Annual Report Tata Steel Limited

June 22, 2024
The Secretary, Listing Department The Manager, Listing Department

BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1,
Dalal Street, G Block, Bandra-Kurla Complex, Bandra (E),
Mumbai - 400 001. Mumbai - 400 051.
Maharashtra, India. Maharashtra, India.
Scrip Code: 500470 Symbol: TATASTEEL
Dear Madam, Sirs,

Sub: Integrated Report & Annual Accounts for Financial Year 2023-24
of Tata Steel Limited (‘the Company’)
This is further to our disclosure dated May 29, 2024 wherein Tata Steel Limited (‘Company’)
had inter alia informed that the 117th Annual General Meeting (‘AGM’) of the Company will
be held on Monday, July 15, 2024.
The AGM is being held via two-way Video Conference/Other Audio-Visual Means. This is in
compliance with the General Circulars issued by the Ministry of Corporate Affairs dated
April 8, 2020, April 13, 2020, May 5, 2020 and subsequent circulars issued in this regard,
the latest being circular dated September 25, 2023 (collectively referred to as
‘MCA Circulars’).
Please find enclosed herewith the 9th Integrated Report & 117th Annual Accounts of
Tata Steel Limited for the Financial Year 2023-24 along with the Notice of the 117th AGM
(‘Integrated Report’). The Integrated Report is available on the website of the Company at
https://www.tatasteel.com/media/21241/tata-steel-limited-ir-2024.pdf
The Integrated Report is being sent only through electronic mode, to those Members whose
e-mail addresses are registered with the Company/Registrar and Transfer Agent/Depository
Participant/ Depositories. This is in compliance with the SEBI Circulars dated May 12, 2020,
January 15, 2021, May 13, 2022, January 5, 2023, October 6, 2023 and October 7, 2023
and MCA circulars issued from time to time.
Further, dividend, if approved by the Members of the Company at the AGM, will be paid on
and from Friday July 19, 2024.
This disclosure is being submitted pursuant to Regulation 34(1) of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended.
This is for your information and records.
Thanking you.
Yours faithfully,
Tata Steel Limited
Digitally signed by PARVATHEESAM KANCHINADHAM
PARVATHEESAM DN: cn=PARVATHEESAM KANCHINADHAM c=IN

l=BANGALORE o=Personal [email protected]
Reason: I am the author of this document
KANCHINADHAM Location:
Date: 2024-06-22 19:08+05:30
Parvatheesam Kanchinadham
Company Secretary &
Chief Legal Officer (Corporate & Compliance)
Encl.: Integrated Report

TRANSFORMING
FOR TOMORROW
Integrated Report and

117th year
Annual Accounts 2023-24
Report Profile 02
Performance Snapshot 04
06 34 70
TRANSFORMING
FOR TOMORROW Shaping a Towards a Driving technology
cleaner tomorrow greener horizon transformation
Tata Steel aims to become the most respected and valuable steel company
globally by achieving leadership in value creation and corporate citizenship. From
08 36 72
setting up Asia’s first integrated steel manufacturing unit in India over a century About Tata Steel Our Strategy Value Creation
ago to becoming one of the leading global steel companies, Tata Steel’s journey Corporate Portrait 08 Strategic Objectives 36 Financial Capital 72
has been nothing short of inspiring. Product Portfolio 10 ESG Goals 38 Manufactured Capital 76
Introducing Our Capitals 12 Contribution to UN SDGs 40 Intellectual Capital 80
One of the most geographically diversified steel companies in the world, Business Model 14 Opportunities 48 Human Capital 88
Tata Steel is proud of its pioneering spirit, commitment to community, and Risk Management 54 Social and Relationship Capital 94
contribution to economic prosperity while also being conscious of its impact Ethics and Compliance 56 Natural Capital 108
on the environment. Pursuing the ambitious target of achieving Net Zero by Climate Change Report 114
16 58
2045, Tata Steel has embarked on a journey of transformation with growth and ESG Factsheet 126
sustainability at the core of its strategy. Awards and Recognition 142
With India standing at the cusp of multi-decade growth and Europe

being the flagbearer of universal sustainability, Tata Steel is prepared to
capitalise on this long-term opportunity by doubling its capacity in India and
restructuring its businesses in the UK and the Netherlands by transitioning to
low-carbon steelmaking. 144
Statutory Reports
By adopting new-age technology, Business Responsibility and
Sustainability Report 146
fostering a culture of innovation, Cultivating Committed
Board’s Report
Annexures
226
254
formulating responsible practices, long-term growth to zero harm
empowering communities, and building

18 F1
a future-ready and resilient workforce, Our Leadership
60 Financial Statements
Tata Steel is leading the transformation Board of Directors 18

Stakeholder Engagement
and Materiality
Financial Highlights
Standalone
F2
F6
Senior Management 20
for tomorrow. Chairman’s Message 22 Stakeholder Engagement 60
Consolidated F132
Management Speak 26 Materiality 64 Notice of AGM N2
Report Profile
Tata Steel’s ninth integrated report Scope and boundary for ESG parameters
The report on ESG parameters describes Tata Steel’s business model, strategy,
outlines its financial and non-financial significant risks, opportunities, overall performance, related outcomes, and
prospects for the year under review.
performance, operations summary and This report predominantly covers information with respect to Tata Steel
Limited as well as its material subsidiary companies in India and overseas.
stakeholder value creation. 1 Management responsibility

This report has been reviewed by the Senior Leadership of Tata Steel, including
the Chief Executive Officer & Managing Director, Executive Director & Chief
Financial Officer, and the Company Secretary & Chief Legal Officer (Corporate &
Reporting principles Compliance).
Statutory section
The financial and statutory data, 2 Reporting period
presented in the Integrated Report & This report covers the performance of Tata Steel Limited and its subsidiaries
Annual Accounts 2023-24 is in line with and associates (including joint ventures) for FY2023-24. Comparative figures, as
the requirements of the Companies applicable, for the last three to five years have been incorporated in this report to
Act, 2013 (including the rules made provide a holistic view.
thereunder), Indian Accounting
Standards, Securities and Exchange 3 Approach to materiality
Board of India (Listing Obligations and
This report focuses on material issues, i.e. factors that have the potential to
Disclosure Requirements) Regulations,
significantly affect Tata Steel’s ability to create value in the short, medium, and
2015 (SEBI Listing Regulations) read
Solar panels installed at the cooling pond, Tata Steel Jamshedpur long-term and which are of most interest to investors and other stakeholders.
with all applicable SEBI Circulars, and
Material issues are gathered from multiple channels and engagement forums
the Secretarial Standard(s) issued by
Independent Assurance across the organisation and external stakeholders. In FY2022-23, Tata Steel
The Institute of Company Secretaries
updated its Environmental, Social and Governance (ESG) material issues and
of India. Statutory section LLP, in accordance with the Standard on
incorporated them in its long-term plans.
Assurance on financial statements Sustainability Assurance Engagements
ESG parameters has been provided by statutory (SSAE) 3000, “Assurance Engagements 4 Our stakeholders
The report on ESG parameters auditors Price Waterhouse & Co on Sustainability Information” & the
is prepared in accordance with the Chartered Accountants LLP. Further, Standard on Assurance Engagements
1 2 3 4
Integrated Reporting <IR> framework the Board’s Report contains the (SAE) 3410, “Assurance Engagements
of the International Integrated secretarial audit report and report on on Greenhouse Gas Statements”, both Investors and Lenders Customers Vendor Partners Government and
Reporting Council (IIRC) (now Corporate Governance, provided by issued by the Sustainability Reporting Regulatory Bodies
consolidated into IFRS Foundation). M/s Parikh & Associates, Practising Standards Board of the ICAI; and the
It discloses performance against Key Company Secretaries, giving assurance International Standards on Assurance 5 6 7 8
Performance Indicators (KPIs) relevant on compliance with the secretarial and Engagements (ISAE) 3000 (revised) Greenery at Noamundi Mine
“Assurance Engagements other than Employees Community Media Industry Bodies
to Tata Steel, which are aligned with: governance requirements under the
» Global Reporting Initiative (GRI) Companies Act, 2013, the SEBI Listing Audits or Reviews of Historical Financial
5 Our capitals
» The requirements of Business Regulations and other applicable SEBI Information” & ISAE 3410, "Assurance
Responsibility & Sustainability Regulations. Engagements on Greenhouse Gas
Reporting issued by SEBI Statements issued by the International
» World Steel Association (worldsteel) ESG parameters Auditing and Assurance Standard Financial Capital Manufactured Capital Intellectual Capital Human Capital Social & Relationship Capital Natural Capital
» The Greenhouse Gas Protocol Board (IAASB). The subject matter,
Reasonable and limited assurance Forward-looking statements
» Task Force on Climate Related criteria, procedures performed and
on the agreed indicators in the Certain statements in this report regarding ‘anticipates’, ‘expects’, ‘intends’, ‘may’, ‘will’, constitute the Company’s current expectations
Financial Disclosures opinion/conclusion are presented in the Tata Steel’s business operations may constitute ‘plans’, ‘outlook’ and other words of similar based on reasonable assumptions. Actual results
Integrated Report including the Business
» The United Nations Sustainable assurance reports are available on our forward-looking statements. These include all meaning in connection with a discussion of future could differ materially from those projected in
Responsibility and Sustainability Report statements other than statements of historical operational or financial performance. any forward-looking statements due to various
Development Goals website at www.tatasteel.com or can be
on a Standalone basis (unless otherwise facts, including those regarding the financial Forward-looking statements are necessarily events, risks, uncertainties and other factors.
accessed at https://bit.ly/3KSmzn4. position, business strategy, management plans dependent on assumptions, data or methods that Tata Steel neither assumes any obligation
stated), has been provided by Price
and objectives for future operations. may be incorrect or imprecise and that may be nor intends to update or revise any forward-
Waterhouse & Co Chartered Accountants Forward-looking statements can be incapable of being realised, and as such, are not looking statements, whether as a result of new
identified by words such as ‘believes’, ‘estimates’, intended to be a guarantee of future results, but information, future events or otherwise.
117th Year Integrated Report & Annual Accounts 2023-24 02 03 117th Year Integrated Report & Annual Accounts 2023-24
Performance Snapshot
FY2023-24 was a year of notable progress Tata Steel Standalone Consolidated
for Tata Steel. The Indian operations saw Production

(MT) 20.12 2.28% 29.94 2.33%
volume growth and a focus on optimising Deliveries

(MT) 19.91 5.60% 29.39 2.10%
cost profile. The Company took decisive
Turnover
steps towards transforming its operations (₹ crore) 1,40,987 1.35% 2,29,171 5.83%
in the UK and the Netherlands. EBITDA

(₹ crore) 31,004 7.83% 23,402 28.43%
Reported PAT
(₹ crore) 4,807 67.26% (4,910) 160.80%
Major highlights and milestones

Signed a joint agreement with the MoU with The Henry Royce Hosted the inaugural Learning Launched a digital platform,
UK government for investment in Institute, Manchester, to establish Mission for the Indian Foundation Portal of Purpose, to enable
low-CO2 steelmaking, at Port Talbot a Centre for Innovation in for Quality Management easier access to curated
with a capital cost of £1.25 billion Advanced Materials volunteering opportunities
Achieved a successful trial of
inclusive of a grant from the UK First Indian company to Ankita Bhagat and Bhajan Kaur,
hydrogen injection at the E Blast
Government of up to £500 million implement a fully automated cadets of Tata Archery Academy,
Furnace in Jamshedpur
Successfully merged five of its end-to-end solution for handling Jamshedpur, won bronze in the
Signed an agreement with
Indian subsidiaries issuance and amendments of Recurve Archery Women’s Team
Tata Power Renewable Energy
Upgraded to investment Import Letters of Credit (LC) event in the Asian Games 2023
Limited to source 379 megawatts
grade from 'Ba1' Positive to through Blockchain technology Under the ‘Flames of Change’
of renewable power
'Baa3' Stable, by Moody’s and SWIFT initiative, Tata Steel recruited
Presented the Green Steel Plan to 23 women to create the first-ever
the Dutch government, outlining crew of female firefighters in the
the blueprint for the Netherlands' steel industry in India
most prominent industrial
The signature programmes of Tata Steel Foundation have been
transition to low-CO2 steelmaking
scaled up to have a tangible impact, saturating entire districts. All
Signed an MoU with Imperial panchayats and blocks of Keonjhar district declared themselves Child
College London, to establish a Labour-free in January 2024 vide our education programme working
Centre for Innovation in Sustainable with 1.4 million children. MANSI+ (Maternal and Newborn Survival
Design and Manufacturing Initiative) reaches 3 million households across East Singhbhum,
Agreement with Tata Power West Singhbhum and Seraikela Kharsawan, handling 45,000+ high-
Rooftop solar installation at Hot Strip Renewable Energy Limited to source Steel industry’s first crew of risk pregnancies with 99% redressal.
Mill, Jamshedpur plant 379 MW of renewable power female firefighters
Shaping a
cleaner tomorrow
Tata Steel is committed to responsible growth, pursuing a
decarbonisation roadmap to usher in a sustainable future. The
Company’s focus on greening the energy mix and implementing
nature-based solutions drives its efforts in reducing carbon
emissions. Through process improvements, Tata Steel optimises blast
furnace fuel rates, increases pulverised coal injection, implements
coke dry quenching and utilises waste heat.
Carbon direct avoidance strategies include increasing steel scrap
usage, bio-char and hydrogen injection in blast furnaces, and
incorporating green electricity with electric arc furnace (EAF). Tata
Steel has established a 5 TPD amine CO2 capture plant from blast
furnace gas, running 24/7 for over a year in the Jamshedpur works.
The captured CO2 (with 97% purity in wet basis) is used for reducing
the pH of wastewater, and for bottom tuyere injection in LD vessels
replacing nitrogen or argon. More such units are planned to be
installed in the future.
These initiatives underscore Tata Steel’s commitment
to a cleaner tomorrow. A B O U T TATA S T E E L
Corporate Portrait 08 Introducing Our Capitals 12

Intends to achieve
Net Zero emissions by 2045 Product Portfolio 10 Business Model 14
About Tata Steel Corporate Portrait
Tata Steel is one of the most diversified

integrated steel producers in the world, with
Vision Mission
an annual crude steel production capacity We aspire to be the global Consistent with the vision and values of the founder
of 35 MTPA. The Company’s manufacturing steel industry benchmark Jamsetji Tata, Tata Steel strives to strengthen India’s industrial
for Value Creation and base through effective utilisation of staff and materials.
assets are spread across India, the Netherlands, Corporate Citizenship.
The means envisaged to achieve this are cutting-edge technology and high
the UK, and Thailand. We make a difference through: productivity, consistent with modern management practices.
Tata Steel recognises that while honesty and integrity are essential ingredients
Our People of a strong and stable enterprise, profitability provides the main spark for
Fostering teamwork, economic activity.
nurturing talent, enhancing leadership Overall, the Company seeks to scale the heights of excellence in all it does in
capability and acting with pace, pride an atmosphere free from fear, and thereby reaffirms its faith in democratic values.
and passion.
Our Offerings
Becoming the supplier of
choice, delivering premium products
and services, and creating value for
our customers.
Our Conduct
Values
Providing a safe workplace,
respecting the environment, caring for Integrity Responsibility
In India, Tata Steel operates by 2045. Through a steadfast focus
India our communities and demonstrating We will be fair, honest, transparent We will integrate environmental
in Jamshedpur and Gamharia in on sustainability, innovation, agility,
high ethical standards. and ethical in our conduct; everything and social principles in our businesses,
Jharkhand, as well as in Kalinganagar and fostering deep relationships with Jamshedpur Kalinganagar
we do must stand the test of ensuring that what comes from the
and Meramandali in Odisha, with customers and communities, the Our Policies
an overall capacity of 21.6 MTPA. Company’s goal is to become one of
11 MTPA 4 MTPA public scrutiny. people goes back to the people many
In adherence to the Tata Code of times over.
The acquisition of Neelachal Ispat the most respected and valuable steel Meramandali Gamharia Excellence
Conduct, Tata Steel’s policies pertain
Nigam Limited has strengthened the companies globally. 5.6 MTPA 1 MTPA to active sets of principles in different We will be passionate about Pioneering
Company’s capabilities in the long Continued investments in people areas of operation that help bring achieving the highest standards of We will be bold and agile,
products segment. Additionally, development, digitalisation, innovation, uniformity in processes by clearly quality, always promoting meritocracy. courageously taking on challenges,
Netherlands
the Company has downstream and execution excellence are the key defining the Company’s approach. using deep customer insight to
manufacturing facilities for wires, tubes, elements of Tata Steel’s strategy to IJmuiden Unity
develop innovative solutions.
bearings, agricultural equipment, pig transform it into a global leader in Our Innovative Approach We will invest in our people and
iron, ductile iron (DI) pipes, and various sustainable steel manufacturing.
7 MTPA Developing leading-edge solutions partners, enable continuous learning
industrial by-products. The Company’s in technology, processes and products. and build caring and collaborative
operations also include Tata Growth United Kingdom relationships based on trust and
Shop, a heavy-duty engineering and Port Talbot mutual respect.
fabrication business, along with a Ferro
Alloys and Minerals Division. 5 MTPA
With a vision to double its capacity
in India, Tata Steel is actively investing
78,321
Thailand
in expanding capacities through Over 90% of Tata Steel's steel Employees
organic and inorganic means. Saraburi, Rayong, and Chonburi
production in India is now from across the globe
Committed to a sustainable future,
ResponsibleSteelTM certified sites 1.7 MTPA
the Company has set an ambitious
target of achieving Net Zero emissions As on March 31, 2024
About Tata Steel Product Portfolio
Tata Steel's continuous product and

service enhancements, coupled with
successful value-creation initiatives,
uniquely position the Company to serve
customers across diverse markets.
Engineering Goods
Capital Goods, Shipbuilding,
Manufacturing, etc.
The Company's offerings target

the needs of its discerning
customers. Emphasising quality
and performance, Tata Steel aims to
attain and retain leadership position
in chosen segments.
Construction Construction Retail Energy
B2B sales to construction companies B2C sales Steel sales to Oil & Gas, Wind, Solar, etc.
Downstream
Infrastructure Automotive and ancillaries Packaging B2C Sales to traders, rerollers,
B2B sales to construction companies B2B automotive, OEM automotive Tinplate, Drums, and Barrels downstream processing, fabrication, etc.
About Tata Steel Introducing Our Capitals
The Company’s strategic decisions enable

value optimisation for the stakeholders
by effectively deploying the six capitals
across operations.
FINANCIAL M AN U FAC TU R E D INTELLECTUAL HUMAN SOCIAL AND N AT U R A L

C A P I TA L C A P I TA L C A P I TA L C A P I TA L R E L AT I O N S H I P C A P I TA L
C A P I TA L
Tata Steel efficiently manages its The Company is on an To meet strategic goals, the Tata Steel's human resources, Tata Steel believes in continuous Operating in a resource-
financial resources to invest in unprecedented trajectory Company aims for global aligned with its values and stakeholder engagement for intensive sector, the Company
future growth, sustainability, and of capacity expansion while technology leadership in the strategic objectives, are essential business growth and sustenance. consciously invests in
business continuity to generate ensuring efficiency, reliability, steel industry. The Company to achieve its ambitious goals. Its long-term relationships environmental management
long-term stakeholder value. safety, and sustainability by invests in sustainable products Tata Steel is committed to with customers, suppliers, and resource optimisation
adopting innovative processes and explore new materials cultivating a future-ready and communities is key to the projects across the geographies
and technologies across the beyond steel. Through digital culture that prioritises safety Company’s business sustainability to manage its ecological
value chain. transformation and strategic and embraces diversity, equity, and core strategy. The Company footprint. The Company is
partnerships, Tata Steel seeks to and inclusion. nurtures these relationships committed to be Net Zero
drive innovation and sustainable through long-established and by 2045.
practices across the business. constantly evolving forums.
I1,40,987 crore 20.12 MT I285 crore 900 tcs/employee/year 4.4 million 2.43 tCO2/tcs
Turnover Production R&D expenditure Employee productivity Lives impacted through CSR CO2 emission intensity
I31,004 crore 19.91 MT 395 19.2% 1,341 0.32 m3/tcs

EBITDA Deliveries Patents granted Workforce diversity Suppliers trained through the Effluent discharge intensity
Vendor Capability Advancement
I27,328 crore 8% 86 589 thousand person-days Programme (VCAP) 0.35 kg/tcs
Cash flow from operations Steel scrap recycling New products developed Employee training Stack dust emission intensity
86.1
Customer Satisfaction Index (Steel) 2.53 m3/tcs
(Score out of 100) Specific freshwater consumption
Read more about Read more about Read more about Read more about Read more about Social Read more about
Page 72 Financial Capital
Page 76 Manufactured Capital
Page 80 Intellectual Capital
Page 88 Human Capital
Page 94 and Relationship Capital
Page 108 Natural Capital
Note: The data reported in the above table pertains to Tata Steel Limited Note: The data reported in the above table pertains to Tata Steel Limited
About Tata Steel Business Model
STEEL VALUE CHAIN
01 02 03 04
FINANCIAL CAPITAL FINANCIAL CAPITAL
OUTCOMES
INPUTS
Mining Processing Iron-making Steelmaking

Net worth (₹ crore) 1,35,222 Turnover (₹ crore) 1,40,987
Total materials raw material Production (MT) 20.12
Net debt (₹ crore) 38,024 EBITDA (₹ crore) 31,004
mined (MT) 46
Savings through Shikhar25 projects (₹ crore) 6,821
MANUFACTURED CAPITAL
Installed crude steel capacity (MTPA) 20.6
07 06 05 MANUFACTURED CAPITAL
Crude steel production (MT) 20.12
INTELLECTUAL CAPITAL INTELLECTUAL CAPITAL

Collaborations/Memberships with Patents granted (nos.) 395
Technical Institutes (nos.) 19 New products developed (nos.) 86
Patents filed (nos.) 142
Customers Downstream processing Rolling product
HUMAN CAPITAL Deliveries (MT) 19.91 Steel processing Enriched/value-added HUMAN CAPITAL
1
Employees on roll (nos.) 43,263 centres (Nos) 36 product sales (MT) 13.7 Health index (Score out of 16) (nos.) 13.3
Investment in employee training Diversity - % women in the workforce4 8
and development (₹ crore) 240 Diversity mix5 (%) 19.2
Employee training (thousand person-days) 589 Enabling Functions LTI (nos.) 156
LTIFR (Index) 0.39
Supply chain Human resources2 Technology By-products Digitalisation Workforce covered through formal trade unions6 (%) 89
SOCIAL AND RELATIONSHIP CAPITAL

20 MT 68 MT 900 tcs/employee/year ₹285 crore ₹8,560 crore 1,500+ SOCIAL AND RELATIONSHIP CAPITAL
Finished goods Raw material Employee productivity R&D spend Revenue from Digital projects
Total dealers (nos.) 22,000+ handled handled by-product sales undertaken Suppliers assessed based on safety (nos.) 1,923
Total distributors (nos.) 250+ Customer satisfaction index (Steel) (out of 100) 86.1
Active supplier base (nos.) 8,898 Business associates trained on TCoC (nos.) 1,358
CSR spend (₹ crore) 580 Supply chain partners assessed on
OUTPUTS Responsible Supply Chain Policy (nos.) 216
Quality/customer complaints (PPM) 13,770
20.12 MT 19.91 MT 13.7 MT J5,682 crore Lives impacted through CSR initiatives (million) 4.4
production Deliveries Enriched/value added Revenue from
NATURAL CAPITAL product sales commercial mining3 NATURAL CAPITAL
Energy Intensity (GJ/tcs) 24.55 CO2 emission intensity (tCO2/tcs) 2.43
Specific freshwater consumption (m3/tcs) 2.53 Stack Dust emission intensity (kg/tcs) 0.35
1. Employees on Roll - No. of permanent employees of 5. D
iversity mix (% of employees who belong to categories of
Capital spends on environment, social and Solid waste utilisation7 (%) 115
Company (officers + non-officers) except those on Affirmative Action (AA)/Women/Persons with Disabilities
governance matters (₹ crore) 1,568 Effluent discharge intensity (m3/tcs) 0.32
deputation + doctors on contract (PwD)/LGBTQIA+)
2. Employee productivity is defined as amount of crude steel 6. This is a percentage of permanent non-managerial SOx emission intensity (kg/tcs) 1.63
produced (in tonnes) per employee in the given year. workforce. NOx emission intensity (kg/tcs) 0.87
3. Includes Tata Steel Limited and Tata Steel Minerals Canada 7. W
aste from last year was utilised this year hence, it is Total sites covered under biodiversity
4. D
iversity - % women in the workforce is defined as marked above 100% management plans 17
Note: The data reported in the above table pertains to Tata Steel Limited percentage of permanent women employees Abbreviations: LTI – Lost Time Injuries, LTIFR - Lost Time Note: The data reported in the above table pertains to Tata Steel Limited
Injury Frequency Rate, TCoC – Tata Code of Conduct,
tcs – per tonne of crude steel.
Cultivating
long-term growth
As India enters a multi-decade growth cycle, led by robust
infrastructure and manufacturing sectors, the country’s steel
industry is faced with enormous opportunities.
Tata Steel is a dedicated partner in this journey, committed to
driving the nation's industrial and infrastructural development. Its
integrated operations position the Company favourably to navigate
steel cycles and seize existing and emerging opportunities.
Given India’s strong appetite for steel to drive infrastructure-led
growth, Tata Steel is doubling its capacity by 2030, boosting the
domestic steel industry while creating both direct and indirect
employment opportunities and empowering local communities.
OUR LEADERSHIP
35-40 MTPA
Proposed steel capacity Board of Directors 18 Chairman’s Message 22
in India by 2030 Senior Management 20 Management Speak 26
Our Leadership Board of Directors
Our visionary leaders guide us

Ratan N Tata
to transform for tomorrow Chairman Emeritus
N Noel Deepak Dr Shekhar Saurabh

Chandrasekaran Naval Tata Kapoor Mande Agrawal
Chairman, Non-Executive Vice Chairman, Non-Executive Independent Director Independent Director Non-Executive Director
M Director since January 2017 C Director since March 2022 C M CM Director since April 2017 M Director since June 2023 M M Director since August 2017
Board Committees
Audit
Nomination and Remuneration
Corporate Social
Responsibility & Sustainability
Safety, Health & Environment
Risk Management
Stakeholders' Relationship
C Chairperson
M Member
Board Snapshot
Tenure
0-2 years 2
2-5 years 2
5-8 years 4
8+ years 2
Composition
Executive 2
Non-Executive 3
Independent 5
Farida VK Bharti TV Koushik

Khambata Sharma Gupta Ramola Narendran Chatterjee
Independent Director Independent Director Independent Director Chief Executive Officer & Executive Director &
Managing Director Chief Financial Officer
M C Director since August 2021 C M Director since August 2018 M M C Director since November 2022
M M M M Director since September 2013 M M M Director since November 2012
1. Board composition as on May 29, 2024
2. Detailed profiles of the Board Members available at
www.tatasteel.com
Our Leadership Senior Management
Leading the path

to excellence
Key Managerial Personnel
Senior Management
as on May 29, 2024
TV Koushik Parvatheesam Dr Henrik Jayanta Peeyush Prabhat

Narendran Chatterjee Kanchinadham Adam Banerjee Gupta Kumar
Chief Executive Officer & Executive Director & Company Secretary & Vice President Chief Information Officer Vice President Vice President
Managing Director Chief Financial Officer Chief Legal Officer (European Corporate Affairs) (TQM, Group Strategic (Marketing & Sales -
(Corporate & Compliance) Procurement & Supply Chain) Flat Products)
Akshay Ashish Atrayee Chaitanya Probal Rajesh Rajiv Rajiv

Khullar Anupam Sanyal Bhanu Ghosh Nair Kumar Mangal
Vice President Vice President Vice President Vice President Vice President Chief Executive Officer Vice President Vice President
(Engineering & Projects) (Long Products) (Human Resource (Steel Manufacturing) (Shared Services) (Tata Steel UK) (Operations - Tata Steel (Safety, Health &
Management) Kalinganagar) Sustainability)
Chanakya D B Sundara Dr Debashish Hans van den Samita Sanjib Subodh Uttam
Chaudhary Ramam Bhattacharjee Berg Shah Nanda Pandey Singh
Vice President Vice President Vice President Chief Executive Officer Vice President Vice President Vice President Vice President
(Corporate Services) (Raw Material) (Technology and R&D) (Tata Steel Nederland) (Corporate Finance, Treasury (Financial Operations and (Operations TSM, NMB (Iron Making)
and Risk Management) Corporate Reporting) and Graphene)
Our Leadership Chairman's Message
Dear Shareholders,
Crafting a I hope this letter finds you and your

families well.
The global economy, in CY2023,
In FY2023-24, Tata Steel's Indian
operations delivered the highest ever
crude steel production at 20.8 MT
bold future In FY2023-24, Tata Steel's

