meet the We aspire to be a global
and factor in potential risks and opportunities that could disrupt the industry. long-term strategies and growing steel demand in India benchmark in operational
and also be the most respected efficiency, ensure raw material
Materiality assessment provides insights to the changing needs of all our stakeholders. extended the horizon and preferred choice of security and strengthen our
to 2030. The priority for discerning customers. logistics infrastructure.
Our long-term strategies and annual business plans are formulated as an outcome of the next five years is to
the integrated strategy planning process. The overall strategy and plans are cascaded improve the structural
down to individual divisions/departments with clearly defined responsibilities across all and financial strength of SO3 SO4
employee levels. the Company. This will
provide the foundation for Attain leadership position Leadership in
growth thereafter. in adjacent businesses sustainability
(NMB*, S&S**, Mining)
Vision Mission Values Tata Steel aspires to take a
leadership role in sustainability
To achieve Tata Steel’s vision of the
in the steel industry. Technology
future, it is important to explore
*NMB - New Materials Business will be a key enabler to address
and lead in adjacent businesses that
**S&S - Services and Solutions the growing challenge in a hard
leverage our capability and market
to abate sector such as steel.
opportunity. The approach is to
have a capex-lite business model,
differentiated through innovative
solutions, technology and knowledge.
Material Leadership
issues direction
Enterprise Strategic enablers SE
Strategy risk management
Development Be the best place to work for in Be part of the Top 5 in technology
Identification
Strategic Objectives and manufacturing in India in steel industry globally
Strengths Opportunities Assessment
and weaknesses Enablers and threats
Mitigation Tata Steel aspires to be the Best Place to Work for in Tata Steel aspires to become the top choice of its customers
Long-term Strategy Manufacturing, in India with a workforce that is future by being a world-class steel technology company and
Internal External Review and monitoring ready, engaged, and high performing. demonstrating technology leadership globally.
context context
Be the digital leader in steel industry globally Foster a culture which makes Tata Steel future ready
The steel industry is becoming smarter and more agile, A well-defined culture shapes our corporate identity, paving
evolving towards Industry 4.0. COVID-19 has accelerated the way for success and a lasting legacy. It is essential to focus
this trend by years. on creating the right organisational culture that encourages
Strategy Long-term Plan Annual Business Plan
Tata Steel has made significant progress on the digital agility and innovation while nurturing other traits which are
ingrained in the organisation (like ethics, safety, continuous
deployment journey and aspires to use technology to be a digital leader
in the steel industry globally by 2030. improvement, and culture of giving back to the community).

STRATEGIC OBJECTIVES
Resolute steps towards tomorrow

Strategic objectives Focus areas Key performance indicators Goals
At Tata Steel, we aspire to be future-ready structurally, financially and culturally, in our SO1
pursuit to be the most valuable and respected steel company in the world. For our • Increase capacity of India • Crude steel capacity • 35-40 MnT Capacity
Indian operations, we have identified four Strategic Objectives (SOs) to create sustainable operations through organic by 2030
and profitable growth. and inorganic growth
• Attain and retain leadership • Market share • Enter new segments

Leadership in chosen segments and sustain #1 position
in India (current and new) in existing chosen
segments
SO1 SO2
Leadership Consolidate position SO2

• Continue to invest in raw • Captive coal (%) • Maintain cost
in India as global cost leader material security

• Captive iron ore (%)
leadership at market
price of raw materials
• Cost improvement and • Value accrual • Cost reduction and
Consolidate value enhancement value enhancement
position as global through structural
interventions and Shikhar25
cost leader continuous improvement
programmes
SO3
• New Materials Business • Revenues • Enhance revenue from
adjacent businesses
• Services and Solutions
• Commercial mining
Attain leadership
position in adjacent
businesses
SO4
• Benchmark in CO2 • CO2 Emission Intensity: • <1.8tCO2/tcs by 2030
emissions tCO2/tcs
• Benchmark in water • Specific fresh water • <1.5 m3/tcs by 2030

management consumption: m3/tcs
• Aim for water neutrality
SO3 SO4 Leadership in by 2030
sustainability
Leadership in
• Value creation using • Capacity of Steel Recycling • > 5 MnT by 2030
Attain leadership position circular economy
business models
Business (SRB): MnTPA
• Increase IBMD EBITDA
• Value created from Industrial by 2.4 times by 2030
in adjacent businesses sustainability By-products Management
Division (IBMD) business
over 2020

RISK MANAGEMENT
Commodity risks
Risk landscape and mitigation measures Raw materials (mainly coal
and iron ore) are a significant
contributor to the input
Macroeconomic and Market risks cost in steelmaking. These
commodities have global
COVID-19 induced restrictions may affect demand supply chains and their prices
and supply chains thereby impacting sales. get impacted by various factors
Steel demand is also affected by trade such as dynamic geopolitical
barriers and protectionist policies. Fast-paced landscape, supply-demand
technological changes and shifting customer imbalance, weather patterns,
preferences may necessitate adoption of newer policy interventions by
grades of steel and/or alternate materials. governments in key sourcing/
consuming countries (especially
China), etc. Our profitability
can get significantly impacted
due to the volatility in raw
Mitigation strategies
material prices.
As domestic steel demand plunged in demand for steel globally, the exposure to business cycles.
due to COVID-19 induced lockdowns realisations improved sharply. We It has also built distribution channels
in Q1FY2021, sales were diverted remain vigilant of the evolving internationally to enable exports as
for exports. New international markets pandemic situation and its impact on and when desired.
were explored which provided better steel-intensive sectors.
Steel is a cyclical industry and the
net realisations. Support was provided
In our endeavour to enhance footprint only way to beat this cyclicality is by
to distributors impacted by liquidity
in India, we have built a diversified offering solutions. We have forayed
crunch. To support the fight against
portfolio of product offerings for into ready-to-use steel for construction
the pandemic, we designed and
customers from a range of industries industry and introduced products
launched isolation and quarantine
to counter slowdown in any one such as steel doors and windows,
units using Nest-In and NMB solutions. Mitigation strategies
sector, region or segment. furniture to enhance our retail
During the lockdown, focus was on
Dedicated marketing and sales teams customer base. Sustainable solutions There is a significant co-relation a predictive analytics tool to have key vendors. We proactively engage on
generating and conserving cash
service customers and build deep (coated products) such as GalvaRoS between raw material and steel prices advance information on price direction assessing the risk of single geography
for exigencies.
customer engagement by customising and Colornova and customised (sometimes with a lag). The balance so as to optimise buying decisions. sourcing and mitigations have been
The implementation of unlock products, improving reliability and solutions for the agriculture sector risk is addressed through matching The captive/domestic raw materials put in place to diversify sourcing and/
measures in June 2020, resulted in providing value added services. like Agronest have been introduced. the sales tenure with the procurement provide another avenue to guard or find alternate materials.
faster than expected recovery for Tata Steel has invested in building a We are also diversifying our product tenure (e.g. annual fixed price steel against volatility as they have relatively
steel-intensive sectors. Initially the strong marketing franchise with well- offering beyond steel by introducing contract to have an underlying fixed stable cost/price.
focus was on sales in non-containment regarded brands and a large network new materials like composites, Fibre price iron ore) either through physical
Tata Steel has undertaken risk
zones and subsequently in improving of dealers and retailers across the Reinforced Products, etc. contracts or through use of hedging
assessment to assess the capability of
domestic availability by reducing country. This helps in increasing the instruments. We have also developed
exports. With the improvement stickiness of sales and reducing the
Strategic linkage Capitals impacted Strategic linkage Capitals impacted

Leadership in India Financial capital Leadership in India Financial capital
Manufactured capital Consolidate position Manufactured capital
Attain leadership position
as global cost leader
in adjacent businesses Social and Relationship capital

Safety risks Operational risks

We operate across multiple Steel industry is capital-intensive and
manufacturing locations and are subject maintenance of critical assets is vital.
to various stringent safety laws Conventional maintenance practices
and regulations. Non-adherence may be inadequate to deliver highest
to process and workforce safety standards of equipment reliability
requirements, safety laws and leading to unplanned interruptions of
regulations may impact business operational processes
continuity and reputation.
COVID-19 contagion poses risk to
workforce health and safety, and may
lead to business disruptions.
We have created a strong safety ensuring business continuity. Setting management have been developed.
governance structure and established up of an empowered committee of Standard operating procedures,
a robust safety management system. the Senior Leadership Team to tackle relevant during and post COVID-19
Business Continuity Management the COVID-19 pandemic facilitated operating environment, have been With a dedicated team, Tata Steel 4th Industrial Revolution Lighthouse’ We remain vigilant of the evolving
process is institutionalised through agile decision-making and quick developed and disseminated across focusses on formulation and execution by World Economic Forum is a pandemic situation and have taken
the development of Tactical Centre deployment of organisation-wide the organisation. Adherence to these of advanced maintenance practices testimony to the effectiveness of the several measures towards employee
for response to any major onsite initiatives. An in-house developed is being implemented and monitored to improve plant availability organisation’s investments in state-of- health and safety while ensuring
emergency. The Process Safety, prediction model is being used to vigilantly to ensure safe workplace. and reliability. We have developed the-art equipment and processes. continuity of business operations.
Centre of Excellence approach has predict manpower availability for up Maintenance Technology Roadmap
Safety Reward & Recognition Digital initiatives are also being
been deployed for standardised to 30 days, based on trend of COVID-19 (MTR) for transitioning to Predictive
has been introduced to motivate undertaken to optimise inventory and
implementation of Process Safety positive cases and recoveries. Digital Maintenance based regime. This will
employees towards positive safety improve process efficiencies to achieve
Framework in all high hazard COVID-19 dashboard is in use to help to improve asset reliability across
behaviour. Safety is key to our business benchmark availability at optimal cost.
processes. Safety trainings are provide real-time information on the steel value chain. Robust digital
operations and is a core business result
conducted to meet the requirements COVID-19 profile of workforce, ecosystem, enabled leveraging data Focused drive towards indigenisation
for all employees in their performance
of employees, contractors and other across locations. Video analytics has science and IoT for real-time shutdown of spares has helped in self-reliance
management system.
relevant stakeholders as a part of been leveraged to sense crowding. management which was vital for and is also aligned to ‘Make-in-India’
safety competency and capability AI-based ‘face mask detection’ ensuring optimal coordination concept. Accordingly, several vendor
enhancement initiative. has been introduced within plant during pandemic. partners are being developed to
premises. Digital COVID-19 safety supply world-class quality spares with
We leverage our digital ecosystem to Recognition of Tata Steel's Jamshedpur
applications such as contact tracing, minimum lead time.
manage the health and safety aspects and Kalinganagar units as ‘Advanced
Suraksha scanners, and containment
arising due to the pandemic whilst

SE Strategic enablers Manufactured capital Leadership in India Financial capital
Human capital Manufactured capital
Natural capital

Supply chain risks Financial risks

The supply chain network Tata Steel has a large debt portfolio and is
is subjected to physical and exposed to volatility in financial markets which
environmental destructions, can impact the access to and cost of capital.
trade restrictions due to We are also exposed to currency volatility given
geopolitical tensions and our import requirements, foreign currency debt
disruptions at suppliers. as well as offshore operations. Concerns over
The developing rail, road, climate change within international financial
port infrastructure, handling community can adversely affect credit appetite
facilities and dependence on for the steel sector.
outsourced partners may lead Lower than planned cashflow generation due to
to disruption of operations. pandemic resurgence coupled with slow pace of
vaccination may affect the targeted improvement
in credit ratings.
Mitigation strategies Mitigation strategies

Tata Steel has a dedicated team rakes to improve reliability of its supply used and alignment of production We are deleveraging through internal set for the year. Capital allocation for We are focussed on reducing our
focussed on managing its chain network. plans of mills with export schedules cash generation and monetisation of margin expansionary growth projects carbon footprint and continue
supply chain. We are continuously helped to accommodate higher non-core assets. We have consciously in India has restarted within the to improve our disclosure on
We undertook several initiatives to
working towards diversification in export volumes. diversified our sources of capital to contours of the targeted sustainability performance through
mitigate supply chain disruption
sourcing and expanding our vendor tap alternate pools while exploring financial framework. various disclosure platforms
due to the pandemic. Licences were We remain vigilant of the evolving
base from other geographies to financing opportunities. We are and publish sustainability KPIs
obtained to continue operations pandemic situation as we closely The progressive unlocking of economy
manage supply chain disruptions. continuously working towards in accordance with international
and minimise disruption in supply monitor critical elements in our has supported faster than expected
Tata Steel has partnered with ports, increasing our debt maturity to reporting frameworks.
chain. Exposure of crew and ships supply chain. recovery in steel and allied sector and
shipping companies and logistics provide additional flexibility to
to high-risk countries was being a stronger cash flow position for us.
service providers including Indian the business.
monitored to assess potential However, we are keeping a close watch
Railways and trucking companies.
quarantine requirements. To counter the challenges posed by on pandemic resurgence as it may
Measures like logistics network
COVID-19, a cash war room was set up. adversely affect the pace of
optimisation, improving operational Close coordination with railways,
Business decisions were pivoted to economic recovery.
capacity at loading/unloading points trucking operators and ports ensured
achieve cash neutrality in operations
and upgradation of existing facilities smooth movement of raw materials A dedicated team manages the
by reducing spend, managing
are being undertaken. Tata Steel and finished goods. currency exposure guided by the
working capital and reducing capital
has invested in schemes like Special hedging policy and hedges exposure
As domestic sales dropped, active expenditures. Despite the challenges
Freight Train Operator (SFTO) and on a rolling basis.
management of shipping vessels and posed by COVID-19, we have been
General Purpose Wagon Investment
ports, portfolio expansion of ports able to deleverage beyond the target
Scheme (GPWIS) for inducting private

Leadership in India Financial capital Leadership in India Attain leadership position Financial capital
Consolidate position Manufactured capital in adjacent businesses
Consolidate position
as global cost leader Leadership in sustainability
as global cost leader

Information security risks Climate change risks

We focus on enhancing our Stringent climate laws and regulations for accelerating
digital footprint throughout transition to a low-carbon economy, preventing loss of
the value chain, including our diversity, technology disruptions and shifting customer
customers, suppliers and other preferences to alternative materials may adversely impact
stakeholders. Transition to profit margins. The pandemic has further accelerated
remote working models and megatrends like climate change and increasing customer
accelerated adoption of digital preference for sustainable products.
technologies has increased
vulnerability to cyber-attacks.
Non-compliance to IT
legislations and regulations Tata Steel has adopted the Task Carbon Capture and Use, maximising Life Cycle Assessment study has been
may lead to business disruption Force on Climate-related Financial scrap usage etc.). Tata Steel has undertaken for our products. Our
Disclosures (TCFD) framework and signed a strategic memorandum of offerings Tata Pravesh, GGBS and Tata
and imposition of penalties. strengthened the internal governance, understanding (MoU) with the Council Structura have received GreenPro
disclosures and policy advocacy for of Scientific & Industrial Research certification.
transitioning to lower carbon regime (CSIR) to work towards accelerating
As an outcome of our efforts,
of operations. Adoption of best development and deployment of
Tata Steel has been recognised
available technologies for Waste Heat CCU&S technologies in the steel
as a ‘Sustainability Champion’ by
Recovery (WHR) such as Top Recovery industry. To reduce GHG emissions
Worldsteel for four consecutive years
Turbine (TRT), Coke Dry Quenching through increased use of renewable
and received the Climate Action
(CDQ), use of by-product gases in energy, Tata Steel had engaged
Programme (CAP) 2.0-degree Award
power generation and other energy with The Energy and Resources
Mitigation strategies in the Energy, Mining and Heavy
efficiency initiatives have resulted in Institute (TERI) and is working on
Manufacturing Sector by CII Centre
Over the years, we have made architecture. We are also building Threat Protection (ATP) for protecting improving resource efficiency, as well implementation of solar power plants
of Sustainable Development. It is
several investments for digital capacity and resilience in network from Phishing/Spam mails, Data as reducing carbon footprint. Over across locations.
now part of ResponsibleSteelTM,
transformation. SAP and other through migration to Software- Leak Prevention (DLP) over internet the last five years, there has been
Biodiversity is an important pillar in the industry’s first global multi-
corporate systems which were defined Wide Area Network (SDWAN). connections via cloud proxy and significant reduction in coke rates
our sustainability journey and several stakeholder standard and certification
On-Premise have been migrated to The adoption of next-generation SOC Work from Home (WFH) seamless and and dust emissions, along with 100%
initiatives have been taken in initiative that helps its members
Cloud. We have a distributed Hybrid controls and technologies has resulted secure connectivity over zero. trust slag utilisation (‘Tata Aggreto’ and
FY 2020-21. Over 2.98 lakh saplings improve sustainability within the steel
Multi Cloud Environment with SAP in proactive detection of unwarranted architecture. We have enacted various ‘Tata Nirman’ products developed
of native species have been planted supply chain. Tata Steel Group has
and other Corporate Applications on system breach and timely mitigation policies and procedures to ensure for construction purpose), increase in
across locations. Sir Dorabji Tata been rated 'A-' in the ‘Leadership Band’
IBM cloud, Analytics applications on of the same, ensuring business data privacy. Proactive software asset scrap usage, focus on scrap recycling
Biodiversity Park and Ecological on Climate Disclosure in CDP’s 2020
Google Cloud Platform (GCP) Data continuity. Significant efforts have management to ensure compliance. and zero water discharge.
Importance Park have been developed assessment. It has also been presented
Visualisation Platform on AWS and been made to increase awareness Tata Steel has pioneered the steel at West Bokaro and Jamshedpur, with several awards such as the CII-ITC
We have onboarded third parties for
Collaborations Platform on Azure. amongst workforce with respect to recycling business in India, and a respectively. Rejuvenation of water Sustainability Award, IIM National
implementation of security safeguards
The Edge Computing systems like Mill cybersecurity. This ensured seamless 0.5 MnTPA plant has been set up for bodies have been undertaken for Sustainability Award and CII 3R Awards
and controls and subsequent
Execution Systems (MES) are by design migration of our work processes to processing scrap. biodiversity conservation and water 2020 for demonstrating Reduce, Reuse,
identification of security
kept On-Premise. remote working models across our conservation. Recycle principles in by-products
deployment gaps. A Centre of Excellence has been
locations during the pandemic. management.
Our Network Topology is a constituted to identify and implement To promote consumer behaviour of
We also implemented Advanced
multi-layered and ring-fenced network projects for CO2 reduction (e.g., buying cleaner and greener product,
Strategic linkage Capitals impacted

Strategic linkage Capitals impacted
Leadership in India Financial capital
Leadership in India Leadership in sustainability Financial capital Natural capital
Consolidate position Intellectual capital
as global cost leader Manufactured capital
Consolidate position
SE Strategic enablers as global cost leader Social and Relationship capital

Community risks Regulatory risks

Our operations recognise a societal Our operations are governed by
context shared with communities various statutes encompassing law
proximate to our locations and and regulations for environment
are guided by a co-created and climate change, trade measures,
aspiration of significant and lasting competition, taxes, mining and
betterment in the well-being of others. Any deviation in compliance
the region. This is fostered through and adherence has the potential
continuous dialogue, understanding to not only impact our operating
of vulnerabilities, recognition performance but also dent our
of aspirations and appreciation reputation. The continuously evolving
of cultural nuances leading to a regulatory scenario, resulting in
relationship based on trust. A dilution changes of the statutory provisions
in this approach will lead to an and introduction of newer ones, make
erosion of trust with communities, compliance more complex.
slowdown in societal impact and
consequent loss of reputation or
business continuity for us.
Tata Steel anchors one of the across communities, with emphasis on designed to have a clear diversity and
deepest and most diverse societal marginalised and vulnerable groups, affirmative action perspective.
development efforts based on a to create a shared agenda for the
This depth was particularly evident
combination of programmes and impacts to be felt by those who need
during the pandemic, where we
platforms reaching more than them the most. These have yielded Mitigation strategies
collaborated with communities
1.5 million lives directly every year. significant long-term results like
to implement a 10-point
The impact programmes are crafted as more than 1,200 habitations being We are continuously scanning the We are committed to complying with Technology has been deployed to track
#CombatCovid19 programme which
replicable change models on themes declared child labour free zones and regulatory canvas to understand the existing laws and regulations and have the compliance within the required
(a) addressed the information and
such as education, public health, tribal 40% decline in maternal and child changing statutes and their implications, a policy of zero tolerance to timeframe, with suitable escalations and
awareness gap, (b) met deficits in
identity, livelihoods, agriculture, water, mortality rates in the last few years, along with closely monitoring restrictive non-compliance which is an integral part reviews. Investments needed to comply
essential supplies and (c) created
disability, etc., which are based on a while curating positive social capital trade policies globally, that could of our culture and operating philosophy. with regulatory requirements are
robust systems to last beyond the
contemporary understanding of core and effective leadership amongst influence our procurement decisions prioritised within the capital expenditure
lockdown. Our efforts have been We have invested in systems and
development challenges of the region communities. We have a portfolio of and market footprint, to protect approval framework.
recognised across national and global processes to drive compliance across
and closely aligned to the Sustainable products which is aimed at addressing and generate business value. Policy
platforms including Government of the organisation. Employees are
Development Goals 2030 agenda. societal challenges like low-cost Advocacy is being done to highlight the
India, Dun & Bradstreet, Confederation regularly sensitised about the need
The impact ambitions are predicated housing, farm income enhancement concerns of the industry on a continuous
of Indian Industry and BRICS Business to comply and educated about the
on platforms for continuous dialogue while key business processes are also basis along with suggestions for a more
Council. compliance requirements of the role.
practical policy regime.

SE Strategic enablers Manufactured capital Leadership in India Attain leadership position Financial capital Natural capital
in adjacent businesses Manufactured capital
Social and Relationship capital Consolidate position
as global cost leader Leadership in sustainability Social and Relationship capital

OPPORTUNITIES
Favourably positioned Evolving

customer needs
Steel industry leadership in technology and innovation
for growth As customer needs evolve, the nature

Leveraging in-house capabilities and building partnerships to
adopt technologies of tomorrow.
The pandemic has disrupted traditional business of steel consumption and the channel Evolving consumer needs and growing innovation leader in the steel industry. and accelerate our journey towards
focus on sustainability will require Towards this vision, we leverage our achieving technology leadership.
models, creating new opportunities and business deployed to reach the customer innovation in process, product, and in-house potential and build external The Innovent team focusses on
models that embed sustainability. With India’s will also change. business models supported by a strong ecosystems through carefully curated consumer in innovation through a deep
technology management process. collaborations and partnerships. The understanding of their emerging needs.
continued infrastructure push and low per capital Growing urbanisation will see demand for steel
Organisations can create a differentiated VIVA (Ventures, Innoventure and Our collaborations with start-ups are
focussed on modularisation, amenable to the fast
steel consumption, demand for steel is likely to pace of construction and better aesthetics. In addition, position by focussing on creating the Alliances) team has been formed to expected to stimulate agile innovation
increase significantly going forward. At Tata Steel, with changing demographics and higher affordability, technology of tomorrow. Tata Steel explore innovation opportunities and gain competitive edge in various
we continuously evaluate the evolving trends the nature of steel consumption in sectors such as aspires to be a technology and provided by the external ecosystem parts of the value chain.
and respond proactively to capitalise on the automobiles, white goods and other consumer goods
is fast evolving. Along with new products, there is
emerging opportunities. a focus towards servitisation and providing higher
convenience. A culture of customer-obsession and
providing customers with the best products and
experience will enable Tata Steel to be the supplier of
Venture into Adjacent Digitalisation – a source
Increasing steel choice for discerning customers. Businesses to leverage of competitive advantage
demand in India market opportunity
The future of work is evolving rapidly,
The Indian economy is likely to become Technology shifts are creating market accelerated by the pandemic.
the third largest economy by 2030, and opportunities for new materials Remote operations with skeletal on-site workforce is the
the steel industry will play a pivotal role in Climate change driving and applications in existing and new normal. Usage of video analytics and sensor-based
this growth journey. new business models emerging sectors. plant operations is significantly disrupting traditional
operations and maintenance practices. Digital is no
With large raw material reserves, strong base of Tata Steel with its portfolio of materials is best suited to longer just an enabler but core to the way plants operate
technically skilled manpower and one of the fastest While climate change is a key risk for a leverage this trend and, in the process, create adjacent and is key for creating and unlocking value. It is enabling
growing markets in the world, India has definite ‘hard to abate’ sector such as steel, it revenue streams that complement the steel business. a simpler, more agile, and efficient organisation.
We are building new businesses in high-potential new
structural advantages for a successful steel industry. also provides an opportunity to take a materials such as Fibre Reinforced Polymer composites,
Tata Steel is also taking steps to scale Industry 4.0
The National Steel Policy 2017 seeks to create a globally technologies in its operations. During FY 2020-21, Tata
competitive steel industry in India with 300 million
leadership role in the steel industry by medical materials and graphene. Steel Jamshedpur became our second plant in India to
tonne steelmaking capacity and 158 kg per capita steel reducing our environmental footprint. be recognised as Industry 4.0 Lighthouses by the World
consumption by FY 2030-31. The growth in demand will As the world recovers from the COVID-19 pandemic, the Economic Forum.
come from traditional, as well as emerging consuming focus on sustainability is at the forefront with a significant
sectors focussing on changing needs of customers. amount of the global stimulus directed towards
Government-led investment in infrastructure, rapid green technology. To position itself as a leader in
urbanisation, rising preference for personal mobility, sustainability, Tata Steel has already identified technology
growth in capital goods sector, and government leadership areas in Hydrogen technology leadership Culturally ready to leverage current
focus on making India ‘Aatmanirbhar’ are expected to
stimulate steel demand in India. The acceleration of the
areas in hydrogen technology, carbon capture and use,
and reduction in specific water consumption. Tata Steel
and future opportunities
rural economy is also emerging as a potential demand
driver for steel. The Government has taken an objective
Jamshedpur is a national benchmark in CO2 emission. Several initiatives undertaken over the past We are respected in the industry for many 'industry-first
Specific plans are in place to improve sustainability initiatives’. Our focus on diversity and LGBTQ policies are
of increasing rural per capita consumption of steel from performance in other locations. We have ventured into the
decades have helped ingrain a culture of first of its kind. We are also fostering a culture of agility,
current 19.6 kg to 38 kg by FY 2030-31. With a leadership steel recycling business, leveraging the expected increase ethics, safety, continuous improvement, innovation, and health and wellness. Several seeding
position in key market segments, world-class production in scrap availability in India. environment consciousness and giving actions have been initiated, which will enable us to
facilities, and cost leadership position, Tata Steel is well
poised to benefit from this large opportunity.
back to the community in the organisation. become culturally future ready.

Fostering
enduring bonds
with partners
in progress
At Tata Steel, we believe that stakeholders are central to STAKEHOLDERS AND
our aspiration of long-term value creation.
Fostering and nurturing deep relationships with all our MATERIALITY
partners is essential for success of the Company. Backed Stakeholder engagement 58
by strong engagement platforms, we are working on Materiality 62
several initiatives with our partners across the value chain
for mutual development.
STAKEHOLDER ENGAGEMENT
Vendor partners
United with partners for a better future
Value proposition Importance of the relationship
Building capabilities through skill Provide us operational leverage to optimise

At Tata Steel, we consider our stakeholders as partners in long-term value creation. We have developed a development, growth opportunity, safe value chain, be cost-competitive, sustainable
operations, opportunity to innovate and exceed customer expectations
robust stakeholder engagement process to foster and nurture relationships, which helps improve strategy
development and decision-making.
How we engage Emphasis areas
Delivering on stakeholder needs, Policy for our supply chain partners and industry bodies. We periodically engage
interests and expectations are core to encouraged them to align their business with them either through focussed • Leadership meetings: CEO to CEO connect • Health, safety and human rights
the way we operate. In FY 2018-19, we practices as per the four principles groups or individually. For effective with Strategic Suppliers • Carbon emission, water, air pollution, waste
conducted a pan-India stakeholder of policies (Fair Business Practices, communication, we use a wide range • Vendor meet management and renewable and
engagement exercise to revisit the Human Rights, Health and Safety of tools and platforms such as our • Vendor satisfaction survey clean energy
Environmental, Social and Governance and Environment Protection). Our Company website, newsletters, e-mails, • Vendor Capability Advancement • Embed sustainability in supply chain and
(ESG) issues that are material to value key stakeholders comprise investors, social media, online communication Programme promote responsible sourcing and
creation amid the evolving global customers, vendors, government platforms, one to one meetings, • Vendor grievance redressal committee circular economy
sustainability landscape. In FY 2019-20, and regulatory bodies, employees, physical/virtual conferences and meets, • Supplier day
we launched Responsible Supply Chain communities as well as the media and and press releases. • Vendor sustainability assessment
• ‘Speak Up’ Toll-free number
• 'Swagat Program'- for smooth & faster
Investors Value proposition Importance of the relationship onboarding of new vendors
• 'PROCARE' Helpdesk Service for addressing
• Highly profitable and best-in-class assets Providers of financial resources essential to issues/query
in India fund growth
• Focus on deleveraging to create value
• Better disclosures, transparency and
credibility of financials
Government Value proposition Importance of the relationship
Emphasis areas
How we engage
and Regulatory
• Investor and analyst meets • Focus on strong operating and financial bodies To be a responsible corporate citizen.
Proactively track global and domestic
Ensure business continuity through
compliance with all necessary legislations
• Periodic meetings including one-on-one or performance
developments for effective advocacy and regulations
group meetings • Focus on highlighting ESG commitments
towards shaping future policies which will
• Integrated Report, media updates or and disclosure
further economic and social progress of
earnings call on Company’s performance
stakeholders in the country
Customers Value proposition Importance of the relationship How we engage Emphasis areas
Strong brands, differentiated products and Reason for any business to exist; customers • Working with government to develop Strategise action for working towards
solutions, engineering support, partnering provide us an opportunity to build policies and legislations towards the low-carbon growth through use of cleaner
for growth long-term mutually beneficial relationships objective of Self Reliant India fuels, resource and energy efficiency,
(Atmanirbhar Bharat) emission reduction technologies, carbon
• Representing relevant policy issues at the mitigation instruments, etc.
central and state level to improve cost and
ease of doing business
Various digital platforms to connect with • Health, safety and human rights
• Engagement with domain experts, and
customers, influencers and channel partners. • Product and solution offerings
think tanks for capacity building on
Some platforms are as follows: • Carbon emission, water, air pollution, waste
regulations and policy
• Customer e-meetings management and renewable and
• Increase knowledge intensity and
• Multi-stakeholder platforms clean energy
responsiveness through research,
• Webinars • Embed sustainability in supply chain and
development of white papers and active
• Zonal and similar e-meets promote circular economy
stakeholder consultation

Employees Value proposition Importance of the relationship Media Value proposition Importance of the relationship
Fair wages, joint consultation system for Key to the success of our business; their Disclosing and sharing relevant information Reaching out to society and various
working together, self-supervised structures, efforts are instrumental in delivering our and updates with the public stakeholders to communicate about the
robust rewards and recognition schemes, strategies and for sustained business growth brand’s vision and initiatives, and drive
opportunity for learning and growth and corporate equity
focus on employee well-being

• Press Communication: Press Release, Press • Health, safety and human rights
• Monthly online meet with the CEO & • Talent retention Meet • Environment footprint – carbon, water and
MD and informal meets with the senior • Local sourcing of labour • Response Management for media queries energy
leadership on regular basis • Welfare practices for non-officers • Interviews of Leadership and Management • Sustainability – process and products
• Employee Engagement survey with Dip • Thought leadership and thematic articles • Circular economy
Check study on focus area • Media events and sports engagement
• Capturing Employee Net Promoter Score initiative
• Joint forums between employee unions • Familiarisation visit to manufacturing and
and management raw materiall sites
Community Value proposition Importance of the relationship Industry bodies Value proposition Importance of the relationship
Enable sustainable and significant Earning social licence to operate from Charter or amend policies to improve the Engage with government and regulators
improvement in the well-being of communities and enhancing organisation’s overall performance of the industry. Sharing to represent concerns of the industry and
communities proximate to our operating reputation as a responsible corporate by best practices and alignment of interests to develop common solutions
locations through comprehensive improving lives of communities present a unified view
development while also impacting them
through actualising replicable change
models which address core regional (district How we engage Emphasis areas
and state) development gaps
• Participate in sectoral and industrial • Ensure health, safety and human rights of
seminars and conclaves conducted at all stakeholders
How we engage Emphasis areas the national and regional level • Manufacturing, mining, trade, quality
• Adequate representation at the and finance
• Ascertaining community needs through • Family health (through healthcare services national-level committees and • Sustainability, environment, water, energy,
Public Hearings, meeting community and awareness, sanitation, water and sub-committees to put forth and circular economy, climate change
opinion leaders, citizen groups and nutrition) deliberate on important issues faced
development experts as well as through • Education for the children by the industry
inputs from various assessments • Livelihood opportunities for working adults
• CSR team engagement through • Public infrastructure facilities and public
(a) comprehensive Proximate Community amenities
Development themes and (b) Signature • Conservation of tribal culture and heritage
Programmes addressing specific • Enabling grassroots governance as
development concerns at a larger well as women-centric leadership for
regional scale comprehensive rural development

MATERIALITY
Defining our priorities through materiality

Materiality enables us to identify, prioritise, track and report the most important sustainability
issues. To identify the top 20 environmental, social and governance (ESG) issues, we conducted
an extensive stakeholder engagement exercise in FY 2018-19. These issues were rated as ‘high
priority’ by stakeholders, in addition to being key to business success in the short, medium Environmental SO2 SO4 SE
and long term. The material economic issues were revisited through various stakeholder
engagement processes and business reviews by the senior leadership. Material issues Measures Linked KPIs
Tata Steel’s strategy and planning process incorporates the material issues by mapping them
to its long-term Strategic Objectives (SOs). These issues are reviewed periodically by the » 5 Tonne Per Day (TPD) carbon capture pilot plant commissioned » GHG emission intensity
CO2 emission
respective owners and by the senior management. at TSJ – captured CO2 being utilised for water treatment at a » Total GHG emissions for steel
steelmaking unit making sites
» Collaboration with SHELL and Council for Scientific and Industrial
Research (CSIR) to explore decarbonisation technologies
Air pollution » Upgradation of existing air pollution control equipment and » Dust emission intensity
installation of state-of-the-art dust control technology
Water » Minimising freshwater consumption by upgradation of existing » Specific freshwater consumption

Economic SO1 SO2 SO3 consumption water treatment and cooling tower systems to increase efficiency » Effluent discharge intensity
and effluent » Reusing treated waste water from sewage and effluents for
discharge industrial purpose
Material issues Measures Linked key performance indicators (KPI)
Energy » Process optimisation initiatives such as waste heat recovery » Energy intensity
efficiency systems, top recovery turbine by-product gas utilisation
Business growth » Focus on organic and inorganic growth » Crude steel production capacity
» Scaling of adjacent businesses » Revenue from the New Material Business, Renewable » Feasibility analysis for solar projects completed and projects » Renewable purchase obligation
» Entering into new market segments Service & Solutions, Commercial Mining and clean initiated » Power generated through renewable
Business energy sources
» Revenue from High End and Downstream
Waste » Enhance steel scrap usage in steelmaking » Steel scrap supplies to LD shops
products and solutions
management » 100% solid waste utilisation » LD slag utilisation
» Enhance value from by-products » Solid waste utilisation
Long-term profitability » Attain and retain leadership in chosen » Market share in chosen segments
» Revenue from by-products
segments » Captive coal (%) and captive iron ore (%)
» Raw material security » EBITDA Supply chain » Identification of critical supply chain partners and engagement » Number of partners made aware on
» Enhance operational efficiency » Savings through Shihkar25 initiatives sustainability with them on Tata Steel Responsible Supply Chain Policy Tata Steel Responsible Supply
» Shikhar25 cost management initiatives Chain Policy
» Number of partners assessed on Tata
Product and service » Product and process innovation » Number of new products and services Steel Responsible Supply Chain Policy
quality » Value engineering and customer service » Customer satisfaction index
teams » Quality complaints Biodiversity » Biodiversity Management Plans (BMPs) for Jamshedpur and » Total sites covered under BMPs
» Innovative routes to market » Revenue from sales on digital platforms Kalinganagar developed (BMPs developed for 11 locations
cumulatively till FY 2020-21)
» Over 2.98 lakh saplings of native species planted across locations
in FY 2020-21
Strategic objectives Capitals
Leadership in India Attain leadership position Financial capital Human capital Circular » Steel scrap processing unit commissioned at Rohtak, Haryana » Capacity of steel recycling business
in adjacent businesses economy with a 0.5 MnTPA capacity
Manufactured capital Natural capital
Consolidate position » Advocacy with various government and industry bodies to build
as global cost leader Leadership in sustainability Intellectual capital Social and Relationship capital scrap utilisation networks

MATERIALITY (contd.)
Governance SO1 SO2 SO3 SO4 SE
Material issues Measures Linked KPIs
Technology, » Focus on technology, digital and disruptive innovation overlaid » Number of patents received
product on a culture of continuous improvement » Number of new products developed
and process » Addressing environmental concerns by developing and » Number of start-ups engaged
innovation implementing breakthrough technologies progressively at » Number of alliances created
larger scale » Number of breakthrough projects
» Building a sustainable business portfolio, which is resilient against
steel business cyclicality
Going beyond » Setting up Steel Recycling Business (SRB) for foray into organised » Capacity of SRB
compliance scrap play in India » Performance on various environmental
Social SE and setting » Adoption of best available technologies and implementing parameters – air, water, waste
trends projects for resource efficiency and reducing carbon footprint » Number of collaborations with external
for future » Strengthened collaborations with technical institutes, technology partners
Material issues Measures Linked KPIs regulations start-ups and academia for technology leadership, climate change » Workforce diversity indicators - %
and other environmental issues women/PWDs/LGBTQ+ in workforce
» Diversity and Inclusion Policies for women in workforce, persons
Occupational » Build Safety Leadership capability at all levels to achieve » LTIFR
with disabilities (PWDs) and LGBTQ+ community; for example,
Health and zero harm » TRIFR
women in all shifts in mines
Safety (OHS) » Improve competency and capability for hazard identification and » LTI
risk management » Fatalities Greater » Consistent improvement in our disclosures through the <IR> » Scores and achievements in:
» Achieve zero harm to contract employees by strengthening » Health Index sustainability Framework, worldsteel indicators and UNGC Communication » CDP
deployment of Contractor Safety Management Standard disclosures on Progress » DJSI assessment
» Reduction in safety incidents on road and rail to ensure zero » Engagement with ESG rating agencies for improving disclosure » worldsteel recognitions
fatalities inside plant premises practices and enhance access to sustainable finance » ESG ratings
» Excellence in Process Safety Management (PSM) » Updating Tata Steel website periodically to enhance transparency
» Establishment of industrial hygiene and improvement in and meet stakeholder requirements
occupational health
Greater » Enhancement of specialised channels such as public meetings, » Performance in various surveys
Labour » Concluded wage revision with structural changes » Performance in Employee stakeholder vendor-focussed committees, ‘Speak Up’ toll-free number, conducted periodically for Stakeholder
relations » Introduction of Connected Workforce Management, POD working Engagement Survey engagement platforms such as conference and construction conclave, zonal categories, including:
system (for COVID-19) and People Care to ensure employee safety and similar events » Customer Satisfaction Survey
» Setting up special COVID-19 care helplines and medical facilities » Vendor Satisfaction Survey
Drinking » Enabling community-led access to safe drinking water for » Number of water harvesting
water identified households structures constructed/repaired Responsible » Effective policy formulation to improve the ease and cost of doing » Advocacy for improving cost of doing
» Number of lives reached advocacy for business in our areas of operation by ensuring a level playing field business and ease of doing business
the steel and and advocating global best practices.
Local sourcing » Recruiting indigenous (SC/ST) people in the workforce » Number of local suppliers mining sector
of labour » Improving vendors’ share of business from SC/ST communities by » Business volume of local suppliers
training them to match our requirements for various products and » % of Affirmative Action (AA) Technical » Collaboration with suppliers through Supplier Relationship » Number of VCAP sessions conducted
services community in the workforce knowledge Management Programme » Number of awareness sessions conducted
transfer and » Conduct Vendor Capacity Advancement Programmes (VCAP) for » Number of supply chain partners made
Talent » Provide flexibility to employees through agile working policy » Attrition rate (overall) suppliers
capacity aware on Responsible Supply Chain
retention » Creating an inclusive workspace to attract and retain diverse » Percentage of women in workforce » Engagement with customers through Early Vendor Involvement
building Policy
talent including Persons with Disabilities (PWDs) and LGBTQ+ » Investment in employee training and (EVI) and Value Analysis and Value Engineering (VAVE) initiatives
for relevant » Number of EVI and VAVE projects
community development » Awareness sessions for suppliers, Steel Processing Centres (SPCs)
partners
» Development of workforce capability through various and distributors on Ethics, Health and Safety, Responsible Supply
programmes Chain Policy and other relevant issues

Setting CAPITALS
benchmarks in
Financial capital 68
Manufactured capital 72
Intellectual capital 76
We integrate the six capitals towards achieving long- Human capital 82
term sustainability and value creation, while embracing
value creation
Natural capital 90
different skills, continuous innovation, sustainable growth Social and
and a better quality of life. Relationship capital 98
Financial capital Strategic linkage Material issues addressed

» Business Growth » Executed long term export contract and export advance of
$940 million
SO1 SO2 » Long term Profitability
At Tata Steel, financial capital is generated annually from surplus » Enhance capital allocation to strategic capex program in India,
arising from the current business operations and through financing in order to complete the 5 MnT expansion in Kalinganagar
activities, including raising of debt and equity aligned with market » Continued focus on EBITDA improvement initiative
(Shikhar 25 - operational improvement programs)
conditions and internal strategic planning, as well as optimal
» Driving Business Transformation through adoption of Digital
asset monetisation. Technologies
» Arrangement of liquidity buffers through issue of Rupee Bonds from
23.16% 14.38% Banks under RBI Targeted Long Term Repo Operations (TLTRO),
raised long term Rupee Term Loans to lengthen maturity profile
PBET/Turnover Return on Capital Employed

How we manage our financial capital
We have a robust financial The fund requirement over business generated from operations are used
16.19% ₹117.04 planning process that assesses

the requirement of funds for
surplus and retained earnings are met by
raising funds as per market conditions to
reduce finance cost and having flexible
to reduce our debts as per the annual
targets.
Further, our operational KPIs are
Return on Average Basic Earning Per terms in line with the cyclical nature
Net Worth Share sustainable business operations of the steel industry. We work towards
compared with internal and external
benchmarks to achieve best production,
as well as for investment towards aligning our debt maturity profile to
higher productivity and yields.
the long gestational nature of steel
business sustainability and projects, and maintaining flexible capital
We continuously undertake cross-
functional improvement programmes
growth opportunities. structure in line with the business needs.
under Total Quality Management
This results in savings on interest cost
(TQM) and Shikhar25 for operational
and ensures the desired liquidity levels.
efficiency, product mix optimisation,
Note: Figures pertain to Tata Steel Limited Foreign exchange risks are actively
waste reduction and recycling,
managed with adequate hedging.
energy efficiency and procurement
Impact on SDGs
The funds generated are allocated to optimisation. Our innovative marketing
strategic investments in subsidiaries, initiatives and various ongoing digital
joint ventures, inter-corporate loans programmes provide better customer
and investments in capital assets. The connect and reach, and higher
surplus funds are invested in short-term realisations. These initiatives result in cost
instruments. Deleveraging is one of optimisation and ensure positive cash
our key focus areas. Internal cash flows flows from operations.
Managing capital inputs

The year under review witnessed » Maintaining liquidity
substantial business interruptions in the
Marina Bay Sands, Singapore • Raised ₹4,935 crore through
first half followed by strong recovery
Rupee Bonds from banks under
during the second half as business
₹21,832 crore
Singapore’s most iconic hotel RBI Targeted Long Term Repo
with state-of-the-art structural sentiments improved.
Operations (TLTRO)
engineering is testament to what
» Earned cash operating profit from
can come to be when imagination Cash operating profit • Raised long-term Rupee Term
and innovation are harnessed. standalone operations of ₹21,832
Loans of ₹4,000 crore to lengthen
crore (before changes of working
This inspiring structure of maturity profile
capital and tax payments) primarily
₹3,241 crore
architectural excellence was built
through better market realisations in • Actively used trade finance
using 17,000 tonne of high quality
the second half products – tied up long-term
steel supplied by Tata Steel.
Raised through equity export contract and export
Sure, we make steel. » Contribution by shareholders through
advance of $940 million
But #WeAlsoMakeTomorrow full payment of partly paid-up equity
shares amounting to ₹3,241 crore

Managing capital outcomes Increase in Turnover Increase in EBITDA Capital Expenditure
» The Company slowed down the » Higher declaration of dividend to the

₹64,869 crore ₹21,952 crore ₹2,122 crore
₹13,229 crore growth in capital expenditure and
focussed on sustainable capital
expenditure across its production
shareholders
» Focus on strategic investments in The turnover during the current period The EBITDA during the current period Capital expenditure was `2,122 crore,
Repayment of borrowings its subsidiaries and joint ventures, was `64,869 crore, higher by 7% over was `21,952 crore, higher by 45% over lower by 55% than the previous year
facilities
(net of proceeds) granted inter-corporate deposits and previous year primarily due to increase previous year due to increase in steel primarily to conserve the cash for
» The Company focussed on investments in mutual funds in steel prices while the deliveries were prices and lower input cost mainly in liquidity during the pandemic.
deleveraging during the second half at par. imported coal.
» Standard & Poor’s (S&P) reversed the
of the current year, therefore made
credit rating downgrade undertaken
repayment of borrowings (net of
proceeds) amounting to
at the beginning of the year. All the Key performance indicators Good if increases Good if decreases
rating agencies have reversed to a
`13,229 crore
stable outlook by the end of the year
EBITDA/Turnover (%) PBET/Turnover (%) Return on Avg. (%)

Capital Employed
33.84 23.14 23.16 16.26
Strategic Focus Achievement Way Forward 29.38 14.38
13.10
26.11
24.98 16.53
» In anticipation of severe » Effective cash flow Deleveraging balance sheet 22.44
13.76 9.80 9.54
disruption in business cash management, liquidity through internal cash flows from
flows, management focussed conservation and de-risking the business through continuous 11.38
on cash flows and shore improvement initiatives driven
» Managing liquidity facilitated
up liquidity to ensure the by cross-functional teams under
debt rationalisation and
sustainability of operations Shikhar25 program
restructuring
for an elongated pandemic
scenario » Successful implementation Aligning debt maturity profile
of e-invoice in Tata Steel with to the long gestational nature of
» Strategic cash war room for
effect from October 1, 2020, steel projects FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
strict ground-level monitoring
ensured no business disruption
of the cash, targeted on fixed
and proper compliance
cost reduction, monitoring of Maintaining flexible capital
working capital » Rationalisation of Portfolios structure in line with the business
needs
» The key emphasis of the Return on Avg. (%) Basic Earnings (`/Share) Net Debt/Equity (Times)
Management is on balancing Net Worth Per Share
growth ambitions and Allocate funds to efficient and
16.19 117.04 0.49
maintaining liquidity and a value-accretive opportunities 15.43
0.44
healthy balance sheet 0.42
90.41
9.02
57.11 0.24
6.83 7.21
Management of cash flows 31.74

38.57 0.15
₹508 crore
During the year under review, the net over capital expenditure and receipt
increase in cash and cash equivalents from partly paid-up equity shares.
was `508 crore as against increase The surplus cash generated was used
Net increase in cash and of `449 crore in the previous year mainly in repayment and pre-payment
cash equivalents due to increase in operating profits, of borrowings. FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
release from working capital, control

Manufactured capital Strategic linkage
SO1 SO2
Material issues addressed
» Business growth
» Efficient operations and value chain are
critical to meet growth aspirations and
» Long-term profitability address the evolving needs of customers
Tata Steel continuously invests in improving the efficiency of its
» Product and service quality » We continue to invest in facilities that
ironmaking, steelmaking and rolling facilities and warehouses, along
» Technology, product and process innovation enable us to be a leader in steel technology
with logistics, while ensuring the safety and reliability of its operations.
We plan to augment our production capacity through a combination
of organic and inorganic growth opportunities. Our steelmaking Tata Steel Jamshedpur (TSJ)
operations have secure raw material supply from captive iron ore
mines, which contributes to our cost leadership. The Jamshedpur plant is our Despite the pandemic-induced energy and material efficiency. Our
flagship facility. Our continuous challenges, our crude steel production consistent focus on asset management
stood 9.34 MnT. We achieved the best using data analytics and predictive
improvement efforts over ever Pulverised Coal Injection (PCI) rate, modelling resulted in more than 92%
12.19 MnT 12.36 MnT the years have helped sustain

production levels and deliver
operational excellence.
reduced waste generation, improved
waste utilisation, and maximised
overall average plant availability of key
manufacturing units at Jamshedpur.
Crude Steel Production Deliveries
Availability of critical manufacturing Coke Rate* (Kg/thm) Energy Intensity (Gcal/tcs)

units at TSJ in FY 2020-21
0.5 MnTPA
TSJ TSK TSJ TSK
>99%
8.49
561
Coke ovens
State-of-the-art Scrap
Processing Plant setup at
7.29
Rohtak
Agglomerates >90%
434
6.31
6.27
6.24
399
5.677
5.67
5.67
5.63
5.61
367
364
360
354
Impact on SDGs
348
352
353
Blast furnaces >91%
Steel making >93% FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
Rolling mills >88% * Defined as amount (in kilograms) of coke (fuel

made from heating coal) used to produce one ton of Good if decreases
hot metal (liquid iron) during iron making process
Tata Steel Kalinganagar (TSK)

We undertook various initiatives to overcome pandemic-related restrictions.
We operated with about 40% workforce, POD system (for EHSMS Management Systems - ISO 45001:2018 and ISO
tracing of groups), thermal screening, travel history checking 14001:2015 in FY 2020-21.
at gates, and maximising testing – while meeting production
The Kalinganagar Plant has embarked on its second phase of
and maintenance requirements. With the lockdown easing in
expansion which will ramp up production capacity to
June 2020, the Kalinganagar facility started moving towards
8 MnTPA. The construction of Pellet Plant and Cold Rolling
its rated capacity with critical KPIs such as fuel rate in blast
Mill (CRM) aimed at supporting the agglomerate mix for
furnace and hot metal and scrap in Steel Melting Shops
the blast furnace and catering to high-strength cold-rolled
witnessing improvements. In-house power generation, which
products gained momentum during the year. These projects
includes captive power plant, and Coke Dry Quenching
along with augmentation of raw material handling facilities
power also reached the best ever generation, reducing
are expected to be commissioned in FY 2021-22.
dependence on purchased power. TSK got certified for the

Raw Material Mining and Processing Iron and Steel Making

Our Assets
Tata Steel is one of India’s most integrated steel companies We produce steel through the conventional blast furnace
with captive mines of iron ore and coal supplying to route. Raw materials are converted to hot metal and crude
its manufacturing facilities. The highest standards of steel through various processes including coke making, sinter
environment management are followed in mining locations making and pelletisation. The processes are designed to
while using the best available technologies. deliver high productivity with the available resources while
managing slag rate and steelmaking requirements.
Rolling and Processing Steel Recycling Business

The rolling mills help in manufacturing a diverse product As an initiative to be future-ready and establish the supply Mining and Beneficiation Iron and Steelmaking
mix with customised shapes, sizes, and various chemical and chain for scrap, we had set up our Steel Recycling Business
technical properties. Aligned with customer specifications and in FY 2018-19. The first steel scrap processing unit was Facilities/Equipment Facilities/Equipment
requirements, these products undergo stringent quality checks commissioned at Rohtak in Haryana, with an initial capacity » Iron ore, coal, chrome » Beneficiation plant » Bell-less top charge » Online granulation of
and assurance processes. We also produce a range of value- of 0.5 MnTPA in FY 2020-21. With the first unit templatised, we and manganese ore high-capacity blast blast furnace slag
added products for the retail markets and provide customised plan to replicate such modular units across India. » Logistics and handling
mines furnaces
solutions to industrial buyers. facilities » Stamp charging battery
» State-of-the-art mining » Basic oxygen furnace
» Coke Dry Quenching
and mineral processing for steelmaking
(CDQ)
One Supply Chain technology
» Coke, sinter and
» Desulphurisation
pelletising plants
Tata Steel has a long-integrated value chain that extends from mining to finished steel products with facility
» Raw material handling
an interconnected network of suppliers, mines, ports, manufacturing locations, stockyards, processing facilities
» Secondary steelmaking
facilities, channel partners and customers.
The organic and inorganic expansion over the years has strategy. During the year under review, several initiatives
added to the complexity of multi-location operations. were taken up to make our Supply Chain future-ready
Tata Steel’s Supply Chain Management handles planning, and sustainable through infrastructure investments,
sourcing, delivery and logistics of ~100 MnT materials which technological excellence and engagement with supply chain
includes raw materials, finished goods and by-products. With partners for deployment of Responsible Supply Chain Policy.
the integration of Supply Chain functions into ‘One Supply
Outbound logistics is about 60% dependent on railways and
Chain’, there is an increased focus on end-to-end margin
40% on roadways at various locations. It consists of a network Rolling Mills
management in raw materials and finished goods through
of warehouses and Steel Processing Centres (SPCs), ensuring
synergies between hubs. VIU (Value-In-Use) based cost Facilities/Equipment
timely delivery and transportation of finished products to
models have been built for the distribution of raw materials
meet on-time delivery expectations of customers. This is » Flat and long products » Billet to bar/rod facility
(coal-coke and metallics) across sites for achieving global
optima. Similar work is in progress for products leveraging
enabled by a network of hubs and stockyards at strategic mills
» Rolling Tandem Mill for
By-products Processing
locations across India to ensure delivery cycles are as low as
integrated IT solutions and differentiated customer delivery » Wire rods/drawing pickling and rolling
48 hours from stockyards. Facilities/Equipment
facilities
» Hot dip galvanising
By-products Management » Tube-making facility facility
» Metal recovery plant » Slag processing plant
Our Industrial By-products Management Division (IBMD) manages a variety of by-products and » Slab to coil facility
scrap generated across the entire steel value chain and has adopted circular economy principles
as an integral part of its business values. Way forward
A dedicated Marketing & Sales organisation for by-products processed slag in construction of national highways. Improve availability and utilisation of plants to
focusses on expanding profitability through marketing A new by-product value-creation centre with modern best-in-class levels
initiatives and downstream value enhancement of by- processing equipment has been commissioned at Tata Steel
Scale up Steel Recycling Business
products. Jamshedpur to facilitate higher scrap consumption at LD
shops for reducing GHG emissions. Completion of Cold Rolling Mill complex and Pellet
In FY 2020-21, the accelerated weathering facility for LD
Plant at Tata Steel Kalinganagar
slag has enabled significant ramp-up of the utilisation of

Intellectual capital Strategic linkage Material issues addressed
» Business growth » Enhancing customer experience and

At Tata Steel, we aspire to be among top five in technology in SO1 SO2
engagement using digital technology
» Product and service quality
steel industry globally. Developing technological capability and
SO3 SO4 » Technology, product and process
» Focus on technology, digital and disruptive
infrastructure while fostering a culture of innovation is critical to innovation complementing a culture of
innovation
achieving our stated objectives. Further, the pandemic has reinforced SE continuous improvement
the importance of digital technology adoption in creating and » Going beyond compliance
» Addressing environmental concerns by
and setting trends for future
unlocking value in the new normal. regulations
developing and implementing breakthrough
technologies progressively at scale
» Water consumption & effluent
» Building a technology enabled and
discharge
79 5 tonne/day » CO2 emission

» Circular economy
sustainable business portfolio, enhancing
knowledge based differentiation
New Products CO2 capture pilot plant

Developed commissioned at TSJ
Fostering a culture of innovation

₹3,274 cr. 109 A key aspect in our technology leadership journey is the breakthrough projects in Technology Leadership
Areas. We continue to make strong progress on projects aimed at utilising low-quality raw materials,
Shikhar25 savings Patents granted
new and innovative coatings on steel, development and deployment of carbon capture and usage
technologies, generation and use of hydrogen in steel value chain, materials for mobility of the future, and
water efficiency.
Impact on SDGs
We are leveraging in-house capabilities customer response during pilot sales. and Rural segments also continued
as well as external expertise through A separate business unit, Tata Steel with solutions such as ChargeNest (EV
strategic collaborations to build an Industrial Consulting (TSIC), has been Charging Infrastructure) and AgroNest
ecosystem which can accelerate set up to monetise in-house knowledge (Smartwarehouse for prolonging
deployment of breakthrough and expertise. onion life) test marketing with various
technologies at scale. A core team customer segments. Lumiere French
Breakthrough Consumer-In Innovation
comprising Ventures, Innoventure and Doors was commercially launched and
remains a focus area for Innovent,
Alliance Management is working to added to the portfolio of homemaking
which incubates and implements new
enable this. products. The development and
business ventures centred around
incubation process continued with
During the year under review, a latent consumer needs and white
portfolio of new solutions. Innovent is
Memorandum of Understanding was spaces. During FY 2020-21, Tata Steel
also spearheading TomorrowLab – an
signed with the Council of Scientific added various new solutions in line
exciting competition platform that
and Industrial Research on setting up a with the Innovent motto, ‘Creating
saw 181 in-house teams participate
Centre of Excellence in carbon capture Next Gen Solutions – Personalised
with out-of-the-box ideas over three
and utilisation. Multiple start-ups have and Sustainable - with Access to All’.
months. These efforts have resulted
also been on-boarded to accelerate Green Construction Blocks, which
in recognition within and outside
our technology journey. Incubation of enhances speed of construction and
Tata Group with 11 innovation awards
in-house IP has resulted in steelmaking adheres to green building norms, was
from Golden Globe Tigers, Business
slag being commercialised as a soil piloted in four markets in India with
Leadership and Innovista.
conditioner. Branded as Dhurvi Gold, encouraging sales. The drive towards
it has witnessed an encouraging sustainability in Urban Infrastructure

Research & Development infrastructure Key developments in other materials

Our strong R&D team with The captured CO2 is being utilised for important additional properties to
New Materials Business (NMB)
specialisation in multiple fields water treatment at a steel making unit. the steel surface without sacrificing
has delivered on several projects Laboratory scale studies have shown formability. The coating is currently NMB was set up with the vision to explore
the possibility of producing electric at the trial stage at the customer end. opportunities in materials beyond steel. During
in the domains of sustainability, vehicle battery materials from low- We have developed a ‘new to the
cost reduction and new product grade manganese ore. A pilot plant world’ advanced high strength steel
the year under review, NMB completed its third
development. A pilot plant to upscale the process is underway. for automatic wheel disc application. year of operation and has currently three material
of 5 tonne per day has been We have successfully developed a Along with high strength, the material verticals – Composites, Graphene and Medical
nanoparticle embedded polymeric possesses high stretch-flangeability Materials & Devices.
successfully commissioned at Ready-to-Paint coating on steel. This is (formability) which will help wheel disc
Jamshedpur to capture CO2 from new to the world, eliminates multiple manufacturers produce complex shape
blast furnace gas. steps in the customer’s line and adds and light weight wheel discs.
GRAPHITI, a 100-tonne per annum integrated Graphene
manufacturing plant in Jamshedpur
Graphene
In FY 2020-21, we commissioned a 100 tonne-per-
annum integrated Graphene manufacturing plant.
This is one of the largest single unit graphene
Nest-In provided modular solutions for the 551-bed production centres in the world. Graphene-doped
greenfield hospital at Kasaragod, Kerala products and graphene-coated products which
can be used in diverse sectors such as materials
Composites handling, textiles, packaging, among others, are
currently being tested and are in different stages of
The Composites business of NMB focusses on 3 commercialisation.
market segments: Industrial, Infrastructure and the
Railways. Current product offerings include:
Industrial
Pressure vessels, tanks, customised chemical
handling equipment
Infrastructure
Pipes, poles, smart architecture
Jamshedpur’s Jubilee Diamond at Dorabji Tata Park in Jamshedpur, Nest-In’s ChargeNest Electric Vehicle
built using Tata Structura Steel Hollow Sections charging station in Jamshedpur Railways
Panels, windows, troughs
Key product developments and process innovation
In FY 2020-21, the Composites business entered
The pandemic has changed We have also developed advanced high stakeholders in the Indian Steel sector into new products such as isolation cabins, modular Graphene Lab, Jamshedpur Works
strength coated steel and obtained to develop GreenPro framework for toilets and Fiber Reinforced Polymer (FRP) staircase.
customer behaviour significantly,
and our offerings have been in
DP600GA (Dual Phase Galvannealed) steel rebars, for first time in India. It also announced itself as an integrated solutions Medical Materials and Devices
and DP600GI (Dual Phase Galvanised) GreenPro Ecolabel enables the end- provider to Indian Railways when it delivered a fully
sync with customer preferences approvals. We also obtained approval users to make an informed choice With a vision to create an affordable and global
furnished first AC coach to Modern Coach Factory,
for the passenger vehicle skin panel, about buying steel having the lowest standard health technology solution for India, NMB
for green products and Raebareli.
has ventured into the space of medical materials and
a first for Tata Steel, made from bake- environment impact.
solutions. We have ventured hardenable steel grade BH180GA. During the pandemic, NMB in close coordination devices. The initial focus is on Hydroxyapatite and
into developing advanced steel In the raw materials space, we continue with the Services and Solutions team worked with fish-based Collagen in partnership with two start-up
In long products, we commercialised to focus on reducing alumina in iron ore group companies to design, build and install a companies. NMB’s ambition is to move up the value
grades for future mobility needs Fe500 CRS (40mm) which was supplied and ash in coal without impacting yield. 551-bed greenfield hospital in record time at chain to medical devices, thereby reducing import
and developing alternatives to for constructing the new Parliament Kasaragod, Kerala. dependency in the sector.
imported steel grades in the House. We have also collaborated with
construction segment. CII Green Business Centre and relevant

Digital transformation
At Tata Steel, we have been
driving business transformation
enabled by digital technologies.
Through digital interventions
across its value chain, we have
been able to drive EBITDA
improvements, remodel work
practices by enhancing digital
maturity and, in the process,
have become more insightful,
intelligent and agile.
Cloud, Data & Artificial Intelligence (AI) cards through smart phones and complaint resolution time. The Vendor
are the building blocks of Tata Steel’s extract relevant information on Travel Performance Improvement Programme
digital transformation journey. We Declaration and Suraksha Compliance platform which has been designed
have made substantial investments of our contract workforce. These to cover the contractor workforce
to augment network, computing, and initiatives were bundled together and in all locations for safety, security
cyber security capabilities. We have accessed through a single dashboard, and productivity, provides end-to-
moved ~85% of our servers to the thereby ensuring immediate response. end visibility of work patterns of the
cloud over the last 3 years in one of the Our digital response to COVID-19 was workforce across plants and helps pre-
biggest cloud migration programmes in ranked among the top 6% globally empt unsafe incidents while improving
Asia. Our cyber security cell is equipped by Gartner. productivity.
with the necessary expertise and
We are also transforming from a To digitally enable operations, Tata
tools to pre-empt cyber threats and
process-driven company to a data Steel has developed multiple asset-
intrusions.
driven one. The objective is to use data specific algorithms to predict failures
The investments made on building a to generate better business insights as well as residual life of equipment.
robust infrastructure proved critical and drive decision making, coupled This has minimised failure scenarios
during FY 2020-21, when a large part of with streamlined and robust business for mission-critical equipment and
the organisation was forced to operate
remotely due to the pandemic. Without
processes. As a testimony to our efforts
during the year under review, Tata
eliminated unplanned downtime. The
Smart Asset Maintenance Platform is
Total Quality Management and Shikhar25 Way forward
any special efforts, we were able to Steel Jamshedpur (TSJ) steel plant was helping achieve higher asset availability
seamlessly connect to the Company’s recognised as World Economic Forum’s at lower maintenance cost, across Total Quality Management (TQM) way of working is embedded in Accelerate innovation and
network while working from home Advanced 4th Industrial Revolution equipment from mines to rolling mills the culture of Tata Steel. TQM techniques are regularly deployed technology leadership through
and continued production even with a Lighthouse for showing leadership through enhanced sensorisation and in operations and maintenance processes for achieving consistent strategic collaborations with
skeletal workforce present at the mines in applying advanced technologies building predictive analytics solutions. multiple research and industrial
and plants. With ~8,000 employees to drive financial and operational
quality and efficient performance. Shikhar25 is a focussed EBITDA
We have revamped our procurement organisations and partnerships
logging into enterprise applications and impact. With this, Tata Steel now improvement programme, which promotes efficiency, sustenance and with start-ups
process by introducing digital
~3,500 virtual meetings taking place has three manufacturing sites in the
catalogue-based buying, commodity
right behaviours across departments of Tata Steel.
each day, we were running business Global Lighthouse network, with Tata
price prediction-aided buying, The programme is aimed at improving with increased production capacities, Grow adjacent revenue streams
as usual with no adverse impact on Steel Kalinganagar Plant (India) and
analytics-powered negotiation tools operational efficiency, energy the emphasis has been on simplifying by commercialising in-house IP
employee productivity. Through the IJmuiden (the Netherlands) being the
for Category Managers and end-to- efficiency, lower costs, optimise product and synergising operations across sites and knowledge through new
Suraksha Platform, we ensured health other two sites.
end contract lifecycle management mix, reduce and recycle waste through for optimal utilisation of resources to products in new markets and
and safety of our employees. Video
Our e-commerce platforms such as and analytics. Our Procurement 4.0 impact centres across Tata Steel. During reduce cost. During the year under services
analytics was used to identify people
Aashiyana, DigECA, and Compass platform has enabled ~50% reduction the pandemic-impacted year, we review, a total of 931 projects were
without face coverings, and pre-empt
provided alternate channels for in vendor registration cycle time and revisited the various aspects of fixed implemented and savings of ₹3,274
and detect violation of social distancing Achieve growth in other materials
driving sales and customer connect. ~20% reduction in order processing cost to ensure reduced expenditure crore accrued across the organisation.
at shop floors, canteens and on roads. with world class technologies and
Through digital interventions, we cycle time. and maintain healthy cashflow. Also,
Suraksha Scanners enabled security products
achieved a 30% reduction in customer
personnel at entry gates scan RFID

Human capital Strategic linkage Material issues addressed
At Tata Steel, we believe that developing and maintaining a conducive work culture » Occupational health and safety » Creating a safe and healthy workplace
SE
is imperative for an organisation to attain its full potential. We are focussed on » Labour relations - fair wages » Investing in people and striving to be
sustaining an engaged and skilled workforce that is capable of delivering on the employer of choice
» Local sourcing of labour
commitments to our stakeholders and making us ‘future ready’ structurally, financially » Talent retention
» Care for the communities and people
and culturally. As part of our Strategy 2030, we aspire to become the ‘Best Workplace in we reach in our operating areas
through our CSR practices
Manufacturing Sector’.
745 22 women Human Resource Management (HRM)

Employee productivity Deployed from the first batch
(tcs/employee/year) as heavy machinery operators Human resource has always been a key differentiator for exemplifies our core values and nurtures innovation,
under Tejaswini 2.0 initiaitve Tata Steel. Our ability to deliver long-term value rests on creativity and diversity. It encourages high performance
13,900+
the principles of participative management. This culture through continuous development and opportunities for
of working together – management and union – has growth, enhancing engagement and experience through our
ensured over 92 years of industrial harmony. Our culture distinctive reward and recognition programmes.
Workforce were trained on
various safety standards
HRM goals
Impact on SDGs
1 2 3 4
Best Workplace Improve 25% diversity To be a benchmark in
in Manufacturing employee in workforce employee engagement
Sector in India productivity by 2025 and experience
Agility with care, driven by digital group with operation and maintenance workforce; 4,000+
The pandemic has accelerated workplace transformations PODs created in less than two weeks across locations
worldwide. We brought digitalisation into sharp focus to » Rewards Hub – launched a one-stop platform for accessing
ensure employee safety through data driven all officers related policies and benefits
decision-making. We also worked relentlessly towards
ensuring our employees’ well-being, both physical and » Introduction of employee net promoter score to measure
mental, by encouraging them to use the Employee Assistance employee experience across key touchpoints
Programmes (EAPs). For ensuring business continuity, several » People Care, 24x7 COVID-19 helpline was introduced to
initiatives were introduced: support employees during the pandemic
» Agile working policy – among the first across industry » Digital onboarding and induction programme for ~450
to enable employees to work remotely from anywhere trainees; 62,000+ e-learning assignments
in India
» Advocated for 12-hour shift and received approval from
» Connected workforce system – to enable real-time tracking Government of Jharkhand
and access control of workforce to ensure safety and
well-being during the pandemic Tata Steel was recognised by the United Nations Global
Compact Network India for its efforts on ‘Being Focused on
Celebrating diversity » POD working system – an innovative manpower
and inclusion for a better
People during and post COVID-19’.
modularisation; each ‘POD’ comprises a self-sufficient
tomorrow

Safety governance
Our safety governance structure is driven by the Safety We have been working on six safety strategies – build safety
Health & Environment committee of the Board (chaired leadership capability at all levels to achieve zero harm,
by an independent director) and the Apex Safety Council strengthen deployment of contractor safety management
(chaired by CEO & MD). The Safety Excellence Journey (SEJ) standard, improve competency and capability for hazard
committee (chaired by Vice President, Safety Health & identification and risk management, improve road and
Sustainability) under the guidance of the Apex Safety Council rail safety, excellence in process safety management, and
works for policy formulations. Their directives are cascaded establish industrial hygiene and improve occupational health.
through the six Apex Safety subcommittees (each chaired The enablers of different strategies are embedded with the
by one Vice President), which further cascades to Divisional executive’s annual performance contract and are linked
Implementation Committees (chaired by respective divisional with remuneration.
Vice President) and Area Implementation Committees
(chaired by department chiefs). Execution of leadership
directives is ensured through robust review mechanism
across the organisation. Goal: Achieve Zero Harm
Key initiatives for safety and health

Build safety leadership Improve competency and
Ensuring COVID-19 safety protocols across our operating locations
capability at all levels to capability for hazard identification
achieve zero harm and risk management
Elimination of safety incidents Excellence in Process Safety
Impact created Impact created
on road and rail Management (PSM)
~25% ~17% 13,976 80% Impact created Impact created

Workforce members trained Employees trained
(FY20: 127, FY21: 95) (FY20: 346, FY21: 287) » Zero road fatalities sustained over the last six years » Tata Steel received Safety and Health Recognition
on various safety standards at on simplified safety
Reduction in lost time Reduction in first aid 2020 from worldsteel for its Best Practice in
Safety Leadership standard through » Deployment of model loading /unloading point at
injuries cases ‘Digitalisation of Process Safety Performance
Development Centre E-learning modules 13 locations
Indicators’ at the latter’s Safety and Health
~87% ~61% » Deployment of Driver’s Fatigue Monitoring System

(DFMS) for heavy vehicle safety
Recognition 2020
» The Process Safety Management Centre of
(FY20: 08, FY21: 01) (FY20: 52, FY21: 20) Excellence (PSM CoE) concept has been rolled out
Reduction in Red Risk Ensuring contractor safety in 14 new departments across Tata Steel
Reduction in Process
Red Risk Incidents Incidents
Impact created
100 43,500+ 745 Establish industrial hygiene and improve occupational health
Past fatal incidents Workforce trained on High-risk job vendors were assessed across locations;
recommendations have standard operating 68 were approved for 4-star rating and one for 5-star rating Impact created
been implemented guideline for
at 3,235 identified
locations
COVID-19
21 » 56% of the high-risk cases were transferred to moderate or low risk with changes in their lifestyle
» Health Index improved from 12.70 in FY 2019-20 to 12.83 in FY 2020-21
Training modules for critical equipment and process were
» Workplace ergonomic risk factors reduced through 47 ergonomic control measures
developed under the Vendor Skilling-2.0 programme,
leading to 311 contractor employees being certified as » Actual exposure level of occupational health-related hazards were accurately assessed in 12 departments through
multi-skilled a Quantitative Industrial Hygiene Assessment

Good if increases Good if decreases
Capability Development
Lost Time Lost Time Injury
Fatality (Nos.) Injury (LTI) (Nos.) Frequency Rate (LTIFR) (Index) Tata Steel has a ‘Workforce Capability and Capacity by the COVID-19 outbreak, the training reach increased
Framework’ to assess capability needs across the workforce from 54% in FY 2019-20 to 73% in FY 2020-21 (with 100%
for skill and competence building, customer focus, reach/coverage for officers). Initiatives such as the School of
5 127 0.55 organisational performance, innovation, health, safety, Excellence (SOE) were strengthened in prioritised areas of
0.52
environment, and business ethics. In line with the changing Steel Plant Operations and Maintenance with the objective
business needs, we evaluate and improve our training of developing world-class technical competencies in our
95
infrastructure, methodologies and programmes. employees. During FY 2020-21 SOEs were made operational.
80 0.37
3 3 3 State-of-the-art ‘smart class infrastructure’, connecting
Tata Steel Digi-e-Shala was launched in July 2020, for
64
68 0.29 0.29 training centres across locations, have been installed at six
students, working professionals and organisations, with
training locations, in line with the need to build a future-
2 an aim to offer learning and development services to the
ready workforce. Customised awareness programmes and
external world. In view of the unprecedented COVID-19
focussed campaigns on relevant aspects of sustainability
situation, these e-learning initiatives were offered free of cost
were conducted for our employees and for our extended
to the stakeholders. 26 Tata Group companies benefited from
ecosystem of suppliers and the community. Through various
this initiative with ~7,000 unique employees enrolled for the
online training interventions, despite the challenges posed
e-learning modules.
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
Total Recordable (Index) Health (Score out of 16) Reduction (%)

Injury Frequency Index in Lifestyle
Rate (TRIFR) Diseases
2.22 12.59 12.47 12.62 12.7 12.83 56 55.6 56

52 53.5
1.93
1.84
1.44 The first batch of 22 women heavy machinery operators at our Noamundi iron mine State-of-the-art ‘smart class infrastructure’
1.39
Diversity and Inclusion

Diversity and inclusion is a way of life to ensure fair and have led to an increase in gender diversity and a reduction in
equal opportunity for all employees. MOSAIC (the Diversity attrition of female employees from 8% to 6%.
and Inclusion Committee) drives diversity and inclusion
Unique policies to drive diversity and inclusion:
indicatives across the four aspects of Gender, Person with
Disabilities (PwDs), LGBTQ+, and different sections of society » Menstrual Leave Policy, Employee Resource Group ‘WINGS’
(e.g., Affirmative Action Community). During for LGBTQ+ and Take Two Policy.
FY 2020-21, we deployed the first batch of 22 women
» Policy rolled out on equal rights for LGBTQ+ employees
as heavy machinery operators at the Noamundi iron
to enable partners of our colleagues to avail all benefits
mine, ensured active presence in Tata group’s ‘We@
meant for spouse
Tata’ programmes, and introduced physical and digital
infrastructural changes to make the workplace more » Launched ‘Indradhanush ke kai Rang’ – a campaign to
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 inclusive. Continuous efforts are also being made on hiring celebrate LGBTQ+ community
as well as retaining and developing women leaders, which

Human rights
Tata Steel is committed to upholding » Corporate Social Responsibility We actively seek to strengthen our
human rights across its value chain. (CSR) Policy mechanism to prevent and mitigate
Our commitment is reflected in the adverse human rights issues through
» Affirmative Action Policy
due diligence and implementation SA8000 audits of our workplace.
framework, governed by the » Prevention of Sexual Harassment Appropriate corrective and remedial
following policies: (POSH) and Anti Sexual measures (checks and balances)
(for more information, visit Harassment Initiative (ASHI) have been identified to address
Employee productivity Rewards and recognition www.tatasteel.com). any non‑compliances. Tata Steel
» Safety Principles and Occupational
Jamshedpur Works underwent
» Tata Code of Conduct (TCoC) Health Policy
We continued on our productivity improvement » Certified as India’s Best Workplaces by ‘Great Place to SA8000 recertification audit in
journey through various focussed initiatives. work’ under the category of ‘Large Organisation’ for » Social Accountability Policy » Data Privacy Policy FY 2019-20, and successfully retained
To remain competitive, improving productivity is of the 4th time the certification till July 2022.
» Responsible Supply Chain Policy » Whistleblower Policy
utmost importance. We continue to strive to achieve
» Adjudged as one of the winners of India’s Best » Equal Opportunity Employer Policy
benchmark performance in this area. Technology and
Manufacturing Workplaces in Manufacturing 2021
Agility played a crucial role in minimising the impact of
by the Great Place to Work Institute for the 4th time
COVID-19 on the organisational performance with our
productivity remaining at 745 tonne/employee/year. » Recognised as IWEI’s Top Employers 2020 for the Approach to protecting human rights
During FY 2020-21, we undertook several initiatives commitment demonstrated to advancing equality
such as throughput improvement and other for LGBT+ community Full-time employees Contract workers
operational excellence projects, value engineering,
» Digi-e-shala won the Steelie Award 2020 constituted Tata Steel is an equal opportunity employer and does A dedicated contractor’s cell was established to
cycle time reduction, along with efforts to identify
by World Steel Association for Excellence in not discriminate on the basis of gender, caste, religion ensure that no human rights violations take place
redundancy through right skilling, Sunhere Bhavishya
Education and Training or disability. During recruitments, we exercise positive at the workplace. The cell also looks at corrective
Ki Yojna (SBKY). We also made significant progress
discrimination in favour of socially disadvantaged and preventive measures to deal with cases of
in simplifying the organisation’s structure, systems » Won the regional championship in both student and
communities, provided the candidates fulfil our violations of our TCoC and Social Accountability Policy.
and processes. Employees were also sensitised industry category in Steel Challenge-14 on virtual
merit-based criteria. Our systems and processes The contractor safety management process ensures
on productivity improvement through various steelmaking organised by worldsteel
in this regard are monitored for compliance and that a safe and healthy workplace is provided to the
programmes.
» Recognised in three categories at DivHERsity Award, are subject to continuous improvements through entire contract workforce. Periodic assessments and
2021: DivHERsity Policies, Women Returnee Program the SA8000 standards and third-party verification. ratings are carried out to upgrade the contractor’s
and Women L&D Program MOSAIC sensitises the workforce to undertake initiatives safety standards.
on promoting diversity.
Supply chain partners Indigenous communities

Employee Training (Person- Training Per (Person-days/ The Tata Steel Responsible Supply Chain Policy (released Tata Steel’s operations require significant resettlement
days) Employee Employee/Year) in 2020) sets out the expectations and minimum and rehabilitation of indigenous communities
standards on fair business practices, health & safety, residing in proximity of its operating sites. Our
3.34L 7.81 human rights and environmental performance that our Affirmative Action Policy and Corporate Social
7.52
supply chain partners need to adhere. During Responsibility and Accountability Policy lay down
6.38 FY 2020-21, we engaged with our supply chain partners the rules of engagement with the affected parties.
2.48L 2.53L 5.62 through awareness sessions and assessments based on The CSR team ensures that Tata Steel upholds
1.94L 1.99L 4.60 the policy requirements. Specific corrective action plans the highest standards of human rights as part of
have been identified based on non-compliance to the rehabilitation and resettlement, both before and after
requirements of four principles of the policy (including project completion.
human rights) and we are working with our supply chain
partners to address these. These principles also form a
critical part of our Business Associates Code of Conduct
and all our business associates (includes supply chain
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 partners) are mandated to endorse it before working
with Tata Steel.
L = Lakh Good if increases Good if increases

Strategic linkage
Natural capital SO2 SO4
Optimising resources, investing for Goals

a sustainable future
Steel is integral for infrastructure building and plays a key role in Key #CombatCovid19 initiatives in FY21
2025 Goals 2030 Goals
economic development and nation-building. However, steelmaking is a Climate change Achieve CO2 emission intensity of <2 tCO2 /tcs for Achieve CO2 emission intensity of <1.8 tCO2/tcs
resource-intensive process and creates environmental impact in form of Tata Steel India for Tata Steel India
emissions and effluents. We are committed to using the most efficient
production routes, minimising waste generation and mitigating the Water Achieve specific freshwater consumption of » Achieve specific freshwater consumption of
negative impact on the environment. 2 m3/tcs across all steelmaking sites <1.5 m3/tcs across all steel making sites
41% TSJ 34% TSJ

» Aim for water neutrality
Circular economy Achieve material efficiency of 99% at all » Sustain material efficiency at 100% at all
46% TSK 62% TSK

steelmaking sites steelmaking sites
» Increase IBMD EBITDA by 2.4 times over 2020
Reduction in specific fresh water Reduction in stack dust emission » Build recycling business in steel and other
consumption since FY 2016-17 intensity since FY 2016-17 materials (>5 MnTPA)
Impact on SDGs
Rated ‘A-’ Biodiversity Develop and implement Biodiversity
Management Plans (BMPs) for all operations sites
(including raw material locations)
Aspire for no net loss of biodiversity
(Leadership band) for Climate

Change and Supply Chain
disclosure in CDP 2020 Dust emission Achieve specific dust emission intensity of Achieve benchmark dust emission intensity by
0.4 kg/tcs for Tata Steel India adopting best available technology
Supply chain Coverage of 100% critical supply chain partners Integrate ESG performance of partners in
for ESG risk assessment and collaborate for procurement decision-making
risk mitigation
Product Cover 100% of steelmaking and downstream Disclose environment performance of 100%
sustainability sites under Life Cycle Assessment of products
ResponsibleSteelTM Certification of all steelmaking sites -

certification

Ensuring sustainable practices
with our Long Pipe Conveyor at » CO2 emission » Renewable and clean energy » Circular economy
West Bokaro, Jharkhand
» Water consumption and effluent » Biodiversity » Supply chain sustainability
Sure, we make steel. discharge
But #WeAlsoMakeTomorrow » Energy efficiency
» Waste management
» Air pollution

Our approach to managing natural capital We focus on operational excellence through our ‘Prevent,
is underpinned by our strategies on low Minimise, Recover, Reuse and Recycle’ approach. We invest
regularly to upgrade manufacturing and distribution
carbon transition, reducing dependence on facilities to improve operational and environmental
freshwater consumption, pollution control, performance. We have implemented environmental
maximising value from waste and exploring management systems in accordance with ISO 14001:2015,
opportunities in the circular economy and which provides the necessary framework for managing
compliance and improving environmental performance.
enhancing biodiversity across the value chain. During FY 2020-21 ₹32.72 crore was invested on
environmental management system upgradations GHG management Jamshedpur Works
focussed on improving air emissions, water management,
imbibing circular economy principles and conservation
of biodiversity. We operate state-of-the-art accredited GHG emissions from Indian steelmaking operations (million tCO2)
laboratories for environmental performance assessment.
Steelmaking Sites Scope FY17 FY18 FY19 FY20 FY21
Tata Steel Limited (TSJ+TSK) Scope 1 25.53 26.52 27.14 26.53 24.84
Scope 1.1 3.69 3.96 4.53 4.53 4.51
Scope 2 1.11 1.17 1.17 1.08 0.95
Scope 3 (2.21) (1.99) (1.81) (1.75) (1.98)
Overall 28.11 29.66 31.03 30.39 28.31
Emissions based on CO2 Data Collection User Guide V9.5, Worldsteel Association
We are committed to steering the business to low carbon pathways and prepare future-ready
portfolio by building resilience for transition and physical climate change risks.
Life Cycle Assessment
While we believe that steel is an integral part of the and others. Additionally, Tata Steel and the Council of
solution for transitioning to a low-carbon economy, Scientific & Industrial Research (CSIR) have signed an MoU
Construction we recognise the significant challenge which the steel to collaborate on CCUS.
sector is besieged with for deep decarbonisation. We
We are a signatory to the Task Force on Climate-related
are working on deployment of key enablers for deep
Financial Disclosures (TCFD) for climate change and
Air emissions Jubilee Park, Jamshedpur decarbonisation, including the use of more scrap in
have identified transition risks and opportunities to
Building steelmaking, use of alternate fuels such as natural gas
Utilisation decarbonise our operations in the long-term.
materials
and hydrogen, and deployment of carbon capture and
Specific mitigation and contingency plans for each of the
storage/utilisation technologies. We continue to adopt
identified risks have been integrated within our
Clean air to breathe is a basic human right, the best available technologies for waste heat recovery
long-term strategy. While the pandemic affected
such as Top Recovery Turbine (TRT), Coke Dry Quenching
and Tata Steel is committed to maintaining Raw material
extraction Landfill/
(CDQ), use of by-product gases in power generation
production marginally, Jamshedpur Steel Works remains
the quality of air in its operating areas. disposal
the national benchmark in BF-BOF based integrated steel
Recycling and other energy efficiency measures, resulting in
plants. Renewable energy projects with a combined
improvement of resource efficiency as well as reduction
We strive to reduce the negative impact of our Recycling End of life potential of ~150 MW have been initiated based on a
of carbon footprint.
operations on the quality of air through maintenance phase-wise roadmap across sites. Our engagements
and upgradation of Air Pollution Control Equipment
Life Cycle Assessment (LCA) is a method for We are actively engaging with technology companies, and support in leading initiatives such as Responsible
(APCE). We are conducting Source Apportionment assessing a product’s environmental impact academia, companies from other sectors having similar Steel, Net Zero Steel Pathway methodology project,
studies of Jamshedpur Works and its surrounding considering its various life cycle stages. challenges on development and scale-up of deep Assessment of Low-Carbon Transition (ACT), World
areas within a radius of 20 kilometres to identify decarbonisation technologies such as CCUS, hydrogen Economic Forum’s Mining and Metal Blockchain Initiative
key sources of air pollution, their contribution We use LCA effectively to understand our products’ generation and its use in steelmaking, use of biomass and and worldsteel's STEP-UP programme demonstrate our
to overall ambient air quality in the region, and environmental impact as well as to use its outcome other alternate ironmaking routes. Tata Steel has signed resolve towards long-term decarbonisation strategy.
accordingly develop air quality management plans. for product-related environmental disclosures. an agreement with Shell India Markets Private Limited to
Tata Steel Group was recognised by CDP in Leadership
Our continuous efforts for reducing stack emission During FY 2020-21, a comparative LCA study was evaluate and co-develop short- and long-term options
band (A-) for climate and supply chain disclosures.
load has resulted in the reduction of dust emission carried out between our HabiNest structure and a for improvement in energy efficiency, optimisation of
intensity by 34% and 62% since FY 2016-17 at TSJ and similar type of conventional structure. The study was demand around carbon-intensive products and services
TSK, respectively. carried out for a 2,400 square feet classroom building.

Water management Water Pond, CRM Bara, Jamshedpur Circular economy Steel Recycling Plant, Rohtak, Haryana
Steel plants use a large Our operations in India are located in the city and treated water from
amount of water for a variety near rivers (Subarnarekha for the STPs is being reused in plant Solid waste management
Jamshedpur plant and Baitarani for operations. During FY 2020-21, we
of purposes, including Kalinganagar plant) which provides successfully completed the CRM Tata Steel endeavours to remain an industry benchmark in managing solid waste and creating
cooling, dust suppression, us a strategic advantage. Our efforts Bara Rejuvenation Project resulting value using 3R (Reduce, Reuse & Recycle) principles of the circular economy.
cleaning, temperature on water conservation hinge on in the creation of a larger rainwater
We handle about >12 MnTPA of by-products spanning of Ground Granulated Blast Furnace Slag (GGBS) started
minimising withdrawal of fresh water harvesting facility, improvement in
control (heat treatment), and from rivers and maximising the water table of local area and increase
25+ product categories comprising 250+ Stock Keeping from Kalinganagar and has been successfully established
transport of waste materials Units (SKUs). The wide range of industrial by-products in the market.
recycling of treated effluents within in biological diversity. Technological
serves as key raw materials to various industries such as
(ash, sludge, and mill scale). the plants as well as domestic sewage. advances coupled with adoption
cement, chemical, construction, among others. During
Tata Steel commenced operations of a future-ready
Specific fresh water consumption of of best practices, such as reusing by-product processing and value creation centre with
FY 2020-21, we achieved process solid waste utilisation
TSJ (2.25 m3/tcs in FY 2020-21, of treated town sewage water for modern baling units and mechanised processing facility
of >99% at TSJ and TSK, and focussed synergy initiatives
excluding drinking water industrial purpose at Jamshedpur in Jamshedpur. The Metal Recovery Plant (MRP) is now
have enabled knowledge transfer and horizontal
consumption) is one of the lowest works, recycling of industrial effluent operational at Dhenkanal and Gamharia plants as well,
deployment of best practices across our recently
in the steel industry in India. In our at all sites and recovery of storm helping to enhance internal consumption of by-products
acquired facilities of TSBSL and TSLP.
pursuit to make Jamshedpur the first runoff water at Kalinganagar works and offer value-added products for external markets.
city in India to achieve zero sewage has enabled reduction of specific fresh By leveraging digital technologies, Tata Steel has created
Tata Steel won the prestigious CII 3R Awards 2020 at
discharge into the river, two Sewage water consumption by 41% and 46% a resilient ecosystem for by-product management, which
the CII International Conference for demonstrating the
Treatment Plants (STPs) with capacity at TSJ and TSK, respectively since helped in successfully addressing the challenges posed
3R (Reduce, Reuse, Recycle) principles in by-products
of 45 million litres per day (MLD) FY 2016-17. by COVID-19. Agile and connected supply chain helped
management.
and 16 MLD have been installed increase efficiency of material movement and ensure
safer operations. The accelerated weathering facility By 2030, we target to achieve material efficiency of 100%
for LD slag has enabled us to ramp up the utilisation of while sustaining solid waste utilisation of 100% across all
processed slag in the construction of national highways locations and increasing EBITDA by 2.4 times from
and downstream products such as soil conditioners, by-product business.
paver blocks, among others. During FY 2020-21, supplies
Steel recycling business

Biodiversity Sir Dorabji Tata Botanical Park, Noamundi
Steel has the unique property of being infinitely recyclable. Primarily, the Electric Arc Furnace
(EAF) method for steelmaking, with lower carbon footprint, is used for re-melting of steel.
Higher usage of scrap for steelmaking in India is Life Vehicle (ELV) scrap, obsolete household scrap,
Tata Steel has been Our Indian operations are not located Importance Park on MSW Dumpsite currently limited due to lower availability of scrap and industrial scrap, etc. This scrap is processed through
in any of the identified biodiversity at Jamshedpur and rejuvenated a fragmented scrap supply chain. To be future-ready mechanised equipment and the high-quality processed
actively working with hotspots or protected areas. During the 5.6 hectare CRM Bara Pond at and establish the supply chain for scrap, we set up our scrap is supplied to electric arc furnaces (EAFs), induction
several organisations to FY 2020-21, we developed BMPs Jamshedpur. By FY 2020-21, we have steel recycling business in FY 2019-20. We successfully furnaces (IFs) and foundries for downstream steelmaking.
enhance its performance in for Jamshedpur and Kalinganagar, developed BMPs for 11 locations and commissioned our first steel scrap recycling plant of We have launched various first-of-its-kind initiatives
biodiversity conservation planted over 2.98 lakh saplings of plan to cover 100% of our sites 0.5 MnTPA in September 2020 at Rohtak, Haryana. It is in the global scrap industry such as branding of Scrap,
native species across locations, by 2025. a state-of-the-art plant with mechanised equipment FerroHaat app for buying and selling scrap,
and significantly reduce its developed a 12-hectare Ecological such as shredder, baler, material handler for processing, among others.
impact on the ecosystem handling and producing high-quality scrap. Steel scrap is
and biodiversity. procured from market segments such as End of

Good if increases Good if decreases
Dust Emission (kg/tcs) GHG Emission (tCo2/tcs) Nitrogen Oxides (NOx) (kg/tcs)
Intensity Intensity Emission Intensity **
TSJ TSK TSJ TSK TSJ TSK
3.08
1.96
1.3
2.65
2.54
2.45
2.44
2.29
2.29
2.29
2.27
2.3
0.66
0.91
0.6
0.57
0.79
0.8
0.49
0.72
0.71
0.44
0.41
0.59
0.37
0.54
0.33
0.46
0.29
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
Tata Steel regularly organises tree plantation drives across locations
Sulphur Oxides (SOx) (kg/tcs) Specific Fresh Water (m3/tcs) Effluent Discharge (m3/tcs) Solid Waste Material Way forward
Emission Intensity *** Consumption * Intensity **** Utilisation * (%) Efficiency (%)
TSJ TSK TSJ TSK TSJ TSK TSJ TSK TSJ TSK In line with our strategic goal
of being the industry leader in
sustainability, we will continue
99.98
99.7
1.99
7.66
1.02
100
100
100
100
100
100
98.9
1.01
100
investing in technologies and
96.9
99
94.6
93.9
92.9
processes to further improve our
87.22
0.92
91
4.76
84.4
0.86 performance on GHG emissions,
82.4
4.29
0.82
4.15
4.16
water management, waste utilisation

and biodiversity management.
We are also accounting for possible
66
regulatory, market and climate
0.59
change in the future by continually

3.83
3.68
evaluating risks and opportunities

3.27
and adapting accordingly through

0.75
0.75
0.71
2.8
0.64
various interventions such as

0.62
2.25
0.29
expanding our steel recycling

0.24
0.21
business, improving by-product

0.31
0.28
0.27
business, carrying out life cycle

assessments and embedding the
principles of circular economy
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
* Defined as freshwater consumption per tonne of crude steel produced excluding drinking water consumption
**Defined as amount of nitrogen oxides (in kilograms) emitted from stacks for producing one ton of crude steel
***Defined as amount of sulphur oxides (in kilograms) emitted from stacks for producing one ton of crude steel *Defined as amount of solid waste used internally or externally + sold outside as a percentage of total solid waste generation
****Defined as effluent discharged (in cubic metres) from operational premises for producing one ton of crude steel

Social and Relationship capital Strategic linkage
SO1 SO3
»
»
Business growth
Product and service quality
To meet our objective of becoming the
industry leader in steel and insulating
At Tata Steel, we believe that to sustain a successful business, it is imperative to build Our » Long-term profitability revenue from steel cyclicality, we are going
long-term relationships based on mutual trust, respect and benefits. It protects the Customers » Greater stakeholder
engagement
beyond traditional products by offering a
range of customised services, solutions and
organisation through business and economic cycles. » Technology, product and value-added products across existing and
process innovation new customer segments.
Our relentless pursuit towards meeting the emerging needs of our customers, creating
of value for our suppliers and driving inclusive growth for our communities we serve, has Initiatives for building relationship with customers
contributed to creating significant social and relationship capital.
Tata Steel has been focussing not only on A challenging year such as big gamechanger during the
FY 2020-21 required a different pandemic and enabled us enter
1.61 million 83.3

existing but also on latent and evolving approach towards our customers – unserved territories, creating
needs of its customers across B2B (Business of empathy and support through opportunities to serve new
Lives reached through Customer Satisfaction Index (Steel)
Accounts), B2C (Individual Consumers) and innovative engagement. customers and new markets.
B2ECA (Emerging Corporate Accounts) by FY 2020-21 became a year of FY 2020-21 therefore was
CSR initiatives (out of 100)
forging stronger relationships with dedicated to forging stronger
offering differentiated products, services our customers and of renewed relationships with customers and
Impact on SDGs and solutions.
201
commitment to quality both in renewing our commitment to
terms of product and service quality both in terms of product
delivery. Further, our multiple and service delivery.
Critical suppliers assessed digital initiatives emerged as a
on Responsible Supply
Chain Policy
Transformational initiatives for customer relationship
B2B segment B2ECA segment B2C segment
COMPASS aims at digitally DigECA, a digital solution for Enhanced our reach through
enabling the supply chain to ECA business, created real-time, e-selling platform, Aashiyana by
maximise visibility for customers segmental visibility of sales acquiring customers who would
and OTIF (on time in full) to better for channel partners and end otherwise have not visited the
track inventory and supply chain customers offline stores; Aashiyana clocked
from production to ₹726 crore in revenue in
Tata Astrum Super, the
last-mile delivery FY 2020-21, more than doubling
premium brand of Hot Rolled
its year-ago performance
Launched e-DRIVE, a digital Cut to Length Sheets, completed
platform developed in-house, two years, recording 30% growth; Launched Tata Basera 2.0,
to transition tech-support it aims to address the pain the Tata group level synergy
activities traditionally involving points of the fragmented mix of programme for individual home
high physical engagement to comparatively small retailers builders; Tata Power Solar, Voltas
virtual medium using 3D viewer and fabricators Beko and Tata Cliq have been
software and Microsoft tools on-boarded on this programme
Conducted monthly Safety
Launched #Converse to Workshops and Webinars on Brought the entire distribution
Construct-Conversations that Best Practices in MSME space, channel on one platform,
build Tomorrow, a platform aligned with the commitment Sampoorna, by creating a
to engage with different of safety and customer common interface for channel
stakeholders of the construction engagement, by leveraging partners, their workforce and
sector to share and co-create the digital medium during the dealers; 48 distributors of Tata
ideas that would enable adoption COVID-19 period Tiscon and their workforce of 700
of faster, sustainable and modern ASOs (Area Sales Officers) and
construction practices in line with BMs (Business Managers)
global benchmarks were included

Fostering strong and long-lasting relationships with customers Felicitating channel partners
Other key customer and market initiatives in FY 2020-21
Automotive Construction ECA Segments Services and Solutions

FY 2020-21 was a year of extremes from a demand Collaboration with worldsteel (through With over 152 customer engagement initiatives In the past few years, Tata Steel has launched various
perspective. ConstructSteel forum) to increase steel intensity in conducted virtually to create over 18,000 innovative products and services, with two major
construction in India. touchpoints, ECA brands continued to focus on value offerings: Tata Pravesh Steel doors and windows, and
» To overcome the challenges posed by the
creation and building on customer relationships. Nest-in, a smart steel-based modular construction
pandemic, we leveraged our digital platforms to » Golden Home Consumer programme – Tata
solution.
strengthen our relationships with key customers in Tiscon’s loyalty and advocacy programme for » Launched new Coated Brands from Tata Steel BSL
strategic segments through several Technical Cross individual house builders (IHBs) transformed itself – Galvanized Plain Regular Spangle, Galvalume and » Tata Pravesh: Tata Pravesh came out with a
Learning sessions into a digital avatar during COVID-19, reaching out Colour Coated – which are Restriction of Hazardous comprehensive COVID Care programme for all its
to 8,000+ consumers and getting recognised for Substance compliant distributors and 250+ privilege dealer partners.
» We also transformed Customer Service Team (CST)
customer-centric excellence in business leader of It also carried out a nationwide sanitisation
approach of nurturing the automotive relationships » For entry into new product and market segments
the year award. A Golden Home Consumer is one exercise following WHO guidelines for safety and
into a digi-intensive engagement forum and which promote sustainability in line with the
who buys 3 tonne of Tata Tiscon within a year for business continuity of the channel. FY 2020-21 also
changing consumer requirements
building their house witnessed the launch of Tata Pravesh’s new brand
» Continued to nurture customer relationships campaign, ‘Akela hi Kaafi hai’, with the widely loved
» Tata Tiscon provided safe shopping experience
through the Ecafez online platform where several Gajraj Rao as the celebrity endorser. Tata Pravesh
for consumers, increasing its footprint in the rural
online training workshops, events with the Bengal installations grew 40% in FY 2020-21 over
Engineering Segment hinterland through active engagement with the
Chamber of Commerce & Industry (BCC&I), Indian FY 2019-20
mason community under the MITR programme.
Chamber of Commerce (ICC), quality-focussed
The programme has 24,000+ masons who » Nest-In: Nest-In deploys various approaches
» By developing API grades upto X70 from the webinars, micro-segment specific engagement
contribute to 30%+ volume for the brand to engage with customers at all stages of the
Kalinganagar plant, Tata Steel has been able to programmes like ‘Panorama’ (for panel industry)
customer life cycle. Orders worth ₹104 crore
make significant inroads in the Oil & Gas segment » Celebrating 20 years of its launch, Tata Shaktee and ‘Solarix’ (for solar industry) were conducted
were received during the year, up ~14% over the
by securing approvals from major oil producing reached out to over 2,000 farmers across the
previous year. Steps have been taken to further
companies country via physical and digital meets conducted
strengthen customer relationships by leveraging
on Kisan Diwas. Fabricator loyalty programme,
» Tata Steel increased its share of business with digital tools
Shakteeman also saw its highest enrolment of over
major national players in the Lifting & Excavation
8,000 fabricators, achieving ~8,000 tonne of sales.
and Pre-Engineered Building segments by
The brand connected with over 5 crore people
enriching the product offering and increasing
through various campaigns on social media
engagements
GalvaRoS (GPRS), Galvanova (GL) and Colornova (CC)
Strategic linkage Material issues addressed
» Long-term profitability Maintain cost leadership

Our SO2 SO4
» Technical knowledge transfer and and care for people across
Suppliers capacity building for relevant partners our supply chain through
» Supply chain sustainability partnerships with our
» Greater stakeholder engagement suppliers.
» Local sourcing of labour
Strategic Supplier Meet
the efforts and focus on indigenisation We have reached a 100% certified

Suppliers' Sustainability Expo
and localisation across multiple
categories of buy like raw material
contracted workforce through our skill
certification programmes.
Way forward
Supplier Relationship Engagement with raw material Responsible Supply Chain Policy spares, and process consumables. A Skilling 2.0 was initiated in FY 2020-21
Management (SRM) programme suppliers Our Responsible Supply Chain Policy detailed roadmap for indigenisation has focussing on developing a multi-skill We will cover more suppliers under
been created for the next three years. workforce. Further, to support local the sustainability assessment
The SRM programme is aimed at Developing supplier partnerships (RSCP) aims at encouraging supply
communities and encourage the programme in FY 2021-22 and then
building collaborations with strategic through long-term projects in the chain partners to integrate sustainability
vendors for managing and enhancing imported coal value chain is critical for principles in their decisions and Vendor development inclusion of marginalised sections of the categorise our supplier partners in
society, we help develop entrepreneurial 5 major bands – Basic, Improving,
value delivery through supplier- reducing the overall cost of production processes in line with Tata Steel’s The vendor development programme
capabilities by creating positive Established, Mature and Leading.
led innovation. During FY 2020-21, in the long run. Understanding strategic commitment to sustainable business and vendor capability advancement
differentiation through our Affirmative We also intend to identify key ESG
multiple sessions were conducted on plans of key suppliers and creation practices. The Policy focusses on programme aims to partner and support
Action (AA) programme. Nearly 33% risks in supply chain and collaborate
new and emerging technologies and of mutually beneficial products have sensitising suppliers about the need suppliers to enhance their capability
of our supply chain partners are local, with partners for risk mitigation and
processes across various improvements helped maximise the supply of coal that to implement sustainable business through continuous improvement,
of which 71 are AA suppliers and DP integrate ESG performance of supply
areas such as quality, delivery, has higher value-in-use (VIU) and is most practices and inculcate the same culture creating a competitive vendor base
vendors (displaced due to greenfield chain partners in procurement
productivity, safety and sustainability. suitable for our coke plant configuration. in their supply chain. The Policy is across Tata Steel. During FY 2020-21,
project). decision-making
The sessions, conducted with our We have ensured raw material supply guided by four principles: Fair Business we initiated 32 vendor development
strategic vendor partners, helped create security by developing new relationships Practices, Health & Safety, Human programmes, which led to improving During FY 2020-21, we ensured
value for both Tata Steel and its supplier in Russia, Canada and Indonesia. Rights, and Environmental Protection. vendor capability through a structured continuity of vendor operations through More collaborative initiatives on
partners while creating a value pipeline. We have also created alternative supply We started the sustainability assessment approach, value creation and operational necessary interventions across states. responsible procurement will be
chain models for coking coal, enabled journey with our critical vendor partners. improvements in productivity, plant We also ensured that no pay cut was undertaken with our key suppliers
CEO to CEO connect with by vendor-managed inventory at More than 200 suppliers were assessed availability, reduction of rework, instituted by the local service providers such as refurbishment of equipment
strategic suppliers Indian ports. This has facilitated supply in FY 2020-21 with a spend coverage of improved delivery compliance and and the contract workforce was paid through strategic engagement
A new structured programme of CEO chain security, credit enhancement around 33%. higher quality of supplies. Moreover, the as per agreed terms. Assistance was with MRO vendors and multiple
to CEO connect was started in and optimisation of inventory, leading safety performance of suppliers provided to vendor partners from across initiatives on reduced
FY 2020-21 in which CEO & MD and to efficient management of complex Indigenisation and localisation also improved. Vendor capability and skill India, by ensuring availability of vehicles, carbon emission
the Senior Leadership team of Tata multi-site operations. The four key In view of the highly dynamic and ever- development training programmes in racks and issuing letters for hassle-free
Steel interact with global CEOs and areas for collaboration focusses on changing business landscape impacted TQM, finance, specific trade-related skill transportation.
leadership team of select strategic carbon capture, usage and storage, with the pandemic, global geopolitical development, operational excellence, We are actively working on the
coal quality optimisation, mining and ethics, safety, cost management and Many digital initiatives such as implementation of innovative and
suppliers. The objective is to strengthen challenges, there is a high risk of impact
beneficiation technology and processes, sustainability covered 844 suppliers. Digi-Bill (e-submission of Invoices), digital structured financing solutions such
business relationships, share future on the Tata Steel supply chain and
and ironmaking and steelmaking Over 12,000 contracted workforce were platform for paperless transactions for as Receivable Purchase Agreement
business plans and identify high-impact increased risk for disruption. While Tata
technologies for improving Tata Steel’s trained under the skill certification inbound material delivery, Margdarshak, with major suppliers and ramping up
innovation ideas which can be pursued Steel has always worked on localisation,
sustainability. programme by the Capability for tracking and re-routing vehicles, vendor-managed inventory coverage
collaboratively. in FY 2020-21 Tata Steel has increased
Development team. among others were deployed to
manage the supply chain and ease the
transactions carried out by our suppliers.
Strategic linkage Material issues addressed
Our SE • Greater stakeholder • Articulating globally relevant change models

engagement to address core challenges to the significant
Communities • Drinking water and lasting well-being of communities
proximate to our operations
Tata Steel serves communities particularly the most marginalised and voiceless sections across more
than 4,500 villages in nine districts of Jharkhand and Odisha. In alignment with our core philosophy,
we envision an enlightened, equitable society in which every individual realises his/her potential with
dignity. This vision is enabled through the work Tata Steel’s Corporate Social Responsibility team does
with tribal and excluded communities to co-create transformative, efficient, and lasting solutions to their
development challenges.
During the world’s fight against the pandemic, we stood by the most underserved communities, directly
reached a million people across 24 states of India.
Goal: Reach >10 million lives by 2030 through CSR initiatives
Goals Initiatives Achievements Goals Initiatives Achievements
Meeting #ThoughtforFood 27.43 lakh meals served across all locations Creating #FromtheFarm 16,333 kg of vegetables distributed
material, Providing hot and nutritious 48,000 ration and hygiene packets distributed till date across the three districts of economic Tie up with Zomato and 1,566 orders received on Zomato and Swiggy including some offline orders
cooked meals and dry ration Kolhan division (Jharkhand) Swiggy for online vegetable 203 farmers currently supported through the value chain
information opportunities
to the needy 324 donors have contributed `72.24 lakh selling thus creating income `7.32 lakh disbursed as income till date
and well-being
#StitchinTime 1,01,659 masks produced till date for the farmers
deficits
Providing masks to the 194 households were engaged in mask making
frontline warriors of COVID 100 individuals from prison have contributed by making 16,500 masks #CashforWork 2,860 households reached
`9.5 lakh disbursed as income Involving individuals and `27.15 lakh income disbursed through creation of kitchen gardens, wall-writings,
groups in an array of income paintings, paper bags, musical instruments and woodcrafts
#DigitalBridges and Digital Bridges generation activities like
#DigitalBridges 2.0 575 Sahiyyas and Anganwadi workers across Jharkhand and Odisha have kitchen garden, wall writing,
Meeting information gaps been reached paper bag making etc.
and awareness creation 1,68,167 people reached out through Mobile Medical Units (MMUs),
among people tele-consultations, on-site trainings, expected delivery date tracking Establishing #StrongerTogether 10,562 returning workers surveyed across 11 blocks of East Singhbhum by
Digital Bridges 2.0 Formation of the most 9 partner organisations of District Response Coordination Group
platforms to
94,349 migrant workers reached out across 24 states/Union Territories
amplify impact successful global setup Over 71,500 lives have been reached through the healthcare services provided in
72,830 individuals from 244 Gram Panchayats across Jharkhand and Odisha reached in response to disaster
out through direct digital conversations and indirectly, with information and support the hospitals with support of Tata Steel CSR and the same is included in the overall
management. Effective
6,544 people screened for home/government quarantine lives reached under #CombatCovid19 programme
and efficient reach of
#FarRishta 65,201* women, children and men reached till date activities in response to
Digitally enabled 4,297* volunteers have shared their time and talent till date* COVID-19 ensuring seamless
conversations and 20 states/Union Territories and 41 cities coordination with Non-
volunteering opportunities *Repeat engagement / Repeat volunteers Governmental Organisations
through volunteers (NGOs) or Civil Society
Organisations (CSOs) and
#FriendinNeed 578 individuals called the befriending service till date
district administration of East
Providing emotional support 309 callers sought emotional support on stress and depression
Singhbhum
to stressed people 202 callers were citizens who needed extended services
#HopeSprings 40,828 returning workers reached with warm meal, ration and hygiene kit on
Meeting well-being gap with National Highway 33
the non-medical staffs 2,500 returning workers provided with dry ration packets at Ganjam district of Odisha
`9.83 lakh raised through generous contributions by 47 donors
1,712 women, men and children provided with medical assistance
Tata Steel continued with the community development programmes and CSR initiatives, despite
restrictions due to the COVID-19 pandemic. The Maternal and Newborn Survival Initiative (MANSI)
continued to fully support expecting mothers as well as new-born and infants. Healthcare services were
available to those with chronic ailments. A lockdown learning model was devised for the Thousand
Schools programme for rural children, especially girls facing challenges with access to digital devices and
networks, potentially driving increased dropouts and permanent learning disruption. The model equipped
volunteer and government school teachers with digital access who then teach children in small COVID-safe
clusters using customised teaching learning material thus saturating 90% of children in eight blocks and
60% in 11 blocks. Farming communities were supported to continue their livelihoods. Technical institutes
operated by Tata Steel continued to function with online classes ensuring the vocational training available
to youth continues unabated.
Development programmes undertaken in FY 2020-21 and their impact

Signature Programmes: Actualise change models which address core
development gaps in Jharkhand and Odisha, while being replicable at a
national scale
Initatives Impact SDGs Initatives Impact SDGs
A society where the health » Reached 56,545 mothers and children enabling reach of ASHA (Accredited Empowered tribal » Samvaad ecosystem reached 28,180+ people in FY 2020-21
and survival of women and Social Health Activist) system to their home communities with voice » Samvaad 2020 went bridgital to keep the dialogue going with its YouTube
children before, during, and » Operation Sunshine, the digital intervention of project MANSI (Maternal And and agency to lead their channel having 10,300 viewers, participation of 157 tribes, 25 Indian states
after childbirth is a priority Newborn Survival Initiative) enabled tracking of 3,101 high-risk cases till development agenda, and four nations
reaching out to 58,000 Q4FY2021. Amidst the severe restrictions due to pandemic, we were able to residing in an ecosystem that » Through Aatithya (Tribal Cuisine), Jamshedpur citizenry enjoyed delicacies
people successfully address 86.23% of the high-risk cases whereas 9.55% were cases recognises and appreciates from home cooks belonging to 12 tribes across 10 states in collaboration with
under observation. This became possible with a combination of physical and tribal values and living Indian Hotels Company Limited and delivery partner Zomato marking sales of
digital means of operation reaching out to six tribes `1 Lakh over five days of the Samvaad Conclave
» Sexual and reproductive health knowledge to 3,770 adolescents » Rhythms of the Earth, the Samvaad Music Collective released the musical
compositions Birsa Ker Raij curated in collaboration with eminent folk singer
Padma Shri Mukund Nayak and Abua Disum Abua Raij (Our Land, Our Rule)
A society where all children » Over 2,51,000 children’s lives impacted through Education Signature marking the statehood day of Jharkhand
go to school and have access Programme » During the COVID-19 pandemic, most of the language centres went digital
to high-quality education to » The Lockdown Learning Model, devised during pandemic to provide learning to continue the language learning. 510 language learning centres are
prepare them for a successful support to the children reached over, 1.36 lakh children operational reaching 16,947 language learners
future covering 19 blocks of » A first of its kind non-financial partnership with the University of Turku,
Jharkhand and Odisha Finland is in place from February 2021 onwards to create learning content,
combining best-in-class Finnish methods and the local context of our children A vibrant Jamshedpur » Under the Development Corridor project, Government PRI representatives,
» 32,000 members of community formed 2,346 Child Rights Protection Forums. - Kalinganagar corridor along with Tata Steel Foundation succeeded in organising its first-ever Digital
» Communities run 54 Community Education Resource Centres Odisha blocks where local communities Gram Sabha in four panchayats recording presence of 80+ people on digital
reaching 4,600 youth and a footfall of 23,000+ people participate in and lead a medium and ~300 people in person. The 'threat of COVID-19' helped to co-
» Complying to Right to Education Act, SMCs have made School Development significant enhancement create an opportunity for devising a digitised platform for connecting the
Plans (SDPs) ratified through Gram Sabhas to be part of Gram Panchayat in their social, natural and unconnected and secluded. One of the Gram Sabhas witnessed more than
Development Plans (GPDPs) worth ₹100 crore. ₹54.80 crore has been cultural capital reaching out 50% women’s participation
mobilised by the community through the Panchayats with a purpose of to 71 panchayats and 10%
rejuvenation and upgradation of school facilities enabling an environment for of its population (92,000
improvement in education households)
Proximate Community Development (PCD) Programmes: Enable sustainable

and significant betterment in the well-being of communities proximate to our
operating locations
Initatives
Addressing needs of communities and key entrepreneurship, (d) enabling basic of children in public schools,
stakeholders by focussing on: school education (at least till grade (g) sensitisation of society towards Persons
(a) ensuring access to comprehensive 10) for all children as well as supporting with Disabilities (PWDs), (h) nurturing
primary healthcare, (b) sustained education through scholarships to sporting talent among the youth and
availability of safe drinking water, meritorious students, (e) addressing urban (i) engendering community self-reliance
(c) enhancing household incomes through child labour and re-introducing children to by deepening grassroots governance
agriculture, its associated activities and the educational mainstream, (f) improving mechanisms in villages particularly
skill-based training for employment and nutritional levels of families as well as that focussing on women leaders
Impact
» Over 0.35 million lives have been The Streets’ programme launched » 2,303 persons reached through Sabal
reached through our PCD programmes under MKP which now reaches to 87 Centre and various disability linked
in FY 2020-21. This is apart from what children in three centres. In overall MKP programmes
is achieved under #CombatCovid19 programme, 40% children are female » On February 26, 2021, the contributions
initiative » 2,540 SC/ST students supported over the past 3 years of SABAL – Centre
» Over 1 million people provided with for their education in form of Jyoti for Abilities towards honouring the
primary healthcare services across the Fellowship and Tata Steel Scholarship spirit and talent of persons with
operating locations of Jharkhand » Construction of the Mid-day meal disabilities were recognised by the
and Odisha kitchen in Chaibasa, West Singhbhum Deputy Chief Disability Commissioner,
» An increase of ₹65,000 in 24,693 has been completed and shall be Government of India and the State
farmers’ incomes has been enabled handed over to Annamrita Foundation Disability Commissioner, Government of
through several agricultural related for operations and management. It will Jharkhand
livelihood interventions cater to ~63,000 school-going children » Over 80,230 people were provided
» 21 water harvesting structures of West Singhbhum district drinking water through various facilities
constructed largely for agricultural use » 1,576 youth enrolled in placement » ~12,000 women reached under #CombatCovid19 #FarRishta initiative: Children attending an online session during the lockdown
and partly for domestic use and self-employment linked skill empowerment programmes through
» 848 children covered from ~3,000 target enhancement programmes, out of Self Help Groups
numbers with 316 mainstreamed till which 290 completed the training and » 3,770 youth engaged through different
Embed a societal perspective in key business decisions
date (187 mainstreamed in 172 youth placed/self-employed. sports activities
FY 2020-21). 13 residential and Due to pandemic, placements were » 12 Initiatives of Change sessions Initatives Impact SDGs
non-residential facilities in Jamshedpur delayed and are expected to be conducted in FY 2020-21 and 384
functioning under Masti Ki Pathshala completed in early FY 2021-22 people undergone interactive and Ensuring community interests are considered » Volunteering initiative went digital in form of #FarRishta
(MKP). Pandemic brought difficulties » 4,173 youth enrolled in capacity reflective Initiatives of Change sessions in business strategy through (a) continually programme due to pandemic
for some children and to enable building trainings and 3,232 youth engaging our employees across geographies to » 21,106 hours of volunteering achieved in FY 2020-21
quick support to them ‘Children off completed the trainings utilise their talent and resolve pressing issues addressing 114 social challenges
faced by communities in daily life, (b) a unique » 41 cities in 20 states/Union Territories of India covered
and immersive experience of life in rural India through digital volunteering
SDGs
for a broad cross-section of employees to see » Our volunteering platform has been extended to 15
community perspectives and empathise with companies nationwide including Tata Steel BSL, TSML,
their issues and (c) meaningful engagement TSLP, JCAPCPL and TSDPL
of our business ecosystem’s key upstream and » 65,201* women children and men reached through
downstream partner organisations and their 5,219* volunteers under digital volunteering programme.
employees to enhance effectiveness of their (*Repeat beneficiaries and volunteers)
community development initiatives
Sands InfinIT, Kochi, Kerela
The twin towers of the tallest building in Smart City, Kochi—Sands lnfinlT
Project—have used 461 tonne of our Sm@rtFAB pre-fabricated welded wire
mesh solution in addition to 100 tonne of Tubes. The use of Sm@rtFAB has
helped decrease construction time by 30 to 40% while reducing dependence
on available labour, bringing tomorrow closer.
But #WeAlsoMakeTomorrow
Leading At Tata Steel, integrity is one of our core values

that drive the organisation-wide culture.
We uphold the highest standards in transparent,
GOVERNANCE
with
Compliance and ethics 112
accountable, fair and ethical business
Sustainability strategy 114
conduct, keeping in mind the interest of all
Awards and recognition 116
our stakeholders. Tata Steel was adjudged the
integrity
most Ethical Company in the world for the
tenth time by Ethisphere®, which validates our
unwavering commitment.
COMPLIANCE AND ETHICS
Strengthening foundations for tomorrow Leadership Engagement Compliance Structure

At Tata Steel, we manage our businesses responsibly and in compliance with The governance structure of Tata Steel is an Tata Steel has established the standards of ethical
amalgamation of the oversight of the Board conduct required of its stakeholders through TCoC
the statutory requirements of the locations in which we operate. (through various committees) and the central procedures and other applicable guidelines and
Ethics Team. It includes Divisional Ethics polices such as Whistle-blower Policy for Directors
Compliance Coordinators, Departmental Ethics Coordinators and Employees, Whistle-blower Policy for Business
(DECs) and Ethics Champions. The Chief Ethics Associates, Whistle-blower Protection Policy for
We do not tolerate any violation of laws, codes of conduct and Compliance), who is primarily responsible for overseeing Counsellor has the overall responsibility of Business Associates, Gifts and Hospitality, and Conflict
or internal regulations. The management is fully committed and managing regulatory compliances. The function is driving MBE initiatives and reports to the of Interest Policy for Employees and Prevention of
to compliance and the senior leaders serve as anchors and adequately staffed with compliance managers who are CEO&MD, who is also the Principal Ethics Officer. Sexual Harassment Policy. Policies on Anti-Bribery
have a pivotal role to play in implementing the compliance responsible for establishing business and industry-specific Leadership engagement on topics such as Anti-Corruption and Anti-Money Laundering were
interventions. standards in all units across the organisation. Adherence to sustainability, corporate social responsibility, released in November 2019. We have put in place
compliance obligations is among the subjects covered in corporate governance and membership in an implementation framework through focussed
The compliance management framework is managed by the
audits by the Tata Steel Internal Audit function. Observations different industry bodies helped the organisation classroom training as well as web-based training.
in-house compliance function. The function is headed by
from such audits are placed before the Audit Committee and augment its reputation at local, national and All our policies are accessible through the Ethics
the Company Secretary and Chief Legal Officer (Corporate
the Board of Directors. international levels. Compliance Register- DARPAN on the Company’s
intranet as well as on the mobile app.
Corporate ethics
Ethical behaviour is intrinsic to the way we conduct Code of Conduct (TCoC), we have deployed the
our business. We comply with all regulatory laws Management of Business Ethics (MBE) framework Communication and Training
and corporate governance guidelines and adopt that reflects our commitment to shared values
the global best practices. Guided by the Tata and principles. For reinforcing TCoC and the policies round-table conferences involving through online platforms due to
related to it, a multi-year training the senior leadership, panel the ongoing COVID-19 pandemic.
Whistle-blower cases* (Nos.) and communication programme discussions and townhall sessions Various sessions to cover employees
encompassing classroom and online for employees, webinars for steel and vendors were also organised.
Received Closed Open sessions has been implemented. processing centres. Snippet story, To aid clarification of ethics-related
Leadership Compliance 777 541 236 These programmes are customised ‘Neeti Katha’ was released on key dilemma, a new portal, Kashmakash,
Engagement Structure to different platforms based on the aspects of behavioural issues and was launched.
Sexual harassment cases (Nos.) target audience such as leadership sub-letting of the Company’s assets.
Pillars of
MBE
framework
Received
21
Closed
15
Open
6
team, employees, vendors and
contract employees. ‘Ethics Month’
was organised on the theme,
All the events were conducted
online.
During FY 2020-21, training and
1,747
Business associates*
Responsible Me, Responsible We
Training on ethics communications were conducted trained on TCoC
in July 2020. Various events such as
Communication Measurement
Category Person-hours *“Business Associate” here means suppliers, customers, vendors, dealers, distributors, franchisees, lessors, lessees or such other persons with whom
and Training of Effectiveness Tata Steel has any business or transactional dealings including the Business Associate’s employees, agents and other representatives.
Officers 26,458
Frontline employees 5,086
Contract employees 15,380
*exclusive of sexual harassment Measurement of
Effectiveness
At the beginning of each year, objectives and strategies
related to the MBE are set at the corporate level, which Tata Steel won the World’s Most
are then cascaded to divisions and departments, ensuring
alignment across the organisation. An appropriate tone is Ethical Company award in 2021, The effectiveness of the ethics programme is measured
by the number of concerns, reported, poll surveys,
set at the top with the leaders as role models and effectively
designed policies and robust processes playing a pivotal role by the Ethisphere® Institute for MBE survey, benchmarking exercises and internal MBE
assessments. The feedback is incorporated into the
in instilling ‘Values’ in our employees.
the tenth time. annual plan for MBE deployment.
SUSTAINABILITY STRATEGY
Deeply imbibed sustainability strategy

Tata Steel has imbibed the vision of the Founder by integrating responsibility
towards planet Earth in our operations, ensuring the health and safety of
people at our workplaces, balancing economic prosperity and generating
social benefits for the community.
Sustainability is deep rooted in The sustainability approach of the Company is articulated in

Sustainability Policy which is supported by other policies such as
the culture of the organisation Corporate Social Responsibility, Environment, Energy, Climate Change,
and this commitment is Biodiversity Management, Affirmative Action, Social Accountability,
Responsible Supply Chain, Human Resource policies, etc. These policies
embedded in the Company’s reinforce the integrated thinking and balance the impact and outcome
Vision which balances the of the six capitals viz. Financial, Manufactured, Intellectual, Human,
Social and Relationship, and Natural. We have systems in place to
aspiration of being steel capture the voice of stakeholders periodically and review our long-term
industry benchmark in value strategy in line with evolving stakeholder expectations. Tata Steel has
adopted the materiality assessment as a process to capture stakeholder
creation and corporate voice and embed these material issues in our strategic planning process.
citizenship. The sustainability agenda at Tata Steel is driven by the CSR &
Sustainability and Safety, Health & Environment Committees of the
Board with an organisation-wide governance structure around it.
The scope and membership of the Board-level Committees have been
detailed in the Corporate Governance Report. At the Corporate level,
various committees, including the Apex Safety Committee, Apex
Environment Committee, Apex HRD Committee, Apex CSR Committee,
Apex R&D Committee and Quality and Production reviews periodically
assess the progress on material issues and apprise the Board on a
quarterly basis.
During the year, Tata Steel became a member of

ResponsibleSteelTM – steel industry’s first global
multi-stakeholder standard and certification initiative
that helps its members achieve their sustainability goals
by providing an independent certification standard
and programme. This membership will provide an
opportunity to benchmark with peer companies,
improve our systems and processes and enhance
reputation while reducing risk.
A Municipal Solid Waste Dump in

Jamshedpur has been converted into
Dalma View Point, a 5-acre green
picnic spot
Awards and recognition 1

Sustainability
‘Best Company to Excellence in Waste Excellence in Water Champions 2020
Work For’ in 2020 Management Management 2020 Tata Steel India and Tata
Business Today Confederation of Indian Confederation of Indian Industry Steel Europe for the third
Industry 3R Awards 2020 National Award consecutive year
2 2
Certified as the Top Employer for Advanced 4th Industrial Among Top 5 Steel
Best Workplace in LGBT+ inclusion Revolution Lighthouse Companies
Manufacturing 2021 India Workplace Equality Index (Tata Steel’s Jamshedpur Dow Jones Sustainability
Great Place to Work® Institute
(IWEI)
Steel Plant) Indices (DJSI) Corporate
Sustainability Assessment 2020
World Economic Forum
3
3
Best Organisation
India’s Most Valuable Contributing in Sports
Metals & Mining Brand in 4
through CSR
Safety & Health Excellence Recognition 2020 ‘India 100 2020’ FICCI India Sports Awards 2020
for Digitalisation of Process Safety Performance
14th amongst the Top 25 4
Indicators (PSPI) driving better business results Climate Action
Global Brands in Mining,
worldsteel
Iron & Steel Programme (CAP) 2.0° -
Brand Finance Annual Report
Oriented Award
Confederation of Indian Industry
5 6
Innovative Top 25 Innovative Indian World’s Most Ethical 5
Silver Shield in the
Environmental Project Companies in 2020 Companies 2021 Manufacturing and Trading
Confederation of Indian Industry –
Environmental Best Practices
Confederation of Indian Industry Ethisphere®
Sector for Excellence in
Award 2020 Financial Reporting 2019-20
Institute of Chartered Accountants of India
‘Excellence in Digital Communications’ and Certified as a Great Place 6

Rated ‘A-’ (Leadership band)
‘Excellence in Education and Training’ to Work organisation in for Climate Change disclosure
worldsteel’s Steelie Award 2020 India for the fourth time and Supply Chain disclosure
Great Place to Work® Institute CDP
Board’s Report 120
Annexure 1 - Dividend Distribution Policy 138
Annexure 2 - Management Discussion and Analysis 141
Annexure 3 - Annual Report on CSR Activities 173
Statutory Annexure 4 - Corporate Governance Report
Annexure 5 - Particulars of Remuneration

186
210
Reports
Annexure 6 - Financial Information of Subsidiary 214
Companies
Annexure 7 - Information on Subsidiaries or 222

Associates (including Joint Ventures)
Annexure 8 - Secretarial Audit Report 223
Annexure 9 - Particulars of Loans, Guarantees or

Investments 226
Annexure 10 - Particulars of Energy Conservation, 227

Technology Absorption and Foreign
Exchange Earnings and Outgo
primarily at Tata Steel Europe, mining operations carried out