Indian operations delivered
showed resilience despite geopolitical
uncertainties, inflationary pressures,
tighter monetary policies, sovereign
and delivered the highest finished
steel at 19.9 MT. Tata Steel undertook
successful trial of hydrogen injection
the highest ever crude steel debt concerns and sluggish trade. in the E Blast Furnace at Jamshedpur.
We expect infrastructure build, It was for the first time in the world
production at 20.8 MT investments led by new technologies, that such a large quantity of hydrogen
and delivered the highest and demographics of emerging was continuously injected in a blast
finished steel at 19.9 MT. markets to continue to drive global furnace.
growth, estimated at 3.2% in CY2024, Also, the Company encountered
similar to CY2023. delays in large projects like the relining
The Indian economy maintained a of Blast Furnace 6 in the Netherlands
steady momentum within the uneven and Kalinganagar downstream. The
global macro-economic landscape, insights gained from these delays will
supported by public spending on contribute to the smoother and more
infrastructure and digitalisation, as timely execution of ongoing projects.
well as reforms directed towards ease As we expand operations, focus on
of doing business and incentivising safety becomes extremely important.
new investment. In FY2023-24, the We are dedicated to strengthening our
Indian GDP has grown at 8.2%, which processes and practices to achieve our
is substantially higher than the goal of zero harm.
global benchmark. The Company also made significant
The steel industry fundamentals progress towards simplification
reflected these macro conditions, with of its portfolio. The Company has
geopolitical concerns and moderating successfully amalgamated five of its
demand in China resulting in pressure key entities in India.
on steel prices, while input costs have Coming to the Company’s financial
remained relatively elevated and performance in FY2023-24,
environmental and regulatory costs the consolidated revenues were
continue to rise. At the same time, at ₹2,29,171 crore compared to
the Indian market stood out as robust ₹2,43,353 crore in FY2022-23 and the
infrastructure spending, resurgence in consolidated EBITDA was ₹23,402 crore
private sector investment and robust in FY2023-24 compared to ₹32,698
demand meant that the industry crore in FY2022-23. In FY2023-24, the
saw crude steel production growth Company’s consolidated net loss was
of 13% over the previous fiscal. We ₹4,910 crore compared to a profit after
expect this trend to continue, with tax of ₹8,075 crore in FY2022-23. The
domestic steel demand remaining consolidated financial performance
buoyant in FY2024-25 on the back of of the Company in FY2023-24 was
expansion in economic activity, while impacted by weaker sales realisations,
pricing conditions might see periods comparatively elevated raw material
of pressure driven by global economic costs, a sharp fall in volumes at Tata
trends and policy changes. Steel Nederland due to blast furnace
N Chandrasekaran
Chairman
Our Leadership Chairman's Message
relining, and high costs of operations The Board of Directors has

on the back of declining reliability and recommended a dividend of ₹3.60 per
productivity at the end-of-life heavy- Ordinary (Equity) Share. The engineering work
end assets in Tata Steel UK. On the strategic front, the Company
In FY2023-24, the standalone is making significant progress towards
towards the phased
revenues were ₹1,40,987 crore augmenting capacities in India to expansion of the NINL
compared to ₹1,42,913 crore in achieve its target of 40 MTPA capacity. plant from 1 MTPA to
FY2022-23 and the standalone EBITDA The Company’s Kalinganagar Phase II 5.5 MTPA is expected to
was ₹31,004 crore in FY2023-24 expansion is in progress. The second
compared to ₹28,754 crore in blast furnace at Kalinganagar will be
begin later this fiscal
FY2022-23. In FY2023-24, the commissioned by September 2024,
Company’s profit after tax was ₹4,807 which will take the overall production
crore compared to ₹14,685 crore capacity of hot metal to 8 MTPA at
in FY2022-23. Profit after tax was Tata Steel Kalinganagar, thereby
lower compared to the previous year expanding the flat products portfolio
primarily on account of an impairment
charge of ₹12,560 crore taken in the
standalone financial statements on
of the Company. The 0.75 MTPA scrap-
based low-carbon electric arc furnace
plant in Ludhiana, Punjab, India is B3.60 4.4 Mn
Lives impacted through our CSR
account of the restructuring of the UK also expected to be commissioned in
Dividend per Ordinary (Equity) Care for community
operations. early 2026 and will expand the long initiatives in FY2023-24
products portfolio of the Company. Share recommended by the Board
With respect to the UK operations, implemented in two phases with one The Company continues to engage
we have now identified and blast furnace being replaced before with communities through its wide-
implemented a clear strategy for a 2030 and the second one thereafter. ranging CSR programmes. During
sustainable, self-reliant, profitable the year, the Company has positively
business in the future that aligns with For the first phase, we have impacted 4.4 million lives through
our global sustainability objectives. We outlined a plan to transition its CSR programmes. The Company
will set up a state-of-the-art electric to green steel production is committed towards improving the
arc furnace in Port Talbot, targeted to quality of lives of the communities in
be commissioned in 2027, which will
by 2030 through the Direct its areas of operation.
reduce approximately 5 MT of direct Reduced Iron (DRI) and electric Before I conclude, I would like to
CO2 emissions per annum, utilise arc furnace route. convey my gratitude to Mr O P Bhatt
locally available scrap and benefit from who retired from the Board of the
policies which will significantly benefit The DRI, set to initially operate on Company after serving for a decade.
green steel production in the future. natural gas, will seamlessly transition I also extend a warm welcome to
Ahead of the transition, we have to hydrogen when it emerges as an Dr Shekhar Mande on the Board of the
decided that given the ageing end-of- accessible and economically feasible Company.
life condition of several of the heavy energy source. We hope to conclude I thank all our employees for their
end assets, we will carry out a phased an agreement in this fiscal year. commitment towards the Company.
closure of the two blast furnaces by Meanwhile, the Company continues I also extend my deepest gratitude to
September 2024, so as to eliminate to prioritise research and innovation all our stakeholders for their trust and
losses in the ongoing operations. initiatives, leverage technology and confidence in us and hope to have
The proposed project would ensure advancement in manufacturing, their continued support in our journey
continuity of steelmaking in Port and tap into emerging markets to towards a sustainable future.
Talbot after the transition, while also maintain its leadership. Additionally,
preserving a majority of jobs in Tata it remains dedicated to promoting
Steel UK. Diversity, Equity, and Inclusion, Warm Regards,
We have commenced discussions enhancing community engagements, N Chandrasekaran
with the Dutch government with and adopting sustainable business Chairman
regard to the decarbonisation practices to ensure a resilient
strategy for Tata Steel Nederland. The tomorrow.
The biggest greenfield blast furnace in the world, Tata Steel Kalinganagar decarbonisation of the business will be
Our Leadership Management Speak
Empowering growth
and progress
NINL Plant
Q What were the challenges individual geographies, both in terms of account of the proposed restructuring
and highlights for the global new technology solutions and ways to of operations and closure of our existing
steel industry during the last optimise costs of green steel. In addition, heavy end assets at Tata Steel UK.
financial year? such efforts at least in the near to Tata Steel’s consolidated revenues
During FY2023-24, the steel medium-term will need to be supported in FY2023-24 were at H2,29,171 crore
industry faced an uneven global by policy and public spending. and EBITDA was H23,402 crore, which
macro-economic landscape. China’s translates to an EBITDA margin of
transition from investment-led growth Q How was Tata Steel’s financial around 10%. Capital expenditure was
to consumption-led growth contributed performance in the backdrop of these higher 29% y-o-y at H18,207 crore
to a reduced demand for steel, as the global challenges? during the year driven by the phased
country’s focus on heavy infrastructure While the global steel demand commissioning of the 5 MTPA expansion
investments seemed to taper. This was growth moderated, India was a bright at Kalinganagar and the relining of
exacerbated by a sluggish real estate spot with strong demand from the Blast Furnace 6 at Tata Steel Nederland.
sector. The consequent overcapacity in infrastructure and steel-intensive Net debt stood at H77,550 crore, while
China and higher exports brought about sectors. Tata Steel’s India operations gross debt was at H87,082 crore. Group
a downward pressure on global steel were able to leverage this, as the liquidity remained strong at H31,767
prices. The expansion of steelmaking Company achieved the highest-ever crore, which included cash and cash
capacities in regional markets also crude steel production of ~20.8 MT equivalents of H9,532 crore.
intensified competition. Geopolitical and deliveries of ~19.9 MT. Domestic Tata Steel Nederland reported a
tensions in Ukraine and the Middle East deliveries were up 9% y-o-y. reduction in deliveries and subdued
disrupted traditional supply chains. Raw Among the market segments, annual revenues of £5,276 million with
material prices and other costs remained automotive volumes were up 8% y-o-y. an EBITDA loss of £368 million primarily
relatively elevated even as steel prices Our well-established retail brand in long due to an extended period of relining of
significantly softened, putting pressure products, Tata Tiscon, witnessed 15% Blast furnace 6. Liquid Steel production
on margins for steel producers. y-o-y growth and crossed 2 MT in annual was at 4.8 MT while deliveries stood
Meanwhile, steel companies around sales. The focus on improving product at 5.33 MT.
the world, but especially in Europe mix led to 6% y-o-y growth in high-end Tata Steel UK reported annual
and East Asia, have started to engage product sales. revenues of £2,706 million, with liquid
very deeply and invest significantly in Tata Steel's standalone revenues steel production at 2.99 MT and
finding solutions to reduce the carbon for the full year were marginally lower deliveries of 2.80 MT. Tata Steel UK
footprint of the industry and increasing at ₹1,40,987 crore, with an EBITDA of reported an EBITDA loss of £364
circularity. These efforts are part of a ₹31,004 crore, reflecting an 8% y-o-y million given the end-of-life condition
T V Narendran Koushik Chatterjee trend towards broad energy transition

and decarbonisation, but there is no
one-size-fits-all solution.
increase, translating to an EBITDA margin
of 22%. The reported PAT at ₹4,807 crore
was lower compared to ₹14,685 crore
of the heavy end assets, consequent
production disruptions, and high fixed
and maintenance costs.
Chief Executive Officer & Managing Director Executive Director & Chief Financial Officer
The industry will need to continue in the previous year, primarily due to an
to create bespoke solutions specific to impairment charge of ₹12,560 crore on
Q Why were EBITDA and cash flow Q What are the plans for In September 2023, Tata Steel
negative for Tata Steel Nederland? restructuring and transitioning reached an agreement with the UK
What is the expectation for to EAF-based steelmaking at government to jointly invest £1.25
FY2024-25? Tata Steel UK? billion (including a £500 million
Tata Steel Nederland recorded As we have previously stated, UK government grant), the largest
negative EBITDA and cash flow due the current heavy end assets of Port investment in many decades in British
to operational and market issues Talbot are nearing their end of life, steelmaking, in a new electric arc
during FY2023-24. The relining of are operationally unstable and are furnace (EAF) project which would
Blast Furnace 6 and its ramp up took resulting in unsustainable financial ensure future continuity of steelmaking
longer than anticipated, affecting losses. Tata Steel UK will close its Blast at Port Talbot. The project will reduce
the production levels leading to Furnaces 5 and 4 by the end of June direct emissions of CO₂ from the
significantly lower volumes, higher and September 2024, respectively. steel works by 50 MT over 10 years
fixed costs and higher costs of The coke ovens were closed in and utilise locally available scrap in
maintenance, spares and capex. March 2024, as operations became the UK. Tata Steel is at an advanced
Additionally, while steel prices fell, unviable. In April 2024, the Company stage of engineering and plans to
raw materials and other costs were completed an exhaustive 7-month place equipment orders for the
relatively high in the region, putting process of national-level formal and EAF by September 2024 and begin
pressure on margins. informal consultations on all options construction by August 2025.
However, Blast Furnace 6 is back with the Unions and concluded that Until the commissioning of the EAF
to full production at the close of the the multi-union plan which involved in 2027, the Hot Strip Mill operations
year, and in FY2024-25 we expect continuity of Blast Furnace 4 through and downstream units in the UK will Towards Net Zero by 2045
Tata Steel Nederland to produce the transition is not technically, be supported by import of slabs and
steel commensurate with its rated operationally or financially viable. To hot-rolled coils from Tata Steel’s own
capacity, resulting in better fixed mitigate the impact of the announced operations in India and the Netherlands Q What are your decarbonisation Q What were the commissioning acquired through the Government
cost absorption and more efficient restructuring, a generous voluntary as well as other suppliers. Tata Steel UK plans for Tata Steel Nederland? activities undertaken at of India’s DIPAM programme, we
operations. As production volumes redundancy programme has been has put in place solutions for logistics We are in discussions with the Kalinganagar during the year? What expect to increase the capacity from
stabilise and improve along with developed and is being offered for the transition period and executed Dutch government for a financial are Tata Steel’s plans for future 1 MTPA to 5.5 MTPA in the first phase.
improvements in material and to the impacted employees. The a power connection agreement which and policy-level support on a expansion there? We also expect to increase the Tata
conversion costs, it will result in restructuring costs associated with this will ensure the necessary high-voltage decarbonisation plan to replace one We continued the phased Steel Kalinganagar’s capacity in
improved EBITDA margins and cash exercise will be phased over a period of power for the electric arc furnace in line of the two blast furnaces with a Direct commissioning of the 5 MTPA capacity the 3rd phase (after completion of
flows for the coming year. 18 months. with the project plan. Reduced Iron (DRI) plant and an EAF expansion at Kalinganagar during the the current phase) from 8 MTPA to
before 2030. On March 28, 2024, the year. We started the 2.2 MTPA Cold 13 MTPA. We are exploring plans to
Dutch cabinet confirmed that the Rolling Mill which has enhanced our increase capacity at our Meramandali
government is willing to support product mix. The commissioning of operations as well. Finally, we are also
the proposal from Tata Steel and has the 6 MTPA Pellet Plant significantly looking to enhance our downstream
In September 2023, Tata Steel given a mandate to the government to reduced the Company’s dependence capabilities and related businesses.
reached an agreement with negotiate the same. on external purchases, contributing
The Dutch government intends to to better cost management and Q What is the status of the
the UK government to jointly reach a binding agreement with Tata operational efficiency. Stove heating amalgamation of business entities
invest £1.25 billion, the largest Steel by the end of the present fiscal was initiated, and power was charged announced in FY2022-23?
investment in many decades year, after approval from the Dutch into the new blast furnace which As of March 2024, five strategic
in British steelmaking, in parliament and the Tata Steel Board. is expected to start production by business entities were successfully
The government has commenced due September 2024. We also started the merged into Tata Steel following the
a new electric arc furnace diligence on the proposal's financial, chimney heating for coke ovens. completion of regulatory procedures.
project which would commercial, and technical aspects. As stated previously, Tata Steel is This consolidation marks a pivotal
ensure future continuity of This will be followed by detailed focused on investing in value accretive step towards fortifying our position in
steelmaking at Port Talbot. discussions over the next several growth in India, which is an attractive value-added segments by leveraging
months. market with increasing demand for our marketing and sales network
steel. We are building a 0.75 MTPA across product lines. We are also
electric arc furnace based steel plant in accruing various benefits through
Ludhiana, Punjab, India. At Neelachal synergies on raw materials, centralised
Blast Furnace 6 at IJmuiden Plant, Tata Steel Nederland
Ispat Nigam Limited, which was procurement, inventory optimisation,
logistics cost reduction and improved However, the mining regulations, The construction of our first low- The bamboo can be converted into These milestones highlight our
facility utilisation. including the Mine Development and carbon steel plant in Ludhiana, Punjab, biochar which can replace, to a certain commitment to sustainable maritime
Meanwhile, the merger Production Agreement (MDPA) targets, India has started. This scrap-based EAF extent, pulverised coal injection in our practices. Tata Steel has a
process for three other entities – did not provide the required flexibility facility will significantly reduce carbon blast furnaces to reduce emissions. Our The Company signed an MoU with
Bhubaneswar Power Private Limited, for the transition. Consequently, emissions compared to traditional water conservation efforts led to zero Imperial College London to invest
multipronged approach
Angul Energy Limited, and The Indian we decided to surrender the mine, steelmaking. The plant is expected to effluent discharge at Kalinganagar site. £10 million to establish a Centre for to progress on its
Steel and Wire Products Limited is resulting in a one-time cost of be commissioned by March 2025 and We integrated an eco-conscious Innovation in Sustainable Design and sustainability journey
expected to be completed in the first approximately ₹500 crore. will produce 0.75 MT of steel annually. fleet of advanced commercial vehicles Manufacturing that will focus on smart and many initiatives
half of FY2024-25. Tata Steel finalised agreements from Tata Motors into our operations. manufacturing techniques, sustainable
Q What were the sustainability with Tata Power Renewable Energy These vehicles, powered by LNG and multi-material joining technologies,
undertaken with the
Q Can you elaborate on the efforts made by Tata Steel during Limited and TP Vardhman Surya electric batteries, are expected to and Net Zero construction aim of reducing our
reasons for Tata Steel's decision to the previous year? Limited to source 379 MW of captive significantly reduce our Scope 3 CO2 innovations. The Company also joined carbon footprint,
surrender its Sukinda mine lease Tata Steel has a multipronged renewable power. This strategic move emissions in road transportation. the Leadership Group for Industry enhancing resource
and closure of operations? What approach to progress on its is expected to reduce 50 MT of carbon We also completed a full- Transition (LeadIT), a platform initiated
has been the financial impact of this sustainability journey and many emissions over 25 years. laden voyage using B24 biofuel, by Sweden and India, that fosters
efficiency, and fostering a
surrender? initiatives are undertaken with the We also undertook pilots to transporting 1,48,500 tonnes of coal Net Zero transitions across heavy sustainable future.
The Sukinda mine faced significant aim of reducing our carbon footprint, avoid or convert captured carbon from Gladstone, Australia to Paradip, industries through initiatives such as
operational and regulatory challenges enhancing resource efficiency, and emissions including measures to India and achieved a 20% reduction Coal Bed Methane (CBM) injection,
Q Could you elaborate on
leading to its surrender. Historically fostering a sustainable future. green our energy mix such as biochar in carbon emissions. The B24-grade hydrogen injection in blast furnaces,
the Company's initiatives for
operated through open cast mining, Tata Steel is among the first and hydrogen. We championed biofuel blend consisted of 24% used and carbon capture plant.
community engagement and
the mine’s reserves depleted. To movers in decarbonising steelmaking bamboo plantation in our leasehold cooking oil methyl ester (UCOME) and We launched ‘Tata Steel – Sprint
outreach in the regions where
continue extraction, transitioning to operations. The Company has land and communities’ barren land 76% very low sulphur fuel oil (VLSFO). to Zero’ 2023 challenge to fund
it operates?
underground mining was necessary. announced its plans to transition around our Jharia coal mines. This We also became the first company in innovative projects focused on low-
Tata Steel has implemented a
The shift would have taken 2-3 years to low-CO₂ steel manufacturing collaboration aims to generate India to use LNG-powered capsize bulk carbon hydrogen technologies. The
comprehensive range of community
to commence, during which period across operations in the UK and livelihood opportunities for farmers carrier for transporting raw materials. initiative aligning with the UK-India
engagement and outreach initiatives
production was to be on hold. the Netherlands. and act as a carbon sink over time. hydrogen partnership supports two
aimed at fostering sustainable
groundbreaking projects aimed at
development and improving the quality
decarbonising the steel Industry.
of life in the regions where it operates.
Our Kalinganagar and
Tata Steel Foundation (TSF)
Meramandali plants received the
anchors the Company’s social impact
ResponsibleSteelTM Certification, with
programmes, which impacted
over 90% of our steel production
4.4 million people in FY2023-24. TSF
capacity in India now accredited under
focuses on designing scalable and
this framework. This certification
replicable change models across
acknowledges our dedication to
education, public health, tribal identity,
environmental stewardship and
livelihoods, agriculture, water, and
responsible business practices.
disability.
Reaffirming this deep-rooted
Our Initiatives like the MANSI+
commitment to sustainability, Tata
(Maternal and Newborn Survival
Steel was distinguished as a Steel
Initiative) operates in over 50
Sustainability Champion by the World
development blocks across districts in
Steel Association (worldsteel) for the
Jharkhand and has helped to stabilise
seventh consecutive year, marking
over 80% of identified severely acute
its unwavering recognition since
malnourished newborn children. This
the inception of this demanding
initiative has been crucial in reducing
sustainability programme.
infant mortality rates in the region.
Continuous Annealing Line, Tata Steel Kalinganagar
Our community-based
education programmes
have significantly
contributed to the fight
against child labour and
have led to the declaration
of 440 panchayats as
child labour-free zones in
Keonjhar, Odisha, India.
Training initiative for Tata Steel's transgender employees
'Masti Ki Pathshala' is an initiative Q Could you shed some light dedication to integrating diverse the process safety competency of
aimed at eliminating the worst forms Tata Steel's education initiatives helped in eliminating child labour on Tata Steel’s initiatives that talent. Tata Steel also became the employees across all locations. We
of child labour to improve the lives of aim to promote Diversity, Equity first Indian company to integrate have a real-time visualisation system,
children from vulnerable backgrounds, and Inclusion (DE&I) across the transgenders into mining operations, which employs modern technology
including those who are street languages. Samvaad, a pan-India Noamundi and West Bokaro, Jharkhand, organisation and efforts to ensure when it welcomed 14 transgender and digital tools to monitor the
children, child labourers, or have been tribal conclave plays a crucial role in adding approximately 200 beds to the safe working environment? employees as Heavy Earth Moving health of safety barriers, providing
exposed to extreme conditions such these efforts as it serves as a platform region’s medical capacity. The hospitals Tata Steel has been the vanguard Machinery operator trainees at its West early warnings of potential failure
as homelessness. The programme for dialogue and cultural exchange, we have built, provide medical care to of DE&I principles. It consistently Bokaro Division in Jharkhand, India. in hazardous processes. Our safety
operates through both residential helping to maintain and celebrate over 1 million people. works to establish a welcoming and This aligns with our pioneering efforts initiatives exemplify our dedication
and non-residential bridge schools tribal identities. We have also focused on water supportive workplace, irrespective of to promote inclusivity and integration to achieving Zero Harm and the
designed to transition children from The Company’s climate-resilient conservation, creating significant water gender identity, sexual orientation, or of LGBTQIA+ talent into the corporate Company has been distinguished
child labour to formal education. In agriculture initiatives have assisted storage capacity in treated lands. Our any other distinction. The Company’s environment. For its consistent and with the Safety and Heath Excellence
addition to educational needs, the over 90,000 farmers, leading to water conservation activities have comprehensive DE&I approach is progressive efforts, Tata Steel was Recognition, 2023 by the World Steel
initiative also addresses health and increased incomes through sustainable touched over 47,000 lives, creating manifested through various initiatives recognised as a Gold Employer by Association (worldsteel) for elevating
psychological support to children. farming practices and market nearly 166 cubic feet of water storage including unconscious bias training, the India Workplace Equality Index the safety standards within the
We have also undertaken linkages. Our health programmes and treating 1,450 acres of land in the the establishment of employee (IWEI) 2023. steel industry.
significant efforts to advance the have focused on reducing the past three years. resource groups, and the provision of Coming to workplace safety,
preservation and growth of tribal incidence of malaria and tuberculosis Our initiatives are designed to inclusive benefits packages. the Company continues to adopt a
identity and languages and fostering through community awareness and bring a transformational change Tata Steel is actively advancing its proactive stance on ensuring safety
a deeper connection to the cultural health camps for early diagnosis and through a collaborative approach. The DE&I initiatives through progressive against potential personnel and
heritage among tribal communities. prompt treatment, as well as the Company’s extensive understanding hiring practices and through various operational risks. We have protocols
These efforts currently cover 40,600 identification and treatment of high- of communities enables it to events such as Ananta Quest and and frameworks designed to preempt
learners across 702 centres, promoting risk cases, particularly among women partner effectively with like-minded QUEERious. The inaugural Ananta incidents that could lead to injuries.
the use of 10 different tribal languages and children. organisations. Going forward, we would Quest event this year, aimed at We have adopted digital tools to
of eastern India. During the year, During the year, we expanded our like to leverage both private and public students with disabilities from India’s substantially reduce risk of failure of
we developed around 40 original health infrastructure by inaugurating capital to amplify the impact of our top institutions and winners were Process Safety Critical equipment
literary and academic works in these two new Tata Main Hospitals in programmes on a much larger scale. offered internships and placement and established Process Safety
opportunities, highlighting the School of Excellence to improve
Towards a
greener horizon
Tata Steel is restructuring its UK business, aiming to reverse over
a decade of losses and transition to a sustainable, green steel
operation.
The plan is to retain most of Tata Steel UK’s product capabilities,
reduce direct CO2 emissions by 5 MT annually, and lower the UK's
total territorial emissions by about 1.5%.
Supported by the UK Government's £500 million commitment,
Tata Steel will invest £750 million in the electric arc furnace (EAF)
technology, using predominantly UK-arising scrap. This transition
aligns with successful global examples, boosting competitiveness,
securing production capabilities, and significantly cutting carbon
emissions.
Additionally, a comprehensive support package for affected
employees underscores Tata Steel's long-term commitment to the
UK steel industry.
O U R S T R AT E G Y
50 MT
The UK steelmaking transition aims Strategic Objectives 36 Opportunities 48
over a
to reduce direct CO2 emissions by ESG Goals 38 Risk Management 54
decade
Contribution to UN SDGs 40 Ethics and Compliance 56
Our Strategy Strategic Objectives
Tata Steel’s long-term strategy is crafted by

integrating its vision, mission, and values with
internal and external contexts. This involves future-
back thinking, translating into a >10-year Strategy
Roadmap, cascading into a 5-year Long-Term Plan,
and finally into a 1-year Annual Business Plan.
Strategy Roadmap Tata Steel aspires to be structurally, financially, and culturally future-ready Strategic Objectives Focus areas KPIs Goals
2030: Building blocks to become the most respected and valuable steel company globally. Its four
strategic objectives, supported by four strategic enablers, are aligned with the
for tomorrow corporate vision and goals and reflect its commitment to ESG principles.
S03 New Material Business
Increase revenue from
Services and Solutions Revenue
adjacent businesses
Attain leadership Commercial Mining
Strategic Objectives Focus areas KPIs Goals position in adjacent
Increase capacity of the businesses
India operations through 35-40 MTPA capacity by
S01 organic and inorganic
Crude steel capacity
2030 in India CO2 emission intensity
growth Benchmark in CO2 emissions (tCO2/tcs: tonnes of CO2 per tonne of Net Zero by 2045
crude steel)
Attain and retain leadership Enter new segments and S04

Leadership Specific freshwater <1.5 m3/tcs Specific
position in chosen Market share sustain #1 position in Benchmark in specific water
consumption freshwater consumption
in India segments (current and new) existing chosen segments consumption (m3/tcs: cubic meters per
tonne of crude steel) by 2030 in India
Maintain cost leadership Capacity of Steel Recycling >5 MTPA capacity of SRB
Continue to invest in raw Captive coal (%)
S02 material security Captive iron ore (%)
at market price of raw Business (SRB)
(MTPA)
by 2030
materials Value creation using
Circular Economy business Value created from the Increase EBITDA of the
models Industrial By-products by-product business by
Leadership in
Cost improvement and Management Division (IBMD) 2.4 times by 2030
sustainability business (over 2020)
value enhancement
through structural
Cost reduction and value
interventions in Indian and Value accrual
enhancement
international operations Strategic Enablers SE
and Shikhar25 continuous
Consolidate improvement programmes
1. Best place to 2. Top 5 in technology 3. Digital leader in 4. Foster a culture
position as global work in Manufacturing in the steel industry the steel industry which makes Tata Steel
in India globally globally future-ready
cost leader
Our Strategy ESG Goals
Tata Steel’s ESG goals underpin its

sustainability journey, focusing on
reducing carbon footprint, adopting
renewable energy, prioritising workplace
safety, fostering inclusivity and
upholding ethical business practices.
Workforce Diversity
and Inclusion
Climate Change Dust Emission Achieve 20% diversity in

Environmental workforce for Tata Steel Limited
Net Zero emissions for the Achieve specific dust emission by 2025
Tata Steel Group by 2045 intensity of 0.43 kg per tonne of
crude steel in India by 2025 Increase diversity in all job
categories with persons from Social
Circular Economy Achieve benchmark status ethnic-cultural background to
specific dust emission intensity 25% for Tata Steel Nederland Committed to employee safety and well-being
Achieve material efficiency
of 99% at all Indian steelmaking in India by 2030 by 2027
sites by 2025 Women in vocational technical
positions to grow to 5% for Tata
Local Community Safety
Biodiversity Steel Nederland by 2027 Development
Sustain material efficiency at Achieve zero harm for Tata
100% at all Indian steelmaking Cover 100% sites under Women in decision-making Steel Limited by 2030
Reach >10 million lives per
sites by 2030 Biodiversity Management Plans positions to increase to at least
annum through Corporate
Increase Tata Steel’s Industrial across India, the UK, and the 30% for Tata Steel Nederland
Social Responsibility initiatives
By-product Management Netherlands by 2025 by 2027
by 2030 ResponsibleSteelTM
Division’s EBITDA by 2.4 times
over FY2019-20 by 2030 To be a Nature-based Solutions Certification
Build a 5 MTPA recycling (NbS) leader in India by 2030
business in steel and other
Governance Supply Chain Achieve ‘Certified Site’
business in India by 2030 certification for all existing
Product Sustainability Coverage of 100% critical
steelmaking sites in India by
supply chain partners for
2025
Water From 2025 onwards, more than Environmental, Social and
80% of the finished products Governance (ESG) risk
Achieve specific freshwater Achieve ‘Certified Steel’
will be covered under Life assessment for Tata Steel
consumption of 2.38m3/tcs certification for all sites in India
Cycle Assessment for Indian Limited by 2027
across all steelmaking sites in by 2030
operations
India by 2025 Integrate ESG performance of
Disclose environment critical supply chain partners
Achieve specific freshwater performance of 100% of in procurement decision- R&D and Technology
consumption of <1.5 m3 per products in India by 2030 making for Tata Steel Limited
tonne of crude steel across all Be amongst top 5 in technology
(assessment and coverage in
sites in India by 2030 in steel industry globally
Promoting environmental line with ResponsibleSteelTM
by 2030
stewardship, Jubilee Park, Jamshedpur guidance) by 2030
Long-term goals Short-term goals
Our Strategy Contribution to UN SDGs
Tata Steel aligns its Relevant targets IR Capital linkages TSL SO/SE linkages
operations and CSR with the 4/8 SE4
UN Sustainable Development Goals 2.1 Nutrition Garden

Lives impacted (nos.)
2.2 Agriculture and allied activities
Harvested major crop yield
2.3 MANSI+
Sick children under 5 years age
to ensure a better future. FY23
FY24
61,625
49,269
(quintal/acre)
FY22 22.86
(including infants and high risk cases)
who were suffering from Severe
FY23 21.15 Acture Malnutrition (SAM), childhood
Focused on health screening processes for
existing beneficiaries and therefore developed FY24 21 diseases and/or ailments and have
The Sustainable Development Steel leads in sustainability through promoting long-term organisational less no. of new gardens in FY2023-24, leading been stabilised (%)
Goals (SDGs) are a universal call its business processes and diverse sustainability. This approach to lesser no. of new beneficiaries. Decreased due to climate change and adverse
to action for people, planet, and community welfare initiatives as part fosters innovation in reporting and impact on agricultural productivity. FY23 50%
prosperity, fostering collaborative of Corporate Social Responsibility. strengthens accountability for the six Household nutrition gardens (nos.) FY24 84%
5,248 Households engaged in agriculture
efforts among all stakeholders. The Aligning the SDGs with the capitals. Sustainability is central to Tata FY23 14,413 value chain process Note: Outcome KPI tracking initiated
2030 agenda aims to strengthen Integrated Reporting (<IR>) framework Steel’s plans, prioritising 68 out of 169 FY24 10,671 10,779 Households adopting soil testing and in FY2022-23
universal peace and offers a common creates value for shareholders and targets across 15 relevant goals. have soil health card 5% (2,786 out of 56,057) under-5 children
vision for peaceful societies. Tata enhances the entire value chain, 2 community gardens developed 23,317 Households have access of weather across the Kolhan division, Jharkhand
and agro-based advisories identified with Severe Acute Malnutrition
0.6 acres of fallow land converted to (SAM)
nutrition gardens 8,599 Households adopting water efficient
technologies (drip irrigation, rain pipe-based
irrigation, DBI, sprinkler, mulching, etc.) Severe Acute Malnutrition (SAM)
Financial Capital Manufactured Capital Intellectual Capital Human Capital Social & Relationship Capital Natural Capital
1,561 Households adopted Solar energy- children taken out of SAM identified
Relevant targets IR Capital linkages TSL SO/SE linkages based initiatives (%)
3/7 FY23 58%