BOARD’S REPORT Notes:
in Canada, Tata Steel Special Economic Zone Limited, and at
(1) As on March 31, 2021, in respect of NatSteel Holdings Pte. Ltd. (‘NSH’)
Tata Steel BSL Limited (‘TSBSL’) along with impairment of
and Tata Steel (Thailand) Public Company Ltd. (‘TSTH’) which were
Goodwill at Bhubaneshwar Power Private Limited.
To the Members, earlier classified as “Held for Sale”, Tata Steel Group (‘TSG’) has
reviewed the developments and progress and concluded that the b) Fair value loss of non-current assets classified as ‘held for sale’
Your Directors take pleasure in presenting the 6th Integrated Report (prepared as per the framework set forth by the conditions for such a classification are no longer met. of South-East Asian operations ₹1,175 crore.
International Integrated Reporting Council) and the 114th Annual Accounts on the business and operations of Tata Steel
Limited (‘Tata Steel’ or ‘Company’), along with the summary of the standalone and consolidated financial statements for the In accordance with Ind AS 105, “Non-current Assets Held for c)
Provision for demands and claims amounting to ₹196
financial year ended March 31, 2021. Sale and Discontinued Operations”, the assets and liabilities of crore relating to certain statutory demands and claims on
these businesses have been re-classified from ‘Held for Sale’ as at environment and mining matters including ₹86 crore relating
A. Financial Results March 31, 2021 and the results have been re-classified from to SVLDRS – Sabka Vishwas Legal Dispute Resolution Scheme
“Discontinued Operations” to “Continuing Operations” during the at Tata Steel Limited (Standalone).
(` crore)
year along with restatement of the previous periods to conform to
Standalone Consolidated d) Provision for Employee Separation Scheme under Sunehere
Particulars such a re-classification.
2020-21 2019-20 2020-21 2019-20 Bhavishya Ki Yojana scheme amounting to ₹107 crore at Tata
Revenue from operations 64,869.00 60,435.97 1,56,294.18 1,48,971.71 (2) During the year under review, exceptional items (Consolidated Steel Limited (Standalone).
Total expenditure before finance cost, depreciation Accounts) primarily represent:
43,103.65 45,574.40 1,25,789.92 1,31,144.14 e) Restructuring provisions amounting to ₹161 crore at TSE.
(net of expenditure transferred to capital) a) Impairment charges (net of reversal) of ₹1,954 crore in respect
Operating Profit 21,765.35 14,861.57 30,504.26 17,827.57 of property, plant and equipment (including capital work-in- f) Expenses incurred on stamp duty and registration fees
Add: Other income 637.89 404.12 895.60 1,821.99 progress), right-of-use assets and other assets primarily at for a portion of land parcels and mines acquired as part
Profit before finance cost, depreciation, exceptional items and tax 22,403.24 15,265.69 31,399.86 19,649.56 Tata Steel Europe (‘TSE’), mining operations carried out in of business combination ₹27 crore and provision for coal
Less: Finance costs 3,393.84 3,031.01 7,606.71 7,580.72 Canada, South-East Asian Operations, offset by reversal at block performance guarantee ₹134 crore at Tata Steel Long
Profit before depreciation, exceptional items and tax 19,009.40 12,234.68 23,793.15 12,068.84 Tata Steel Special Economic Zone Limited. Products Limited (formerly Tata Sponge Iron Limited).
Less: Depreciation and amortisation expenses 3,987.32 3,920.12 9,233.64 8,707.67 b) Loss on liquidation of subsidiaries amounting to ₹10 crore at g)
Provision for impairment of doubtful capital advances
Profit / (Loss) before share of profit / (loss) of joint ventures & TSE. amounting to ₹42 crore at TSBSL.
15,022.08 8,314.56 14,559.51 3,361.17
associates, exceptional items & tax
c)
Net Provision for Employee Separation Scheme (‘ESS’) h) Provisions for severance pay amounting to ₹16 crore at Tata
Share of profit / (loss) of Joint Ventures & Associates - - 327.34 187.97
amounting to ₹444 crore primarily under Special Scheme Steel Thailand.
Profit / (Loss) before exceptional items & tax 15,022.08 8,314.56 14,886.85 3,549.14
Add / (Less): Exceptional Items 2,773.05 (1,703.58) (1,043.16) (4,929.58) at Company’s Jharia Collieries amounting to ₹467 crore, i) Fair valuation loss on investment in preference shares held at
offset by credit for ESS under Sunehere Bhavishya Ki Yojana one of the associate companies amounting to ₹250 crore at
Profit before tax 17,795.13 6,610.98 13,843.69 (1,380.44)
(‘SBKY’) scheme amounting to ₹23 crore at Tata Steel Limited Tata Steel Limited (Standalone).
Less: Tax Expense 4,188.51 (132.82) 5,653.90 (2,552.90)
(Standalone).
(A) Profit / (Loss) after tax 13,606.62 6,743.80 8,189.79 1,172.46 Partly offset by,
Total Profit / (Loss) for the period attributable to: d) Fair valuation loss on investment in debentures of a joint
venture company amounting to ₹50 crore at Tata Steel j) Restructuring and write-back of provisions which primarily
Owners of the Company - - 7,490.22 1,556.54
Limited (Standalone). includes write-back of liabilities no longer required at Tata
Non-controlling interests - - 699.57 (384.08)
Steel BSL Limited amounting to ₹154 crore and settlement
(B) Total other comprehensive income 408.74 (648.87) (7,211.01) 4,482.83 Partly offset by, credit received at The Indian Steel & Wire Products Ltd.
(C) Total comprehensive income for the period [A + B] 14,015.36 6,094.93 978.78 5,655.29
e) Restructuring and write back of provisions which primarily amounting to ₹18 crore.
Retained Earnings: Balance brought forward from the
32,106.96 27,694.90 18,127.82 14,056.43 includes write-back of provisions at TSE ₹88 crore. k) Profit on sale of subsidiaries amounting to ₹149 crore and
previous year
Add: Profit for the period 13,606.62 6,743.80 7,490.22 1,556.54 f) Reversal of fair value loss ₹1,230 crore on reclassification of profit on liquidation of group companies amounting to ₹41
Less: Distribution on Hybrid perpetual securities 242.34 266.15 242.34 266.15 South East Asia businesses, earlier recognised as ‘Held for crore at TSE.
Add: Tax effect on distribution of Hybrid perpetual securities 60.99 66.97 60.99 66.97 Sale’. l) Net gain on disposal of Subsidiaries amounting to ₹13 crore at
Add: Other Comprehensive Income recognised in Retained Earnings 61.34 (345.18) (7,627.26) 4,459.24 NatSteel Holdings.
g) Reversal of impairment of investments provided earlier in
Add: Other movements within equity (138.68) - (187.98) 40.32 one of the associates of TSG ₹70 crore. m)
Gain on recovery of advances earlier provided for
Balance 45,454.89 33,894.34 17,621.45 19,913.35
h) Profit on sale of subsidiaries includes profit of ₹26 crore on amounting to ₹1 crore at Tata Steel Limited (Standalone).
Which the Directors have apportioned as under to:-
realisation of deferred consideration at TSE.
(i) Dividend on Ordinary Shares 1,145.93 1,489.67 1,144.75 1,488.13 1. Dividend Distribution Policy
(ii) Tax on dividends - 297.71 - 297.4 The exceptional items (Consolidated Accounts) in financial year In terms of Regulation 43A of the Securities and Exchange
Total Appropriations 1,145.93 1,787.38 1,144.75 1,785.53 2019-20 primarily include: Board of India (Listing Obligations and Disclosure
Retained Earnings: Balance to be carried forward 44,308.96 32,106.96 16,476.70 18,127.82 Requirements) Regulations, 2015, (‘SEBI Listing
a) Impairment charges ₹3,197 crore in respect of property, plant
and equipment (including capital work-in-progress and Regulations’) the Board of Directors of the Company (the
capital advances, right-of-use assets and intangible asset) ‘Board’) formulated and adopted the Dividend Distribution
Policy (‘Policy’).
120 Integrated Report & Annual Accounts 2020-21 | 114th Year Board’s Report (Contd.) 121
The Policy is annexed to this report (Annexure 1) and is ongoing growth projects in India (Kalinganagar plant and Tata leveraged digital platforms for its day-to-day operations. to lower production on account of decrease in demand due to
also available on our website at https://www.tatasteel.com/ Steel Mining Limited). During the challenging times, the Company maintained its the lockdown in Q1FY2021.
media/6086/dividend-policy-final.pdf liquidity position by minimising cash outflows and maintaining
The Company’s liquidity position, on a consolidated basis, is TSBSL achieved crude steel production and sales of 4.08 MnT
a judicious mix of funding instruments to fulfil its operational
2. Dividend ₹20,082 crore as on March 31, 2021, comprising ₹13,113 crore in and 4.31 MnT, respectively. This was due to higher exports and
requirements.
cash and cash equivalent and balance in undrawn credit lines. improvement in demand in domestic markets in the second
For financial year 2020-21, the Board has recommended a
Further details on the impact of COVID-19 on the Company’s half of the year. Despite the nationwide lockdown during
dividend of `25/- per fully paid-up Ordinary (equity) Share 5. Management Discussion and Analysis operations, cash flow, liquidity and profitability as well as the financial year 2020-21, TSBSL’s EBITDA stood at `5,481 crore, an
(previous year: `10/- per fully paid-up Ordinary (equity) Share)
The Management Discussion and Analysis as required in Company’s contribution to the community in wake of the increase of 131% compared to the previous year. TSBSL also
and in respect of the outstanding partly paid-up Ordinary
terms of the SEBI Listing Regulations is annexed to the report pandemic is provided in the Management Discussion and achieved significant gross debt rationalisation due to improved
(equity) Shares of the Company on which call money remains
(Annexure 2). Analysis as annexed to this report. financial performance.
unpaid as on the date of book closure for the dividend payment,
the dividend will be paid in proportion to the amount paid-up 2. Tata Steel Group TSLP achieved crude steel production of 0.65 MnT while
B. Integrated Report
on such shares i.e. ₹6.25 per partly paid-up Ordinary (equity) deliveries stood at 0.64 MnT, owing to higher demand and
In keeping with the Company’s valued tradition of “thinking During the year under review, the Tata Steel Group
Share of ₹10/- each (paid-up ₹2.504 per share) [previous year: higher availability of finished goods.
about society and not just the business”, in 2016, we (‘TSG’) recorded total deliveries of 28.50 MnT (previous year:
`2.504 per partly paid-up Ordinary (equity) Share].
transitioned from compliance based reporting to governance 28.88 MnT). The steel deliveries decreased at Tata Steel Europe Total deliveries of Tata Steel from its Indian operations
The Board has recommended dividend based on the based reporting by adopting the <IR> framework developed (‘TSE’) and NatSteel Holdings (‘NSH’), partly off-set by higher (including TSBSL and TSLP) stood at 17.31 MnT which is
parameters laid down in the Dividend Distribution Policy and by the International Integrated Reporting Council. deliveries at Tata Steel BSL Limited (‘TSBSL’), Tata Steel Long marginally higher than the previous year. The turnover
dividend will be paid out of the profits for the year. Products Limited (‘TSLP’) and Tata Steel Thailand (‘TSTH’). was `91,037 crore, an increase by ~11% than previous year
Our 6th Integrated Report highlights the measures taken by Despite disruptions due to COVID-19 pandemic, the Company and EBITDA (excluding inter-company eliminations and
The dividend on Ordinary Shares (fully paid-up as well as partly Company that contributes to long-term sustainability and contributed to deliveries through higher exports. adjustments) was `28,587 crore, 62% increase than previous
paid-up) is subject to the approval of the Shareholders at the value creation, while embracing different skills, continuous year, both owing to increase in steel realisations, higher steel
Annual General Meeting (‘AGM’) scheduled to be held on innovation, sustainable growth and a better quality of life. The Company was able to balance deliveries between domestic
deliveries, and higher sales of by-products and other materials.
Wednesday, June 30, 2021 and will be paid on and from Friday, and export markets, to counter pandemic-led demand
Moreover, lower operational cost led to improvement in
July 2, 2021. C. Operations and Performance disruptions in the Indian steel market in the first half of the year.
EBDITA.
Based on the Ordinary Shares (fully paid-up as well as partly 1. Impact of COVID-19 on operations The turnover of TSG was `1,56,294 crore during the financial year
paid-up) as on the date of this report, the dividend, if approved 2020-21 (previous year: `1,48,972 crore), an increase of 5% over 4. Europe
The outbreak of COVID-19 pandemic has led to an
would result in a cash outflow of of ₹2,996.60 crore. The dividend the previous year primarily contributed by Indian operations on During the year under review, liquid steel production from
unprecedented health crisis and has disrupted economic
on Ordinary Shares (fully paid-up as well as partly paid-up) is account of higher steel realisations and deliveries. Further, the European operations was 9.56 MnT (previous year: 10.26 MnT),
activities and global trade, while weighing on consumer
250% of the paid-up value of each share. The total dividend EBITDA of TSG was `30,892 crore, significantly higher during a decrease of 7% than previous year. Deliveries from European
sentiments.
pay-out works out to 22% (previous year: 17%) of the net profit the financial year 2020-21 as compared to `18,103 crore in the operations decreased by around 5% to 8.82 MnT primarily
(on Standalone basis). During the year under review, the Government of India had previous year, an increase of ~71% owing to higher revenues, due to overall weakness in economic activities. Due to the
imposed stringent nationwide lockdowns, in phases, which due to increased steel prices, lower input cost, and favourable COVID-19 pandemic, the first half of the financial year 2020-21
Pursuant to the Finance Act, 2020, dividend income is taxable
severely impacted manufacturing activities. Though the foreign exchange movement at overseas entities. was challenging for TSE with lower demand and lower selling
in the hands of the shareholders effective April 1, 2020 and the
Steel and Mining sectors were allowed to operate under the prices. However, there was strong recovery during the second
Company is required to deduct tax at source from dividend During the year under review, TSG reported a consolidated
Essential Services Maintenance Act, 1968 they were subject half of the financial year 2020-21. Turnover from operations
paid to the Members at prescribed rates as per the Income Tax profit after tax of `8,190 crore which is significantly higher
to certain guidelines. Steel demand was affected as key steel was `56,051 crore (previous year: `55,939 crore). Despite the
Act, 1961. than the profit of `1,172 crore in the previous year. The increase
consuming sectors struggled to operate amidst weakening headwinds from COVID-19 and higher cost of emission rights,
was mainly due to improvement in EBITDA, lower exceptional
The Register of Members and Share Transfer Books of the economic activities, working capital constraints, shortage of there was improvement in EBITDA due to better control of
charge, partly offset by lower interest income at TSE primarily
Company will remain closed from Saturday, June 19, 2021 manpower, and logistical issues. costs and benefits from the transformation programme.
from refinancing activities and higher tax charge in India due
to Wednesday, June 30, 2021 (both days inclusive) for the
In Europe, the outbreak of COVID-19 further accentuated the to higher profits against deferred tax reversals in the previous
purpose of payment of the dividend and AGM for the D. Key Developments
sustained weak steel demand. The share of steel imports to year and increase in deferred tax charge at Europe as compared
financial year ended March 31, 2021.
total consumption in the European Union continued to remain to deferred tax credit in the previous year. Amalgamation
3. Transfer to Reserves at elevated levels which was a cause of concern.
3. India Amalgamation of Bamnipal Steel Limited and Tata Steel BSL
The Board of Directors has decided to retain the entire amount The risk-intelligent culture embedded across the Company Limited into and with Tata Steel Limited
During the year under review, total deliveries at Tata Steel
of profit for financial year 2020-21 in the statement of profit helped in developing and adopting a multi-pronged strategy The Board of Directors of the Company, at its meeting held on
Limited (Standalone) were at 12.36 MnT (previous year: 12.32
and loss. to effectively respond to the evolving pandemic situation. April 25, 2019, approved the amalgamation of Bamnipal Steel
MnT). Turnover was `64,869 crore (previous year: `60,436 crore),
The health and safety of our employees and the communities Limited and Tata Steel BSL Limited, into and with the Company
4. Capex and Liquidity increase of ~7% than that of the previous year. EBITDA from
in which we operate continue to be the foremost priority of by way of a composite scheme of amalgamation (‘Scheme’).
Tata Steel Limited (Standalone) was `21,952 crore (previous
During the year under review, the Company, on a consolidated the Company. To mitigate the risks and challenges faced by
year: `15,096 crore), 45% higher than that of the previous year. Pursuant to the orders of the Hon’ble National Company
basis, spent ₹6,979 crore on capital projects across India, the Company during the pandemic, the Company enhanced
Europe and Canada, largely towards essential sustenance safety and hygiene norms at offices, implemented work from During the year under review, the crude steel production in Law Tribunal (‘NCLT’), Mumbai Bench, a meeting of the
and replacement schemes, while moderating the spend on home, staggered shift timings for safety of employees and Tata Steel Limited decreased by 7% to 12.19 MnT mainly owing equity shareholders was convened and held on Friday,
March 26, 2021, to consider and if thought fit, approve the Business and portfolio restructuring Exercise of Call Option in respect of Non-Convertible The revision in rating was triggered due to strong operating
Scheme. The Scheme was approved by the shareholders by Debentures and Perpetual Hybrid Securities momentum and significant reduction in the Company’s debt
Update on European Portfolio
requisite majority at the said meeting. On November 13, 2020, the Board of Directors (‘Board’) of levels as compared to March 2020.
As part of its efforts to arrive at a strategic resolution for
Pursuant to the shareholders’ approval, the Company filed the the Company approved the proposal to exercise Call Option
its European portfolio, during the year under review, the E. Sustainability
“Company Scheme Petition” with the NCLT, Mumbai Bench to redeem the following Unsecured, Rated, Listed Non-
Company had discussions with SSAB Sweden for the potential
with the prayer that the Scheme of Amalgamation of Bamnipal Convertible Debentures (‘NCDs’) / Perpetual Hybrid Securities The Company’s philosophy of steel production is deep rooted
divestment of Tata Steel’s Netherland business including
Steel Limited and Tata Steel BSL Limited into and with Tata (‘PHS’) in the form of NCDs of the Company, as per their terms in the principles of zero harm, resource efficiency, circular
Ijmuiden steelworks. However, the discussions did not
Steel Limited be sanctioned with effect from the Appointed of issue: economy, minimising ecological footprint and care for
materialise. Tata Steel is committed to making the European
Date as defined in the Scheme and be binding on the Petitioner community and workforce. The sustainability approach of the
operations simpler, leaner, and sustainable. Amount
Companies and all its shareholders, creditors, stakeholders and Particulars of NCDs / PHS
(₹ crore)
Date of Redemption Company is aligned with its overall vision to be industry leaders
all concerned persons. The Scheme will be implemented once Portfolio Restructuring in the areas of climate change, water, waste and biodiversity.
10.25% NCDs 670 December 22, 2020
sanctioned by the NCLT. Underpinning this approach are strategies on low carbon
The Company had previously announced that it is embarking 10.25% NCDs 3,350 January 6, 2021
transition, reducing dependence on freshwater consumption,
Upon implementation of the Scheme, the equity shareholders on a comprehensive strategic organisation level restructuring 11.80% PHS 1,500 March 18, 2021
maximising value from waste and exploring opportunities
of Tata Steel BSL Limited will be entitled to fully paid shares to conslidate its diversified business portfolio of Tata Steel 11.50% PHS 775 May 11, 2021 in the circular economy, enhancing biodiversity in the areas
of Tata Steel Limited in the ratio as set out in the Scheme. The Group (‘TSG’) companies. The strategic objective is to group
where the Company has its operations, building a sustainable
Scheme will enable the companies to realise benefits of greater the TSG companies under four distinct clusters viz. (a) Long
First and Final Call on Partly Paid-up Ordinary (equity) Shares and resilient supply chain and customer focussed product
synergies between their businesses, yield beneficial results and Products (b) Downstream (c) Mining and (d) Utilities and
On February 9, 2021, the Board approved the making of the first stewardship.
avail pooled resources in the interest of maximising value to Infrastructure Services, each controlled through a subsidiary
company (‘Cluster Hold Co.’), which will be responsible for and final call of ₹461/- (comprising ₹7.496 towards face value The Company has adopted the UN Sustainable Development
the shareholders and other stakeholders.
nurturing and scaling the business of its respective cluster to and ₹453.504 towards securities premium) per partly paid-up Goals (‘UNSDG’) and linked it with its long-term strategy and
Acquisitions and Investments become a leading strategic player in the industry. equity share (‘First and Final Call’) on 7,76,36,788 outstanding has revised its sustainability targets. Aspirations of taking our
partly paid-up equity shares of face value ₹10/- each, issued by carbon emissions to <2tCO2/tcs, mitigating dependence on
Investment in Tata Metaliks Limited In line with the above objective, the Company during the the Company, on a Rights basis, pursuant to the Letter of Offer fresh water by lowering specific fresh water consumption to
Pursuant to the conversion of Warrants issued on preferential period under review, transferred its holding in (a) Tata Steel dated January 22, 2018. <2m3/tcs, enhancing value proposition on circular economy
basis by Tata Metaliks Limited (‘TML’) at a price of ₹642/- per Special Economic Zone Limited, (b) The Tata Pigments Limited,
Pursuant to the First and Final Call, the Stakeholders’ and scaling up the steel recycling business are significant facets
Warrant, on September 25, 2020, the Company acquired (c) Jamipol Limited and, (d) Nicco Jubilee Park Limited to Tata
Relationship Committee (‘SRC’), duly authorised by the Board, of this strategy. Tata Steel in Europe aims to decarbonise as
34,92,500 equity shares of ₹10/- each of TML, by exercising its Steel Utilities and Infrastructure Services Limited, (Company’s
on March 24, 2021 approved the conversion of 7,02,49,241 required under the European regulations.
right to subscribe to one equity share per warrant of face value wholly-owned subsidiary) and its holding in (a) Jamshedpur
Continuous Annealing and Processing Company Private partly paid-up equity shares of face value ₹10/- each into The Company is a signatory to the Task Force on Climate-
of ₹10/- each, aggregating to ₹224.22 crore (25% was paid on
Limited, and (b) Tata Bluescope Steel Private Limited to Tata fully paid-up equity shares of face value ₹10/- each, against related Financial Disclosures (‘TCFD’) for climate change and
application). As a result of this, the Company’s holding in TML
Steel Downstream Products Limited, (Company’s wholly- which the first and final call money of ₹461/- (comprising has identified transition risks and opportunities to decarbonise
increased from 55.06% to 60.03%.
owned subsidiary). ₹7.496 towards face value and ₹453.504 towards securities its operations over a period of time. Specific mitigation and
premium) per share was received. contingency plans for each of the identified risks have been
Financing and Debt Further, the reminder-cum-forfeiture notice dated April 14, integrated within the Company’s long-term strategy. Tata Steel
2021 was sent to holders of partly paid-up shares on which the in Europe has embraced a target to reduce its CO2 emissions
Issue of Debt Securities by 30% by 2030, compared to 2018, and to achieve carbon
call money remained unpaid.
During the financial year 2020-21, the Company allotted the following Unsecured, Rated, Listed, Redeemable, neutrality of its steel making operations by 2050.
Non-Convertible Debentures (‘NCDs’) of face value of ₹10,00,000/- each to identified investors on a private placement basis: On April 23, 2021, the SRC approved the conversion of 73,888
partly paid-up equity shares of face value ₹10/- each into fully The Company had identified supply chain sustainability as a
Number of NCDs Coupon Rate (%) Date of Allotment Amount (₹ crore) Tenure Date of Maturity paid-up equity shares of face value ₹10/- each, against which key material issue and in order to take this forward, the Tata
10,250 7.85 April 17, 2020 1,025 3 years April 17, 2023 the first and final call money of ₹461/- (comprising ₹7.496 Steel Responsible Supply Chain Policy was adopted in February
5,100 7.85 April 22, 2020 510 3 years April 21, 2023 towards face value and ₹453.504 towards securities premium) 2020. During the year under review, the Company initiatied
10,000 Floating Coupon April 27, 2020 1,000 3 years April 27, 2023 per share was received. the deployment of the Supply Chain Policy through multiple
Series A: communications across segments of supply chain partners
5,000 April 30, 2020 500 3 years April 28, 2023 The converted shares rank pari passu with the existing fully to set the expectations on four important principles of the
Floating Coupon
paid-up equity shares. policy viz. Fair Business Practice, Human Rights, Health and
Series B: 3 years
5,000 April 30, 2020 500 October 30, 2023 Safety and Environment Protection. Further, the Company
7.95 6 months Credit Rating
10,000 8.25 May 20, 2020 1,000 3 years May 19, 2023 also initiated third-party assessment on the compliance of the
In April 2021, S&P Global Ratings revised the issuer credit rating above mentioned four principles for the critical supply chain
4,000 Floating Coupon June 3, 2020 400 3 years June 2, 2023 of the Company from ‘B+’ Outlook: Stable to ‘BB-’ Outlook: partners. During the year under review, the Company also
Stable and revised the Long-term foreign currency issuer became a member of ResponsibleSteel ™ - steel industry’s first
credit rating for ABJA Investment Co. Pte. Ltd., a wholly-owned global multi-stakeholder standard and certification initiative.
subsidiary of the Company, from ‘B+’ Outlook: Stable to ‘BB-’
Outlook: Stable. The Company is committed to serving its customers through
a portfolio of eco-friendly products and disclosure of the
environmental impact of its products by using Life Cycle Environment The Company is committed to being aligned with India’s its customers and the taxpayer. The strategy also includes
Assessment (‘LCA’) methodology. During the year under The Company has not only adopted environment-friendly Nationally Determined Contribution and the European Union’s certain funding to undertake engineering and design studies
review, the Company conducted a comparative LCA study for processes and deployed state-of-the-art digital real-time commitment on Climate Change. In India, the Company has for industrial decarbonisation ‘clusters’, including in South
a steel intensive construction structure – HabiNest, that has monitoring system to monitor its stack emissions, air and successfully reduced its carbon footprint by over 25% in the last Wales, where Tata Steel’s blast furnaces are located.
a functionally similar conventional structure and published effluent quality, but it is also leveraging technology to enhance fifteen years by improving resource efficiency and adoption
The Company is committed towards alignment with TCFD
a whitepaper on the superior environmental footprint of environmental responsiveness. The Company continues to of best available technologies and strives to achieve carbon
Framework for Climate Change related Risk and Opportunity
HabiNest. The Company also collaborated with CII Green be amongst the top global steel industries in environmental emission intensity of <2tCO2/tcs by 2025.
assessment and mitigation. Recognition of TSG by CDP
Business Centre for developing the GreenPro standard for sustainability, climate and water disclosures. The Company has in place its long-term decarbonisation plan in Leadership Band (A-) for the climate and supply chain
Steel Rebars.
The Company is committed to responsible use and protection and is in the process of deployment of key enablers for deep disclosures is testimony of the Company’s long-term
In Europe, almost the entire product range is certified to be at of environment through resource conservation, pollution decarbonisation including use of more scrap in steelmaking, commitment to climate change mitigation and adaptation.
the BES 6001 sustainable sourcing standard. Tata Steel Europe control, and sustainable practices for waste management. fuel switching from oil and coal to natural gas, innovating in
has also published Environmental Product Declarations (‘EPD’), alternative reductants such as biomass and hydrogen and, to Health and Safety
The Company focusses on operational excellence through
setting out the environmental characteristics of products “Reduce, Reuse, Recover and Recycle ” approach. The Company address residual carbon emissions, the deployment of carbon Health and Safety Management remains the Company’s
throughout their life-cycle, for a large number of its products continues its pursuit of establishing best-in-class facilities and capture, use and storage (‘CCUS’) technologies as and when foremost priority and we are committed to achieve ‘Zero
manufactured in Europe. The Company has developed a channelising its investment to upgrade manufacturing and they become technically and commercially viable. Harm’. In pursuit of this objective, the Company continues to
tool to assess the sustainability of all new products against distribution facilities to improve operational and environmental work on six strategies viz. build safety leadership capability at
Climate-related risks have in recent years become central to
the products they replace, in a semi-quantitative manner. performance. The Company maintains accredited laboratories all levels to achieve zero harm, achieve zero harm to contract
Tata Steel Europe’s (‘TSE’) risk management process. This
The Sustainability Assessment Profiler is a unique framework for environmental performance assessment. employees by strengthening deployment of contractor safety
includes climate-related physical risks such as those linked
supporting the Company’s mission to become sustainable in management standard, improve competency and capability
The Company has implemented environment, health and to rising sea levels and extreme weather events (e.g. storms,
every sense, creates value propositions related to sustainability for hazard identification & risk management, improve road &
safety management system in accordance with international flooding, droughts, severe winds), and transition risks which
and supports customer engagement. The framework considers rail safety across the Company, excellence in process safety
standards ISO 14001 and ISO 45001, which provides the include technological, policy and market changes to adapt to
environmental, social and economic aspects over the complete management, and establish industrial hygiene and improve
necessary framework for managing compliance and improving a lower-carbon economy.
product life cycle in a consistent manner in an approach that occupational health.
puts the Group ahead of other international steel companies. environmental performance. For the steel industry, transition risks include increased unit
During the year under review, the Company undertook
The Sustainability Assessment Profiler achieved recognition in The Safety, Health, & Environment Committee of the Board costs within Emissions Trading Systems (both UK and EU) and
proactive measures to minimise the impact of the COVID-19
Tata Group’s flagship innovation platform, winning the 2020 provides oversight and necessary guidance on environmental a reduction in the free allocation of CO2 allowances under
pandemic on the Company’s workforce through agile
Innovista award in the Implemented Innovation category. matters. The Company has dedicated Environment those schemes. In addition, steel producers in the Netherlands
decision-making and timely deployment of several policies
Management teams at all its operating locations, globally. The are subject to Netherlands’ specific carbon tax which, under
In order to augment the efforts of the Company to conserve and measures for the benefit of the employees. A novel
Company endeavours to practice responsible advocacy on certain conditions, may come on top of any EU Emissions
biodiversity at its operational sites in India, the Company has initiative, the ‘POD concept’, was implemented to tackle
regulatory issues and actively participates in various national Trading Systems costs.
constituted a Centre of Excellence for Biodiversity Management the spread of COVID-19 within the Company premises. Self-
to strategically formulate and implement Biodiversity and international organisations on diverse issues. One of the major challenges facing the steel sector is the sufficient groups of people having self-contained set of
Management Plans (‘BMPs’). During the year under review, During the year under review, the Company achieved Indian ambition to move towards low carbon steelmaking with key skills to do an intended job have been formed and deployed
the Company planted more than 2.98 lakh of native tree benchmark figures in CO2 emission intensity, specific stack stakeholders putting pressure on the industry to make a step at manufacturing and raw material locations as well as at
saplings across locations, reclaimed 100-hectares Pundi dump dust emissions and specific water consumption. The Company change in CO2 emissions. profit centres.
at West Bokaro to create Sir Dorabji Tata Biodiversity Park endeavours to set steel industry benchmark in environmental Tata Steel UK and Tata Steel Netherlands (‘TSN’) are working The Company took several initiatives to improve the health and
and developed a 12-hectares Ecological Importance Park on performance. In Europe, the Company launched Roadmap+ in partnership with governments on the shared objective of safety standards of its employees, including rolling out a reward
municipal solid waste dump site at Jamshedpur. in December 2020, a large-scale investment programme creating an achievable, long-term plan to support the steel and recognition policy for Indian operations to encourage
The continued focus on ‘Sustainability’ has led Tata worth ~€300 million intended to improve environmental sector’s transition to a competitive, sustainable and low carbon positive safety behaviour among employees. Further, to boost
Steel Limited and Tata Steel Europe, to be recognised as performance at its IJmuiden steelworks between 2020 and 2030 future. employee morale during the pandemic situation, the Company
Sustainability Champions by World Steel Association for four by addressing the concerns of the surrounding community on organised the ‘SHE Excellence Award’ on virtual platform,
areas such as dust, noise and odours. This represents a further In Europe, together with the Dutch Government, TSN has
consecutive years. The Company ranked amongst the top 5 recognizing and rewarding employees / departments for their
development and deployment of the original Roadmap 2030, laid out its CO2 reduction ambitions through an Expression of
global steel companies in Dow Jones Sustainability Indices remarkable contribution towards maintaining ‘safety’ within
launched in 2019. Principles document in which it has further refined its plans
(‘DJSI’) Corporate Sustainability Assessment 2020 and retained the Company.
for decarbonisation to support the goals under the Dutch
its position in the DJSI Emerging Markets Index for the 9th
Climate Change Climate Agreement. TSN is considering multiple technological The Company took initiative to enhance the competency
year in a row. The Company also received dual recognition at
Climate change is one of the most pressing issue the world and operating options in order to achieve these ambitions, of the workforce and provided safety training at the Safety
the 14th edition of CII National Award for Excellence in Water
faces today and the Company recognises its obligation to work and is in discussion with the government, regulators and other Leadership Development Centre formed by the Company.
Management 2020 for its continuous efforts and commitment
towards mitigation of climate change related risks and strives stakeholders. For effective learning and deployment of Safety Standards
to water sustainability. Also, Tata Steel’s Plant at Jamshedpur
to reduce its carbon footprint across all geographies. across organisation, 14 Safety Standards were simplified and
was awarded the ‘Most Sustainable Company’ award by Indian In the UK, the Government published its Industrial
e-learning modules were developed. The Company took
Institute of Metals in the integrated steel plant category. Decarbonization Strategy in March 2021, the stated aim of
several efforts in training the majority workforce in simplified
which is to create a thriving industrial sector aligned with
safety standards through these e-modules. The Company’s
the net zero target, without pushing emissions and business
efforts were recognised through the ‘Brandon Hall Group
abroad, with the costs and risks shared fairly between industry,
Excellence Award 2020’.
Contractor’s safety has always been a priority for the Company. rules and procedures in place. Effective communication and improved strip steering control to prevent tail end damage, Europe’s polymer coated packaging steel brand) for aerosol
During the year under review, the Company provided state-of- engagement was key to maintain safe and healthy working and improved control of annealing processes (implementation applications. TCCT® is a novel, REACH compliant alternative
the-art health check-up facility for its contractual employees at environment and to recognise the challenges to employees of the OSCAR model in the Zodiac-line), thereby reducing the to Electrolytic Chromium Coated Steel (‘ECCS’), and is the
Jamshedpur, India. physical health, mental health and well-being throughout the number of reject products. During the year under review, the first packaging steel electrocoating system developed since
year. With this backdrop, the overall safety performance of the Company also implemented the STORM model in the Hot Strip fifty years. Switching to this substrate will provide customers
Further, the initiative to roll out Process Safety through ‘Centre
Company improved and the Company reported no fatalities in Mill 2 at Ijmuiden, Netherlands. Further, R&D has also been vital a sustainable, food-safe, and future-proof packaging steel
of Excellence’ methodology gained momentum. Currently, the
Europe during the year. in getting many potential new products to reach higher level solution. The Company developed Magizinc® 310 for solar
process safety has been rolled out to 74 departments across
of Technology Readiness throughout the year and support the panel frame applications, providing customers with a 25-year
locations as well as amongst Tata Steel Group Companies. Research and Development customer interactions on a technical level. guarantee of corrosion performance in service.
The Company has been awarded for its best practice in
In line with the aspiration to be amongst the top innovation
“Digitalization of Process Safety Performance Indicators” by R&D continues to help the Company in its drive to become In the construction sector, the Company launched Colorcoat
and technology driven steel companies globally, the Company
the World Steel Association under Safety & Health Excellence more sustainable and more environmental friendly. The Urban® Seam Façade, a self-supporting façade system, certified
continues to strengthen its Technology Leadership Areas
Recognition 2020. HIsarna project has demonstrated its potential to solve many to meet stringent new fire regulations in the residential metal
(‘TLAs’). Cross functional teams have been constituted and
of the current issues faced by the steel industry in dealing with facades segment. Additionally, the Company extended its
Further, the Company has taken initiatives in leveraging projects have commenced based on TLAs. During the year
circularity and climate change. R&D will continue to support offerings in high strength linepipe for offshore oil & gas
digital technology in the field of health and safety through under review, the Research and Development (‘R&D’) team of
this development and be heavily involved in the technical applications, and commercialised a tubular solution for trailer
digitalisation of dashboard for effective control of Process the Company has developed an artificial neural network based
discussions for upscaling the process in India and IJmuiden. landing legs, requiring tight tolerance control. Furthermore,
Safety Performance Indicators and developing of Smart model to predict the mechanical properties of various steel
Two other important aspects that have been worked on the automotive sector continued to extend and commercialise
Signaling System for the railway tracks to avoid derailment at grades rolled in Thin Slab Casting and Rolling (‘TSCR’) plant
are the capture of CO2 (engineering study) and the use of its advanced high strength steel portfolio through additional
its plant locations in Jamshedpur and Kalinganagar. of Tata Steel, at Jamshedpur. This system assures continuous
zinc containing reverts. To increase the effectiveness and routes to market.
quality maintainence of the coils rolled in TSCR.
Towards Occupational Health, the Company has implemented robustness of the technology development for the Company,
Industrial Hygiene hazard control measures to minimise the In order to utilise and generate value from the captive low grade the Central Technology Committee coordinates the delivery Customer Relationship
exposure level at Jamshedpur and Kalinganagar. Ergonomic raw materials, R&D team has completed the lab scale studies of the TSE technology roadmap. This Committee ensures that The year under review commenced with nationwide lockdown
control measures were taken across Jamshedpur and other to utilise captive Low-Grade Manganese Ore and produce high priorities and gaps in the delivery of technology are identified due to the COVID-19 pandemic. This has impacted the global
raw material locations to achieve the best mutual adjustment value products such as Electrolytic Manganese Metal and High and dealt with in an appropriate manner. economy including the domestic economy. During such
of man and his work environment. Further, in order to develop Purity Manganese Sulphate to cater to the requirements of challenging times, the Company took an approach of empathy,
competency in First Aid and CPR for emergency situations, 5,325 the ‘battery’ manufacturing industry. The Company is under New Product Development support and innovativeness to engage with its customers. The
employees were trained across India. High risk cases of about process to set up a pilot plant to upscale this process. During the year under review, the Company developed 79 Company’s digital initiatives served as a big game changer
56%, relating to life style diseases, have been transformed to new products in India. For superior customer experience, the during the pandemic and helped the Company to connect
Conservation of the environment and sustainability has always
moderate or low risk category, through the Company’s theme- Company has adopted best-in-class manufacturing practices, with customers in unserved territories and markets. The year
been an important area for the Company. The Company strives
based health awareness campaigns and Wellness@workplace invested in product branding and developed its products to under review was therefore dedicated to forging stronger
towards reducing its carbon footprint and in alignment to this,
programme. best serve its customers. The focus of new product relationship with customers and renewing our commitment
Amine absorption based 5 TPD (ton per day) CO2 capture form
developement in hot rolled steel segment has been directed to quality both in terms of products and services.
Employees’ fatality remains the topmost safety concern blast furnace gas has been installed at LD#1, Jamshedpur.
towards automotive structural and wheel applications along
for the Company. It is with deep regret that we report four The recovered CO2 will be utilised in water treatment as well as During the year under review, the Company continued its efforts
with strong entry into the line-pipe and pressure vessel
fatalities in TSG. During the year under review, two distinct bottom purging of LD vessels at LD#1. to enhance its relationship with automotive manufacturers and
segment. Products with special attributes such as highstretch-
Safety campaigns viz. ‘Slip/trip/fall’ and ‘Moving Machinery their value chain partners. Considering the changing business
Amongst the notable new product development, the R&D flangeability, higher radial fatigue life, heat treatable automotive
Risk perception & Risk elimination’ were launched across requirements, the Company focussed on multi-locational
team of the Company has developed a novel process of steels, line-pipe steels with excellent low temperature impact
locations to address gaps and improve safety awareness. top ancillaries from regional to central level. In the wake of
manufacturing Variable Thickness Tube and the Company is toughness have been successfully commercialised. For cold
Monthly review of red risk incidents by senior leadership the need to shift to virtual customer engagements in B2B
engaging with customers to commercialise the technology. rolled products segment, the Company received multiple
helped in achieving ~61% reduction of red risk incidents space, the Company launched the first ever in-house digital
The Company has also developed a corrosion resistant hybrid Auto Original Equipment Manufacturers (‘OEM’) approvals for
vis-à-vis previous year. Deployment of various safety initiatives Value Analysis & Value Engineering (‘VAVE’) platform called
coating formulation based upon an organometallic complex CRDP780. Also, during the year under review, the Company
has helped in achieving ~25% reduction in ‘Lost-Time-Injury’ “e-DRIVE: Digital Relationship Initiatives for Value Excellence”
and organic resin and has undertaken plant trials for the same. commercialised Fe500 CRS to be used in the construction
cases and ~17% reduction in first-aid cases vis-à-vis previous to enable seamless integration of 3D viewer software and
sector. For coating segment, the Company also entered into
year. In Europe, the R&D team has contributed to the development Microsoft tools in transforming tech-support activities thereby
‘functional secondary coatings’ market and got approval for
of various new products and has been involved in the providing the customer with a virtual engagement medium.
At Tata Steel Europe, health and safety continues to be of lubrication-coated GA (T-COAT) in exposed panel application.
development and implementation of new process control The Company also transformed the supply chain experience
utmost priority. In a year dominated by the COVID-19 pandemic, Amongst first of its kind, the Company obtained approval for
models and other process improvements. The Company for its customers through its digital solution COMPASS which
the Company responded with pace and with a coordinated skin panel for passenger vehicles based upon bake-hardenable
has progressed in its product developments which includes provides a digital platform to customers and OTIF (‘On Time
agile approach in order to protect the health and well-being grade BH180 GA. In the long products segment, the Company
the Valast®450 (an abrasion resistant steel grade for the in Full’) to track inventory.
of all employees and stakeholders. This resulted in those who commercialised high strength, high ductility rebar grade –
engineering sector), and XPF®800 for tubes (a cost-effective
could work from home doing so, supported by the appropriate Fe500 SD, from New Bar Mill. During the year under review, ‘Golden Home Consumer’ - Tata
high-strength alternative to Boron steel used in automotive
tools, systems, policies and guidelines in line with national Tiscon’s loyalty and advocacy programme for Individual House
twist beam applications). The Company has also introduced During the year under review, 16 new products were launched
requirements. Employees in the manufacturing processes Building segment, was digitalised and the brand touched
various process improvements which includes reduction of in Europe. These launches include major developments for
continued to operate successfully with new social distancing 8,000+ consumers. The Company’s efforts were recognised and
defects in the galvanising lines by tuning the burner settings, engineering, packaging and construction markets. A notable
the Company was awarded for ‘customer centric excellence’ in
example of product launch includes TCCT® Protact® (Tata Steel
Business leader of the year awards 2021. Tata Tiscon increased introduction of Artificial Intelligence (‘AI’) powered chatbots, https://www.tatasteel.com/media/11804/tata-steel-csr-policy- Regulations. The Committees of the Board usually meet the
its footprint by providing safe shopping experience to virtual showrooms and online billing to contactless installation latest-2019.pdf day before or on the day of the Board meeting, or whenever
consumers through implementation of safety guidelines. The service. The team also designed the #Shutoutcorona campaign the need arises for transacting business. Details of composition
For decades, the Company has pioneered various CSR
positive experience of consumers led to an increase in NPS by to educate consumers about ‘the new normal’ guidelines. of the Board and its Committees as well as details of Board and
initiatives and continues to remain focussed on improving
10% over the previous year. Due to the initiatives taken by the Company, Tata Pravesh Committee meetings held during the year under review are
the quality of life. During the year under review, the Company
installations grew by 40% in financial year 2020-21 over the given in the Corporate Governance Report.
During the year under review, Tata Basera, a programme for has impacted the lives of around 1.61 million people from
previous year. The Company also launched Tata Pravesh’s new
Individual Home Builders, launched its revamped version – Tata the most vulnerable sections of society, including initiating a Selection of New Directors and Board Membership Criteria
brand campaign ‘Akela hi Kaafi hai’.
Basera 2.0. Leveraging the digital footprint of partner brands, large-scale national programme in response to the COVID-19
The Nomination and Remuneration Committee (‘NRC’)
consumers of Tata Basera can avail facilities across India. NEST-IN has built competency in developing and sustaining pandemic. The Company implements its CSR programmes
engages with the Board to determine the appropriate
long-term value-creating partnerships with its customers primarily through the Tata Steel Foundation, which works in
Tata Shaktee, the Company’s flagship brand in the field of characteristics, skills and experience for the Board as a whole as
and channel partners by leveraging digital tools like (i) CRM close collaboration with public systems and partners.
galvanised corrugated sheets realised year-on-year growth well as for its individual members with the objective of having
platform for end-to-end system monitoring, control and
of over 7.6%. Tata Shaktee reached out to over 2,000 farmers The Company’s signature CSR programmes are recognised as a Board with diverse backgrounds and experience in business,
over-view of customers, (ii) customer meets and technical
across India via Kisan Meets conducted on the occasion of Kisan models of positive change addressing critical development finance, governance, and public service. Thereafter, the NRC
discussions through webinars (iii) bringing real-life experiences
Diwas. The Company’s e-selling digital platform ‘Aashiyana’ issues at scale in school education, maternal and neonatal recommends to the Board the selection of new Directors.
to the customers using AR-VR (Augmented Reality - Virtual
which caters to multiple B2C brands crossed a turnover of health, tribal identity and building of a multi thematic corridor
Reality) for key solutions, (iv) launch website for better Characteristics expected of all Directors include independence,
₹726 crore as against ₹316 crore in the previous year. The of well-being connecting its operational hubs in Jharkhand
customer experience and dissemination of information, and integrity, high personal and professional ethics, sound business
fabricator loyalty programme Shakteeman enrolled over 8,000 and Odisha. The Company also focuses on development
(v) dedicated Key Account Managers for high “lifetime order judgement, ability to participate constructively in deliberations
fabricators, the highest ever so far, achieving sales of over 8,000 imperatives of communities proximate to its operations
value” customers. and willingness to exercise authority in a collective manner.
tonnes for the year. As COVID-19 precautions hindered physical especially indigenous tribal groups through multiple initiatives
The Company has in place a Policy on appointment & removal
engagements, digital became the key medium for connecting In Europe, the Company partners with customers to help including enhancing household livelihoods, eliminating child
of Directors.
with stakeholders. Tata Shaktee connected with over five crore them excel in their market, co-creating more responsible labour and empowering women, youth and Persons With
people through various campaigns on digital media. and sustainable value throughout the entire value chain. As Disabilities. The salient features of the Policy are:
part of its Transformation Programme, the Company has
B2ECA (Business to Emerging Corporate Accounts) consisting During the year under review, the Company spent • It acts as a guideline for matters relating to appointment
improved its integrated initiatives such as the ‘Commercial
of brands such as Tata Astrum (HR), Tata Steelium (CRCA) and ₹221.98 crore on CSR activities. The Annual Report on CSR and re-appointment of directors.
Topline’ for driving quality improvements, and has undertaken
Galvano (GPZS) showed resilience, with sharp recovery post activities, in terms of Section 135 of the Companies Act, 2013
initiatives to optimise the product mix, and identify and • It contains guidelines for determining qualifications,
COVID-19 impact in first quarter of the year under review. (‘the Act’) and the Rules framed thereunder, is annexed to this
capture additional opportunities in the market. ‘Commercial positive attributes of directors, and independence of a
The Company through its subsidiary, Tata Steel BSL Limited, report (Annexure 3).
Excellence’ improvement has been acknowledged in the Tata Director.
launched new coated brands such as GalvaRoS (GPRS),
Business Excellence Model assessment. The Company also has
Galvanova (GL) and Colornova (CC) for entry into new product F. Corporate Governance • It lays down the criteria for Board Membership.
a value chain transformation programme previously known
& market segments and promote sustainability. At Tata Steel, we ensure that we evolve and follow the corporate
as ‘Ops 1 & 2’ which focusses on performance throughout • It sets out the approach of the Company on board diversity.
During the COVID-19 pandemic, the Company continued to the value chain. European operations are increasing its focus governance guidelines and best practices diligently, not just to
boost long-term shareholder value, but also to respect rights • It lays down the criteria for determining independence of a
nurture the customer relationship through ‘Ecafez’, an online on business development to achieve a balanced portfolio in
of the minority. We consider it our inherent responsibility director, in case of appointment of an Independent Director.
platform where training workshops, events, quality focussed terms of both products and customer setup. The Company
webinars, Micro-segment specific Engagement Programmes maintains its differentiation strategy, which aims to increase to disclose timely and accurate information regarding the During the year under review there were no changes in
like “Panorama (for Panel Industry)” and “Solarix (for Solar the proportion of high margin differentiated products. As operations and performance, leadership, and governance of the Policy and the same is available on the website of the
Industry)” were conducted. DigEca, a digital solution for ECA part of the strategy, the Company has launched various new the Company. Company at https://www.tatasteel.com/media/6816/policy-
business, has created real-time, segment visibility of sales for products in Europe during the year. These launches include In accordance with our Vision, Tata Steel aspires to be the global on-appointment-and-removal-of-directors.pdf
channel partners and end customers. major developments for the engineering, automotive, steel industry benchmark for value creation and corporate
packaging, and construction markets. Along with products, the Familiarisation Programme for Directors
For the B2B construction segment, the Company has launched citizenship. Tata Steel expects to realise its Vision by taking
Company also offers services such as eCommerce webshops, such actions as may be necessary in order to achieve its goals As a practice, all new Directors (including Independent
#Converse to Construct-Conversations that builds Tomorrow- a
coil sales utilising Dutch flower auction methodology, Track of value creation, safety, environment and people. Directors) inducted to the Board go through a structured
platform to interact and share ideas with different stakeholders
and Trace, Early Vendor Involvement, Design and Engineering orientation programme. Presentations are made by Senior
of the construction sector that would enable adoption of faster, Pursuant to the SEBI Listing Regulations, the Corporate
support, Building Information Modelling, Life Cycle Analysis, Management giving an overview of the operations, to
sustainable and modern construction practices in line with Governance Report along with the Certificate from a
and Technical Support. familiarise the new Directors with the Company’s business
global benchmarks. The Company has also collaborated with Practicing Company Secretary, certifying compliance with operations. The new Directors are given an orientation on the
the World Steel Association (through ConstructSteel forum) Corporate Social Responsibility conditions of Corporate Governance, is annexed to this report products of the business, group structure and subsidiaries,
to support them in their efforts to improve steel intensity in (Annexure 4).
The objective of the Company’s Corporate Social Board constitution and procedures, matters reserved for the
construction in India.
Responsibility (‘CSR’) initiatives is to improve the quality of Board, and the major risks and risk management strategy of the
Meetings of the Board and Committees of the Board
In the Services and Solutions segment, the Company has two life of communities through long-term value creation for all Company. Visits to plant and mining locations are organised
major offerings – Tata Pravesh Steel doors and windows and stakeholders. The Company has in place a CSR policy which The Board met six times during the year under review. The for the new Directors to enable them to understand the
NEST-IN, a smart steel based modular construction solution. provides guidelines to conduct CSR activities of the Company. intervening gap between the meetings was within the period business better.
The entire consumer decision journey was reimagined with The CSR policy is available on the website of the Company at prescribed under the Companies Act, 2013 and the SEBI Listing
During the year under review, no new Independent Directors In the coming year, the Board intends to enhance focus on Directors during the year under review, the details of which are given in
were inducted to the Board. Details of orientation given to sustainability and digital interventions. the Corporate Governance Report.
Re-appointment of Director retiring by rotation
the existing Independent Directors in the areas of strategy/
Remuneration Policy for the Board and Senior Management In terms of the provisions of the Act, Mr. Saurabh Agrawal During the year under review, there were no instances when
industry trends, operations & governance, and safety, health
(DIN: 02144558), Director of the Company, retires at the ensuing the recommendations of the Audit Committee were not
and environment initiatives are available on the website of Based on the recommendations of the NRC, the Board
AGM and being eligible, seeks re-appointment. accepted by the Board.
the Company at https://www.tatasteel.com/media/12333/ has approved the Remuneration Policy for Directors, Key
familiarization-programme-for-independent-directors-for- Managerial Personnel (‘KMPs’) and all other employees of the The necessary resolution for re-appointment of Mr. Saurabh Internal Control Systems
website.pdf Company. As part of the policy, the Company strives to ensure Agrawal forms part of the Notice convening the AGM The Company’s internal control systems commensurate with
that: scheduled to be held on Wednesday, June 30, 2021.
Evaluation the nature of its business, the size, and complexity of its
• the level and composition of remuneration is reasonable The profile and particulars of experience that qualify operations and such internal financial controls with reference
The Board evaluated the effectiveness of its functioning, of
and sufficient to attract, retain and motivate Directors of Mr. Agrawal for Board membership, are disclosed in the said to the Financial Statements are adequate.
the Committees and of individual Directors, pursuant to the
the quality required to run the Company successfully; Notice.
provisions of the Act and the SEBI Listing Regulations. Risk Management
• relationship between remuneration and performance is
The Board sought the feedback of Directors on various Independent Directors’ Declaration The Company has developed and institutionalised an Enterprise
clear and meets appropriate performance benchmarks; and
parameters including: The Company has received the necessary declarations from Risk Management (‘ERM’) process which is based on international
• remuneration to Directors, KMP and Senior Management each Independent Director in accordance with Section 149(7) standards like Committee of Sponsoring Organization of the
• Degree of fulfillment of key responsibilities towards
involves a balance between fixed and incentive pay, of the Act and Regulations 16(1)(b) and 25(8) of the SEBI Listing Treadway Commission (‘COSO’) and ISO 31000. The Company
stakeholders (by way of monitoring corporate governance
reflecting short, medium and long-term performance Regulations, that he / she meets the criteria of independence follows coordinated risk assurance and the ERM process is
practices, participation in the long-term strategic planning,
objectives appropriate to the working of the Company and as laid out in Section 149(6) of the Act and Regulation 16(1)(b) integrated with Corporate Audit, Strategy & Business Planning,
etc.);
its goals. of the SEBI Listing Regulations. Corporate Legal and Compliance functions. This brings further
• Structure, composition and role clarity of the Board and rigour in driving the ERM process across the organisation as
The salient features of the Policy are: In the opinion of the Board, there has been no change in the
Committees; well as across several TSG companies. An in-house built IT
• It lays down the parameters based on which payment of circumstances which may affect their status as independent system has been deployed across the organisation to enable
• Extent of co-ordination and cohesiveness between the directors of the Company and the Board is satisfied of the
remuneration (including sitting fees and remuneration) recording and review of risks through live dashboards and
Board and its Committees; integrity, expertise, and experience (including proficiency
should be made to Independent Directors (IDs) and real-time monitoring of data.
• Effectiveness of the deliberations and process management; Non-Executive Directors (NEDs). in terms of Section 150(1) of the Act and applicable rules
thereunder) of all Independent Directors on the Board. Further, The Risk oversight function consists of the Board of Directors,
• Board / Committee culture and dynamics; and • It lays down the parameters based on which remuneration in terms of Section 150 read with Rule 6 of the Companies Risk Management Committee (‘RMC’), and Group Risk Review
(including fixed salary, benefits and perquisites, bonus (Appointment and Qualification of Directors) Rules, 2014, Committee (‘GRRC’) to oversee the risk management policy
• Quality of relationship between Board Members and the
/ performance linked incentive, commission, retirement as amended, Independent Directors of the Company have and provide guidelines for implementing the ERM framework
Management.
benefits) should be given to whole-time directors, KMPs included their names in the data bank of Independent Directors and ERM process across the Company and develop a risk
The above criteria are broadly based on the Guidance Note on and rest of the employees. maintained with the Indian Institute of Corporate Affairs. intelligent culture within the organisation. The RMC, amongst
Board Evaluation issued by the Securities and Exchange Board others, reviews the key risks, progress of ERM implementation
• It lays down the parameters for remuneration payable to
of India on January 5, 2017. Key Managerial Personnel across locations and challenges faced. During the year under
Director for services rendered in other capacity.
In terms of Section 203 of the Act, the Key Managerial Personnel review, the RMC and the Board of Directors of the Company
The Chairman of the Board had one-to-one meeting with the
During the year under review, there has been no change to the of the Company are Mr. T. V. Narendran, Chief Executive Officer approved and adopted the ‘risk appetite’ of the organisation.
Independent Directors (‘IDs’) and the Chairman of NRC had
policy. The policy is available on the website of the Company at & Managing Director, Mr. Koushik Chatterjee, Executive The risk apetitte is aligned to the Company’s Vision and is
one-to-one meeting with the Executive and Non-Executive,
https://www.tatasteel.com/media/6817/remuneration-policy- Director & Chief Financial Officer and Mr. Parvatheesam driven by the following:
Non-Independent Directors. These meetings were intended
of-directors-etc.pdf Kanchinadham, Company Secretary & Chief Legal Officer
to obtain Directors’ inputs on effectiveness of the Board / • Health and safety of our employees and the communities in
Committee processes. (Corporate & Compliance). During the year under review, there which we operate are our prime concern and our operating
Particulars of Employees
has been no change in the Key Managerial Personnel. strategy is focused on the above objective.
In a separate meeting of the IDs, the performance of the Disclosures pertaining to remuneration and other details
Non-Independent Directors, the Board as a whole and as required under Section 197(12) of the Act, read with Rule Audit Committee • All business decisions are aligned to the Tata Code of
Chairman of the Company were evaluated taking into account 5(1) of the Companies (Appointment and Remuneration of The Audit Committee was constituted in the year 1986. The Conduct.
the views of Executive Directors and other Non-Executive Managerial Personnel) Rules, 2014 are annexed to this report Committee has adopted a Charter for its functioning. The • Management actions are focussed on continuous
Directors. (Annexure 5). primary objective of the Committee is to monitor and provide improvement.
The Nomination and Remuneration Committee reviewed the In terms of the provisions of Section 197(12) of the Act, read effective supervision of the Management’s financial reporting
process, to ensure accurate and timely disclosures with the • Environment and Climate Change impacts are assessed on
performance of the individual directors and the Board as a with Rules 5(2) and 5(3) of the Companies (Appointment
highest levels of transparency, integrity and quality of financial a continuous basis and business decisions support systems
whole. and Remuneration of Managerial Personnel) Rules, 2014,
reporting. including capital allocation considers impact of climate
a statement showing the names and other particulars of
In the Board meeting that followed the meeting of the through the internal carbon pricing framework.
employees drawing remuneration in excess of the limits as set The Committee comprises Mr. O. P. Bhatt (Chairman),
Independent Directors and the meeting of the NRC, the
out in the said Rules forms part of this report. Mr. Aman Mehta, Dr. Peter Blauwhoff, Mr. Saurabh Agrawal, • The long-term strategy of the Company is focussed on
performance of the Board, its Committees, and individual
and Mr. Deepak Kapoor. The Committee met eight times generating profitable growth and sustainable cashflows
directors were discussed.
that creates long-term stakeholder value.
Risk Owners may accept risk exposure to their annual and The Company continues to be vigilant of the evolving The Company has a Conflict of Interest policy that requires The Company takes pride in winning one of the World’s
long-term business plans, which after implementation of pandemic situation to proactively manage risks, as they employees to act in the best interest of the Company without Most Ethical Companies (‘WME’) award for the 10th time by
mitigation strategies, is aligned to the Company’s risk appetite. emerge in financial year 2021-22. Health and safety of any conflicts and declare conflicts, if any (real, potential or Ethisphere Institute, USA.
employees and the communities in the vicinity of our perceived).
The Company has formed a dedicated business vertical to During the year under review, the Company received 777
operations, continues to be the top-most priority for the
ensure deployment of the ERM process across the organisation. The Whistle-blower Reward and Recognition Guidelines for whistle-blower complaints of which as on March 31, 2021, 541
Company, whilst simultaneously ensuring continuity of our
The team is led by Group Head – Corporate Finance & Risk employees has been implemented to encourage employees complaints were investigated and appropriate actions were
business operations.
Management who acts as the Chief Risk Officer (‘CRO’) of the to genuinely blow the whistle on any misconduct or unethical taken and investigations were underway for the remaining
Company. The ERM team scans the external environment for During the year under review, the Company has made activity taking place in the Company. The disclosures reported 236 complaints. Majority of these pending complaints were
developments which may throw up risks for the organisation significant progress in its journey towards risk intelligence. The are addressed in the manner and within the time frames received during the quarter ended March 31, 2021.
and risk flags are sent out to the Business Units (‘BU’). Company has been adjudged the ‘Masters of Risk in Metals & prescribed in the Whistle-blower Policy.
BUs engage in identification and management of bottom- Mining’ and ‘Risk Technology’ at the 7th edition of The India Disclosure as per the Sexual Harassment of Women
During the year under review, a Third-Party Whistle-Blowing at Workplace (Prevention, Prohibition and Redressal)
up risks, which are periodically reviewed as per defined ERM Risk Management Awards.
helpline service was made effective through an external Act, 2013
process. The risks are escalated and aggregated for reporting to
Vigil Mechanism service provider, KPMG Advisory Services Private Limited,
GRRC and RMC. This is complemented by a top-down process, The Company has zero tolerance towards sexual harassment
across the Company as well as the TSG. The Ethics helpline
which helps in identification of strategic and enterprise level The Company has in place a Vigil Mechanism that provides a at the workplace. The Company has adopted a policy on
services includes toll free number, web access, postal services
risks. formal channel for all its Directors, employees and business prevention, prohibition and redressal of sexual harassment
and e-mail facilities. This helpline service acts as a platform
associates including customers to approach the Chairman at workplace in line with the provisions of the Sexual
During the year under review, the Company undertook a Risk within the Tata Steel Group Companies, to raise concerns on
of the Audit Committee or Chief Ethics Counsellor and make Harassment of Women at Workplace (Prevention, Prohibition
Maturity Assessment through an external partner to assess the unethical behaviour and enhance ‘zero tolerance towards
protected disclosures about the unethical behaviour, actual and Redressal) Act, 2013 and the Rules made thereunder.
maturity of the ERM process. The Board is pleased to report unethical activities’.
or suspected fraud or violation of the Tata Code of Conduct
that with a score of 4.63 on a scale of 5, the Company has been The Company has complied with the provisions relating to
(‘TCoC’). No person is denied access to the Chairman of the During the year under review, the Company also undertook
recognised to be ahead in the risk maturity curve compared to the constitution of the Internal Committee as per the Sexual
Audit Committee. a series of communication and training programmes for
its peers in mining & metal sector and marginally behind the Harassment of Women at Workplace (Prevention, Prohibition
internal stakeholders, vendors and distributors, with the aim
highest scoring organisations (across sectors). The Vigil Mechanism includes policies viz. the Whistle-Blower and Redressal) Act, 2013.
to create awareness amongst them about the Company’s
Policy for Directors & Employees, the Whistle-Blower Policy
The Company’s risk intelligent culture enabled it to manage values, TCoC and other ethical practices of the Company. During the year under review, the Company received 21
for Business Associates, the Whistle-Blower Protection Policy
the uncertainties in an unprecedented business environment E-Learning modules on AML Policy and POSH Policy were complaints of sexual harassment, of which 15 complaints have
for Business Associates, the Gift and Hospitality Policy, the
during the year under review. As the COVID-19 situation launched by the Company during the financial year 2020-21 been resolved by taking appropriate actions and 6 complaints
Conflict of Interest Policy for Employees, the Anti-Bribery &
evolved, “scenario-based risk assessment” was facilitated to sensitise the employees on the relevant laws and policies. are under investigation. These 6 complaints have been received
Anti-Corruption (‘ABAC’) Policy and the Anti-Money
across the Company. Further, business decisions were pivoted The Company introduced a structured yet informal platform during the months of February and March 2021.
Laundering (‘AML’) Policy.
to achieve cash neutrality in operations by reducing spend, “Stay in Touch” for its employees to interact with Chief Ethics
managing working capital and reducing capital expenditures. The Whistle-blower Policies for Directors & Employees, Business Counsellor to understand the issues and integrate employees Related Party Transactions
Operating regime was recalibrated in response to the decline Associates and TCoC encourage every Director, employee, and with the Company’s culture through an open discussion. The In line with the requirements of the Act and the SEBI Listing
in domestic demand. Supply chain disruptions were managed Business Associate to promptly report any actual or possible Company also undertook various theme-based campaigns, Regulations, the Company has formulated a Policy on Related
through obtaining necessary licenses to ensure movement of violation of the TCoC or any event that he or she becomes town hall, and departmental events. ‘Neeti Katha / Neeti Party Transactions and the same can be accessed on the
raw materials and finished goods. In view of sluggish domestic aware of that could affect the business or reputation of the Sanchar’ i.e. story-telling through snippet series on the Company’s website at https://www.tatasteel.com/media/5891/
steel demand, risk to sales was mitigated through enhanced Company. This policy includes ‘reporting of incidents of leak scenarios of ‘ABAC’, ‘Integrity’ and ‘Respectful workplace’ policy-on-related-party-transactions.pdf
exports and new international markets were targeted. or suspected leak of Unpublished Price Sensitive Information were shared with employees as part of the awareness
During the year under review, all related party transactions
(‘UPSI’)’ as required in terms of the provisions of the Securities campaign. The Company also celebrated the month of July
To reduce dependence on global commodity supply chains, entered into by the Company, were approved by the Audit
and Exchange Board of India (Prohibition of Insider Trading) as Ethics Month with all communication and programmes
captive coal, iron ore and pellet inventory were ramped up to Committee and were at arm’s length and in the ordinary course
Regulations, 2015, as amended. centred around the theme “Responsible Me Responsible We”.
reduce the buy, post normalisation of operations and improve of business. Prior omnibus approval is obtained for related
These engagement programmes have helped in reinforcing
profitability. Investments made by the Company over the years The Whistle-Blower Protection Policy for Business Associates party transactions which are of repetitive nature and entered
employee involvement in driving the Management of
on digital transformation, ensured seamless migration of the provides protection to Business Associates from any in the ordinary course of business and on an arm’s length basis.
Business Ethics.
work processes to remote working models across locations. victimisation or unfair trade practices by the Company. The Company did not have any contracts or arrangements with
The Company also engaged in assessing the risk of single The Company has developed a robust system to raise concerns related parties in terms of Section 188(1) of the Act. Also, there
The ABAC and AML policies primarily covers risk assessment,
geography sourcing and mitigations have been put in place to on unethical behaviour, taken efforts to make stakeholders were no material related party contracts entered into by the
third party due diligence, training & awareness, and audit &
diversify sourcing and / or find alternate materials. aware of such systems as well as of their responsibility to Company.
reporting.
report such concerns and practice non-retaliation. The
Implementation of focussed risk mitigation strategies Accordingly, the disclosure of related party transactions as
The Gift and Hospitality Policy aims to provide guidance to strong mechanism to address such concerns instils in our
coupled with improvement in the global and domestic macro required under Section 134(3)(h) of the Act in Form AOC-2 is
directors, officers and employees or persons who perform stakeholders the confidence to report ethical violations. The
environment has improved the Company’s risk profile in not applicable to the Company for financial year 2020-21 and
services for or on behalf of the Company on what is appropriate Company has also leveraged digital platforms for training and
second half of the financial year 2020-21. Despite the challenges hence does not form part of this report.
and acceptable, and what is not acceptable, for offering, giving communication, thereby resulting in greater clarity on the
posed by COVID-19, the Company has been able to deleverage
and accepting gifts and hospitality. The Policy is in consonance subject and system amongst the stakeholders. Details of related party transactions entered into by the
beyond the target set for the year.
with ABAC and AML policies. Company, in terms of Ind AS-24 have been disclosed in the
notes to the standalone / consolidated financial statements As stated earlier in the Report, the Company has followed the The report of the Statutory Auditor forms part of the Integrated concern status and the Company’s future operations. However,
forming part of this Integrated Report. <IR> framework of the International Integrated Reporting Report and Annual Accounts for FY 2020-21. The said report Members’ attention is drawn to the statement on contingent
Council to report on all the six capitals that are used to create does not contain any qualification, reservation, adverse remark liabilities, commitments in the notes forming part of the
Directors’ Responsibility Statement long-term stakeholder value. Our Integrated Report has been or disclaimer. During the year under review, the Statutory Financial Statements.
Based on the framework of internal financial controls and assessed and Ernst & Young Associates LLP has provided Auditors did not report any matter under Section 143(12) of
compliance system established and maintained by the the required assurance. We have also provided the requisite the Act, therefore no detail is required to be disclosed under Particulars of Loans, Guarantees or Investments
Company, work performed by the internal, statutory, cost, mapping of principles between the Integrated Report, the Section 134(3)(ca) of the Act. Particulars of loans, guarantees given or investments made
and secretarial auditors and external agencies including audit Global Reporting Initiative (‘GRI’) and the BRR as prescribed by during the year under review in accordance with Section 186
of internal financial controls over financial reporting by the SEBI. The same is available on our website www.tatasteel.com Cost Auditors of the Act is annexed to this report (Annexure 9).
statutory auditors and the reviews performed by Management In terms of Section 148 of the Act, the Company is required
and the relevant Board Committees, including the Audit Subsidiaries, Joint Ventures and Associates to maintain cost records and have the audit of its cost records Energy Conservation, Technology Absorption and Foreign
Committee, the Board is of the opinion that the Company’s The Company has 209 subsidiaries and 49 associate companies conducted by a Cost Accountant. Cost records are prepared Exchange Earnings and Outgo
internal financial controls were adequate and effective during (including 28 joint ventures) as on March 31, 2021. During the and maintained by the Company as required under Section Details of the energy conservation, technology absorption
financial year 2020-21. year under review, the Board of Directors reviewed the affairs 148(1) of the Act. and foreign exchange earnings and outgo are annexed to this
of material subsidiaries. There has been no material change in report (Annexure 10).
Accordingly, pursuant to Section 134(5) of the Companies Act, The Board of Directors of the Company has, on the
the nature of the business of the subsidiaries.
2013, the Board of Directors, to the best of its knowledge and recommendation of the Audit Committee, approved the Deposits
ability confirms that: We have, in accordance with Section 129(3) of the Act prepared appointment of M/s. Shome & Banerjee as the Cost Auditors
During the year under review, the Company has not accepted
Consolidated Financial Statements of the Company and all its of the Company (Firm Registration No. 000001) for the year
a) in the preparation of the annual accounts, the applicable any deposits from public in terms of the Act. Further, no
subsidiaries, associates and joint ventures which form part of ending March 31, 2022.
accounting standards have been followed and that there amount on account of principal or interest on deposits from
the Integrated Report. Further, the report on the performance
were no material departures; M/s. Shome & Banerjee have vast experience in the field of cost public was outstanding as on the date of the balance sheet.
and financial position of each subsidiary, associate and joint
audit and have been conducting the audit of the cost records
b) they have selected such accounting policies and applied venture and salient features of their Financial Statements in the Secretarial Standards
of the Company for the past several years.
them consistently and made judgements and estimates prescribed Form AOC-1 is annexed to this report (Annexure 6).
The Company has in place proper systems to ensure compliance
that are reasonable and prudent so as to give a true and In accordance with the provisions of Section 148(3) of the
In accordance with the provisions of Section 136 of the Act and with the provisions of the applicable secretarial standards
fair view of the state of affairs of the Company at the end Act read with Rule 14 of the Companies (Audit and Auditors)
the amendments thereto, read with the SEBI Listing Regulations issued by The Institute of Company Secretaries of India and
of the financial year and of the profit of the Company for Rules, 2014, as amended, the remuneration of `20 lakhs plus
the audited Financial Statements, including the consolidated such systems are adequate and operating effectively.
that period; applicable taxes and reimbursement of out-of-pocket expenses
financial statements and related information of the Company
payable to the Cost Auditors as recommended by the Audit
c) they have taken proper and sufficient care for the and financial statements of the subsidiary companies are G. Acknowledgements
Committee and approved by the Board has to be ratified by
maintenance of adequate accounting records in available on our website www.tatasteel.com The Directors regret the loss of life due to COVID-19 pandemic
the Members of the Company. Accordingly, a resolution to this
accordance with the provisions of the Companies Act, and are deeply grateful and have immense respect for every
The names of companies that have become or ceased to be effect forms part of the Notice convening the AGM.
2013 for safeguarding the assets of the Company and for person who risked their life and safety to fight this pandemic.
subsidiaries, joint ventures and associates during the year
preventing and detecting fraud and other irregularities; Secretarial Auditors We thank our customers, vendors, dealers, investors, business
under review are disclosed in an annexure to this report
d) they have prepared the annual accounts on a going (Annexure 7). Section 204 of the Act, inter alia, requires every listed company associates and bankers for their continued support during the
concern basis; to annex to its Board’s report, a Secretarial Audit Report, given year. We place on record our appreciation of the contribution
Auditors in the prescribed form, by a Company Secretary in practice. made by employees at all levels. Our resilience to meet
e) they have laid down internal financial controls to be challenges was made possible by their hard work, solidarity,
followed by the Company and that such internal financial Statutory Auditors The Board had appointed Parikh & Associates, (Registration co-operation and support.
controls are adequate and are operating effectively; Members of the Company at the AGM held on August 8, No. P1988MH009800) Practicing Company Secretaries, as the
2017, approved the appointment of Price Waterhouse & Secretarial Auditor to conduct Secretarial Audit of the Company We thank the Government of India, the State Governments
f) they have devised proper systems to ensure compliance and the Governments in the countries where we have
Co., Chartered Accountants LLP (Registration No. 304026E/ for the financial year 2020-21 and their Report is annexed to this
with the provisions of all applicable laws were in place and operations and other regulatory authorities and government
E300009), Chartered Accountants, as the statutory auditors report (Annexure 8). There are no qualifications, observations,
that such systems are adequate and operating effectively. agencies for their support and look forward to their continued
of the Company for a period of five years commencing from adverse remark or disclaimer in the said Report.
the conclusion of the 110th AGM held on August 8, 2017 until support in the future.
Business Responsibility Report
the conclusion of 115th AGM of the Company to be held in the Annual Return
The Securities and Exchange Board of India (‘SEBI’) requires
year 2022. The Annual Return for financial year 2020-21 as per provisions
companies to prepare and present to stakeholders a Business On behalf of the Board of Directors
of the Act and Rules thereto, is available on the Company’s
Responsibility Report (‘BRR’) in the prescribed format. SEBI, In terms of the provisions relating to statutory auditors forming
website at https://www.tatasteel.com/media/13904/annual- sd/-
however, allows companies to follow an internationally part of the Companies Amendment Act, 2017, notified on
return-2021.pdf N. CHANDRASEKARAN
recognised framework to report on the initiatives undertaken May 7, 2018, ratification of appointment of Statutory Auditors
by the Company on environmental, social and governance at every AGM is no more a legal requirement. Accordingly, Mumbai Chairman
Significant and Material Orders passed by the Regulators
perspective. Further, SEBI has on February 6, 2017 advised the Notice convening the ensuing AGM does not carry May 5, 2021 DIN: 00121863
or Courts
companies that are required to prepare BRR to transition any resolution on ratification of appointment of Statutory
There has been no significant and material order passed by
towards an Integrated Report. Auditors.
the regulators or courts or tribunals impacting the going
ANNEXURE 1 g) Post dividend EPS: The post dividend EPS can have
strong impact on the funds of the Company, thus,
Any restrictions on payment of dividends by virtue of
any regulation as may be applicable to the Company at
Dividend Distribution Policy impacting the overall operations on day-to-day basis the time of declaration of dividend.
and therefore, affects the profits and can impact the
decision for dividend declaration during a particular 5.2 Internal Factors
year. • The Company’s long-term growth strategy which
1. Preamble in extraordinary circumstances, when deemed necessary requires to conserve cash in the Company to execute
in the interests of the Company, along with the rationale 4.2 Proposals for major capital expenditures the growth plan.
1.1 The Dividend Distribution Policy (hereinafter referred to
will be disclosed in the Annual Report by the Board. The Board may also take into consideration the need
as the ‘Policy’) has been developed in accordance with • The liquidity position of the Company including its
the extant provisions of the Companies Act, 2013 and SEBI 3.4 The Policy reflects the intent of the Company to reward for replacement of capital assets, expansion and
working capital requirements and debt servicing
regulations. its shareholders by sharing a portion of its profits after modernisation or augmentation of capital asset including
obligations.
retaining sufficient funds for growth of the Company. The any major sustenance, improvement and growth
1.2 The Board of Directors (the ‘Board’) of Tata Steel Limited proposals. • The trend of the performance / reputation of the
Company shall pursue this Policy, to pay, subject to the
(the ‘Company’) has adopted the Policy of the Company Company that has been during the past years
circumstances and factors enlisted hereon, progressive
as required in terms of Regulation 43A of the SEBI (Listing 4.3 Agreements with lending institutions / Bondholders determine the expectation of the shareholders.
dividend, which shall be consistent with the performance
Obligations and Disclosure Requirements) Regulations, / Debenture Trustees
of the Company over the years.
2015 (the ‘Listing Regulations’) at its meeting held on The decision of dividend pay-out shall also be affected 6. Target Dividend
April 20, 2017. by the restrictions and covenants contained in the
4. Parameters to be Considered While Declaring 6.1 T he Company has adopted a progressive dividend policy,
1.3
Under Section 2(35) of the Companies Act, 2013, Dividends agreements as may be entered into with the lenders of intending to maintain or grow the dividend each year.
“Dividend” includes any interim dividend. In common the Company from time to time.
4.1 Financial Parameters 6.2 The Company targets to pay dividend up to 50% of profit
parlance, “dividend” means the profit of a company, which
a) Magnitude of current year’s earnings of the 4.4 Statutory requirements after tax of the Company subject to the applicable rules
is not retained in the business and is distributed among
Company: Since dividend is directly linked with The Company shall observe the relevant statutory and regulations.
the shareholders in proportion to the amount paid-up
on the shares held by them. In case of listed companies, the availability of earning over the long haul, the requirements including those with respect to mandatory
magnitude of earnings will significantly impact the transfer of a certain portion of profits to any specific 7. Circumstances Under which the Shareholders
Section 24 of the Companies Act, 2013 confers on SEBI,
dividend declaration decisions of the Company. reserve such as Debenture Redemption Reserve, Capital Can or Cannot Expect Dividend
the power of administration of the provisions pertaining
to non-payment of dividend. Redemption Reserve etc. as provided in the Companies 7.1 The Board shall consider the factors provided above
b) Operating cash flow of the Company: If the Company
Act, 2013, which may be applicable to the Company under Clause 4 and 5 above, before determination of
cannot generate adequate operating cash flow,
2. Effective Date at the time of taking decision with regard to dividend any dividend payout after analysing the prospective
it may need to rely on outside funding to meet its
declaration or retention of profit. opportunities and threats, viability of the options of
The Policy shall become effective from the date of its financial obligations and sometimes to run the day-
dividend payout or retention, etc.
adoption by the Board i.e. April 20, 2017. to-day operations. The Board will consider the same
5. Factors that May Affect Dividend Payout
before its decision whether to declare dividend or 7.2 The decision of dividend payout shall, majorly be based
3. Purpose, Objectives and Scope retain its profits. 5.1 External Factors on the aforesaid factors considering the balanced interest
3.1 T he Securities and Exchange Board of India (“SEBI”) • Macroeconomic conditions: Considering the current of the shareholders and the Company.
c) Return on invested capital: The efficiency with which
vide its Gazette Notification dated July 8, 2016 has the Company uses its capital. and future outlook of the economy of the Country,
amended the Listing Regulations by inserting Regulation the policy decisions that may be formulated by the 8. Manner of Dividend Payout
43A in order to make it mandatory to have a Dividend d) Cost of borrowings: The Board will analyse the Government and other similar conditions prevailing 8.1 Given below is a summary of the process of declaration
Distribution Policy in place by the top five hundred requirement of necessary funds considering the in the global market which may have a bearing on or and payment of dividends, and is subject to applicable
listed companies based on their market capitalisation long-term or short-term projects proposed to be affect the business of the Company, the management regulations.
calculated as on the 31st day of March of every year. undertaken by the Company and the viability of may consider retaining a larger part of the profits to
the raising funds from alternative sources vis-à-vis 8.2 In case of final dividends:
have sufficient reserves to meet the exigency during
3.2 As the Company is one of the top five hundred companies plough back its own funds. unforeseen circumstances. a) Recommendation, if any, shall be done by the Board,
as on March 31, 2016, the Board has laid down a broad
e) Obligations to lenders: The Company should be able usually in the Board meeting that considers and
framework for distribution of dividend to its shareholders • Cost of raising funds from alternative sources: If the
to repay its debt obligations without much difficulty approves the annual financial statements, subject to
and / or retaining or plough back of its profits. The Policy cost of raising funds to pursue its planned growth
over a reasonable period of time. Considering the approval of the shareholders of the Company.
also sets out the circumstances and different factors for and expansion plans is significantly higher, the
consideration by the Board at the time of taking such volume of such obligations and time period of management may consider retaining a larger part of b) The dividend as recommended by the Board shall be
decisions of distribution or of retention of profits, in the repayment, the decision of dividend declaration the profits to have sufficient funds to meet the capital approved / declared at the annual general meeting
interest of providing transparency to the shareholders. shall be taken. expenditure plan. of the Company.
3.3 Declaration of dividend on the basis of parameters in f) Inadequacy of profits: If during any financial year, the • Taxation and other regulatory provisions: Dividend c) The payment of dividends shall be made within 30
addition to the elements of this Policy or resulting in Board determines that the profits of the Company distribution tax or any tax deduction at source as days from the date of declaration to the shareholders
amendment of any element or the Policy will be regarded are inadequate, the Board may decide not to declare required by applicable tax regulations in India, as may entitled to receive the dividend on the record date /
as deviation. Any such deviation on elements of this Policy dividends for that financial year. be applicable at the time of declaration of dividend. book closure period as per the applicable law.
138 Integrated Report & Annual Accounts 2020-21 | 114th Year Annexure 1 (Contd.) 139
8.3 In case of interim dividend 10.2 The payment of dividend shall be based on the respective
rights attached to each class of shares as per their terms of
ANNEXURE 2
a) Interim dividend, if any, shall be declared by the
Board.
issue. Management Discussion and Analysis
10.3
The dividends shall be paid out of the Company’s
b) Before declaring interim dividend, the Board shall
distributable profits and / or general reserves, and shall
consider the financial position of the Company that
be allocated among shareholders on a pro-rata basis the emerging-market and developing economies are expected
allows the payment of such dividend. I. Overview
according to the number of each type and class of shares to take until 2023 to recover to the pre-pandemic level.
c) The payment of dividends shall be made within 30 held. The objective of this report is to convey the Management’s
days from the date of declaration to the shareholders perspective on the external environment and steel industry, Policy rates in the United States, Eurozone, United Kingdom,
10.4
Dividend when declared shall be first paid to the as well as strategy, operating and financial performance, and Japan will remain near zero, well beyond 2021. Emerging-
entitled to receive the dividend on the record date as
preference shareholders of the Company, if any as per the material developments in human resources and industrial market and developing economies may take until 2023 to
per the applicable laws.
terms and conditions of their issue. relations, risks and opportunities and internal control systems recover to the pre-pandemic level. Divergent recovery paths
d) In case no final dividend is declared, interim dividend and their adequacy in the Company during the financial year are likely to create wider gaps in living standards across
paid during the year, if any, will be regarded as final 11. Applicability of the Policy 2020-21. This report should be read in conjunction with the countries compared to pre-pandemic expectations.
dividend in the annual general meeting. 11.1 The Policy shall not apply to Company’s financial statements, the schedules and notes
thereto and other information included elsewhere in the 3. Indian Economy
9. Policy as to how the Retained Earnings will be • Determination and declaring dividend on preference
Integrated Report. The Company’s financial statements have India witnessed a gradual resumption of economic activity
Utilised shares as the same will be as per the terms of issue
been prepared in accordance with Indian Accounting Standards from Q2FY2021. The initial recovery was driven by government
approved by the shareholders;
9.1 The Board may retain its earnings in order to make better (‘Ind AS’) complying with the requirements of the Companies spending on infrastructure, exports and rural economy. The
use of the available funds and increase the value of the • Distribution of dividend in kind, i.e. by issue of fully or Act, 2013, (‘Act’) and regulations issued by the Securities and recovery gained momentum since August 2020 with pickup
stakeholders in the long run. partly paid bonus shares or other securities, subject to Exchange Board of India (‘SEBI’), each as amended from time in consumption demand driven by festive buying and return
applicable law; to time. of urban consumption. However, the growth projections for
9.2 The decision of utilisation of the retained earnings of the
FY 2021-22 have been revised to be below 11% due to the acute
Company shall be based on the following factors: • Distribution of cash as an alternative to payment of
II. External Environment resurgence of the virus in the country, as many cities and states
dividend by way of buyback of equity shares.
• Long-term strategic plans went into lockdown. While the growth will depend upon the
1. Macroeconomic condition
• Augmentation / Increase in production capacity trajectory of the pandemic, the overall impact on the economy
12. Reporting and Disclosure Global GDP contracted by 3.5% in 2020 as governments in both
• Market expansion plan is expected to be less severe than last year.
• Product expansion plan As prescribed by Regulation 43A of the Listing Regulation, developed and emerging economies took measures to contain
this Policy shall be disclosed on the Company’s website the spread of the COVID-19 virus. While the decline was sharper India is expected to witness a full economic recovery in
• Modernisation plan
and the Annual report. than the global financial crisis in 2009, but the scale of the fiscal H2FY2022 driven by (a) ongoing vaccination supporting the
• Diversification of business
response to the COVID-19 crisis was unprecedented and three current recovery momentum; (b) restart of investment cycle
• Replacement of capital assets
13. Review of the Policy times bigger than 2008-09 financial crisis. The response by with significant spending on infrastructure and (c) continued
• Balancing the Capital Structure by de-leveraging the
policy makers prevented a collapse that would have been at recovery in consumption supported by urban demand,
Company 13.1 This Policy shall be subject to review as may be deemed
least three times worse, and the medium-term losses for the accentuated by work-from-home and preferences for personal
• Other such criteria as the Board may deem fit from necessary as per any regulatory amendments.
global economy are expected to be smaller than the global mobility along with rising rural income and affordability.
time to time.
13.2 Such amended Policy shall be periodically placed before financial crisis. However, normal growth levels would be seen in FY 2022-23
the Board for adoption immediately after such changes. only, provided no further economic disruption occurs and
10.
Provisions in Regard to Various Classes of While China is forecasted to continue its rapid growth in 2021, success of the ongoing vaccination drive.
Shares 14. Compliance Responsibility Latin America and the Eurozone is expected to lag behind. US
10.1 The Company has only one class of equity shareholders saw overall GDP decline of 3.5%. India’s economy rebounded III. Steel Industry
Compliance of this Policy shall be the responsibility of the
and does not have any issued preference share capital. quickly from one of the world’s longest and most stringent
Company Secretary of the Company who shall have the 1. Global Steel Industry
However, in case the Company issues different class lockdowns, which also came with steepest fall in GDP in
power to ask for any information or clarifications from the
of equity shares at any point in time, the factors and Q2. Real GDP grew by 0.4% in Q3FY2021 after a contraction Disruption on both demand and supply resulted in global steel
management in this regard.
parameters for declaration of dividend to different class in the previous two quarters. Real GDP is estimated to have demand in 2020 to fall by 0.2% against a growth of 3.7% in 2019.
of shares of the Company shall be same as covered above. contracted by ~8% in FY 2020-21. The total demand in 2020 was 1,772 MnT against 1,775 MnT in
2019. The impact of COVID-19 has been much more benign for
2. Economic Outlook the steel industry due to resurgent demand in China and better
The accelerating rollout of COVID-19 vaccines in many than expected post lockdown recovery globally in second half
advanced economies has set the stage for rapid recovery in the of 2020. China and Turkey were two key countries that saw an
second half of this year and into 2022. Advanced economies increase in finished steel demand of 9% and 13% respectively
will remain less affected by the virus this year and beyond, in 2020. North America and the European Union (‘EU’) have
with low-income countries and emerging markets suffering experienced strong decline in steel demand owing to the
more which is a contrast to 2009. While, the global economy is COVID-19 pandemic. Both regions experienced demand decline
expected to recover to its pre-pandemic level of output in 2022, of around 11%-16%. India also contributed to global decline, as
steel consumption in India declined by 13.7% to 88.5 MnT in Bharat” programme. The Production Linked Incentive due to improvement in realisations along with lower cost and During the year under review, the saleable steel production
2020 against 102.6 MnT in 2019. scheme has been introduced to boost the manufacturing favourable exchange rate movement at other foreign entities. stood at 12.04 MnT which is ~6% lower over previous year and
sector in industries like automobile & auto components, saleable steel sales stood at 12.36 MnT which is marginally
Up to 30% of global steelmaking capacity (excluding China) TSG reported a consolidated profit after tax of ₹8,190 crore
consumer durables, solar equipment, telecom, etc. These higher than FY 2019-20. The hot metal production stood at
was idled or production at steel mills significantly reduced in during FY 2020-21 as against a profit of ₹1,172 crore in
are expected to boost steel consumption. 13.24 MnT which is ~6% lower than that of previous year as the
response to a pandemic-induced drop in demand. However, FY 2019-20. The increase was mainly due to higher operating
plant operated at lower levels due to nation-wide COVID-19
the recovery in automotive production and white goods • Government has announced an investment of over ₹1 profits attributable to increase in the steel prices across
lockdown.
manufacturing was quicker than expected when the strictest trillion in infrastructure over the next 5 years. This would be geographies during FY 2020-21 along with lower cost and
lockdown measures were lifted. The construction sector was a key growth driver not only for steel industry but will also lower exceptional charge as compared to that of the previous i) Tata Steel Jamshedpur
less affected, as it was supported by government stimulus be a multiplier of growth across the sectors, boosting steel year, partly offset by higher tax expenses mainly at Tata Steel
During the year under review, Tata Steel Jamshedpur (‘TSJ’)
schemes in many regions. As a result, steel prices rallied in all demand from sectors such as transportation, real estate (Standalone) due to higher profits. Moreover, the previous year
had produced crude steel of 9.34 MnT, lower than 10.19 MnT
regions in late 2020. and infrastructure. included re-measurement of deferred tax liabilities based on
produced during FY 2019-20 due to COVID-19 lockdowns and
the new lower rate of Income tax prescribed under Section
2. Outlook for steel industry • Emergence of new trends after COVID-19 such as work business disruption. During FY 2020-21, there have been certain
115BAA of the Income Tax Act, 1961 along with creation of
from home, preference to physical distancing would create operational improvements such as increase in agglomerate
Steel demand is expected to be strong due to recovery in deferred tax assets at some of the foreign entities as against
additional demand for furniture, personal mobility, etc. In consumption, lower consumption of ferro alloys, lime,
manufacturing businesses around the world and global fiscal creation of deferred tax liabilities during the current fiscal
addition, the rise in e-commerce activity will support the refractories and specific energy. The Company has continuous
stimulus supporting infrastructure projects. The outlook for primarily at Tata Steel Europe.
growth of warehousing and light commercial vehicles. operational improvement programmes through Shikhar 25,
2021 is expected to be positive because of the unprecedented
2. Tata Steel Limited (Standalone) which is a focused EBIDTA improvement programme which
fiscal stimulus provided by the governments across Europe, the However, the downside to these opportunities are as follows:
works across departments of Tata Steel to improve operational
US, Japan, Korea, Russia and China. These stimulus packages The turnover and profit / (loss) figures of Tata Steel Limited
• Resurgence of infections leading to fresh lockdowns, both efficiency, lower costs, optimise product mix, reduce and
are expected to spur growth in these nation’s respective (Standalone) are given below:
localised as well as regional / national level resulting in recycle waste and energy efficiency.
infrastructure sectors, boosting steel demand. China is (` crore)
disruption in economic activity.
expected to grow by 5% in 2021 with continuation of healthy FY 21 FY 20 ii) Tata Steel Kalinganagar
demand conditions especially in the first half of 2021. Steel • Heavy dependence of agriculture sector on monsoon. In Turnover 64,869 60,436 During the year under review, Tata Steel Kalinganagar (‘TSK’)
demand in key emerging economies (like India, Turkey) and last 2 years, a normal monsoon has supported the growth EBITDA 21,952 15,096 had produced lower crude steel of 2.85 MnT as against 2.96
Europe is expected to witness double digit recovery while Asia in agriculture sector. Profit before tax (PBT), before exceptional 15,022 8,315 MnT in previous year, due to COVID-19 lockdowns and business
and Middle-East are likely to grow by 5%. Profit before tax (PBT) 17,795 6,611
• Slower recovery in contact-based services, which is interruptions. During the year under review, TSK achieved best
While it is expected that steel prices will consolidate closer an integral part of Indian economy and affects lives & Profit after tax (PAT), before exceptional 10,834 8,447 ever power generation in house, captive power plant and Coke
to historical levels, prices are likely to remain high supported livelihood of service sector. Profit after tax (PAT) 13,607 6,744 Dry Quenching power thereby reducing the purchased power
by (i) strong iron ore prices, (ii) rebound in coking coal prices, requirement. The product mix in FY 2020-21 comprised low
(iii) positive impact from stimulus plans, and (iv) improved IV. Operational Performance a) Operations carbon, medium & high carbon, IF and peritectic micro alloy
business confidence from the roll-out of vaccines. Strong grades, which served different market segments such as LPG,
1. Tata Steel Group (mn tonnes)
rebound of demand in 2021, in addition to supply-side reforms Tube making, Tin plating, Construction & Projects, Lifting and
in China could lead to higher steel prices globally. During the year under review, the consolidated steel production FY 21 FY 20 Change (%)
Excavation, Automotives, Heavy Engineering, etc.
for Tata Steel Group (‘TSG’) was 28.54 MnT recording a Hot Metal 13.24 14.09 (6)
Political and geopolitical developments, such as a reduction in 7% decrease over that of the previous year, primarily due Crude Steel 12.19 13.16 (7) TSK has embarked upon second phase of expansion which
government stimulus programmes, policies to cut emissions to disruptions arising out of COVID-19. TSG recorded total Saleable Steel 12.04 12.88 (6) will take its production capacity to 8 MnT per annum. Pellet
and trade wars, could increase pressure on the steel sector. deliveries of 28.50 MnT as against 28.88 MnT in the previous Sales 12.36 12.32 0 Plant and Cold Rolling Mill (‘CRM’) construction activities
year which was marginally lower by 1%. The steel deliveries have gained momentum including the augmentation of raw
3. Indian Steel Industry material handling facilities.
decreased at Tata Steel Europe by 5% and at NatSteel Holdings The saleable steel production and sales trend over the years
India’s steel industry has also suffered the production loss by 25% due to lower demand. This decrease was off-set by are as follows: TSK ensures better socio-economic development of the people
due to lockdown last year and recovered gradually since higher deliveries at Tata Steel BSL Limited (‘TSBSL’) by 4%. in the peripheral areas of its operations, focusing on health,
then, initially driven by export followed by gradual recovery Further, deliveries at Tata Steel Long Products Limited (formerly Production and Sales of Steel Division (kt) education, infrastructure development, livelihoods, skill
in domestic demand. Strong rebound in manufacturing and Tata Sponge Iron Limited) increased by 25% and at Tata Steel
Production upgradation and women empowerment among others.
infrastructure development activity has led to a sharp rise in Thailand by 9% due to higher availability of finished products Sales
both production and consumption of steel in India. In 2021, and higher demand. The deliveries at Tata Steel (Standalone) b) Marketing and Sales Initiatives
12,980
12,692
12,878
India’s steel demand is expected to grow by 20% over 2020,
12,358
12,237
12,322
were at par, despite disruptions arising out of COVID-19.
12,042
12,151
During the year under review, the Company recorded sales
11,351
taking the demand higher than the pre-pandemic level of 103
10,973
The turnover of TSG was at ₹1,56,294 crore during of 12.36 MnT, which is marginally higher over the previous
MnT, driven by strong infrastructure spending and sustained
FY 2020-21, an increase of 5% over the previous financial year year. This increase is attributable to higher ex ports during the
demand of automotive and consumer durables.
due to increase in realisations across geographies, partly offset beginning of the financial year to combat the adverse impact
The key opportunities boosting the steel demand are as by marginal decline in deliveries. of COVID-19 and nation-wide lockdown. Demand started to
follows: pick up from the second half of the financial year.
The EBITDA of TSG was ₹30,892 crore during the
• Government’s focus on strengthening the domestic FY 2020-21 as compared to ₹18,103 crore in the previous year
manufacturing base under the flagship “Atmanirbhar FY17 FY18 FY19 FY20 FY21
The break-up of sales in our various segments and the break-up sales of 27 kT in FY 2020-21, despite COVID-19 led disruptions. in addition to the regular ports for break-bulk shipments. The Company continued to focus on attractive opportunities
of domestic sales to exports are as follows: In addition, TSBSL integration led to 27 kT (11% of Total Sales) Customers from 7 new countries were added to the Company’s to deploy capital optimally to increase the future returns of
(` crore) of Tata Shaktee Sales and 43kT (61% of total Sales) of Tata Kosh portfolio which helped increase exports during Q1FY2021. In the business. These projects will enhance our downstream
FY 21 FY 20 sales through the Company’s channel in FY 2020-21. its pursuit to enrich sales mix, the Company doubled its VAP capabilities, increase high added value capacities and reduce
Automotive & Special products 1.57 1.45 export sales in FY 2020-21 to 240 kT. In our drive to improve costs. Besides these, the compliance related projects on
In FY 2020-21, B2ECA (Business to Emerging Corporate
Branded Products, Retail & Solutions 3.42 3.82 agility, the Company concluded an end-to-end paperless improving the environment related parameters were pursued.
Accounts) business clocked a volume of 1.91 MnT and in the
Industrial Products & Projects 4.05 4.61 trade transaction enabled by Blockchain. It is a first of its kind
process serviced 9,000+ customers. Value Added Products During FY 2020-21, the team focused on building a future
Domestic 9.04 9.88
transaction in the steel industry and has helped reduce the
contributed 24% of overall ECA Volumes. This was achieved ready organisation with the driving theme being Agility,
payment cycle time from 2 weeks to 4 working days.
Exports 2.41 1.50 through market development and access to key micro Value creation, Building Deep Capabilities, adapting Future
Domestic + Exports 11.45 11.38 segments (Railways, Wagons, Transmission Line Tower, PEB, Services & Solutions: During the year under review, the ready construction practices and indigenisation while
Transfers (Wires, Tubes, IBMD, Agrico) 0.91 0.94 Solar, Appliances) and introduction of segment specific 41 Company has consolidated its position in the Services & achieving manufacturing excellence. We strengthened our
Total Deliveries 12.36 12.32 new products. ECA business launched 3 New Coated Brands Solutions space through continuous innovation, to provide master plans across locations through effective and efficient
from Tata Steel BSL “GalvaRoS, Galvanova and Colornova” for customer-centric offerings and better consumer experience conceptualisation, design and engineering capabilities
The key business initiatives and achievements in the FY 2020-21 entry into new product and market segments like Appliances, in a pandemic affected uncertain market. In FY 2020-21, Tata and considering efficient technologies, environment and
are given below: Solar, Commercial Building. The New Coated Brands promote Pravesh Doors and Windows registered a system turnover of sustainability.
sustainability in line with the changing consumer requirements. ₹145 core. The installation figures have increased to 80K units
Automotive and Special Products: The year under review In digitalisation journey, capex programmes customised various
DigEca, a digital solution for ECA business, has created in FY 2020-21, a Y-o-Y increase of 40%. Nest-In, the construction
started on a daunting note with demand plunging by 44% digital initiative’s such as Integrated Project Management
real-time, segmental visibility of sales by channel partners to solutions brand from Services & Solutions, has received an
and 57% in Personal Vehicle (‘PV’) and Commercial Vehicle System, which aimed at integrating project information at
ECA customers. order book of ₹104 crore and executed orders worth ₹55 crore
(‘CV’) segment respectively on a Y-o-Y basis by H1FY2021. a common platform; i3M, Connected Man, Machines and
in FY 2020-21. In response to a stagnating sanitation market,
However, the onset of the festive season in September 2020 Industrial Products, Projects and Exports: The vertical Materials for better traceability of critical enablers, 2D to
Nest-In successfully scaled up its shelter solutions, registering
brought significant uptick in demand also supported by the registered a strong performance on the back of exports in 3D modeling conversion, for creating 3D based assembly
a growth of ~113% in this segment (₹38 crore in FY 2019-20 as
need for personal mobility in pandemic times. The impressive H1FY2021 and recovery in Construction, Engineering and sequence & constructability validation and Virtual Reality
against ₹81 crore in FY 2020-21).
revival in demand in H2FY2021 ensured that the sector ended Valued Added segments in H2FY2021 resulting in sales of 6.46 platform, virtual construction, virtual assembly and virtual
the year with a de-growth of only 11% and 18% in PV and CV MnT for the year (~6% growth Y-o-Y). Digital Initiatives: Tata Steel Aashiyana an initiative providing commissioning. Smart construction practices such as digital
respectively (Y-o-Y). Tata Steel registered annual sales of 1.57 early inspiration, engagement & e-commerce for Individual work platform was adapted which enabled online monitoring
Tata Steel continued its focus on Engineering segments and
MnT with an increase in market share over FY 2019-20 across Home Builder (‘IHB’) achieved turnover of ₹726 crore in of remote work place activities.
Value-Added Products (‘VAP’) through an enriched product
all products (including outer skin panel, high tensile steel FY 2020-21 with growth of 122% over FY 2019-20. Tata
portfolio. Precision Tubes segment grew by 12% Y-o-Y from 107 Various initiatives were undertaken to ensure adherence to
segment). The year ended with an overall market share of 43% Basera has expanded its reach to 255+ districts. The Tata
kT to 120 kT registering the highest ever sales in any fiscal year. COVID-19 protocols while continuing construction at project
as against 35% in FY 2019-20 on standalone basis. Tata Steel Basera programme offers special benefits from 5 Tata Group
Despite the impact of the pandemic, sales in MCHC (Medium sites and manufacturing work. Adapting quickly to the new
continues to command market leadership with high SOB (Share companies to IHB across 7 brands. These digital initiatives have
Carbon / High Carbon) and LPG segment also grew marginally normal, all the capability building sessions and awareness
of Business) in all new model launches including entry into helped serve 5,545 unique pin code thus allowing us to serve
over FY 2019-20. Sales of high strength and corrosion resistant programmes were conducted online. Detailed planning
import intensive OEMs. new markets and enabled meeting customer requirement
rebars together grew by 39% Y-o-Y. Engineering Segment also was done after assessment of shift-wise and location-wise
specially during pandemic period.
Tata Steel continues to be a differentiator through its offerings achieved best ever sales with a growth of 5% Y-o-Y driven by minimum manpower requirements. Support facilities such as
to automotive customers amidst changing business realities 3.5 times growth in Oil & Gas segment through approvals from Apart from Aashiyana, Tata Steel has also scaled up various canteen, transportation and medical service arrangements
including an enhanced focus on ancillary space by bringing major Oil Marketing Companies for API X65 & API X70. The digital initiatives in multiple customer segments viz (B2C, B2B were geared up with strict adherence to COVID-19 protocol
in corporate level focus in large ancillaries, solution oriented Company increased its market share in Lifting & Excavation & B2ECA). Compass, a digital supply chain visibility solution including extensive sanitisation and social distancing norms.
offerings and broadening supply chain capabilities through segments with a growth of 14% Y-o-Y and increased its was rolled out to B2B customers & DigEca, an initiative that Central CCTV monitoring for all locations helped to ensure
new processing partners. It has helped us improve the sales presence in niche segments comprising of solar, transmission captures lead management for ECAs received traction from its compliance to utilisation of personal protective equipment
experience of our customers when they do business with us. towers, crash barriers and special structural grades with a distributors & customers. Digital projects such as Magibox have and kits (including masks) by the people at work sites.
Also, the launch of a first of its kind digital VAVE (Value Analysis growth of 58% Y-o-Y. Engineering Segments also increased helped improve product value realisation.
Other daily management activities were seamlessly carried
& Value Engineering) platform “e-DRIVE” helped take our dispatches through costal route by 25% over last year bringing
c) Engineering & Projects out through virtual platforms. Collaboration was done with
customer engagement to a new level in these tough times. in cost savings.
supplier partners to workout win-win situation in terms of
Engineering & Projects (‘E&P’) continued to support Tata
Branded Products and Retail: During the year under review, In Construction space, the Company has maintained its focus revising delivery schedules of material. Restricted movement
Steel’s growth and sustenance plan by ensuring project
Branded Products sales was 3.42 MnT (38% of total domestic on offering services and solutions through Cut & Bend with from employee residence’s and labour camps, sanitisation
progress amidst the COVID-19 pandemic. In line with the
sales of FY 2020-21). Tiscon Readybuild sales at 106 kT in FY 2020-21. The Company of sites and transport vehicles helped in containment of the
Company’s long-term vision to attain leadership position in
has also supplied ~109 kT rebars (~11% of total project sales) to pandemic at our project construction sites to a large extent.
The B2C segment achieved sales volume of 1.51 MnT in India, capacity expansion project of Tata Steel Kalinganagar
29 Marquee projects in India.
FY 2020-21. Tata Shaktee achieved a sales growth of ~4% over phase 2 (3 MnTPA to 8 MnTPA), some Raw Material locations, d) Sustainable Steel Business Initiatives
FY 2019-20 with a volume of 190kT from TSJ against 183 kT in Steel exports in FY 2020-21 increased to ~2.41 MnT to combat sustenance projects at Tata Steel Jamshedpur and other
the pandemic affected H1FY2021 and contributed to ~20% of locations were continued. Quick adaptation to the new i) New Materials Business
FY 2019-20, with the scale up of new products such as
WAMA (for walling application) and Long Length GC sheets Tata Steel sales. In order to maximise exports, the Company normal was done and commissioning of various projects were The New Materials Business (‘NMB’) was set up with the vision
contributing to the increase in sales. Tata KOSH has achieved started using two more ports (Kolkata & Vishakhapatnam) successfully completed with limited local and remote support of making the Company future ready by insulating revenues
from technology supplier. from the cyclicity of the steel business and to explore advanced
material solutions. NMB has currently three material verticals – quantum leap towards circular economy. The steel produced The production and sales performance is as below: FY 2020-21 was a challenging year with economic slowdown
Composites, Graphene and Medical Materials & Devices. through the recycled route entails significantly lower carbon (due to lockdown causing business disruption) followed by
emissions (63%), resource consumption (68%) and energy Production and Sales of Tube Division (kt) quick economic recovery post Q1FY2021. The challenges posed
Fibre Reinforced Polymer (‘FRP’) Composites: The business
utilisation (58%). The initiative aims to provide the much- by the pandemic situation also enabled the business to come
is focused on an asset light model with successful tie ups with Production
needed raw material l fillip to Steel Industry by making available Sales up with innovative ideas of managing the crisis and showcased
partners of choice for production and supply of composite
quality processed ferrous scrap, streamlining the currently the agility of the entire system. The division achieved a
524
523
518
511
products. NMB Composites has marked its presence already in
509
509
487
unorganised scrap supply chain, enhancing the transparency production of 350 kt during FY 2020-21 lower as compared to
483
468
458
the Industrial, Infrastructure and Railway segments.
and lowering the dependency on imports. FY 2019-20 by 27 kt and achieved deliveries at 355 kt during
The business focusses on building scale in the industrial FY 2020-21 lower from FY 2019-20 by 18 kt due to lockdown
Steel Recycling Business commissioned its first Steel Scrap
sector through internal capability development and building in April 2020.
Recycling plant of 0.5 MnTPA capacity in September 2020 at
long-term relationship with customers. Successful large project
Rohtak, Haryana. It is a state-of-the-art plant with mechanised Key Business Highlights:
executions would enable the Composites to establish itself as
equipment such as Shredder, Baler, Material Handler, etc.
one of the leading players in the industry. Leveraging on group • Online sales through Aashiyana grew 85% YoY with 5 KT+
for processing, handling and producing top quality scrap.
synergies would further strengthen this position in the market. sales in FY 2020-21 and crossed the milestone revenue of
Steel scraps are procured from various market segments FY17 FY18 FY19 FY20 FY21
₹50 crore with Y-o-Y growth of 150%. Two new products –
The division also plays a significant role in providing the nation such as End-of-Life Vehicle scrap, Obsolete Household Scrap,
GI wire and Binding wire – added to the existing portfolio
with clean drinking water with the offerings of FRP Pipes Construction & Demolition scrap, Industrial Scrap, etc. Digital During the FY 2020-21, the production was at 458 kt as against
on Aashiyana.
and Pressure Vessels. The other key areas of growth in the App based supply chains facilitate procurement of scrap in a 518 kt in FY 2019-20, lower by 60 kt and the division achieved
infrastructure is building smart cities with modern solutions fair and transparent manner. This scrap is processed through sales of 468 kt in FY 2020-21 as against 509 kt in FY 2019-20, • Developed special grade of Wire Rod for high tensile spring
which are functionally superior and aesthetically appealing. mechanised equipment and the high quality processed lower by 41kt due to plant shutdown during Q1FY2021 due to steel for Alcomex Springs, which led to an increase in sales
scrap is supplied to Electric Arc Furnaces, Induction Furnaces pandemic. by 150%.
The Railways segment focusses on providing the best-in-class
and Foundries for downstream Steel making, satiating their
railway interiors to the Indian passenger. With the successful Key Business Highlights: • “Tata Wiron” brand was restructured and relaunched to
long-standing demand.
roll-out of the interior furnishing of the AC I coach to Modern suit the changing stakeholder expectations, bringing B2B
Through its digital platform, the division achieved sales of
Coach Factory in FY 2020-21, the journey is set to provide Various initiatives have been launched to raise the bar in the products also under the brand umbrella.
~20,000 Mt in FY 2020-21 (6300 Mt in FY 2019-20) from the
comfort and luxury to Indian railway passengers. scrap industry. Tata FerroBaled and Tata FerroShred are first
Aashiyana Portal, which is ~10% of our Brands & Retail Sales. • Seamless dispatches were ensured during lockdown by
of-its-kind brands in the world for Ferrous Scrap launched by
In FY 2020-21, NMB Composites division registered a substantial enabling direct dispatches to key sub distributors to counter
Tata Steel. FerroHaat™ App, again a first-of-its-kind in the world, Recognition:
growth in revenue over the previous year. logistic challenges amidst national lockdowns.
to source steel scrap from the traders has been launched. These
‘Tata Structura’ Tata Steel’s premium hollow section brand
Graphene: The journey of commercialisation has commenced initiatives reinforce Tata Steel’s commitment to foster trust, • Successful commissioning of a new product line for
received the Times Business Award for Best Manufacturer of
and the graphene business crossed the revenue mark of transparency and ease of doing business in the scrap industry. Induction Hardened and Tempered Wires and Zero Liquid
Structural Tubes.
$2 million sales in FY 2020-21. The business has also Discharge Plant at GWI, Tarapur for sustainable operations.
Steel recycling route is dovetailed with the long product
commissioned its 100 TPA integrated graphene manufacturing ii) Wires Division
growth strategy of the Company. Recognition:
plant in March 2021. The division has demonstrated significant
The Company’s Global Wires India (‘GWI’) Business Unit is the
value across ten different graphene enriched products. e) Performance of business units • ‘Tata Wiron’ was awarded the Prestigious Rising Brands of
largest manufacturer of steel wires in India. The manufacturing
Asia 2020 award by Herald Global – ERTC Media.
Medical Material and Devices: NMB has ventured into i) Tubes Division plants are located at Tarapur, Pithampur and Jamshedpur, and
affordable medical material and devices to take up the role contribute to nearly 65% of its sales volume, with remaining • Won the Most Admired Brand of the Year award in the
The Company’s Tubes Strategic Business Unit is a leading
of aggregator for the domestic manufacturers in creating 35% being catered by Wires Processing Centres. GWI caters to 9th edition of ACEF Asian Leader Awards for Branding &
manufacturer of pipes and tubes in India having its
holistic medical device solutions at global standard. The vision the requirements of the Indian Automobile, Construction and Marketing in the manufacturing industry category.
manufacturing facility situated at Jamshedpur with an annual
is to empower the medical device manufacturing ecosystem the rural markets with various products.
production capacity of ~500 kilo tonnes. The three main lines • Won two awards in 7th edition of National Awards for
in India to fit the demography and in lieu of the inverted
of businesses are conveyance tubes (Tata Pipes), structural The production and sales performance is as below: Excellence in Digital Marketing by CMO Asia.
duty structure, create affordable and global standard health
tubes (Tata Structura) and precision tubes for auto and boiler
technology solutions for India and the World. This would make Production and Sales of Wire Division (kt) • Won for Best Use of Social Media for the campaign Binding
segments.
India self-reliant in the medical technology space. Together at 11th edition of Flame Awards Asia organised by
FY 2020-21 was a unique year which started with a zero base, Production Rural Marketing Association of India.
The initial business scope covers medical consumables, in - Sales
as almost all segments and markets were shut down due
vitro diagnostics, implantables, prosthetics & orthotics and • Won an award in the Best Brand category in the 5th edition
385
383
377
373
to the pandemic and impending lockdown in April 2020.
366
360
355
350
medical device components. Among materials, advanced of the India 5000 Business Awards 2020, held by TQV Private
Subsequently, the demand centres also shifted more towards
321
320
ceramics and biologics which are among the largely imported Limited.
rural and less-restrictive zones during Q1FY2021. Automotive
and priority list for Indian population and market form part of
sector recovered from Q3FY2021 onwards. However, the iii) Industrial By-Products and Management Division
the business scope.
construction and infrastructure recovered after Q3FY2021.
The Industrial By-Product Management Division (‘IBMD’)
ii) Steel Recycling Business champions the sustainability endeavours of the organisation
The Steel Recycling Business is an initiative and a definitive through efficient waste utilisation while concurrently creating
step by Tata Steel towards sustainable steel production and a FY17 FY18 FY19 FY20 FY21
value from waste. The division manages the solid wastes or
by-products generated across the steel value chain. Operating Scrap sales have been significantly scaled up with addition and Magneto Bearings. The division is the only bearings for the ‘Excellence in Knowledge Management, 2020’ by APQC
on 3R (Reduce, Reuse, Recycle) principles of circular economy, of new capacities enhancing our capability to deliver tailored manufacturer in India to win the TPM Award (2004) from Japan (American Productivity & Quality Centre), the world’s foremost
it handled around ~12 MnT of by-products in previous year offerings to customers. Institute of Plant Maintenance, Tokyo. authority on Benchmarking, Best Practices, Knowledge
which saw pandemic led disruptions. Through its dedicated Management, Process and Performance Improvement. Tata
Digital order booking through SAHAJ app, RFID enabled During FY 2020-21, the Auto Industry witnessed a 18% decline
marketing and sales initiatives, the division witnessed a 16% Steel scored level 4 out of 5 in the enterprise level assessment.
touchless delivery helped register highest ever sales of Coal in sales and 19% decline in production. Tractor industry’s
Y-o-Y increase in the revenue and ensured sustainable value
By-products in Retail segment. volume grew by 15% in FY 2020-21 due to pandemic situation. Shikhar25 is a focused EBIDTA improvement programme
creation for the Company. Today, the product portfolio of IBMD
which promotes efficiency, sustenance and right behaviours
spans across 25+ categories with more than 250 SKU’s. IBMD Recognition: The production and sales performance is as below:
across departments of Tata Steel. The programme is aimed at
endeavours to remain an industry benchmark in managing
Won the prestigious CII 3R Awards 2020 in CII International Production and Sales of Bearing Division (mn nos) improving operational efficiency, energy efficiency, lower costs,
by-products by adopting new technology to produce
Conference for demonstrating the 3R (Reduce, Reuse, Recycle) optimising product mix, reduce and recycle waste through
value-added downstream products and leveraging digital with Production
principles in By-products management. impact centres across the Company. The current year being
a focus to increase efficiency & customer delight. Sales
impacted by the pandemic pushed us to keep evolving with
During the year under review, the One IBMD strategy has iv) Ferro Alloys and Minerals Division the changing business needs. The impetus was on relooking
39
38
38
38
37
37
helped to augment value creation across plants through During FY 2020-21, Sukinda Chromite mine and Gomardih the various aspects of fixed cost to ensure reduced expenditure
horizontal deployment of major operational KPIs and Customer Dolomite mine leases expired as per the mining regulations and maintaining healthy cashflow. Also, with the increased
30
30
28
27
& Contract Realignment. Automation in operations and supply on March 31, 2020. The Sukinda Chromite Mines were put production capacities, the emphasis was on simplifying and
chain through initiatives such as unmanned weighbridges, up for auction. Tata Steel Mining Limited (formerly TS Alloys synergising operations across sites for optimal utilisation
paperless supply chains has helped improving operational Limited), a subsidiary of Tata Steel Limited had participated in of resources to reduce cost. During the year under review,
efficiency. These connected systems now form the backbone mining auction in Odisha and won the auction for the mine. the Company, through its Shikhar 25 programme, achieved
of IBMD’s digital future and synergy efforts. The Gomardih Dolomite mine is yet to be auctioned. performance improvements of ₹3,274 Crore (including ₹1,247
FY17 FY18 FY19 FY20 FY21 Crore value protection initiative).
The by-product utilisation at the plant and sales are given below: Production and Sales of FAMD (kt)
During the year, the division produced 27 million numbers Fostering culture of innovation and preparing the
By Product Utilisation at Plant and Sales of IBM Division (kt) Production as against 30.05 million numbers in FY 2019-20, lower by 3.05 workforce for Industry 4.0
Sales
million numbers and achieved sales of 27.98 million numbers
Tata Steel has been on a multi-year digitally enabled business
1,441
Product Utilisation as against 30.33 million numbers in FY 2019-20, lower by 2.35
transformation journey intending to be the leader in steel
1,327
1,320
1,318
Sales
1,270
million numbers, mainly due to disruptions due to COVID-19.

1,241
making. In the process, we have made significant investments
984
1,128
980
1,114
940
907
920
Key Business Highlights: to develop capability as well as infrastructure. The financial year
2020-21 has been a testimony to our efforts in these areas
• Digital Medium was leveraged to create new stockists in
with the recognition of Tata Steel Jamshedpur steel plant as
aftermarkets during the pandemic. The technical team
511
World Economic Forum’s Advanced 4th Industrial Revolution
456
of the Company engaged with Mechanics & Retailers
Lighthouse for displaying leadership in applying advanced
395
395
in aftermarkets via WhatsApp & Google Meets where

310
312
technologies to drive financial and operational impact. With

technical queries were answered.
230
FY17 FY18 FY19 FY20 FY21

this new milestone, Tata Steel is one of the few enterprises with
During FY 2020-21 the saleable production was lower by • New facilities like auto noise inspection machines, auto three manufacturing sites in the Global Lighthouse network,
FY17 FY18 FY19 FY20 FY21
672 kt and sales were lower by 807 kt compared to radial clearance inspection machine and auto laser marking with Tata Steel Kalinganagar Plant (India) and IJmuiden (the
During the lockdown, IBMD took a series of initiatives for FY 2019-20 as the Chrome and Dolomite leases with Tata machine to enrich the manufacturing facilities. Netherlands) being the other two sites.
dispatch of critical by-products to ensure smooth operations Steel Limited expired in March 2020. However, as the lease for
f) Business Improvement Initiatives Further, the Company is making steady progress in using
of the plants and to improve cash generation. On the process chrome mines is with Tata Steel Mining Limited, a subsidiary
Industry 4.0 techniques in the following areas:
technology front, the accelerated weathering facility for LD of Tata Steel Limited, the entire chrome business is now under i) Total Quality Management and Shikhar 25 (operational
slag has enabled to significantly ramp up the utilisation of Tata Steel Mining Limited. improvement programmes) • Plant Operations: Digital Twins to improve process
processed slag in construction of national highways and efficiency by multivariate optimisation, predictive modelling
v) Bearings Division The Total Quality Management (‘TQM’) way of working has
downstream products like paver blocks etc. A Value-creation for defect detection, through-process optimisation to
become a part of the DNA of the Company for the past several
centre equipped with modern infrastructure has been Our Bearings Division is one of India’s largest manufacturers of maximise throughput and improve yield, prescriptive
years. The integrated TQM framework is used as the guiding
created in Jamshedpur to develop a pipeline of new products quality bearings, having its manufacturing facility situated at modelling to reduce specific consumption of materials.
principle to drive TQM practices in the Company.
having higher value multipliers. As part of by-product value Kharagpur, West Bengal with an annual production capacity
• Maintenance: Smart plant maintenance through
addition initiatives, sale of Ground Granulated Blast Furnace of 40 million bearing numbers. The Company is foremost in TQM orientation in the Company has led to various recognitions
Maintenance Technology Roadmap and Smart Asset
Slag commenced from the Kalinganagar facility. The product the manufacturing of a wide variety of bearings and auto for the Company at different forums. Tata Steel won 5 awards
Management System.
has been successfully established in the market and comes assemblies and the product range includes Ball Bearings, Taper across different categories in Tata InnoVista 2020, making it the
with the prestigious GreenPro certification, qualifying as an Roller Bearings, Hub Unit Bearings, Clutch Release Bearings, 3rd consecutive year of winning the highest number of awards • Energy: Energy Management System to improve energy
eco-friendly product for building applications. Value-added Double Row Angular Contact Bearings, Centre Bearings by any Company across Tata Group. Tata Steel was recognised efficiency, power sourcing optimisation to reduce cost.
• Procurement & Supply Chain: Agile & insights based 3. Performance of Major Subsidiaries FY 2020-21 covering the entire value chain with an estimated five year digital roadmap with more than 80 projects identified
buying through price prediction & e-auctioning, digital combined savings of ~₹1,400 crore in FY 2020-21. This was and several pilot projects have already been deployed. A
i) Tata Steel BSL Limited (‘TSBSL’)
negotiation factory, prescriptive analytics to reduce enabled by building a robust pipeline of improvement few key highlights from digital initiatives include the Video
total cost to serve, advanced analytics based network The turnover and profit / (loss) of TSBSL for the FY 2020-21 are initiatives which will continue to deliver value in FY 2021-22, Wall project at BOF (Basic Oxygen Furnace), Loco Scheduling
optimisation for iron ore (VISTAR), unified platform for as follows: strengthening the financial position. Optimisation for logistics cost reduction, Metallic Fe-Bearing
Integrated Shipping and Port Operations (ISOP), text (` crore) IMM (Integrated Margin Management) module which led to
The idea pipeline was built by conducting idea generation
analytics to improve export documentation cycle time. FY 21 FY 20 cost reduction and optimisation.
workshops ensuring the engagement of employees across
Turnover 21,419 18,199
• Marketing & Sales: Digitally enabled product sales all levels of the organisation. Due to restrictions during the Product Development:
EBITDA 5,481 2,370
and customer engagement across B2C, B2SME and B2B pandemic and lockdown, the primary focus of the initiatives
Profit before tax (PBT), before exceptional items 2,517 (686) Hot Rolled Product: TSBSL developed 50CrV4 & 58CrV4
segments through platforms like Aashiyana, DigEca and was on cost optimisation and cash conservation, along with
Profit before tax (PBT) 2,517 (617) at Angul for replacement of POSCO materials (localisation
Compass, analytics powered retail sales acceleration (PARAS throughput de-bottlenecking and value creation for ensuring
Profit after tax (PAT), before exceptional items 2,516 (686) strategy). In Auto segment, BSK 46 for chassis application
and ASCEND), improvement in value realisation from long-term sustainability.
Profit after tax (PAT) 2,516 (617) and Fe 360 & WIR019 grades for Disc & Rim application were
co-products through prescriptive and predictive analytics
• Key initiatives on cost that drove value across the developed for our key customers.
(AMRIT), online bidding platform for ETO inventory.
The production and sales performance of TSBSL is given below: organisation include – Coking coal blend optimisation,
Cold Rolled and Coated Product:
• Finance: Digital readiness for statutory changes, IBRM (Iron Bearing Raw Materials) mix optimisation,
optimisation of cost and interests through online visibility (mn tonnes) efficient energy management, raw materials cost • CRCA: TSBSL developed and received approval of 10 Skin
and system-based controls. FY 21 FY 20 Change (%) optimisation, fixed cost & working capital rationalisation, Panel grades for CV segment of a leading automobile
Crude Steel 4.08 4.46 (9) contract consolidations, alternate sourcing of materials, customer in Pune. Further development of IF grade CRCA
ii) Strategic Procurement Initiatives Saleable Steel 4.07 4.25 (4) rail and road network optimisation and various advocacy material for two-wheeler rear and front fenders for a leading
• The Company took several new initiatives for its raw Sales 4.31 4.14 4 measures. auto maker was also carried out and commercial supplies
material procurement which resulted in substantial savings of HSLA 340 grade steel having application in commercial
• Key initiatives on throughput include de-bottlenecking
in cost and working capital. Despite the pandemic during the FY 2020-21, the deliveries vehicle floor panels was also commenced.
across upstream units like RMHS (Raw Material Handling
registered an increase of 4% over previous year from 4.14 MnT
• Tata Steel’s strategic engagement and relationship System), SMS (Steel Melting Shop), HSM (Hot Strip Mill) etc. • Colour Coated Products: Developed colour coated
in FY 2019-20 to 4.31 MnT in FY 2020-21 due to improvement
management with raw material suppliers has led to efficient and multiple downstream units, maximising the utilisation products for body panels of washing machines and
in demand in domestic markets and higher exports during the
inventory control thereby managing / avoiding any adverse of DRI (Direct Reduced Iron) kilns (7 kilns in operation), refrigerators for a few leading multinational companies
year. However, saleable steel production stood at 4.07 MnT and
effect due to the disruption caused by the COVID-19 reliability improvement by horizontal deployment of in the appliance business. TSBSL also developed colour
crude steel production stood at 4.08 MnT recording a decrease
pandemic to steel production. standardised maintenance practices for critical equipment. coated coil brand named Colornova.
of 4 % and 9 % respectively as compared to that of the previous
Besides these, initiatives focused on value creation including
• Tata Steel invested in developing a predictive analytics tool year. The decrease in production at TSBSL is due to slowdown • Tubes & Pipes: Propeller Shaft Tubes were developed
customer diversification in multiple segments, ramping up
for forecasting coking coal prices incorporating 13,000+ in the activities and operations due to the pandemic. and approved for commercial supplies for a leading Auto
volumes of branded products (including launching of three
data inputs. This has been integrated with the Company’s Manufacturer and dent resistance ERW tube was also
The extra-ordinary performance of TSBSL during the year, new brands – ColorNova, GalvaNova, GalvaRos), increasing
customised e-auction tool to mainly execute metallurgical developed.
including increase in revenue by 18% and in EBITDA by 131% the sales of VAP (Value Added Products), external sales of
coal spot trades. This helped in creating a positive impact
Y-o-Y was driven by increase in deliveries and improvement DRI and various by-products (1st ever dispatch by rakes). • Galvanised products: Developed high strength GPCS
of ~₹103 crore. The Company was recognised by World
in realisations. Higher profits in line with increase in (Galvanised Plain Crushed Spangle) material for PEB
Economic Forum as a leader in applying fourth industrial In addition, the programme focused on leveraging group
operating profits along with lower finance cost due to (Pre-engineered Building) segment.
revolution technologies due to this initiative. synergies with TSG to increase use of captive raw material,
pre-payments, earned free cashflow of 1.25 times of EBITDA
optimisation of product mix to maximise system benefits, ii) Tata Steel Long Products Limited (‘TSLP’)
• The Company continued to reduce its working capital which further led to significant gross debt rationalisation.
horizontal deployment of best practices across the value
requirement on account of raw materials. This was through TSLP’s current product portfolio is unique in nature and
Post acquisition, many improvement projects have been were chain, manufacturing of the Company branded products at the
implementation of Vendor Managed Inventory at Indian complementary to Tata Steel’s product basket. It primarily deals
undertaken at TSBSL for optimum sweating of all the assets plants and leveraging the channel and distribution network
ports for coal and supplier credit enhancement resulting in in two products viz. DRI (Direct Reduced Iron / Sponge Iron) and
and to reach higher level of capacity utilisation. Value creation of the Company for increasing the share of branded product.
freeing-up of non-fund based working capital lines above Special Steel. DRI on one hand is highly commoditised in nature
through synergy initiatives were undertaken jointly by technical The plant achieved multiple BPDs (best-demonstrated-
`500 crore. and used as a raw material (substitute to steel scrap) in the
and quality teams of Tata Steel Limited and TSBSL which are as performance) throughout the year across multiple cost &
electric arc furnaces or induction furnaces. While on the other
• Group synergies through centralised procurement, under: throughput parameters which accelerated the journey towards
hand, Special Steel is used for hi-end and critical applications
technical optimisation and knowledge sharing continued 5.2 MTPA of crude steel production.
Operational Excellence: Be1 Programme such as forgings, bearings, fasteners, springs etc. This enabled
to result in substantial savings and efficiency improvement.
In addition to these, the journey towards TQM as a way of Tata Steel Limited to complete its offering in the Automotive
With Tata Steel Long Products and Tata Metaliks integrated The Be1 Programme – the flagship multi-dimensional excellence
working has been initiated through the deployment of quality sector for critical long products-based components apart
(in addition to Tata Steel BSL integrated earlier), blend programme driving operational, commercial, financial and
circles for SGA (Small Group Activity), DM (Daily Management) from being a dominant leader for Flat products-based parts
improvements, new product development and coal capability excellence continued in its 3rd year at the Company.
practices and VWM (Visual Workplace Management). / components.
commonality related initiatives brought about ~ `300 crore Despite the onset of the COVID-19 pandemic, the programme
savings this year. has been expanded to 26 operational impact centres in The organisation has also started deploying multiple Digital TSLP, immediately after acquisition of Usha Martin’s
Initiatives in the field of automation, visualisation, simulation Steel business, had been engaged in transformation
and optimisation to create sustainable value. It has developed a programme. TSLP launched “Shikhar” (a multi-divisional,
cross functional improvement initiative that aims to and manufacturing were negatively impacted by the national quarter of the financial year staged a strong recovery to finish years. Building upon the work of “Sustainable Operational
drive break-through improvement projects) to achieve lockdowns and although the recovery for manufacturing was the year at a high level. Despite the headwinds from COVID-19 Excellence” Strip Products UK broke a number of operational
operational excellence, and achieve the synergy benefits relatively quick, the recovery for services has been slower. and the higher cost of emission rights, EBITDA improved due records during 2020-21, not limited to daily, shift, and weekly
for long-term sustainability. The programme has generated to tight control of costs and benefits from the transformation production on the Hot Strip Mill and weekly production on
Demand for steel in the European Union declined in 2020 by
more than 1,100 ideas and majority of the ideas have been programme along with government employment cost support the Zodiac galvanising line. During the year, Morfa coke ovens
11.4% compared to a reduction of 5.4% in 2019. The automotive
successfully implemented resulting in total savings of of £61m. The profit before tax in FY 2020-21 was significantly made it’s 1.5 millionth push since commissioning in 1981.
sector was impacted significantly by national lockdowns in the
~ ₹300 crore. lower primarily on account of gain from interest waiver of
first half of 2020 and the production of vehicles came almost to New Products
£1.12 billion (₹10,088 crore) on the waived inter-company
The turnover and profit / (loss) of TSLP for the financial year a standstill in April 2020. For the full year, the number of vehicles
loan of £0.77 billion (₹6,981 crore) due to restructuring of During the year, TSE introduced 16 new products into the
2020-21 are as follows: produced declined by 24.2%. Machinery and construction
inter-company debt during the second quarter of FY 2019-20. Group’s product portfolio. Major new products are:
(` crore) were also impacted by the pandemic and output declined
However, the same was eliminated on consolidation in the
FY 21 FY 20 by 12.3% and 4.4% respectively. Nevertheless, European steel • VALAST 450: abrasion resistant steel grade for the
group accounts. Exceptional charge mainly on impairment of
Turnover 4,750 3,490 spot prices, based on Hot Rolled Coil (‘HRC’) in Germany (parity engineering sector;
PPE was lower than that of the previous year.
EBITDA 1,154 184 point), improved during the year to €534/t, an increase of €65/t.
• XPF 800 for tubes: cost-effective high-strength alternative
Profit before tax (PBT), before exceptional items 615 (369) The increase was driven by higher demand in the second The principal activities of TSE in FY 2020-21 comprised the
to Boron steel;
Profit before tax (PBT) 615 (530)
half of the financial year whilst supply was limited. In 2021 manufacture and sale of steel products. TSE’s operations
global economic growth is expected to be high as COVID-19 produced carbon steel by the basic oxygen steelmaking • MagiZinc 310: products with superior corrosion protection,
Profit after tax (PAT), before exceptional items 572 (355)
restrictions are eased. The World Steel Association predicts that method at its integrated steelworks in the Netherlands at even at cut edges.
Profit after tax (PAT) 572 (516)
growth of global steel demand will recover to 5.8% with EU IJmuiden and in the UK at Port Talbot. During FY 2020-21,
Differentiated products accounted for 38% of TSE’s portfolio.
steel demand expected to recover by 10.2%. these plants produced 9.6 MnT (previous year: 10.3 MnT) of
The Steel Business of Usha Martin Ltd. was acquired on
liquid steel. Whilst TSE seeks to increase its differentiated / Strategic Activities
April 9, 2019. The turnover and profit / (loss) figures of TSE (continuing
premium business, which is less dependent on market price
operations) are given below: TSE started the FY 2020-21 against the backdrop of the
The production and sales performance is given below: movements, it still retains focus in both the UK and Netherlands
COVID-19 pandemic which caused a significant drop in demand
(mn tonnes) (` crore) on improving its operations, consistency, and taking measures
for the Group’s steel products and created challenges for TSE’s
FY 21 FY 20 Change (%) FY 21 FY 20 to protect against unplanned interruptions and property
production facilities and for the health and safety of employees.
Crude Steel 0.65 0.58 11 Turnover 56,051 55,939 damage.
In the first quarter of FY 2020-21, demand for the Group’s steel
Saleable Steel 0.53 0.48 12 EBITDA (618) (664) Strip Products Mainland Europe – Liquid steel production products was down by about 20% due to COVID-19 with certain
Sales 0.64 0.51 25 Profit before tax (PBT), before exceptional items (4,565) (5,012) at IJmuiden Steel Works, Netherlands during 2020-21 at sectors such as automotive experiencing a sharper decline
Profit before tax (PBT) (5,907) 9,837 6.2mt was 0.6mt lower than the previous year reflecting the than others, such as packaging, where demand was largely
During the FY 2020-21, TSLP produced 797kt of sponge iron and Profit after tax (PAT), before exceptional items (6,155) (3,511) impact of the COVID-19 pandemic, especially in the first half unaffected. TSE also received government support where
648kt of crude steel, higher by 32kt and 63kt respectively due Profit after tax (PAT) (7,497) 11,337 of the financial year. During 2020-21, Strip Products Mainland available including the Coronavirus Job Retention Scheme in
to higher productivity and demand. The deliveries of sponge Europe continued with the transformation programme which the UK, the Noodmaatregel Overbrugging voor Werkbehoud
iron were at 632kt and 639kt of steel. The steel deliveries were The production and sales performance of TSE (continuing is targeting improvements to delivery and yield performance, (‘NOW scheme’) in the Netherlands, and in the form of
higher by 128kt despite disruptions caused by COVID-19 due to operations) is given below: commercial mix, and reducing operating costs and unplanned agreed deferrals to payroll taxes and VAT in both the UK and
increase in demand and higher availability of finished goods. (mn tonnes) downtime. Further progress – albeit at a slower than Netherlands. TSE ensured a co-ordinated and agile approach
The turnover of the current year increased by 36% primarily FY 21 FY 20 Change (%) anticipated pace due to COVID-19 also achieved in its ‘Strategic in order to protect the health and well-being of its employees
due to higher volumes of steel along with increase in steel and Liquid Steel Production 9.55 10.26 (7) Asset Roadmap’ capital investment programme to support the with those who could work from home doing so, supported by
sponge iron prices. TSLP reported Profit Before Tax of ₹615 strategic growth of differentiated, high value products in the the appropriate tools, systems, policies and guidelines in line
Deliveries 8.82 9.29 (5)
crore as against loss of ₹530 crore during the previous year, automotive, lifting and excavating, and energy and power with the national requirements. The manufacturing processes
mainly due to higher operating profits along with lower finance market sectors. In December 2020, the ‘Roadmap Plus’ was continued to operate with new social distancing practices and
TSE’s production in the FY 2020-21 was down 0.7 MnT (7%)
cost due to pre-payments of loans and lower exceptional launched, which contains a series of measures to eliminate the solutions deployed, underpinned by management of change
compared to the previous year due to the impact of COVID-19
charges during the year under review. Previous year included environmental impact (noise, dust, odour) of Strip Products and daily communication from leaders at all levels across TSE.
pandemic on demand for the Group’s steel products. The
exceptional charge of ₹161 crore. Mainland Europe. It includes a set of new measures, but also
deliveries were lower by 5% over the previous year. Throughout the year TSE continued to build on its successful
an acceleration of the measures which were announced in 2019
iii) Tata Steel Europe (‘TSE’) During the year under review, the revenue was at ₹56,051 company-wide Transformation programme to improve the
as part of the ‘Roadmap 2030’.
Economic growth in 2020 was highly impacted by the COVID-19 crore, almost at par as the decrease in revenue from that of performance of the business, helping it to become more
pandemic and, whilst the impact of the national lockdowns previous year was due to decline in deliveries by 469kt along Strip Products UK – Liquid steel production at Port Talbot Steel sustainable and enabling investments necessary to secure its
was somewhat mitigated by various forms of government with marginal decrease in average revenue per tonne caused Works, Wales during the FY 2020-21 at 3.4mt was 0.1mt lower long-term future. Improvements in performance came from
stimulus, global GDP contraction in 2020 was 3.5% down by lower prices and less favourable sales mix attributable to than the previous year impacted by demand reductions in the productivity improvements, increased sales of higher-value
from growth of 2.5% in 2019. In the European Union (‘EU’), the the impact of COVID-19 during the first half of the year, was first half of the year associated with the COVID-19 pandemic. steels, and employment cost savings. In the FY 2020-21, the
economy declined by 6.3% in 2020 compared to growth of almost offset by favourable exchange impact on translation. Although restricted by the disruption seen during the year, Transformation programme delivered over £200m worth of
1.5% in 2019 and in the United Kingdom the economy declined In the second half of the financial year, demand increased the transformation programme continued with further Y-o-Y sustainable benefits in addition to the over £200 million worth
by 9.8% compared to growth of 1.4% in 2019. Both services back to pre-COVID-19 levels and selling prices in the fourth benefits adding to the significant improvements in prior of benefits delivered in FY 2019-20.
On November 13, 2020, the Company announced that it had v) Tata Steel Thailand (‘TSTH’) FY 2020-21 due to the nationwide lockdown. With gradual vii) The Tinplate Company of India Limited
initiated discussions with SSAB in Sweden based on interest The turnover and profit / (loss) of TSTH for the FY 2020-21 are relaxation of lockdown from June 2020, business resumed, The Tinplate Company of India Limited (‘TCIL’) is the largest
received for the potential acquisition of TSE’s Netherlands as follows: foundries started ramping up their production but were indigenous producer of tin-coated and tin free steel used
business. Additionally, as part of Tata Steel’s efforts to arrive at (` crore)
constrained due to acute shortage of labour. Pig Iron market for metal packaging. TCIL has also been ‘value-adding’ its
a strategic resolution for its European portfolio, during the year FY 21 FY 20
witnessed a strong bounce back in terms of demand, which products by way of providing printing and lacquering facility
under review, Tata Steel had discussions with SSAB Sweden for sustained throughout the year. Pig Iron markets have seen an to reach closer to food processors / fillers. TCIL has two Cold
Turnover 5,264 4,617
the potential divestment of Tata Steel’s Netherland business unprecedented surge with net realisations crossing those of DI. Rolling Mills and two electrolytic tinning lines with an installed
EBITDA 325 177
including Ijmuiden steelworks. However, the discussions did annual production capacity of around 379kt of tinplate and tin-
Profit before tax (PBT), before exceptional items 193 40 In Digital Transformation journey, TML has in FY 2020-21
not materialise. Tata Steel is committed to making the European free steel.
Profit before tax (PBT) 165 25 implemented some key real-time data and analytics focused
operations simpler, leaner, and sustainable.
Profit after tax (PAT), before exceptional items 179 26 projects such as Manufacturing Execution System for DIP, The year under review experienced unprecedented
Recognition Profit after tax (PAT) 151 10 Energy Management System and CRM (Customer Relationship uncertainties due to the pandemic, leading to an impact on
Management) Solution. TML has strengthened its capability the operating performance of TCIL. The major impact of the
TSE has been recognised by World Steel Association as a Steel
The production and sales performance of TSTH is given below: in area of robotics and developed in-house robotics solutions pandemic was felt in Q1FY2021 especially in the month of
Sustainability Champion for the fourth year in succession. The
which are being implemented for the first time in DIP industry April 2020, due to the imposition of a complete lockdown.
award recognises TSE as a company leading the way to create (mn tonnes)
in the country. TML currently has three robots operational in its
a truly sustainable steel industry and society and that clearly FY 21 FY 20 Change (%)
The turnover and profit / (loss) figures of TCIL for the FY 2020-21
Saleable Steel 1.33 1.21 10 DIP production lines with several others likely to be deployed
demonstrates its commitment to sustainable development are as follows:
in coming financial year.
and the circular economy. Sales 1.30 1.20 9
(` crore)
In FY 2020-21, TML has successfully commissioned FY 21 FY 20
iv) NatSteel Holdings (‘NSH’) During FY 2020-21 after initial business interruptions all the 15 MW captive power plant which will enhance energy
Turnover 2,297 2,123
Singapore experienced the COVID-19 impact with the plants operated at full capacity. The production and deliveries efficiency and utilisation of waste heat and flue gas generated
Profit before tax (PBT) 132 104
government imposing a lockdown during Q1FY2021 to contain in FY 2020-21 were higher than that of the previous year due to from its coke ovens and blast furnaces. It also completed the
Profit after tax (PAT) 98 95
the spread of the virus. Thereafter, strict safe distancing measures increased steel demand as there was a shortfall in the supplies expansion of Coke Plant.
at work places resulted in slow resumption of construction as major steel producing countries were under periodic/
The turnover and profit / (loss) figures of TML for the FY 2020-21 During the FY 2020-21, the production was 291kt, lower by
industry due to shortage of migrant workers. Thereafter, market frequent lockdowns to prevent the spread of COVID-19.
are as follows: 49 kt than that of the previous year, with an overall lower capacity
had improved only progressively in Q3FY2021. The turnover was higher by 14% mainly on account of higher
volumes along with increase in prices. The profit before tax (` crore) utilisation primarily on account of nation-wide lockdown during
The turnover and profit / (loss) of NSH for the FY 2020-21 are FY 21 FY 20 Q1FY2021. However, deliveries were higher by 5kt at 316kt,
was higher mainly due to higher revenues along with lower
as follows: Turnover 1,917 2,051 attributable to higher demand primarily in the domestic market.
conversion cost and lower cost of raw materials.
(` crore) Profit before tax (PBT) 306 201 The turnover increased by 8% mainly due to increase in market
FY 21 FY 20 The company is in the midst of various digital initiatives like Profit after tax (PAT) 220 166 realisation along with marginally higher volumes. Profit before
Turnover 4,326 5,328 HR Easy Connect, E-RFX, Tata App, Remote monitoring of tax increased by 27% than that of the previous year due to higher
EBITDA 224 189 operations etc. The company has launched new products - DB operating profits and lower finance cost.
During the FY 2020-21, due to the COVID-19 lockdown and
Profit before tax (PBT), before exceptional items 48 (13) Stirrup and ready-made precast footings.
disruptions during Q1FY2021, the production of Pig Iron (‘PI’)
Profit before tax (PBT) 48 1
Key Business Highlights:
Recognition: was about 283kt lower by 37kt than that of the previous year
Profit after tax (PAT), before exceptional items 42 (14) and production of ductile iron pipes (‘DI’) was at 187kt, lower • Developed new packaging configuration.
• TSTH received “Thailand Sustainability Investment (THSI)
Profit after tax (PAT) 42 (0) by 38kt than that of the previous year. Deliveries of PI were • The company continued to work on quality improvement
Award 2020” from the Stock Exchange of Thailand.
at 287kt, lower by 27kt than that of the previous year and projects leading to improvement in surface quality,
The production and sales performance of NSH is given below: • NTS won “Thailand Labour Management Excellence deliveries of ductile iron pipes were at 194 kt lower by 24kt improvement in prime yield and a reduction in quality
Award 2020” in National Level from Department of Labour than that of the previous year in line with lower production complaints.
(mn tonnes)
Protection & Welfare, Ministry of Labour. and demand.
FY 21 FY 20 Change (%) • Accelerated the adoption of various IT enabled
Saleable Steel 0.73 0.96 (24) vi) Tata Metaliks Limited The turnover declined by 7% due to decrease in volumes along applications in the areas of production planning,
Sales 0.90 1.20 (25) with lower realisation of DI partly offset by increase in prices of digitisation, communication, and review process across the
Tata Metaliks Limited (‘TML’) has its manufacturing plant at
PI due to strong demand and increase in iron ore prices. Profit organisation.
Kharagpur, West Bengal, India which produces 300kt of pig iron
During FY 2020-21, the production and deliveries were before tax increased by ₹105 crore (52% higher) despite decline
and 200kt of ductile iron pipes annually. Pig iron is marketed • The cost management initiative has been driven by
lower than FY 2019-20 due to the lockdown imposed in in revenues, mainly driven by better operational performance
under the brand name ‘Tata eFee’ (world’s first brand) and two methodologies – TPM and Disha initiative, led to
Q1FY2021 due to COVID-19. The turnover was lower than and efficiencies and lower raw material prices.
ductile iron pipe is marketed under the brand name ‘Tata costs savings in several areas including power and roll
FY 2019-20, due to lower sales volume as realisations were at Ductura’. During COVID-19 situation, TML had provided interim consumption.
par. The profit before tax was higher than that of the previous relief in the form of Dry Ration Kits to the affected
year due to lower expenses, financial support from Government The COVID-19 pandemic impacted overall business • TCIL successfully implemented its pilot solar power project
community in the region where it operates and donated
and decrease in finance cost. environment across all industries during the first quarter of – Phase 1 (200 kwp).
₹1 crore towards State Government’s COVID relief fund.
• The operations of TCIL are certified to Integrated During COVID-19 lockdowns and business interruptions, the initial capacity of 25 MnT per annum with a potential to expand The analysis of major items of the financial statements is given
Management Systems. volumes fell by ~70% in Q1FY2021 resulting in loss of contribution to 150 MnT per annum. CPDPL is already in possession of the below:
of ₹54 crore, total unabsorbed cost of ₹21 crore and additional port land and is in the advanced stage of getting the required
viii) Tata Steel Downstream Products Limited spend for combating COVID-19 and safety of employees. land for railway corridor and construction of access road. a) Revenue from operations
Tata Steel Downstream Products Limited (‘TSDPL’) (formerly (₹ crore)
Tata Steel Processing and Distribution Limited) is a leader in ix) Bhubaneshwar Power Private Limited (‘BPPL’) xi) Tata Steel Mining Limited (‘TSML’) FY 21 FY 20 Change (%)
the organised Steel Service Centre business in India. TSDPL Uninterrupted power supply and cost of power is a challenge TSML is in the business of mining chrome ore and converting Sale of products 62,277 57,168 9
has a pan India presence with ten steel processing plants and for large power intensive process industries. Industries which it to value added product-ferro chrome to serve the global Sale of power and water 1,467 1,648 (11)
thirteen distribution and sales locations. Value-added offerings produce 365 days per annum continue to depend on thermal stainless-steel producers. The company had participated in the Other operating revenue 1,125 1,620 (31)
of TSDPL include slitting, cut-to-length, blanking, corrugation, power plants for their base load requirements. auction process of the chrome mines whose leases had expired Total revenue from
plate burning, fabrication, component manufacturing and on March 31, 2020 and have bagged three leases of chromite 64,869 60,436 7
BPPL is in the business of generation of power. It owns 135 MW operations
steel intensive products and applications. TSDPL’s products and mines viz Sukinda, Saruabil and Kamarda mines situated in the
(2x67.5 MW) coal based power plant in Odisha. BPPL supplies
services conform to world-class quality standards in meeting Jajpur district of Odisha. The lease period for these leases is During the year under review, sale of products was higher as
120.5 MW power to Tata Steel Limited and Tata Steel Mining
customers’ demand. Its entire operations including supply fifty years. compared to the previous year, primarily due to increase in
Limited (formerly T S Alloys Limited).
chain runs on a state-of-the-art ERP (Enterprise Resource realisations in domestic as well as export markets and higher
TSML has a ferro-chrome plant in Athagarh and Gopalpur in
Planning) system. The turnover and profit / (loss) figures of BPPL for the FY 2020- sale of iron ore to Group Companies along with increase in
Odisha. TSML has been working with conversion partners
21 are as follows: prices. Ferro Alloys and Mineral Division (‘FAMD’) registered
Key Business Highlights: in India, supply chain and the marketing & sales function to
(` crore)
deliver value to its domestic and overseas customers. SAP lower revenue owing to lower volumes of Ferro Chrome
Efficiency in working capital management yielded robust cash FY 21 FY 20 along with decline in prices of manganese alloys, partly offset
Hana was also implemented during the year. TSML has started
flows and better financial performance post Q1FY2021. The Turnover 489 510 by higher prices of Ferro Chrome. Sale of power and water
the operational excellence programme “Shikhar” to build a
performance post Q1FY2021, offset the entire loss incurred in Profit before tax (PBT) 28 (9) declined due to lower demand owing to lockdown. Other
competitive cost structure across value chain.
Q1FY2020-21 due to the lockdown. Profit after tax (PAT) 20 25 operating revenue decreased mainly due to lower benefits
Amidst the COVID-19 pandemic, Sukinda Mines started arising out of exports.
During the year under review, EBITDA improvement initiative
operations from September 2020 through an asset light
‘Lakshya 25’ resulted in operational efficiency, cost management During the year under review, power generation increased
business model. A mine development operator has been b) Purchases of stock-in-trade
and profitability resulting in cost savings of about ₹4 crore. The to 971 million units as against 931 million units in
deployed under long-term contract to carry out mining (₹ crore)
Management believes that these initiatives will in the long run FY 2019-20. The sale of power increased to 860 million units in
operations in all the three mines viz. Sukinda, Saruabil FY 21 FY 20 Change (%)
unleash added value to the Company’s stakeholders. FY 2020-21 as against 822 million units in FY 2019-20. The plant
and Kamarda. In FY 2020-21, all three mines together Purchases of stock-in-trade 1,146 1,563 (27)
operated at a better load factor of 82.14% as against 78.21% in
The turnover and profit / (loss) figures of TSDPL for the produced ~1 MnT of chromite ore. Since December 2020, the
FY 2019-20. Station heat rate has decreased to 2,793 kcal/Kwh
FY 2020-21 are as follows: Company has started producing from its plant at Athagarh and During the year under review, Purchases of stock-in-trade was
from 2,889 kcal/kwh and auxilliary power consumption in
(` crore) is selling High Carbon Ferro Chrome. The company sold around lower as compared to previous financial year due to lower
FY 2020-21 was lower at 11.40% as compared to 11.72% in FY
FY 21 FY 20 28kt High Carbon Ferro Chrome in national and international purchases of imported rebars, wire rods and billets, hot rolled
2019-20.
Turnover 3,620 3,108 markets in FY 2020-21. coils and structural steel owing to lower requirement, partly
Profit before tax (PBT) 97 95 During the year under review, the turnover of BPPL was offset by increase in purchases at sustainable businesses
Due to COVID-19, the plant production was affected for a
Profit after tax (PAT) 81 61 ~4% lower than that of the previous year, due to lower cost including New Materials Business, Services & Solutions and
fortnight with six months delay in start-up of the mining
of generation due to the ‘cost plus contract’ revenue model. Steel Recycling Business.
operations as there were challenges in resource mobilisation,
Profit before tax increased mainly due to lower depreciation
During the year under review, the production from tolling vendor onboarding, regulatory formalities / approval etc.
and amortisation charges on intangible assets being fully c) Cost of materials consumed
business was at 1,825kt marginally lower by 11kt than that of which led to a financial impact of ~`8 crore.
depreciated during the year along with lower finance cost (₹ crore)
previous year and distribution business was at 636kt, higher by
due to repayments and lower rates. However, profit after tax FY 21 FY 20 Change (%)
9kt than that of the previous year due to increase in demand V. Financial Performance
decreased due to an accounting credit on re-assessment of Cost of materials consumed 13,869 17,407 (20)
from second half of the financial year in the auto segment.
deferred tax assets and liabilities post adoption of lower tax 1. Tata Steel Limited (Standalone)
The deliveries from tolling business were 1,651kt which was
rate which were announced in the previous year. During the FY 2020-21, the Company recorded a profit after During the year under review, cost of materials consumed
lower than that of the previous year by 8% due to the impact
of COVID-19. The deliveries in distribution business were tax of ₹13,607 crore (previous year ₹6,744 crore). The increase decreased primarily due to lower prices of imported coal, along
x) Creative Port Development Private Limited
661kt, higher by 52kt (9%) than that of the previous year due is primarily on account of improvement in realisations, lower with lower consumption of coal and purchased pellet, ferro
Creative Port Development Private Limited (‘CPDPL’) is in cost of production, and higher exceptional gain against charge alloys and other raw materials due to lower production owing
to improvement in demand from auto segment. The turnover
possession of a 54 year concession from the Government of as compared to that of the previous year. The basic and diluted to lockdown during Q1FY2021.
for the financial year increased by 16% due to improvement
Odisha for development of a Greenfield Seaport at Chaumukh earnings for the FY 2020-21 were at ₹117.04 per share and
in market conditions, attributable to increase in steel prices
Village, in Balasore District, Odisha on a “BOOST” basis ₹117.03 per share respectively (previous year: basic and diluted: d) Employee benefits expense
and higher volumes from distribution business, partly offset
(Build, Own, Operate, Share & Transfer). CPDPL is availing this ₹57.11 per share). (₹ crore)
by lower tolling volumes. The profit before tax was almost at
concession through a Special Purpose company “Subarnarekha FY 21 FY 20 Change (%)
par with the previous year mainly due to lower margin from
Port Private Limited” and is in possession of all the statutory Employee benefits expense 5,199 5,037 3
conversion business offset by lower finance cost.
approvals for the project. In Phase–1, the port will have an
During the year under review, the employee benefits expense domestic shipments, lower repairs to machinery as previous • Fair valuation gain on preference share investment held by along with increase in investment in Tata Steel Mining Limited
increased post finalisation of wage agreements in the previous year included IT transformation initiatives along with lower the Company in some of its affiliates ₹2,032 crore (previous and Tata Metaliks Limited, reduced by investments being
year and its consequential impact on the retirement provisions. other general expenses, partly offset by higher royalty expense year: Loss ₹250 crore). classified as ‘held for sale’ primarily in Tata Steel Special
due to increase in prices along with increase in rates and taxes Economic Zone Limited (‘TSSEZ’).
e) Depreciation and amortisation expense • Fair valuation loss on debentures held by the Company in
and lower one-time gains / reversals present in the previous
some of its Joint Ventures ₹50 crore (previous year: Nil). k) Inventories
(₹ crore) year not present in the current year.
FY 21 FY 20 Change (%) • Profit on sale of investments held in Subsidiaries and Joint (₹ crore)
Depreciation and amortisation g) Finance costs and net finance costs Ventures ₹1,085 crore (previous year: Nil). FY 21 FY 20 Change (%)
3,987 3,920 2
expense (₹ crore) Finished and semi-finished
FY 21 FY 20 Change (%) i) Property, Plant and Equipment (PPE) including intangibles 3,320 4,777 (31)
goods including stock-in-trade
The depreciation charge during the year is marginally higher Finance costs 3,394 3,031 12 and right of use assets Work-in-progress 0 7 (100)
than the previous year mainly due to higher amortisation Net Finance costs 2,942 2,861 3 (₹ crore) Raw materials 2,990 3,586 (17)
charge on capitalisation of stamp duty on expired portion of FY 21 FY 20 Change (%) Stores and spares 2,294 2,347 (2)
lease along with fresh capitalisation, offset by assets fully being During the year under review, finance costs increased mainly Property, Plant and Total Inventories 8,604 10,717 (20)
64,032 66,392 (4)
depreciated during the year. on account of higher interest on fresh issue of Non-Convertible Equipment
Debentures along with higher interest on short-term Capital work-in-progress 10,057 8,070 25
f) Other expenses Finished and semi-finished inventory decreased as compared
borrowings, unsecured foreign loans, higher interest under Intangible assets 840 728 15 to previous year mainly due to increase in sales volumes.
(₹ crore) provisions of Income Tax Act, 1961 and interest on export Intangible assets under
409 177 131 Q4FY2020 was impacted due to lockdown resulting in higher
FY 21 FY 20 Change (%) advance, partly offset by lower charge on Commercial Papers development
Other expenses 21,426 22,132 (3) inventory build-up.
and higher capitalisation of interest. Interest on domestic Right of use Assets 3,906 4,113 (5)
term loans were almost at par as the decrease on account of Total PPE inlcuding Raw material inventories have decreased over previous year
Other expenditure represents the following expenditure: repayments towards the end of financial year was offset by intangibles & right of use 79,244 79,480 (0) mainly due to decrease in inventory at FAMD on account of
(₹ crore) higher charge on fresh loans at the beginning of the financial assets higher consumption of chrome ore inventory post expiry of
FY 21 FY 20 Change (%) year. mining leases along with lower inventory of ferro chrome and
Consumption of stores and 4,112 4,616 (11) The movement in total PPE including intangible is lower lower coke inventory mainly at TSK.
Net finance charges were marginally higher in line with
spares primarily on account of depreciation and amortisation charge
higher finance cost offset by higher interest income on inter- Stores and spares inventory decreased mainly on account of
Repairs to buildings 17 65 (73) corporate deposits, interest on income tax refund received for during the year, partly offset by increase in capital work-in- planned reduction.
Repairs to machinery 2,967 3,181 (7) earlier years along with higher gain on sale of mutual funds. progress mainly at Kalinganagar Phase-II and normal additions
Relining expenses 73 94 (22) during the year. The increase in intangible assets is for the l) Trade receivables
Fuel oil consumed 125 198 (37) h) Exceptional items additional stamp duty on iron-ore leases for enhancement of (₹ crore)
Purchase of power 2,634 2,906 (9) (₹ crore) its production capacity. FY 21 FY 20 Change (%)
Conversion charges 2,250 2,795 (20) FY 21 FY 20 Change (%) Gross trade receivables 3,906 1,050 272
Exceptional items 2,773 (1,704) N.A. j) Investments
Freight and handling charges 3,866 4,047 (4) Less: allowance for credit
(₹ crore) 43 33 30
Rent 71 59 22 losses
FY 21 FY 20 Change (%)
Royalty 2,195 1,751 25 The details of exceptional items for the current year and Net trade receivables 3,863 1,017 280
previous year are as follows: Investment in Subsidiary,
Rates and taxes 1,102 832 32 28,445 26,578 7
JVs and Associates
Insurance charges 146 147 (1) • Provision reversal for impairment of investments / doubtful Investments – Non-current 22,622 20,283 12 Trade receivables increased significantly as compared to the
Commission, discounts and 172 180 (4) advances of ₹150 crore provided earlier in respect of a previous year primarily due to increase in group company
Investments – current 6,404 3,235 98
rebates subsidiary (previous year: ₹1,150 crore relating to provision receivables for sale of iron ore and coal and discontinuation of
Total Investments 57,471 50,096 15
Allowance for credit losses/ 40 2 1,773 recognised for impairment of investments in subsidiaries discounting of group company receivables along with higher
provision for advances and joint ventures, net of reversal of ₹1 crore on account of year-end sale during FY 2020-21.
The increase in investments was predominantly on account
Other expenses 2,977 2,929 2 recovery of advances made to a joint venture). of increase in current investments in mutual funds along m) Gross debt and Net debt
Less: Expenditure (other than (1,321) (1,671) (21) with increase in other non-current investments mainly in
interest) transferred to capital • Provision for demands and claims – Nil (previous year: ₹196 (₹ crore)
crore) relating to certain statutory demands and claims on the preference shares of Tata Steel BSL Limited primarily on
& other accounts FY 21 FY 20 Change (%)
environment and mining matters and Sabka Vishwas Legal account of fair valuation gain.
Total Other expenses 21,426 22,132 (3) Gross debt 28,348 41,423 (32)
Dispute Resolution Scheme. Increase in investments in Subsidiary, Joint Ventures and Less: Cash and Bank balances
Associates is mainly on account of increase in value of 1,725 1,281 35
Other expenses were lower as compared to the previous year • Net Provision for Employee Separation scheme (‘ESS’) (incl. Non-current balances)
due to lower level of activities owing to lockdown caused by under Sunehere Bhavishya Ki Yojana (‘SBKY’) scheme and investment at Tata Steel Downstream Products Limited on Less: Current investments 6,404 3,235 98
COVID-19, primarily on account of lower conversion charges Special Separation scheme at Company’s Jharia Collieries transfer of investment held in two Joint Ventures at a premium Net Debt 20,219 36,907 (45)
mainly at FAMD, lower consumption of stores and spares, lower amounting to ₹444 crore (previous year: ₹107 crore).
power cost, lower freight and handling charges due to lower
Gross debt was lower due to pre-payments and repayments Net cash flow from / (used in) financing activities improvement in steel prices across geographies during the b) Purchases of stock-in-trade
of various term loans, non-convertible debentures, During the year under review, the net cash outflow from year along with decline in operating cost and lower exceptional (₹ crore)
short-term loans, commercial papers, and External Commercial financing activities was ₹15,852 crore as compared to an inflow charge as compared to the previous year, partly offset by FY 21 FY 20 Change (%)
Borrowings (‘ECB’). These were partly offset by drawal of of ₹4,630 crore during the previous year. The outflow during higher tax expenses during the year due to higher profits at Tata Steel (Standalone) 1,146 1,563 (27)
other domestic term loans and ECB along with issue of the current year broadly represents repayment of borrowings Tata Steel (Standalone). Moreover, previous year included TSBSL 0 3 (100)
non-convertible debentures during the year. including finance lease (net of proceeds) ₹13,229 crore, along re-measurement of deferred tax liabilities based on the new TSE 2,540 3,110 (18)
with payment of interest ₹2,983 crore, payment of dividend lower rate of Income tax prescribed under Section 115BAA of TSLP 0 0 N.A.
Net debt was lower as compared to previous year. This is
₹1,146 crore, repayment of Hybrid Perpetual Securities ₹1,500 the Income Tax Act, 1961 along with creation of deferred tax South East Asia 6,702 6,500 3
attributable to decrease in gross debt, along with increase in
crore. These were offset by proceeds from partly paid up equity assets at some of the foreign entities as against creation of
current investments and cash and bank balances. Others 5,106 4,198 22
shares ₹3,241 crore. deferred tax liabilities during the current year primarily at Tata
Eliminations & Adjustments (6,259) (4,870) (29)
n) Cash Flows Steel Europe.
Total purchases of stock-in-
o) Changes in Key Financial Ratios 9,235 10,504 (12)
(₹ crore) The analysis of major items of the financial statements is given trade
FY 21 FY 20 Change (%) The change in the key financial ratios as compared to previous below:
Net Cash from / (used in) year is stated below: Expense was lower at Tata Steel Europe mainly due to decrease
29,369 13,454 118 (Note: The financials of Tata Steel Long Products Limited (‘TSLP’)
operating activities in external steel purchases across a number of operating units,
Net Cash from / (used in) contain the steel business of Usha Martin Limited (‘UML’) which
(13,008) (17,635) 26
FY 21 FY 20 Change (%) consistent with lower deliveries offset by adverse exchange
investing activities Inventory Turnover (days) 57 70 (20) was acquired on April 9, 2019. South-East Asian (‘SEA’) operations
impact on translation. At Tata Steel (Standalone) the expense
Net Cash from / (used in) have been reclassified as continuing operations during the current
(15,852) 4,630 (442) Debtors Turnover1 (days) 14 7 91 was lower due to lower purchases of imported rebars, wire rods
financing activities year and the profit and loss items includes SEA operations for the
Current Ratio (Times) 0.61 0.81 (24) and billets and structural steel owing to lower requirement,
Net increase / (decrease) in current and comparative periods. The Balance Sheet of current
508 449 13 Interest Coverage Ratio2 (Times) 6.94 4.37 59 partly offset by increase at other sustainable businesses. This
cash and cash equivalents year includes Assets and Liabilities of SEA operation which were
Debt Equity3 (Times) 0.34 0.55 (39) was offset by increase in expense at South East Asia mainly at
earlier classified under ‘held for sale’).
Net Debt Equity3 (Times) 0.24 0.49 (51) TSTH due to increase in production, while at NatSteel Holding,
Net cash flow from / (used in) operating activities EBITDA Margin4 (%) 33.84 24.98 35 a) Revenue from operations expense was lower on account of lower production. Others
During the year under review, the net cash generated from Net Profit Margin5 (%) 20.98 11.16 88 (₹ crore)
primarily include transactions at TCIL and TSDPL which are
operating activities was ₹29,369 crore as compared to ₹13,454 Return on average Net FY 21 FY 20 Change (%) majorly eliminated on consolidation and increase at Tata Steel
crore during the previous year. The cash inflow from operating 16.19 9.02 80 Minerals Canada Limited post commencement of operations
worth5 (%) Tata Steel (Standalone) 64,869 60,436 7
profit before working capital changes and direct taxes during during the year.
TSBSL 21,419 18,199 18
the current year was ₹21,832 crore as compared to inflow 1) Debtors Turnover Ratio: Increased primarily on account of TSE 56,051 55,939 0 c) Cost of materials consumed
of ₹13,768 crore during the previous year due to higher increase in debtors mainly from group companies. TSLP 4,750 3,490 36
operating profits. Cash inflow from working capital changes in South East Asia 9,589 9,945 (4)
(₹ crore)
FY 2020-21 is mainly due to decrease in inventories by ₹2,106 2) Interest Coverage Ratio: Increased primarily on account of FY 21 FY 20 Change (%)
increase in operating profits. Others 40,567 41,787 (3)
crore, along with increase in Non-current / current financial Tata Steel (Standalone) 13,869 17,407 (20)
Eliminations & Adjustments (40,951) (40,824) (0)
and other liabilities / provisions by ₹7,850 crore which primarily 3) Debt Equity Ratio and Net Debt Equity Ratio: Decreased TSBSL 10,024 10,816 (7)
Total revenue from
includes advance from customers for a long-term export order, primarily on account of prepayment and repayment of 156,294 148,972 5 TSE 22,121 22,784 (3)
operations
partly offset by increase in Non-current / Current financial and borrowings during the year. Net debt further decreased due TSLP 2,182 2,392 (9)
other assets by ₹2,058 crore, primarily in trade receivables. The to higher current investments and cash and bank balances. South East Asia 341 349 (2)
The consolidated revenue from operations was higher by 5%
income tax paid during the current year was ₹361 crore (net of Others 29,273 31,981 (8)
4) EBITDA Margin: Increased primarily on account of increase as compared to the previous year primarily due to increase in
refund received for earlier years) as compared to ₹1,819 crore Eliminations & Adjustments (31,622) (32,136) 2
in operating profits due to higher prices and decline in raw realisations across geographies along with higher deliveries
during previous financial year. Total cost of materials
material costs. at TSBSL, TSLP and TSTH, partly offset by marginal decline in 46,188 53,593 (14)
deliveries mainly at TSE and NSH. consumed
Net cash flow from / (used in) investing activities
5) Net Profit Margin and Return on average net worth:
During the year under review, the net cash outflow from Increased primarily on account of increase in net profits mainly Tata Steel Europe revenue was at par as the decrease due to Consumption was lower across all major entities mainly due
investing activities amounted to ₹13,008 crore as compared attributable to higher operating profits and higher exceptional decline in deliveries along with marginal decrease in average to lower cost of consumption of imported coal owing to lower
to ₹17,635 crore during the previous year. The outflow gains as compared to charge in the previous year. revenue per tonne was almost offset by favourable forex prices and lower production attributable to lock-down and
during the current year broadly represents, net purchase of impact on translation. lower consumption and prices of other raw materials, partly
current investments of ₹2,974 crore, capex of ₹2,122 crore, 2. Tata Steel Limited (Consolidated) offset by increase in iron ore prices mainly at TSBSL and TSLP.
Decrease at SEA was mainly due to lower volumes at NSH,
Inter Corporate Deposits given net of realisation amounting The consolidated profit after tax of the Company was ₹8,190 Tata Steel Europe reported decrease in GBP terms due to
partly offset by higher volumes at TSTH.
to ₹7,326 crore mainly to T Steel Holdings, investments in crore as against ₹1,172 crore in the previous year. The increase decline in production along with lower coal and coke prices
subsidiaries and Joint Ventures ₹1,000 crore. was mainly due to higher operating profits attributable to Others primarily include decrease at TS Global Procurement and offset by higher iron ore prices and adverse exchange impact
NatSteel Asia which are majorly eliminated on consolidation. on translation.
Others primarily reflects decline in transactions at T S Global The expense at TSE increased mainly due to adverse exchange TSE reported increase in other expenses mainly on account in September 2019, which was majorly eliminated on
Procurement and NatSteel Asia which are majorly eliminated impact on translation. of adverse exchange impact on translation along with higher consolidation.
on consolidation, along with decrease at Tata Steel Mining provision for purchase of emission rights and higher repairs to
Expense at TSBSL increased mainly due to higher amortisation Decrease at TSBSL and TSLP was primarily due to prepayment
Limited due to higher inventory of raw materials, partly offset machinery. These were partly offset by lower consumption of
on power tolling agreement with Angul Energy Limited. of loans.
by increase at TSMC post commencement of operations during stores and spares, lower freight and handling charges, lower
the year. f) Other expenses power cost, and lower other general expenses. Increase at Tata Steel (Standalone) was mainly on account of
higher interest on Non-Convertible Debentures due to fresh
d) Employee benefits expense (₹ crore) Increase in Others was mainly at Tata Steel Mining Limited due
issue, along with higher interest on short-term borrowings,
FY 21 FY 20 Change (%) to higher Royalty charge coupled with increase in activities
(₹ crore) unsecured foreign loans, and higher interest under provisions
Tata Steel (Standalone) 21,426 22,132 (3) post allotment of mines, partly offset by decrease mainly at
FY 21 FY 20 Change (%) of Income Tax Act, 1961 and interest on export advance, partly
Tata Steel (Standalone) 5,199 5,037 3 TSBSL 4,603 4,875 (6) Tata Steel Global Holdings on account of favourable exchange
offset by lower charge on Commercial Papers and higher
TSE 19,790 18,205 9 rate movement.
TSBSL 649 410 58 capitalisation of interest.
TSE 12,314 11,961 3 TSLP 1,185 962 23 Decrease at TSBSL was mainly due to decrease in contractor’s
South East Asia 2,102 2,040 3
Net finance charge was higher mainly at TSE due to higher
TSLP 215 192 12 payment (employees were taken on roll of subsidiary
finance income on refinancing of Senior Facilities Agreement
South East Asia 573 619 (7) Others 2,710 2,360 15 companies), lower consumption of stores and spares, lower
(SFA) during the previous year. Finance cost was almost at par,
Others 824 825 (0) Eliminations & Adjustments (2,875) (2,189) 31 power cost and lower freight and handling charges owing to
partly offset by higher finance income mainly at Tata Steel
Eliminations & Adjustments 135 108 25 Total other expenses 48,941 48,385 1 lower activities. Decrease in other general expenses, partly
(Standalone).
Total employee benefits offset by higher repairs and rates and taxes.
19,909 19,152 4
expense Other expenditure represents the following expenditure: Increased at TSLP was mainly due to increase in freight i) Exceptional items
and handling charges along with higher royalty charges (₹ crore)
Increase in expenses was mainly at TSBSL owing to increase (₹ crore) and increase in rates and taxes, higher repairs and higher FY 21 FY 20 Change (%)
in activities at two other subsidiaries along with higher bonus FY 21 FY 20 Change (%) consumption of power and fuel due to increased production. Tata Steel (Standalone) 2,773 (1,704) N.A.
charge. Consumption of stores and
10,868 11,875 (8) TSBSL 0 69 N.A.
spares g) Finance costs
The increase at TSE is mainly due to adverse exchange impact TSE (1,342) (2,221) N.A.
on translation, partly offset by the Government employment Repairs to buildings 123 110 12 (₹ crore) TSLP 0 (161) N.A.
support for COVID-19. Repairs to machinery 7,470 6,987 7 FY 21 FY 20 Change (%)
South East Asia (28) (2) N.A.
Relining expenses 171 198 (14) Tata Steel (Standalone) 3,394 3,031 12
At Tata Steel (Standalone) expense increased post finalisation Others (557) (659) N.A.
Fuel oil consumed 602 821 (27) TSBSL 1,529 1,655 (8)
of wage agreements in the previous year and its consequential Eliminations & Adjustments (1,889) (252) N.A.
Purchase of power 5,187 5,523 (6) TSE 1,499 3,249 (54)
impact on the retirement provisions, partially offset by lower Total exceptional items (1,043) (4,930) N.A.
Conversion charges 2,112 2,688 (21) TSLP 235 293 (20)
charge due to change in the actuarial estimates owing to
Freight and handling charges 8,848 9,120 (3) South East Asia 52 75 (31)
change in discounting rates. Exceptional items during the FY 2020-21 primarily represents:
Rent 2,249 2,353 (4) Others 3,160 4,610 (31)
At Tata Steel Long Products the increase was mainly due to Royalty 3,484 1,825 91 Eliminations & Adjustments (2,262) (5,332) (58) • Impairment charges (net of reversal) of ₹1,954 crore in
change in actuarial estimates and higher bonus charge. Rates and taxes 1,530 1,186 29 Finance costs 7,607 7,581 0 respect of property, plant and equipment (including capital
Insurance charges 510 370 38 work-in-progress), right-of-use assets and other assets
At South East Asia the decrease was mainly at NatSteel Holding
Commission, discounts and primarily at TSE, mining operations carried out in Canada,
due to receipt of COVID-19 Government support for shut down 304 241 26 h) Net Finance costs
rebates South-East Asian Operations, offset by reversal at Tata Steel
of plant.
Allowance for credit losses/ (₹ crore) Special Economic Zone Limited.
85 6 1,368
e) Depreciation and amortisation expense provision for advances FY 21 FY 20 Change (%)
• Loss on liquidation of subsidiaries amounting to ₹10 crore
(₹ crore) Other expenses 7,164 7,400 (3) Tata Steel (Standalone) 2,942 2,861 3 at TSE.
FY 21 FY 20 Change (%) Less :-Expenditure (other than TSBSL 1,470 1,604 (8)
Tata Steel (Standalone) 3,987 3,920 2 interest) transferred to capital (1,766) (2,318) (24) TSE 1,462 2,024 (28) • Net Provision for Employee Separation Scheme (‘ESS’)
& other accounts TSLP 212 242 (12) amounting to ₹444 crore primarily under Special Scheme at
TSBSL 1,493 1,452 3
Total Other expenses 48,941 48,385 1 South East Asia 49 72 (31)
Company’s Jharia Collieries ₹467 crore, offset by credit for
TSE 2,521 2,355 7
ESS under Sunehere Bhavishya Ki Yojana (‘SBKY’) scheme
TSLP 327 311 5 Others 1,725 1,069 61
amounting to ₹23 crore at Tata Steel (Standalone).
South East Asia 259 267 (3) Expense was lower at Tata Steel (Standalone) on account of Eliminations & Adjustments (761) (1,838) (59)
Others 647 403 60 lower conversion charges, lower consumption of stores and Net Finance costs 7,099 6,034 18 • Fair valuation loss on investment in debentures of a joint
Total depreciation and spares, lower power cost, lower freight and handling charges, venture of the Company amounting to ₹50 crore at Tata
9,234 8,708 6 lower repairs to machinery along with lower other general Steel (Standalone).w
amortisation expense Finance cost was almost at par. Decrease at TSE was mainly
expenses, partly offset by higher royalty expense along with due to decrease in borrowings post restructuring of debt
Expense was higher than the previous year mainly on account increase in rates and taxes and lower one-time gains / reversals
of higher depreciation charge at TSMC post capitalisation of in the current year.
facilities during the year.
Partly offset by, • Profit on sale of subsidiaries amounting to ₹149 crore and (₹ crore) m) Gross debt and Net debt
profit on liquidation of group companies amounting to ₹41 FY 21 FY 20 Change (%)
• Restructuring and write back of provisions which primarily (₹ crore)
crore at TSE. Tata Steel (Standalone) 8,604 10,717 (20)
includes write-back of provisions at TSE ₹88 crore. FY 21 FY 20 Change (%)
TSBSL 4,374 4,839 (10) Gross debt 88,501 116,328 (24)
• Net gain on disposal of Subsidiaries amounting to ₹13 crore
• Reversal of fair value loss ₹1,230 crore on reclassification of TSE 13,780 12,859 7
at NatSteel Holdings. Less: Cash and Bank balances
5,893 8,117 (27)
South East Asia businesses, earlier recognised as held for sale. TSLP 813 797 2 (incl. Non-current balances)
• Gain on recovery of advances earlier provided for South East Asia 1,787 0 N.A.
• Reversal of impairment of investments provided earlier in Less: Current investments 7,219 3,432 110
amounting to ₹1 crore at Tata Steel (Standalone). Others 4,252 1,990 114
one of the associates of the Group ₹70 crore. Net debt 75,389 104,779 (28)
j) Property, Plant and Equipment (PPE) including intangibles Eliminations & Adjustments (334) (133) (151)
• Profit on sale of subsidiaries includes profit of ₹26 crore on
and right of use assets Inventories 33,276 31,069 7 Net debt was lower by ₹29,390 crore over previous year.
realisation of deferred consideration at TSE.
(₹ crore) Gross Debt at ₹88,501 crore was lower by ₹27,827 crore as
The exceptional items in FY 2019-20 primarily include: Increase was primarily at South East Asia as it was classified
FY 21 FY 20 Change (%) compared to the previous year. Decrease in Gross Debt was
as held for sale in the previous year. Increase in Others was
• Impairment charges ₹3,197 crore in respect of property, Tata Steel (Standalone) 79,244 79,480 (0) mainly due to repayment / pre-payment of borrowings including
primarily on account of higher inventory at Tata Steel Mining
plant and equipment (including capital work-in-progress TSBSL 29,114 30,491 (5) lease liabilities. These decreases were partly offset by addition
Limited along with increase at TS Global Procurement
and capital advances, right of use assets and intangible TSE 25,920 24,158 7 to leases (mainly at TSE) along with higher amortisation of loan
and TSMC. Tata Steel Europe reported increase mainly on
asset) primarily at TSE, mining operations carried out in TSLP 4,360 4,646 (6) issue expenses, primarily due to pre-payments and increase
account of exchange impact on translation as the inventory
Canada, Tata Steel Special Economic Zone Limited, and at South East Asia 1,485 0 N.A.
due to re-classification of SEA operations into continuing
of finished and semi-finished goods were lower which was
TSBSL along with impairment of Goodwill at Bhubaneshwar operations from held for sale.
Others 10,769 11,488 (6) offset by higher raw materials inventory. Decrease at Tata Steel
Power Private Limited.
Eliminations & Adjustments (454) (270) (68) (Standalone) mainly in finished and semi-finished goods due to The decrease in Net Debt was in line with decrease in gross
• Fair value loss of non-current assets classified as held for Total PPE inlcuding lower quantities along with lower raw materials inventory and debt along with increase in current investments mainly at Tata
sale of South-East Asian operations ₹1,175 crore. intangibles & right of use 150,438 149,993 0 stores and spares. Inventory at TSBSL was lower mainly due to Steel (Standalone) and at TSBSL, partly offset by decrease in
assets lower stock of finished and semi-finished goods, partly offset cash and bank balances mainly at Tata Steel Global Holdings.
• Provision for demands and claims amounting to ₹196
by increase in Raw Materials inventory. Inventory at TSLP was
crore relating to certain statutory demands and claims n) Cash Flows
PPE and intangibles were almost at par. Increase at Tata at par as the increase in raw materials inventory was offset by
on environment and mining matters including ₹86 crore
Steel Europe was mainly on account of exchange impact decrease in inventory of finished and semi-finished goods. (₹ crore)
relating to Sabka Vishwas Legal Dispute Resolution Scheme
on translation along with additions and increase in Capital FY 21 FY 20 Change (%)
at Tata Steel (Standalone). l) Trade receivables Net Cash from / (used in)
Work-in-Progress , offset by depreciation and amortisation 44,327 20,169 120
• Provision for Employee Separation Scheme (‘ESS’) under charge during the year. Increase at South East Asia as it was (₹ crore) operating activities
Sunehere Bhavishya Ki Yojana (‘SBKY’) scheme amounting classified as held for sale in the previous year and hence was FY 21 FY 20 Change (%) Net Cash from / (used in)
(9,323) (14,530) 36
to ₹107 crore at Tata Steel (Standalone). not included. Tata Steel (Standalone) 3,863 1,017 280 investing activities
TSBSL 423 702 (40) Net Cash from / (used in)
• Restructuring provisions amounting to ₹161 crore at TSE. Decrease at Others was mainly on account of depreciation and (37,090) (1,695) (2,089)
TSE 5,390 5,645 (5) financing activities
amortisation charge, partly offset by additions. Net increase / (decrease) in
• Expenses incurred on stamp duty and registration fees TSLP 75 156 (52) (2,086) 3,944 (153)
for a portion of land parcels and mines acquired as part Decrease at Tata Steel (Standalone) was primarily on account South East Asia 842 0 N.A. cash and cash equivalents
of business combination ₹27 crore and provision for coal of depreciation and amortisation charge during the year, Others 12,849 10,690 20
block performance guarantee ₹134 crore at Tata Steel Long partly offset by increase in capital work-in-progress mainly at Eliminations & Adjustments (13,902) (10,325) (35) Net cash flow from / (used in) operating activities
Products Limited (formerly Tata Sponge Iron Limited). Kalinganagar Phase-II and normal additions during the year. Net trade receivables 9,540 7,885 21 During the year under review, the net cash from operating
• Provision for impairment of doubtful capital advances activities was ₹44,327 crore as compared to ₹20,169 crore
k) Inventories
amounting to ₹42 crore at TSBSL. Increase was primarily at SEA as it was classified as held for during the previous year. The cash inflow from operating profit
(₹ crore)
sale in the previous year. Increase at Tata Steel (Standalone) before working capital changes and direct taxes during the
• Provisions for severance pay amounting to ₹16 crore at Tata FY 21 FY 20 Change (%) current year was ₹28,540 crore as against ₹18,078 crore during
was primarily due to increase in group company receivables
Steel Thailand. Finished and semi-finished the previous year reflecting higher operating profits during the
11,992 12,520 (4) for sale of iron ore and coal and discontinuation of discounting
goods including stock-in-trade current year. Cash inflow from working capital changes during
• Fair valuation loss on investment in preference shares held for group company receivables (majorly eliminated on
at one of the associate companies amounting to ₹250 crore Work-in-progress 4,563 4,273 7 consolidation) along with higher year-end sale during the the current period was ₹16,491 crore primarily due to increase in
at Tata Steel (Standalone). Raw materials 11,527 9,513 21 current year. Increase in Others was primarily at Tata Steel Non-current / Current financial and other liabilities / provisions
Stores and spares 5,194 4,763 9 Global Procurement majorly eliminated on consolidation. by ₹16,267 crore which includes advance from customers for a
Partly offset by, Total Inventories 33,276 31,069 7 long-term export order at Tata Steel (Standalone) along with
These increases were partly offset by decrease at TSBSL and
• Restructuring and write-back of provisions which primarily TSLP due to higher collection. TSE was lower mainly on account increase at TSE, TSBSL and TSLP. Decrease in inventories by ₹46
includes write-back of liabilities no longer required at Tata of decrease in debtors owing to higher collections, partly offset crore along with decrease in Non-current / Current financial
Steel BSL Limited ₹154 crore and settlement credit received by adverse exchange impact on translation. and other assets ₹178 crore. The payments of income taxes
at The Indian Steel & Wire Products Ltd. ₹18 crore.
during the year under review were ₹704 crore as compared to to higher current investments offset by lower cash and bank significant steps towards improving financial strength through opportunities arriving from the Government’s “Atmanirbhar
₹2,106 crore during the previous year. balances. deleveraging. The Company remains committed to become Bharat” Programme, regulatory changes and the need to meet
the most valuable and respected steel Company globally, by captive raw material requirements beyond 2030 by creating a
Net cash flow from / (used in) investing activities 4) EBITDA Margin: Increased primarily on account of increase
2030. In pursuit of its goal, the Company has refreshed its long- sustainable mining business.
in operating profits across geographies due to higher prices
During the year under review, the net cash outflow from term strategies to extend its strategic horizon to 2030. The
and decline in raw material costs. Leadership in sustainability: Sustainability is a key issue for
investing activities was ₹9,323 crore as against an outflow of priority for the next five years is to improve the structural and
the steel industry. The Company aspires to take leadership
₹14,530 crore during the previous year. The outflow during the 5) Net Profit Margin and Return on average net worth: financial strength of the Company. This will be the foundation
role in sustainability in the steel industry and use technology
year broadly represents capex of ₹6,979 crore and purchase Increased primarily on account of increase in net profits mainly for significant growth thereafter.
to address the challenge of climate change. The goal is to
(net of sale) of current investments amounting to ₹3,560 attributable to higher operating profits and lower exceptional
The Company aspires to achieve its long-term goals by significantly reduce the carbon intensity of our operations
crore. Previous year included acquisition of subsidiaries / charges as compared to that of the previous year.
pursuing the following strategic objectives: going forward and also reduce fresh water usage. Creating
undertakings ₹4,433 crore mainly at TSLP’s acquisition of steel
a positive impact on biodiversity in India and working with
business of UML, BEL acquisition at TSBSL against Nil during the VI. Strategy Leadership in India: Company’s focus on India aligns with
our partners to create a sustainable supply chain are also key
year. Inflow on account of sale of capital assets ₹445 crore along Few existing companies were there when the last global the increasing prominence of India in the global steel industry.
priorities. Tata Steel is taking up key technology projects in
with interest and dividend receipt ₹401 crore. pandemic hit in 1918. Tata Steel Limited is one of them. A The Company aims to lead in the Indian market by being the
the areas of clean hydrogen and carbon capture & usage to
century later, the Company dealt with COVID-19 with equal most respected and preferred steel supplier to discerning
Net cash flow from / (used in) financing activities facilitate achievement of the carbon emission goals.
determination and trust, keeping our employees and the customers. This ambition establishes the need to be ahead of
During the year under review, net cash outflow from financing community at the core of our response. Medical infrastructure the curve on digital disruptions, changing consumer behaviour, To achieve its strategic objectives, the Company has identified
activities amounted to ₹37,090 crore as against outflow in Jharkhand and Orissa was ramped up, creating more and building a culture of customer obsession throughout the four strategic enablers. Tata Steel aspires to be the Best Place
of ₹1,695 crore during the previous year. The net outflow isolation beds and providing Personal Protective Equipment. organisation. Key attributes of leadership include delivering to Work for in Manufacturing in India with a workforce that is
primarily represents repayment of borrowings including Tata Bridgital platform was deployed for proactive testing of innovative products & services, serving existing and emerging future ready, engaged, and high performing. The steel industry
finance lease (net of proceeds) ₹30,661 crore, repayment of high-risk frontline employees. Stranded migrant workers were customer needs and providing the best customer experience. is becoming smarter and more agile, evolving towards Industry
Hybrid Perpetual Securities ₹1,500 crore, interest payment provided help across many states. The Company collaborated 4.0. COVID-19 has accelerated this trend significantly. Tata Steel
Consolidate position as global cost leader: As the steel
₹6,804 crore and payment of dividend ₹1,151 crore. These with peers and public systems to identity and provide job which has already embarked on a digital journey and has 3
industry faces extreme business cycles which significantly
were offset by proceeds from partly paid equity shares opportunities for people impacted by the pandemic. Within World Economic Forum Industry 4.0 lighthouse sites, aspires to
impact pricing and hence profitability, it is important for
₹3,239 crore net of share issue expenses. the workforce, the Company pioneered the use of job clusters be a digital leader in the steel industry globally. The company
Tata Steel to prepare for and generate profits even in times
or PODs to ensure business continuity. Ensuring health and recognises that technology led differentiation in products and
o) Changes in Key Financial Ratios of prolonged low steel prices. Operational efficiency is key
safety of the workforce and workplace was key to our resilience. processes is going to be key to attain and sustain a leadership
to Tata Steel’s cost leadership position. Several initiatives like
The change in the key financial ratios as compared to previous position in the industry. To this effect, it aspires to be among
During the year under review, production reduced due to Aspire, Shikhar 25 have led several KPIs to be at global / Indian
year is stated below: the top 5 in steel technology globally. This will enable the
lockdowns, but the year ended with production at full capacity benchmark levels. Cost leadership is also the outcome of
Company to meet the emerging needs of existing and new
and the highest quarterly earnings till date leading to significant innovation and execution of structural cost reduction initiatives
segments and meet challenges like sustainability. Fostering
FY 21 FY 20 Change (%) deleveraging. The pandemic showed the importance of such as investment in strengthening logistics networks, fixed
a culture which makes Tata Steel future ready across agility,
Inventory Turnover (days) 79 83 (5) investing in future-ready capabilities. Investments in digital cost reduction, etc.
innovation, digital, environment, diversity, and safety will be
Debtors Turnover (days) 21 26 (18) infrastructure and cloud network over the last few years Attain leadership position in adjacent businesses: To critical for the Company to achieve its strategic objectives.
Current Ratio1 (Times) 0.97 1.40 (31) enabled a seamless transition of a large part of the employee achieve Tata Steel’s vision of the future, it is important to
Interest Coverage Ratio2 (Times) 3.39 1.68 102 base to work from home. Suraksha App enabled real-time explore and lead in adjacent businesses that leverage our VII. Human Resources Management and Industrial
Debt Equity3 (Times) 1.15 1.58 (27) tracking of people to ensure COVID-19 protocol compliance. capability and market opportunity. The approach is to have a Relations
Net Debt Equity3 (Times) 0.98 1.42 (31) Connected assets, operations and demand platforms ensured capex-lite business models and differentiating through deep Human resource has always been one of the most valued
EBITDA Margin4 (%) 19.77 12.15 63 asset reliability, uninterrupted operations with skeletal on-site understating of customer needs, technology and knowledge. stakeholders and a key differentiator for Tata Steel. The
Net Profit Margin5 (%) 5.24 0.79 566 workforce and demand generation using digital platforms. An Adjacent businesses where the Company aspires to attain Company’s goal of becoming the ‘Best Workplace in
Return on average Net worth5 (%) 10.66 1.59 570
agile response allowed the supply chain to handle disruptions, leadership position are: Manufacturing’ has led us on a path of new world of possibilities,
manage the surge in export volumes and exploit opportunities
1) Services & Solutions (‘S&S’) – Leveraging the Company’s requiring us to re-define our agenda through our collaborated
to improve profitability.
1) Current Ratio : Decreased primarily on account of increase deep knowledge and expertise in steel applications to create actions to make it more employee centric.
in current liabilities mainly trade payables and other current Tata Steel’s strategy is focused on becoming future ready solutions for construction and household applications such as To enable the organisation to attain its full potential, it is
financial and non-financial liabilities and increase in provisions structurally, financially and culturally. Over the last decade, doors, windows and housing solutions. imperative for us to create and maintain an ideal work culture
along with decrease in current assets mainly cash and cash the Company has consolidated and rebalanced its portfolio
2) New Materials Business (‘NMB’) – Taking advantage of thus creating an engaged and skilled workforce capable of
equivalents. in favour of higher capacity in India. We are in the process
growth in non-steel materials driven by megatrends (such delivering on the commitments to our stakeholders and in the
of simplifying the organisation at the Tata Steel Group level,
2) Interest Coverage Ratio: Increased primarily on account of as light-weighting, cleaner environment), NMB will create process, making us ‘Future Ready’- structurally, financially and
while In India the portfolio is being simplified into four clusters.
increase in operating profits. technology-driven businesses in identified materials. culturally. Tata Steel has a culture of working together through
Adjacent businesses (New Materials, Services & Solutions) were
joint consultation between Union and Management and has
3) Debt Equity Ratio and Net Debt Equity Ratio: Decreased established. Foundations of a technology enabled sustainable 3) Commercial Mining (through its wholly-owned subsidiary a very strong commitment towards community development.
primarily on account of prepayment and repayment of business model, digital and technology leadership were also Tata Steel Mining Ltd.) – The Company aspires to leverage, the Our people practices have enabled us in creating an
borrowings during the year. Net debt further decreased due laid. During the year under review, the Company has taken
environment of collaboration and connect which has aided us Multiple interventions for skill building of our own and contract streamlined and robust business processes. The 4th Industrial Detection solution and pre-empt & detect violation of Social
to achieve industrial harmony of over 92 years. employees were undertaken during the year. Action learning Revolution Advanced Global Lighthouse recognition by World distancing at shop floors, canteens & on roads. The Crowd
projects through School of Excellence, were rolled out in Economic Forum conferred on Tata Steel Jamshedpur only Sensing solution sent out alerts if any section of the workplace
The COVID-19 pandemic accelerated our journey of being
prioritised areas of Steel Plant Operations and Maintenance strengthens our belief on the transformational journey we are had a large group of people. The same was also getting tracked
Digital leader in Steel industry globally. For us, COVID-19
with the objective of developing world-class technical undertaking. On the Digital Maturity front, Gartner’s Digital through a real-time digital heatmap. Suraksha Scanners
brought digitalisation into sharp focus with many projects
competencies and maximise business performance. Tata Steel Execution Scorecard Report compared the Company’s Digital empowered Security personnel at entry gates scan RFID cards
being implemented to ensure employee safety through
Digi-e-shala, an intrapreneurial venture by offering learning Execution journey with globally comparable industry sectors through smart phones and extract relevant information on
data driven decision-making. One such project ‘Connected
and development services to external world was launched. over a 12 months horizon and rated our digital maturity to be Travel Declaration and Suraksha Compliance of our Contract
Workforce system’ was implemented with focus on improving
The initiative won the World Steelie Award’2020 constituted better than the market average. workmen thereby preventing high risk people from entering
safety of contract workforce engaged in our plants. POD
by World Steel Association for Excellence in Education and our premises. All these initiatives were bundled up and
working system, remote working for employees to the extent In Tata Steel, well defined & lean processes have always been
Training. accessed through one single dashboard thereby helping
possible and Suraksha app were introduced in the Company to one of the strongest pillars driving operational excellence.
in immediate response. The Tata Steel’s digital response to
ensure employee safety and well-being. People Care - a 24*7 Tata Steel was once again certified as Great Place to Work in Over the last year, we have focused towards building multiple
COVID-19 was ranked amongst the top 6% globally by one of
helpline was also introduced to provide accurate and quick the Great Place to Work study and was declared as one of the business platforms to consolidate bespoke IT solutions, analyse
the surveys conducted by Gartner.
information on COVID-19 and address grievances / queries of top 30 ‘India’s Best Workplaces in the Manufacturing sector’ the data generated to aid intelligent decision-making and
employees. The Company was also recognised by UN GCNI by Great Place to Work for the 4th time. Tata Steel was also enable process efficiencies, thereby ensuring global optima.
IX. Effect of COVID-19 Pandemic on the Company
for its efforts on ‘Being Focused on People during and post recognised as India Workplace Equality Index (‘IWEI’) Top
The company uses Connected Workforce platform designed The outbreak of COVID-19 has impacted the economy and
COVID-19’. Employers 2020 for the commitment demonstrated towards
to cover employees and contract workers in the areas of safety, businesses not only in India, but all over the World. The
advancing equality for LGBTQ+ people.
To remain competitive, improving employee productivity is of security and productivity. The platform gives us end-to-end rapid spread of the infection amongst the Indian population,
utmost importance to the organisation and we strive to achieve visibility of the work patterns of the contract workforce across forced Government of India to announce the imposition of
VIII. Digital Transformation
benchmark performance in this area through continuous plants and helps pre-empt unsafe incidents while improving nation-wide lockdown from March 25, 2020. This brought
efforts with initiatives like customised “Sunehre Bhavishya Ki Tata Steel as an organisation has always been an early adopter the workforce productivity through analytics. all logistics, businesses establishments and industries to a
Yojana” for redundancy management and Team Performance of the latest technologies. Over the last few years, the Company
Our e-commerce platforms such as Aashiyana, DigECA, grinding halt except where the government had notified that
Reward which was introduced during the year. The overall has been driving Business Transformation through adoption
Compass etc. have already proved their mettle and drove sales essential services and process industries where the continuous
Employees on Roll (‘EOR’) for the Company reduced from of Digital Technologies. The Company aspires to be the Global
and customer connect over the last year. Aashiyana clocked operations of the plant facilities are important (including
32,364 to 31,189 in FY 2020-21. Digital Leader in Steel Manufacturing by 2030 through digital
record business during COVID-19 delivering a 7 times growth Integrated steel plants), are exempt from the lockdown
interventions across its value chain, remodel work practices
During the year under review we implemented some major over FY 2018-19. Through digital interventions we have been measures and can continue to operate subject to the hygiene
by enhancing digital maturity and in the process, be more
initiatives to promote inclusion and diversity. We deployed able to achieve a reduction of 30% in customer complain standards and social distancing norms being followed.
insightful, intelligent and agile as an organisation.
the first batch of 22 women as heavy machinery operators at resolution time. However, the crisis of the pandemic continued throughout
Noamundi iron mine and extended ‘Women@Mines’ coverage Tata Steel banked upon Cloud, Data and Artificial Intelligence
The Company has developed multiple asset-specific algorithms the year under review. In current phase the crisis has become
in Raw Materials Division. We have rolled out various initiatives (‘AI’) as the building blocks of its digital transformation journey
to predict failures as well as residual life of equipment. This has severe with the onset of second wave of the pandemic.
for LGBTQ+ community like developing a site for the LGBTQ+ and made substantial investments to augment its network,
computing, and cyber security capabilities. The Company minimised failure scenarios for mission critical equipment and
community and the allies to connect, interact and share their a) Impact on the operations
moved ~85% of its servers to cloud over the last 3 years in eliminated unplanned downtime. The Smart Asset Maintenance
experiences and make a difference. Efforts have also been taken The Company adopted safety and hygiene standards at shop
one of the biggest cloud migration programmes in Asia. The Platform is helping to achieve higher asset availability at lower
on creating digital infrastructure for diverse workforce as well floor and offices and implemented social distancing norms,
Company’s cyber security cell was equipped with the necessary maintenance cost, across equipment from mines to rolling
as retaining and developing women leaders to create a pool work from home, workforce deployment plan, staggered
expertise & tools to pre-empt cyber threats & intrusions. The mills through enhanced sensorisation & building predictive
of diverse talent in the organisation. Our continuous efforts in shift timing for safety of the employees. The Company has
investments made on building up the sturdy infrastructure analytics solutions.
this direction have led to the increase in gender diversity from instantly moved all essential activities to digital platform. The
6.5% to 7.4% and reduction in attrition of female employees proved to be a lifesaver over the last year, when all were forced The Company has revamped its procurement process by blast furnace and steel making operations at Jamshedpur and
from 8% to 6%. to operate remotely due to the pandemic. Without any special introducing digital catalogue-based buying, commodity price Kalinganagar operated at production levels lower than normal
efforts, the Company has been able to seamlessly connect prediction aided buying, analytics powered negotiation tools
We ensured that we stay ahead of the curve, with our focused due to suspension of the downstream facilities as despatches
to the Company’s network while working from home and for the Category Managers, and end-to-end contract lifecycle
employee experience initiatives such as Agile working policy, of finished goods could not be done to customer operations
continued production even with a skeletal workforce physically management & analytics. The Procurement 4.0 platform has
to enable employees to work remotely, Rewards Hub, a one in automotive, construction and other segments as they were
present at the mines and plants. The employees logging into enabled ~50% reduction in vendor registration cycle time and
stop solution for all officers related policies and benefits, etc. closed due to lockdown. Even the Strategic Business Units
enterprise applications and virtual meetings taking place each ~20% reduction in Purchase requisition to purchase order cycle
To measure our performance, eNPS (Net Promoter Score) (‘SBUs’) of Steel like Bearings, Tubes, Wires were also closed.
day, the Company has been running business as usual with no time.
for HR processes was launched companywide. We also The supply chain activities were affected as all despatches were
adverse impact on employee productivity.
launched Alumni Portal to engage with superannuated and The COVID-19 pandemic came as a challenge for one and all. stopped.
separated officers. Real-time dashboards using analytics were Along with Digital Transformation, the division has parallelly At Tata Steel, we undertook multiple Digital Safety Initiatives
focused on transforming the Company from being process b) Impact on the profitability, cash flow, liquidity and
implemented to provide insights on employee cost, diversity with utmost urgency to cope up with the threats of the virus.
driven to data driven. The idea is to use data to generate better financials
& workforce productivity. Also, various cost optimisation and Through the Suraksha Platform, we ensured health and safety
deferment initiatives were undertaken in FY 2020-21. business insights and drive decision-making coupled with of our employees, from them entering company’s premises The closure of business led to decline in steel deliveries which
through their work hours. Camera feeds were used to identify resulted in lower earnings and piling up of the finished goods
people without face coverings through an AI based Face Mask inventory. Post lockdown, the plant production was gradually
ramping up and the inventory was getting liquidated based 31000. The Company follows coordinated risk assurance and for reporting to GRRC and RMC. This is complemented by a A detailed overview on the risk landscape and mitigation
on market demand and off-take. In view of ramping up of the the ERM process is integrated with Corporate Audit, Strategy top-down process, which helps in identification of strategic, strategies as well as the strategies for capitalising on
production, there is no threat of redundancies of the existing & Business Planning, Corporate Legal & Compliance functions. enterprise level risks. opportunities in business is provided in the “Risk and
assets. The Company’s robust digital initiatives have enabled This brings further rigour in driving the process across the Opportunities” Section forming part of the Integrated Report.
To assess the maturity of our ERM process, Risk Maturity
compliance of the internal financial controls and reporting organisation and Tata Steel Group (‘TSG’) companies. An in-
Assessment was undertaken through an external partner in
of the Company. The Company has been fulfilling its legal house built IT system is in place across the organisation to XI. Internal Financial Control Systems and Internal
FY 2020-21. We are pleased to report that with a score of 4.63
obligations as required for execution of the existing contracts enable recording and review of risks through live dashboards Audit
on a scale of 5, TSL has been recognised to be much ahead in
/ agreements, so there is no effect of the lockdown on the and real-time monitoring of data. The Company has an Internal Financial Controls (‘IFC’)
the maturity curve compared to its peers in mining & metal
business. framework, commensurate with the size, scale, and complexity
Risk Management Committee (‘RMC’) of the Board provides sector and marginally behind the organisations with leading
The Company has continued to have a strong liquidity position. oversight and sets the tone for implementing the ERM score (across sectors). of the Company’s operations. The Board of Directors of the
In response to the COVID-19, the Company has sharpened its framework across the organisation. It reviews the status of key Company is responsible for ensuring that IFC have been laid
TSL has also been adjudged ‘Masters of Risk in Metals & Mining’ down by the Company and that such controls are adequate
focus on cash. A cash war room exercise has been undertaken risks, progress of ERM implementation across locations and any
and ‘Risk Technology’ categories, at the 7th edition of The India and operating effectively. The internal control framework has
with an aim of running cash neutral operations. Outflows specific exceptions as flagged to it, on quarterly basis.
Risk Management Awards. been designed to provide reasonable assurance with respect
are monitored to have it minimised by cutting down on
The risk appetite of the organisation is aligned to the TSL to recording and providing reliable financial and operational
non-essential expenditure, renegotiating payment terms Risk intelligent culture of TSL enabled it to manage the
Vision. Risk Appetite is driven by the following: information, complying with applicable laws, safeguarding
with vendors, improving working capital management and uncertainties in an unprecedented business environment in
reducing capex. However, given the uncertainty, the Company • Health and safety of our employees and the communities in FY 2020-21. As the Covid situation evolved, “scenario-based risk assets from unauthorised use, executing transactions with
has also sought to create a liquidity buffer. The Company raised which we operate are our prime concern and our operating assessment” was facilitated across the Company. proper authorisation and ensuring compliance with corporate
funds in April and May 2020 through issue of Non-Convertible strategy is focused on the above objective policies.
Business decisions were pivoted to achieve cash neutrality
Debentures. The Company has secured short-term borrowings The Company’s internal financial control framework is
• All business decisions are aligned to the Tata Code of in operations by reducing spend, managing working capital
to handle any situation of shortage of liquidity. commensurate with the size and operations of the business
Conduct and reducing capital expenditures. Operating regime was
The Company has always strived to have a balanced maturity recalibrated in response to the decline in domestic demand. and is in line with requirements of the Companies Act, 2013.
• Management actions are focused on continuous The Company has laid down Standard Operating Procedures
profile and a judicious mix of funding instruments which help Supply chain disruptions were managed through obtaining
improvement and policies to guide the operations of each of its functions.
in minimising costs while providing flexibility in managing necessary licenses to ensure movement of raw materials and
cashflows. Taking its cashflows and liquidity position into • Environment and Climate Change impacts are assessed on finished goods. In view of sluggish domestic steel demand, Business heads are responsible to ensure compliance with
account, the Company is confident that it will be able to service a continuous basis and business decisions support systems risk to sales was mitigated through enhanced exports and new these policies and procedures. Robust and continuous internal
its debt and other financing arrangements. The company has including capital allocation consider impact of climate international markets were targeted. monitoring mechanisms ensure timely identification of risks and
chosen not to avail the moratorium offered by RBI on interest impact through the internal carbon pricing framework issues. To make the controls more robust and comprehensive,
To reduce dependence on global commodity supply chains, IFC standardisation & rationalisation project was undertaken
and principal payments, demonstrating its ability to service its
• The long-term strategy of the Company is focused on captive coal, iron ore and pellet inventory were ramped up to in FY 2020-21 which has ensured comprehensive coverage
debt obligations.
generating profitable growth and sustainable cashflows reduce the buy post normalisation of operations and improve cutting across all functions of the Company. The management,
c) Corporate Social Responsibility – helping the that creates long-term stakeholder value profitability. Investments made by the Company over the years statutory auditors and internal auditors have also carried out
community in the wake of COVID-19 pandemic on digital transformation, ensured seamless migration of our adequate due diligence of the control environment of the
Risk Owners may accept risk exposure to their Annual and
work processes to remote working models across the Company Company through rigorous testing.
The Company through Tata Steel Foundation (‘TSF’) and Long-term business plans, which after implementation of
locations. The Company also engaged in assessing the risk of
District Administration have reached out to the citizens of the mitigation strategies, is aligned to our risk appetite. The Company has deployed SAP Governance, Risk and
single geography sourcing and mitigations have been put in
Company’s operational areas Jharkhand and Odisha through Compliance (‘GRC’) Module and other IT platforms to keep the
For better focus on Risk Governance and ERM implementation, place to diversify sourcing and / or find alternate materials.
various initiatives such as food, sustainable livelihood to the IFC framework robust and our Information Management Policy
the Company has set up a Management Committee called
communities & migrant labourers of the region, provided Implementation of focused risk mitigation strategies coupled governs these IT platforms. IFC have been documented and
Group Risk Review Committee (‘GRRC’). GRRC has the primary
ration and safety support to the vulnerable communities, with improvement in the global and domestic macro embedded in the business processes and such controls have
responsibility of implementing the Risk Management Policy of
augmented the medical facilities at the designated hospitals environment has significantly improved TSL risk profile in H2 been assessed during the year under review and no material
TSL and developing a risk intelligent culture.
for medical treatment and so on. In the recent crisis of supply of FY 2020-21. Despite the challenges posed by COVID-19, the weaknesses were observed.
oxygen to various hospitals, the Company is supplying oxygen A dedicated business vertical has been set up to ensure Company has been able to deleverage beyond the target set
from its own oxygen plant at Jamshedpur and Kalinganagar. deployment of the ERM process across the organisation. for the year. The scope and authority of the Internal Audit function is
The Company had incurred expenses towards hospital The team is led by Group Head – Corporate Finance & Risk defined in the Internal Audit Charter. To maintain its objectivity
The Company continues to be vigilant of the evolving pandemic and independence, the Internal Audit function reports to the
infrastructure, sanitisation activities in town and contribution Management who acts as the Chief Risk Officer (‘CRO’) of
situation to proactively manage risks, as they emerge in Chairman of the Audit Committee. The Internal Audit team
towards COVID-19 relief. the Company. The ERM team continuously scans the external
FY 2021-22. Health and safety of employees and the develops an annual audit plan based on the risk profile of the
environment for developments which may throw up risks for
communities in the vicinity of our operations, continues to be business activities. The Internal Audit plan is approved by the
X. Risks and Opportunities the organisation and risk flags are sent out to the Business
the top-most priority for the Company, whilst simultaneously Audit Committee, which also reviews compliance to the plan.
The Company’s Enterprise Risk Management (‘ERM’) process is Units (‘BU’). BUs engage in identification and management
ensuring continuity of our business operations. The Internal Audit team monitors and evaluates the efficacy
based on international standards like Committee of Sponsoring of bottom-up risks, which are periodically reviewed as per
Organization of the Treadway Commission (‘COSO’) and ISO defined ERM process. The risks are escalated and aggregated
XII. Statutory Compliance

and adequacy of internal control systems in the Company, its
compliance with operating systems, accounting procedures,
ANNEXURE 3
The Company has in place adequate systems and processes
and policies at all locations of the Company and its subsidiaries. to ensure that it is in compliance with all applicable laws. Annual Report on Corporate Social Responsibility Activities
Based on the report of internal audit function, process owners The Company Secretary & Chief Legal Officer (Corporate & [Pursuant to Section 135 of the Companies Act, 2013 and
undertake corrective action(s) in their respective area(s) and Compliance) is responsible for implementing the systems and the Companies (Corporate Social Responsibility Policy) Rules, 2014]
thereby strengthen the controls. processes for monitoring compliance with the applicable laws
Significant audit observations and corrective action(s) thereon and for ensuring that the systems and processes are operating 1. Brief outline on CSR Policy of the Company
are presented to the Audit Committee. The Audit Committee effectively. The Chief Executive Officer and Managing Director,
Our CSR initiatives are guided by our CSR Policy (‘Policy’). The Policy was first adopted on September 17, 2014. Our CSR
at its meetings, reviews the reports submitted by the Internal places before the Board, at each meeting, a certificate of
activities focus on education, health, water, livelihood, rural and urban infrastructure and are in alignment with key
Auditor. Also, the Audit Committee at frequent intervals has compliance with the applicable laws. The Company Secretary
focus areas of the Tata Group. We also undertake community-centric interventions in the areas of sports, disaster relief,
independent sessions with the statutory auditor and the & Chief Legal Officer (Corporate & Compliance) also confirms
environment and ethnicity.
Management to discuss the adequacy and effectiveness of compliance with Company law, SEBI Regulations and other
internal financial controls. corporate laws applicable to the Company.
2. Composition of Corporate Social Responsibility and Sustainability (CSR&S) Committee:
Number of meetings held Number of meetings attended
Sl. No. Name of Director Designation / Nature of Directorship
during the year during the year
1. Mr. Deepak Kapoor Independent Director (Chairman) 4 4
2. Mr. O. P. Bhatt Independent Director 4 3
3. Mr. T. V. Narendran Executive Director 4 4
4. Mr. Koushik Chatterjee Executive Director 4 4
3. The web-link where Composition of CSR&S Committee, CSR Policy and CSR projects approved by the Board are
disclosed on the website of the Company are provided below:
The composition of the CSR&S Committee: https://www.tatasteel.com/corporate/our-organisation/leadership/
CSR Policy: https://www.tatasteel.com/media/11804/tata-steel-csr-policy-latest-2019.pdf
CSR Projects as approved by the Board: https://www.tatasteel.com/corporate/our-organisation/csr/
4. Details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies
(Corporate Social Responsibility Policy) Rules, 2014, if applicable: The Company voluntarily carries out impact
assessment of certain completed CSR Projects in the normal course. There are no projects undertaken or completed after
January 22, 2021, for which the impact assessment report is applicable in FY 2020-21.
5. Details of the amount available for set-off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 and amount required for set-off for the financial year, if any:
Amount available for set-off from preceding Amount required to be set-off for the
Sl. No. Financial Year
financial years (in `) financial year, if any (in `)
Not Applicable
6. Average net profit of the Company as per Section 135(5) of the Companies Act, 2013: ₹9,492.35 crore
7. (a) Two percent of average net profit of the Company as per Section 135(5) of the Companies Act, 2013: ₹189.85 crore
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
(c) Amount required to be set-off for the financial year, if any: Nil
(d) Total CSR obligation for the financial year (7a+7b-7c): ₹189.85 crore
8. (a) CSR amount spent or unspent for the financial year:

Amount Unspent (in ` crore)
Total Amount Spent for Total Amount transferred to Unspent CSR Amount transferred to any fund specified under Schedule VII as
the financial year Account as per Section 135(6) per second proviso to Section 135(5)
(in ` crore) Amount Date of transfer Name of the Fund Amount Date of transfer
221.98 Nil NA NA Nil NA
₹87.34 crore
Implementing CSR Registration
CSR00001142
CSR00001142
CSR00001142
CSR00001142
CSR00001142
CSR00001142
CSR00001142
CSR00001142
CSR00001142
(b) Details of CSR amount spent against ongoing projects for the financial year:
Details are provided in Annexure A.
number
₹124.80 crore
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
Details are provided in Annexure B.
(d) Amount spent in Administrative Overheads: ₹9.84 crore
(e) Amount spent on Impact Assessment, if applicable: Nil
Agency Name
TSRDS
TSRDS
TSRDS
TSRDS
TSRDS
TSRDS
TSRDS
(f ) Total amount spent for the financial year (8b+8c+8d+8e): ₹221.98 crore
TCS
TCS
TCS
TCS
TSF
TSF
TSF
TSF
TSF
TSF
TSF
TSF
TSF
(g) Excess amount for set-off, if any:
Sl. No. Particular Amount (` in crore)
– Direct (Yes/No)
Implementation
(i) Two percent of average net profit of the Company as per Section 135(5) 189.85
Mode of
(ii) Total amount spent for the financial year 221.98
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
(iii) Excess amount spent for the financial year [(ii)-(i)] 32.13
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous
NIL
financial years, if any
transferred to
the project as
Unspent CSR
Account for
per Section
Amount
*32.13
(₹ crore)
(v) Amount available for set-off in succeeding financial years [(iii)-(iv)]
135(6)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
* The Company does not propose to avail any set-off, against the excess amount spent in FY 2020-21, for succeeding financial years
Details of CSR amount spent against ongoing projects for the financial year 2020-21
9. (a) Details of Unspent CSR amount for the preceding three financial years:
financial year
the current
(₹ crore)
Amount
spent in
Sum of
11.60
13.67
11.23
10.52
1.98
1.74
1.56
0.97
0.00
1.58
0.40
0.41
0.47
0.43
0.43
0.08
0.29
3.15
0.20
1.01
0.19
0.16
0.39
0.37
0.17
0.02
0.02
0.00
Amount transferred Amount remaining to
Amount spent Amount transferred to any fund specified under
to Unspent CSR be spent in succeeding
Preceding in the reporting Schedule VII as per Section 135(6), if any
Sl. No. Account under financial years (in `)
financial year financial year
duration allocated for

Section 135 (6)
the project
(in `)
(₹ crore)
Amount
Name of the Fund Amount (in `) Date of transfer.
Sum of
13.44
15.82
(in `)
0.85
1.66
2.28
1.28
0.23
NA NA Nil NA NA NIL NA NA
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
Project
(Years)
4
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Cumulative
Amount spent
Jharkhand
Jharkhand
Jharkhand
Jharkhand
Jharkhand
Jharkhand
Financial Year amount spent Status of
Location
Odisha
Odisha
Odisha
Odisha
Odisha
Odisha
Odisha
Total amount on the project
(State)
Name of the in which the Project at the end the project -
Sl. No. Project ID allocated for the in the reporting
Project project was duration of reporting Completed /
project (in `) financial year
commenced financial year Ongoing
(in `)
(in `)
activities in Schedule VII Local area

(Yes/No)
NA NA NA NA NA NIL NIL NIL NA
Yes
Yes
Yes
Yes
Yes
Yes
Yes
10. Details of creation or acquisition of capital asset acquired through CSR spent in the financial year:
to the Companies Act,

Item from the list of
(a) Date of creation or acquisition of the capital asset(s): None
2013 (Section 135)

(b) Amount of CSR spent for creation or acquisition of capital asset: Nil
Clause (v)
Clause (v)
Clause (v)
Clause (ii)
Clause (ii)
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is
Clause (i)
Clause (i)
Not applicable
registered, their address etc.:
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of
Not applicable
the capital asset):
Maternal and Newborn

11. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as per
Regional Initiatives for

Safe Sexual Health by
Not Applicable
Project (1000 Schools
Tribal Art and Culture

School Improvement
Education Signature
Today's Adolescents
Section 135(5) of the Companies Act, 2013
Tribal language and

Preserve & Promote
Preserve & Promote
Preserve & Promote

Survival Initiative
sd/- sd/-
Tribal Sports
Sl. No. Project Name
Programme
Deepak Kapoor T. V. Narendran
Annexure A
Sub Total
Sub Total
Sub Total
Sub Total
Sub Total
Sub Total
Sub Total
literature
Chairman Chief Executive Officer &
(RISHTA)
(MANSI)
Project)
CSR and Sustainability Committee Managing Director
DIN: 00162957 DIN: 03083605
May 5, 2021
7
Amount
176
Sum of transferred to
Sum of
Item from the list of Amount Unspent CSR
Project Amount Mode of
activities in Schedule VII Local area Location spent in Account for Implementing CSR Registration
Sl. No. Project Name duration allocated for Implementation
to the Companies Act, (Yes/No) (State) the current the project as Agency Name number
(Years) the project – Direct (Yes/No)
2013 (Section 135) financial year per Section
(₹ crore)
(₹ crore) 135(6)
(₹ crore)
0.78 - No TCS
Samvaad ' A Tribal Jharkhand
8 Clause (v) Yes 4 1.54 1.48 - No TSF CSR00001142
Conclave
Odisha 0.07 - No TSF CSR00001142
Sub Total 2.33 -
Tribal Identity Signature
9 Clause (v) Yes Jharkhand 4 0.19 - No TSF CSR00001142
Programme
Sub Total 0.19 -
0.21 - No TSF CSR00001142
Development Corridor Jharkhand
10 Clause (x) Yes 4 0.65 0.10 - No TSRDS
Project
Odisha 0.08 - No TSRDS
Integrated Report & Annual Accounts 2020-21 | 114th Year

Sub Total 0.39 -
0.15 No TSF CSR00001142
HIV / AIDS Awareness Jharkhand
11 Clause (i) Yes 4 0.59 0.23 No TSRDS
Programmes
Odisha 0.22 No TSRDS
Sub Total 0.60
0.07 - No TCS
Jharkhand 0.99 - No TSF CSR00001142
Fellowship / Scholarship 0.08 - No TSRDS
12 Clause (ii) Yes 4 2.73
programme for Students 0.02 - No TCS
Odisha
0.57 - No TSF CSR00001142
Maharashtra 0.02 - No TSF CSR00001142
Sub Total 1.75 -
0.09 - No TCS
Support to SC/ST Jharkhand
13 Clause (ii) Yes 4 2.68 0.32 - No TSF CSR00001142
students in education
Odisha 0.00
Sub Total 0.41 -
Support to SC/ST 0.02 - No TCS
Jharkhand
14 students in Higher Clause (ii) Yes 4 1.54 1.06 - No TSF CSR00001142
Education Odisha 0.00
Sub Total 1.08 -
Support to drop out 0.02 - No TCS
15 students through bridge Clause (ii) Yes Jharkhand 4 2.64 1.54 - No TSF CSR00001142
courses 0.39 - No TSRDS
Sub Total 1.95 -
Amount
Sum of
Snapshot
Performance

(₹ crore)
(₹ crore) 135(6)
(₹ crore)
About
0.06 - No TCS
Tata Steel
Camp School - Non-

16 Residential Bridge Clause (ii) Yes Jharkhand 4 0.21 0.10 - No TSF CSR00001142
Courses 0.05 - No TSRDS
Sub Total 0.21 -
0.12 - No TSF CSR00001142
Leadership
Jharkhand
17 Pre-Matric Coaching Clause (ii) Yes 4 0.09 0.05 - No TSRDS
Odisha 0.00
Sub Total 0.17 -
Strategy
Child Education support Jharkhand 0.00

18 through Primery Clause (ii) Yes 4 0.06 0.01 - No TSF CSR00001142
Odisha
Learning Centre 0.01 - No TSRDS
Sub Total 0.02 -
Agriculture Activities Jharkhand 0.63 - No TSF CSR00001142
Stakeholders
19 (SRI and dryland Clause (ii) Yes 4 1.06 0.22 - No TSF CSR00001142
and Materiality
Odisha
farming) 0.01 - No TSRDS
Sub Total 0.86 -
Promote cultivation of
Capitals

second crop Odisha
0.11 - No TSRDS
Sub Total 0.32 -
0.10 - No TCS
Governance
Livelihood through
21 Agriculture & allied Clause (ii) Yes 4 3.43 1.36 - No TSRDS
activities 0.48 - No TSF CSR00001142
Odisha
1.35 - No TSRDS
Reports
Sub Total 3.60 -

Statutory
Agriculture resource Jharkhand 0.14 - No TSF CSR00001142

22 centres, training and Clause (ii) Yes 4 0.11 0.01 - No TSF CSR00001142
Odisha
information centres 0.03 - No TSRDS
Sub Total 0.18 -
Financial
Statements
Enterprise Development
23 Programmes Clause (ii) Yes Odisha 4 0.07 0.12 - No TSRDS
(Agriculture related)
Annexure 3 (Contd.)
Sub Total 0.12 -

177
Amount
178
Sum of
(₹ crore)
(₹ crore) 135(6)
(₹ crore)
0.01 - No TSF CSR00001142
Wadi Project (NABARD) Jharkhand
0.24 - No TSRDS
24 – Initiative for Plantation Clause (ii) Yes 4 0.60
0.02 - No TSF CSR00001142
of Vegatables & Fruits Odisha
0.02 - No TSRDS
Sub Total 0.29 -
Watershed Project at
25 Kuiani – An initiative for Clause (ii) Yes Jharkhand 4 0.20 0.05 - No TSRDS
Water conservation
Sub Total 0.05 -
Watershed Project at
26 Kukru – An initiative for Clause (ii) Yes Jharkhand 4 0.14 0.15 - No TSRDS

Water conservation
Sub Total 0.15 -
Agriculture Awareness 0.01 - No TSF CSR00001142
Programme – Jharkhand
27 Clause (ii) Yes Jharkhand 4 0.11
Tribal Development 0.16 - No TSRDS
Society (JTDS)
Sub Total 0.17 -
Running of Industrial
28 Training Institute, Clause (ii) Yes Jharkhand 4 1.64 1.07 - No TSF CSR00001142
Jagannathpur
Sub Total 1.07 -
Running of Tata Steel
29 Technical Institute Clause (ii) Yes Jharkhand 4 2.07 1.11 - No TSF CSR00001142
Burmamines
Sub Total 1.11 -
0.11 - No TCS
Sponsorship to trainees Jharkhand
for skill development
Odisha 0.05 - No TSF CSR00001142
Sub Total 1.19 -
Running of Industrial
31 Clause (ii) Yes Jharkhand 4 1.52 1.22 - No TSF CSR00001142
Training Institute Tamar
Sub Total 1.22 -
32 Model Career Centre Clause (ii) Yes Jharkhand 4 0.42 0.35 - No TSF CSR00001142
Sub Total 0.35 -
Entrepreneurship
33 Clause (ii) Yes Jharkhand 4 0.94 - No TSF CSR00001142
Development
Sub Total 0.94 -
Amount
Sum of
Snapshot
Performance

(₹ crore)
(₹ crore) 135(6)
(₹ crore)
About
SABAL Centre for

Tata Steel
34 Disability linked Training Clause (ii) Yes Jharkhand 4 0.35 0.25 - No TSF CSR00001142
programmes
Sub Total 0.25 -
0.18 - No TSF CSR00001142
Jharkhand
Leadership
Women Empowerment 0.10 - No TSRDS

Programmes 0.10 - No TSF CSR00001142
Odisha
0.22 - No TSRDS
Strategy
Sub Total 0.60 -

0.05 - No TSF CSR00001142
Jharkhand
Support for Business 0.60 - No TSRDS
Development of SHGs 0.26 - No TSF CSR00001142
Odisha
0.41 - No TSRDS
Sub Total 1.32 -
Stakeholders
and Materiality
0.46 - No TSF CSR00001142

1.00 No HAF
Jharkhand
11.64 - Yes
Capitals
1.02 - No TSRDS
37 Running Sports Centres Clause (vii) Yes 4 9.13
0.16 - No TSF CSR00001142
Odisha 0.55 - No HAF
0.03 - No TSRDS
West Bangal 0.01 - No TSF CSR00001142
Governance
Sub Total 14.87 -

0.02 - No TSF CSR00001142
Promoting Sports in Jharkhand
38 Clause (vii) Yes 4 0.26 0.26 - No TSRDS
Rural Areas
Odisha 0.05 - No TSRDS
Reports
Statutory
Sub Total 0.33 -

Maintenance
39 and Operation of Clause (iv) Yes Jharkhand 4 2.50 2.78 - No TSZS
Jamshedpur Zoo
Sub Total 2.78 -
Financial
Statements
Annexure 3 (Contd.)
179
Amount
180
Sum of
(₹ crore)
(₹ crore) 135(6)
(₹ crore)
Solar Powered Drinking
40 Clause (i) Yes 4 1.09 0.34 TSRDS
Water Odisha
1.24 - No TSF CSR00001142
Sub Total 2.25 -
0.14 - No TSF CSR00001142
Installation of piped Jharkhand
0.78 - No TSRDS
41 drinking water supply Clause (i) Yes 4 3.79
1.51 - No TSF CSR00001142
system Odisha
0.58 - No TSRDS
Sub Total 3.01 -
0.09 - No TSF CSR00001142
Jharkhand

0.64 - No TSRDS
Installation and repair of
42 Clause (i) Yes 4 0.74 0.05 - No TSF CSR00001142
deep bores Odisha
0.03 - No TSRDS
West Bangal 0.04 - No TSRDS
Sub Total 0.85 -
0.11 - No TSF CSR00001142
Jharkhand
Installation and repair of 0.01 - No TSRDS
43 Clause (i) Yes 4 0.90
hand tube wells 0.46 - No TSF CSR00001142
Odisha
0.65 - No TSRDS
Sub Total 1.23 -
6.47 - No TSF CSR00001142
44 30 Model School Clause (ii) Yes Odisha 4 1.13
1.14 - No TSRDS
Sub Total 7.61 -
Grand Total 87.34
Annexure B
Details of CSR amount spent against ‘other than ongoing projects’ for the financial year 2020-21
Snapshot
Performance
Sum of Amount
Item from the list of activities in Mode of
Local area Location spent in the current Implementing CSR Registration
Sl. No. Project Name Schedule VII to the Companies Act, Implementation –
(Yes/No) (State) financial year Agency Name number
2013 (Section 135) Direct (Yes/No)
(₹ crore)
About
0.24 No TSF CSR00001142

Tata Steel
Jharkhand
Supply of drinking water through 0.32 No TSRDS
1 Clause (i) Yes
tanker 0.59 No TSF CSR00001142
Odisha
0.11 No TSRDS
Sub Total 1.26
Leadership
0.80 No TSF CSR00001142

Jharkhand
Maintenance of drinking water 0.41 No TSRDS
2 Clause (i) Yes
Systems 0.05 No TSF CSR00001142
Odisha
Strategy
0.09 No TSRDS
Sub Total 1.35
Tree Plantation in peripheral Yes Jharkhand 0.01 No TSRDS
3 Clause (iv)
Villages Odisha 0.01 No TSF CSR00001142
Sub Total 0.02
Stakeholders
4 Renewable Energy (Solar Light) Clause (iv) Yes Odisha 0.27 No TSF CSR00001142
and Materiality
Sub Total 0.27

5 Protection of flora and fauna Clause (iv) Yes Odisha 0.01 No TSRDS
Sub Total 0.01
Capitals
Socio-economic development
6 of Particularly Vulnerable Tribal Clause (v) Yes Jharkhand 0.09 No TCS
Group villagers
Sub Total 0.09
Infrastructure Support for Tribal Jharkhand 0.06 No TSF CSR00001142
Governance
7 Clause (v) Yes

Identity Odisha 0.04 No TSF CSR00001142
Sub Total 0.10
Support to ST/SC organisations for
8 Clause (v) Yes Jharkhand 0.04 No TSF CSR00001142
amenities
Reports
Statutory
Sub Total 0.04

0.92 No TSF CSR00001142
Jharkhand
0.12 No TSRDS
Financial support to selected
9 Clause (ii) Yes 0.93 No TSF CSR00001142
Schools
Odisha 0.49 Yes
Financial
Statements
0.09 No TSRDS
Sub Total 2.55
Annexure 3 (Contd.)
181
Sum of Amount
182
(₹ crore)
0.04 No TSF CSR00001142
Jharkhand
10 Sports infrastructure Clause (vii) Yes 0.16 No TSRDS
Sub Total 0.29
Jharkhand 0.01 No TSRDS
Organising sports tournaments
11 Clause (vii) Yes 0.01 No TSF CSR00001142
and coaching camps Odisha
0.05 No TSRDS
Sub Total 0.07
0.10 No TSF CSR00001142
Jharkhand
Organising outdoor and 0.10 No TSRDS
12 Clause (vii) Yes
leadership camps 0.09 No TSF CSR00001142
Odisha
0.14 No TSRDS
Sub Total 0.43

Horticulture Development and
13 Maintenance of Road outside Clause (iv) Yes Jharkhand 1.13 Yes
Peripheral Area
Sub Total 1.13
Water Harvesting structures to Jharkhand 0.69 No TSF CSR00001142
14 Clause (ii) Yes
Conserve the Rain water Odisha 0.35 No TSF CSR00001142
Sub Total 1.04
Jharkhand 0.01 No TSF CSR00001142
Capacity Building of Farmers
15 Clause (ii) Yes 0.06 No TSF CSR00001142
Institutions Odisha
0.13 No TSRDS
Sub Total 0.20
16 Kitchen Garden Clause (ii) Yes
Odisha 0.02 No TSF CSR00001142
Sub Total 0.03
Sponsorship to Trainees for Jharkhand 0.06 No TSF CSR00001142
17 Clause (ii) Yes
various vocational courses Odisha 0.01 No TSF CSR00001142
Sub Total 0.07
0.62 No TSF CSR00001142
Jharkhand
Skill Development Programmes 0.72 No TSRDS
18 Clause (ii) Yes
(short-term Vocational courses) 1.06 No TSF CSR00001142
Odisha
0.09 No TSRDS
Sub Total 2.49
Sum of Amount
Snapshot
(₹ crore)
Performance
0.34 No TSF CSR00001142

Jharkhand
Support for Schools / Institutions 0.23 No TSRDS
19 Clause (ii) Yes
(educational infrastructure) 0.58 No TSF CSR00001142
Odisha
About
0.87 No TSRDS
Tata Steel
Sub Total 2.02

Construction of Mid-Day Meal
20 Clause (ii) Yes Jharkhand 2.53 No TSF CSR00001142
Kitchen for School Children
Sub Total 2.53
Leadership
Spoken English & Soft Skill

21 Clause (ii) Yes Odisha 0.10 No TSF CSR00001142
Development
Sub Total 0.10
Strategy
Financial Support to Other

22 Organisations for Educational Clause (ii) Yes 0.01 No TSF CSR00001142
Odisha
Programmes 0.04 No TSRDS
Sub Total 8.89
0.05 No TCS
Stakeholders
and Materiality
23 Static Clinics and E Health Centre Clause (i) Yes 0.54 No TSRDS
0.10 No TSF CSR00001142
Odisha
0.24 No TSRDS
Capitals
Sub Total 1.59

Mother & Child Health Awareness 0.17 No TSF CSR00001142
24 Clause (i) Yes Jharkhand
Programme 0.32 No TSRDS
Sub Total 0.49
1.34 No TSF CSR00001142
Governance
Support for emergency medical Jharkhand

0.77 No TSRDS
25 issues and health awareness Clause (i) Yes
0.10 No TSF CSR00001142
programmes Odisha
0.86 No TSRDS
Sub Total 3.07
Reports
Statutory
Jharkhand 0.67 No TSRDS

Provide Support for Health
26 Clause (i) Yes 0.01 Yes
treatment Odisha
0.95 No TSRDS
Sub Total 1.63
Financial
Statements
Annexure 3 (Contd.)
183
Sum of Amount
184
(₹ crore)
0.05 No TCS
Mobile Medical Units and
27 Clause (i) Yes 1.62 No TSRDS
ambulances
1.92 No TSF CSR00001142
Odisha
0.31 No TSRDS
Sub Total 4.49
0.01 No TSF CSR00001142
Jharkhand
0.01 No TSRDS
28 Health Camps Clause (i) Yes
0.05 No TSF CSR00001142
Odisha
0.14 No TSRDS
Sub Total 0.21
0.03 No TSF CSR00001142
Jharkhand
29 Support for Cataract Operations Clause (i) Yes 0.22 No TSRDS

Sub Total 0.26
0.58 No TSRDS
30 Sanitation (Domestic Toilets) Clause (i) Yes Odisha
0.25 No TSF CSR00001142
Sub Total 0.83
1.38 No TSF CSR00001142
Jharkhand
1.38 No TSRDS
Infrastructural support for Rural
31 Clause (x) Yes 0.71 No TSF CSR00001142
Development
Odisha 0.13 Yes
1.70 No TSRDS
Sub Total 5.30
0.20 No TSF CSR00001142
Jharkhand
Construction and maintenance of 0.18 No TSRDS
32 Clause (x) Yes
drains and roads 0.27 No TSF CSR00001142
Odisha
0.85 No TSRDS
Sub Total 1.50
33 Health Insurance Clause (i) Yes Jharkhand 25.00 Yes
Sub Total 25.00
Support for development of Self
34 Clause (ii) Yes Odisha 1.03 No TSF CSR00001142
Help Groups (SHG)
Sub Total 1.03
35 Relief during Cyclone Amphan Clause (xii) Yes West Bengal 1.56 No TSF CSR00001142
Sub Total 1.56
Sum of Amount
Snapshot
(₹ crore)
Performance
Support to Gopalpur Hospital

36 Clause (i) Yes Odisha 1.17 No TSF CSR00001142
(Medica)
Sub Total 1.17
About
37 COVID-19 Initiatives
Tata Steel
(a) Combat Covid through 10 Jharkhand 6.66 No TSF CSR00001142

Point Programme Odisha 3.16 No TSF CSR00001142
(b) Financial Assistance to CSIR for
Other State 3.00 No TSF CSR00001142
research in COVID-19
Leadership
(c) Medical Treatment and 2.07 No TRC

Jharkhand
support for COVID-19 Patients Clause (i) Yes 6.85 Yes
Jharkhand 4.82 Yes
(d) PPE Kits for Hospitals Odisha 0.70 Yes
Strategy
Other States 11.47 Yes

(e) Support for Covid Hospitals at
Odisha 12.96 No TRC
Odisha
Sub Total 51.69
Grand Total 124.80
Stakeholders
and Materiality
Notes:
TSF – Tata Steel Foundation, a Section 8 Company incorporated under the Companies Act, 2013
TSRDS – Tata Steel Rural Development Society, a registered society under Societies Registration Act, 1860
Capitals
TCS – Tribal Cultural Society, a registered society under Societies Registration Act, 1860
TSZS – Tata Steel Zoological Society, a registered society under Societies Registration Act, 1860
TRC – Tata Relief Committee
HAF – Hockey Ace Foundation
Governance
Reports
Statutory
Financial
Statements
Annexure 3 (Contd.)
185
ANNEXURE 4 read with Section 149(6) of the Act along with rules framed
thereunder. In terms of Regulation 25(8) of SEBI Listing
The Company has issued formal letters of appointment to
the IDs. As required under Regulation 46 of the SEBI Listing
Corporate Governance Report Regulations, they have confirmed that they are not aware of Regulations, as amended, the terms and conditions of
any circumstance or situation which exists or may reasonably appointment of IDs including their role, responsibility and
be anticipated that could impair or impact their ability to duties are available on our website at https://www.tatasteel.
Independent Directors (‘IDs’) which suitably incorporates the discharge their duties. Based on the declarations received com/media/2917/terms-and-conditions-of-appointment-of-
Company’s Corporate Governance Philosophy
duties of Independent Directors as laid down in the Companies from the Independent Directors, the Board of Directors has independent-directors.pdf
Corporate Governance is the creation and enhancement of confirmed that they meet the criteria of independence as
Act, 2013 (‘the Act’). The same is available on the website During the financial year 2020-21, none of our Directors acted as
long-term sustainable value for our stakeholders, comprising mentioned under Section 149 of the Companies Act, 2013 and
www.tatasteel.com The Company has received confirmation Member in more than 10 committees or as Chairperson in more
regulators, employees, customers, vendors, investors, Regulation 16(1)(b) of the SEBI Listing Regulations and that
from the NEDs and IDs regarding compliance of the Code for than 5 committees across all listed entities where they serve
and the society at large, through ethically driven business they are independent of the management. Further, the IDs
the year under review. as a Director. For the purpose of determination of limit of the
practice. Effective corporate governance practices constitute have in terms of Section 150 of the Act read with Rule 6 of the
the strong foundation on which successful commercial Board Committees, chairpersonship and membership of the
Tata Code of Conduct for Prevention of Insider Companies (Appointment & Qualification of Directors) Rules,
enterprises are built to last. Strong leadership and effective Audit Committee and Stakeholders’ Relationship Committee
Trading & Code of Corporate Disclosure Practices 2014, confirmed that they have enrolled themselves in the
corporate governance practices have been the Company’s has been considered as per Regulation 26(1)(b) of SEBI Listing
Independent Directors’ Databank maintained with the Indian
hallmark inherited from its culture and ethos. At Tata Steel, it In accordance with the Securities and Exchange Board of India Regulations. Further, there are no inter-se relationships between
Institute of Corporate Affairs.
is imperative that our Company’s affairs are managed in a fair (Prohibition of Insider Trading) Regulations, 2015, (‘SEBI Insider our Board Members.
and transparent manner. Trading Regulations’) as amended from time to time, the
Board of Directors of the Company has adopted the Tata Code
We ensure that we evolve and follow not just the stated Table A: Composition of the Board and Directorships held as on March 31, 2021
of Conduct for Prevention of Insider Trading and the Code of
corporate governance guidelines, but also global best practices. Corporate Disclosure Practices (‘Insider Trading Code’). No. of directorship in other
No. of Board Committee
We consider it our inherent responsibility to protect the rights Name of the Director Public Companies(1)
positions in other Public Directorship in other listed entity
of our shareholders and disclose timely, adequate and accurate Mr. Parvatheesam Kanchinadham, Company Secretary & Chief Companies(2) (Category of Directorship)
information regarding our financials and performance, as well Legal Officer (Corporate & Compliance) of the Company is the Chairperson Member Chairperson Member
as the leadership and governance of the Company. ‘Compliance Officer’ in terms of Insider Trading Code. Non-Executive, Non-Independent Directors
a) Tata Consultancy Services Limited
In accordance with our Vision, Tata Steel Group (‘TSG’) aspires Board of Directors (Non-Executive, Non-Independent)
to be the global steel industry benchmark for ‘value creation’ b) Tata Motors Limited
The Board of Directors (‘the Board’) is at the core of our
and ‘corporate citizenship’. TSG expects to realise its Vision by (Non-Executive, Non-Independent)
corporate governance practice and oversees and ensures that
taking such actions as may be necessary, to achieve its goals of c) Tata Consumer Products limited
the Management serves and protects the long-term interest of Mr. N. Chandrasekaran
value creation, safety, environment and people. (formerly Tata Global Beverages Limited)
all our stakeholders. We believe that an active, well-informed (Chairman)
6 - - - (Non-Executive, Non-Independent)
The Company is in compliance with the requirements stipulated and independent Board is necessary to ensure the highest DIN: 00121863
under Regulations 17 to 27 read with Schedule V and clauses standards of corporate governance. d) The Tata Power Company Limited
(Non-Executive, Non-Independent)
(b) to (i) of Regulation 46(2) of Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Size and Composition of the Board e) The Indian Hotels Company Limited
Regulations, 2015 (‘SEBI Listing Regulations’), as applicable, Our policy is to have a mix of EDs, NEDs, and IDs to maintain
with regard to corporate governance. f ) Tata Chemicals Limited
the Board’s independence and separate its functions of (Non-Executive, Non-Independent)
To further strengthen the Company’s corporate governance governance and management. As on March 31, 2021, the Board a) The Tata Power Company Limited
philosophy, the Company has also adopted the Tata Business comprised of ten members, two of whom are EDs, three are (Non-Executive, Non-Independent)
Excellence Model. NEDs and five are IDs including a Woman Director. The Board b) Voltas Limited
periodically evaluates the need for change in its composition Mr. Saurabh Agrawal (Non-Independent, Non-Executive)
and size. Detailed profile of our Directors is available on our 4 2 - 2
Code of conduct DIN: 02144558 c) Tata AIG General Insurance Company Limited (Debt Listed)
website www.tatasteel.com/corporate/our-organisation/ (Non-Executive, Non-Independent
The Company has a strong legacy of fair, transparent and
leadership/ d) Tata Capital Limited (Debt Listed)
ethical governance practices.
The composition of the Board is in conformity with Regulation (Non-Executive, Non-Independent)
The Company has adopted the Tata Code of Conduct (‘TCoC/ a) Mahindra and Mahindra Limited
17 of the SEBI Listing Regulations read with Section 149 of the
Code’) for Executive Directors (‘EDs’), Senior Management (Non-Executive, Non-Independent)
Act. None of our Directors serve as Director or as IDs in more
Personnel and other Executives and Employees, which is Mr. V. K. Sharma b) Reliance Power Limited
than seven listed companies and none of the EDs serve as 1 4 2 4
available on the website of the Company www.tatasteel.com DIN: 02449088 (Non-Executive, Independent)
IDs on any listed company. Further, none of our IDs serve as
The Company has received confirmations from the EDs as c) NURECA Limited
Non-Independent Director of any company on the board of
well as Senior Management Personnel regarding compliance (Non-Executive, Independent)
which any of our Non-Independent Director is an ID.
of the Code during the year under review. The Company has Independent Directors
also adopted the Code of Conduct for Non-Executive Directors Independent Directors are non-executive directors as defined Ms. Mallika Srinivasan a) The United Nilgiri Tea Estates Company Limited
(‘NEDs’) of the Company which includes the Code of Conduct of under Regulation 16(1)(b) of the SEBI Listing Regulations 3 3 - -
DIN: 00037022 (Non-Executive, Non-Independent)
No. of directorship in other

No. of Board Committee Table B: Director skills, expertise, competencies and attributes desirable in Company’s business and sector in which it
Name of the Director Public Companies(1)
positions in other Public Directorship in other listed entity functions
Companies(2) (Category of Directorship)
Areas of Skills/ Expertise/ Competence
Chairperson Member Chairperson Member
Government/
a) Tata Consultancy Services Limited Leadership Strategy Operations Technology Finance Governance
Regulatory Affairs
(Non-Executive, Independent) N. Chandrasekaran
b) Hindustan Unilever Limited Mallika Srinivasan -
Mr. O. P. Bhatt
(Non-Executive, Independent) O. P. Bhatt -
DIN: 00548091 - 4 1 4
c) Tata Motors Limited Peter (Petrus) Blauwhoff
(Non-Executive, Independent) Aman Mehta - -
d) Aadhar Housing Finance Limited (Debt Listed) Deepak Kapoor -
(Non-Executive, Independent) V. K. Sharma -
Dr. Peter Blauwhoff Saurabh Agrawal - -
- - - - -
DIN: 07728872 T. V. Narendran
a) Wockhardt Limited Koushik Chatterjee -
(Non-Executive, Independent)
Mr. Aman Mehta b) Godrej Consumer Products Limited
- 3 2 4 Familiarisation Programme for Directors (including As stated in the Board’s Report, the details of orientation
DIN: 00009364 (Non-Executive, Independent)
Independent Directors) given to our existing Independent Directors are available
c) Max Financial Services Limited
(Non-Executive, Independent) As a practice, all new Directors (including Independent on our webite https://www.tatasteel.com/media/12333/
Mr. Deepak Kapoor a) HCL Technologies Limited Directors) inducted to the Board are given a formal orientation. familiarization-programme-for-independent-directors-for-
- 2 1 3 website.pdf
DIN: 00162957 (Non-Executive, Independent) The familiarisation programme for our Directors is customised
Executive Directors to suit their individual interests and area of expertise. The Board Evaluation
a) Tata Steel Long Products Limited Directors are usually encouraged to visit the plant and raw
(Non-Executive, Non-Independent) material locations of the Company and interact with members The NRC has formulated a Policy for evaluation of the Board, its
Mr. T. V. Narendran b) Tata Steel BSL Limited of Senior Management as part of the induction programme. Committees and Directors and the same has been approved
3 4 - -
DIN: 03083605 (Non-Executive, Non-Independent) The Senior Management make presentations giving an and adopted by the Board. The details of Board Evaluation
c) TRF Limited overview of the Company’s strategy, operations, products, forms part of the Boards’ Report.
(Non-Executive, Non-Independent) markets, group structure and subsidiaries, Board constitution
a) Tata Metaliks Limited Remuneration Policy for Board and Senior Management
and guidelines, matters reserved for the Board and the major
(Non-Executive, Non-Independent) The Board has approved the Remuneration Policy for
risks and risk management strategy. This enables the Directors
b) The Tinplate Company of India Limited Directors, Key Managerial Personnel (‘KMP’) and all other
to get a deep understanding of the Company, its people,
(Non-Executive, Non-Independent) employees of the Company. The same is available on our website
values and culture and facilitates their active participation in
Mr. Koushik Chatterjee c) Tata Steel Long Products Limited https://www.tatasteel.com/media/6817/remuneration-policy-
DIN: 00004989
2 3 1 4
overseeing the performance of the Management.
of-directors-etc.pdf Details of remuneration for Directors in
d) Tata Steel BSL Limited financial year 2020-21 are provided in Table C below.
e) TRF Limited Table C: Shares held and cash compensation paid to Directors for the year ended March 31, 2021
(` lakh)
Notes: Fixed Salary Fully paid-up
Total
(1) Directorships in Indian Public Companies (listed and unlisted) excluding Tata Steel Limited and Section 8 Companies. Name Perquisite/ Total Fixed Commission(8) Sitting Fees Ordinary Shares
Basic Compensation
Allowance Salary held (Nos.)
(2) In terms of Regulation 26(1)(b) of the SEBI Listing Regulations, the disclosure includes chairmanship/membership of the Audit Committee and Non-Executive, Non-Independent Directors
Stakeholders’ Relationship Committee in other Indian Public companies (listed and unlisted) excluding Tata Steel Limited. Further, membership Mr. N. Chandrasekaran(1) – – – – 3.60 3.60 2,00,000
includes positions as Chairperson of committee. Mr. Saurabh Agrawal(2) – – – – 6.80 6.80 –
Selection of New Directors and Board Membership Criteria ht t p s: // w w w.t at as te e l . co m /m e d i a /6 816/p o li c y - o n - Mr. V. K. Sharma(3) – – – 100 3.80 103.80 –
The Nomination and Remuneration Committee (‘NRC’) ap p o intm e nt- an d - re m ov al - o f- dire c to r s . p d f Independent Directors
formulates and recommends to the Board the appropriate Ms. Mallika Srinivasan – – – 140 4.80 144.80 –
Key Board Qualifications, Expertise and Attributes Mr. O. P. Bhatt(4) – – – 205 8.40 213.40 –
qualifications, positive attributes, characteristics, skills
and experience required for the Board as a whole and its The Members of the Board are committed to ensuring that the Dr. Peter Blauwhoff(5) – – – 115 7.60 122.60 –
individual members with the objective of having a Board Board is in compliance with the highest standards of Corporate Mr. Aman Mehta – – – 105 6.80 111.80 –
with diverse backgrounds and experience in business, Governance. The table below summarises the key skills, Mr. Deepak Kapoor(6) – – – 115 7.40 122.40 –
government, education and public service. The Policy for expertise, competencies and attributes which are taken into Executive Directors
appointment and removal of Directors and determining consideration by the NRC while recommending appointment Mr. T. V. Narendran(7) 150 208.39 358.39 1,200 – 1,558.39 2,171
Directors’ independence is available on our website at of Directors to the Board.
Mr. Koushik Chatterjee(7) 135 225.90 360.90 900 – 1,260.90 1,636
Notes: recommendations of the Committees are placed before the reporting process, to ensure accurate and timely disclosures, its Policy on Appointment and Removal of Directors. The NRC
(1) As a Policy, Mr. N. Chandrasekaran, Chairman has abstained from Board for necessary approval. with the highest levels of transparency, integrity and quality of and the Board periodically reviews the succession planning
receiving commission from the Company. financial reporting. The Committee oversees the work carried process of the Company and is satisfied that the Company has
6 Board meetings were held during the financial year
out in the financial reporting process by the Management, adequate process for orderly succession of Board Members and
(2) In line with the internal guidelines of the Company, no payment ended March 31, 2021. These were held on April 24, 2020,
the internal auditor, the statutory auditor and the cost auditor Members of the Senior Management.
is made towards commission to the Non-Executive Directors of June 29, 2020, August 13, 2020, November 13, 2020,
and notes the processes and safeguards deployed by each
the Company, who are in full time employment with any other February 9, 2021 and March 24, 2021. The gap between any The Board has adopted the NRC Charter (which includes
of them. The Committee further reviews the processes and
Tata Company. Accordingly, no commission is paid to Mr. Saurabh two Board meetings during the year under review did not terms of reference as provided under the Act and SEBI
controls including compliance with laws, Tata Code of Conduct
Agrawal. exceed one hundred and twenty days. The requisite quorum Listing Regulations for the functioning of the Committee on
and Insider Trading Code, Whistle-Blower Policies and related
was present for all the meetings. May 20, 2015 which was revised on March 29, 2019, basis the
(3) The sitting fees is paid to Mr. V. K. Sharma and the commission is cases thereto. The Committee also reviews matters under the
amendments in SEBI Listing Regulations.
paid to Life Insurance Corporation of India. Table D: Attendance details of Directors for the year Prevention of Sexual Harassment at Workplace Policy.
ended March 31, 2021 are given below: The NRC also assists the Board in discharging its responsibilities
(4) Mr. O. P. Bhatt serves as an Independent Director of TSE. Towards The Board of Directors of the Company adopted the Audit
relating to compensation of the Company’s Executive
this, he additionally receives an annual fee of £70,000 from TSE. The No. of Meetings Committee Charter (which includes terms of reference as
Name of the Director Category held during
No. of Meetings Directors and Senior Management. The Committee has
fee paid is consistent with the market practices and is aligned to the Attended provided under the Act and SEBI Listing Regulations) on
tenure formulated Remuneration Policy for Directors, KMPs and all
benchmark figures published by global consulting firms. March 31, 2015 which was revised on March 2, 2017 and
Mr. N. Chandrasekaran
NED 6 6
other employees of the Company and the same is available
(Chairman) February 8, 2019.
(5) Dr. Peter Blauwhoff serves as an Independent Director of TSE and on Company’s website at https://www.tatasteel.com/
as an Independent Chairman and Member of Supervisory Board of Mr. Saurabh Agrawal NED 6 6 The Company Secretary and Chief Legal Officer (Corporate media/6817/remuneration-policy-of-directors-etc.pdf The
Tata Steel Nederland BV (‘TSN BV’). Towards this, he additionally Mr. V. K. Sharma NED 6 6 & Compliance) acts as the Secretary to the Committee. The criteria for making payments to Non-Executive Directors
receives an annual fee of £70,000 from TSE and annual Board fee Ms. Mallika Srinivasan ID 6 6 internal auditor reports functionally to the Audit Committee. is available on our website at https://www.tatasteel.com/
of €80,000 plus expenses allowance of €1,500 from TSN BV. The fee Mr. O. P. Bhatt ID 6 6 The Executive Directors and Senior Management of the investors/corporate-governance/compliance/ The Committee
paid is consistent with the market practices and is aligned to the Dr. Peter Blauwhoff ID 6 6 Company also attend the meetings as invitee. has the overall responsibility of approving and evaluating the
benchmark figures published by global consulting firms. Mr. Aman Mehta ID 6 6 compensation plans, policies and programmes for Executive
Mr. Deepak Kapoor ID 6 6 8 meetings of the Committee were held during the year
Directors and the Senior Management. The Committee reviews
(6) Mr. Deepak Kapoor serves as an Independent Director and as the Mr. T. V. Narendran ED 6 6 ended March 31, 2021. These meetings were held on
and recommends to the Board for its approval, the base salary,
Chairman of the Board of Tata Steel Minerals Canada (‘TSMC’). Mr. Koushik Chatterjee ED 6 6 April 7, 2020, May 22, 2020, June 20, 2020, June 28, 2020,
incentives / commission, other benefits, compensation or
Towards this, he additionally receives an annual Board fee of CAD August 13, 2020, October 1, 2020, November 13, 2020, and
arrangements and executive employment agreements for the
13,000 and CAD 600/Board Meeting from TSMC. All the Directors were present at the Annual General Meeting February 9, 2021. The requisite quorum was present for all the
Executive Directors.
of the Company held on Thursday, August 20, 2020. meetings. All the decisions at the Audit Committee meetings
(7) None of the Executive Directors are eligible for payment of any
were taken unanimously. 4 meetings of the Committee were held during the year
severance fees and the contracts with Executive Directors may be Due to the exceptional circumstances caused by the COVID-19
ended March 31, 2021. These meetings were held on
terminated by either party giving the other party six months’ notice pandemic and consequent relaxations granted by MCA and Table E: The composition of the Committee and the June 19, 2020, June 28, 2020, March 24, 2021, and March 30, 2021.
or the Company paying six months’ remuneration in lieu thereof. SEBI, all meetings in FY 2020-21 were held through Video attendance details of the Members for the year ended The requisite quorum was present for all the meetings.
Conferencing (‘VC’). March 31, 2021 are given below:
(8) Commission relates to the financial year ended March 31, 2021,
which was approved by the Board on May 5, 2021 and will be paid Table F: The composition of the Committee and the
Meeting of the Independent Directors No. of Meetings
No. of Meetings
during the financial year 2021-22. Name of the Members Category held during
Attended
attendance details of the Members for the year ended
Pursuant to Schedule IV of the Act, the Independent Directors tenure March 31, 2021 are given below:
(9) The Company does not have any stock options plan. Accordingly, met on June 27, 2020 and March 24, 2021 without the Mr. O.P. Bhatt
ID 8 8 No. of Meetings
none our Directors hold stock options as on March 31, 2021. presence of Non-Independent Directors and Members of the (Chairperson) Name of the Members Category held during
No. of Meetings
Mr. Aman Mehta ID 8 8 Attended
Management. The meetings of Independent Directors were tenure
Board Meetings chaired by Ms. Mallika Srinivasan, Independent Director and Dr. Peter Blauwhoff ID 8 7 Ms. Mallika Srinivasan
ID 4 4
Chairperson of the Nomination and Remuneration Committee. Mr. Deepak Kapoor ID 8 8 (Chairperson)
Scheduling and selection of agenda items for Board Mr. Saurabh Agrawal NED 8 8 Mr. O. P. Bhatt ID 4 4
Meetings The Independent Directors, inter alia, evaluated the performance Mr. N. Chandrasekaran NED 4 3
Tentative dates for Board Meetings in the ensuing financial year of the Non-Independent Directors and the Board of Directors Mr. O. P. Bhatt, Chairperson of the Audit Committee was
are decided in advance and communicated to the members of as a whole, evaluated the performance of the Chairman of the present at the AGM of the Company held on Thursday, Ms. Mallika Srinivasan, Chairperson of the NRC was present at
the Board. The information, as required under Regulation 17(7) Board after taking into account the views of Executive and August 20, 2020. the AGM of the Company held on Thursday, August 20, 2020.
read with Schedule II Part A of the SEBI Listing Regulations, is Non-Executive Directors and discussed aspects relating to
made available to the Board. the quality, quantity and timeliness of the flow of information Nomination and Remuneration Committee Corporate Social Responsibility and Sustainability
between the Company, the Management and the Board. The purpose of the Nomination and Remuneration Committee Committee
The Board meets at least once a quarter to review the quarterly
(‘NRC’) is to oversee the Company’s nomination process The purpose of our Corporate Social Responsibility and
financial results and other agenda items. Additional meetings Board Committees including succession planning for the senior management & Sustainability (‘CSR&S’) Committee is to formulate and
are held when necessary. Committees of the Board usually
Audit Committee the Board and specifically to assist the Board in identifying, recommend to the Board, a Corporate Social Responsibility
meet the day before or on the day of the formal Board meeting,
screening and reviewing individuals qualified to serve as Policy, which shall indicate the initiatives to be undertaken
or whenever the need arises for transacting business. The The primary objective of the Audit Committee is to monitor and
Executive Directors, Non-Executive Directors and Independent by the Company, recommend the amount of expenditure
provide an effective supervision of the Management’s financial
Directors consistent with the criteria as stated by the Board in the Company should incur on Corporate Social Responsibility
(‘CSR’) activities and to monitor from time to time the CSR 3 meetings of the Committee were held during the year ended Table I: The composition of the Committee and the Safety, Health and Environment Committee
activities and Policy of the Company. The Committee provides March 31, 2021. These meetings were held on June 19, 2020, attendance details of the Members for the year ended The Safety, Health and Environment Committee of the Board
guidance in formulation of CSR strategy and its implementation October 21, 2020, and February 8, 2021. The requisite quorum March 31, 2021 are given below: oversees the policies relating to Safety, Health and Environment
and also reviews practices and principles to foster sustainable was present for all the meetings. No. of Meetings and their implementation across Tata Steel Group.
No. of Meetings
growth of the Company by creating values consistent with Name of the Members Category held during
Attended
long-term preservation and enhancement of financial, Table H: The composition of the Committee and the tenure The Board has approved a Charter for the functioning of the
manufacturing, natural, social, intellectual and human capital. attendance details of the Members for the year ended Mr. V. K. Sharma Committee on October 27, 2009.
NED 2 2
March 31, 2021 are given below: (Chairperson)
The Board has approved a Charter for the functioning of the Mr. Deepak Kapoor ID 2 2
3 meetings of the Committee were held during the year ended
No. of Meetings March 31, 2021. These meetings were held on June 18, 2020,
Committee, on March 31, 2015, which was last reviewed on Name of the Members Category held during
No. of Meetings Mr. T. V. Narendran ED 2 2
March 2, 2017. tenure
Attended
Mr. Koushik Chatterjee ED 2 2 October 20, 2020, and February 8, 2021. The requisite quorum
Mr. Aman Mehta was present for all the meetings.
The CSR policy is available on our website at ID 3 3
(Chairperson) Mr. V. K. Sharma, Chairperson of Committee was present at the
https://www.tatasteel.com/media/11804/tata-steel-csr-policy- Dr. Peter Blauwhoff ID 3 3
Table K: The composition of the Committee and the
AGM of the Company held on Thursday, August 20, 2020.
latest-2019.pdf Mr. Saurabh Agrawal NED 3 3 attendance details of the Members for the year ended
Mr. T. V. Narendran ED 3 3 In terms of Regulation 6 and Schedule V of the SEBI Listing March 31, 2021 are given below:
4 meetings of the Committee were held during the year ended
Mr. Koushik Chatterjee ED 3 3 Regulations, the Board has appointed Mr. Parvatheesam No. of Meetings
March 31, 2021. These meetings were held on June 20, 2020, No. of Meetings
Dr. Henrik Adam MoM 3 3 Kanchinadham, Company Secretary & Chief Legal Officer Name of the Members Category held during
October 20, 2020, December 18, 2020, and February 8, 2021. tenure
Attended
Mr. Sandip Biswas MoM 3 3 (Corporate & Compliance) as the Compliance Officer of the
The requisite quorum was present for all the meetings. Dr. Peter Blauwhoff
Ms. Samita Shah(1) MoM 1 1 Company. ID 3 3
(Chairperson)
Table G: The composition of the Committee and the The details of investor complaints received and resolved during Ms. Mallika Srinivasan ID 3 2
attendance details of the Members for the year ended MoM – Member of Management the financial year ended March 31, 2021 are given in Table J Mr. V. K. Sharma NED 3 3
March 31, 2021 are given below: below. The complaints relate to non-receipt of annual report, Mr. T. V. Narendran ED 3 3
1. Ms. Samita Shah was appointed as the Member of RMC effective
No. of Meetings
No. of Meetings November 13, 2020. dividend, share transfers and other investor grievances. Dr. Henrik Adam MoM 3 3
Name of the Members Category held during
Attended
tenure Table J: Details of investor complaints received and
Stakeholders’ Relationship Committee MoM – Member of Management
Mr. Deepak Kapoor resolved during the year ended March 31, 2021:
ID 4 4 The Stakeholders’ Relationship Committee (‘SRC’) considers
(Chairperson)
Mr. O. P. Bhatt ID 4 3 and resolves the grievances of our shareholders, debenture Opening as on April 1, 2020 0
Mr. T. V. Narendran ED 4 4 holders and other security holders, including complaints Received during the year 142
Mr. Koushik Chatterjee ED 4 4 relating to non-receipt of annual report, transfer and Resolved during the year 141
transmission of securities, non-receipt of dividends / interests, Closing as on March 31, 2021 1
Mr. Deepak Kapoor, Chairperson of CSR&S Committee was issue of new / duplicate certificates, general meetings and such
present at the AGM of the Company held on Thursday, other grievances as may be raised by the security holders from General Information for Shareholders
August 20, 2020. time to time.
General Body Meetings
Risk Management Committee The Committee also reviews:
Table L: Location and time, where last three AGMs were held:
The Company has constituted a Risk Management Committee a) Measures taken for effective exercise of voting rights by
financial year
(‘RMC’) for framing, implementing and monitoring the risk Shareholders; Date Time Venue Special Resolution(s) Passed
Ended
management policy of the Company. The Committee assists
b) Service standards adopted by the Company in respect of
the Board in fulfilling its oversight responsibility with respect The Meeting was held
services redered by our Registrars & Transfer Agent;
to Enterprise Risk Management. March 31, 2020 August 20, 2020 through two-way video- -
c) Measures rendered and initiatives taken for reducing conferencing
The terms of reference of the RMC are:
quantum of unclaimed dividends and ensuring timely
a)
Overseeing key risks, including strategic, financial, receipt of dividend / annual report / notices and other (i) Re–appointment of Ms. Mallika Srinivasan
3:00 p.m. (IST) Birla Matushri Sabhagar, (DIN: 00037022) as an Independent Director of the
operational, IT (including cyber security) and compliance information by Shareholders.
March 31, 2019 July 19, 2019 19, Sir Vithaldas Company.
risks.
The Board has adopted a Charter (which includes terms Thackersey Marg, (ii) Re–appointment of Mr. O.P. Bhatt (DIN: 00548091) as
b)
Assisting the Board in framing, implementing and of reference as provided under the Act and SEBI Listing Mumbai – 400 020. an Independent Director of the Company.
monitoring the risk management plan for the Company Regulations) for the functioning of the SRC on April 11, 2014 Issue of Non-Convertible Debentures on private placement
March 31, 2018 July 20, 2018
and reviewing and guiding the Risk Policy. which was revised on February 8, 2019. basis not exceeding ₹12,000 crore
c) Developing risk management policy and risk management 2 meetings of the Committee were held during the year ended
None of the businesses proposed to be transacted at the ensuing AGM requires passing of a Special Resolution by way of Postal
system / framework for the Company. March 31, 2021. These meetings were held on March 9, 2021
Ballot. No Extraordinary General Meeting was held during the past 3 years. No other special Resolution(s) requiring a Postal Ballot
and March 24, 2021. The requisite quorum was present for
The Board has adopted a Charter for RMC on was passed last year except as mentioned below:
the meetings.
May 20, 2015, which was revised on November 13, 2020.
Special Resolution passed at the Meeting of the equity shareholders of the Company, convened under the directions of Table M: Annual General Meeting 2021:
the Hon’ble National Company Law Tribunal, Mumbai Bench: Day & Date Wednesday, June 30, 2021
As per the directions of the Hon’ble National Company Law Tribunal, Mumbai Bench (‘Hon’ble Tribunal’) vide its order dated Time 3:00 p.m. (IST)
February 20, 2020 in the Company Scheme Application No. CA(CAA)3083/MB/2019 and the orders dated January 11, 2021, January Venue In view of the continuing COVID-19 pandemic, the Ministry of Corporate Affairs (‘MCA’) has vide its circular dated
19, 2021 and February 5, 2021 in the Company Application No. 1056/2020, a Meeting of the equity shareholders of the Company May 5, 2020 read with circulars dated April 8, 2020, April 13, 2020, and January 13, 2021 (collectively referred to
was convened. The details of the Meeting are given below: as ‘MCA Circulars’) and SEBI Circular dated May 12, 2020 and January 15, 2021 (collectively referred to as ‘SEBI
Type of meeting Date Time Venue Resolution Circulars’) permitted the holding of the Annual General Meeting through video-conferencing / other audio-
Approval of the Composite Scheme of visual means (‘VC / OAVM’), without the physical presence of the Members at a common venue. In compliance
Meeting convened pursuant Amalgamation of Bamnipal Steel Limited with the provisions of the Act, MCA Circulars and SEBI Circulars, the AGM of the Company is being held through
The Meeting was held VC / OAVM. The deemed venue of the AGM shall be Bombay Hosue, 24, Homi Mody Street, Fort, Mumbai - 400 001
to the directions of the and Tata Steel BSL Limited (formerly
March 26, 2021 11.00 a.m. (IST) through two-way financial year April 1 to March 31
Hon’ble National Company known as Bhushan Steel Limited) into
video-conferencing Book Closure Dates Saturday, June 19, 2021 to Wednesday, June 30, 2021 (both days inclusive)
Law Tribunal, Mumbai Bench and with Tata Steel Limited (‘Scheme of
Amalgamation’) Dividend Payment Date On and from, July 2, 2021, (subject to approval of the Shareholders at the AGM)
Postal Ballot and Remote e-voting:

During the year, pursuant to Sections 230(4) read with Sections 108 and 110 of the Act read with Rules 20 and 22 of the Companies Communication to the Shareholders dematerialised form with effect from, April 1, 2019, except
(Management and Administration) Rules, 2014 as amended, Rule 6(3)(xi) of the Companies (Compromises, Arrangements and in case of request received for transmission or transposition
The Company sends quarterly, half-yearly, and yearly financial
Amalgamations) Rules, 2016, Regulation 44 and other applicable provisions of the SEBI Listing Regulations, and Circular No. and relodged transfers of securities. Further, SEBI vide its
results to our Shareholders electronically. Key financial data is
CFD/DIL3/CIR/2017/21 dated March 10, 2017, issued by the SEBI, each as amended from time to time, (to the extent applicable) circular no. SEBI/HO/MIRSD/RTAMB/CIR/P/2020/236 dated
published in The Indian Express, Financial Express, Nav Shakti,
the Company had provided the facility of postal ballot and remote e-voting (prior to as well as during the Meeting) for obtaining December 2, 2020 had fixed March 31, 2021 as the cut-off date for
Free Press Journal and Loksatta. The financial results along
the approval of the Members of the Company on the Scheme of Amalgamation. re-lodgement of transfer deeds and the shares that are
with the earnings releases are also posted on the Company’s
The Hon’ble Tribunal had appointed Mr. P. N. Parikh, (Membership No. FCS 327 and CP No. 1228), or failing him, Ms. Jigyasa Ved website www.tatasteel.com re-lodged for transfer shall be issued only in demat mode. In
(Membership No. FCS 6488 and CP No. 6018), or failing her, Mr. Mitesh Dhabliwala (Membership No. FCS 8331 and CP No. 9511) of view of this and to eliminate all risks associated with physical
Earnings calls on financials / quarterly results are held with shares and for ease of portfolio management, members
M/s. Parikh & Associates, Practicing Company Secretaries as Scrutinizer for the Meeting, including any adjournments thereof as
analysts and investors and their transcripts are published holding shares in physical form are requested to consider
well as Scrutinizer for the process of postal ballot and remote e-voting (prior to as well as during the Meeting).
on the website. Such presentations made to analysts and converting their holdings to dematerialised form.
The Company had sent the Notice dated February 19, 2021 together with the Explanatory Statement, to the Members only others are also made available on the Company’s website
through electronic mode i.e. to those Members whose e-mail addresses were registered with the Company / RTA / Depositories. www.tatasteel.com Share transactions in electronic form can be effected in a
Voting rights were reckoned on the paid-up value of the equity share capital of the Company as on the close of business hours much simpler and faster manner. After a confirmation of a sale
All disclosures as required under the SEBI Listing Regulations / purchase transaction from the broker, shareholders should
on the Cut-Off Date i.e. Friday, February 12, 2021 as per the Register of Members / Register of Beneficial Owners as furnished
are made through the respective Stock Exchanges where the approach the Depository Participant (‘DP’) with a request to
by the Registrar and Transfer Agents / Depositories. The voting period for remote e-voting as well as postal ballot commenced
securities of the Company are listed. The same are also available debit or credit the account for the transaction. The DP will
on Wednesday, February 24, 2021 at 9.00 a.m. (IST) and ended on Thursday, March 25, 2021 at 5.00 p.m. (IST) and the e-voting
on the Company’s website www.tatasteel.com immediately arrange to complete the transaction by updating
platform was disabled thereafter. The consolidated report on the result of the remote e-voting / postal ballot and remote e-voting
at the Meeting in respect of the resolution for approving the Scheme of Amalgamation was provided by the Scrutinizer on The Company’s website is a comprehensive reference on it’s the account.
March 26, 2021. leadership, management, vision, mission, policies, corporate Shareholders should communicate with TSR Darashaw
governance, sustainability, investor relations, products and Consultants Private Limited (formerly TSR Darashaw Limited),
The details of Voting on the above resolution passed by votes cast by way of postal ballot and remote e-voting (prior to as well
processes and updates and news. The section on ‘Investors’ the Company’s Registrars and Transfer Agent (‘RTA’) quoting
as during the Meeting) are as under:
serves to inform the Shareholders, by giving complete financial their folio number or Depository Participant ID (‘DP ID’) and
Resolution Type Number and percentage of Votes details, stock exchange compliances including shareholding Client ID number, for any queries relating to their securities.
Assent % Dissent % patterns and updated credit ratings amongst others, corporate
Resolution passed by majority of persons representing three- benefits, information relating to Stock Exchanges, details of Details of non-compliance
82,36,86,663 99.99 45,407 0.01
fourth in value as per the Act Registrars & Transfer Agent and frequently asked questions. The Company has complied with the requirements of the
Resolution passed by Public Shareholders as per SEBI Circular Investors can also submit their queries by submitting
43,96,87,826 99.99 45,407 0.01 Stock Exchanges, SEBI and other statutory authorities on all
dated March 10, 2017 ‘Shareholder Query Form’ and get feedback online. The section matters relating to capital markets during the last three years
The special resolution was passed with requisite majority. on ‘Media’ includes all major press reports and releases, awards and no penalties and / or strictures have been imposed on
and campaigns by the Company, amongst others. the Company in this regard. There has been no instance of
Details of special resolution proposed to be conducted through postal ballot:
non-compliance with any legal requirements particularly with
Investor grievance and share transfer system
None of the businesses proposed to be transacted at the ensuing AGM requires passing of a special resolution through postal any requirement of the Corporate Governance Report, during
ballot. The Company has a Board-level Stakeholders’ Relationship the year under review.
Committee to examine and redress investors’ complaints. The
status on complaints and share transfers are reported to the During the year under review, the Company did not raise any
entire Board. funds through preferential allotment or qualified institutions
placement as specified under Regulation 32(7A) of the SEBI
As per Regulation 40 of SEBI Listing Regulations, as amended, Listing Regulations. However, during the year under review,
securities of listed companies can be transferred only in
the Company has issued several Non-Convertible Debentures The Audit Report is disseminated to the Stock Exchanges The Whistle-Blower Policy for Directors and Employees is Further, outstanding GDR Shares 1,00,14,395 (March 31, 2020:
(‘NCDs’) on private placement basis, listed on debt market on quarterly basis and is also available on our website available on the Company’s website at https://www.tatasteel. 1,25,61,401) of face value ₹10 per share represent the shares
segment of BSE Limited. The Company affirms that there has https://www.tatasteel.com/investors/stock-exchange- com/corporate/our-organisation/policies/ underlying GDRs which were issued during 1994 and 2010.
been no deviation or variation in utilisation of proceeds of the compliances/reconciliation-of-share-capital-audit-reports/ Each GDR represents one underlying fully paid-up Ordinary
listed NCDs of the Company. Disclosures as per the Sexual Harassment of Women at Share.
Related Party Transactions Workplace (Prevention, Prohibition and Redressal) Act,
Further, during the year under review, the Company made the 2013 Designated e-mail address for investor services
All transactions entered into with related parties as
first and final call on the partly paid-up ordinary shares. The
defined under the Act and Regulation 23 of the SEBI Listing The disclosure regarding the complaints of sexual harassment To serve the investors better and as required under Regulation
Company affirms that there has been no deviation or variation
Regulations, each as amended, during the year under review are given in the Board’s Report. 46(2)(j) of the SEBI Listing Regulations, the designated e-mail
in utilisation of proceeds of the call money.
were on an arm’s length price basis and in the ordinary address for investor complaints is [email protected] The
On account of the first and final call made on the partly paid- course of business. These have been approved by the Audit Consolidated Fees paid to Statutory Auditors e-mail address for grievance redressal is monitored by the
up ordinary shares of the Company, the said securities listed Committee. Certain transactions which were repetitive in During the financial year 2020-21, the total fees for all services Company’s Compliance Officer.
on the National Stock Exchange of India Limited and BSE nature were approved through omnibus route by the Audit paid by the Company and its subsidiaries, on a consolidated
Limited under symbol TATASTLPP and Scrip Code 891044, Committee. The Company has not entered into any materially basis, to Price Waterhouse & Co Chartered Accountants LLP, Investor Awareness
respectively, stand suspended from trading with effect from significant related party transaction. The policy on Related Statutory Auditors of the Company is as under: As part of good governance, we have provided subscription
February 17, 2021. Party Transactions as approved by the Board of Directors from facilities to our investors, for alerts regarding press release,
time to time is uploaded on the Company’s website at https:// Table N: Consolidated fees paid to statutory auditors: results, webcasts, analyst meets and presentations amongst
Certificates from Practising Company Secretaries www.tatasteel.com/media/5891/policy-on-related-party- (₹ crore) others. We also provide our investors the facility to write
As required under Regulation 34(3) and Schedule V, Part E of transactions.pdf Particulars Amount queries regarding their rights and shareholdings and have
the SEBI Listing Regulations, the certificate given by Parikh & As auditors (Statutory Audit) 43.51 provided details of persons to be contacted for this purpose.
During the financial year 2020-21, the Company did not have
Associates (Firm Registration No. P1988MH009800), Practicing For taxation matters 1.07 We encourage investors to visit our website for reading
any material pecuniary relationship or transactions with Non-
Company Secretaries regarding compliance of conditions of For other services 7.97 the documents and for availing the above facilities at
Executive Directors apart from paying Director’s remuneration.
corporate governance, is annexed to this report. Out-of-pocket expenses 0.76 www.tatasteel.com
Further, the Directors have not entered into any contracts
As required under Clause 10 (i) of Part C under Schedule V with the Company or its subsidiaries, which will be in material Total 53.31
Legal proceedings in respect of title of shares
of the SEBI Listing Regulations, the Company has received a conflict with the interest of the Company.
Dematerialisation of shares and liquidity There are certain pending cases related to disputes over title to
certificate from Parikh & Associates (Firm Registration No.
The Board has received disclosures from KMPs and Members The Company’s Ordinary Shares are tradable compulsorily in shares in which the Company has been made a party. However,
P1988MH009800), Practicing Company Secretaries certifying
of Senior Management confirming that there have been no electronic form. We have established connectivity with both the these cases are not material in nature.
that none of our Directors have been debarred or disqualified
material, financial and commercial transactions with the depositories, i.e. NSDL and CDSL. The International Securities
from being appointed or continuing as Directors of the Commodity price risk
Company where they and / or their relatives have personal Identification Number (‘ISIN’) allotted to the Fully paid-up and
Company by SEBI or MCA or such other statutory authority.
interest. Partly paid-up Ordinary Shares under the Depository System Commodities are essential inputs to the manufacturing of
CEO and CFO certification are INE081A01012 and IN9081A01010 respectively. steel. The dynamic geo-political landscape and climate change
Policy for Determining Material Subsidiaries issues cause unpredictability in commodity outputs leading to
As required by Regulation 17(8) read with Schedule II Part B The Board of Directors of the Company at its meeting held on
The Company has formulated a Policy for Determining Material volatility in commodity prices. This is an inherent market risk
of the SEBI Listing Regulations, the Chief Executive Officer & February 9, 2021 approved making of the First and Final Call
Subsidiaries and the same is available on the Company’s for the Company as it impacts the profitability and cash flows.
Managing Director and Executive Director & Chief Financial of ₹461/- (comprising ₹7.496 towards face value and ₹453.504
website https://www.tatasteel.com/media/5890/policy-on- However, steel prices, follow the trend of commodity prices,
Officer have given appropriate certifications to the Board of towards securities premium) per partly paid-up equity share
determining-material-subsidiaries.pdf During the year, the over a period which is a natural hedge to the business.
Directors. (‘First and Final Call’), in respect of 7,76,36,788 outstanding
Company did not have any Indian unlisted material subsidiary.
partly paid-up equity shares of face value ₹10 each, issued The Company meets 100% of its iron ore requirements in India,
Half-yearly Certificate on Security Transfer The Company is in compliance with the provisions governing
by the Company, on a rights basis, pursuant to the Letter of through its captive iron ore mines and about a quarter of its
material subsidiaries.
In terms of Regulation 40(9) and 61(4) of the SEBI Listing Offer dated January 22, 2018. The Record Date for the purpose coking coal requirements from its coal mines. These captive
Regulations, certificates, on half-yearly basis, have been Vigil Mechanism of determining the holders of partly paid-up equity shares mines provide a structural hedge to the price risk of these
issued by a Company Secretary in Practice with respect to due was set as February 19, 2021. The Partly paid-up shares were commodities.
The Vigil Mechanism approved by the Board provides a formal
compliance of share and security transfer formalities by the suspended from trading with effect from February 17, 2021. On
mechanism for all Directors, employees and vendors of the The Company has a dedicated commodity sourcing team
Company. March 24, 2021, 7,02,49,241 partly paid-up equity shares, on
Company to approach the Chairman of the Audit Committee which engages with key raw material producers across
of the Company and make protective disclosures regarding the which the first and final call money was received pursuant to the globe and the commodity market at large to optimise
Reconciliation of Share Capital Audit
unethical behaviour, actual or suspected fraud or violation of the First and Final Call, were converted to fully paid-up equity sourcing. The team has identified the risk of single geography
The Company Secretary in Practice carried out a Reconciliation shares of the Company. The outstanding partly paid-up shares
the Company’s Code of Conduct. Under the Policy, in addition, sourcing and undertakes periodic risk assessment of the
of Share Capital Audit to reconcile the total admitted capital (PPS) of the Company post conversion were 73,87,547.
Directors, employees, and vendors, may approach the Chief supply chain. The team proactively works on diversification
with National Securities Depository Limited (‘NSDL’) and
Ethics Counsellor to make any such protected disclosure. The Company has 1,18,92,48,935 Ordinary Shares (including of vendors, geographies, development of substitutes &
Central Depository Services (India) Limited (‘CDSL’) (collectively
During the year under review, no person has been denied fully paid-up and partly paid-up Ordinary Shares) representing new products, Vendor Managed Inventory and Value-In-
‘Depositories’) and the total issued and listed capital. The
access to the Chairman of the Audit Committee. Details of the 98.76% of the Company’s share capital which is dematerialised Use (‘VIU’) optimisation framework to mitigate the impact
Audit confirms that the total paid-up capital is in agreement
Vigil Mechanism are given in the Board’s Report. as on March 31, 2021. of single geography sourcing and other disruptions in the
with the aggregate of the total number of shares in physical
form and in dematerialised form (held with Depositories).
supply chain. The Company manages the price risk through was taken to operate raw material mining operations. Supply Partly paid-up Ordinary Shares
reverse auction and predictive analysis, which is an agile and chain disruptions were managed through obtaining necessary Total No. of Shareholders % to total holders Total No. of Shares % to total capital
insight-based buying methodology. The dynamic VIU mapping licenses to ensure movement of raw materials. A taskforce Share
as on March 31, as on March 31, as on March 31, as on March 31,
Holding
with imported coal pricing is undertaken for advance planning was formed to ensure preparedness across the organisation 2021 2020 2021 2020 2021 2020 2021 2020
and value maximisation. in terms of employee health and safety and continuity of 1 3,934 5,765 5.47 3.36 3,934 5,765 0.05 0.01
operations. To reduce dependence on global commodity 2-10 29,029 56,521 40.37 32.93 1,65,389 3,29,688 2.19 0.43
During the COVID-19 pandemic, the Company has proactively
supply chains, captive coal, iron ore and pellet inventory were 11-50 28,689 70,096 39.89 40.83 6,83,805 17,21,756 9.07 2.22
taken measures to address the uncertainties and has made
ramped up to reduce the buy post normalisation of operations 51-100 5,550 16,807 7.72 9.79 4,18,741 12,81,572 5.55 1.65
strategic shifts in its sourcing policy especially in relation to the
and improve profitability. 101-200 2,629 9,405 3.65 5.48 3,88,600 14,07,722 5.15 1.81
key commodities. During the lockdown period, a strategic call
201-500 1,472 6,972 2.05 4.06 4,68,967 23,14,888 6.22 2.98
To address the short-term price volatility, the Company also hedges certain commodities in the derivatives market. Exposure of 501-1,000 368 2,893 0.51 1.69 2,69,904 21,77,708 3.58 2.80
the Company to commodity and commodity risks faced by the Company throughout the year is as below: 1,001-5,000 200 2,493 0.28 1.45 3,66,169 52,71,622 4.86 6.79
5,001-10,000 18 362 0.03 0.21 1,31,073 25,56,671 1.74 3.29
1. Total exposure of the listed entity to commodities (including commodities based on materiality as given in item 2 below):
10,001-1,00,000 13 305 0.02 0.18 2,32,709 78,88,152 3.09 10.16
₹8,840 crore.
1,00,001 and above 4 41 0.01 0.02 44,09,988 5,26,81,244 58.50 67.86
2. Exposure of the listed entity to various commodities (based on materiality): Total 71,906 1,71,660 100.00 100.00 75,39,279* 7,76,36,788 100.00 100.00
Exposure in Exposure in Quantity % of such exposure hedged through commodity derivatives *This includes 1,51,732 partly paid-up Ordinary Shares for which corporate action could not be completed on conversion.
INR towards terms towards the Domestic Market International Market
Commodity Name
the particular particular commodity Total
Commodity (₹ crore) (Tonnes) OTC Exchnage OTC Exchange Transfer of Unclaimed Dividend and Shares to Investor The details of unclaimed dividends and shares
Coal 6,262 90,60,000 Nil Nil Nil Nil Nil Education and Protection Fund (‘IEPF’) transferred to IEPF within statutory timelines during
Refractories 783 93,000 Nil Nil Nil Nil Nil Pursuant to the provisions of the Act, read with Investor financial year 2020-21 are as follows:
Education Protection Fund Authority (Accounting, Audit, Amount of Unclaimed Number of Shares
Compliance with discretionary requirements Shareholder Rights: The half-yearly financial performance of Transfer and Refund) Rules, 2016, as amended (‘Rules’), financial year
Dividend Transferred (₹) Transferred
All mandatory requirements of the SEBI Listing Regulations the Company is sent to all the Members whose e-mail IDs are the dividends, unclaimed for a period of seven years from 2012-13 6,47,92,776 4,84,219
have been complied with by the Company. The status of registered with the Company / Depositories. The results are the date of transfer to the Unpaid Dividend Account of the
also available on the Company’s website https://www.tatasteel. Company are liable to be transferred to the IEPF. Accordingly, Any person whose unclaimed dividend and shares
compliance with the discretionary requirements, as stated
com/investors/financial-performance/financial-results/ unclaimed dividends of Shareholders for FY 2013-14 lying pertaining thereto, matured deposits, matured debentures,
under Part E of Schedule II to the SEBI Listing Regulations are
in the Unpaid Dividend Account of the Company as on application money due for refund, or interest thereon,
as under: Modified opinion(s) in Audit Report: The Auditors have
September 15, 2021 will be due for transfer to IEPF on the due sale proceeds of fractional shares, redemption proceeds
Maintenance of Chairman’s office: The Non-Executive expressed an unmodified opinion in their report on the of preference shares, amongst others has been transferred
date i.e. September 16, 2021. Further, the shares (excluding the
Chairman has a separate office which is not maintained by the financial statements of the Company. to the IEPF can claim their due amount from the IEPF
disputed cases having specific orders of the Court, Tribunal or
Company. Reporting of Internal Auditor: The Internal Auditor any Statutory Authority restraining such transfer) pertaining Authority by making an electronic application in web-form
functionally reports to the Audit Committee. to which dividend remains unclaimed for a consecutive period IEPF-5. Upon submitting a duly completed form, the
of seven years from the date of transfer of the dividend to the Shareholders are required to take print of the same and send
Unpaid Dividend Account is also mandatorily required to be physical copy duly signed along with requisite documents
Table O: Distribution of Shareholding of Ordinary Shares
transferred to the IEPF Authority established by the Central as specified in the form to the attention of the Nodal Officer,
Fully paid-up Ordinary Shares Government. at the Registered Office of the Company. The instructions
Total No. of Shareholders % to total holders Total No. of Shares % to total capital
for the web-form can be downloaded from our website
Share
as on March 31, as on March 31, as on March 31, as on March 31,
The Company had sent individual communication to the www.tatasteel.com under ‘unclaimed dividend’ tab in
Holding
2021 2020 2021 2020 2021 2020 2021 2020
concerned shareholders at their registered address, whose ‘Investors’ section and simultaneously from the website of
dividend remained unclaimed and whose shares were liable Ministry of Corporate Affairs at www.iepf.gov.in
1 43,630 28,060 5.07 3.20 43,630 28,060 0.00 0.00
to be transferred to the IEPF by September 16, 2020. The
2-10 1,72,682 1,40,836 20.10 16.07 10,91,721 9,44,762 0.09 0.09
communication was also published in national English and
11-50 2,52,417 2,65,965 29.38 30.35 73,54,729 79,28,111 0.61 0.71
local Marathi newspapers.
51-100 1,20,813 1,37,982 14.06 15.75 95,31,753 1,09,44,618 0.80 0.97
101-200 1,13,831 1,30,363 13.25 14.88 1,67,07,083 1,91,59,949 1.40 1.70
201-500 90,207 1,02,596 10.50 11.71 2,82,06,257 3,21,16,622 2.35 2.85
501-1,000 33,138 36,562 3.86 4.17 2,36,26,445 2,61,32,184 1.97 2.32
1,001-5,000 27,450 29,040 3.19 3.31 5,46,77,770 5,74,75,276 4.57 5.10
5,001-10,000 2,800 2,796 0.33 0.32 1,94,52,109 1,94,09,285 1.63 1.72
10,001-1,00,000 1,903 1,812 0.22 0.21 4,74,53,197 4,18,34,519 3.97 3.71
1,00,001 and above 370 287 0.04 0.03 98,84,43,026 91,05,16,825 82.61 80.83
Total 8,59,241 8,76,299 100.00 100.00 119,65,87,720 112,64,90,211 100.00 100.00
Table P: The status of dividend remaining unclaimed is given hereunder: have been rejected by the bank, companies or their Registrars February 17, 2021. The annual listing fees has been paid to the
and Transfer Agents may use physical payment instruments respective stock exchanges.
Unclaimed Dividend Status
Whether it can
Can be claimed from Action to be taken for making cash payments to the investors. Companies shall
be claimed
mandatorily print the bank account details of the investors on Table R: ISIN and Stock Code details
Up to and Transferred to the Office of Registrar of Companies, Claim to be forwarded in prescribed Form such payment instruments. Stock Exchanges ISIN Stock Code
including the General Revenue Central Government Office Building, No. II of the Companies Unpaid Dividend Regulation 12 of the SEBI Listing Regulations, allows the INE081A01012 500470
Yes
financial year Account of the Central ‘A’ Wing, 2nd Floor, Next to Reserve (Transfer to General Revenue Account of BSE Limited (‘BSE’) (Fully paid-up (Fully paid-up
Company to pay dividend by cheque or ‘payable at par’
1994-95 Government Bank of India, CBD, Belapur - 400 614. the Central Government) Rules, 1978. Phiroze Jeejeebhoy Towers, Ordinary Shares) Ordinary Shares)
warrants where payment by electronic mode is not possible.
Submit web-form IEPF-5 to the IEPF Authority to pay the claim amount to Dalal Street, Mumbai - 400 001, IN9081A01010 *890144
For the financial Transferred to the Shareholders to note that payment of dividend and other cash
Registered Office of the Company the Shareholder based on the verification Maharashtra, India (Partly paid-up (Partly paid-up
years 1995-96 to IEPF of the Central Yes benefits through electronic mode has many advantages like
addressed to the Nodal Officer along report submitted by the Company and Ordinary Shares) Ordinary Shares)
2011-12 Government
with complete documents. the documents submitted by the investor.
prompt credit, elimination of fraudulent encashment / delay in
National Stock Exchange of INE081A01012 TATASTEEL
transit amongst others. They are requested to opt for any of the
TSR Darashaw Consultants Private India Limited (‘NSE’) (Fully paid-up (Fully paid-up
For the financial Amount lying in
Limited (formerly TSR Darashaw
above mentioned electronic modes of payment of dividend Exchange Plaza, 5th Floor, Ordinary Shares) Ordinary Shares)
years 2013-14 to respective Unpaid Yes Letter on plain paper. and other cash benefits and update their bank details:
Limited), Registrars and Transfer Plot No. C/1, G Block,
2019-20 Dividend Accounts IN9081A01010 *TATASTEELPP
Agent. • In case of holdings in dematerialised form, by contacting Bandra-Kurla Complex,
(Partly paid-up (Partly paid-up
their DP and giving suitable instructions to update the bank Mumbai - 400 051,
The Company has hosted on its website the details of the unclaimed dividend / unclaimed shares / interest / principal amounts Maharashtra, India
Ordinary Shares) Ordinary Shares)
for the financial year 2019-20 as per the Notification No. G S R 352 (E) dated May 10, 2012 of Ministry of Corporate Affairs (as per details in their demat account.
Section 124 of the Companies Act, 2013, as amended). • In case of holdings in physical form, by informing the *Securities in scrip code 890144 and symbol TATASTLPP stand suspended
Company’s RTA i.e. TSR Darashaw Consultants Private from trading effective February 17, 2021.
Table Q: Details of date of declaration & due date for transfer to IEPF
Limited (formerly TSR Darashaw Limited), through a signed
Table S: International Listings of securities issued by the
Dividend per fully paid-up
Dividend per partly request letter with details such as their Folio No(s), Name
Year paid-up Ordinary (equity) Date of Declaration Due date for transfer to IEPF Company are as under:
Ordinary (equity) Share and Branch of the Bank in which they wish to receive
Share
the dividend, the Bank Account type, Bank Account Global Depository Receipts (‘GDRs’) as on March 31, 2021:
2013-14 10 - August 14, 2014 September 16, 2021
Number allotted by their banks after implementation GDRs 1994 2009
2014-15 8 - August 12, 2015 September 16, 2022 of Core Banking Solutions (‘CBS’) the 9 digit MICR Code
2015-16 8 - August 12, 2016 September 17, 2023 ISIN US87656Y1091 US87656Y4061
Number and the 11 digit IFSC Code. This letter should be
2016-17 10 - August 8, 2017 September 9, 2024 Luxembourg Stock London Stock
supported by cancelled cheque bearing the name of the Listed on
Exchange Exchange
2017-18 10 2.504 July 20, 2018 August 22, 2025 first shareholder.
2018-19 13 3.25 July 19, 2019 August 22, 2026 Table T (i): Perpetual Hybrid Securities in the form of
Shareholders to note that those who are unable to receive the
2019-20 10 2.504 August 20, 2020 September 24, 2027 Non-Convertible Debentures as on March 31, 2021, are
dividend directly in their bank accounts through Electronic
Shareholders are requested to contact the RTA for encashing the unclaimed dividend / interest / principal amount, if any, standing Clearing Service or any other electronic means, due to listed on the Wholesale Debt Market segment of the
to the credit of their account. non-registration of the Electronic Bank Mandate, the Company National Stock Exchange of India as under:
shall dispatch the dividend warrant/ Bankers’ cheque/ demand Rate (%) 11.50
Nomination Facility e-mails ids, nomination and power of attorney should be given draft to such Members, upon normalisation of activities that
to the Company’s RTA i.e. TSR Darashaw Consultants Private ISIN INE081A08173
Shareholders whose shares are in physical form and wish have been disrupted due to the ongoing COVID-19 pandemic.
Limited (formerly TSR Darashaw Limited). Principal Amount (` in crore) 775
to make / change a nomination in respect of their shares
in the Company, as permitted under Section 72 of the Listing on Stock Exchanges *Perpetual (Call Option can be
Updation of bank details for remittance of dividend / cash exercised, at par, at the end of 10
Companies Act, 2013, may submit to RTA the prescribed Forms As on March 31, 2021, the Company has issued Fully paid-up Date of Maturity
benefits in electronic form years and at the end of every year
SH-13/SH-14. The Nomination Form can be downloaded from Ordinary Shares and Partly paid-up Ordinary shares which are
SEBI vide its Circular No. CIR/MRD/DP/10/2013 dated thereafter)
the Company’s website www.tatasteel.com under the section listed on BSE Limited and National Stock Exchange of India
‘Investors’. March 21, 2013 (‘Circular’) to all listed companies requires Limited in India. The Board of Directors of the Company at its *Due to be redeemed on May 11, 2021 pursuant to the Call exercised by
them to update bank details of their shareholders holding meeting held on February 9, 2021 approved making of the First the Board of Directors of the Company on November 13, 2020.
Shares held in Electronic Form shares in demat mode and / or physical form, to enable usage and Final Call of ₹461/- (comprising ₹7.496 towards face value During the year, the Board of Directors at their meeting held
Shareholders holding shares in electronic form may please of the electronic mode of remittance i.e. National Automated and ₹453.504 towards securities premium) per partly paid-up on November 13, 2020 approved the proposal to exercise
note that instructions regarding change of address, bank Clearing House (‘NACH’) for distributing dividends and other equity share (‘First and Final Call’), in respect of 7,76,36,788 Call Option to redeem the unsecured, rated, listed
details, e-mail ids, nomination and power of attorney should cash benefits to the shareholders. outstanding partly paid-up equity shares of face value ₹10 Non-Convertible Debentures (NCDs) / Perpetual Hybrid
be given directly to the DP. The Circular further states that in cases where either the bank each, issued by the Company, on a rights basis, pursuant to Securities (PHS) in the form of NCDs of the Company, as per their
details such as Magnetic Ink Character Recognition (‘MICR’) the Letter of Offer dated January 22, 2018. The Record Date terms of issue. Accordingly, the 11.80% PHS (ISIN: INE081A08165),
Shares held in Physical Form for the purpose of determining the holders of partly paid-
and Indian Financial System Code (‘IFSC’), amongst others, aggregating to ₹1,500 crore were redeemed on March 18, 2021
Shareholders holding shares in physical form may please note that are required for making electronic payment are not up equity shares was set as February 19, 2021. The partly and 11.50% PHS (ISIN: INE081A08173) aggregating to ₹775 crore
that instructions regarding change of address, bank details, available or the electronic payment instructions have failed or paid-up Ordinary Shares are suspended from trading effective will be redeemed on May 11, 2021.
Table T (ii): Unsecured Redeemable Non-Convertible Debentures (‘NCDs’) as on March 31, 2021, are listed on the Market Information
Wholesale Debt Market segment of the Stock Exchanges as under:
Table U: Market Price Data – High, Low (based on daily closing price) and volume (no. of shares traded) during each
(₹ crore) month in the financial year 2020-21 of Fully Paid-up Ordinary Shares, on BSE Limited and National Stock Exchange of
Principal
Maturity Name of the Stock India Limited:
Coupon Rate (%) ISIN Credit Ratings Exchange on which
Amount Amount Date BSE Limited National Stock Exchange of India Limited
the NCDs are listed
Volume Volume
AA by CARE and AA by Month
2.00 INE081A08181 1,500.00 1,500.00 April 23, 2022 NSE High (₹) Low (₹) (No. of shares High (₹) Low (₹) (No. of shares
Brickwork traded) traded)
AA by CARE and AA by April 2020 298.45 253.85 1,44,38,340 298.30 253.75 28,19,85,430
8.15 INE081A08215 1,000.00 1,000.00 October 1, 2026 BSE
Brickwork May 2020 295.20 266.45 1,18,83,746 295.50 266.60 24,23,55,268
1,078.75 February 28, 2031 June 2020 339.35 306.05 2,10,80,670 338.95 306.20 36,74,76,160
1,078.25 March 1, 2032 July 2020 373.90 323.85 1,82,55,459 373.75 323.70 31,09,68,300
9.8359 INE081A08223 4,315.00 AA CARE and AA India Ratings August 2020 434.75 372.25 1,46,41,873 434.50 372.25 34,45,98,516
1,078.25 March 1, 2033 BSE
September 2020 438.85 343.85 1,02,07,467 438.65 343.90 32,05,33,046
1,078.25 March 1, 2034 October 2020 423.35 364.95 1,26,60,026 423.45 364.95 37,53,29,251
7.70 INE081A08231 670.00 670.00 March 13, 2025 AA CARE and AA India Ratings BSE November 2020 577.85 402.80 1,84,58,807 577.35 402.85 46,17,60,748
7.85 INE081A08249 1,025.00 1,025.00 April 17, 2023 AA CARE and AA India Ratings BSE December 2020 643.55 585.55 1,51,80,771 643.65 585.80 35,89,08,203
7.85 INE081A08256 510.00 510.00 April 21, 2023 AA CARE and AA India Ratings BSE January 2021 722.75 601.15 1,83,02,488 722.80 601.00 43,30,68,703
February 2021 742.90 636.15 2,44,16,933 742.90 636.10 47,13,14,897
Floating Rate$ INE081A08264 1,000.00 1,000.00 April 27, 2023 AA CARE and AA India Ratings BSE March 2021 811.95 703.40 1,92,90,620 811.85 702.80 42,01,85,737
Floating Rate& INE081A08280 (Series A) 500.00 500.00 April 28, 2023 AA CARE and AA India Ratings BSE Yearly 811.95 253.85 19,88,17,200 811.85 253.75 438,84,84,259
7.95 INE081A08272 (Series B) 500.00 500.00 October 30, 2023 AA CARE and AA India Ratings BSE
8.25 INE081A08298 1,000.00 1,000.00 May 19, 2023 AA CARE and AA India Ratings BSE
The Company’s shares are regularly traded on BSE Limited and National Stock Exchange of India Limited, as is seen from the
volume of shares indicated in the Table containing Market Information.
Floating Rate* INE081A08306 400.00 400.00 June 2, 2023 AA CARE and AA India Ratings BSE
*
Coupon rate on the Floating Rate Debentures is the sum of the prevailing Repo Rate fixed by the Reserve Bank of India on each Monthly Reset Date Table V: Performance of the share price of the Company in comparison to broad-based indices like BSE and Nifty Sensex
and the applicable spread of 4.08% per annum, payable annually at the end of every year from the Date of Allotment. are given below:
Closing Price of Closing Price of
&
Coupon Rate on the Floating Rate Debentures is the sum of the prevailing Repo Rate fixed by the Reserve Bank of India on each Monthly Reset Date Month Equity Shares at BSE SENSEX Equity Shares at Nifty
and the applicable spread of 3.45% per annum, payable annually at the end of every year from the Date of Allotment. BSE (₹) NSE (₹)
April 2020 298.45 33,717.62 298.30 9,859.90
$
Coupon rate on the Floating Rate Debentures is the sum of the prevailing Repo Rate fixed by the Reserve Bank of India on each Monthly Reset Date
May 2020 295.20 32,424.10 295.20 9,580.30
and the applicable Spread of 3.30% per annum, payable annually at the end of every year from the Date of Allotment. June 2020 326.65 34,915.80 326.70 10,302.10
NCDs redeemed during the year: July 2020 366.40 37,606.89 366.30 11,073.45
August 2020 413.20 38,628.29 413.00 11,387.50
(a) 9.15% NCDs (ISIN: INE081A082072) aggregating to ₹500 crore were due to be redeemed on January 24, 2021. However, since September 2020 359.75 38,067.93 359.75 11,247.55
this was a non-business day, in accordance with the terms of issue, the NCDs were redeemed on the next working day i.e. October 2020 410.35 39,614.07 410.55 11,642.40
January 25, 2021. November 2020 577.85 44,149.72 577.35 12,968.95
December 2020 643.55 47,751.33 643.65 13,981.75
(b) The Board of Directors at their meeting held on November 13, 2020 approved the proposal to exercise Call Option to redeem January 2021 601.15 46,285.77 601.00 13,634.60
the unsecured, rated, listed Non-Convertible Debentures (NCDs) of the Company, as per their terms of issue. Accordingly, February 2021 714.80 49,099.99 715.15 14,529.15
10.25% NCDs (ISIN:INE081A08140) aggregating to ₹500 crore and 10.25% NCDs (ISIN:INE081A08157) aggregating to ₹2,500 March 2021 811.95 49,509.15 811.85 14,690.70
crore were redeemed on December 22, 2020 and January 6, 2021, respectively.
Tata Steel on BSE (closing price) Sensex (RHS) Tata Steel on NSE (closing price) Nifty (RHS)
Credit Rating
Details on credit rating are provided in the Board’s Report. The above details are also available on our website 900
900 58,000
www.tatasteel.com
800 800 15,000
53,000
700 700
14,000
600 48,000 600
13,000
500 500
43,000
400 12,000
400
38,000 300 11,000
300
200 33,000 200 10,000
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Secretarial Audit Green Initiative Plant Locations: Wire Division, Tarapur Joda West Iron & Manganese Mine
Tata Steel Kalinganagar Plant Tata Steel Limited - Wire Division Tata Steel Limited
The Board of Directors has appointed Parikh and Associates As a responsible corporate citizen, the Company welcomes
Tata Steel Limited Plot F8 & A6, Tarapur MIDC P.O. Bichakundi, Joda, Dist. Keonjhar
(Firm Registration No. P1988MH009800), Practising Company and supports the ‘Green Initiative’ undertaken by the Ministry
Kalinganagar Industrial Complex P.O. Boisar, Dist. Palghar – 401 506 Odisha – 758 034
Secretaries, to conduct secretarial audit of its records and of Corporate Affairs, Government of India, enabling electronic
documents for the financial year 2020-21. The secretarial delivery of documents including the Annual Report, quarterly Duburi, Dist. Jajpur
Odisha – 755 026 Wire Division, Indore Ferro Manganese Plant, Joda
audit report confirms that the Company has complied with all and half-yearly results, amongst others, to Shareholders
Indore – Tata Steel Limited, Wire Division Tata Steel Limited
applicable provisions of the Companies Act, 2013, Secretarial at their e-mail address previously registered with the DPs
Tata Steel Jamshedpur Plant Plot 14/15/16 & 32 Industrial Estate Dist. Keonjhar, Odisha – 758 034
Standards, Depositories Act, 2018, SEBI (Listing Obligations and and RTAs.
Tata Steel Limited Laxmibai Nagar, Fort Indore
Disclosure Requirements) Regulations, 2015, SEBI (Prohibition
Shareholders who have not registered their e-mail addresses P.O. Bistupur Madhya Pradesh – 452 006 Bamebari Iron & Manganese Mine
of Insider Trading) Regulations, 2015, each as amended and
so far are requested to do the same. Those holding shares Jamshedpur – 831 001 Tata Steel Limited
all other regulations and guidelines of SEBI as applicable to
in demat form can register their e-mail address with their Wire Division, Pithampur P.O. Bamebari, Joda, Dist. Keonjhar
the Company. The Secretarial Audit Report forms part of the
concerned DPs. Shareholders who hold shares in physical Cold Rolling Mill Complex, Bara Pithampur Wire Division Odisha – 758 086
Board’s Report.
form are requested to register their e-mail addresses with the Tata Steel Limited Plot 158 & 158A, Sector III
RTA, by sending a letter, duly signed by the first / sole holder P.O. Agrico, P.S. Sidhgora Industrial Estate, Pithampur Tiringpahar Iron & Manganese Mine
quoting details of Folio No. Block: Jamshedpur, Dist. Purbi Singhbhum Madhya Pradesh – 454 774 Tata Steel Limited
Pin – 831 009 P.O. Bamebari, Joda, Dist. Keonjhar
Bearings Division Odisha – 758 086
Tata Steel Growth Shop Tata Steel Limited
Growth Shop P.O. Rakha Jungle, Nimpura Industrial Estate Jharia Division
Tata Steel Limited Kharagpur, West Bengal – 721 301 Tata Steel Limited
Adityapur Industrial Estate, Jamadoba, Dhanbad
P.O. Gamharia, Noamundi Iron Mine Jharkhand – 828 112
Dist. Seraikela-Kharsawan Tata Steel Limited
Pin – 832 108 West Singhbhum, Noamundi West Bokaro Division
Jharkhand – 833 217 Tata Steel Limited
Tata Steel Tubes Division Ghatotand, Dist. Ramgarh
Tubes Division Ferro Alloys Plant, Bamnipal Jharkhand – 825 314
Tata Steel Limited Tata Steel Limited
P.O. Burma Mines P.O. Bamnipal, Dist. Keonjhar Hooghly Met Coke Division
Jamshedpur – 831 007 Odisha – 758 082 Tata Steel Limited
Patikhali, Haldia, Purba
Joda East Iron Mine Katamati Iron Mine Medinipur, West Bengal – 721 606
Joda Central Organisation Tata Steel Limited
Tata Steel Limited, Joda Village: Deojhar , Subdivision: Champua, Ferro Chrome Plant, Gopalpur
Dist. Keonjhar, Odisha – 758 034 PO: Deojhar, Dist: Keonjhar, Tata Steel Limited
Odisha – 758 038 P.O. Chamakhandi, Chatrapur Tahsil
Cold Rolling Complex (West) Dist. Ganjam,
Tata Steel Limited Khondbond Iron Mine Odisha – 761 020
Plot No. S 76, Tarapur Industrial Area Tata Steel Limited
P Box 22, Tarapur Industrial Estate Post Office Village: Khondbond, Guruda,
District Palghar, Maharashtra – 401 506 Subdivision: Champua, PO: Joda,
Dist: Keonjhar, Odisha – 758 034
Investor Contact: Luxembourg Stock Exchange For the convenience of investors based in the Details of Corporate Policies
Registered Office: 35A Boulevard Joseph II following cities, correspondence / documents will
Bombay House, 24, Homi Mody Street, L-1840 Luxembourg, also be accepted at the following branches / agencies Particulars Website Details / Links
Fort, Mumbai – 400 001. Tel.: (+352) 4779361 of TSR Darashaw Consultants Private Limited:
Fax: (+352) 473298 Dividend Distribution Policy https://www.tatasteel.com/media/6086/dividend-policy-final.pdf
Tel.: +91 22 6665 8282
E-mail: [email protected] Website: www.bourse.lu Bengaluru Composition and Profile of the Board of
Website: www.tatasteel.com TSR Darashaw Consultants Private Limited https://www.tatasteel.com/corporate/our-organisation/leadership/
Directors
CIN: L27100MH1907PLC000260 London Stock Exchange (formerly TSR Darashaw Limited)
Terms and conditions of appointment of https://www.tatasteel.com/media/2917/terms-and-conditions-of-appointment-of-
10 Paternoster Square, C/O. Mr. D. Nagendra Rao
Independent Directors independent-directors.pdf
London - EC4M 7LS “Vaghdevi” 543/A, 7th Main, 3rd Cross,
Name, designation & address of Policy on Appointment and Removal of
Tel.: (+44) 20 7797 1000 Hanumanthnagar https://www.tatasteel.com/media/6816/policy-on-appointment-and-removal-of-directors.pdf
Compliance Officer: Directors
Website: www.londonstockexchange.com Bengaluru – 560 019
Mr. Parvatheesam Kanchinadham, Contact person: Mr. Shivanand M. Familiarisation Programme for Independent https://www.tatasteel.com/media/12333/familiarization-programme-for-independent-
Company Secretary & Chief Legal Officer Depository Services: Tel.: 080 2650 9004 Directors directors-for-website.pdf
(Corporate & Compliance) Remuneration Policy of Directors, KMPs &
Bombay House, 24, Homi Mody Street, National Securities Depository Limited Fax: +91 80 2558 0019 https://www.tatasteel.com/media/6817/remuneration-policy-of-directors-etc.pdf
Trade World, A Wing, 4th & 5th Floors, E-mail: [email protected] Other Employees
Fort, Mumbai – 400 001.
Tel.: +91 22 6665 7330 Kamala Mills Compound, Tata Code of Conduct https://www.tatasteel.com/media/1864/tcoc.pdf
Lower Parel, Mumbai – 400 013. Kolkata
E-mail: [email protected] TSR Darashaw Consultants Private Limited Criteria for Making Payments to
Tel.: +91 22 2499 4200; https://www.tatasteel.com/media/3931/criteria-of-making-payments-to-neds.pdf
Fax: +91 22 2497 6351 (formerly TSR Darashaw Limited) Non-Executive Directors
Name, designation & address of Investor C/o. Link Intime India Private Limited
E-mail: [email protected] Corporate Social Responsibility Policy https://www.tatasteel.com/media/1879/csr-policy-version-20.pdf
Relations Officer: Vaishno Chamber, Flat No. 502 & 503,
Investor Grievance: [email protected] Code of Conduct for Non-Executive
Mr. Sandep Agrawal, 5th Floor, 6, Brabourne Road https://www.tatasteel.com/media/3930/tcoc-non-executive-directors.pdf
Website: www.nsdl.co.in Directors
Head - Group Investor Relation Kolkata - 700 001
Policy on Related Party Transactions https://www.tatasteel.com/media/5891/policy-on-related-party-transactions.pdf
One Forbes, 6th Floor, 1, Dr. V. B. Gandhi Central Depository Services (India) Tel.: +91 33 40081986
Marg, Fort, Mumbai – 400 001. E-mail : [email protected] Policy on Determining Material Subsidiary https://www.tatasteel.com/media/5890/policy-on-determining-material-subsidiaries.pdf
Limited https://www.tatasteel.com/media/9942/whistle-blower-policy-for-business-associates.pdf
Tel.: +91 22 6665 0530 Marathon Futurex, A-Wing, 25th Floor, Whistle-Blower Policy
E-mail: [email protected] New Delhi https://www.tatasteel.com/media/11322/revised-whistleblower-policy-december-18-2019.pdf
NM Joshi Marg,
TSR Darashaw Consultants Private Limited Code of Corporate Disclosure Practices https://www.tatasteel.com/media/6843/code-of-corporate-disclosure-practices.pdf
Lower Parel (East), Mumbai-400013.
Debenture Trustee: Tel.: +91 22 2305 8640/8624/8639/8663 (formerly TSR Darashaw Limited) Policy on Determination of Materiality for
https://www.tatasteel.com/media/6844/tata-steel-determination-of-materiality-policy.pdf
IDBI Trusteeship Services Limited E-mail: [email protected], C/o. Link Intime India Private Limited Disclosure
Asian Building, Ground Floor, Investor Grievance: Noble Heights, 1st Floor, Document Retention and Archival Policy https://www.tatasteel.com/media/6845/tata-steel-document-retention-policy.pdf
17, R. Kamani Marg, Ballard Estate, [email protected] Plot No NH-2, C-1 Block, LSC, Prevention of Sexual Harassment (POSH) at
Near Savitri Market, Janakpuri, https://www.tatasteel.com/media/7526/posh.pdf
Mumbai – 400 001. Website: www.cdslindia.com Workplace Policy
Tel.: +91 22 4080 7000 New Delhi – 110 058 https://www.tatasteel.com/investors/stock-exchange-compliances/reconciliation-of-share-
Fax: +91 22 6631 1776 Tel.: +91 22 4080 7000 Reconciliation of Share Capital Audit Report
Registrars and Transfer Agents: capital-audit-reports/
E-mail: [email protected] E-mail : [email protected]
TSR Darashaw Consultants Private Limited
Website: www.idbitrustee.com (formerly TSR Darashaw Limited)
Jamshedpur
CIN: U74999MH2018PTC307859
Stock Exchanges: Bungalow No. 1, 'E' Road,
Unit: Tata Steel Limited,
BSE Limited Northern Town Bistupur,
C-101, 1st Floor, 247 Park, Lal Bahadur
Phiroze Jeejeebhoy Towers, Jamshedpur – 831 001
Shastri Marg, Vikhroli West,
Dalal Street, Mumbai – 400 001. Tel.: +91 657 2426 616
Mumbai - 400 083 Maharashtra
Tel.: +91 22 2272 1233; Fax: +91 657 2426 937
Tel.: +91 22 6656 8484
Fax: +91 22 2272 1919 Fax: +91 22 6656 8494/8496 E-mail : [email protected]
Website: www.bseindia.com Timings: Monday to Friday,
10 a.m. (IST) to 3.30 p.m. (IST) Ahmedabad
National Stock Exchange of India Limited E-mail: [email protected] TSR Darashaw Consultants Private Limited
Exchange Plaza, Plot No. C/1, Website: www.tsrdarashaw.com (formerly TSR Darashaw Limited)
G Block Bandra-Kurla Complex, C/o. Link Intime India Private Limited
Bandra (E), Mumbai – 400 051. 5th Floor, 506 TO 508
Tel.: +91 22 2659 8100; Amarnath Business Centre-1 (ABC-1)
Fax: +91 22 2659 8120 Beside Gala Business Centre
Website: www.nseindia.com Nr. St. Xavier's College Corner
Off. C.G. Road, Ellisbridge
Ahmedabad – 380 006
Tel.: +91 79 2646 5179
E-mail : [email protected]
Declaration Regarding Compliance by Board Members and Senior Management Personnel with Practising Company Secretaries’ Certificate on Directors
the Code of Conduct (Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015)
This is to confirm that the Company has adopted the Tata Code of Conduct for its employees including the Managing Director
and the Whole-time Directors. In addition, the Company has adopted the Tata Code of Conduct for the Non-Executive Directors.
Both these Codes are available on the Company’s website at www.tatasteel.com To,
The Members
I confirm that the Company has in respect of the financial year ended March 31, 2021, received from the Senior Management Team Tata Steel Limited
of the Company and the Members of the Board, a declaration of compliance with the Code of Conduct as applicable to them. Bombay House, 24 Homi Mody Street,
For the purpose of this declaration, Senior Management Team means the Members of the Management one level below the Chief Fort, Mumbai – 400 001
Executive Officer & Managing Director as on March 31, 2021. We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Tata Steel
Limited having CIN: L27100MH1907PLC000260 and having registered office at Bombay House, 24 Homi Mody Street, Fort,
sd/- Mumbai – 400 001 (hereinafter referred to as ‘the Company’), produced before me / us by the Company for the purpose of
T. V. NARENDRAN issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub-clause 10(i) of the Securities and
Chief Executive Officer & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Managing Director In our opinion and to the best of our information and according to the verifications (including Directors Identification Number
May 5, 2021 DIN: 03083605 (‘DIN’) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its
officers and considering the relaxations granted by the Ministry of Corporate Affairs and Securities and Exchange Board of
India warranted due to the spread of the COVID-19 pandemic, we hereby certify that none of the Directors on the Board of the
Company as stated below for the financial year ended March 31, 2021 have been debarred or disqualified from being appointed
Practising Company Secretaries’ Certificate on Corporate Governance or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs (‘MCA’), or
any such other Statutory Authority.
Sl No. Name of the Director DIN Date of Appointment in Company*
To, 1. N. Chandrasekaran 00121863 January 13, 2017