SE4 FY24 81%
Note: Outcome KPI tracking initiated
in FY2022-23
1.1 Agriculture and allied activities 1.2 Community Enterprises 1.3 Skill Development
Households impacted through Women engaged in micro Trainees placed/self-employed
agriculture and allied activities (nos.) enterprises (nos.) through long and short-term courses Relevant targets IR Capital linkages TSL SO/SE linkages
FY22
FY23
FY24
48,420
63,698
90,918
FY22
FY23
FY24
273
1,182
3,092
(nos.)
FY22
FY23
382
779
4/13 SE4
FY24 3,176 3.1 Public Health Incidence of malaria per 1,000 population 2,504 Health care workers trained in
802 Households covered under 282 Artisans engaged reduced to 0.4 prevention of non-communicable diseases
protected cultivation Adolescents trained on Adolescent
31.33% Increase in the income of artisans Lives impacted through Model 15,559 TB patients consented and supported 91,683 Eligible women trained on breast self-
8,371 Households leveraging government Reproduction and Sexual Health
Career Centre (nos.) with Monthly Food Basket under Nikshaya Mitra examination
schemes Increase in additional income of (ARSH) and Life skill education (nos.) project Adolescent Fertility Rate (AFR) reduced to
10,779 Households adopting soil testing and women entrepreneurs (₹) FY22 4,939 12.56.
have soil health card 3.2 Maternal and Newborn
FY23 7,004 Child marriage prevalence reduced to 0.73%
FY22 29,000 Survival Initiative
FY24 10,191 FY22 3,170
Average increase in FY23 36,000 19,762 High risk pregnant women prevented
FY23 22,355 from maternal mortality out of total identified
household income (₹) FY24 40,339 1.4 Urban Habitat FY24 56,826 women, who have completed 42 days post-
FY22 86,246 Note: New project initiated in FY2023-24 delivery or died within same period
L80.95 lakh annual turnover of
FY23 1,07,860 cooperatives formed 95,055 Land rights granted to households in People reached through outreach 20,491 Under 5 years age ‘sick children’
FY24 1,30,282 L7.4 crore corpus created through Odisha’s urban slums (including high risk) who were stabilised out
healthcare services (nos.) of identified under 5 years age ‘sick children’
self-help groups
23,317 Households have access to weather 1.5 Governance FY22 95,998 (including high risk)
and agro-based advisories Note: Impact KPI measured FY2023-24 onwards FY23 75,392 81% Severe Acute Malnutrition (SAM) children
1,561 Households adopted solar energy- taken out of SAM identified
44,039 Individuals received entitlement FY24 81,747
based initiatives 4,65,772 Eligible population screened for
linkages vector-borne diseases
Public entitlements unlocked for 1,392 Married adolescent girls delaying 2,26,584 Eligible population screened for non-
L48.43 crore pregnancy communicable diseases (NCD)
Relevant targets IR Capital linkages TSL SO/SE linkages
8/10 S01 S02 SE4
4.1 Education Signature Programme Youth placed through long- and Children in FLN (Foundational 4.12 Jyoti Fellowship
Children reached through short-term courses/self-employed Learning & Numeracy) (nos.) 724 Schools reached
programme (nos.) (nos.) FY23 310
FY22 2,43,321 382 FY24 2,330 Total Jyoti Fellows (nos.)
FY22
FY23 6,74,241 158 FY22 4,235
Note: New project initiated in FY2022-23
FY24 7,28,344 779 FY23 5,608
FY23
348 77 children enrolled under RTE quota FY24 10,283
79,302 Children currently in pre-primary 3,176
FY24
(Anganwadi) 2,164
4.6 Pre Matric Coaching (PMC) Women Fellows (nos.)
284 Gram panchayats declared themselves
Child Labour-free Zones III Total Trained III Girls Children covered through PMC (nos.)
FY22 2,499
FY22 3,731 FY23 3,645
Out of School children brought back Youth connected through Model
FY23 5,651 FY24 6,506
to school (nos.) Career Centre for job opportunities
FY24 9,300
(nos.)
FY22 4,052 4.13 Tata Steel Scholars
FY23 15,425 FY22 4,939 4.7 Computer skills and English Scholars (nos.)
FY24 6,932 FY23 7,004 learning
117
FY24 10,191 Youth and children covered through FY22
In FY2022-23, the programme expanded to 37
new blocks and therefore the reach was more. Computer and English courses (nos.) 128
It continued in the same blocks in FY2023- 685 lives impacted through vocational courses FY23
34
24 and could reach in the existing/limited for children in formative age FY22 1,994
geography. 170
FY23 2,830 FY24
48
46,100 Children transitioning from pre- 4.4 Disability FY24 3,055
primary to primary III No. of scholars III No. of females
PwDs linked to livelihood (nos.)
160 Resource centres being run in community 4.8 Green School Project
FY22 5 4.14 Akanksha
23,723 Children engaged in projects on
FY23 43 water, waste, energy, biodiversity, and forests Children from Particularly Vulnerable
4.2 Tribal language
FY24 95 53 Schools brought under the project Tribal Group enrolled (nos.)
Lives impacted through tribal
language classes (nos.) 33 PwDs linked to higher education FY22 214
4.9 Coaching for school children 51%
FY22 28,680
2,929 children covered FY23 336
FY23 33,560 4.5 Masti Ki Pathshala
55%
FY24 40,640 Children reached across Jamshedpur
4.10 “Mo” School Project (My School FY24 512
slums (cumulative) (nos.) 55%
Project - by Govt of Odisha)
4.3 Skill Development FY22 1,950 29 Schools covered III No. of children % of girls
Lives impacted through long- and FY23 3,081
short-term courses (nos.) FY24 4,217 4.11 School Infrastructure projects 0% dropout rate
1,463 76 Structures covered
FY22
602
Children mainstreamed to public 4.15 Support to ST/SC youth for
2,014
FY23 schools (cumulative) (nos.) professional exams
996
3,673 FY22 1,769 799 Youth enrolled in coaching
FY24
2,490 FY23 2,150
III Total Trained III Girls FY24 3,320 4.16 Employee Training
Employee training (in person days
(ESG Factsheet)
Employee training (person-days/ employee/
year) (ESG Factsheet)
Relevant targets IR Capital linkages TSL SO/SE linkages Relevant targets IR Capital linkages TSL SO/SE linkages
4/9 SE4
7/12 S02 S04 SE1 SE2 SE3 SE4
5.1 DISHA Programme Trained women in selected Child marriage prevalence 8.1 Agriculture and allied activities 45.35% Children of Jamshedpur affected by
Women participating in rural decision-making positions in rate reduced to 0.73% worst forms of child labour covered through
8.2 Skill Development RBCs and NRBCs
institutions (Gram Sabha, social institutions (nos.) 56,826 Adolescents trained on ARSH and Life
skills education 8.3 Community Enterprises
institution etc) (nos.) FY23 212 8.7 Education Signature Programme
Indicators explained in SDG 1
FY23 639 FY24 343 5.4 Masti Ki Pathshala (nos.)
FY24 3,025 Note: KPI tracking started in FY2022-23 2,119 Girl children engaged in the programme 8.4 Jyoti Fellowship 284 Gram panchayats declaring
Indicators explained in SDG 4 themselves Child Labour-free Zones
Note: KPI tracking started in FY2022-23 958 Women received digital literacy training
and using technology and e-services 5.5 MANSI+ 8.8 Employee representation, turnover
138 Social issues taken up by women leaders 91% of identified underage married girls 8.5 Disability (SABAL)
5.2 Development Corridor and productivity
126 Issues resolved in Gram Sabha and in the Kolhan division, successfully delayed PwDs linked to livelihoods (nos.)
68 Panchayats where women and traditional pregnancy % Workforce covered through formal trade
decisions taken FY22 unions (ESG Factsheet)
leadership systems have participated in 5
160 Community-led initiatives (We for governance processes FY23 Turnover per employee per year
Change) undertaken 5.6 Gender equality at workplace 43
FY24 (ESG Factsheet)
704 Women linked to government schemes Female employees in workforce; Female 95
5.3 RISHTA Employee productivity (ESG Factsheet)
and Tata Steel Foundation programmes employees in management positions in
109 Badlav Manch created as a platform Married adolescent girls delaying workforce (ESG Factsheet) 8.6 Masti ki Pathshala
for women to have an effective voice within pregnancy (nos.) 8.9 Workplace safety
community Children reached through RBCs and Lost Time Injuries (ESG Factsheet)
FY23 378 NRBCs (nos.) Lost Time Injury Frequency Rate
FY24 1,392 (ESG Factsheet)
FY22 1,950
Note: KPI tracking started in FY2022-23 Fatalities (ESG Factsheet)
FY23 3,081
FY24 4,217
RBC - Residential Bridge Course
8/8 S04 SE3 SE4 NRBC - Non-residential Bridge Course
6.1 Drinking Water 6.2 Water harvesting structures Land treated through soil and water Relevant targets IR Capital linkages TSL SO/SE linkages
367 Drinking water structures created

891 Drinking water structures repaired
1,114 Water harvesting structures created
45,692 lives impacted through water
conservation projects
conservation (hectares)
FY22
FY23
247
420
4/8 S02 S03 SE2 SE3
Beneficiaries gained access to Water storage capacity created FY24 780 9.1 Infrastructure 9.3 Research and Development (R&D)
drinking water (nos.) through water harvesting structures Lives impacted through rural R&D Spend (ESG Factsheet)
(million cubic feet) 6.3 Water conservation within the infrastructure projects R&D and technology professionals
FY22 1,25,000
organisation (ESG Factsheet)
FY23 1,58,000 FY22 9 FY22 41,157
Total freshwater consumption Patents Granted (ESG Factsheet)
FY24 1,95,000 FY23 50 (ESG Factsheet) FY23 2,04,082
FY24 107 Specific freshwater consumption FY24 1,86,998 9.4 Employment
(ESG Factsheet) Number of Employees (BRSR)
947 Structures built with renewable energy
footprint New employees hired (ESG Factsheet)
Relevant targets IR Capital linkages TSL SO/SE linkages Contract Workforce (ESG Factsheet)
2/5 S04
9.2 Development Corridor
71 Panchayats have developed Gram
Panchayat Development Plans
44,039 Individuals linked to various
7.1 Infrastructure 7.2 Energy intensity and development schemes and govt. initiatives
3 Hamlets in Joda have been saturated by Renewable Energy
solar home lighting system Renewable power (BRSR); Specific energy
consumption (ESG Factsheet)
Relevant targets IR Capital linkages TSL SO/SE linkages Relevant targets IR Capital linkages TSL SO/SE linkages
2/10 SE1 SE4

8/11 S04
10.1 Agriculture and allied activities 10.8 Tribal Identity 10.9 Slum Area Land Development 12.1 Waste Management 12.2 Water Conservation 12.4 Johar Haat
Indicators explained in SDG 1 Lives impacted through Samvaad (Jaga Mission) Project Solid waste generation, utilisation Indicators explained in SDG 6 11 market editions
10.2 Community Enterprises Conclave and Regional Samvaad and disposal (ESG Factsheet) 302 artisans engaged
95,055 households granted land rights 12.3 Slum Area Land Development
Indicators explained in SDG 1 FY22 1,000 Steel scrap recycling (ESG Factsheet) (Jaga Mission) Project ₹29.12 lakh turnover
10.3 Skill Development FY23 2,000 No. of critical supply chain partners assessed Indicators explained in SDG 10
Indicators explained in SDG 1 FY24 3,840 10.10 Diversity Mix on Responsible Supply Chain Policy
% of employees who belong to categories of - (ESG Factsheet)
10.4 Gender Affirmative Action/Women/PwD/LGBTQIA+
2 Platforms created through Samudaay Ke
Indicators explained in SDG 5 Saath for dialogue on films made on or by ESG Factsheet
10.5 Masti Ki Pathshala Adivasi communities
Indicators explained in SDG 4 Rhythms Of the Earth band visible on 6 Relevant targets IR Capital linkages TSL SO/SE linkages
national platforms
10.6 Development Corridor
Panchayats organised regular
Gram Sabha
11 Market editions of Johar Haat completed
2 common tribal languages introduced in
public schools of 80 blocks
3/5 S04 SE3
6 Papers written and published by Samvaad 13.1 Green School Project 13.2 Water Conservation
FY23 56 Fellows
FY24 68 Indicators explained in SDG 4 Indicators explained in SDG 6
95 Youth leaders engaged through the Tribal
Leadership Programme 13.3 Greenhouse Gas (GHG) Emission
10.7 Disability
Total GHG emission and GHG emission
2,763 eligible PwDs linked to intensity (Climate Change Report)
government schemes (ESG Factsheet)

8/10 SE1 SE4 8/12 S04
15.1 Biodiversity Management Plans 15.2 Species under revival 15.3 Water Conservation
11.1 Tribal Identity
Total sites covered under Biodiversity Indicators explained in SDG 6
Management Plans (ESG Factsheet) Black Buck, Indian Peafowl and Sukinda
Lives impacted through tribal Ecorace Silkworm
language classes
FY22 28,680
FY23 33,560
FY24 40,640
10 tribal languages covered
Johaar Haat editions have gone up from
3 in FY2022-23 to 11 in FY2023-24 2/19 S04
11.2 Emission Intensity 17.1 Impact Ecosystem 17.2 Collaborations with technology
SOx, NOx, Dust (ESG Factsheet) 42 Partnerships formalised to strengthen providers, startups, and academia
existing programmes and organisational 3 academic programmes formalised with
systems B-Schools
17 Civil society organisations supported No. of collaborations with technical
institutes and other external agencies
(ESG Factsheet)
Our Strategy Opportunities
The dynamic and complex external operating

environment presents challenges and
opportunities, impacting Tata Steel’s strategy
execution and value creation efforts.
Trends shaping India’s

steel industry
Urbanisation
590 million Tata Steel Jamshedpur,

ResponsibleSteelTM certified site
Zeremis® Carbon Lite, a declaration-based, low carbon emission steel solution
with the potential for up to 100% reduction in CO2 intensity
Expected population to live in

Indian cities by 20301
Customer centricity 2
Strong growth in India and 1 and digitisation
Capex cycle sustainability focus in Europe
Customer expectations and steel Steel is expanding its digital footprint assets remotely. In March 2024, the
B143 trillion Driven by strong domestic consumer India's economic momentum. Together, demand are evolving, along with through platforms like Aashiyana and Company made two additions to its
demand, infrastructure investments, these efforts aim to foster sustainable the channels for product and service DigECA, targeting individual home integrated Remote Operation Centre
heightened manufacturing activities, growth and innovation. The unified delivery. India's rapid urbanisation builders and small enterprises respectively. (i-ROC): an integrated Maintenance
Expected investments by India necessitates faster construction, making The BaanClickBuild digital application Excellence Centre (i-MEC) for data-
India is expected to continue its growth approach highlights the potential for
towards its infrastructure by 20302 trajectory. The country is the second- improved efficiency and environmental modularisation crucial for shorter building scales online retail sales in Thailand. driven maintenance decision making
largest producer and consumer of crude impact across continents. times and enhanced aesthetics. Rising Additionally, COMPASS and Nexus, supply across its Jamshedpur, Kalinganagar and
Rise in living standards steel globally and is expected to report per capita income is boosting demand chain visibility solutions, are deployed Meramandali facilities, and an integrated
sustained growth aided by rapid pace of for consumer goods, white goods, for partners across India and Europe, Coke Plant Remote Operation Centre
USD 4,000 urbanisation, continued manufacturing and automobiles. Additionally, digital respectively. (i-CPROC). The i-ROC also comprises
push under ‘Atmanirbhar Bharat’ and low commerce is growing its influence in In the UK, Tata Steel signed an an integrated Remote Agglomerates
per capita consumption. Major projects Tata Steel is well-positioned to heavy industries. This shift towards digital agreement with the automotive supplier Centre and an integrated Remote Mining
Forecasted per capita income
under the National Infrastructure capitalise on the opportunities platforms is reshaping how products Gestamp to nearly double the percentage Supervision Centre. Tata Steel is the
of India by 2030 from current and services are delivered in the steel of recycled steel in the components only steel player with three production
Pipeline and Gati Shakti Plan, including through its plans for capacity sector. The integration of technology they supply to the automotive sector, as locations at Jamshedpur, Kalinganagar,
levels of ~$2,4503 highways, railways, ports, and urban
infrastructure, will significantly boost
expansion in India and in construction and manufacturing is the two organisations work to increase and IJmuiden to be included in the World
steel demand. green steel transition in the becoming increasingly important. the circularity of steel in the automotive Economic Forum’s Global Lighthouse
While India drives economic growth, Netherlands and the UK. India’s rapid urbanisation demands supply chain. network for the implementation of
Europe leads in policy development to faster construction. Modularisation which For the European market, Tata Steel Industry 4.0 technologies. The Company
accelerate the adoption of decarbonising facilitates a shorter building time and offers mass-balanced green steel products has taken various other initiatives in the
processes and technologies across better aesthetics is, therefore, essential. such as Zeremis® Carbon Lite and digital space towards Industry 4.0.
various sectors, encouraging both The improving per capita income bolsters Optemis® Carbon Lite, Hilumin® electro-
private and public enterprises. The the demand for consumer goods, white plated steel for battery casings in electric
3
ational Institute of Urban Affairs - India's Urban
N
Story: SDGs and Urban Indices Across States
CRISIL Infrastructure Yearbook 2023
Standard Chartered Weekly Market View -
collaboration in strategic procurement
between India and Europe can reduce
costs and enhance supply chain
~300 MTPA
India’s targeted crude steel capacity
goods, and automobiles.
A culture of customer obsession and
technology-led innovation will help Tata
Steel stand out and become the supplier
vehicles, and MagiZinc® galvanised steel
for solar energy applications.
Advanced data analytics and
modelling have enabled industries to Page 87
Intellectual Capital: Industry 4.0 -
reliability. This synergy leverages Knowhow and Capabilities
July 21, 2023 of choice for discerning consumers. Tata create digital twins and operate their
4
Ministry of Steel, Government of India Europe's policy advancements and by FY2030-314
Launched Tata Dureco in FY2023-24, a branded ground granulated blast furnace slag (GGBS), with
extensive application in constructing flyovers, bridges, roads, etc.
Driving sustainability 3
in manufacturing
World’s first successful trial of record-high hydrogen
injection in E Blast Furnace in Jamshedpur
Europe leads in policy development readiness level projects in carbon In December 2023, the Company
for adopting decarbonising processes capture, hydrogen reduction, and launched Tata Dureco, a branded
and technologies across sectors, India water consumption. With recent ground granulated blast furnace
Technology for 4
is also following this trend and has certifications, over 90% of Tata Steel's slag (GGBS), which serves as an breakthrough innovation
increased its focus towards enhancing production in India is now from alternative cementitious material in the
40+
focus on sustainability. This shift ResponsibleSteel™ certified sites. construction industry. Over time, the steel industry has conducted a successful hydrogen
encourages both private and public The Company is also constructing a Furthermore, Tata Steel has agreed advanced significantly, particularly injection trial, using 40% of the
enterprises towards sustainability. The 0.75 MTPA scrap-based electric arc with the UK Government to replace in technology and modernisation. injection systems in the E Blast Furnace
global emphasis on sustainability has furnace (EAF) in Ludhiana, Punjab, the two blast furnaces at Port Talbot Today, technological advancements at Jamshedpur. This marked the first Collaborations with Indian and
influenced consumer preferences, India to focus on a circular business with an EAF. This change is expected have made steel manufacturing instance globally of continuously
global startups
favouring renewable energy and model. Additionally, Tata Steel plans to reduce direct CO2 emissions by 50 more time and cost-efficient. As injecting such a large quantity of
energy-efficient construction and to replace one of its blast furnaces in million tonnes over the next decade. development trends continue to rise, hydrogen into a blast furnace.
transportation solutions. Consequently, the Netherlands with a Direct Reduced new technological innovations promise Within Tata Steel, the Alliances
the market is seeing increased demand
for green alternatives. These trends
highlight a universal move towards a
more sustainable future.
Iron EAF by 2030.
90%
Of the Company’s steel
to further enhance the industry by
increasing client satisfaction and
reducing environmental impact.
Tata Steel recognises that investing
arm plays a pivotal role in forming
technology partnerships with
both industry peers and academic
institutions. Meanwhile, the customer-
Tata Steel's startup
engagement arm,
Innoventure, has conducted
In the UK, Tata Steel has partnered Tata Steel promotes production in India comes from in cutting-edge technology is crucial led innovation arm, Innovent, focuses proof-of-concept experiments
with automotive supplier Gestamp sustainable value creation ResponsibleSteelTM certified sites
to seizing growth opportunities on developing business-to-consumer
and pilots with over 40 Indian
to nearly double the percentage by offering slag-based and addressing business challenges (B2C) solutions that align with evolving
and global startups. Their aim
of recycled steel in automotive effectively. As a leader in the steel consumer demands.
components, enhancing circularity
products such as Dhurvi industry, Tata Steel is committed to is to discover breakthrough
in the supply chain. The Company Gold, Tata Aggreto, and innovation, continually experimenting solutions for sustainability and
is also advancing low technology Tata Nirman. with, adopting, and scaling up new
other challenges related to the
technologies. A notable milestone
occurred in April 2023 when Tata Steel value chain.
Tata Main Hospital, Noamundi, constructed using Nest-In's prefabricated solutions

which doubled the construction speed while ensuring safety and sustainability
Adjacent businesses 6
Women@Mines – Fostering a culture
of inclusion
as growth levers
Adjacent businesses enable companies for their varied needs. Expanding into In the UK and the Netherlands, Tata
Developing a culture for 5
to enter new markets and attract a adjacent businesses also grants companies Steel collaborates closely with partners to
strategic flexibility, allowing them to adapt deliver cost-effective and environmentally
competitive advantage broader customer base by leveraging
existing expertise and brand recognition. swiftly to market changes and capitalize friendly construction solutions. Notably,
This approach allows for the introduction on emerging trends. they offer innovations like lightweight
Employees excel and find fulfilment Tata Steel continues to enhance its of new products or services, such as a steel composite floor decks that enable versatile
in workplaces that prioritise purpose internal processes and initiatives aimed manufacturer expanding into construction open spaces.
and maintain a strong organisational at fostering a culture of continuous chemicals or prefabricated building
culture. A purpose-driven work improvement, prioritising safety, Tata Steel plays a significant solutions. Diversifying revenue streams
Tata Steel's Pravesh and
environment emphasises aligning ethics, environmental stewardship, role as a founding member of through adjacent businesses reduces Nest-In businesses in India
employees' roles with meaningful and community welfare. The Company the Global Parity Alliance (GPA), dependency on a single product line, have strategically expanded
goals and values. This approach has embraced agile ways of working
underscoring its commitment mitigates risk, and ensures steady income their focus on Services
fosters engagement, satisfaction, (AWOW) to instil values such as even during downturns. Additionally,
and commitment among employees, creativity, adaptability, and strategic to gender equality and adjacent businesses foster innovation
and Solutions.
ultimately enhancing productivity and thinking into its operations and inclusion. Recognised as a top through the cross-pollination of ideas Nest-In leverages steel to provide
overall success within the organisation. projects. employer for LGBT+ inclusion and technologies, leading to unique a variety of prefabricated solutions,
value propositions and competitive including sanitation facilities, portable
by the India Workplace Equality advantages. Offering a comprehensive cabins, and premium living spaces.
Index (IWEI) and the World suite of related products or services Meanwhile, Pravesh specialises in factory-
Economic Forum. enhances customer loyalty and retention, engineered steel doors and windows for
as customers prefer one-stop solutions both residential and commercial buildings.
Our Strategy Risk Management
Tata Steel’s Enterprise Risk Management framework

identifies, assesses, monitors, and mitigates risks, Safety risk Supply chain risk » Implemented a data governance
framework to ensure that data is
Integrated steel plants have hazardous As Tata Steel expands in India and
ensuring business resilience and proactive risk operations, adversely impacting the health
and safety of the workforce, which in turn
transitions to green steelmaking in the UK
and the Netherlands, it faces infrastructural
well-protected and retained as per
regulations
management across the Company.

» Configuration and consumption of
may negatively affect business operations stress, geopolitical tensions, and stringent
Gen AI tech in a secure private
and the Company's reputation across ESG norms impacting supply chain
environment to prevent risk
geographies. reliability and costs. Government policies
emanating from AI adoption
also pose risks to the supply chain.
Financial risk Macroeconomic Mitigation Mitigation » Continuous technology refresh to
and market risks » A policy of zero tolerance for » Tata Steel is committed to zero harm. Mitigation eliminate the risk of technology
Tata Steel aims to double its capacity
non-compliance » Adopted various automation and » Tata Steel works to debottleneck obsolescence
sustainably in India. With a net debt of The economic slowdown in China » Constant monitoring of the regulatory technical solutions to eliminate man- India’s port infrastructure through » Replacement of end-of-life systems
I77,550 crore as of March 31, 2024, it has disrupted global steel trade volumes landscape machine interface tie-ups and investment in new
seeks to deleverage and fund the growth impacting adversely global and Indian
through internal accruals and raising
» Robust compliance management systems » Runs focused campaigns on various infrastructure Commodity risk
steel prices, affecting the Company’s to ensure awareness and compliance themes to drive safety culture » Invested in private freight train
external capital from banks and capital business in India, the UK, and the Various geopolitical events, weather
» Policy advocacy to promote best schemes in India: GPWIS (General
markets. The transition to sustainable Netherlands. disruptions and mining issues may lead
steelmaking in the Netherlands and the UK
practices, ensure a level playing field Community risk Purpose Wagon Investment Scheme)
Fast-paced technological changes through safeguard measures, and and SFTO (Special Freight Train to high price volatility and supply chain
also requires significant capital investment. and shifting customer preferences may The communities proximate to Tata disruptions, reducing reliability and
improve the ease and cost of doing Operator)
However, global financial necessitate the adoption of newer grades Steel’s operating locations, particularly in impacting inventory.
business across geographies » Long-term contracts and hedging
interconnectivity, heightened climate of steel and advanced materials. Europe, have growing expectations. An Tata Steel’s operations in the UK
» Focusing on technology and R&D as a strategies for shipping and bunkers
action and sustainability expectations, inability to address expectations may lead and the Netherlands are significantly
Mitigation proactive approach towards evolving are in place
and stringent ESG standards may impact to reputation loss, fines imposition, and dependent on raw material imports and,
» Increasing sales of value-added regulatory requirements » The Company implemented and
borrowing costs. jeopardise licence to operate and business hence, exposed to volatility in raw material
and branded products for sales mix enforced the Responsible Supply Chain
Geopolitical tensions and the continuity. prices and availability. All these may lead
financialisation of commodities might also enrichment Operations risk Policy Framework
» The Company strengthened the to higher costs and cash outflows.
increase raw material costs and financial » Driving improvement projects to Mitigation
External factors such as extreme tracking and measurement
market volatility, impacting the cost of support additional value » Sustained and effective dialogue Mitigation
weather conditions and natural disasters mechanisms for its Scope 3 emissions
capital and exacerbating the impact of INR » Development of a market plan for new with communities through formal » Group-wide smart hedging using
and internal factors such as equipment
depreciation against the USD. facilities platforms, hyper-local community financial instruments
failures, maintenance delays, process
» Creating a diversified portfolio of
safety-related incidents, and ageing assets
engagement, CSR teams and field Information » Price forecasting tools to understand
Mitigation product offerings beyond steel engagement price movements and reverse auctions
» Balance between growth and can potentially disrupt operations, safety, technology risk
» Focusing on building strong customer » The Company designs and for efficient price discovery
deleveraging with a focus on and customer service levels.
relations across geographies implements social impact The Company’s operations significantly » Indigenisation and localisation to
shareholder returns » Focusing on green steel offerings, Mitigation programmes that address core, rely on IT and digital infrastructure, which de-risk the supply chain for both direct
» Diversification of capital sources, particularly in the Netherlands and the » The i-MEC in Jamshedpur enables real- localised development challenges makes it vulnerable to cyber-attacks, data and indirect commodities
including government grants, to UK time asset monitoring and diagnostics, while being regional and national risks and technology obsolescence. » Group-wide diversification of coal
transition to greener operations » Tata Steel, in the Netherlands and the shifting from preventive maintenance change models Non-compliance to stringent IT sourcing to mitigate the risk of
» Prioritise projects with higher value UK, is already focusing on less import- to maintenance prevention » In the UK, the Company is working legislations and regulations may lead to geographical concentration
accretion (ROIC:15%) and short sensitive sectors and markets » Robust disaster management plans closely with the Transition Board the imposition of penalties and an adverse » Deployment of sustainable
payback periods and standard operating processes are and national stakeholders to ensure impact on the Company’s reputation. procurement policy with key vendors.
» Reducing working capital through
Regulatory risk in place the economic regeneration of
Mitigation
» Additionally, the Tata Steel Group
operational excellence and continuous » The UK operations plan to transition South Wales continues to target measures to
improvement programmes » Group-wide adoption of strong IT
The global metals and mining to EAF-based methods » In the Netherlands, Tata Steel is reduce its energy requirements, e.g.
» Sustainable cash flow generation security policies and procedures
industry faces stringent regulations due » In the Netherlands, the Company actively pursuing measures through by increasing the self-generation
» Enhance ESG disclosures and adherence ensure the integrity of cyber security
to geopolitical conditions, trade patterns, adopted the Corporate Asset the ‘Roadmap Plus’ investment of electricity and efficiency
to evolving standards interventions
tariffs, protectionist policies and increased Management Framework (CAMF) for programme to improve the local improvements
» Implementation of 'One Treasury' for » Zero Trust architecture for validation
focus on ESG disclosures. Non-adherence improved insights on the operational environmental performance around
managing cashflows, currencies and at every stage of digital interaction
may impact business operations assets related to reliability, failure, risk dust, noise and odour
commodity hedging across TSG and reputation. and prioritisation of resources
Our Strategy Ethics and Compliance
Tata Steel upholds integrity and Tata Steel has and will
always relentlessly focus on
transparency, ensuring compliance strengthening the ethical
culture across all its locations
with laws, to foster a culture of by reinforcing the policies
and guidelines, setting high
trust and sustainability across standards of transparency
through strong corporate
its operations. governance practices, and
leveraging technology.
Ethics Compliance
Ethical business conduct forms supported by line managers and called ‘Speak Up’, which ensures
The steel industry, historically Acting as a second line of defence, streamlining compliance procedures
the core of Tata Steel’s philosophy. employees who are nominated stakeholders’ confidence in the
a bastion of rigorous regulatory it assesses compliance gaps, guides on user concern management and
The Company has always upheld the and trained as Divisional Ethics whistleblowing process. The
oversight and scrutiny, finds itself the implementation of internal statutory licences review.
highest standards of ethical business Coordinators and Ethics Champions facilities include a 24/7 toll-free
at a pivotal juncture as the global controls, and provides critical insights In FY2024-25, the focus would
practices across its geographically and constitute the Organisation of number, web access, postal services,
imperative shifts towards sustainability to the management. In addition to be on enhancing review and testing
diversified operations. Ethics Counsellors (OECs). Besides and email.
and decarbonisation. Additionally, ensuring adherence to a myriad of protocols through compliance audits
On December 18, 2023, Tata Steel them, local POSH (Prevention of
significant stakeholder expectations, applicable laws and regulations, the to assess gaps, ensure coverage,
observed 25 years of institutionalising Sexual Harassment) representatives Communication and training shifts in social attitudes, and public function serves as a valued advisor, promote awareness, and foster a
the Tata Code of Conduct (TCoC). play a pivotal role in connecting with
» Communication is crucial in perception, particularly in the providing essential guidance, training, compliance culture.
Guided by the TCoC, Tata Steel has and instilling confidence among
deploying the MBE framework Environmental, Social and Governance and consultation to the business in In the coming years, the function
deployed the Management of Business the people on shop floors and
across the organisation through (ESG) domain, are shaping industry meeting its compliance obligations. will continue to develop compliance
Ethics (MBE) framework with the supporting them in reporting sexual
various communication platforms, practices and priorities. Given this Last year, the function achieved capabilities across all levels within
following four pillars: harassment cases.
including round-table discussions shift, compliance is at a critical ISO 9001:2015 standards certification, Tata Steel and across the corporate
for employees, business associate inflexion point as it transcends the incorporating rigorous quality spectrum, which includes group
Leadership Compliance structure meets for vendors, distributors, traditional boundaries of regulatory management in its compliance entities. It will look to extend its
» The Corporate Governance structure » Various systems and processes suppliers, transporters, and service adherence and legal conformity. practices, crucial for meeting monitoring and oversight perimeter
includes Board-level committees are used to ensure a robust vigil providers, and mass meetings at Compliance is now emerging as contemporary and ever-evolving to include third parties. It would
and management-level committees, mechanism for the deployment of shop floors to connect with the a strategic function that serves as regulatory demands effectively. This continue to evaluate and upgrade its
which oversee the deployment of the TCoC and related policies in the frontline employees and contract a cornerstone in supporting the achievement marks a significant stride technology stack to ensure it meets
vigil mechanism in the organisation. organisation. workforce. trajectory of the enterprise towards a in propelling the function towards the emerging compliance demands.
» The Senior Leadership team does » Tata Steel’s in-house IT-enabled » Customised training programmes sustainable future. sustained operational excellence. It is The function is headed by the
role modelling by communicating digital platform ‘Darpan’ hosts on POSH, Respectful Workplace, and The Compliance function at also significant in light of the function’s Company Secretary and Chief Legal
the values and principles through declarations on the TCoC and Third-Party Due Diligence, amongst Tata Steel involves a robust and aspiration to secure ISO 37301:2021 Officer (Corporate & Compliance), who
various forums, addressing different Conflict of Interest, external other topics, are conducted online, comprehensive programme that standards certification in the is primarily responsible for overseeing
stakeholders across divisions assignment declarations, and Gift in classrooms, and on web-based focuses on regulatory changes coming years. and managing regulatory compliances.
thereby ensuring open and and Hospitality declarations. Other mediums. and trends, addresses stakeholder Recognising the importance of The function is adequately staffed
transparent culture. key IT platforms used by Tata Steel expectations, and facilitates technology in driving compliance, with compliance managers who are
» The Chief Ethics Counsellor (CEC) are the Management of Business Measurement continuous improvement while the function prioritised automating responsible for establishing business
is responsible for driving MBE Ethics Information System for aligning with the Company’s strategic compliance processes to streamline and industry-specific standards in all
The activities of the OECs are
initiatives and reports to the Chief Ethics Counsellor Management, the objectives and values. It plays a operations, reduce manual effort and units across the organisation.
captured in the online Management of
Executive Officer & Managing dilemma portal called ‘Kashmakash’, pivotal role in fostering a culture that minimise human error. Automation
Business Ethics Information System.
Director (CEO & MD), who is also
the Principal Ethics Officer. Apart
and the Integrated Concern
Management System.
The effectiveness of the MBE
is anchored in integrity, transparency
and accountability and prioritises
was utilised for user follow-ups and
generating management reports. The
ISO 9001:2015
framework deployment is constantly Certification received by
from a dedicated Corporate Ethics » Tata Steel also has a third-party fairness, upholds rights, promotes function also introduced modules
evaluated using the feedback from the
department, the deployment is whistleblowing helpline facility safety, and advocates ethical conduct. to its compliance solution for the Compliance function during
MBE Survey and MBE Assessment.
FY2023-24
Committed
to zero harm
Safety and health of its workforce is a key lever in Tata Steel's
journey towards excellence.
The implementation of Life Saving Rules across all facilities aims
to increase mass awareness. Additionally, the Safety Performance
Index was introduced to continually review and improve the safety
culture. Over 100 health awareness sessions were organised to
reduce and control lifestyle diseases among the workforce.
Further, a wellness portal and two mobile apps were launched to
support employee well-being, reflecting Tata Steel’s commitment
to fostering a safe and healthy work environment.
S TA K E H O L D E R E N G AG E M E N T A N D M AT E R I A L I T Y
59% Decline in LTIFR in Stakeholder Engagement 60 Materiality 64

the past 15 years
Stakeholder Engagement and Materiality Stakeholder Engagement
At Tata Steel, the Company creates shared value Value proposition