The Members of 2. Saurabh Agrawal 02144558 August 10, 2017
Tata Steel Limited 3. V. K. Sharma 02449088 August 24, 2018
4. Mallika Srinivasan 00037022 May 21, 2012
We have examined the compliance of the conditions of Corporate Governance by Tata Steel Limited (‘the Company’) for the 5. O. P. Bhatt 00548091 June 10, 2013
year ended on March 31, 2021, as stipulated under Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of Regulation 46
6. Dr. Peter Blauwhoff 07728872 February 7, 2017
and para C, D & E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
7. Aman Mehta 00009364 March 29, 2017
Regulations, 2015 (‘SEBI Listing Regulations’).
8. Deepak Kapoor 00162957 April 1, 2017
The compliance of the conditions of Corporate Governance is the responsibility of the management. Our examination was limited 9. T. V. Narendran 03083605 September 19, 2013**
to the review of procedures and implementation thereof, as adopted by the Company for ensuring compliance with conditions 10. Koushik Chatterjee 00004989 November 9, 2012
of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
*The date of appointment is as per the MCA Portal.
In our opinion and to the best of our information and according to the explanations given to us, and the representations made
by the Directors and the management and considering the relaxations granted by the Ministry of Corporate Affairs and Securities **Mr. T. V. Narendran was appointed as the Managing Director of the Company effective September 19, 2013 and the said appointment was approved
and Exchange Board of India warranted due to the spread of the COVID-19 pandemic, we certify that the Company has complied by the Shareholders at the Annual General Meeting held on August 14, 2014.
with the conditions of Corporate Governance as stipulated in the SEBI Listing Regulations for the year ended on March 31, 2021. Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management of
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance
effectiveness with which the management has conducted the affairs of the Company. as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the
affairs of the Company.
For Parikh & Associates
Practising Company Secretaries For Parikh & Associates
Practising Company Secretaries
sd/- sd/-
P. N. PARIKH P. N. PARIKH
Mumbai FCS No.: 327 CP No.: 1228
May 5, 2021 UDIN: F000327C000241887 Mumbai FCS No.: 327 CP No.: 1228
May 5, 2021 UDIN: F000327C000241876
ANNEXURE 5
B. Names of other employees who are in receipt of aggregate remuneration not less than rupees one crore and two lakh
National Fertilizers Ltd.
Tata Power Company

Hindustan Lever Ltd.
Tata Projects Ltd.
Last employment
Particulars of Remuneration
Last employment
Tata Sons Ltd.
Infosys Ltd.
Part A: Information pursuant to Section 197(12) of the Companies Act, 2013
AEGIS Ltd.
SRF Ltd.
[Read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
[Read with Rules 5(2) and 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
Ltd.
-
-
-
-
-
(Years)
-
-
-
-
-
-
-
-
Age
A. Ratio of the remuneration of each Director to the median B. The percentage increase / (decrease) in the median
55
52
60
58
59
51
51
53
52
45
(Years)
Age
52
51
52
58
57
49
54
50
57
57
56
57
remuneration of all the employees of the Company for remuneration of employees in the financial year 2020-21:
FY 2020-21 and % increase in remuneration of each (8.42)
commencement of
commencement of
Director / KMP of the Company are as under:
employment
01-07-1988
13-11-1995
18-10-2012
01-07-1986
02-07-1984
28-07-1990
02-07-1990
01-10-1990
13-07-1992
12-01-2015
A. Names of Top 10 employees in terms of remuneration drawn during the financial year 2020-21:
employment
01-07-1991
01-07-1992
23-02-1989
13-07-1992
27-07-1987
30-06-1986
01-07-1993
17-12-1999
01-06-1998
01-07-1986
01-12-2012
24-12-2012
C. The number of permanent employees on the rolls of
Date of
Date of
Ratio of
Part B: Statement of Disclosure Pursuant to Section 197 of Companies Act, 2013

% increase in remuneration
Company as on March 31, 2021: 31,189
Name of Director remuneration over to median
previous year remuneration of D. Comparison of average percentile increase in salary of
all employees (3) employees other than the managerial personnel and the
Experience
Experience
Non-Executive Directors percentile increase in the managerial remuneration:
(Years)
(Years)
Mr. N. Chandrasekaran (1) NA NA
29
28
32
28
33
34
27
33
26
34
35
36
32
25
38
34
36
30
30
30
28
21
During the financial year 2020-21, the average percentage
Mr. V. K. Sharma 33.25 10.62
increase / (decrease) in salary of the Company’s employees,
Mr. Saurabh Agrawal (2) NA NA
Independent Directors excluding the Key Managerial Personnel (‘KMP’) was (2.85%).
The percentage increase / (decrease) in salary of KMPs during
B.Com. (Hons), F.C.A
B.Com. (Hons), ACS,

Ms. Mallika Srinivasan 17.53 14.81
M. Sc., Diploma in
B.E., XLRI (Mgmt)

Mr. O. P. Bhatt 20.43 21.83 the same period (on actuals) was (6.01%).
B.Tech, PGDBM
Social Welfare
Dr. Peter Blauwhoff 14.79 12.54
Qualification
B A, PGDBM
B.E., PGDBM
B.E., PGDBM
Qualification
However, considering the Commission / bonus approved by the
B.Sc. (Engg)
B.Sc. (Engg)
B.Sc. (Engg)
B.Sc. (Engg)
B.Sc. (Engg)
LL.M., MBA
B.E., PGDM
Mr. Aman Mehta 16.95 11.44
B.E., MBA
Mr. Deepak Kapoor 15.80 12.52 Board of Directors for the Chief Executive Officer & Managing
B.Tech.
B.Tech.
B.Tech.
B.Tech.
Executive Directors/ KMP Director and Executive Director & Chief Financial Officer on
B.E.
B.E.
B.E
Mr. T. V. Narendran (4) 38.89 159.40 May 5, 2021 for financial year 2020-21 (which will be paid to
Mr. Koushik Chatterjee (4) 23.02 128.97 them on conclusion of the Annual General Meeting of 2021),
1,39,38,102
1,29,48,449
1,02,38,632
1,15,42,603
1,40,03,530
1,51,25,889
1,04,81,236
1,09,61,453
1,55,99,075
2,39,81,646
1,17,06,472
1,44,62,320
11,08,38,656
10,10,90,017
4,25,47,713
3,14,28,835
2,88,54,191
2,85,20,420
2,81,28,892
2,77,88,323
2,73,15,198
2,57,20,612
Remuneration
Remuneration
Mr. Parvatheesam Kanchinadham 0.23 - the increase in managerial remuneration for the year is ~28%.
Notes: The increase in managerial remuneration for financial year
(`)
(`)
(1) As a policy, Mr. N. Chandrasekaran, Chairman, has abstained from 2020-21 is not comparable with financial year 2019-20 owing
receiving commission from the Company and hence not stated. to there being no increase in the managerial remuneration for
financial year 2019-20 in view of economic conditions impacted
Company Secretary & Chief Legal Officer
Executive-In-Charge (Global Wires-India)

(2) In line with the internal guidelines of the Company no payment is
Vice President (Engineering & Projects)

by COVID-19 pandemic wherein the Directors decided to
Chief (Design & Engineering-Process)

Vice President (Steel Manufacturing)
made towards commission to the Non-Executive Directors of the
moderate the executive remuneration for financial year 2019-
Chief (Design & Enggineering Civil
Chief (Electrical Maintenance TSK)

Company, who are in full time employment with any other Tata
(Human Resource Management)
(Human Resource Management)

20 to express solidarity and conserve resources.
Vice President (Operation - TSK)
(TQM & Engineering & Projects)

General Manager (Projects TSK)
(Safety, Health & Sustainability)
Chief Construction Safety, E&P

Chief (Electrical Maintenance)
Company and hence not stated.
Vice President (Raw Material)
Vice President (Iron Making)
Chief (Procurement Officer)

E. Affirmations: It is affirmed that the remuneration paid to
(Corporate & Compliance)

(3) The ratio of remuneration to median remuneration is based on
Chief Executive Officer &
(Ores, Mines & Quarries)
Chief (Analytics Officer)

the Directors, Key Managerial Personnel and other employees
Chief Financial Officer
during the financial year 2020-21:

remuneration paid during the period April 1, 2020 to March 31, 2021.
Structure & Logistics)

Executive Director &
is as per the Remuneration Policy of the Company.
Managing Director
General Manager
(4)
Includes the Commission / bonus approved by the Board of
Vice President
Vice President
Vice President
Vice President
Directors for the Chief Executive Officer & Managing Director and On behalf of the Board of Directors
Designation
Designation
Executive Director & Chief Financial Officer on May 5, 2021 for
sd/-
FY 2020-21 (which will be paid to them on conclusion of the Annual
N. CHANDRASEKARAN
General Meeting of 2021).
Mumbai Chairman
May 5, 2021 DIN: 00121863
Amit Kumar Chatterjee

Suresh Dutt Tripathi *
D.B. Sundara Ramam

Koushik Chatterjee
Rajesh Ranjan Jha
Ch. Ramesh Babu

Sudhansu Pathak
Baidyanath Saha
Avneesh Gupta
Anurag Pandey
Kanchinadham
Anurag Saxena
T. V. Narendran
A.K. Bhatnagar
Atrayee Sarkar
Parvatheesam
Amitava Baksi
Uttam Singh
Rajiv Kumar
A.D. Kothari
Sanjiv Paul
A.K. Singh
Ajit Kar
Name
Name
No.
No.
10
10
11
12
Sl.
Sl.
1
5
6
7
8
9
1
2
3
4
5
6
7
8
9
Date of
Sl. Remuneration Experience Age
212
Name Designation Qualification commencement of Last employment
No. (`) (Years) (Years)
employment
Coach Director
13 Chaewoong Lim 1,42,70,427 - 1 06-12-2019 58 -
(Tata Archery Academy)
14 Chaitanya Bhanu Principal Executive Officer 1,27,21,924 M.Tech., B.Tech 28 15-07-1992 50 -
15 Chanakya Chaudhary Vice President (Corporate Services) 2,54,28,842 B.E. 32 16-12-1988 56 -
Vice President University Of
16 Debashish Bhattacharjee 2,11,07,100 B.E., M.Tech., Ph.D 27 01-04-1996 55
(Technology & New Materials Business) Cambridge
17 Dibyendu Bose Vice President (Supply Chain) 2,48,25,828 B. Tech., PGDM 32 01-07-1988 59 Tisco Collieries
18 Dibyendu Dutta Chief ( Portfolio Mgmt. & FFI) 1,63,25,734 B.Com., F.C.A, ICWA 27 16-04-2009 54 Indian Hotels Co. Ltd.
19 Gopal Prasad Choudhary Chief (Security & Brand Protection) 1,76,26,673 B A (Hons), LL.B 32 01-01-2013 57 Wipro Ltd.
Tata Consultancy
20 Jayanta Banerjee Chief (Information Officer) 2,37,13,717 B.Sc. (Hons) , MCA 27 15-01-2018 54
Services Ltd.
21 Karamveer Singh General Manager Operations, TSK 1,07,88,496 B.Sc. (Engg) 30 01-10-1990 55 -
Rashtriya Ispat Nigam
22 Manish Kumar Singh Chief (Automation & IT Shikhar) 1,30,91,914 B.Sc. (Engg) 24 02-05-1996 54
Ltd.
B.Tech., First Class Mine
23 Manish Mishra General Manager West Bokaro 1,12,22,867 30 01-02-2006 52 -
Manager Certificate
Chief (Corporate Audit & Assurance)
24 Manish Sharma 1,53,73,847 B.Tech., PGDM 29 25-08-1991 56 -

India & South East Asia
Chief Legal Officer
25 Meena Lall 1,44,45,568 B.Sc., LL.B 31 10-01-1990 56 Practising Lawyer
(Industrial & Litigation)
26 Rajesh N COMS (Automotive & Special Products) 1,23,34,370 B. Tech. 32 01-07-1988 55 -
27 Nirbhay Singh Salar Chief Project Planning 1,13,18,365 B.E, M.Tech. 30 01-07-2013 54 CGPL (Tata Power)
28 P K Mishra Chief ITS (IT Services) 1,02,91,438 B.E. (Mechanical), 33 12-10-1987 54 -
29 Peeyush Gupta Vice President (Steel Marketing & Sales) 2,39,60,238 B.E., MBA 28 01-01-1993 52 -
30 Prabhat Kumar Executive-In-Charge (IBMD) 1,35,83,030 B.Sc. (Engg) 30 01-10-1990 53 -
31 Prakash Singh Chief (Capability Development) 1,27,55,963 B.E., XLRI (Mgmt) 27 01-07-1993 49 -
32 Prakhar Mishra Chief Coke Plants 1,04,87,385 B.Tech. 36 01-07-1984 60 -
33 Probal Ghosh Vice President (Shared Services) 1,62,44,247 B.E. 30 02-07-1990 53 -
34 Raghav Sud Chief (Financial Strategy & Governance) 1,05,82,904 PGD (Management) 15 18-07-2005 39 Tata Services, Mumbai
35 Rajesh Chintak Chief HRBP E&P and Shared Services TSJ 1,07,81,653 B.Sc. (Engg) 31 01-07-1989 53 -
36 Rajesh Kumar Chief (Manufacturing, Flat Product) 1,28,73,661 B.Tech., PGDBM 33 01-07-1987 54 -
37 Rajiv Kumar Soni* Executive-In-Charge (Global Wires-India) 1,25,35,078 B.Sc. (Engg), PGDBM 38 02-08-1982 60 -
Vice President
38 Rajiv Mukerji 2,16,02,338 B.A. (Hons) 34 11-09-1986 59 -
(Group Strategic Procurement)
B.Sc. (Engg),
39 Ritu Raj Sinha Chief (Corporate Administration) 1,11,99,878 29 01-10-1990 53 -
XLRI (Mgmt)
Group Head
40 Samita Shah 1,91,91,366 B.A. (Hons), PGDM 28 18-10-2012 50 Axis Bank
(Corp Finance & Risk Management)
41 Sanjay Chandra* Chief (Research & Development) 97,69,996 B.Tech, Ph.D 37 08-08-1983 60 -
42 Sanjay Rajoria General Manager Jharia 1,21,45,667 B.E. 32 01-07-1988 56 -
B.E., Diploma (Material Natesteel Iranian Pvt.
43 Sanjay S Sahni COMS (Branded Products & Retail) 1,19,50,597 26 13-07-1994 48
Mgmt) Jt. Stock Co.
44 Sarajit Jha Chief (BTDS & CP) 1,50,37,470 B.Sc. (Hons), PGDM 20 01-04-2015 45 -
45 Satish Kumar Tiwary Chief (Mechanical Maintenance TSK) 1,10,65,974 B.E. 31 01-07-1989 55 -
46 Sharad Kumar Chief (Power Systems & Energy) 1,09,93,871 B.E. PGDBM 34 01-07-1986 57 -
47 Sharat Chandra Kumar General Manager (Design & Engineering) 1,16,52,775 B.Sc. (Engg) 35 01-07-1985 58 -
Date of
Sl. Remuneration Experience Age
Name Designation Qualification commencement of Last employment
No. (`) (Years) (Years)
employment
Snapshot
Ausenco Engineers
Performance
48 Baran Sengupta* Chief (Project Engineering) 71,27,279 B.Tech., M E, ICWA 36 18-11-2013 60

Ltd.
Sudhakar Ramamoorthy Tata AutoComp
49 Chief Technology Officer 1,21,41,759 P. HD 21 29-04-2019 58
Marur Systems Ltd.
B.Sc., ICWA, CA ,
About
50 Sumit Shubhadarshan Chief (F&A Engineering & Projects) 1,10,70,470 26 12-12-1994 51 -

Tata Steel
XLRI (Mgmt)
51 T.V.Srinivas Shenoy Chief (New Material Business) 1,02,33,310 B.E., MBA 28 01-07-1992 51 -
52 Ujjal Chakraborti Executive-in-Charge (Tubes) 1,22,91,322 B.E. 30 02-07-1990 52 -
Essar Projects India
53 Unmesh Vasantrao Nerkar Chief Commercial - Manufacturing 1,05,16,063 B.E. 33 15-04-2015 53
Ltd.
COMS (Industrial Products, Projects &
Leadership
54 V. Ravichandran 1,09,20,236 Diploma Engineering 22 22-06-1998 59 -

Export)
B.E. (Mechanical),
55 Vijay Kumar Nirala Chief (Mechanical Maintenance TSK) 1,06,71,259 Diploma in 22 01-01-1999 51 -
Management
Strategy
Chief (R&D Designate & Product

56 Vinay V. Mahashabde 1,35,13,119 B.Tech. 34 01-07-1986 55 -
Technology)
57 Zubin Palia Chief Group HR & IR 1,04,04,464 B.Com., M.S. (Mgmt) 22 21-01-1999 45 -
Notes:
Stakeholders
and Materiality
(1) Gross Remuneration comprises salary, allowances, monetary value of perquisites, commission to the Directors and the Company’s contribution to Provident and
Superannuation Funds but excludes contribution to Gratuity Fund on the basis of actuarial valuation as separate figures are not available.
(2) The nature of employement in all cases is contractual.

Capitals
(3) None of the employees mentined above is a relative of any Director of the Company or Manager of the Company.
(4) *Indicates employed for the part of the financial year 2020-21.
On behalf of the Board of Directors

Governance
sd/-
N. CHANDRASEKARAN
Mumbai Chairman
May 5, 2021 DIN:00121863
Reports
Statutory
Financial
Statements
Annexure 5 (Contd.)
213
ANNEXURE 6
214
Form No. AOC-1
Statement containing salient features of the financial statements of the Subsidiaries / Joint Ventures / Associate Companies
Pursuant to Section 129(3) of the Companies Act, 2013
[Read with Rule 5 of the Companies (Accounts) Rules, 2014]
PART ‘A’– Summary of Financial Information of Subsidiary Companies
Date since when Share Reserves & Total Total Profit before Provision for Profit after Proposed
SL Reporting Exchange Total Assets Turnover Ownership
Name of the Company subsidiary was Capital&& Surplus Liabilities Investments Taxation Taxation Taxation Dividend
No. currency rate& (₹ crore) (₹ crore) (%)
acquired (₹ crore) (₹ crore) (₹ crore) (₹ crore) (₹ crore) (₹ crore) (₹ crore) (₹ crore)
1 ABJA Investment Co. Pte. Ltd. April 12, 2013 USD 73.11 1.46 (134.69) 18,470.70 18,603.93 - - (94.20) (15.05) (79.14) - 100.00
2 Adityapur Toll Bridge Company Limited June 12, 2002 INR 1.00 46.78 6.10 57.37 4.48 - 5.66 1.80 0.02 1.78 - 88.50
3 Tata Steel Special Economic Zone Limited October 11, 2006 INR 1.00 399.46 (36.38) 466.11 103.03 - 9.29 (6.68) - (6.68) - 100.00
4 Indian Steel & Wire Products Ltd. December 20, 2003 INR 1.00 5.99 117.58 193.24 69.67 - 283.84 16.30 4.31 11.98 - 95.01
Tata Steel Utilities and Infrastructure Services
5 August 25, 2003 INR 1.00 24.35 169.62 880.61 686.65 46.72 946.29 47.53 13.05 34.48 4.87 100.00
Limited
6 Haldia Water Management Limited December 6, 2008 INR 1.00 27.77 (78.45) 0.28 50.95 - - 0.30 - 0.30 - 60.00

7 Kalimati Global Shared Services Limited January 8, 2018 INR 1.00 4.00 5.08 13.77 4.69 - 40.67 4.94 1.27 3.68 - 100.00
8 Mohar Export Services Ltd. April 30, 2015 INR 1.00 0.01 (0.05) 0.06 0.10 - - (0.00) - (0.00) - 66.46
9 NatSteel Asia Pte. Ltd. February 15, 2005 USD 73.11 1,257.22 (456.92) 5,799.97 4,999.66 4,587.77 - 374.48 0.02 374.47 - 100.00
10 TS Asia (Hong Kong) Ltd. September 27, 2006 USD 73.11 8.34 188.30 303.37 106.73 - 909.15 2.96 0.49 2.47 - 100.00
11 Rujuvalika Investments Limited April 30, 2015 INR 1.00 1.33 127.87 130.10 0.90 99.40 - 2.51 0.40 2.12 3.32 100.00
Tata Steel Mining Limited
12 March 14, 2007 INR 1.00 485.07 469.87 1,914.68 959.73 16.26 535.15 14.04 3.14 10.90 - 100.00
(Formerly known as T S Alloys Limited)
13 Tata Korf Engineering Services Ltd. October 30, 1985 INR 1.00 - - - - - - - - - - 100.00
14 Tata Metaliks Ltd. February 7, 2008 INR 1.00 31.58 1,268.48 1,861.81 561.75 0.01 1,916.67 305.81 86.00 219.81 12.63 60.03
15 Tata Steel Long Products Limited August 28, 2012 INR 1.00 45.10 2,548.79 5,908.47 3,314.58 20.66 4,749.87 614.83 42.86 571.97 22.55 74.91
16 TSIL Energy Limited November 20, 2012 INR 1.00 1.06 0.24 1.31 0.01 1.28 - 0.04 0.00 0.04 - 100.00
17 T Steel Holdings Pte. Ltd. July 5, 2006 GBP 100.68 83,468.92 (61,021.56) 31,252.91 8,805.54 22,446.11 - (0.20) - (0.20) - 100.00
18 T S Global Holdings Pte. Ltd. July 4, 2008 GBP 100.68 82,665.64 (58,060.66) 52,217.13 27,612.15 42,799.82 0.91 1,042.75 68.30 974.45 - 100.00
19 T S Global Minerals Holdings Pte. Ltd.@ August 1, 2008 USD 73.11 - - - - - - - - - - 100.00
20 Orchid Netherlands (No.1) B.V. March 20, 2009 EUR 85.77 0.15 0.25 7.34 6.93 - - (0.45) - (0.45) - 100.00
21 NatSteel Holdings Pte. Ltd. May 23, 2008 SGD 54.38 1,087.68 (1,236.81) 1,914.50 2,063.63 519.18 2,771.15 (14.93) (6.29) (8.64) - 100.00
22 Easteel Services (M) Sdn. Bhd. February 15, 2005 MYR 17.66 35.32 7.56 143.27 100.39 - 364.57 4.50 1.08 3.42 - 100.00
23 Eastern Steel Fabricators Philippines, Inc. February 15, 2005 SGD 54.38 23.62 (70.39) 13.48 60.26 - - - - - - 67.00
24 NatSteel Recycling Pte. Ltd. February 15, 2005 SGD 54.38 54.38 192.89 317.24 69.98 - 1,101.58 (0.65) (0.49) (0.16) - 100.00
25 NatSteel Trade International Pte. Ltd. February 15, 2005 USD 73.11 10.53 6.08 16.77 0.16 - - (0.04) - (0.04) - 100.00
26 The Siam Industrial Wire Company Ltd. February 15, 2005 THB 2.34 107.56 1,260.46 1,541.51 173.49 44.43 1,337.08 63.26 10.19 53.08 15.90 100.00
27 TSN Wires Co., Ltd. April 5, 2012 THB 2.34 163.67 (140.43) 198.60 175.36 - 227.88 1.41 - 1.41 - 60.00
28 Tata Steel Europe Limited April 2, 2007 GBP 100.68 88,816.62 (50,745.34) 42,069.64 3,998.36 37,914.65 - (122.40) - (122.40) - 100.00
29 Apollo Metals Limited April 2, 2007 USD 73.11 0.00 191.64 227.89 36.25 - 197.94 37.16 3.78 33.38 - 100.00
30 British Steel Corporation Limited April 2, 2007 GBP 100.68 0.00 397.59 397.59 - - - - - - - 100.00
31 British Steel Directors (Nominees) Limited April 2, 2007 GBP 100.68 0.00 - 0.00 - - - - - - - 100.00
32 British Steel Nederland International B.V. April 2, 2007 EUR 85.77 0.16 298.75 642.32 343.41 347.06 - 64.32 (3.98) 68.30 - 100.00
Snapshot
33 C V Benine** April 2, 2007 EUR 85.77 18.59 (0.02) 94.66 76.09 - - - - - - 76.92
Performance
34 Catnic GmbH April 2, 2007 EUR 85.77 0.22 66.81 92.19 25.16 - 191.63 9.63 3.82 5.80 - 100.00
35 Catnic Limited April 2, 2007 GBP 100.68 2.26 (2.88) 0.19 0.81 0.19 - - - - - 100.00
36 Tata Steel International Mexico SA de CV April 2, 2007 USD 73.11 0.03 1.13 1.31 0.15 - - 0.16 - 0.16 - 100.00
37 Cogent Power Inc* April 2, 2007 USD 73.11 2.19 (1.86) 0.33 - - - 1.27 - 1.27 - 100.00
About
Tata Steel
38 Cogent Power Limited April 2, 2007 GBP 100.68 429.57 (144.99) 593.66 309.08 178.95 - 19.18 - 19.18 - 100.00
39 Corbeil Les Rives SCI** April 2, 2007 EUR 85.77 5.51 5.03 10.57 0.03 - - - - - - 67.30
Corby (Northants) & District Water Company
40 April 2, 2007 GBP 100.68 2.62 3.53 8.92 2.77 - 4.17 (0.00) - (0.00) - 100.00
Limited
41 Corus CNBV Investments April 2, 2007 GBP 100.68 0.00 - 0.00 - - - - - - - 100.00
Leadership
42 Corus Engineering Steels (UK) Limited April 2, 2007 GBP 100.68 0.00 - 0.00 - - - - - - - 100.00
43 Corus Engineering Steels Limited April 2, 2007 GBP 100.68 0.00 - 0.00 - - - - - - - 100.00
44 Corus Group Limited April 2, 2007 GBP 100.68 56,397.94 (54,268.03) 4,386.72 2,256.81 4,288.98 - (81.95) - (81.95) - 100.00
45 Corus Holdings Limited April 2, 2007 GBP 100.68 2.52 3.30 2.12 (3.69) - - - - - - 100.00
Strategy
Corus International (Overseas Holdings)

46 April 2, 2007 GBP 100.68 1,421.65 5,275.67 6,706.93 9.61 1,867.54 - 84.18 - 84.18 - 100.00
Limited
47 Corus International Limited April 2, 2007 GBP 100.68 4,936.97 (1,857.81) 3,019.46 (59.70) 3,003.40 - 11.00 - 11.00 - 100.00
48 Corus International Romania SRL.** April 2, 2007 RON 17.47 0.01 2.55 2.71 0.16 - - 1.19 0.03 1.16 - 100.00
49 Corus Investments Limited April 2, 2007 GBP 100.68 221.49 6.85 228.35 - - - - - - - 100.00
50 Corus Ireland Limited April 2, 2007 EUR 85.77 0.00 1.52 2.21 0.68 - - 2.43 0.27 2.15 9.81 100.00
Stakeholders
51 Corus Liaison Services (India) Limited April 2, 2007 GBP 100.68 0.00 (24.07) 1.80 25.87 - - - - - - 100.00
and Materiality
52 Corus Management Limited April 2, 2007 GBP 100.68 0.00 407.12 1,366.59 959.46 448.99 - - - - - 100.00
53 Corus Property April 2, 2007 GBP 100.68 0.00 - 0.01 0.01 - - - - - - 100.00
54 Corus UK Healthcare Trustee Limited March 31, 2009 GBP 100.68 0.00 - 0.00 - - - - - - - 100.00
55 Crucible Insurance Company Limited April 2, 2007 GBP 100.68 5.03 282.82 350.16 62.31 - - 2.38 - 2.38 - 100.00
Capitals
56 Degels GmbH April 2, 2007 EUR 85.77 0.69 16.69 52.86 35.48 - 0.18 8.48 (16.50) 24.98 - 100.00
57 Demka B.V. April 2, 2007 EUR 85.77 52.78 22.33 75.10 - - - (0.00) (0.00) (0.00) - 100.00
00026466 Limited (Formerly known as Firsteel
58 April 2, 2007 GBP 100.68 63.43 (62.47) 0.96 - - - 0.96 - 0.96 - 100.00
Group Limited)
59 Fischer Profil GmbH April 2, 2007 EUR 85.77 87.71 (59.08) 369.38 340.75 - 837.90 12.54 2.24 10.30 - 100.00
Governance
60 Gamble Simms Metals Limited April 2, 2007 EUR 85.77 5.45 (5.45) - - - - - - - - 100.00
61 H E Samson Limited April 2, 2007 GBP 100.68 0.00 - 0.00 - - - - - - - 100.00
62 Hadfields Holdings Limited April 2, 2007 GBP 100.68 1.01 (13.59) - 12.59 - - - - - - 62.50
63 Halmstad Steel Service Centre AB March 31, 2015 SEK 8.39 0.04 95.19 283.90 188.67 - 453.62 16.16 (0.14) 16.30 - 100.00
Reports
Statutory
64 Hille & Muller GmbH April 2, 2007 EUR 85.77 43.90 120.98 532.43 367.55 - 656.07 6.74 (1.86) 8.60 - 100.00
65 Hille & Muller USA Inc. April 2, 2007 USD 73.11 0.03 99.72 114.85 15.10 86.07 17.34 1.80 0.43 1.37 - 100.00
66 Hoogovens USA Inc. April 2, 2007 USD 73.11 444.82 127.43 669.75 97.50 470.40 - (0.46) (9.69) 9.22 - 100.00
67 Huizenbezit “Breesaap” B.V. April 2, 2007 EUR 85.77 0.39 (9.36) 0.24 9.21 - - 0.07 0.02 0.05 - 100.00
68 Inter Metal Distribution SAS April 2, 2007 EUR 85.77 0.65 48.36 121.25 72.23 - 407.34 9.47 2.43 7.04 8.58 100.00
Financial
69 Layde Steel S.L. April 2, 2007 EUR 85.77 42.89 74.94 578.51 460.69 - 977.73 6.80 - 6.80 - 100.00
Statements
70 London Works Steel Company Limited April 2, 2007 GBP 100.68 0.00 (103.76) 56.38 160.14 - - - - - - 100.00
71 Montana Bausysteme AG April 2, 2007 CHF 77.69 31.08 62.68 207.88 114.12 - 398.59 10.94 1.59 9.35 12.43 100.00
72 Naantali Steel Service Centre OY March 31, 2015 EUR 85.77 0.02 27.94 173.12 145.15 - 309.98 8.04 - 8.04 - 100.00
Annexure 6 (Contd.)
73 Norsk Stal Tynnplater AS March 31, 2015 NOK 8.57 22.72 16.67 140.93 101.53 - 371.42 1.87 (3.42) 5.28 0.00$$ 100.00
215
216
74 Norsk Stal Tynnplater AB March 31, 2015 NOK 8.57 0.42 24.79 64.22 39.00 - 313.75 3.41 - 3.41 - 100.00
75 Orb Electrical Steels Limited April 2, 2007 GBP 100.68 0.00 (0.00) - (0.00) - - - - - - 100.00
76 Oremco Inc. April 2, 2007 USD 73.11 0.73 (0.73) - - - - 15.43 0.00 15.43 - 100.00
77 Rafferty-Brown Steel Co Inc Of Conn. April 2, 2007 USD 73.11 23.15 2.13 25.72 0.44 - - (4.08) - (4.08) - 100.00
78 S A B Profiel B.V. April 2, 2007 EUR 85.77 1.16 319.38 601.73 281.19 140.76 790.99 5.77 (2.52) 8.29 - 100.00
79 S A B Profil GmbH April 2, 2007 EUR 85.77 0.26 145.05 192.70 47.39 - 274.11 (0.53) - (0.53) - 100.00
80 Service Centre Gelsenkirchen GmbH April 2, 2007 EUR 85.77 157.91 36.03 488.67 294.73 0.66 861.41 9.36 5.17 4.20 - 100.00
81 Service Centre Maastricht B.V. April 2, 2007 EUR 85.77 0.46 156.05 718.12 561.61 - 1,706.30 9.99 (2.87) 12.85 - 100.00
Societe Europeenne De Galvanisation
82 April 2, 2007 EUR 85.77 107.22 160.52 397.92 130.19 - 486.76 15.88 3.88 12.00 - 100.00
(Segal) Sa
83 Staalverwerking en Handel B.V. April 2, 2007 EUR 85.77 385.98 782.19 2,015.36 847.19 2,008.98 - (6.21) (1.55) (4.65) - 100.00
84 Surahammar Bruks AB April 2, 2007 SEK 8.39 18.12 6.95 251.33 226.25 - 317.10 (51.96) - (51.96) - 100.00
85 Swinden Housing Association Limited April 2, 2007 GBP 100.68 0.00 13.80 14.42 0.62 - - 0.27 - 0.27 - 100.00
86 Tata Steel Belgium Packaging Steels N.V. April 2, 2007 EUR 85.77 132.38 32.23 199.35 34.74 0.68 106.94 8.99 (12.28) 21.27 28.07 100.00
87 Tata Steel Belgium Services N.V. April 2, 2007 EUR 85.77 144.50 86.37 655.51 424.64 32.51 - 4.32 1.24 3.08 - 100.00
88 Tata Steel France Batiment et Systemes SAS April 2, 2007 EUR 85.77 34.31 (298.55) 289.98 554.22 0.43 445.20 (83.30) - (83.30) - 100.00
89 Tata Steel France Holdings SAS April 2, 2007 EUR 85.77 42.89 912.61 1,673.23 717.73 1,178.49 - (10.34) (11.65) 1.31 - 100.00

90 Tata Steel Germany GmbH April 2, 2007 EUR 85.77 1,391.78 (936.86) 1,197.28 742.36 851.56 - (154.25) (9.70) (144.55) - 100.00
91 Tata Steel IJmuiden BV April 2, 2007 EUR 85.77 964.96 19,962.97 33,143.28 12,215.35 509.96 31,053.24 (1,775.85) (529.57) (1,246.28) - 100.00
Tata Steel International (Americas)
92 April 2, 2007 USD 73.11 4,290.44 (4,875.43) (584.97) 0.02 322.57 - 27.12 16.80 10.33 - 100.00
Holdings Inc
93 Tata Steel International (Americas) Inc April 2, 2007 USD 73.11 65.08 879.67 1,062.25 117.50 - 248.85 29.80 14.10 15.69 - 100.00
94 Tata Steel International (Czech Republic) S.R.OApril 2, 2007 CZK 3.29 0.39 14.83 15.95 0.72 - - 10.51 1.94 8.57 3.76 100.00
95 Tata Steel International (France) SAS April 2, 2007 EUR 85.77 1.72 52.64 60.07 5.72 - - 6.78 1.90 4.88 - 100.00
96 Tata Steel International (Germany) GmbH April 2, 2007 EUR 85.77 7.46 (3.57) 86.51 82.62 - - 3.46 1.07 2.39 - 100.00
Tata Steel International (South America)
97 April 2, 2007 USD 73.11 1.57 0.39 2.23 0.26 - - 0.19 (0.06) 0.25 - 100.00
Representações LTDA
98 Tata Steel International (Italia) SRL April 2, 2007 EUR 85.77 64.76 (39.22) 31.57 6.04 - - 12.30 3.53 8.77 - 100.00
99 Tata Steel International (Middle East) FZE April 2, 2007 AED 19.92 89.65 7.81 128.70 31.24 - 43.12 1.69 - 1.69 5.18 100.00
100 Tata Steel International (Nigeria) Ltd. June 10, 2008 NGN 0.19 - - - - - - - - - - 100.00
101 Tata Steel International (Poland) sp Zoo April 2, 2007 PLZ 18.54 16.33 0.85 17.81 0.63 - - 6.85 1.50 5.35 - 100.00
102 Tata Steel International (Sweden) AB April 2, 2007 SEK 8.39 0.08 62.42 68.51 6.01 - - 35.09 7.52 27.57 - 100.00
103 Tata Steel International (India) Limited April 2, 2007 INR 1.00 6.39 26.27 39.25 6.59 - 14.47 1.19 2.61 (1.42) 14.38 100.00
104 Tata Steel International Iberica SA April 2, 2007 EUR 85.77 1.29 31.32 42.35 9.74 - - 41.70 12.45 29.25 35.83 100.00
105 Tata Steel Istanbul Metal Sanayi ve Ticaret AS April 2, 2007 USD 73.11 180.77 (134.45) 229.79 183.46 - 389.13 (10.31) - (10.31) - 100.00
106 Tata Steel Maubeuge SAS April 2, 2007 EUR 85.77 64.33 155.18 1,180.50 960.99 13.00 2,920.50 120.37 11.18 109.20 - 100.00
107 Tata Steel Nederland BV April 2, 2007 EUR 85.77 3,324.67 10,350.31 17,422.76 3,747.78 13,943.37 - 344.74 (8.02) 352.75 - 100.00
Tata Steel Nederland Consulting & Technical
108 April 2, 2007 EUR 85.77 77.20 (51.44) 32.60 6.84 - - (0.05) (0.01) (0.04) - 100.00
Services BV
109 Tata Steel Nederland Services BV April 2, 2007 EUR 85.77 3.65 30.07 378.20 344.48 - - (167.61) (41.40) (126.21) - 100.00
110 Tata Steel Nederland Technology BV April 2, 2007 EUR 85.77 0.00 646.94 825.54 178.60 14.30 - 39.77 (1.74) 41.51 - 100.00
111 Tata Steel Nederland Tubes BV April 2, 2007 EUR 85.77 1,080.75 (917.56) 619.01 455.82 - 1,462.81 (262.39) (67.09) (195.30) - 100.00
112 Tata Steel Netherlands Holdings B.V. April 2, 2007 EUR 85.77 43,607.84 (16,391.14) 42,988.49 15,771.79 41,924.92 - (614.67) 398.98 (1,013.65) - 100.00
113 Tata Steel Norway Byggsystemer A/S April 2, 2007 NOK 8.57 1.05 68.02 160.16 91.09 - 238.74 12.46 2.97 9.49 - 100.00
114 Tata Steel UK Consulting Limited April 2, 2007 GBP 100.68 17.47 (23.97) 0.10 6.60 - - 0.02 - 0.02 - 100.00
115 Tata Steel UK Holdings Limited April 2, 2007 GBP 100.68 1,00,358.68 (66,367.01) 39,296.52 5,304.85 39,250.88 - 78.00 - 78.00 - 100.00
Snapshot
116 Tata Steel UK Limited April 2, 2007 GBP 100.68 22,567.85 (16,286.80) 35,722.26 29,441.21 2,667.31 19,897.63 (3,276.16) 1,888.35 (5,164.50) - 100.00
Performance
117 Tata Steel USA Inc. April 2, 2007 USD 73.11 1.02 58.60 75.56 15.94 5.40 - 0.73 - 0.73 - 100.00
The Newport And South Wales Tube
118 April 2, 2007 GBP 100.68 0.01 0.34 5.70 5.35 0.00 - - - - - 100.00
Company Limited
119 Thomas Processing Company April 2, 2007 USD 73.11 - 158.92 174.27 15.35 - 26.73 0.80 - 0.80 - 100.00
About
120 Thomas Steel Strip Corp. April 2, 2007 USD 73.11 58.48 (246.94) 445.29 633.74 27.77 726.73 22.93 (38.35) 61.29 - 100.00
Tata Steel
121 TS South Africa Sales Office Proprietary August 31, 2015 ZAR 4.94 - 8.67 8.88 0.21 - - 6.39 1.43 4.96 - 100.00
Limited
122 Tulip UK Holdings (No.2) Limited April 2, 2007 GBP 100.68 1,00,417.65 (61,177.02) 39,241.04 0.41 39,241.04 - - - - - 100.00
123 Tulip UK Holdings (No.3) Limited April 2, 2007 GBP 100.68 1,00,421.38 (61,060.61) 39,367.34 6.57 39,241.04 - (0.15) - (0.15) - 100.00
124 UK Steel Enterprise Limited April 2, 2007 GBP 100.68 100.68 84.85 204.67 19.14 53.15 30.98 13.24 - 13.24 - 100.00
Leadership
125 Tata Steel Europe Distribution BV@ April 2, 2007 EUR 85.77 - - - - - - - - - - 100.00
126 CBS Investissements SAS@ April 2, 2007 EUR 85.77 - - - - - - - - - - 100.00
127 British Steel Trading Limited January 23, 2019 GBP 100.68 151.27 (436.70) 85.12 370.55 - - - - - - 100.00
128 Unitol SAS April 2, 2007 EUR 85.77 51.46 (73.05) 441.90 463.49 1.42 1,097.46 (16.86) - (16.86) - 100.00
Strategy
129 Al Rimal Mining LLC February 25, 2008 OMR 189.76 18.98 (12.15) 10.10 3.27 - - (0.07) - (0.07) - 70.00
130 TSMUK Limited September 23, 2010 USD 73.11 4,378.59 (412.43) 8,715.47 4,749.31 7,259.20 - (0.15) - (0.15) - 100.00
131 T S Canada Capital Ltd. December 31, 2012 USD 73.11 0.00 32.15 34.30 2.15 - - 0.54 - 0.54 - 100.00
132 Tata Steel Minerals Canada Limited December 31, 2010 USD 73.11 6,419.52 (5,713.19) 6,820.71 6,114.38 - 790.16 (1,487.93) - (1,487.93) - 82.00
133 Tata Steel (Thailand) Public Company Limited April 4, 2006 THB 2.34 1,969.12 1,175.33 3,198.59 54.13 - 91.83 10.86 5.22 5.64 - 67.90
Stakeholders
Tata Steel Manufacturing (Thailand) Public

and Materiality
134 Company Limited (formerly N.T.S Steel Group April 4, 2006 THB 2.34 1,082.11 (559.72) 2,832.79 2,310.39 - 5,240.70 100.55 (3.21) 103.77 - 99.76
Public Limited Company)
135 The Siam Construction Steel Company April 4, 2006 THB 2.34 409.19 445.87 855.05 - - 1,437.74 31.59 7.78 23.81 - 0.00
Limited*
Capitals
136 The Siam Iron and Steel (2001) Company April 4, 2006 THB 2.34 28.06 569.21 597.27 - - 874.65 20.65 4.17 16.48 - 0.00
Limited*
137 T S Global Procurement Company Pte. Ltd. April 23, 2010 USD 73.11 728.38 2,790.12 15,475.09 11,956.58 8.84 27,995.67 233.06 57.48 175.58 - 100.00
138 ProCo Issuer Pte. Ltd.@ September 8, 2010 GBP 100.68 - - - - - - - - - - 100.00
Tata Steel International (Singapore) Holdings
139 January 25, 2008 USD 73.11 - - - - - - - - - - 100.00
Pte. Ltd.@
Governance
140 Tata Steel International (Asia) Limited January 25, 2008 HKD 9.41 0.00 2.89 4.76 1.87 - 6.32 1.41 0.23 1.18 - 100.00
141 Tata Steel International (Shanghai) Ltd. January 25, 2008 CNY 11.17 5.45 0.39 5.96 0.11 - 4.43 (2.87) (0.01) (2.86) - 100.00
142 Tata Steel Odisha Limited June 22, 2012 INR 1.00 2.57 (2.61) 0.01 0.06 - - (0.01) - (0.01) - 100.00
143 Tata Steel Downstream Products Limited July 14, 2009 INR 1.00 242.33 2,822.34 4,009.89 945.23 2,245.61 3,620.38 96.55 15.65 80.90 - 100.00
Reports
Statutory
144 Tayo Rolls Limited~ December 1, 2008 INR 1.00 - - - - - - - - - - 54.91

145 The Tata Pigments Limited May 18, 1985 INR 1.00 0.75 61.79 100.29 37.75 15.02 120.14 6.85 1.75 5.10 0.75 100.00
146 The Tinplate Company of India Limited April 1, 2011 INR 1.00 104.80 741.30 1,355.69 509.59 72.19 2,297.14 131.91 33.76 98.15 20.96 74.96
147 Tata Steel Foundation August 16, 2016 INR 1.00 1.00 4.39 29.54 24.15 - 108.83 3.51 - 3.51 - 100.00
148 Jamshedpur Football and Sporting Private July 7, 2017 INR 1.00 40.80 (16.62) 29.99 5.81 - 41.34 0.92 0.01 0.91 - 100.00
Limited
Financial
Statements
149 Bhubaneshwar Power Private Limited August 6, 2008 INR 1.00 253.25 70.50 876.44 552.69 - 488.99 27.73 8.02 19.71 - 100.00
150 Bamnipal Steel Limited$ January 19, 2018 INR 1.00 258.90 (14.25) 244.67 0.02 159.61 - 0.37 0.05 0.31 - 100.00
151 Tata Steel BSL Limited$ May 18, 2018 INR 1.00 218.69 19,906.97 37,047.50 16,921.84 704.41 21,418.63 2,465.99 - 2,465.99 - 72.65
Annexure 6 (Contd.)
152 Angul Energy Limited May 18, 2018 INR 1.00 10.00 821.75 1,132.44 300.68 0.65 148.12 14.13 - 14.13 - 99.99
217
218
153 Bhushan Steel (Orissa) Ltd. May 18, 2018 INR 1.00 0.05 0.79 19.47 18.62 - 56.00 3.07 0.33 2.75 - 100.00
154 Bhushan Steel (South) Ltd. May 18, 2018 INR 1.00 1.30 (1.09) 1.25 1.04 0.00 - (0.03) - (0.03) - 100.00
155 Bhushan Steel (Madhya Bharat) Ltd. May 18, 2018 INR 1.00 0.05 1.88 44.66 42.74 - 128.71 5.08 0.78 4.30 - 100.00
156 Bhushan Steel (Australia) Pty. Ltd. May 18, 2018 AUD 55.70 290.04 (283.65) 14.80 8.41 - - (1.19) - (1.19) - 90.97
157 Bowen Energy Pty. Ltd. May 18, 2018 AUD 55.70 112.86 (138.90) 0.13 26.17 - - (0.00) - (0.00) - 100.00
158 Bowen Coal Pty. Ltd. May 18, 2018 AUD 55.70 0.00 - 0.00 - - - - - - - 100.00
159 Bowen Consolidated Pty. Ltd. May 18, 2018 AUD 55.70 0.00 - 0.00 - - - - - - - 100.00
160 Creative Port Development Private Limited September 18, 2018 INR 1.00 0.25 (8.25) 26.19 34.18 5.69 - (2.25) - (2.25) - 51.00
161 Subarnarekha Port Private Limited September 18, 2018 INR 1.00 6.02 35.83 106.14 64.30 - - (0.10) (1.31) 1.22 - 50.41
Notes: c) Name of the subsidiaries under liquidation / strike-off with no assets, liabilities
& Closing exchange rate as on March 31, 2021 has been considered for calculation and transactions during the year:
&& Includes share application money 1. Bell & Harwood Limited
* Subsidiaries under liquidation
2. Blastmega Limited
** Reporting period for Subsidiary companies at Sl. 33, 39 and 48 is December 2020
$ Subsidiaries under amalgamation 3. Bore Samson Group Limited
$$ Represents value less than ₹1 lakh 4. Bore Steel Limited

@ Subsidiaries merged 5. British Guide Rails Limited
~ Not considered for consolidation as the subsidiary is undergoing Corporate Insolvency
6. British Steel Engineering Steels (Exports) Limited
Resolution Process under the Insolvency and Bankruptcy Code, 2016.
7. British Steel Service Centres Limited
a) Name of the subsidiaries which have been liquidated / sold / merged during the
year: 8. C Walker & Sons Limited
1. Tata Steel Europe Distribution BV 9. Color Steels Limited
2. ProCo Issuer Pte. Ltd. 10. Cordor (C& B) Limited
3. CBS Investissements SAS 11. Corus Cold Drawn Tubes Limited
4. Tata Steel International (Singapore) Holdings Pte. Ltd. 12. Corus Engineering Steels Holdings Limited
5. T S Global Minerals Holdings Pte. Ltd. 13. Corus Engineering Steels Overseas Holdings Limited
6. British Steel Trading Limited 14. Corus Engineering Steels Pension Scheme Trustee Limited
15. Corus Large Diameter Pipes Limited
b) Name of the subsidiaries liquidated with no assets, liabilities and transactions
16. Corus Service Centre Limited
during the year:
17. DSRM Group Limited
1. Tata Steel Europe Metals Trading BV
18. Europressings Limited
2. Tata Steel International (Denmark) A/S
19. 02727547 Limited (Formerly known as Firsteel Holdings Limited)
3. Corus Tubes Poland Spolka Z.O.O
20. Grant Lyon Eagre Limited
4. Tata Steel International (Schweiz) AG
21. Hammermega Limited
5. Tata Steel (KZN) (Pty) Ltd.
22. Lister Tubes Limited
23. Nationwide Steelstock Limited 46. Westwood Steel Services Limited

24. Ore Carriers Limited 47. Whitehead (Narrow Strip) Limited
Snapshot
25. Plated Strip (International) Limited 48. Sakchi Steel Limited

Performance
26. Precoat International Limited 49. Jugsalai Steel Limited

27. Precoat Limited 50. Noamundi Steel Limited
28. Round Oak Steelworks Limited 51. Straight Mile Steel Limited
About
Tata Steel
29. Runblast Limited 52. Bistupur Steel Limited

30. Runmega Limited 53. Jamadoba Steel Limited
31. Seamless Tubes Limited 54. Dimna Steel Limited
32. Steel StockHoldings Limited
Leadership
d) Subsidiaries yet to commence operations:

33. Steelstock Limited
1. Subarnarekha Port Private Limited
34. Stewarts & Lloyds Of Ireland Limited
2. TSIL Energy Limited
35. Stewarts And Lloyds (Overseas) Limited
Strategy
3. Bhushan Steel (South) Ltd.

36. Tata Steel Denmark Byggsystemer A/S
4. Bhushan Steel (Australia) Pty. Ltd.
37. Tata Steel Sweden Byggsystem AB
5. Bowen Energy Pty. Ltd.
38. The Stanton Housing Company Limited
6. Bowen Coal Pty. Ltd.
39. The Templeborough Rolling Mills Limited
7. Bowen Consolidated Pty. Ltd.
Stakeholders
and Materiality
40. Toronto Industrial Fabrications Limited

e) The Company is continuing with its focus on simplifying the corporate structure
41. U.E.S. Bright Bar Limited
which saw a significant number of entities enter into voluntary liquidation
42. UKSE Fund Managers Limited in the previous and current year. There remains an objective to simplify the
Capitals
43. Walker Manufacturing And Investments Limited structure further by dissolving additional entities which are either dormant or
44. Walkersteelstock Ireland Limited have ceased to have business operations.
45. Walkersteelstock Limited

Governance
Reports
Statutory
Financial
Statements
Annexure 6 (Contd.)
219
PART ‘B’– Joint Ventures and Associates
220
Amount of Net worth Share of profit / loss
Date on which No. of shares held Reason why
Investment Description attributable to for the year (₹ crore)
the Associate or by the Company Extend of the associate
SL Latest audited Reporting in associate of how there shareholding
Name of the Company Joint Venture was in associate / joint holding / joint
No. balance sheet date currency* / joint is significant as per latest Considered in Not considered in
associated venture on the (%) venture is not
venture influence balance sheet consolidation consolidation
or acquired year end consolidated
(₹ crore) (₹ crore)
A Joint Ventures
1 Himalaya Steel Mills Services Private Limited March 31 September 15, 2010 INR 36,19,945 3.62 26.00 1 6.46 1.66 4.72
2 mjunction services limited March 31 February 1, 2001 INR 40,00,000 4.00 50.00 1 163.12 18.41 18.41
3 S & T Mining Company Private Limited March 31 September 18, 2008 INR 1,81,41,400 18.14 50.00 1 (0.63) (0.42) (0.42)
4 Tata NYK Shipping Pte. Ltd. March 31 March 19, 2007 USD 6,51,67,500 350.14 50.00 1 112.88 7.68 7.68
5 Tata NYK Shipping (India) Ltd. March 31 April 1, 2015 INR 12,50,000 0.13 100.00 5 2.63 0.14 0.14
6 T M Mining Company Limited December 22, 2010 INR 2,29,116 0.23 74.00 4 $ - - -
7 TM International Logistics Limited March 31 January 18, 2002 INR 91,80,000 9.18 51.00 4 222.03 18.16 17.45
8 International Shipping and Logistics FZE March 31 February 1, 2004 USD 1 1.24 100.00 5 271.21 12.29 11.81
9 TKM Global China Ltd. March 31 June 25, 2008 CNY 1 4.39 100.00 5 4.56 (0.13) (0.12)
10 TKM Global GmbH March 31 March 1, 2005 EUR 100 1.11 100.00 5 195.44 3.74 3.59
11 TKM Global Logistics Limited March 31 January 18, 2002 INR 36,00,000 5.16 100.00 5 29.21 0.11 0.10
12 Industrial Energy Limited March 31 February 23, 2007 INR 17,31,60,000 173.16 26.00 1 246.17 29.02 82.60
13 Jamipol Ltd. March 31 April 24, 1995 INR 44,75,000 9.18 39.78 1 68.48 10.12 15.32

14 Nicco Jubilee Park Limited May, 2001 INR 3,40,000 - 25.31 1 & - - -
15 Medica TS Hospital Ltd. March 31 August 5, 2014 INR 2,60,000 0.26 26.00 1 - - -
16 SEZ Adityapur Limited October 30, 2006 INR 25,497 0.03 51.00 5 $ - - -
17 Naba Diganta Water Management Limited March 31 January 9, 2008 INR 1,36,53,000 13.65 74.00 5 26.21 3.23 1.14
18 Air Products Llanwern Limited September 30 April 2, 2007 GBP 50,000 0.50 50.00 2 12.75 4.51 4.51
19 Laura Metaal Holding B.V. December 31 April 2, 2007 EUR 2,744 10.68 49.00 2 150.41 0.03 0.03
20 Ravenscraig Limited December 31 April 2, 2007 GBP 100 0.00$$ 33.33 2 (76.22) - 1.87
21 Tata Steel Ticaret AS December 31 April 2, 2007 TRY 80,000 0.07 50.00 2 6.33 5.66 5.66
22 Texturing Technology Limited March 31 April 2, 2007 GBP 10,00,000 10.07 50.00 2 23.60 4.32 4.32
No shares
since it is a
23 Hoogovens Court Roll Service Technologies VOF## March 31 April 2, 2007 EUR 11.65 50.00 2 18.18 1.74 1.74
partnership by
agreement only
24 Minas De Benga (Mauritius) Limited December 31 November 30, 2007 USD 27,77,69,593 2,596.31 35.00 2 (1,397.36) (188.99) (350.98)
25 Andal East Coal Company Ltd. May 18, 2018 INR 3,30,000 1.46 33.89 1 ** - - -
26 Tata BlueScope Steel Private Limited March 31 February 9, 2005 INR 43,30,00,000 433.00 50.00 1 580.76 110.80 110.80
27 BlueScope Lysaght Lanka Pvt. Ltd. March 31 April 1, 2015 LKR 1,06,35,000 3.90 100.00 5 19.49 2.43 2.43
Jamshedpur Continuous Annealing & Processing
28 March 31 August 17, 2012 INR 73,03,20,000 730.32 51.00 4 574.73 105.14 101.02
Company Private Limited
B Associates - - -
1 Kalinga Aquatics Ltd. - INR 10,49,920 - 30.00 1 - - -
2 Kumardhubi Fireclay & Silica Works Ltd. - INR 1,50,001 - 27.78 1 ** - - -
Kumardhubi Metal Casting and Engineering
3 - INR 10,70,000 - 49.31 1 ** - - -
Limited
Strategic Energy Technology Systems Private
4 - January 16, 2009 INR 2,56,14,500 25.61 25.00 1 *** - - -
Limited
5 Tata Construction & Projects Ltd. - INR 11,97,699 - 27.19 1 ** - - -
6 TRF Limited October 16, 1963 INR 37,53,275 5.79 34.11 1 (90.99) (23.18) (44.78)
7 TRF Singapore Pte Limited April 1, 2015 SGD 2,59,83,481 97.84 100.00 5 20.53 (8.83) (17.06)
8 TRF Holding Pte Limited April 1, 2015 USD 1 0.00$$ 100.00 5 (0.09) (0.05) (0.10)
9 Dutch Lanka Trailer Manufacturers Limited April 1, 2015 USD 15,23,06,150 130.31 100.00 5 13.25 4.00 7.73
10 Dutch Lanka Engineering (Private) Limited April 1, 2015 LKR 11,50,000 0.56 100.00 5 0.56 (0.67) (1.29)
11 Malusha Travels Pvt. Ltd. March 31 August 5, 2014 INR 3,352 0.00$$ 33.23 1 - - -
Amount of Net worth Share of profit / loss

Date on which No. of shares held Reason why
Investment Description attributable to for the year (₹ crore)
the Associate or by the Company Extend of the associate
SL Latest audited Reporting in associate of how there shareholding
Name of the Company Joint Venture was in associate / joint holding / joint
No. balance sheet date currency* / joint is significant as per latest Considered in Not considered in
Snapshot
associated venture on the (%) venture is not

venture influence balance sheet
Performance
or acquired year end consolidated consolidation consolidation

12 European Profiles (M) Sdn. Bhd. December 31 January 25, 2008 MYR 7,00,000 1.24 20.00 3 12.16 0.39 1.57
13 Albi Profils SRL December 31 April 1, 2015 EUR 1,800 0.78 30.00 2 # - - -
14 GietWalsOnderhoudCombinatie B.V. December 31 April 2, 2007 EUR 50 11.41 50.00 2 21.56 3.20 3.20
About
455,000 shares
Tata Steel
of the variable
part; 25,000 of
15 Hoogovens Gan Multimedia S.A. De C.V. April 2, 2007 MXN 0.01 50.00 2 # - - -
the minimum
fixed part of the
capital stock
16 ISSB Limited June 30 April 2, 2007 GBP 500 0.01 50.00 2 # - - -
Leadership
17 Wupperman Staal Nederland B.V. December 31 April 2, 2007 EUR 2,400 73.84 30.00 2 143.53 23.02 53.71
18 Fabsec Limited December 31 May 18, 2001 GBP 250 0.00$$ 25.00 2 # - - -
19 9336-0634 Québec Inc March 30, 2017 CAD 1 - 33.33 1 & - - -
20 New Millennium Iron Corp June 30 CAD 4,74,02,908 340.08 26.18 1 - 3.52 9.91
Strategy
21 Bhushan Capital & Credit Services Private Limited March 31 May 18, 2018 INR 86,43,742 9.40 42.58 1 - - -
22 Jawahar Credit & Holdings Private Limited March 31 May 18, 2018 INR 86,43,742 9.40 39.65 1 - - -
Notes:
1. Controls more than 20% of the total share capital.
2. Controls more than 20% of the total share capital and has significant influence over operational and financial decision-making.
Stakeholders
3. Insignificant influence on the financial and operating policy decisions.

and Materiality
4. More than 50% stake, instead considered as JV as there is less significant influence over the control of the entity.
5. Under the Ind AS regime, subsidiary of an associate / Joint venture is also an associate / Joint Venture of the holding company.
# The operations of the companies are not significant and hence are immaterial for consolidation
Capitals
* Closing rate as on March 31, 2021 has been considered for calculation
** Companies are in liquidation
$ Entity is under strike off
## Partnership without Share capital
*** Not consolidated, as the investment value is impaired
Governance
& Financial information are not available

$$ Represents value less than ₹1 lakh
Name of associate or joint venture which have been liquidated or sold during the year: New Millennium Iron Corp
Reports
For and on behalf of the Board of Directors

Statutory
sd/- sd/- sd/- sd/- sd/- sd/-

N. Chandrasekaran Mallika Srinivasan O. P. Bhatt Peter Blauwhoff Deepak Kapoor Aman Mehta
Chairman Independent Director Independent Director Independent Director Independent Director Independent Director
DIN: 00121863 DIN: 00037022 DIN: 00548091 DIN: 07728872 DIN: 00162957 DIN: 00009364
Financial
Statements
sd/- sd/- sd/- sd/- sd/-

V. K. Sharma Saurabh Agrawal T. V. Narendran Koushik Chatterjee Parvatheesam Kanchinadham
Non-Executive Director Non-Executive Director Chief Executive Officer Executive Director Company Secretary &
Annexure 6 (Contd.)
DIN: 02449088 DIN: 02144558 & Managing Director & Chief Financial Officer Chief Legal Officer (Corporate & Compliance)
DIN: 03083605 DIN: 00004989 ACS: 15921
Mumbai, May 5, 2021
221
ANNEXURE 7 ANNEXURE 8
Companies that have become / ceased to be Company’s Subsidiaries or Form No. MR-3
Associate Companies (including Joint Venture Companies) SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2021
(Pursuant to Section 204(1) of the Companies Act, 2013 and rule No. 9 of the Companies
The names of companies which have become subsidiaries during the year: NIL (Appointment and Remuneration of Managerial Personnel) Rules, 2014)
The names of companies which have ceased to become Subsidiaries or Associate Company during the year:
To, (v) The following Regulations and Guidelines prescribed
Sl. No. Name of the Company
The Members, under the Securities and Exchange Board of India Act,
Subsidiary Tata Steel Limited 1992 (‘SEBI Act’):
1. Tata Steel Europe Metals Trading BV
2. Tata Steel Europe Distribution BV (a)
The Securities and Exchange Board of India
3. ProCo Issuer Pte. Ltd. We have conducted the secretarial audit of the compliance of (Substantial Acquisition of Shares and Takeovers)
4. CBS Investissements SAS
applicable statutory provisions and the adherence to good Regulations, 2011;
corporate practices by Tata Steel Limited (hereinafter referred
5. Tata Steel International (Singapore) Holdings Pte. Ltd. (b)
T he Securities and Exchange Board of India
to as ‘the Company’). Secretarial Audit was conducted in a
6. Tata Steel International (Denmark) A/S (Prohibition of Insider Trading) Regulations, 2015;
manner that provided us a reasonable basis for evaluating the
7. Corus Tubes Poland Spolka Z.O.O corporate conducts / statutory compliances and expressing (c) The Securities and Exchange Board of India (Issue of
8. Tata Steel International (Schweiz) AG our opinion thereon. Capital and Disclosure Requirements) Regulations,
9. T S Global Minerals Holdings Pte. Ltd. 2018 and amendments from time to time;
10. British Steel Trading Limited Based on our verification of the Company’s books, papers,
11. Tata Steel (KZN) (Pty) Ltd.
minute books, forms and returns filed and other records (d) The Securities and Exchange Board of India (Share
maintained by the Company, the information provided by the Based Employee Benefits) Regulations, 2014; (Not
Associate
Company, its officers, agents and authorised representatives applicable to the Company during the audit period)
1. New Millennium Iron Corp
during the conduct of secretarial audit, the explanations and
(e) The Securities and Exchange Board of India (Issue
clarifications given to us and the representations made by
and Listing of Debt Securities) Regulations, 2008;
the Management and considering the relaxations granted by
On behalf of the Board of Directors
the Ministry of Corporate Affairs and Securities and Exchange (f)
The Securities and Exchange Board of India
sd/- Board of India warranted due to the spread of the COVID-19 (Registrars to an Issue and Share Transfer Agents)
N. CHANDRASEKARAN pandemic, we hereby report that in our opinion, the Company Regulations, 1993 regarding the Companies Act and
Mumbai Chairman has, during the audit period covering the financial year ended dealing with client; (Not applicable to the Company
May 5, 2021 DIN:00121863 on March 31, 2021, generally complied with the statutory during the audit period)
provisions listed hereunder and also that the Company has
(g) The Securities and Exchange Board of India (Delisting
proper Board processes and compliance mechanism in place
of Equity Shares) Regulations, 2009; (Not applicable
to the extent, in the manner and subject to the reporting made
to the Company during the audit period) and
hereinafter:
(h) The Securities and Exchange Board of India (Buyback
We have examined the books, papers, minute books, forms
of Securities) Regulations, 2018; (Not applicable to
and returns filed and other records made available to us and
the Company during the audit period)
maintained by the Company for the financial year ended on
March 31, 2021 according to the provisions of: (vi) Other laws applicable specifically to the Company namely:
(i) The Companies Act, 2013 (‘the Act’) and the rules made (a) The Mines Act, 1952 and the rules, regulations made
thereunder; thereunder.
(ii) The Securities Contract (Regulation) Act, 1956 (‘SCRA’) and (b) Mines and Minerals (Development & Regulation) Act,
the rules made thereunder; 1957 and the rules made thereunder.
(iii) The Depositories Act, 1996 and the Regulations and (c) Air (Prevention and Control of Pollution) Act, 1981
Bye-laws framed thereunder; and the rules and standards made thereunder.
(iv) Foreign Exchange Management Act, 1999 and the rules (d) Water (Prevention and Control of Pollution) Act,
and regulations made thereunder to the extent of Foreign 1974 and Water (Prevention and Control of Pollution)
Direct Investment, Overseas Direct Investment and Rules, 1975.
External Commercial Borrowings;
(e) Environment Protection Act, 1986 and the rules, all its shareholders, creditors, stakeholders and all concerned Details of the securities redeemed / to be redeemed are paid-up equity shares of face value ₹10 each into fully paid-up
notifications issued thereunder. persons. The Scheme will be implemented upon its sanction provided below: equity shares of face value ₹10 each, against which the first and
by the NCLT. final call money of ₹461/- per share was received.
(f) Factories Act, 1948 and allied State Laws. Particulars of NCDs/ Amount
ISIN Redemption date
2. Investment in Tata Metaliks Limited PHS (₹ crore) The converted shares rank pari passu with the existing fully
We have also examined compliance with the applicable clauses
10.25% NCDs INE081A08140 670 December 22, 2020 paid-up equity shares.
of the following: Pursuant to conversion of Warrants issued on preferential
10.25% NCDs INE081A08157 3,350 January 6, 2021
basis by Tata Metaliks Limited (‘TML’) at a price of ₹642 per 7. Issue / Redemption of Commercial Papers
(vii) Secretarial Standards issued by The Institute of Company 11.80% PHS INE081A08165 1,500 March 18, 2021
Warrant, on September 25, 2020, the Company acquired
Secretaries of India with respect to board and general 11.50% PHS INE081A08173 775 May 11, 2021 The Company had issued Commercial Papers of value
34,92,500 equity shares of ₹10 each of TML, by exercising its
meetings. aggregating `1,850 crore and redeemed the Commercial
right to subscribe to one equity share per warrant of face value
6. First and Final Call on Partly Paid-up Equity Shares Papers of value aggregating `4,900 crore (these included
(viii) The Listing Agreements entered into by the Company of ₹10 each, aggregating to ₹224.22 crore (25% was paid on
Commercial Papers issued during the financial year ended
with BSE Limited and National Stock Exchange of India application). As a result of this, the Company’s holding in TML On February 9, 2021, the Board of Directors of the Company March 31, 2020) during the year ended March 31, 2021.
Limited read with the Securities and Exchange Board of increased from 55.06% to 60.03%. approved the making of the first and final call of ₹461
India (Listing Obligations and Disclosure Requirements) (comprising ₹7.498 towards face value and ₹453.504 towards For Parikh & Associates
3. Portfolio Restructuring
Regulations, 2015. securities premium) per partly paid-up equity share (‘First Company Secretaries
In line with the strategic objective to group the Tata Steel Group and Final Call’) on 7,76,36,788 outstanding partly paid-up
During the period under review, the Company has sd/-
Companies under 4 distinct clusters viz. (a) Long Products equity shares of face value ₹10 each, issued by the Company,
complied with the provisions of the Act, Rules, Regulations, P. N. PARIKH
(b) Downstream (c) Mining and (d) Utilities and Infrastructure on a Rights basis, pursuant to the Letter of Offer dated
Guidelines, standards etc. mentioned above. Partner
Services, each controlled through a subsidiary company of January 22, 2018.
We further report that: the Company, the Company during the year approved the Mumbai FCS No.: 327 CP No.: 1228
transfer of its holding in (a) Tata Steel Special Economic Zone Pursuant to the First and Final Call, the Stakeholders’ Relationship May 5, 2021 UDIN: F000327C000241843
The Board of Directors of the Company is duly constituted with Committee (“Committee”), duly authorised by the Board, on
Limited, (b) The Tata Pigments Limited, (c) Jamipol Limited This Report is to be read with our letter of even date which is annexed as
proper balance of Executive Directors, Non-Executive Directors March 24, 2021 approved the conversion of 7,02,49,241 partly
and, (d) Nicco Jubilee Park Limited to Tata Steel Utilities and Annexure A and forms an integral part of this report.
and Independent Directors. There were no changes in the
Infrastructure Services Limited, (Company’s wholly-owned
composition of the Board of Directors that took place during
subsidiary) and its holding in (a) Jamshedpur Continuous
the period under review. Annexure A
Annealing and Processing Company Private Limited, and (b)
Adequate notice was given to all directors to schedule the Tata Bluescope Steel Private Limited to Tata Steel Downstream
Board Meetings, agenda and detailed notes on agenda were Products Limited, (Company’s wholly-owned subsidiary). To,
sent at least seven days in advance for meetings other than The Members
4. Issue of Debt Securities Tata Steel Limited
those held at shorter notice, and a system exists for seeking and
obtaining further information and clarifications on the agenda During the financial year 2020-21, the Company has allotted Our report of even date is to be read along with this letter.
items before the meeting and for meaningful participation at the following Unsecured, Rated, Listed, Redeemable,
the meeting. Non-Convertible Debentures (‘NCDs’) of face value of 1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express
₹10,00,000 each to identified investors on private placement an opinion on these secretarial records based on our audit.
Decisions at the Board Meetings were taken unanimously.
basis: 2. We have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness
We further report that there are adequate systems and of the contents of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected
Date of Amount
processes in the Company commensurate with the size and Particulars of Allotment
Allotment (₹ crore) in secretarial records. We believe that the process and practices, we followed provide a reasonable basis for our opinion.
operations of the Company to monitor and ensure compliance
10,250 – 7.85% NCDs April 17, 2020 1,025 3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
with applicable laws, rules, regulations and guidelines.
5,100 – 7.85% NCDs April 22, 2020 510
We further report that during the audit period the Company had 10,000 – floating coupon NCDs April 27, 2020 1,000 4. Wherever required, we have obtained the Management Representation about the Compliance of laws, rules and regulations
following events which had bearing on the Company’s affairs Series A: 5,000 – floating coupon NCDs 500
and happening of events etc.
in pursuance of the above referred laws, rules, regulations, April 30, 2020
Series B: 5,000 – 7.95% NCDs 500 5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility
guidelines, standards etc. 10,000 – 8.25% NCDs May 20, 2020 1,000 of management. Our examination was limited to the verification of procedure on test basis.
1. Amalgamation of Bamnipal Steel Limited and Tata Steel 4,000 – floating coupon NCDs June 3, 2020 400 6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness
BSL Limited into and with Tata Steel Limited with which the management has conducted the affairs of the Company.
5. Exercise of Call Option in respect of Non-Convertible
Pursuant to the shareholders’ approval at the meeting
Debentures and Perpetual Hybrid Securities For Parikh & Associates
of the equity shareholders convened and held on Friday,
Company Secretaries
March 26, 2021, the Company filed the “Company Scheme On November 13, 2020, the Board of Directors of the Company
Petition” with the NCLT, Mumbai Bench with the prayer that approved the proposal to exercise Call Option to redeem sd/-
the Scheme of Amalgamation of Bamnipal Steel Limited and the following Unsecured, Rated, Listed Non-Convertible P. N. PARIKH
Tata Steel BSL Limited into and with Tata Steel Limited be Debentures (NCDs) / Perpetual Hybrid Securities (PHS) in the Partner
sanctioned with effect from the Appointed Date as defined in form of NCDs of the Company, as per their terms of issue. Mumbai FCS No.: 327 CP No.: 1228
the Scheme and be binding on the Petitioner Companies and May 5, 2021 UDIN: F000327C000241843
ANNEXURE 9 ANNEXURE 10
Particulars of Loans, Guarantees or Investments Particulars of Energy Conservation, Technology Absorption
[Pursuant to Section 186 of the Companies Act, 2013] and Foreign Exchange Earnings and Outgo
Amount outstanding as on March 31, 2021 [Pursuant to Companies (Accounts) Rules, 2014]
(` crore)
Particulars Amount (A) CONSERVATION OF ENERGY Sinter Plant
Loans given 8,860.60 • Power consumption reduced from 44.57 KWH/t.NS in
(i) Steps taken or impact on conservation of energy:
Guarantees given 9,121.69 FY 2019-20 to 43.05 KWH/t.NS in financial year 2020-21 by
Investments made 51,066.27 Jamshedpur implementation of;
• Achieved lowest ever plant Specific Energy Consumption of • Advanced analytical model on Waste Gas Fan speed
5.612 GCal/tcs optimisation;
Loans, Guarantees given or Investments made during the financial year 2020-21
(` crore)
• Achieved highest ever LD Gas recovery of 75,900 Nm3/hr • Advanced analytical model on Cooling air fan speed
Particulars of Loan, Purpose for which the loans, • Achieved Best ever by-product gas utilisation of 98.81% optimisation; and
Name of the Entity Relation Amount Guarantees given or guarantees and investments
Investments made are proposed to be utilised • Achieved highest ever inhouse Power generation of • Replacement of Sodium vapour lamps to LED.
Subarnarekha Port Private Limited 6.00
249 MW by utilising by-product in-house gases and through • Gaseous fuel consumption reduced from 15.12 mkal/t.NS
waste heat recovery (FY 2019-20) to 14.49 mkal/t.NS (FY 2020-21) by maintaining
T Steel Holdings Pte. Ltd. 7,331.14
Subsidiary Loan lower ∆T of Furnace through improvement in Furnace
Tata Steel Mining Limited* 756.60 • Achieved lowest ever low-pressure process steam
Tata Steel Special Economic Zone Limited 21.00 consumption of 276 tonnes / hour automation.
Tata Metaliks Ltd. 168.17 • Lowest ever specific water consumption of 2.25 m3/tcs Coke Plant
Tata Steel Downstream Products Limited# Subsidiary 2,245.61 recorded; Fresh water intake reduced by 28% over last year
Business Purpose • Reduction of clarified water consumption: 13,41,775 m3
Tata Steel Mining Limited 826.98
• Highest ever CETP production of 4.4 MGD; 26% increase was consumed against the plan of 13,92,775 m3; a saving of
Jamshedpur Continuous Annealing & Processing Investments in 51,000 m3 for the year. The bottom line impact was `54.57
Joint venture 40.80 over last year
Company Private Limited# Equity Shares Lakh or `4/T of BF+Nut coke production for the year.
Tata International Ltd. Others (Related 23.61 • Digital predictive model introduced for optimisation of gas
through supply in reheating furnaces of HSM. • Reduction of coke moisture: Annual average coke moisture
Promoter was 1.22% against the previous best of 1.72% achieved
Company) • Reduction in simultaneous changeover of H & I BF Stoves during FY 2019-20. 1% reduction of coke moisture reduces
through Level-2 digital model leading in reduction of BF the Blast Furnace fuel rate by 3 Kg/T of hot metal. Thus, the
* Represents loans given and repaid during the year ended March 31, 2021. Gas fluctuation and better utilisation. reduction of coke moisture helped in reducing the Blast
#
During the year ended March 31, 2021, the Company transferred its entire stake held in Jamshedpur Continuous Annealing & Processing Company
• Shifting load from 44 KV to 132 KV corridor to reduce Furnace fuel rate by 5,045 T for the Year.
Private Limited and Tata BlueScope Steel Private Limited to Tata Steel Downstream Products Limited (‘TSDPL’), a wholly-owned subsidiary of the
Company, for consideration in the form of 17,40,77,940 equity shares of TSDPL aggregating to ₹2,245.61 crore. Licensee drawl. • Following annual average Coke Oven Gas quality properties
• Reduction in fixed cost through reduction in licensee were best ever (lower the better):
Notes:
contract demand. a) 37 mg/Nm3 ammonia against the previous best of
(i) As at March 31, 2021, pursuant to Tata Steel Group’s restructuring plan, investments held in The Tata Pigments Limited, Tata Steel Special
Economic Zone Limited, Jamipol Limited and Nicco Jubilee Park Limited have been classified as “held for sale”. • Power wheeling across Tata Steel India locations to 54 mg/Nm3 during FY 2019-20.
maximise power utilisation from captive units. b) 27 mg/Nm3 naphthalene against the previous best of
(ii) During the year ended March 31, 2021, the Company has recognised a net impairment reversal of ₹149.74 crore and net fair value gain of
₹1,982.01 crore with respect to investments held in its affiliates. The impairment reversal of ₹149.74 crore relates to provision reversed for 32 mg/Nm3 during FY 2019-20.
Kalinganagar
impairment of investment in Tata Steel Special Economic Zone Limited, net of charge of ₹0.26 crore in Medica TS Hospital Private Limited. Net
Raw Material Handling System and Logistics Operation Steel Melting Shop
fair value gain represents a gain of ₹2,031.75 crore for preference shares investments held in Tata Steel BSL Limited and a loss of ₹49.74 crore
for debentures held in Medica TS Hospital Private Limited. • Conversion of existing sodium vapour lamps (4,500 nos) • Reduced specific water consumption from 0.43 m3/tcs
across conveyors and High Mast lighting Tower into LED. to 0.42 m3/tcs by changing Gas cleaning circuit logic and
On behalf of the Board of Directors waste water recirculation through cascade filtration.
• Replacement of 12 Nos. High Tension motors across Ore
sd/-
and Coal Conveyors having higher energy efficiency.
N. CHANDRASEKARAN
Mumbai Chairman • Reduction of Ideal magnetic separators running in tune
May 5, 2021 DIN: 00121863 with conveyor TPH loading.
Hot Strip Mill • 150 MW generation capacity through solar power source is Project title Benefits
• Reduced mill specific power consumption from 118 KWH/T in the pipeline. Calcium Ferrite for Synthetic calcium ferrite flux was developed by R&D to decrease the phosphorous content of liquid steel.
to 115 KWH/T(Q2-Q4) through several initiatives undertaken dephosphorisation of Steel Plant trials at LD shop of TSL Jamshedpur successfully decreased the turndown phosphorous by 20 ppm
• Pilot project on ‘Energy recovery Micro Turbine’ successfully and reduced the lump iron ore and calcined lime consumption by 1,000 kg and 500 kg per ton crude steel
in SHIKHAR project such as: commissioned and more such projects to recover throttling respectively.
• Digital initiative taken for better power visualisation to loss in steam pressure have been initiated. Dent Prediction Model A mathematical model has been developed by the R&D team to predict the dent performance of
take immediate corrective action. • Pilot project on ‘Vapor Absorption Machine’ of 100 tonnes automotive skin panels. The model takes into account the sheet thickness, properties and the component
of refrigeration to utilise the waste heat successfully curvature and provides the dent force.
• Planned stoppages for longer duration in place of
commissioned and more such projects have been initiated. Product Design and Engineering Developed in-house capability within R&D for design and development of different engineering products
multiple shorter durations.
with FRP with FRP.
• Replacement of high power consuming conventional Kalinganagar Development of Zincal coating A project was taken to improve the corrosion resistance property of wire product by developing a Zinc
lights with LED lights. • 34 KT of carbon recovered from Steel Plant generated on wires with superior corrosion alloy coating. Based on lab results, a pilot scale trial was conducted by coating with the new alloy after
solid waste material and used in Sinter making process in resistance applying a flux and the results showed corrosion resistance 2.5 times better than Zn- coated product.
(ii) Steps taken by the Company for utilising alternate Development of Universal coating Based on hybrid polymer technology, a secondary coating has been developed, which can be painted
FY 2020-21.
sources of Energy: directly after forming or making the component. Plant trial has been made and the developed product
was tried successfully at customer’s place for appliances application.
Jamshedpur
Development of 3G Stave Thickness Staves are the cooling members in Blast Furnaces, which need to be monitored for its remnant thicknesses
• Projects on Power generation from solar and Measurement Technique as it has a direct effect on the safe operation of the furnace. In this development, a novel methodology
non-conventional energy source gained momentum. involving a miniaturised robotic system was developed to enable ultrasonic stave thickness measurement
for the entire channel of the stave. The developed system has been successfully tested in actual staves in
(iii) Capital investment on energy conservation equipments: Blast furnace at Tata Steel- Jamshedpur.
Highly efficient thermoelectric The objective is to harness low grade waste heat to produce green electricity and thus reduce carbon
Sl. No. Particulars ₹ crore harnessing low-grade waste heat footprint.
Jamshedpur Thermoelectric modules were fabricated for the purpose by indigenously synthesised highly efficient
1 VARIABLE FREQ DRIVE AT WMD 0.48 thermoelectric materials which works on the principle of Seebeck effect and directly converts waste
2 Remote monitoring of flare stacks at EMC (Energy Management Centre) 0.28 heat to electricity. The efficiency of the developed material was almost 3 times more than the currently
3 100 KW solar power plant in MPDS 1 0.38 available materials for low temperature. It is proposed to have 100 kw power generation from hot effluent
4 Capacity enhancement from 25 MW to 30 MW in PH-4 12.0 stream from coke oven by-product.
Kalinganagar A Priori Prediction of Thermal Level In a conventional practice, operators adjust the fuel (coke and coal), based on rise and dip of hot metal
5 Cost of Reduction in energy consumption in Ignition Hood Furnace of Sinter Plant by using high emissive coating 0.37 of Blast Furnace temperature of blast furnace. However, it takes about 3-4 and 6-8 hours to see the movement in HMT in
case of coal and coke adjustments, respectively.
A model, based on hybrid modelling using concept of mass and energy balance and subsequent statistical
(B) Technology Absorption method to determine a parameter “Wu-star”, was developed by Tata Steel R&D. It predicts thermal level
1. Efforts made towards technology absorption of blast furnace prior to hot metal temperature. The model was successfully implemented in BF level II
automation system and operators are adjusting KPIs (Fuel Rate) based on this model outcome. Significant
(i) Projects under Research and Development drop in standard deviation of hot metal temperature by 78 degree Celsius has been observed, which in
Project title Benefits
turn has also led to stability in fuel rate as well as furnace performance.
Jamshedpur Kalinganagar
Seam specific reagent for lower There is poor floatability of lower seam coals to regular flotation reagents due to their highly hydrophilic, Established Smart Warehouse This system will increase the throughput, reduction in VIVO (vehicle in vehicle out) and eliminate Rank ‘A’
seam coals of West Bokaro porous and rough surface. Tata Steel R&D in collaboration with a foreign university has developed a new digital platform effect of the products.
reagent which increases floatability of lower seam coals by (i) increasing their C-C/C-H content on the Reduction of Carbon rate in Lowering in fuel rate by 0.8 kg/t.NS by model deployment
surface making it more hydrophobic and (ii) aggregating finer coal particles to minimise porosity and Sinter Plant by using FeO and BTP
improving surface properties. An increase in fine clean coal yield of 7.5% for lower seam coals was observed Prediction Model
as compared along with a decrease of 1% product ash content. The overall increase on ROM basis is 1% Digital Twin model development Internal recirculation reduced from 23% to 20% increasing Sinter yield thereby lowering energy consumption.
with the new reagent. Pilot scale trials (capacity 400kg/hr) are under progress with different seam coals. for reduction of Internal Return
Reduction of alumina in iron ore The alumina reduction is about 1.2% in wet lumps and 0.2-0.4% in the classifier fines through present fines at Sinter Plant TSK
from wet processing plant of practice of the washing process. Addition of surface active reagents help to increase the washing efficiency Advance Analytic techniques like Used to improve Material Property Prediction in terms of YS & UTS for 80% of coils within +/- 20MPa.
Noamundi using dispersant. of iron ore. Test work with different dispersants showed that alumina could be reduced by 0.2-0.3% in Gradient Boost, Random Forrest The same predicted parameters are made available in a web based platform, named IQMS to concerned
addition to the reduction achieved by washing with water alone. Two dispersants were selected for plant agency for faster decision-making on real-time basis.
scale trials based on lab scale experimentation. First phase of plant trials has been conducted for two The model is planned to be used for minimising the product development cycle time & for minimising
weeks in February 2021 and second phase of trials has been scheduled from April 15, 2021. sampling loss in CR Grades.
Smart Lance System for LD vessel To improve blowing operation in LD vessel and avoid subjective assessment of the onset of slop by
operating personnel, a lance positioning and control system, known as Smart Lance was developed for LD
vessel using an audiometer to measure the process noise generated by oxygen jet impinging in the steel
bath. The hardware, signal processing software and smart lance algorithm were designed and developed
in-house. The technology has reduced the number of slopping incidents and severity by 70%.
(ii) Process Improvement (b) ~10% reduction in flotation cell level fluctuation Steel Melting Shop (‘SMS’) • Tata Steel’s first ever passenger vehicle skin panel approval
achieved by replacement of conventional actuators • Improvement in usage of clean scrap from 4.1% in made from bake-hardenable grade BH180 GA.
Raw Materials Division
with advanced FESTO actuators. FY 2019-20 to 4.7% from Q3FY2021 (post Covid- manpower • Completion of the entire range of grades within the high
Mining: restrictions) resulted into CO2 reduction of more than 0.084
• Intermediate size (0.5mm-0.25mm) beneficiation circuit strength IF-based steel family.
• Concept developed for paste backfilling in Highwall mining t/tcs.
-Reflux Classier stabilisation at new Jamadoba Coal • Gr 3[CW], 5.5mm wire rods rolled from slab route for core
face at West Bokaro (first in the world) in collaboration with
Preparation Plant • Optimisation of MRP Scrap Consumption in SMS, increased conducting wire used in DTH coaxial cables an import
XCUMT backfill, China to increase the coal extraction ratio
usage up to 59.2 % in FY 2020-21 against the annual plan substitute.
to more than 65% as compared to existing 30%. Lab test Kalinganagar
of 50 %.
work at XCUMT & CIMFR is in progress to finalise material • SAE 1008[M], 5.5mm wire rods for GI Gabion wires for
Raw Material Handling System and Logistics
proportioning for paste backfilling and prerequisites for • Stabilising LRF Operations, (first complete financial year of export to Nepal.
subsequent approval from regulatory authority (DGMS) for • Elimination of man-machine interface through adoption LRF Operations) to achieve Specific Power consumption of
field trial respectively. of Robotic application in in-haul and out-haul operation of 18 kwh/tcs and Electrode Consumption of 0.10 kgs/tcs. • HC80B[PC] wire rods for PC wires for increased productivity
Wagon Tippler 2. at customer end.
• Novel mining approach proposed for extraction of friable • Reduction of DS reagent consumption in SMS from 3.11 Kg/Tcs
chrome ore (~30 million Ton) below ultimate pit limit at • Installation of smart fencing system in Wagon Tippler 4 to in FY 2019-20 to 2.10 Kg/Tcs in FY 2020-21 due to improvement • HC80BCrV[SS] wire rods for high strength roller shutter
Sukinda. Technical feasibility study is under progress. prevent unauthorised entry during unloading operation of in DS process and routing 75 % heats through LRF. spring wire, an import substitute.
wagons.
• Commercialised high-end API (for Line pipe application) • High ductility Fe 500SD, 8mm rebars from New Bar Mill.
Ore Beneficiation Technology:
• Integrated Power Supply installation of Cabin A and B for using RH for Vacuum treatment. Efforts made towards import • High strength high ductility Fe 550SD 8mm to 25mm.
• Stickiness index to predict iron ore fines flowability: increase of reliability of signaling operation. substitution. Total API production in SMS increased from
A project was formulated to minimise the rake unloading 46,722 tonnes in FY 2019-20 to 1,60,090 tonnes in FY 2020-21. • Seven grades of billets (first time TSL) for export during
• Integration of Road weigh-bridge weighment Screen with
issue by developing a Statistical Index to provide prior nationwide pandemic (e.g. SD40NT and SD40GB for
VTS.
information about the flowability characteristics of fines. The Hot Strip Mill (‘HSM’) producing air cooled rebars).
collective effect of factors such as granulometry, mineralogy • Installation of Change over Visual Indicator at BF Critical • Improved Mill stability through increasing accuracy of • Commercial supply of Fe500 CRS, 40mm for construction.
and ratio of wet & dry fines create the stickiness issue. Points. Model’s Power Prediction and Roughing Mill delivery
Methods like principle component analysis and multiple • Started the dosing of chemical powder in PCI that enhanced thickness accuracy. Kalinganagar
regression were used to develop the stickiness index. the flowability and increased the PCI rate to 200Kg/thm • Digital initiative taken under Shikhar for improving Safety Following new Grades were developed in TSK:
even during monsoon period. and Process time related to coil reprocessing by decreasing
•
Identification of enablers to reduce alumina in • X70 (non-sour): API X-70 for non-sour applications
Dispatch fines at Noamundi: • Successfully commissioned the S&T system in upline number of mutations in coil yard. Coil movement through developed from TSK. Mecon demo route approval
between Jakhapura & Cabin-B that will increase the conveyor and stacking of the coils in Yards is made based on completed successfully.
Several initiatives (short-term and medium-term) were
flowability of inward and outward rakes in parallel mode. re-processing requirement and final dispatch destination in
identified to reduce alumina in fines. Short term initiatives • FB590/FB540: Development of Ferrite + Bainite for the
auto mode, through scheduling and process control with
are as follows (a) Jig utilisation 100% and (b) hydrocyclones • Electronic interlocking system ensures safe and optimum first time from TSL. These will be used for wheels disc
the help of MILL L2 and CYMS Model along with L1 interface.
bypass) and medium-term initiative are (a) 100% classifier rake movement with all interlocks in place. applications.
fine processed through jig (b) slime beneficiation and (c) • Improved Scale loss from 0.87% to 0.84% by optimising
jigging in upcoming low grade plant. These initiatives have a • In-house mechanical modification done in the reach stacker heating curve using advance analytics technique like lasso • S460MC & S420MC: These grades are developed and will
potential to reduce alumina by 0.37% (from 2.95% to 2.58%). which enabled it to handle slabs along with HR Coil. regression in furnace. be used in Auto structural application for Light Weight
Vehicles.
• Identification of enablers to reduce the K2O and SiO2 • Signal and Hooter installation at Outside LC’s during Rake
(iii) Product Development
from Gomardih dolomite: Beneficiation studies to reduce movement. • DP590: This grade is developed and will be used in auto
K2O and SiO2 from dolomite were carried out and it was Jamshedpur internals (Brackets).
Sinter Plant
observed that by floatation it was possible to reduce the • First foray into advanced high strength coated steels • JSH590R & JSH440: This will be used for auto structural
SiO2 from 12.2% to 1.31% and K2O from 0.8% to 0.14% which • Maintaining Sinter bin level >60% to improve Sinter yield through DP600 GA and DP600 GI approvals. applications internal.
is very promising from an end usage view point. and lower specific energy consumption.
• First foray into functional secondary coatings space – • Development of UT guaranteed grades: Grades such as
• Number of interruptions reduced from 1.31 per day to 0.54 approval for lubrication-coated GA (T-COAT) in exposed
Coal Beneficiation Technology: E350 Gr.C/S355J2 for thickness of >16mm for L&E and wind
per day. panel application.
• West Bokaro Washery#3 Flotation Circuit Performance tower applications.
Improvement by: Coke Plant • Multiple Auto OEM approvals to DP780CR – highest strength
• PHCC in the coal blend was reduced from the previous achieved yet from continuous annealing.
(a)
~0.5% clean coal yield improvement (on raw
coal basis) by replacement of conventional rotor- lowest of 18.68% during FY 2019-20 to 14.75%.
stator with FloatForce (a new generation mixing • OHCC in the coal blend was reduced from the previous
mechanism developed by Outotec). 3 units of lowest of 28.21% during FY 2019-20 to 19.63%.
FloatForce were introduced in FY 2017-18 and based
on the encouraging results, 3 more units integrated
in FY 2020-21.
2. Benefits derived from key projects: 4. Expenditure on Research & Development (R&D)
Project title Benefits (₹ crore)
Jamshedpur (a) Capital 2.75
Reduction of LPG consumption at GI wire line of ISWP LPG consumption reduced by ~ 3.4 Kg/ton. This resulted in yearly cost benefit of `1crore (b) Recurring 228.29
10 new grades of billets made for export market This enabled in utilisation of LD1 capacity during COVID-19 and resulted in overall (c) Total 231.04
during country wide lockdown savings of `40 crore. (d) Total R&D expenditure as a % of Total Turnover 0.36%
Elimination of black edge defect at TBSL Elimination of input RM defect from CRM Bara resulted in yield improvement at CGL1
and TBSL – a combined benefit of `3 crore p.a. (C) Foreign Exchange Earnings and Outgo
API Clone TDC from TSK 96 clone TDCs created through Agile-IT based system to maximise order execution
resulted in record sales in API in FY 2020-21. (₹ crore)
Low cost API X65 and X70(non-sour) from TSK A cost saving of ~ `1,400/T for X65 and X70(non-sour) achieved. Total 14kT of X65 and FY 2020-21 FY 2019-20
> 30kT of X70(non-sour) supplied with lean chemistry (till February, 2021) Foreign Exchange Earnings 9,241.88 6,314.97
Computer vision based toolbox for detection of This toolbox has automated the whole CLS classification to save the time of QA Value of direct imports (C.I.F. Value) 8,902.53 12,381.28
segregation (CLS) and internal cracks (ICC) for slabs operators as well as to avoid the error due to operator to operator judgement Expenditure in foreign currency 365.71 509.47
from Sulphur print images
Online dashboard for Zinc consumption in Saving more than `0.75 crore On behalf of the Board of Directors
continuous galvanising lines (CGL) of CRM
sd/-
Predictive maintenance of critical equipment of Saving more than `0.67 crore
continuous galvanising line number 2 of CRM N. CHANDRASEKARAN
Mumbai Chairman
Auto pattern and trend analysis visualisation toolbox This has enabled faster decision-making and defect finding for quality assurance
for defects with respect to processing lines from Hot people May 5, 2021 DIN: 00121863
Strip Mill (HSM) to Recoiling lines (RCL) of CRM
Kalinganagar
Test wagon modification with Test Weights Ensuring healthiness of In-motion Weigh bridge for eliminating the error during
embedded in it loaded rake weighment
Modification of Re Railing Van for Road and Rail Minimum time Re railing equipment reaching site without any travel delay effecting
Movement production and also safe shifting of re-railing equipment at site
De-railer fabricated (6 no's) savings of approximately Positive isolation ensuring safety of workmen on rail yard
`24 Lakhs (`4 Lakhs/ Derailer)
Installation of Anti toppling tilt switch in Hywa This can avoid toppling hazards in moveable hywas
Reduction of Carbon rate in Sinter Plant by using FeO Lowering in fuel rate by 0.8 kg/t.NS by model deployment
and BTP Prediction Model
Digital Twin model development for reduction of Internal recirculation reduced from 23% to 20% increasing Sinter yield thereby
Internal Return fines at Sinter Plant TSK lowering energy consumption.
3. Information regarding imported technology (last three years)

Sl. Financial Year
Technology Imported Status
No of Import
Jamshedpur
1 Hot Strip Mill Furnace Skid Revamping
2 Electro Magnetic Brake (Phase-1)
2018 - 19 Commissioned
3 E – Blast Furnace Relining
4 New LD Gas Holder
5 Electro Magnetic Brake (Phase-2) Commissioned
2020 - 21
6 Vessel 2 Trunion and Guide System Yet to be commissioned
Kalinganagar
7 2nd Barrel Reclaimer (Make: TAKRAF Tenova) in RMBB Sinter Plant 2020-21 In operation
Highlights
Financial Highlights 236
Financial Ratios 237
Production Statistics 238
Financial Statistics 238
Dividend Statistics 239

Financial Standalone
Independent Auditor’s Report
Balance Sheet
240
250
Statements Statement of Profit and Loss

Statement of Changes in Equity
251
252
Statement of Cash Flows 254
Notes forming part of the Standalone Financial Statements 256

Consolidated
Independent Auditor’s Report 334
Consolidated Balance Sheet 342
Consolidated Statement of Profit and Loss 344
Consolidated Statement of Changes in Equity 346
Consolidated Statement of Cash Flows 348
Notes forming part of the Consolidated Financial Statements 350

FINANCIAL HIGHLIGHTS FINANCIAL RATIOS
(₹ crore)
Tata Steel Standalone Tata Steel Group Tata Steel Standalone Tata Steel Group
2020-21 2019-20 2020-21 2019-20 2020-21 2019-20 2020-21 2019-20
Revenue from operations 64,869.00 60,435.97 1,56,294.18 1,48,971.71 1. EBITDA/Turnover 33.84% 24.98% 19.77% 12.15%
Profit/(loss) before tax 17,795.13 6,610.98 13,843.69 (1,380.44) 2. PBET/Turnover 23.16% 13.76% 9.52% 2.38%
Profit/(loss) after tax 13,606.62 6,743.80 8,189.79 1,172.46 3. Return on average capital employed 14.38% 9.54% 11.66% 4.94%
Dividends 1,145.93 1,489.67 1,144.75 1,488.13 4. Return on average net worth 16.19% 9.02% 10.66% 1.59%
Retained earnings 44,308.96 32,106.96 16,476.70 18,127.82 5. Asset turnover 60.52% 60.26% 66.56% 61.02%
Capital employed 1,25,727.11 1,24,123.27 1,75,251.28 2,01,752.48 6. Inventory turnover (in days) 57 70 79 83
7. Debtors turnover (in days) 14 7 21 26
Net worth 91,267.11 76,838.12 77,508.45 76,162.90
8. Gross block to net block 1.31 1.26 1.54 1.46
Borrowings 28,348.30 41,422.87 88,501.41 1,16,328.20
9. Net debt to equity 0.24 0.49 0.98 1.42
Ratio Ratio
10. Current ratio 0.61 0.81 0.97 1.40
Net debt to Equity 0.24 0.49 0.98 1.42 11. Interest service coverage ratio 6.94 4.37 3.39 1.68
₹ ₹ 12. Net worth per share (₹) 795.64 670.53 676.40 665.32
Net worth per Share as at year end 795.64 670.53 676.40 665.32 13. Basic earnings per share (₹) 117.04 57.11 63.78 11.86
Earnings per Share: 14. Dividend payout 22% 17% 37% 98%
Basic 117.04 57.11 63.78 11.86 15. P/E ratio 6.94 4.72 12.73 22.74
Diluted 117.03 57.11 63.78 11.86
Dividend per Ordinary Share 25.00 10.00 25.00 10.00 1. EBITDA/Turnover (Gross Block: Cost of property, plant and equipment + Cost
Employees (Numbers) 31,189 32,364 73,962 70,212 of right-of-use assets + Capital work-in-progress + Cost of
(EBITDA: PBT +/(-) Exceptional Items + Net Finance Charges
Shareholders (Numbers) 8,73,198 8,96,919 intangible assets + Intangible assets under development)
+ Depreciation and amortisation - Share of results of
equity accounted investments) (Net Block: Gross Block - Accumulated depreciation and
amortisation - Accumulated impairment)
(Net Finance Charges: Finance costs - Interest income -
Dividend income from current investments - Net gain/ 9. Net Debt to Equity: Net Debt/Average Net Worth
(loss) on sale of current investments)
(Net debt: Non-current borrowings + Current borrowings
(Turnover: Revenue from Operations) + Current maturities of long-term borrowings and lease
obligations - Current investments - Cash and cash
2. PBET/Turnover
equivalents - Other balances with banks (including non-
Profit before exceptional items and tax/Turnover current earmarked balances))
3. Return on Average Capital Employed: EBIT/Average 10. Current Ratio: Current Assets including assets held for
Capital Employed sale (excluding current investments)/Current Liabilities
including liabilities held for sale
(Capital Employed: Total Equity + Non-current Borrowings
+ Current maturities of Non-current borrowings and (Current liabilities: Trade Payables + Short-term provisions
Lease Obligations + Current Borrowings + Deferred tax + Other current liabilities - Current maturities of Non-
liabilities) current borrowings and Lease Obligations)
(EBIT: PBT +/(-) Exceptional Items + Net Finance Charges) 11. Interest Service Coverage Ratio: EBIT/Net Finance Charges
(excluding interest on short-term debts)
4. Return on Average Net worth: PAT/Average Net worth
12. Net worth per share: Net Worth/Number of Equity Shares
(Net worth: Total equity)
13. Basic Earnings per share: Profit attributable to Ordinary
5. Asset Turnover: Turnover/(Total Assets - Investments -
Shareholders/Weighted average number of Ordinary
Advance Against Equity)
Shares
6. Inventory Turnover: Average Inventory/Sale of Products
14. Dividend Payout: Proposed dividend for the year/Profit
in days
after tax
7. Debtors Turnover: Average Debtors/Turnover in days
15. P/E Ratio: Market Price per share/Basic Earnings per share
8. Gross Block to Net Block: Gross Block/Net Block
236 Integrated Report & Annual Accounts 2020-21 | 114th Year Standalone 237
PRODUCTION STATISTICS DIVIDEND STATISTICS
’000 Tonnes
Year Iron Coal Iron Crude Rolled/ Plates Sheets Hot Cold Railway Semi- Total Year First Preference Second Preference Ordinary Total
Ore (Hot steel Forged Bars Rolled Rolled Materials Finished Saleable (₹150) (₹100) (₹10) ₹ lakh
metal) and Coils/ Coils for Sale Steel Rate Dividend Rate Dividend@ Tax on Rate* Dividend@ Tax on
Structurals Strips ₹ ₹ lakh ₹ ₹ lakh dividend ₹ ₹ lakh dividend
1991-92 3,996 3,848 2,400 2,415 599 92 123 170 - 9 1,045 1,978 ₹ lakh ₹ lakh
1992-93 4,126 3,739 2,435 2,477 575 78 122 163 - 7 1,179 2,084 1991-92 – – – – – 3.50 8,054.78 – 8,054.78
1992-93 – – – – – 2.50 a 6,482.21 – 6,482.21
1993-94 4,201 3,922 2,598 2,487 561 - 124 281 - 6 1,182 2,117 1993-94 – – – – – 3.00 b 9,655.44 – 9,655.44
1994-95 4,796 4,156 2,925 2,788 620 - 137 613 - 2 1,074 2,391 1994-95 – – – – – 3.50 c 11,823.94 – 11,823.94
1995-96 5,181 4,897 3,241 3,019 629 - 133 1,070 - - 869 2,660 1995-96 – – – – – 4.50 d 15,697.11 – 15,697.11
1996-97 5,766 5,294 3,440 3,106 666 - 114 1,228 - - 811 2,783
1997-98 5,984 5,226 3,513 3,226 634 0 60 1,210 - 0 1,105 2,971 1996-97 – – – – – 4.50 18,222.25 1,656.57 18,222.25
1997-98 – – – – – 4.00 16,198.05 1,472.55 16,198.05
1998-99 6,056 5,137 3,626 3,264 622 0 0 1,653 - 0 835 3,051 1998-99 – – – – – 4.00 16,329.05 1,618.19 16,329.05
1999-00 6,456 5,155 3,888 3,434 615 0 0 2,057 - 0 615 3,262 1999-00 – – 9.25 860.80 85.30 4.00 16,329.07 1,618.20 17,189.87
2000-01 6,989 5,282 3,929 3,566 569 0 0 1,858 356 0 647 3,413 2000-01 – – – 1,496.58 e,f 275.88 5.00 20,264.09 1,875.50 21,760.67
2001-02 7,335 5,636 4,041 3,749 680 0 0 1,656 734 0 566 3,596
2001-02 – – 8.42 228.33 21.13 4.00 14,710.88 – 14,939.21
2002-03 7,985 5,915 4,437 4,098 705 0 0 1,563 1,110 0 563 3,975
2002-03 – – – – – 8.00 33,299.88 3,781.33 33,299.88
2003-04 8,445 5,842 4,466 4,224 694 0 0 1,578 1,262 0 555 4,076 2003-04 – – – – – 10.00 41,625.77 4,727.58 41,625.77
2004-05 9,803 6,375 4,347 4,104 706 0 0 1,354 1,445 0 604 4,074 2004-05 – – – – – 13.00 82,137.22 10,185.74 82,137.22
2005-06 10,834 6,521 5,177 4,731 821 0 0 1,556 1,495 0 679 4,551 2005-06 – – – – – 13.00 82,042.66 10,092.00 82,042.66
2006-07 9,776 7,041 5,552 5,046 1,230 0 0 1,670 1,523 0 506 4,929
2006-07 – – – – 15.50 1,10,432.51 16,041.72 1,10,432.51
2007-08 10,022 7,209 5,507 5,014 1,241 0 0 1,697 1,534 0 386 4,858
2007-08 – – 0.4g 2,596.11 377.12 16.00 1,36,759.54 19,866.05 1,39,355.65
2008-09 10,417 7,282 6,254 5,646 1,350 0 0 1,745 1,447 0 833 5,375 2008-09 – – 2.00 12,805.48 1,860.16 16.00 1,36,443.72 19,549.31 1,49,249.20
2009-10 12,044 7,210 7,231 6,564 1,432 0 0 2,023 1,564 0 1,421 6,439 2009-10 – – 2.00 5,367.78 779.74 8.00 82,477.15 11,500.02 87,844.93
2010-11 13,087 7,024 7,503 6,855 1,486 0 0 2,127 1,544 0 1,534 6,691 2010-11 – – – – – 12.00 1,30,777.35 15,671.62 1,30,777.35
2011-12 13,189 7,460 7,750 7,132 1,577 0 0 2,327 1,550 0 1,514 6,970
2011-12 – – – – – 12.00 1,34,703.22 18,157.49 1,34,703.22
2012-13 15,005 7,295 8,858 8,130 1,638 0 0 3,341 1,445 0 1,518 7,941
2012-13 – – – – – 8.00 90,569.91 12,872.69 90,569.91
2013-14 17,364 6,972 9,899 9,155 1,676 0 0 4,271 1,638 0 1,346 8,931 2013-14 – – – – – 10.00 1,03,740.40 6,618.86 1,03,740.40
2014-15 13,694 6,044 10,163 9,331 1,778 0 0 4,259 1,836 0 1,200 9,073 2014-15 – – – – – 8.00 92,627.74 14,930.51 92,627.74
2015-16 16,431 6,227 10,655 9,960 1,823 0 0 4,742 1,689 0 1,443 9,698 2015-16 – – – – – 8.00 92,471.69 14,774.46 92,471.69
2016-17 21,284 6,315 13,051 11,683 1,882 0 0 6,295 1,837 0 1,481 11,351
2016-17 – – – – – 10.00 1,16,893.21 19,771.66 1,16,893.21
2017-18 23,043 6,224 13,855 12,482 1,882 0 0 7,093 1,853 0 1,481 12,237
2017-18 – – – – – 10.00 h 1,38,147.27 23,554.82 1,38,147.27
2018-19 23,374 6,546 14,237 13,228 1,959 0 0 7,801 1,858 0 1,386 12,980 2018-19 – – – – – 13.00 1,79,587.42 30,620.57 1,79,587.42
2019-20 26,512 6,210 14,094 13,152 1,984 0 0 7,793 1,713 0 1,499 12,878 2019-20 – – – – – 10.00 1,14,593.05 – 1,14,593.05
2020-21 28,659 5,853 13,238 12,192 1,642 0 0 7,469 1,395 0 1,538 12,041 2020-21 – – – – – 25.00 2,99,660.44 – 2,99,660.44
a On the Capital as increased by Rights Issue of Ordinary Shares during the financial year 1992-93.
FINANCIAL STATISTICS b On the Capital as increased by Ordinary Shares issued during the financial year 1993-94 against Detachable Warrants.
c On the Capital as increased by Ordinary Shares issued during the financial year 1994-95 against Detachable Warrants and Foreign Currency Convertible Bonds.
(₹ crore) d On the Capital as increased by Ordinary Shares issued during the financial year 1995-96 against Detachable Warrants, Foreign Currency Convertible Bonds and
Year Capital^ Reserves Borrow- Gross Net Invest- Total Total Depre- Profit Tax Profit Dividend# Naked Warrants.
and ings Block Block ments Income Expen- ciation before after
diture* e Includes Dividend of ₹22.30 lakh on 9.25% Cumulative Redeemable Preference Shares for the period April 1, 2000 to June 27, 2000.
Surplus Tax Tax
2018-19 3,421.12 69,308.59 29,701.47 93,762.15 77,018.31 39,406.72 73,016.00 52,985.79 3,802.96 16,227.25 5,694.06 10,533.19 1,370.78 f Includes Dividend of ₹1,198.40 lakh on 8.42% Cumulative Redeemable Preference Shares for the period June 1, 2000 to March 31, 2001.
2019-20 3,421.13 73,416.99 41,422.87 10,0,072.72 79,480.43 50,096.07 60,840.09 50,308.99 3,920.12 6,610.98 (132.82) 6,743.80 1,787.38 g Dividend paid for 74 days.
2020-21 1,977.56 89,293.33 28,348.30 1,03,702.76 79,243.59 57,470.73 65,506.89 43,724.44 3,987.32 17,795.13 4,188.51 13,606.62 1,145.93 h On the Capital as increased by Rights Issue of Ordinary Shares during the financial year 2017-18.
* Dividend proposed for the year
^ Capital includes Equity share capital, Hybrid perpetual securities and Share application money pending allotment.
@ Includes tax on dividend.
* Expenditure includes excise duty recovered on sales, exceptional items and excludes depreciation.
# paid during the year and includes tax on dividend.
INDEPENDENT AUDITOR’S REPORT Key audit matters

5. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
standalone financial statements of the current period. These matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
To the Members of Tata Steel Limited on these matters.
Key audit matter How our audit addressed the key audit matter
Report on the audit of the Standalone financial statements Audit of the Standalone Financial Statements section
Assessment of litigations and related disclosure of Our audit procedures included the following:
of our report. We are independent of the Company in
Opinion contingent liabilities
accordance with the Code of Ethics issued by the Institute • We understood, assessed and tested the design and
1. We have audited the accompanying standalone financial of Chartered Accountants of India together with the [Refer to Note 2 (c) to the Standalone financial statements– operating effectiveness of key controls surrounding
statements of Tata Steel Limited (“the Company”), ethical requirements that are relevant to our audit of the “Use of estimates and critical accounting judgements – assessment of litigations relating to the relevant laws and
which comprise the balance sheet as at March 31, 2021, standalone financial statements under the provisions of Provisions and contingent liabilities”, Note 36 (A) to the regulations;
and the statement of Profit and Loss (including Other the Act and the Rules thereunder, and we have fulfilled Standalone Financial Statements – “Contingencies” and Note
Comprehensive Income), statement of changes in equity • We discussed with management the recent developments
our other ethical responsibilities in accordance with 37 to the Standalone financial statements – “Other significant
and statement of cash flows for the year then ended, and and the status of the material litigations which were
these requirements and the Code of Ethics. We believe litigations”].
notes to the standalone financial statements, including reviewed and noted by the Audit Committee;
that the audit evidence we have obtained is sufficient and
a summary of significant accounting policies and other As at March 31, 2021, the Company has exposures towards
appropriate to provide a basis for our opinion. • We performed our assessment on a test basis on the
explanatory information (hereinafter referred to as “the litigations relating to various matters as set out in the
underlying calculations supporting the contingent
Standalone Financial Statements”). Emphasis of Matter aforesaid Notes.
liabilities/other significant litigations disclosed in the
2. In our opinion and to the best of our information and 4. We draw your attention to Note 6(vi) to the standalone Significant management judgement is required to assess Standalone Financial Statements;
according to the explanations given to us, the aforesaid financial statements which states that the ability of the such matters to determine the probability of occurrence
• We used auditor’s experts/specialists to gain an
standalone financial statements give the information Tata Steel Europe (TSE), the step-down subsidiary of of material outflow of economic resources and whether a
understanding and to evaluate the disputed tax matters;
required by the Companies Act, 2013 (“the Act") in the T Steel Holdings Pte Ltd (TSH), a subsidiary of the Company, provision should be recognised or a disclosure should be
manner so required and give a true and fair view in to continue as a going concern is dependent on the made. The management judgement is also supported with • We considered external legal opinions, where relevant,
conformity with the accounting principles generally availability of future funding requirements, which could legal advice in certain cases as considered appropriate. obtained by management;
accepted in India, of the state of affairs of the Company have a consequential impact on the carrying amount
As the ultimate outcome of the matters are uncertain and • We evaluated management’s assessments by
as at March 31, 2021, and total comprehensive income of investment of ₹20,854.89 crore (net of provision for
the positions taken by the management are based on the understanding precedents set in similar cases and
(comprising profit and other comprehensive income), impairment amounting to ₹860.00 crore) in TSH as at
application of their best judgement, related legal advice assessed the reliability of the management’s past
changes in equity and its cash flows for the year then March 31, 2021.
including those relating to interpretation of laws/regulations, estimates/judgements;
ended. Further, the auditors of TSE have, without modifying it is considered to be a Key Audit Matter.
• We evaluated management’s assessment around those
their opinion, reported a Material Uncertainty Related
Basis for Opinion matters that are not disclosed or not considered as
to Going Concern vide their report dated May 4, 2021
3. We conducted our audit in accordance with the Standards contingent liability, as the probability of material outflow
on the financial information of TSE for the year ended
on Auditing (SAs) specified under section 143(10) of is considered to be remote by the management; and
March 31, 2021.
the Act. Our responsibilities under those Standards are • We assessed the adequacy of the Company’s disclosures.
further described in the Auditor’s Responsibilities for the Our opinion is not modified in respect of this matter.
Based on the above work performed, the assessment in
respect of litigations and related disclosures relating to
contingent liabilities/other significant litigations in the
Standalone Financial Statements is considered to be
reasonable.
Key audit matter How our audit addressed the key audit matter Other Information operations, or has no realistic alternative but to do so. The
Assessment of carrying value of equity investments Our audit procedures included the following: 6. The Company’s Board of Directors is responsible for the Board of Directors are also responsible for overseeing the
in subsidiaries, associates and joint ventures and fair other information. The other information comprises the Company’s financial reporting process.
• We obtained an understanding from the management,
value of other investments information included in the Integrated Report, Board’s
assessed and tested the design and operating effectiveness of Auditor’s responsibilities for the audit of the standalone
[Refer to Note 2 (c) to the Standalone Financial Statements – Report along with its Annexures and Financial Highlights
the Company’s key controls over the impairment assessment financial statements
“Use of estimates and critical accounting judgements – included in the Company’s Annual Report (titled as ‘Tata
and fair valuation of material investments. 9. Our objectives are to obtain reasonable assurance about
Impairment and fair value measurements of financial Steel Integrated Report & Annual Accounts 2020-21’)
• We evaluated the Company’s process regarding impairment but does not include the financial statements and our whether the standalone financial statements as a whole
instruments”, Note 2 (m) to the Standalone Financial
assessment and fair valuation by involving auditor’s valuation auditor’s report thereon. are free from material misstatement, whether due to fraud
Statements – “Investments in subsidiaries, associates and
experts to assist in assessing the appropriateness of the or error, and to issue an auditor’s report that includes our
joint ventures”, Note 2(n)(I) to the Standalone Financial Our opinion on the standalone financial statements does
valuation model including the independent assessment opinion. Reasonable assurance is a high level of assurance
Statements – “Financial assets”, Note 6 to the Standalone not cover the other information and we do not express
of the underlying assumptions relating to discount rate, but is not a guarantee that an audit conducted in accordance
Financial Statements – “Investments in subsidiaries, associates any form of assurance conclusion thereon.
terminal value etc. with SAs will always detect a material misstatement when it
and joint ventures”, Note 7 to the Standalone Financial
In connection with our audit of the standalone financial exists. Misstatements can arise from fraud or error and are
Statements – “Investments” and Note 39 (b) to the Standalone • We assessed the carrying value/fair value calculations of
statements, our responsibility is to read the other considered material if, individually or in the aggregate, they
Financial Statements – “Fair value hierarchy”] all individually material investments, where applicable,
information and, in doing so, consider whether the other could reasonably be expected to influence the economic
The Company has equity investments in various subsidiaries, to determine whether the valuations performed by the decisions of users taken on the basis of these standalone
information is materially inconsistent with the standalone
associates, joint ventures and other companies. It also has Company were within an acceptable range determined by financial statements.
financial statements or our knowledge obtained in the
made investments in preference shares in certain subsidiaries/ us and the auditor’s valuation experts.
audit or otherwise appears to be materially misstated. If, 10. As part of an audit in accordance with SAs, we exercise
associates and debentures in a joint venture. • We evaluated the cash flow forecasts (with underlying based on the work we have performed, we conclude that professional judgment and maintain professional
The Company accounts for equity investments in subsidiaries, economic growth rate) by comparing them to the approved there is a material misstatement of this other information, skepticism throughout the audit. We also:
associates and joint ventures at cost (subject to impairment budgets and our understanding of the internal and external we are required to report that fact.
factors. • Identify and assess the risks of material misstatement
assessment) and other investments at fair value. We have nothing to report in this regard. of the standalone financial statements, whether due
For investments carried at cost amounting to ₹28,444.61 • We checked the mathematical accuracy of the impairment to fraud or error, design and perform audit procedures
model and agreed the relevant data with the latest budgets, Responsibilities of management and those charged with
crore where an indication of impairment exists, the carrying responsive to those risks, and obtain audit evidence
actual past results and other supporting documents. governance for the standalone financial statements
value of investment is assessed for impairment and where that is sufficient and appropriate to provide a basis
applicable an impairment provision is recognised. 7. The Company’s Board of Directors is responsible for the for our opinion. The risk of not detecting a material
• We assessed the sensitivity analysis and evaluated whether
matters stated in section 134(5) of the Act with respect to misstatement resulting from fraud is higher than for
For investments carried at fair values, a fair valuation is done any reasonably foreseeable change in assumptions could
the preparation of these standalone financial statements one resulting from error, as fraud may involve collusion,
at the year-end as required by Ind AS 109. In case of certain lead to impairment or material change in fair valuation.
that give a true and fair view of the financial position, forgery, intentional omissions, misrepresentations, or
investments, cost is considered as an appropriate estimate • We discussed with the component auditors of certain entities financial performance, changes in equity and cash flows the override of internal control.
of fair value since there is a wide range of possible fair value to develop an understanding of the operating performance of the Company in accordance with the accounting
measurements and cost represents the best estimate of fair and outlook used in their own valuation model and to assess principles generally accepted in India, including the • O
btain an understanding of internal control relevant
value within that range as permitted under Ind AS 109. consistency with the assumptions used in the model. Accounting Standards specified under section 133 of to the audit in order to design audit procedures
the Act. This responsibility also includes maintenance that are appropriate in the circumstances. Under
The accounting for investments is a Key Audit Matter as • We had discussions with management to obtain an
of adequate accounting records in accordance with the Section 143(3) (i) of the Act, we are also responsible
the determination of recoverable value for impairment understanding of the relevant factors in respect of certain
provisions of the Act for safeguarding of the assets of for expressing our opinion on whether the company
assessment/fair valuation involves significant management investments carried at fair value where a wide range of fair
the Company and for preventing and detecting frauds has adequate internal financial controls with reference
judgement and estimates. values were possible due to various factors such as absence
and other irregularities; selection and application of to standalone financial statements in place and the
The impairment assessment and fair valuation for such of recent observable transactions, restrictions on transfer of operating effectiveness of such controls.
appropriate accounting policies; making judgments
investments have been carried out by the management in shares, existence of multiple valuation techniques, investee’s
and estimates that are reasonable and prudent; and • E valuate the appropriateness of accounting policies
accordance with Ind AS 36 and Ind AS 113 respectively. The varied nature of portfolio of investments for which significant
design, implementation and maintenance of adequate used and the reasonableness of accounting estimates
key inputs and judgements involved in the impairment/ fair estimates/judgements are required to arrive at fair value.
internal financial controls, that were operating effectively and related disclosures made by management.
valuation assessment of unquoted investments include: • We have discussed the key assumptions and sensitivities for for ensuring the accuracy and completeness of the
certain investments with those charged with governance. accounting records, relevant to the preparation and • C
onclude on the appropriateness of management’s use
• Forecast cash flows including assumptions on growth
presentation of the standalone financial statements of the going concern basis of accounting and, based
rates • We evaluated the adequacy of the disclosures made in the
that give a true and fair view and are free from material on the audit evidence obtained, whether a material
• Discount rates Standalone Financial Statements. uncertainty exists related to events or conditions
misstatement, whether due to fraud or error.
Based on the above procedures performed, we did not identify that may cast significant doubt on the Company’s
• Terminal growth rate 8.
In preparing the standalone financial statements,
any significant exceptions in the management’s assessment ability to continue as a going concern. If we conclude
• Economic and entity specific factors incorporated in the management is responsible for assessing the Company’s that a material uncertainty exists, we are required to
in relation to the carrying value of equity investments in
valuation. ability to continue as a going concern, disclosing, as draw attention in our auditor’s report to the related
subsidiaries, associates and joint ventures and fair value of other
applicable, matters related to going concern and using the disclosures in the standalone financial statements or, if
investments.
going concern basis of accounting unless management such disclosures are inadequate, to modify our opinion.
either intends to liquidate the Company or to cease
Our conclusions are based on the audit evidence

obtained up to the date of our auditor’s report. However,
(d) In our opinion, the aforesaid standalone financial
statements comply with the Accounting Standards
ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT
future events or conditions may cause the Company to specified under Section 133 of the Act.
cease to continue as a going concern.
(e) On the basis of the written representations received
• Evaluate the overall presentation, structure and content from the directors taken on record by the Board of Referred to in paragraph 15(f) of the Independent to obtain reasonable assurance about whether adequate
of the standalone financial statements, including the Directors, none of the directors is disqualified as on Auditors’ Report of even date to the members of Tata internal financial controls with reference to financial
disclosures, and whether the standalone financial March 31, 2021 from being appointed as a director Steel Limited on the standalone financial statements as statements was established and maintained and if such
statements represent the underlying transactions and in terms of Section 164 (2) of the Act. on and for the year ended March 31, 2021 controls operated effectively in all material respects.
events in a manner that achieves fair presentation. Report on the Internal Financial Controls with reference 4. Our audit involves performing procedures to obtain audit
(f) With respect to the adequacy of the internal financial
11. We communicate with those charged with governance controls with reference to standalone financial to standalone financial statements under Clause (i) of evidence about the adequacy of the internal financial
regarding, among other matters, the planned scope statements of the Company and the operating Sub-section 3 of Section 143 of the Act controls system with reference to financial statements
and timing of the audit and significant audit findings, effectiveness of such controls, refer to our separate 1. We have audited the internal financial controls with and their operating effectiveness. Our audit of internal
including any significant deficiencies in internal control Report in “Annexure A”. reference to standalone financial statements of Tata financial controls with reference to standalone financial
that we identify during our audit. Steel Limited (“the Company”) as of March 31, 2021 in statements included obtaining an understanding of
(g) With respect to the other matters to be included in internal financial controls with reference to financial
conjunction with our audit of the standalone financial
12. We also provide those charged with governance with the Auditor’s Report in accordance with Rule 11 of statements, assessing the risk that a material weakness
statements of the Company for the year ended on
a statement that we have complied with relevant the Companies (Audit and Auditors) Rules, 2014, in exists, and testing and evaluating the design and
that date.
ethical requirements regarding independence, and to our opinion and to the best of our information and operating effectiveness of internal control based on the
communicate with them all relationships and other according to the explanations given to us: Management’s Responsibility for Internal Financial assessed risk. The procedures selected depend on the
matters that may reasonably be thought to bear on our Controls auditor’s judgement, including the assessment of the
i. The Company has disclosed the impact of
independence, and where applicable, related safeguards. risks of material misstatement of the standalone financial
pending litigations as on March 31, 2021, on 2.
The Company’s management is responsible for
13. From the matters communicated with those charged its financial position in its standalone financial establishing and maintaining internal financial controls statements, whether due to fraud or error.
with governance, we determine those matters that statements – Refer Notes 36(A) and 37 to the based on the internal control over financial reporting 5. We believe that the audit evidence we have obtained is
were of most significance in the audit of the standalone standalone financial statements; criteria established by the Company considering the sufficient and appropriate to provide a basis for our audit
financial statements of the current period and are essential components of internal control stated in the opinion on the Company’s internal financial controls
ii. The Company has long-term contracts including
therefore the key audit matters. We describe these Guidance Note on Audit of Internal Financial Controls Over system with reference to standalone financial statements.
derivative contracts as at March 31, 2021 for
matters in our auditor’s report unless law or regulation Financial Reporting issued by the Institute of Chartered
which there were no material foreseeable
precludes public disclosure about the matter or when, in Accountants of India (ICAI). These responsibilities include Meaning of Internal Financial Controls with reference to
losses.
extremely rare circumstances, we determine that a matter the design, implementation and maintenance of adequate financial statements
should not be communicated in our report because the iii. There has been no delay in transferring amounts, internal financial controls that were operating effectively 6. A company's internal financial controls with reference
adverse consequences of doing so would reasonably be required to be transferred, to the Investor for ensuring the orderly and efficient conduct of its to financial statements is a process designed to provide
expected to outweigh the public interest benefits of such Education and Protection Fund by the Company business, including adherence to company’s policies, the reasonable assurance regarding the reliability of financial
communication. during the year ended March 31, 2021 except safeguarding of its assets, the prevention and detection of reporting and the preparation of financial statements
for amounts aggregating to ₹6.09 crore, which frauds and errors, the accuracy and completeness of the for external purposes in accordance with generally
Report on other legal and regulatory requirements according to the information and explanations accounting records, and the timely preparation of reliable accepted accounting principles. A company's internal
14. As required by the Companies (Auditor’s Report) Order, provided by the management is held in financial information, as required under the Act. financial controls with reference to financial statements
2016 (“the Order”), issued by the Central Government of abeyance due to dispute/pending legal cases. includes those policies and procedures that (1) pertain
India in terms of sub-section (11) of section 143 of the Act, Auditors’ Responsibility
iv.
The reporting on disclosures relating to to the maintenance of records that, in reasonable
we give in the Annexure B a statement on the matters 3. Our responsibility is to express an opinion on the detail, accurately and fairly reflect the transactions and
Specified Bank Notes is not applicable to the
specified in paragraphs 3 and 4 of the Order, to the extent Company's internal financial controls with reference to dispositions of the assets of the company; (2) provide
Company for the year ended March 31, 2021.
applicable. standalone financial statements based on our audit. We reasonable assurance that transactions are recorded as
16.
T he Company has paid/ provided for managerial conducted our audit in accordance with the Guidance necessary to permit preparation of financial statements in
15. As required by Section 143(3) of the Act, we report that:
remuneration in accordance with the requisite approvals Note on Audit of Internal Financial Controls Over Financial accordance with generally accepted accounting principles,
(a) We have sought and obtained all the information and mandated by the provisions of Section 197 read with Reporting (the “Guidance Note”) and the Standards on and that receipts and expenditures of the company
explanations, which to the best of our knowledge and Schedule V to the Act. Auditing deemed to be prescribed under section 143(10) are being made only in accordance with authorisation
belief were necessary for the purposes of our audit. of the Act to the extent applicable to an audit of internal of management and directors of the company; and (3)
For Price Waterhouse & Co Chartered Accountants LLP financial controls, both applicable to an audit of internal
(b) In our opinion, proper books of account as required provide reasonable assurance regarding prevention or
Firm Registration Number: 304026E/ E-300009 financial controls and both issued by the ICAI. Those
by law have been kept by the Company so far as it Chartered Accountants
timely detection of unauthorised acquisition, use, or
Standards and the Guidance Note require that we comply disposition of the company's assets that could have a
appears from our examination of those books.
with ethical requirements and plan and perform the audit material effect on the financial statements.
(c) The Balance Sheet, the Statement of Profit and Russell I Parera
Loss (including other comprehensive income), the Partner
Statement of Changes in Equity and Cash Flow
Place: Mumbai Membership Number: 042190
Statement dealt with by this Report are in agreement
Date: May 5, 2021 UDIN: 21042190AAAABM4545
with the books of account.
Inherent Limitations of Internal Financial Controls with

reference to financial statements
internal financial controls with reference to standalone
financial statements were operating effectively as
ANNEXURE B TO THE INDEPENDENT AUDITOR’S REPORT
7. Because of the inherent limitations of internal financial at March 31, 2021, based on the internal control over
controls with reference to financial statements, including financial reporting criteria established by the Company
the possibility of collusion or improper management considering the essential components of internal control Referred to in paragraph 14 of the Independent Auditors’ Partnerships or other parties covered in the register
override of controls, material misstatements due to error stated in the Guidance Note on Audit of Internal Financial Report of even date to the members of Tata Steel Limited maintained under Section 189 of the Act. Therefore, the
or fraud may occur and not be detected. Also, projections Controls Over Financial Reporting issued by the Institute on the standalone financial statements as of and for the provisions of Clause 3(iii), (iii)(a), (iii)(b) and (iii)(c) of the
of any evaluation of the internal financial controls with of Chartered Accountants of India. year ended March 31, 2021 said Order are not applicable to the Company.
reference to financial statements to future periods are i. (a) The Company is maintaining proper records showing iv. In our opinion, and according to the information and
subject to the risk that the internal financial control full particulars, including quantitative details and explanations given to us, the Company has complied with
controls with reference to financial statements may For Price Waterhouse & Co Chartered Accountants LLP situation, of fixed assets. the provisions of Section 185 and 186 of the Companies
become inadequate because of changes in conditions, Firm Registration Number: 304026E/ E-300009
Chartered Accountants (b) The fixed assets are physically verified by the Act, 2013 in respect of the loans and investments made,
or that the degree of compliance with the policies or
Management according to a phased programme and guarantees and security provided by it, as applicable.
procedures may deteriorate.
designed to cover all the items over a period of v. The Company has not accepted any deposits from the
Opinion Russell I Parera three years which, in our opinion, is reasonable public within the meaning of Sections 73, 74, 75 and 76
Partner having regard to the size of the Company and the
8. In our opinion, the Company has, in all material respects, of the Act and the Rules framed there under to the extent
an adequate internal financial controls system with Place: Mumbai Membership Number: 042190 nature of its assets. Pursuant to the programme, notified.
reference to standalone financial statements and such Date: May 5, 2021 UDIN: 21042190AAAABM4545 a portion of the fixed assets has been physically
verified by the Management during the year and no vi. Pursuant to the rules made by the Central Government of
material discrepancies have been noticed on such India, the Company is required to maintain cost records as
verification. specified under Section 148(1) of the Act in respect of its
products. We have broadly reviewed the same, and are of
(c) According to the information and explanations given the opinion that, prima facie, the prescribed accounts and
to us and the records examined by us, the title deeds records have been made and maintained. We have not,
of immovable properties, as disclosed in Note 3 on however, made a detailed examination of the records with
property, plant and equipment to the Standalone a view to determine whether they are accurate or complete.
Financial Statements, are held in the name of the
Company, except for: vii. (a) According to the information and explanations given
to us and the records of the Company examined
(i) title deeds of freehold land with gross and net by us, in our opinion, except for dues in respect of
carrying amount of ₹60.44 crore and title deeds income tax, the Company is generally regular in
of buildings with gross carrying amount and depositing undisputed statutory dues in respect
net carrying amount of ₹83.48 crore and ₹69.99 of electricity duty, though there has been a slight
crore respectively, which are held in the name of delay in a few cases, and is regular in depositing
erstwhile companies which have subsequently undisputed statutory dues, including provident
been amalgamated with the Company; fund, employees’ state insurance, sales tax, service
(ii) title deeds of freehold land with gross and tax, duty of customs, duty of excise, value added
net carrying amount of ₹202.54 crore and title tax, cess, goods and services tax and other material
deeds of buildings with gross carrying amount statutory dues, as applicable, with the appropriate
and net carrying amount of ₹95.62 crore and authorities. We are informed that the Company has
₹68.37 crore respectively, which are not readily applied for exemption from operations of Employee’s
available. State Insurance Act at some locations. We are also
informed that actions taken by the authorities
ii. The physical verification of inventory [excluding stocks at some locations to bring the employees of the
with third parties] have been conducted at reasonable Company under the Employees’ State Insurance
intervals by the Management during the year. In respect of Scheme has been contested by the Company and
inventory lying with third parties, these have substantially payment has not been made of the contribution
been confirmed by them. In respect of inventories of demanded. Further, for the period April 1, 2020 to
stores and spares, the Management has a verification May 31, 2020, the Company has paid Goods and
programme designed to cover the items over a period Services Tax and filed Form GSTR-3B after the due
of three years. The discrepancies noticed on physical date but within the timelines allowed by Central
verification of inventory as compared to book records Board of Indirect Taxes and Customs under the
were not material. Notifications No. 31/2020 and 36/2020 dated April 3,
iii. The Company has not granted any loans, secured 2020 on fulfilment of conditions specified therein.
or unsecured, to companies, firms, Limited Liability
The extent of the arrears of statutory dues outstanding as at March 31, 2021, for a period of more than six months from the date The following matter has been decided in favour of the Company although the department has preferred appeal at higher levels:
they became payable are as follows: Name of the Statute Nature of dues Amount Period to which Forum where the dispute
(net of payments) the amount relates is pending
Name of the Statute Nature of dues Amount Period to which the Due date Date of Payment
(₹ crore)
(₹ crore) amount relates
Central Excise Act,1944 Excise Duty 235.48 2004-2005 Supreme Court
Income-tax Act, 1961 Income Tax (advance tax) 1,077.27 2020-2021 September 15, 2020 Not paid 16.34 2009-2010 Tribunal
(b) According to the information and explanations given to us and the records of the Company examined by us, the particulars
of dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax or goods and services tax as viii. According to the records of the Company examined mandated by the provisions of Section 197 read with
at March 31, 2021, which have not been deposited on account of a dispute, are as follows: by us and the information and explanation given to Schedule V to the Act.
us, the Company has not defaulted in repayment of
Name of the Statute Nature of dues Amount Amount paid Period to which the Forum where the xii. As the Company is not a Nidhi Company and the Nidhi
loans or borrowings to any financial institution or bank
(net of payments) (₹ crore) amount relates dispute is pending Rules, 2014 are not applicable to it, the provisions of Clause
(₹ crore) or Government or dues to debenture holders as at the
3(xii) of the Order are not applicable to the Company.
Income-tax Act, 1961 Income Tax 404.36* 1,130.45* 1998-1999, 2006-2008, 2009-2012, Tribunal balance sheet date, as applicable.
2013-2014 xiii. The Company has entered into transactions with related
ix. The Company has not raised any moneys by way of initial
316.11 120.09 2010-2011, 2014-2016 Commissioner (Appeals) parties in compliance with the provisions of Sections
public offer and through debt instruments by way of
Customs Act, 1962 Customs duty 3.20 0.82 1993-1994, 2002-2003 High Court 177 and 188 of the Act. The details of related party
further public offer. In our opinion, and according to the
375.32 61.61 2005-2010, 2017-2019 Tribunal transactions have been disclosed in the standalone
information and explanations given to us, the moneys
Central Excise Act, 1944 Excise Duty 33.12 0.10 1989-1990, 2003-2009 High Court financial statements as required under Indian Accounting
raised by way of further public offer and term loans
551.13 36.65 2002-2005, 2006-2017 Tribunal Standard (Ind AS) 24, Related Party Disclosures specified
have been applied for the purposes for which they were
4.93 3.83 1988-1990, 1998-1999, 2013-2016 Commissioner under Section 133 of the Act.
obtained, other than ₹534.27 crore, out of the proceeds
1.88 1.07 2016-2017 Joint Commissioner
Sales Tax Laws Sales Tax
from further public offer in March 2021 which remains xiv. The Company has not made any preferential allotment or
26.81 10.80 1977-1979, 1983-1984, 1991-1993, High Court
1995-1997, 2000-2004, 2008-2009
unutilised as of March 31, 2021. private placement of shares or fully or partly convertible
64.51 8.32 1977-1978, 1980-1981, 1983-1985, Tribunal
debentures during the year under review. Accordingly, the
x. During the course of our examination of the books and
1987-1988, 1989-1999, 2000-2002, provisions of Clause 3(xiv) of the Order are not applicable
records of the Company, carried out in accordance with
2003-2010, 2013-2016 to the Company.
the generally accepted auditing practices in India, and
179.26 4.56 1988-1990, 1991-1992, 1993-1995, Commissioner according to the information and explanations given to xv.
The Company has not entered into any non-cash
2001-2004, 2014-2015 us, we have neither come across any instance of material transactions with its directors or persons connected
380.96 0.50 2006-2007, 2011-2012, 2013-2014, Joint Commissioner fraud by the Company or on the Company by its officers or with him. Accordingly, the provisions of Clause 3(xv) of
2015-2017
employees, noticed or reported during the year, nor have the Order are not applicable to the Company.
8.48 1.00 1975-1976, 1983-1988, 1994-1995, Deputy Commissioner
we been informed of any such case by the Management.
1997-2003, 2006-2009, 2011-2012, xvi. The Company is not required to be registered under
2013-2014, 2016-2019 xi.
The Company has paid/ provided for managerial Section 45-IA of the Reserve Bank of India Act, 1934.
Sales Tax Laws Sales Tax 27.31 2.36 1983-1984, 2002-2003, 2011-2014 Additional Commissioner remuneration in accordance with the requisite approvals Accordingly, the provisions of Clause 3(xvi) of the Order
6.55 2.15 1973-1974, 1980-1993, 1994-1997, Assistant Commissioner are not applicable to the Company.
2004-2005, 2008-2009, 2016-2018
Value Added Tax Laws Value Added Tax 252.84 1.07 2001-2002, 2003-2004, 2007-2008, High Court
2012-2016 For Price Waterhouse & Co Chartered Accountants LLP
21.87 2.61 2005-2010, 2012-2015, 2016-2017 Tribunal Firm Registration Number: 304026E/ E-300009
67.86 0.08 2006-2011, 2012-2015 Commissioner Chartered Accountants
206.53 6.60 2011-2014, 2015-2017 Joint Commissioner
140.52 3.91 2004-2017 Deputy Commissioner
2.54 0.46 2005-2006, 2011-2015 Additional Commissioner Russell I Parera
0.95 0.08 1997-1998, 2005-2007, 2014-2015, Assistant Commissioner Partner
2016-2018 Place: Mumbai Membership Number: 042190
Finance Act, 1994 Service Tax 0.30 - 2010-2011 High Court Date: May 5, 2021 UDIN: 21042190AAAABM4545
372.91 14.14 2007-2018 Tribunal
2.75 0.10 2004-2008, 2012-2013, 2015-2017 Commissioner
3.30 - 2016-18 Joint Commissioner
0.75 0.03 2013-2018 Assistant Commissioner
Goods and Service tax Goods and 0.05 - 2017-2018 Commissioner
Act, 2017 Services Tax 0.16 - 2017-2018 Deputy Commissioner
0.75 0.04 2018-2020 Assistant Commissioner
*excluding net excess payments/adjustments for the years 2007-2008, 2008-2009 and 2012-13 aggregating ₹191.87 crore.
BALANCE SHEET STATEMENT OF PROFIT AND LOSS

as at March 31, 2021 for the year ended March 31, 2021
Note Page As at As at Note Page Year ended Year ended
March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
Assets
I Revenue from operations 26 305 64,869.00 60,435.97
I Non-current assets
(a) Property, plant and equipment 3 268 64,032.32 66,392.35 II Other income 27 306 637.89 404.12
(b) Capital work-in-progress 10,057.18 8,070.41 III Total income 65,506.89 60,840.09
(c) Right-of-use assets 4 271 3,905.97 4,113.31 IV Expenses:
(d) Intangible assets 5 273 839.33 727.72
(e) Intangible assets under development 408.79 176.64 (a) Cost of materials consumed 13,868.60 17,407.03
(f ) Investments in subsidiaries, associates and joint ventures 6 274 28,444.61 26,578.41 (b) Purchases of stock-in-trade 1,146.05 1,563.10
(g) Financial assets (c) Changes in inventories of finished and semi-finished goods, stock-in-trade and work-in-progress 28 307 1,464.12 (564.40)
(i) Investments 7 279 22,621.66 20,282.50
(ii) Loans 8 283 7,509.33 199.26 (d) Employee benefits expense 29 307 5,198.82 5,036.62
(iii) Derivative assets 42.52 162.46 (e) Finance costs 30 308 3,393.84 3,031.01
(iv) Other financial assets 9 285 91.66 60.42
(h) Non-current tax assets (net) 1,645.10 1,557.82
(f ) Depreciation and amortisation expense 31 308 3,987.32 3,920.12
(i) Other assets 11 288 1,681.22 2,062.07 (g) Other expenses 32 308 22,747.30 23,803.18
Total non-current assets 1,41,279.69 1,30,383.37 51,806.05 54,196.66
II Current assets
(a) Inventories 12 289 8,603.79 10,716.66 Less: Expenditure (other than interest) transferred to capital and other accounts 1,321.24 1,671.13
(b) Financial assets Total expenses 50,484.81 52,525.53
(i) Investments 7 279 6,404.46 3,235.16 V Profit before exceptional items and tax (III-IV) 15,022.08 8,314.56
(ii) Trade receivables 13 289 3,863.31 1,016.73
(iii) Cash and cash equivalents 14 291 1,501.71 993.64 VI Exceptional items: 33 310
(iv) Other balances with banks 15 291 170.00 233.23 (a) Profit/(loss) on sale of non-current investments 1,084.85 -
(v) Loans 8 283 1,555.95 1,607.32
(vi) Derivative assets 66.93 209.96
(b) Provision for impairment of investments/doubtful advances 149.74 (1,149.80)
(vii) Other financial assets 9 285 351.54 230.41 (c) Provision for demands and claims - (196.41)
(c) Other assets 11 288 854.99 1,715.92 (d) Employee separation compensation (443.55) (107.37)
Total current assets 23,372.68 19,959.03
III Assets held for sale 383.62 50.16 (e) Gain/(loss) on non-current investments classified as fair value through profit and loss (net) 1,982.01 (250.00)
Total assets 1,65,035.99 1,50,392.56 Total exceptional items 2,773.05 (1,703.58)
Equity and liabilities VII Profit before tax (V+VI) 17,795.13 6,610.98
IV Equity
(a) Equity share capital 16 292 1,198.78 1,146.13 VIII Tax expense:
(b) Hybrid perpetual securities 17 295 775.00 2,275.00 (a) Current tax 3,949.05 1,787.95
(c) Other equity 18 295 89,293.33 73,416.99
(b) Deferred tax 239.46 (1,920.77)
Total equity 91,267.11 76,838.12
V Non-current liabilities Total tax expense 4,188.51 (132.82)
(a) Financial liabilities IX Profit for the year (VII-VIII) 13,606.62 6,743.80
(i) Borrowings 19 299 27,313.80 31,381.96
(ii) Derivative liabilities 71.20 122.55 X Other comprehensive income/(loss)
(iii) Other financial liabilities 20 302 413.66 293.59 A (i) Items that will not be reclassified subsequently to profit and loss
(b) Provisions 21 302 2,543.94 2,113.56 (a) Remeasurement gain/(loss) on post-employment defined benefit plans 81.97 (461.27)
(c) Retirement benefit obligations 22 303 2,087.86 2,224.44
(d) Deferred tax liabilities (net) 10 286 6,111.70 5,862.28 (b) Fair value changes of investments in equity shares 333.55 (244.30)
(e) Other liabilities 24 304 5,913.40 684.76 (ii) Income tax on items that will not be reclassified subsequently to profit and loss (27.40) 116.65
Total non-current liabilities 44,455.56 42,683.14
B (i) Items that will be reclassified subsequently to profit and loss
VI Current liabilities
(a) Financial liabilities (a) Fair value changes of cash flow hedges 27.56 (79.76)
(i) Borrowings 19 299 - 7,857.27 (ii) Income tax on items that will be reclassified subsequently to profit and loss (6.94) 19.81
(ii) Trade payables 25 304
(a) Total outstanding dues of micro and small enterprises 160.66 118.62 Total other comprehensive income/(loss) for the year 408.74 (648.87)
(b) Total outstanding dues of creditors other than micro and small enterprises 10,477.93 10,482.34 XI Total comprehensive income/(loss) for the year (IX+X) 14,015.36 6,094.93
(iii) Derivative liabilities 69.39 81.69 XII Earnings per share 34 310
(iv) Other financial liabilities 20 302 5,274.11 5,401.55
(b) Provisions 21 302 1,074.43 663.86 Basic (₹) 117.04 57.11
(c) Retirement benefit obligations 22 303 116.10 106.61 Diluted (₹) 117.03 57.11
(d) Deferred income 23 304 34.44 6.15 XIII Notes forming part of the financial statements 1 - 46
(e) Current tax liabilities (net) 4,093.26 277.26
(f ) Other liabilities 24 304 8,013.00 5,875.95
Total current liabilities 29,313.32 30,871.30
Total equity and liabilities 1,65,035.99 1,50,392.56 In terms of our report attached For and on behalf of the Board of Directors
Notes forming part of the financial statements 1 - 46
In terms of our report attached For and on behalf of the Board of Directors 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
sd/- sd/- sd/- sd/- sd/- sd/- Chartered Accountants DIN: 00121863 DIN: 00037022 DIN: 00548091 DIN: 07728872 DIN: 00162957 DIN: 00009364
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 sd/- sd/- sd/- sd/- sd/- sd/-
Chartered Accountants DIN: 00121863 DIN: 00037022 DIN: 00548091 DIN: 07728872 DIN: 00162957 DIN: 00009364 Russell I Parera V. K. Sharma Saurabh Agrawal T. V. Narendran Koushik Chatterjee Parvatheesam Kanchinadham
Partner Non-Executive Non-Executive Chief Executive Officer Executive Director Company Secretary &
sd/- sd/- sd/- sd/- sd/- sd/- Membership Number 042190 Director Director & Managing Director & Chief Financial Officer Chief Legal Officer
Russell I Parera V. K. Sharma Saurabh Agrawal T. V. Narendran Koushik Chatterjee Parvatheesam Kanchinadham DIN: 02449088 DIN: 02144558 DIN: 03083605 DIN: 00004989 (Corporate & Compliance)
Partner Non-Executive Non-Executive Chief Executive Officer Executive Director Company Secretary & ACS: 15921
Membership Number 042190 Director Director & Managing Director & Chief Financial Officer Chief Legal Officer Mumbai, May 5, 2021
DIN: 02449088 DIN: 02144558 DIN: 03083605 DIN: 00004989 (Corporate & Compliance)
ACS: 15921
Mumbai, May 5, 2021
STATEMENT OF CHANGES IN EQUITY STATEMENT OF CHANGES IN EQUITY (CONTD.)

for the year ended March 31, 2021 for the year ended March 31, 2021
A. Equity share capital (₹ crore)

(₹ crore) Retained Items of other Other reserves Share application Total
Balance as at Changes Balance as at earnings comprehensive (refer note 18C, money pending
April 1, 2020 during the year March 31, 2021 (refer note 18A, income page 297) allotment
page 295) (refer note 18B, (refer note 18D,
1,146.13 52.65 1,198.78 page 296) page 298)
Balance as at April 1, 2019 27,694.90 53.27 41,560.42 - 69,308.59

(₹ crore) Profit for the year 6,743.80 - - - 6,743.80
Balance as at Changes Balance as at Other comprehensive income for the year (345.18) (303.69) - - (648.87)
April 1, 2019 during the year March 31, 2020
Total comprehensive income for the year 6,398.62 (303.69) - - 6,094.93
1,146.12 0.01 1,146.13
Issue of Ordinary Shares - - 0.03 (0.04) (0.01)
Dividend(i) (1,489.67) - - - (1,489.67)
B. Hybrid perpetual securities Tax on dividend (297.71) - - - (297.71)
(₹ crore) Distribution on hybrid perpetual securities (266.15) - - - (266.15)
Balance as at Changes Balance as at Tax on distribution on hybrid perpetual securities 66.97 - - - 66.97
Application money received - - - 0.04 0.04
2,275.00 (1,500.00) 775.00 Balance as at March 31, 2020 32,106.96 (250.42) 41,560.45 - 73,416.99
(₹ crore)
(i) Dividend paid during the year ended March 31, 2021 is ₹10.00 per Ordinary share (face value ₹10 each, fully paid up) and
Balance as at Changes Balance as at
₹2.504 per Ordinary Share (face value ₹10 each, partly paid up ₹2.504 per share) (March 31, 2020 ₹13.00 per Ordinary
Share of face value ₹10 each, fully paid up and ₹3.25 per Ordinary Share of face value ₹10 each, partly paid up ₹2.504
2,275.00 - 2,275.00 per share).
C. Other equity D. Notes forming part of the financial statements Note 1-46
(₹ crore)
Retained Items of other Other reserves Share application Total
earnings comprehensive (refer note 18C, money pending In terms of our report attached For and on behalf of the Board of Directors
(refer note 18A, income page 297) allotment sd/- sd/- sd/- sd/- sd/- sd/-
page 295) (refer note 18B, (refer note 18D, For Price Waterhouse & Co Chartered Accountants LLP N. Chandrasekaran Mallika Srinivasan O. P. Bhatt Peter Blauwhoff Deepak Kapoor Aman Mehta
page 296) page 298) Firm Registration Number: 304026E/E-300009 Chairman Independent Director Independent Director Independent Director Independent Director Independent Director
Chartered Accountants DIN: 00121863 DIN: 00037022 DIN: 00548091 DIN: 07728872 DIN: 00162957 DIN: 00009364
Balance as at April 1, 2020 32,106.96 (250.42) 41,560.45 - 73,416.99
Profit for the year 13,606.62 - - - 13,606.62 Russell I Parera V. K. Sharma Saurabh Agrawal T. V. Narendran Koushik Chatterjee Parvatheesam Kanchinadham
Other comprehensive income for the year 61.34 347.40 - - 408.74 Partner Non-Executive Non-Executive Chief Executive Officer Executive Director Company Secretary &
Membership Number 042190 Director Director & Managing Director & Chief Financial Officer Chief Legal Officer
Total comprehensive income for the year 13,667.96 347.40 - - 14,015.36 DIN: 02449088 DIN: 02144558 DIN: 03083605 DIN: 00004989 (Corporate & Compliance)
Subscription to final call on equity shares - - 3,185.84 - 3,185.84 ACS: 15921
Mumbai, May 5, 2021
Equity issue expenses written (off )/back - - (1.36) - (1.36)
Dividend(i) (1,145.93) - - - (1,145.93)
Distribution on hybrid perpetual securities (242.34) - - - (242.34)
Tax on distribution on hybrid perpetual securities 60.99 - - - 60.99
Transfers within equity (138.68) 138.68 - -
Application money received - - - 3.78 3.78
Balance as at March 31, 2021 44,308.96 235.66 44,744.93 3.78 89,293.33
STATEMENT OF CASH FLOWS STATEMENT OF CASH FLOWS (CONTD.)

Year ended Year ended Year ended Year ended
A. Cash flows from operating activities: C. Cash flows from financing activities:
Profit before tax 17,795.13 6,610.98 Proceeds from issue of equity shares (net of issue expenses) 3,240.91 0.04
Adjustments for: Proceeds from long-term borrowings (net of issue expenses) 9,777.19 5,052.88
Depreciation and amortisation expense 3,987.32 3,920.12 Repayment of long-term borrowings (14,775.68) (2,866.18)
Dividend income (68.13) (89.73) Proceeds/(repayments) of short-term borrowings (net) (7,854.16) 7,846.07
(Gain)/loss on sale of property, plant and equipment including intangible assets (23.50) 1.20 Payment of lease obligations (376.68) (260.66)
(net of loss on assets scrapped/written off ) Amount received/(paid) on utilisation/cancellation of derivatives 31.35 (5.19)
Exceptional (income)/expenses (2,773.05) 1,703.58 Repayment of hybrid perpetual securities (1,500.00) -
(Gain)/loss on cancellation of forwards, swaps and options 2.72 1.26 Distribution on hybrid perpetual securities (266.25) (265.76)
Interest income and income from current investments and guarantees (451.60) (171.58) Interest paid (2,982.78) (3,084.03)
Finance costs 3,393.84 3,031.01 Dividend paid (1,145.93) (1,489.67)
Foreign exchange (gain)/loss (20.33) (85.86) Tax on dividend paid - (297.71)
Other non-cash items (10.84) (1,152.70) Net cash from/(used in) financing activities (15,852.03) 4,629.79
4,036.43 7,157.30 Net increase/(decrease) in cash and cash equivalents 508.07 448.79
Operating profit before changes in non-current/current assets and liabilities 21,831.56 13,768.28 Opening cash and cash equivalents 993.64 544.85
Adjustments for: Closing cash and cash equivalents (refer note 14, page 291) 1,501.71 993.64
Non-current/current financial and other assets (2,058.17) 1,441.64
Inventories 2,105.79 533.21 (i) Significant non-cash movements in borrowings during the year include:
Non-current/current financial and other liabilities/provisions 7,850.16 (470.69)
7,897.78 1,504.16 (a) amortisation/effective interest rate adjustments of upfront fees ₹142.97 crore (2019-20: ₹219.82 crore).
Cash generated from operations 29,729.34 15,272.44
Income taxes paid (net of refund) (360.78) (1,818.78)
(b) exchange gain ₹125.16 crore (2019-20: loss ₹268.69 crore).
Net cash from/(used in) operating activities 29,368.56 13,453.66
(c) adjustments to lease obligations, increase ₹149.92 crore (2019-20: increase ₹1,440.60 crore).
B. Cash flows from investing activities:
Purchase of capital assets (2,122.26) (4,749.28) D. Notes forming part of the financial statements Note 1-46
Sale of capital assets 34.32 173.07
In terms of our report attached For and on behalf of the Board of Directors
Purchase of investments in subsidiaries (935.82) (8,945.16)
Purchase of other non-current investments (64.41) (61.20) sd/- sd/- sd/- sd/- sd/- sd/-
Sale of investments in subsidiaries 21.06 - Firm Registration Number: 304026E/E-300009 Chairman Independent Director Independent Director Independent Director Independent Director Independent Director
(Purchase)/sale of current investments (net) (2,973.61) (2,661.50)
Loans given (8,114.74) (1,527.02) sd/- sd/- sd/- sd/- sd/- sd/-
Russell I Parera V. K. Sharma Saurabh Agrawal T. V. Narendran Koushik Chatterjee Parvatheesam Kanchinadham
Repayment of loans given 788.94 7.76 Partner Non-Executive Non-Executive Chief Executive Officer Executive Director Company Secretary &
Principal receipts under sublease 2.80 1.83 Membership Number 042190 Director Director & Managing Director & Chief Financial Officer Chief Legal Officer
Fixed/restricted deposits with banks (placed)/realised 67.85 (80.23) ACS: 15921
Mumbai, May 5, 2021
Interest and guarantee commission received 219.28 117.34
Dividend received from subsidiaries 25.22 35.38
Dividend received from associates and joint ventures 23.43 34.20
Dividend received from others 19.48 20.15
Net cash from/(used in) investing activities (13,008.46) (17,634.66)
NOTES NOTES
forming part of the financial statements forming part of the financial statements
1. Company information Fair value is the price that would be received to sell an 2. Significant accounting policies (Contd.) external information available up to the date of approval
Tata Steel Limited (“the Company”) is a public limited asset or paid to transfer a liability in an orderly transaction of the financial statements and concluded no adjustment
Valuation of deferred tax assets
Company incorporated in India with its registered office between market participants at the measurement date. is required in these financial statements. The Company
The Company reviews the carrying amount of deferred continues to monitor the future economic conditions.
in Mumbai, Maharashtra, India. The Company is listed on (c) Use of estimates and critical accounting judgements tax assets at the end of each reporting period. The policy
the BSE Limited (BSE) and the National Stock Exchange of
In the preparation of financial statements, the Company has been detailed in note 2(u), page 265, and its further (d) Property, plant and equipment
India Limited (NSE).
makes judgments in the application of accounting information are set out in note 10, page 286. An item of property, plant and equipment is recognised
The Company has presence across the entire value chain of policies; and estimates and assumptions which affects as an asset if it is probable that future economic benefits
steel manufacturing from mining and processing iron ore Provisions and contingent liabilities
the carrying values of assets and liabilities that are not associated with the item will flow to the Company and its
and coal to producing and distributing finished products. readily apparent from other sources. The estimates A provision is recognised when the Company has a present cost can be measured reliably. This recognition principle
The Company offers a broad range of steel products and associated assumptions are based on historical obligation as result of a past event and it is probable is applied to costs incurred initially to acquire an item of
including a portfolio of high value added downstream experience and other factors that are considered to be that the outflow of resources will be required to settle property, plant and equipment and also to costs incurred
products such as hot rolled, cold rolled, coated steel, relevant. Actual results may differ from these estimates. the obligation, in respect of which a reliable estimate subsequently to add to, replace part of, or service it. All
rebars, wire rods, tubes and wires. can be made. These are reviewed at each balance sheet other repair and maintenance costs, including regular
Estimates and underlying assumptions are reviewed on date and adjusted to reflect the current best estimates.
The functional and presentation currency of the Company servicing, are recognised in the statement of profit and
an ongoing basis. Revisions to accounting estimates are Contingent liabilities are not recognised in the financial
is Indian Rupee (“₹”) which is the currency of the primary loss as incurred. When a replacement occurs, the carrying
recognised in the period in which the estimate is revised statements. Further details are set out in note 21, page 302
economic environment in which the Company operates. value of the replaced part is de-recognised. Where
and future periods affected. and note 36A, page 317. an item of property, plant and equipment comprises
As on March 31, 2021, Tata Sons Private Limited owns Key source of estimation of uncertainty at the date of major components having different useful lives, these
32.93% of the Ordinary Shares of the Company, and has Fair value measurements of financial instruments
financial statements, which may cause material adjustment components are accounted for as separate items.
the ability to influence the Company’s operations. to the carrying amounts of assets and liabilities within the When the fair value of financial assets and financial
liabilities recorded in the balance sheet cannot be Property, plant and equipment is stated at cost or deemed
The financial statements for the year ended March 31, 2021 next financial year, is in respect of impairment, useful lives
measured based on quoted prices in active markets, cost applied on transition to Ind AS, less accumulated
were approved by the Board of Directors and authorised of property, plant and equipment and intangible assets,
their fair value is measured using valuation techniques depreciation and impairment. Cost includes all direct
for issue on May 5, 2021. valuation of deferred tax assets, provisions and contingent
including Discounted Cash Flow Model. The inputs costs and expenditures incurred to bring the asset to its
liabilities, fair value measurements of financial instruments
to these models are taken from observable markets working condition and location for its intended use. Trial
2. Significant accounting policies and retirement benefit obligations as discussed below:
where possible, but where this is not feasible, a degree run expenses are capitalised. Borrowing costs incurred
The significant accounting policies applied by the Impairment of judgement is required in establishing fair value. during the period of construction is capitalised as part of
Company in the preparation of its financial statements are Judgements include considerations of inputs such as cost of qualifying asset.
The Company estimates the value in use of the cash
listed below. Such accounting policies have been applied liquidity risks, credit risks and volatility. Changes in
generating unit (CGU) based on future cash flows after The gain or loss arising on disposal of an item of property,
consistently to all the periods presented in these financial assumptions about these factors could affect the reported
considering current economic conditions and trends, plant and equipment is determined as the difference
statements, unless otherwise indicated. fair value of financial instruments. Further details are set
estimated future operating results and growth rates and between sale proceeds and carrying value of such item,
anticipated future economic and regulatory conditions. out in note 39, page 323. and is recognised in the statement of profit and loss.
(a) Statement of compliance
The estimated cash flows are developed using internal
The financial statements have been prepared in Retirement benefit obligations (e) Exploration for and evaluation of mineral resources
forecasts. The cash flows are discounted using a suitable
accordance with the Indian Accounting Standards The Company’s retirement benefit obligations are subject
discount rate in order to calculate the present value. Expenditures associated with search for specific mineral
(referred to as “Ind AS”) prescribed under section 133 of to number of assumptions including discount rates,
Further details of the Company’s impairment review and resources are recognised as exploration and evaluation
the Companies Act, 2013 read with Companies (Indian inflation and salary growth. Significant assumptions are
key assumptions are set out in note 3, page 268, note 4, assets. The following expenditure comprises cost of
Accounting Standards) Rules, as amended from time to required when setting these criteria and a change in
page 271, note 5, page 273 and note 6, page 274. exploration and evaluation assets:
time and other relevant provisions of the Act. these assumptions would have a significant impact on
Useful lives of property, plant and equipment and the amount recorded in the Company’s balance sheet and • obtaining of the rights to explore and evaluate
(b) Basis of preparation mineral reserves and resources including costs
intangible assets the statement of profit and loss. The Company sets these
The financial statements have been prepared under the assumptions based on previous experience and third directly related to this acquisition
The Company reviews the useful life of property, plant
historical cost convention with the exception of certain party actuarial advice. Further details on the Company’s
and equipment and intangible assets at the end of • researching and analysing existing exploration data
assets and liabilities that are required to be carried at fair retirement benefit obligations, including key judgements
each reporting period. This reassessment may result in
value by Ind AS. are set out in note 35, page 311. • conducting geological studies, exploratory drilling
change in depreciation and amortisation expense in
and sampling
future periods. The policy has been detailed in note 2(i),
Estimation of uncertainties relating to COVID-19
page 259. • examining and testing extraction and treatment
The Company has assessed the possible impact of COVID-19 methods
on its financial statements based on the internal and
NOTES NOTES
2. Significant accounting policies (Contd.) Development expenditure is capitalised and presented as 2. Significant accounting policies (Contd.) Mining assets are amortised over the useful life of the
part of mining assets. No depreciation is charged on the mine or lease period whichever is lower.
• compiling pre-feasibility and feasibility studies (v) adequate technical, financial and other resources
development expenditure before the start of commercial
to complete the development and to use or sell the Major furnace relining expenses are depreciated over a
• activities in relation to evaluating the technical production.
intangible asset are available. period of 10 years (average expected life).
feasibility and commercial viability of extracting a
mineral resource (g) Provision for restoration and environmental costs (vi) it is possible to reliably measure the expenditure Freehold land is not depreciated.
The Company has liabilities related to restoration of soil attributable to the intangible asset during its
Administration and other overhead costs are charged Assets value upto ₹25,000 are fully depreciated in the year
and other related works, which are due upon the closure development.
to the cost of exploration and evaluation assets only if of acquisition.
of certain of its mining sites.
directly related to an exploration and evaluation project. Recognition of costs as an asset is ceased when the project
*For these class of assets, based on internal assessment
Such liabilities are estimated case-by-case based on is complete and available for its intended use, or if these
If a project does not prove viable, all irrecoverable and independent technical evaluation carried out by
available information, taking into account applicable criteria are no longer applicable.
exploration and evaluation expenditure associated with chartered engineers, the Company believes that the
local legal requirements. The estimation is made using
the project net of any related impairment allowances is Where development activities do not meet the conditions useful lives as given above best represents the period
existing technology, at current prices, and discounted
written off to the statement of profit and loss. for recognition as an asset, any associated expenditure is over which the Company expects to use these assets.
using an appropriate discount rate where the effect of
treated as an expense in the period in which it is incurred. Hence the useful lives for these assets are different from
The Company measures its exploration and evaluation time value of money is material. Future restoration and
the useful lives as prescribed under Part C of Schedule II
assets at cost and classifies as property, plant and environmental costs, discounted to net present value, Subsequent to initial recognition, intangible assets with
of the Companies Act, 2013.
equipment or intangible assets according to the nature are capitalised and the corresponding restoration liability definite useful lives are reported at cost or deemed
of the assets acquired and applies the classification is raised as soon as the obligation to incur such costs cost applied on transition to Ind AS, less accumulated (j) Impairment
consistently. To the extent that a tangible asset is arises. Future restoration and environmental costs are amortisation and accumulated impairment losses.
At each balance sheet date, the Company reviews the
consumed in developing an intangible asset, the amount capitalised in property, plant and equipment or mining
(i) Depreciation and amortisation of property, plant carrying value of its property, plant and equipment
reflecting that consumption is capitalised as a part of the assets as appropriate and are depreciated over the life of
and equipment, right-of-use assets and intangible and intangible assets to determine whether there is any
cost of the intangible asset. the related asset. The effect of time value of money on the
assets indication that the carrying value of those assets may
restoration and environmental costs liability is recognised
As the asset is not available for use, it is not depreciated. not be recoverable through continuing use. If any such
in the statement of profit and loss. Depreciation or amortisation is provided so as to write off,
All exploration and evaluation assets are monitored for indication exists, the recoverable amount of the asset is
on a straight-line basis, the cost/deemed cost of property,
indications of impairment. An exploration and evaluation (h) Intangible assets reviewed in order to determine the extent of impairment
plant and equipment and intangible assets, including
asset is no longer classified as such when the technical loss, if any. Where the asset does not generate cash flows
Patents, trademarks and software costs are included in right-of-use assets to their residual value. These charges
feasibility and commercial viability of extracting a mineral that are independent from other assets, the Company
the balance sheet as intangible assets when it is probable are commenced from the dates the assets are available
resource are demonstrable and the development of estimates the recoverable amount of the cash generating
that associated future economic benefits would flow to for their intended use and are spread over their estimated
the deposit is sanctioned by the management. The unit to which the asset belongs.
the Company. In this case they are measured initially useful economic lives or, in the case of right-of-use assets,
carrying value of such exploration and evaluation asset
at purchase cost and then amortised on a straight-line over the lease period, if shorter. The estimated useful lives Recoverable amount is the higher of fair value less
is reclassified to mining assets.
basis over their estimated useful lives. All other costs on of assets, residual values and depreciation method are costs to sell and value in use. In assessing value in use,
(f) Development expenditure for mineral reserves patents, trademarks and software are expensed in the reviewed regularly and, when necessary, revised. the estimated future cash flows are discounted to their
statement of profit and loss as and when incurred. present value using a pre-tax discount rate that reflects
Development is the establishment of access to mineral Depreciation on assets under construction commences
current market assessments of the time value of money
reserves and other preparations for commercial Expenditure on research activities is recognised as an only when the assets are ready for their intended use.
and the risks specific to the asset for which the estimates of
production. Development activities often continue expense in the period in which it is incurred. Costs incurred
The estimated useful lives for main categories of property, future cash flows have not been adjusted. An impairment
during production and include: on individual development projects are recognised as
plant and equipment and intangible assets are: loss is recognised in the statement of profit and loss as
intangible assets from the date when all of the following
• sinking shafts and underground drifts (often called and when the carrying value of an asset exceeds its
conditions are met: Estimated useful
mine development) life (years)
recoverable amount.
(i) completion of the development is technically
• making permanent excavations Buildings upto 60 years* Where an impairment loss subsequently reverses, the
feasible.
Roads 5 years carrying value of the asset (or cash generating unit)
• developing passageways and rooms or galleries
(ii) it is the intention to complete the intangible asset Plant and machinery upto 40 years* is increased to the revised estimate of its recoverable
• building roads and tunnels and and use or sell it. Railway sidings upto 35 years* amount so that the increased carrying value does
Vehicles and aircraft 5 to 20 years not exceed the carrying value that would have been
• advance removal of overburden and waste rock (iii) ability to use or sell the intangible asset.
Furniture, fixtures and office equipments 4 to 6 years determined had no impairment loss been recognised for
Development (or construction) also includes the (iv) it is clear that the intangible asset will generate Computer software 5 years
the asset (or cash generating unit) in prior years. A reversal
installation of infrastructure (e.g., roads, utilities and probable future economic benefits. of an impairment loss is recognised in the statement of
Assets covered under Electricity Act (life as 3 to 34 years
housing), machinery, equipment and facilities. prescribed under the Electricity Act)
profit and loss immediately.
NOTES NOTES
2. Significant accounting policies (Contd.) reflect the lease payments made and remeasuring the 2. Significant accounting policies (Contd.) The Company recognises a stripping activity asset in the
carrying amount to reflect any reassessment or lease production phase if, and only if, all of the following are
(k) Leases Developmental stripping costs which are incurred in
modifications. The Company recognises the amount of met:
The Company determines whether an arrangement order to obtain access to quantities of mineral reserves
the re-measurement of lease liability as an adjustment
contains a lease by assessing whether the fulfilment of a that will be mined in future periods are capitalised as • it is probable that the future economic benefit
to the right-of-use asset. Where the carrying amount of
transaction is dependent on the use of a specific asset and part of mining assets. Capitalisation of developmental (improved access to the ore body) associated with the
the right-of-use asset is reduced to zero and there is a
whether the transaction conveys the right to control the stripping costs ends when the commercial production of stripping activity will flow to the Company
further reduction in the measurement of the lease liability,
use of that asset to the Company in return for payment. the mineral reserves begins.
the Company recognises any remaining amount of the • the Company can identify the component of the ore
re-measurement in statement of profit and loss. A mine can operate several open pits that are regarded body for which access has been improved and
The Company as lessee
as separate operations for the purpose of mine planning
The Company accounts for each lease component Variable lease payments not included in the measurement • the costs relating to the improved access to that
and production. In this case, stripping costs are accounted
within the contract as a lease separately from non- of the lease liabilities are expensed to the statement component can be measured reliably.
for separately, by reference to the ore extracted from each
lease components of the contract and allocates the of profit and loss in the period in which the events or
separate pit. If, however, the pits are highly integrated for Such costs are presented within mining assets. After
consideration in the contract to each lease component conditions which trigger those payments occur.
the purpose of mine planning and production, stripping initial recognition, stripping activity assets are carried
on the basis of the relative stand-alone price of the In a sale and lease back transaction, the Company costs are aggregated too. at cost/deemed cost less accumulated amortisation and
lease component and the aggregate stand-alone price measures right-of-use asset arising from the leaseback as impairment. The expected useful life of the identified
of the non-lease components. The Company recognises The determination of whether multiple pit mines are
the proportion of the previous carrying amount of the component of the ore body is used to depreciate or
right-of-use asset representing its right to use the considered separate or integrated operations depends
asset that relates to the right-of-use retained. The gain amortise the stripping asset.
underlying asset for the lease term at the lease on each mine’s specific circumstances. The following
or loss that the company recognises in the statement of
commencement date. The cost of the right-of-use asset factors normally point towards the stripping costs for the (m) Investments in subsidiaries, associates and joint
profit and loss is limited to the proportion of the total gain
measured at inception comprises of the amount of initial individual pits being accounted for separately: ventures
or loss that relates to the rights transferred to the buyer.
measurement of the lease liability adjusted for any lease • mining of the second and subsequent pits is Investments in subsidiaries, associates and joint ventures
payments made at or before the commencement date. The Company as lessor conducted consecutively with that of the first pit, are carried at cost/deemed cost applied on transition to
Certain lease arrangements include options to extend (i) Operating lease – Rental income from operating rather than concurrently Ind AS, less accumulated impairment losses, if any. Where
or terminate the lease before the end of the lease term. leases is recognised in the statement of profit and an indication of impairment exists, the carrying amount
• separate investment decisions are made to develop
The right-of-use assets and lease liabilities include these loss on a straight- line basis over the term of the of investment is assessed and an impairment provision
each pit, rather than a single investment decision
options when it is reasonably certain that such options relevant lease unless another systematic basis is more is recognised, if required immediately to its recoverable
being made at the outset
would be exercised. representative of the time pattern in which economic amount. On disposal of such investments, difference
benefits from the leased asset is diminished. Initial • the pits are operated as separate units in terms of between the net disposal proceeds and carrying amount
The right-of-use assets is subsequently measured at direct costs incurred in negotiating and arranging mine planning and the sequencing of overburden is recognised in the statement of profit and loss.
cost less any accumulated depreciation, accumulated an operating lease are added to the carrying value and ore mining, rather than as an integrated unit
impairment losses, if any and adjusted for any of the leased asset and recognised on a straight-line (n) Financial instruments
re‑measurement of the lease liability. The right-of-use • expenditures for additional infrastructure to support
basis over the lease term. Financial assets and financial liabilities are recognised
assets is depreciated using the straight-line method from the second and subsequent pits are relatively large
when the Company becomes a party to the contractual
the commencement date over the shorter of lease term (ii) Finance lease –When assets are leased out under
• the pits extract ore from separate and distinct ore provisions of the instrument. Financial assets and
or useful life of right-of-use asset. a finance lease, the present value of minimum
bodies, rather than from a single ore body. liabilities are initially measured at fair value. Transaction
lease payments is recognised as a receivable. The
Right-of-use assets are tested for impairment whenever costs that are directly attributable to the acquisition or
difference between the gross receivable and the The relative importance of each factor is considered by
there is any indication that their carrying amounts may issue of financial assets and financial liabilities (other
present value of receivable is recognised as unearned the management to determine whether, the stripping
not be recoverable. Impairment loss, if any, is recognised than financial assets and financial liabilities at fair value
finance income. Lease income is recognised over the costs should be attributed to the individual pit or to the
in the statement of profit and loss. through profit and loss) are added to or deducted from
term of the lease using the net investment method combined output from the several pits.
the fair value measured on initial recognition of financial
Lease liability is measured at the present value of the before tax, which reflects a constant periodic rate
Production stripping costs are incurred to extract the ore asset or financial liability. The transaction costs directly
lease payments that are not paid at the commencement of return.
in the form of inventories and/or to improve access to an attributable to the acquisition of financial assets and
date of the lease. The lease payments are discounted additional component of an ore body or deeper levels financial liabilities at fair value through profit and loss
(l) Stripping costs
using the interest rate implicit in the lease, if that rate of material. Production stripping costs are accounted for are immediately recognised in the statement of profit
can be readily determined. If that rate cannot be readily The Company separates two different types of stripping
as inventories to the extent the benefit from production and loss.
determined, the Company uses incremental borrowing costs that are incurred in surface mining activity:
stripping activity is realised in the form of inventories.
rate. The lease liability is subsequently remeasured • developmental stripping costs and Effective interest method
by increasing the carrying amount to reflect interest The effective interest method is a method of calculating
on the lease liability, reducing the carrying amount to • production stripping costs
the amortised cost of a financial instrument and of
NOTES NOTES
2. Significant accounting policies (Contd.) comprehensive income subsequent changes in 2. Significant accounting policies (Contd.) Derivative financial instruments and hedge
the fair value of such equity instruments. Such an accounting
allocating interest income or expense over the relevant the asset expire, or it transfers the financial asset and
election is made by the Company on an instrument In the ordinary course of business, the Company uses
period. The effective interest rate is the rate that exactly substantially all risks and rewards of ownership of
by instrument basis at the time of initial recognition certain derivative financial instruments to reduce
discounts future cash receipts or payments through the asset to another entity.
of such equity investments. These investments are business risks which arise from its exposure to foreign
the expected life of the financial instrument, or where
held for medium or long-term strategic purpose. The If the Company neither transfers nor retains exchange and interest rate fluctuations. The instruments
appropriate, a shorter period.
Company has chosen to designate these investments substantially all the risks and rewards of ownership are confined principally to forward foreign exchange
(I) Financial assets in equity instruments as fair value through other and continues to control the transferred asset, the contracts, cross currency swaps, interest rate swaps
comprehensive income as the management believes Company recognises its retained interest in the and collars. The instruments are employed as hedges of
Cash and bank balances this provides a more meaningful presentation for assets and an associated liability for amounts it may transactions included in the financial statements or for
Cash and bank balances consist of: medium or long-term strategic investments, than have to pay. highly probable forecast transactions/firm contractual
reflecting changes in fair value immediately in the commitments. These derivatives contracts do not
(i) Cash and cash equivalents - which includes cash If the Company retains substantially all the risks
statement of profit and loss. generally extend beyond six months, except for certain
on hand, deposits held at call with banks and other and rewards of ownership of a transferred financial
short-term deposits which are readily convertible Financial assets not measured at amortised cost or asset, the Company continues to recognise the currency swaps and interest rate derivatives.
into known amounts of cash, are subject to an at fair value through other comprehensive income financial asset and also recognises a borrowing for Derivatives are initially accounted for and measured at fair
insignificant risk of change in value and have original are carried at fair value through profit and loss. the proceeds received. value on the date the derivative contract is entered into
maturities of less than one year. These balances with and are subsequently remeasured to their fair value at the
banks are unrestricted for withdrawal and usage. Interest income (II) Financial liabilities and equity instruments
end of each reporting period.
Interest income is accrued on a time proportion Classification as debt or equity
(ii) Other bank balances - which includes balances The Company adopts hedge accounting for forward
basis, by reference to the principal outstanding and
and deposits with banks that are restricted for Financial liabilities and equity instruments issued by foreign exchange and interest rate contracts wherever
effective interest rate applicable.
withdrawal and usage. the Company are classified according to the substance possible. At inception of each hedge, there is a formal,
Dividend income of the contractual arrangements entered into and the documented designation of the hedging relationship.
Financial assets at amortised cost definitions of a financial liability and an equity instrument.
Dividend income from investments is recognised This documentation includes, inter alia, items such as
Financial assets are subsequently measured at identification of the hedged item and transaction and
when the right to receive payment has been Equity instruments
amortised cost if these financial assets are held nature of the risk being hedged. At inception, each hedge
established.
within a business model whose objective is to hold An equity instrument is any contract that evidences is expected to be highly effective in achieving an offset
these assets in order to collect contractual cash flows Impairment of financial assets a residual interest in the assets of the Company after of changes in fair value or cash flows attributable to the
and the contractual terms of the financial asset give deducting all of its liabilities. Equity instruments are hedged risk. The effectiveness of hedge instruments
Loss allowance for expected credit losses is recognised
rise on specified dates to cash flows that are solely recorded at the proceeds received, net of direct issue costs. to reduce the risk associated with the exposure being
for financial assets measured at amortised cost and
payments of principal and interest on the principal hedged is assessed and measured at the inception and on
fair value through other comprehensive income. Financial liabilities
amount outstanding. an ongoing basis. The ineffective portion of designated
The Company recognises life time expected credit Trade and other payables are initially measured at fair hedges is recognised immediately in the statement of
Financial assets measured at fair value losses for all trade receivables that do not constitute value, net of transaction costs, and are subsequently profit and loss.
Financial assets are measured at fair value through a financing transaction. measured at amortised cost, using the effective interest
other comprehensive income if such financial assets rate method where the time value of money is significant. When hedge accounting is applied:
For financial assets (apart from trade receivables that
are held within a business model whose objective is • for fair value hedges of recognised assets and
do not constitute of financing transaction) whose Interest bearing bank loans, overdrafts and issued debt
to hold these assets in order to collect contractual liabilities, changes in fair value of the hedged assets
credit risk has not significantly increased since initial are initially measured at fair value and are subsequently
cash flows and to sell such financial assets and the and liabilities attributable to the risk being hedged,
recognition, loss allowance equal to twelve months measured at amortised cost using the effective interest
contractual terms of the financial asset give rise are recognised in the statement of profit and loss and
expected credit losses is recognised. Loss allowance rate method. Any difference between the proceeds (net
on specified dates to cash flows that are solely compensate for the effective portion of symmetrical
equal to the lifetime expected credit losses is of transaction costs) and the settlement or redemption
payments of principal and interest on the principal changes in the fair value of the derivatives.
recognised if the credit risk of the financial asset has of borrowings is recognised over the term of the
amount outstanding.
significantly increased since initial recognition. borrowings in the statement of profit and loss. • for cash flow hedges, the effective portion of the change
The Company in respect of equity investments in the fair value of the derivative is recognised directly
(other than in subsidiaries, associates and joint De-recognition of financial assets De-recognition of financial liabilities
in other comprehensive income and the ineffective
ventures) which are not held for trading has The Company de-recognises a financial asset only The Company de-recognises financial liabilities when, and portion is recognised in the statement of profit and
made an irrevocable election to present in other when the contractual rights to the cash flows from only when, the Company’s obligations are discharged, loss. If the cash flow hedge of a firm commitment
cancelled or they expire.
NOTES NOTES
2. Significant accounting policies (Contd.) Past service cost is recognised as an expense when the 2. Significant accounting policies (Contd.) Where a disposal group represents a separate major line
plan amendment or curtailment occurs or when any of business or geographical area of operations, or is part
or forecasted transaction results in the recognition the entity has indicated to other parties that it will
related restructuring costs or termination benefits are of a single co-ordinated plan to dispose of a separate
of a non-financial asset or liability, then, at the time accept certain responsibilities and;
recognised, whichever is earlier. major line of business or geographical area of operations,
the asset or liability is recognised, the associated
(ii) as a result, the entity has created a valid expectation then it is treated as a discontinued operation. The post-tax
gains or losses on the derivative that had previously The retirement benefit obligations recognised in the
on the part of those other parties that it will discharge profit or loss of the discontinued operation together with
been recognised in equity are included in the initial balance sheet represents the present value of the defined
such responsibilities. the gain or loss recognised on its disposal are disclosed as
measurement of the asset or liability. For hedges that benefit obligations as reduced by the fair value of plan
a single amount in the statement of profit and loss, with
do not result in the recognition of a non-financial asset assets. (r) Onerous contracts all prior periods being presented on this basis.
or a liability, amounts deferred in equity are recognised
Compensated absences A provision for onerous contracts is recognised when the
in the statement of profit and loss in the same period in (u) Income taxes
expected benefits to be derived by the Company from a
which the hedged item affects the statement of profit Compensated absences which are not expected to occur
contract are lower than the unavoidable cost of meeting its Tax expense for the year comprises current and deferred
and loss. within twelve months after the end of the period in which
obligations under the contract. The provision is measured tax. The tax currently payable is based on taxable profit for
the employee renders the related service are recognised
In cases where hedge accounting is not applied, changes at the present value of the lower of the expected cost the year. Taxable profit differs from net profit as reported
based on actuarial valuation at the present value of the
in the fair value of derivatives are recognised in the of terminating the contract and the expected net cost in the statement of profit and loss because it excludes
obligation as on the reporting date.
statement of profit and loss as and when they arise. of continuing with the contract. Before a provision is items of income or expense that are taxable or deductible
(p) Inventories established, the Company recognises any impairment in other years and it further excludes items that are never
Hedge accounting is discontinued when the hedging
loss on the assets associated with that contract. taxable or deductible. The Company’s liability for current
instrument expires or is sold, terminated, or exercised, or Inventories are stated at the lower of cost and net
tax is calculated using tax rates and tax laws that have
no longer qualifies for hedge accounting. At that time, realisable value. Cost is ascertained on a weighted (s) Government grants been enacted or substantively enacted by the end of the
any cumulative gain or loss on the hedging instrument average basis. Costs comprise direct materials and, where
Government grants are recognised at its fair value, where reporting period.
recognised in equity is retained in equity until the applicable, direct labour costs and those overheads that
there is a reasonable assurance that such grants will be
forecasted transaction occurs. If a hedged transaction is have been incurred in bringing the inventories to their Deferred tax is the tax expected to be payable or
received and compliance with the conditions attached
no longer expected to occur, the net cumulative gain or present location and condition. Net realisable value is recoverable on differences between the carrying value
therewith have been met.
loss recognised in equity is transferred to the statement the price at which the inventories can be realised in the of assets and liabilities in the financial statements and
of profit and loss for the period. normal course of business after allowing for the cost of Government grants related to expenditure on property, the corresponding tax bases used in the computation
conversion from their existing state to a finished condition plant and equipment are credited to the statement of of taxable profit and is accounted for using the balance
(o) Employee benefits and for the cost of marketing, selling and distribution. profit and loss over the useful lives of qualifying assets sheet liability method. Deferred tax liabilities are generally
Defined contribution plans or other systematic basis representative of the pattern recognised for all taxable temporary differences. In
Provisions are made to cover slow-moving and obsolete
of fulfilment of obligations associated with the grant contrast, deferred tax assets are only recognised to the
Contributions under defined contribution plans are items based on historical experience of utilisation on
received. Grants received less amounts credited to the extent that it is probable that future taxable profits will
recognised as expense for the period in which the a product category basis, which involves individual
statement of profit and loss at the reporting date are be available against which the temporary differences can
employee has rendered service. Payments made to state businesses considering their product lines and market
included in the balance sheet as deferred income. be utilised.
managed retirement benefit schemes are dealt with as conditions.
payments to defined contribution schemes where the (t) Non-current assets held for sale and discontinued The carrying value of deferred tax assets is reviewed at
Company’s obligations under the schemes are equivalent (q) Provisions the end of each reporting period and reduced to the
operations
to those arising in a defined contribution retirement Provisions are recognised in the balance sheet when the extent that it is no longer probable that sufficient taxable
Non-current assets and disposal groups classified as held
benefit scheme. Company has a present obligation (legal or constructive) profits will be available to allow all or part of the asset to
for sale are measured at the lower of their carrying value
as a result of a past event, which is expected to result in be recovered.
Defined benefit plans and fair value less costs to sell.
an outflow of resources embodying economic benefits
Deferred tax is calculated at the tax rates that are expected
For defined benefit retirement schemes, the cost of which can be reliably estimated. Each provision is based Assets and disposal groups are classified as held for sale
to apply in the period when the liability is settled or the
providing benefits is determined using the Projected on the best estimate of the expenditure required to if their carrying value will be recovered through a sale
asset is realised based on the tax rates and tax laws that
Unit Credit Method, with actuarial valuation being carried settle the present obligation at the balance sheet date. transaction rather than through continuing use. This
have been enacted or substantially enacted by the end of
out at each year-end balance sheet date. Remeasurement Where the time value of money is material, provisions are condition is only met when the sale is highly probable and
the reporting period. The measurement of deferred tax
gains and losses of the net defined benefit liability/(asset) measured on a discounted basis. the asset, or disposal group, is available for immediate sale
liabilities and assets reflects the tax consequences that
are recognised immediately in other comprehensive in its present condition and is marketed for sale at a price
Constructive obligation is an obligation that derives from would follow from the manner in which the Company
income. The service cost and net interest on the net that is reasonable in relation to its current fair value. The
an entity’s actions where: expects, at the end of the reporting period, to recover or
defined benefit liability/(asset) are recognised as an Company must also be committed to the sale, which should
settle the carrying value of its assets and liabilities.
expense within employee costs. (i) by an established pattern of past practice, published be expected to qualify for recognition as a completed sale
policies or a sufficiently specific current statement, within one year from the date of classification.
NOTES NOTES
2. Significant accounting policies (Contd.) The Company does not adjust the transaction prices for 2. Significant accounting policies (Contd.) Diluted earnings per share is computed using the
any time value of money in case of contracts where the weighted average number of shares and dilutive potential
Deferred tax assets and liabilities are offset to the extent (x) Borrowing costs
period between the transfer of the promised goods or shares except where the result would be anti-dilutive.
that they relate to taxes levied by the same tax authority
services to the customer and payment by the customer Borrowings costs directly attributable to the acquisition,
and there are legally enforceable rights to set off current (z) Recent accounting pronouncements
does not exceeds one year. construction or production of qualifying assets, which are
tax assets and current tax liabilities within that jurisdiction.
assets that necessarily take a substantial period of time Amendment to Ind AS 116 “Leases” – Insertion
Current and deferred tax are recognised as an expense or Sale of power to get ready for their intended use or sale, are added to of practical expedient for COVID-19 related lease
income in the statement of profit and loss, except when Revenue from sale of power is recognised when the the cost of those assets, until such time as the assets are concessions
they relate to items credited or debited either in other services are provided to the customer based on approved substantially ready for the intended use or sale.
The amendment provides lessee with a practical expedient
comprehensive income or directly in equity, in which case tariff rates established by the respective regulatory
Investment income earned on temporary investment and an exemption to assess whether a COVID-19 related
the tax is also recognised in other comprehensive income authorities. The Company doesn’t recognise revenue
of specific borrowings pending their expenditure on rent concession is a lease modification to payments
or directly in equity. and an asset for cost incurred in the past that will be
qualifying assets is recognised in the statement of profit originally due on or before June 30, 2021. Amendment
recovered.
(v) Revenue and loss. also requires disclosure of the amount recognised in
(w) Foreign currency transactions and translations statement of profit and loss to reflect changes in lease
The Company manufactures and sells a range of steel and Discounts or premiums and expenses on the issue of
payments that arise from such concession. The Company
other products. The financial statements of the Company are presented debt securities are amortised over the term of the related
has not recognised any amount as reversal of lease liability
in Indian Rupees (“₹”), which is the functional currency securities and included within borrowing costs. Premiums
Sale of products in the statement of profit and loss.
of the Company and the presentation currency for the payable on early redemptions of debt securities, in lieu of
Revenue from sale of products is recognised when control financial statements. future finance costs, are recognised as borrowing costs. Amendment to Ind AS 109 “Financial Instruments”
of the products has transferred, being when the products and Ind AS 107 “Financial Instruments: Disclosures”
In preparing the financial statements, transactions in All other borrowing costs are recognized as expenses in
are delivered to the customer. Delivery occurs when the – Interest rate Benchmark Reform
currencies other than the Company’s functional currency the period in which it is incurred.
products have been shipped or delivered to the specific
are recorded at the rates of exchange prevailing on the The Company has applied the related amendments.
location as the case may be, the risks of loss has been (y) Earnings per share
date of the transaction. At the end of each reporting The amendments provide relief from the specific hedge
transferred, and either the customer has accepted the
period, monetary items denominated in foreign Basic earnings per share is computed by dividing profit accounting requirements assuming that the interest
products in accordance with the sales contract, or the
currencies are re-translated at the rates prevailing at the or loss for the year attributable to equity holders by the rate benchmark is not altered as a result of the interest
Company has objective evidence that all criteria for
end of the reporting period. Non-monetary items carried weighted average number of shares outstanding during rate benchmark reform. The Company is currently
acceptance have been satisfied. Sale of products include
at fair value that are denominated in foreign currencies the year. Partly paid up shares are included as fully paid evaluating the potential impact of replacement of
related ancillary services, if any.
are re-translated at the rates prevailing on the date when equivalents according to the fraction paid up. interest rate benchmark and will accordingly manage the
Goods are often sold with volume discounts based on the fair value was determined. Non-monetary items transition plan.
aggregate sales over a 12 months period. Revenue from that are measured in terms of historical cost in a foreign
these sales is recognised based on the price specified currency are not translated.
in the contract, net of the estimated volume discounts.
Exchange differences arising upto March 31, 2020 on
Accumulated experience is used to estimate and provide
translation of long-term foreign currency monetary
for the discounts, using the most likely method, and
items recognised in the financial statements before the
revenue is only recognised to the extent that it is highly
beginning of the first Ind AS financial reporting period in
probable that a significant reversal will not occur. A
respect of which the Company has elected to recognise
liability is recognised for expected volume discounts
such exchange differences in equity or as part of cost of
payable to customers in relation to sales made until the
assets as allowed under Ind AS 101 “First-time adoption
end of the reporting period. No element of financing is
of Indian Accounting Standards” are added/deducted
deemed present as the sales are generally made with a
to/ from the cost of assets as the case may be. Such
credit term of 30-90 days, which is consistent with market
exchange differences recognised as part of cost of assets
practice. Any obligation to provide a refund is recognised
is recognised in the statement of profit and loss on a
as a provision. A receivable is recognised when the
systematic basis.
goods are delivered as this is the point in time that the
consideration is unconditional because only the passage Exchange differences arising on the re-translation or
of time is required before the payment is due. settlement of other monetary items are included in the
statement of profit and loss for the period.
NOTES NOTES
3. Property, plant and equipment 3. Property, plant and equipment (Contd.)

[Item No. I(a), Page 250] [Item No. I(a), Page 250]
(₹ crore)
(i) During the year ended March 31, 2020, other re-classifications primarily include assets under finance leases of ₹2,151.32 crore
Land Buildings Plant and Furniture, Vehicles Railway Total
including machinery fixtures sidings
(net of accumulated depreciation and impairment), re-classified to right-of-use assets on adoption of Ind AS 116 “Leases”.
roads and office
equipments (ii) Buildings include ₹2.32 crore (March 31, 2020: ₹2.32 crore) being cost of shares in co-operative housing societies and limited
Cost/deemed cost as at April 1, 2020 14,253.40 6,373.06 60,723.91 567.31 430.46 1,095.76 83,443.90 companies.
Additions 23.53 181.26 870.78 67.36 3.32 - 1,146.25
(iii) During the year ended March 31, 2020, the Company has classified certain items of property, plant and equipment in respect
Disposals (0.30) (10.12) (4.77) (5.10) (9.89) (0.25) (30.43)
of one of its mining locations as assets held for sale, the net carrying value of these assets ₹50.16 crore was recovered through
Other re-classifications - - 0.60 (1.54) 0.74 - (0.20)
a sale transaction during the year ended March 31, 2021.
Cost/deemed cost as at March 31, 2021 14,276.63 6,544.20 61,590.52 628.03 424.63 1,095.51 84,559.52
Impairment as at April 1, 2020 0.15 1.32 0.09 - - - 1.56 (iv) Net carrying value of furniture, fixtures and office equipment comprises of:
Charge for the year - - 6.07 - - - 6.07 (₹ crore)
Accumulated impairment as at March 31, 2021 0.15 1.32 6.16 - - - 7.63 As at As at
Accumulated depreciation as at April 1, 2020 728.65 1,118.56 14,416.71 416.51 199.49 170.07 17,049.99 March 31, 2021 March 31, 2020
Charge for the year 98.52 216.22 3,025.14 80.90 30.14 38.22 3,489.14 Furniture and fixtures
Disposals (0.18) (2.40) (3.78) (4.49) (8.61) (0.10) (19.56) Cost/deemed cost 129.26 123.65
Other re-classifications - - 0.49 (0.75) 0.26 - - Accumulated depreciation and impairment 115.54 104.97
Accumulated depreciation as at March 31, 2021 826.99 1,332.38 17,438.56 492.17 221.28 208.19 20,519.57 13.72 18.68
Total accumulated depreciation and 827.14 1,333.70 17,444.72 492.17 221.28 208.19 20,527.20 Office equipments
impairment as at March 31, 2021 Cost/deemed cost 498.77 443.66
Net carrying value as at April 1, 2020 13,524.60 5,253.18 46,307.11 150.80 230.97 925.69 66,392.35
Accumulated depreciation and impairment 376.63 311.54
Net carrying value as at March 31, 2021 13,449.49 5,210.50 44,145.80 135.86 203.35 887.32 64,032.32
122.14 132.12
135.86 150.80
(₹ crore)
Land Buildings Plant and Furniture, Vehicles Railway Total
including machinery fixtures sidings 137.49 crore (2019-20: ₹103.58 crore) of borrowing costs has been capitalised during the year against qualifying assets
(v) ₹
roads and office under construction using a capitalisation rate of 4.09% (2019-20: 6.84%).
equipments
(vi) During the year ended March 31, 2020, rupee liability increased by ₹128.72 crore arising out of re-translation of the value
Cost/deemed cost as at April 1, 2019 14,192.96 6,109.34 63,468.68 548.90 369.92 1,080.39 85,770.19
of long-term foreign currency loans and liabilities for procurement of property, plant and equipment, generally plant and
Additions 60.44 277.26 1,425.81 44.77 73.85 15.37 1,897.50
machinery. This increase was adjusted against the carrying cost of assets and depreciated over their remaining useful life.
Disposals - (16.70) (204.17) (21.15) (9.86) - (251.88)
The depreciation for the year ended March 31, 2020, was higher by ₹4.31 crore on account of this adjustment.
Classified as held for sale - (37.09) (73.81) (5.32) (3.45) - (119.67)
Other re-classifications - 40.25 (3,892.60) 0.11 - - (3,852.24) (vii) Property, plant and equipment (including capital work-in-progress) were tested for impairment during the year where
Cost/deemed cost as at March 31, 2020 14,253.40 6,373.06 60,723.91 567.31 430.46 1,095.76 83,443.90 indicators of impairment existed. During the year ended March 31, 2021, the Company has recognised an impairment reversal
Impairment as at April 1, 2019 0.15 1.32 0.09 - - - 1.56 of ₹3.84 crore (net of charge of ₹6.07 crore for plant and machinery) (2019-20: ₹45.97 crore, impairment reversal) in respect
Accumulated impairment as at March 31, 2020 0.15 1.32 0.09 - - - 1.56 of expenditure incurred (included within capital work-in-progress) at one of its mining sites. The impairment recognised/
Accumulated depreciation as at April 1, 2019 reversed is included within other expenses in the statement of profit and loss.
609.16 921.82 13,148.02 363.37 177.79 131.65 15,351.81
Charge for the year 119.49 233.37 3,035.35 77.19 31.41 38.42 3,535.23
Disposals - (5.80) (32.81) (20.04) (7.97) - (66.62)
Classified as held for sale - (32.41) (31.34) (4.02) (1.74) - (69.51)
Other re-classifications - 1.58 (1,702.51) 0.01 - - (1,700.92)
Accumulated depreciation as at March 31, 2020 728.65 1,118.56 14,416.71 416.51 199.49 170.07 17,049.99
Total accumulated depreciation and 728.80 1,119.88 14,416.80 416.51 199.49 170.07 17,051.55
impairment as at March 31, 2020
Net carrying value as at April 1, 2019 13,583.65 5,186.20 50,320.57 185.53 192.13 948.74 70,416.82
Net carrying value as at March 31, 2020 13,524.60 5,253.18 46,307.11 150.80 230.97 925.69 66,392.35
NOTES NOTES
3. Property, plant and equipment (Contd.) 4. Right-of-use assets

[Item No. I(a), Page 250] [Item No. I(c), Page 250]
(₹ crore)
(viii) Property, plant and equipment includes capital cost of in-house research facilities as below:
Right-of-use Right-of-use Right-of-use Right-of-use Right-of-use Total
(₹ crore)
land buildings plant and vehicles railway
Land Buildings Plant and Furniture, Vehicles Total machinery sidings
including machinery fixtures and office
Cost as at April 1, 2020 945.08 93.73 5,117.34 7.97 17.39 6,181.51
roads equipments
Additions 112.70 16.55 44.87 12.71 - 186.83
Cost/deemed cost as at April 1, 2020 1.88 6.35 92.96 7.23 0.09 108.51
Disposals - (37.33) - (0.43) - (37.76)
- 6.35 92.93 8.24 0.09 107.61
Cost as at March 31, 2021 1,057.78 72.95 5,162.21 20.25 17.39 6,330.58
Additions - - 2.86 0.42 - 3.28
Accumulated impairment as at March 31, 2021 - - - - - -
- - 0.03 1.03 - 1.06
Accumulated depreciation as at April 1, 2020 81.67 23.64 1,955.81 0.53 6.55 2,068.20
Other re-classifications* - - - - - -
Charge for the year 59.79 28.01 263.95 2.79 8.00 362.54
1.88 - - (1.61) - 0.27
Disposals - (6.05) - (0.08) - (6.13)
Deductions - - - (0.01) - (0.01)
Accumulated depreciation as at March 31, 2021 141.46 45.60 2,219.76 3.24 14.55 2,424.61
- - - (0.43) - (0.43)
Total accumulated depreciation and impairment as 141.46 45.60 2,219.76 3.24 14.55 2,424.61
Cost/deemed cost as at March 31, 2021 1.88 6.35 95.82 7.64 0.09 111.78
at March 31, 2021
1.88 6.35 92.96 7.23 0.09 108.51
Net carrying value as at April 1, 2020 863.41 70.09 3,161.53 7.44 10.84 4,113.31
Capital work-in-progress - - - - - 2.42
Net carrying value as at March 31, 2021 916.32 27.35 2,942.45 17.01 2.84 3,905.97
- - - - - 3.50
(₹ crore)
Figures in italics represent comparative figures for previous year.
Right-of-use Right-of-use Right-of-use Right-of-use Right-of-use Total
* During the year ended March 31, 2020, Other re-classifications represents ₹0.27 crore relating to in-house research facilities, regrouped from land buildings plant and vehicles railway
intangible assets to land including roads. machinery sidings
Cost as at April 1, 2019 - - - - -
(ix) Details of property, plant and equipment pledged against borrowings is presented in note 19, page 299.
Additions on account of transition to Ind AS 116 “Leases” 27.29 77.27 1,074.49 - 12.13 1,191.18
Additions 20.17 16.74 191.20 7.97 5.26 241.34
Disposals - (0.87) - - - (0.87)
Other re-classifications 897.62 0.59 3,851.65 - - 4,749.86
Cost as at March 31, 2020 945.08 93.73 5,117.34 7.97 17.39 6,181.51
Accumulated impairment as at March 31, 2020 - - - - - -
Accumulated depreciation as at April 1, 2019 - - - - -
Charge for the year 16.97 23.29 255.48 0.53 6.55 302.82
Disposals - (0.24) - - - (0.24)
Other re-classifications 64.70 0.59 1,700.33 - - 1,765.62
Accumulated depreciation as at March 31, 2020 81.67 23.64 1,955.81 0.53 6.55 2,068.20
Total accumulated depreciation and impairment as 81.67 23.64 1,955.81 0.53 6.55 2,068.20
at March 31, 2020
Net carrying value as at April 1, 2019 - - - - - -
Net carrying value as at March 31, 2020 863.41 70.09 3,161.53 7.44 10.84 4,113.31
(i)
During the year ended March 31, 2020, Other re-classifications represent assets under finance leases of
₹2,151.32 crore (net of accumulated depreciation and impairment) and prepaid payment with respect to land leases of
₹832.92 crore (net of accumulated amortisation), re-classified under right-of-use assets on adoption of Ind AS 116 “Leases”.
(ii) Vehicle cost used for in-house research and development included within right-of-use vehicles is ₹0.71 crore
(March 31, 2020: ₹0.28 crore).
(iii) The Company’s significant leasing arrangements include assets dedicated for use under long-term arrangements, lease of
land, office space, equipment, vehicles and some IT equipment.
NOTES NOTES
4. Right-of-use assets (Contd.) 5. Intangible assets

[Item No. I(c), Page 250] [Item No. I(d), Page 250]
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Each lease (₹ crore)
generally imposes a restriction that, unless there is a contractual right for the Company to sublet the asset to another party, Software Mining Total
the right-of-use asset can only be used by the Company. Extension and termination options are included in a number of costs assets
property and equipment leases. These are used to maximise operational flexibility in terms of managing the assets used Cost/deemed cost as at April 1, 2020 271.23 1,929.03 2,200.26
in the Company’s operations. Majority of the extension and termination options held are exercisable based on mutual Additions 5.31 238.38 243.69
agreement of the Company and the respective lessor. Disposals (0.14) (97.31) (97.45)
With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance Other re-classifications 0.20 - 0.20
sheet as a right-of use asset and a lease liability. Payments made under such leases are expensed on a straight-line basis Cost/deemed cost as at March 31, 2021 276.60 2,070.10 2,346.70
over the lease term. Accumulated impairment as at April 1, 2020 - 40.11 40.11
Charge for the year - (3.62) (3.62)
Variable lease payments which do not depend on an index or a rate (such as lease payments based on a percentage of sales)
Accumulated impairment as at March 31, 2021 - 36.49 36.49
are excluded from the initial measurement of the lease liability and asset.
Accumulated amortisation as at April 1, 2020 220.49 1,211.94 1,432.43
For leases recognised under long-term arrangements involving use of a dedicated asset, non-lease components are excluded Charge for the year 24.57 111.07 135.64
based on the underlying contractual terms and conditions. A change in the allocation assumptions may have an impact on Disposals (0.15) (97.04) (97.19)
the measurement of lease liabilities and the related right-of-use assets. Accumulated amortisation as at March 31, 2021 244.91 1,225.97 1,470.88
During the year ended March 31, 2021, the Company recognised the following in the statement of profit and loss: Total accumulated amortisation and impairment as at March 31, 2021 244.91 1,262.46 1,507.37
Net carrying value as at April 1, 2020 50.74 676.98 727.72
a) expense in respect of short-term leases and leases of low-value assets ₹6.73 crore (2019-20: ₹32.18 crore) and
Net carrying value as at March 31, 2021 31.69 807.64 839.33
₹0.33 crore (2019- 20: ₹1.21 crore) respectively.
b) expense in respect of variable lease payments not included in the measurement of lease liabilities ₹60.96 crore (2019- (₹ crore)
20: ₹81.99 crore). Software Mining Total
costs assets
c) income in respect of sub-leases of right-of-use assets ₹0.53 crore (2019-20: ₹0.71 crore). 266.66 1,929.01 2,195.67
Cost/deemed cost as at April 1, 2019
d) loss on sale and leaseback transaction entered during the year Nil (2019-20: ₹0.45 crore). Additions 4.57 0.02 4.59
During the year ended March 31, 2021, total cash outflow in respect of leases amounted to ₹799.64 crore (March 31, 2020: Cost/deemed cost as at March 31, 2020 271.23 1,929.03 2,200.26
₹729.29 crore). Accumulated impairment as at April 1, 2019 - 40.11 40.11
Accumulated impairment as at March 31, 2020 - 40.11 40.11
As at March 31, 2021, commitments for leases not yet commenced was ₹201.13 crore (March 31, 2020: ₹335.44 crore). Accumulated amortisation as at April 1, 2019 195.75 1,154.61 1,350.36
Charge for the year 24.74 57.33 82.07
Accumulated amortisation as at March 31, 2020 220.49 1,211.94 1,432.43
Total accumulated amortisation and impairment as at March 31, 2020 220.49 1,252.05 1,472.54
Net carrying value as at April 1, 2019 70.91 734.29 805.20
Net carrying value as at March 31, 2020 50.74 676.98 727.72
(i) Mining assets represent expenditure incurred in relation to acquisition of mines, mine development expenditure post
establishment of technical and commercial feasibility and restoration obligations as per applicable regulations.
(ii) During the year ended March 31, 2021, the Company has recognised an impairment reversal of ₹3.62 crore (2019-20: Nil) for
expenditure incurred in respect of certain mines.
(iii) Software costs related to in-house research and development included within software costs is ₹0.13 crore (2019-20: ₹0.01
crore). During the year ended March 31, 2020, ₹0.27 crore relating to in-house research facilities had been regrouped to land
including roads.
NOTES NOTES
6. Investments in subsidiaries, associates and joint ventures 6. Investments in subsidiaries, associates and joint ventures (Contd.)
[Item No. I(f), Page 250] [Item No. I(f), Page 250]
No. of shares as at As at As at No. of shares as at As at As at
March 31, 2021 March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2021 March 31, 2020
(face value of ₹10 each (face value of ₹10 each
fully paid up unless fully paid up unless
otherwise specified) otherwise specified)
A. Investments carried at cost/deemed cost (23) Tata Steel Foundation 10,00,000 1.00 1.00
(a) Equity investment in subsidiary companies (24) Tata Steel Mining Limited 48,50,71,068 905.62 78.64
(i) Quoted (41,93,63,524 shares purchased during the year)
(1) Tata Metaliks Ltd. 1,89,57,090 430.09 205.87 (25) Tata Steel Odisha Limited 25,67,000 2.57 2.57
(34,92,500 equity shares received on conversion of warrants (26) Tata Steel Special Economic Zone Limited 39,94,60,501 - 374.54
during the year) (27) Tata Steel Utilities and Infrastructure Services Limited 2,43,50,000 24.35 24.35
(2) Tata Steel Long Products Limited 3,37,86,521 1,360.58 1,378.74 (28) The Indian Steel & Wire Products Ltd 56,92,651 3.08 3.08
(4,51,000 equity shares sold during the year) (29) The Tata Pigments Limited (Face value of ₹100 each) 75,000 - 0.70
(3) Tayo Rolls Limited 55,87,372 - - 26,763.90 24,066.55
(4) The Tinplate Company of India Ltd 7,84,57,640 395.02 395.02 Aggregate provision for impairment in value of investments (1,045.08) (1,195.08)
2,185.69 1,979.63 25,718.82 22,871.47
(ii) Unquoted 27,904.51 24,851.10
(1) ABJA Investment Co. Pte Ltd. (Face value of USD 1 each) 2,00,000 1.08 1.08 (b) Investment in equity share warrants of subsidiary companies
(2) Adityapur Toll Bridge Company Limited 4,14,00,000 26.40 26.40 (i) Unquoted
(3) Bamnipal Steel Limited 25,88,95,798 258.89 258.89 (1) Tata Metaliks Ltd. - - 56.05
(4) Bhubaneshwar Power Private Limited 23,69,86,703 321.73 321.73 (34,92,500 warrants converted into equity shares during the year)
(5) Bistupur Steel Limited^ 40,000 0.04 0.04 - 56.05
(6) Creative Port Development Private Limited 1,27,500 91.88 91.88 (c) Equity investment in associate companies
(7) Dimna Steel Limited^ 40,000 0.04 0.04 (i) Quoted
(8) Jamadoba Steel Limited^ 40,000 0.04 0.04 (1) TRF Limited 37,53,275 5.79 5.79
(9) Jamshedpur Football and Sporting Private Limited 4,08,00,000 40.80 40.80 5.79 5.79
(10) Jugsalai Steel Limited^ 40,000 0.04 0.04 Aggregate provision for impairment in value of investments (5.79) (5.79)
(11) Mohar Exports Services Pvt Ltd* 3,352 - - - -
(12) NatSteel Asia Pte. Ltd. (Face value of SGD 1 each) 28,14,37,128 773.86 773.86
(13) Noamundi Steel Limited^ 40,000 0.04 0.04 (ii) Unquoted
(14) Rujuvalika Investments Limited 13,28,800 60.40 60.40 (1) Kalinga Aquatic Ltd* 10,49,920 - -
(15) Sakchi Steel Limited^ 40,000 0.04 0.04 (2) Kumardhubi Fireclay and Silica Works Ltd.*# 1,50,001 - -
(16) Straight Mile Steel Limited^ 40,000 0.04 0.04 (3) Kumardhubi Metal Casting and Engineering Ltd.*# 10,70,000 - -
(17) Subarnarekha Port Private Limited 4,24,183 17.01 17.01 (4) Malusha Travels Pvt Ltd: ₹33,520 (March 31, 2020: ₹33,520) 3,352 - -
(18) T Steel Holdings Pte. Ltd. (Face value of GBP 1 each) 7,31,21,21,292 12,724.26 12,724.26 (5) Strategic Energy Technology Systems Private Limited 2,56,14,500 0.91 0.91
(19) T Steel Holdings Pte. Ltd. (Face value of GBP 0.78 each) 1,25,80,00,000 8,990.63 8,990.63 (6) Tata Construction Projects Limited*# 11,97,699 - -
(20) Tata Korf Engineering Services Ltd* # 3,99,986 - - 0.91 0.91
(21) Tata Steel (KZN) (Pty) Ltd. ~ (Face value of ZAR 1 each) - - - Aggregate provision for impairment in value of investments (0.91) (0.91)
(22) Tata Steel Downstream Products Limited 24,23,27,940 2,520.06 274.45 - -
(17,40,77,940 equity shares received during the year) - -
NOTES NOTES
6. Investments in subsidiaries, associates and joint ventures (Contd.) 6. Investments in subsidiaries, associates and joint ventures (Contd.)
[Item No. I(f), Page 250] [Item No. I(f), Page 250]
(₹ crore)
(iii) As at March 31, 2021, pursuant to Group restructuring, investments held in The Tata Pigments Limited, Tata Steel Special
No. of shares as at As at As at
March 31, 2021 March 31, 2021 March 31, 2020
Economic Zone Limited, Jamipol Limited and Nicco Jubilee Park Limited have been classified as "held for sale". Such
(face value of ₹10 each investments have been subsequently sold on April 3, 2021.
fully paid up unless
otherwise specified) (iv) Carrying value and market value of quoted and unquoted investments are as below:
(₹ crore)
(d) Equity investment in joint ventures
As at As at
(i) Unquoted
March 31, 2021 March 31, 2020
(1) Himalaya Steel Mill Services Private Limited 36,19,945 3.62 3.62
(a) Investment in subsidiary companies:
(2) Industrial Energy Limited 17,31,60,000 173.16 173.16
Aggregate carrying value of quoted investments 2,185.69 1,979.63
(3) Jamipol Limited 36,75,000 - 8.38
Aggregate market value of quoted investments 5,270.36 1,761.42
(4) Jamshedpur Continuous Annealing & Processing Company - - 689.52
Aggregate carrying value of unquoted investments 25,718.82 22,927.52
Private Limited
(4,08,00,000 shares were acquired during the year and
subsequently 73,03,20,000 shares were sold) (b) Investment in associate companies:
(5) Medica TS Hospital Private Limited 2,60,000 0.26 0.26 Aggregate carrying value of quoted investments - -
(6) mjunction services limited 40,00,000 4.00 4.00 Aggregate market value of quoted investments 31.92 19.25
(7) Nicco Jubilee Park Limited 3,40,000 - - Aggregate carrying value of unquoted investments - -
(8) S & T Mining Company Private Limited 1,81,41,400 18.14 18.14
(9) T M Mining Company Limited# 2,29,116 0.23 0.23 (c) Investment in joint ventures:
(10) Tata BlueScope Steel Private Limited - - 433.00 Aggregate carrying value of unquoted investments 540.10 1,671.26
(43,30,00,000 shares were sold during the year)
(v) The Hon’ble National Company Law Tribunal (NCLT), Kolkata vide order dated April 5, 2019 has admitted the initiation of
(11) Tata NYK Shipping Pte Ltd. (Face value of USD 1 each) 6,51,67,500 350.14 350.14
Corporate Insolvency Resolution Process (CIRP) in respect of Tayo Rolls Limited, a subsidiary of the Company.
(12) TM International Logistics Limited 91,80,000 9.18 9.18
558.73 1,689.63 (vi) During the year ended March 31, 2021, the Company considered indicators of impairment for investments in steel, mining
Aggregate provision for impairment in value of investments (18.63) (18.37) and other business operations held either directly or indirectly, such as declines in operational performance or changes in
540.10 1,671.26 the outlook of future profitability or weaker market conditions, among other potential indicators.
Total investments in subsidiaries, associates and joint ventures 28,444.61 26,578.41 In respect of the overseas investments in T Steel Holdings Pte. Ltd. (TSH) and NatSteel Asia Pte. Ltd. where indicators
* These investments are carried at a book value of ₹1.00 of impairment were identified, the Company estimated the recoverable amount based on the value in use of the underlying
businesses. The computation uses cash flow forecasts based on the most recently approved financial budgets and strategic
#
As on March 31, 2021, Kumardhubi Fireclay and Silica Works Ltd., Kumardhubi Metal Casting and Engineering Ltd. and Tata
forecasts which cover a period of three years and future projections taking the analysis out into perpetuity. Key assumptions for
Construction Projects Limited is under liquidation, Tata Korf Engineering Services Ltd is non-operative and T M Mining Company
the value in use computations are those regarding the discount rates, growth rates, exchange rates, market demand, expected
Limited is under strike off.
changes to selling prices, raw material and other direct costs. Changes in selling prices, raw material costs, exchange rates and
^ These companies have applied to Registrar of Companies (ROC), Mumbai for striking off their names from the ROC and the demand are based on historical experience and expectations of future changes in the market. Beyond the specifically forecasted
same is pending ROC’s approval. period, a growth rate of 1.25% (March 31, 2020: 1.25%) is used to extrapolate the cash flow projections. This rate does not exceed
the average long-term growth rate for the relevant markets.
~ During the year ended March 31, 2021, Tata Steel (KZN) (Pty) Ltd. has been voluntarily liquidated and necessary filing in respect
of overseas direct investment has been done. Tata Steel Europe (TSE) (a wholly owned subsidiary of T Steel Holdings Pte. Ltd.) is exposed to climate risks through the EU
Emission Trading Scheme (ETS) which is applicable to all steel plant within Europe. Given that most European steel producers
(i) The Company holds more than 50% of the equity share capital in TM International Logistics Limited and T M Mining Company
have not been heavily affected by CO2 compliance costs to date, TSE’s best estimate is that the increased costs of future CO2
Limited. However, decisions in respect of activities which significantly affect the risks and rewards of these businesses, require
compliance will be passed on to end customers through higher steel selling prices. TSE has a stated ambition to be carbon
unanimous consent of all the shareholders. These entities have therefore been considered as joint ventures.
neutral by 2050 and is considering its future strategy on operating processes while continuing to serve its customers. The
(ii) During the year ended March 31, 2021, the Company has transferred investments held in Joint Ventures namely Jamshedpur technology transition and investments will be dependent on national and international policy which is evolving. Further,
Continuous Annealing & Processing Company Private Limited and Tata BlueScope Steel Private Limited to Tata Steel the Netherlands’ government has enacted legislation for a local additional carbon tax (linked to the EU ETS scheme CO2
Downstream Products Limited, a wholly owned subsidiary of the Company against issue of shares by Tata Steel Downstream allowances and traded prices), but costs under this tax is not expected until financial year 2024-25 at the earliest and are
Products Limited. The gain on such transfer has been recognised within exceptional items. not included in the annual plan. Management’s assessment is that generally, these potential carbon-related costs would be
borne by the society, either through higher steel prices or through public spending/ subsidies.
NOTES NOTES
6. Investments in subsidiaries, associates and joint ventures (Contd.) 7. Investments

[Item No. 1(f), Page 250] [Item No. I(g)(i) and II(b)(i), Page 250]
Impairment assessment of the Company’s investment in TSH is dependent on the operational and financial performance A. Non-current
of TSE. Given the improvement in outlook for European steel market, while there is a reasonable expectation that TSE has (₹ crore)
adequate resources to continue operating for the foreseeable future and that the going concern basis for the preparation of No. of shares as at As at As at
its financial statements remains appropriate, there exists a material uncertainty in respect of Tata Steel UK Limited (TSUK), a March 31, 2021 March 31, 2021 March 31, 2020
subsidiary of the Company held through TSE. The management, however, continues to implement various measures aimed (face value of ₹10 each
at conserving cash and improving the liquidity requirements at TSUK. fully paid-up unless
otherwise specified)
The Company estimates discount rates using pre-tax rates that reflect the current market rates for investments of similar risk. (I) Investments carried at fair value through other comprehensive income:
The rate for these investments were estimated from the weighted average cost of capital of participants, which operate a Investment in equity shares
portfolio of assets similar to those of the Company’s assets. The weighted average pre-tax discount rates used for discounting (i) Quoted
the cash flows projections was 8.10% (March 31, 2020: 8.00%).
(1) Credit Analysis & Research Limited 3,54,000 14.55 11.59
The outcome of the test as on March 31, 2021 resulted in the Company recognizing no impairment loss with respect to (2) Housing Development Finance Corporation Ltd. 7,900 1.97 1.29
investment in T Steel Holdings Pte. Ltd. (TSH) (2019-20: ₹860.00 crore) and NatSteel Asia Pte. Ltd. (2019-20: ₹126.00 crore). (Face value of ₹2 each)
The Company has conducted sensitivity analysis on the impairment tests in respect of investment held in TSH, including (3) Steel Strips Wheels Limited 10,86,972 75.89 38.53
sensitivity in respect of inability to fully pass on the Netherlands carbon tax through higher selling prices. The management (4) Tata Consultancy Services Limited 46,798 14.87 8.55
believes that no reasonably possible change in any of the key assumptions used in the assessment would cause the carrying (Face Value of ₹1 each)
value of such investment to exceed its recoverable amount. (5) Tata Investment Corporation Limited 2,28,015 23.61 15.12
In respect of the Company’s investment in Tata Steel Special Economic Zone Limited, a wholly owned subsidiary of the (6) Tata Motors Ltd. (Face value of ₹2 each) 1,00,000 3.02 0.71
Company, which has been classified as held for sale as on March 31, 2021, an impairment reversal ₹150.00 crore (2019-20: (7) The Tata Power Company Ltd. (Face value of ₹1 each) 3,91,22,725 403.94 128.52
impairment loss ₹150.00 crore) has been recognized during the year based on the fair value which is higher than the current (8) Timken India Ltd. ₹1,296.50 (March 31, 2020 : ₹767.20) 1 - -
carrying amount. 537.85 204.31
(ii) Unquoted#
(1) IFCI Venture Capital Funds Ltd. 1,00,000 0.10 0.10
(2) Panatone Finvest Ltd. 45,000 0.05 0.05
(3) Steelscape Consultancy Pvt. Ltd. 50,000 - -
(4) Taj Air Limited 42,00,000 - -
(5) Tarapur Environment Protection Society 82,776 0.89 0.89
(6) Tata Industries Ltd. (Face value of ₹100 each) 99,80,436 202.19 202.19
(7) Tata International Ltd. (Face value of ₹1,000 each) 42,924 54.80 31.19
(pursuant to rights issue, 14,308 right equity shares at an issue
price of ₹16,500 each has been subscribed during the year)
(8) Tata Services Ltd. (Face value of ₹1,000 each) 1,621 0.16 0.16
(9) Tata Sons Private Limited (Face value of ₹1,000 each) 12,375 68.75 68.75
(10) Tata Teleservices Ltd. - - -
(8,74,27,533 equity shares sold during the year)
(11) Others(iii) 0.01 0.01
326.95 303.34
864.80 507.65
NOTES NOTES
7. Investments (Contd.) 7. Investments (Contd.)

[Item No. I(g)(i) and II(b)(i), Page 250] [Item No. I(g)(i) and II(b)(i), Page 250]
No. of shares as at As at As at No. of shares as at As at As at
March 31, 2021 March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2021 March 31, 2020
(face value of ₹10 each (face value of ₹10 each
fully paid-up unless fully paid-up unless
otherwise specified) otherwise specified)
(II) Investments carried at fair value through profit and loss: (III) Investments in debentures and bonds
Investment in preference shares (a) Investment in joint ventures
(a) Subsidiary companies (i) Unquoted
(i) Unquoted (1) Medica TS Hospital Private Limited 4,97,400 - 49.74
(1) Creative Port Development Private Limited 25,10,830 25.11 25.11 Secured optionally convertible redeemable debentures
0.01% non-cumulative optionally convertible redeemable (Face value of ₹1,000 each)
preference shares (Face value of ₹100 each) - 49.74
(2) Tata Steel BSL Limited 19,70,00,00,000 21,731.75 19,700.00 22,621.66 20,282.50
10,70,00,00,000 11.09 % non-cumulative redeemable
preference shares and 9,00,00,00,000 8.89 % B. Current
non-cumulative optionally convertible redeemable (₹ crore)
preference shares As at As at
March 31, 2021 March 31, 2020
(3) Tayo Rolls Limited 43,30,000 - -
7.00% non-cumulative redeemable preference shares Investments carried at fair value through profit and loss:
(Face value of ₹100 each) Investment in mutual funds – Unquoted
(4) Tayo Rolls Limited 64,00,000 - - (1) Aditya Birla Sun Life Liquid Fund - Growth 964.29 -
7.17% non-cumulative redeemable preference shares (2) DSP Liquidity Fund - Growth 631.43 -
(Face value of ₹100 each) (3) HDFC Liquid Fund - Growth 930.55 -
(5) Tayo Rolls Limited 3,00,000 - - (4) IDFC Cash Fund - Growth 428.55 -
8% non-cumulative redeemable preference shares (5) L&T Liquid Fund - Growth 356.24 -
(Face value of ₹100 each) (6) Nippon India Mutual Fund ETF Liquid Bees 0.09 0.09
(6) Tayo Rolls Limited 2,31,00,000 - - (7) SBI Liquid Fund - Growth 856.48 -
8.50% non-cumulative redeemable preference shares (8) Tata Liquid Fund - Growth 1,081.67 -
(Face value of ₹100 each) (9) Tata Overnight Fund - Regular - Growth - 3,235.07
21,756.86 19,725.11 (10) UTI Liquid Cash Plan - Growth 1,155.16 -
(b) Associate companies 6,404.46 3,235.16
(i) Unquoted
(1) TRF Limited 25,00,00,000 - - (i) Carrying value and market value of quoted and unquoted investments are as below:
12.50 % non-cumulative redeemable preference shares (₹ crore)
- - As at As at
(c) Investments in others March 31, 2021 March 31, 2020
(i) Unquoted (a) Investments in quoted instruments:
(1) Bharti Airtel Limited - (March 31, 2020 : ₹700) - - - Aggregate carrying value 537.85 204.31
10.00 % non-cumulative redeemable preference shares Aggregate market value 537.85 204.31
(Face value of ₹100 each)
(7 shares redeemed during the year) (b) Investments in unquoted instruments:
- - Aggregate carrying value 28,488.27 23,313.35
21,756.86 19,725.11
NOTES NOTES
7. Investments (Contd.) 8. Loans

[Item No. I(g)(i) and II(b)(i), Page 250] [Item No. I(g)(ii) and II(b)(v), Page 250]
(ii) Cumulative loss on de-recognition of investments during the year which were carried at fair value through other comprehensive A. Non-current
income amounted to ₹138.68 crore (2019-20: Nil). Fair value of such investments as on the date of de-recognition was (₹ crore)
₹0.00* crore (2019-20: Nil). As at As at
March 31, 2021 March 31, 2020
#
ost of unquoted equity instruments has been considered as an appropriate estimate of fair value because of a wide range of
C
(a) Security deposits
possible fair value measurements and cost represents the best estimate of fair value within that range.
Considered good - Unsecured 187.30 184.04
* represents value less than ₹0.01 crore. Credit impaired 2.74 1.96
(iii) Details of other unquoted investments carried at fair value through other comprehensive income is as below: Less: Allowance for credit losses 2.74 1.96
187.30 184.04
No. of shares as at As at As at (b) Loans to related parties
March 31, 2021 March 31, 2021 March 31, 2020
(face value of ₹10 each (₹) (₹)
Considered good - Unsecured 7,310.50 -
fully paid up unless Credit impaired 558.95 558.95
otherwise specified) Less: Allowance for credit losses 558.95 558.95
(a) Barajamda Iron Ore Mine Workers’ Central Co-operative Stores Ltd. 200 5,000.00 5,000.00 7,310.50 -
(Face value of ₹25 each) (c) Other loans
(b) Bokaro and Ramgarh Ltd. 100 16,225.00 16,225.00 Considered good - Unsecured 11.53 15.22
(c) Eastern Synpacks Limited (Face value of ₹25 each) 1,50,000 1.00 1.00 Credit impaired 0.52 0.53
(d) Ferro Manganese Plant Employees’ Consumer Co-operative Society Ltd. 100 2,500.00 2,500.00 Less: Allowance for credit losses 0.52 0.53
(Face value of ₹25 each) 11.53 15.22
(e) Investech Advisory Services (India) Limited(Face value of ₹100 each) 1,680 1.00 1.00 7,509.33 199.26
(f ) Jamshedpur Co-operative House Building Society Ltd. 10 1,000.00 1,000.00
(Face value of ₹100 each) B. Current
(g) Jamshedpur Co-operative Stores Ltd. (Face value of ₹5 each) 50 250.00 250.00 (₹ crore)
As at As at
(h) Jamshedpur Educational and Culture Co-operative Society Ltd. 50 5,000.00 5,000.00
March 31, 2021 March 31, 2020
(a) Security deposits
(i) Joda East Iron Mine Employees’ Consumer Co-operative Society Ltd. 100 2,500.00 2,500.00
(j) Namtech Electronic Devices Limited 48,026 1.00 1.00
(b) Loans to related parties
(k) Reliance Firebrick and Pottery Company Ltd. (Partly paid up) 16,800 1.00 1.00
Considered good - Unsecured 1,550.10 1,600.40
(l) Reliance Firebrick and Pottery Company Ltd. 2,400 1.00 1.00
Credit impaired 67.67 67.66
(m) Sanderson Industries Ltd. 3,33,876 2.00 2.00
Less: Allowance for credit losses 67.67 67.66
(n) Standard Chrome Ltd. 11,16,000 2.00 2.00
1,550.10 1,600.40
(o) Sijua (Jherriah) Electric Supply Co. Ltd. 4,144 40,260.00 40,260.00
(c) Other loans
(p) TBW Publishing and Media Pvt. Limited 100 1.00 1.00
(q) Wellman Incandescent India Ltd. 15,21,234 2.00 2.00
(r) Woodland Multispeciality Hospital Ltd. 1,25,000 1.00 1.00
(s) Unit Trust of India - Mastershares 2,229 55,401.00 47,477.00
3.40 4.45
1,28,149.00 1,20,225.00
1,555.95 1,607.32
(i) Security deposits are primarily in relation to public utility services and rental agreements. It includes deposit with a subsidiary
₹14.00 crore (March 31, 2020: ₹14.00 crore) and deposits with Tata Sons Private Limited ₹1.25 crore (March 31, 2020:
₹1.25 crore).
(ii) Non-current loans to related parties represent loans given to subsidiaries ₹7,869.45 crore (March 31, 2020: ₹558.95 crore),
out of which ₹558.95 crore (March 31, 2020: ₹558.95 crore) is impaired.
NOTES NOTES
8. Loans (Contd.) 9. Other financial assets

[Item No. I(g)(ii) and II(b)(v), Page 250] [Item No. I(g)(iv) and II(b)(vii), Page 250]
(iii) Current loans to related parties represent loans/advances given to subsidiaries ₹1,617.77 crore (March 31, 2020: ₹1,640.46 A. Non-current
crore) and joint ventures Nil (March 31, 2020: ₹27.60 crore) out of which ₹67.67 crore (2019-20: ₹67.66 crore) and Nil (March (₹ crore)
31, 2020: Nil) is impaired respectively. As at As at
March 31, 2021 March 31, 2020
(iv) Other loans primarily represent loans given to employees.
(a) Interest accrued on deposits and loans
(v) Disclosure as per Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Considered good - Unsecured 35.43 1.68
Regulations, 2015 and Section 186(4) of the Companies Act, 2013.
(a) Loans/advances in the nature of loan outstanding from subsidiaries, associates and joint venture for the year ended (b) Earmarked balances with banks 53.37 54.31
March 31, 2021:
(₹ crore) (c) Others
Name of the Company Debts Maximum balance Considered good - Unsecured 2.86 4.43
outstanding as at outstanding during 91.66 60.42
March 31, 2021 the year
Subsidiaries
B. Current
(1) Subarnarekha Port Private Limited 29.00 29.00
(interest rate 10.51%) 23.00 23.00 (₹ crore)
As at As at
(2) T Steel Holdings Pte. Ltd.(ii) 8,772.60 8,815.80 March 31, 2021 March 31, 2020
(interest rate LIBOR + 2 to 6.75%) 1,511.80 1,511.80 (a) Interest accrued on deposits and loans
(3) Tata Steel (KZN) (Pty) Ltd.(iii) 558.95 558.95
558.95 558.95
(4) Tata Steel Mining Limited - 756.60 15.18 10.42
(interest rate 9.01%) - -
(b) Others
(5) Tata Steel Special Economic Zone Limited 59.00 59.00
(interest rate 10.00 % to 10.50%) 38.00 38.00
351.54 230.41
(6) Tayo Rolls Limited(iii) 67.00 67.00
(interest rate 7.00 % to 13.07 %) 67.00 67.00 (i) Non-current earmarked balances with banks represent deposits and balances in escrow account not due for realisation
within 12 months from the balance sheet date. These are primarily placed as security with government bodies, margin
Joint ventures money against issue of bank guarantees, etc.
(1) Industrial Energy Limited - 27.60
(interest rate 10.00%) 27.60 27.60 (ii) Current other financial assets include amount receivable from post-employment benefit funds ₹91.31 crore (March 31, 2020:
₹56.71 crore) on account of retirement benefit obligations paid by the Company directly.
(2) S & T Mining Company Private Limited - -
(interest rate 12.00% to 14.00%) - 1.07
Figures in italics represents comparative figures of previous year.
(i) The above loans have been given for business purpose.
(ii) Includes inter-company loan of ₹7,310.50 crore (March 31, 2020: Nil) extended during the year, for a period of 6 years
including moratorium of interest for two and a half years.
(iii) As at March 31, 2021, loans given to Tayo Rolls Limited and Tata Steel (KZN) (Pty) Ltd. were fully impaired.
(b) Details of investments made and guarantees provided are given in note 6, page 274, note 7, page 279 and
note 36B, page 319.
(vi) There are no outstanding debts from directors or other officers of the Company.
NOTES NOTES
10. Income tax 10. Income tax (Contd.)

[Item No. V(d), Page 250] [Item No. V(d), Page 250]
A. Income tax expense/(benefit) B. Deferred tax assets/(liabilities)
The Company is subject to income tax in India on the basis of its standalone financial statements. The Company can claim tax (i) Components of deferred tax assets and liabilities as at March 31, 2021 is as below:
exemptions/deductions under specific sections of the Income Tax Act, 1961 subject to fulfilment of prescribed conditions, as may (₹ crore)
be applicable. The Company during the year ended March 31, 2020 have opted for the new tax regime under Section 115BAA of Balance Recognised/ Recognised Recognised Balance
the Act, which provides a domestic company with an option to pay tax at a rate of 22% (effective rate of 25.168%). The lower rate as at (reversed) in other in equity during as at
April 1, 2020 in profit and comprehensive the year March 31, 2021
shall be applicable subject to certain conditions, including that the total income should be computed without claiming specific loss during the income during
deduction or exemptions. year the year
Deferred tax assets:
Business loss can be carried forward for a maximum period of eight assessment years immediately succeeding the assessment
Investments 2,986.50 - - - 2,986.50
year to which the loss pertains. Unabsorbed depreciation can be carried forward for an indefinite period.
Retirement benefit obligations 133.96 - - - 133.96
The reconciliation of estimated income tax to income tax expense is as below: Expenses allowable for tax purposes when 2,100.24 160.22 - - 2,260.46
(₹ crore) paid/written off
Year ended Year ended 5,220.70 160.22 - - 5,380.92
March 31, 2021 March 31, 2020
Profit before tax 17,795.13 6,610.98 Deferred tax liabilities:
Expected income tax expense at statutory income tax rate of 25.168 % (2019-20 : 25.168 %) 4,478.68 1,663.85 Property, plant and equipment and intangible assets 10,687.12 (3.18) - (3.75) 10,680.19
(a) Income exempt from tax/ Items not deductible (290.17) 388.72 Others 395.86 402.86 13.71 - 812.43
(b) Impact of change in tax rate(i) - (2,185.39) 11,082.98 399.68 13.71 (3.75) 11,492.62
Tax expense as reported 4,188.51 (132.82) Net deferred tax assets/(liabilities) (5,862.28) (239.46) (13.71) 3.75 (6,111.70)
(i) The Company has elected to exercise the option permitted under new tax rate regime during the financial year ended March 31, 2020 Disclosed as:
and accordingly remeasured deferred tax balances expected to reverse in future periods based on the revised applicable tax rate. Deferred tax liabilities (net) (5,862.28) (6,111.70)
Components of deferred tax assets and liabilities as at March 31, 2020 are as below:
(₹ crore)
Balance Recognised/ Recognised Recognised Balance
as at (reversed) in other in equity during as at
April 1, 2019 in profit and comprehensive the year March 31, 2020
loss during the income during
year the year
Investments 3,040.80 (54.30) - - 2,986.50
Retirement benefit obligations 186.00 (52.04) - - 133.96
Expenses allowable for tax purposes when paid/written off 3,011.80 (911.56) - - 2,100.24
6,238.60 (1,017.90) - - 5,220.70
Deferred tax liabilities:
Property, plant and equipment and intangible assets 13,700.23 (3,009.53) - (3.58) 10,687.12
Others 345.37 70.86 (20.37) - 395.86
14,045.60 (2,938.67) (20.37) (3.58) 11,082.98
Net deferred tax assets/(liabilities) (7,807.00) 1,920.77 20.37 3.58 (5,862.28)
Disclosed as:
Deferred tax liabilities (net) (7,807.00) (5,862.28)
(ii) Deferred tax assets amounting to ₹7,967.37 crore as at March 31, 2021 (March 31, 2020: ₹7,967.37 crore) on fair value
adjustment recognised in respect of investments held in a subsidiary on transition to Ind AS has not been recognised due
to uncertainty surrounding availability of future taxable income against which such loss can be offset.
NOTES NOTES
11. Other assets 12. Inventories

[Item No. I(i) and II(c), Page 250] [Item No. II(a), Page 250]
(₹ crore)
A. Non-current As at As at
(₹ crore) March 31, 2021 March 31, 2020
As at As at (a) Raw materials 2,990.25 3,586.21
March 31, 2021 March 31, 2020
(b) Work-in-progress - 6.90
(a) Capital advances
(c) Finished and semi-finished goods 3,293.89 4,663.71
Considered doubtful - Unsecured 80.60 83.98 (d) Stock-in-trade 25.75 113.15
Less: Provision for doubtful advances 80.60 83.98 (e) Stores and spares 2,293.90 2,346.69
567.91 969.40 8,603.79 10,716.66
Included above, goods-in-transit:
(b) Advances with public bodies (i) Raw materials 594.52 645.00
Considered good - Unsecured 1,006.82 1,016.92 (ii) Finished and semi-finished goods 0.09 7.07
Considered doubtful - Unsecured 22.01 12.23 (iii) Stock-in-trade 0.73 39.99
Less: Provision for doubtful advances 22.01 12.23
(iv) Stores and spares 41.62 112.91
1,006.82 1,016.92
636.96 804.97
(c) Capital advances to related parties Value of inventories above is stated after provisions (net of reversal) for slow-moving and obsolete items and write-downs to net
Considered good - Unsecured 31.97 33.99 realisable value ₹113.52 crore (March 31, 2020: ₹110.35 crore).
(e) Others
Considered good - Unsecured 74.52 41.76 13. Trade receivables
[Item No. II(b)(ii), Page 250]
1,681.22 2,062.07
(₹ crore)
B. Current As at As at
As at As at (a) Considered good - Unsecured 3,863.31 1,016.73

March 31, 2021 March 31, 2020 (b) Credit impaired 43.04 33.16
(a) Advances with public bodies 3,906.35 1,049.89
Considered good - Unsecured 523.31 1,179.77 Less: Allowance for credit losses 43.04 33.16
Considered doubtful - Unsecured 2.47 2.43 3,863.31 1,016.73
Less: Provision for doubtful advances 2.47 2.43
523.31 1,179.77 In determining allowance for credit losses of trade receivables, the Company has used the practical expedient by computing the
(b) Advances to related parties expected credit loss allowance based on a provision matrix. The provision matrix takes into account historical credit loss experience
Considered good - Unsecured 77.98 102.27 and is adjusted for forward looking information. The expected credit loss allowance is based on ageing of the receivables and
rates used in the provision matrix.
(c) Others
Considered good - Unsecured 253.70 433.88 (i) Movements in allowance for credit losses of receivables is as below:
Considered doubtful - Unsecured 83.23 64.52 (₹ crore)
Less: Provision for doubtful advances 83.23 64.52 Year ended Year ended
253.70 433.88 March 31, 2021 March 31, 2020
854.99 1,715.92 Balance at the beginning of the year 33.16 34.74
(i) Advance with public bodies primarily relate to input credit entitlements and amounts paid under protest in respect of Charge/(release) during the year 9.88 (1.58)
demands and claims from regulatory authorities. Balance at the end of the year 43.04 33.16
(ii) Others include advances against supply of goods/services and advances paid to employees.
NOTES NOTES
13. Trade receivables (Contd.) 14. Cash and cash equivalents

[Item No. II(b)(ii), Page 250] [Item No. II(b)(iii), Page 250]
(₹ crore)
(ii) Ageing of trade receivables and credit risk arising therefrom is as below: As at As at
March 31, 2021 March 31, 2020
(₹ crore)
(a) Cash on hand 0.97 0.50
As at March 31, 2021
(b) Cheques, drafts on hand 0.69 0.34
Gross Allowance for Net
credit risk credit losses credit risk (c) Unrestricted balances with banks 1,500.05 992.80
Amounts not yet due 2,773.09 4.68 2,768.41 1,501.71 993.64
One month overdue 510.21 2.90 507.31 (i) Cash and bank balances are denominated and held in Indian Rupees.
Two months overdue 403.09 4.05 399.04
Three months overdue 124.33 2.28 122.05
Between three to six months overdue 34.29 5.89 28.40
15. Other balances with banks
Greater than six months overdue 61.34 23.24 38.10 [Item No. II(b)(iv), Page 250]
3,906.35 43.04 3,863.31
(₹ crore)
As at As at
As at March 31, 2020 Earmarked balances with banks 170.00 233.23

Gross Allowance for Net 170.00 233.23
credit risk credit losses credit risk
(i) Earmarked balances with banks primarily includes balances held for unpaid dividends ₹64.08 crore (March 31, 2020:
Amounts not yet due 801.91 1.46 800.45
₹64.20 crore), bank guarantee and margin money ₹47.26 crore (March 31, 2020: ₹38.90 crore).
One month overdue 146.79 3.65 143.14
Two months overdue 16.84 1.70 15.14 (ii) Earmarked balances with banks are denominated and held in Indian Rupees.
Three months overdue 10.86 2.03 8.83
Between three to six months overdue 28.04 5.68 22.36
Greater than six months overdue 45.45 18.64 26.81
1,049.89 33.16 1,016.73
(iii) The Company considers its maximum exposure to credit risk with respect to customers as at March 31, 2021 to be
₹3,863.31 crore (March 31, 2020: ₹1,016.73 crore), which is the carrying value of trade receivables after allowance for credit
losses.
The Company’s exposure to customers is diversified and no single customer, other than a subsidiary, contributes more than
10% of the outstanding receivables as at March 31, 2021 and March 31, 2020.
(iv) There are no outstanding receivables due from directors or other officers of the Company.
NOTES NOTES
16. Equity share capital 16. Equity share capital (Contd.)

[Item No. IV(a), Page 250] [Item No. IV(a), Page 250]
(₹ crore)
(ii) Details of movement in subscribed and paid up share capital other than forfeited shares is as below:
As at As at
March 31, 2021 March 31, 2020
Year ended March 31, 2021 Year ended March 31, 2020
Authorised:
No. of shares ₹ crore No. of shares ₹ crore
1,75,00,00,000 Ordinary Shares of ₹10 each 1,750.00 1,750.00
Ordinary Shares of ₹10 each
(March 31, 2020: 1,75,00,00,000 Ordinary Shares of ₹10 each)
Balance at the beginning of the year 1,20,41,26,999 1,145.93 1,20,41,26,385 1,145.92
35,00,00,000 ‘A’ Ordinary Shares of ₹10 each* 350.00 350.00
Fully paid shares allotted during the year - - 531 0.01
(March 31, 2020: 35,00,00,000 ‘A’ Ordinary Shares of ₹10 each)
Partly paid shares allotted during the year - - 83 0.00*
2,50,00,000 Cumulative Redeemable Preference Shares of ₹100 each* 250.00 250.00
Partly paid-up shares converted to fully paid-up shares during - 52.65 - -
(March 31, 2020: 2,50,00,000 Shares of ₹100 each)
the year(a)
60,00,00,000 Cumulative Convertible Preference Shares of ₹100 each* 6,000.00 6,000.00
Balance at the end of the year 1,20,41,26,999 1,198.58 1,20,41,26,999 1,145.93
8,350.00 8,350.00 * represents value less than ₹0.01 crore.
Issued:
(a) During the year ended March 31, 2021, the Company made call on first and final call money payable on 7,76,36,788
1,19,78,30,303 Ordinary Shares of ₹10 each 1,197.83 1,127.52 partly paid-up equity shares. As on March 31, 2021, 7,02,49,241 partly paid-up equity shares were converted into fully
(March 31, 2020 : 1,12,75,20,570 Ordinary Shares of ₹10 each) paid-up equity shares.
73,87,547 Ordinary Shares of ₹10 each (partly paid up, ₹2.504 each paid up) 7.39 77.70
(March 31, 2020 : 7,76,97,280 Ordinary Shares of ₹10 each, (iii) As at March 31, 2021, 2,98,822 Ordinary Shares of face value ₹10 each (March 31, 2020: 2,98,822 Ordinary Shares) are kept
₹2.504 each paid up) in abeyance in respect of Rights Issue of 2007.
1,205.22 1,205.22
As at March 31, 2021, 1,21,293 fully paid Ordinary Shares of face value ₹10 each (March 31, 2020: 1,21,293 fully paid Ordinary
Shares) are kept in abeyance in respect of Rights Issue of 2018.
Subscribed and paid up:
1,19,67,39,452 ** Ordinary Shares of ₹10 each fully paid up 1,196.74 1,126.49 As at March 31, 2021, 60,492 fully paid Ordinary Shares of face value of ₹10 each (March 31, 2020: 60,492 partly paid-up shares)
(March 31, 2020 : 1,12,64,90,211 Ordinary Shares of ₹10 each) are kept in abeyance in respect of Rights Issue of 2018. Pursuant to the first and final call on the partly paid-up equity shares,
73,87,547 Ordinary Shares of ₹10 each (partly paid up, ₹2.504 each paid up) 1.84 19.44 the right on 60,492 partly paid-up Ordinary shares as on March 31, 2020, is presently the right on fully paid-up equity shares.
(March 31, 2020 : 7,76,36,788 Ordinary Shares of ₹10 each,
₹2.504 each paid up)
(iv) Proceeds from subscription to the first and final call on partly paid-up shares for the Rights Issue of 2018, made during the
year ended March 31, 2021 have been utilised in the following manner:
Amount paid up on 3,89,516 Ordinary Shares of ₹10 each forfeited 0.20 0.20
(₹ crore)
(March 31, 2020 : 3,89,516 Ordinary Shares of ₹10 each)
Particulars Proposed to be Utilised till To be
1,198.78 1,146.13 utilised during March 31, 2021 utilised during
2020-21 2021-22
* ‘A’ class Ordinary Shares and Preference Shares included within the authorised share capital are for disclosure purposes and
Repayment/ prepayment of loans 2,670.60 2,670.60 13.38
have not yet been issued.
Expenses towards general corporate purpose 32.26 32.26 520.89
** Includes 1,51,732 equity shares on which first and final call money has been received and the partly paid-up equity shares have Issue expenses 1.36 1.36 -
been converted to fully paid-up equity shares but are pending listing and trading approval for fully paid-up shares, and hence Total 2,704.22 2,704.22 534.27
continue to be listed under partly paid-up shares.
(i) Subscribed and paid up capital includes 11,81,893 (March 31, 2020: 11,81,893) Ordinary Shares of face value ₹10 each fully (v) Details of shareholders holding more than 5 percent shares in the Company is as below:
paid up, held by subsidiaries of the Company.
As at March 31, 2021 As at March 31, 2020
No. of Ordinary % held No. of Ordinary % held
Shares Shares
Name of shareholders
(a) Tata Sons Private Limited 39,65,08,142 32.93 39,65,08,142 32.93
(b) Life Insurance Corporation of India 10,67,23,335 8.86 10,96,96,176 9.11
(c) HDFC Trustee Company Limited NA* NA* 6,02,13,483 5.00
*As on March 31, 2021, HDFC Trustee Company Limited holds less than 5 percent shares in the Company.
NOTES NOTES
16. Equity share capital (Contd.) shareholders of the Company and shall exercise such 17. Hybrid perpetual securities
[Item No. IV(a), Page 250] votes in proportion to the voting rights attached to [Item No. IV(b), Page 250]
such shares including in relation to any scheme under
1,00,14,395 shares (March 31, 2020: 1,25,61,401 shares) of
(vi) Sections 391 to 394 of the Companies Act, 1956. The detail of movement in hybrid perpetual securities is as below:
face value of ₹10 per share represent the shares underlying (₹ crore)
GDRs which were issued during 1994 and 2009. Each GDR (ii) The holders of ‘A’ Ordinary Shares shall be entitled Year ended Year ended
represents one underlying Ordinary Share. to dividend on each ‘A’ Ordinary Share which may be March 31, 2021 March 31, 2020
equal to or higher than the amount per Ordinary Share Balance at the beginning of the year 2,275.00 2,275.00
(vii) The rights, powers and preferences relating to each class declared by the Board for each Ordinary Share, and as Repayments during the year (1,500.00) -
of share capital and the qualifications, limitations and may be specified at the time of the issue. Different series
restrictions thereof are contained in the Memorandum Balance at the end of the year 775.00 2,275.00
of ‘A’ Ordinary Shares may carry different entitlements
and Articles of Association of the Company. The principal to dividend to the extent permitted under applicable
rights are as below: The Company had issued hybrid perpetual securities of ₹775.00 crore and ₹1,500.00 crore in May 2011 and March 2011 respectively.
law and as prescribed under the terms applicable to
These securities are perpetual in nature with no maturity or redemption and are callable only at the option of the Company. The
A. Ordinary Shares of ₹10 each such issue.
distribution on these securities are 11.50% p.a. and 11.80% p.a. respectively, with a step up provision if the securities are not called
(i) In respect of every Ordinary Share (whether fully paid or C. Preference Shares after 10 years. The distribution on the securities may be deferred at the option of the Company if in the six months preceding
partly paid), voting right shall be in the same proportion the relevant distribution payment date, the Company has not made payment on, or repurchased or redeemed, any securities
The Company has two classes of preference shares i.e.
as the capital paid up on such Ordinary Share bears to the ranking pari passu with, or junior to the instrument. As these securities are perpetual in nature and the Company does not have
Cumulative Redeemable Preference Shares (CRPS) of ₹100
total paid up Ordinary Capital of the Company. any redemption obligation, these have been classified as equity.
per share and Cumulative Convertible Preference Shares
(ii) The dividend proposed by the Board of Directors is subject (CCPS) of ₹100 per share. During the year ended March 31, 2021, the Company has exercised its call option and redeemed the perpetual securities worth
to the approval of the Shareholders in the ensuing Annual ₹1,500.00 crore issued during March 2011.
(i) Such shares shall confer on the holders thereof, the right
General Meeting, except in case of interim dividend. to a fixed preferential dividend from the date of allotment,
(iii) In the event of liquidation, the Shareholders of Ordinary at a rate as may be determined by the Board at the time 18. Other equity
Shares are eligible to receive the remaining assets of the of the issue, on the capital for the time being paid up or [Item No. IV(c), Page 250]
Company after distribution of all preferential amounts, in credited as paid up thereon.
proportion to their shareholding. A. Retained earnings
(ii) Such shares shall rank for capital and dividend (including
all dividend undeclared upto the commencement of The details of movement in retained earnings is as below:
B. ‘A’ Ordinary Shares of ₹10 each
winding up) and for repayment of capital in a winding up, (₹ crore)
(i) (a) The holders of ‘A’ Ordinary Shares shall be entitled to pari passu inter se and in priority to the Ordinary Shares Year ended Year ended
such rights of voting and/or dividend and such other of the Company, but shall not confer any further or other March 31, 2021 March 31, 2020
rights as per the terms of the issue of such shares, right to participate either in profits or assets. However, in Balance at the beginning of the year 32,106.96 27,694.90
provided always that: case of CCPS, such preferential rights shall automatically Profit for the year 13,606.62 6,743.80
− in the case where a resolution is put to vote cease on conversion of these shares into Ordinary Shares. Remeasurement of post-employment defined benefit plans 81.97 (461.27)
on a poll, such differential voting entitlement Tax on remeasurement of post-employment defined benefit plans (20.63) 116.09
(iii) The holders of such shares shall have the right to receive
(excluding fractions, if any) will be applicable to Dividend (1,145.93) (1,489.67)
all notices of general meetings of the Company but shall
holders of ‘A’ Ordinary Shares. Tax on dividend - (297.71)
not confer on the holders thereof the right to vote at any
meetings of the Company save to the extent and in the Distribution on hybrid perpetual securities(i) (242.34) (266.15)
− in the case where a resolution is put to vote in
manner provided in the Companies Act, 1956, or any Tax on distribution on hybrid perpetual securities 60.99 66.97
the meeting and is to be decided on a show of
re-enactment thereof. Transfers within equity(ii) (138.68) -
hands, the holders of ‘A’ Ordinary Shares shall be
Balance at the end of the year 44,308.96 32,106.96
entitled to the same number of votes as available (iv) CCPS shall be converted into Ordinary Shares as per the
to holders of Ordinary Shares. terms, determined by the Board at the time of issue; as and (i) During the year ended March 31, 2021, distribution of ₹16.97 crore post exercise of the call option on hybrid perpetual
(b) The holders of Ordinary Shares and the holders when converted, such Ordinary Shares shall rank pari passu securities has been recognised in the statement of profit & loss.
of ‘A’ Ordinary Shares shall vote as a single class with the then existing Ordinary Shares of the Company in all
(ii) Represents loss on sale of investments carried at fair value through other comprehensive income reclassified from investment
with respect to all matters submitted for voting by respects.
revaluation reserve.
NOTES NOTES
18. Other equity (Contd.) 18. Other equity (Contd.)

[Item No. IV(c), Page 250] [Item No. IV(c), Page 250]
B. Items of other comprehensive income The details of movement in investment revaluation reserve is as below:
(₹ crore)
(a) Cash flow hedge reserve
Year ended Year ended
The cumulative effective portion of gains or losses arising from changes in fair value of hedging instruments designated as cash March 31, 2021 March 31, 2020
flow hedges are recognised in cash flow hedge reserve. Such changes recognised are reclassified to the statement of profit and Balance at the beginning of the year (188.70) 55.04
loss when the hedged item affects the profit or loss or are included as an adjustment to the cost of the related non-financial Other comprehensive income recognised during the year 333.55 (244.30)
hedged item. Tax impact on above (6.77) 0.56
The Company has designated certain foreign currency forward contracts, interest rate swaps and interest rate caps and collars Transfers within equity 138.68 -
as cash flow hedges in respect of foreign exchange and interest rate risks. Balance at the end of the year 276.76 (188.70)
The details of movement in cash flow hedge reserve is as below:
(₹ crore) C. Other reserves
Year ended Year ended (a) Securities premium
March 31, 2021 March 31, 2020
Securities premium is used to record premium received on issue of shares. The reserve is utilised in accordance with the provisions
Balance at the beginning of the year (61.72) (1.77)
of the Companies Act, 2013.
Other comprehensive income recognised during the year 20.62 (59.95)
Balance at the end of the year (41.10) (61.72) The details of movement in securities premium is as below:
(₹ crore)
(i) The details of other comprehensive income recognised during the year is as below: Year ended Year ended
March 31, 2021 March 31, 2020
(₹ crore) Balance at the beginning of the year 27,780.28 27,780.25
Year ended Year ended Received/transfer on issue of Ordinary Shares during the year 3,185.84 0.03
March 31, 2021 March 31, 2020 Equity issue expenses written (off )/back during the year (1.36) -
Fair value changes recognised during the year 34.65 (74.28) Balance at the end of the year 30,964.76 27,780.28
Fair value changes re-classified to profit and loss/cost of hedged items (7.09) (5.48)
Tax impact on above (6.94) 19.81
(b) Debenture redemption reserve
20.62 (59.95)
The provisions of the Companies Act, 2013 read with the related rules required a company issuing debentures to create a Debenture
During the year, ineffective portion of cash flow hedges recognised in the statement of profit and loss amounted to Nil redemption reserve (DRR) of 25% of the value of debentures issued, either through a public issue or on a private placement basis,
(2019-20: Nil). out of the profits of the company available for payment of dividend. The amounts credited to the DRR can be utilised by the
company only to redeem debentures.
(ii) The amount recognised in cash flow hedge reserve (net of tax) is expected to impact the statement of profit and loss as
below: As per the recent amendment in the Companies (Share Capital and Debentures) Rules, 2014, a listed company issuing privately
placed debentures on or after August 16, 2019, is not required to maintain additional amount in the DRR. Accordingly, the existing
- within the next one year: loss ₹12.10 crore (2019-20: loss ₹4.24 crore). balance in the DRR shall be maintained to be utilized only for the redemption of existing debentures issued by the Company
- later than one year: loss ₹29.00 crore (2019-20: loss ₹57.48 crore). before August 16, 2019.
The details of movement in debenture redemption reserve during the year is as below:
(b) Investment revaluation reserve (₹ crore)
The cumulative gains and losses arising from fair value changes of equity investments measured at fair value through other Year ended Year ended
March 31, 2021 March 31, 2020
comprehensive income are recognised in investment revaluation reserve. The balance of the reserve represents such changes
recognised net of amounts reclassified to retained earnings on disposal of such investments. Balance at the beginning of the year 2,046.00 2,046.00
NOTES NOTES
18. Other equity (Contd.) 19. Borrowings

[Item No. IV(c), Page 250] [Item No. V(a)(i) and VI(a)(i), Page 250]
(c) General reserve A. Non-current
Under the erstwhile Companies Act, 1956, a general reserve was created through an annual transfer of net profit at a specified (₹ crore)
percentage in accordance with applicable regulations. Consequent to the introduction of the Companies Act, 2013, the requirement As at As at
to mandatory transfer a specified percentage of net profit to general reserve has been withdrawn. March 31, 2021 March 31, 2020
(a) Secured
The details of movement in general reserve during the year is as below:
(i) Loans from Joint Plant Committee - Steel Development Fund 2,677.40 2,633.96
(₹ crore)
(ii) Lease obligations 2,717.41 2,941.15
March 31, 2021 March 31, 2020 5,394.81 5,575.11
Balance at the beginning of the year 11,596.35 11,596.35 (b) Unsecured
Balance at the end of the year 11,596.35 11,596.35 (i) Non-convertible debentures 13,567.60 12,567.07
(ii) Term loans from banks/financial institutions 8,351.39 13,239.78
(d) Capital redemption reserve 21,918.99 25,806.85
The Companies Act, 2013 requires that when a Company purchases its own shares out of free reserves or securities premium 27,313.80 31,381.96
account, a sum equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve account
and details of such transfer shall be disclosed in the balance sheet. The capital redemption reserve account may be applied by the B. Current
Company, in paying up unissued shares of the Company to be issued to shareholders of the Company as fully paid bonus shares. (₹ crore)
The Company established this reserve pursuant to the redemption of preference shares issued in earlier years. As at As at
March 31, 2021 March 31, 2020
The details of movement in capital redemption reserve during the year is as below: (a) Secured
(₹ crore) (i) Repayable on demand from banks/financial institutions - 43.67
March 31, 2021 March 31, 2020
(b) Unsecured
Balance at the beginning of the year 20.78 20.78
(i) Loans from banks/financial institutions - 4,800.00
Balance at the end of the year 20.78 20.78
(ii) Commercial papers - 3,013.60
(e) Others - 7,813.60
Others primarily represent amount appropriated out of the statement of profit and loss for unforeseen contingencies. Such - 7,857.27
appropriations are free in nature.
The details of movement in others during the year is as below:
(i) As at March 31, 2021, ₹5,394.81 crore (March 31, 2020: movable assets of the Tube Division, Bearings Division,
(₹ crore)
₹5,618.78 crore) of the total outstanding borrowings were Ferro Alloys Division and Cold Rolling Complex (West)
March 31, 2021 March 31, 2020
secured by a charge on property, plant and equipment, at Tarapur and all investments and book debts of the
right-of-use assets, inventories and receivables. Company subject to the prior charges created and/or to
be created in favour of the bankers for securing borrowing
Balance at the end of the year 117.04 117.04 (ii) The security details of major borrowings as at March 31,
for the working capital requirement and charges created
2021 is as below:
D. Share application money pending allotment and/or to be created on specific items of machinery and
(a) Loan from Joint Plant Committee-Steel Development equipment procured/to be procured under deferred
The details of movement in share application money pending allotment during the year is as below:
Fund payment schemes/bill re-discounting schemes/asset
(₹ crore)
credit schemes.
Year ended Year ended It is secured by mortgages on all present and future
March 31, 2021 March 31, 2020 immovable properties wherever situated and The loan was repayable in 16 equal semi-annual
Balance at the beginning of the year - - hypothecation of movable assets, excluding land and instalments after completion of four years from the date
Application money received during the year 3.78 0.04 building mortgaged in favour of Government of India of the tranche.
Allotment of Ordinary Shares during the year - (0.04) under the deed of mortgage dated April 13, 1967 and
The Company has filed a writ petition before the High
Balance at the end of the year 3.78 - in favour of Government of Bihar under two deeds of
Court at Kolkata in February 2006 claiming waiver of the
mortgage dated May 11, 1963, immovable properties and
NOTES NOTES
19. Borrowings (Contd.) (vii) Repo rate plus 3.45% interest bearing 5,000 debentures 19. Borrowings (Contd.)
[Item No. V(a)(i) and VI(a)(i), Page 250] of face value ₹10,00,000 each are redeemable at par on [Item No. V(a)(i) and VI(a)(i), Page 250]
April 28, 2023.
outstanding loan and interest and refund of the balance (iv) Commercial papers raised by the Company are short-term in nature ranging between one to three months.
lying with Steel Development Fund and the matter (viii) Repo rate plus 3.30% interest bearing 10,000 debentures
of face value ₹10,00,000 each are redeemable at par on (v) Currency and interest exposure of borrowings including current maturities is as below:
is subjudice.
April 27, 2023. (₹ crore)
The loan includes funded interest ₹1,038.07 crore As at March 31, 2021 As at March 31, 2020
(March 31, 2020: ₹994.63 crore). (ix) 7.85% interest bearing 5,100 debentures of face value Fixed Floating Total Fixed Floating Total
₹10,00,000 each are redeemable at par on April 21, 2023. rate rate rate rate
It includes ₹1,639.33 crore (March 31, 2020: ₹1,639.33
(x) 7.85% interest bearing 10,250 debentures of face value INR 14,756.87 9,674.07 24,430.94 24,190.31 13,225.20 37,415.51
crore) representing repayments and interest on earlier
₹10,00,000 each are redeemable at par on April 17, 2023. EURO 203.01 42.15 245.16 325.31 156.25 481.56
loans for which applications of funding are awaiting
sanction and is not secured by charge on movable assets USD - 3,672.20 3,672.20 - 3,525.80 3,525.80
(xi) 2.00% p.a. interest bearing 15,000 debentures of face
of the Company. Total 14,959.88 13,388.42 28,348.30 24,515.62 16,907.25 41,422.87
value ₹10,00,000 each are redeemable at a premium of
85.03% of the face value on April 23, 2022. INR-Indian Rupees, USD-United States Dollars.
(b) Lease obligations
The Company has taken certain assets on lease for (b) Term loans from banks/financial institutions (vi) Majority of floating rate borrowings are bank borrowings and debentures bearing interest rates based on MCLR, Repo rate,
business purpose. In addition, the Company has entered (i) Rupee loan amounting ₹400.00 crore (March 31, 2020: LIBOR and EURIBOR. Of the total floating rate borrowings as at March 31, 2021, ₹3,703.27 crore (March 31, 2020: ₹2,778.30
into long‑term arrangements which conveys right ₹1,000.00 crore) is repayable in 3 semi-annual instalments, crore) has been hedged using interest rate swaps and interest rate cap and collars, with contracts covering period of more
to control the use of the identified assets resulting in the next instalment is due on September 22, 2028. than one year.
recognition of a lease. Lease obligations represent the
present value of minimum lease payments payable over (ii) Rupee loan amounting ₹2,600.00 crore (March 31, 2020: (vii) Maturity profile of borrowings including current maturities is as below:
the lease term. Nil) is repayable in 7 semi-annual instalments, the next (₹ crore)
instalment is due on August 27, 2027. As at March 31, 2021 As at March 31, 2020
(iii) The details of major unsecured borrowings as at March
31, 2021 is as below: (iii) Rupee loan amounting ₹595.00 crore (March 31, 2020: Borrowings Lease Total Borrowings Lease Total
₹1,447.5 crore) is repayable in 4 semi-annual instalments, other than lease obligations borrowings other than lease obligations borrowings
obligations obligations
(a) Non-Convertible Debentures the next instalment is due on October 16, 2026.
Not later than one year or on demand 671.35 719.27 1,390.62 9,675.53 753.36 10,428.89
(i) 9.84% p.a. interest bearing 43,150 debentures of face (iv) Rupee loan amounting ₹520.00 crore (March 31, 2020: Later than one year but not two years 2,879.91 536.85 3,416.76 1,672.66 611.87 2,284.53
value ₹10,00,000 each are redeemable at par in 4 equal ₹1,000.00 crore) is repayable in 5 semi-annual instalments, Later than two years but not three years 6,042.35 462.82 6,505.17 4,014.61 528.24 4,542.85
annual instalments commencing from February 28, 2031. the next instalment is due on June 30, 2025. Later than three years but not four years 1,804.85 429.15 2,234.00 3,291.60 451.01 3,742.61
(ii)
8.15% p.a. interest bearing 10,000 debentures of (v) USD 440.00 million equivalent to ₹3,217.06 crore (March Later than four years but not five years 1,322.35 398.60 1,720.95 3,464.11 417.32 3,881.43
face value ₹10,00,000 each are redeemable at par on 31, 2020: USD 330.00 million equivalent to ₹2,494.80 More than five years 12,707.40 3,519.60 16,227.00 16,263.34 3,716.20 19,979.54
October 1, 2026. crore) loan is repayable in 3 equal annual instalments 25,428.21 6,066.29 31,494.50 38,381.85 6,478.00 44,859.85
(iii) 7.70% p.a. interest bearing 6,700 debentures of face value commencing from September 9, 2023. Less: Future finance charges on leases - 2,983.26 2,983.26 - 3,168.20 3,168.20
₹10,00,000 each are redeemable at par on March 13, 2025. (vi) USD 66.67 million equivalent to ₹487.43 crore (March 31, Less: Capitalisation of transaction costs 162.94 - 162.94 268.78 - 268.78
2020: USD 133.33 million equivalent to ₹1,008.00 crore) 25,265.27 3,083.03 28,348.30 38,113.07 3,309.80 41,422.87
(iv) 7.95% interest bearing 5,000 debentures of face value
₹10,00,000 each are redeemable at par on October 30, loan is repayable on February 16, 2022.
(viii) Some of the Company’s major financing arrangements include financial covenants, which require compliance to certain
2023. (vii) Rupee loan amounting ₹990.00 crore (March 31, 2020: debt-equity and debt coverage ratios. Additionally, certain negative covenants may limit the Company’s ability to borrow
(v) Repo rate plus 4.08% interest bearing 4,000 debentures Nil) is repayable in 19 semi-annual instalments, the next additional funds or to incur additional liens, and/or provide for increased costs in case of breach. Further, certain current
of face value ₹10,00,000 each are redeemable at par on instalment is due on May 14, 2021. year tax have not been not paid as a part of the Company's strategic planning which has no consequential impact on the
June 2, 2023. (viii) Euro 28.66 million equivalent to ₹245.87 crore (March 31, financial statements.
(vi) 8.25% interest bearing 10,000 debentures of face value 2020: Euro 47.76 million equivalent to ₹395.80 crore) loan
₹10,00,000 each are redeemable at par on May 19, 2023. is repayable in 3 equal semi-annual instalments, the next
instalment is due on April 30, 2021.
NOTES NOTES
20. Other financial liabilities 21. Provisions (Contd.)

[Item No. V(a)(iii) and VI(a)(iv), Page 250] [Item No. V(b) and VI(b), Page 250]
A. Non-current (iii) Non-current and current other provisions include:

(₹ crore) (a) provision for compensatory afforestation, mine closure, stamp duty and rehabilitation obligations ₹1,200.40 crore
As at As at (March 31, 2020: ₹753.88 crore). These amounts become payable upon closure of the mines and are expected to be
March 31, 2021 March 31, 2020
incurred over a period of 1 to 40 years.
Creditors for other liabilities 413.66 293.59
413.66 293.59 (b) provision for legal and constructive commitments provided by the Company in respect of a loss-making subsidiary
₹47.33 crore (March 31, 2020: ₹47.33 crore). The same is expected to be settled within one year from the reporting date
B. Current
(iv) The details of movement in other provisions is as below:
(₹ crore)
(₹ crore)
As at As at
March 31, 2021 March 31, 2020 Year ended Year ended
March 31, 2021 March 31, 2020
(a) Current maturities of long-term borrowings 668.88 1,814.99
(b) Current maturities of lease obligations 365.62 368.65
Recognised/(released) during the year(a) 456.35 8.03
(c) Interest accrued but not due 580.85 385.24
Other re-classifications 7.41 -
(d) Unclaimed dividends 64.08 64.20
Utilised during the year (17.24) (45.77)
(e) Creditors for other liabilities 3,594.68 2,768.47
Balance at the end of the year 1,247.73 801.21
5,274.11 5,401.55
(a) include provisions capitalised during the year in respect of restoration obligations.
(i) Non-current and current creditors for other liabilities include:
(a) creditors for capital supplies and services ₹1,788.85 crore (March 31, 2020: ₹1,303.22 crore). 22. Retirement benefit obligations
(b) liability for employee family benefit scheme ₹209.07 crore (March 31, 2020: ₹195.21 crore). [Item No. V(c) and VI(c), Page 250]
A. Non-current
21. Provisions (₹ crore)
[Item No. V(b) and VI(b), Page 250] As at As at
March 31, 2021 March 31, 2020
A. Non-current (a) Retiring gratuities 275.05 528.76
(₹ crore) (b) Post-retirement medical benefits 1,530.32 1,446.44
As at As at (c) Other defined benefits 282.49 249.24
March 31, 2021 March 31, 2020 2,087.86 2,224.44
(a) Employee benefits 2,085.50 1,756.69
(b) Others 458.44 356.87 B. Current
2,543.94 2,113.56 (₹ crore)
As at As at
March 31, 2021 March 31, 2020
B. Current
(a) Post-retirement medical benefits 100.20 92.66
(₹ crore)
As at As at (b) Other defined benefits 15.90 13.95
March 31, 2021 March 31, 2020 116.10 106.61
(a) Employee benefits 285.14 219.52 (i) Detailed disclosure in respect post-retirement defined benefit schemes is provided in note 35, page 311.
(b) Others 789.29 444.34
1,074.43 663.86 (ii)
Other defined benefits include post-retirement lumpsum benefits, long service awards, packing and transportation, farewell
gifts, etc.
(i) Non-current and current provision for employee benefits include provision for leave salaries ₹1,230.54 crore (March 31, 2020:
₹1,158.62 crore) and provision for early separation scheme ₹1,122.62 crore (March 31, 2020: ₹801.46 crore).
(ii) As per the leave policy of the Company, an employee is entitled to be paid the accumulated leave balance on separation.
The Company presents provision for leave salaries as current and non-current based on actuarial valuation considering estimates
of availment of leave, separation of employee etc.
NOTES NOTES
23. Deferred income 25. Trade payables (Contd.)

[Item No. VI(d), Page 250] [Item No. VI(a)(ii), Page 250]
(₹ crore)
B. Total outstanding dues of creditors other than micro and small enterprises
As at As at
March 31, 2021 March 31, 2020 (₹ crore)
Other deferred income 34.44 6.15 As at As at
34.44 6.15 March 31, 2021 March 31, 2020
(a) Creditors for supplies and services 9,316.72 9,340.32
(b) Creditors for accrued wages and salaries 1,161.21 1,142.02
24. Other liabilities
10,477.93 10,482.34
[Item No. V(e) and VI(f), Page 250]
(i) Amount due to micro and small enterprises as defined in the “The Micro, Small and Medium Enterprises Development Act,
A. Non-current
2006” has been determined to the extent such parties have been identified on the basis of information available with the
(₹ crore)
Company. The disclosures relating to micro and small enterprises is as below:
As at As at
As at As at
(a) Advances received from customers 4,971.82 -
March 31, 2021 March 31, 2020
(b) Other credit balances 941.58 684.76
(i) Principal amount remaining unpaid to supplier at the end of the year* 241.89 118.62
5,913.40 684.76
(ii) Interest due thereon remaining unpaid to supplier at the end of the year 3.50 3.10
(iii) Amount of interest due and payable for the period of delay in making payment (which have been 14.73 8.67
B. Current paid but beyond the appointed day during the year) but without adding the interest specified
(₹ crore) under this Act
As at As at (iv) Amount of interest accrued and remaining unpaid at the end of the year 18.23 11.77
March 31, 2021 March 31, 2020
(a) Advances received from customers 1,885.67 560.15 * Includes dues of micro, small and medium enterprises included within other financial liabilities.
(b) Employee recoveries and employer contributions 25.17 27.91
(c) Statutory dues 6,102.16 5,287.89 26. Revenue from operations
8,013.00 5,875.95 [Item No. I, Page 251]
(₹ crore)
(i) Non-current and current advance received from customers include an interest-bearing advance of ₹6,304.69 crore (March 31, Year ended Year ended
2020: Nil) which will be adjusted over a period of 5 years against export of steel products. Out of such advance outstanding March 31, 2021 March 31, 2020
as at March 31, 2021 ₹1,332.87 crore will be recognised by March 31, 2022, and remaining thereafter. (a) Sale of products 62,276.67 57,167.71
(ii) Statutory dues primarily relate to payables in respect of GST, excise duty, service tax, sales tax, VAT, tax deducted at source (b) Sale of power and water 1,466.73 1,647.86
and royalties. (c) Other operating revenues(ii) 1,125.60 1,620.40
64,869.00 60,435.97
25. Trade payables (i) Revenue from contracts with customers disaggregated on the basis of geographical region and major businesses is as below:
[Item No. VI(a)(ii), Page 250] (₹ crore)
A. Total outstanding dues of micro and small enterprises Year ended March 31, 2021
(₹ crore) India Outside India Total
As at As at (a) Steel 51,461.20 8,223.91 59,685.11
March 31, 2021 March 31, 2020 (b) Power and water 1,466.73 - 1,466.73
Dues of micro and small enterprises 160.66 118.62 (c) Others 1,292.80 1,298.76 2,591.56
160.66 118.62 54,220.73 9,522.67 63,743.40
NOTES NOTES
26. Revenue from operations (Contd.) 28. Changes in inventories of finished and semi-finished goods, stock-in-trade and work-in-progress
[Item No. I, Page 251] [Item No. IV(c), Page 251]
Year ended March 31, 2020 Year ended Year ended
India Outside India Total March 31, 2021 March 31, 2020
(a) Steel 48,764.20 5,135.81 53,900.01 Inventories at the end of the year
(b) Power and water 1,647.86 - 1,647.86 (a) Work-in-progress - 6.90
(c) Others 1,837.84 1,429.86 3,267.70 (b) Finished and semi-finished goods 3,293.89 4,663.71
52,249.90 6,565.67 58,815.57 (c) Stock-in-trade 25.75 113.15
3,319.64 4,783.76
(ii) Other operating revenues includes export incentives and deferred income released to statement of profit and loss.
Inventories at the beginning of the year
(a) Work-in-progress 6.90 14.54
27. Other income (b) Finished and semi-finished goods 4,663.71 4,129.28
[Item No. II, Page 251] (c) Stock-in-trade 113.15 75.54
(₹ crore) 4,783.76 4,219.36
Year ended Year ended Increase/(decrease) (1,464.12) 564.40
March 31, 2021 March 31, 2020
(a) Dividend income 68.13 89.73 29. Employee benefits expense
(b) Interest income 255.92 73.57
[Item No. IV(d), Page 251]
(c) Net gain/(loss) on sale/fair value changes of mutual funds 195.68 96.19
(₹ crore)
(d) Gain/(loss) on sale of property, plant and equipment including intangible assets (net of loss on 23.50 (1.20)
assets scrapped/written off ) March 31, 2021 March 31, 2020
(e) Gain/(loss) on cancellation of forwards, swaps and options 60.06 (1.26) (a) Salaries and wages 4,376.10 4,231.14
(f ) Other miscellaneous income 34.60 147.09 (b) Contribution to provident and other funds 548.07 477.48
637.89 404.12 (c) Staff welfare expenses 274.65 328.00
(i) Dividend income includes income from investments carried at fair value through other comprehensive income ₹19.48 crore 5,198.82 5,036.62
(2019-20: ₹20.15 crore).
(i) During the year ended March 31, 2021, the Company has recognised an amount of ₹34.28 crore (2019-20: ₹32.96 crore)
(ii) Interest income includes income on financial assets carried at amortised cost ₹255.92 crore (2019-20: ₹73.57 crore). as remuneration to key managerial personnel. The details of such remuneration is as below:
(₹ crore)
March 31, 2021 March 31, 2020
(a) Short-term employee benefits 28.19 21.47
(b) Post-employment benefits 5.82 11.21
(c) Other long-term employee benefits 0.27 0.28
34.28 32.96
NOTES NOTES
30. Finance costs 32. Other expenses (Contd.)

[Item No. IV(e), Page 251] [Item No. IV(g), Page 251]
(₹ crore)
(i) Others include:
March 31, 2021 March 31, 2020 (a) net foreign exchange gain ₹89.14 crore (2019-20: foreign exchange gain ₹53.04 crore),
Interest expense on:
(b) gain on fair value changes of financial assets carried at fair value through profit and loss Nil (2019-20: gain of
(a) Bonds, debentures, bank borrowings and others 3,178.79 2,767.82
₹356.26 crore).
(b) Lease obligation 352.54 366.77
3,531.33 3,134.59 (ii) During the year ended March 31, 2021, the Company has recognised an amount of ₹8.29 crore (2019-20: ₹6.95 crore) towards
Less: Interest capitalised 137.49 103.58 payment to non-executive directors. The details are as below:
3,393.84 3,031.01 (₹ crore)
(a) Interest expense includes interest on income tax ₹181.84 crore (2019-20: Nil). March 31, 2021 March 31, 2020
(a) Short-term benefits 7.80 6.55
(b) Sitting fees 0.49 0.40
31. Depreciation and amortisation expense
8.29 6.95
[Item No. IV(f), Page 251]
(₹ crore)
(iii) Details of auditors’ remuneration and out-of-pocket expenses is as below:
(₹ crore)
March 31, 2021 March 31, 2020
(a) Depreciation on property, plant and equipment 3,489.14 3,535.23
March 31, 2021 March 31, 2020
(b) Depreciation on right-of-use assets 362.54 302.82
(a) Auditors remuneration and out-of-pocket expenses
(c) Amortisation of intangible assets 135.64 82.07
(i) Statutory audit fees 7.45 6.00
3,987.32 3,920.12
(ii) Tax audit fees 0.60 0.40
(iii) For other services 0.43 0.69
32. Other expenses (iv) Out-of-pocket expenses 0.37 0.23
[Item No. IV(g), Page 251] (b) Cost audit fees [including out of pocket expenses Nil (2019-20 : ₹58,035)] 0.20 0.21
(₹ crore)
Year ended Year ended (iv) As per the Companies Act, 2013, amount required to be spent by the Company on Corporate Social Responsibility (CSR)
March 31, 2021 March 31, 2020 activities during the year was ₹189.85 crore (2019-20: ₹173.53 crore).
(a) Consumption of stores and spares 4,111.91 4,616.04
During the year ended March 31, 2021 amount approved by the Board to be spent on CSR activities was ₹270.17 crore
(b) Repairs to buildings 17.42 64.64 (2019‑20: ₹272.00 crore).
(c) Repairs to machinery 2,966.77 3,181.23
(d) Relining expenses 73.39 93.90 During the year ended March 31, 2021, in respect of CSR activities the Company incurred revenue expenditure which was
(e) Fuel oil consumed 124.84 198.39 recognised in the statement of profit and loss for amount amounting to ₹221.98 crore [₹217.23 crore has been paid in
(f ) Purchase of power 2,634.18 2,906.01
cash and ₹4.75 crore is yet to be paid]. The amounts spent relates to purpose other than construction or acquisition of any
asset and out of the above, ₹87.34 crore was spent on ongoing projects during the year. There was no amount unspent for
(g) Conversion charges 2,249.91 2,795.20
year ended March 31, 2021 and the Company does not propose to carry forward any amount spent beyond the statutory
(h) Freight and handling charges 3,865.58 4,046.92
requirement.
(i) Rent 71.47 58.68
(j) Royalty 2,195.31 1,751.32 During the year ended March 31, 2020, similar expense incurred was ₹192.99 crore [₹192.83 crore was paid in cash and ₹0.16
(k) Rates and taxes 1,101.92 832.18 crore was unpaid], which included ₹0.93 crore on construction of assets [paid in cash].
(l) Insurance charges 145.82 147.17 During the year ended March 31, 2021, amount spent on CSR activities through related parties was ₹104.80 crore (2019-20:
(m) Commission, discounts and rebates 172.15 180.22 ₹80.16 crore).
(n) Allowance for credit losses/provision for advances 39.84 2.13
(v) During the year ended March 31, 2021, revenue expenditure charged to the statement of profit and loss in respect of research
(o) Others 2,976.79 2,929.15
and development activities undertaken was ₹228.29 crore (2019-20: ₹255.64 crore) including depreciation of ₹9.43 crore
22,747.30 23,803.18
(2019-20: ₹9.62 crore). Capital expenditure incurred in respect of research and development activities during the year was
₹2.75 crore (2019-20: ₹3.72 crore).
NOTES NOTES
33. Exceptional items 35. Employee benefits

[Item No. VI, Page 251] A. Defined contribution plans
Exceptional items are those which are considered for separate disclosure in the financial statements considering their size, The Company participates in a number of defined contribution plans on behalf of relevant personnel. Any expense
nature or incidence. Such items included within the statement of profit and loss are detailed below: recognised in relation to these schemes represents the value of contributions payable during the period by the Company
at rates specified by the rules of those plans. The only amounts included in the balance sheet are those relating to the prior
(a) Profit/(loss) on sale of non-current investments ₹1,084.85 crore (2019-20: Nil) relates to profit recognised on sale of
months contributions that were not due to be paid until after the end of the reporting period.
investments in a subsidiary and two joint ventures of the Company.
The major defined contribution plans operated by the Company are as below:
(b) Provision for impairment of investments/doubtful advances ₹149.74 crore (2019-20: charge ₹1,149.80 crore) relates to
provision reversed for impairment of investments in a subsidiary, net of charge of ₹0.26 crore in a joint venture. (a) Provident fund and pension
(c) During the year ended March 31, 2020, provision for demands and claims ₹196.41 crore relates to provision recognised The Company provides provident fund benefits for eligible employees as per applicable regulations wherein both employees
in respect of certain statutory demands and claims. and the Company make monthly contributions at a specified percentage of the eligible employee’s salary. Contributions
under such schemes are made either to a provident fund set up as an irrevocable trust by the Company to manage the
(d) Employee separation compensation ₹443.55 crore (2019-20: ₹107.37 crore) relates to provisions recognised in respect
investments and distribute the amounts entitled to employees or to state managed funds.
of employee separation scheme of employees.
Benefits provided under plans wherein contributions are made to state managed funds and the Company does not have a
(e) Gain/(loss) on non-current investments classified as fair value through profit and loss (net) ₹1,982.01 crore
future obligation to make good short fall if any, are treated as a defined contribution plan.
(2019-20: loss ₹250.00 crore) represents notional fair value gain (net) on investments in preference share and debenture
held by the Company in a subsidiary and a joint venture respectively. (b) Superannuation fund
The Company has a superannuation plan for the benefit of its employees. Employees who are members of the superannuation
34. Earnings per share
plan are entitled to benefits depending on the years of service and salary drawn.
[Item No. XII, Page 251]
Separate irrevocable trusts are maintained for employees covered and entitled to benefits. The Company contributes up
The following table reflects the profit and shares data used in the computation of basic and diluted earnings per share (EPS): to 15% of the eligible employees’ salary or ₹1,50,000, whichever is lower, to the trust every year. Such contributions are
(₹ crore) recognised as an expense as and when incurred. The Company does not have any further obligation beyond this contribution.
March 31, 2021 March 31, 2020 The contributions recognised as an expense in the statement of profit and loss during the year on account of the above
(a) Profit after tax 13,606.62 6,743.80 defined contribution plans amounted to ₹171.01 crore (2019-20: ₹178.78 crore).
Less: Distribution on hybrid perpetual securities (net of tax) 181.35 199.18
B. Defined benefit plans
Profit attributable to ordinary shareholders- for basic and diluted EPS 13,425.27 6,544.62
The defined benefit plans operated by the Company are as below:
Nos. Nos.
(b) Weighted average number of Ordinary Shares for basic EPS 1,14,70,84,629 1,14,59,30,120 (a) Provident fund and pension
Add: Adjustment for shares held in abeyance 1,08,181 89,536
Provident fund benefits provided under plans wherein contributions are made to an irrevocable trust set up by the Company
Weighted average number of Ordinary Shares and potential Ordinary Shares for diluted EPS 1,14,71,92,810 1,14,60,19,656 to manage the investments and distribute the amounts entitled to employees are treated as a defined benefit plan as
(c) Nominal value of Ordinary Share (₹) 10.00 10.00 the Company is obligated to provide the members a rate of return which should, at the minimum, meet the interest rate
declared by Government administered provident fund. A part of the Company’s contribution is transferred to Government
(d) Basic earnings per Ordinary Share (₹) 117.04 57.11 administered pension fund. The contributions made by the Company and the shortfall of interest, if any, are recognised as
(e) Diluted earnings per Ordinary Share (₹) 117.03 57.11 an expense in profit and loss under employee benefits expense.
(i) As at March 31, 2021, 5,70,42,370 (March 31, 2020: 5,81,96,450) options in respect of partly paid and 1,22,619 (March 31, In accordance with an actuarial valuation of provident fund liabilities based on guidance issued by Actuarial Society of India
2020: 1,21,523) options in respect of fully paid shares were excluded from weighted average number of Ordinary Shares for and based on the assumptions as mentioned below, there is no deficiency in the interest cost as the present value of the
the computation of diluted earnings per share as these were anti-dilutive. expected future earnings of the fund is greater than the expected amount to be credited to the individual members based
on the expected guaranteed rate of interest of Government administered provident fund.
Key assumptions used for actuarial valuation are as below:
As at As at
March 31, 2021 March 31, 2020
Discount rate 6.50% 6.50%
Guaranteed rate of return 8.50% 8.50%
Expected rate of return on investment 8.00% 8.40%
NOTES NOTES
35. Employee benefits (Contd.) 35. Employee benefits (Contd.)

(₹ crore)
(b) Retiring gratuity
The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides March 31, 2021 March 31, 2020
for a lumpsum payment to vested employees at retirement, death while in employment or on termination of employment of Change in plan assets:
an amount equivalent to 15 to 30 days salary payable for each completed year of service. Vesting occurs upon completion of five Fair value of plan assets at the beginning of the year 2,474.14 2,759.45
years of service. The Company makes annual contributions to gratuity funds established as trusts or insurance companies. The
Interest income 158.99 188.61
Company accounts for the liability for gratuity benefits payable in the future based on a year-end actuarial valuation.
Remeasurement gain/(loss) excluding amount included within employee benefit expense 15.80 15.38
(c) Post-retirement medical benefits Employers' contribution 308.08 80.22
Under this unfunded scheme, employees of the Company receive medical benefits subject to certain limits on amounts of Benefits paid (364.20) (569.52)
benefits, periods after retirement and types of benefits, depending on their grade and location at the time of retirement. Fair value of plan assets at the end of the year 2,592.81 2,474.14
Employees separated from the Company under an early separation scheme, on medical grounds or due to permanent
disablement are also covered under the scheme. The Company accounts for the liability for post-retirement medical scheme Amounts recognised in the balance sheet consist of:
based on a year-end actuarial valuation. (₹ crore)
As at As at
(d) Other defined benefits March 31, 2021 March 31, 2020
Other benefits provided under unfunded schemes include post-retirement lumpsum benefits, pension payable to directors of Fair value of plan assets 2,592.81 2,474.14
the Company on their retirement, farewell gifts and reimbursement of packing and transportation charges to the employees Present value of obligations (2,867.86) (3,002.90)
based on their last drawn salary. (275.05) (528.76)
The defined benefit plans expose the Company to a number of actuarial risks as below: Recognised as:
Retirement benefit obligations - Non-current (275.05) (528.76)
(i) Investment risk: The present value of the defined benefit plan liability is calculated using a discount rate determined
by reference to government bond yields. If the return on plan asset is below this rate, it will create a plan deficit.
Expense/(gain) recognised in the statement of profit and loss consists of:
(ii) Interest risk: A decrease in the bond interest rate will increase the plan liability. However, this will be partially (₹ crore)
offset by an increase in the value of plan’s debt investments. Year ended Year ended
March 31, 2021 March 31, 2020
(iii) Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of
Employee benefits expense:
plan participants.
Current service cost 158.13 128.99
As such, an increase in salary of the plan participants will increase the plan’s liability. Net interest expense 24.20 (8.50)
(iv)
Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate 182.33 120.49
of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the
plan participants will increase the plan’s liability. Other comprehensive income:
Return on plan assets excluding amount included in employee benefits expense (15.80) (15.38)
C. Details of defined benefit obligations and plan assets: Actuarial (gain)/loss arising from changes in demographic assumption (5.60) -
(a) Retiring gratuity: Actuarial (gain)/loss arising from changes in financial assumption (30.48) 222.89
Actuarial (gain)/loss arising from changes in experience adjustments (77.70) 8.76
(i) The following table sets out the amounts recognised in the financial statements in respect of retiring gratuity plan:
(₹ crore)
(129.58) 216.27
March 31, 2021 March 31, 2020 Expense/(gain) recognised in the statement of profit and loss 52.75 336.76
Change in defined benefit obligations:
Obligation at the beginning of the year 3,002.90 2,839.66
Interest costs 183.19 180.11
Remeasurement (gain)/loss (113.78) 231.65
Adjustment for arrear wage settlement 1.62 192.01
Benefits paid (364.20) (569.52)
Obligation at the end of the year 2,867.86 3,002.90
NOTES NOTES

(ii) Fair value of plan assets by category of investment is as below: (b) Post-retirement medical benefits and other defined benefits:
(%) (i) The following table sets out the amounts recognised in the financial statements in respect of post-retirement medical
As at As at benefits and other defined benefit plans.
March 31, 2021 March 31, 2020
(₹ crore)
Assets category (%)
Equity instruments (quoted) 0.34 0.19
Medical Others Medical Others
Debt instruments (quoted) 21.02 22.48
Change in defined benefit obligation:
Insurance products (unquoted) 78.64 77.33
Obligation at the beginning of the year 1,539.10 263.19 1,271.01 181.25
100.00 100.00
Current service cost 25.37 44.47 18.58 66.61
The Company’s investment policy is driven by considerations of maximising returns while ensuring credit quality of debt Interest cost 97.59 16.16 92.73 12.97
instruments. The asset allocation for plan assets is determined based on prescribed investment criteria and is also subject to Remeasurement (gain)/loss
other exposure limitations. The Company evaluates the risks, transaction costs and liquidity for potential investments. To measure (i) Actuarial (gains)/losses arising from changes in (11.90) (0.40) - -
plan assets performance, the Company compares actual returns for each asset category with published benchmarks. demographic assumptions
(ii) Actuarial (gains)/losses arising from changes in financial - 6.79 210.83 14.92
(iii) Key assumptions used in the measurement of retiring gratuity is as below: assumptions
(iii) Actuarial (gains)/losses arising from changes in experience 55.64 (2.52) 15.26 3.99
As at As at adjustments
March 31, 2021 March 31, 2020 Benefits paid (75.28) (29.30) (69.31) (16.55)
Discount rate 6.50% 6.50% Obligation at the end of the year 1,630.52 298.39 1,539.10 263.19
Rate of escalation in salary 7.00% to 12.00% 7.50% to 10.00%
(iv) Weighted average duration of the retiring gratuity obligation is 8.00 years (March 31, 2020: 8.10 years). Amounts recognised in the balance sheet consist of:
(₹ crore)
(v) The Company expects to contribute ₹275.05 crore to the plan during the financial year 2021-22
(vi) The table below outlines the effect on retiring gratuity obligation in the event of a decrease/increase of 1% in the assumptions Medical Others Medical Others
used: Present value of obligations (1,630.52) (298.39) (1,539.10) (263.19)
Recognised as:
Retirement benefit obligations - Current (100.20) (15.90) (92.66) (13.95)
Assumption Change in assumption Impact on obligation Retirement benefit obligations - Non-current (1,530.32) (282.49) (1,446.44) (249.24)
Discount rate Increase by 1%, decrease by 1% Decrease by ₹211.58 crore, increase by ₹245.08 crore
Rate of escalation in salary Increase by 1%, decrease by 1% Increase by ₹238.60 crore, decrease by ₹210.35 crore Expense/(gain) recognised in the statement of profit and loss consists of:
(₹ crore)
As at March 31, 2020 Year ended Year ended
March 31, 2021 March 31, 2020
Assumption Change in assumption Impact on obligation
Rate of escalation in salary Increase by 1%, decrease by 1% Increase by ₹252.24 crore, decrease by ₹222.21 crore Employee benefits expense:
The above sensitivities may not be representative of the actual change as it is unlikely that the change in assumptions would Net interest expense 97.59 16.16 92.73 12.97
occur in isolation of one another as some of the assumptions may be correlated. 122.96 60.63 111.31 79.58
Other comprehensive income:

Actuarial (gains)/losses arising from changes in demographic assumptions (11.90) (0.40) - -
Actuarial (gains)/losses arising from changes in financial assumption - 6.79 210.83 14.92
Actuarial (gains)/losses arising from changes in experience adjustments 55.64 (2.52) 15.26 3.99
43.74 3.87 226.09 18.91
Expense recognised in the statement of profit and loss 166.70 64.50 337.40 98.49
NOTES NOTES
35. Employee benefits (Contd.) 36. Contingencies and commitments The details of demands for more than ₹100 crore is as
below:
(ii) Key assumptions used in the measurement of post-retirement medical benefits and other defined benefit plans is as below: A. Contingencies
In the ordinary course of business, the Company faces (a) Interest expenditure on loans taken by the Company
As at March 31, 2021 As at March 31, 2020 for acquisition of a subsidiary has been disallowed
claims and assertions by various parties. The Company
Medical Others Medical Others in assessments with tax demand raised for
assesses such claims and assertions and monitors
Discount rate 6.50% 6.50% 6.50% 6.50% ₹1,551.10 crore (inclusive of interest March 31, 2020:
the legal environment on an on-going basis with the
Rate of escalation in salary N.A 10.50%-15.00% N.A 10.00%-15.00% assistance of external legal counsel, wherever necessary. ₹1,551.10 crore).
Inflation rate 8.00% 5.00% 8.00% 4.00% The Company records a liability for any claims where a (b) Interest expenditure on “Hybrid Perpetual Securities”
potential loss is probable and capable of being estimated has been disallowed in assessments with tax demand
(iii) Weighted average duration of post-retirement medical benefit obligation is 8.00 years (March 31, 2020: 8.00 years). Weighted and discloses such matters in its financial statements, if raised for ₹170.54 crore (inclusive of interest) (March
average duration of other defined benefit obligation ranges from 2.9 to 13 years (March 31, 2020: 3.3 to 13 years) material. For potential losses that are considered possible, 31, 2020: ₹170.54 crore)
(iv) The table below outlines the effect on post-retirement medical benefit obligation in the event of a decrease/increase of 1% but not probable, the Company provides disclosure in the
financial statements but does not record a liability in its In respect of above demands, the Company has deposited
in the assumptions used:
accounts unless the loss becomes probable. an amount of ₹1,250.54 crore (March 31, 2020: ₹1,165.00
As at March 31, 2021 crore) as a precondition for obtaining stay. The Company
The following is a description of claims and assertions expects to sustain its position on ultimate resolution of
Assumption Change in assumption Impact on obligation where a potential loss is possible, but not probable. the said appeals.
Discount rate Increase by 1%, decrease by 1% Decrease by ₹220.01 crore, increase by ₹284.05 crore The Company believes that none of the contingencies
Medical cost inflation rate Increase by 1%, decrease by 1% Increase by ₹262.98 crore, decrease by ₹208.60 crore described below would have a material adverse effect on Customs, excise duty and service tax
the Company’s financial condition, results of operations As at March 31, 2021, there were pending litigations
As at March 31, 2020 or cash flows. for various matters relating to customs, excise duty
It is not practicable for the Company to estimate the and service taxes involving demands of ₹304.48 crore
timings of the cash outflows, if any, pending resolution (March 31, 2020: ₹365.43 crore).
Discount rate Increase by 1%, decrease by 1% Decrease by ₹210.86 crore, increase by ₹272.42crore
of the respective proceedings. The Company does not
Medical cost inflation rate Increase by 1%, decrease by 1% Increase by ₹252.41 crore, decrease by ₹200.08 crore Sales tax /VAT
expect any reimbursements in respect of the same.
The total sales tax demands that are being contested
(v) The table below outlines the effect on other defined benefit obligations in the event of a decrease/increase of 1 % in the Litigations by the Company amounted to ₹823.37 crore
assumptions used: (March 31, 2020: ₹563.30 crore).
The Company is involved in legal proceedings, both as
As at March 31, 2021 plaintiff and as defendant. There are claims which the The details of demands for more than ₹100 crore is as below:
Company does not believe to be of a material nature,
Assumption Change in assumption Impact on obligation other than those described below: (a) The Company stock transfers its goods manufactured
Discount rate Increase by 1%, decrease by 1% Decrease by ₹16.25 crore, increase by ₹18.95 crore at Jamshedpur works plant to its various depots/
Rate of escalation in salary Increase by 1%, decrease by 1% Increase by ₹3.49 crore, decrease by ₹3.21 crore Income tax branches located outside the state of Jharkhand
Inflation rate Increase by 1%, decrease by 1% Increase by ₹7.75 crore, decrease by ₹6.79 crore The Company has ongoing disputes with income tax across the country and these goods are then sold to
authorities relating to tax treatment of certain items. various customers outside the states from depots/
As at March 31, 2020 These mainly include disallowance of expenses, tax branches. As per the Central Sales Tax Act, 1956, these
treatment of certain expenses claimed by the Company transfers of goods to depots/branches were made
as deduction and the computation of or eligibility of the without payment of Central sales tax and F-Form
Discount rate Increase by 1%, decrease by 1% Decrease by ₹14.90 crore, increase by ₹17.47 crore Company’s use of certain tax incentives or allowances. was submitted in lieu of the stock-transfers made
Rate of escalation in salary Increase by 1%, decrease by 1% Increase by ₹3.29 crore, decrease by ₹2.99 crore during the period of assessment. The value of these
Inflation rate Increase by 1%, decrease by 1% Increase by ₹6.82 crore, decrease by ₹5.97 crore Most of these disputes and/or disallowances, being sales was also disclosed in the periodical returns filed
repetitive in nature, have been raised by the income tax as per the Jharkhand Vat Act, 2005. The Commercial
authorities consistently in most of the years. Tax Department has raised demand of Central Sales
The above sensitivities may not be representative of the actual change as it is unlikely that the change in assumptions would
occur in isolation of one another as some of the assumptions may be correlated. As at March 31, 2021, there are matters and/or disputes tax by levying tax on the differences between value
pending in appeal amounting to ₹2,360.77 crore (March of sales outside the states and value of F-Form
31, 2020: ₹2,260.36 crore). submitted for stock transfers. The amount involved
for various assessment years beginning 2011-2012
to 2016-2017 as on March 31, 2021 is amounting to
₹188.65 crore (March 31, 2020: ₹127.00 crore).
NOTES NOTES
36. Contingencies and commitments (Contd.) The Hon’ble High Court of Odisha in a similar matter held 36. Contingencies and commitments (Contd.) demand notices amounting to ₹2,140.30 crore
the circulars based on which demands were raised to be received from the District Mining Office, Jharkhand
Other taxes, dues and claims In respect of the above demands:
valid. The Company has challenged the judgment of the for producing more than environment clearance and
Other amounts for which the Company may contingently High Court by a separate petition in the Hon’ble Supreme • as directed by the Hon’ble Supreme Court, the the balance amount of ₹727.41 crore (March 31, 2020:
be liable aggregate to ₹13,736.46 crore (March 31, 2020: Court on April 29, 2016. Company has provided and paid for iron ore and ₹727.41 crore) has been considered contingent. The
₹12,450.66 crore). manganese ore an amount of ₹614.41 crore during Company has however been granted a stay by the
On July 16, 2019, the Company has filed rejoinders to the
The details of demands for more than ₹100 crore are as 2017-18 for production in excess of environment Revisional Authority, Ministry of Coal, Government of
reply filed by State of Odisha against the revision petition.
below: clearance to the Deputy Director of Mines, Odisha. India against such demand notices.
The State pressed for rejection of revision applications
(a) Claim by a party arising out of conversion arrangement citing the judgment of the High Court. The Company • the Company has provided and paid under protest an (e) An agreement was executed between the Government
₹195.79 crore (March 31, 2020: ₹195.79 crore). The represented before the authorities and explained that amount of ₹56.97 crore during 2017-18 for production of Odisha (GoO) and the Company in December, 1992
Company has not acknowledged this claim and has the judgment was passed under a particular set of ‘facts in excess of environment clearance to the District for drawl of water from Kundra Nalla for industrial
instead filed a claim of ₹141.23 crore (March 31, 2020: & circumstances’ which cannot have blanket application Mining Office, Jharkhand. consumption. In December 1993, the Tahsildar, Barbil
₹141.23 crore) on the party. The matter is pending before on the Company considering the case of the Company issued a show-cause notice alleging that the Company
• the Company has challenged the demands amounting
the Calcutta High Court. is factually different. On August 7, 2019, the Mines has lifted more quantity of water than the sanctioned
to ₹132.91 crore in 2017-18 for production in excess of
Tribunal decided to await the outcome of Special leave limit under the agreement and has also not installed water
(b) The State Government of Odisha introduced “Orissa lower of mining plan and consent to operate limits
petition pending before the Hon’ble Supreme Court and meter.
Rural Infrastructure and Socio Economic Development raised by the Deputy Director of Mines, Odisha before
adjourned the matter.
Act, 2004” with effect from February 2005 levying tax on the Mines Tribunal and obtained a stay on the matter. While the proceedings in this regard were in progress, the
mineral bearing land computed on the basis of value of Likely demand of royalty on fines at sized ore rates as Mines Tribunal, Delhi vide order dated November 26, Company had applied for allocation of fresh limits. Over
minerals produced from the mineral bearing land. The on March 31, 2021 is ₹2,207.31 crore (March 31, 2020: 2018 disposed of all the revision applications with a the years, there has also been a steep increase in the water
Company had filed a writ petition in the Odisha High ₹1,965.52 crore). direction to remand it to the State Government to charges against which the Company filed writ petitions
Court challenging the validity of the Act. The High Court hear all such cases afresh and pass detailed order. before Hon’ble High Court of Odisha.
(d) Demand notices were originally issued by the Deputy
held in December 2005 that the State does not have Demand amount of ₹132.91 crore (March 31, 2020:
Director of Mines, Odisha amounting to ₹3,827.29 crore In this regard, the Company has received demand
authority to levy tax on minerals. The State of Odisha filed ₹132.91 crore ) is considered contingent.
for excess production over the quantity permitted under of ₹183.46 crore considering the demand for period
an appeal in the Supreme Court against the order of the the mining plan, environment clearance or consent to • the Company has made a comprehensive submission beginning from January, 1996 upto November, 2020.
High Court and the case is pending in Supreme Court. The operate, pertaining to 2000-01 to 2009-10. The demand before the Deputy Director of Mines, Odisha against The potential exposure as on March 31, 2021 ₹206.63
potential liability, as at March 31, 2021 is ₹9,709.73 crore notices have been raised under Section 21(5) of the Mines show cause notices amounting to ₹694.02 crore crore (March 31, 2020: ₹162.96 crore) is considered as
(March 31, 2020: ₹8,732.29 crore). & Minerals (Development and Regulations) Act, 1957 received during 2017-18 for production in violation of contingent.
(c) The Company pays royalty on iron ore on the basis of (MMDR). The Company filed revision petitions before the mining plan, Environment Protection Act, 1986 and
The writ petition filed in August, 1997 was listed for hearing
quantity removed from the leased area at the rates Mines Tribunal against all such demand notices. Initially, Water (Prevention & Control of Pollution) Act, 1981.
before the Full Bench of the Odisha High Court on May 17,
based on notification issued by the Ministry of Mines, a stay of demands was granted, later by order dated A demand amounting to ₹234.74 crore has been
2019. SAIL, one of the petitioners, sought permission to
Government of India and the price published by Indian October 12, 2017, the issue has been remanded to the received in April 2018 from the Deputy Director of
withdraw its writ petition because the settlement arrived
Bureau of Mines (IBM) on a monthly basis. state for reconsideration of the demand in the light of Mines, Odisha for production in excess of the
with the State Government in the matter. The High court
Supreme Court judgement passed on August 2, 2017. Environmental Clearance The Company has
Demand of ₹411.08 crore has been raised by Deputy allowed withdrawal of writ petition of SAIL and directed
challenged the demand and obtained a stay on
Director of Mines, Joda, claiming royalty at sized ore The Hon’ble Supreme Court pronounced its judgement other parties to negotiate with the State Government.
the matter from the Revisionary Authority, Mines
rates on despatches of ore fines. The Company has filed in the Common Cause case on August 2, 2017 wherein The Company has submitted its detailed representation
Tribunal, New Delhi. Demand of ₹234.74 crore has
a revision petition on November 14, 2013, before the it directed that compensation equivalent to the price of to Principal Secretary, Water Resource Department, GoO
been provided and show cause notice of ₹694.02
Mines Tribunal, Government of India, Ministry of Mines, mineral extracted in excess of environment clearance or on June 21, 2019, which is under consideration.
crore had been considered as contingent as at
New Delhi, challenging the legality and validity of the without forest clearance from the forest land be paid.
March 31, 2019. B. Commitments
demand and to grant refund of royalty paid in excess In pursuance to the Judgement of Hon’ble Supreme
by the Company. Mines Tribunal has granted stay on the During the year ended March 31, 2020, based on the (a) The Company has entered into various contracts with
Court, demand/show cause notices amounting to
total demand with directive to Government of Odisha evaluation of current facts and circumstances, the suppliers and contractors for the acquisition of plant
₹3,873.35 crore have been issued during 2017-18 by the
not to take any coercive action for realisation of this Company has assessed and concluded that the said and machinery, equipment and various civil contracts of
Deputy Director of Mines, Odisha and the District Mining
demanded amount. show cause notice of ₹694.02 crore no longer qualifies capital nature amounting to ₹6,711.59 crore (March 31,
Office, Jharkhand.
to be a contingent liability. 2020: ₹8,682.73 crore).
• The Company based on its internal assessment Other commitments as at March 31, 2020 amount to
has provided an amount of ₹1,412.89 crore against ₹0.01 crore (March 31, 2020 : ₹0.01 crore).
NOTES NOTES
36. Contingencies and commitments (Contd.) (iv) in favour of President of India for ₹0.15 crore 37. Other significant litigations (Contd.) District Mining Officer Chaibasa on March 16, 2015 issued a
(March 31, 2020 : ₹0.15 crore) against advance license. demand notice for payment of ₹421.83 crore, in three monthly
(b) The Company has given undertakings to: issued renewal order to the Company on December 31,
instalments. The Company on March 20, 2015 replied that since
2014. The State, however, took a view on interpretation of
(i) IDBI not to dispose of its investment in Wellman 37. Other significant litigations the lease has been extended by application of law till March
Goa judgement that the mining carried out after expiry
Incandescent India Ltd. (a) Odisha Legislative Assembly issued an amendment to 31, 2030, the above demand is not tenable. The Company, has
of the period of second renewal was ‘illegal’ and hence,
Indian Stamp Act, 1889, on May 9, 2013 and inserted a paid ₹50.00 crore under protest on July 27, 2015, because the
(ii) IDBI and ICICI Bank Ltd. (formerly ICICI) not to dispose issued a demand notice of ₹3,568.31 crore being the
new provision (Section 3A) in respect of stamp duty State had stopped issuance of transit permits.
of its investment in Standard Chrome Ltd price of iron ore extracted. The said demand has been
payable on grant/renewal of mining leases. As per the challenged by the Company before the Jharkhand High The company filed another writ petition before the Hon’ble
(c) Tata Steel Limited and Bluescope Steel Limited have amended provision, stamp duty is levied equal to 15% of Court. High Court of Jharkhand which was heard on September 9,
given undertaking to State Bank of India not to reduce the average royalty that would accrue out of the highest 2015. An interim order was given by the Hon’ble High Court
collective shareholding in Tata Bluescope Steel Private annual extraction of minerals under the approved mining The mining operations were suspended from August 1,
of Jharkhand on September 17, 2015 wherein the Court has
Limited (TBSPL), below 51% without prior consent of the plan multiplied by the period of such mining lease. 2014. Upon issuance of an express order, Company
directed the Company to pay the amount of ₹371.83 crore
lender. Further, the Company has given an undertaking The Company had filed a writ petition challenging the paid ₹152.00 crore under protest, so that mining can be
in 3 equal instalments, first instalment by October 15, 2015,
to State Bank of India to intimate them before diluting its constitutionality of the Act on July 5, 2013. The Hon’ble resumed.
second instalment by November 15, 2015 and third instalment
shareholding in TBSPL below 50%. High Court, Cuttack passed an order on July 9, 2013 The Mines and Minerals Development and Regulation by December 15, 2015.
During the year ended March 31, 2021, the Company after granting interim stay on the operation of the Amendment (MMDR) Amendment Ordinance, 2015 promulgated on
Act, 2013. Because of the stay, as on date, the Act is not In view of the interim order of the Hon’ble High Court of
obtaining a ‘no objection certificate’ from the lenders of January 12, 2015 provides for extension of such mining
enforceable and any demand received by the Company is Jharkhand ₹124.00 crore was paid on September 28, 2015,
TBSPL, has transferred its stake of 50% in TBSPL to its 100% leases whose applications for renewal have remained
not liable to be proceeded with. Meanwhile, the Company ₹124.00 crore on November 12, 2015 and ₹123.83 crore on
owned subsidiary Tata Steel Downstream Products Limited. pending with the State(s). Based on the new Ordinance,
received demand notices for the various mines at Odisha December 14, 2015 under protest.
Jharkhand Government revised the Express Order on
(d) Tata Steel, as a promoter, had pledged 4,41,55,800 totalling to ₹5,579.00 crore (March 31, 2020: ₹5,579.00 February 12, 2015 for extending the period of lease up to The case is pending before the Hon’ble High court for disposal.
(March 31, 2020: 4,41,55,800) equity shares of Industrial crore). The Company has concluded that it is remote that March 31, 2030 with the following terms and conditions: The State issued similar terms and conditions to other mining
Energy Limited(IEL) with Infrastructure Development the claim will sustain on ultimate resolution of the legal lessees in the State rendering the mining as illegal. Based on the
Finance Corporation Limited. IEL has repaid the entire case by the court. • value of iron ore produced by alleged unlawful mining
Company’s assessment of the Goa mines judgement read with
loan taken from IDFC in financial year 2020-21 and the during the period January 1, 2012 to April 20, 2014 for
In April 2015, the Company has received an intimation the Ordinance issued in the year 2015, the Company believes
pledge is in the process of being released. ₹2,994.49 crore to be decided on the basis of disposal
from Government of Odisha, granting extension of that it is remote that the demand of the State would sustain.
of our writ petition before Hon’ble High Court of
(e)
The Company has given guarantees aggregating validity period for leases under the MMDR Amendment Jharkhand.
₹9,121.69 crore (March 31, 2020 : ₹9,329.87 crore) details Act, 2015 up to March 31,2030 in respect of eight mines
of which are as below: and up to March 31, 2020 for two mines subject to • value of iron ore produced from April 21, 2014 to July 17,
execution of supplementary lease deed. Liability has been 2014 amounting to ₹421.83 crore to be paid in maximum
(i) in favour of Commissioner Customs for ₹1.07 crore
provided in the books of accounts as on March 31, 2020 3 instalments.
(March 31, 2020: ₹1.07 crore) given on behalf of
Timken India Limited in respect of goods imported. as per the existing provisions of the Stamp Act 1899 and • value of iron ore produced from July 18, 2014 to August
the Company had paid the stamp duty and registration 31, 2014 i.e. ₹152.00 crore to be paid immediately.
(ii) in favour of The President of India for ₹177.18 crore charges totalling ₹413.72 crore for supplementary deed
(March 31, 2020: ₹177.18 crore) against performance execution in respect of eight mines out of the above
of export obligation under the various bonds mines.
executed by a joint venture Jamshedpur Continuous
Annealing & Processing Company Private Limited. (b) Noamundi Iron Ore Mine of the Company was due for
its third renewal with effect from January 1, 2012. The
(iii) in favour of the note holders against due and punctual application for renewal was submitted by the Company
repayment of the 100% amounts outstanding as on within the stipulated time, but it remained pending
March 31, 2021 towards issued Guaranteed Notes consideration with the State and the mining operations
by a subsidiary, ABJA Investment Co. Pte Ltd. for were continued in terms of the prevailing law.
₹7,311.50 crore (March 31, 2020 : ₹7,560.00 crore)
and ₹1,631.79 crore (March 31, 2020 : ₹1,591.47 By a judgement of April 2014 in the case of Goa mines, the
crore). The guarantee is capped at an amount equal Supreme Court took a view that second and subsequent
to 125% of the outstanding principal amount of the renewal of mining lease can be effected once the State
Notes as detailed in “Terms and Conditions” of the considers the application and decides to renew the mining
Offering Memorandum. lease by issuing an express order. State of Jharkhand
NOTES NOTES
38. Capital management 39. Disclosures on financial instruments

The Company’s capital management is intended to create value for shareholders by facilitating the achievement of long-term This section gives an overview of the significance of financial instruments for the Company and provides additional information
and short-term goals of the Company. on balance sheet items that contain financial instruments.
The details of significant accounting policies, including the criteria for recognition, basis of measurement and the basis on
The Company determines the amount of capital required on the basis of annual business plan coupled with long-term and short-
which income and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument
term strategic investment and expansion plans. The funding needs are met through equity, cash generated from operations,
are disclosed in note 2(n), page 261 to the financial statements.
long-term and short-term bank borrowings and issue of non-convertible debt securities.
(a) Financial assets and liabilities
The Company monitors the capital structure on the basis of net debt to equity ratio and maturity profile of the overall debt
portfolio of the Company. The following tables presents the carrying value and fair value of each category of financial assets and liabilities as at March 31,
2021 and March 31, 2020:
Net debt includes interest bearing borrowings less cash and cash equivalents, other bank balances (including non-current and
earmarked balances) and current investments. As at March 31, 2021
The table below summarises the capital, net debt and net debt to equity ratio of the Company. (₹ crore)
(₹ crore) Amortised Fair value Derivative Derivative Fair value Total Total fair
As at As at cost through other instruments instruments through profit carrying value
March 31, 2021 March 31, 2020 comprehensive in hedging not in hedging and loss value
income relationship relationship
Equity share capital 1,198.78 1,146.13
Financial assets:
Hybrid perpetual securities 775.00 2,275.00
Cash and bank balances 1,725.08 - - - - 1,725.08 1,725.08
Other equity 89,293.33 73,416.99
Trade receivables 3,863.31 - - - - 3,863.31 3,863.31
Total equity (A) 91,267.11 76,838.12
Investments - 864.80 - - 28,161.32 29,026.12 29,026.12
Derivatives - - 6.96 102.49 - 109.45 109.45
Non-current borrowings 27,313.80 31,381.96
Loans 9,065.28 - - - - 9,065.28 9,065.28
Current borrowings - 7,857.27
Other financial assets 389.83 - - - - 389.83 389.83
Current maturities of long-term borrowings and lease obligations 1,034.50 2,183.64
15,043.50 864.80 6.96 102.49 28,161.32 44,179.07 44,179.07
Gross debt (B) 28,348.30 41,422.87
Total capital (A+B) 1,19,615.41 1,18,260.99
Financial liabilities:
Trade payables 10,638.59 - - - - 10,638.59 10,638.59
Gross debt as above 28,348.30 41,422.87
Borrowings other than lease 25,265.27 - - - - 25,265.27 26,097.42
Less: Current investments 6,404.46 3,235.16
obligations
Less: Cash and cash equivalents 1,501.71 993.64
Derivatives - - 64.62 75.97 - 140.59 140.59
Less: Other balances with banks (including non-current earmarked balances) 223.37 287.54
Other financial liabilities 4,653.27 - - - - 4,653.27 4,653.27
Net debt (C) 20,218.76 36,906.53
40,557.13 - 64.62 75.97 - 40,697.72 41,529.87
Net debt to equity ratio(i) 0.24 0.49

(i) Net debt to equity ratio as at March 31, 2021 and March 31, 2020 has been computed based on average of opening and
closing equity.
NOTES NOTES
39. Disclosures on financial instruments (Contd.) 39. Disclosures on financial instruments (Contd.)
(₹ crore)
(₹ crore) Level 1 Level 2 Level 3 Total
Amortised Fair value Derivative Derivative Fair value Total Total fair
Financial assets:
cost through other instruments instruments through profit carrying value
comprehensive in hedging not in hedging and loss value Investment in mutual funds 6,404.46 - - 6,404.46
income relationship relationship Investment in equity shares 537.85 - 326.95 864.80
Financial assets: Investment in preference shares - - 21,756.86 21,756.86
Cash and bank balances 1,281.18 - - - - 1,281.18 1,281.18 Derivative financial assets - 109.45 - 109.45
Trade receivables 1,016.73 - - - - 1,016.73 1,016.73 6,942.31 109.45 22,083.81 29,135.57
Investments - 507.65 - - 23,010.01 23,517.66 23,517.66 Financial liabilities:
Derivatives - - 15.59 356.83 - 372.42 372.42 Derivative financial liabilities - 140.59 - 140.59
Loans 1,806.58 - - - - 1,806.58 1,806.58 - 140.59 - 140.59
Other financial assets 236.52 - - - - 236.52 236.52
4,341.01 507.65 15.59 356.83 23,010.01 28,231.09 28,231.09 (₹ crore)
Financial liabilities: Level 1 Level 2 Level 3 Total
Trade payables 10,600.96 - - - - 10,600.96 10,600.96 Financial assets:

Borrowings other than lease 38,113.07 - - - - 38,113.07 38,713.37 Investment in mutual funds 3,235.16 - - 3,235.16
obligation Investment in equity shares 204.31 - 303.34 507.65
Derivatives - - 98.07 106.17 - 204.24 204.24 Investment in debentures - 49.74 - 49.74
Other financial liabilities 3,511.50 - - - - 3,511.50 3,511.50 Investment in preference shares - - 19,725.11 19,725.11
52,225.53 - 98.07 106.17 - 52,429.77 53,030.07 Derivative financial assets - 372.42 - 372.42
3,439.47 422.16 20,028.45 23,890.08
(i) Investments in mutual funds and derivative instruments (other than those designated in a hedging relationship) are Financial liabilities:
mandatorily classified as fair value through profit and loss. Derivative financial liabilities - 204.24 - 204.24
(b) Fair value hierarchy - 204.24 - 204.24
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair
(i) Current financial assets and liabilities are stated at carrying value which is approximately equal to their fair value.
value, grouped into Level 1 to Level 3, as described below:
(ii) Derivatives are fair valued using market observable rates and published prices together with forecasted cash flow information
uoted prices in an active market (Level 1): This level of hierarchy includes financial assets that are measured by reference
Q
where applicable.
to quoted prices (unadjusted) in active markets for identical assets or liabilities. This Level consists of investment in quoted
equity shares and mutual funds. (iii) Investments carried at fair value are generally based on market price quotations. Investments in equity shares included in
Level 3 of the fair value hierarchy have been valued using the cost approach to arrive at their fair value. Cost of unquoted
Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities,

equity instruments has been considered as an appropriate estimate of fair value because of a wide range of possible fair
measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
value measurements and cost represents the best estimate of fair value within that range.
directly (i.e., as prices) or indirectly (i.e., derived from prices). This Level of hierarchy includes the Company’s over-the-counter
(OTC) derivative contracts. Fair value of investment in preference shares is estimated through a valuation model incorporating assumptions which
includes unobservable market data and by discounting the expected future cash flows using a discount rate equivalent to
aluation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets
V
the expected rate of return for a similar instrument and maturity as on the reporting date. Key inputs to the valuation model
and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair value is
are expected cash flows and discount rate expected for an instrument with similar terms and maturity as on the reporting
determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from
date.
observable current market transactions in the same instrument nor are they based on available market data. This Level
includes investment in unquoted equity shares and preference shares. (iv) Fair value of investments in preference share of Tata Steel BSL Limited is dependent on its profitability and cash flows
available for distribution. The expected cash flows have been discounted considering a pre-tax discount rate of 13.84%
(March 31, 2020: 11.90%). The fair value is sensitive to changes in discount rate and profitability. An increase in cash flow by
1% would lead to an increase in fair value of preference shares by ₹452.35 crore (March 31, 2020: ₹169.30 crore) and increase
in discount rate by 1% would lead to decrease in fair value by ₹1,376.01 crore (March 31, 2020: ₹1,444.90 crore).
NOTES NOTES
39. Disclosures on financial instruments (Contd.) 39. Disclosures on financial instruments (Contd.) The Company, as per its risk management policy, uses
foreign exchange and other derivative instruments
(v) Fair value of borrowings which have a quoted market price in an active market is based on its market price which is categorised (d) Transfer of financial assets
primarily to hedge foreign exchange and interest rate
as Level1. Fair value of borrowings which do not have an active market or are unquoted is estimated by discounting expected The Company transfers certain trade receivables exposure. Any weakening of the functional currency
future cash flows using a discount rate equivalent to the risk-free rate of return adjusted for credit spread considered by under discounting arrangements with banks/financial may impact the Company’s cost of imports and cost of
lenders for instruments of similar maturities which is categorised as Level 2 in the fair value hierarchy. institutions. Some of such arrangements do not qualify borrowings and consequently may increase the cost of
(vi) Management uses its best judgement in estimating the fair value of its financial instruments. However, there are inherent for de-recognition due to recourse arrangements being in financing the Company’s capital expenditures.
limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented place. Consequently, the proceeds received from transfer
are recorded as short-term borrowings from banks and A 10% appreciation/depreciation of foreign currencies
above are not necessarily indicative of the amounts that the Company could have realised or paid in sale transactions as of
financial institutions. As at March 31, 2021 and March 31, with respect to functional currency of the Company would
respective dates. As such, fair value of financial instruments subsequent to the reporting dates may be different from the
2020, there has been no such transfer of trade receivables. result in an increase/decrease in the Company’s net profit/
amounts reported at each reporting date.
equity before considering tax impacts by approximately
(vii) There have been no transfers between Level 1 and Level 2 for the years ended March 31, 2021 and March 31, 2020. (e) Financial risk management ₹832.49 crore for the year ended March 31, 2021 (March
In the course of its business, the Company is exposed 31, 2020: ₹158.75 crore) and an increase/decrease in
(viii) Reconciliation of Level 3 fair value measurement is as below:
(₹ crore) primarily to fluctuations in foreign currency exchange carrying value of property, plant and equipment (before
Year ended Year ended rates, interest rates, equity prices, liquidity and credit risk, considering depreciation) by approximately Nil as at
March 31, 2021 March 31, 2020 which may adversely impact the fair value of its financial March 31, 2021 (March 31, 2020: ₹109.94 crore).
Balance at the beginning of the year 20,028.45 33,993.14 instruments. The foreign exchange rate sensitivity is calculated by
Additions during the year 23.61 - assuming a simultaneous parallel foreign exchange rates
The Company has a risk management policy which not
Fair value changes through profit or loss 2,031.75 106.26 shift of all the currencies by 10% against the functional
only covers the foreign exchange risks but also other risks
Reclassification within investments* - (14,070.95) currency of the Company.
associated with the financial assets and liabilities such as
Balance at the end of the year 22,083.81 20,028.45 interest rate risks and credit risks. The risk management The sensitivity analysis has been based on the composition
* During the year ended March 31, 2020, reclassification represents investment held in preference shares of a subsidiary converted into equity shares. policy is approved by the Board of Directors. The risk of the Company’s financial assets and liabilities as at March
management framework aims to: 31, 2021 and March 31, 2020 excluding trade payables,
(c) Derivative financial instruments
(i) create a stable business planning environment by trade receivables, other derivative and non-derivative
Derivative instruments used by the Company include forward exchange contracts, interest rate swaps, currency swaps, options reducing the impact of currency and interest rate financial instruments (except investment in preference
and interest rate caps and collars. These financial instruments are utilised to hedge future transactions and cash flows and are fluctuations on the Company’s business plan. shares and loans receivable) not forming part of debt and
subject to hedge accounting under Ind AS 109 “Financial Instruments” wherever possible. The Company does not hold or issue which do not present a material exposure. The period end
derivative financial instruments for trading purposes. All transactions in derivative financial instruments are undertaken to manage (ii)
a chieve greater predictability to earnings by balances are not necessarily representative of the average
risks arising from underlying business activities. determining the financial value of the expected balance outstanding during the period.
earnings in advance.
The following table sets out the fair value of derivatives held by the Company as at the end of each reporting period: (b) Market risk - Interest rate risk:
(₹ crore) (i) Market risk
Interest rate risk is measured by using the cash flow
As at March 31, 2021 As at March 31, 2020 Market risk is the risk of any loss in future earnings, in sensitivity for changes in variable interest rates. Any
Assets Liabilities Assets Liabilities realising fair values or in future cash flows that may result movement in the reference rates could have an impact on
(i) Foreign currency forwards, swaps and options 103.04 75.97 372.42 105.29 from a change in the price of a financial instrument. The the Company’s cash flows as well as costs. The Company
(ii) Interest rate swaps and collars 6.41 64.62 - 98.95 value of a financial instrument may change as a result is subject to variable interest rates on some of its interest
109.45 140.59 372.42 204.24 of changes in interest rates, foreign currency exchange
Classified as:
bearing liabilities. The Company’s interest rate exposure
rates, equity price fluctuations, liquidity and other market is mainly related to debt obligations.
Non-current 42.52 71.20 162.46 122.55
changes. Future specific market movements cannot be
Current 66.93 69.39 209.96 81.69 Based on the composition of debt as at March 31, 2021
normally predicted with reasonable accuracy.
and March 31, 2020 a 100 basis points increase in interest
As at the end of the reporting period total notional amount of outstanding foreign currency contracts, interest rate swaps and (a) Market risk - Foreign currency exchange rate risk: rates would increase the Company’s finance costs (before
collars that the Company has committed to is as below: considering interest eligible for capitalisation) and thereby
(US$ million) The fluctuation in foreign currency exchange rates may
have a potential impact on the statement of profit and loss reduce net profit/equity before considering tax impacts
As at As at
March 31, 2021 March 31, 2020 and equity, where any transaction references more than by approximately ₹100.91 crore for the year ended March
one currency or where assets/liabilities are denominated 31, 2021 (2019-20: ₹149.37 crore).
(i) Foreign currency forwards, swaps and options 2,322.17 1,345.71
(ii) Interest rate swaps and collars 506.50 367.50 in a currency other than the functional currency of the The risk estimates provided assume a parallel shift of
2,828.67 1,713.21 Company. 100 basis points interest rate across all yield curves. This
NOTES NOTES
39. Disclosures on financial instruments (Contd.) March 31, 2021 and March 31, 2020 respectively, being 39. Disclosures on financial instruments (Contd.)
the total carrying value of trade receivables, balances
calculation also assumes that the change occurs at the The following table shows a maturity analysis of the anticipated cash flows including interest obligations for the Company’s
with bank, bank deposits, investments in debt securities,
balance sheet date and has been calculated based on risk derivative and non- derivative financial liabilities on an undiscounted basis, which therefore differ from both carrying value and
mutual funds, loans, derivative assets and other financial
exposures outstanding as at that date. The period end fair value. Floating rate interest is estimated using the prevailing interest rate at the end of the reporting period. Cash flows in
assets.
balances are not necessarily representative of the average foreign currencies are translated using the period end spot rates:
debt outstanding during the period. The risk relating to trade receivables is presented in (₹ crore)
note 13, page 289. As at March 31, 2021
(c) Market risk - Equity price risk:
Carrying Contractual Less than Between one to More than
The Company’s exposure to customers is diversified and
Equity price risk is related to change in market reference value cash flows one year five years five years
no single customer, other than a subsidiary, contributes
price of investments in equity securities held by the Non-derivative financial liabilities:
to more than 10% of outstanding trade receivables as at
Company. Borrowings other than lease obligation 25,813.66 35,324.47 2,117.01 16,704.44 16,503.02
March 31, 2021 and March 31, 2020.
including interest obligations
The fair value of quoted investments held by the Company
In respect of financial guarantees provided by the Lease obligations including interest 3,115.49 6,066.29 719.27 1,827.42 3,519.60
exposes the Company to equity price risks. In general,
Company to banks/financial institutions, the maximum obligations
these investments are not held for trading purposes.
exposure which the Company is exposed to is the Trade payables 10,638.59 10,638.59 10,638.59 - -
The fair value of quoted investments in equity, classified maximum amount which the Company would have to pay Other financial liabilities 4,072.42 4,072.42 3,658.76 311.80 101.86
as fair value through other comprehensive income as at if the guarantee is called upon. Based on the expectation 43,640.16 56,101.77 17,133.63 18,843.66 20,124.48
March 31, 2021 and March 31, 2020 was ₹537.85 crore and at the end of the reporting period, the Company considers
₹204.31 crore, respectively. that it is more likely than not that such an amount will not Derivative financial liabilities 140.59 140.59 69.39 71.20 -
be payable under the guarantees provided.
A 10% change in equity prices of such securities held as
at March 31, 2021 and March 31, 2020, would result in an (iii) Liquidity risk: (₹ crore)
impact of ₹53.79 crore and ₹20.43 crore respectively on
Liquidity risk refers to the risk that the Company cannot As at March 31, 2020
equity before considering tax impact.
meet its financial obligations. The objective of liquidity risk Carrying Contractual Less than Between one to More than
value cash flows one year five years five years
(ii) Credit risk: management is to maintain sufficient liquidity and ensure
that funds are available for use as per requirements. Non-derivative financial liabilities:
Credit risk is the risk of financial loss arising from counter- Borrowings including interest obligations 38,461.28 53,465.41 11,715.26 19,407.02 22,343.13
party failure to repay or service debt according to the The Company has obtained fund and non-fund based Lease obligations including interest 3,346.83 6,478.00 753.36 2,008.44 3,716.20
contractual terms or obligations. Credit risk encompasses working capital lines from various banks. Furthermore, obligations
both the direct risk of default and the risk of deterioration the Company have access to undrawn lines of committed Trade payables 10,600.96 10,600.96 10,600.96 - -
of credit worthiness as well as concentration risks. and uncommitted borrowing/ facilities, funds from debt Other financial liabilities 3,126.26 3,126.26 2,832.67 191.49 102.10
markets through commercial paper programs, non-
The Company has a policy of dealing only with credit 55,535.33 73,670.63 25,902.25 21,606.95 26,161.43
convertible debentures and other debt instruments. The
worthy counter parties and obtaining sufficient collateral,
Company invests its surplus funds in bank fixed deposits
where appropriate as a means of mitigating the risk of Derivative financial liabilities 204.24 204.24 81.69 115.42 7.13
and in mutual funds, which carry no or low market
financial loss from defaults.
risk. The Company has also invested 15% of the non-
Financial instruments that are subject to credit risk convertible debentures (issued by the Company) falling 40. Segment reporting
and concentration thereof principally consist of trade due for repayment in the next 12 months in bank deposits,
The Company is primarily engaged in the business of manufacture and distribution of steel products and is operated out of
receivables, loans receivables, investments in debt to meet the regulatory norms of liquidity requirements.
India. In accordance with Ind AS 108 “Operating Segments”, the Company has presented segment information on the basis of its
securities and mutual funds, balances with bank, bank The Company also constantly monitors funding options
consolidated financial statements which forms part of this report.
deposits, derivatives and financial guarantees provided available in the debt and capital markets with a view to
by the Company. None of the financial instruments of maintaining financial flexibility.
the Company result in material concentration of credit
The Company’s liquidity position remains strong at
risk except preference shares investments and loans, the
₹14,180.59 crore as at March 31, 2021, comprising
Company made in its subsidiary companies.
₹8,130.47 crore in the form of current investments,
The carrying value of financial assets represents the cash and cash equivalents and other balances with
maximum credit risk. The maximum exposure to credit banks (including non-current earmarked balances) and
risk was ₹43,313.30 crore and ₹27,722.94 crore, as at ₹6,050.12 crore in committed undrawn bank lines.
NOTES NOTES
41. Related party transactions 41. Related party transactions (Contd.)

(₹ crore)
The Company’s related parties primarily consist of its subsidiaries, associates, joint ventures and Tata Sons Private Limited including
its subsidiaries and joint ventures. The Company routinely enters into transactions with these related parties in the ordinary Subsidiaries Associates Joint Tata Sons Private Total
ventures Limited, its subsidiaries
course of business at market rates and terms. and joint ventures
The following table summarises related party transactions and balances included in the financial statements of the Company for Outstanding loans and receivables 11,642.77 8.47 355.07 5.49 12,011.80
the year ended as at March 31, 2021 and March 31, 2020: 2,702.13 12.45 119.96 6.19 2,840.73
(₹ crore)
Subsidiaries Associates Joint Tata Sons Private Total
Provision for outstanding loans and receivables 658.26 0.08 2.36 0.05 660.75
ventures Limited, its subsidiaries 656.76 0.06 0.84 0.03 657.69
and joint ventures
Purchase of goods 7,741.46 20.93 157.85 120.64 8,040.88 Outstanding payables 4,597.90 21.92 201.52 141.00 4,962.34
10,409.01 24.33 222.91 75.55 10,731.80 4,841.64 41.78 183.48 116.83 5,183.73
Guarantees provided outstanding 8,943.29 - 177.18 - 9,120.47

Sale of goods 9,329.60 0.07 2,395.67 129.59 11,854.93
9,151.47 - 177.18 - 9,328.65
6,878.15 1.00 2,338.13 208.93 9,426.21
Subscription to first and final call on partly paid-up - - - 1,767.91 1,767.91
Services received 1,967.18 32.80 822.74 257.55 3,080.27 equity shares(vi)
1,963.43 86.32 746.71 217.80 3,014.26 - - - - -
Services rendered 351.50 2.45 81.80 3.24 438.99 Purchase of Assets 10.32 - - - 10.32
434.53 4.62 80.77 1.01 520.93 - - - - -
Sale of fixed assets 62.43 - 2.01 - 64.44

Interest income recognised 96.48 - 2.75 - 99.23
- - 267.71 - 267.71
4.33 - 2.91 - 7.24
Figures in italics represent comparative figures of previous year.
Interest expenses recognised - - - 8.55 8.55
(i) The details of remuneration paid to key managerial personnel and payment to non-executive directors are provided in
- - - 17.54 17.54 note 29, page 307 and note 32, page 308 respectively.
Dividend paid(vi) 1.18 - - 379.06 380.24 During the year ended March 31, 2021, value of shares subscribed by key managerial personnel and their relatives under
1.54 - - 470.41 471.95 final call to rights issue is ₹1,12,484.00 (2019-20: Nil)
The Company has paid dividend of ₹32,346.00 (2019-20: ₹42,048.50) to key managerial personnel and ₹6,395.00 (2019-20:
Dividend received 25.22 - 23.43 12.92 61.57 ₹8,313.50) to relatives of key managerial personnel during the year ended March 31, 2021.
35.38 - 34.20 13.59 83.17
(ii) During the year ended March 31, 2021, the Company has contributed ₹553.88 crore (2019-20: ₹346.76 crore) to post
employment benefit plans.
Provision/(reversal) recognised for receivables during 1.50 0.02 1.52 0.02 3.06
the year 5.76 0.03 (6.62) 0.01 (0.82) As at March 31, 2021, amount receivable from post-employment benefit fund is ₹91.31 crore (March 31, 2020: ₹56.71 crore)
on account of retirement benefit obligations paid by the Company directly.
Management contracts 135.01 5.32 3.00 100.00 243.33 As at March 31, 2021, amount payable to post-employment benefit fund is Nil (March 31, 2020: ₹13.29 crore) on account of
108.63 27.91 1.60 100.00 238.14 retirement benefit obligations.
(iii) Details of investments made by the Company in preference shares of its subsidiaries and associates is disclosed in note 7,
Sale of investments 2,245.61 - - - 2,245.61
page 279.
- - - - -
(iv) Commitments with respect to subsidiaries, associates and joint ventures is disclosed in note 36B, page 319.
Finance provided during the year (net of repayments) 8,353.29 - 13.20 23.61 8,390.10 (v) Transactions with joint ventures have been disclosed at full value and not at their proportionate share.
10,471.64 - 60.13 - 10,531.77
(vi) Subscription to first and final call on partly paid-up equity shares includes ₹1,744.00 crore (2019-20: Nil) received from Tata
Sons Private Limited. Dividend paid includes ₹368.15 crore (2019-20: ₹458.38 crore) paid to Tata Sons Private Limited.
NOTES NOTES
42. The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment received 44. Details of significant investments in subsidiaries, joint ventures and associates (Contd.)
Indian Parliament approval and Presidential assent in September 2020. The Code has been published in the Gazette of India (% direct holding)
and subsequently on November 13, 2020 draft rules were published and invited for stakeholders’ suggestions. However, the Country of As at As at
date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when incorporation March 31, 2021 March 31, 2020
it comes into effect and will record any related impact in the period the Code becomes effective. (27) Tata Steel Special Economic Zone Limited India 100.00 100.00
(28) Tata Steel Utilities and Infrastructure Services Limited India 100.00 100.00
43. The Board of Directors of the Company, at its meeting held on April 25, 2019, had approved a Composite Scheme of (29) Tayo Rolls Limited India 54.91 54.91
Amalgamation of Bamnipal Steel Limited and Tata Steel BSL Limited (formerly known as Bhushan Steel Limited) into and (30) The Indian Steel & Wire Products Ltd. India 95.01 95.01
with the Company subject to the requisite statutory and regulatory approvals. Pursuant to the orders of the Hon’ble NCLT, (31) The Tata Pigments Limited India 100.00 100.00
Mumbai Bench a meeting of the equity shareholders of the Company was convened on Friday, March 26, 2021 to consider (32) The Tinplate Company of India Limited India 74.96 74.96
and if thought fit, approve the Scheme. The Scheme was approved by the equity shareholders by requisite majority at the
said meeting and the necessary disclosures in this regard have been made to the stock exchanges. (b) Associate companies
(1) Kalinga Aquatics Ltd. India 30.00 30.00
Pursuant to the shareholders’ approval, “Company Scheme Petition” has been filed with the Hon’ble NCLT, Mumbai Bench (2) Kumardhubi Fireclay and Silica Works Ltd India 27.78 27.78
with the prayer that the Scheme of Amalgamation be sanctioned with effect from the Appointed Date as defined in the (3) Kumardhubi Metal Casting and Engineering Ltd India 49.31 49.31
Scheme. The Scheme will be implemented upon its sanction by the NCLT. The Scheme will enable the companies to realize (4) Malusha Travels Pvt Ltd India 33.23 33.23
greater synergies between their businesses, yield beneficial results and avail pooled resources in the interest of maximizing (5) Strategic Energy Technology Systems Private Limited India 25.00 25.00
value to the shareholders and other stakeholders. The equity shareholders of Tata Steel BSL Limited will be entitled to fully (6) Tata Construction and Projects Ltd. India 27.19 27.19
paid-up equity shares of the Company in the ratio as set out in the Scheme. (7) TRF Limited. India 34.11 34.11
(c) Joint ventures

44. Details of significant investments in subsidiaries, joint ventures and associates
(1) Himalaya Steel Mills Services Private Limited India 26.00 26.00
(% direct holding) (2) Industrial Energy Limited India 26.00 26.00
Country of As at As at (3) Jamipol Limited India 32.67 32.67
incorporation March 31, 2021 March 31, 2020 (4) Jamshedpur Continuous Annealing & Processing Company Private Limited India - 51.00
(a) Subsidiary companies (5) Medica TS Hospital Pvt Ltd. India 26.00 26.00
(1) ABJA Investment Co. Pte Ltd. Singapore 100.00 100.00 (6) mjunction services limited India 50.00 50.00
(2) Adityapur Toll Bridge Company Limited India 88.50 88.50 (7) Nicco Jubilee Park Limited India 20.99 20.99
(3) Bamnipal Steel Limited India 100.00 100.00 (8) S & T Mining Company Private Limited India 50.00 50.00
(4) Bhubaneshwar Power Private Limited India 93.58 93.58 (9) T M Mining Company Limited India 74.00 74.00
(5) Bistupur Steel Limited India 100.00 100.00 (10) Tata BlueScope Steel Private Limited India - 50.00
(6) Creative Port Development Private Limited India 51.00 51.00 (11) Tata NYK Shipping Pte Ltd. Singapore 50.00 50.00
(7) Dimna Steel Limited India 100.00 100.00 (12) TM International Logistics Limited India 51.00 51.00
(8) Jamadoba Steel Limited India 100.00 100.00
(9) Jamshedpur Football and Sporting Private Limited India 100.00 100.00
45. Dividend
(10) Jugsalai Steel Limited India 100.00 100.00 The dividend declared by the Company is based on profits available for distribution as reported in the standalone financial
(11) Mohar Exports Services Pvt Ltd India 33.23 33.23 statements of the Company. On May 5, 2021 the Board of Directors of the Company have proposed a dividend of ₹25.00
(12) NatSteel Asia Pte. Ltd. Singapore 100.00 100.00 per Ordinary share of ₹10 each and ₹6.25 per partly paid Ordinary share of ₹10 each (paid up ₹2.504 per share) in respect
(13) Noamundi Steel Limited India 100.00 100.00 of the year ended March 31, 2021 subject to the approval of shareholders at the Annual General Meeting. If approved, the
(14) Rujuvalika Investments Limited India 100.00 100.00 dividend would result in a cash outflow of approximately ₹2,996.60 crore.
(15) Sakchi Steel Limited India 100.00 100.00
(16) Straight Mile Steel Limited India 100.00 100.00 46. Previous year figures have been recasted/restated wherever necessary.
(17) Subarnarekha Port Private Limited India 7.07 7.07
(18) T Steel Holdings Pte. Ltd. Singapore 100.00 100.00
(19) Tata Korf Engineering Services Ltd India 100.00 100.00 sd/- sd/- sd/- sd/- sd/- sd/-
(20) Tata Metaliks Ltd. India 60.03 55.06 Firm Registration Number: 304026E/E-300009 Chairman Independent Director Independent Director Independent Director Independent Director Independent Director
(21) Tata Steel (KZN) (Pty) Ltd. South Africa - 90.00 Chartered Accountants DIN: 00121863 DIN: 00037022 DIN: 00548091 DIN: 07728872 DIN: 00162957 DIN: 00009364
(22) Tata Steel Downstream Products Limited India 100.00 100.00 sd/- sd/- sd/- sd/- sd/- sd/-
(23) Tata Steel Foundation India 100.00 100.00 Russell I Parera V. K. Sharma Saurabh Agrawal T. V. Narendran Koushik Chatterjee Parvatheesam Kanchinadham
(24) Tata Steel Long Products Limited India 74.91 75.91 Membership Number 042190 Director Director & Managing Director & Chief Financial Officer Chief Legal Officer
(25) Tata Steel Mining Limited India 100.00 100.00 DIN: 02449088 DIN: 02144558 DIN: 03083605 DIN: 00004989 (Corporate & Compliance)
ACS: 15921
(26) Tata Steel Odisha Limited India 100.00 100.00 Mumbai, May 5, 2021
INDEPENDENT AUDITOR’S REPORT Key audit matters

5. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current year. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
To the Members of Tata Steel Limited on these matters.
Key audit matter How our audit addressed the key audit matter
Report on the audit of the Consolidated financial obtained and the audit evidence obtained by the other
Assessment of litigations and related disclosure of Our audit procedures included the following:
statements auditors in terms of their reports referred to in paragraph
contingent liabilities
18 of the Other Matters paragraph below, other than the • We understood, assessed and tested the design and
Opinion
unaudited financial statements/ financial information as [Refer to Note 2 (c) to the Consolidated financial statements – operating effectiveness of the Holding Company’s key
1. We have audited the accompanying Consolidated certified by the management and referred to in paragraph “Use of estimates and critical accounting judgements – controls surrounding assessment of litigations relating to
Financial Statements of Tata Steel Limited (hereinafter 19 and financial information not available as referred to Provisions and contingent liabilities”, Note 38 (A) to the the relevant laws and regulations;
referred to as the “Holding Company”) and its subsidiaries in paragraph 20 of the Other Matters paragraph below, Consolidated financial statements – “Contingencies” and
(Holding Company and its subsidiaries together referred • We discussed with management the recent developments
is sufficient and appropriate to provide a basis for our Note 39 to the Consolidated financial statements – “Other
to as “the Group”), its associates and jointly controlled and the status of the material litigations which were
opinion. significant litigations”].
entities [refer note 1 to the attached Consolidated Financial reviewed and noted by the Holding Company’s Audit
Statements], which comprise the Consolidated Balance Material Uncertainty Related to Going Concern As at March 31, 2021, the Holding Company has exposures Committee;
Sheet as at March 31, 2021, the Consolidated Statement towards litigations relating to various matters as set out in
4. The following Material Uncertainty Relating to Going • We performed our assessment on a test basis on the
of Profit and Loss (including Other Comprehensive the aforesaid Notes.
Concern (as reproduced) has been communicated to us underlying calculations supporting the contingent
Income), the Consolidated Statement of Changes in by the auditors of Tata Steel Europe Limited, a subsidiary Significant management judgement is required to assess liabilities/other significant litigations disclosed in
Equity and the Consolidated Cash Flows Statement for of the Holding Company, vide their audit report dated such matters to determine the probability of occurrence relation to the Holding Company’s Standalone Financial
the year then ended, and Notes to the Consolidated May 4, 2021: of material outflow of economic resources and whether a Statements;
Financial Statements, including a summary of significant provision should be recognised, or a disclosure should be
accounting policies and other explanatory information “Without modifying our opinion on the special purpose • We used auditor’s experts / specialist to gain an
made. The management judgement is also supported with
prepared based on the relevant records. (hereinafter financial information, we have considered the adequacy understanding and to evaluate the disputed tax matters;
legal advice in certain cases as considered appropriate.
referred to as “the Consolidated Financial Statements”). of the disclosure made in the special purpose financial
As the ultimate outcome of the matters are uncertain and • We considered external legal opinions, where relevant,
information Tata Steel Europe Limited’s ability to continue
2. In our opinion and to the best of our information and the positions taken by the management are based on the obtained by management;
as a going concern. The impact of the COVID-19 global
according to the explanations given to us, the aforesaid application of their best judgement, related legal advice
pandemic will require Tata Steel Europe Limited to access • We evaluated management’s assessments by
Consolidated Financial Statements give the information including those relating to interpretation of laws/regulations,
group company support in order to meet its obligations understanding precedents set in similar cases and
required by the Companies Act, 2013 (“the Act”) in the it is considered to be a Key Audit Matter.
as they fall due. Tata Steel Europe Limited has received assessed the reliability of the management’s past
manner so required and give a true and fair view in a letter from TS Global Procurement Company Pte Ltd estimates/judgements;
conformity with the accounting principles generally undertaking to provide working capital and/or other
accepted in India, of the consolidated state of affairs of • We evaluated management’s assessment around those
cash support up to a specified amount which exceeds the
the Group, its associates and jointly controlled entities as matters that are not disclosed or not considered as
amount forecast as being required by Tata Steel Europe
at March 31, 2021, its consolidated total comprehensive contingent liability, as the probability of material outflow
Limited over the next twelve months. The letter states that
income (comprising profit and other comprehensive is considered to be remote by the management; and
it represents present policy, is given by way of comfort only
income), its consolidated changes in equity and its and is not to be construed as constituting a promise as to • We assessed the adequacy of the disclosures.
consolidated cash flows for the year then ended. the future conduct of TS Global Procurement Company
Based on the above work performed, the management’s
Pte Ltd or Tata Steel Limited. Accordingly, there can be
Basis for Opinion assessment in respect of Holding Company’s litigations
no certainty that the funds required by Tata Steel Europe
3. We conducted our audit in accordance with the Standards and related disclosures relating to contingent liabilities/
Limited will in fact be made available. These conditions,
on Auditing (SAs) specified under section 143(10) of other significant litigations in the Consolidated Financial
along with other matters explained in the special purpose
the Act. Our responsibilities under those Standards are Statements is considered to be reasonable.
financial information, indicate the existence of a material
further described in the Auditor’s Responsibilities for the uncertainty which may cast significant doubt about Tata Also refer to the Key Audit Matters included by us in our audit report of even date on the standalone financial statements of the
Audit of the Consolidated Financial Statements section Steel Europe Limited’s ability to continue as a going Holding Company.
of our report. We are independent of the Group, its concern. The special purpose financial information does
associates and jointly controlled entities in accordance not include the adjustments that would result if Tata
with the ethical requirements that are relevant to our Steel Europe Limited was unable to continue as a going
audit of the Consolidated Financial Statements in India concern.”
in terms of the Code of Ethics issued by ICAI and the
relevant provisions of the Act, and we have fulfilled our Also, refer note 48 to the consolidated financial statements
other ethical responsibilities in accordance with these in this regard.
requirements. We believe that the audit evidence we have
334 Integrated Report & Annual Accounts 2020-21 | 114th Year Consolidated 335
6. The following Key Audit Matters were included in the audit report dated April 28, 2021, containing an unmodified audit Group and for preventing and detecting frauds and other higher than for one resulting from error, as fraud
opinion on the consolidated special purpose financial information of Tata Steel BSL Limited, a subsidiary of the Holding irregularities; selection and application of appropriate may involve collusion, forgery, intentional omissions,
Company, issued by other auditors and reproduced by us as under: accounting policies; making judgments and estimates misrepresentations, or the override of internal control.
that are reasonable and prudent; and the design,
Key audit matter How our audit addressed the key audit matter • Obtain an understanding of internal control relevant
implementation and maintenance of adequate internal
to the audit in order to design audit procedures
Recoverability of amounts paid against on-going We have performed the following procedures, among others, financial controls, that were operating effectively for
that are appropriate in the circumstances. Under
litigation to test the recoverability of payments made by the Holding ensuring accuracy and completeness of the accounting
section 143(3)(i) of the Act, we are also responsible
Company in relation to litigations instituted against it prior records, relevant to the preparation and presentation
Refer Note 3 to the Consolidated Special Purpose Financial for expressing our opinion on whether the Holding
to the approval of the BSL Resolution Plan: of the financial statements that give a true and fair view
Information. company has adequate internal financial controls
and are free from material misstatement, whether due to
• Verified the underlying documents related to litigation with reference to financial statements in place and
Prior to the approval of the resolution plan (‘the BSL Resolution fraud or error, which have been used for the purpose of
and other correspondences with statutory authorities; the operating effectiveness of such controls.
Plan’) under the Corporate Insolvency Resolution Process of preparation of the Consolidated Financial Statements by
the Insolvency and Bankruptcy Code, 2016 on May 15, 2018, • Involved direct and indirect tax specialists to review the the Directors of the Holding Company, as aforesaid. • Evaluate the appropriateness of accounting policies
the Holding Company was a party to certain litigations. process used by the management to determine estimates used and the reasonableness of accounting estimates
11. In preparing the Consolidated Financial Statements, the
Pursuant to the approval of the BSL Resolution Plan, it was and to test the judgements applied by management in and related disclosures made by management.
respective Board of Directors of the companies included
determined that no amounts are payable in respect of those developing the accounting estimates; in the Group and of its associates and jointly controlled • Conclude on the appropriateness of management’s
litigations as they stand extinguished. entities are responsible for assessing the ability of the use of the going concern basis of accounting and,
• Assessed management’s estimate of recoverability,
The Holding Company had also made certain payments to the supported by an opinion obtained by the management Group and of its associates and jointly controlled entities based on the audit evidence obtained, whether
relevant authorities in respect of those litigations which were from a legal expert, by determining whether; to continue as a going concern, disclosing, as applicable, a material uncertainty exists related to events or
presented as recoverable under “Other non-current assets” matters related to going concern and using the going conditions that may cast significant doubt on the
− The method of measurement used is appropriate in concern basis of accounting unless management either ability of the Group and its associates and jointly
in the Consolidated Special Purpose Financial Information.
the circumstances; and intends to liquidate the Group or to cease operations, or controlled entities to continue as a going concern. If
The estimates related to expected outcome of litigations has no realistic alternative but to do so. we conclude that a material uncertainty exists, we are
− The assumptions used by management are reasonable
and recoverability of payments made in respect thereof required to draw attention in our auditor’s report to
in light of the measurement principles of Ind AS. 12. The respective Board of Directors of the companies
have high degree of inherent uncertainty due to insufficient the related disclosures in the Consolidated Financial
judicial precedents in India in respect of disposal of litigations • D
etermined whether the methods for making estimates included in the Group and of its associates and jointly
Statements or, if such disclosures are inadequate, to
involving companies admitted to Corporate Insolvency have been applied consistently; controlled entities are responsible for overseeing the
modify our opinion. Our conclusions are based on
Resolution Process. financial reporting process of the Group and of its
• Evaluated whether the accounting principles applied by the audit evidence obtained up to the date of our
associates and jointly controlled entities.
The application of significant judgment in the aforementioned the management fairly present the amounts recoverable auditor’s report. However, future events or conditions
matter required substantial involvement of senior personnel from relevant authorities in Consolidated Special Purpose Auditor’s Responsibilities for the Audit of the may cause the Group and its associates and jointly
on the audit engagement including individuals with expertise Financial Information in accordance with the principles Consolidated Financial Statements controlled entities to cease to continue as a going
in tax related matters. of Ind AS. concern.
13. Our objectives are to obtain reasonable assurance about
whether the Consolidated Financial Statements as a • Evaluate the overall presentation, structure and
whole are free from material misstatement, whether due content of the Consolidated Financial Statements,
Other Information paragraph 18 below), we conclude that there is a material to fraud or error, and to issue an auditor’s report that including the disclosures, and whether the
7. The Holding Company’s Board of Directors is responsible misstatement of this other information, we are required to includes our opinion. Reasonable assurance is a high Consolidated Financial Statements represent the
for the other information. The other information report that fact. We have nothing to report in this regard. level of assurance but is not a guarantee that an audit underlying transactions and events in a manner that
comprises the information in the Integrated Report, conducted in accordance with SAs will always detect a achieves fair presentation.
Responsibilities of Management and Those Charged with material misstatement when it exists. Misstatements can
Board’s Report along with its Annexures and Financial • Obtain sufficient appropriate audit evidence
Governance for the Consolidated Financial Statements arise from fraud or error and are considered material if,
Highlights included in the Holding Company’s Annual regarding the financial information of the entities or
Report (titled as ‘Tata Steel Integrated Report & Annual 10. The Holding Company’s Board of Directors is responsible individually or in the aggregate, they could reasonably
business activities within the Group and its associates
Accounts 2020-21’), but does not include the Consolidated for the preparation and presentation of these Consolidated be expected to influence the economic decisions of
and jointly controlled entities to express an opinion
Financial Statements and our auditor’s report thereon. Financial Statements in term of the requirements of the users taken on the basis of these Consolidated Financial
on the Consolidated Financial Statements. We
Act that give a true and fair view of the consolidated Statements.
8. Our opinion on the Consolidated Financial Statements are responsible for the direction, supervision and
financial position, consolidated financial performance 14. As part of an audit in accordance with SAs, we exercise performance of the audit of the financial statements
does not cover the other information and we do not consolidated changes in equity and consolidated cash
express any form of assurance conclusion thereon. professional judgment and maintain professional of such entities included in the Consolidated Financial
flows of the Group including its associates and jointly skepticism throughout the audit. We also: Statements of which we are the independent
9. In connection with our audit of the Consolidated controlled entities in accordance with the accounting auditors. For the other entities included in the
Financial Statements, our responsibility is to read the principles generally accepted in India, including the • Identify and assess the risks of material misstatement
Consolidated Financial Statements, which have
other information and, in doing so, consider whether Accounting Standards specified under section 133 of the of the Consolidated Financial Statements, whether
been audited by other auditors, such other auditors
the other information is materially inconsistent with the Act. The respective Board of Directors of the companies due to fraud or error, design and perform audit
remain responsible for the direction, supervision and
Consolidated Financial Statements or our knowledge included in the Group and of its associates and jointly procedures responsive to those risks, and obtain audit
performance of the audits carried out by them. We
obtained in the audit or otherwise appears to be materially controlled entities are responsible for maintenance of evidence that is sufficient and appropriate to provide
remain solely responsible for our audit opinion.
misstated. If, based on the work we have performed and adequate accounting records in accordance with the a basis for our opinion. The risk of not detecting
the reports of the other auditors as furnished to us (Refer provisions of the Act for safeguarding the assets of the a material misstatement resulting from fraud is
15. We communicate with those charged with governance of our opinion on the Consolidated Financial Statements for the year ended March 31, 2021 have not been included effectiveness of such controls, refer to our separate
the Holding Company and such other entities included insofar as it relates to the amounts and disclosures in the Consolidated Financial Statements. Accordingly, we report in Annexure A.
in the Consolidated Financial Statements of which we included in respect of these subsidiaries, associates and do not report in terms of sub-section (3) of Section 143 of
(g) With respect to the other matters to be included in
are the independent auditors regarding, among other jointly controlled entities and our report in terms of sub- the Act including report on Other Information insofar to the
the Auditor’s Report in accordance with Rule 11 of
matters, the planned scope and timing of the audit section (3) of Section 143 of the Act including report on extent these relate to the aforesaid subsidiaries, associates
the Companies (Audit and Auditor’s) Rules, 2014, in
and significant audit findings, including any significant Other Information insofar as it relates to the aforesaid and jointly controlled entities.
our opinion and to the best of our information and
deficiencies in internal control that we identify during subsidiaries, joint ventures and associates, is based solely
Our opinion on the Consolidated Financial Statements, and according to the explanations given to us:
our audit. on the reports of the other auditors/independent firm of
our report on Other Legal and Regulatory Requirements
accountants. i.
The Consolidated Financial Statements
16. We also provide those charged with governance with below, is not modified in respect of the above matters
disclose the impact of pending litigations as
a statement that we have complied with relevant 19. We did not audit the financial statements / special purpose with respect to our reliance on the work done and the
on March 31, 2021 on the consolidated financial
ethical requirements regarding independence, and to financial information of ten subsidiaries, whose financial reports of the other auditors, the financial statements /
position of the Group, its associates and jointly
communicate with them all relationships and other statements / special financial information reflect total financial information certified by the Management and
controlled entities – Refer Notes 38(A) and 39
matters that may reasonably be thought to bear on our assets of ₹9,038.07 crore and net assets of ₹4,271.18 crore the non-availability of financial information.
to the Consolidated Financial Statements.
independence, and where applicable, related safeguards. as at March 31, 2021, total revenue of ₹85.74 crore, total
net profit after tax of ₹6.69 crore and total comprehensive Report on Other Legal and Regulatory Requirements ii. The Group, its associates and jointly controlled
17. From the matters communicated with those charged
income of ₹6.73 crore and net cash flows amounting 21. As required by Section 143(3) of the Act, we report, to the entities had long-term contracts including
with governance, we determine those matters that were
to ₹(0.64) crore for the year ended March 31, 2021, as extent applicable, that: derivative contracts as at March 31, 2021 for
of most significance in the audit of the Consolidated
considered in the Consolidated Financial Statements. The which there were no material foreseeable
Financial Statements of the current year and are therefore (a) We have sought and obtained all the information and
Consolidated Financial Statements also include the Group’s losses.
the key audit matters. We describe these matters in our explanations which to the best of our knowledge and
share of net profit after tax and total comprehensive
auditor’s report unless law or regulation precludes public belief were necessary for the purposes of our audit iii.
There has been no delay in transferring
income of ₹26.76 crore and ₹44.98 crore respectively
disclosure about the matter or when, in extremely rare of the aforesaid Consolidated Financial Statements. amounts, required to be transferred, to the
for the year ended March 31, 2021, as considered in the
circumstances, we determine that a matter should not Investor Education and Protection Fund by the
Consolidated Financial Statements, in respect of four (b) In our opinion, proper books of account as required
be communicated in our report because the adverse Holding Company and its subsidiary companies,
associates and five jointly controlled entities respectively, by law relating to preparation of the aforesaid
consequences of doing so would reasonably be associate companies and jointly controlled
whose financial statements / financial information have Consolidated Financial Statements have been kept
expected to outweigh the public interest benefits of such entities incorporated in India during the year
not been audited by us. These financial statements/ so far as it appears from our examination of those
communication. ended March 31, 2021 except for amount
special purpose financial information are unaudited books and the reports of the other auditors.
aggregating to ₹6.15 crore, which according
Other Matters and have been furnished to us by the Management, and
(c) The Consolidated Balance Sheet, the Consolidated to the information and explanations provided
our opinion on the Consolidated Financial Statements
18. We did not audit the financial statements / special purpose Statement of Profit and Loss (including other by the management is held in abeyance due to
insofar as it relates to the amounts and disclosures
financial information of nine subsidiaries included in comprehensive income), Consolidated Statement dispute / pending legal cases.
included in respect of these subsidiaries, associates and
the Consolidated Financial Statements, whose financial of Changes in Equity and the Consolidated Cash
jointly controlled entities and our report in terms of sub- iv. The reporting disclosures relating to Specified
statements / special purpose financial information Flow Statement dealt with by this Report are in
section (3) of Section 143 of the Act including report on Bank Notes is not applicable to the Group for
reflect total assets of ₹1,29,344.05 crore and net assets agreement with the relevant books of account and
Other Information insofar as it relates to the aforesaid the year ended March 31, 2021.
of ₹47,746.15 crore as at March 31, 2021, total revenues of records maintained for the purpose of preparation
subsidiaries, associates and jointly controlled entities,
₹89,884.40 crore, total net loss after tax of ₹5,930.05 crore of the consolidated financial statements. 22. The Group, its associates and jointly controlled entities
is based solely on such unaudited financial statements/
and total comprehensive income of ₹(11,702.23) crore and incorporated as public companies in India, have paid/
special purpose financial information. In our opinion and (d) In our opinion, the aforesaid Consolidated Financial
net cash flows amounting to ₹824.32 crore for the year provided for managerial remuneration in accordance
according to the information and explanations given Statements comply with the Accounting Standards
ended March 31, 2021, as considered in the Consolidated with the requisite approvals mandated by the provisions
to us by the Management, these financial statements/ specified under Section 133 of the Act.
Financial Statements. The consolidated financial of Section 197 read with Schedule V to the Act except
special purpose financial information are not material to
statements/special purpose financial information of these (e) On the basis of the written representations received in the case of one wholly owned subsidiary, audited by
the Group.
subsidiaries also includes their step-down associates from the directors of the Holding Company taken us, where excess managerial remuneration amounting to
and jointly controlled entities constituting ₹26.43 crore 20. In the case of one subsidiary and one jointly controlled on record by the Board of Directors of the Holding ₹0.09 crore is subject to approval of the shareholders of
and ₹10.13 crore respectively of the Group’s share total entity, the financial statements/special purpose financial Company and the reports of the statutory auditors the subsidiary by way of special resolution in their ensuing
comprehensive income for the year ended March 31, 2021 information for the year ended March 31, 2021 is not of its subsidiary companies, associate companies Annual General Meeting.
respectively. The consolidated financial statements also available. Further, nine subsidiaries, four associates and two and jointly controlled entities incorporated in India,
include the Group’s share of total comprehensive income jointly controlled entities of the Group are under insolvency none of the directors of the Group companies, its For Price Waterhouse & Co Chartered Accountants LLP
(comprising profit and other comprehensive income) proceedings, liquidation or have applied for strike off with associate companies and jointly controlled entities Firm Registration Number: 304026E/ E-300009
of ₹30.83 crore for the year ended March 31, 2021 in the respective authorities and in respect of these entities the incorporated in India is disqualified as on March 31, Chartered Accountants
respect of two jointly controlled entities whose financial financial statements/special purpose financial information 2021 from being appointed as a director in terms of
statements/special purpose financial information have for the year ended March 31, 2021 are not available. In Section 164(2) of the Act.
not been audited by us. These financial statements/ absence of the aforesaid financial statements/special Russell I Parera
purpose financial information, the financial statements/ (f) With respect to the adequacy of internal financial
special purpose financial information have been audited Partner
special purpose financial information in respect of aforesaid controls with reference to consolidated financial
by other auditors/independent firm of accountants whose Place: Mumbai Membership Number: 042190
subsidiaries and the Group’s share of total comprehensive statements of the Group and the operating
reports have been furnished to us by the other auditors/ Date: May 5, 2021 UDIN: 21042190AAAABN7533
independent firm of accountants /Management, and income of these associates and jointly controlled entities
ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT Meaning of Internal Financial Controls with reference to
financial statements
Opinion
8. In our opinion, the Holding Company, its subsidiary
6. A company's internal financial control with reference to companies, its associate companies and jointly controlled
financial statements is a process designed to provide companies, which are companies incorporated in India,
Referred to in paragraph 21(f) of the Independent to the respective company’s policies, the safeguarding reasonable assurance regarding the reliability of financial have, in all material respects, an adequate internal financial
Auditors’ Report of even date to the members of Tata of its assets, the prevention and detection of frauds and reporting and the preparation of financial statements controls system with reference to financial statements
Steel Limited on the consolidated financial statements as errors, the accuracy and completeness of the accounting for external purposes in accordance with generally and such internal financial controls with reference
of and for the year ended March 31, 2021 records, and the timely preparation of reliable financial accepted accounting principles. A company's internal to financial statements were operating effectively as
information, as required under the Act. financial control with reference to financial statements at March 31, 2021, based on the internal control over
Report on the Internal Financial Controls with reference
includes those policies and procedures that (1) pertain financial reporting criteria established by the Company
to consolidated financial statements under Clause (i) of Auditor’s Responsibility to the maintenance of records that, in reasonable considering the essential components of internal control
Sub-section 3 of Section 143 of the Act
3. Our responsibility is to express an opinion on the detail, accurately and fairly reflect the transactions and stated in the Guidance Note on Audit of Internal Financial
1. In conjunction with our audit of the consolidated Company's internal financial controls with reference to dispositions of the assets of the company; (2) provide Controls Over Financial Reporting issued by the Institute
financial statements of the Company as of and for consolidated financial statements based on our audit. We reasonable assurance that transactions are recorded as of Chartered Accountants of India.
the year ended March 31, 2021, we have audited the conducted our audit in accordance with the Guidance necessary to permit preparation of financial statements in
internal financial controls with reference to consolidated Note on Audit of Internal Financial Controls Over Financial accordance with generally accepted accounting principles, Other Matters
financial statements of Tata Steel Limited (hereinafter Reporting (the “Guidance Note”) issued by the ICAI and and that receipts and expenditures of the company 9. Our aforesaid reports under Section 143(3)(i) of the Act
referred to as “the Holding Company”) and its subsidiary the Standards on Auditing deemed to be prescribed are being made only in accordance with authorisations on the adequacy and operating effectiveness of the
companies, its associate companies and jointly controlled under section 143(10) of the Companies Act, 2013, to of management and directors of the company; and (3) internal financial controls with reference to financial
companies, which are companies incorporated in India, the extent applicable to an audit of internal financial provide reasonable assurance regarding prevention or statements insofar as it relates to thirteen subsidiary
as of that date. Reporting under clause (i) of sub section controls, both applicable to an audit of internal financial timely detection of unauthorised acquisition, use, or companies, which are companies incorporated in India,
3 of Section 143 of the Act in respect of the adequacy of controls and both issued by the ICAI. Those Standards and disposition of the company's assets that could have a is based on the corresponding reports of the auditors of
the internal financial controls with reference to financial the Guidance Note require that we comply with ethical material effect on the financial statements. such companies incorporated in India. Our opinion is not
statements is not applicable to one subsidiary and three requirements and plan and perform the audit to obtain qualified in respect of this matter.
jointly controlled companies incorporated in India namely reasonable assurance about whether adequate internal Inherent Limitations of Internal Financial Controls with
Tata Steel Foundation and Himalaya Steel Mills Services financial controls with reference to consolidated financial reference to financial statements
Private Limited, S & T Mining Company Private Limited statements was established and maintained and if such 7. Because of the inherent limitations of internal financial For Price Waterhouse & Co Chartered Accountants LLP
and Tata NYK Shipping (India) Private Limited respectively, controls operated effectively in all material respects. controls with reference to financial statements, including Firm Registration Number: 304026E/ E-300009
pursuant to MCA notification GSR 583(E) dated June 13, the possibility of collusion or improper management Chartered Accountants
2017. 4. Our audit involves performing procedures to obtain audit
override of controls, material misstatements due to error
evidence about the adequacy of the internal financial
or fraud may occur and not be detected. Also, projections
Management’s Responsibility for Internal Financial controls system with reference to consolidated financial Russell I Parera
of any evaluation of the internal financial controls with
Controls statements and their operating effectiveness. Our audit of Partner
reference to financial statements to future periods are
2. The respective Board of Directors of the Holding company, internal financial controls with reference to consolidated
subject to the risk that the internal financial control Place: Mumbai Membership Number: 042190
its subsidiary companies, its associate companies and financial statements included obtaining an understanding
with reference to financial statements may become Date: May 5, 2021 UDIN: 21042190AAAABN7533
jointly controlled companies, to whom reporting under of internal financial controls with reference to consolidated
inadequate because of changes in conditions, or that the
clause (i) of sub section 3 of Section 143 of the Act in respect financial statements, assessing the risk that a material
degree of compliance with the policies or procedures may
of the adequacy of the internal financial controls with weakness exists, and testing and evaluating the design
deteriorate.
reference to financial statements, which are companies and operating effectiveness of internal control based on
incorporated in India, are responsible for establishing and the assessed risk. The procedures selected depend on the
maintaining internal financial controls based on internal auditor’s judgement, including the assessment of the risks
control over financial reporting criteria established by of material misstatement of the consolidated financial
the Company considering the essential components of statements, whether due to fraud or error.
internal control stated in the Guidance Note on Audit of 5. We believe that the audit evidence we have obtained
Internal Financial Controls Over Financial Reporting issued and the audit evidence obtained by the other auditors
by the Institute of Chartered Accountants of India (ICAI). in terms of their reports referred to in the Other Matters
These responsibilities include the design, implementation paragraph below, is sufficient and appropriate to provide
and maintenance of adequate internal financial controls a basis for our audit opinion on the Company’s internal
that were operating effectively for ensuring the orderly financial controls system with reference to consolidated
and efficient conduct of its business, including adherence financial statements.
CONSOLIDATED BALANCE SHEET CONSOLIDATED BALANCE SHEET (CONTD.)

as at March 31, 2021 as at March 31, 2021
Note Page As at As at Note Page As at As at
Assets Equity and liabilities
I Non-current assets IV Equity
(a) Property, plant and equipment 3 364 1,19,003.50 1,19,503.98 (a) Equity share capital 19 389 1,197.61 1,144.95
(b) Capital work-in-progress 18,128.74 18,862.06 (b) Hybrid perpetual securities 20 392 775.00 2,275.00
(c) Right-of-use assets 4 368 9,450.95 8,549.78 (c) Other equity 21 392 72,266.16 70,156.35
(d) Goodwill on consolidation 5 371 4,344.69 4,054.53 Equity attributable to owners of the Company 74,238.77 73,576.30
(e) Other intangible assets 6 372 2,976.04 2,442.37 Non-controlling interests 3,269.68 2,586.60
(f ) Intangible assets under development 878.66 634.77 Total equity 77,508.45 76,162.90
(g) Equity accounted investments 7 374 2,475.66 2,168.54 V Non-current liabilities
(h) Financial assets (a) Financial liabilities
(i) Investments 8 375 987.38 684.77 (i) Borrowings 23 399 72,408.79 94,104.97
(ii) Loans 9 376 336.57 488.71 (ii) Derivative liabilities 71.41 127.92
(iii) Derivative assets 162.66 279.64 (iii) Other financial liabilities 24 403 522.70 387.67
(iv) Other financial assets 10 377 214.93 588.93 (b) Provisions 25 404 4,691.92 4,235.07
(i) Retirement benefit assets 11 379 20,019.47 27,278.45 (c) Retirement benefit obligations 11 379 3,499.79 3,598.18
(j) Non-current tax assets 1,845.34 1,725.67 (d) Deferred income 26 405 144.26 151.30
(k) Deferred tax assets 12 380 1,578.02 1,270.33 (e) Deferred tax liabilities 12 380 9,241.42 9,261.38
(l) Other assets 13 383 2,872.70 3,154.20 (f ) Other liabilities 27 406 6,531.34 729.15
Total non-current assets 1,85,275.31 1,91,686.73 Total non-current liabilities 97,111.63 1,12,595.64
II Current assets VI Current liabilities
(a) Inventories 14 384 33,276.38 31,068.72 (a) Financial liabilities
(b) Financial assets (i) Borrowings 23 399 9,492.11 19,184.48
(i) Investments 8 375 7,218.89 3,431.87 (ii) Trade payables 28 406
(ii) Trade receivables 15 385 9,539.84 7,884.91 (a) Total outstanding dues of micro and small enterprises 484.66 198.86
(iii) Cash and cash equivalents 16 386 5,532.08 7,541.96 (b) Total outstanding dues of creditors other than micro and small 25,482.83 21,181.99
(iv) Other balances with banks 17 387 250.10 512.76 enterprises
(v) Loans 9 376 64.72 215.68 (iii) Derivative liabilities 510.01 729.22
(vi) Derivative assets 498.79 1,486.06 (iv) Other financial liabilities 24 403 14,403.11 9,518.53
(vii) Other financial assets 10 377 1,420.97 446.42 (b) Provisions 25 404 4,725.32 1,663.67
(c) Retirement benefit assets 11 379 0.42 - (c) Retirement benefit obligations 11 379 166.84 141.26
(d) Current tax assets 156.74 143.20 (d) Deferred income 26 405 63.98 34.55
(e) Other assets 13 383 2,153.44 3,177.69 (e) Current tax liabilities 4,424.44 609.58
Total current assets 60,112.37 55,909.27 (f ) Other liabilities 27 406 11,113.83 7,050.44
III Assets held for sale 18 387 99.53 2,823.45 Total current liabilities 70,867.13 60,312.58
Total assets 2,45,487.21 2,50,419.45 VII Liabilities held for sale 18 387 - 1,348.33
Total equity and liabilities 2,45,487.21 2,50,419.45
Notes forming part of the consolidated financial statements 1-52


ACS: 15921
Mumbai, May 5, 2021
342 Integrated Report & Annual Accounts 2020-21 | 114 Year

th
Consolidated 343
CONSOLIDATED STATEMENT OF PROFIT AND LOSS CONSOLIDATED STATEMENT OF PROFIT AND LOSS (CONTD.)
Note Page Year ended Year ended Note Page Year ended Year ended
I Revenue from operations 29 407 1,56,294.18 1,48,971.71 XI Other comprehensive income/(loss)
II Other income 30 407 895.60 1,821.99 A. (i) Items that will not be reclassified subsequently to profit and loss:
III Total income 1,57,189.78 1,50,793.70 (a) Remeasurement gain/(loss) on post-employment defined benefit plans (9,418.17) 5,474.69
IV Expenses: (b) Fair value changes of investments in equity shares 354.38 (250.46)
(a) Cost of materials consumed 46,187.96 53,592.83 (c) Share of equity accounted investees 1.68 (3.25)
(b) Purchases of stock-in-trade 9,235.42 10,504.20 (ii) Income tax on items that will not be reclassified subsequently
1,779.97 (1,019.01)
(c) Changes in inventories of finished and semi-finished goods, stock-in- trade to profit and loss
1,516.77 (490.05)
and work‑in-progress B. (i) Items that will be reclassified subsequently to profit and loss:
(d) Employee benefits expense 31 408 19,908.81 19,152.23 (a) Foreign currency translation differences (205.82) 554.96
(e) Finance costs 32 408 7,606.71 7,580.72 (b) Fair value changes of cash flow hedges 332.83 (378.49)
(f ) Depreciation and amortisation expense 33 409 9,233.64 8,707.67 (c) Share of equity accounted investees 18.09 25.94
(g) Other expenses 34 409 50,706.65 50,702.93 (ii) Income tax on items that will be reclassified subsequently to profit and loss (73.97) 78.45
1,44,395.96 1,49,750.53 Total other comprehensive income/(loss) for the year (7,211.01) 4,482.83
(h) Less: Expenditure (other than interest) transferred to capital and other accounts 1,765.69 2,318.00 XII Total comprehensive income/(loss) for the year (X+XI) 978.78 5,655.29
Total expenses 1,42,630.27 1,47,432.53
V Share of profit/(loss) of joint ventures and associates 327.34 187.97 XIII Profit/(loss) for the year attributable to:
VI Profit/(loss) before exceptional items and tax (III-IV+V) 14,886.85 3,549.14 Owners of the Company 7,490.22 1,556.54
VII Exceptional items: 35 410 Non-controlling interests 699.57 (384.08)
(a) Profit on sale of subsidiaries and non-current investments 15.81 202.99 8,189.79 1,172.46
(b) Provision for impairment of investments/doubtful advances 70.23 (40.95) XIV Total comprehensive income for the year attributable to:
(c) Provision for impairment of non-current assets (723.41) (4,372.44) Owners of the Company 281.33 6,026.17
(d) Provision for demands and claims - (196.41) Non-controlling interests 697.45 (370.88)
(e) Employee separation compensation (443.55) (107.37) 978.78 5,655.29
(f ) Restructuring and other provisions 87.50 (165.40) XV Earnings per share 36 410
(g) Gain/(loss) on non-current investments classified as fair value through profit and loss (net) (49.74) (250.00) Basic (₹) 63.78 11.86
Total exceptional items (1,043.16) (4,929.58) Diluted(₹) 63.78 11.86
VIII Profit/(loss) before tax (VI+VII) 13,843.69 (1,380.44) XVI Notes forming part of the consolidated financial statements 1-52
IX Tax expense: 12 380
(a) Current tax 4,288.27 2,113.63
(b) Deferred tax 1,365.63 (4,666.53) In terms of our report attached For and on behalf of the Board of Directors
Total tax expense 5,653.90 (2,552.90) sd/- sd/- sd/- sd/- sd/- sd/-
X Profit/(loss) for the year (VIII-IX) 8,189.79 1,172.46 For Price Waterhouse & Co Chartered Accountants LLP N. Chandrasekaran Mallika Srinivasan O. P. Bhatt Peter Blauwhoff Deepak Kapoor Aman Mehta

ACS: 15921
Mumbai, May 5, 2021
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTD.)

A. Equity share capital C. Other equity (Contd.)

Balance as at Changes Balance as at Retained Items of other Other Share Other equity Non- Total
April 1, 2020 during the year March 31, 2021 earnings [refer comprehensive consolidated application attributable to controlling
1,144.95 52.66 1,197.61 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,
(₹ crore) page 397]
Balance as at Changes Balance as at Balance as at April 1, 2019 14,056.43 7,612.15 43,836.56 - 65,505.14 2,364.46 67,869.60
Profit/(loss) for the year 1,556.54 - - - 1,556.54 (384.08) 1,172.46
1,144.94 0.01 1,144.95 Other comprehensive income
4,459.24 10.39 - - 4,469.63 13.20 4,482.83
for the year
B. Hybrid perpetual securities Total comprehensive income for
6,015.78 10.39 - - 6,026.17 (370.88) 5,655.29
(₹ crore) the year
Balance as at Changes Balance as at Issue of Ordinary Shares - - 0.03 (0.04) (0.01) 192.80 192.79
April 1, 2020 during the year March 31, 2021 Equity issue expenses
(5.31) - - - (5.31) - (5.31)
2,275.00 (1,500.00) 775.00 written (off )/back
Dividend(i) (1,488.13) - - - (1,488.13) (18.42) (1,506.55)
(₹ crore) Tax on dividend (297.40) - - - (297.40) - (297.40)
Balance as at Changes Balance as at Distribution on
April 1, 2019 during the year March 31, 2020 (266.15) - - - (266.15) - (266.15)
hybrid perpetual securities
2,275.00 - 2,275.00 Tax on distribution on hybrid
66.97 - - - 66.97 - 66.97
perpetual securities
C. Other equity Transfers within equity 14.28 (6.63) (7.65) - - - -
(₹ crore) Additions relating to acquisitions - - 584.24 - 584.24 219.91 804.15
Retained Items of other Other Share Other equity Non- Total Disposal of group undertakings - - (0.56) - (0.56) 181.47 180.91
earnings [refer comprehensive consolidated application attributable to controlling Adjustment for changes in
note 21A, income reserves money pending the owners interests 31.35 - - - 31.35 (31.35) -
ownership interests
page 392] [refer note 21B, [refer note 21C, allotment of the Company
page 393] page 394] [refer note 21D, Application money received - - - 0.04 0.04 - 0.04
page 397] Other movements - - - - - 48.61 48.61
Balance as at April 1, 2020 18,127.82 7,615.91 44,412.62 - 70,156.35 2,586.60 72,742.95 Balance as at March 31, 2020 18,127.82 7,615.91 44,412.62 - 70,156.35 2,586.60 72,742.95
Profit / (loss) for the year 7,490.22 - - - 7,490.22 699.57 8,189.79
(i) Dividend paid during the year ended March 31, 2021 is ₹10.00 per Ordinary share (face value ₹10 each, fully paid up) and
Other comprehensive income for
(7,627.26) 418.37 - - (7,208.89) (2.12) (7,211.01) ₹2.504 per Ordinary Share (face value ₹10 each, partly paid up ₹2.504 per share) (March 31, 2020: ₹13.00 per Ordinary Share
the year
of face value ₹10 each, fully paid up and ₹3.25 per Ordinary Share of face value ₹10 each, partly paid up ₹2.504 per share).
Total comprehensive income for
(137.04) 418.37 - - 281.33 697.45 978.78
the year
Issue of Ordinary Shares - - 3,185.84 - 3,185.84 - 3,185.84 D. Notes forming part of the consolidated financial statements Note 1-52
Equity issue expenses
(1.96) - (1.36) - (3.32) - (3.32)
written (off )/back In terms of our report attached For and on behalf of the Board of Directors
Dividend(i) (1,144.75) - - - (1,144.75) (5.78) (1,150.53) sd/- sd/- sd/- sd/- sd/- sd/-
Distribution on hybrid
(242.34) - - - (242.34) - (242.34) Firm Registration Number: 304026E/E-300009 Chairman Independent Director Independent Director Independent Director Independent Director Independent Director
perpetual securities Chartered Accountants DIN: 00121863 DIN: 00037022 DIN: 00548091 DIN: 07728872 DIN: 00162957 DIN: 00009364
Tax on distribution on hybrid
60.99 - - - 60.99 - 60.99 sd/- sd/- sd/- sd/- sd/- sd/-
perpetual securities Russell I Parera V. K. Sharma Saurabh Agrawal T. V. Narendran Koushik Chatterjee Parvatheesam Kanchinadham
Transfers within equity (139.39) 138.68 0.71 - - - - Director Director & Managing Director & Chief Financial Officer Chief Legal Officer
Membership Number 042190
Adjustment for changes in DIN: 02449088 DIN: 02144558 DIN: 03083605 DIN: 00004989 (Corporate & Compliance)
(46.63) - - - (46.63) (7.83) (54.46) ACS: 15921
ownership interests Mumbai, May 5, 2021
Application money received - - - 3.78 3.78 - 3.78
Other movements - - 14.91 - 14.91 (0.76) 14.15
Balance as at March 31, 2021 16,476.70 8,172.96 47,612.72 3.78 72,266.16 3,269.68 75,535.84
CONSOLIDATED STATEMENT OF CASH FLOWS CONSOLIDATED STATEMENT OF CASH FLOWS (CONTD.)