Vendor
through stakeholder relationships, engaging Partners
» Building capabilities through skill development, growth opportunities, safe
operations and opportunities to innovate
through focused groups and platforms, guiding its
journey to becoming a leading steel company. How we engage Emphasis areas
» Vendor meets » Health, safety, and human rights
» Vendor satisfaction survey, » Carbon emission, water, air
Vendor Capability Advancement pollution, waste management,
Programme renewable and clean energy
Investors Value proposition » Leadership Meetings: CEO to CEO » Embed sustainability in the supply
» Consistent returns on investments connect with strategic suppliers chain and promote responsible
and Lenders » Highly profitable and best-in-class assets in India with an integrated value chain » PROCARE Helpdesk Service for sourcing and circular economy
» Focus on deleveraging and funding profitable growth in India addressing issues/queries » Innovation and technology
» Better disclosures, transparency, and credibility of financial and non-financial » Vendor Grievance Redressal
disclosures Committee
The relationship provides » Supplier Day
Tata Steel with operational » Vendor Sustainability Assessment
How we engage Emphasis areas » Speak Up toll-free number for
leverage to optimise grievance reporting
» Annual reports, media updates, and » Focus on strong operating and
Providers of financial earnings calls on the Company’s financial performance (targeting the value chain, be cost- » Swagat Programme for smooth and
capital are essential to performance investment grade financial metrics) competitive and exceed faster onboarding of new vendors
» Investor and analyst meetings » Focus on highlighting ESG customer expectations
fund growth and transition » Periodic meetings, including commitments and disclosures
to a sustainable steel one-on-one or group meetings
company » Annual General Meetings
Government and Value proposition
Regulatory Bodies » Regular interaction with the government to engage with industry concerns on
existing/future policies and regulations to advance ease of doing business.
Customers Value proposition
» Strong brands, differentiated products, services and solutions, engineering
support, partnering for growth, a countrywide presence, and a reliable supply
chain network
How we engage Emphasis areas
How we engage Emphasis areas » Tata Steel works with the » Improving ease and cost of
» Various physical and digital » Focus on developing an enriched government to develop policies and doing business by reducing the
platforms to connect with portfolio of high-end downstream regulations that enable the growth compliance burden for the industry
customers, influencers, and channel products and solutions of the industrial sector, particularly » Achieving leadership in
partners » Leveraging digital tools to enhance the steel sector sustainability to move forward
customer experience across routes » Tata Steel advocates new policies/ on the path of sustainable
The relationship ensures
Long-term collaborative to market amendments in existing regulations development
compliance and business at the national and regional levels to » Focusing on technology and
relationships ensure » Focus on extending market-
differentiating value-added services continuity in line with create and sustain an environment innovation, demand creation and
market leadership conducive to India’s development enrichment of product portfolio,
to discerning customers changing policies and
retention in » Implement a responsible supply » It also interacts with think tanks and capacity expansion, etc.
partnering with agencies
chosen segments chain policy to ensure sustainable sectoral experts to develop a better
practices across the supply chain
to create a favourable understanding of complex issues
. (channel partners) business ecosystem and global best practices
Stakeholder Engagement and Materiality Stakeholder Engagement
Value proposition
Employees Media Value proposition
» Fair wages, a joint consultation system for working together, self-supervised
» Disclosing and sharing relevant information and updates with the public
structures, robust reward and recognition schemes, opportunities for learning
and growth, and a focus on employee well-being experience and engagement
How we engage Emphasis areas How we engage Emphasis areas

» Monthly online meetings with the » Employee health, safety, and holistic » Press communication: Press » Health, safety, and human rights
CEO & MD and informal meetings well-being releases, press meets, conference » Diversity, equity, and inclusion
with the senior leadership regularly » Attracting and retaining diverse calls, podcasts and social media » Environment footprint – carbon,
Their efforts are critical to » Employee Engagement Survey talent » Response management for water, and energy
the success of the business. » Capturing Employee Net Promoter » Providing an inclusive and positive media queries » Sustainability – processes
They are instrumental in Score work environment » Interviews of Tata Steel’s and products
» Joint forums between employee » Local sourcing of labour
The relationship helps Tata Senior Leadership » Innovation and technology
delivering the Company’s
unions and management » Welfare practices for non-officers Steel reach out to society » Thought leadership and » Operating and financial
strategies and achieving
and various stakeholders thematic articles performance
sustained business growth » Media events and sports » Business developments
to communicate the
engagement initiatives » Steel Industry outlook/dynamics –
brand’s vision and » Familiarisation visits to global and domestic
initiatives and drive
Community Value proposition
manufacturing and raw
corporate equity material sites
» Enable lasting betterment in the well-being of communities in the operating
region through regional development models that prioritise the excluded and
those proximate to business operations
» Addressing core development gaps at a national scale through replicable Industry Bodies Value proposition
models of development
» Sector-specific and industry-wide collaboration on crucial policy issues in
sectors related to mining, manufacturing, trade, finance, sustainability, etc
How we engage Emphasis areas

» A range of Proximate Community » To ensure safety in operating sites How we engage Emphasis areas
Development models with so that the health and safety of » Tata Steel participates in » Manufacturing and mining-
programmes touching all communities are not compromised conferences and seminars related issues, such as regulatory
significant aspects of life in the » Sustain community outreach organised by industry bodies clearances, auctions, labour,
operating region activities in areas where the » It also holds membership in logistics, production-linked
» Large-scale signature themes Company operates. national and regional committees incentives, etc. impacting
focusing on key national » Actively support communities
Industry bodies are
and sub-committees to deliberate operations
development challenges, creating through initiatives encompassing essential for developing on critical industry issues » Trade and finance issues, including
aspirational development models public health, household nutrition, networks, enabling FTAs (Free Trade Agreements), level
» Public consultations before access to and conservation of water, consensus building, and playing field, demand creation,
A conducive working business expansion household sanitation, holistic tariff and non-tariff barriers, GST
presenting a unified
environment ensures education, stable livelihoods, (Goods and Services Tax), the IBC
nurturing sporting talent, enabling and mutually agreeable
social support, amity, and (Insolvency and Bankruptcy Code),
a life of dignity for PwDs, creating perspective to the etc.
peace, avoiding hostility, necessary public infrastructure and government on various » Sustainability and low-carbon
community agitations, and amenities, and enabling grassroots transition to mitigate risks related to
policy interventions
protests leadership climate change, water, etc.
Stakeholder Engagement and Materiality Materiality
Tata Steel prioritises stakeholders, using High Priority Materiality Issues
periodic materiality assessments to

understand and address their needs and
concerns effectively.
Financial Materiality
1
Since FY2012-13, Tata Steel has The last materiality assessment, The materiality assessment
been conducting periodic materiality conducted in FY2022-23, was exercise is an 8-step process:
assessments every three years to undertaken on a consolidated basis
7
understand key stakeholder issues through a structured stakeholder Step 1 10
and focus areas to prioritise the consultation by an independent 11 15 4
Defining purpose and scope 12
Company’s risks and opportunities. agency, according to best-in-class
The last assessment was conducted in international practices. It has helped
FY2022-23. Tata Steel identify the top 15 ESG
Materiality assessment is a detailed issues, material to its business and Step 2
6 5
exercise that covers stakeholders is integral to its vision of being the Identification of potential topics
from all operating geographies — global steel industry benchmark 3 8 13 14
India, Thailand, the Netherlands, for Value Creation and Corporate 2
9
and the UK — and the identified Citizenship. The assessment is aligned Step 3
risks and opportunities help in with the guidance from International
Categorisation of topics
developing the Company’s strategy Standard Setting Bodies, including
over the short, medium, and long but not limited to Global Reporting Impact Materiality
term. The assessment also facilitates Initiative (GRI), Sustainability Step 4
deeper stakeholder engagement Accounting Standards Board (SASB) Environmental Social Governance
and incorporates their feedback on and the Integrated Reporting Identifying impacts
the Company’s roadmap, regularly <<IR>> Framework, covering both High priority material issues based on independent analysis for Tata Steel on a consolidated basis are as follows:
reviewed by Tata Steel’s senior general standards and sector-specific
Step 5 Greenhouse Gas Emissions and Occupational
leadership and the Board of Directors. standards related to iron and steel, 1 7 Corporate Governance 12
Climate Change Management Health and Safety
The risks arising out of material and metals and mining industries. Developing Materiality
issues are assessed as per the Material topics are further linked to Assessment questionnaire Circular Economy/ Employee Well-being Business Ethics, Integrity and
organisation’s Enterprise Risk the requirements of GRI, SASB, World 2 8 13
(consisted of 28 topics) Recycling of By-products and Development Transparency
Management process and framework. Steel Association (WSA), Business
In accordance with the AA1000 Responsibility and Sustainability Water Consumption Community Support and
3 Stakeholder Engagement 14
Stakeholder Engagement Standard, Reporting (BRSR), and World Economic Step 6 and Effluent Discharge Corporate Social Responsibility
Tata Steel identifies the following as its Forum (WEF). (CSR)/Building Thriving 9
Analysis of responses Energy Efficiency/
stakeholders: 4 Communities Risk Management 15
There are two aspects to Tata Steel’s Energy Management
» Senior Management
materiality assessment: Research and Development/
» Investors (Debt & Equity)
Impact Materiality: Determined Step 7 Air Pollution/Air Technology, Product and
» Employees 5 10
by the scale, scope, and irreversible Quality Management Process Innovation
» Contractual Workforce Identification of high priority
» Community nature of the impact, this factor material topics
» Suppliers considers the effects on both people Biodiversity 6 Supply Chain Sustainability 11
» Customers and the environment.
» Media Financial Materiality: Determined Step 8
» Regulatory Bodies by the risks and opportunities, this
Approval of material topics
» Industry Bodies factor considers the impact on the
» Non-government organisations organisation’s financials. Financial Capital Manufactured Capital Intellectual Capital Human Capital Social & Relationship Capital Natural Capital
Material issues Approach KPIs Capital linkages
5 Air Pollution/ Tata Steel is committed to identifying, assessing, » Stack SOx emission
Air Quality
Management and managing its air emissions to ensure healthy » Stack NOx emission
air quality, by investing in the upgradation of » Stack dust emission
pollution control equipment.
Environmental
Material issues Approach KPIs Capital linkages 6 Biodiversity Tata Steel aims at integrating biodiversity » Total sites covered under
into its business ecosystem by committing to Biodiversity Management
1 Greenhouse Tata Steel has set an ambitious target to » Greenhouse Gas Emissions conserve, enhance and restore biodiversity in all Plans (BMP)
Gas Emissions &
Climate Change achieve Net Zero emissions by 2045. Tata Steel – Scope 1, Scope 2, and its operations and across the supply chain. » Total area covered
Management has published its strategy to mitigate climate Scope 3 under BMP
change-related risks in its Climate Change » Emission intensity per
Report as part of Tata Steel’s Integrated Report tonne of crude steel
for FY2023-24.
2 Circular Economy/ Tata Steel is looking at two approaches for value » Total steel scrap recycled
Recycling of
By-products creation from waste and by-products: (internal and external)
a. Maximise the usage of scrap in steelmaking » Total solid waste
b. Maximise revenue from sale of by-products generated
» Total solid waste utilised
Social
Material issues Approach KPIs Capital linkages
7 Occupational Tata Steel’s safety and health responsibilities are » Lost-time Injury
3 Water The Company actively implements the 4R » Total fresh water Health and Safety
Consumption and driven by its commitment to zero harm to the » Lost-time Injury
Effluent Discharge principle (Reduce, Reuse, Recycle and Replenish) consumption people it works with, and community at large. Frequency Rate
to reduce its water footprint across multiple » Total effluent discharge » Fatalities
locations. Tata Steel is also exploring other volume
sources of water to replace freshwater and
remains dedicated to replenishing the water
sources to strive to achieve Water Neutrality.
8 Employee Tata Steel recognises that people are its » Employee productivity
Well-being and
Development primary source of competitiveness and designs » Employee Training
management practices to enrich the quality of » Workforce covered
4 Energy Efficiency/ Tata Steel is committed to energy conservation » Total energy consumption life of its employees, develop their potential and through a formal trade
Energy
Management and enhancing energy efficiency in all its areas » Specific energy maximise their productivity. Additional details union
of operations by exploring and implementing consumption of Tata Steel’s employee well-being initiatives » Employee gender ratio
best available technologies, and by deploying » Renewable energy are provided in the Company’s Business » Employee diversity mix
renewable energy projects. consumptions Responsibility and Sustainability Report.
Material issues Approach KPIs Capital linkages Material issues Approach KPIs Capital linkages
9 Community Support Tata Steel has pioneered large scale change » Lives impacted through Corporate
and Corporate Social
12 Tata Steel has laid a strong corporate » Board/committee
models, working closely with communities, CSR (in millions) Governance
Responsibility (CSR)/ governance foundation which is led by an active, governance disclosures
Building Thriving which address core development challenges for » CSR spend (in J crore) well informed and independent Board and and reporting
Communities millions of people. This is underpinned by the supported by Board committees. This is well » Ethics and Compliance
Tata Steel Foundation, an institution designed supported by the Company’s ethical governance » Risk management
to bring together talent, mandate and resources framework and the Enterprise Risk Management » Succession planning and
committed towards social impact. practices of the Company. executive compensation
The details of the initiatives and community
engagement is provided in Company’s Business
Responsibility and Sustainability Report.
13 Business Ethics,
Integrity, and Tata Steel strives for global leadership in » Whistleblower cases
Transparency standards of ethics, based on the strong closed
foundation of Tata values and the Tata Code of » Sexual harassment cases
Conduct (TCoC) and its principles underpinned closed
by a formalised Management of Business Ethics » Trainings on TCoC for
Framework and commitment to transparency. employees and business
associates
14 Stakeholder Tata Steel seeks to balance the needs, interests, » Stakeholder grievance
Engagement
and expectations of all stakeholders with those management forums
of the business through an integrated and » Stakeholder grievances
Governance inclusive process. addressed during the year
Tata Steel also undertakes regular materiality
assessment to understand key issues for various
Material issues Approach KPIs Capital linkages stakeholder groups and incorporates those in its
broader strategy.
10 Research and Tata Steel aspires to be among the top 5 global » Total collaborations/
Development/
Technology, technology leaders in the steel industry and has memberships of academia
Product and consistently used technology and innovation to and technical institutes
Process Innovation build a rich portfolio of future-ready products » Total number of patents
and is actively engaged in the development filed and granted
and pilot of various low CO2 steelmaking » Total number of new 15 Risk Management Tata Steel has developed the Enterprise » Risk Maturity Assessment
technologies. products developed
Risk Management framework and process score
derived from COSO (Committee of Sponsored » Risk Management
Organisation), ISO 31000:2018 and various Committee reviews
inputs from the best practices across industries.
11 Supply Chain
Sustainability Tata Steel has formulated the Responsible » Scope 3 emissions, active The process is uniformly deployed across the
Supply Chain Policy to address sustainability supplier base, local organisation and risks arising from the potential
in supply chain and regularly assesses its suppliers – no. and volume material issues are integrated with organisation’s
supply chain partners on the policy and » Affirmative Action suppliers ERM framework.
organises training and awareness sessions. – no. and volume
Multiple initiatives have been taken between » Supplier assessments,
Procurement and Supply Chain to bring down supplier awareness and
Scope 3 emissions. training, no. of shipments
using alternative fuels
Driving technology
transformation
Tata Steel is at the forefront of technological transformation
through the integration of Artificial Intelligence (AI) and Industry
4.0 technologies.
Utilising 550+ AI models across its value chain, the Company
enhances yield, throughput, and quality while reducing energy
consumption and emissions. AI solutions aid operators in better
process control, and predictive models assess the remaining useful
life of assets, preventing unplanned downtime by predicting and
pre-empting equipment failures.
The adoption of Industry 4.0 technologies is also creating unique,
hyper-personalised experiences for customers and stakeholders.
This digital transformation is improving business KPIs, optimising
operations, and facilitating timely, effective decisions, reaffirming
Tata Steel’s technology leadership.
VA LU E C R E AT I O N
588 Patents granted Financial Capital 72 Natural Capital 108

in FY2023-24 Manufactured Capital 76 Climate Change Report 114
Intellectual Capital 80 ESG Factsheet 126
Human Capital 88 Awards and Recognition 142
Social and Relationship Capital 94
Value Creation Financial Capital
Tata Steel prioritises strategic capital The global economy showed

resilience in FY2023-24 despite facing
to PY ₹32,698 crore). The Company’s
consolidated cash flow from operations
allocation, drives operational efficiency, and several strong headwinds – the Middle
East crisis, Russia’s invasion of Ukraine,
stood at ₹20,301 crore. Considering
the performance, the Board has
manages debt effectively to ensure long-term falling household purchasing power

and rising geo-political uncertainties.
recommended a dividend of ₹3.60 per
Ordinary (Equity) Share.
Baa3 (Stable)
The economy is better placed now, In India, the Shikhar25 programme
sustainable returns for its stakeholders. than at the same time in 2023 with the drove savings and value protection of
risk of a global recession receding. In around ₹6,821 crore, while in Europe, Rating upgrade by Moody
late 2023, headline inflation neared its improvement programmes yielded
from Ba1 (positive)
pre-pandemic level in most economies savings of €124 million for Tata Steel in
for the first time since the start of the the Netherlands and £48 million in the
global inflation surge. As global inflation UK. A sustained focus on balance sheet capital expenditure of ₹18,207
descended from its peak, economic and cost optimisation aids Tata Steel's crore, it allocated over ₹5,300 crore
activity grew steadily, defying warnings strategic objective, helping it retain its for these projects with the second
of stagflation and global recession. The position as a global cost leader. blast furnace at Kalinganagar now
United States, with some middle-income As part of fund-raising, the Company in the process of commissioning in
economies, displayed strong economic issued and allotted Unsecured, Rated, FY2024-25. €550 million were spent
performance, with aggregate demand Listed, Redeemable, Non-Convertible on the relining of the Blast Furnace 6
supported by stronger than expected Debentures (NCDs) aggregating to at IJmuiden, to prolong the life of the
private consumption amidst still tight ₹2,700 crore, to identified investors on a asset and improve its efficiency. The
though easing labour markets. private placement basis. Company also spent over €168 million
India’s economic growth has been During the year, Moody’s upgraded on the various sustainability projects
resilient against global headwinds for Tata Steel’s credit rating from ‘Ba1’ in the Netherlands. ₹1,400+ crore
three fiscals now. Policy and regulatory Positive to ‘Baa3’ Stable, while S&P expenditure went towards mining
support and prudence have helped, as retained the ‘BBB-’ rating. Domestic capacity expansion in India.
has the gradual reinvigoration of the rating agencies have rated Tata Steel The Company is setting up a
private sector. This positively impacts ‘AA+’, indicating a strong credit profile 0.75 MTPA scrap-based electric arc
the steel industry, which showed 14% and operating performance. With furnace facility in Ludhiana, Punjab,
growth in finished steel demand in this, Tata Steel is the only Indian steel India. Tata Steel has also invested
FY2023-24 over FY2022-23. Higher steel company which is currently rated in particulate matter emissions
exports from China led to softening investment grade by both international reduction in the Netherlands. In
prices in the international market, and domestic credit rating agencies. September 2023, Tata Steel and the
thereby lowering the profitability of UK Government announced a joint
Indian mills. The European steel industry, Deployment of capital - agreement on a proposal to invest in
already grappling with weak domestic a state-of-the-art electric arc furnace
demand, also felt the heat of cheap steel
Investments for growth and steel manufacturing facility at the
imports. sustainability Port Talbot site with a capital cost of
In FY2023-24, Tata Steel Limited Capacity augmentation to leverage £1.25 billion inclusive of a grant from
completed the amalgamation of 5 Indian India’s growth potential is key to the UK Government of up to £500
subsidiary companies. Please refer to the strengthening Tata Steel’s leadership million. In the UK, Tata Steel plans to
section 'Forging a Stronger Future' on position in chosen segments. In shut down both blast furnaces in 2024
the following page. the past decade, the Company has and has started working towards the
Key highlights in FY2023-24
doubled its steel production capacity proposed transition to EAF-based
Generation of capital - through organic and inorganic routes low CO2 steelmaking. The Company’s
and has outlined plans to reach UK business incurred an EBITDA
Performance for FY2023-24
B20,301 crore B77,550 crore

40 MTPA capacity in India. loss of £364 million in FY2023-24.
Tata Steel, during FY2023-24 In FY2023-24 Tata Steel accelerated Though the transition would lead to
generated a consolidated revenue of capital expenditure towards the redundancy and restructuring costs
₹2,29,171 crore (as compared to PY Kalinganagar 5 MTPA capacity and losses in the ongoing operations
Cash flow from operations Net Debt
₹2,43,353 crore) and a consolidated expansion and 2.2 MTPA CRM Complex in FY2024-25, the business is expected
EBITDA of ₹23,402 crore (as compared project. Out of the total consolidated to stabilise by the end of FY2024-25.
Value Creation Financial Capital
Management of
capital - Focus on a
healthy balance sheet
The steel industry being highly
capital-intensive and cyclical in
nature, an optimal capital structure
enables financial stability and ensures
robust liquidity to fund business
requirements across cycles. To achieve
this, Tata Steel has undertaken
deleveraging, proactive refinancing,
Tata Steel receives ICSI Business Responsibility and Sustainability Awards, 2023 in
and appropriate financing structures
the 'Best Corporate (Non-Service Sector)' category
to achieve the desired debt levels and
savings on interest costs. rating by two international credit creation, and future technology
As of March 31, 2024, gross debt ratings agencies — Moody’s and S&P. pilots for decarbonisation and
stood at ₹87,082 crore and was Tata Steel continues to demonstrate low CO2 steelmaking. It shall also
marginally higher due to capital leadership in corporate disclosure ensure ample liquidity to support and
allocation for growth and volatility and published its first Business protect its business operations across
in earnings. The Company’s liquidity Responsibility and Sustainability the business cycle.
remains strong at ₹31,767 crore, Report (BRSR) in June 2023. In addition The Company recognises the
with cash and cash equivalents to the regulatory requirements, the imperative to integrate sustainability
at ₹9,532 crore and the rest being BRSR report further conveyed Tata into its financing approach,
undrawn fund-based lines. Steel’s sustainability message to acknowledging the interconnectedness
The investment capital has been relevant stakeholders voluntarily between financial decisions and
secured through fundraising at by providing key insights and long-term business goals. Tata Steel
optimal cost and flexible terms, comprehensive disclosures on is currently working on a Sustainable
owing to the Company’s nurtured Environmental, Social and Governance Financing Framework to be able to fund
relationships with various capital (ESG) initiatives, KPIs, performance projects and initiatives that contribute
providers such as domestic and and plans across Tata Steel Group. positively to both financial returns and
Forging a
international banks, domestic It was awarded the prestigious sustainable development.
mutual funds, insurance companies, Institute of Company Secretaries of To optimise the debt maturity
and foreign institutional investors. India’s Business Responsibility and profile, the Company shall continue to
stronger future
To ensure alignment between Sustainability Awards, 2023 in the raise funds through diversified sources
capital allocation and its long-term 'Best Corporate (Non-Service Sector)' for its long-term and short-term debt
decarbonisation strategy, Tata Steel category. Tata Steel has a long, requirements, which are aligned with
uses a carbon-adjusted internal cost of unbroken record of annual disclosure its growth ambitions and address ALM
capital of US$ 40 per tonne of CO2 for to the Climate Disclosure Project (Asset and Liability Management) risks.
capital project appraisals. (CDP) and its most recent climate Green financing shall be accessed
disclosure in 2023 has been rated 'A-' where appropriate. Tata Steel has a To drive efficiency and growth with added financial involving companies with a
Engagement with (leadership band). clear plan to refinance maturing long- reduce operational costs, flexibility and bring cumulative annual turnover of
stakeholders For details on Tata Steel's modes term debts where required. Tata Steel has completed the operational, procurement, approximately ₹19,700 crore
of engagement with investors and The already expanding scope of
Tata Steel has consistently paid
other stakeholders, please refer to sustainability-related disclosures, such
merger of five subsidiaries and business synergies. in FY2022-23, is expected
dividends to shareholders aided by and is in the advanced Further, the mergers will also to drive value growth in
the Stakeholder Engagement section as extending disclosures to supply
operational and financial performance.
The payout of the proposed dividend
and the Social & Relationship Capital chain partners under the BRSR, will stages of completion for help improve management downstream operations and
chapter in this report. further increase in the coming years. the remaining three. These efficiency, sharpen strategic optimise raw material security,
of ₹3.60 per Ordinary (Equity) Share
To meet these requirements, Tata Steel
will mark 85+ years of continued
is preparing to ramp up its capabilities
mergers will simplify the focus, and increase agility procurement, logistics, and
dividend payment. Way forward
through the implementation corporate structure and across businesses with strong facility utilisation.
The Company’s disciplined Tata Steel will strategically allocate
approach to managing financial capital capital towards attractive growth
of the automated non-financial reduce corporate overheads. support from Tata Steel's
reporting platform. This will support business leadership. The consolidation,
has led to an investment grade credit opportunities, sustainable value
Value Creation Manufactured Capital
Tata Steel's advanced production facilities, Tata Steel is one of the most diversified integrated steel producers in the world,
with an annual crude steel production capacity of 35 MTPA across manufacturing
robust infrastructure, and mining assets assets in India, the Netherlands, the UK, and Thailand. In India, the Company has
operations in Jamshedpur and Gamharia in Jharkhand, and in Kalinganagar and The Company is also
expanding its downstream
ensure high-quality steel products, Meramandali in Odisha, with an overall capacity of 21.6 MTPA. The acquisition of
Neelachal Ispat Nigam Limited, with an overall crude steel production capacity units in tandem with
of 1 MTPA in the long products segment, has helped the Company to balance
operational efficiency, and sustainable its product portfolio and will play a critical role in the Company’s long products
the upstream.
growth aspiration. The Company also works with different steel processing
growth to meet global market demands centres to convert semi-finished steel products into finished goods.
and drive innovation. JAMSHEDPUR, INDIA GAMHARIA, INDIA SARABURI, RAYONG AND
CHONBURI, THAILAND
11 MTPA 1 MTPA
The flagship Jamshedpur plant is
amongst the first steel plants in Asia
The Gamharia plant specialises in the
production of high-alloy, value-added
1.7 MTPA
Tata Steel (Thailand) Public Company
and the only facility in India to produce steel for diverse applications. It is one Limited (TSTH) is one of the largest
steel at the same site continuously of the largest manufacturers in India and most diverse long steel
for over 100 years. The Company’s in the Special Bar Quality (SBQ) steel manufacturers in Thailand, using
sustainable growth has been driven by segment with 1 MTPA capacity. It also recyclable steel scrap as raw material.
its operational excellence and a culture boasts a 1 MTPA facility for sponge With 3 manufacturing plants located
of continuous improvement. iron and 160 MW power generation. in the provinces of Saraburi, Rayong,
and Chonburi, the Thailand facilities
MERAMANDALI, INDIA IJMUIDEN, THE NETHERLANDS specialise in manufacturing bars,
5.6 MTPA 7 MTPA

rebars, wire rods and small sections.
The Meramandali plant in Odisha The IJmuiden steelworks site operates Expansion projects - India
is one of India’s largest flat steel two blast furnaces with a steelmaking The Kalinganagar Phase II expansion
production plants, equipped with capacity of 7 MTPA, one of the is in progress. Please refer to the section
steelmaking and finishing facilities. largest in Europe. The high-quality 'The growth of Kalinganagar' on the
flat steel products are supplied to next page.
KALINGANAGAR, INDIA markets around the world, including The Company is also expanding
3 MTPA construction, automotive, packaging,
and the manufacturing of lifting,
its downstream units in tandem with
the upstream. Having acquired and
Commissioned in 2016, the mining, and earthmoving equipment. integrated the tube mills of erstwhile
Kalinganagar plant attained
Bhushan Steel Limited, the Company
production levels at its rated capacity
PORT TALBOT, THE UNITED KINGDOM now produces more than 1 MT of tubes
of 3 MTPA in less than two years.
annually, making it the second largest
A capacity expansion to 8 MTPA
(Phase II) is currently underway, which
5 MTPA tubes manufacturer in India.
The integrated iron and steel works The Company is also investing in the
will augment the Company’s product
at Port Talbot currently operates two capacity expansion of its tinplate plant.
portfolio with new value-added
blast furnaces, with a production Significant investments are also being
products while driving operational
capacity of 5 MTPA of liquid iron. made towards the special bar and wire
efficiency and reducing carbon
Being the largest steel producer in the rod combi mills of The Indian Steel and
footprint.
UK, Tata Steel produces high quality Wire Products Limited, which is currently
1 MTPA
35 MTPA
differentiated strip steel products in the process of getting amalgamated
for the construction, automotive, into and with Tata Steel Limited.
The Neelachal Ispat Nigam Limited
packaging and engineering markets.
unit is an integrated steel plant at
Consolidated Kalinganagar, Odisha, which produces
steelmaking capacity 1 MTPA of long products, through the
blast furnace route.
Value Creation Manufactured Capital
Making steel manufacturing

process green
Along with capacity expansion, Tata
Steel remains focused on improving
the sustainability performance of its
assets. In April 2023, in Jamshedpur, the
Company executed a hydrogen injection
trial using 40% of the injection systems
in the E Blast Furnace. It was the first time
in the world that such a large quantity of
hydrogen was continuously injected into
a blast furnace.
Transport Park, Tata Steel Jamshedpur
Global operations Setting new benchmarks in sustainable supply chain
Tata Steel’s total crude steel
production capacity stands at 12 MTPA Supply chain and logistics
between operations in the Netherlands Supply chain and logistics are Paradip Port in FY2023-24. Other major
and the United Kingdom (UK). The integral parts of the steel value infrastructure development projects
downstream operations span across chain. The Company is responsible are underway to support the growth
Belgium, France, Germany, the United for planning, sourcing, delivery and plan. These include the construction
States, Sweden, Spain and other logistics of more than 100 MT of raw of a slurry pipeline, alternative port
countries. The Company is transitioning material, finished goods and by- capacity, and improvements to the rail
towards low-CO₂ steelmaking in the products across its Indian footprint. networks and tracks.
UK and the Netherlands. The Company Annually, more than 60 MT of raw The Company has revamped the
is also in discussion with the Dutch material, comprising 200+ grades finished goods value chain under the
The growth
government about closing one of the from 54 global sources is planned, Integrated Supply Chain Management
two blast furnaces in the Netherlands scheduled and transported to 40+ programme for flat products with
by 2030 and replacing it with a Direct internal consumption centres in the adoption of production planning
of Kalinganagar
Reduced Iron (DRI) - electric arc furnace India. On the delivery side, 20 MT of and transportation management
(EAF). Meanwhile, the Company is finished goods, consisting of around systems to provide customers with a
also making interventions to reduce 20,000 stock keeping units (SKUs) from first-of-its-kind approach in the Indian
emissions and improve the efficiency of approximately 65 production units steel industry. It has established new
the existing assets. (including Steel Processing Centres) IT solutions such as Rail Turnaround
The Company has reached an are delivered to diverse customers. Time Optimisation in the raw material After successful commissioning successfully ramped up. It is the Solid State Automatic Laser Welder
agreement with the UK Government All its material movement is enabled value chain to decrease operational and ramp up of the Phase I of the first in India to adopt bag houses and Automatic Storage & Retrieval
on proposals to replace the end-of-life through 7 ports, 25 stockyards and 36 waste and increase asset utilisation Kalinganagar plant, Tata Steel for process dedusting of Induration system for product coils storage
upstream assets with an EAF, reducing Steel Processing Centres. using analytics and machine learning commenced the Phase II expansion Furnace in place of Electro Static vertically. The facility includes one
direct CO2 emissions by 50 MT over a As the Company plans to double algorithms. from 3 MTPA to 8 MTPA in 2018. The Precipitators to reduce dust 2.2 MTPA Coupled Pickling & Tandem
decade. its capacity in India, the scale and Tata Steel established a live expansion is in progress and is a step emissions < 10 mg/Nm3 as against Cold Mill, one 0.9 MTPA Continuous
With three green steel production complexity of supply chain and Sustainability Data Ecosystem towards achieving the goal of 35 the norms of 30 mg/Nm3. It is Annealing line and two Continuous
facilities located in the central and logistics will increase. The Company Dashboard for shipping-related MTPA - 40 MTPA in India by 2030. designed to produce high basicity Galvanising lines of 1 MTPA. The
eastern regions of Thailand, the strives to create a future-ready emission calculation, reporting, The 4.3 MTPA Blast Furnace 2 is pellets to meet blast furnace Pickling Line Tandem Cold Mill
Company supplies long products supply chain through digitalisation, and analytics in partnership with the largest greenfield blast furnace burden requirements and will commissioned during the year has
including rebars and wire rods across building top-notch infrastructure and IHS Markit (now merged into S&P in the world and equipped with the ensure adequate pellet supply to augmented the product portfolio of
South Asia. inculcating sustainable practices. Global). Focussing on the three best features for a long campaign life Kalinganagar and Meramandali. Tata Steel through the production
Amongst the three plants, Of the 21 MT of raw materials imported key components of optimum cost, and eco-friendly design. The second The Cold Roll Mill at the of high-strength cold rolled coils
Tata Steel has an annual capacity of through the ports on India’s eastern judicious infrastructure spending and blast furnace will help take the Kalinganagar plant is designed with to meet the requirements of the
1.7 MT of crude steel in Thailand. The coast, around 5 MT were handled reliable operations, the supply chain is overall production capacity of hot state-of-the-art facilities. It is the automotive customers.
Company intends to use more scrap in through the recently opened Kalinga prepared to meet future demands. metal in Kalinganagar to 8 MTPA. widest and strongest mill in India
its manufacturing process. International Coal Terminal at the The 6.4 MTPA Pellet Plant capable of doing up to 1,180 MPa
has been commissioned and advance high-strength steel with
Value Creation Intellectual Capital
Tata Steel’s intellectual assets encompass Tech-driven future