A. Cash flows from operating activities: C. Cash flows from financing activities:
Profit/(loss) before tax 13,843.69 (1,380.44) Proceeds from issue of equity shares (net of issue expenses) 3,238.95 187.53
Adjustments for: Proceeds from long-term borrowings (net of issue expenses) 9,800.61 8,907.35
Depreciation and amortisation expense 9,233.64 8,707.67 Repayment of long-term borrowings (29,168.25) (7,937.37)
Dividend income (41.42) (35.08) Proceeds/(repayments) of short term borrowings (net) (10,008.99) 7,666.32
(Gain)/Loss on sale of non-current investments (0.27) (2.01) Payment of lease obligations (1,283.92) (1,028.99)
(Gain)/loss on sale of property, plant and equipment including intangible Proceeds from divestment of stake in subsidiary 21.06 -
(148.03) 4.36
assets (net of loss on assets scrapped/written off ) Amount received/(paid) on utilisation/cancellation of derivatives 31.34 10.78
Exceptional (income)/expenses 1,043.16 4,929.58 Repayment of Hybrid Perpetual securities (1,500.00) -
(Gain)/loss on cancellation of forwards, swaps and options 2.72 1.26 Distribution on Hybrid Perpetual securities (266.25) (265.76)
Interest income and income from current investments (508.02) (1,547.11) Interest paid (6,803.69) (7,419.26)
Finance costs 7,606.71 7,580.72 Dividend paid (1,150.53) (1,506.55)
Foreign exchange (gain)/loss (2,375.23) 982.07 Tax on dividend paid - (308.67)
Share of profit or loss of joint ventures and associates (327.34) (187.97) Net cash from/(used in) financing activities (37,089.67) (1,694.62)
Other non-cash items 210.08 (974.62) Net increase/(decrease) in cash and cash equivalents (2,085.87) 3,943.75
14,696.00 19,458.87 Opening cash and cash equivalents(ii) 7,732.34 3,270.30
Operating profit before changes in non-current/current assets and Effect of exchange rate on translation of foreign currency cash and cash
28,539.69 18,078.43 (114.39) 518.29
liabilities equivalents
Adjustments for: Closing cash and cash equivalents (Refer note 16, page 386)(ii) 5,532.08 7,732.34
Non-current/current financial and other assets 178.35 4,631.12
Inventories 45.68 1,561.94
(i) Includes ₹84.81 crore (2019-20: ₹112.75 crore) received in respect of deferred consideration on disposal of subsidiary and
joint venture.
Non-current/current financial and other liabilities/provisions 16,267.28 (1,996.86)
16,491.31 4,196.20 (ii) Opening cash and cash equivalents includes ₹190.38 crore (2019-20: ₹294.77 crore) and closing cash and cash equivalents
Cash generated from operations 45,031.00 22,274.63 includes Nil (2019-20: ₹190.38 crore) in respect of subsidiaries classified as held for sale.
Income taxes paid (net of refund) (704.32) (2,105.91) (iii) Significant non-cash movements in borrowings during the year include:
Net cash from/(used in) operating activities 44,326.68 20,168.72
(a) addition on account of subsidiaries acquired during the year Nil (2019-20: ₹121.71 crore) and reclassified from held for
B. Cash flows from investing activities:
sale ₹534.10 crore (2019-20: Nil)
Purchase of capital assets (6,978.59) (10,398.00) (b) reduction on account of subsidiaries disposed off and liquidated Nil (2019-20: ₹182.28 crore)
Sale of capital assets 444.63 385.73
(c) exchange loss (including translation) ₹76.65 crore (2019-20: ₹4,095.03 crore)
Purchase of non-current investments (70.64) (61.83)
Sale of non-current investments - 121.21 (d) amortisation/effective interest rate adjustments of upfront fees ₹606.55 crore (2019-20: ₹498.76 crore)
(Purchase)/sale of current investments (net) (3,560.04) (766.15) (e) net addition to lease obligations ₹1,536.59 crore (2019-20: increase ₹4,080.85 crore)
Repayment of loans given 25.78 8.16
Principal receipts under sublease 101.04 67.72 (f) gain on refinancing treated as modification of existing borrowings Nil (2019-20: ₹1,169.66 crore).
Fixed/restricted deposits with banks (placed)/realised 223.80 (138.18)
D. Notes forming part of the consolidated financial statements Note 1-52
Interest received 266.28 202.57
Dividend received from associates and joint ventures 92.85 56.02 In terms of our report attached For and on behalf of the Board of Directors
Dividend received from others 42.03 46.64 sd/- sd/- sd/- sd/- sd/- sd/-
Acquisition of subsidiaries/undertakings - (4,432.74) For Price Waterhouse & Co Chartered Accountants LLP N. Chandrasekaran Mallika Srinivasan O. P. Bhatt Peter Blauwhoff Deepak Kapoor Aman Mehta
Sale of subsidiaries/undertakings(i) 89.98 378.50 Chartered Accountants DIN: 00121863 DIN: 00037022 DIN: 00548091 DIN: 07728872 DIN: 00162957 DIN: 00009364
Net cash from/(used in) investing activities (9,322.88) (14,530.35)
ACS: 15921
Mumbai, May 5, 2021
NOTES NOTES
forming part of the consolidated financial statements forming part of the consolidated financial statements
1. Company Information exception of certain assets and liabilities that are required 2. Significant accounting policies (Contd.) Non-current assets held for sale
to be carried at fair values by Ind AS. The recognition of non-current assets (or disposal
Tata Steel Limited (“the Company”) is a public limited change in depreciation and amortisation expense in
Company incorporated in India with its registered office Fair value is the price that would be received to sell an future periods. The policy has been detailed in note 2(n), groups) as held for sale is dependent upon whether its
in Mumbai, Maharashtra, India. The Company is listed on asset or paid to transfer a liability in an orderly transaction page 355. carrying amount will be recovered principally through
the BSE Limited (BSE) and the National Stock Exchange of between market participants at the measurement date. a sale transaction rather than through continuing use.
India Limited (NSE). Valuation of deferred tax assets Significant judgement is required to assess whether the
(c) Use of estimates and critical accounting judgements The Group reviews the carrying amount of deferred tax sale of the assets (or disposal group) is highly probable.
The Company and its subsidiaries (collectively referred
In the preparation of the consolidated financial assets at the end of each reporting period. The policy
to as ‘the Group’) have presence across the entire value Estimation of uncertainties relating to COVID-19
statements, the Group makes judgements in the has been detailed in note 2(y), page 361 and its further
chain of steel manufacturing from mining and processing The Group has assessed the possible impact of COVID-19
application of accounting policies; and estimates and information are set out in note 12, page 380.
iron ore and coal to producing and distributing finished on its financial statements based on the internal and
assumptions which affects the carrying values of assets
products. The Group offers a broad range of steel products Provisions and contingent liabilities external information available upto the date of approval
and liabilities that are not readily apparent from other
including a portfolio of high value- added downstream of the financial statements and concluded no adjustment
sources. The estimates and associated assumptions are A provision is recognised when the Group has a present
products such as hot rolled, cold rolled, coated steel, is required in these consolidated financial statements.
based on historical experience and other factors that are obligation as result of a past event and it is probable
rebars, wire rods, tubes and wires. The Group continues to monitor the future economic
considered to be relevant. Actual results may differ from that the outflow of resources will be required to settle
The consolidated financial statements as at March 31, 2021 these estimates. the obligation, in respect of which a reliable estimate conditions.
present the financial position of the Group as well as its can be made. These are reviewed at each balance sheet
Estimates and underlying assumptions are reviewed on (d) Basis of consolidation
interests in associate companies and joint arrangements. date and adjusted to reflect the current best estimates.
an ongoing basis. Revisions to accounting estimates are The consolidated financial statements incorporate
The list of entities consolidated is provided in note 52, Contingent liabilities are not recognised in the financial
recognised in the period in which the estimate is revised the financial statements of the Company and entities
page 443. statements. Further details are set out in note 25, page
and future periods affected. controlled by the Company i.e. its subsidiaries. It also
404 and note 38(A), page 422.
The functional and presentation currency of the Company includes the Group’s share of profits, net assets and
Key source of estimation of uncertainty at the date of
and the presentation currency of the Group is Indian Fair value measurements of financial instruments retained post acquisition reserves of joint arrangements
consolidated financial statements, which may cause
Rupee (“₹”). and associates that are consolidated using the equity or
material adjustment to the carrying amounts of assets When the fair value of financial assets and financial
As on March 31, 2021, Tata Sons Private Limited owns and liabilities within the next financial year, is in respect liabilities recorded in the balance sheet cannot be proportionate method of consolidation, as applicable.
32.93% of the Ordinary Shares of the Company, and has of impairment, useful lives of property, plant and measured based on quoted prices in active markets, Control is achieved when the Company is exposed to, or
the ability to influence the Group’s operations. equipment and intangible assets, valuation of deferred their fair value is measured using valuation techniques has rights to the variable returns of the entity and the
tax assets, provisions and contingent liabilities, fair value including Discounted Cash Flow Model. The inputs ability to affect those returns through its power to direct
The financial statements for the year ended March 31, 2021
measurements of financial instruments, retirement to these models are taken from observable markets the relevant activities of the entity.
were approved by the Board of Directors and authorised
benefit obligations and non-current assets classified as where possible, but where this is not feasible, a degree
for issue on May 5, 2021. The results of subsidiaries, joint arrangements and
held for sale as discussed below: of judgement is required in establishing fair values.
Judgements include considerations of inputs such as associates acquired or disposed off during the year are
2. Significant accounting policies Impairment included in the consolidated statement of profit and loss
liquidity risks, credit risks and volatility. Changes in
The significant accounting policies applied by the The Group estimates the value in use of the cash assumptions about these factors could affect the reported from the effective date of acquisition or up to the effective
Group in the preparation of its consolidated financial generating unit (CGU) based on future cash flows after fair value of financial instruments. Further details are set date of disposal, as appropriate.
statements are listed below. Such accounting policies considering current economic conditions and trends, out in note 42, page 429. Wherever necessary, adjustments are made to the
have been applied consistently to all the periods estimated future operating results and growth rates and financial statements of subsidiaries, joint arrangements
presented in these consolidated financial statements, anticipated future economic and regulatory conditions. Retirement benefit obligations and assets
and associates to bring their accounting policies in line
unless otherwise indicated. The estimated cash flows are developed using internal The Group’s retirement benefit obligations are subject to a with those used by other members of the Group.
forecasts. The cash flows are discounted using a suitable number of assumptions including discount rates, inflation,
(a) Statement of compliance Intra-group transactions, balances, income and expenses
discount rate in order to calculate the present value. salary growth and mortality rate. Significant assumptions
The consolidated financial statements have been prepared Further details of the Group’s impairment review and are required when setting these criteria and a change in are eliminated on consolidation.
in accordance with the Indian Accounting Standards key assumptions are set out in note 3, page 364, note 4, these assumptions would have a significant impact on Non-controlling interests in the net assets of consolidated
(referred to as “Ind AS”) prescribed under section 133 of page 368, note 5, page 371 and note 6, page 372. the amount recorded in the Group’s balance sheet and subsidiaries are identified separately from the Group’s
the Companies Act, 2013 read with Companies (Indian the consolidated statement of profit and loss. The Group equity. The interest of non-controlling shareholders
Accounting Standards) Rules, as amended from time to Useful lives of property, plant and equipment and sets these assumptions based on previous experience and may be initially measured either at fair value or at the
time and other relevant provisions of the Act. intangible assets third party actuarial advice. Further details on the Group’s non-controlling interests’ proportionate share of the fair
The Group reviews the useful life of property, plant retirement benefit obligations, including key assumptions value of the acquiree’s identifiable net assets. The choice
(b) Basis of preparation
and equipment and intangible assets at the end of are set out in note 37, page 411. of measurement basis is made on an acquisition-by-
The consolidated financial statements have been each reporting period. This reassessment may result in acquisition basis. Subsequent to acquisition, the carrying
prepared under the historical cost convention with the
NOTES NOTES
2. Significant accounting policies (Contd.) For the purpose of impairment testing, goodwill is 2. Significant accounting policies (Contd.) the carrying value of the replaced part is de-recognised.
allocated to each of the Group’s cash-generating units Where an item of property, plant and equipment
value of non-controlling interests is the amount of those Where Group entity undertakes its activities under joint
or groups of cash- generating units that are expected comprises major components having different useful lives,
interests at initial recognition plus the non-controlling arrangements as joint operations, the Group’s share
to benefit from the synergies of the combination. Cash- these components are accounted for as separate items.
interests’ share of subsequent changes in equity. Total of jointly controlled assets and any liabilities incurred
generating units to which goodwill has been allocated are
comprehensive income is attributed to non-controlling jointly with other parties are recognised in its financial Property, plant and equipment is stated at cost or deemed
tested for impairment annually, or more frequently when
interests even if it results in the non-controlling interests statements and classified according to their nature. cost applied on transition to Ind AS, less accumulated
there is an indication that the unit’s value may be impaired.
having a deficit balance. Liabilities and expenses incurred directly in respect of depreciation and impairment. Cost includes all direct
If the recoverable amount of the cash-generating unit is
interests in joint operations are accounted for on the costs and expenditures incurred to bring the asset to its
(e) Business combinations less than the carrying value of the unit, the impairment
accrual basis. Income from the sale or use of the Group’s working condition and location for its intended use. Trial
loss is allocated first to reduce the carrying value of any
Acquisition of subsidiaries and businesses are accounted share of the output of joint operations, and its share of run expenses are capitalised. Borrowing costs incurred
goodwill allocated to the unit and then to the other assets
for using the acquisition method. The consideration joint arrangements expenses, are recognised when it is during the period of construction is capitalised as part of
of the unit in proportion to the carrying value of each
transferred in each business combination is measured at probable that the economic benefits associated with the cost of qualifying asset.
asset in the unit.
the aggregate of the acquisition date fair values of assets transactions will flow to the Group and their amount can
The gain or loss arising on disposal of an item of property,
given, liabilities incurred by the Group to the former An impairment loss recognised for goodwill is not reversed be measured reliably.
plant and equipment is determined as the difference
owners of the acquiree and equity interests issued by the in a subsequent period. On disposal of a subsidiary,
Joint arrangements that involve the establishment of a between sale proceeds and carrying value of such item,
Group in exchange for control of the acquiree. the attributable amount of goodwill is included in the
separate entity in which each venturer has an interest are and is recognised in the consolidated statement of profit
determination of profit or loss on disposal.
Acquisition related costs are recognised in the referred to as joint ventures. The Group reports its interests and loss.
consolidated statement of profit and loss. (g) Investment in associates in joint ventures using the equity method of accounting
whereby an interest in joint venture is initially recorded at (j) Exploration for and evaluation of mineral resources
Goodwill arising on acquisition is recognised as an Associates are those enterprises over which the Group has
cost and adjusted thereafter for post-acquisition changes Expenditures associated with search for specific mineral
asset and measured at cost, being the excess of the significant influence, but does not have control or joint
in the Group’s share of net assets of the joint venture. resources are recognised as exploration and evaluation
consideration transferred in the business combination control.
The consolidated statement of profit and loss reflects assets. The following expenditure comprises the cost of
over the Group’s interest in the net fair value of the
Investments in associates are accounted for using the the Group’s share of the results of operations of the joint exploration and evaluation assets:
identifiable assets acquired, liabilities assumed and
equity method and are initially recognised at cost from venture.
contingent liabilities recognised. Where the fair value of • obtaining of the rights to explore and evaluate
the date significant influence commences until the date
the identifiable assets and liabilities exceed the cost of When the Group’s share of losses exceeds the carrying mineral reserves and resources including costs
that significant influence ceases. Subsequent changes in
acquisition, after re-assessing the fair values of the net value of the joint venture, the carrying value is reduced to directly related to this acquisition
the carrying value reflect the post-acquisition changes
assets and contingent liabilities, the excess is recognised nil and recognition of further losses is discontinued, except
in the Group’s share of net assets of the associate and • researching and analysing existing exploration data
as capital reserve on consolidation. to the extent that the Group has incurred obligations in
impairment charges, if any.
respect of the joint venture. • conducting geological studies, exploratory drilling
Once control has been achieved, any subsequent
When the Group’s share of losses exceeds the carrying and sampling
acquisitions where the Group does not originally hold Unrealised gains on transactions between the Group
value of the associate, the carrying value is reduced to nil
hundred percent interest in a subsidiary are treated as an and its joint ventures are eliminated to the extent of the • examining and testing extraction and treatment
and recognition of further losses is discontinued, except
acquisition of shares from non-controlling shareholders. Group’s interest in the joint venture, unrealised losses are methods
to the extent that the Group has incurred obligations in
The identifiable net assets are not subject to further fair also eliminated unless the transaction provides evidence
respect of the associate. • compiling pre-feasibility and feasibility studies
value adjustments and the difference between the cost of an impairment of the asset transferred and where
of acquisition of the non-controlling interest and the net Unrealised gains on transactions between the Group and material, the results of joint ventures are modified to • activities in relation to evaluating the technical
book value of the additional interest acquired is adjusted its associates are eliminated to the extent of the Group’s conform to the Group’s accounting policies. feasibility and commercial viability of extracting a
in equity. interest in the associates, unrealised losses are also mineral resource.
eliminated unless the transaction provides evidence of an (i) Property, plant and equipment
Business combinations arising from transfer of interests Administration and other overhead costs are charged
impairment of the asset transferred and where material, An item of property, plant and equipment is recognised
in entities that are under common control are accounted to the cost of exploration and evaluation assets only if
the results of associates are modified to confirm to the as an asset if it is probable that future economic benefits
for using the pooling of interest method. The difference directly related to an exploration and evaluation project.
Group’s accounting policies. associated with the item will flow to the Group and its
between any consideration transferred and the aggregate
cost can be measured reliably. This recognition principle If a project does not prove viable, all irrecoverable
historical carrying values of assets and liabilities of the (h) Interest in joint arrangements is applied to costs incurred initially to acquire an item of exploration and evaluation expenditure associated with
acquired entity are recognised in shareholders’ equity.
A joint arrangement is a contractual arrangement property, plant and equipment and also to costs incurred the project net of any related impairment allowances is
(f) Goodwill whereby the Group and other parties undertake an subsequently to add to, replace part of, or service it. All written off to the consolidated statement of profit and
economic activity where the strategic financial and other repair and maintenance costs, including regular loss.
Goodwill is initially recognised as an asset at cost and
operating policy decisions relating to the activities of the servicing, are recognised in the consolidated statement
is subsequently measured at cost less any accumulated
joint arrangement require the unanimous consent of the of profit and loss as incurred. When a replacement occurs,
impairment losses.
parties sharing control.
NOTES NOTES
2. Significant accounting policies (Contd.) using an appropriate discount rate where the effect of 2. Significant accounting policies (Contd.) Major furnace relining expenses are depreciated over a
time value of money is material. Future restoration and period of 10 years (average expected life).
The Group measures its exploration and evaluation assets Intangible assets acquired in a business combination are
environmental costs, discounted to net present value,
at cost and classifies as property, plant and equipment identified and recognised separately from goodwill where Freehold land is not depreciated.
are capitalised and the corresponding restoration liability
or intangible assets according to the nature of the assets they satisfy the definition of an intangible asset and their
is raised as soon as the obligation to incur such costs * For these class of assets, based on internal assessment
acquired and applies the classification consistently. To the fair values can be measured reliably. The cost of such
arises. Future restoration and environmental costs are and independent technical evaluation carried out by
extent that a tangible asset is consumed in developing an intangible assets is their fair value at the acquisition date.
capitalised in property, plant and equipment or mining chartered engineers, the Company and some of its
intangible asset, the amount reflecting that consumption
assets as appropriate and are depreciated over the life of Subsequent to initial recognition, intangible assets with subsidiaries believe that the useful lives as given above
is capitalised as a part of the cost of the intangible asset.
the related asset. The effect of time value of money on the definite useful lives acquired in a business combination best represent the period over which such Company
As the asset is not available for use, it is not depreciated. restoration and environmental costs liability is recognised are reported at cost or deemed cost applied on transition expects to use these assets. Hence the useful lives
All exploration and evaluation assets are monitored for in the consolidated statement of profit and loss. to Ind AS, less accumulated amortisation and accumulated for these assets are different from the useful lives as
indications of impairment. An exploration and evaluation impairment losses. prescribed under Part C of Schedule II of the Companies
asset is no longer classified as such when the technical (m) Intangible assets Act, 2013.
feasibility and commercial viability of extracting a mineral Patents, trademarks and software costs are included in the (n) Depreciation and amortisation of property, plant
resource are demonstrable and the development of consolidated balance sheet as intangible assets when it is and equipment, right-of-use assets and intangible (o) Impairment
the deposit is sanctioned by the management. The probable that associated future economic benefits would assets At each balance sheet date, the Group reviews the carrying
carrying value of such exploration and evaluation asset flow to the Group. In this case they are measured initially at Depreciation or amortisation is provided so as to write off, value of its property, plant and equipment and intangible
is reclassified to mining assets. purchase cost and then amortised on a straight-line basis on a straight-line basis, the cost/deemed cost of property, assets to determine whether there is any indication that
over their estimated useful lives. All other costs on patents, plant and equipment and intangible assets, including the carrying value of those assets may not be recoverable
(k) Development expenditure for mineral reserves trademarks and software are expensed in the consolidated right-of-use assets to their residual value. These charges through continuing use. If any such indication exists, the
Development is the establishment of access to mineral statement of profit and loss as and when incurred. are commenced from the dates the assets are available recoverable amount of the asset is reviewed in order to
reserves and other preparations for commercial Expenditure on research activities is recognised as an for their intended use and are spread over their estimated determine the extent of impairment loss, if any. Where the
production. Development activities often continue expense in the period in which it is incurred. Costs incurred useful economic lives or, in the case of right-of-use assets, asset does not generate cash flows that are independent
during production and include: on individual development projects are recognised as over the lease period, if shorter. The estimated useful lives from other assets, the Group estimates the recoverable
intangible assets from the date when all of the following of assets, residual values and depreciation method are amount of the cash generating unit to which the asset
• sinking shafts and underground drifts (often called
conditions are met: reviewed regularly and, when necessary, revised. belongs.
mine development)
(i) completion of the development is technically Depreciation on assets under construction commences Recoverable amount is the higher of fair value less costs
• making permanent excavations
feasible. only when the assets are ready for their intended use. to sell and value in use. In assessing value in use, the
• developing passageways and rooms or galleries estimated future cash flows are discounted to their present
(ii) it is the intention to complete the intangible asset The estimated useful lives for the main categories of
value using a pre-tax discount rate that reflects current
• building roads and tunnels and and use or sell it. property, plant and equipment and other intangible
market assessments of the time value of money and the
assets are:
• advance removal of overburden and waste rock. (iii) ability to use or sell the intangible asset. risks specific to the asset for which the estimates of future
Estimated useful cash flows have not been adjusted. An impairment loss is
Development (or construction) also includes the (iv) it is clear that the intangible asset will generate life (years) recognised in the consolidated statement of profit and
installation of infrastructure (e.g., roads, utilities and probable future economic benefits.
Freehold and long leasehold buildings upto 60 years* loss as and when the carrying value of an asset exceeds
housing), machinery, equipment and facilities.
(v) adequate technical, financial and other resources Roads 5 years its recoverable amount.
Development expenditure is capitalised and presented as to complete the development and to use or sell the Plant and machinery upto 40 years* Where an impairment loss subsequently reverses, the
part of mining assets. No depreciation is charged on the intangible asset are available. Furniture, fixture and office equipment 3 to 25 years carrying value of the asset (or cash generating unit)
development expenditure before the start of commercial Vehicles and aircraft 4 to 20 years
(vi) it is possible to reliably measure the expenditure is increased to the revised estimate of its recoverable
production. Railway sidings upto 35 years*
attributable to the intangible asset during its amount, so that the increased carrying value does
(l) Provision for restoration and environmental costs development. Assets covered under the Electricity Act (life 3 to 34 years not exceed the carrying value that would have been
as prescribed under the Electricity Act) determined had no impairment loss been recognised for
The Group has liabilities related to restoration of soil and Recognition of costs as an asset is ceased when the project Patents and trademarks 4 years the asset (or cash generating unit) in prior years. A reversal
other related works, which are due upon the closure of is complete and available for its intended use, or if these
Product and process development costs 5 years of an impairment loss is recognised in the consolidated
certain of its mining sites. criteria are no longer applicable.
Computer software upto 8 years statement of profit and loss immediately.
Such liabilities are estimated case-by-case based on Where development activities do not meet the conditions Other assets 1 to 15 years
available information, taking into account applicable for recognition as an asset, any associated expenditure is (p) Leases
local legal requirements. The estimation is made using treated as an expense in the period in which it is incurred. Mining assets are amortised over the useful life of the The Group determines whether an arrangement contains
existing technology, at current prices, and discounted mine or lease period whichever is lower. a lease by assessing whether the fulfilment of a transaction
NOTES NOTES
2. Significant accounting policies (Contd.) the carrying amount of the right-of-use asset is reduced to 2. Significant accounting policies (Contd.) • the Group can identify the component of the ore
zero and there is a further reduction in the measurement body for which access has been improved and
is dependent on the use of a specific asset and whether stripping costs ends when the commercial production of
of the lease liability, the Group recognises any remaining
the transaction conveys the right to control the use of that the mineral reserves begins. • the costs relating to the improved access to that
amount of the re-measurement in the consolidated
asset to the Group in return for payment. component can be measured reliably.
statement of profit and loss. A mine can operate several open pits that are regarded
The Group as lessee as separate operations for the purpose of mine planning Such costs are presented within mining assets. After
Variable lease payments not included in the measurement
and production. In this case, stripping costs are accounted initial recognition, stripping activity assets are carried
The Group accounts for each lease component within the of the lease liabilities are expensed to the consolidated
for separately, by reference to the ore extracted from each at cost/deemed cost less accumulated amortisation and
contract as a lease separately from non-lease components statement of profit and loss in the period in which the
separate pit. If, however, the pits are highly integrated for impairment. The expected useful life of the identified
of the contract and allocates the consideration in the events or conditions which trigger those payments occur.
the purpose of mine planning and production, stripping component of the ore body is used to depreciate or
contract to each lease component on the basis of the
In a sale and lease back transaction, the Group measures costs are aggregated too. amortise the stripping asset.
relative stand-alone price of the lease component
right-of-use asset arising from the leaseback as the
and the aggregate stand-alone price of the non-lease The determination of whether multiple pit mines are (r) Financial instruments
proportion of the previous carrying amount of the asset
components. The Group recognises right-of-use asset considered separate or integrated operations depends
that relates to the right of use retained. The gain or loss Financial assets and financial liabilities are recognised
representing its right to use the underlying asset for the on each mine’s specific circumstances. The following
that the Group recognises in the statement of profit and when the Group becomes a party to the contractual
lease term at the lease commencement date. The cost of factors normally point towards the stripping costs for the
loss is limited to the proportion of the total gain or loss provisions of the instrument. Financial assets and
the right-of-use asset measured at inception comprises individual pits being accounted for separately:
that relates to the rights transferred to the buyer. liabilities are initially measured at fair value. Transaction
of the amount of initial measurement of the lease liability
• mining of the second and subsequent pits is costs that are directly attributable to the acquisition or
adjusted for any lease payments made at or before the The Group as lessor conducted consecutively with that of the first pit, issue of financial assets and financial liabilities (other
commencement date.
(i) Operating lease – Rental income from operating rather than concurrently than financial assets and financial liabilities at fair value
Certain lease arrangements include options to extend leases is recognised in the consolidated statement through profit and loss) are added to or deducted from
• separate investment decisions are made to develop
or terminate the lease before the end of the lease term. of profit and loss on a straight-line basis over the the fair value measured on initial recognition of financial
each pit, rather than a single investment decision
The right-of-use assets and lease liabilities include these term of the relevant lease unless another systematic asset or financial liability. The transaction costs directly
being made at the outset
options when it is reasonably certain that such options basis is more representative of the time pattern in attributable to the acquisition of financial assets and
would be exercised. which economic benefits from the leased asset is • the pits are operated as separate units in terms of financial liabilities at fair value through profit and loss are
diminished. Initial direct costs incurred in negotiating mine planning and the sequencing of overburden immediately recognised in the consolidated statement of
The right-of-use assets are subsequently measured at
and arranging an operating lease are added to the and ore mining, rather than as an integrated unit profit and loss.
cost less any accumulated depreciation, accumulated
carrying value of the leased asset and recognised on
impairment losses, if any, and adjusted for any re- • expenditure for additional infrastructure to support Effective interest method
a straight-line basis over the lease term.
measurement of the lease liability. The right-of-use assets the second and subsequent pits are relatively large
The effective interest method is a method of calculating
are depreciated using the straight-line method from the (ii) Finance lease – When assets are leased out under
• the pits extract ore from separate and distinct ore the amortised cost of a financial instrument and of
commencement date over the shorter of lease term or a finance lease, the present value of minimum
bodies, rather than from a single ore body. allocating interest income or expense over the relevant
useful life of right-of-use asset. lease payments is recognised as a receivable. The
period. The effective interest rate is the rate that exactly
difference between the gross receivable and the The relative importance of each factor is considered by
Right-of-use assets are tested for impairment whenever discounts future cash receipts or payments through
present value of receivable is recognised as unearned the management to determine whether, the stripping
there is any indication that their carrying amounts may the expected life of the financial instrument, or where
finance income. Lease income is recognised over the costs should be attributed to the individual pit or to the
not be recoverable. Impairment loss, if any, is recognised appropriate, a shorter period.
term of the lease using the net investment method combined output from the several pits.
in the consolidated statement of profit and loss.
before tax, which reflects a constant periodic rate (I) Financial assets
Production stripping costs are incurred to extract the ore
Lease liability is measured at the present value of the lease of return.
in the form of inventories and/or to improve access to an Cash and bank balances
payments that are not paid at the commencement date
(q) Stripping costs additional component of an ore body or deeper levels
of the lease. The lease payments are discounted using the Cash and bank balances consist of:
of material. Production stripping costs are accounted for
interest rate implicit in the lease, if that rate can be readily The Group separates two different types of stripping costs
as inventories to the extent the benefit from production (i) Cash and cash equivalents - which include cash
determined. If that rate cannot be readily determined, the that are incurred in surface mining activity:
stripping activity is realised in the form of inventories. on hand, deposits held at call with banks and other
Group uses incremental borrowing rate. The lease liability
• developmental stripping costs and short-term deposits which are readily convertible
is subsequently remeasured by increasing the carrying The Group recognises a stripping activity asset in the
into known amounts of cash, are subject to an
amount to reflect interest on the lease liability, reducing • production stripping costs production phase if, and only if, all of the following
insignificant risk of change in value and have original
the carrying amount to reflect the lease payments are met:
Developmental stripping costs which are incurred in maturities of less than one year. These balances with
made and remeasuring the carrying amount to reflect
order to obtain access to quantities of mineral reserves • it is probable that the future economic benefit banks are unrestricted for withdrawal and usage.
any reassessment or lease modifications. The Group
that will be mined in future periods are capitalised as (improved access to the ore body) associated with the
recognises the amount of the re-measurement of lease
part of mining assets. Capitalisation of developmental stripping activity will flow to the Group
liability as an adjustment to the right-of-use asset. Where
NOTES NOTES
2. Significant accounting policies (Contd.) Dividend income 2. Significant accounting policies (Contd.) offset of changes in fair value or cash flows attributable to
Dividend income from investments is recognised when the hedged risk. The effectiveness of hedge instruments
(ii) Other bank balances - which include balances and Financial Liabilities
the right to receive payment has been established. to reduce the risk associated with the exposure being
deposits with banks that are restricted for withdrawal Trade and other payables are initially measured at fair hedged is assessed and measured at the inception and on
and usage. value, net of transaction costs, and are subsequently
Impairment of financial assets an ongoing basis. The ineffective portion of designated
measured at amortised cost, using the effective interest hedges is recognised immediately in the consolidated
Financial assets at amortised cost Loss allowance for expected credit losses is recognised for
rate method where the time value of money is significant. statement of profit and loss.
Financial assets are subsequently measured at amortised financial assets measured at amortised cost and fair value
cost if these financial assets are held within a business through other comprehensive income. Interest bearing bank loans, overdrafts and issued debt When hedge accounting is applied:
model whose objective is to hold these assets in order to are initially measured at fair value and are subsequently
The Group recognises life time expected credit losses for • for fair value hedges of recognised assets and
collect contractual cash flows and the contractual terms measured at amortised cost using the effective interest
all trade receivables that do not constitute a financing liabilities, changes in fair value of the hedged assets
of the financial asset give rise on specified dates to cash rate method. Any difference between the proceeds (net
transaction. and liabilities attributable to the risk being hedged,
flows that are solely payments of principal and interest on of transaction costs) and the settlement or redemption of
For financial assets (apart from trade receivables that do borrowings is recognised over the term of the borrowings are recognised in the consolidated statement of
the principal amount outstanding.
not constitute a financing transaction) whose credit risk in the consolidated statement of profit and loss. profit and loss and compensate for the effective
Financial assets measured at fair value has not significantly increased since initial recognition, portion of symmetrical changes in the fair value of
loss allowance equal to twelve months expected credit De-recognition of financial liabilities the derivatives.
Financial assets are measured at fair value through other
comprehensive income if such financial assets are held losses is recognised. Loss allowance equal to the lifetime The Group derecognises financial liabilities when, and • for cash flow hedges, the effective portion of the
within a business model whose objective is to hold these expected credit losses is recognised if the credit risk of only when, the Group’s obligations are discharged, change in the fair value of the derivative is recognised
assets in order to collect contractual cash flows and to the financial asset has significantly increased since initial cancelled or they expire. directly in other comprehensive income and the
sell these financial assets and the contractual terms of the recognition. ineffective portion is recognised in the consolidated
Derivative financial instruments and hedge
financial asset give rise on specified dates to cash flows statement of profit and loss. If the cash flow hedge of
De-recognition of financial assets accounting
that are solely payments of principal and interest on the a firm commitment or forecasted transaction results
principal amount outstanding. The Group de-recognises a financial asset only when the In the ordinary course of business, the Group uses certain in the recognition of a non-financial asset or liability,
contractual rights to the cash flows from the asset expire, derivative financial instruments to reduce business risks then, at the time the asset or liability is recognised, the
The Group in respect of certain equity investments or it transfers the financial asset and substantially all risks which arise from its exposure to foreign exchange, associated gains or losses on the derivative that had
(other than in associates and joint ventures) which are and rewards of ownership of the asset to another entity. base metal prices and interest rate fluctuations. The previously been recognised in equity are included
not held for trading has made an irrevocable election instruments are confined principally to forward foreign
If the Group neither transfers nor retains substantially in the initial measurement of the asset or liability.
to present in other comprehensive income subsequent exchange contracts, forward rate agreements, cross
all the risks and rewards of ownership and continues to For hedges that do not result in the recognition of a
changes in the fair value of such equity instruments. currency swaps, interest rate swaps and collar. The
control the transferred asset, the Group recognises its non-financial asset or a liability, amounts deferred in
Such an election is made by the Group on an instrument instruments are employed as hedges of transactions
retained interest in the assets and an associated liability equity are recognised in the consolidated statement
by instrument basis at the time of initial recognition of included in the financial statements or for highly probable
for amounts it may have to pay. of profit and loss in the same period in which the
such equity investments. These investments are held forecast transactions/firm contractual commitments. hedged item affects the consolidated statement of
for medium or long-term strategic purpose. The Group If the Group retains substantially all the risks and rewards These derivatives contracts do not generally extend profit and loss.
has chosen to designate these investments in equity of ownership of a transferred financial asset, the Group beyond six months, except for certain currency swaps
instruments as fair value through other comprehensive continues to recognise the financial asset and also and interest rate derivatives. In cases where hedge accounting is not applied, changes
income as the management believes this provides a recognises a borrowing for the proceeds received. in the fair value of derivatives are recognised in the
more meaningful presentation for medium or long-term Derivatives are initially accounted for and measured at consolidated statement of profit and loss as and when
strategic investments, than reflecting changes in fair (II) Financial liabilities and equity instruments fair value from the date the derivative contract is entered they arise.
value immediately in the consolidated statement of profit into and are subsequently remeasured to their fair value
Classification as debt or equity at the end of each reporting period. Hedge accounting is discontinued when the hedging
and loss.
Financial liabilities and equity instruments issued by the instrument expires or is sold, terminated, or exercised, or
Financial assets not measured at amortised cost or at fair The Group adopts hedge accounting for forward foreign no longer qualifies for hedge accounting. At that time,
Group are classified according to the substance of the
value through other comprehensive income are carried exchange, interest rate and commodity contracts any cumulative gain or loss on the hedging instrument
contractual arrangements entered into and the definitions
at fair value through profit and loss. wherever possible. At the inception of each hedge, there recognised in equity is retained in equity until the
of a financial liability and an equity instrument.
is a formal, documented designation of the hedging forecasted transaction occurs. If a hedged transaction is
Interest income Equity instruments relationship. This documentation includes, inter alia, items no longer expected to occur, the net cumulative gain or
Interest income is accrued on a time proportion basis, such as identification of the hedged item and transaction loss recognised in equity is transferred to the consolidated
An equity instrument is any contract that evidences a
by reference to the principal outstanding and effective and nature of the risk being hedged. At inception each statement of profit and loss for the period.
residual interest in the assets of the Group after deducting
interest rate applicable. hedge is expected to be highly effective in achieving an
all of its liabilities. Equity instruments are recorded at the
proceeds received, net of direct issue costs.
NOTES NOTES
2. Significant accounting policies (Contd.) conversion from their existing state to a finished condition 2. Significant accounting policies (Contd.) of assets and liabilities in the financial statements and
and for the cost of marketing, selling and distribution. the corresponding tax bases used in the computation
(s) Employee benefits of the pattern of fulfilment of obligations associated with
of taxable profit, and is accounted for using the balance
Provisions are made to cover slow moving and obsolete the grant received. Grants received less amounts credited
Defined contribution plans sheet liability method. Deferred tax liabilities are generally
items based on historical experience of utilisation on to the consolidated statement of profit and loss at the
Contributions under defined contribution plans are recognised for all taxable temporary differences. In
a product category basis, which involves individual reporting date are included in the consolidated balance
recognised as an expense for the period in which the contrast, deferred tax assets are only recognised to the
businesses considering their product lines and market sheet as deferred income.
employee has rendered the service. Payments made to extent that it is probable that future taxable profits will
conditions.
state managed retirement benefit schemes are dealt with (x) Non-current assets held for sale and discontinued be available against which the temporary differences can
as payments to defined contribution schemes where the (u) Provisions operations be utilised.
Group’s obligations under the schemes are equivalent to Provisions are recognised in the consolidated balance Non-current assets and disposal groups classified as held Deferred tax liabilities are recognised on taxable
those arising in a defined contribution retirement benefit sheet when the Group has a present obligation (legal or for sale are measured at the lower of their carrying value temporary differences arising on investments in
scheme. constructive) as a result of a past event, which is expected and fair value less costs to sell. subsidiaries, joint ventures and associates, except where
to result in an outflow of resources embodying economic the Group is able to control the reversal of the temporary
Defined benefit plans Assets and disposal groups are classified as held for sale
benefits which can be reliably estimated. Each provision difference and it is probable that the temporary difference
For defined benefit retirement schemes, the cost of if their carrying value will be recovered through a sale
is based on the best estimate of the expenditure required will not reverse in the foreseeable future.
providing benefits is determined using the Projected Unit transaction rather than through continuing use. This
to settle the present obligation at the balance sheet date.
Credit Method, with actuarial valuation being carried out condition is only met when the sale is highly probable and The carrying value of deferred tax assets is reviewed at
Where the time value of money is material, provisions are
at each year-end balance sheet date. Re-measurement the asset, or disposal group, is available for immediate sale the end of each reporting period and reduced to the
measured on a discounted basis.
gains and losses of the net defined benefit liability/(asset) in its present condition and is marketed for sale at a price extent that it is no longer probable that sufficient taxable
are recognised immediately in other comprehensive Constructive obligation is an obligation that derives from that is reasonable in relation to its current fair value. The profits will be available to allow all or part of the asset to
income. The service cost and net interest on the net an entity’s actions where: Group must also be committed to the sale, which should be recovered.
defined benefit liability/(asset) are recognised as an be expected to qualify for recognition as a completed sale
(i) by an established pattern of past practice, published Deferred tax is calculated at the tax rates that are expected
expense within employee costs. within one year from the date of classification.
policies or a sufficiently specific current statement, to apply in the period when the liability is settled or the
Past service cost is recognised as an expense when the the entity has indicated to other parties that it will Where a disposal group represents a separate major line asset is realised based on the tax rates and tax laws that
plan amendment or curtailment occurs or when any accept certain responsibilities and of business or geographical area of operations, or is part have been enacted or substantially enacted by the end
related restructuring costs or termination benefits are of a single coordinated plan to dispose of a separate major of the reporting period. The measurement of deferred
(ii) as a result, the entity has created a valid expectation
recognised, whichever is earlier. line of business or geographical area of operations, then it tax liabilities and assets reflects the tax consequences
on the part of those other parties that it will discharge
is treated as a discontinued operation. The post-tax profit that would follow from the manner in which the Group
The retirement benefit obligations recognised in the such responsibilities.
or loss of the discontinued operation together with the expects, at the end of the reporting period, to recover or
consolidated balance sheet represents the present value gain or loss recognised on its disposal are disclosed as a settle the carrying value of its assets and liabilities.
(v) Onerous contracts
of the defined benefit obligation as reduced by the fair single amount in the consolidated statement of profit and
value of plan assets. A provision for onerous contracts is recognised when Deferred tax assets and liabilities are offset to the extent
loss, with all prior periods being presented on this basis.
the expected benefits to be derived by the Group from a that they relate to taxes levied by the same tax authority
Compensated absences contract are lower than the unavoidable cost of meeting its (y) Income taxes and they are in the same taxable entity, or a Group of
Compensated absences which are not expected to occur obligations under the contract. The provision is measured taxable entities where the tax losses of one entity are
Tax expense for the year comprises of current and deferred
within twelve months after the end of the period in which at the present value of the lower of the expected cost used to offset the taxable profits of another and there
tax. The tax currently payable is based on taxable profit for
the employee renders the related service are recognised of terminating the contract and the expected net cost are legally enforceable rights to set off current tax assets
the year. Taxable profit differs from net profit as reported
based on actuarial valuation at the present value of the of continuing with the contract. Before a provision is and current tax liabilities within that jurisdiction.
in the consolidated statement of profit and loss because
obligation as on the reporting date. established, the Group recognises any impairment loss
it excludes items of income or expense that are taxable or Current and deferred tax are recognised as an expense or
on the assets associated with that contract.
deductible in other years and it further excludes items that income in the consolidated statement of profit and loss,
(t) Inventories
(w) Government grants are never taxable or deductible. The Group’s liability for except when they relate to items credited or debited
Inventories are stated at the lower of cost and net current tax is calculated using tax rates and tax laws that either in other comprehensive income or directly in
realisable value. Cost is ascertained on a weighted Government grants are recognised at its fair value,
have been enacted or substantively enacted in countries equity, in which case the tax is also recognised in other
average basis. Costs comprise direct materials and, where where there is a reasonable assurance that such
where the Company and its subsidiaries operate by the comprehensive income or directly in equity.
applicable, direct labour costs and those overheads that grants will be received and compliance with the
end of the reporting period.
have been incurred in bringing the inventories to their conditions attached therewith have been met. Deferred tax assets include Minimum Alternate Tax (MAT)
present location and condition. Net realisable value is Government grants related to expenditure on property, Deferred tax is the tax expected to be payable or paid in accordance with the tax laws in India, which is likely
the price at which the inventories can be realised in the plant and equipment are credited to the consolidated recoverable on differences between the carrying value to give future economic benefits in the form of availability
normal course of business after allowing for the cost of statement of profit and loss over the useful lives of
qualifying assets or other systematic basis representative
NOTES NOTES
2. Significant accounting policies (Contd.) tariff rates established by the respective regulatory 2. Significant accounting policies (Contd.) Diluted earnings per share is computed using the
authorities. The Group doesn’t recognise revenue and an weighted average number of shares and dilutive potential
of set off against future income tax liability. MAT is operation, all of the accumulated exchange differences
asset for cost incurred in the past that will be recovered. shares except where the result would be anti-dilutive.
recognised as deferred tax assets in the consolidated in respect of that operation attributable to the Company
balance sheet when the asset can be measured reliably (aa) Foreign currency transactions and translation are reclassified to the consolidated statement of profit (ad) Recent Accounting Pronouncements
and it is probable that the future economic benefit and loss.
The consolidated financial statements of the Group are Amendment to Ind AS 116 “Leases” – Insertion
associated with the asset will be realised.
presented in Indian Rupee (“₹”), which is the functional Goodwill and fair value adjustments arising on the of practical expedient for COVID-19 related lease
(z) Revenue currency of the Company and the presentation currency acquisition of a foreign operation are treated as assets concessions
for the consolidated financial statements. and liabilities of the foreign operation and translated at
The Group manufactures and sells a range of steel and The amendment provides lessee with a practical expedient
the closing rate.
other products. In preparing the consolidated financial statements, and an exemption to assess whether a COVID-19 related
transactions in currencies other than the entity’s (ab) Borrowing costs rent concession is a lease modification to payments
Sale of products functional currency are recorded at the rates of exchange originally due on or before June 30, 2021. Amendment
Borrowings costs directly attributable to the acquisition,
Revenue from sale of products is recognised when prevailing on the date of the transaction. At the end of also requires disclosure of the amount recognised in
construction or production of qualifying assets, which are
control of the products has transferred, being when the each reporting period, monetary items denominated in statement of profit and loss to reflect changes in lease
assets that necessarily take a substantial period of time
products are delivered to the customer. Delivery occurs foreign currencies are re-translated at the rates prevailing payments that arise from such concession. The Group has
to get ready for their intended use or sale, are added to
when the products have been shipped or delivered to the at the end of the reporting period. Non-monetary items not recognised any amount as reversal of lease liability in
the cost of those assets, until such time as the assets are
specific location as the case may be, the risk of loss has carried at fair value that are denominated in foreign the consolidated statement of profit and loss.
substantially ready for the intended use or sale.
been transferred, and either the customer has accepted currencies are re-translated at the rates prevailing on the
the products in accordance with the sales contract, or date when the fair value was determined. Non-monetary Investment income earned on temporary investment Amendment to Ind AS 109 “Financial Instruments”
the Group has objective evidence that all criteria for items that are measured in terms of historical cost in a of specific borrowings pending their expenditure on and Ind AS 107 “Financial Instruments: Disclosures” –
acceptance have been satisfied. Sale of products include foreign currency are not translated. qualifying assets is recognised in the consolidated Interest rate Benchmark Reform
related ancillary services, if any. statement of profit and loss. The Group has applied the related amendments. The
Exchange differences arising upto March 31, 2020 on
amendments provide relief from the specific hedge
Goods are often sold with volume discounts based on translation of long term foreign currency monetary Discounts or premiums and expenses on the issue of
accounting requirements assuming that the interest rate
aggregate sales over a 12 months period. Revenue from items recognised in the consolidated financial debt securities are amortised over the term of the related
benchmark is not altered as a result of the interest rate
these sales is recognised based on the price specified statements before the beginning of the first Ind AS securities and included within borrowing costs. Premiums
benchmark reform. The Group is currently evaluating
in the contract, net of the estimated volume discounts. financial reporting period in respect of which the Group payable on early redemptions of debt securities, in lieu of
the potential impact of replacement of interest rate
Accumulated experience is used to estimate and provide has elected to recognise such exchange differences future finance costs, are recognised as borrowing costs.
benchmark and will accordingly manage the transition
for the discounts, using the most likely method, and in equity or as part of cost of assets as allowed under
All other borrowing costs are recognized as expenses in plan.
revenue is only recognised to the extent that it is highly Ind As 101-“First-time adoption of Indian Accounting
the period in which it is incurred.
probable that a significant reversal will not occur. A Standards” are recognised directly in equity or
liability is recognised for expected volume discounts added/deducted to/from the cost of assets as the (ac) Earnings per share
payable to customers in relation to sales made until the case may be. Such exchange differences recognised
Basic earnings per share is computed by dividing the
end of the reporting period. No element of financing is in equity or as part of cost of assets is recognised in
consolidated profit or loss for the year attributable to
deemed present as the sales are generally made with a the consolidated statement of profit and loss on a
equity holders by the weighted average number of
credit term of 30-90 days, which is consistent with market systematic basis.
shares outstanding during the year. Partly paid up shares
practice. Any obligation to provide a refund is recognised
Exchange differences arising on the retranslation or are included as fully paid equivalents according to the
as a provision. A receivable is recognised when the
settlement of other monetary items are included in the fraction paid up.
goods are delivered as this is the point in time that the
consolidated statement of profit and loss for the period.
consideration is unconditional because only the passage
of time is required before the payment is due. For the purpose of presenting the consolidated financial
statements, the assets and liabilities of the Company’s
The Group does not adjust the transaction prices for any
foreign subsidiaries, associates and joint ventures are
time value of money in case of contracts where the period
expressed in “₹” using exchange rates prevailing at the
between the transfer of the promised goods or services
end of the reporting period. Income and expense items
to the customer and payment by the customer does not
are translated at the average exchange rates for the
exceed one year.
period. Exchange differences arising, if any, are recognised
Sale of power in other comprehensive income and accumulated in a
separate component of equity. On the disposal of a foreign
Revenue from sale of power is recognised when the
services are provided to the customer based on approved
NOTES NOTES
3. Property, plant and equipment 3. Property, plant and equipment (Contd.)

Land Buildings Plant and Furniture, Vehicles Railway Total Land Buildings Plant and Furniture, Vehicles Leased Railway Total
including machinery fixtures sidings including machinery fixtures FFOE sidings
roads and office roads and office and
equipments equipments vehicles
(FFOE) (FFOE)
Cost/deemed cost as at April 1, 2020 17,608.78 23,798.04 1,34,338.02 795.59 466.42 1,335.96 1,78,342.81 Cost/deemed cost as at April 1, 2019 17,126.35 21,752.60 1,27,435.12 739.46 398.38 1.02 1,548.97 1,69,001.90
Additions 29.46 437.32 4,192.36 91.76 4.68 0.70 4,756.28 Addition relating to acquisitions 118.14 306.71 4,808.53 3.19 1.04 - 23.63 5,261.24
Disposals (9.75) (104.05) (1,513.45) (17.21) (13.43) (0.25) (1,658.14) Additions 238.36 1,851.24 6,045.15 79.48 79.21 - 19.31 8,312.75
Reclassified from held for sale 288.46 326.55 1,842.01 156.60 14.52 - 2,628.14 Disposals (8.84) (33.14) (960.53) (33.32) (12.22) - (9.84) (1,057.89)
Other re-classifications 0.06 (1.04) 6,429.40 (1.54) 2.12 - 6,429.00 Disposal of group undertakings - - (143.13) - - - - (143.13)
Exchange differences on consolidation 87.06 148.77 1,754.20 7.57 (0.05) 5.73 2,003.28 Other re-classifications (23.62) (499.63) (5,434.76) 6.48 (0.32) (1.02) (251.44) (6,204.31)
Cost/deemed cost as at March 31, 2021 18,004.07 24,605.59 1,47,042.54 1,032.77 474.26 1,342.14 1,92,501.37 Exchange differences on consolidation 158.39 420.26 2,587.64 0.30 0.33 - 5.33 3,172.25
Accumulated impairment as at April 1, 2020 309.15 225.57 4,315.14 19.69 0.06 17.82 4,887.43 Cost/deemed cost as at March 31, 2020 17,608.78 23,798.04 1,34,338.02 795.59 466.42 - 1,335.96 1,78,342.81
Charge for the year 2.23 71.15 1,952.66 - - - 2,026.04 Accumulated impairment as at April 1, 2019 295.97 221.84 2,231.25 20.60 0.07 - 17.25 2,786.98
Disposals (6.26) (10.76) (121.02) (0.69) - - (138.73) Charge for the year - 1.30 2,180.04 0.11 - - - 2,181.45
Reclassified from held for sale - - 78.40 - - - 78.40 Disposals - (2.78) (158.63) (0.90) (0.02) - - (162.33)
Other re-classifications - 1.80 3,313.32 - 1.13 - 3,316.25 Disposal of group undertakings - - (0.14) - - - - (0.14)
Exchange differences on consolidation 19.24 11.39 272.52 0.17 - 1.37 304.69 Other re-classifications - (10.97) (101.51) - 0.01 - - (112.47)
Accumulated impairment as at March 31, 2021 324.36 299.15 9,811.02 19.17 1.19 19.19 10,474.08 Exchange differences on consolidation 13.18 16.18 164.13 (0.12) - - 0.57 193.94
Accumulated depreciation as at April 1, 2020 745.48 5,921.83 46,263.60 535.06 213.44 271.99 53,951.40 Accumulated impairment as at March 31, 2020 309.15 225.57 4,315.14 19.69 0.06 - 17.82 4,887.43
Charge for the year 115.89 860.29 6,476.96 113.67 35.01 54.90 7,656.72 Accumulated depreciation as at April 1, 2019 610.31 5,040.20 41,190.29 455.95 185.58 0.72 280.90 47,763.95
Disposals (1.54) (111.17) (1,095.16) (13.33) (10.88) (0.11) (1,232.19) Charge for the year 135.73 824.02 6,281.90 102.23 36.39 - 54.76 7,435.03
Reclassified from held for sale 21.18 181.25 1,012.26 126.81 11.38 - 1,352.88 Disposals - (14.19) (472.92) (28.86) (8.33) - (0.18) (524.48)
Other re-classifications 0.01 1.30 (0.13) (0.86) 0.32 - 0.64 Disposal of group undertakings - - (124.93) - - - - (124.93)
Exchange differences on consolidation (1.33) 136.23 1,148.68 6.67 (0.02) 4.11 1,294.34 Other re-classifications (0.53) (171.75) (2,266.86) 7.58 (0.31) (0.72) (67.57) (2,500.16)
Accumulated depreciation as at March 31, 2021 879.69 6,989.73 53,806.21 768.02 249.25 330.89 63,023.79 Exchange differences on consolidation (0.03) 243.55 1,656.12 (1.84) 0.11 - 4.08 1,901.99
Total accumulated depreciation and Accumulated depreciation as at March 31, 2020 745.48 5,921.83 46,263.60 535.06 213.44 - 271.99 53,951.40
1,204.05 7,288.88 63,617.23 787.19 250.44 350.08 73,497.87
impairment as at March 31, 2021 Total accumulated depreciation and
1,054.63 6,147.40 50,578.74 554.75 213.50 - 289.81 58,838.83
Net carrying value as at April 1, 2020 16,554.15 17,650.64 83,759.28 240.84 252.92 1,046.15 1,19,503.98 impairment as at March 31, 2020
Net carrying value as at March 31, 2021 16,800.02 17,316.71 83,425.31 245.58 223.82 992.06 1,19,003.50 Net carrying value as at April 1, 2019 16,220.07 16,490.56 84,013.58 262.91 212.73 0.30 1,250.82 1,18,450.97
Net carrying value as on March 31, 2020 16,554.15 17,650.64 83,759.28 240.84 252.92 - 1,046.15 1,19,503.98
NOTES NOTES
3. Property, plant and equipment (Contd.) 3. Property, plant and equipment (Contd.)
(i) For the year ended March 31, 2020, other re-classifications primarily include assets under finance leases of ₹3,521.77 crore Tata Steel Europe (TSE) is exposed to climate risks through the EU Emission Trading Scheme (ETS) which is applicable to all
(net of accumulated depreciation and impairment), re-classified to right-of-use assets on adoption of Ind AS 116 “Leases”. steel plant within Europe. Given that most European steel producers have not been heavily affected by CO2 compliance costs
to date, TSE’s best estimate is that the increased costs of future CO2 compliance will be passed on to end customers through
(ii) Net carrying value of furniture, fixtures and office equipment comprises of:
higher steel selling prices. TSE has a stated ambition to be carbon neutral by 2050 and is considering its future strategy on
(₹ crore) operating processes while continuing to serve its customers. The technology transition and investments will be dependent
As at As at on national and international policy which is evolving. Further, the Netherlands Government has enacted legislation for
March 31, 2021 March 31, 2020 a local additional carbon tax (linked to the EU ETS scheme CO2 allowances and traded prices), but costs under this tax are
Furniture and fixtures not expected until FY25 at the earliest and are not included in the annual plan. Management’s assessment is that generally
Cost/deemed cost 283.31 228.64 these potential carbon-related costs would be borne by the society, either through higher steel prices or through public
Accumulated depreciation and impairment 219.83 162.57 spending/ subsidies.
63.48 66.07 Considering above and consistent with annual test for impairment of goodwill as at March 31, 2021, property, plant and
Office equipments equipment within the Group’s European businesses were also tested for impairment at that date where indicators of
Cost/deemed cost 749.46 566.95 impairment existed. The outcome of this test indicated that the value in use of the Group’s certain CGUs against which
Accumulated depreciation and impairment 567.36 392.18 property, plant and equipment is included, using a discount rate of 8.10% p.a. (March 31, 2020: 8.00% p.a.), except in Tata
182.10 174.77 Steel UK Limited where a discount rate of 8.70% p.a. (2019-20: 8.80% p.a.) was used, was lower than their carrying value.
245.58 240.84 Accordingly, an impairment charge of ₹1,417.98 crore (2019-20: ₹2,224.61 crore) has been recognised primarily in relation to
the Strip Products UK business. Out of the total impairment charge, ₹1,300.78 crore (2019-20: ₹2,187.79 crore) is included in
(iii) ₹159.90 crore (2019-20: ₹241.00 crore) of borrowing costs has been capitalised during the year on qualifying assets under exceptional items and ₹117.20 crore (2019-20: ₹36.82 crore) is included within other expenses in the consolidated statement
construction. The capitalisation rate ranges between 4.09% to 9.71% (2019-20: 6.07% to 9.34%). of profit and loss.
(iv) During the year ended March 31, 2020, rupee liability has increased by ₹129.42 crore arising out of retranslation of the value During the year ended March 31, 2021, the Group recognised an impairment charge of ₹627.65 crore (2019-20: ₹677.63
of long-term foreign currency loans and liabilities for procurement of property, plant and equipment, generally plant and crore) in respect of mining operations carried out in Canada. The value in use was computed using cash flow forecasts
machinery. This increase has been adjusted against the carrying cost of assets and has been depreciated over their remaining based on the most recently approved financial budgets which cover a period of 5 years and future projections taking
useful life. The depreciation for the year ended March 31, 2020 is higher by ₹4.32 crore on account of this adjustment. the analysis out to the period over which the Group has right to use the underlying assets discounted using a discount
rate of 10.00% p.a. (March 31, 2020: 10.00% p.a.) The impairment recognised is included within exceptional items in the
(v) During the year ended March 31, 2021, the Group considered indicators of impairment for its cash generating units ('CGUs')
consolidated statement of profit and loss.
within the steel, mining and other business operations, such as decline in operational performance, changes in the outlook
of future profitability among other potential indicators. In respect of CGUs where indicators of impairment were identified, The Group has conducted sensitivity analysis on the impairment tests of the carrying value in respect of Group's CGUs and
the Group estimated the recoverable amount based on the value in use. property, plant and equipment including sensitivity in respect of inability to fully pass on the Netherlands carbon tax through
higher selling prices. The management believes that no reasonably possible change in any of the key assumptions used in the
The outcome of the test as on March 31, 2021 resulted in the Group recognising a net impairment charge of ₹1,920.32 crore
value in use calculations would cause the carrying value of property, plant and equipment in any CGU to materially exceed
(2019-20: ₹3,024.81 crore) for property, plant and equipment including capital work-in-progress. The impairment charge
its value in use, other than in respect of the remaining property, plant and equipment at the Strip Products UK business
(net of reversal) is contained within the Indian, European, South-east Asian and overseas mining operations.
which had a carrying value as at March 31, 2021 of ₹3,654.69 crore (March 31, 2020: ₹2,338.38 crore) and overseas Canadian
Within the Indian operations, the Group has recognised an impairment reversal of ₹3.84 crore (net of charge of ₹6.07 crore mining business which had a carrying value as at March 31, 2021 of ₹5,234.71 crore (March 31, 2020: ₹6,448.75 crore). For
for plant and machinery) (2019-20: ₹45.97 crore) in respect of expenditure incurred (included within capital work-in-progress) the mining operations in Canada, the value in use is dependent on improvement in commodity prices and realisation of
at one of its mining sites. The impairment reversed is included within other expenses in the consolidated statement of profit cost savings in operation. A reasonably possible change in any of these key assumptions would increase the likelihood of
and loss. impairment losses in the future.
During the year, within the South East Asian operations, the Group has recognised an impairment charge of ₹4.50 crore. (vi) The details of property, plant and equipment pledged against borrowings is presented in note 23, page 399.
The impairment charge is included within other expenses in the consolidated statement of profit and loss.
During the year, the Group has recognised an impairment reversal of ₹125.97 crore (2019-20: charge of ₹168.54 crore) with
respect to capital work-in- progress within other Indian operations. The impairment recognised is included within exceptional
items in the consolidated statement of profit and loss.
NOTES NOTES
4. Right-of-use assets 4. Right-of-use assets (Contd.)

[Item No. I(c), Page 342] [Item No. I(c), Page 342]
Right-of-use Right-of-use Right-of-use Right-of-use Right-of- Right-of- Total right- Right-of-use Right-of-use Right-of-use Right-of-use Right- Right- Total
land buildings plant and furniture, use use of-use land buildings plant and furniture, of-use of-use right-of-
machinery fixtures and vehicles railway assets machinery fixtures and vehicles railway use assets
office sidings office sidings
equipments equipments
Cost as at April 1, 2020 2,244.19 2,084.52 7,576.09 19.26 148.45 339.88 12,412.39 Cost as at April 1, 2019 - - - - - - -
Additions 86.86 93.65 1,407.08 0.53 43.52 - 1,631.64 Addition on account of transition to Ind
59.57 902.55 1,727.07 17.52 71.28 12.13 2,790.12
Disposals (1.03) (117.60) (517.89) (6.02) (17.49) - (660.03) AS 116 "Leases"
Reclassified from held for sale 333.08 35.77 - 0.23 25.09 - 394.17 Addition relating to acquisitions 159.95 3.30 119.12 - - - 282.37
Other re-classifications (9.53) (0.39) 3.06 (0.20) 0.01 - (7.05) Additions 39.71 727.55 318.84 0.12 73.00 5.26 1,164.48
Exchange differences on consolidation (1.33) 126.78 84.80 0.61 6.84 (10.60) 207.10 Disposals - (74.97) (100.14) (0.05) (2.60) - (177.76)
Cost as at March 31, 2021 2,652.24 2,222.73 8,553.14 14.41 206.42 329.28 13,978.22 Disposal of group undertakings - (92.22) - - - - (92.22)
Accumulated impairment as at April 1, 2020 24.03 84.87 16.56 - - - 125.46 Other re-classifications 1,983.43 539.35 5,416.42 3.61 - 302.45 8,245.26
Charge for the year (24.03) 4.99 (12.44) 0.24 4.15 - (27.09) Exchange differences on consolidation 1.53 78.96 94.78 (1.94) 6.77 20.04 200.14
Disposals - (24.93) (7.20) - - - (32.13) Cost as at March 31, 2020 2,244.19 2,084.52 7,576.09 19.26 148.45 339.88 12,412.39
Other re-classifications - - 2.64 - - - 2.64 Accumulated impairment as at April 1, 2019 - - - - - - -
Exchange differences on consolidation - 4.65 0.44 - (0.04) - 5.05 Charge for the year 24.03 54.29 15.25 - - - 93.57
Accumulated impairment as at March 31, 2021 - 69.58 - 0.24 4.11 - 73.93 Disposals - (59.40) - - - - (59.40)
Accumulated depreciation as at April 1, 2020 107.44 382.31 3,100.30 3.18 42.32 101.60 3,737.15 Other re-classifications - 86.93 1.00 - - - 87.93
Charge for the year 85.38 230.14 782.63 2.00 53.93 28.80 1,182.88 Exchange differences on consolidation - 3.05 0.31 - - - 3.36
Disposals (0.61) (50.51) (509.87) (2.68) (16.16) - (579.83) Accumulated impairment as at March 31, 2020 24.03 84.87 16.56 - - - 125.46
Reclassified from held for sale 34.79 12.63 - 0.11 11.70 - 59.23 Accumulated depreciation as at April 1, 2019 - - - - - - -
Other re-classifications - (0.24) (0.11) 0.12 0.02 - (0.21) Charge for the year 41.02 209.49 665.22 2.44 42.08 26.42 986.67
Exchange differences on consolidation (0.04) 22.97 32.42 0.14 2.06 (3.43) 54.12 Disposals - (13.18) (85.02) (0.01) (1.67) - (99.88)
Accumulated depreciation as at March 31, 2021 226.96 597.30 3,405.37 2.87 93.87 126.97 4,453.34 Disposal of group undertakings - (3.94) - - - - (3.94)
Total accumulated depreciation and Other re-classifications 66.41 173.91 2,472.74 0.71 - 69.27 2,783.04
226.96 666.88 3,405.37 3.11 97.98 126.97 4,527.27
impairment as at March 31, 2021 Exchange differences on consolidation 0.01 16.03 47.36 0.04 1.91 5.91 71.26
Net carrying value as at April 1, 2020 2,112.72 1,617.34 4,459.23 16.08 106.13 238.28 8,549.78 Accumulated depreciation as at March 31, 2020 107.44 382.31 3,100.30 3.18 42.32 101.60 3,737.15
Net carrying value as at March 31, 2021 2,425.28 1,555.85 5,147.77 11.30 108.44 202.31 9,450.95 Total accumulated depreciation
131.47 467.18 3,116.86 3.18 42.32 101.60 3,862.61
and impairment as at March 31, 2020
Net carrying value as at April 1, 2019 - - - - - - -
Net carrying value as on March 31, 2020 2,112.72 1,617.34 4,459.23 16.08 106.13 238.28 8,549.78
(i) During the year ended March 31, 2021, the Group recognized an impairment reversal of ₹27.09 crore (2019-20: charge ₹93.57
crore) against right-of-use assets contained within other Indian operations and European operations. Out of the impairment
reversal, ₹24.03 crore (2019-20: charge 93.18 crore) is included within exceptional items and ₹3.06 crore (2019-20: charge
₹0.39 crore) is included within other expenses in the consolidated statement of profit and loss.
(ii) The Group’s significant leasing arrangements relate to assets specifically set up for dedicated use by the Group under long
term arrangements and time charter of vessels. Other leases include land, office space, equipment, vehicles and some
IT equipment.
NOTES NOTES
4. Right-of-use assets (Contd.) 5. Goodwill on consolidation

[Item No. I(c), Page 342] [Item No. I(d), Page 342]
(₹ crore)
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Each lease
generally imposes a restriction that, unless there is a contractual right for the Group to sublet the asset to another party, the March 31, 2021 March 31, 2020
right-of-use asset can only be used by the Group. Extension and termination options are included in a number of property Cost as at beginning of the year 5,552.01 5,388.13
and equipment leases. These are used to maximise operational flexibility in terms of managing the assets used in the Group’s Addition relating to acquisitions - 5.66
operations. Majority of the extension and termination options held are exercisable based on mutual agreement of the Group
Disposal of group undertakings - (11.22)
and the respective lessor.
Exchange differences on consolidation 398.90 169.44
With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance Cost as at end of the year 5,950.91 5,552.01
sheet as a right-of-use asset and a lease liability. Payments made under such leases are expensed on a straight-line basis Impairment as at beginning of the year 1,497.48 1,391.51
over the lease term. Charge for the year - 70.00
Variable lease payments which do not depend on an index or a rate (such as lease payments based on a percentage of sales) Disposal of group undertakings - (11.22)
are excluded from the initial measurement of the lease liability and asset. Exchange differences on consolidation 108.74 47.19
Impairment as at end of the year 1,606.22 1,497.48
For leases recognized under long term arrangements involving use of a dedicated asset, non-lease components are excluded
Net book value as at beginning of the year 4,054.53 3,996.62
based on the underlying contractual terms and conditions. A change in the allocation assumptions may have an impact on
Net book value as at end of the year 4,344.69 4,054.53
the measurement of lease liabilities and the related right-of-use assets.
During the year ended March 31, 2021, the Group recognised the following in the consolidated statement of profit and loss: (a) The carrying value of goodwill predominantly relates to the goodwill that arose on the acquisition of erstwhile Corus Group
Plc. and has been tested in both periods against the recoverable amount of Strip Products Mainland Europe cash generating
(i) expense in respect of short-term leases and leases of low- value assets ₹28.63 crore (2019-20: ₹96.31 crore) and ₹11.50 unit (CGU) by the Group. This goodwill relates to expected synergies from combining Corus’ activities with those of the Group
crore (2019-20: ₹11.45 crore) respectively. and to assets, which could not be recognised as separately identifiable intangible assets. The goodwill is tested annually for
(ii) expense in respect of variable lease payments not included in the measurement of lease liabilities ₹612.68 crore impairment or more frequently if there are any indications that the goodwill may be impaired.
(2019-20: ₹508.04 crore). The recoverable amount of Strip Products Mainland Europe CGU has been determined from a value in use calculation. The
(iii) income in respect of sub leases of right-of-use assets ₹46.83 crore (2019-20: ₹7.84 crore). calculation uses cash flow forecasts based on the most recently approved financial budgets and strategic forecasts which
cover a period of three years and future projections taking the analysis out to perpetuity. Key assumptions for the value
(iv) loss on sale and leaseback transaction entered during the year Nil (2019-20: ₹0.45 crore). in use calculation are those regarding expected changes to selling prices, raw material costs, steel demand in European
During the year ended March 31, 2021, total cash outflow in respect of leases amounted to ₹2,571.07 crore (2019-20: ₹2,308.40 Union, exchange rates, and a discount rate of 8.10% p.a. (March 31, 2020: 8.00% p.a.). Changes in selling prices, raw material
crore). costs, exchange rates and steel demand in European Union are based on expectations of future changes in the steel market
based on external market sources. A Nil (March 31, 2020: Nil) growth rate is used to extrapolate the cash flow projections
As at March 31, 2021, commitments for leases not yet commenced was ₹266.57 crore (March 31, 2020: ₹396.68 crore). beyond the three-year period of the financial budgets into perpetuity. The pre-tax discount rate is derived from the Tata
Steel Europe’s weighted average cost of capital (WACC) and the WACCs of its main European steel competitors. The outcome
of the Group’s goodwill impairment test as at March 31, 2021 for the Strip Products Mainland Europe CGU resulted in no
impairment of goodwill (2019-20: Nil).
The management believes that no reasonably possible change in any of the key assumptions used in the value in use
calculation would cause the carrying value of the CGU to materially exceed its value in use.
(b) During the year ended March 31, 2020, the Group recognised an impairment charge of ₹70.00 crore with respect to one
of its Indian subsidiaries, representing a single cash generating unit (“CGU”), engaged in the business of generation and
supply of power. The recoverable amount of the CGU related to such goodwill was derived from value in use calculations
using cash flow forecasts based on the most recently approved financial budgets and future projections for 23 years and a
discount rate of 12.10% p.a. The impairment charge is recognised within exceptional items in the consolidated statement
of profit and loss.
NOTES NOTES
6. Other intangible assets 6. Other intangible assets (Contd.)

[Item No. I(e), Page 342] [Item No. I(e), Page 342]
(₹ crore) (₹crore)
Patents Development Software Mining assets Other Total Patents Development Software Mining assets Other Total
and costs costs intangible and costs costs intangible
trademarks assets trademarks assets
Cost/deemed cost as at April 1, 2020 29.26 286.40 904.11 2,839.98 680.02 4,739.77 Cost/deemed cost as at April 1, 2019 28.44 268.28 569.55 2,473.97 697.81 4,038.05
Additions 1.49 8.67 76.05 487.60 240.55 814.36 Additions relating to acquisitions - - - 315.20 - 315.20
Disposals - - (1.66) (97.31) - (98.97) Additions 0.01 - 308.85 0.02 0.24 309.12
Reclassified from held for sale - - 28.03 - - 28.03 Disposals - - (3.62) - (14.72) (18.34)
Other re-classifications - - 13.82 - - 13.82 Other re-classifications - - 0.08 - (3.31) (3.23)
Exchange differences on consolidation 2.32 10.11 21.71 (20.47) (1.92) 11.75 Exchange differences on consolidation 0.81 18.12 29.25 50.79 - 98.97
Cost/deemed cost as at March 31, 2021 33.07 305.18 1,042.06 3,209.80 918.65 5,508.76 Cost/deemed cost as at March 31, 2020 29.26 286.40 904.11 2,839.98 680.02 4,739.77
Accumulated impairment as at April 1, 2020 11.60 - 26.08 144.32 30.65 212.65 Accumulated impairment as at April 1, 2019 11.23 - 21.71 135.44 30.65 199.03
Charge for the year - 7.69 - (3.63) - 4.06 Charge for the year - - 3.69 - - 3.69
Other re-classifications - 0.86 - - - 0.86 Other re-classifications - - (0.46) - - (0.46)
Exchange differences on consolidation 0.88 0.31 1.50 (1.90) - 0.79 Exchange differences on consolidation 0.37 - 1.14 8.88 - 10.39
Accumulated impairment as at March 31, 2021 12.48 8.86 27.58 138.79 30.65 218.36 Accumulated impairment as at March 31, 2020 11.60 - 26.08 144.32 30.65 212.65
Accumulated amortisation as at April 1, 2020 9.41 278.45 464.56 1,229.23 103.10 2,084.75 Accumulated amortisation as at April 1, 2019 9.17 244.18 358.45 1,154.60 78.30 1,844.70
Charge for the year 0.64 8.31 121.95 139.32 14.59 284.81 Charge for the year 0.11 16.81 96.06 74.63 39.52 227.13
Disposals - - (1.66) (97.04) - (98.70) Disposals - 0.06 (3.60) - (14.72) (18.26)
Reclassified from held for sale - - 21.76 - - 21.76 Other re-classifications - - (1.01) - - (1.01)
Other re-classifications - - 0.23 - - 0.23 Exchange differences on consolidation 0.13 17.40 14.66 - - 32.19
Exchange differences on consolidation 2.46 9.45 9.60 - - 21.51 Accumulated amortisation as at March 31, 2020 9.41 278.45 464.56 1,229.23 103.10 2,084.75
Accumulated amortisation as at March 31, 2021 12.51 296.21 616.44 1,271.51 117.69 2,314.36 Total accumulated amortisation and impairment
21.01 278.45 490.64 1,373.55 133.75 2,297.40
Total accumulated amortisation and impairment as at March 31, 2020
24.99 305.07 644.02 1,410.30 148.34 2,532.72
as at March 31, 2021 Net carrying value as on April 1, 2019 8.04 24.10 189.39 1,183.93 588.86 1,994.32
Net carrying value as at April 1, 2020 8.25 7.95 413.47 1,466.43 546.27 2,442.37 Net carrying value as on March 31, 2020 8.25 7.95 413.47 1,466.43 546.27 2,442.37
Net carrying value as at March 31, 2021 8.08 0.11 398.04 1,799.50 770.31 2,976.04
(i) Mining assets represent expenditure incurred in relation to acquisition of mines, mine development expenditure post
establishment of technical and commercial feasibility and restoration obligations as per applicable regulations.
(ii) During the year ended March 31, 2021, the Group recognised net impairment charge of ₹4.06 crore in respect of intangible
assets in its European and Indian operations. The impairment recognised is included within other expenses in the consolidated
statement of profit and loss.
During the year ended March 31, 2020, the Group recognised an impairment charge of ₹3.69 crore in respect of intangible
assets in its European operations. The impairment recognised was included within other expenses in the consolidated
statement of profit and loss.
NOTES NOTES
7. Equity accounted investments 7. Equity accounted investments (Contd.)

[Item No. I(g), Page 342] [Item No. I(g), Page 342]
(a) Investment in associates: (c) Summary of carrying value of Group’s interest in equity accounted investees:
(₹ crore)
(i) The Group has no material associates as at March 31, 2021. The aggregate summarised financial information in respect of
As at As at
the Group’s immaterial associates accounted for using the equity method is as below: March 31, 2021 March 31, 2020
(₹ crore)
Carrying value of immaterial associates 173.89 161.84
As at As at
March 31, 2021 March 31, 2020
Carrying value of immaterial joint ventures 2,301.77 2,006.70
Carrying value of Group's interest in associates* 173.89 161.84 2,475.66 2,168.54
(₹ crore) (d) Summary of Group’s share in profit/(loss) for the year of equity accounted investees:
Year ended Year ended (₹ crore)
Group's share in profit/(loss) for the year of associates* 26.83 16.27 March 31, 2021 March 31, 2020
Group's share in other comprehensive income for the year of associates - (1.46) Share of profit/(loss) of immaterial associates 26.83 16.27
Group's share in total comprehensive income for the year of associates 26.83 14.81 Share of profit/(loss) of immaterial joint ventures 300.51 171.70
327.34 187.97
(ii) Fair value of investments in equity accounted associates for which published price quotation is available, which is a Level 1
input as at March 31, 2021 is ₹31.92 crore (March 31, 2020: ₹31.92 crore). The carrying value of such investments is Nil (March (e) Summary of Group’s share in other comprehensive income for the year of equity accounted investees:
31, 2020: Nil) as the Group’s share of losses in such associates exceeds the cost of investments made. (₹ crore)
As at As at
(iii) Share of unrecognised loss in respect of equity accounted associates amounted to ₹33.08 crore for the year ended March March 31, 2021 March 31, 2020
31, 2021 (2019-20: ₹62.20 crore). Cumulative share of unrecognised losses in respect of equity accounted associates as at Share of other comprehensive income of immaterial associates - (1.46)
March 31, 2021 amounted to ₹173.23 crore (March 31, 2020: ₹140.15 crore).
Share of other comprehensive income of immaterial joint ventures 19.77 24.15
(b) Investment in joint ventures: 19.77 22.69
(i) The Group holds more than 50% of the equity share capital in TM International Logistics Limited, Jamshedpur Continuous *Group’s share in net assets and profit/(loss) of equity accounted investees has been determined after giving effect for subsequent amortisation/ depreciation
Annealing & Processing Company Private Limited and TM Mining Company Limited. However, decisions in respect of activities and other adjustments arising on account of fair value adjustments made to the identifiable net assets of the equity accounted investees as at the date of
which significantly affect the risks and rewards of these businesses, require a unanimous consent of all the shareholders. acquisition and other adjustment e.g. unrealised profits on inventories etc., arising under the equity method of accounting.
These entities have therefore been considered as joint ventures.
8. Investments
(ii) The Group has no material joint ventures as at March 31, 2021. The aggregate summarised financial information in respect
[Item No. I(h)(i) and II(b)(i), Page 342]
of the Group’s immaterial joint ventures accounted for using the equity method is as below:
(₹ crore) A. Non-current
As at As at (₹ crore)
March 31, 2021 March 31, 2020
As at As at
Carrying value of Group's interest in joint ventures* 2,301.77 2,006.70 March 31, 2021 March 31, 2020
(a) Investments carried at amortised cost:
(₹ crore)
Investment in government or trust securities 15.39 14.58
March 31, 2021 March 31, 2020 Investment in bonds and debentures - 0.11
Group's share in profit/(loss) for the year of joint ventures* 300.51 171.70 Investment in preference shares 1.61 71.15
Group's share in other comprehensive income for the year of joint ventures 19.77 24.15 17.00 85.84
Group's share in total comprehensive income for the year of joint ventures 320.28 195.85 (b) Investments carried at fair value through other comprehensive income:
Investment in equity shares# 917.92 506.87
(iii) Share of unrecognised losses in respect of equity accounted joint ventures amounted to ₹229.84 crore for the year ended 917.92 506.87
March 31, 2021 (2019-20: ₹78.42 crore). Cumulative share of unrecognised losses in respect of equity accounted joint ventures (c) Investments carried at fair value through profit and loss:
as at March 31, 2021 amounted to ₹1,551.38 crore. (March 31, 2020: ₹1,356.19 crore). Investment in bonds and debentures - 49.74
Investment in equity shares 52.46 42.32
(iv) During the year ended March 31, 2021, the Group has recognised an impairment of ₹0.26 crore (2019-20: Nil) in respect of
its equity accounted joint ventures. 52.46 92.06
987.38 684.77
NOTES NOTES
8. Investments (Contd.) 9. Loans (Contd.)

[Item No. I(h)(i) and II(b)(i), Page 342] [Item No. I(h)(ii) and II(b)(v), Page 342]
B. Current B. Current
As at As at As at As at
(a) Investments carried at fair value through profit and loss: (a) Security deposits
Investment in mutual funds 7,218.89 3,431.87 Considered good- Unsecured 59.13 64.11
7,218.89 3,431.87 Credit impaired 102.08 82.33
59.13 64.11
(i) Carrying value and market value of quoted and unquoted investments is as below:
(b) Loans to related parties
(₹ crore) Considered good- Unsecured - 27.60
As at As at Credit impaired 877.19 907.89
March 31, 2021 March 31, 2020 Less: Allowance for credit losses 877.19 907.89
(a) Investments in quoted instruments: - 27.60
Aggregate carrying value 544.13 205.02 (c) Other loans
Aggregate market value 544.13 205.02 Considered good- Unsecured 5.59 123.97
(b) Investments in unquoted instruments: 5.59 123.97
Aggregate carrying value 7,662.14 3,911.62 64.72 215.68
(i) Security deposits are primarily in relation to public utility services and rental agreements. It includes deposit with Tata Sons
(ii) Cumulative loss on de-recognition of investments during the year which were carried at fair value through other
Private Limited ₹1.25 crore (March 31, 2020: ₹1.25 crore).
comprehensive income amounted to ₹138.68 crore (2019-20: gain ₹6.60 crore). Fair value of such investments as on the
date of de-recognition was ₹0.00* crore (2019-20: ₹7.49 crore). (ii) Non-current loans to related parties represent loans given to joint ventures ₹208.75 crore (March 31, 2020: ₹193.93 crore)
and associates ₹8.20 crore (March 31, 2020: ₹7.63 crore). Out of loans given to joint ventures, ₹208.75 crore (March 31, 2020:
#
includes unquoted equity instruments for which cost has been considered as an appropriate estimate of fair value because of a wide range of possible fair
₹193.93 crore) is impaired.
value measurements and cost represents the best estimate of fair value within that range.
(iii) Current loans/advances to related parties represent loans given to joint ventures ₹877.19 crore (March 31, 2020: ₹935.49
* represents value less than ₹0.01 crore.
crore) out of which ₹877.19 crore (March 31, 2020: ₹907.89 crore) is impaired.
9. Loans 10. Other financial assets
[Item No. I(h)(ii) and II(b)(v), Page 342]
[Item No. I(h)(iv) and II(b)(vii), Page 342]
A. Non-current A. Non-current
(₹ crore)
(₹ crore)
As at As at
March 31, 2021 March 31, 2020 As at As at
(a) Security deposits March 31, 2021 March 31, 2020
Considered good- Unsecured 244.64 237.36 (a) Interest accrued on deposits, loans and advances
Credit impaired 9.14 3.62 Considered good- Unsecured 1.02 1.78
Less: Allowance for credit losses 9.14 3.62 Credit impaired 0.27 0.27
244.64 237.36 Less: Allowance for credit losses 0.27 0.27
(b) Loans to related parties 1.02 1.78
Considered good- Unsecured 8.20 7.63
Credit impaired 208.75 193.93 (b) Earmarked balances with banks 71.68 61.88
8.20 7.63 (c) Other balances with banks 39.91 0.29
(c) Other loans
Considered good- Unsecured 83.73 243.72 (d) Others
Credit impaired 1,586.24 1,464.18 Considered good- Unsecured 102.32 524.98
Less: Allowance for credit losses 1,586.24 1,464.18 Credit impaired 48.65 164.05
83.73 243.72 Less: Allowance for credit losses 48.65 164.05
336.57 488.71 102.32 524.98
214.93 588.93
NOTES NOTES
10. Other financial assets (Contd.) 11. Retirement benefit assets and obligations
[Item No. I(h)(iv) and II(b)(vii), Page 342] [Item No. I(i), II(c), V(c) and VI(c), Page 342 and 343]
B. Current (I) Retirement benefit assets
(₹ crore) A. Non-current
As at As at (₹ crore)
March 31, 2021 March 31, 2020 As at As at
(a) Interest accrued on deposits, loans and advances March 31, 2021 March 31, 2020
Considered good- Unsecured 30.33 33.93 (a) Pension 20,018.75 27,278.03
Credit impaired 19.89 20.42 (b) Retiring gratuities 0.72 0.42
Less: Allowance for credit losses 19.89 20.42 20,019.47 27,278.45
30.33 33.93
B. Current
(b) Others
Considered good- Unsecured 1,390.64 412.49 (₹ crore)
Credit impaired 140.83 1.87 As at As at
March 31, 2021 March 31, 2020
1,390.64 412.49 (a)
Retiring gratuities 0.42 -
1,420.97 446.42
(II) Retirement benefit obligations
(i) Non-current earmarked balances with banks represent deposits and balances in escrow account not due for realisation A. Non-current
within 12 months from the balance sheet date. These are primarily placed as security with government bodies, margin
(₹ crore)
money against issue of bank guarantees and deposits made against contract performance.
As at As at
(ii) Other non-current balances with banks represent bank deposits not due for realisation within 12 months from the balance March 31, 2021 March 31, 2020
sheet date. (a) Pension 1,097.88 1,150.49
(iii) Current other financial assets include amount receivable from post-employment benefit funds ₹92.84 crore (March 31, 2020: (b) Retiring gratuities 361.47 625.82
₹57.26 crore) on account of retirement benefit obligations paid by the Group directly. (c) Post-retirement medical benefits 1,578.46 1,490.54
(d) Other defined benefits 461.98 331.33
3,499.79 3,598.18
B. Current
(₹ crore)
As at As at
March 31, 2021 March 31, 2020
(a) Pension 12.71 9.25
(b) Retiring gratuities 14.29 18.62
(c) Post-retirement medical benefits 103.78 95.85
(d) Other defined benefits 36.06 17.54
166.84 141.26
(i) Detailed disclosure in respect of post-retirement defined benefit schemes is provided in note 37, page 411.
(ii) Other defined benefits include post-retirement lumpsum benefits, long service awards, packing and transportation,
farewell gifts etc.
NOTES NOTES
12. Income taxes 12. Income taxes (Contd.)

[Item No. I(k), V(e) and IX, Page 342, 343 and 344] [Item No. I(k), V(e) and IX, Page 342, 343 and 344]
A. Income tax expenses/(benefit) B. Deferred tax assets/(liabilities)

Indian companies are subject to income tax in India on the basis of their standalone financial statements. Indian companies can (i) Components of deferred tax assets and liabilities as at March 31, 2021 are as below:
claim tax exemptions/deductions under specific sections of the Income-tax Act, 1961 subject to fulfilment of prescribed conditions (₹ crore)
as may be applicable. The Company and some of its Indian subsidiaries during the year ended March 31, 2020 have opted for Balance as at Recognised/ Recognised/ Recognised/ Reclassified Other Exchange Balance as at
April 1, (reversed) in (reversed) (reversed) in from held for movements differences on March 31,
the new tax regime under Section 115BAA of the Act, which provides a domestic company with an option to pay tax at a rate of 2020 profit and loss in other equity during sale during the during the consolidation 2021
22% (effective rate of 25.168%). The lower rate shall be applicable subject to certain conditions, including that the total income during the comprehensive the year year year during the
should be computed without claiming specific deduction or exemptions. year Income during year
the year
Business loss can be carried forward for a maximum period of eight assessment years immediately succeeding the assessment
year to which the loss pertains.
Tax-loss carry forwards 6,221.14 (785.46) - - 6.86 0.35 177.78 5,620.67
Apart from India, major tax jurisdictions for the Group include Singapore, United Kingdom and Netherlands. The number of years Expenses allowable for tax
2,534.16 354.64 (1.73) - 12.85 (0.10) 13.01 2,912.83
that are subject to tax assessments varies depending on the tax jurisdiction. purposes when paid/written off
The reconciliation of estimated income tax to income tax expense is as below: Others 729.16 (567.95) (83.63) - (10.01) (39.01) 44.47 73.03
(₹ crore)
9,484.46 (998.77) (85.36) - 9.70 (38.76) 235.26 8,606.53
Deferred tax liabilities:
March 31, 2021 March 31, 2020 Property, plant and equipment
12,728.92 70.25 - (3.75) 39.24 0.20 (121.72) 12,713.14
Profit/(loss) before tax 13,843.69 (1,380.44) and Intangible assets
Income tax expense at tax rates applicable to individual entities 3,276.38 230.38 Retirement benefit assets/
4,744.48 309.56 (1,812.64) - (14.00) - 324.50 3,551.90
obligations
(a) Tax on income at different rates - 9.73
Others 2.11 1.30 - - (0.17) - 1.65 4.89
(b) Additional tax benefit for capital investment including research and development expenditures (0.41) (17.19)
17,475.51 381.11 (1,812.64) (3.75) 25.07 0.20 204.43 16,269.93
(c) Income exempt from tax/items not deductible (512.21) (581.93)
Net deferred tax assets/
(d) Undistributed earning of subsidiaries, joint ventures and equity accounted investees 39.94 23.29 (7,991.05) (1,379.88) 1,727.28 3.75 (15.37) (38.96) 30.83 (7,663.40)
(liabilities)
(e) Deferred tax assets not recognised because realisation is not probable 3,194.40 714.45
Disclosed as:
(f ) Adjustments to taxes in respect of prior periods (11.57) (65.26)
Deferred tax assets 1,270.33 1,578.02
(g) Utilisation/credit of unrecognised tax losses, unabsorbed depreciation and other tax benefits (176.27) (593.71)
Deferred tax liabilities 9,261.38 9,241.42
(h) Impact of changes in tax rates(i) (156.36) (2,272.66)
(7,991.05) (7,663.40)
Tax expense as reported 5,653.90 (2,552.90)
(i) Changes in tax rates primarily represented re-measurement of deferred tax balances expected to reverse in future periods
based on the revised applicable tax rate by the Company and some of its Indian subsidiaries as per option permitted under
new tax rate regime.
NOTES NOTES
12. Income taxes (Contd.) 12. Income taxes (Contd.)

[Item No. I(k), V(e) and IX, Page 342, 343 and 344] [Item No. I(k), V(e) and IX, Page 342, 343 and 344]
Components of deferred tax assets and liabilities as at March 31, 2020 are as below: (v) Unused tax credits and other deductible temporary differences in respect of which deferred tax asset has not been recognised,
(₹ crore) expire unutilised based on the year of origination as below:
Balance as at Recognised/ Recognised Recognised Disposal Other Exchange Balance as at (₹ crore)
April 1, (reversed) in in other in equity of group movements differences on March 31,
2019 profit and loss comprehensive during the undertakings during the consolidation 2020 As at
during the Income during year during the year during the March 31, 2021
year the year year year Later than ten years but less than twenty years 371.54
Deferred tax assets: No expiry 6,714.29
Tax-loss carry forwards 6,719.14 310.70 - - (1.28) (946.73) 139.31 6,221.14 7,085.83
Expenses allowable for tax
3,169.13 (655.09) 3.44 - - - 16.68 2,534.16
purposes when paid/written off (vi) As at March 31, 2021, aggregate amount of temporary difference associated with undistributed earnings of subsidiaries for
Others 780.68 (167.46) 79.01 - - (0.45) 37.38 729.16 which deferred tax liability has not been recognised is ₹8,273.84 crore (March 31, 2020: ₹7,201.13 crore). No liability has been
10,668.95 (511.85) 82.45 - (1.28) (947.18) 193.37 9,484.46 recognised in respect of such difference because the Group is in a position to control the timing of reversal of the temporary
Deferred tax liabilities: difference and it is probable that such difference will not reverse in the foreseeable future.
Property, plant and equipment
18,441.52 (4,723.51) - (3.58) (2.81) (946.65) (36.05) 12,728.92 13. Other assets
and Intangible assets
Retirement benefit assets/
2,769.95 663.67 1,147.58 - - (0.03) 163.31 4,744.48
[Item No. I(l) and II(e), Page 342]
obligations
Others 1,108.42 (1,104.94) - - - - (1.37) 2.11 A. Non-current
22,319.89 (5,164.78) 1,147.58 (3.58) (2.81) (946.68) 125.89 17,475.51 (₹ crore)
Net deferred tax assets/ As at As at
(11,650.94) 4,652.93 (1,065.13) 3.58 1.53 (0.50) 67.48 (7,991.05)
(liabilities) March 31, 2021 March 31, 2020
Disclosed as: (a) Capital advances
Deferred tax assets 808.95 1,270.33 Considered good- Unsecured 665.63 1,241.28
Deferred tax liabilities 12,459.89 9,261.38 Considered doubtful- Unsecured 129.01 132.39
(11,650.94) (7,991.05) Less: Provision for doubtful advances 129.01 132.39
665.63 1,241.28
(ii) Deferred tax asset have been recognised based on an evaluation of whether it is probable that taxable profits will be earned (b) Advance with public bodies
in future accounting periods considering all the available evidences, including approved budgets and forecasts by the Board Considered good- Unsecured 1,909.95 1,624.63
of the respective entities. Considered doubtful- Unsecured 414.52 397.03
(iii) Deferred tax assets have not been recognised in respect of tax losses of ₹56,968.83 crore (March 31, 2020: ₹50,956.98 crore) Less: Provision for doubtful advances 414.52 397.03
as its recovery is not considered probable in the foreseeable future. Such losses primarily relate to the Group’s European 1,909.95 1,624.63
operations. (c) Capital advances to related parties
Considered good- Unsecured 18.53 11.07
(iv) Tax losses in respect of which deferred tax asset has not been recognised, expire unutilised based on the year of origination
as below:
(d) Others
(₹ crore)
As at
March 31, 2021 Considered doubtful - Unsecured 3.40 -
Within five years 4,208.22 Less: Provision for doubtful advances 3.40 -
Later than five years but less than ten years 1,965.98 278.59 277.22
Later than ten years but less than twenty years 1,345.03 2,872.70 3,154.20
No expiry 49,449.60
56,968.83
NOTES NOTES
13. Other assets (Contd.) 15. Trade receivables

[Item No. I(l) and II(e), Page 342] [Item No. II(b)(ii), Page 342]
B. Current (₹ crore)
(₹ crore) As at As at
March 31, 2021 March 31, 2020
As at As at
March 31, 2021 March 31, 2020 Considered good- Unsecured 9,539.84 7,884.91
(a) Advance with public bodies Credit impaired 359.50 308.74
Considered good- Unsecured 1,136.03 1,998.61 9,899.34 8,193.65
Considered doubtful- Unsecured 2.96 3.04 Less: Allowance for credit losses 359.50 308.74
Less: Provision for doubtful advances 2.96 3.04 9,539.84 7,884.91
1,136.03 1,998.61 In determining allowance for credit losses of trade receivables, the Group has used the practical expedient by computing the
(b) Advances to related parties expected credit loss allowance based on a provision matrix. The provision matrix takes into account historical credit loss experience
Considered good- Unsecured 16.45 7.68 and is adjusted for forward looking information. The expected credit loss allowance is based on ageing of the receivables that
16.45 7.68 are due and rates used in the provision matrix.
(c) Others
(i) Movement in allowance for credit losses of receivables is as below:
Considered good- Unsecured 1,000.96 1,171.40
Considered doubtful- Unsecured 106.05 83.24 (₹ crore)
Less: Provision for doubtful advances 106.05 83.24 Year ended Year ended
March 31, 2021 March 31, 2020
1,000.96 1,171.40
2,153.44 3,177.69 Balance at the beginning of the year 308.74 392.92
Charge/(released) during the year 35.30 (8.27)
(i) Advances with public bodies primarily relate to input credit entitlements and amounts paid under protest in respect of Utilised during the year (24.25) (84.00)
demands and claims from regulatory authorities. Addition relating to acquisitions - 22.79
(ii) Others include advances against supply of goods/services and advances paid to employees. Disposal of group undertakings - (0.71)
Reclassified from held for sale 27.95 -
14. Inventories Other reclassifications - (15.71)
[Item No. II(a), Page 342] Exchange differences on consolidation 11.76 1.72
(₹ crore)
As at As at (ii) Ageing of trade receivables and credit risk arising therefrom is as below:
March 31, 2021 March 31, 2020
(a) Raw materials 11,526.97 9,512.47 (₹ crore)
(b) Work-in-progress 4,562.98 4,273.25
Gross credit risk Subject to credit Allowance for Net credit risk
(c) Finished and semi-finished goods 11,940.89 12,391.38 insurance cover credit losses
(d) Stock-in-trade 50.97 128.72 Amounts not yet due 8,138.61 3,607.49 11.15 4,519.97
(e) Stores and spares 5,194.57 4,762.90 One month overdue 724.79 421.82 5.82 297.15
33,276.38 31,068.72 Two months overdue 254.10 150.01 5.85 98.24
Included above, goods-in-transit: Three months overdue 73.94 27.35 4.90 41.69
(i) Raw materials 2,823.74 1,514.77 Between three to six months overdue 106.13 20.65 12.83 72.65
(ii) Finished and semi-finished goods 408.58 82.92 Greater than six months overdue 601.77 129.44 318.95 153.38
(iii) Stock-in-trade 0.73 39.99 9,899.34 4,356.76 359.50 5,183.08
(iv) Stores and spares 88.87 205.09
3,321.92 1,842.77
Value of inventories above is stated after provisions (net of reversal) for slow-moving and obsolete items and write-downs to net
realisable value ₹698.25 crore (March 31, 2020: ₹747.92 crore).
NOTES NOTES
15. Trade receivables (Contd.) 17. Other balances with banks

[Item No. II(b)(ii), Page 342] [Item No. II(b)(iv), Page 342]
As at March 31, 2020 As at As at
Gross credit risk Subject to credit Allowance for Net credit risk March 31, 2021 March 31, 2020
insurance cover credit losses
Earmarked balances with banks 250.10 512.76
Amounts not yet due 6,475.28 3,789.33 9.35 2,676.60
250.10 512.76
One month overdue 837.43 372.58 5.16 459.69
Two months overdue 136.22 38.72 2.09 95.41 (i) Currency profile of earmarked balances with banks is as below:
Three months overdue 83.11 29.39 2.60 51.12 (₹ crore)
Between three to six months overdue 106.06 36.48 11.41 58.17
As at As at
Greater than six months overdue 555.55 83.22 278.13 194.20 March 31, 2021 March 31, 2020
8,193.65 4,349.72 308.74 3,535.19 INR 250.10 512.76
Total 250.10 512.76
(iii) The Group considers its maximum exposure to credit risk with respect to customers as at March 31, 2021 to be ₹5,183.08
crore (March 31, 2020: ₹3,535.19 crore), which is the carrying value of trade receivables after allowance for credit losses and INR-Indian rupees.
considering insurance cover.
(ii) Earmarked balances with banks represent balances held for unpaid dividends, margin money/fixed deposits against issue
The Group’s exposure to customers is diversified and there is no concentration of credit risk with respect to any particular of bank guarantees and deposits made against contract performance.
customer.
16. Cash and cash equivalents 18. Assets and liabilities held for sale
[Item No. II(b)(iii), Page 342] [Item No. III and VII, Page 342 and 343]
(i) As on March 31, 2020, the Group classified the assets and liabilities of its South East Asia businesses held by NatSteel
(₹ crore) Holdings Pte. Ltd. (“NSH”) and Tata Steel (Thailand) Public Company Ltd. (“TSTH”) as held for sale. As at March 31, 2021,
As at As at even though the Group is committed to dispose off these businesses, there are uncertainties surrounding the completion
March 31, 2021 March 31, 2020 of a sale transaction within immediate next 12 months from the reporting date. Accordingly, the assets and liabilities of
(a) Cash on hand 1.45 1.32 these businesses have been re-classified from “Held for Sale” and the results have been re-presented from “Discontinued
(b) Cheques, drafts on hand 1.79 2.44 Operations” to “Continuing Operations” along with restatement of the previous periods to conform to such a re-classification.
(c) Remittances in-transit 43.97 39.79 Consequent to the re‑classification, ‘South East Asian Operations’ is presented as a separate segment.
(d) Unrestricted balances with banks 5,484.87 7,498.41
As on the reporting date the carrying amount of property, plant and equipment, intangibles assets held within these
5,532.08 7,541.96 businesses were tested for possible impairments, if any. The outcome of the assessment did not result in any further
impairment charge as the recoverable amount of these assets are higher than their carrying amount and thus fair value
(i) Currency profile of cash and cash equivalents is as below: loss recognized earlier for these businesses have been reversed. Accordingly, the Group recognized an impairment reversal
(₹ crore) of ₹1,230.28 crore during the year ended March 31, 2021, presented within exceptional item in note 35, page 410.
As at As at
March 31, 2021 March 31, 2020
INR 3,131.79 2,106.53
GBP 1,220.24 (2,313.30)
EURO 643.75 1,449.22
USD (102.92) 6,201.16
Others 639.22 98.35
Total 5,532.08 7,541.96
INR-Indian Rupees, GBP- Great Britain Pound, USD-United States Dollars. Others primarily include SGD- Singapore Dollars,
CAD‑Canadian Dollars and THB- Thai Baht.
NOTES NOTES
18. Assets and liabilities held for sale (Contd.) 18. Assets and liabilities held for sale (Contd.)
[Item No. III and VII, Page 342 and 343] [Item No. III and VII, Page 342 and 343]
ii) As at March 31, 2021, the Group had classified certain assets and liabilities held within a disposal group with net carrying
Within Thailand businesses, certain property, plant and equipment have been classified as held for sale as the Group no
value of ₹0.06 crore (March 31, 2020: ₹0.89 crore) in respect of one of its Indian subsidiaries as held for sale. These assets
longer expects to recover the carrying value of such asset through continuing use. The major classes of assets and liabilities
and liabilities continue to be classified as held for sale as the Group expects to recover the carrying value principally
classified as held for sale are set out below:
through sale.
(₹ crore)
(₹ crore)
As at As at
As at As at
March 31, 2021 March 31, 2020
March 31, 2021 March 31, 2020
Non-current assets
Property, plant and equipment 0.06 0.06
Property, plant and equipment 80.20 1,377.86
Inventories - 0.67
Capital work-in-progress - 34.17
Trade receivables - 0.19
Right-of-use assets - 299.33
Other assets - 0.02
Other intangible assets - 6.38
Total assets held for sale 0.06 0.94
Intangible assets under development - 0.44
Trade payables - 0.05
Other investments - 33.71
Total liabilities held for sale - 0.05
Other financial assets - 12.45
Non-current tax assets - 23.60 iii) As on March 31, 2021, certain property, plant and equipment (including capital work-in-progress) having carrying value of
Deferred tax assets - 19.63 ₹19.27 crore (March 31, 2020: ₹8.39 crore) has been classified as held for sale in respect of one of the Indian subsidiaries, as
Other assets - 1.44 the Group expects to recover the carrying value of these assets principally through sale.
80.20 1,809.01
Current assets 19. Equity share capital
Inventories - 1,395.11
[Item No. IV(a), 343]
Trade receivables - 563.41
(₹ crore)
Cash and bank balances - 190.38
As at As at
Other financial assets - 35.21 March 31, 2021 March 31, 2020
Derivative assets - 20.59 Authorised:
Current tax assets - 1.86 1,75,00,00,000 Ordinary Shares of ₹10 each 1,750.00 1,750.00
Other assets - 51.71 (March 31, 2020: 1,75,00,00,000 Ordinary Shares of ₹10 each)
- 2,258.27 35,00,00,000 'A' Ordinary Shares of ₹10 each * 350.00 350.00
Fair value adjustments - (1,253.16) (March 31, 2020: 35,00,00,000 'A' Ordinary Shares of ₹10 each)
Total assets held for sale 80.20 2,814.12 2,50,00,000 Cumulative Redeemable Preference Shares of ₹100 each * 250.00 250.00
Non-current liabilities 60,00,00,000 Cumulative Convertible Preference Shares of ₹100 each * 6,000.00 6,000.00
Borrowings - 270.07 (March 31, 2020: 60,00,00,000 Shares of ₹100 each)
8,350.00 8,350.00
Other financial liabilities - 0.39
Issued:
Provisions - 0.25 1,19,78,30,303 Ordinary Shares of ₹10 each 1,197.83 1,127.52
Retirement benefit obligations - 102.15 (March 31, 2020: 1,12,75,20,570 Ordinary Shares of ₹10 each)
Deferred tax liabilities - 40.09 73,87,547 Ordinary Shares of ₹10 each (partly paid up,₹2.504 each paid up) 7.39 77.70
- 412.95 (March 31, 2020: 7,76,97,280 Ordinary Shares of ₹10 each, ₹2.504 each paid up)
Current liabilities 1,205.22 1,205.22
Borrowings - 248.71 Subscribed and paid up:
Derivative liabilities - 77.75 1,19,55,57,559** Ordinary Shares of ₹10 each fully paid up 1,195.56 1,125.31
Trade payables - 458.83 (March 31, 2020: 1,12,53,08,318 Ordinary Shares of ₹10 each)
Other financial liabilities - 103.97 73,87,547 Ordinary Shares of ₹10 each (Partly Paid up,₹2.504 each paid up) 1.85 19.44
(March 31, 2020: 7,76,36,788 Ordinary Shares of ₹10 each, ₹2.504 each paid up)
Retirement benefit obligations - 0.75
Amount paid up on 3,89,516 Ordinary Shares of ₹10 each forfeited 0.20 0.20
Provisions - 3.02 (March 31, 2020: 3,89,516 Shares of ₹10 each)
Current tax liabilities - 21.69 1,197.61 1,144.95
Other liabilities - 20.61
- 935.33 * ‘A’ class Ordinary Shares and Preference Shares included within authorised share capital are for disclosures purposes and have not yet been issued.
Total liabilities held for sale - 1,348.28 ** Includes 1,51,732 equity shares on which first and final call money has been received and the partly paid-up equity shares have been converted to fully paid-
up equity shares but are pending listing and trading approval for fully paid-up shares, and hence continue to be listed under partly paid-up shares.
NOTES NOTES
19. Equity share capital (Contd.) 19. Equity share capital (Contd.)
[Item No. IV(a), Page 343] [Item No. IV(a), Page 343]
(i) Subscribed and paid up share capital excludes 11,81,893 (March 31, 2020: 11,81,893) Ordinary shares of face value ₹10 each 1,00,14,395 shares (March 31, 2020: 1,25,61,401 shares) of face value of ₹10 per share represent the shares underlying GDRs
(vi)
fully paid up held by subsidiaries of the Company. which were issued during 1994 and 2009. Each GDR represents one underlying Ordinary Share.
(ii) Details of movement in subscribed and paid up share capital is as below: (vii) The rights, powers and preferences relating to each class of share capital and the qualifications, limitations and restrictions
thereof are contained in the Memorandum and Articles of Association of the Company. The principal rights are as below:
No. of shares ₹ crore No. of shares ₹ crore A. Ordinary Shares of ₹10 each
Ordinary Shares of ₹10 each (i) In respect of every Ordinary Share (whether fully paid or partly paid), voting right and dividend shall be in the same
Balance at the beginning of the year 1,20,29,45,106 1,144.75 1,20,29,44,492 1,144.74 proportion as the capital paid up on such Ordinary Share bears to the total paid up Ordinary Capital of the Company.
Fully paid shares allotted during the year - - 531 0.01
Partly paid shares allotted during the year - - 83 0.00* (ii) The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual
Partly paid shares converted to fully paid-up shares General Meeting, except in case of interim dividend.
- 52.66 - -
during the year(a) (iii) In the event of liquidation, the Shareholders of Ordinary Shares are eligible to receive the remaining assets of the
Balance at the end of the year 1,20,29,45,106 1,197.41 1,20,29,45,106 1,144.75 Company after distribution of all preferential amounts, in proportion to their shareholding.
* represents value less than ₹0.01 crore.
B. ‘A’ Ordinary Shares of ₹10 each
(a) During the year ended March 31, 2021, the Company made call on first and final call money payable on 7,76,36,788
partly paid-up equity shares. As on March 31, 2021, 7,02,49,241 partly paid-up equity shares were converted into fully (i) (a) The holders of ‘A’ Ordinary Shares shall be entitled to such rights of voting and/or dividend and such other rights
as per the terms of the issue of such shares, provided always that:
paid-up equity shares.
- in the case where a resolution is put to vote on a poll, such differential voting entitlement (excluding fractions,
(iii) As at March 31, 2021, 2,98,822 Ordinary Shares of face value of ₹10 each (March 31, 2020: 2,98,822 Ordinary Shares) are kept
if any) will be applicable to holders of ‘A’ Ordinary Shares.
in abeyance in respect of Rights Issue of 2007.
- in the case where a resolution is put to vote in the meeting and is to be decided on a show of hands, the holders
As at March 31, 2021, 1,21,293 fully paid Ordinary Shares of face value of ₹10 each (March 31, 2020: 1,21,293 fully paid Ordinary of ‘A’ Ordinary Shares shall be entitled to the same number of votes as available to holders of Ordinary Shares.
Shares) are kept in abeyance in respect of Rights Issue of 2018.
(b) The holders of Ordinary Shares and the holders of ‘A’ Ordinary Shares shall vote as a single class with respect to
As at March 31, 2021, 60,492 fully paid Ordinary Shares of face value of ₹10 each (March 31, 2020: 60,492 partly paid Ordinary all matters submitted for voting by shareholders of the Company and shall exercise such votes in proportion to
Shares of ₹10 each ₹2.504 paid up) are kept in abeyance in respect of Rights Issue of 2018. Pursuant to the first and final call on the voting rights attached to such shares including in relation to any scheme under Sections 391 to 394 of the
the partly paid-up equity shares, the right on 60,492 partly paid-up Ordinary shares as on March 31, 2020, is presently the right on Companies Act, 1956.
fully paid-up equity shares.
(ii) The holders of ‘A’ Ordinary Shares shall be entitled to dividend on each ‘A’ Ordinary Share which may be equal to or
(iv) Proceeds from subscription to the first and final call on partly paid-up shares for the Rights Issue of 2018, made during the higher than the amount per Ordinary Share declared by the Board for each Ordinary Share, and as may be specified at
year ended March 31, 2021 have been utilised in the following manner: the time of the issue. Different series of ‘A’ Ordinary Shares may carry different entitlements to dividend to the extent
(₹ crore) permitted under applicable law and as prescribed under the terms applicable to such issue.
Particulars Proposed to be Utilised till To be
utilised during March 31, 2021 utilised during C. Preference Shares
2020-21 2021-22 The Company has two classes of preference shares i.e. Cumulative Redeemable Preference Shares (CRPS) of ₹100 per share
Repayment/ prepayment of loans 2,670.60 2,670.60 13.38 and Cumulative Convertible Preference Shares (CCPS) of ₹100 per share.
Expenses towards general corporate purpose 32.26 32.26 520.89
Issue expenses 1.36 1.36 - (i) Such shares shall confer on the holders thereof, the right to a fixed preferential dividend from the date of allotment, at
Total 2,704.22 2,704.22 534.27 a rate as may be determined by the Board at the time of the issue, on the capital for the time being paid up or credited
as paid up thereon.
(v) Details of shareholders holding more than 5 percent shares in the Company is as below: (ii) Such shares shall rank for capital and dividend (including all dividend undeclared upto the commencement of winding
up) and for repayment of capital in a winding up, pari passu inter se and in priority to the Ordinary Shares of the
Company, but shall not confer any further or other right to participate either in profits or assets. However, in case of
No. of ordinary % held No. of ordinary % held
shares shares
CCPS, such preferential rights shall automatically cease on conversion of these shares into Ordinary Shares.
Name of shareholders (iii) The holders of such shares shall have the right to receive all notices of general meetings of the Company but shall not
(a) Tata Sons Private Limited 39,65,08,142 32.93 39,65,08,142 32.93 confer on the holders thereof the right to vote at any meetings of the Company save to the extent and in the manner
(b) Life Insurance Corporation of India 10,67,23,335 8.86 10,96,96,176 9.11 provided in the Companies Act, 1956, or any re-enactment thereof.
(c) HDFC Trustee Company Limited NA* NA* 6,02,13,483 5.00
(iv) CCPS shall be converted into Ordinary Shares as per the terms, determined by the Board at the time of issue; as and
*As on March 31, 2021, HDFC Trustee Company Limited holds less than 5% shares in the Company. when converted, such Ordinary Shares shall rank pari passu with the then existing Ordinary Shares of the Company in
all respects.
NOTES NOTES
20. Hybrid perpetual securities 21. Other equity (Contd.)

[Item No. IV(b), Page 343] [Item No. IV(c), Page 343]
The details of movement in hybrid perpetual securities is as below: B. Items of other comprehensive income
(₹ crore)
(a) Cash flow hedge reserve
March 31, 2021 March 31, 2020 The cumulative effective portion of gain or losses arising from changes in fair value of hedging instruments designated as
Balance at the beginning of the year 2,275.00 2,275.00 cash flow hedges are recognised in cash flow hedge reserve. Such changes recognised are reclassified to the consolidated
Repayments during the year (1,500.00) - statement of profit and loss when the hedged item affects the profit or loss or are included as an adjustment to the cost of
Balance at the end of the year 775.00 2,275.00
the related non-financial hedged item.
The Group has designated certain foreign currency forward contracts, commodity contracts, interest rate swaps and collar
The Company had issued hybrid perpetual securities of ₹775.00 crore and ₹1,500.00 crore in May 2011 and March 2011 respectively. as cash flow hedges in respect of foreign exchange, commodity price and interest rate risks.
These securities are perpetual in nature with no maturity or redemption and are callable only at the option of the Company. The
The details of movement in cash flow hedge reserve is as below:
distribution on these securities are 11.50% p.a. and 11.80% p.a. respectively, with a step up provision if the securities are not called
(₹ crore)
after 10 years. The distribution on the securities may be deferred at the option of the Company if in the six months preceding
the relevant distribution payment date, the Company has not made payment on, or repurchased or redeemed, any securities Year ended Year ended
March 31, 2021 March 31, 2020
ranking pari passu with, or junior to the instrument. As these securities are perpetual in nature and the Company does not have
Balance at the beginning of the year (167.02) 119.63
any redemption obligation, these have been classified as equity.
Other comprehensive income recognised during the year 280.34 (286.65)
During the year ended March 31, 2021 the Company has exercised its call option and redeemed the perpetual securities worth Balance at the end of the year 113.32 (167.02)
₹1,500.00 crore issued during March 2011.
(i) The details of other comprehensive income recognised during the year is as below:
21. Other equity
[Item No. IV(c), Page 343] (₹ crore)
A. Retained earnings March 31, 2021 March 31, 2020
The details of movement in retained earnings is as below: Fair value changes recognised during the year 295.10 (210.17)
(₹ crore) Fair value changes reclassified to the consolidated statement of profit and loss/cost of hedged items 59.21 (154.93)
Year ended Year ended Tax impact on above (73.97) 78.45
March 31, 2021 March 31, 2020 280.34 (286.65)
Balance at the beginning of the year 18,127.82 14,056.43
Profit /(loss) for the year 7,490.22 1,556.54 During the year, ineffective portion of cash flow hedges recognised in the consolidated statement of profit and loss amounted
Remeasurement of post-employment defined employee benefit plans (9,417.74) 5,480.23 to Nil (2019-20: Nil).
Tax on remeasurement of post-employment defined employee benefit plans 1,790.48 (1,020.99)
Equity issue expenses written off (1.96) (5.31) (ii) The amount recognised in cash flow hedge reserve (net of tax) is expected to impact the consolidated statement of profit
and loss as below:
Dividend (1,144.75) (1,488.13)
Tax on dividend - (297.40) - within the next one year: gain of ₹139.25 crore (2019-20: loss of ₹109.54 crore)
Distribution on hybrid perpetual securities(i) (242.34) (266.15)
- later than one year: loss of ₹25.93 crore (2019-20: loss of ₹57.48 crore)
Tax on distribution on hybrid perpetual securities 60.99 66.97
Transfers within equity(ii) (139.39) 14.28
Adjustment for changes in ownership interests (46.63) 31.35
(i) During the year ended March 31, 2021, distribution of ₹16.97 crore post exercise of the call option on hybrid perpetual
securities has been recognised in the consolidated statement of profit & loss.
(ii) Includes loss on sale of investments carried at fair value through other comprehensive income reclassified from investment
revaluation reserve.
NOTES NOTES

(b) Investment revaluation reserve (b) Debenture redemption reserve
The cumulative gains and losses arising on fair value changes of equity investments measured at fair value through other The provisions of the Companies Act, 2013 read with related rules required a company issuing debentures to create Debenture
comprehensive income are recognised in investment revaluation reserve. The balance of the reserve represents such changes Redemption Reserve (DRR) of 25% of the value of debentures issued, either in a public issue or on a private placement basis,
recognised net of amounts reclassified to retained earnings on disposal of such investments. out of profits of the company available for payment of dividend. The amounts credited to the DRR can be utilised by the
The details of movement in investment revaluation reserve is as below: company only to redeem debentures.
(₹ crore) As per the recent amendment in the Companies (Share Capital and Debentures) Rules, 2014, a listed company issuing privately
placed debentures on or after August 16, 2019, is not required to maintain additional amount in the DRR. Accordingly, the
March 31, 2021 March 31, 2020 existing balance in the DRR shall be maintained to be utilized for redemption of existing debentures issued by the Company
Balance at the beginning of the year (173.31) 80.28 on or before August 16, 2019.
Other comprehensive income recognised during the year 351.74 (248.94) The details of movement in debenture redemption reserve is as below:
Tax impact on above (10.51) 1.98 (₹ crore)
Transfers within equity 138.68 (6.63) Year ended Year ended
Balance at the end of the year 306.60 (173.31) March 31, 2021 March 31, 2020
(c) Foreign currency translation reserve Balance at the end of the year 2,046.00 2,046.00
Exchange differences arising on translation of assets, liabilities, income and expenses of the Group’s foreign subsidiaries,
associates and joint ventures are recognised in other comprehensive income and accumulated separately in foreign currency (c) General reserve
translation reserve. The amounts recognised are transferred to the consolidated statement of profit and loss on disposal of Under the erstwhile Companies Act 1956, a general reserve was created through an annual transfer of net profit at a specified
the related foreign subsidiaries, associates and joint ventures. percentage in accordance with applicable regulations. Consequent to the introduction of the Companies Act, 2013 the
requirement to mandatorily transfer a specified percentage of net profit to general reserve has been withdrawn.
The details of movement in foreign currency translation reserve is as below:
The details of movement in general reserve is as below:
(₹ crore)
Year ended Year ended (₹ crore)
Balance at the beginning of the year 7,956.24 7,412.24 March 31, 2021 March 31, 2020
Other comprehensive income recognised during the year (203.20) 544.00 Balance at the beginning of the year 12,181.16 12,181.16
Balance at the end of the year 7,753.04 7,956.24 Balance at the end of the year 12,181.16 12,181.16
C. Other reserves (d) Capital redemption reserve

(a) Securities premium The Companies Act, 2013 requires that when a company purchases its own shares out of free reserves or securities premium
Securities premium is used to record premium received on issue of shares. The reserve is utilised in accordance with the account, a sum equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve
provisions of the Companies Act, 2013. account and details of such transfer shall be disclosed in the balance sheet. The capital redemption reserve may be applied
by the company, in paying up unissued shares of the company to be issued to shareholders of the company as fully paid
The details of movement in securities premium is as below: bonus shares. The Group established this reserve pursuant to the redemption of preference shares issued in earlier years.
(₹ crore) The details of movement in capital redemption reserve is as below:
Balance at the beginning of the year 27,778.12 27,778.09 Year ended Year ended
March 31, 2021 March 31, 2020
Received/ transfer on issue of Ordinary Shares during the year 3,185.84 0.03
Equity issue expenses written (off )/back during the year (1.36) - Balance at the beginning of the year 133.11 133.11
Balance at the end of the year 30,962.60 27,778.12 Balance at the end of the year 133.11 133.11
NOTES NOTES

(e) Special reserve D. Share application money pending allotment
Special reserve represents reserve created by certain Indian subsidiaries of the Company pursuant to the Reserve Bank of The details of movement in share application money pending allotment is as below:
India Act, 1934 (the “RBI Act”) and other related applicable regulations. Under the RBI Act, a non-banking finance company
is required to transfer an amount not less than 20% of its net profit to a reserve fund before declaring any dividend. (₹ crore)
Appropriation from this reserve fund is permitted only for the purposes specified by the RBI. Year ended Year ended
March 31, 2021 March 31, 2020
The details of movement in special reserve is as below: Balance at the beginning of the year - -
(₹ crore)
Application money received during the year 3.78 0.04
Year ended Year ended Allotment of Ordinary Shares during the year - (0.04)
March 31, 2021 March 31, 2020
Balance at the end of the year 3.78 -
Transfers within equity 0.42 1.92
Balance at the end of the year 10.48 10.06 22. Non-controlling interests
Non-controlling interests represent proportionate share held by minority shareholders in the net assets of subsidiaries which
(f) Capital Reserve on consolidation are not wholly owned by the Company.
The excess of fair value of net assets acquired over consideration paid in a business combination is recognised as capital The balance of non-controlling interests as at the end of the year is as below:
reserve on consolidation. The reserve is not available for distribution. (₹ crore)
The details of movement in capital reserve on consolidation is as below: As at As at
March 31, 2021 March 31, 2020
(₹ crore) Non-controlling interests 3,269.68 2,586.60
March 31, 2021 March 31, 2020
(i) The Company, through its wholly owned subsidiary, T S Global Holdings Pte. Ltd. via TSMUK Limited holds 82.00% (March
31, 2020: 77.68%) equity stake in Tata Steel Minerals Canada Limited.
Addition relating to acquisitions - 584.24
Liquidation of group undertakings - (0.56) (ii) Bamnipal Steel Limited, a wholly owned subsidiary of the Company, holds 72.65% (March 31, 2021: 72.65%) stake in Tata
Balance at the end of the year 2,020.62 2,020.62 Steel BSL Limited.
(g) Others (iii) The Company holds as at March 31, 2021, 74.91% (March 31, 2020: 75.91%) equity stake in Tata Steel Long Products Limited.
During the year ended March 31, 2021, the Company sold 4,51,000 shares to comply with minimum pubic shareholding
Others primarily represent amounts appropriated out of the statement of profit or loss for unforeseen contingencies. Such
requirement.
appropriations are free in nature.
The details of movement in others is as below: The table below provides information in respect of subsidiaries where material non-controlling interest exists:
(₹ crore)
(₹ crore)
Name of Subsidiary Country of % of non- % of non- Profit/(loss) Profit/(loss) Non- Non-
Year ended Year ended incorporation controlling controlling attributable to attributable to controlling controlling
March 31, 2021 March 31, 2020 and operation interests as at interests as at non-controlling non-controlling interests as at interests as at
Balance at the beginning of the year 243.55 253.12 March 31, 2021 March 31, 2020 interests for the interests for the March 31, 2021 March 31, 2020
year ended year ended
Additions 14.91 -
March 31, 2021 March 31, 2020
Transfers within equity 0.29 (9.57)
Tata Steel Minerals Canada Limited Canada 18.00% 22.32% (295.18) (165.84) 127.14 506.41
Tata Steel BSL Limited India 27.35% 27.35% 688.02 (168.64) 1,023.08 334.92
Tata Steel Long Products Limited India 25.09% 24.09% 142.08 (135.65) 649.90 485.64
NOTES NOTES
22. Non-controlling interests (Contd.) 23. Borrowings

The tables below provides summarised information in respect of consolidated balance sheet as at March 31, 2021, consolidated [Item No. V(a)(i) and VI(a)(i), Page 343]
statement of profit and loss and consolidated statement of cash flows for the year ended March 31, 2021, in respect of the above- A. Non-current
mentioned entities: (₹ crore)
Summarised balance sheet information As at As at

March 31, 2021 March 31, 2020
(₹ crore)
Particulars Tata Steel Minerals Canada Limited Tata Steel BSL Limited Tata Steel Long Products Limited
(a) Secured
As at As at As at As at As at As at (i) Loan from Joint Plant Committee - Steel Development Fund 2,677.40 2,633.96
March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 (ii) Term loans from banks/financial institutions 22,362.64 28,496.93
Non-current assets 6,297.46 7,516.08 30,191.44 31,614.99 4,432.14 4,889.63 (iii) Lease obligations 6,710.78 5,896.52
Current assets 523.25 270.45 6,957.20 7,223.79 1,457.78 1,274.68 (iv) Other loans 337.98 309.76
Total assets (A) 6,820.71 7,786.53 37,148.64 38,838.78 5,889.92 6,164.31 32,088.80 37,337.17
Non-current liabilities 4,597.61 4,284.33 10,560.41 15,846.97 1,483.56 2,803.31 (b) Unsecured
Current liabilities 1,516.77 1,233.35 5,551.14 4,471.21 1,827.03 1,356.50 (i) Bonds and debentures 31,936.51 31,445.29
Total liabilities (B) 6,114.38 5,517.68 16,111.55 20,318.18 3,310.59 4,159.81 (ii) Term loans from banks/financial institutions 8,376.38 25,315.71
Net assets (A-B)(i) 706.33 2,268.85 21,037.09 18,520.60 2,579.33 2,004.50 (iii) Deferred payment liabilities 7.01 6.71
(iv) Other loans 0.09 0.09
(i) Net assets of Tata Steel BSL Limited as at March 31, 2021, includes equity portion of preference shares ₹17,295.82 crore 40,319.99 56,767.80
(March 31, 2020: ₹17,295.82 crore) issued by Tata Steel BSL Limited to the Company. 72,408.79 94,104.97
Summarised profit and loss information
(₹ crore) B. Current
(₹ crore)
Particulars Tata Steel Minerals Canada Limited Tata Steel BSL Limited Tata Steel Long Products Limited
Year ended Year ended Year ended Year ended Year ended Year ended As at As at
March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
Total income 782.56 405.90 21,509.67 18,270.89 4,815.37 3,571.31 (a) Secured
Profit/(loss) for the year (1,510.41) (743.03) 2,515.99 (616.69) 572.01 (516.23) (i) Loans from banks/financial institutions 99.75 48.06
Total comprehensive income (ii) Repayable on demand from banks/financial institutions 322.10 561.52
(1,510.41) (743.03) 2,516.50 (625.32) 574.84 (525.71)
for the year (iii) Other loans - 8.19
421.85 617.77
Summarised cash flow information (b) Unsecured
(₹ crore) (i) Preference shares 1.00 1.00
Particulars Tata Steel Minerals Tata Steel BSL Limited Tata Steel Long (ii) Loans from banks/financial institutions 9,021.05 14,937.39
Canada Limited Products Limited (iii) Commercial papers - 3,013.60
Year ended Year ended Year ended Year ended Year ended Year ended (iv) Other loans 48.21 614.72
March 31, March 31, March 31, March 31, March 31, March 31, 9,070.26 18,566.71
2021 2020 2021 2020 2021 2020
9,492.11 19,184.48
Net cash from/ (used in) operating activities (391.09) 440.91 8,160.46 1,866.17 1,689.72 (335.66)
Net cash from/(used in) investing activities 10.24 (860.71) (662.96) 531.70 91.07 (3,574.41)
Net cash from/(used in) financing activities 392.53 406.61 (7,484.13) (1,950.69) (1,559.42) 3,804.89
Effect of exchange rate on cash and cash equivalents (0.29) 0.63 - - - -
Cash and cash equivalents at the beginning of the year 3.39 15.95 724.83 277.65 58.03 163.21
Cash and cash equivalents at the end of the year 14.78 3.39 738.20 724.83 279.40 58.03
NOTES NOTES
23. Borrowings (Contd.) 23. Borrowings (Contd.)

[Item No. V(a)(i) and VI(a)(i), Page 343] [Item No. V(a)(i) and VI(a)(i), Page 343]
(i) As at March 31, 2021, ₹33,715.72 crore (March 31, 2020: ₹39,178.70 crore) of the total outstanding borrowings (including (iii) The details of major unsecured borrowings as at March 31, 2021 is as below:
current maturities) were secured by a charge on property, plant and equipment, inventories and receivables.
(a) Bonds and debentures
(ii) The security details of major borrowings as at March 31, 2021 is as below:
(I) Non-convertible Debentures:
(a) Loans from Joint Plant Committee-Steel Development Fund The details of debentures issued by the Company is as below:
It is secured by mortgages on, all present and future immovable properties wherever situated and hypothecation of movable
(i) 9.84% p.a. interest bearing 43,150 debentures of face value ₹10,00,000 each are redeemable at par in 4 equal annual
assets, excluding land and building mortgaged in favour of Government of India under the deed of mortgage dated April
instalments commencing from February 28, 2031.
13, 1967 and in favour of Government of Bihar under two deeds of mortgage dated May 11, 1963, immovable properties and
movable assets of the Tube Division, Bearings Division, Ferro Alloys Division and Cold Rolling Complex (West) at Tarapur and (ii) 8.15% p.a. interest bearing 10,000 debentures of face value ₹10,00,000 each are redeemable at par on October 1, 2026.
all investments and book debts of the Company subject to the prior charges created and/or to be created in favour of the
(iii) 7.70% p.a. interest bearing 6,700 debentures of face value ₹10,00,000 each are redeemable at par on March 13, 2025.
bankers for securing borrowing for the working capital requirement and charges created and/or to be created on specific
items of machinery and equipment procured/to be procured under deferred payment schemes/bill re-discounting schemes/ (iv) 7.95% interest bearing 5,000 debentures of face value ₹10,00,000 each are redeemable at par on October 30, 2023.
asset credit schemes.
(v) Repo rate plus 4.08% p.a. interest bearing 4,000 debentures of face value ₹10,00,000 each are redeemable at par on
The loan is repayable in 16 equal semi-annual instalments after completion of four years from the date of the tranche. June 2, 2023.
The Company has filed a writ petition before the High Court at Kolkata in February 2006 claiming waiver of the outstanding (vi) 8.25% interest bearing 10,000 debentures of face value ₹10,00,000 each are redeemable at par on May 19, 2023.
loan and interest and refund of the balance lying with Steel Development Fund and the matter is subjudice.
(vii) Repo rate plus 3.45% p.a. interest bearing 5,000 debentures of face value ₹10,00,000 each are redeemable at par on
The loan includes funded interest ₹1,038.07 crore (March 31, 2020: ₹994.63 crore). April 28, 2023.
It includes ₹1,639.33 crore (March 31, 2020: ₹1,639.33 crore) representing repayments and interest on earlier loans for which (viii) Repo rate plus 3.30% p.a. interest bearing 10,000 debentures of face value ₹10,00,000 each are redeemable at par on
applications of funding are awaiting sanction and is not secured by charge on movable assets of the Company. April 27, 2023.
(b) Loans from banks/financial institutions (ix) 7.85% interest bearing 5,100 debentures of face value ₹10,00,000 each are redeemable at par on April 21, 2023.
Majority of the secured borrowings from banks and financial institutions relate to subsidiaries of the Company namely Tata (x) 7.85% interest bearing 10,250 debentures of face value ₹10,00,000 each are redeemable at par on April 17, 2023.
Steel BSL Limited and Tata Steel Europe
(xi) 2.00% p.a. interest bearing 15,000 debentures of face value ₹10,00,000 each are redeemable at a premium of 85.03%
The term loans in Tata Steel BSL Limited are secured by a charge on all its immovable and movable properties including of the face value on April 23, 2022.
movable plant and machinery, spares, tools and accessories, ranking pari passu inter-se. The loan is payable in 8 semi-annual
instalments starting from March 2027. The other loans are secured by a first pari passu charge on all of the stock of raw (II) Bonds
materials, finished goods, stock in process, consumable stores and book debts. ABJA Investment Company Pte Ltd. a wholly owned subsidiary of the Company has issued non-convertible bonds that are
listed on the Singapore Stock Exchange and Frankfurt Stock Exchange. Details of the bonds outstanding at the end of the
The borrowings in Tata Steel Europe relate to the senior facility arrangement (SFA) which was refinanced in February 2020.
reporting period is as below:
The SFA is secured against the assets and shares of Tata Steel UK Limited and the shares of Tata Steel Netherlands Holdings
BV(TSNH). The SFA contains a financial covenant which sets an annual maximum capital expenditure at TSNH and contains Sl. Issued on Currency Initial principal Outstanding principal (in millions) Interest rate Redeemable on
covenants for cash flow to debt service and debt tangible net worth calculated at the Company level. The SFA comprises of No. due (in millions) As at As at
the following term loans: March 31, 2021 March 31, 2020
1 January 2018 USD 1,000 1,000 1,000 5.45% January 2028
Facility A: EURO 410.00 million bullet term loan facility equivalent to ₹3,516.74 crore (March 31, 2020: EURO 410.00 million
2 July 2014 USD 1,000 1,000 1,000 5.95% July 2024
equivalent to ₹3,396.71 crore), repayable in February 2025
3 January 2018 USD 300 300 300 4.45% July 2023
Facility B: EURO 1,340.00 million bullet term loan facility equivalent to ₹11,493.73 crore (March 31, 2020: EURO 1,340.00 4 May 2013 SGD 300 300 300 4.95% May 2023
million equivalent to ₹11,101.44 crore), repayable in February 2026.
(c) Lease obligations

The Group has taken certain assets on lease for business purpose. In addition, the Group has entered into long term
arrangements which convey right to control the use of the identified assets resulting in recognition of right-of-use assets
and lease obligations. Lease obligations represent the present value of minimum lease payments payable over the
lease term.
NOTES NOTES
23. Borrowings (Contd.) 23. Borrowings (Contd.)

[Item No. V(a)(i) and VI(a)(i), Page 343] [Item No. V(a)(i) and VI(a)(i), Page 343]
(b) Loans from banks/ financial institutions (vi) Maturity profile of borrowings including current maturities is as below:
(I) Details of loans from banks and financial institutions availed by the Company is as below: As at March 31, 2021 As at March 31, 2020
(i) Rupee loan amounting ₹400.00 crore (March 31, 2020: ₹1,000.00 crore) is repayable in 3 semi-annual instalments, the Borrowings Lease Total Borrowings Lease Total
other than lease obligations borrowings other than lease obligations borrowings
next instalment is due on September 22, 2028.
obligations obligations
(ii) Rupee loan amounting ₹2,600.00 crore (March 31, 2020: Nil) is repayable in 7 semi-annual instalments, the next Not later than one year or on demand 14,971.51 1,702.58 16,674.09 21,101.09 1,721.35 22,822.44
instalment is due on August 27, 2027. Later than one year but not two years 3,053.40 1,508.11 4,561.51 1,835.76 1,397.53 3,233.29
(iii) Rupee loan amounting ₹595.00 crore (March 31, 2020: ₹1,447.50 crore) is repayable in 4 semi-annual instalments, the Later than two years but not three years 10,019.92 1,320.15 11,340.07 7,316.50 1,174.58 8,491.08
next instalment is due on October 16, 2026. Later than three years but not four years 12,567.79 1,261.49 13,829.28 12,785.00 978.90 13,763.90
Later than four years but not five years 12,150.76 943.51 13,094.27 21,116.31 968.75 22,085.06
(iv) Rupee loan amounting ₹520.00 crore (March 31, 2020: ₹1,000.00 crore) is repayable in 5 semi-annual instalments, the More than five years 28,609.38 5,343.16 33,952.54 47,411.03 5,160.40 52,571.43
next instalment is due on June 30, 2025. 81,372.76 12,079.00 93,451.76 1,11,565.69 11,401.51 1,22,967.20
(v) USD 440.00 million equivalent to ₹3,217.06 crore (March 31, 2020: USD 330.00 million equivalent to 2,494.80 crore) Less: Future finance charges on leases - 4,244.57 4,244.57 - 4,379.45 4,379.45
loan is repayable in 3 equal annual instalments commencing from September 9, 2023. Less: Capitalisation of transaction costs 705.78 - 705.78 2,259.55 - 2,259.55
80,666.98 7,834.43 88,501.41 1,09,306.14 7,022.06 1,16,328.20
USD 66.67 million equivalent to ₹487.43 crore (March 31, 2020: USD 133.33 million equivalent to ₹1,008.00 crore) loan
(vi)
is repayable on February 16, 2022.
(vii) Some of the Group’s major financing arrangements include financial covenants, which require compliance to certain debt-
(vii) Rupee loan amounting ₹990.00 crore (March 31, 2020: Nil) is repayable in 19 semi-annual instalments, the next equity ratios and debt coverage ratios by entities within the Group who have availed such borrowings. Additionally, certain
instalment is due on May 14, 2021. negative covenants may limit the ability of entities within the Group to borrow additional funds or to incur additional liens,
(viii) EURO 28.66 million equivalent to ₹245.87 crore (March 31, 2020: EURO 47.76 million equivalent to ₹395.80 crore) loan and/or provide for increased costs in case of breach. Further, certain current year tax in respect of the Company have not
is repayable in 3 equal semi-annual instalments, the next instalment is due on April 30, 2021. been not paid as a part of the Company's strategic planning which has no consequential impact on the financial statements.
(II) Details of loans from banks/financial institutions availed by NatSteel Asia Pte Limited a subsidiary of the Company is as 24. Other financial liabilities
below:
[Item No. V(a)(iii) and VI(a)(iv), Page 343]
(i) USD 459.97 million equivalent to ₹3,362.61 crore (March 31, 2020: USD 1,151.66 million equivalent to ₹8,705.40 crore),
A. Non-current
fully repaid on April 22, 2021 which was originally repayable in 3 instalments, beginning April 19, 2022.
(₹ crore)
(ii) EURO 167.06 million equivalent to ₹1,432.94 crore (March 31, 2020: EURO 418.27 million equivalent to ₹3,465.22 crore), As at As at
fully repaid on April 22, 2021 which was originally repayable in 3 annual instalments, beginning April 19, 2022. March 31, 2021 March 31, 2020
(iv) Commercial papers raised by the Group are short-term in nature ranging between one to three months. (a) Creditors for other liabilities 522.70 387.67
522.70 387.67
(v) Currency and interest exposure of borrowings including current maturities is as below:
(₹ crore)
B. Current
(₹ crore)
Fixed rate Floating rate Total Fixed rate Floating rate Total
As at As at
INR 16,053.06 18,578.71 34,631.77 26,388.35 29,170.92 55,559.27
March 31, 2021 March 31, 2020
GBP 2,230.16 1,974.12 4,204.28 1,217.99 1,827.02 3,045.01
(a) Current maturities of long-term borrowings 5,476.86 1,913.21
EURO 1,066.91 15,441.82 16,508.73 1,238.53 17,270.08 18,508.61
(b) Current maturities of lease obligations 1,123.65 1,125.54
USD 21,400.97 8,789.08 30,190.05 22,147.07 14,825.01 36,972.08
(c) Interest accrued but not due 941.25 778.93
Others 2,838.75 127.83 2,966.58 2,221.04 22.19 2,243.23
(d) Unclaimed dividends 79.45 77.31
Total 43,589.85 44,911.56 88,501.41 53,212.98 63,115.22 1,16,328.20
(e) Creditors for other liabilities 6,781.90 5,623.54
INR-Indian Rupees, GBP- Great Britain Pound, USD-United States Dollars. 14,403.11 9,518.53
(a) Others primarily include SGD-Singapore Dollars, CAD- Canadian Dollars and THB- Thai Baht.
(i) Non-current and current creditors for other liabilities include:
(b) Majority of floating rate borrowings are bank borrowings bearing interest rates based on LIBOR, EURIBOR or local official
(a) creditors for capital supplies and services of ₹3,222.61 crore (March 31, 2020: ₹2,904.05 crore).
rates. Of the total floating rate borrowings, as at March 31, 2021, ₹3,703.27 crore (March 31, 2020: ₹2,786.70 crore) has
been hedged using interest rate swaps and collars, with contracts covering a period of more than one year. (b) liability for employee family benefit scheme ₹209.07 crore (March 31, 2020: ₹195.21 crore).
NOTES NOTES
25. Provisions 25. Provisions (Contd.)

[Item No. V(b) and VI(b), Page 343] [Item No. V(b) and VI(b), Page 343]
A. Non-current (v) The details of movement in provision balances is as below:
(₹ crore)
Year ended March 31, 2021
As at As at
(₹ crore)
March 31, 2021 March 31, 2020
Insurance Provision Others Total
(a) Employee benefits 3,106.63 2,655.81
Balance at the beginning of the year 566.80 2,204.10 2,770.90
(b) Insurance provisions 573.39 566.80
Recognised/ (released) during the year(i) (1.79) 3,526.62 3,524.83
(c) Others 1,011.90 1,012.46
Utilised during the year (33.36) (517.42) (550.78)
4,691.92 4,235.07
Other re-classifications - 15.50 15.50
Reclassified from held for sale - 0.25 0.25
B. Current Exchange differences on consolidation 41.74 99.01 140.75
(₹ crore) Balance at the end of the year 573.39 5,328.06 5,901.45
As at As at
March 31, 2021 March 31, 2020 Year ended March 31, 2020
(a) Employee benefits 409.16 472.03 (₹ crore)
(b) Others 4,316.16 1,191.64 Insurance Provision Others Total
4,725.32 1,663.67 Balance at the beginning of the year 661.77 1,840.99 2,502.76
Recognised/ (released) during the year(i) (73.53) 591.19 517.66
(i) Non-current and current provision for employee benefits include provision for leave salaries ₹1,406.70 crore (March 31, Addition relating to acquisition - 27.42 27.42
2020: ₹1,317.48 crore) and provision for early separation, disability and other long term employee benefits ₹2,026.78 crore Disposal of group undertakings - (9.91) (9.91)
(March 31, 2020: ₹1,735.39 crore). Utilised during the year (39.41) (238.61) (278.02)
(ii) As per the leave policy of the Company and its Indian subsidiaries, an employee is entitled to be paid the accumulated Other re-classifications(ii) - (76.24) (76.24)
leave balance on separation. The Company and its Indian subsidiaries present provision for leave salaries as current and Exchange differences on consolidation 17.97 69.26 87.23
non-current based on actuarial valuation considering estimates of availment of leave, separation of employee, etc. Balance at the end of the year 566.80 2,204.10 2,770.90
(iii) Insurance provisions currently held by Tata Steel Europe, a wholly owned indirect subsidiary of the Group cover its historical (i) Includes provisions capitalised during the year in respect of restoration obligations.
liability risks, including those covered by its captive insurance company, Crucible Insurance Company Limited, in respect
of its retrospective hearing impairment policy and those for which it is now responsible for under its current insurance (ii) Represents provision for onerous leases reclassified to right-of-use assets.
arrangements. The provisions include a suitable amount in respect of its known outstanding claims and an appropriate
amount in respect of liabilities that have been incurred but not yet reported. The provisions are subject to regular review and 26. Deferred income
are adjusted as appropriate. The value of the final insurance settlements is uncertain and so is the timing of the expenditure. [Item No. V(d) and VI(d), Page 343]
(iv) Non-current and current other provisions primarily include: A. Non-current
(₹ crore)
(a) provision for compensatory afforestation, mine closure and rehabilitation obligations and other environmental
remediation obligations ₹4,790.84 crore (March 31, 2020: ₹1,438.86 crore). These amounts become payable upon As at As at
March 31, 2021 March 31, 2020
closure of the mines/sites and are expected to be incurred over a period of 1 to 40 years.
(a) Grants relating to property, plant and equipment 36.17 45.47
(b) provision in respect of onerous leases contracts amounting to ₹132.86 crore (March 31, 2020: ₹173.79 crore). (b) Revenue grants 17.55 18.25
(c) Others 90.54 87.58
144.26 151.30
B. Current
(₹ crore)
As at As at
March 31, 2021 March 31, 2020
(a) Grants relating to property, plant and equipment 21.03 20.75
(b) Others 42.95 13.80
63.98 34.55
NOTES NOTES
27. Other liabilities 29. Revenue from Operations

[Item No. V(f) and VI(f), Page 343] [Item No. I, Page 344]
(₹ crore)
A. Non-current
As at As at (a) Sale of products 1,51,698.89 1,44,280.45
March 31, 2021 March 31, 2020
(b) Sale of power and water 1,529.77 1,659.46
(a) Advances received from customers 4,974.49 2.73 (c) Income from services 79.73 166.09
(b) Statutory dues 576.37 - (d) Other operating revenues(ii) 2,985.79 2,865.71
(c) Other credit balances 980.48 726.42 1,56,294.18 1,48,971.71
6,531.34 729.15
(i) Revenue from contracts with customers disaggregated on the basis of geographical regions and major businesses is as below:
B. Current (₹ crore)
(₹ crore) Year ended Year ended
March 31, 2021 March 31, 2020
As at As at
March 31, 2021 March 31, 2020 (a) India 73,488.41 70,125.20
(a) Advances received from customers 2,363.94 810.06 (b) Outside India 79,819.98 75,980.80
(b) Employee recoveries and employer contributions 183.51 135.04 1,53,308.39 1,46,106.00
(c) Statutory dues 8,531.53 6,046.67
(₹ crore)
(d) Other credit balances 34.85 58.67
11,113.83 7,050.44 Year ended Year ended
March 31, 2021 March 31, 2020
(i) Non-current and current advance received from customers include an interest-bearing advance of ₹6,304.69 crore (March 31, (a) Steel 1,43,882.76 1,35,120.83
2020: Nil) which will be adjusted over a period of 5 years against export of steel products. Out of such advance outstanding (b) Power and water 1,529.77 1,659.46
as at March 31, 2021, ₹1,332.87 crore will be recognised by March 31, 2022, and remaining thereafter. (c) Others 7,895.86 9,325.71
1,53,308.39 1,46,106.00
(ii) Statutory dues primarily relate to payables in respect of GST, excise duties, service tax, sales tax, VAT, tax deducted at source
and royalties. Revenue outside India includes Asia excluding India ₹20,135.38 crore (2019-20: ₹18,089.85 crore), UK ₹11,745.40 crore (2019-20:
₹12,651.47 crore) and other European countries ₹37,792.85 crore (2019-20: ₹35,857.62 crore).
28. Trade Payables
(ii) Other operating revenues include export incentives and deferred income released to consolidated statement of profit
[Item No. VI(a)(ii), Page 343] and loss.
A. Total outstanding dues of micro and small enterprises
(₹ crore) 30. Other income
As at As at [Item No. II, Page 344]
March 31, 2021 March 31, 2020
(₹ crore)
Dues of micro and small enterprises 484.66 198.86
484.66 198.86 March 31, 2021 March 31, 2020
(a) Dividend income 42.03 46.64
B. Total outstanding dues of creditors other than micro and small enterprises (b) Interest income 280.43 1,394.51
(₹ crore) (c) Net gain/ (loss) on sale/ fair value changes of mutual funds 226.98 140.86
As at As at (d) Net gain/ (loss) on sale of non-current investments 0.27 2.01
March 31, 2021 March 31, 2020 (e) Gain/ (loss) on sale of property, plant and equipment including intangible assets (net of loss on
148.03 (4.36)
(a) Creditors for supplies and services 21,331.24 17,618.35 assets scrapped/ written off )
(b) Creditors for accrued wages and salaries 4,151.59 3,563.64 (f ) Gain/ (loss) on cancellation of forwards, swaps and options 69.92 (1.26)
25,482.83 21,181.99 (g) Other miscellaneous income 127.94 243.59
895.60 1,821.99
NOTES NOTES
30. Other income (Contd.) 33. Depreciation and amortisation expense

[Item No. II, Page 344] [Item No. IV(f), Page 344]
(i) Dividend income includes income from investments carried at fair value through other comprehensive income of ₹19.48 (₹ crore)
crore (2019-20: ₹20.29 crore) Year ended Year ended
March 31, 2021 March 31, 2020
(ii) Interest income includes:
Depreciation on tangible and amortisation of intangible assets 8,103.38 7,888.94
(a) income from financial assets carried at amortised cost of ₹265.47 crore (2019-20: ₹215.57 crore). Depreciation on right-of-use assets 1,215.10 1,026.84
(b) income from financial assets carried at fair value through profit and loss ₹14.96 crore (2019-20: ₹9.28 crore). Less: Transferred to capital accounts 73.70 195.89
Less: Amount released from grants received 11.14 12.22
(iii) For the year ended March 31, 2020, interest income included gain of ₹1,169.66 crore on senior facility arrangement 9,233.64 8,707.67
refinancing in February 2020 within Tata Steel Europe, treated as a debt modification in accordance with Ind AS 109
"Financial Instruments". The gain arises as the effective interest rate used to discount the cashflows is higher than the
34. Other expenses
actual interest rate charged on the facility.
[Item No. IV(g), Page 344]
31. Employee benefits expense (₹ crore)
[Item No. IV(d), Page 344] Year ended Year ended

March 31, 2021 March 31, 2020
(₹ crore) (a) Consumption of stores and spares 10,868.31 11,874.81
Year ended Year ended (b) Repairs to buildings 123.29 110.49
March 31, 2021 March 31, 2020 (c) Repairs to machinery 7,469.88 6,986.92
(a) Salaries and wages 16,476.38 15,750.09 (d) Relining expenses 171.25 198.38
(b) Contribution to provident and other funds 2,900.36 2,734.45 (e) Fuel oil consumed 601.71 821.40
(c) Staff welfare expenses 532.07 667.69 (f ) Purchase of power 5,186.77 5,522.45
19,908.81 19,152.23 (g) Conversion charges 2,112.19 2,687.41
(h) Freight and handling charges 8,847.69 9,120.21
During the year ended March 31, 2021, the Company has recognised an amount of ₹34.28 crore (2019-20: ₹32.96 crore) as (i) Rent 2,248.49 2,352.51
remuneration to key managerial personnel. The details of such remuneration is as below: (j) Royalty 3,483.67 1,825.21
(₹ crore) (k) Rates and taxes 1,530.38 1,186.24
Year ended Year ended (l) Insurance charges 509.46 369.80
March 31, 2021 March 31, 2020 (m) Commission, discounts and rebates 304.24 241.14
(a) Short-term employee benefits 28.19 21.47 (n) Allowance for credit losses/ provision for advances 85.41 5.82
(b) Post-employment benefits 5.82 11.21 (o) Others 7,163.91 7,400.14
(c) Other long-term employee benefits 0.27 0.28 50,706.65 50,702.93
34.28 32.96
(i) Others include net foreign exchange gain ₹1,895.17 crore (2019-20: gain ₹722.12 crore).
32. Finance Costs
(ii) During the year ended March 31, 2021, the Company has recognized an amount of ₹8.29 crore (2019-20: ₹6.95 crore) as
[Item No. IV(e), Page 344] payment to non-executive directors. The details are as below:
Interest expense on: (a) Short-term benefits 7.80 6.55
(a) Bonds, debentures, bank borrowings and others 7,090.14 7,138.87 (b) Sitting fees 0.49 0.40
(b) Lease obligations 676.47 682.85 8.29 6.95
7,766.61 7,821.72
Less: Interest capitalised 159.90 241.00 (iii) Revenue expenditure charged to the consolidated statement of profit and loss in respect of research and development
7,606.71 7,580.72 activities undertaken during the year is ₹738.31 crore (2019-20: ₹756.31 crore)
NOTES NOTES
35. Exceptional items 36. Earnings per share (Contd.)

[Item No. VII, Page 344] [Item No. XV, Page 345]
E xceptional items are those which are considered for separate disclosure in the financial statements considering their size, nature (i) As at March 31, 2021, 5,70,42,370 options (March 31, 2020: 5,81,96,450) in respect of partly paid shares and 1,22,619 options
or incidence. Such items included within the consolidated statement of profit and loss are detailed below: (March 31, 2020: 1,21,523) in respect of fully paid shares were excluded from weighted average number of Ordinary Shares
(a) Profit on sale of subsidiaries and non-current investments includes profit of ₹25.57 crore on realisation of deferred for the computation of diluted earnings per share as these were anti-dilutive.
consideration on sale of a joint venture and loss of ₹9.76 crore on liquidation of subsidiaries (2019-20: includes profit of
₹121.01 crore on sale and ₹81.98 crore on liquidation of subsidiaries within the European and South East Asian Operations). 37. Employee benefits
(b) Provision for impairment of investments/doubtful advances ₹70.23 crore (2019-20: charge of ₹40.95 crore) primarily includes A. Defined contribution plans The contributions recognised as an expense in the
impairment reversal in one of the associates of the Group. The Group participates in a number of defined contribution consolidated statement of profit and loss during the
plans on behalf of relevant personnel. Any expense year on account of the above defined contribution plans
(c) Provision for impairment of non-current assets includes: amounted to ₹1,553.37 crore (2019-20: ₹1,419.38 crore).
recognised in relation to these schemes represents the value
a. net impairment recognised in respect of property, plant and equipment (including capital work-in-progress), right‑of‑use of contributions payable during the period by the Group at
assets and other assets ₹1,953.69 crore (2019-20: ₹4,372.44 crore). The impairment recognized is contained within B. Defined benefit plans
rates specified by the rules of those plans. The only amounts
European, South East Asian, other Indian operations and Rest of the world segments. For the year ended March 31, included in the consolidated balance sheet are those relating The defined benefit plans operated by the Group are as below:
2020, the impairment charge of ₹4,372.44 crore was contained within Tata Steel Europe, Rest of the world, Other Indian to the prior months contributions that were not due to be paid
operations, Bamnipal Steel (including Tata Steel BSL) and South East Asian operations segments. The impairment (a) Provident fund and pension
until after the end of the reporting period.
recognized is shown within exceptional items in segment reporting and does not form part of segment results. Provident fund benefits provided under plans wherein
The major defined contribution plans operated by the Group contributions are made to an irrevocable trust set up by the
b. reversal of fair value loss ₹1,230.28 on reclassification from held for sale, that was earlier recognized for South East
are as below: Company/Indian subsidiaries to manage the investments
Asian businesses.
and distribute the amounts entitled to employees are
(d) Provision for demands and claims Nil (2019-20: ₹196.41 crore) is in respect of certain statutory demands and claims. (a) Provident fund and pension
treated as a defined benefit plan as the Company/Indian
(e) Employee separation compensation ₹443.55 crore (2019-20: ₹107.37 crore) relates to provisions recognised in respect of The Company and its Indian subsidiaries provide subsidiaries are obligated to provide the members a rate
early separation of employee within Indian operations. provident fund benefits for eligible employees as per of return which should, at the minimum, meet the interest
applicable regulations wherein both employees and the rate declared by Government administered provident
(f) Restructuring and other provisions ₹87.50 crore primarily represents reversal of provisions in European Operations. For Company/Indian subsidiaries make monthly contributions fund. A part of the Company’s/Indian subsidiaries’
the year ended March 31, 2020, ₹165.40 crore primarily includes provision relating to performance obligation towards at a specified percentage of the eligible employees’ salary. contribution is transferred to Government administered
development of a coal block within Tata Steel Long Products Limited (formerly Tata Sponge Iron Limited), restructuring Contributions under such schemes are made either to pension fund. The contributions made by the Company/
provisions within European and South East Asian Operations and write-back of liabilities no longer required). a provident fund set up as an irrevocable trust by the Indian subsidiaries and the shortfall of interest, if any, are
(g) Gain/(loss) on non-current investments classified as fair value through profit and loss (net) ₹49.74 crore represents fair value Company/Indian subsidiaries to manage the investments recognised as an expense in the consolidated statement
loss on investments in debentures of a joint venture of the Company (2019-20: ₹250.00 crore on investments in preference and distribute the amounts entitled to employees or to of profit and loss under employee benefits expense.
shares of an associate of the Company). state managed funds.
In accordance with an actuarial valuation of provident
Benefits provided under plans wherein contributions are fund liabilities of Company and its Indian subsidiaries
36. Earnings per share made to state managed funds and the Company/Indian based on guidance issued by Actuarial Society of India
[Item No. XV, Page 345] subsidiaries do not have a future obligation to make good and based on the assumptions as mentioned below, other
The following table reflects the profit/(loss) and shares data used in the computation of basic and diluted earnings per share (EPS). short fall if any, are treated as a defined contribution plan. than the amounts provided during the year in respect of
(₹ crore) two Indian subsidiaries ₹19.32 crore, there is no deficiency
(b) Superannuation fund
Year ended Year ended in the interest cost as the present value of the expected
March 31, 2021 March 31, 2020 The Company and some of its Indian subsidiaries have future earnings of the fund is greater than the expected
(a) Profit/(loss) after tax 7,490.22 1,556.54 a superannuation plan for the benefit of its employees. amount to be credited to the individual members
Less: Distribution on hybrid perpetual securities (net of tax) 181.35 199.18 Employees who are members of the superannuation plan based on the expected guaranteed rate of interest of
Profit/(loss) after tax attributable to ordinary shareholders- for basic and diluted EPS 7,308.87 1,357.36 are entitled to benefits depending on the years of service Government administered provident fund.
Nos. Nos. and salary drawn.
(b) Weighted average number of ordinary shares for basic EPS 1,14,59,02,736 1,14,47,48,227 Key assumptions used for actuarial valuation are as below:
Separate irrevocable trusts are generally maintained
Add: Adjustment for shares held in abeyance 1,08,181 89,536 Year ended Year ended
Weighted average number of ordinary shares and potential ordinary shares for diluted EPS 1,14,60,10,917 1,14,48,37,763 for employees covered and entitled to benefits. The March 31, 2021 March 31, 2020
Company and its Indian subsidiaries contribute up to 15%
Discount rate 6.50% - 6.80% 6.20% - 6.70%
(c) Nominal value of Ordinary Share (₹) 10.00 10.00 of the eligible employees’ salary or ₹1,50,000, whichever
Guaranteed rate of return 8.00% - 8.50% 8.00% - 8.50%
is lower, to the trust every year. Such contributions are
recognised as an expense as and when incurred. The Expected rate of return on
(d) Basic earnings per Ordinary Share (₹) 63.78 11.86 7.50% - 8.00% 8.00% - 8.50%
investment
Diluted earnings per Ordinary Share (₹) 63.78 11.86 Company and its Indian subsidiaries does not have any
further obligations beyond this contribution.
NOTES NOTES
37. Employee benefits (Contd.) defined benefit obligation, the current service cost 37. Employee benefits (Contd.) UK pension schemes would be required to equalise
and past service costs are calculated by these actuaries guaranteed minimum pensions ('GMP'). The ruling also
(b) Retiring gratuity The BSPS Trustee and TSE are currently exploring options
using the Projected unit credit method. However, the provided guidance on how this equalisation should be
The Company and its Indian subsidiaries have an obligation to further manage the Scheme’s risks with one or more
ongoing funding arrangements of each scheme, in place undertaken. Following this ruling, TSE recognised in
towards gratuity, a defined benefit retirement plan insurers. This might include establishing a framework for
to meet their long-term pension liabilities, are governed financial year 2018-19 an increase of ₹458.10 crore to the
covering eligible employees. The plan provides for a lump- partial buy-in transactions and/or longevity swaps over
by the individual scheme documentation and national BSPS liabilities in respect of the estimated impact of this
sum payment to vested employees at retirement, death a period of time.
legislation. The accounting and disclosure requirements equalisation with the related charge recognised in other
while in employment or on termination of employment of Ind AS 19 "Employee benefits" do not affect these The BSPS holds an anti-embarrassment interest in comprehensive income. This reserve has been retained at
of an amount equivalent to 15 to 30 days salary payable funding arrangements. TSUK agreed as part of the Regulated Apportionment the same value in the March 31, 2021 Ind AS 19 position.
for each completed year of service. Vesting occurs upon Arrangement (“RAA”) entered into in 2017. The anti-
completion of five years of service. The Company and its The British Steel Pension Scheme (BSPS) is the legacy (e) Other defined benefits
embarrassment interest was initially 33.33% at the time of
Indian subsidiaries make annual contributions to gratuity defined benefit pension scheme in the UK and is closed
the RAA but has since been diluted to less than 1% due to Other benefits provided under unfunded schemes
funds established as trusts or insurance companies. The to future accrual. The current Scheme is the successor to
successive equity issuances by TSUK to its parent company include pension payable to directors on their retirement,
Company and its Indian subsidiaries accounts for the the old BSPS which entered a Pension Protection Fund
Corus Group Limited. No value has been included in the farewell gifts, post-retirement lumpsum benefit and
liability for gratuity benefits payable in the future based (PPF) assessment period in March 2018. The Scheme
BSPS’s assets at March 31, 2021 (March 31, 2020: Nil) for its reimbursement of packing and transportation charges
on an actuarial valuation. currently has around 71,500 members of which over
interest in TSUK. to the employees based on their last drawn salary. The
80% are pensioners with benefits in payment. The BSPS
defined benefit plans expose the Group to a number of
(c) Post-retirement medical benefits is sponsored by Tata Steel UK Limited (TSUK). Although At March 31, 2021 the new scheme had an Ind AS 19
actuarial risks as below:
Under this unfunded scheme, employees of the Company TSUK has a legal obligation to fund any future deficit, a key surplus of ₹18,860.16 crore (March 31, 2020: ₹26,067.36
and some of its subsidiaries receive medical benefits condition of the new BSPS going forward was that it was crore). TSE has recognised 100% (March 31, 2020: 100%) (i) Investment risk: The present value of the defined
subject to certain limits on amounts of benefits, periods sufficiently well funded to meet the scheme’s modified of the surplus as it has an unconditional right to a refund benefit plan liability is calculated using a discount
after retirement and types of benefits, depending on their liabilities on a self-sufficiency basis with a buffer to cover of the surplus. The new scheme is fully funded on a low- rate determined by reference to government/high
grade and location at the time of retirement. Employees residual risks. With the assets that it holds, the new scheme risk technical provisions (‘TP’) basis and TSUK is working quality bond yields. If the return on plan asset is
separated from the Company and its subsidiaries under is therefore well positioned to pay benefits securely on with the Trustee to explore options to increase security below this rate, it will create a plan deficit.
an early separation scheme, on medical grounds or due a low risk basis without recourse to TSUK. Pension risks for members and to work towards an ultimate winding up
(ii) Interest risk: A decrease in the bond interest rate
to permanent disablement are also covered under the relating to the Scheme include economic risks (such as of the scheme in which all benefits are fully secured with
will increase the plan liability. However, this will be
scheme. The Company and such subsidiaries account for interest rate risk and inflation risk), demographic risks one or more insurance companies. TSUK is investigating
partially offset by an increase in the value of plan’s
the liability for post-retirement medical scheme based on (for example members living longer than expected), and with the BSPS Trustee options to buy-in some or all of
debt investments.
year-end actuarial valuation. legal risks (for example changes in legislation that may the scheme’s liabilities with an insurer. TSUK retains the
increase liabilities). TSUK has worked with the Trustee to sole power to decide whether to subsequently proceed to Salary risk: The present value of the defined benefit
(iii)
(d) Tata Steel Europe’s pension plan develop and implement an Integrated Risk Management wind-up and buy-out liabilities. The Pensions Framework plan liability is calculated by reference to the future
Tata Steel Europe (TSE), a wholly owned indirect (‘IRM’) framework to manage these risks. The framework Agreement agreed as part of the RAA stipulates that this salaries of plan participants. As such, an increase in
subsidiary of the Company, operates a number of defined provides ongoing monitoring of the key investment, can only be achieved if the valuation of the scheme on a salary of the plan participants will increase the plan’s
benefit pension and post-retirement schemes. The funding and covenant risks facing the scheme and "buyout" basis is either at or above 103%. The 3% excess liability.
benefits offered by these schemes are largely based on tracks progress against the scheme’s journey plan and above full funding would be applied for restoration of
Longevity risk: The present value of the defined
(iv)
pensionable pay and years of service at retirement. With target. Measures taken by the Trustee to manage risk an element of member benefits foregone as part of the
benefit plan liability is calculated by reference to the
the exception of certain unfunded arrangements, the include the use of asset-liability matching techniques to RAA. As the chance of achieving the required pricing level
best estimate of the mortality of plan participants
assets of these schemes are held in administered funds reduce interest rate risk, and investment in assets that are is currently not probable, no adjustments in respect of
both during and after their employment. An increase
that are legally separated from TSE. For those pension expected to be correlated to future inflation in the longer restoration has been made to the Ind AS 19 “Employee
in the life expectancy of the plan participants will
schemes set up under a trust, the trustees are required by term to mitigate inflation risk. In particular, the scheme’s Benefits” valuation of the BSPS at March 31, 2021 with the
increase the plan’s liability.
law to act in the best interests of the schemes beneficiaries investment policy has regard for the maturity and nature assumption of pension payouts being retained at 100%.
in accordance with the scheme rules and relevant pension of the scheme’s liabilities and seeks to match a large The March 31, 2018 valuation was agreed between TSUK I nflation risk: Some of the Group’s Pension
(v)
legislation. The trustees are generally responsible for the part of the scheme’s liabilities with secure bonds, whilst and the BSPS Trustee on April 11, 2019. This was a surplus obligations are linked to inflation, and higher
investment policy with regard to the assets of the fund, achieving a higher long term return on a small proportion of ₹6,008.56 crore on a TP (more prudent) basis equating inflation will lead to higher liabilities although, in
after consulting with the sponsoring employer. of equity and other investments. However, the scheme’s to a funding ratio of 106.3%. The agreed Schedule of most cases, caps on the level of inflationary increases
interest rate risk is hedged on a long term funding basis Contributions confirmed that neither ordinary nor deficit are in place to protect the plan against extreme
TSE accounts for all pension and post‑retirement defined linked to gilts whereas AA corporate bonds are implicit recovery contributions are due from TSE. inflation.
benefit arrangements using Ind AS 19 "Employee in the Ind AS 19 “Employee Benefits” discount rate and
Benefits", with independent actuaries being used to The weighted average duration of the scheme’s liabilities
so there is some mismatching risk to the TSE financial
calculate the costs, assets and liabilities to be recognised at March 31, 2021 was 14.5 years (March 31, 2020: 14.5
statements should yields on gilts and corporate bonds
in relation to these schemes. The present value of the years). On October 26, 2018 the High Court ruled that
diverge.
NOTES NOTES

C. Details of defined benefit obligations and plan assets: Expense/(gain) recognised in the consolidated statement of profit and loss consists of:
(a) Retiring gratuity: (₹ crore)
(i) The following table sets out the amounts recognised in the consolidated financial statements in respect of retiring gratuity: Year ended Year ended
March 31, 2021 March 31, 2020
(₹ crore)
Year ended Year ended Current service cost 188.15 150.73
March 31, 2021 March 31, 2020
Past service cost 14.92 -
Net interest expense 31.61 (4.08)
234.68 146.65
Addition relating to acquisitions - 24.77
Return on plan assets excluding amount included in employee benefits expense (13.37) (16.11)
Past service cost 14.92 -
Actuarial (gain)/loss arising from changes in demographic assumptions (5.59) 0.26
Interest cost 205.42 200.10
Actuarial (gain)/loss arising from changes in financial assumptions (31.28) 254.40
Benefits paid (387.54) (597.47)
Remeasurement (gain)/loss (118.86) 269.36
(132.23) 253.25
Adjustment for arrear wage settlement 1.62 192.01
Expense/(gain) recognised in the consolidated statement of profit and loss 102.45 399.90
Obligations of companies disposed - (5.45)
(ii) Fair value of plan assets by category of investments is as below:
As at As at
(₹ crore)
March 31, 2021 March 31, 2020
Year ended Year ended Assets category (%)
March 31, 2021 March 31, 2020
Quoted
Change in plan assets:
Equity instruments 0.32 0.22
Fair value of plan assets at the beginning of the year 2,687.02 2,976.94
Debt instruments 19.99 21.65
Interest income 173.81 204.18
20.31 21.87
Remeasurement gain/(loss) excluding amount included within employee benefit expense 13.37 16.11
Unquoted
Employers' contribution 370.77 86.94
Debt instruments 0.79 1.00
Benefits paid (384.84) (592.51)
Insurance products 75.13 73.53
Assets of companies disposed - (4.64)
Others 3.77 3.60
Fair value of plan assets at the end of the year 2,860.13 2,687.02
79.69 78.13
100.00 100.00
Amounts recognised in the consolidated balance sheet consist of:
(₹ crore) The Group’s investment policy is driven by considerations of maximising returns while ensuring credit quality of debt instruments.
As at As at The asset allocation for plan assets is determined based on prescribed investment criteria and is also subject to other exposure
March 31, 2021 March 31, 2020 limitations. The Group evaluates the risks, transaction costs and liquidity for potential investments. To measure plan assets
Fair value of plan assets 2,860.13 2,687.02 performance, the Group compares actual returns for each asset category with published benchmarks.
Present value of obligation 3,234.75 3,331.04 (iii) Key assumptions used in the measurement of retiring gratuity is as below:
(374.62) (644.02)
Recognised as: As at As at
March 31, 2021 March 31, 2020
Retirement benefit assets - Non-current 0.72 0.42
Discount rate 6.00 - 7.00 % 6.20 - 6.96 %
Retirement benefit assets - Current 0.42 -
Rate of escalation in salary 5.00 - 12.00 % 5.00 - 10.00 %
Retirement benefit obligations - Non-current (361.47) (625.82)
Retirement benefit obligations - Current (14.29) (18.62)
(iv) Weighted average duration of the retiring gratuity obligation ranges between 6 to 20 years (March 31, 2020: 6 to 16 years).
(374.62) (644.02)
(v) The Group expects to contribute ₹312.37 crore to the plan during the financial year 2021-22.
(vi) The table below outlines the effect on retiring gratuity obligation in the event of a decrease/ increase of 1% in the assumptions
used.
NOTES NOTES

As at March 31, 2021 Amounts recognised in the consolidated balance sheet consist of:
Assumption Change in assumption Impact on obligation (₹ crore)
Discount rate Increase by 1%, decrease by 1% Decrease by ₹236.75 crore, increase by ₹272.35 crore As at As at
March 31, 2021 March 31, 2020
Rate of escalation in salary Increase by 1%, decrease by 1% Increase by ₹266.17 crore, decrease by ₹235.55 crore
Fair value of plan assets 1,05,069.86 1,00,260.27
Present value of obligation 86,209.70 74,192.91
18,860.16 26,067.36
Assumption Change in assumption Impact on obligation Recognised as:
Discount rate Increase by 1%, decrease by 1% Decrease by ₹245.08 crore, increase by ₹285.02 crore Retirement benefit assets - Non-current 20,018.75 27,278.03
Rate of escalation in salary Increase by 1%, decrease by 1% Increase by ₹278.14 crore, decrease by ₹245.13 crore Retirement benefit obligations - Current (12.71) (9.25)
Retirement benefit obligations - Non-current (1,145.88) (1,201.42)
The above sensitivities may not be representative of the actual change as it is unlikely that the change in assumptions would 18,860.16 26,067.36
occur in isolation of one another as some of the assumptions may be correlated.
Expense/(gain) recognised in the consolidated statement of profit and loss consists of:
(b) Tata Steel Europe’s Pension Plan
(₹ crore)
(i) The following table sets out the amounts recognised in the consolidated financial statements in respect of Tata Steel Europe’s
pension plans. Year ended Year ended
March 31, 2021 March 31, 2020
(₹ crore)
Year ended Year ended Current service cost 184.47 153.33
March 31, 2021 March 31, 2020
Past service costs - (36.08)
Net interest expense/(income) (660.22) (441.96)
(475.75) (324.71)
Past service cost - (36.08)
Return on plan assets excluding amount included in employee benefits expense 252.44 (2,769.02)
Interest cost 1,825.31 1,731.77
Actuarial (gain)/loss arising from changes in demographic assumptions 77.28 342.50
Remeasurement (gain)/loss 9,255.53 (3,239.54)
Actuarial (gain)/loss arising from changes in financial assumptions 9,834.01 (3,588.86)
Settlements - (108.24)
Benefits paid (4,971.04) (4,744.32)
9,507.97 (6,008.56)
Exchange differences on consolidation 5,722.52 2,462.14
Expense/(gain) recognised in the consolidated statement of profit and loss 9,032.22 (6,333.27)
(ii) Fair value of plan assets by category of investments is as below:
(₹ crore)
As at As at
Year ended Year ended March 31, 2021 March 31, 2020
March 31, 2021 March 31, 2020 Assets category (%)
Change in plan assets: Quoted
Fair value of plan assets at the beginning of the year 1,00,260.27 96,807.02 (a) Equity - UK entities 0.39 0.44
Interest income 2,485.53 2,173.73 (b) Equity - Non-UK entities 4.09 3.92
Remeasurement gain/(loss) (252.44) 2,769.02 (c) Bonds - Fixed rate 78.45 68.36
Employer's contribution 58.25 63.14 (d) Bonds - Indexed linked 15.75 29.25
Settlements - (108.24) (e) Others 0.42 0.34
Benefits paid (4,951.63) (4,726.28) 99.10 102.31
Exchange differences on consolidation 7,469.88 3,281.88 Unquoted
Fair value of plan assets at the end of the year 1,05,069.86 1,00,260.27 (a) Property 11.64 11.18
(b) Derivatives (13.38) (16.06)
(c) Others 2.64 2.57
0.90 (2.31)
100.00 100.00
NOTES NOTES

(iii) Key assumptions used in the measurement of pension benefits is as below: (c) Post-retirement medical and other defined benefit plans
(i) The following table sets out the amounts recognised in the consolidated financial statements in respect of post-retirement
medical and other defined benefit plans.
BSPS Others BSPS Others (₹ crore)
Discount rate 2.05% 0.40 - 3.00% 2.45% 0.30 - 3.20% Year ended March 31, 2021 Year ended March 31, 2020
Rate of escalation in salary N.A 1.00 - 2.00% N.A. 1.00 - 2.00% Medical Others Medical Others
Inflation rate 3.20% 1.00 - 3.00% 2.55% 1.00 - 3.00% Change in defined benefit obligations:
Obligation at the beginning of the year 1,586.39 297.94 1,307.49 211.21
Demographic assumptions are set having regard to the latest trends in life expectancy, plan experience and other relevant Current service cost 26.57 52.77 19.38 66.79
data, including externally published actuarial information within each national jurisdiction. The assumptions are reviewed and Interest cost 100.51 20.01 95.27 15.10
updated as necessary as part of the periodic actuarial funding valuations of the individual pension and post-retirement plans. Remeasurement (gain)/loss
For the BSPS the liability calculations as at March 31, 2021 use the Self-Administered Pension Schemes 2 (SAPS 2) base tables, (i) Actuarial (gain)/losses arising from changes in demographic
(11.90) (0.41) - -
S2NMA/S2DFA with the 2015 CMI projections with a 1.50% p.a. (2019-20: 1.50% p.a.) long-term trend applied from 2007 to 2016 assumptions
[(adjusted by a multiplier of 1.15 p.a. (2019-20: 1.15 p.a.) for males and 1.21 p.a. (2019-20: 1.21 p.a.) for females)]. In addition, future (ii) Actuarial (gain)/losses arising from changes in financial
(0.83) (0.38) 215.48 18.56
mortality improvements are allowed for in line with the 2020 CMI Projections with a long-term improvement trend of 1% per assumptions
annum and a smoothing parameter of 7.0. This indicates that today's 65 year old male member is expected to live on average to (iii) Actuarial (gain)/losses arising from changes in experience
61.33 (4.38) 23.34 4.99
approximately 86 years (2019-20: 86 years) of age and a male member reaching age 65 in 15 years time is then expected to live adjustments
on average to 87 years (2019-20: 87) of age. Benefits paid (79.83) (38.66) (73.35) (19.14)
(iv) Weighted average duration of the pension obligations is 14.5 years (March 31, 2020: 14.5 years). Settlements - 1.45 - -
Addition relating to acquisition - - - 0.43
(v) The Group expects to contribute Nil to the plan during the financial year 2021-22. Obligations of companies disposed - - (1.22) -
(vi) The table below outlines the effect on pension obligations in the event of a decrease/increase of 10 bps in the assumptions Reclassified from held for sale - 106.11 - -
used. Exchange differences on consolidation - (1.75) - -
Obligation at the end of the year 1,682.24 432.70 1,586.39 297.94
Amounts recognised in the consolidated balance sheet consist of:
Discount rate Increase by 10 bps, decrease by 10 bps Decrease by 1.4%, increase by 1.4% (₹ crore)
Rate of escalation in salary Increase by 10 bps, decrease by 10 bps Not applicable as pensionable earnings is capped As at March 31, 2021 As at March 31, 2020
Inflation rate Increase by 10 bps, decrease by 10 bps Increase by 1.0%, decrease by 1.0% Medical Others Medical Others
Mortality rate One year increase/decrease in life expectancy Increase by 2.8%, decrease by 2.8% Present value of obligations 1,682.24 432.70 1,586.39 297.94
Recognised as:
As at March 31, 2020 (a) Retirement benefit obligations - Current 103.78 18.71 95.85 17.54
(b) Retirement benefit obligations - Non-current 1,578.46 413.99 1,490.54 280.40
1,682.24 432.70 1,586.39 297.94
Discount rate Increase by 10 bps, decrease by 10 bps Decrease by 1.4%, increase by 1.4%
Rate of escalation in salary Increase by 10 bps, decrease by 10 bps Not applicable as pensionable earnings is capped
Inflation rate Increase by 10 bps, decrease by 10 bps Increase by 1.0%, decrease by 1.0%
Mortality rate One year increase/decrease in life expectancy Increase by 3%, decrease by 3%
NOTES NOTES

Expense/(gain) recognised in the consolidated statement of profit and loss consists of: (iv) The table below outlines the effect on post-retirement medical benefit obligations in the event of a decrease/increase of
1% in the assumptions used:
(₹ crore)
Year ended March 31, 2021 Year ended March 31, 2020 As at March 31, 2021
Medical cost inflation rate Increase by 1%, decrease by 1% Increase by ₹269.54 crore, decrease by ₹213.71 crore
Interest cost 100.51 20.01 95.27 15.10
127.08 72.78 114.65 81.89
Actuarial (gain)/loss arising from changes in demographic Assumption Change in assumption Impact on obligation
(11.90) (0.41) - - Discount rate Increase by 1%, decrease by 1% Decrease by ₹216.09 crore, increase by ₹278.55 crore
assumptions
Actuarial (gain)/loss arising from changes in financial Medical cost inflation rate Increase by 1%, decrease by 1% Increase by ₹258.25 crore, decrease by ₹205.01 crore
(0.83) (0.38) 215.48 18.56
assumption
Actuarial (gain)/loss arising from changes in experience (v) The table below outlines the effect on other defined benefit obligations in the event of a decrease/increase of 1% in the
61.33 (4.38) 23.34 4.99
adjustments assumptions used:
48.60 (5.17) 238.82 23.55
Expense/(gain) recognised in the consolidated statement 175.68 67.61 353.47 105.44 As at March 31, 2021
of profit and loss
(ii) Key assumptions used in the measurement of post-retirement medical and other defined benefits is as below:
Inflation rate Increase by 1%, decrease by 1% Increase by ₹8.29 crore, decrease by ₹7.26 crore
Medical Others Medical Others As at March 31, 2020
Discount rate 6.50 - 7.00% 0.51 - 6.96% 6.20 - 6.75% 6.20% - 6.75%
Rate of escalation in salary N.A 3.50 - 15.00% N.A 3.50 - 15.00%
Inflation rate 5.00 - 20.00% 5.00 - 6.00% 5.00 - 8.00% 4.00 - 6.00%
Inflation rate Increase by 1%, decrease by 1% Increase by ₹7.52 crore, decrease by ₹6.58 crore
(iii) Weighted average duration of post-retirement medical benefit obligations ranges between 7 to 13 years (March 31, 2020:
7 to 10 years). Weighted average duration of other defined benefit obligations ranges between 2.9 to 35 years (March 31,
2020: 5 to 12 years).
NOTES NOTES
38. Contingencies and commitments The details of significant demands are as below: 38. Contingencies and commitments (Contd.) High Court by a separate petition in the Hon’ble Supreme
Other taxes, dues and claims Court on April 29, 2016.
A. Contingencies (a) Interest expenditure on loans taken by the Company
In the ordinary course of business, the Group faces claims for acquisition of a subsidiary has been disallowed in Other amounts for which the Group may contingently be liable On July 16, 2019, the Company has filed rejoinders to the
and assertions by various parties. The Group assesses such assessments with tax demand raised for ₹1,551.10 crore aggregate to ₹14,354.82 crore (March 31, 2020: ₹13,044.46 reply filed by State of Odisha against the revision petition.
claims and assertions and monitors the legal environment (inclusive of interest) (March 31, 2020: ₹1,551.10 crore). crore), which includes ₹93.59 crore (March 31, 2020: ₹90.53 The State pressed for rejection of revision applications
on an on-going basis, with the assistance of external legal crore) in respect of equity accounted investees. citing the judgment of the High Court. The Company
(b) Interest expenditure on “Hybrid Perpetual Securities” has
counsel, wherever necessary. The Group records a liability for represented before the authorities and explained that
been disallowed in assessments with tax demand raised The details of significant demands are as below:
any claims where a potential loss is probable and capable of the judgment was passed under a particular set of ‘facts
for ₹170.54 crore (inclusive of interest) (March 31, 2020:
being estimated and discloses such matters in its consolidated (a) Claim by a party arising out of conversion arrangement & circumstances’ which cannot have blanket application
₹170.54 crore)
financial statements, if material. For potential losses that are ₹195.79 crore (March 31, 2020: ₹195.79 crore). The on the Company considering the case of the Company
considered possible, but not probable, the Group provides In respect of above demands, the Company has deposited an Company has not acknowledged this claim and has is factually different. On August 7, 2019, the Mines
disclosure in the consolidated financial statements but does amount of ₹1,250.54 crore (March 31, 2020: ₹1,165.00 crore) instead filed a claim of ₹141.23 crore (March 31, 2020: Tribunal decided to await the outcome of Special leave
not record a liability in its accounts unless the loss becomes as a precondition for obtaining stay. The Company expects to ₹141.23 crore) on the party. The matter is pending before petition pending before the Hon’ble Supreme Court and
probable. sustain its position on ultimate resolution of the said appeals. the Calcutta High Court. adjourned the matter.
The following is a description of claims and assertions where a Customs, Excise Duty and Service tax (b) The State Government of Odisha introduced “Orissa Likely demand of royalty on fines at sized ore rates as
potential loss is possible, but not probable. The Group believes Rural Infrastructure and Socio Economic Development on March 31, 2021, is ₹2,207.31 crore (March 31, 2020:
As at March 31, 2021, there were pending litigations for various
that none of the contingencies described below would have Act, 2004” with effect from February 2005 levying tax on ₹1,965.52 crore).
matters relating to customs, excise duty and service tax
a material adverse effect on the Group’s financial condition, mineral bearing land computed on the basis of value of
involving demands of ₹542.04 crore (March 31, 2020: ₹614.58 (d) Demand notices were originally issued by the Deputy
results of operations or cash flows. minerals produced from the mineral bearing land. The
crore), which includes ₹37.32 crore (March 31, 2020: ₹20.50 Director of Mines, Odisha amounting to ₹3,827.29 crore
Company had filed a writ petition in the Orissa High Court
It is not practicable for the Group to estimate the timings of crore) in respect of equity accounted investees. for excess production over the quantity permitted under
challenging the validity of the Act. The High Court held in
the cash outflows, if any, pending resolution of the respective the mining plan, environment clearance or consent to
Sales tax /VAT December 2005 that the State does not have authority to
proceedings. The Group does not expect any reimbursements operate, pertaining to 2000-01 to 2009-10. The demand
levy tax on minerals. The State of Odisha filed an appeal
in respect of the same. The total sales tax demands that are being contested by the notices have been raised under Section 21(5) of the Mines
in the Supreme Court against the order of the High Court
Group amounted to ₹998.87 crore (March 31, 2020: ₹742.66 & Minerals (Development and Regulations) Act, 1957
and the case is pending in Supreme Court. The potential
Litigations crore), which includes ₹76.33 crore (March 31, 2020: ₹79.05 (MMDR). The Company filed revision petitions before the
liability, as at March 31, 2021 is ₹9,709.73 crore (March 31,
The Group is involved in legal proceedings, both as plaintiff crore) in respect of equity accounted investees. Mines Tribunal against all such demand notices. Initially,
2020: ₹8,732.29 crore).
and as defendant. There are claims which the Group does not a stay of demands was granted, later by order dated
The detail of significant demand is as below:
believe to be of a material nature, other than those described (c) The Company pays royalty on iron ore on the basis of October 12, 2017, the issue has been remanded to the
below. (a) The Company stock transfers its goods manufactured at quantity removed from the leased area at the rates state for reconsideration of the demand in the light of
Jamshedpur works plant to its various depots/branches based on notification issued by the Ministry of Mines, Supreme Court judgement passed on August 2, 2017.
Income tax located outside the state of Jharkhand across the country Government of India and the price published by India
The Hon’ble Supreme Court pronounced its judgement
The Group has ongoing disputes with income tax authorities and these goods are then sold to various customers Bureau of Mines (IBM) on a monthly basis.
in the Common Cause case on August 2, 2017 wherein
relating to tax treatment of certain items. These mainly include outside the states from depots/branches. As per the
Demand of ₹411.08 crore has been raised by Deputy it directed that compensation equivalent to the price of
disallowance of expenses, tax treatment of certain expenses Central Sales Tax Act, 1956, these transfers of goods to
Director of Mines, Joda, claiming royalty at sized ore mineral extracted in excess of environment clearance or
claimed by the Group as deductions and the computation depots/branches were made without payment of Central
rates on despatches of ore fines. The Company has filed without forest clearance from the forest land be paid.
of, or eligibility of the Group’s use of certain tax incentives or sales tax and F-Form was submitted in lieu of the stock-
a revision petition on November 14, 2013 before the
allowances. transfers made during the period of assessment. The value In pursuance to the Judgement of Hon’ble Supreme Court,
Mines Tribunal, Government of India, Ministry of Mines,
of these sales was also disclosed in the periodical returns demand/show cause notices amounting to ₹3,873.35
Most of these disputes and/or disallowances, being repetitive New Delhi, challenging the legality and validity of the
filed as per the Jharkhand Vat Act, 2005. The Commercial crore have been issued during 2017-18 by the Deputy
in nature, have been raised by the income tax authorities demand and to grant refund of royalty paid in excess by
Tax Department has raised demand of Central Sales tax Director of Mines, Odisha and the District Mining Office,
consistently in most of the years. the Company. Mines Tribunal has granted stay on the total
by levying tax on the differences between value of sales Jharkhand.
demand with directive to Government of Odisha not to
As at March 31, 2021, there are matters and/or disputes pending outside the states and value of F-Form submitted for stock
take any coercive action for realisation of this demanded In respect of the above demands:
in appeal amounting to ₹2,461.62 crore (March 31, 2020: transfers. The amount involved for various assessment
amount.
₹2,364.13 crore) which includes ₹8.38 crore (March 31, 2020: years beginning 2011-2012 to 2016-2017 as on March • as directed by the Hon’ble Supreme Court, the
₹11.62 crore) in respect of equity accounted investees. 31, 2021 is amounting to ₹188.65 crore (March 31, 2020: The Hon’ble High Court of Orissa, in a similar matter held Company has provided and paid for iron ore and
₹127.00 crore). the circulars based on which demands were raised to be manganese ore an amount of ₹614.41 crore during
valid. The Company has challenged the judgement of the 2017-18 for production in excess of environment
clearance to the Deputy Director of Mines, Odisha.
NOTES NOTES
38. Contingencies and commitments (Contd.) (e) An agreement was executed between the Government 38. Contingencies and commitments (Contd.) 39. Other significant litigations
of Odisha (GoO) and the Company in December, 1992
• the Company has provided and paid under protest an (b) The Company has given undertakings to: a) Odisha Legislative Assembly issued an amendment to
for drawal of water from Kundra Nalla for industrial
amount of ₹56.97 crore during 2017-18 for production Indian Stamp Act, 1889, on May 9, 2013 and inserted a
consumption. In December 1993, the Tahsildar, Barbil (i) IDBI not to dispose of its investment in Wellman
in excess of environment clearance to the District new provision (Section 3A) in respect of stamp duty
issued a show-cause notice alleging that the Company Incandescent India Ltd.,
Mining Office, Jharkhand. payable on grant/ renewal of mining leases. As per the
has lifted more quantity of water than the sanctioned limit
(ii) IDBI and ICICI Bank Ltd. (formerly ICICI) not to amended provision, stamp duty is levied equal to 15% of
• the Company has challenged the demands amounting under the agreement and has also not installed the water
dispose of its investment in Standard Chrome the average royalty that would accrue out of the highest
to ₹132.91 crore in 2017-18 for production in excess of meter.
Ltd., annual extraction of minerals under the approved mining
lower of mining plan and consent to operate limits
While the proceedings in this regard were in progress, the plan multiplied by the period of such mining lease.
raised by the Deputy Director of Mines, Odisha before (c) The Company and Bluescope Steel Limited have
Company had applied for allocation of fresh limits. Over The Company had filed a writ petition challenging the
the Mines Tribunal and obtained a stay on the matter. given undertaking to State Bank of India not to reduce
the years, there has also been a steep increase in water constitutionality of the Act on July 5, 2013. The Hon’ble
Mines Tribunal, Delhi vide order dated November 26, collective shareholding in Tata Bluescope Steel Private
charges against which the Company filed writ petitions High Court, Cuttack passed an order on July 9, 2013
2018 disposed of all the revision applications with a Limited (TBSPL), below 51% without prior consent
before the Hon’ble High Court of Odisha. granting interim stay on the operation of the Amendment
direction to remand it to the State Government to of the lender. Further, the Company has given an
Act, 2013. Because of the stay, as on date, the Act is not
hear all such cases afresh and pass detailed order. In this regard, the Company has received demands of undertaking to State bank of India to intimate them
enforceable and any demand received by the Company is
Demand amount of ₹132.91 crore (March 31, 2020: ₹183.46 crore considering the demand for the period before diluting its shareholding in TBSPL below 50%.
not liable to be proceeded with. Meanwhile, the Company
₹132.91 crore) is considered contingent. beginning January 1996 to November 2020. The potential During the year ended March 31, 2021, the Company
received demand notices for the various mines at Odisha
exposure as on March 31, 2021 is ₹206.63 crore (March 31, after obtaining a ‘no objection certificate’ from the
• the Company has made a comprehensive submission totalling to ₹5,579.00 crore (March 31, 2020: ₹5,579.00
2020: ₹162.96 crore) is considered as contingent. lenders of TBSPL, has transferred its stake of 50%
before the Deputy Director of Mines, Odisha against crore). The Company has concluded that it is remote that
in TBSPL to its 100% owned subsidiary Tata Steel
show cause notices amounting to ₹694.02 crore The writ petition filed in August 1997 was listed for the claim will sustain on ultimate resolution of the legal
Downstream Products Limited.
received during 2017-18 for production in violation hearing before the Full Bench of High Court of Orissa case by the court.
of mining plan, Environment Protection Act, 1986 on May 17, 2019. SAIL, one of the petitioners, sought (d)
The Company, as a promoter, has pledged
In April 2015, the Company has received an intimation
and Water (Prevention & Control of Pollution) permission to withdraw its writ petition because the 4,41,55,800 (March 31, 2020: 4,41,55,800) equity
from Government of Odisha, granting extension of
Act, 1981. A demand amounting to ₹234.74 crore settlement was arrived with the State Government on shares of Industrial Energy Limited (IEL) with
validity period for leases under the MMDR Amendment
has been received in April, 2018 from the Deputy the matter. The High Court allowed withdrawal of writ Infrastructure Development Finance Corporation
Act, 2015 up to March 31, 2030 in respect of eight mines
Director of Mines, Odisha for production in excess petition of SAIL and directed other parties to negotiate Limited. IEL has repaid the entire loan taken from
and up to March 31, 2020 for two mines subject to
of the Environmental Clearance. The Company has with the State Government. The Company has submitted IDFC in financial year 2020-21 and the pledge is in
execution of supplementary lease deed. Liability has been
challenged the demand and obtained a stay on its detailed representation to Principal Secretary, Water the process of being released.
provided in the books of accounts as on March 31, 2021
the matter from the Revisionary Authority, Mines Resource Department, GoO on June 21, 2019, which is
(e) The Group has given guarantees aggregating as per the existing provisions of the Stamp Act 1899 and
Tribunal, New Delhi. Demand of ₹234.74 crore has under consideration.
₹178.40 crore (March 31, 2020: ₹178.40 crore) details the Company had paid the stamp duty and registration
been provided and show cause notice of ₹694.02
B. Commitments of which are as below: charges totalling ₹413.72 crore for supplementary
crore was considered as contingent as at March 31,
deed execution in respect of eight mines out of the
2019. (a) The Group has entered into various contracts (i) in favour of Commissioner of Customs for
above mines.
with suppliers and contractors for acquisition ₹1.07 crore (March 31, 2020: ₹1.07 crore) given
uring the year ended March 31, 2020, based on the
D
of plant and machinery, equipment and various on behalf of Timken India Limited in respect of b) Noamundi Iron Mine of the Company was due for its third
evaluation of current facts and circumstances, the
civil contracts of capital nature amounting to goods imported. renewal with effect from January 1, 2012. The application
Company assessed and concluded that the said show
₹8,438.53 crore, which includes ₹63.25 crore for renewal was submitted by the company within the
cause notice of ₹694.02 crore no longer qualifies to be (ii) in favour of The President of India for ₹177.18
in respect of equity accounted investees (March stipulated time, but it remained pending consideration
a contingent liability. crore (March 31, 2020: ₹177.18 crore) against
31, 2020: ₹11,128.64 crore which includes ₹91.89 with the State and the mining operations were continued
performance of export obligations under
• the Company based on its internal assessment crore in respect of equity accounted investees). in terms of the prevailing law.
various bonds executed by a joint venture
has provided an amount of ₹1,412.89 crore against Other commitment as at March 31, 2021 amounts to
Jamshedpur Continuous Annealing and By a judgement of April 2014 in the case of Goa mines, the
demand notices amounting to ₹2,140.30 crore ₹0.01 crore which includes Nil in respect of equity
Processing Company Private Limited. Supreme Court took a view that second and subsequent
received from the District Mining Office, Jharkhand accounted investees (March 31, 2020: ₹0.01 crore
renewal of mining lease can be effected once the State
for producing more than environment clearance and which includes Nil in respect of equity accounted (iii) in favour of President of India for ₹0.15 crore
considers the application and decides to renew the mining
the balance amount of ₹727.41 crore (March 31, 2020: investees). (March 31, 2020: ₹0.15 crore) against advance
lease by issuing an express order. State of Jharkhand
₹727.41 crore) is considered contingent. The Company license.
issued renewal order to the Company on December 31,
has however been granted a stay by the Revisional
2014. The State, however, took a view on an interpretation
Authority, Ministry of Coal, Government of India
of Goa judgment that the mining carried out after expiry
against such demand notices.
NOTES NOTES
39. Other significant litigations (Contd.) District Mining Officer Chaibasa on March 16, 2015 40. Disposal of subsidiaries
issued a demand notice for payment of ₹421.83 crore in
of the period of second renewal was ‘illegal’ and hence, During the year ended March 31, 2020, the Group disposed off Firsteel business and Cogent Power Inc. units in Europe.
three monthly installments. The Company on March 20,
issued a demand notice of ₹3,568.31 crore being the
2015 replied that since the lease has been extended by A profit of ₹148.99 crore being the difference between the fair value of consideration received and carrying value of net assets
price of iron ore extracted. The said demand has been
application of law till March 31, 2030, the above demand disposed off in respect of these businesses was recognized in the consolidated statement of profit and loss as an exceptional item.
challenged by the Company before the Jharkhand High
is not tenable. The Company has paid ₹50.00 crore under
Court. (i) Details of net assets disposed off and profit/(loss) on disposal is as below:
protest on July 27, 2015, because the State had stopped
The mining operations were suspended from August issuance of transit permits. (₹ crore)
1, 2014. Upon issuance of an express order, Company Year ended
The Company filed another writ petition before the March 31, 2020
paid ₹152.00 crore under protest, so that mining can be
Hon’ble High Court of Jharkhand which was heard on Non-current assets
resumed.
September 9, 2015. An interim order was given by the
Property, plant and equipment 18.06
The Mines and Minerals Development and Regulation Hon’ble High Court of Jharkhand on September 17, 2015,
Capital work-in-progress 6.74
(MMDR) Amendment Ordinance 2015 promulgated on wherein the Court has directed the Company to pay
Right-of-use assets 88.28
January 12, 2015 provides for extension of such mining the amount of ₹371.83 crore in 3 equal instalments, first
leases whose applications for renewal have remained instalment by October 15, 2015, second instalment by 113.08
pending with the State(s). Based on the new Ordinance, November 15, 2015 and third instalment by December Current assets
Jharkhand Government revised the Express Order on 15, 2015. Inventories 153.68
February 12, 2015 for extending the period of lease upto Trade receivables 136.83
In view of the interim order of the Hon’ble High Court of Cash and bank balances 6.91
March 31, 2030 with the following terms and conditions:
Jharkhand ₹124.00 crore was paid on September 28, 2015,
Other financial assets 1.46
• value of iron ore produced by alleged unlawful ₹124.00 crore on November 12, 2015 and ₹123.83 crore on
Current tax assets 7.25
mining during the period January 1, 2012 to April 20, December 14, 2015 under protest.
Other non-financial assets 22.79
2014 for ₹2,994.49 crore to be decided on the basis
The case is pending before the Hon’ble High court for 328.92
of disposal of our writ petition before Hon’ble High
disposal. The State issued similar terms and conditions to Non-current liabilities
Court of Jharkhand.
other mining lessees in the State rendering the mining as Borrowings 89.37
• value of iron ore produced from April 21, 2014 to July illegal. Based on the Company’s assessment of the Goa Provisions 2.09
17, 2014 amounting to ₹421.83 crore to be paid in mines judgement read with the Ordinance issued in the
Deferred tax liabilities 1.53
maximum 3 instalments. year 2015, the Company believes that it is remote that
92.99
the demand of the State would sustain.
• value of iron ore produced from July 18, 2014 to Current liabilities
August 31, 2014 ₹152.00 crore to be paid immediately. Trade payables 215.17
Other financial liabilities 3.65
218.82
Carrying value of net assets disposed off 130.19
NOTES NOTES
40. Disposal of subsidiaries (Contd.) 41. Capital management (Contd.)

(₹ crore)
The table below summarises the capital, net debt and net debt to equity ratio of the Group.
Year ended
March 31, 2020 (₹ crore)
Sale consideration 263.31 As at As at
March 31, 2021 March 31, 2020
Transaction costs (0.43)
Foreign exchange recycled to profit/(loss) on disposal 16.30 Equity share capital 1,197.61 1,144.95
Carrying value of net assets disposed off (130.19) Hybrid perpetual securities 775.00 2,275.00
Profit/(loss) on disposal 148.99 Other equity 72,266.16 70,156.35
Equity attributable to shareholders of the Company 74,238.77 73,576.30
(ii) Details of net cash flow arising on disposal is as below: Non-controlling interests 3,269.68 2,586.60
Total equity (A) 77,508.45 76,162.90
(₹ crore)
Year ended
Non-current borrowings 72,408.79 94,104.97
March 31, 2020
Current borrowings 9,492.11 19,184.48
Consideration received in cash and cash equivalents 263.31
Current maturities of long-term borrowings and lease obligations 6,600.51 3,038.75
Cash and cash equivalents disposed of (6.91)
Gross debt (B) 88,501.41 1,16,328.20
Net cash flow arising on disposal 256.40
Total capital (A+B) 1,66,009.86 1,92,491.10
41. Capital management Gross debt as above 88,501.41 1,16,328.20

The Group’s capital management is intended to create value for shareholders by facilitating the achievement of long-term and Less: Current investments 7,218.89 3,431.87
short-term goals of the Group. Less: Cash and cash equivalents 5,532.08 7,541.96
The Group determines the amount of capital required on the basis of annual business plan of entities within the Group coupled Less: Other balances with banks (including non-current earmarked balances) 361.69 574.93
with long-term and short-term strategic investment and expansion plans. The funding needs are met through equity, cash Net debt (C) 75,388.75 1,04,779.44
generated from operations, long and short-term bank borrowings and issue of non-convertible debt securities.
Net debt to equity ratio(i) 0.98 1.42
The Group monitors the capital structure on the basis of net debt to equity ratio and maturity profile of the overall debt portfolio
of the Group.
(i) Net debt to equity ratio as at March 31, 2021 and March 31, 2020 has been computed based on the average of opening and
Net debt includes interest bearing borrowings less cash and cash equivalents, other bank balances (including non-current and closing equity.
earmarked balances) and current investments.
42. Disclosures on financial instruments
This section gives an overview of the significance of financial instruments for the Group and provides additional information on
balance sheet items that contain financial instruments.
The details of significant accounting policies, including the criteria for recognition, basis of measurement and the basis on which
income and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument are
disclosed in note 2(r), page 357 to the consolidated financial statements.
NOTES NOTES
(a) Financial assets and liabilities (i) Investments in mutual funds and derivative instruments (other than those designated in a hedging relationship) are
The following tables present the carrying value and fair value of each category of financial assets and liabilities as at March 31, mandatorily classified as fair value through profit and loss.
2021 and March 31, 2020.
(b) Fair value hierarchy
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value,
(₹ crore) grouped into Level 1 to Level 3, as described below:
Amortised Fair value Derivative Derivative Fair value Total carrying Total fair Quoted prices in an active market (Level 1): This Level of hierarchy includes financial assets and liabilities, that are measured
cost through other instruments instruments through profit value value by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This Level consists of investments
comprehensive in hedging not in hedging and loss
in quoted equity shares and mutual funds.
Financial assets: Valuation techniques with observable inputs (Level 2): This Level of hierarchy includes financial assets and liabilities, measured
Cash and bank balances 5,893.77 - - - - 5,893.77 5,893.77 using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e.,
Trade receivables 9,539.84 - - - - 9,539.84 9,539.84 as prices) or indirectly (i.e., derived from prices). This Level of hierarchy includes the Group’s over-the-counter (OTC) derivative
Investments 17.00 917.92 - - 7,271.35 8,206.27 8,206.27 contracts.
Derivatives - - 359.17 302.28 - 661.45 661.45 Valuation techniques with significant unobservable inputs (Level 3): This Level of hierarchy includes financial assets and
Loans 401.29 - - - - 401.29 401.29 liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined
Other financial assets 1,524.31 - - - - 1,524.31 1,524.31 in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current
17,376.21 917.92 359.17 302.28 7,271.35 26,226.93 26,226.93 market transactions in the same instrument nor are they based on available market data. This Level includes investment in
Financial liabilities: unquoted equity shares and preference shares.
Trade payables 25,967.49 - - - - 25,967.49 25,967.49
(₹ crore)
Borrowings other than
80,666.98 - - - - 80,666.98 81,901.52 As at March 31, 2021
lease obligations
Level 1 Level 2 Level 3 Total
Derivatives - - 440.39 141.03 - 581.42 581.42
Financial assets:
Investments in mutual funds 7,218.89 - - 7,218.89
1,14,959.77 - 440.39 141.03 - 1,15,541.19 1,16,775.73
Investments in equity shares 544.13 - 426.25 970.38
Derivative financial assets - 661.45 - 661.45
As at March 31, 2020 7,763.02 661.45 426.25 8,850.72
(₹ crore)
Financial liabilities:
Amortised Fair value Derivative Derivative Fair value Total carrying Total fair
cost through other instruments instruments through profit value value
Derivative financial liabilities - 581.42 - 581.42
comprehensive in hedging not in hedging and loss - 581.42 - 581.42
Financial assets: (₹ crore)
Cash and bank balances 8,116.89 - - - - 8,116.89 8,116.89 As at March 31, 2020
Trade receivables 7,884.91 - - - - 7,884.91 7,884.91 Level 1 Level 2 Level 3 Total
Investments 85.84 506.87 - - 3,523.93 4,116.64 4,116.64 Financial assets:
Derivatives - - 684.23 1,081.47 - 1,765.70 1,765.70 Investments in mutual funds 3,431.87 - - 3,431.87
Loans 704.39 - - - - 704.39 704.39 Investments in equity shares 205.02 - 344.17 549.19
Other financial assets 973.18 - - - - 973.18 973.18 Investments in bonds and debentures - 49.74 - 49.74
17,765.21 506.87 684.23 1,081.47 3,523.93 23,561.71 23,561.71 Derivative financial assets - 1,765.70 - 1,765.70
Financial liabilities: 3,636.89 1,815.44 344.17 5,796.50
Trade payables 21,380.85 - - - - 21,380.85 21,380.85 Financial liabilities:
Borrowings other than Derivative financial liabilities - 857.14 - 857.14
1,09,306.14 - - - - 1,09,306.14 1,08,728.40
lease obligations - 857.14 - 857.14
Derivatives - - 513.76 343.38 - 857.14 857.14
1,37,554.44 - 513.76 343.38 - 1,38,411.58 1,37,833.84
NOTES NOTES
Notes: The following table sets out the fair value of derivatives held by the Group as at the end of the reporting period.
(i) Current financial assets and liabilities are stated at carrying value which is approximately equal to their fair value. (₹ crore)
(ii) Derivatives are fair valued using market observable rates and published prices together with forecasted cash flow information As at March 31, 2021 As at March 31, 2020
where applicable. Assets Liabilities Assets Liabilities
(a) Foreign currency forwards, futures, swaps and options 495.54 516.30 1,739.90 539.34
(iii) Investments carried at fair value are generally based on market price quotations. Investments in equity shares included in
(b) Commodity futures and options 150.53 0.50 13.05 218.85
level 3 of the fair value hierarchy have been valued using the cost approach to arrive at their fair value. Cost of unquoted
equity instruments has been considered as an appropriate estimate of fair value because of a wide range of possible fair value (c) Interest rate swaps and collars 15.38 64.62 12.75 98.95
measurements and cost represents the best estimate of fair value within that range. Fair value of investment in preference 661.45 581.42 1,765.70 857.14
shares is estimated by discounting the expected future cash flows using a discount rate equivalent to the expected rate of Classified as:
return for a similar instrument and maturity as on the reporting date. Non-current 162.66 71.41 279.64 127.92
Current 498.79 510.01 1,486.06 729.22
(iv) Fair value of borrowings which have a quoted market price in an active market is based on its market price which is categorised
as Level 1. Fair value of borrowings which do not have an active market or are unquoted is estimated by discounting the
As at the end of the reporting period, total notional amount of outstanding foreign currency contracts, commodity futures,
expected future cash flows using a discount rate equivalent to the risk-free rate of return adjusted for credit spread considered
options, interest rate swap and collars that the Group has committed to is as below:
by lenders for instruments of similar maturities which is categorised as Level 2 in the fair value hierarchy.
(US$ million)
(v) Management uses its best judgement in estimating the fair value of its financial instruments. However, there are inherent
As at As at
limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented March 31, 2021 March 31, 2020
above are not necessarily indicative of the amounts that the Group could have realised or paid in sale transactions as of (i) Foreign currency forwards, futures, swaps and options 7,698.86 7,040.34
respective dates. As such, fair value of financial instruments subsequent to the reporting dates may be different from the
(ii) Commodity futures and options 217.47 109.30
amounts reported at each reporting date.
(iii) Interest rate swaps and collars 618.09 368.63
(vi) There have been no transfers between Level 1 and Level 2 for the years ended March 31, 2021 and March 31, 2020. 8,534.42 7,518.27
(vii) Reconciliation of Level 3 fair value measurement is as below:
(₹ crore) (d) Transfer of financial assets
Year ended Year ended The Group transfers certain trade receivables under discounting arrangements with banks and financial institutions. Some of
March 31, 2021 March 31, 2020 such arrangements do not qualify for de-recognition due to recourse arrangements being in place. Consequently, the proceeds
Balance at the beginning of the year 344.17 612.61 received from transfer are recorded as short-term borrowings from banks and financial institutions.
Additions during the year 30.99 0.63 The carrying value of trade receivables not de-recognised along with the associated liabilities is as below:
Disposals (0.68) (10.90)
(₹ crore)
Fair value changes during the year 14.42 (242.44)
Reclassified from held for sale 34.84 -
Carrying Carrying value Carrying Carrying value
Re-classification within investments* - (17.01) value of assets of associated value of assets of associated
Exchange rate differences on consolidation 2.51 1.28 transferred liabilities transferred liabilities
Balance at the end of the year 426.25 344.17 Trade receivables - - 8.19 8.19
* During the year ended March 31, 2020, reclassification represents investments reclassified from fair value through profit and loss to amortized cost.
(e) Financial risk management
(c) Derivative financial instruments In the course of its business, the Group is exposed primarily to fluctuations in foreign currency exchange rates, commodity prices,
Derivative instruments used by the Group include forward exchange contracts, interest rate swaps, currency swaps, options, interest rates, equity prices, liquidity and credit risk, which may adversely impact the fair value of its financial instruments.
commodity futures, interest rate caps and collars. These financial instruments are utilised to hedge future transactions and cash
Entities within the Group have a risk management policy which not only covers the foreign exchange risks but also other risks
flows and are subject to hedge accounting under Ind AS 109 “Financial Instruments” wherever possible. The Group does not hold
associated with the financial assets and liabilities such as interest rate risks and credit risks. The risk management policy is approved
or issue derivative financial instruments for trading purposes. All transactions in derivative financial instruments are undertaken
by the Board of Directors of the respective companies. The risk management framework aims to:
to manage risks arising from underlying business activities.
(i) create a stable business planning environment by reducing the impact of currency, commodity prices and interest rate
fluctuations on the entity’s business plan.
(ii) achieve greater predictability to earnings by determining the financial value of the expected earnings in advance.
NOTES NOTES
42. Disclosures on financial instruments (Contd.) The sensitivity analysis has been based on the composition 42. Disclosures on financial instruments (Contd.) The risk relating to trade receivables is presented in
(i) Market risk of the Group’s financial assets and liabilities as at March 31, A 10% change in equity prices of such securities held as note 15, page 385.
2021 and March 31, 2020 excluding trade payables, trade at March 31, 2021 and March 31, 2020 would result in an
Market risk is the risk of any loss in future earnings, in The Group’s exposure to customers is diversified and
receivables, other derivative and non-derivative financial impact of ₹54.41 crore and ₹20.50 crore respectively on
realising fair values or in future cash flows that may result there is no concentration of credit risk with respect
instruments not forming part of debt and which do not equity before considering tax impact.
from a change in the price of a financial instrument. The to any particular customer as at March 31, 2021 and
present a material exposure. The period end balances
value of a financial instrument may change as a result of March 31, 2020.
are not necessarily representative of the average debt (ii) Commodity risk
changes in interest rates, foreign currency exchange rates,
outstanding during the period. The Group makes use of commodity futures contracts In respect of financial guarantees provided by the Group
commodity prices, equity price fluctuations, liquidity and
and options to manage its purchase price risk for certain to banks and financial institutions, the maximum exposure
other market changes. Future specific market movements (b) Market risk - Interest rate risk:
commodities. Across the Group, forward purchases are which the Group is exposed to is the maximum amount
cannot be normally predicted with reasonable accuracy.
Interest rate risk is measured by using the cash flow also made of zinc, tin and nickel to cover sales contracts which the Group would have to pay if the guarantee is
(a) Market risk - Foreign currency exchange rate risk: sensitivity for changes in variable interest rates. Any with fixed metal prices. called upon. Based on the expectation at the end of the
movement in the reference rates could have an impact reporting period, the Group considers that it is more likely
The fluctuation in foreign currency exchange rates may There was no significant market risk relating to the
on the Group’s cash flows as well as costs. than not that such an amount will not be payable under
have potential impact on the consolidated statement consolidated statement of profit and loss since the the guarantees provided.
of profit and loss and equity, where any transaction The Group is subject to variable interest rates on some majority of commodity derivatives are treated as cash flow
references more than one currency or where assets/ of its interest bearing liabilities. The Group’s interest rate hedges with movements being reflected in equity and the (iv) Liquidity risk
liabilities are denominated in a currency other than exposure is mainly related to debt obligations. timing and recognition in the consolidated statement of Liquidity risk refers to the risk that the Group cannot meet
the functional currency of the respective consolidated profit and loss would depend on the point at which the
Based on the composition of debt as at March 31, its financial obligations. The objective of liquidity risk
entities. underlying hedged transactions are recognised.
2021 and March 31, 2020 a 100 basis points increase management is to maintain sufficient liquidity and ensure
Considering the countries and economic environment in in interest rates would increase the Group’s finance that funds are available for use as per requirements.
(iii) Credit risk
which the Group operates, its operations are subject to costs (before considering interest eligible for
Credit risk is the risk of financial loss arising from counter- The Group has obtained fund and non-fund based
risks arising from fluctuations in exchange rates in those capitalization) and thereby reduce net profit and equity
party failure to repay or service debt according to the working capital lines from various banks. Furthermore, the
countries. The risks primarily relate to fluctuations in US before considering tax impacts by approximately
contractual terms or obligations. Credit risk encompasses entities within the Group have access to undrawn lines of
Dollar, Great British Pound, Euro, Singapore Dollar and ₹420.54 crore for the year ended March 31, 2021 (2019-20:
both the direct risk of default and the risk of deterioration committed and uncommitted borrowing/facilities, funds
Thai Baht against the respective functional currencies of ₹629.81 crore).
of credit worthiness as well as concentration risks. from debt markets through commercial paper programs,
the Company and its subsidiaries.
The risk estimates provided assume a parallel shift of non-convertible debentures and other debt instruments.
Entities as per their risk management policy, use foreign 100 basis points interest rate across all yield curves. This Entities within the Group have a policy of dealing only The Group invests its surplus funds in bank fixed deposits
exchange forward and other derivative instruments calculation also assumes that the change occurs at the with credit worthy counter parties and obtaining sufficient and mutual funds, which carry no or low mark to market
primarily to hedge foreign exchange and interest rate balance sheet date and has been calculated based on risk collateral, where appropriate as a means of mitigating the risk. The Company and entities within the Group, wherever
exposure. Any weakening of the functional currency may exposures outstanding as at that date. The period end risk of financial loss from defaults. applicable, have also invested 15% of the non-convertible
impact the respective entities’ cost of imports and cost balances are not necessarily representative of the average Financial instruments that are subject to credit risk debentures (issued by the Company/entities) falling due
of borrowings and consequently may increase the cost debt outstanding during the period. and concentration thereof principally consist of trade for repayment in the next 12 months in bank deposits, to
of financing the Group’s capital expenditures. receivables, loans receivables, investments in debt meet the regulatory norms of liquidity requirements. The
(c) Market risk - Equity price risk: Group also constantly monitors funding options available
A 10% appreciation/depreciation of foreign currencies securities and mutual funds, balances with banks, bank
Equity price risk is related to the change in market deposits, derivatives and financial guarantees provided in the debt and capital markets with a view of maintaining
with respect to the functional currency of the entities
reference price of investments in equity securities held by the Group. None of the financial instruments of the financial flexibility.
within the Group would result in a decrease/increase
by the Group. Group result in material concentration of credit risk.
in the Group’s net profit and equity before considering The Group’s liquidity position remains strong as at March
tax impacts by approximately ₹1,191.46 crore for the The fair value of quoted investments held by the Group The carrying value of financial assets represents the 31, 2021, comprising of current investments, cash and cash
year ended March 31, 2021 (2019-20: ₹578.31 crore) and exposes the Group to equity price risks. In general, these maximum credit risk. The maximum exposure to credit equivalents and other balances with bank, in addition to
increase/decrease in carrying value of property, plant and investments are not held for trading purposes. risk was ₹20,898.34 crore and ₹18,661.48 crore as at committed undrawn bank lines.
equipment (before considering depreciation impact) by March 31, 2021 and March 31, 2020 respectively, being the
The fair value of quoted investments in equity classified
Nil as at March 31, 2021 (March 31, 2020: approximately total carrying value of trade receivables, balances with
as fair value through other comprehensive income/profit
₹109.94 crore). bank, bank deposits, investments in debt securities and
and loss as at March 31, 2021 and March 31, 2020 was
The foreign exchange rate sensitivity is calculated by ₹544.13 crore and ₹205.02 crore respectively. mutual funds, loans, derivative assets and other financial
assuming a simultaneous parallel foreign exchange rates assets net of insurance cover, where applicable.
shift of all the currencies by 10% against the functional
currency of the entities within the Group.
NOTES NOTES
42. Disclosures on financial instruments (Contd.) 43. Segment reporting

T he following table shows a maturity analysis of the anticipated cash flows including future interest obligations for the Group’s The Group is primarily engaged in the business of manufacture and distribution of steel products across the globe. Operating
derivative and non-derivative financial liabilities on an undiscounted basis, which therefore differ from both carrying value and segments have been identified based on how the Chief Operating Decision Maker (CODM) reviews and assesses the Group’s
fair value. Floating rate interest is estimated using the prevailing interest rate at the end of the reporting period. Cash flows in performance, which is on the basis of the different geographical areas wherein major entities within the Group operate.
foreign currencies are translated using the period end spot rates.
The Group’s reportable segments and segment information is presented below:
(₹ crore)
(₹ crore)
Tata Steel Bamnipal Tata Steel Other Tata Steel Other trade South-East Rest of Inter- Total
Carrying Contractual less than between one more than
India Steel Long Indian Europe related Asian the world segment
value cash flows one year to five years five years
(including Products operations operations operations eliminations
Non-derivative financial liabilities: Tata Steel
Borrowings other than lease obligations BSL)
81,577.29 1,03,480.55 18,918.74 49,486.11 35,075.70
including interest obligations Segment revenue
Lease obligations including interest External revenue 55,224.53 21,097.13 4,175.09 8,366.60 55,885.04 1,882.91 8,860.79 802.09 - 1,56,294.18
7,865.37 12,079.00 1,702.58 5,033.26 5,343.16
obligations 53,122.57 18,051.38 3,183.07 7,635.93 55,753.35 1,655.20 9,155.66 414.55 - 1,48,971.71
Trade payables 25,967.49 25,967.49 25,967.49 - - Intersegment revenue 9,644.47 321.50 574.78 1,941.12 165.89 27,461.25 450.28 - (40,559.29) -
Other financial liabilities 7,384.05 7,437.89 6,861.35 313.81 262.73 7,313.40 147.76 306.92 1,859.82 185.64 30,072.89 620.81 - (40,507.24) -
1,22,794.20 1,48,964.93 53,450.16 54,833.18 40,681.59 Total Revenue 64,869.00 21,418.63 4,749.87 10,307.72 56,050.93 29,344.16 9,311.07 802.09 (40,559.29) 1,56,294.18
60,435.97 18,199.14 3,489.99 9,495.75 55,938.99 31,728.09 9,776.47 414.55 (40,507.24) 1,48,971.71
Derivative financial liabilities 581.42 581.42 510.01 71.41 - Segment results
before exceptional 21,951.63 5,480.69 1,154.25 1,032.15 (618.39) 3,076.93 548.87 (498.30) (1,235.99) 30,891.84
items, interest, tax
(₹ crore) and depreciation:
As at March 31, 2020 15,095.93 2,370.12 183.77 879.95 (664.19) 1,799.71 366.22 13.01 (1,941.90) 18,102.62
Carrying Contractual less than between one more than
value cash flows one year to five years five years
Reconciliation to
profit/(loss) for the
Non-derivative financial liabilities: year:
Borrowings other than lease obligations Add: Finance income 508.02
1,10,048.97 1,47,106.89 26,888.52 61,686.58 58,531.79
including interest obligations
1,546.94
Lease obligations including interest
7,058.16 11,401.51 1,721.35 4,519.76 5,160.40 Less: Finance costs 7,606.71
obligations
7,580.72
Trade payables 21,380.85 21,380.85 21,380.85 - -
Less: Depreciation
Other financial liabilities 6,088.52 6,088.52 5,700.85 233.61 154.06 9,233.64
and amortisation
1,44,576.50 1,85,977.77 55,691.57 66,439.95 63,846.25 8,707.67
Add: Share of profit /
Derivative financial liabilities 857.14 857.14 729.22 120.79 7.13 (loss) of joint ventures 327.34
and associates
187.97
Profit before
exceptional items 14,886.85
and tax
3,549.14
Add: Exceptional items
(1,043.16)
(refer note 35, page 410)
(4,929.58)
Profit before tax 13,843.69
(1,380.44)
Less: Tax expense 5,653.90
(2,552.90)
NOTES NOTES
43. Segment reporting (Contd.) 43. Segment reporting (Contd.)

(₹ crore) (ii) Details of revenue based on geographical location of customers is as below:
Tata Steel Bamnipal Tata Steel Other Tata Steel Other trade South-East Rest of Inter- Total
India Steel Long Indian Europe related Asian the world segment (₹ crore)
(including Products operations operations operations eliminations Year ended Year ended
Tata Steel March 31, 2021 March 31, 2020
BSL)
India 76,256.55 72,888.19
Net profit/(loss) for
8,189.79 Outside India 80,037.63 76,083.52
the year
1,172.46
1,56,294.18 1,48,971.71
Segment assets 1,37,115.21 37,234.43 5,870.65 12,367.04 73,827.18 21,635.98 4,656.49 6,837.69 (54,156.99) 2,45,387.68 Revenue outside India includes: Asia excluding India ₹20,325.66 crore (2019-20: ₹18,150.14 crore), UK ₹11,761.27 crore (2019-20:
1,25,469.14 38,924.26 6,155.92 7,867.82 78,314.90 21,778.73 - 8,525.75 (39,440.52) 2,47,596.00 ₹12,686.76 crore) and other European countries ₹37,803.83 crore (2019-20: ₹35,866.47 crore).
Assets held for sale 99.53
2,823.45 (iii) Details of non-current assets (property, plant and equipment, capital work-in-progress, right-of-use assets,
Total assets 2,45,487.21 intangibles and goodwill on consolidation) based on geographical area is as below:
2,50,419.45 (₹crore)
Segment assets As at As at
include: March 31, 2021 March 31, 2020
Equity accounted India 1,17,307.90 1,18,818.73
961.34 - 0.80 1,162.02 339.36 12.14 - - - 2,475.66
investments Outside India 37,474.68 35,228.76
1,778.74 - 0.80 20.10 357.27 11.63 - - - 2,168.54 1,54,782.58 1,54,047.49
Segment liabilities 76,755.39 16,111.57 3,310.58 4,504.84 51,725.62 40,489.84 2,288.87 7,265.48 (34,473.43) 1,67,978.76
76,540.96 20,318.21 4,159.82 3,762.13 42,911.68 40,825.92 - 6,000.08 (21,610.58) 1,72,908.22 Non-current assets outside India includes: Asia excluding India ₹1,470.72 crore (March 31, 2020: ₹185.27 crore), UK ₹9,257.77
Liabilities held for sale - crore (March 31, 2020: ₹7,959.37 crore) and other European countries ₹20,426.88 crore (March 31, 2020: ₹19,575.18 crore).
1,348.33
Total liabilities 1,67,978.76
Notes:
1,74,256.55 (i) Segment performance is reviewed by the CODM on the basis of profit or loss before finance income/cost, depreciation and
Addition to non-
3,703.43 120.24 57.80 616.37 4,905.67 - 22.05 74.56 - 9,500.12
amortisation expenses, share of profit/(loss) of joint ventures and associates and tax expenses. Segment results reviewed
current assets by the CODM also exclude income or expenses which are non-recurring in nature and are classified as an exceptional item.
5,779.68 735.89 54.49 729.15 5,936.60 285.29 - 758.15 - 14,279.25 Information about segment assets and liabilities provided to the CODM, however, include the related assets and liabilities
arising on account of items excluded in measurement of segment results. Such amounts, therefore, form part of the reported
segment assets and liabilities.
(i) Details of revenue by nature of business is as below: (ii) No single customer represents 10% or more of the Group’s total revenue during the year ended March 31, 2021 and
March 31, 2020.
(₹ crore)
Year ended Year ended (iii) The accounting policies of the reportable segments are the same as of the Group’s accounting policies.
March 31, 2021 March 31, 2020
Steel 1,45,260.07 1,35,600.79
Others 11,034.11 13,370.92
1,56,294.18 1,48,971.71
Revenue from other businesses primarily relate to ferro alloys, power and water and other services.
NOTES NOTES
44. Related party transactions 44. Related party transactions (Contd.)

The Group’s related parties primarily consist of its joint ventures and associates, Tata Sons Private Limited including its subsidiaries (i) The details of remuneration paid to the key managerial personnel and payments to non-executive directors are provided
and joint ventures. The Group routinely enters into transactions with these related parties in the ordinary course of business at in note 31, page 408 and note 34, page 409, respectively.
market rates and terms. Transactions and balances between the Company, its subsidiaries and fellow subsidiaries are eliminated
During the year ended March 31, 2021, value of shares subscribed by key managerial personnel and their relatives under
on consolidation.
final call to rights issue is ₹1,12,484.00 (2019-20: Nil)
The following table summarises the related-party transactions and balances included in the consolidated financial statements
The Group paid dividend of ₹32,346.00 (2019-20: ₹42,048.50) to key managerial personnel and ₹6,395.00 (2019-20:
for the year ended/as at March 31, 2021 and March 31, 2020.
₹8,313.50) to relatives of key managerial personnel during the year ended March 31, 2021.
(₹ crore)
Associates Joint venture Tata Sons Private Total (ii) During the year ended March 31, 2021, the Group has contributed ₹581.73 crore (2019-20: ₹370.47 crore) to post employment
Limited, its benefit plans.
subsidiaries and
joint ventures As at March 31, 2021, amount receivable from post-employment benefit funds is ₹92.84 crore (March 31, 2020: ₹57.26 crore)
Purchase of goods 21.76 223.07 381.28 626.11 on account of retirement benefit obligations paid by the entities within the Group directly.
303.85 289.89 664.68 1,258.42
As at March 31, 2021, amount payable to post-employment benefit funds is ₹2.12 crore (March 31, 2020: ₹20.14 crore) on
Sale of goods 910.57 2,408.71 906.53 4,225.81
account of retirement benefit obligations.
950.93 2,915.81 649.94 4,516.68
Services received 317.57 1,999.72 879.20 3,196.49 (iii) Details of investments made by the Company in preference shares of its joint ventures and associates is disclosed in note 7,
86.32 1,720.04 712.56 2,518.92 page 374.
Services rendered 2.75 586.48 17.81 607.04
7.19 116.58 23.01 146.78 (iv) Commitments with respect to joint venture and associates are disclosed in note 38(B), page 424.
Sale of fixed assets - 2.01 - 2.01 (v) Transactions with joint ventures have been disclosed at full value and not at their proportionate share.
- 267.71 - 267.71
Interest income recognised - 2.75 - 2.75 (vi) Subscription to first and final call on partly paid-up equity shares includes ₹1,744.00 crore (2019-20: Nil) received from Tata
- 2.91 - 2.91 Sons Private Limited. Dividend paid includes ₹368.15 crore (2019-20: ₹458.38 crore) paid to Tata Sons Private Limited.
Interest expenses recognised - 6.69 9.24 15.93 45. The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment received
- - 17.88 17.88 Indian Parliament approval and Presidential assent in September 2020. The Code has been published in the Gazette of India
Dividend paid(vi) - - 379.06 379.06 and subsequently on November 13, 2020 draft rules were published and invited for stakeholders’ suggestions. However, the
- - 470.41 470.41 date on which the Code will come into effect has not been notified. The Company and its Indian subsidiaries will assess the
Dividend received 20.05 74.17 12.92 107.14 impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
20.47 35.04 13.59 69.10
Provision/ (reversal) recognised for receivables
during the year
0.02 1.52 0.02 1.56 46. The Board of Directors of the Company, at its meeting held on April 25, 2019, had approved a Composite Scheme of
Amalgamation of Bamnipal Steel Limited and Tata Steel BSL Limited (formerly known as Bhushan Steel Limited) into and
0.03 (6.62) 0.01 (6.58)
with the Company subject to the requisite statutory and regulatory approvals. Pursuant to the orders of the Hon’ble NCLT,
Management contracts 5.32 3.00 173.06 181.38
27.91 1.60 107.45 136.96
Mumbai Bench a meeting of the equity shareholders of the Company was convened on Friday, March 26, 2021 to consider
Finance provided during the year (net of repayments) - 13.20 23.61 36.81
and if thought fit, approve the Scheme. The Scheme was approved by the equity shareholders by requisite majority at the
- 60.13 - 60.13 said meeting and the necessary disclosures in this regard have been made to the stock exchanges.
Outstanding loans and receivables 141.03 1,547.80 17.52 1,706.35
97.45 1,130.67 25.03 1,253.15 Pursuant to the shareholders’ approval, “Company Scheme Petition” has been filed with the Hon’ble NCLT, Mumbai Bench
Provision for outstanding loans and receivables 0.08 1,088.30 0.08 1,088.46 with the prayer that the Scheme of Amalgamation be sanctioned with effect from the Appointed Date as defined in the
10.74 1,094.09 0.03 1,104.86 Scheme. The Scheme will be implemented upon its sanction by the NCLT. The Scheme will enable the companies to realize
Outstanding payables 47.98 451.91 420.07 919.96 greater synergies between their businesses, yield beneficial results and avail pooled resources in the interest of maximizing
65.78 230.08 322.60 618.46 value to the shareholders and other stakeholders. The equity shareholders of Tata Steel BSL Limited will be entitled to fully
Guarantees provided outstanding - 177.18 - 177.18 paid-up equity shares of the Company in the ratio as set out in the Scheme.
- 177.18 - 177.18
Subscription to first and final call on partly paid-up
- - 1,767.91 1,767.91
equity shares(vi)
- - - -
NOTES NOTES
47. The Board of Directors of Tata Steel Long Products Limited (‘TSLP’), Tata Metaliks Limited (‘TML’) and The Indian Steel & Wire
Amount
(₹ crore)
14,015.36
1.78
(6.66)
10.75
35.25
0.30
3.69
(0.00)
64.61
10.87
-
219.51
577.28
0.04
(1.42)
(0.01)
80.48
-
5.36
95.82
3.51
0.91
19.70
0.31
2,469.39
14.05
0.82
(0.03)
1.90
(2.25)
1.22
Products Limited (‘ISWP’) had approved the scheme of amalgamation of TML into TSLP and ISWP into TSLP at their respective
comprehensive income
meetings held on November 13, 2020. The Board of Directors of TSLP and TML had recommended exchange ratio of 12 fully
Share in total
paid up equity shares of ₹10 each of TSLP for every 10 fully paid up equity shares of ₹10 each held in the TML. The Board
of Directors of TSLP and ISWP had recommended exchange ratio of 10 fully paid up equity shares of ₹10 each of TSLP for
As % of
consolidated
total
comprehensive
income
4,981.82
0.63
(2.37)
3.82
12.53
0.11
1.31
0.00
22.97
3.86
-
78.03
205.20
0.01
(0.50)
(0.01)
28.61
-
1.91
34.06
1.25
0.32
7.00
0.11
877.75
4.99
0.29
(0.01)
0.67
(0.80)
0.43
every 16 fully paid up equity shares of ₹10 each held in ISWP. TSLP and TML have submitted the aforementioned scheme of
amalgamation to Stock Exchanges for approval.
48. The Group has assessed the ability of Tata Steel UK Limited (TSUK), a subsidiary of the Company held through Tata Steel
Amount
(₹ crore)
408.74
-
0.02
(1.23)
0.77
-
0.01
-
62.49
(0.03)
-
(0.30)
5.31
-
-
-
(0.42)
-
0.26
(2.33)
-
-
(0.00)
-
3.40
(0.08)
(1.93)
-
(2.40)
-
-
Europe Limited (TSE) to continue as going concern and meet its liquidity requirements.
comprehensive income
Given the improvement in outlook for European steel market, the directors of TSE observed that while there is a reasonable
52. Statement of net assets and profit or loss attributable to owners and minority interest
Share in other
expectation that TSE has adequate resources to continue operating for the foreseeable future and that the going concern
basis for the preparation of its financial statements remains appropriate, there exists a material uncertainty in respect of
As % of
consolidated
other
comprehensive
income
(5.67)
-
0.00
0.02
(0.01)
-
0.00
-
(0.87)
0.00
-
0.00
(0.07)
-
-
-
0.01
-
0.00
0.03
-
-
0.00
-
(0.05)
0.00
0.03
-
0.03
-
-
TSUK. The financial statements of TSE are prepared on a going concern basis and do not include any adjustment regarding
going concern of TSUK.
The Group has assessed its ability to meet any liquidity requirements at TSE, if required, and concluded that its cashflow
Amount
(₹ crore)
13,606.62
1.78
(6.68)
11.98
34.48
0.30
3.68
(0.00)
2.12
10.90
-
219.81
571.97
0.04
(1.42)
(0.01)
80.90
-
5.10
98.15
3.51
0.91
19.71
0.31
2,465.99
14.13
2.75
(0.03)
4.30
(2.25)
1.22
and liquidity position remains strong.
Share in profit or (loss)

49. The net worth of TRF Limited, an associate of the Company, has been fully eroded. The carrying value of the share of
investment in the consolidated financial statements is Nil. The financial statements of TRF Limited have been prepared on
a going concern basis as it expects to generate cash flow from improvements in its operations, increased business from the
As % of
consolidated
profit or (loss)
181.66
0.02
(0.09)
0.16
0.46
0.00
0.05
0.00
0.03
0.15
-
2.93
7.64
0.00
(0.02)
0.00
1.08
-
0.07
1.31
0.05
0.01
0.26
0.00
32.92
0.19
0.04
0.00
0.06
(0.03)
0.02
Company, increased efficiencies in the project activities, proceeds from restructuring of its subsidiaries, facilities from banks
as required and the Company is expected to provide the necessary financial support to TRF Limited, if required, to meet its
future obligations.
Amount
(₹ crore)
91,267.11
52.88
363.08
123.57
193.97
(50.68)
9.08
(0.04)
129.20
954.94
-
1,300.05
2,593.89
1.30
32.66
(0.05)
3,064.66
-
62.54
846.09
5.39
24.18
323.75
244.64
20,125.66
831.75
0.84
0.21
1.93
(8.00)
41.84
50. Dividend
The dividend declared by the Company is based on profits available for distribution as reported in the standalone financial
Net Assets
statements of the Company. On May 5, 2021, the Board of Directors of the Company have proposed a dividend of ₹25.00
As % of
consolidated
net assets
122.94
0.07
0.49
0.17
0.26
(0.07)
0.01
0.00
0.17
1.29
-
1.75
3.49
0.00
0.04
0.00
4.13
-
0.08
1.14
0.01
0.03
0.44
0.33
27.11
1.12
0.00
0.00
0.00
(0.01)
0.06
per Ordinary share ₹10 each and ₹6.25 per partly paid Ordinary share of ₹10 each (paid-up ₹2.504 per share) in respect
of the year ended March 31, 2021 subject to the approval of shareholders at the Annual General Meeting. If approved, the
dividend would result in a cash outflow of approximately ₹2,993.65 crore.
Reporting
51. Previous year figures have been recasted/restated wherever necessary.
currency
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
Tata Steel Utilities and Infrastructure Services
Creative Port Development Private Limited

Jamshedpur Football and Sporting Private
Tata Steel Special Economic Zone Limited
Tata Steel Downstream Products Limited

Kalimati Global Shared Services Limited
Adityapur Toll Bridge Company Limited
The Tinplate Company of India Limited

(Formerly known as T S Alloys Limited)
Tata Steel International (India) Limited
Bhubaneshwar Power Private Limited
Bhushan Steel (Madhya Bharat) Ltd.

Haldia Water Management Limited
Subarnarekha Port Private Limited

Tata Korf Engineering Services Ltd
Tata Steel Long Products Limited

Indian Steel & Wire Products Ltd
Rujuvalika Investments Limited

Mohar Export Services Pvt. Ltd
Bhushan Steel (Orissa) Ltd.

The Tata Pigments Limited
Bhushan Steel (South) Ltd.

Tata Steel Mining Limited
Tata Steel Odisha Limited
Bamnipal Steel Limited

Tata Steel BSL Limited
Tata Steel Foundation
Angul Energy Limited

TSIL Energy Limited
Tata Steel Limited
Tayo Rolls Limited

Tata Metaliks Ltd.
SL Name of the entity
Subsidiaries
Limited
Limited
A. Parent
Indian
No.
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
B.
a)
1
2
3
4
5
6
7
8
9
52. Statement of net assets and profit or loss attributable to owners and minority interest (Contd.)
444
SL Name of the entity Reporting Net Assets Share in profit or (loss) Share in other Share in total
No. currency comprehensive income comprehensive income
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated
net assets
(₹ crore) consolidated
profit or (loss)
other
total
(₹ crore)
NOTES
comprehensive comprehensive
income income
b) Foreign
1 ABJA Investment Co. Pte. Ltd. USD (0.18) (133.22) (1.06) (79.14) - - (28.13) (79.14)
2 NatSteel Asia Pte. Ltd. USD 1.08 800.31 5.00 374.47 - - 133.11 374.47
3 TS Asia (Hong Kong) Ltd. USD 0.26 196.64 0.03 2.47 - - 0.88 2.47
4 T Steel Holdings Pte. Ltd. GBP 30.24 22,447.36 0.00 (0.20) - - (0.07) (0.20)
5 T S Global Holdings Pte Ltd. GBP 33.14 24,604.98 13.01 974.45 3.07 (221.22) 267.74 753.23
6 T S Global Minerals Holdings Pte Ltd. USD - - - - - - - -
7 Orchid Netherlands (No.1) B.V. EUR 0.00 0.40 (0.01) (0.45) - - (0.16) (0.45)
8 NatSteel Holdings Pte. Ltd. SGD (0.20) (149.12) (0.12) (8.64) (0.52) 37.54 10.27 28.90
9 Easteel Services (M) Sdn. Bhd. MYR 0.06 42.88 0.05 3.42 - - 1.22 3.42
10 Eastern Steel Fabricators Philippines, Inc. SGD (0.06) (46.78) - - - - - -
11 NatSteel Recycling Pte Ltd. SGD 0.33 247.26 0.00 (0.16) - - (0.06) (0.16)
forming part of the consolidated financial statements

12 NatSteel Trade International Pte. Ltd. USD 0.02 16.61 0.00 (0.04) - - (0.01) (0.04)
13 The Siam Industrial Wire Company Ltd. THB 1.84 1,368.02 0.71 53.08 0.22 (15.90) 13.21 37.18
14 TSN Wires Co., Ltd. THB 0.02 13.95 0.01 0.85 - - 0.30 0.85
15 Tata Steel Europe Limited GBP 51.28 38,071.28 (1.63) (122.40) - - (43.51) (122.40)
16 Apollo Metals Limited USD 0.26 191.64 0.45 33.38 (0.05) 3.64 13.16 37.02
17 British Steel Corporation Limited GBP 0.54 397.59 - - - - - -
18 British Steel Directors (Nominees) Limited GBP 0.00 0.00 - - - - - -
19 British Steel Nederland International B.V. EUR 0.40 298.91 0.91 68.30 - - 24.28 68.30
20 C V Benine EUR 0.03 18.57 - - - - - -
21 Catnic GmbH EUR 0.09 67.03 0.08 5.80 - - 2.06 5.80
22 Catnic Limited GBP 0.00 (0.61) - - - - - -
23 Tata Steel International Mexico SA de CV USD 0.00 1.15 0.00 0.16 - - 0.06 0.16
24 Cogent Power Inc USD 0.00 0.33 0.02 1.27 - - 0.45 1.27
25 Cogent Power Limited GBP 0.38 284.58 0.26 19.18 - - 6.82 19.18
26 Corbeil Les Rives SCI EUR 0.01 10.54 - - - - - -
27 Corby (Northants) & District Water Company
GBP 0.01 6.15 0.00 (0.00) - - 0.00 (0.00)
Limited
28 Corus CNBV Investments GBP 0.00 0.00 - - - - - -
29 Corus Engineering Steels (UK) Limited GBP 0.00 0.00 - - - - - -
30 Corus Engineering Steels Limited GBP 0.00 0.00 - - - - - -
31 Corus Group Limited GBP 2.87 2,129.91 (1.09) (81.95) - - (29.13) (81.95)
32 Corus Holdings Limited GBP 0.01 5.81 - - - - - -
33 Corus International (Overseas Holdings) Limited GBP 9.02 6,697.32 1.12 84.18 (22.75) 1,640.07 612.89 1,724.25
34 Corus International Limited GBP 4.15 3,079.16 0.15 11.00 - - 3.91 11.00
35 Corus International Romania SRL. RON 0.00 2.55 0.02 1.16 - - 0.41 1.16
36 Corus Investments Limited GBP 0.31 228.35 - - - - - -
37 Corus Ireland Limited EUR 0.00 1.52 0.03 2.15 - - 0.77 2.15
38 Corus Liaison Services (India) Limited GBP (0.03) (24.07) - - - - - -
39 Corus Management Limited GBP 0.55 407.12 - - - - - -
Snapshot
Performance

NOTES
consolidated (₹ crore) consolidated (₹ crore) consolidated (₹ crore) consolidated (₹ crore)

net assets profit or (loss) other total
income income
About
40 Corus Property GBP 0.00 0.00 - - - - - -

Tata Steel
41 Corus UK Healthcare Trustee Limited GBP 0.00 0.00 - - - - - -

42 Crucible Insurance Company Limited GBP 0.39 287.86 0.03 2.38 - - 0.84 2.38
43 Degels GmbH EUR 0.02 17.38 0.33 24.98 0.03 (2.46) 8.00 22.52
44 Demka B.V. EUR 0.10 75.10 0.00 (0.00) - - 0.00 (0.00)
45 00026466 Limited (Formerly known as Firsteel
Leadership
GBP 0.00 0.96 0.01 0.96 - - 0.34 0.96

Group Limited)
46 Fischer Profil GmbH EUR 0.04 28.63 0.14 10.30 0.22 (15.68) (1.91) (5.38)
47 Gamble Simms Metals Limited EUR - - - - - - - -
48 H E Samson Limited GBP 0.00 0.00 - - - - - -
Strategy
49 Hadfields Holdings Limited GBP (0.02) (12.59) - - - - - -

50 Halmstad Steel Service Centre AB SEK 0.13 95.23 0.22 16.30 - - 5.80 16.30
51 Hille & Muller GmbH EUR 0.22 164.88 0.11 8.60 0.24 (17.20) (3.06) (8.60)
52 Hille & Muller USA Inc. USD 0.13 99.75 0.02 1.37 - - 0.49 1.37
53 Hoogovens USA Inc. USD 0.77 572.25 0.12 9.22 - - 3.28 9.22
54 Huizenbezit “Breesaap” B.V. EUR (0.01) (8.97) 0.00 0.05 - - 0.02 0.05
Stakeholders
and Materiality
55 Inter Metal Distribution SAS EUR 0.07 49.02 0.09 7.04 0.00 (0.02) 2.50 7.02
56 Layde Steel S.L. EUR 0.16 117.82 0.09 6.80 (0.59) 42.41 17.49 49.21
57 London Works Steel Company Limited GBP (0.14) (103.76) - - - - - -
58 Montana Bausysteme AG CHF 0.13 93.75 0.12 9.35 (0.04) 2.97 4.38 12.32
Capitals
59 Naantali Steel Service Centre OY EUR 0.04 27.96 0.11 8.04 - - 2.86 8.04
60 Norsk Stal Tynnplater AS NOK 0.05 39.40 0.07 5.28 - - 1.88 5.28
61 Norsk Stal Tynnplater AB NOK 0.03 25.21 0.05 3.41 - - 1.21 3.41
62 Orb Electrical Steels Limited GBP 0.00 0.00 - - - - - -
63 Oremco Inc. USD - - 0.21 15.43 - - 5.49 15.43
Governance
64 Rafferty-Brown Steel Co Inc Of Conn. USD 0.03 25.28 (0.05) (4.08) - - (1.45) (4.08)
65 S A B Profiel B.V. EUR 0.43 320.54 0.11 8.29 - - 2.95 8.29
66 S A B Profil GmbH EUR 0.20 145.31 (0.01) (0.53) - - (0.19) (0.53)
67 Service Center Gelsenkirchen GmbH EUR 0.26 193.94 0.06 4.20 0.09 (6.82) (0.93) (2.62)
Reports
68 Service Centre Maastricht B.V. EUR 0.21 156.52 0.17 12.85 - - 4.57 12.85
Statutory
69 Societe Europeenne De Galvanisation (Segal) Sa EUR 0.36 267.73 0.16 12.00 - - 4.27 12.00
70 Staalverwerking en Handel B.V. EUR 1.57 1,168.17 (0.06) (4.65) - - (1.65) (4.65)
71 Surahammar Bruks AB SEK 0.03 25.08 (0.69) (51.96) (0.07) 5.00 (16.69) (46.96)
72 Swinden Housing Association Limited GBP 0.02 13.80 0.00 0.27 - - 0.10 0.27
73 Tata Steel Belgium Packaging Steels N.V. EUR 0.22 164.61 0.28 21.27 - - 7.56 21.27
Financial
Statements
74 Tata Steel Belgium Services N.V. EUR 0.31 230.87 0.04 3.08 0.01 (0.51) 0.91 2.57
75 Tata Steel France Batiment et Systemes SAS EUR (0.36) (264.24) (1.11) (83.30) - - (29.61) (83.30)
76 Tata Steel France Holdings SAS EUR 1.29 955.50 0.02 1.31 - - 0.47 1.31
Consolidated
77 Tata Steel Germany GmbH EUR 0.61 454.92 (1.93) (144.55) 0.14 (9.99) (54.93) (154.54)
78 Tata Steel IJmuiden BV EUR 28.19 20,927.93 (16.64) (1,246.28) (2.59) 186.60 (376.67) (1,059.68)
79 Tata Steel International (Americas) Holdings Inc USD (0.79) (584.99) 0.14 10.33 (5.14) 370.86 135.50 381.19
445
80 Tata Steel International (Americas) Inc USD 1.27 944.75 0.21 15.69 1.49 (107.33) (32.57) (91.64)
446
consolidated
net assets
profit or (loss)
other
total
(₹ crore)
NOTES
income income
81 Tata Steel International (Czech Republic) S.R.O CZK 0.02 15.23 0.11 8.57 - - 3.05 8.57
82 Tata Steel International (France) SAS EUR 0.07 54.35 0.07 4.88 - - 1.73 4.88
83 Tata Steel International (Germany) GmbH EUR 0.01 3.89 0.03 2.39 0.06 (4.20) (0.64) (1.81)
84 Tata Steel International (South America)
USD 0.00 1.97 0.00 0.25 - - 0.09 0.25
Representações LTDA
85 Tata Steel International (Italia) SRL EUR 0.03 25.54 0.12 8.77 - - 3.12 8.77
86 Tata Steel International (Middle East) FZE AED 0.13 97.46 0.02 1.69 - - 0.60 1.69
87 Tata Steel International (Nigeria) Ltd. NGN - - - - - - - -
88 Tata Steel International (Poland) sp Zoo PLZ 0.02 17.18 0.07 5.35 - - 1.90 5.35
89 Tata Steel International (Sweden) AB SEK 0.08 62.50 0.37 27.57 - - 9.80 27.57
90 Tata Steel International Iberica SA EUR 0.04 32.61 0.39 29.25 - - 10.40 29.25
91 Tata Steel Istanbul Metal Sanayi ve Ticaret AS USD 0.06 46.33 (0.14) (10.31) - - (3.66) (10.31)

92 Tata Steel Maubeuge SAS EUR 0.30 219.51 1.46 109.20 (0.14) 10.21 42.44 119.41
93 Tata Steel Nederland BV EUR 18.42 13,674.98 4.71 352.75 - - 125.39 352.75
94 Tata Steel Nederland Consulting & Technical
EUR 0.03 25.75 0.00 (0.04) - - (0.01) (0.04)
Services BV
95 Tata Steel Nederland Services BV EUR 0.05 33.72 (1.69) (126.21) 0.29 (21.16) (52.38) (147.37)
96 Tata Steel Nederland Technology BV EUR 0.87 646.94 0.55 41.51 - - 14.75 41.51
97 Tata Steel Nederland Tubes BV EUR 0.22 163.19 (2.61) (195.30) - - (69.42) (195.30)
98 Tata Steel Netherlands Holdings B.V. EUR 36.66 27,216.70 (13.53) (1,013.65) - - (360.30) (1,013.65)
99 Tata Steel Norway Byggsystemer A/S NOK 0.09 69.06 0.13 9.49 - - 3.37 9.49
100 Tata Steel UK Consulting Limited GBP (0.01) (6.50) 0.00 0.02 - - 0.01 0.02
101 Tata Steel UK Holdings Limited GBP 45.79 33,991.67 1.04 78.00 - - 27.72 78.00
102 Tata Steel UK Limited GBP 8.46 6,281.06 (68.95) (5,164.50) 110.94 (7,997.79) (4,678.60) (13,162.29)
103 Tata Steel USA Inc. USD 0.08 59.62 0.01 0.73 - - 0.26 0.73
104 The Newport And South Wales Tube Company
GBP 0.00 0.35 - - - - - -
Limited
105 Thomas Processing Company USD 0.21 158.92 0.01 0.80 - - 0.28 0.80
106 Thomas Steel Strip Corp. USD (0.25) (188.46) 0.82 61.29 (1.13) 81.82 50.87 143.11
107 TS South Africa Sales Office Proprietary Limited ZAR 0.01 8.67 0.07 4.96 - - 1.76 4.96
108 Tulip UK Holdings (No.2) Limited GBP 52.86 39,240.62 - - - - - -
109 Tulip UK Holdings (No.3) Limited GBP 53.02 39,360.77 0.00 (0.15) - - (0.06) (0.15)
110 UK Steel Enterprise Limited GBP 0.25 185.53 0.18 13.24 - - 4.71 13.24
111 Tata Steel Europe Distribution BV EUR - - - - - - - -
112 CBS Investissements SAS EUR - - - - - - - -
113 British Steel Trading Limited GBP (0.38) (285.43) - - - - - -
114 Unitol SAS EUR (0.03) (21.59) (0.23) (16.86) (0.04) 3.03 (4.91) (13.83)
115 Al Rimal Mining LLC OMR 0.01 6.83 0.00 (0.07) - - (0.02) (0.07)
116 TSMUK Limited USD 5.34 3,966.16 0.00 (0.15) - - (0.05) (0.15)
117 T S Canada Capital Ltd USD 0.04 32.15 0.01 0.54 - - 0.19 0.54
118 Tata Steel Minerals Canada Limited USD 0.95 706.33 (19.86) (1,487.93) - - (528.89) (1,487.93)
119 Tata Steel (Thailand) Public Company Limited THB 4.24 3,144.46 0.08 5.64 0.00 (0.32) 1.89 5.32
Snapshot
Performance

NOTES

income income
About
120 Tata Steel Manufacturing (Thailand) Public

Tata Steel
Company Limited (formerly N.T.S Steel Group THB 0.70 522.39 1.39 103.77 0.03 (2.41) 36.03 101.36
Public Limited Company)
121 The Siam Construction Steel Company Limited THB 1.15 855.05 0.32 23.81 0.01 (1.07) 8.08 22.74
122 The Siam Iron and Steel (2001) Company Limited THB 0.80 597.27 0.22 16.48 0.02 (1.75) 5.23 14.73
123 T S Global Procurement Company Pte. Ltd. USD 4.74 3,518.50 2.34 175.58 - - 62.41 175.58
Leadership
124 ProCo Issuer Pte. Ltd. USD - - - - - - - -

125 Tata Steel International (Singapore) Holdings
HKD - - - - - - - -
Pte. Ltd
126 Tata Steel International (Asia) Limited HKD 0.00 2.89 0.02 1.18 - - 0.42 1.18
Strategy
127 Tata Steel International (Shanghai) Ltd. CNY 0.01 5.84 (0.04) (2.86) (0.37) 26.82 8.52 23.96
128 Bhushan Steel (Australia) PTY Ltd. AUD 0.01 6.40 (0.02) (1.19) - - (0.42) (1.19)
129 Bowen Energy PTY Ltd. AUD (0.04) (26.04) 0.00 (0.00) - - 0.00 (0.00)
130 Bowen Coal PTY Ltd. AUD 0.00 0.00 - - - - - -
131 Bowen Consolidated PTY Ltd. AUD 0.00 0.00 - - - - - -
Stakeholders
and Materiality
C. Joint Ventures
a) Indian
1 Himalaya Steel Mills Services Private Limited INR 0.01 6.46 0.02 1.66 0.00 (0.02) 0.58 1.64
2 mjunction services limited INR 0.22 163.12 0.25 18.41 0.00 0.04 6.56 18.45
Capitals
3 S & T Mining Company Private Limited INR 0.00 (0.63) (0.01) (0.42) - - (0.15) (0.42)
4 Tata NYK Shipping (India) Pvt. Ltd. INR 0.00 2.63 0.00 0.14 - - 0.05 0.14
5 T M Mining Company Limited INR - - - - - - - -
6 TM International Logistics Limited INR 0.30 222.03 0.24 18.16 0.00 (0.12) 6.41 18.04
7 TKM Global Logistics Limited INR 0.04 29.21 0.00 0.11 0.00 0.16 0.09 0.27
Governance
8 Industrial Energy Limited INR 0.33 246.17 0.39 29.02 0.00 0.17 10.38 29.19
9 Jamipol Ltd. INR 0.09 68.48 0.14 10.12 (0.02) 1.34 4.07 11.46
10 Nicco Jubilee Park Limited INR - - - - - - - -
11 Medica TS Hospital Pvt. Ltd. INR - - - - - - - -
12 SEZ Adityapur Limited INR - - - - - - - -
Reports
Statutory
13 Naba Diganta Water Management Limited INR 0.04 26.21 0.04 3.22 0.00 0.01 1.15 3.23
14 Andal East Coal Company Pvt. Ltd. INR - - - - - - - -
15 Tata BlueScope Steel Private Limited INR 0.78 580.76 1.48 110.80 0.00 0.13 39.43 110.93
16 Jamshedpur Continuous Annealing & Processing
INR 0.77 574.73 1.40 105.14 0.00 0.19 37.44 105.33
Company Private Limited
Financial
Statements
b) Foreign
1 Tata NYK Shipping Pte Ltd. USD 0.15 112.88 0.10 7.68 (0.29) 21.16 10.25 28.84
2 International Shipping and Logistics FZE USD 0.37 271.21 0.16 12.29 0.00 (0.35) 4.24 11.94
Consolidated
3 TKM Global China Ltd CNY 0.01 4.56 0.00 (0.13) - - (0.05) (0.13)
4 TKM Global GmbH EUR 0.26 195.44 0.05 3.74 - - 1.33 3.74
5 Air Products Llanwern Limited GBP 0.02 12.75 0.06 4.51 - - 1.60 4.51
447
448
consolidated
net assets
profit or (loss)
other
total
(₹ crore)
NOTES
income income
6 Laura Metaal Holding B.V. EUR 0.20 150.41 0.00 0.03 - - 0.01 0.03
7 Ravenscraig Limited GBP (0.10) (76.22) 0.03 1.87 - - 0.67 1.87
8 Tata Steel Ticaret AS TRY 0.01 6.33 0.08 5.66 - - 2.01 5.66
9 Texturing Technology Limited GBP 0.03 23.60 0.06 4.32 - - 1.54 4.32
10 Hoogovens Court Roll Service Technologies VOF EUR 0.02 18.18 0.02 1.74 - - 0.62 1.74
11 Minas De Benga (Mauritius) Limited USD (1.88) (1,397.36) (2.52) (188.99) (0.12) (8.58) (70.23) (197.57)
12 BlueScope Lysaght Lanka (Pvt) Ltd LKR 0.03 19.49 0.03 2.43 - - 0.86 2.43
D. Associates
a) Indian
1 Kalinga Aquatics Ltd. INR - - - - - - - -
2 Kumardhubi Fireclay & Silica Works Ltd. INR - - - - - - - -

3 Kumardhubi Metal Casting and Engineering
INR - - - - - - - -
Limited
4 Strategic Energy Technology Systems Private
INR - - - - - - - -
Limited
5 Tata Construction & Projects Ltd. INR - - - - - - - -
6 TRF Limited INR (0.12) (90.99) (0.31) (23.18) (0.01) 0.76 (7.97) (22.42)
7 Malusha Travels Pvt Ltd. INR - - - - - - - -
8 Bhushan Capital & Credit Services Private Limited INR - - - - - - - -
9 Jawahar Credit & Holdings Private Limited INR - - - - - - - -
b) Foreign
1 TRF Singapore Pte Limited SGD 0.03 20.53 (0.12) (8.83) - - (3.14) (8.83)
2 TRF Holding Pte Limited USD 0.00 (0.09) 0.00 (0.05) - - (0.02) (0.05)
3 Dutch Lanka Trailer Manufacturers Limited USD 0.02 13.25 0.05 4.00 0.00 0.01 1.43 4.01
4 Dutch Lanka Engineering (Private) Limited LKR 0.00 (0.56) (0.01) (0.67) 0.00 0.00 (0.24) (0.66)
5 European Profiles (M) Sdn. Bhd. MYR 0.02 12.16 0.01 0.39 - - 0.14 0.39
6 Albi Profils SRL EUR - - - - - - - -
7 GietWalsOnderhoudCombinatie B.V. EUR 0.03 21.56 0.04 3.20 - - 1.14 3.20
8 Hoogovens Gan Multimedia S.A. De C.V. MXN - - - - - - - -
9 ISSB Limited GBP - - - - - - - -
10 Wupperman Staal Nederland B.V. EUR 0.19 143.53 0.31 23.02 - - 8.18 23.02
11 Fabsec Limited GBP - - - - - - - -
12 9336-0634 Québec Inc CAD - - - - - - - -
13 New Millennium Iron Corp CAD - - 0.05 3.52 0.00 (0.26) 1.16 3.26
E. Adjustment due to consolidation (474.43) (3,52,208.72) (38.81) (2,907.14) 23.32 (1,680.94) (1,630.85) (4,588.08)
TOTAL 100.00 74,238.77 100.00 7,490.22 100.00 (7,208.89) 100.00 281.33
Snapshot
Performance

NOTES

income income
About
F. Minority interests in subsidiaries

Tata Steel
a) Indian subsidiaries
1 The Tinplate Company of India Limited INR 211.89 24.58 (0.58) 24.00
2 Indian Steel & Wire Products Ltd. INR 6.17 0.60 (0.06) 0.54
3 Tata Metaliks Ltd. INR 519.59 91.31 (0.13) 91.18
4 Adityapur Toll Bridge Company Limited INR 6.07 0.20 - 0.20
Leadership
5 Tata Steel Long Products Limited INR 649.88 142.08 0.71 142.79
6 Tata Steel Utilities and Infrastructure
INR 23.34 - - -
Services Limited
7 Creative Port Development Private Limited INR 202.32 (0.43) - (0.43)
Strategy
8 Tata Steel BSL Limited INR 1,023.10 688.02 0.14 688.16

9 Mohar Export Services Pvt. Ltd INR (0.01) - - -
b) Foreign subsidiaries
1 Tata Steel (Thailand) Public Company Ltd. THB 481.93 48.69 10.46 59.15
2 Tata Steel Europe Limited GBP 8.97 (0.88) (1.37) (2.25)
Stakeholders
and Materiality
3 NatSteel Holdings Pte. Ltd. SGD 9.29 0.58 (0.12) 0.46

4 Tata Steel Minerals Canada Limited USD 127.14 (295.18) (11.17) (306.35)
Total non-controlling interests in subsidiaries 3,269.68 699.57 (2.12) 697.45
Capitals
Consolidated net assets/profit after tax 77,508.45 8,189.79 (7,211.01) 978.78

Governance
Reports
Statutory
Financial
Statements
Consolidated
449
450
(i) List of subsidiaries, associates and joint ventures which have not been consolidated and reasons for not consolidating:
Sl. No. Name Reason
1 Tayo Rolls Limited Undergoing Corporate Insolvency Resolution Process under the Insolvency and
Bankruptcy Code, 2016.
NOTES
2 Tata Korf Engineering Services Ltd. Financial information not available
3 Straight Mile Steel Limited Under strike-off
4 Jamadoba Steel Limited Under strike-off
5 Bistupur Steel Limited Under strike-off
6 Dimna Steel Limited Under strike-off
7 Jugsalai Steel Limited Under strike-off
8 Noamundi Steel Limited Under strike-off
9 Sakchi Steel Limited Under strike-off
10 Bell & Harwood Limited Under liquidation
11 Blastmega Limited Under liquidation
12 Bore Samson Group Limited Under liquidation
13 Bore Steel Limited Under liquidation

14 British Guide Rails Limited Under liquidation
15 British Steel Engineering Steels (Exports) Limited Under liquidation
16 British Steel Service Centres Limited Under liquidation
17 C Walker & Sons Limited Under liquidation
18 Color Steels Limited Under liquidation
19 Cordor (C& B) Limited Under liquidation
20 Corus Cold Drawn Tubes Limited Under liquidation
21 Corus Engineering Steels Holdings Limited Under liquidation
22 Corus Engineering Steels Overseas Holdings Limited Under liquidation
23 Corus Engineering Steels Pension Scheme Trustee Limited Under liquidation
24 Corus Large Diameter Pipes Limited Under liquidation
25 Corus Service Centre Limited Under liquidation
26 DSRM Group Limited Under liquidation
27 Europressings Limited Under liquidation
28 02727547 Limited (Formerly known as Firsteel Holdings Limited) Under liquidation
29 Grant Lyon Eagre Limited Under liquidation
30 Hammermega Limited Under liquidation
31 Lister Tubes Limited Under liquidation
32 Nationwide Steelstock Limited Under liquidation
33 Ore Carriers Limited Under liquidation
34 Plated Strip (International) Limited Under liquidation
35 Precoat International Limited Under liquidation
36 Precoat Limited Under liquidation
37 Round Oak Steelworks Limited Under liquidation
38 Runblast Limited Under liquidation
39 Runmega Limited Under liquidation
40 Seamless Tubes Limited Under liquidation
41 Steel StockHoldings Limited Under liquidation
Sl. No. Name Reason
Snapshot
Performance
42 Steelstock Limited Under liquidation

NOTES
43 Stewarts & Lloyds Of Ireland Limited Under liquidation

44 Stewarts And Lloyds (Overseas) Limited Under liquidation
45 Tata Steel Denmark Byggsystemer A/S Under liquidation
About
46 Tata Steel Sweden Byggsystem AB Under liquidation

Tata Steel
47 The Stanton Housing Company Limited Under liquidation

48 The Templeborough Rolling Mills Limited Under liquidation
49 Toronto Industrial Fabrications Limited Under liquidation
50 U.E.S. Bright Bar Limited Under liquidation
51 UKSE Fund Managers Limited Under liquidation
Leadership
52 Walker Manufacturing And Investments Limited Under liquidation

53 Walkersteelstock Ireland Limited Under liquidation
54 Walkersteelstock Limited Under liquidation
Strategy
55 Westwood Steel Services Limited Under liquidation

56 Whitehead (Narrow Strip) Limited Under liquidation
57 T M Mining Company Limited Under strike-off
58 Nicco Jubilee Park Limited Financial information not available

59 9336-0634 Québec Inc Financial information not available
60 SEZ Adityapur Limited Under strike-off
Stakeholders
and Materiality
61 Andal East Coal Company Pvt. Ltd. Under liquidation

62 Kalinga Aquatics Ltd. Under liquidation
63 Tata Construction & Projects Ltd. Under liquidation
64 Kumardhubi Fireclay & Silica Works Ltd. Under liquidation
Capitals
65 Kumardhubi Metal Casting and Engineering Limited Under liquidation

66 European Profiles (M) Sdn. Bhd. No control over financial and operating policies and hence not considered for
consolidation
67 Albi Profils SRL Operations are not significant and hence immaterial for consolidation
68 Hoogovens Gan Multimedia S.A. De C.V. Operations are not significant and hence immaterial for consolidation
Governance
69 ISSB Limited Operations are not significant and hence immaterial for consolidation
70 Fabsec Limited Operations are not significant and hence immaterial for consolidation
(ii) The Group is continuing with its focus on simplifying the corporate structure which saw a significant number of entities enter into voluntary
liquidation in the previous and current year. There remains an objective to simplify the structure further by dissolving additional entities
Reports
Statutory
which are either dormant or have ceased to have business operations.

Financial
Statements

Consolidated
Partner Non-Executive Director Non-Executive Director Chief Executive Officer Executive Director Company Secretary &
Membership Number 042190 DIN: 02449088 DIN: 02144558 & Managing Director & Chief Financial Officer Chief Legal Officer
DIN: 03083605 DIN: 00004989 (Corporate & Compliance)
ACS: 15921
451
Mumbai, May 5, 2021

NOTICE AND HENCE THE PROXY FORM, ATTENDANCE SLIP
AND ROUTE MAP OF AGM ARE NOT ANNEXED TO THIS
₹10/- each (paid-up ₹2.504 per share) in respect of the
outstanding partly paid-up Ordinary (equity) Shares
NOTICE. of the Company on which call money remains unpaid
as on the date of book closure, if approved by the
Notice is hereby given that the 114th Annual General who have been appointed by the Board of Directors on the (d) The Members can join the AGM in the VC / OAVM mode
Members at the AGM, will be paid subject to deduction
Meeting of the Members of Tata Steel Limited will be held on recommendation of the Audit Committee, as the Cost Auditors 30 minutes before and 15 minutes after the scheduled
of income-tax at source (‘TDS’) on and from Friday,
Wednesday, June 30, 2021, at 3.00 p.m. (IST) through Video of the Company, to conduct the audit of the cost records time of the commencement of the Meeting by following
July 2, 2021 as under:
Conferencing / Other Audio-Visual Means, to transact the maintained by the Company, for the Financial Year ending the procedure mentioned in the Notice. The Members will
following business: March 31, 2022.” be able to view the proceedings on the National Securities • In respect of Ordinary Shares held in physical
Depository Limited’s (‘NSDL’) e-Voting website at form: To all the Members, after giving effect to valid
Ordinary Business: NOTES: www.evoting.nsdl.com The facility of participation at the transmission and transposition in respect of valid
(a)
The Statement, pursuant to Section 102 of the AGM through VC / OAVM will be made available to at least requests lodged with the Company as on close of
Item No. 1 – Adoption of Audited Standalone Financial
Companies Act, 2013, as amended (‘Act’) setting out 1,000 Members on a first come first served basis as per the business hours of Friday, June 18, 2021.
Statements
material facts concerning the business with respect MCA Circulars.
To receive, consider and adopt the Audited Standalone • In respect of Ordinary Shares held in electronic
to Item No. 5 forms part of this Notice. Additional
Financial Statements of the Company for the Financial Year (e) Institutional / corporate shareholders (i.e. other than form: To all beneficial owners of the shares, as on the
information, pursuant to Regulations 26(4) and 36(3)
ended March 31, 2021 together with the Reports of the Board individuals, HUF, NRI, etc.) are required to send a close of business hours on Friday, June 18, 2021, as per
of the Securities and Exchange Board of India (Listing
of Directors and the Auditors thereon. scanned copy (PDF / JPG Format) of their respective details furnished by the Depositories for this purpose.
Obligations and Disclosure Requirements) Regulations,
Board or governing body Resolution / Authorisation
2015, (‘SEBI Listing Regulations’) and Secretarial Pursuant to Finance Act, 2020, dividend income
Item No. 2 – Adoption of Audited Consolidated Financial etc., authorising their representative to attend the AGM
Standard – 2 on General Meetings issued by The is taxable in the hands of shareholders effective
Statements through VC / OAVM on their behalf and to vote through
Institute of Company Secretaries of India, in respect of April 1, 2020 and the Company is required to deduct
To receive, consider and adopt the Audited Consolidated remote e-Voting. The said Resolution / Authorisation
Director retiring by rotation seeking re-appointment at tax at source from dividend paid to the Members at the
Financial Statements of the Company for the Financial Year shall be sent by e-mail on Scrutiniser’s e-mail address at
this Annual General Meeting (‘Meeting’ or ‘AGM’) is prescribed rates. For the prescribed rates for various
ended March 31, 2021 together with the Report of the Auditors [email protected] with a copy marked to
furnished as an annexure to the Notice. categories, the shareholders are requested to refer to the
thereon. [email protected]
Finance Act, 2020 and the amendments thereof. In
(b)
In view of the continuing COVID-19 pandemic, the
(f) The Members attending the AGM through VC / OAVM general, to enable compliance with TDS requirements,
Item No. 3 – Declaration of Dividend Ministry of Corporate Affairs (‘MCA’) vide its Circular
shall be counted for the purpose of reckoning the quorum Members are requested to complete and / or update their
To declare dividend of: Nos. 14/2020 and 17/2020 dated April 8, 2020 and
under Section 103 of the Act. Residential status, PAN, Category with their depository
April 13, 2020 respectively, read with Circular Nos.
• ₹25/- per fully paid-up Ordinary (equity) Share of face value participants (‘DPs’) or in case shares are held in physical
20/2020 dated May 5, 2020 and 02/2021 dated January (g) In case of joint holders, the Member whose name appears
₹10/- each for the Financial Year 2020-21. form, with the Company / Registrars and Transfer Agents
13, 2021 (collectively referred to as ‘MCA Circulars’), and as the first holder in the order of the names as per the
(‘RTA’) by sending documents through e-mail on or
• ₹6.25 per partly paid-up Ordinary (equity) Share of face Securities and Exchange Board of India (‘SEBI’) vide its Register of Members of the Company will be entitled to
before Friday, June 4, 2021. For the detailed process,
value ₹10/- each (paid-up ₹2.504 per share) for the Financial Circular Nos. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated vote at the meeting.
please click here: ‘Communication on Tax Deduction on
Year 2020-21 on which call money remains unpaid. May 12, 2020, and SEBI/HO/CFD/ CMD2/CIR/P/2021/11
(h) In accordance with the aforesaid MCA Circulars and Dividend’.
dated January 15, 2021 (collectively referred to as ‘SEBI
SEBI Circulars, the Notice of the AGM along with the
Item No. 4 – Re-appointment of a Director Circulars’), have permitted the holding of Annual Updation of mandate for receiving dividend directly
Integrated Report & Annual Accounts 2020-21 are
To appoint a Director in the place of Mr. Saurabh Agrawal General Meeting through Video Conferencing (‘VC’) in bank account through Electronic Clearing System
being sent only through electronic mode to those
(DIN: 02144558), who retires by rotation in terms of Section or Other Audio-Visual Means (‘OAVM’), without the or any other means in a timely manner:
Members whose e-mail addresses are registered with
152(6) of the Companies Act, 2013 and, being eligible, seeks physical presence of the Members at a common venue.
the Company / Depositories. The Notice convening the Shares held in physical form: Members are requested
re-appointment. In accordance with the MCA Circulars and SEBI Circulars,
114th AGM along with the Integrated Report & Annual to send hard copies of the following details / documents
the 114th AGM of the Company is being held through
Accounts 2020-21 will also be available on the website to the Company’s Registrars and Transfer Agent,
Special Business: VC / OAVM on Wednesday, June 30, 2021 at 3.00 p.m. (IST).
of the Company at www.tatasteel.com, websites of the viz. TSR Darashaw Consultants Private Limited, (formerly
The deemed venue for the 114th AGM shall be Bombay
Item No. 5 – Ratification of Remuneration of Cost Auditors Stock Exchanges i.e. BSE Limited and the National Stock TSR Darashaw Limited) at C-101, 1st Floor, 247 Park, Lal
House, 24, Homi Mody Street, Fort, Mumbai – 400 001.
Exchange of India Limited at www.bseindia.com and Bahadur Shastri Marg, Vikhroli (West), Mumbai – 400 083,
To consider and if thought fit, to pass the following Resolution
PURSUANT TO THE PROVISIONS OF THE ACT, A
(c) www.nseindia.com respectively and the website of NSDL at latest by Friday, June 4, 2021:
as an Ordinary Resolution:
MEMBER ENTITLED TO ATTEND AND VOTE AT www.evoting.nsdl.com
a) a signed request letter mentioning your name, folio
“RESOLVED THAT pursuant to the provisions of Section THE AGM IS ENTITLED TO APPOINT A PROXY TO
(i) Book Closure and Dividend: number(s), complete address and following details
148(3) and other applicable provisions, if any, of the ATTEND AND VOTE ON HIS / HER BEHALF AND THE
The Register of Members and Share Transfer Books of relating to bank account, in which the dividend is to
Companies Act, 2013 (including any statutory modification or PROXY NEED NOT BE A MEMBER OF THE COMPANY.
the Company (for both, fully paid-up and partly paid-up be received:
re-enactment thereof for the time being in force), and the SINCE THIS AGM IS BEING HELD PURSUANT TO THE
Companies (Audit and Auditors) Rules, 2014, as amended from MCA CIRCULARS AND SEBI CIRCULARS THROUGH Ordinary (equity) Shares) will be closed from Saturday, i) Name & Branch of Bank and Bank Account type;
time to time, the Company hereby ratifies the remuneration VC / OAVM, PHYSICAL ATTENDANCE OF MEMBERS June 19, 2021 to Wednesday, June 30, 2021 (both days
inclusive) for the purpose of payment of dividend and ii) Bank Account Number & Type allotted by your
of ₹20 lakh plus applicable taxes and reimbursement of HAS BEEN DISPENSED WITH. ACCORDINGLY, THE
AGM for Financial Year 2020-21. The dividend of `25/- Bank after implementation of Core Banking
out-of-pocket expenses payable to Messrs Shome & Banerjee, FACILITY FOR APPOINTMENT OF PROXIES BY THE
per fully paid-up Ordinary (equity) Share of `10/- each Solutions;
Cost Accountants (Firm Registration Number – 000001), MEMBERS WILL NOT BE AVAILABLE FOR THIS AGM
and ₹6.25 per partly paid-up Ordinary (equity) Share of iii) 11 digit IFSC Code.
452 Integrated Report & Annual Accounts 2020-21 | 114th Year Notice (Contd.) 453
b) cancelled cheque in original, bearing the name of date of transfer to Unpaid Dividend Account of the Depository Participant and holdings should be verified INSTRUCTIONS FOR E-VOTING AND JOINING THE AGM
the Member or first holder, in case shares are held Company, are liable to be transferred to the Investor from time to time. ARE AS FOLLOWS:
jointly; Education and Protection Fund (‘IEPF’). The shares in A. PROCESS AND MANNER FOR VOTING THROUGH
respect of such unclaimed dividends are also liable PROCESS FOR REGISTERING E-MAIL ADDRESS:
c) self-attested copy of the PAN Card; and ELECTRONIC MEANS:
to be transferred to the demat account of the IEPF i. One time registration of e-mail address with RTA for
1. Pursuant to the provisions of Section 108 of the Act
d) self-attested copy of any document (such as Aadhaar Authority. In view of this, Members / Claimants are receiving the Integrated Report & Annual Accounts
read with Rule 20 of the Companies (Management and
Card, Driving License, Election Identity Card, requested to claim their dividends from the Company, 2020-21 and to cast votes electronically: The Company
Administration) Rules, 2014 (as amended), Regulation
Passport) in support of the address of the Member within the stipulated timeline. The Members, whose has made special arrangements with RTA for registration
44 of the SEBI Listing Regulations and in terms of SEBI
as registered with the Company. unclaimed dividends / shares have been transferred of e-mail address of those Members (holding shares
circular no. SEBI/HO/CFD/CMD/CIR/P/2020/242 dated
to IEPF, may claim the same by making an application either in electronic or physical form) who wish to receive
Shares held in electronic form: Members may please December 9, 2020 in relation to e-Voting Facility Provided
to the IEPF Authority, in Form No. IEPF-5 available on the Integrated Report & Annual Accounts for FY 2020-21
note that their bank details as furnished by the respective by Listed Entities, the Company is providing facility
www.iepf.gov.in The attention of Members is particularly and cast votes electronically. Eligible Members whose
DPs to the Company will be considered for remittance of of remote e-Voting to its Members in respect of the
drawn to the Corporate Governance Report forming part e-mail addresses are not registered with the Company /
dividend as per the applicable regulations of the DPs and business to be transacted at the AGM. For this purpose,
of the Board’s Report in respect of unclaimed dividends DPs are required to provide the same to RTA on or before
the Company will not entertain any direct request from the Company has entered into an agreement with NSDL
and transfer of dividends / shares to the IEPF. 5.00 p.m. (IST) on Wednesday, June 23, 2021.
such Members for change / addition / deletion in such for facilitating voting through electronic means, as the
bank details. Accordingly, the Members holding shares in (m) Members are requested to intimate changes, if any, Process to be followed for one time registration of authorised agency. The facility of casting votes by a
demat form are requested to update their Electronic Bank pertaining to their name, postal address, e-mail e-mail address (for shares held in physical form or in Member using remote e-Voting system as well as remote
Mandate with their respective DPs. address, telephone / mobile numbers, PAN, registering electronic form) is as follows: e-Voting during the AGM will be provided by NSDL.
of nomination, power of attorney registration,
Further, please note that instructions, if any, already given a) Visit the link: 2.
Members of the Company holding shares either in
Bank Mandate details, etc., to their DPs in case the
by Members in respect of shares held in physical form, will https://tcpl.linkintime.co.in/EmailReg/Email_Register.html physical form or in electronic form as on the cut-off
shares are held in electronic form and to the RTA at
not be automatically applicable to the dividend paid on date of Wednesday, June 23, 2021 may cast their vote by
[email protected] in case the shares are held in b) Select the name of the Company from drop-down
shares held in electronic form. remote e-Voting. A person who is not a Member as on
physical form, quoting their folio no(s). Further, Members
c) Enter details in respective fields such as DP ID and the cut-off date should treat this Notice for information
The Members who are unable to receive the dividend may note that SEBI has mandated the submission of PAN
Client ID (if shares held in electronic form) / Folio purpose only. A person whose name is recorded in the
directly in their bank account through Electronic by every participant in securities market.
no. and Certificate no. (if shares held in physical Register of Members or in the Register of Beneficial
Clearing Service or any other means, due to
(n) As per Regulation 40 of the SEBI Listing Regulations, form), Shareholder name, PAN, mobile number and Owners maintained by the depositories as on the cut-off
non-registration of the Electronic Bank Mandate, the
as amended, securities of the listed companies can e-mail id date only shall be entitled to avail the facility of remote
Company shall dispatch the warrant / Bankers’ cheque /
be transferred only in dematerialised form with effect e-Voting before the AGM as well as remote e-Voting
demand draft to such Members, upon normalisation of d) System will send OTP on mobile no. and e-mail id
from April 1, 2019, except in case of request received during the AGM.
postal services and other activities.
for transmission or transposition and re-lodged e) Enter OTP received on mobile no. and e-mail id and
Any shareholder(s) holding shares in physical form or
Nomination facility: As per the provisions of Section 72
(j) transfers of securities. Further, SEBI vide its circular no. submit.
non-individual shareholders who acquires shares of
of the Act, the facility for making nomination is available SE B I / H O/M I R SD/ R TA M B/CI R / P/ 2020/ 2 3 6 d a te d
After successful submission of the e-mail address, NSDL the Company and becomes a Member of the Company
to the Members in respect of the shares held by them. December 2, 2020 had fixed March 31, 2021 as the
will e-mail a copy of this AGM Notice and Integrated after dispatch of the Notice and holding shares as on
Members who have not yet registered their nomination cut-off date for re-lodgement of transfer deeds and
Report & Annual Accounts FY 2020-21 along with the the cut-off date i.e. Wednesday, June 23, 2021, may
are requested to register the same by submitting Form the shares that are re-lodged for transfer shall be
e-Voting user ID and password. In case of any queries, obtain the User ID and Password by sending a request at
No. SH-13. If a Member desires to cancel the earlier issued only in demat mode. In view of this and to
Members may write to [email protected] or [email protected] However, if a person is already
nomination and record a fresh nomination, he / she eliminate all risks associated with physical shares
[email protected] registered with NSDL for remote e-Voting then he / she
may submit the same in Form SH-14. The said forms and for ease of portfolio management, Members
can use his / her existing User ID and password for casting
can be downloaded from the Company’s website at holding shares in physical form are requested to ii. egistration of e-mail address permanently with
R
the vote.
www.tatasteel.com Members are requested to consider converting their holdings to dematerialised Company / DP: Members are requested to register the
submit the said form to their DPs in case the form. Members may contact the Company’s RTA, email address with their concerned DPs, in respect of In case of Individual Shareholder who acquires shares of
shares are held in electronic form and to the RTA at TSR Darashaw Consultants Private Limited at electronic holding and with RTA, in respect of physical the Company and becomes a Member of the Company
[email protected] in case the shares are held in [email protected] for assistance in this regard. holding, by writing to them at [email protected] after dispatch of the Notice and holds shares in demat
physical form, quoting their folio no(s). Members may also refer to Frequently Asked Questions Further, those Members who have already registered mode as on the cut-off date may follow the steps
(‘FAQs’) on the Company’s website. For details click here: their e-mail addresses are requested to keep their e-mail mentioned under ‘Login method for e-Voting and
(k) C
onsolidation of Physical Share Certificates: Members
FAQs addresses validated / updated with their DPs / RTA to joining virtual meeting for individual shareholders
holding shares in physical form, in identical order of
enable servicing of notices / documents / Integrated holding securities in demat mode.’
names, in more than one folio, are requested to send to (o) To prevent fraudulent transactions, Members are advised
Reports and other communications electronically to their
the Company or RTA, the details of such folios together to exercise due diligence and notify the Company of any 3. The remote e-Voting period commences on Friday,
e-mail address in future.
with the share certificates for consolidating their holdings change in address or demise of any Member as soon as June 25, 2021 at 9.00 a.m. (IST) and ends on Tuesday,
in one folio. A consolidated share certificate will be issued possible. Members are also advised to not leave their June 29, 2021 at 5.00 p.m. (IST). The remote e-Voting
to such Members after making requisite changes. demat account(s) dormant for long. Periodic statement
of holdings should be obtained from the concerned
(l) Members are requested to note that, dividends if not
encashed for a consecutive period of 7 years from the
module shall be disabled by NSDL for voting thereafter. in which the directors are interested, maintained under Login method for individual shareholders holding securities in demat mode is given below:
Once the vote on a resolution is cast by the Member, the Section 189 of the Act, will be available electronically for
Type of shareholders Login Method
Member shall not be allowed to change it subsequently. inspection by the Members during the AGM. Members
The voting rights of the Members shall be in proportion seeking to inspect such documents can send an e-mail to Individual Shareholders A. NSDL IDeAS facility
to their share of the paid-up equity share capital of [email protected] holding securities in If you are already registered, follow the below steps:
the Company as on the cut-off date i.e. Wednesday, demat mode with NSDL. 1. Visit the e-Services website of NSDL. Open web browser by typing the following URL: https://eservices.nsdl.com/
4. Members who would like to express their views or ask
June 23, 2021. 2. Once the home page of e-Services is launched, click on the “Beneficial Owner” icon under “Login” which is
questions during the AGM may pre-register themselves
4. Members will be provided with the facility for voting as a speaker by sending their request from their available under “IDeAS” section.
through electronic voting system during the VC / OAVM registered e-mail address mentioning their name, DP 3. A new screen will open. You will have to enter your User ID and Password. After successful authentication, you
proceedings at the AGM and Members participating ID and Client ID / folio number, PAN, mobile number at will be able to see e-Voting services.
at the AGM, who have not already cast their vote on [email protected] between June 24, 2021 4. Click on “Access to e-Voting” appearing on left hand side under e-Voting services and you will be able to see
the resolution(s) by remote e-Voting, will be eligible to (9:00 a.m. IST) to June 26, 2021 (5:00 p.m. IST). The e-Voting page.
exercise their right to vote on such resolution(s) upon Company reserves the right to restrict the number of 5. Click on options available against company name or e-Voting service provider – NSDL and you will be
announcement by the Chairman. Members who have speakers depending on the availability of time for the re-directed to NSDL e-Voting website for casting your vote during the remote e-Voting period or joining virtual
cast their vote on resolution(s) by remote e-Voting prior AGM. meeting and remote e-Voting during the meeting.
to the AGM will also be eligible to participate at the AGM If you are not registered, follow the below steps:
5.
Members who need assistance before or during
through VC / OAVM but shall not be entitled to cast their 1. Option to register is available at https://eservices.nsdl.com
the AGM, can contact NSDL on [email protected]
vote on such resolution(s) again. The remote e-Voting
/1800 1020 990/1800 224 430 or contact Mr. Amit 2. Select “Register Online for IDeAS” Portal or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
module on the day of the AGM shall be disabled by NSDL
Vishal, Senior Manager – NSDL at [email protected] 3. Please follow steps given in points 1-5.
for voting 15 minutes after the conclusion of the Meeting.
or Mr. Sanjeev Yadav, Assistant Manager–NSDL at
[email protected] B.
Visit the e-Voting website of NSDL
B. INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE
AGM THROUGH VC / OAVM AND REMOTE E-VOTING 1. Open web browser by typing the following URL: https://www.evoting.nsdl.com/
THE INSTRUCTIONS FOR REMOTE E-VOTING BEFORE/ 2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under
(BEFORE AND DURING THE AGM) ARE AS UNDER:
DURING THE AGM ‘Shareholder/Member’ section.
1. Members will be able to attend the AGM through
The details of the process and manner for remote e-Voting are 3. A new screen will open. You will have to enter your User ID (i.e. your sixteen digit demat account number held
VC / OAVM or view the live webcast of AGM provided by
explained herein below: with NSDL), Password/OTP and a Verification Code as shown on the screen.
NSDL at https://www.evoting.nsdl.com by following the
steps mentioned under ‘Access NSDL e-Voting system’. Step 1: Access NSDL e-Voting system 4. After successful authentication, you will be redirected to NSDL website wherein you can see e-Voting page. Click
After successful login, Member(s) can click on link of on options available against company name or e-Voting service provider – NSDL and you will be redirected
Step 2: Cast your vote electronically and join General Meeting to e-Voting website of NSDL for casting your vote during the remote e-Voting period or joining virtual meeting
VC / OAVM placed under “Join General Meeting” menu
on NSDL e-Voting system. and remote e-Voting during the meeting.
against Company name. The link for VC / OAVM will be
available in Shareholder / Member login where the EVEN Details on Step 1 are mentioned below: Individual Shareholders 1. Existing users who have opted for Easi / Easiest, they can login through their user id and password. Option will
of the Company will be displayed. Members who do holding securities in be made available to reach e-Voting page without any further authentication. The URL for users to login to
not have the User ID and Password for e-Voting or have A. Login method for e-Voting and joining virtual meeting demat mode with Easi / Easiest is https://web.cdslindia.com/myeasi/home/login or www.cdslindia.com and click on New System
forgotten the User ID / Password may retrieve the same for individual shareholders holding securities in demat Central Depository Myeasi.
mode Services (India) Limited 2. After successful login of Easi/Easiest the user will see the e-Voting Menu. The Menu will have links of ESP i.e.
by following the remote e-Voting instructions mentioned
(‘CDSL’) NSDL Portal. Click on NSDL to cast your vote.
in the Notice. In order to increase the efficiency of the voting process
and in pursuance of SEBI circular no. SEBI/HO/CFD/CMD/ 3. If the user is not registered for Easi/Easiest, option to register is available at https://web.cdslindia.com/myeasi/
2. Members are encouraged to submit their questions in Registration/EasiRegistration
CIR/P/2020/242 dated December 9, 2020, e-Voting facility
advance with respect to the accounts or the business to be 4. Alternatively, the user can directly access e-Voting page by providing demat Account Number and PAN from
is being provided to all the demat account holders, by way
transacted at the AGM. These queries may be submitted a link in www.cdslindia.com home page. The system will authenticate the user by sending OTP on registered
of single login credential, through their demat accounts /
from their registered e-mail address, mentioning their Mobile and E-mail as recorded in the demat Account. After successful authentication, user will be provided links
websites of Depositories / Depository Participants. Individual
name, DP ID and Client ID / folio number and mobile for the respective ESP i.e. NSDL where the e-Voting is in progress.
demat account holders would be able to cast their vote without
number, to reach the Company’s e-mail address at Individual Shareholders 1. You can also login using the login credentials of your demat account through your Depository Participant
having to register again with the e-Voting service provider
[email protected] before 3.00 p.m. (IST) on Wednesday, (holding securities in registered with NSDL / CDSL for e-Voting facility.
(‘ESP’) thereby not only facilitating seamless authentication
June 23, 2021. demat mode) logging 2. Once logged-in, you will be able to see e-Voting option. Once you click on e-Voting option, you will be redirected
but also ease and convenience of participating in e-Voting
through their depository to NSDL / CDSL Depository site after successful authentication, wherein you can see e-Voting feature.
3. The Register of Directors and Key Managerial Personnel process. participants 3. Click on options available against company name or e-Voting service provider – NSDL and you will be
and their Shareholding, maintained under Section 170 of redirected to e-Voting website of NSDL for casting your vote during the remote e-Voting period or joining
Shareholders are advised to update their mobile number and
the Act, and the Register of Contracts or Arrangements virtual meeting and remote voting during the meeting.
e-mail-id with their DPs in order to access e-Voting facility.
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password
option available at respective website.
Helpdesk for individual shareholders holding securities in demat mode for any technical issues related to login through 7. After entering your password, tick on Agree to ‘Terms and 2. In case of any queries/grievances pertaining to remote
Depositories i.e. NSDL and CDSL. Conditions’ by selecting on the check box. e-Voting (before the AGM and during the AGM), you
8. Now, you will have to click on ‘Login’ button. may refer to the Frequently Asked Questions (‘FAQs’)
Login type Helpdesk details
for Shareholders and e-Voting user manual for
Individual Shareholders holding securities in Members facing any technical issue in login can contact NSDL helpdesk by sending a request 9. After you click on the ‘Login’ button, Home page of
Shareholders available in the ‘Download’ section of
demat mode with NSDL at [email protected] or call at toll free no.: 1800 1020 990 and 1800 22 44 30 e-Voting will open.
www.evoting.nsdl.com or call on the toll-free number:
Individual Shareholders holding securities in Members facing any technical issue in login can contact CDSL helpdesk by sending a request Details on Step 2 are mentioned below: 1800 1020 990/1800 224 430 or send a request at
demat mode with CDSL at [email protected] or contact at 022- 23058738 or 022-23058542-43
[email protected] or contact Mr. Amit Vishal or
How to cast your vote electronically on NSDL e-Voting
Ms. Pallavi Mhatre from NSDL at the designated e-mail IDs:
B. Login Method for e-Voting and joining virtual meeting 3. A new screen will open. You will have to enter your User system?
[email protected] or [email protected]
for shareholders other than individual shareholders ID, your Password / OTP and a Verification Code as shown
1. After successful login at Step 1, you will be able to see
holding securities in demat mode and shareholders on the screen. Other Instructions:
“EVEN” of all the companies in which you are holding
holding securities in physical mode
Alternatively, if you are registered for NSDL e-services shares and whose voting cycle and General Meeting is in i. The Board of Directors has appointed Mr. P. N. Parikh
How to Log-in to NSDL e-Voting website? i.e. IDeAS, you can log-in at https://eservices.nsdl.com/ active status. (Membership No. FCS 327) or failing him, Ms. Jigyasa
with your existing IDeAS login. Once you log-in to NSDL 2. Select “EVEN” of the Company, in case of fully paid-up Ved (Membership No. FCS 6488) or failing her, Mr. Mitesh
1. Visit the e-Voting website of NSDL. Open web browser by
e-services after using your log-in credentials, click on Ordinary (equity) Shares – 116005 and in case of partly Dhabliwala (Membership No. FCS 8331) of M/s. Parikh
typing the following URL: https://www.evoting.nsdl.com/
e-Voting and you can proceed to Step 2 i.e. Cast your vote paid-up Ordinary (equity) Shares – 116006, for which you & Associates, Practising Company Secretaries, as the
2. Once the home page of e-Voting system is launched, click electronically. wish to cast your vote during the remote e-Voting period Scrutinizer to scrutinise the remote e-Voting process
on the icon ‘Login’ which is available under ‘Shareholder / and casting your vote during the General Meeting. For as well as voting during the AGM in a fair and
Member’ section. joining virtual meeting, you need to click on “VC/OAVM” transparent manner.
link placed under “Join General Meeting” ii. The Scrutinizer shall immediately after the conclusion
4. Your User ID details are given below: 3. Now you are ready for e-Voting as the Voting page opens. of voting at the AGM, unblock the votes cast through
4. Cast your vote by selecting appropriate options i.e. assent remote e-Voting (votes cast during the AGM and votes
Manner of holding shares i.e. Demat (NSDL or CDSL) or Physical Your User ID is:
or dissent, verify/modify the number of shares for which cast prior to the AGM) and make, not later than 48 hours
a) For Members who hold shares in demat account 8 Character DP ID followed by 8 Digit Client ID of conclusion of the AGM, a consolidated Scrutiniser’s
with NSDL. For example, if your DP ID is IN300*** and Client ID is 12****** then your user you wish to cast your vote and click on ‘Submit’ and also
‘Confirm’ when prompted. Report of the total votes cast in favor or against, if any,
ID is IN300***12******.
to the Chairman or a person authorised by him in writing
b) For Members who hold shares in demat account 16 Digit Beneficiary ID 5. Upon confirmation, the message ‘Vote cast successfully’
who shall countersign the same.
with CDSL. For example, if your Beneficiary ID is 12************** then your user ID is will be displayed.
12************** 6. You can also take the printout of the votes cast by you by iii.
The results declared along with the Scrutiniser’s
c) For Members holding shares in Physical Form. EVEN Number followed by Folio Number registered with the Company clicking on the print option on the confirmation page. Report shall be placed on the website of the Company
For example, if folio number is S1******** and EVEN is 116005 (for fully paid-up www.tatasteel.com and on the website of NSDL
Ordinary (equity) Shares) then user ID is 116005S1******** and, If, EVEN is 116006 7. Once you confirm your vote on the resolution, you will not
www.evoting.nsdl.com immediately. The Company shall
(for partly paid-up Ordinary (equity) Shares) then user ID is 116006PV******** be allowed to modify your vote.
simultaneously communicate the results to BSE Limited
The instructions for e-Voting during the AGM are as under: and National Stock Exchange of India Limited, where the
5. Your password details are given below: ii. If your e-mail ID is not registered, please follow steps shares of the Company are listed.
mentioned in process for those shareholders whose 1. The procedure for remote e-Voting during the AGM is
(a) If you are already registered for e-Voting, then you can use same as the instructions mentioned above for remote By Order of the Board of Directors
e-mail ids are not registered.
your existing password to log-in and cast your vote. e-Voting since the Meeting is being held through Sd/-
6. If you are unable to retrieve or have not received the VC/OAVM. Parvatheesam Kanchinadham
(b) If you are using NSDL e-Voting system for the first time,
‘Initial password’ or have forgotten your password: Company Secretary &
you will need to retrieve the ‘initial password’ which was 2. Only those Members/Shareholders, who will be present in
communicated to you by NSDL. Once you retrieve your (a) Click on ‘Forgot User Details/Password?’ (If you are holding the AGM through VC/OAVM facility and have not cast their Chief Legal Officer (Corporate & Compliance)
‘initial password’, you need to enter the ‘initial password’ shares in your demat account with NSDL or CDSL) option vote on the Resolutions through remote e-Voting and are Membership No. ACS: 15921
and the system will force you to change your password. available on www.evoting.nsdl.com otherwise not barred from doing so, shall be eligible to vote Mumbai
on such resolution(s) through remote e-Voting system at May 5, 2021
(c) How to retrieve your ‘initial password’? (b) Click on ‘Physical User Reset Password?’ (If you are
the AGM.
holding shares in physical mode) option available on Registered Office:
i. If your e-mail ID is registered in your demat account
www.evoting.nsdl.com General Guidelines for Shareholders: Bombay House, 24, Homi Mody Street,
or with the Company, your ‘initial password’ is
communicated to you on your e-mail ID. Open the (c) If you are still unable to get the password by aforesaid 1. It is strongly recommended not to share your password Fort, Mumbai - 400 001
e-mail sent to you by NSDL and open the attachment two options, you can send a request at [email protected] with any other person and take utmost care to keep your Tel: +91 22 6665 8282
i.e. a .pdf file. The password to open the .pdf file is mentioning your demat account number/folio number, password confidential. Login to the e-Voting website CIN: L27100MH1907PLC000260
your 8 digit client ID for NSDL account, last 8 digits of your PAN, your name and your registered address. will be disabled upon five unsuccessful attempts to Website: www.tatasteel.com
client ID for CDSL account or folio number for shares key-in the correct password. In such an event, you will E-mail: [email protected]
(d) Members can also use the OTP (One Time Password)
held in physical form. The .pdf file contains your need to go through the ‘Forgot User Details/Password?’
based login for casting the votes on the e-Voting system
‘User ID’ and your ‘initial password’. or ‘Physical User Reset Password?’ option available on
of NSDL.
www.evoting.nsdl.com to reset the password.
Statement pursuant to Section 102(1) of the health services, power business, and Kalinganagar plant. Annexure to the Notice
Companies Act, 2013, as amended (‘Act’) Accordingly, the consent of the Members is sought for passing Details of the Director seeking re-appointment in the forthcoming Annual General Meeting
The following Statement sets out all material facts relating to an Ordinary Resolution as set out at Item No. 5 of the Notice
for ratification of the remuneration payable to the Cost Auditor [Pursuant to Regulations 26(4) and 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
Item No. 5 mentioned in the accompanying Notice.
of the Company for the Financial Year ending March 31, 2022. and Secretarial Standard 2 on General Meeting]
Item No. 5:
None of the Directors and Key Managerial Personnel of the
The Company is required under Section 148 of the Act read Company or their respective relatives is concerned or interested
with the Companies (Cost Records and Audit) Rules, 2014, as in the Resolution mentioned at Item No. 5 of the Notice.
amended from time to time, to have the audit of its cost records Profile of Mr. Saurabh Agrawal Shareholding in the Company
for products covered under the Companies (Cost Records and The Board recommends the Resolution set forth in Item No. 5
Mr. Saurabh Agrawal (DIN: 02144558) Mr. Agrawal does not hold any Equity Shares of the Company.
Audit) Rules, 2014 conducted by a Cost Accountant in practice. for the approval of the Members.
(51) was appointed as a Member of
Based on the documents made available and the discussions By Order of the Board of Directors Bodies Corporate (other than Tata Steel Limited and
the Board effective August 10, 2017.
held at the meeting of the Audit Committee, it considered and Sd/- foreign companies) in which Mr. Saurabh Agrawal holds
Mr. Agrawal joined Tata Sons Private
recommended the appointment and remuneration of the Cost Parvatheesam Kanchinadham Directorships and Committee Membership
Limited in June 2017 as Group Chief
Auditors to the Board of Directors (‘Board’). The Board has, on Company Secretary & Financial Officer and was appointed Directorships
the recommendation of the Audit Committee approved the Chief Legal Officer (Corporate & Compliance) as the Executive Director of Tata Sons Tata Sons Private Limited
appointment and remuneration of Messrs Shome & Banerjee, Membership No. ACS: 15921 in November 2017. Prior to joining Voltas Limited
Cost Accountants (Firm Registration Number – 000001) as the Mumbai the Tata Group, he was the Head Gradis Trading Private Limited
Cost Auditor of the Company for the Financial Year 2021-22. May 5, 2021 of Strategy at the Aditya Birla Group. In a career spanning Tata Capital Limited
In accordance with the provisions of Section 148(3) of the over two decades, Mr. Agrawal has also been the head of Tata AIA Life Insurance Company Limited
Act read with Rule 14 of the Companies (Audit and Auditors) Registered Office: investment banking in India for Bank of America Merrill Lynch Tata AIG General Insurance Company Limited
Rules, 2014, the remuneration payable to the Cost Auditors as Bombay House, 24, Homi Mody Street, and also head of corporate finance business in India and South The Tata Power Company Limited
recommended by the Audit Committee and approved by the Fort, Mumbai-400 001 Asia for Standard Chartered Bank. Tata Sky Limited
Board has to be ratified by the Members of the Company. The Tel: +91 22 6665 8282
Mr. Agrawal holds a graduate degree in chemical engineering, Talace Private Limited
Board has fixed the remuneration payable to Cost Auditors for CIN: L27100MH1907PLC000260
Website: www.tatasteel.com with honours, from the Indian Institute of Technology, Roorkee
Financial Year 2021-22 at ₹20 lakh plus applicable taxes and Chairman of Board Committees
E-mail: [email protected] and holds a Post-Graduate Diploma in Management from
reimbursement of out of pocket expenses, to cover the cost Tata Sons Private Limited
Indian Institute of Management, Calcutta.
audit of different divisions including Tubes, Bearings, Ferro Asset Liability Management Committee
Alloys and Minerals Division, Steel Products, Growth Shop, Experience Tata Capital Limited
Mr. Agrawal has a wide-ranging experience in strategy and Risk Management Committee
capital markets where he had a ringside view of the evolution Finance & Asset Liability Supervisory Committee
of Indian economy since the mid-90s. He has advised clients Corporate Social Responsibility Committee
on transactions valued more than US$16 billion. In addition, Tata AIA Life Insurance Company Limited
Mr. Agrawal has helped various large Indian and Global Corporate Social Responsibility Committee
corporates raise over US$10 billion from the capital markets.
Tata AIG General Insurance Company Limited
Mr. Agrawal has experience across strategy and execution, Investment Committee
covering a wide range of industries. Mr. Agrawal’s leadership
capabilities, his rich experience in portfolio optimisation, Member of Board Committees
investment management and capital allocation and his deep Tata Sons Private Limited
understanding of the complex strategic and financial issues Group Risk Management Committee
will strengthen the Board’s collective vision, knowledge, Tata Capital Limited
capabilities and experience. Nomination and Remuneration Committee
Board Meeting Attendance and Remuneration Tata AIA Life Insurance Company Limited
Audit Committee
Details regarding the attendance at the Board Meetings and
Investment Committee
remuneration paid to Mr. Agrawal are provided in the Board’s
Nomination and Remuneration Committee
Report and in the Corporate Governance Report forming part
of the Board’s Report. Tata AIG General Insurance Company Limited
Nomination and Remuneration Committee
Disclosure of Relationship inter-se between Directors, Corporate Social Responsibility Committee
Manager and other Key Managerial Personnel The Tata Power Company Limited
There is no inter-se relationship between Mr. Saurabh Agrawal, Audit Committee
other members of the Board and Key Managerial Personnel of Tata Sky Limited
the Company. Nomination and Remuneration Committee
Tata Steel Limited /TataSteelLtd/
Bombay House, 24 Homi Mody Street,
/TataSteelLtd
Fort, Mumbai - 400 001
www.tatasteel.com /tatasteelltd/
/user/Thetatasteel/
/company/tatasteelltd/

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14 About Tata Steel

Resilience Simplification Technology and Enabling Planet 58

King Power MahaNakhon, Bangkok

Our approach to reporting Contributing to UN Global Goals Our capitals

Human Natural Social and

2 Integrated Report & Annual Accounts 2020-21 | 114th Year 3

A year of resilience We achieved highest-ever

Crude Steel Production (MnT) Reported EBITDA per tonne (₹)

12.19 7% 16.92 7% 28.54 7% 17,764 45% 16,515 59% 10,838 73%

Deliveries (MnT) Reported profit-after-tax (₹ crore)

12.36 0% 17.31 2% 28.50 1% 13,607 102% 16,695 198% 8,190 599%

Turnover (₹ crore) Cash generated from operations – before tax (₹ crore)

Reported EBITDA (₹ crore)

21,952 28,587 30,892

Numbers pertain to FY 2020-21. The percentage increase/decrease is compared to FY 2019-20

4 Integrated Report & Annual Accounts 2020-21 | 114th Year 5

HEALTH, SAFETY AND NEW BUSINESSES

Progress on new businesses

Committed towards health and safety

Aashiyana Steel Recycling Business

New Materials Business

6 Integrated Report & Annual Accounts 2020-21 | 114th Year 7

COMBATING COVID-19 Other initiatives under the #CombatCovid19 programme

Combating the pandemic with the nation

8 Integrated Report & Annual Accounts 2020-21 | 114th Year 9

Medical support Liquid medical oxygen

10 Integrated Report & Annual Accounts 2020-21 | 114th Year 11

The Kelpies, Falkirk, Scotland ABOUT TATA STEEL

be future-ready We make a difference through:

OUR PEOPLE OUR OFFERINGS OUR INNOVATIVE

At Tata Steel, we leverage

Bogibeel Bridge, Assam, India

14 Integrated Report & Annual Accounts 2020-21 | 114th Year 15

Inbuilt excellence for tomorrow and beyond RAW MATERIALS

Jamshedpur Iron Ore

11 MnTPA* 3 MnTPA 5.6 MnTPA

16 Integrated Report & Annual Accounts 2020-21 | 114th Year 17

PRODUCT PORTFOLIO AND GEOGRAPHIC PRESENCE

Catering to diverse customer segments Our footprint

We are primarily involved in the business

(B2B) (B2ECA) Precision Tubes, Tyre Bead Wires, Spring 15

Transmission Power Tata Astrum (for fabrication) Jamshedpur

18 Integrated Report & Annual Accounts 2020-21 | 114th Year 19

INTRODUCING OUR CAPITALS

Financial capital Natural capital

₹64,869 cr. ₹21,952 cr.

13.24 MnT 12.19 MnT 12.36 MnT

Intellectual capital Social and Relationship capital

20 Integrated Report & Annual Accounts 2020-21 | 114th Year 21

BUSINESS MODEL (TATA STEEL LIMITED)

Steps to create long-term value

22 Integrated Report & Annual Accounts 2020-21 | 114th Year 23

VALUE CREATION IMPERATIVES

Medical Staff at Tata Main Hospital

Imperatives for value creation

24 Integrated Report & Annual Accounts 2020-21 | 114th Year 25

Mr. Ratan N. Tata

Standing (Left to Right) Not in picture