Tata Steel recognises the The Company is also assessing the
the Company’s R&D initiatives, subject importance of technology in ensuring use of additional biomass (in the form
business continuity, facilitating growth of BioChar) as a sustainable source of Tata Steel is the first sponsor
matter expertise and strategic partnerships and achieving sustainability.
The Company aspires to be
carbon within the H2-DRI strategy.
Tata Steel also continued trials at
of the sprint series, allocating
£80,000 to fund two of its
that aid its efforts to be at the forefront amongst the top 5 technology leaders
in the global steel industry. To achieve
its HIsarna pilot plant in IJmuiden.
The HIsarna technology is a more innovative projects.
this, Tata Steel has identified 7 (seven) energy efficient iron-making
of innovation. Technology Leadership Areas (TLAs) technology as it does not require in low-carbon hydrogen, across
viz. Hydrogen, Carbon Capture and pre-processing of the ores and academia, startups and industries
Utilisation, Leveraging Low Quality metallurgical coal. Furthermore, the based out of India and the UK.
Raw Materials, Coatings, Mobility, technology is suited to combine In the UK, Tata Steel has been
Advanced Process Control and Water, with Carbon Capture Utilisation and involved in the WorldAutoSteel
based on industry megatrends and Sequestration (CCUS) to further reduce E-motive project that aims to create
their strategic fitment. The Company CO2 emissions. The Company plans to a fully autonomous ride-sharing
has state-of-the-art in-house R&D perform test runs with high-alumina vehicle concept, showcasing the
capabilities. Further, the Company ore and natural gas, with the goal to latest developments in steel with a
collaborates with academia and build a second largest demo plant in focus on Net Zero emission targets.
industry, and explores the global India in the future. In 2023, a full engineering report
startup ecosystem and open In July 2023, Tata Steel announced was published in partnership with a
innovation channels. the Tata Steel Sprint to Zero 2023 global engineering firm, intended to
challenge. Being part of the India-UK support automakers in the continued
Technology for Hydrogen Partnership, this initiative development of Mobility-as-a-Service
aims at funding groundbreaking ride-sharing models.
emission reduction research and development projects
Tata Steel has taken significant
steps towards decarbonising
its blast furnace operations. In
Jamshedpur, the Company executed
a hydrogen injection trial using
40% of the injection systems in the
E Blast Furnace. It was the first time in
the world that such a large quantity of
hydrogen was continuously injected
into a blast furnace.
In the Netherlands, Tata Steel is
preparing itself for the proposed
transition to green steelmaking.
Towards this, targeted research
projects were undertaken, such as
optimising pellet characteristics to suit
future iron-making processes using
Key highlights in FY2023-24
the direct reduced iron (DRI) method.
The development of models and pilot
installations for electric arc furnace
B953 crore 105 588

simulation is also well underway.
The Company is evaluating the impact
of hydrogen steelmaking on the
refractory materials used to line and HIsarna, a promising steelmaking technology with the potential of at least 20%
R&D spend New products developed Patents granted
protect the process facilities. reduction in CO2 emissions and energy consumption
Leveraging global functional expenses without causing Tata Steel has also signed an MoU
entrepreneurial pool any operational disturbance. Tata with IIT Bhubaneswar to collaborate
Steel won the Energy Transition with IIT Bhubaneswar REP (Research
Tata Steel has conducted proof-
Changemakers award during COP 28 and Entrepreneurship Park) to explore
of-concept experiments and pilots
for the project. collaboration in the areas of materials
with 40+ Indian and global startups
processing and modelling, energy and
to develop breakthrough solutions.
Collaboration for establishing environment, and low carbon steel
In collaboration with a UK-based
production and circular economy. The
startup, Tata Steel commissioned innovation centres REP incubates early-stage startups,
a 5 tonnes per day carbon capture In FY2023-24, Tata Steel signed an providing technical, financial, marketing
plant in Jamshedpur – a first for a MoU with Imperial College London and legal support.
steel company in India. Tata Steel was to set up a Centre for Innovation in
among the R&D 100 award winners, Sustainable Design and Manufacturing
awarded by R&D World, for the carbon in London.
Ideation through open
capture plant. Tata Steel also signed an MoU innovation and campus-
with The Henry Royce Institute for connect initiatives
Recognition for Advanced Materials, Manchester, The 4th edition of MaterialNEXT,
outstanding innovations UK, to set up a Centre for Innovation Tata Steel’s flagship open innovation
in Advanced Materials, investing event, registered 158 active ideas
Multiple innovative projects and
£10 million over four years towards from students, research scholars
applications brought laurels for
collaborative research and and startups.
Tata Steel at the Tata InnoVista 2023
development and exploring 2D and The 9th edition of Mind Over Matter
Awards. Please refer to the section
second-life materials. The Company – the Company’s flagship technology
'Sustainable Innovation' on the
has already established two other mentorship programme witnessed
following page.
Centres for Innovation at Chennai and a record-breaking 450 registrations,
Another key implementation in
Dhanbad in collaboration with the marking a 30% increase from the
FY2023-24 was the SMART solution
Indian Institute of Technology, Madras, past year. A total of 11 teams from
package for the cooling tower. The
Sustainable
on Advanced Mobility and with the top Indian engineering colleges were
machine learning algorithm-based
Indian Institute of Technology-Indian shortlisted and mentored by Tata Steel’s
solution substantially improves energy
School of Mines, Dhanbad, on Mining R&D leadership during a six-month
efficiency and reduces carbon dioxide
innovation
and Beneficiation. internship to prototype their ideas.
emissions, water consumption, and
The 3rd edition of TomorrowLAB saw
around 25,000 participants including
155 from Tata Steel. The competition
aims to generate breakthrough and
innovative ideas that re-emphasise Tata InnoVista is a unique 'One towards innovation and building a The Carbon Lite, global first
Tata Steel’s thrust on innovation, Tata' platform for recognising and sustainable innovation culture. method to unlock the potential
build the entrepreneurial DNA to celebrating innovations of Tata The Tata Group 2023 of low-grade iron ore, and Smart
meet future Indian market demands, companies. Participating in the InnoVista Awards showcased Sintering projects bagged the
and strengthen Tata Steel’s overall group-wide initiative encourages and 13,946 innovations from 38 Tata ‘Implemented Innovations’ awards.
positioning and idea pipeline. motivates the teams and promotes a companies spread across functions, Water-based internal coating for
culture of collaborative innovation, sectors, and geographies. Over Contiflo® and Pellet making from
learning and sharing. Tata InnoVista 34,000 employees participated waste LD sludge were the winners
demonstrates the ability of the teams and 48 projects made it to the final of the ‘Sustainability Impact
to solve real business problems with round, across 7 award categories. Innovations’ awards. The team
Tata Steel will invest £20 innovative solutions, their focus 15 winning teams and one Serial leading the project ‘Needle coke
million in the Centres of on creating a visible impact, and Innovator walked away with the from electrodes from coal tar’ won in
innovation at Imperial College the intrapreneur culture. Over the coveted trophy. With 7 out of the 16 the ‘Piloted Technologies’ category.
years, Tata InnoVista has evolved awards, Tata Steel was the biggest The ‘Serial Innovator’ award – the
London and The Henry into a central enabler for nurturing winner at the event. only individual award – went to the
Tata Steel, Imperial College London Ink MoU to set up a Centre for Innovation in Royce Institute for Advanced the enthusiasm of our teams Chief of Blast Furnaces at Tata Steel.
Sustainable Design and Manufacturing
Materials in the UK.
Strengthening in-house New Materials Business 1 Fibre-reinforced Plastic (FRP) 2 Graphene

R&D infrastructure (NMB) Composites The Graphene business focuses on
To accommodate the evolving The New Materials Business was The FRP business has scaled up over technology-led proprietary graphene
R&D requirements of state-of-the- set up in 2018 with the vision to create the years and reported a revenue of formulations to enhance end-user
art facilities, Tata Steel laid down knowledge-intensive businesses by approximately ₹375 crore in FY2023-24. product performance in the areas of
the foundation stone of Dr J J Irani exploring opportunities in materials Today, Tata Steel is one of the major rubber, polymers, fabric, dispersions,
Centre for Research & Development at beyond steel, to counter the cyclicality players in the FRP space, especially etc. Continuous collaboration with
Jamshedpur. The new R&D centre will of the steel business. The business has in the B2B segment. With a firm customers and academia followed
be an iconic infrastructure, showcasing three verticals: stronghold in the industrial and railway by robust commercialisation is the
Tata Steel’s commitment to technology customer segments, the focus is now cornerstone of the business.
development in sustainability and 1 on leveraging the existing distribution
first-in-the-world products and channel strength of Tata Steel, to 3 Medical implant materials
solutions. It will be a platinum-certified increase the presence in the SME (Small It focuses on manufacturing
building from the CII Green Building and Medium-sized Enterprises) and premium quality bio-ceramic
Certification team. retail segment. materials (hydroxyapatite) in India,
Tata Steel TABB Limited was set up which act as an input to the implant
Monetising in-house subject in September 2022 as a subsidiary to manufacturers and as an additive in
Tata Steel Advanced Materials Limited consumer goods. The hydroxyapatite
matter expertise and 2
(TSAML), to produce aluminium (HAP) production unit received
intellectual property honeycomb-cored sandwich composite the ISO 13485:2016 certification for
Tata Steel also monetises its panels. Its key customers are the Indian medical-grade manufacturing and
in-house knowledge and expertise Railways and other global railways. The commercialisation, making it the first
through its industrial consulting business is also exploring opportunities and the only one of its kind in India.
arm, Tata Steel Industrial Consulting MaterialNEXT, a flagship open innovation programme to explore ideas to design in other segments like construction,
and innovate applications and use of advanced materials in emerging areas The unit has defined controls with final
(TSIC). TSIC has provided consultation infrastructure, automotive and marine product specification ascertainment at
services to 50+ organisations in 3 spaces. Commercial production the nanometer scale. The applications
the areas of technology, mining through a trial order has been executed have since evolved beyond
be supplied by a steel manufacturer 40 mm) and high-strength rebars,
and exploration, human resource in FY2023-24, post commissioning of orthopaedical implants to oral care
for ready-to-paint/print at the with the air-cooled process for tie
management, organisational the plant in Khopoli, Maharashtra. and consumer applications such as
customers’ end. bar applications, which meet the
excellence, learning and development, cosmetics, food and pharmaceuticals.
To combat the added weight new design requirements of the
digital and automation solutions,
of batteries, European automotive country’s infrastructure projects.
safety, etc. Commercialising its in-
customers constantly look for cost- In FY2023-24, Tata Steel achieved
house Intellectual Property, Tata Steel
effective lightweight solutions for a milestone by exporting its first
also offers Dhurvi Gold – a branded TQM
and certified soil conditioner made
their electric vehicles. Tata Steel batch of rebars from Thailand to The HAP production unit
recently expanded the HyperForm Australia in container packing. In its pursuit of becoming a to enhance overall operational
from steelmaking slag – and a first-
series with the launch of CR DP600- Furthermore, the Company is
received the ISO 13485:2016 world-class organisation, Tata Steel performance and minimise losses,
of-its-kind HPPI (High Phosphorus Pig
GI HyperForm®. The product series developing a fatigue-resistant rebar certification for medical- continues to set new standards Total Productive Maintenance (TPM)
Iron) made with steelmaking slag and
low-grade iron ore.
offers strength and formability that is that conforms to the BS 4449 standard grade manufacturing and and go beyond the industry norms. was rolled out in different divisions of
normally associated with much for reinforced concrete. commercialisation, making it This report highlights Tata Steel’s Tata Steel including FAMD, Khopoli,
softer qualities. For example, this TQM journey over the past year, and all three manufacturing units of
Key new products developed grade has better formability than
the first and the only one of its showcasing key initiatives, significant Tata Steel Thailand.
Tata Steel has developed an the standard DP600-GI and strength kind in India. achievements, and recognitions across With the objective to strengthen
engineered polymer coating solution exceeding HSLA (High Strength
New Intellectual Property various prestigious forums across business processes, ‘The Enterprise
that makes the 7-tanks pre-treatment Low Alloy) grades. This combination 173 patent applications were geographies. Process Model’ was launched at Tata
process redundant. This technology and the excellent welding properties filed in FY2023-24 and 588 The TQM culture at Tata Steel Steel UK, aimed at driving maturity in
is mainly developed for cold rolled offer ample possibilities for lightweight is deeply ingrained with ‘Gemba key work and support processes. This
steel and can be directly applied solutions.
patents were granted to Focused Excellence’ at its core. initiative garnered recognition and
without any pre-treatment or primer In Thailand, Tata Steel has the Company. Last year, the shop-floor employee sought adoption by Jaguar Land Rover
coatings. Hence, pre-engineering developed innovative products involvement in improvement and Tata Steel Nederland.
polymer-coated cold rolled strip can such as larger dowel bars (38 mm, initiatives at Tata Steel India reached Tata Steel Meramandali (Steel
95%, a two-decade high. With aim Melting Shop and Hot Strip Mill)
achieved IATF 16949:2016 certification Some of the key improvements a Mother IT architecture template, centralised expertise in the Integrated
for the first time, enabling the during FY2023-24 are: enabling standardisation across Maintenance Excellence Centre (i-MEC).
unit to supply hot rolled coils and » 0.88 MT increase in crude steel geographies and organisational
sheets to automotive customers. throughput (FY2022-23: 19.88 MT, agility through Plug-n-Play M&A, as Data privacy
Tata Steel Nederland underwent FY2023-24: 20.76 MT) demonstrated by recent mergers.
Tata Steel is deeply committed to
its first assessment under the Tata » Higher sale of iron ore Machine-aided insights have
safeguarding data privacy, recognising
Business Excellence Model as an » 3 percentage point decrease in enabled process predictability across
it as a cornerstone of trust and
independent unit. Hot Rolled (HR) export, improving the value chain with 550+ AI models
integrity in its operations. It focuses
During FY2023-24, the Company domestic sales (FY2022-23: 8%, developed in the last five years of
majorly on pertinent concerns arising
organised four learning missions FY 2023-24: 5%) Yield, Energy, Throughput, Quality
from collecting, storing, retaining,
for corporates including two Tata » Optimised pooled iron/ferro- and Productivity (YETQP), stakeholder
as well as transfers of personal data
Group companies. The sessions saw shots and lower processed scrap experience, employee health and
within applicable laws and regulations
participation from 85 delegates. To vs. purchased scrap at Steel safety and equipment maintenance.
across its operating locations. Our
foster a culture of innovation, the Melting Shops AI-enabled actionable safety alerts in
strong data security initiatives help in
‘i-Champs’ programme was rolled » Reduction in external coke purchase the MyPass Application are tracked
protecting data against unauthorised
out at Tata Steel Tinplate division at NINL through the optimisation of to closure, making it the one-stop
access and loss or corruption
and Tata Steel UK Innovation Awards coke distribution across sites app for workplace information and
throughout the data lifecycle. Tata
were introduced. » Reduction in external pellet safety. Augmented reality has been
Steel is not only focused on complying
At the Tata Edge Innovation purchase at Meramandali through used to create virtual walkthroughs
with the regulatory norms on privacy
Awards 2024, Tata Steel won the stabilisation of Gamharia pellet and process simulations for critical
but also aims to empower every
‘Excellence in Managing Ideas’ volume and quality processes throughout the supply
individual, connected with the
award for its comprehensive Idea In the pursuit of enhancing chain. Generative AI has enabled
organisation, to understand, respect
Management process. Tata Steel also competitiveness of Tata Steel, Project conversational agents for contextual
and contribute to the protection of
received recognition in two individual LEAP (a time bound, measurable, and human-like conversations at
personal and sensitive information.
categories: Role Model Adoption Apex TQM Awards Nite 2023 actionable and outcome-based stakeholder touchpoints for the
We ensure limited collection
Award and Role Model Partner Award. Recognising employees for contributing to the quality journey of the Company programme) was launched to provide Company. Pilot implementations
and sharing of personal information
At the Tata Business Excellence renewed focus on structural themes, of Industrial 5G have also been
only on the right-to-know basis
Convention 2023, Tata Steel received and 10 dedicated workstreams were undertaken.
Tata Steel’s journey towards called IMPACT Centres and LEAD ensuring the confidentiality, integrity,
the 'Significant Impact through formed to detail out action plans and The Connected Business Platforms
becoming a world-class organisation is Centres. The IMPACT Centres plan, and availability of information.
Improvement Interventions' award. embed them into Annual Business such as Connected Assets, Operations,
characterised by a steadfast dedication execute and monitor projects leading Dedicated workshops, campaigns,
Five teams from Tata Steel won the Plan and Long Term Plan levers of the People, Transactions, Processes,
to innovation and quality, with a firm to sustainable additions to the bottom trainings, and digital booklets have
highest category ‘Gold’ award at the Company, which would further be and Customers enable location-
foundation of a culture of continuous line, while the LEAD Centres provide been made available to improve the
International Convention on Quality driven under the umbrella of Shikhar25. agnostic operations across mining,
improvement. Looking ahead, the guidance, stretch goals and function culture of data protection and value
Control Circles (ICQCC). At the Asian manufacturing and maintenance. They
Company remains committed to as change catalysts. The process privacy amongst the fraternity of all
Network for Quality (ANQ) Congress, Industry 4.0 – Know-how support innovative business models
driving forward, and setting new includes benchmarking of operating stakeholders.
Tata Steel bagged the Best Paper and data-backed decision-making
Award. standards of excellence in all its performance indicators and identifying and capabilities on a single version of truth at
endeavours. enablers to achieve best-in-class yield, Tata Steel has identified ‘Digital
Tata Steel continued to excel at all touchpoints. The Connected
energy efficiency, throughput, quality, Leadership in the Steel Industry’
the national forums of repute. At Operations platform ensures intelligent,
the 37th National Convention on Shikhar25
and cost. as a Strategic Enabler (SE). To this remote, and safer operations through
Tata Steel believes that
Quality Concepts (NCQC), 28 out of The Shikhar25 programme,
In FY2023-24, Shikhar25 end, the Company has deployed an Integrated Remote Operations ‘Privacy Matters’ and it shall
achieved performance improvements
34 participating SGA circles won the a multidimensional and cross- of ₹6,821 crore. In FY2023-24, new
industry-standard 7-layer technology Centres (iROCs). In FY2023-24, Tata continue strengthening
architecture through significant
highest category ‘Par Excellence’ functional initiative, is a focused IMPACT Centres were launched by investments in cloud, data and AI
Steel added the Integrated Coke the protection of personal
award. The Ferro Alloys and Minerals Plant Remote Operations Centre
Division (FAMD) earned the Gold
EBITDA-improvement programme various Tata Steel Group Companies, (Artificial Intelligence). The foundation (iCPROC) in Jamshedpur, operating
information and abide by all
to bring key structural changes for
Award for Quality Sustainability from improved operational efficiency,
focusing on cross-functional themes, of the transformation is a secure, multi- over 10 km away from the plant. The the applicable regulations.
digital initiatives, new technology tenanted cloud and connectivity that
the Indian Society for Quality (ISQ). process improvements, product Company’s Connected Assets initiative
and synergy. enables 'always-on' business.
Tata Steel Thailand received the CSR- mix optimisation, waste reduction leverages sensorisation for predictive
DIW Continuous Award 2023 from the Tata Steel is in the process of maintenance, preventing over
and recycling, energy efficiency and
Department of Industrial Works (DIW), consolidating enterprise systems and 1,350 hours of delays and providing
revenue maximisation across the value
the Ministry of Industry, for all three standardised business processes into
chain. Shikhar25’s governance structure
manufacturing units. is made up of cross-functional teams
Value Creation Human Capital
Tata Steel’s dedicated employees, Cultivating a culture skills and expertise required to fulfil
their objectives and aspirations.
Productivity and well-being
of excellence The Company adopted agile
in-house knowledge, and pioneering Tata Steel considers its human
In an effort to invite fresh ideas to
ensure future-proof decision-making
ways of working across the value
capital not just as part of its business chain, reinforcing a culture of trust
spirit help the Company build a but also as the foundation of its diverse
and to become an attractive employer
for young people, Tata Steel run
and outcome-based performance.
Investments in automation,
business activities, to achieve industry the Young Board programme for
future-ready culture. leadership. The Company is committed
to cultivating a culture of excellence,
its Netherlands operations. The
mechanisation and digitalisation have
significantly enhanced productivity,
candidates selected to be part of
deep stakeholder engagement and as reflected by the impressive output
the Young Board get exposure to
agility. of the Indian operations: 900 tcs/
issues critical for the future of the
employee/year. The newly launched
Company through interaction with
Talent management ‘Wellness for Life’ portal is designed to
the management and working with
support the employees in managing
To ensure performance excellence diverse business units.
their holistic well-being.
at all levels, Tata Steel emphasises
retaining and grooming meritorious Seamless employee
employees. In India, the Company Fostering diversity, equity
integration
introduced sub-banding and fast- and inclusion
track promotions. The Learning and In a significant stride towards
Tata Steel Limited strives to be a
Development initiatives have also corporate simplification, five Indian
benchmark of diversity, equity, and
been significantly expanded with 12 subsidiaries amalgamated into and
inclusion (DE&I). DE&I is not a choice at
new Schools of Excellence, bringing with Tata Steel Limited. A cultural
Tata Steel, but a way of life. To achieve
the total to 53. The Company’s assimilation programme called
the goal of 20% diverse workforce in
Functional Competency Framework, Samavesh was specially curated
India by 2025, Tata Steel has identified
Learning Experience Platform (LXP) in to ensure seamless integration of
four focus areas for intervention:
partnership with EdCast, and strategic employees, fostering synergies, and
Women, the LGBTQIA+ community,
partnerships with premier academic opening new horizons for talent
Persons with Disabilities and the
and industrial institutions are designed development.
Affirmative Action Community (Tribal
to develop domain expertise. To Communities).
attract young talent, Tata Steel has Maintaining amicable
several Campus Connect programmes relations with trade unions Four pillars of driving DE&I at Tata
in India. The Aspiring Engineers Steel India
Programme is a comprehensive
and contract employees
one-year initiative designed to train As a testament to our collaborative LGBTQIA+
engineering graduates into industry- ethos, following the formation Women community
and recognition of the Tata Steel
ready professionals. Steel-a-thon, the
annual business challenge for premier Kalinganagar Workers’ Union, the 01 02
business schools, offers opportunities Company has implemented a
for students to work on real-life two-tier Joint Consultative
business challenges and get mentored System. The System aims to create
by the Company’s senior leadership. a harmonious and productive
Affirmative Action
In the UK, Tata Steel launched work environment that fosters Persons with Community
a Talent Board programme in collaboration. An agreement on Disabilities (Tribal Communities)
Key highlights in FY2023-24 (for Tata Steel Limited) a uniform organisation structure
2023 which now forms part of our
integrated Talent Management and with the Tata Workers’ Union in 03 04
Performance Cycle. Talent Boards Jamshedpur was also signed during
100 900 19.2%

provide a framework to support FY2023-24. In a pioneering initiative,
line manager conversations with acknowledging the contributions made
individuals. It facilitates discussions by the Company’s contract workforce
regarding career and personal towards an exceptional performance
Transgender talents Employee productivity (tonnes of crude Diversity mix
development opportunities to build in FY2022-23, an ex gratia reward was
steel per employee per year) given in FY2023-24.
Under the ‘Flames of Change’ ‘Women of Mettle’, one of the The ‘Women@Mines’ programme
initiative, Tata Steel recruited 23 Company’s ‘Campus Connect’ aims to provide technical training
women to create the first-ever crew initiatives, is a pioneering to unskilled women workers and
of female firefighters in the steel scholarship programme to induct enable them to work in core jobs
industry in India. The Company’s bright young women engineers into in mines. Tata Steel is the first
advocacy for inclusive work shifts has the manufacturing sector. company in India to deploy women
borne fruits in Odisha and the success in all shifts in mines.
will be extended to Jharkhand.
In March 2024, Tata Steel welcomed for its unwavering commitment to inclusive environment. By 2027, the
a new group of 13 transgender LGBTQIA+ inclusion. For its consistent Company targets 99% of its employees
employees as Heavy Earth Moving efforts towards overcoming industry to experience an inclusive working
Machinery (HEMM) Operator Trainees stereotypes, Tata Steel was recognised climate and 25% of its workforce
Ananta Quest
in its West Bokaro mining operations. as one of the Global Diversity, Equity, to be culturally diverse, reflecting
This onboarding initiative marks a and Inclusion Lighthouses 2023 by the the demographic structure of the
significant step in the Company’s DE&I World Economic Forum. Tata Steel has Netherlands. In 2022, the Company
journey, increasing the Company’s been acknowledged as one of India’s had started the rainbow community,
total transgender workforce to 100. Best Workplaces in Manufacturing the Tata Steel Pride network, in
for the seventh consecutive year by IJmuiden, to ensure that employees
Great Place to Work®, reflecting its with LGBTIQ+ related questions are In its unwavering commitment to The debut edition saw more winner of the competition. While team
commitment to a progressive, people- able to find the required support. fostering inclusivity and diversity, Tata than 550 registrations and 160 case ‘Madras’ from IIT Madras secured the
The second edition of first approach. Tata Steel wants to be a more Steel, in December 2023, launched submissions from technology and runner-up position, team ‘Universe’
Queerious – a first-of-its- Tata Steel achieved a significant attractive employer for women in the ‘Ananta Quest’ - a pioneering initiative business schools from across the from IIT Kharagpur and IIT (Indian
kind case study competition increase in its score band from 650-675 Netherlands, with the aim to employ to integrate talented individuals country, including the Indian Institute School of Mines) Dhanbad bagged the
in 2018 to 700-725 in 2023 in the Tata 5% women in vocational technical from the Persons with Disabilities of Technology (IITs) and Indian second runner-up spot.
in India for LGBTQIA+ Affirmative Action Programme (TAAP) positions and 30% women in decision (PwD) community into the expanding Institute of Management (IIMs). The All the 14 finalists from across
students saw a 240% surge in Assessment 2023, marking the highest making positions by 2027. The Company manufacturing sector. case studies were classified under 11 teams will be offered a paid
registrations over the score in the history of the assessment. has designed an extensive programme Ananta Quest is a unique case four broad categories – Sustainability, internship or pre-placement
FY2022-23 edition. This achievement is a 3-band jump to promote diversity and inclusion, study competition, which aims to Marketing & Sales, Human Resources, interview opportunity with Tata Steel,
over previous experiences and marks including communication campaigns, provide a platform for final-year and Corporate Strategy. The jury depending on their academic year.
In FY2023-24, Tata Steel launched Tata Steel as the first Tata group inspiration sessions and participation students and freshers with disabilities evaluated the participants and At Tata Steel, the workplace is built
‘Ananta Quest’, a pioneering case company to move beyond 700 on the in Diversity Day. It also organises to showcase their skills and ideas, winners on the basis of their ability to on merit and diversity. The success of
study competition for students with TAAP scale. training courses aimed at spreading bridging the gap between academia analyse the problem, find solutions the debut edition of Ananta Quest is
disabilities. Please refer to the section The Company’s efforts towards awareness about unconscious bias. At and industry. The competition spans and benefits, and assess the business a great milestone for the Company’s
'Ananta Quest' on the following page. diversity, equity, and inclusion are not the same time, the Company is exploring both technical and business domains, impact of their ideas. DE&I journey.
In FY2023-24, Tata Steel was restricted to the Indian operations. other options, such as 24/7 childcare, offering participants an opportunity The jury selected three winning
recognised as a Gold Employer by the In the Netherlands, Tata Steel strives workwear with a fit for women, and the to engage in live internships and teams out of the 11 teams that made
India Workplace Equality Index (IWEI) for a good working climate and (FE)male network. potentially secure job placements it to the grand finale. Team ‘Alchemist’
2023 for the third consecutive year embraces cultural diversity in an within Tata Steel. from IIM Trichy was declared the
Green steel activities, finance for small and » Employees of value chain partners
transition in the UK medium-sized businesses through such as suppliers, vendors, dealers,
the UK Steel Enterprise regeneration distributors, sales representatives,
In September 2023, Tata Steel
and job creation scheme. Tata Steel and franchisees
announced a proposed investment
has committed a one-time payment » Family members of the Company’s
of £1.25 billion to enable green
of £20 million to the Transition Board. personnel
steelmaking, which includes a UK
Tata Steel will work closely with
Government grant of up to £500
the Transition Board and a range of In FY2023-24 Tata Steel undertook
million, to build a new 3 MTPA capacity
regional and national stakeholders to third party human rights due diligence
state-of-the-art electric arc furnace
ensure that this investment, coming at audits across its sites and value chain
(EAF) in Port Talbot, UK.
the same time as the establishment of in India. Using a sampling approach,
The announcement was followed
the Celtic Freeport, provides a catalyst onsite audits were carried out across
by weeks of deep engagement
for the economic regeneration of different business units and locations,
and detailed discussions with UK
South Wales and creates high skilled, including steel manufacturing
Steel Committee (multi-trade union
well-paid jobs for local people in the facilities, mines and downstream
representative body in UK) and
coming decades. facilities across India. The audit process
its advisors. Tata Steel carefully
included documentation review, site
considered their endorsed proposal
Business and human rights visits to the vendor facilities, online
for maintaining a single blast furnace.
surveys and interviews with rights-
After significant deliberation, Tata Steel is committed to
holders. Representatives across all
Tata Steel agreed to adopt elements of responsible mining and manufacturing
the six rights-holders categories
it, but considered that continued blast and has pledged to uphold the human
participated in the audit. The audit State-of-the-art Practical Safety Training Centre, Jamshedpur
furnace production was not feasible or rights and interests of all vulnerable
outcomes have been analysed and the
affordable. communities, including the indigenous
key areas of improvements have been
After seven months of formal and communities, in the proximity of In FY2023-24, Tata Steel rolled overhead travelling cranes, conveyor mechanisms across all dumpers
identified.
informal national-level discussions its value chain. The Tata Code of out the revised Life Saving Rules, belts, and wagon tipplers. Tata Steel covering 100% of heavy vehicles
with the UK trade unions, Tata Conduct lays down the principles and campaigns like ‘Know Your Personal received the World Steel Association’s plying inside steelworks. The Company
Steel has decided to proceed with standards that governs the actions Prioritising safety Protective Equipment’ and ‘Working Safety and Health Excellence is in the process of developing an
its proposed plan and commence of the Company and employees and Tata Steel is committed to zero at Height’, and e-learning modules Recognition 2023 for real time integrated command centre for
closure of the existing heavy-end emphasises Tata Group’s commitment harm at the workplace, and the on safety standards to strengthen visualisation of risk movement under effective control over the fleet through
assets. The two Blast Furnaces, No.5 to labour standards and human rights. community at large. The Company’s safety discipline in the workforce. the Process Safety category. live monitoring of heavy vehicles.
and No.4, at Port Talbot, will close A publicly declared Business and safety management system framework All employees and vendors were In India, the Safety Management The Company ensured competency
by the end of June 2024 and by the Human Rights Policy followed by and robust governance structure are included in the Safety Rewards and System IT portal has been upgraded development of heavy vehicle drivers
end of September 2024, respectively. the formation of an Apex Business overseen by the Safety, Health and Recognition Policy. Felt Leadership 2.0 to EnsafeNxt, where mentioned digital through simulator-based training
Following the closure of Blast Furnace and Human Rights Committee for Environment (SHE) Committee of the was launched to improve the safety alerts are also connected to uniform facilities at Meramandali, West Bokaro,
No.4, the remaining heavy-end assets governance, reflects Tata Steel’s deep Board, working in tandem with the leadership competency of associated review and escalation mechanism. This Joda, Noamundi, and Jamshedpur.
will wind down, and the Continuous commitment to uphold human rights Apex Safety Council, led by the Chief companies, union leadership, and transition introduced a user-friendly As Tata Steel grows in size and
Annealing Processing Line will close and interests of its stakeholders. Executive Officer & Managing Director. vendor partners. interface, coupled with advanced complexity, the means to ensure zero
in March 2025. Under the policy, the Company has Key safety initiatives include The state-of-the-art Practical visualisation capabilities, ensuring harm shall increase and intensify,
The Company shall endeavour identified the following six categories building safety leadership capability Safety Training Centre (PSTC) has easy data retrieval for end-users. The wherever the Company operates.
to maximise voluntary redundancies of rights-holders whose human rights at all levels, leveraging digital tools been established in Jamshedpur, and Company rolled out the integrated
and has put forward a comprehensive can potentially be impacted by the and technology, strengthening addresses risk perception, while Safety Safety Performance Index (SPI)
package to support the employees operations of the organisation: deployment of contractor safety Leadership Development Centres in to review the performance of
impacted by the proposed » Tata Steel’s personnels covering all management standards, improving Jamshedpur and IJmuiden are fully departments across important safety
transformation of the UK business. The persons working for or on behalf of competency and capability for hazard operational. These facilities are now key performance indicators (KPIs).
precise details of the support package the Company. identification and risk management, being extended to Kalinganagar The Company has made
remain subject to the outcome of » Tata Steel’s contract workforce improving road and rail safety across and Meramandali. technological interventions such as
discussions with interested parties. » Communities impacted by the the Company, excellence in Process Digital tools such as video analytics the Driver Fatigue Monitoring System,
Tata Steel will also provide Company’s operations Safety Management, establishing and system-based access control are Dala raised interlock and anti-tilt
additional support to affected » Consumers and customers of the industrial hygiene, and improving used to ensure the secure handling of
employees with job searches, support Company’s products and services occupational health. critical equipment, including electric
facilities for training and upskilling
Value Creation Social and Relationship Capital
Tata Steel values continuous stakeholder Fostering community for

engagement for business growth and sustainability, positive social impact
nurturing long-term relationships with them through At Tata Steel, the value creation model integrates business and sustainability.
The approach on Corporate Social Responsibility bridges socio-economic gaps in
the communities amongst the most vulnerable and voiceless residing in remote
well-established and evolving forums, ensuring lasting locations of Jharkhand, Odisha, Maharashtra, Uttar Pradesh, Punjab and West Bengal.
Implemented through Tata Steel Foundation, the development initiatives seek to
collaboration and mutual success. strengthen human, natural and cultural capital in the ecosystem. The Foundation
4.4 Mn
enables 120 scalable models of change, with the best of talents and like-minded
partners in the development space, creating an impact on 4.4 million lives in
FY2023-24. Deep-rooted social and relationship capital with the communities has
been underpinned, with emphasis on replication and saturation of programmes Lives impacted through
across geographies, development of changemakers in communities, unlocking of
CSR activities
public and private capital, and environment protection and conservation.
Attaining geographic Replicating Unlocking public capital

saturation programme models Over ₹8,200 crore worth of public
entitlements unlocked through the
(a) Maternal and Newborn Survival (a) MANSI+ replicated in the entire
Education Signature Programme,
Initiative (MANSI+) ensured 100% Gumla district of Jharkhand;
Development Corridor project, and
coverage in three districts of Kolhan (b) Education Signature Programme
Key highlights in FY2023-24 (for Tata Steel Limited) Urban Slum Development project
division in Jharkhand; replicated in 25 public schools of
(Jaga Mission).
(b) Keonjhar district of Odisha Ranipet district of Tamil Nadu;
became the first district to declare itself (c) 50 new gram panchayats
86.1 216
a Child Labour-free Zone through the formally consented to replicate the
Customer Supply chain

B3.60
Dividend to shareholder
Education Signature Programme;
(c) SABAL – dignity through ability,
reached a 100% disability entitlements
Development Corridor model on
governance
coverage at Noamundi block

Satisfaction Index partners assessed (per equity share) in Jharkhand
Development programmes undertaken

in FY2023-24 and their impact
National Change Models
>1.4 Mn
Actualise national change models which address core development gaps in
India, while being replicable in the global context.
Tata Steel Foundation has built large scale change models which (i) address
development challenges that are national priorities, (ii) are designed with audacious lives have been impacted through
theories of change, (iii) have demonstrated record of population level outcomes, national change models in
(iv) are being replicated across India and can be instructive in the global context. FY2023-24
Signature Programmes
Ensuring societal priority to the health Impact Fostering an ecosystem of constructive Impact
and survival of women and children dialogue, change and changemakers
» 2.4 lakh+ women, children, and adolescents impacted » 3,840 participants from 150+ tribes convened through Samvaad
before, during and after childbirth for tribal communities of India
» 48% increase in high-risk cases identification and 175% increase in Conclave and Regional Samvaad
(MANSI+).
case resolution among women and children » 40,640 tribal language learners in 10 languages - India’s largest
» Institutional delivery enabled among 87% (of 7,149) high-risk programme on learning of languages. These languages have been
pregnant women introduced in curriculums of 56 schools
» 2,986 married adolescent girls successfully delayed pregnancy » ₹29.12 lakh turnover generated by tribal artisans from 11 editions
of Johar Haat
» 86 film screenings to promote tribal elements
» 212 intellectual properties created in the form of documents,
videos, books, etc.
» 105 individual leaders mentored through Tribal Leadership
Programme and Samvaad Fellowship
Universalising secondary education for Impact

all children through a revitalised public » 7.2 lakh+ children impacted under Education Signature Programme
education system Developing a vibrant Jamshedpur Impact
» 6,932 out-of-school children brought back to school
Kalinganagar corridor where local » ₹48.43 crore unlocked through public entitlements by
» 284 gram panchayats declared themselves as
communities participate 44,039 individuals
Child Labour-free Zones
in and bring about a significant » 68 gram panchayats organised regular gram sabha
» 39,789 school children engaged in courses on traditional knowledge
enhancement in their human, social » 375 Village Development Plans (VDP) prepared with
and culture
natural and cultural capital participation of women
» 1.9 lakh+ learners across 3,571 schools covered through
digitisation initiatives » 170+ VDP indicators mapped against UN and localised SDGs
» 39 corridor fellows enrolled in certification course at IIM Ranchi
Regional Change Models

Enable optimum health of community Impact
Build regional change models which enable lasting betterment in the
well-being of communities, prioritising those who are excluded and proximate.
Tata Steel Foundation has built change models which (i) address development
>3 Mn through provision of healthcare
services and health education
» 56,826 adolescents trained in Adolescent Reproductive and
Sexual Health (ARSH) module
lives have been impacted » 31,045 girls successfully delayed early age marriage
challenges unique to climate, context and vulnerability profiles of specific regions, (ii) are
designed with localised theories of change, (iii) are implemented at an impact appropriate through Regional Change » 584 young changemakers developed towards Regional Initiative for
scale, (iv) bring together local ecosystems and help build social capital around themes. Models in FY 2023-24 safe Sexual Health for Today’s Adolescents
» 3,866 cataract surgeries conducted
Ensuring increase in aggregate, real Impact » 2.2 lakh+ individuals screened for Non-communicable Diseases
annual income for marginalised » 4.6 lakh+ individuals screened for fever and vector borne diseases
» 120% increase in income of 90,918 farmers
and excluded households through » 10,671 household nutrition gardens developed
» 18,449 farmers engaged in climate resilient agriculture
agricultural and agri-allied activities » 14,400+ individuals trained on Basic Life Support skills
practices for sustainable livelihoods
» 1,387 on-farm and off-farm micro enterprises developed by
farmers for livelihoods generation
» 8,371 farmers linked to government schemes Enabling women with Impact
» 1,203 community institutions formed by farmers for leadership potential to have an » 3,025 women enrolled in DISHA programme
collective management of agricultural activities effective voice in community » 1,914 women completed all training modules in leadership
» 25 value chain units established for sorting, decision-making processes » 3,085 women actively participated in rural institutions
grading and processing of farm produce » 343 trained women represented at decision-making positions
in rural institutions
» 160 We for Change initiatives were undertaken by women
Ensuring a sustainable career path Impact » 958 women engaged in Digital Literacy programme
with stable income enhancement for » 3,176 trainees placed/self-employed through long and
youth from marginalised and excluded short-term trainings
households through multiple skilling » 287 youth linked to employment opportunities through Model Career Developing an ecosystem that fosters Impact
and employment opportunities Center (MCC) self-reliance and a life of dignity for all
» 7,900+ PwDs covered through initiatives for self-reliance
» 4.5x scale up in placements across long and short-term institutions Persons with Disability (PwD)
» 2,101 Anganwadi Workers, District Programme Officers
» 2 Industrial Training Institutes and 4 Multi-skill Development
and NGO members capacitated
Centres established
» 2,763 PwDs linked to government schemes
Empowering rural women with a Impact

platform that provides access to Developing infrastructure that Impact
» 17,113 women engaged in Self Help Groups (SHGs) and corpus
economic resources improves standards of living
built for ~₹7.4 crore » 1.8 lakh+ beneficiaries of infrastructure projects
among communities
» 3,092 women engaged in micro-enterprises » 497 rural infrastructures created/renovated
» 135 new enterprises initiated by SHG women for » 947 structures developed with renewable energy footprint
livelihoods generation
» 282 artisans engaged through women cooperatives with an annual
turnover of ~₹80 lakh
Developing community managed Impact Support universalisation of secondary Impact

water ecosystems » 107.8 million cubic feet water storage capacity created through education for children from Dalit and
» 10,283 Dalit and tribal students felicitated with Jyoti Fellowship
development and management of 1,114 water harvesting structures tribal communities and enable an
» 170 Tata Steel Scholars across 30 institutions
» 780 hectares of land treated with soil and moisture conservation adequate standard of living
» 512 Particularly Vulnerable Tribal Group learners under
» 4,500 hectares of watersheds area geo-tagged (GIS system)
Akanksha programme and 12 matriculate children linked to
» 2,106 hectares of land under irrigation coverage through watersheds
higher/ professional education
» 508 community water institutions
» 1.9 lakh+ people gained access to drinking water
Build community connect through Impact

sports and nurture sporting talent at » 36,000+ individuals engaged in sporting activities
grassroots level » 3,937 children/youth engaged in grassroots sports
» 268 participations at state and national-level tournaments
Facilitate all children in all villages Impact

to complete secondary education » Masti Ki Pathshala
and receive guidance for future study › 1,170 children mainstreamed to public schools
or vocation › STEM learning initiated with 300 children
› 2,330 children engaged in Foundational Learning and
Numeracy initiative
» Other programmes
› 9,300 learners under 71 Pre-matriculate Coaching centres
› 3,055 learners enhanced their capability through English and
Computer classes across 21 centres
› 23,723 children from Green School initiative undertook projects
on water, waste, energy, biodiversity and forests
Embed a societal perspective

in key business decisions Samvaad
Leveraging employee volunteering Impact
to address social issues in the » 1.57 per capita Volunteering Hour recorded (67,799 total hours)
communities the Company serves Since 2014, Samvaad has emerged dialogue throughout the year and Munda, the iconic tribal freedom
» 450 social issues addressed
as an ecosystem that brings together the five-day annual event held in fighter of Jharkhand.
» 6,822 unique volunteers engaged
tribes of India and beyond for November. The theme has matured The theme for the year –
constructive dialogue. It enables from specific domains like tribal ‘Walk with Me’ – recognised the
critical elements of tribal identity languages, leadership, culture, journey of ideas, individuals, and
to thrive, be celebrated, and fed and healing practices, among collectives from and amongst the
into the dialogue, fostering youth others, leading to broader pivots of tribes of India. The theme was aligned
peer groups that drive positive conversations on Tribalism Today and to the conversations and dialogues
Engendering a cadre of business Impact change. It has brought together over Coming Together for Social Change. that have been unfolding at the
leaders who embody a societal 40,000+ people from 200+ tribes The 10th edition of Samvaad Samvaad conclave over the past
» 1,241 individuals undergone social immersion (senior leaders, students
perspective in their business decisions across India and 17 other countries, conclave was inaugurated on decade, and how they are poised to
and Tata Steel Management Trainees)
who have reinstated faith in the November 15, 2023, at Gopal resolve the challenges that lie ahead,
Samvaad ecosystem, time and Maidan, Jamshedpur to the beats with shared wisdom, exchange of
again, in impartial contemplation of 251 nagadas, dhols and musical ideas and self-learning.
of tribal narratives, balanced with instruments filling the ground with
a celebration of rich tribal culture, the tribal artists, dignitaries and
music, folklore and beyond. delegates joined in circles to tap
This ecosystem, each year, is held their foot to the rhythmic beats. This
Tata Steel's community development initiatives aim to deepen the Company's relationship with key stakeholders, including together by an underlying theme day also commemorates the birth
community and other networks, securing social licence to operate for the organisation. that is contextual and resonant for anniversary of Dharti Aaba Birsa
Relationship Capital Customers

Tata Steel's stakeholders across multiple industries, geographies, and Some key milestones in FY2023-24
communities define its identity and help pave the way for its journey to Building long-term mutually » Empowered ~3,500 MSMEs with » 4 Building Bonds and 6 Converse to
becoming the most valuable and respected steel company globally. In addition beneficial collaborative relationships problem-solving and growth Construct sessions were organised
to the Materiality Assessment exercise, the Company regularly engages with customers ensures that Tata through platforms, such as Create, to facilitate the interactions of
with its stakeholders through focused groups or individually, using various Steel attains and retains market Techtalk, Skilling India, and Insiite channel partner end-customers and
tools, mediums, and platforms. Their insights help navigate challenges, seek leadership in chosen segments. » Introduced micro-segments, influencers, respectively, with the
opportunities, and lay the foundation for a more inclusive and sustainable future. Being customer-centric, Tata Steel ‘Railcon’ for railway segment Tata Steel's senior leadership
focuses on creating strong brands and customers and ‘Agrinext’ for
differentiated products and services. Agri-implement, to communicate
Investors and Lenders It intends to remain its customers' the value propositions of Tata
trusted partner through reliable supply Astrum, Tata Steelium, and Galvano Expanding its service base,
The investors and lenders play such as annual reports, media updates, chains across its geographies. » Tata Shaktee and Tata Kosh Tata Steel launched 4
a crucial role in providing financial earnings calls, periodic meetings, and Tata Steel utilises various physical connected with ~33,000 farmers world-class Downstream
capital for Tata Steel's growth and shareholder meetings to facilitate During FY2023-24, the and digital methods to engage with through Kisan Diwas celebrations
Construction Service Centres
transformation into a sustainable direct communication and seek customers and understand their and engaged ~4,000 dealers,
steel company. Tata Steel's value feedback.
Company has scheduled six needs. These include customer service subdealers, and 8,400+ fabricators across Bhubaneswar,
proposition revolves around delivering The interactions primarily court convened meetings and teams, regular meetings with senior via 1,200 meets Ghaziabad, Vijayawada,
consistent returns on investment by focus on the Company's efforts Annual General Meeting for leadership, the ECAfez website portal » The Shaktee Kosh Rewards app saw and Ludhiana. Tata Pravesh
leveraging highly profitable assets to achieve strong operating and its shareholders. and the DigECA app for MSMEs, the increased usage, and Tata Shaktee's
increased its SmartCare
in India and benefitting from an financial performance to meet e-commerce platform, Aashiyana, new website boosted engagement
integrated value chain. The Company Investment-Grade financial metrics. to reach individual home builders, » Tata Tiscon connected with service centres from 7 to 15
is committed to reducing debt There is also a significant emphasis participation in trade shows, hosting 60,000+ IHBs (Individual Home across India.
and financing profitable growth. on ESG (Environmental, Social and webinars and steel courses, and the Builders) through the Golden Home
This approach is complemented Governance) commitments and annual Parivaar Meet event to engage Consumer initiative
by Tata Steel's dedication to making transparent disclosures in with channel partners and recognise » Tata Steel Nest-In introduced
improved disclosures, transparency, these areas. This approach highlights top performers. MobiNest 2.0, featuring high-end
and credibility in both financial and the commitment of the Company Through COMPASS (Comprehensive design and smart automation. The
non-financial information to ensure towards not only the financial health Online Material Planning and Support business expanded its partner
that stakeholders are well-informed but also sustainable and responsible System), the Company provides ecosystem by 57% and extended
and confident in their investments. business practices. end-to-end supply chain visibility and its presence to remote regions like
Tata Steel engages with investors post-order customer services to its Ladakh and the northeastern areas
and analysts through various mediums B2B customers.
Vendor Partners Government & Regulatory Bodies
Tata Steel’s vendor partners Tata Steel maintains regular Some of the key issues on and improve the efficiency of the
provide operational leverage to dialogue with governments across which Tata Steel engaged during overall logistics infrastructure in the
optimise the value chain, be cost- its operating geographies to address FY2023-24 are as follows: country (PM Gati Shakti)
competitive, and exceed customer concerns related to current and future » The emerging global trade » There has been a lot of work
expectations. Tata Steel remains policies and regulations and ensure architecture and free trade around sustainability. These include
committed to preserve the health, smooth business operations. This agreements under negotiation to working with Ministry of Steel on
safety, and human rights of its vendor engagement is crucial, as it ensures ensure a level playing field in both designing the taxonomy for green
partners and embed sustainability in businesses remain compliant and the domestic and global markets steel and creating the demand
its supply chain through responsible operational amid changing policies » Boost steel demand to ensure the for green steel; the Bureau of
sourcing, circular economy, and while working collaboratively with industry's growth Energy Efficiency for developing
technology deployment. governmental agencies to build a » Ministry of Steel for the successful the National Carbon Market and
Tata Steel collaborates with supportive ecosystem for business. launch and implementation of Ministry of New & Renewable
suppliers to establish a responsible Tata Steel's approach involves Production-Linked Incentive (PLI) Energy on the National Green
supply chain through the Tata Steel partnering with government entities Scheme for Specialty Steel and Hydrogen Mission
Business Associate Code of Conduct to influence the formulation of policies successful launch of Make in India » Developing a strong regulatory
(TSBACoC) and the Responsible Supply and regulations that spur growth label for steel products framework for the scrap sector
Chain Policy framework, emphasising within the industrial sector, particularly » Ministry of Coal and Ministry
the four principles: Fair Business and sustainability. The ‘CEO to CEO impacted over 1,000 vendor partners, the steel sector. The Company of Mines to ensure availability Through these efforts, the
Practices, Health & Safety, Human Connect’ programme and interactions benefitting over 25,000 contract champions introducing new policies or of coking coal for domestic Company ensures a policy
Rights, and Environmental Protection. with the VPs and CPO facilitate workers through its focused initiatives. modifications to existing ones at the steel industry while trying to environment that fosters industry
Through various cross-functional valuable insights into the strategic 670 critical suppliers (95%) have been national and regional levels, aiming ensure the mining sector is not growth, and promotes sustainable,
initiatives, such as Supplier suppliers’ future growth plans. The assessed as per the Responsible to foster an environment supporting excessively taxed competitive practices.
Relationship Management (SRM), VCAP is designed to support vendor Supply Chain Framework, with a goal India's overall development. Tata » Department for Promotion of
Vendor Development (VD), and Vendor partners in fostering a culture of to cover all by FY2029-30. Steel's efforts extend to collaborating Industry and Internal Trade (DPIIT)
Capability Advancement Programme continuous improvement, thereby Nearly 33% of the Company’s with think tanks and industry experts for laying out the National Logistics
(VCAP), Tata Steel maximises value cultivating a competitive vendor suppliers in India are local, of which to understand complex issues better Master Plan for the proposed
creation through collaboration with base with improved productivity, 85 are AA (Affirmative Action) and DP and integrate global best practices steel clusters and all relevant
strategic suppliers and continuously safety standards, delivery efficiency vendors (Displaced Persons due to Tata into its strategies. stakeholders to reduce the costs
working with its suppliers to improve product quality, and sustainability Steel's greenfield projects). Tata Steel
their capability. For its new vendors, performance. has created incubation centres to
Tata Steel has institutionalised the During FY2023-24, six Technology develop these vendors’ capabilities
Swagat Programme for their smooth Day sessions were organised, 26 and has provided them with special Focus areas include
and faster onboarding. Driving interactive CEO to CEO Connect opportunities such as the right of streamlining the ease and
indigenisation and localisation of sessions were conducted with first refusal to match L1 prices, special cost of doing business
critical commodities and spares are vendor partners across different waivers on bank guarantees and
key focus areas for Tata Steel. To segments, 75 vendor development penalties, improved payment terms,
by alleviating industry
address vendor grievances, Tata Steel programmes were conducted across and issuing letters of intent. Tata Steel compliance burdens, leading
has provisioned for platforms like various locations on improvement also conducts targeted mentoring the way in sustainability
Speak Up (a toll-free helpline) and projects to enhance the ease of doing programmes like Saathi & Guide, to ensure progressive,
Procare helpdesk service and a Vendor business and their sustainability VCAP, Performance Review, listening
Grievance Redressal Committee. performance. The Company undertook posts, and direct interaction with the
sustainable development,
Supplier Relationship Management indigenisation of items worth leadership team. In FY2023-24, the and concentrating on
(SRM) is Tata Steel’s flagship ₹558 crore across raw materials, bulk business volume generated by these technological advances,
programme for its strategic supplier items and maintenance, repair, and vendors surged to approximately innovation, demand
partners. Technology Day sessions are operations spares, thereby deepening ₹151 crore, marking a notable increase
conducted regularly to understand its relationship with local vendors. of ~36% compared to FY2022-23.
generation, product
their best practices across various As of FY2023-24, Tata Steel has portfolio enhancement, and
domains such as quality, delivery, engaged with 36 strategic suppliers capacity building.
productivity, safety, technology, under the SRM programme. VCAP has
Employees Media
Tata Steel is steadfast in providing Tata Steel is committed to also organises sports engagement the Company, such as health, safety,
fair wages, establishing a collaborative disseminating relevant information activities and familiarisation visits to human rights, DE&I (Diversity, Equity,
consultation system, implementing and updates to all its stakeholders, its manufacturing and raw material and Inclusion), innovation, technology,
self-supervised organisational underscoring the importance of sites, demonstrating its commitment business excellence, financial
structures, and offering its employees complete transparency and openness to openness and proactive relationship performance, and sustainability.
robust reward and recognition in its engagement with the media. Its building. In FY2023-24, Tata Steel Proactive media engagement
schemes. Tata Steel is focused on critical role in broadening its outreach organised 75+ leadership interviews, and driving compelling storytelling
ensuring its employees' health, safety, is at the heart of the Company's 65+ press conferences and media get- contribute towards achieving the
and overall wellbeing, attracting relationship with the media. This togethers, and 15 familiarisation visits. goal of positioning Tata Steel as the
and retaining a diverse workforce, partnership enables Tata Steel to Tata Steel's communication is most respected and valuable steel
creating an inclusive and positive work effectively communicate its brand focused on themes of importance to company globally.
environment, sourcing labour locally, vision and key initiatives, enhancing its
and implementing welfare practices corporate equity among society and
for the non-officer staff. various stakeholders.
The significance of Tata Steel's Tata Steel engages with the
relationship with employees cannot media to maintain a dynamic
be understated, as their contributions dialogue by leveraging various
are fundamental to the Company's touchpoints, including press
success. They are vital in implementing releases, press conferences, and
the strategies and driving sustainable media get-togethers. The Company
business growth.
Community is dedicated to swiftly addressing
To foster this relationship, Tata Tata Steel is committed to ensuring holding consultations before any media queries, organising interviews
Steel engages with its employees in the long-term improvement of business expansion. with its senior leadership, and
various ways, including monthly online community well-being in its operating Its thrust areas include ensuring the enabling insightful articles that reflect
meetings with the Chief Executive areas. The Company focuses on operational safety of the communities, thought leadership. The Company
Officer & Managing Director and creating development models that maintaining ongoing outreach
frequent informal interactions with elevate those often overlooked and efforts, and supporting a range of
the senior leadership. Employee
Industry Bodies
those living close to its operations. initiatives aimed at improving public
engagement surveys, Employee Net By addressing critical development health, nutrition, water access and Tata Steel recognises the significance mining-related issues including (IBC) are prioritised. The Company
Promoter Score surveys, and joint issues at a national level with conservation, sanitation, education, of relationships with industry bodies, regulatory clearances, auctions, labour also focuses on sustainability and the
forums between employee unions scalable models, Tata Steel aims to livelihoods, and sporting talent. viewing them as key to developing challenges, logistics, and production- transition to low-carbon operations as a
and management are additional set a precedent for positive change. Tata Steel also commits to enhancing networks, fostering consensus, and linked incentives, which have a profound means to mitigate risks associated with
means to connect and understand Understanding the importance the quality of life for people with offering a united and agreeable stance impact on its operations. Additionally, climate change and water.
the employees' needs. The Company of harmonious relationships is disabilities, building essential public to the government on various policy trade and finance issues such as Free In FY2023-24, Tata Steel partnered with
has taken various initiatives towards fundamental to its approach. A infrastructure, and fostering grassroots interventions. The Company actively Trade Agreements (FTAs), ensuring a constructsteel and INSDAG (Institute
betterment of employees. supportive working environment leadership, all of which contribute engages in sector-specific and industry- level playing field, creating demand, for Steel Development and Growth) to
Please refer to the Human Capital fosters social solidarity, harmony, and to the dignity and betterment of the wide collaborations to tackle crucial addressing tariff and non-tariff barriers, promote the use of flat products in India's
chapter in this report. peace, which helps prevent any form communities it serves. policy issues affecting sectors such as Goods and Services Tax (GST), and construction segments.
of hostility or community dissent. During FY2023-24, the Company mining, manufacturing, trade, finance, the Insolvency and Bankruptcy Code
Tata Steel's engagement strategy has taken various initiatives towards and sustainability.
involves implementing various the betterment of community which To facilitate this engagement, Tata
Community Development models that it serves. Please refer to the section Steel participates in conferences and
address the comprehensive needs of 'Fostering Community for Positive seminars organised by industry bodies
the communities in its operational Social Impact'. and holds memberships in both national
regions. These models aim to solve and regional committees and sub-
key national development issues and committees, where critical industry
serve as inspirational development issues are deliberated upon.
benchmarks. The Company also Tata Steel places a strong emphasis
prioritises public engagement by on addressing manufacturing and
Value Creation Natural Capital
Tata Steel drives responsible resource Raw material and Balasore produce different types and
grades of ferroalloys, i.e. ferrochrome,
innovating processes to foster sustainable
product manufacturing. Recognising the
Steelmaking is a resource-intensive
use to reduce its carbon footprint, process with iron ore, reductant (coke)
and flux as key input materials. Around
silico manganese and ferromanganese. environmental challenges associated
with steel production and mining, the
foster circular economy practices and 60% of the cost of crude steel is incurred
till the hot metal stage, of which around
Company actively tackles emissions and
effluents to lessen its ecological footprint.
Tata Steel is one of the
combat climate change. 70% is attributed to coking coal.
In India, Tata Steel has six captive world’s largest producers and Environmental policy
operating mines at Noamundi, Katamati, exporters of ferrochrome. and commitments
Joda East, Khondbond, Vijaya II and
Tata Steel’s Environmental Policy
Koida. Given the planned Indian crude Key digitalisation initiatives in
commits to identifying, assessing, and
steel capacity expansion in the coming mining operations
managing its environmental impact and
decade, the captive iron ore capacity The Company has undertaken focuses on water, waste, air emissions,
also needs to be increased to remain several automation and digitalisation biodiversity and circular economy. Its
self-reliant. Accordingly, the Gandhalpada initiatives in the mining operation and environmental management system
and Kalamang iron ore leases plan to beneficiation plants as well as logistics, adheres to the ISO 14001:2015 standard
commence mining operations in the including setting up networks for digital at all its steel manufacturing sites.
coming years. Additionally, the Company communication and data transfer, The system supports the Company in
owns iron ore assets in Labrador and sensorisation of plant equipment and meeting the policy commitment by
Northern Quebec regions of Canada. mining equipment. It has enabled continuously reducing the environmental
the automatic capturing of data using
100%
impacts and improving the process of
the Internet of Things (IoT), remote- achieving it.
controlled operations of equipment
like conveyors and pumps, centralised
Iron ore requirement met through monitoring of plant and mine operations,
Water management
captive mines in India Suraksha Card, video analytics, online Water is a critical resource for steel
safety management plan, and digital plant operations. Increasing urbanisation
Apart from iron ore, around 19%
mine mapping using drone survey and around steel manufacturing sites
of the clean coal requirement for our
GIS-based technologies. Digital initiatives and changing climate patterns put
Indian operations is fulfilled by two
have resulted in significant improvement water availability at risk, making it a
operating open-cast pits in West Bokaro
in managing the assets of the Company material issue.
and three operating underground
with better efficiency. Key water conservation projects
collieries in Jharia. The state-of-the-art
undertaken over the last decade at
coal washing plants with a 2 MTPA
the steelmaking and mining sites to
capacity in Jamadoba, 1 MTPA in Committed to protecting the minimise water consumption include:
Bhelatand, and 6.5 MTPA in West Bokaro, environment » Deployment of dry processes
convert raw coal to clean coal used in
Tata Steel Limited is dedicated to for reduction
the steelmaking process. Following
preserving the environment through its » Pumping infrastructure for
the principles of circular economy, the
ongoing efforts to curb emissions, reduce, water recovery
by-products generated during clean coal
reuse, and recycle waste, conserve » Central effluent treatment plant with
production viz. middlings, tailings, and
biodiversity, and promote circular reverse osmosis to treat and recycle
rejects, are sold for power generation.
economy. The Company’s commitment effluent in steelmaking processes.
The water used for washing is recovered
is reflected in its investment in various The treated effluents are being
and recycled.
environmental initiatives aligned with reused for low-end applications like
For manganese and chrome
the Tata Group-level environmental coke quenching, blast furnace slag
requirements, the Company has four
sustainability initiative ‘Project Aalingana’. granulation, steel slag quenching,
2.8 tonnes CO2e Net Zero

operating manganese mines in Joda
These encompass reducing air emissions, sinter and pellet mixing, gas
West, Khondbond, Tiringpahar, and
promoting nature-based solutions, cleaning plant, horticulture and dust
Bamebari, and two operating chromite
increasing steel scrap usage, reducing suppression, amongst others.
mines in Kamarda and Saruabil. Its
Greenhouse gas intensity by 2045 water consumption, minimising waste
ferroalloy processing plants at Joda,
per tonne of crude steel (as per the GHG Protocol) through reuse and recycling, and
Bamnipal, Athagarh, Gopalpur, Jajpur,
Product sustainability customers with product-related

The Company is trying to mitigate To ensure product sustainability, sustainability information.
its water-related risks by minimising we have adopted the following three In Europe, Tata Steel became the
dependence on fresh water and approaches: first steel manufacturer globally
maximising recycling of effluents a) Life Cycle Assessment (LCA): to develop and operate an EPD
within steel plants and reusing Tata Steel’s LCA studies are in programme. The programme
municipal sewage. Further, steps accordance with the worldsteel LCA covers the development of Type III
like rainwater harvesting to charge methodology, which is guided by the environmental declarations in
groundwater at operating locations and ISO 14040:2006 and ISO 14044:2006 accordance with the requirements
in community areas help in reducing standards. Extending the scope of of EN 15804 and ISO 14025:2006. The
the demand-supply gap. manufacturing units under LCA, programme is intended to support
Major initiatives taken by the in FY2023-24, an LCA study for the Tata Steel in communicating its
Company in FY2023-24 to minimise its ferrochrome business, including the environmental credentials of its
specific freshwater consumption and products in a standardised manner. Steel Recycling Plant, Rohtak
mining operations, was conducted.
reduction of effluent discharge include: Another LCA study has been
Steel recycling business
» Increased water recovery through
augmentation of the Central Effluent
conducted for iron powder made Circular economy
using the Company’s by-products. In India, the Steel Recycling
Treatment Plant at Jamshedpur Going forward, a cradle-to-grave Transition to scrap-based Business (SRB) completed its
» Achieved ZED (Zero Effluent LCA study will be undertaken in steelmaking in the UK and second year of plant operations
Discharge) at the Kalinganagar plant collaboration with the Company’s in FY2023-24, clocking nearly
» Increased recovery of treated water
Committed to preserving natural resources the Netherlands 340 KT despatch. The business has
customers to holistically comprehend
from the sewage treatment plants Tata Steel is in discussion with the leveraged digital power to set up
the impact of the Company’s products.
at Jamshedpur Air emissions Tata Steel is undertaking two major Dutch government about closing one of robust supply chains, as the collection
» Increased water recovery from the Dust emission reduction is one projects as part of the Roadmap its two blast furnaces in the Netherlands and aggregation of scrap for the
b) GreenPro: In FY2023-24,
storm runoff streams at Kalinganagar of the thrust areas to improve Plus improvement programme in by 2030 and replacing it with a direct recycling plant entails reverse logistics.
Tata Steel achieved the GreenPro
» Water up-gradation projects in LD1 air quality across the Company’s the Netherlands. These include the reduced iron (DRI) electric arc furnace FerroHaat, a digital app, was launched
Ecolabelling Standard certification by
and LD2 plants at Jamshedpur operating locations. DeNOx installation at the Pellet (EAF). It will increase the proportion to source steel scrap from scrapyards
the Confederation of Indian Industry
» Conducted an integrated water Upgraded pollution control Plant and the 18-metre high and of scrap in steel manufacturing at and has gained deep penetration in
(CII) for its automotive flat steel
resource management study of the equipment, implementation of 1,000 meter long windbreaker around IJmuiden to 30%. the supply chain. Over 180 vendors
products. Based on a comprehensive
Brahmani river basin new technologies, consistent the raw material storage. The DeNOx Tata Steel also signed an agreement have been registered on the app
framework, the ecolabel assesses
internal efforts and maintenance installation aims to reduce the Pellet in September 2023 with the UK for scrap supply.
For more details, please refer to Question the green quotient of a product,
strategies have enabled Tata Steel Plant’s nitrogen oxide emissions Government on proposals to replace the SRB is also responsible for sourcing
5 under Principle 6 - Essential Indicators paving the way for environmental
to significantly reduce its stack by 80%. The windbreaker aims to two blast furnaces at Port Talbot with an and supplying the Company's entire
in Tata Steel's Business Responsibility and performance excellence. As part of
dust emissions in India. Between reduce dust emissions from the EAF, reducing direct emissions of CO2 by scrap requirement in India. Besides
Sustainability Report for FY2023-24. the evaluation process, the Company’s
FY1994-95 and FY2023-24 stack raw material storage. 50 MT over a decade. supplying processed scrap from its
automotive flat steel products
In FY2023-24, three large dedusting The transition will enable scrap-based
33%
dust emissions at the Jamshedpur underwent an end-to-end evaluation Rohtak plant, it also supplies scrap
steelworks have reduced by 97.8% installations have been put into low-CO₂ steelmaking by using locally from various sources across India.
at every stage of their product
(from 9.07 kg/tcs to 0.2 kg/tcs). At use at the IJmuiden steelworks in available scrap in the region, thereby not There has been a dedicated effort
lifecycle, leading to measurable
Reduction in the specific water Kalinganagar, stack dust emissions the Netherlands. These comprise only cutting down emissions but also to increase scrap charging in steel
environmental benefits.
consumption in India for its crude have gone down by 67% from 1.3 forge hoods at the blast furnaces, ensuring the raw material self-sufficiency melting shops to reduce their carbon
kg/tcs in FY 2016-17 to 0.43 kg/tcs a dedusting installation for flue of the domestic steel industries. footprint. Multiple cross-functional
steel manufacturing sites over the c) Environment Product
in FY2023-24. Since its acquisition in gases at the Pellet Plant and an strategy workshops have been
50 MT
last 5 years Disclosure (EPD): In India, Tata
FY2018-19 the Meramandali plant’s additional extraction installation conducted to develop a roadmap
Steel has published EPD for steel
stack dust emissions have reduced in the Oxy Steel Factory. The new for securitising its long-term
rebars, steel hot rolled coils and steel
by 54% (from 0.94 kg/tcs to 0.43 kg/ installations aim to drastically Reduction in direct emissions of scrap requirement.
structural hollow section, under the
tcs). At Gamharia, the quantity has reduce emissions of dust, lead Besides sustainability benefits,
brand Tata Structura. In the coming CO2 over a decade
decreased by 61% from 2.87 kg/tcs in and other heavy metals. A new the SRB is also dovetailed with its
years, it aims to receive eco-labels
FY2019-20 to 1.11 kg/tcs in FY 2023-24. cloth filter installation has also long products growth strategy. It
(GreenPro) and transparently disclose
The Company’s priority is to minimise been built at the Pellet factory to will cater to the scrap requirement
environmental performance for Tata
fugitive emissions while setting new ensure an 80% reduction in lead, of the upcoming EAF at Ludhiana,
Steel’s key products manufactured
benchmarks in stack dust emissions. heavy metals, and dust. Punjab paving the way for sustainable
across various sites to support its
steelmaking for the Company in India.
Solid waste management

Committed to its ‘Zero Waste
to Landfill’ target, Tata Steel
handles around 16 MT of value-added
by-products per annum, spanning 25+
product categories with
250+ stock keeping units (SKUs).
These are key raw materials for
various industries like cement,
chemicals, construction, and power.
In FY 2023-24, Tata Steel achieved
100% solid waste utilisation
at Jamshedpur, Kalinganagar,
Meramandali, and Gamharia. To
promote sustainable construction,
Tata Steel launched Tata Aggreto and
Tata Nirman, India’s first branded steel
slag products, produced through
a state-of-the-art integrated slag
processing plant and accelerated
weathering facility.
As a sustainable alternative to
natural aggregates, these have been
Kailash Top, Gamharia, Jamshedpur - a 30-acre ash mound transformed into a
used extensively to construct national
vibrant biodiversity park with 25,000 plants and shrubs
highways and urban and rural roads
in India. Tata Steel has joined hands
with the South Eastern Railway (SER) Biodiversity
in FY2023-24 in India for the utilisation
of the two products in the blanketing
layer of railway tracks.
Tata Steel has persistently made
efforts to improve its performance
in biodiversity conservation and
The water requirement is managed
through treated wastewater from
the captive effluent treatment plant,
West Bokaro
The Company has also developed reduce its impact on the ecosystem. realising the principle of circularity. In
a patented sustainable waste It endeavours to avoid, minimise, Jamshedpur, Tata Steel created a new
management technology for utilising regenerate, restore and transform its 1-acre water body in the Sidhgora
BOF (Basic Oxygen Furnace) slag to biodiversity impact. In consultation area, with a capacity of 10 million litres.
manufacture a sulphur-rich nutrient with stakeholders and experts, the In Meramandali, a 9.5-acre pond was Tata Steel’s West Bokaro colliery in which would have otherwise been towards Tata Steel’s cultural legacy
supplement branded ‘Dhurvi Gold’. Company has developed Biodiversity renovated. With a 25 million litres Jharkhand, India is spread over 1,740 atrophied. In the next five years, and class-leading healthcare services
Other key initiatives include a Management Plans (BMPs) for 17 sites capacity, the water body touches the Ha. This colliery operates 2 opencast the focus will be on relocating an to the local communities. The state-of-
one-of-a-kind endeavour to and plan to cover the remaining ones lives of approximately 600 people. mechanized coal mines along with additional 1,500 families and 19 public the art medical facilities, built with the
convert the hazardous LD sludge in the coming years. coal beneficiation facility, accounting infrastructure entities. support of Nest-In, has a capacity of
into value-added pellets, develop a In Jharia, Tata Steel has championed for ~3 MT of coking coal. The In FY2023-24, West Bokaro 62 beds, along with ICUs, NICUs, and
low-sulphur furnace oil from coal tar, bamboo plantation in the leasehold colliery faces significant challenges achieved its best annual relocation modular operation theatres.
and a greener alternative to crude coal and barren community land, In Gamharia, a 30-acre barren in relocating settlers and public figures by relocating 896 families and The Company has shown
tar usage in blast furnaces. Tata Steel aggregating to about 110 acres. A ash mound within the plant infrastructure to free up land for 3 public institutions and unlocked commitment to bring back the
has also developed eco-friendly light
construction products such as green
strong collaboration with farmers in premises was stabilised by mining, which is crucial for unlocking 0.84 MT of raw coal. ecological balance of the mined-out
the plantation areas generates new vast raw coal reserves and ensuring As mining operations expand, it areas. The Company has achieved
paver blocks and interlocking blocks, livelihood opportunities, reducing
developing a rich biodiversity the continuity of mining operations. has also become necessary to relocate remarkable progress in restoring
which are manufactured using iron their vulnerability to climate change. park, Kailash Top, with around Over the past five years, West Bokaro Company’s infrastructure. It’s a proud these areas and turning them into
and steel slags. 25,000 plants and shrubs. has successfully relocated ~2,500 moment to dedicate the New Union biodiversity parks such as the J N Tata
families and 25 public institutions office and the New Tata Main Hospital Park and Sir Dorabji Tata Park.
and unlocked ~12 MT of raw coal at West Bokaro, which will contribute
Value Creation Climate Change Report
Climate Change Report aligned

with the Recommendations of
the Taskforce on Climate-Related
Financial Disclosures.
Rainwater harvesting park, Noamundi
sustainability. The Company is working Tata Steel is developing bespoke intensity. The Company is setting up
towards the target as it evaluates decarbonisation plans for its its first scrap-based greenfield EAF
investment priorities for achieving steelmaking operations in Europe, steelmaking facility in India, in Punjab.
climate goals, considering shareholder anchored around the demand Tata Steel will also explore expanding
value creation, customers' future for low-carbon steel products in the same process route to other
needs, broader societal needs, and the geography, the regulatory locations in India.
long-term growth. developments in the region, As a founding member of TCFD
The financial investments required availability of viable transition (Task Force on Climate-related
for progressing towards Net Zero will options and fiscal and policy Financial Disclosures), Tata Steel
be very significant and require the support for the transition. Several played a crucial role in developing
following critical enablers: potential technology solutions are the TCFD standard. It is also one of
1 Availability of fiscal support to make being evaluated and developed for the first companies in India to have
the transition viable and affordable. decarbonisation of Tata Steel’s steel adopted the recommendations
2 Policy support towards infrastructure operations globally. Given the options of TCFD, pursuant to which it has
development for new energy and last at various stages of development, and undertaken extensive physical climate
mile access to cleaner fuels including a bouquet of solutions is expected to risk assessments and transition
Steel is a material of choice for process creates a significant carbon resources in specific regions, ensure emerge over the next decade for the climate risk assessments using
hydrogen
economic growth and development footprint. Though the electric arc a fair transition for the ecosystem India operations. independent third-party experts
3 Policy support towards pricing of
worldwide, be it infrastructure, furnace production route, which and supply chain, and provide a Tata Steel continues to promote across all its major steelmaking sites
carbon emissions so as to incentivise
construction, energy, capital goods, utilises scrap which is comparatively financially viable and technologically circularity. Tata Steel UK has in line with the recommendations and
reduction in CO2, with a level playing
conveyance, automotive, packaging, sustainable, its range of value-added sustainable solution. announced its decision to close its incorporated them in its Enterprise
field between importers and local
sustainable homes, and many other steel grades remains limited. The As a responsible corporate citizen, existing blast-furnace based heavy Risk Management Framework.
producers
sectors. While it is the foundation of limited availability of scrap is also Tata Steel places a strong emphasis on end operations and transition its entire This report discusses the four pillars
4 Policy support towards
sustainable economic growth, the a challenge as most scrap metal is environmental, social and governance steel production to a ~3 MTPA electric of TCFD:
encouragement of consumption of
steel industry, like cement, power, available in economically advanced aspects in its corporate strategy. arc furnace (EAF) to be commissioned
low-emission steel especially in public Governance
chemical refining, airlines, etc. is a regions, such as the US and Europe, In the FY2022-23, the Company around end 2027, which will rely
sector and infrastructure projects
hard-to-abate sector from a climate which have a long history of adopted the target to be Net Zero largely on available local scrap in the Strategy
5 End customer and value chain's
change perspective. infrastructure investment. by 2045 across its operations. It UK and reduce direct CO2 emissions in
demand and willingness to pay for
70% of global steel production Steel producers worldwide are aligns with the Tata Group target as its operations by ~5 MTPA. Tata Steel Risk Management
low-carbon, greener steel products
occurs through the traditional confronted with finding ways to part of 'Project Aalingana' and is an already operates electric arc furnace-
6 Scrapping policy and level playing Metric & Targets
blast furnace route using coal as a reduce the emissions generated by ambitious endeavour underlining the based steelmaking facilities in
regulatory policies for scrap sourcing
reductant. While cost-effective and steel production. These pathways will Company's strong commitment to Thailand, which recycle steel scrap
being a highly unorganised sector in
yielding high-quality output, the need to consider the availability of and have a very low CO2 emission
many parts of the world
A. Governance B. Strategy
Within the strategic

transition framework India
to low carbon business India is currently the second- an Indian carbon market through The
configuration, Tata Steel's largest steel-producing country in Energy Conservation (Amendment)
the world. The National Steel Policy Bill, 2022. The Indian Carbon Market
decarbonisation pathway is of India envisages 300 MT of annual is being developed by the Bureau of
Dalma View Point, Jamshedpur. Municipal solid waste dump transformed into nuanced in each geography steel production in India by 2030, and Energy Efficiency in India. Initially, it
a lush green picnic area based on local regulatory local demand is expected to continue is expected to cover select sectors,
Tata Steel has adopted 'Leadership Emissions for greenhouse gas reduction context, policy support, increasing 4-5 times the current levels including the iron and steel sector, and
by the middle of this century. To then gradually expand to cover other
in Sustainability' as one of the four and mitigation. It is chaired by the competitively priced green capitalise on the opportunity, sectors. The form and coverage of the
long-term strategic objectives. The Vice President - Safety, Health and energy availability and Tata Steel has a stated ambition to Indian Carbon Market are expected to
Management undertakes climate Sustainability and has cross-functional
risk assessment and identification members from all parts of the
the associated delivery double its steelmaking capacity in play a crucial role in India's emission
of potential mitigation actions organisation. The CoE for GHG Emissions infrastructure and customers' India to 40 MTPA. reduction trajectory.
India's growth trajectory poses Tata Steel's transition strategy will
through a cascaded process also governs the budget against the willingness to pay for decarbonisation challenges for the seek to reduce reliance on fossil fuels
Up to 2045
across the organisation, which its sustainability corpus to support projects green steel. blast furnace-dominated domestic in India progressively and will take 1 Continuing capacity addition
Board of Directors then reviews. in reducing carbon emissions and water
steel industry. The sparse availability of into consideration both the regulatory in India using the scrap-based
The Board has constituted specific consumption.
competitively priced low-carbon fuel development and the Company's EAF route
committees (including the executive Tata Steel has formulated a
(Green Hydrogen and Natural Gas) and decarbonisation ambitions:
directors representing the business) Decarbonisation Governance framework
the associated delivery infrastructure 2 Full replacement of any fossil-based
which take a comprehensive approach for continued monitoring, evaluation, and Up to 2030
significantly constrain the viability of grid power with renewable power
to assessing climate risks and reporting of decarbonisation initiatives.
such technologies at scale. in the mix
impacts and recommend appropriate It consists of 4 Vice-President led Tribes, 1 Installation and commissioning of
The relatively low level of
strategies to deal with them: to lead decarbonisation projects in modular scrap-based EAF plants
embedded steel within the 3 Addition of new and alternate iron-
» Corporate Social Responsibility and respective focus areas, reporting to strategically in India in scrap
country's steel-intensive assets like making technologies like hydrogen/
Sustainability Committee a steering committee chaired by the generating regions
infrastructure, automotive, and gas-based DRI
» Safety, Health and Environment CEO & MD. The Project Management
consumer goods indicates a low rate of
Committee Office, led by Vice President - Safety, 2 Increasing the share of renewable
scrap recovery from the supply chain 4 Scale-up of HIsarna direct smelting
» Risk Management Committee Health & Sustainability, drives project energy in the power mix
in the medium term, as end-of-life technology
implementation.
Under the supervision of the Board, steel recovery will take time to mature.
Tata Steel's subsidiary companies' 3 Using higher amounts of scrap in its
Tata Steel's CEO & MD chairs the On the other hand, local iron ore 5 Scale-up of gas injection directly
boards set their respective sustainability existing ore-based BOF steelmaking
Apex Environment and Sustainability reserves present a more natural and into blast furnaces to sharply
goals, which are aligned with Tata Steel's process assets
Committee. The committee sets the viable input for steelmaking. Carbon reduce coal and coke use
climate risk strategy and Net Zero by 2045
strategic objectives, reviews and capture and storage technologies are
ambition. The Company's businesses 4 Reduction in use of coal by utilising
monitors actions and performance, nascent, while technology solutions for 6 Sustainable production, storage,
in Europe have set themselves more lower CO2 emission fuels such as
identifies risks, and proposes substituting carbon in blast furnaces and use of Green Hydrogen across
accelerated decarbonisation targets given biochar, natural gas, and coke
mitigation plans and new initiatives. are at the pilot or concept stage. the steel value chain
the climate regulatory framework in the oven gas
The operating teams then develop As yet, India has no regulated
European Union and the UK and societal
the strategy, evaluate options, engage market or defined allocation of carbon 7 Upscaling pilots of Carbon
priorities. The CEO & MD and ED & CFO 5 Piloting new low TRL (Technology
with relevant internal and external credits to industry, which is necessary Capture Utilisation and Storage
of Tata Steel also chair the boards of key Readiness Level) technologies
stakeholders, and pursue responsible to build an economic framework and (CCUS) and dovetailing with the
subsidiary companies, which facilitates in partnership with academia
advocacy to shape policy and carry out Tata Steel Jamshedpur, part of Global the foundation for the investment existing processes
the alignment of ESG governance across and OEMs (Original Equipment
projects proactively. Lighthouse Network. Applying Industry thesis for decarbonisation. It may
businesses and regions. Manufacturers)
Tata Steel has also created the 4.0 solutions to drive financial and be noted that India has already 8 Developing value-added products
Centre of Excellence (CoE) for GHG operational impact introduced the requisite legislation for using captured carbon.
The two low CO2 candidate 1,036 MW, meeting around 16% power electrification, and digitalisation to the
technologies for ore-based steel requirement. mining and metals industries.
production that are likely to become Tata Steel also completed a first-in- As part of scrap recycling in
scalable are: the-world trial of hydrogen injection in steelmaking, Tata Steel is increasing
(i) Retrofitting existing blast furnace- the E Blast Furnace in Jamshedpur, of up its share of scrap utilisation across
based facilities with CCUS solutions to 40% of injection capacity for 3.5 days. Jamshedpur, Kalinganagar, Meramandali,
(ii) DRI with Green Hydrogen, and As part of its ongoing efforts to and Gamharia. Using the short sea route,
any other hydrogen-enriched gas decarbonise the steel sector, Tata Steel Tata Steel launched the Multimodal
supplemented with the installation of announced 'Tata Steel - Sprint to Zero' Service to streamline the scrap supply
EAF-type melting facilities for DRI 2023 Challenge, an initiative to fund chain and move scrap from Chennai
innovative research and development to Tata Steel sites. It is a first-of-its- Committed to sustainability, Tata Steel Nederland
Tata Steel has identified both
technologies as technology leadership projects in low carbon hydrogen that kind green supply chain solution to
focus areas and actively engages with offers tech-led or tech-enabled solutions containerise scrap movement on the east Europe
technology providers, academia, to address green hydrogen technologies coast of India. Tata Steel aims to achieve a Also, in specific industry sectors Tata Steel understands that CBAMs
and other companies regarding their for the industrial sector's sustainable Tata Steel also received the first batch CO₂ reduction of about 40% as early (cement, aluminium, fertilisers, electric for the EU and UK are vital to ensure a
development and scale-up. future. The announcement is part of of deliveries of next-generation, green- as 2030 for its steelmaking site in energy production, hydrogen, iron and level playing field for steel producers
To increase renewable energy use, the UK-India Hydrogen Partnerships, fuel-powered commercial vehicles, IJmuiden, the Netherlands. For Tata steel, some precursors, and a limited in those regions while governments
Tata Steel commissioned a floating which builds on the UK-India Hydrogen including Prima tractor-trailers, tippers, Steel Nederland downstream sites, the number of downstream products), free are pursuing climate policies that
solar power project with a capacity of Hub announced by the UK and Indian and the Ultra EV bus, all powered by low ambition is to be carbon neutral by 2030. allocation of EU ETS will be gradually increase the cost of emitting CO₂. The
10.8 MWp (Megawatt peak) on its upper Prime Ministers in 2022. Tata Steel is the and emission-free technologies – LNG The Company is engaged in a phased out. It is due to the introduction precise design of CBAM requires careful
cooling pond in the plant, bringing first sponsor of the UK-India Hydrogen and electric batteries. The green-fuel- transformational project to replace its of the Carbon Border Adjustment attention to ensure that the extra costs
the total capacity to 20.34 MWp solar Partnerships sprint series to support powered vehicle will address the Scope existing heavy-end iron and steelmaking Mechanism (CBAM), a new measure to faced by steel producers in the EU
projects in the Jamshedpur Plant. innovative projects in low-carbon 3 emissions in road transportation and assets at Port Talbot in the UK with an mitigate the risk of carbon leakage as the and UK do not cause the relocation of
Tata Steel obtained environmental hydrogen. The Company will also offer reduce 0.74 kg CO2/km using Electric EAF. The transformation is expected to EU ramps up its climate ambition. steel production and steel-intensive
clearance and begun construction for the experiential engagement to selected Vehicles (EV) and 0.13 kg CO2/km reduce direct emissions from the site The United Kingdom was amongst manufacturing to countries and regions
upcoming 0.75 MTPA scrap-based EAF entities as part of the Challenge, using LNG. by approximately 5 MT and reduce the the first countries to legislate for of the world with little or no cost of
facility in Ludhiana, Punjab, India. including priority access to its integrated Tata Steel is also evaluating the direct CO₂ emissions per tonne of crude Net Zero by 2050 and, in early 2021, emitting CO₂. At the same time, it is
Tata Steel has entered into a steel plants. feasibility of investments in gas-based steel production by over than 90%. This announced its acceptance of the essential that a level playing field be
definitive agreement with Tata Power Tata Steel has become the first Indian DRI production, using natural gas, transformation represents a huge stride recommendations of its statutory maintained between the UK and the EU.
to source 379 MW of captive renewable steel company to join hands with the coke oven gas, or syngas from coal forward for Tata Steel UK in meeting its advisory committee on climate change Tata Steel is committed to working
power, which will reduce 50 MT of Leadership Group for Industry Transition gasification as a transitional technology Net Zero by 2045 ambition. (UKCCC) to ensure (i) the UK achieves closely with policymakers to deliver a
carbon emissions over the 25-year (LeadIT), aiming to collaborate with until cost-competitive Green Hydrogen Driven by a combination of a 78% reduction in emissions by 2035 profoundly significant contribution to
contract period. This arrangement will countries and companies striving to becomes available. government action and the increasing (compared to 1990) and (ii) that ore- achieving national emissions reduction
replace part of the existing coal-based achieve Net Zero emissions in heavy Tata Steel has completed pilot expectations of customers and broader based steelmaking in the UK achieves aspirations. The Group's emission
power generation in the Company's industry. Backed by the World Economic projects at Tata Steel Meramandali society, the pressure to decarbonise 'near-zero' emissions by 2035. In 2023, reduction commitments, participation
Jamshedpur plant and cater to the Forum, LeadIT was instituted by the and Tata Steel Nederland which makes its steelmaking operations has the UK government announced that in global initiatives and other actions
Kalinganagar facility's requirements and governments of Sweden and India use of E-Liability carbon accounting been felt keenly in the UK and the it would tighten emissions reduction to date are evidence of this. Across
the Ludhiana, Punjab, India EAF project. during the UN Climate Action Summit methodology. This methodology, Netherlands. The Dutch and the UK trajectory across the traded sector Europe, there is a growing recognition
Further, Tata Steel is in discussion in September 2019. This collaboration developed by Prof Robert S Kaplan and governments seek leadership positions (i.e., those in the UK Emissions Trading that steelmakers need government
with Tata Power Renewable Energy allows Tata Steel to gain valuable Prof Karthik Ramanna, aims to help in global climate action. The European Scheme (UK ETS)) in line with its Net Zero support to decarbonise. Steelmakers
Limited to set up a captive solar power insights, best practices, and innovative companies tackle ESG reporting in a Commission adopted its 'Fit for 55' by 2050 legislation, which equates to a and governments in several countries
plant with 70 MW capacity in the state of ideas related to sustainable practices and more targeted and auditable way by package of proposals in 2021 to align ~53% reduction in emissions by 2030 are working together to develop
Maharashtra. This project will generate green technologies in the steel sector. measuring GHG emissions at a product the EU's climate, energy, land use, compared to 2019. It has also announced their decarbonisation plans, with
~17 MW of renewable power and reduce Tata Steel and ABB have signed level rather than an entity level. It thereby transport, and taxation policies with its commitment to a robust suite of such discussions covering a selection
115 kilotonnes of carbon annually. a memorandum of understanding goes beyond the Greenhouse Gas the legal objective of reducing net measures to mitigate carbon leakage, of suitable technology, access to
This will make ~49% of Tarapur and (MoU) to co-create innovative models Protocol and uses traditional accounting greenhouse gas emissions by at least including a UK CBAM, mandatory abundant, green energy supply and
Khopoli power green. With this, Tata and technologies to help reduce steel principles for carbon accounting. 55% by 2030, compared to 1990. Since product standards, and measures to infrastructure at a competitive price,
Steel Limited’s total installed captive production's carbon footprint. ABB will then, the EU institutions have increased grow market demand for low-carbon possible fiscal support from the national
renewable power capacity will be bring global experience in automation, the stringency of the cornerstone EU products. The UK CBAM is expected to governments, and the need to create
Emissions Trading System (EU ETS). be effective from 2027.
a competitive regulatory environment. Tata Steel has signed an agreement

The agreement between Tata Steel with Swedish metal company Boliden
and the UK Government to co-invest to procure low-carbon zinc, which has
in the transition to EAF steelmaking at one of the lowest CO2 footprints of
Port Talbot represents a milestone in any refined zinc globally. According to
joint decarbonisation efforts by a steel Boliden, the supplied zinc emits less
company and national Government. than 1 tonne of CO2 per tonne of zinc,
compared to the industry average
The Netherlands IJmuiden plant, the Netherlands - one of the most CO2 efficient steel plants in the world
of 3.6 tonnes.
Tata Steel's steel manufacturing Green: From 2030 onwards, Tata and financial support from the Tata Steel has also completed over
plant at IJmuiden, in the Netherlands, Steel Nederland intends to reduce its government. With the submission thirty environmental investments
has two blast furnaces with a CO2 emissions by 5 MT, annually. To of the plan, a new phase has begun from the Roadmap Plus programme
steelmaking capacity of 7 MTPA. achieve this, the Company plans to in the discussion between Tata Steel to reduce air emissions, including
Through consistent energy efficiency replace Blast Furnace 7 and Coking and the Dutch government, and both dust and noise pollution at IJmuiden.
and process improvements since 1990, and Gas Plant 2 (to be closed by 2029) parties will continue to discuss and For example, three new dedusting Tata Steel UK
the plant has reduced approximately with a Direct Reduced Iron Plant negotiate to reach a final agreement installations were implemented in
15% of its CO2 emissions per tonne (DRP) combined with an electric arc for its implementation. IJmuiden at the beginning of 2024. In The United Kingdom
of steel. With its CO2 intensity being furnace. The DRP will initially run Tata Steel has introduced the Pellet Plant at IJmuiden, a dust-
On September 15, 2023, Tata Steel heavy-end assets. The two Blast
7% lower than the European average, on natural gas. As cost-competitive Zeremis® Carbon Lite – steel with an removal installation was fitted. With
announced that it had reached an Furnaces, No.5 and No.4, at Port Talbot
the IJmuiden plant is one of the most hydrogen becomes available in allocated carbon footprint reduction this expansion, Tata Steel expects
agreement with the UK government will close by the end of June 2024
CO2 efficient steel plants in the world sufficient quantity, the plant would of up to 90%, gaining traction among to reduce emissions of particulate
on proposals that would see the two and September 2024, respectively.
(among the top three as per the World be able to run on hydrogen without customers in various industries, matter, lead and other heavy metals by
blast furnaces at Port Talbot replaced Following the closure of Blast Furnace
Steel Association benchmark). any modification. The iron from this including automotive, construction, approximately 80% at the Pellet Plant.
with an electric arc furnace (EAF). The No.4, the remaining heavy-end assets
Tata Steel has made a public DRP will be used in the EAF and and new mobility sectors. Tata Steel
EAF and associated investments will will wind down.
commitment in the Netherlands to supplemented with scrap in a much has signed a Memorandum of
cost £1.25 billion. The UK government During the transition period
reduce its CO2 emissions by 5 MT larger quantity than currently used in Understanding (MoU) with Snop and
by 2030 through an accelerated the IJmuiden plant. Gedia for the long-term steel supply In February 2024, Tata Steel will pay £500 million, and Tata Steel and project phase, Tata Steel will
will fund the balance. To be able ensure uninterrupted and reliable
transition process. Circular: By 2030, the Company with a lower environmental footprint. started two major projects to deliver the proposed electric product supply to fulfil customer and
In November 2023, Tata Steel plans to increase the use of scrap in the Initially, Tata Steel intends to provide as part of the Roadmap Plus arc furnace by 2027, Tata Steel has market commitments, through the
presented the updated Green Steel IJmuiden plant to approximately 30% Gedia with Zeremis® Carbon Lite steel,
Plan to the government, covering the of total annual production. Thus, it will with an allocated carbon footprint
improvement programme: begun engineering design work and import of hot rolled coil and slabs
following three key objectives: become less dependent on primary reduction of up to 90%. Tata Steel will » DeNOx installation at construction planning for a furnace from stable and responsible supply
that would be among the most chains, including its plants in India
Clean: In the Netherlands, Tata raw materials and more supportive of provide Zeremis®-embodied green the pellet plant will capture modern in the world. and the Netherlands, to feed its
Steel intends to prioritise reducing the circular economy principles. steel when the IJmuiden steelworks NOx compounds and reduce The project will bolster the UK's downstream units.
particulate matter and nitrogen The Green Steel Plan is a significant adopts its new steelmaking route.
dioxides. In addition to measures move towards reducing environmental Tata Steel has also launched
nitrogen oxide emissions by steel security and be the first leap Tata Steel has already progressed
already being taken to reduce and climate impact as quickly as Zeremis® Delivered, which allows 80% versus a 2019 baseline. towards decarbonising the UK steel the EAF investment programme
industry, potentially reducing direct to an advanced engineering stage
particulate matter, the Green Steel possible. It will probably be the most customers to receive their steel » An 18-metre high and carbon emissions by 5 MTPA, a and expects to place equipment
Plan contains non-statutory measures prominent industrial transition in the orders through lower-emission 1,000-metre long windbreaker 90% reduction in direct emissions. orders by September 2024. Based
to cover raw material storage. Netherlands in the coming years. Tata transportation methods. The service
These canopies prevent the drift of Steel is discussing the Green Steel enables customers to reduce their
to reduce dust emissions from It will also be transformational on current timelines, construction
fine and coarse dust. Tata Steel is Plan with the Ministry of Economic Scope 3 emissions and other emissions raw material storage. regarding the UK's progress towards on the project will begin by August
a more circular economy, leveraging 2025. Tata Steel has also accepted a
already implementing measures to Affairs, the province of North Holland, linked to the transportation of steel.
Tata Steel Nederland has also domestically available scrap steel and revised and updated connection offer
reduce nitrogen oxide emissions, and simultaneously engaging with Under the Zeremis® Delivered brand,
completed the pilot project, which promoting value addition. from National Grid, the UK's power
such as constructing a large DeNOx suppliers, customers, the local the Company has introduced a broad
makes use of E-Liability carbon Subsequently, after seven months infrastructure company, ensuring it
installation at the Pellet Factory, which community, and other stakeholders. range of zero-emission logistics
accounting methodology. of formal and informal national-level will have the power infrastructure to
will be operational in 2025, reducing The Green Steel Plan entails solutions across modalities such
discussions with the UK trade unions, commission the EAF on schedule by
NOx emissions by around 80% versus significant investment by Tata Steel as battery electrification and fuel
Tata Steel has announced its decision the end of 2027.
its 2019 baseline. and can succeed only with policy cell technologies.
to proceed with closure of the existing
C. Risk Management
Tata Steel uses its Enterprise Risk Management process to manage climate Summary of Climate-Related
change risks across the organisation in an integrated and uniform manner. The Risks for Tata Steel
process identifies and assesses business risks using a two-pronged approach,
i.e. bottom-up and top-down, to ensure comprehensive risk identification and Physical risk Transition risk
to minimise blind spots. Appropriate early warning indicators and mitigation
strategies are identified for review by the Risk Management Committee of
the Board. Description Description Description
Tata Steel has also undertaken a detailed and systematic assessment of the
physical and transition risks in a Climate Risk assessment focusing on its key Operational disruption in Development in climate Inability to address stakeholders’ expectations (regulatory
steelmaking sites in India, the Netherlands, and the UK. An independent third- steelmaking facilities change regulations and bodies, community and society, customers, etc.) regarding
party advisor conducted the assessment in line with the TCFD recommendations.
due to extreme climate disclosure standards, environmental impact may affect operations, lead to the
(physical) events leading to reducing access to capital and closure of select assets, cause reputational damage and lead
loss in profitability increasing the cost of funding to the withdrawal of social licence to operate
Impact Impact Impact
Operating cost, lost revenue and Interest cost Operating cost, asset closure
capex
Mitigation Mitigation Mitigation
Tata Steel Limited Tata Steel Group Tata Steel Limited Tata Steel Nederland BV
Tata Steel Nederland BV 1. Tap the pool of sustainability- 1. Implement key projects such as 1. Roadmap 2030 and Roadmap+
linked financing for growth and achieving zero effluent discharge, programmes, including the
Tata Steel UK Limited decarbonisation investment installing pollution control dust reduction programme and
2. Prepare and communicate the equipment, etc. construction of the Pellet Plant
1. Natural Hazard and Climate decarbonisation action plan to 2. Strengthen online monitoring DeNox facility
Change Hotspot analysis for key external stakeholders for achieving for real-time detection of 2. Asset integrity monitoring
operating locations covering carbon emission reduction targets abnormalities programme and failure
major upstream mining sites, reduction programme,
steelmaking facilities and ports 3. Assure compliance
that are part of the major supply with the best available
Tata Steel UK Limited
chain networks technology regarding stack
2. Augment structural designs to dust measurements
avoid damage and disruptions 1. Asset integrity monitoring 4. Set up and implement
due to high wind speed, where programme and failure transparent and regular
applicable reduction programme engagement with the
3. Maximise water recycling 2. Set up and implement a community to provide them
within the plants, utilise transparent and regular with information, communicate
treated municipal wastewater, engagement with the community action plans, understand their
harvest rainwater, and to provide them with information, concerns, take appropriate
increase stormwater recovery communicate action plans, action, and provide updates on
to minimise dependency understand their concerns, take the actions underway
on freshwater demand appropriate action, and provide
in operations updates on the actions underway
Championing the cause of a sustainable tomorrow for all
Opportunities for the business

related to Climate Change D. Metrics and targets accounting standard for companies. collection programme enables
Transition risk (cont.) The use of the GHG Protocol has individual steel plants to compare
The long-term decarbonisation also been recommended by the themselves against the sector's
ew products and
N
roadmap is based not only on standards issued by the International average and best performance and
increased revenue
Description compliance with national targets Sustainability Standards Boards identify the scope for improvement.
The increasing demand for in local geographies but also on (ISSB) under the IFRS Foundation, Tata Steel has adopted a standard
Cost of carbon compliance: lightweight and carbon-efficient the Company's commitment to the Science Based Target Initiative and consistent set of emission
steel products in the mobility space
(a) I mpact on operational costs from direct creates potential for high-strength
Net Zero by 2045. (SBTi), and the CDP (formerly Carbon metrics and targets across its
Disclosure Protocol). global operations.
carbon pricing steel grades, opening new market Reporting methodology Tata Steel also reports its emission
(b) Impact of carbon border taxes opportunities for steel manufacturers.
Tata Steel reports its emissions per intensity based on the World Steel KPI
(c) Use of more expensive but greener energy The incentivising green steel premia
the GHG (Greenhouse Gas) Protocol, Association (WSA) guidelines. These » Total emission, Scope 1, 2 and 3, as
available to early movers is also guidelines were initially derived from
a sector-agnostic emission reporting per the Greenhouse Gas Protocol
Impact attractive. Tata Steel looks to capitalise the GHG Protocol methodology and
methodology that helps investors » Emission intensity per tonne
on the opportunity and increase its have been explicitly designed for and
Operating cost make capital allocation decisions of crude steel, as per the
product portfolio's share of advanced widely adopted by the steel sector.
across sectors. It has been prepared by WSA methodology.
high-strength steel grades and The guidelines provide for site-wise
the World Resources Institute and the Target
Mitigation green steel. emission reporting by steel companies
World Business Council for Sustainable » Net Zero by 2045
Development and is the world's based on standard definitions and
Green infrastructure agreed-upon boundaries. The data
Tata Steel Limited Tata Steel Nederland BV most widely used greenhouse gas
Steel is essential to green
electricity generation, storage,
1. Develop short-, medium- and 1. Close monitoring of
and transmission. It is used in wind
long-term decarbonisation required production
plans in line with the volumes and taking further
turbines, transmission and distribution Disclosure
infrastructure, hydropower, nuclear
anticipated market and actions where appropriate
power plants, battery manufacturing, The World Steel Association has are shared with customers to enable sustainability journey, following
policy landscape to achieve threshold
and transportation of green fuel recognised Tata Steel as a 2024 Steel them to understand the carbon Jamshedpur's historic achievement
2. Align long-term capital volumes
(e.g. green hydrogen pipelines). Sustainability Champion for the and other environmental impacts as the first Indian steel plant to
expenditure plans with 2. Decarbonise steelmaking
Tata Steel is conscious of the global seventh consecutive year. It was a associated with Tata Steel products. receive the certification in 2022. In
the Company's carbon operations in line with
transition to green energy and is founder participant in WSA's Climate ResponsibleSteelTM is the India, Tata Steel now has more than
emission target the EU’s short-term and
constantly building a product portfolio Action programme and has been steel industry's first global multi- 90% of its steel production from
3. Pursue deep decarbonisation long-term targets by
to support the demand from the green recognised as an accredited Climate stakeholder standard and certification ResponsibleSteelTM certified sites.
through (a) Carbon Capture, transitioning to green
industrial revolution. Action member ever since. It has initiative. It works with steel producers, Tata Steel has a long, unbroken
Storage & Usage and (b) hydrogen-based
Carbon direct avoidance steelmaking developed sector-leading expertise in consumers, and intermediaries to record of annual disclosure to CDP.
Cost reduction and life cycle assessment. This tool enables build a sustainable steel industry Its most recent disclosure in 2023
optimisation opportunities it to understand the CO2 impacts of by addressing pressing challenges, secured a rating of A-, placing it very
Tata Steel UK Limited Tata Steel consistently invests in products holistically, taking account including climate change, diversity, close to the top within steel sector
renewable energy infrastructure to of emissions from raw material human rights, and more. listings. Tata Steel's performance on its
1. Pursue asset replace fossil fuel-derived energy. extraction through production and Tata Steel continues to lead the key performance indicators has been
reconfiguration to achieve a With the carbon-related regulatory use of finished products, such as way in sustainable steel production disclosed in the Business Responsibility
financially sustainable and framework maturing across Europe, buildings to the end of life. It is the as its Kalinganagar and Meramandali and Sustainability Report and the ESG
low-carbon future decarbonising its value chain will also first steel company globally to become plants received the prestigious Factsheet, included in the Company's
reduce the Company's compliance an operator of its own Environmental ResponsibleSteelTM Certification in Integrated Report for FY2023-24.
cost associated with emissions trading Product Declaration (EPD) programme, FY2023-24. It marks a significant
schemes. Tata Steel is also working on through which it produces EPDs that milestone in the Company's
a sustainable finance framework that
would reduce the cost of financing.
Value Creation Environmental Social Governance (ESG) Factsheet
The factsheet represents the ESG Basic information

UOM FY2019-20 FY2020-21 FY2021-22 FY2022-23 FY2023-24
performance for Tata Steel Limited, ProductionP

Tata Steel Limited@a MT 13.16 12.19 18.38 18.97 20.12
Neelachal Ispat Nigam Limited (NINL), Tata Neelachal Ispat Nigam Ltd. (NINL)
MT
MT 3.38 3.27 3.40 2.93
0.66
2.99
Tata Steel Nederland BV MT 6.62 6.07 6.45 6.16 4.81
Steel Nederland BV, Tata Steel UK Limited, Tata Steel (Thailand) MT 0.99 1.09 1.31 1.13 1.12
P
Includes crude steel for India, liquid steel for Tata Steel UK and Tata Steel Nederland, and saleable steel for South East Asia operations
Tata Steel (Thailand), which account for Note 1 : The production of Tata Steel Nederland BV is lower in FY2023-24 due to relining of Blast Furnace 6
Note 2: Consolidated Production for FY2023-24 also includes ~0.24 MT saleable steel from other SEA operations
Environmental
90% of our global group turnover. Emissions
CO2 emissions – steel plants (worldsteel user guide V9.5, with slag credit)
Tata Steel Limited@a
Scope 1+1.1 MT 31.1 29.4 46.2 46.3 49.9#
Scope 2 MT 1.1 1.0 1.7 1.7 1.9#
Scope 3 MT -1.8 -2.0 -3.2 -3.0 -2.9#
Scope 1+1.1+2 + 3 MT 30.4 28.3 44.7 45.0 48.9
CO2 emissions intensity tCO2/tcs 2.31 2.32 2.43 2.38 2.43#
#
KPIs assured by Price Waterhouse & Co Chartered Accountants LLP
NINL@b
Scope 1+1.1 MT 2.4
Scope 2 MT 0.1
Scope 3 MT -0.7
Scope 1+1.1+2 + 3 MT 1.8
CO2 emissions intensity tCO2/tcs 2.73
Tata Steel UK Limited@c
Scope 1+1.1 MT 6.6 6.2 6.4 5.7 5.5
Scope 2 MT 0.2 0.2 0.2 0.2 0.2
Scope 3 MT 0.3 0.2 0.2 0.1 0.2
Scope 1 +1.1 + 2 + 3 MT 7.1 6.5 6.9 6.0 5.8
CO2 emissions intensity tCO2/tcs 2.09 2.00 2.02 2.05 2.02
Tata Steel Nederland BV@d
Scope 1+1.1 MT 11.8 10.9 11.6 10.9 8.6
Scope 2 MT -0.1 -0.1 -0.1 -0.3 0.1
Scope 3 MT 0.2 0.2 0.3 0.3 -0.2
Scope 1 +1.1+2 + 3 MT 11.9 11.0 11.7 10.9 8.4
CO2 emissions intensity tCO2/tcs 1.76 1.78 1.78 1.78 1.81
Tata Steel (Thailand)@e
Scope 1+1.1 MT 0.2 0.2 0.2 0.2 0.2
Scope 2 MT 0.4 0.4 0.5 0.4 0.4
Tata Steel Limited includes its Change in scope of reporting: The Neelachal Ispat Nigam Ltd. (NINL),
Scope 31.a MT 0.1 0.1 0.1 0.1 0.1
steel plants (TS Jamshedpur, TS scope of Tata Steel Limited is changed being functional from November 2022,
Scope 1 +1.1+2 + 31.a MT 0.7 0.7 0.8 0.7 0.6
Kalinganagar, TS Meramandali and TS in FY2023-24 with the merger of Tata has been added into the scope
CO2 emissions intensity1.a tCO2/tcs 0.67 0.64 0.61 0.59 0.61
Gamharia), mining locations, upstream Steel Long Products Limited (TSLP), of reporting in FY2023-24.
(DRI, Iron & Coke, Ferro Alloys, Tata Tata Metaliks Limited (TML), Tinplate
1.a
Emissions of additional Scope 3 categories included from FY2021-22
Steel Growth Shop) and downstream Company of India Limited (TCIL), Tata Tata Steel Consolidated (with slag credit1.a) tCO2/tcs 2.19 2.19 2.19 2.21 2.23
units (rolling, tube making, Steel Mining Limited and S&T Mining Note: Scope 1 & 3 CO2 emissions for the steel making sites are assessed based on the actual consumption of resources and generation of saleable
co-products including slag.
tinplating, wire drawing, bearing Limited with Tata Steel Limited.
production, etc.). @ Includes all Steelmaking sites;
@a TS Jamshedpur, TS Kalinganagar for all years reported, TS Meramandali merged in FY2021-22 and TS Gamharia merged in FY2023-24 ;
@b NINL ; @c Tata Steel UK Limited includes Port Talbot ; @d Tata Steel Nederland BV includes Ijmuiden ; @e Tata Steel (Thailand) includes Rayong, Saraburi, Chonburi
UOM FY2019-20 FY2020-21 FY2021-22 FY2022-23 FY2023-24 UOM FY2019-20 FY2020-21 FY2021-22 FY2022-23 FY2023-24
GHG emissions (based on GHG protocol, in Million tCO2e) Air emissions
Tata Steel Limited
Stack dust emissions KT 5.0 4.1 7.2 6.4 7.0#
Absolute emissions -Scope 1 for steelmaking sites MT - - - 47 51#
Stack Dust emission intensity kg/tcs 0.38 0.34 0.39 0.34 0.35#
Absolute emissions -Scope 1 for all sites MT - 33 49 50 56
Stack SOx emissions KT 8.6 7.8 30.4 27.0 32.8#
Absolute emissions -Scope 2 for steelmaking sites MT - - - 5 5#
SOx emission intensity kg/tcs 0.65 0.64 1.66 1.43 1.63#
Absolute emissions - Scope 2 for all sites1.c MT - 4 5 6 7
Stack NOx emissions KT 8.7 7.5 16.0 15.8 17.5#
Absolute emissions - Scope 3 MT - 5 6 7 151.b
NOx emission intensity kg/tcs 0.66 0.62 0.87 0.83 0.87#
Total absolute emissions (Scope 1 +2 + 3) for all sites MT - 42 61 62 77 #
#
1.b
Additional Scope 3 emissions assessed in FY2023-24: (a) Electrical T&D Losses under Scope 3 category 3 Fuel- and Energy-Related Activities, Not Included in NINL@b
Scope 1 or Scope 2 and (b) combustion of coal byproducts sold to 3rd party under Scope 3 category 11 Use of Sold Products. Stack dust emissions KT 0.29
NINL Stack Dust emission intensity kg/tcs 0.44
Absolute emissions - Scope 1 MT 2.4 Stack SOx emissions KT 0.99
Absolute emissions - Scope 2 MT 0.2 SOx emission intensity kg/tcs 1.51
Absolute emissions - Scope 3 MT 0.2 Stack NOx emissions KT 0.27
Total absolute emissions (Scope 1 +2 + 3) MT 2.8 NOx emission intensity kg/tcs 0.41
Tata Steel UK Limited@c(CY2)3
Stack dust emissions KT 1.1 1.4 1.2 0.8 0.8
Absolute emissions - Scope 1 MT - 6.6 6.8 6.0 5.9
Stack Dust emission intensity kg/tcs 0.31 0.00 0.33 0.28 0.29
Stack SOx emissions KT 6.8 6.4 4.7 4.6 4.0
SOx emission intensity kg/tcs 2.02 1.96 1.33 1.56 1.38
Total absolute emissions (Scope 1 +2 + 3) MT - 7.7 9.0 7.9 7.8
Stack NOx emissions KT 4.8 5.1 5.0 4.3 3.8
Tata Steel Nederland BV NOx emission intensity kg/tcs 1.41 1.57 1.42 1.47 1.30
Absolute emissions -Scope 1 MT - - 11.7 11.2 8.7 2
Calendar year reporting (1 January - 31 December)
Absolute emissions - Scope 2 MT - - 0.8 0.6 0.1 3
Historical data revised to exclude fugitive emissions
Absolute emissions - Scope 3 MT - - 5.0 3.8 3.7 Tata Steel Nederland BV@d (CY2)
Total absolute emissions (Scope 1 +2 + 3) MT - - 17.4 15.6 12.5 Stack dust emissions KT 1.9 1.8 1.6 1.5 1.4
Tata Steel (Thailand) Stack Dust emission intensity kg/tcs 0.28 0.30 0.24 0.25 0.31
Absolute emissions - Scope 1 MT - 0.2 0.2 0.2 0.2 Stack SOx emissions KT 3.2 3.0 2.8 3.2 2.8
Absolute emissions - Scope 2 MT - 0.4 0.5 0.5 0.4 SOx emission intensity kg/tcs 0.48 0.50 0.42 0.52 0.60
Absolute emissions - Scope 3 MT - 0.2 0.2 0.2 0.3 Stack NOx emissions KT 6.0 5.1 5.3 5.0 4.3
Total absolute emissions (Scope 1 +2 + 3) MT - 0.8 0.9 0.8 0.9 NOx emission intensity kg/tcs 0.91 0.85 0.80 0.80 0.90
2
Tata Steel Consolidated (including other entities)
Specific Water Consumption & Discharge Intensity
Absolute emissions - Scope 1 MT - 66 76 75 771.d
Absolute emissions - Scope 21.c, 1.f MT - 5 5 5 51.d
Fresh water consumption4 Million m3 40.8 32.9 49.9 49.8 50.9
Absolute emissions - Scope 3 MT - 13 14 13 171.d, 1.e
Specific fresh water consumption m3/tcs 3.10 2.70 2.71 2.62 2.53#
Total absolute emissions (Scope 1 +2 + 3) MT - 83 94 94 991.d, 1.e
Effluent discharge volume Million m3 9.5 8.3 9.5 8.1 6.5#
Total absolute emissions (Scope 1 +2) tCo2e/Million I - 45 33 33 36
per unit revenue Effluent discharge intensity m3/tcs 0.72 0.68 0.52 0.43 0.32#
1.c
Scope 2 emissions are based on Location-based emission factor of electricity imported to respective site.
#
1.d
Consolidated emissions of FY2023-24 are aggregated based on “Operational Control” approach (i.e. included full emissions of parent company and NINL@b
subsidiaries irrespective of equity held by Tata Steel Limited). Fresh water consumption4 Million m3 2.38
1.e
Equity-consolidated emissions of five key joint ventures are included under ‘Investment’ category (Scope 3 as per GHG Protocol Value Chain Standard).
Till FY2022-23, the emissions were consolidated on equity basis with JVs included in mainstream Scope 1&2 emissions. Specific fresh water consumption m3/tcs 3.59
1.f
Presence of power generation assets within consolidated boundary results in lower Scope 2 emissions than Scope 2 emissions of standalone boundary. Effluent discharge volume Million m3 0.05
Note 1: Worldsteel methodology allows credits due to export of various co-products /by-products (incl. process gases). No credits are included in GHG Effluent discharge intensity m3/tcs 0.07
Protocol estimation under Scope 2 and 3. 4
Drinking water is not considered into fresh water consumption
Note 2: Tata Steel UK and Tata Steel consolidated numbers have been corrected and updated for FY2019-20 to FY2021-22.
@ Includes all Steelmaking sites; @ Includes all Steelmaking sites;

@a TS Jamshedpur, TS Kalinganagar for all years reported, TS Meramandali merged in FY2021-22 and TS Gamharia merged in FY2023-24 ; @a TS Jamshedpur, TS Kalinganagar for all years reported, TS Meramandali merged in FY2021-22 and TS Gamharia merged in FY2023-24 ;
@b NINL ; @c Tata Steel UK Limited includes Port Talbot ; @d Tata Steel Nederland BV includes Ijmuiden ; @e Tata Steel (Thailand) includes Rayong, Saraburi, Chonburi @b NINL ; @c Tata Steel UK Limited includes Port Talbot ; @d Tata Steel Nederland BV includes Ijmuiden ; @e Tata Steel (Thailand) includes Rayong, Saraburi, Chonburi
Tata Steel UK Limited (CY2)@c 4.a Tata Steel (Thailand)
Fresh water consumption Million m3 22.0 28.4 30.8 28.8 35.5 Solid waste generated KT 201 222 266 254 311
Specific fresh water consumption m3/tcs 6.51 8.73 8.70 9.84 12.26 Solid waste utilised KT 200 221 265 254 311
Effluent discharge volume Million m3 19.5 17.6 21.3 29.4 18.4 Solid waste sent to landfill/incineration KT 0.4 0.5 0.7 0.4 0.4
Effluent discharge intensity m3/tcs 5.76 5.40 6.02 10.02 6.36 Solid waste utilisation % 100 100 100 100 100
Numbers reported for FY2023-24 are based on Financial Year; Previous year numbers were based on Calendar Year.
4.a 2
Water consumption and effluent discharge is for Port Talbot. In FY2023-24, fresh water consumption, withdrawal and effluent discharge does not include
brackish dock water Energy Intensity
Tata Steel Nederland BV@d (CY2)
Energy consumption GJ 444,389,343 493,997,681#
Fresh water consumption Million m3 32.6 32.3 32.5 32.2 30.4
Energy Intensity GJ/tcs 24.17 24.11 23.62 23.43 24.55#
Specific fresh water consumption m3/tcs 4.93 5.20 4.76 5.21 6.52 #
Effluent discharge volume Million m3 193.7 184.7 213.5 212.0 32.84.b
Effluent discharge intensity m3/tcs 28.96 30.44 32.06 34.29 7.04 NINL@b
4.b
For FY2023-24, seawater has been excluded from discharge water aligning with other locations Energy consumption GJ 22,648,450
Energy Intensity GJ/tcs 34.17
Tata Steel (Thailand)
Fresh water consumption Million m3 1.9 1.7 1.7 1.4 1.3 Tata Steel UK Limited@c
Specific fresh water consumption m3/tcs 1.59 1.28 1.22 1.09 1.05 Energy consumption6.a GJ - - - 68,406,447 73,568,279
Effluent discharge volume Million m3 - - - - - Energy Intensity GJ/tcs 23.76 22.85 23.15 23.34 25.43
Effluent discharge intensity m3/tcs - - - - -
6.a
Energy Consumption FY2022-23 is for Port Talbot ; FY2023-24 number is for all TSUK and includes primary energy
2
Calendar year reporting (1 January - 31 December) Tata Steel Nederland BV@d
Waste Energy consumption GJ - - - 115,918,193 94,758,586
Tata Steel Limited@a Energy Intensity GJ/tcs 19.79 20.22 20.32 18.82 20.32
Solid waste generated KT 9,967 9,427 14,283 15,123 15,611 Tata Steel (Thailand)@e
Solid waste utilised KT 9,967 9,417 14,057 15,559 17,955 Energy consumption GJ - - - 5,841,098 5,897,520
Solid waste sent to landfill/incineration KT - 5 12 15 15.8 Energy Intensity GJ/tcs 10.00 9.86 9.30 5.06 4.95
Solid waste utilisation % 100 100 98 102.9 115# 5.a Renewable Energy
#
KPIs assured by Price Waterhouse & Co Chartered Accountants LLP Tata Steel Limited@a 7.a GJ - - - 22,482 51,395#
NINL @b
NINL -
Solid waste generated KT 564 Tata Steel UK Limited (Shotton) GJ - - - 159,849 173,519
Solid waste utilised KT 569 Tata Steel Nederland BV (Ijmuiden) GJ - - - 294 253
Solid waste sent to landfill/incineration KT 0.06 Tata Steel (Thailand) PCL GJ - - - 5,180 5,204
Solid waste utilisation % 1015.a #
5.a
Some waste from previous year has been utilised. Biodiversity
Tata Steel UK Limited@c (CY)2 Tata Steel Limited
Solid waste generated KT 231 186 111 3145.b 1,5475.c Total sites covered under Biodiversity
Nos. 9 11 13 14 17
Solid waste utilised KT 221 113 85 3085.b 1,5405.c Management Plans (BMPs)
Solid waste sent to landfill/incineration KT 4 4 7 6 6 Total area covered under Biodiversity
Hectares 9,648 11,622 11,725 11,782 12,221
Solid waste utilisation % 96 61 76 98 100 Management: 2015 Plans (BMPs)
Some material from previous years that had been stored on the Port Talbot site that had a previously undetermined destination or use, was utilised for
5.b
a particular project in early 2022
Discrete sites under biodiversity management Nos. - - 7 7 7
Tata Steel Nederland BV@d (CY2) Total area covered under Biodiversity
Solid waste generated KT 218 201 170 211 2,7895.c Hectares 348
Management Plans (BMPs)
Solid waste utilised KT 170 159 127 151 2,7215.c
Tata Steel Nederland BV
Solid waste sent to landfill/incineration KT 42 36 38 52 62
Discrete sites under biodiversity management Nos. 1
Solid waste utilisation % 78 79 75 72 98
Total area covered under Biodiversity
5.c
All internal arising materials and byproducts have been included in current year Hectares 800
Management Plans (BMPs)

Management Tata Steel Nederland BV
Tata Steel Limited Spend on Social Climate Change and
Million GBP 48 51 22 117 145
Workforce (permanent+contract) working in Environment (Capex)
Environment Management System (EMS) (ISO % 100 100 100 100 100 Tata Steel (Thailand)
14001:2015) certified steel production facilities Spend on Social Climate Change and Million Thai
NINL - - - 4 27
Environment (Capex) Baht
Workforce (permanent+contract) working in 7
Methodology changed : figure provided for Tata Steel UK Limited's Spend on Social Climate Change and Environment (Capex) FY2023-24
EMS (ISO 14001:2015) certified steel production % 100 is a sum of all Capex projects under Decarbonisation and Environmental
facilities Product Sustainability
Tata Steel UK Limited Tata Steel Limited
Workforce (permanent+contract) working % coverage of products under Life Cycle
in EMS (ISO 14001:2015) certified steel % 100 100 100 100 100 % 82
Assessment (LCA)
production facilities % coverage of products under Environmental
Tata Steel Nederland BV % 15
Product Declaration (EPD)
Workforce (permanent+contract) working Tata Steel UK Limited
in EMS (ISO 14001:2015) certified steel % 100 100 100 100 100 % coverage of products under LCA % 100
production facilities
% coverage of products under EPD % 100
Tata Steel (Thailand)
% coverage of products under EPD is only for Construction based products
Workforce (permanent+contract) working
in EMS (ISO 14001:2015) certified steel % 100 100 100 100 100 Tata Steel Nederland BV
production facilities % coverage of products under LCA % 83
Scrap recycling % coverage of products under EPD % 22
Tata Steel Limited Social
Steel scrap recycled (internal & external) KT - 1,181 1,330 1,538 1,630 Safety
Steel scrap recycled (internal & external) % - 5 7 8 8 Tata Steel Limited
NINL Fatalities Nos. 3 3 3 4 5
Steel scrap recycled (internal & external) KT 36
Lost-time Injury (LTI) - employee 8
Nos. 58 48 58 51 50
Steel scrap recycled (internal & external) % 5
Tata Steel UK Limited Lost-time Injury (LTI) – contractor8 Nos. 69 47 107 87 106
Steel scrap recycled (internal & external) KT 497 554 596 472 552 Lost-time Injury (LTI) – Total8 Nos. 127 95 165 138 156#
Steel scrap recycled (internal & external) % 15 17 18 16 19 Lost-time Injury Frequency Rate (LTIFR) - Injuries/Mn Hrs
0.78 0.63 0.67 0.60 0.49
Tata Steel Nederland BV employee worked
Steel scrap recycled (internal & external) KT 1,150 1,019 1,137 1,082 931 Lost-timeInjury Frequency Rate (LTIFR) – Injuries/Mn Hrs
0.40 0.49 0.55 0.36 0.36
Steel scrap recycled (internal & external) % 17 17 18 18 20 contractor worked
Tata Steel (Thailand) Injuries/Mn Hrs
Lost-time Injury Frequency Rate (LTIFR) – Total 0.52 0.55 0.59 0.43 0.39#
Steel scrap recycled (internal & external) KT 1,087 1,203 1,449 1,257 1,183 worked
Steel scrap recycled (internal & external) % 99 100 99 99 98 Sites with Safety Management System
% - 100 100 100 100
Spend on Climate Change and Environment ISO 45001:2015/OHSAS 18001
Tata Steel Limited Organisational Health Index Score out of 16 12.7 12.8 13.1 13.1 13.3
Spend on Social Climate Change and
J crore 283 33 554 1,437 1,568 #
Environment (Capex) 8
excluding Customer Service Department hubs, stockyard & steel processing centres
NINL
J crore 58
Environment (Capex)
Tata Steel UK Limited7
Million GBP - - - 8.4 7
Environment (Capex)

NINL Tata Steel (Thailand)
Fatalities Nos. 0 Fatalities Nos. 0 0 1 0 0
Lost-time Injury (LTI) - employee Nos. 0 Lost-time Injury (LTI) - employee Nos. 0 0 0 0 1
Lost-time Injury (LTI) – contractor Nos. 4 Lost-time Injury (LTI) – contractor Nos. 0 1 3 1 0
Lost-time Injury (LTI) – Total Nos. 4 Lost-time Injury (LTI) – Total Nos. 0 1 3 1 1
Lost-time Injury Frequency Rate Injuries/Mn Hrs Lost-timeInjury Frequency Rate (LTIFR) - Injuries/Mn Hrs
0.00 0.00 0.00 0.00 0.00 0.41
(LTIFR) - employee worked employee worked
Lost-timeInjury Frequency Rate (LTIFR) – Injuries/Mn Hrs Lost-time Injury Frequency Rate (LTIFR) – Injuries/Mn Hrs
0.22 0.00 0.42 1.34 0.44 0.00
contractor worked contractor worked
Injuries/Mn Hrs Injuries/Mn Hrs
Lost-time Injury Frequency Rate (LTIFR) – Total 0.19 Lost-time Injury Frequency Rate (LTIFR) – Total 0.00 0.21 0.63 0.21 0.21
worked worked
Sites with Safety Management System Sites with Safety Management System
% 100 % 100 100 100 100 100
ISO 45001:2015 ISO 45001:2015/OHSAS 18001
Tata Steel UK Limited Human Resource Management
Fatalities Nos. 2 0 0 1 0 Tata Steel Limited
Lost-time Injury (LTI) - employee Nos. 36 30 33 42 30 Nos. of employees Nos. 32,364 31,189 35,927 36,151 43,263
Lost-time Injury (LTI) – contractor Nos. 7 9 15 11 23 New employee hires Nos. 1,820 2,129 1,704 4,855 3,821
Lost-time Injury (LTI) – Total Nos. 43 39 48 53 53 tcs/employee/
Employee productivity (steel volume) 803 745 854 885 900
Lost-time Injury Frequency Rate (LTIFR) - Injuries/Mn Hrs year
2.25 1.93 2.10 3.29 2.38
employee worked Female employees in workforce % 6.9 7.4 6.9 7.6 8#
Lost-time Injury Frequency Rate (LTIFR) – Injuries/Mn Hrs
1.43 2.10 3.17 2.24 3.10 Female employees in management positions in
contractor worked % 12.0 12.6 11.7 11.5 11.3
workforce
Injuries/Mn Hrs
Lost-time Injury Frequency Rate (LTIFR) – Total 2.06 1.97 2.35 3.03 2.64 Age break-up of the workforce (<30 years) % 15.5 18.0 23.0 19.4 19.5
worked
Sites with Safety Management System ISO Age break-up of the workforce (30 - 50 years) % 55.3 57.0 59.0 56.1 57.0
% 5 15 17 17 7
45001:2015/OHSAS 180019
Age break-up of the workforce (>50 years) % 29.2 25.0 17.0 24.5 23.5
9
The number of sites within scope of TSUK has increased, hence the decrease in % of Sites with Safety Management System
Employee turnover rate (Including
Tata Steel Nederland BV % 6.8 7.5 6.9 8.2 6.0
Superannuation)
Fatalities Nos. 0 0 0 0 0 Employee turnover rate (Excluding
% 1.2 2.0 2.7 2.8
Lost-time Injury (LTI) - employee Nos. 18 17 19 13 15 superannuation)
Lost-time Injury (LTI) – contractor Nos. 13 9 8 13 12 Workforce covered through formal trade unions10 % 87.4 86.1 79.6 91.0 89.0
Lost-time Injury (LTI) – Total Nos. 31 26 27 26 27 Diversity Mix ( % of employees who belong to
Lost-time Injury Frequency Rate (LTIFR) - Injuries/Mn Hrs categories of - Affirmative Action/Women/PwD/ % 19.0 20.0 18.0 19.0 19.2#
0.99 0.93 1.01 0.72 0.81
employee worked LGBTQIA+)
Lost-time Injury Frequency Rate (LTIFR) – Injuries/Mn Hrs Investment in employee training and
3.31 2.81 2.36 2.51 1.97 J crore 133 152 159 193 240
contractor worked development
Injuries/Mn Hrs
Lost-time Injury Frequency Rate (LTIFR) – Total 1.40 1.21 1.21 1.12 1.10 Thousand
worked Employee training 253 199 413 468 589#
person-days
Sites with Safety Management System
% 24 28 36 36 74 person-days/
ISO 45001:2015/OHSAS 18001
Employee training 7.8 6.4 11.5 12.9 13.6#
employee/year
#

NINL Tata Steel Nederland BV
Nos. of employees Nos. 1,414 Nos. of employees12.a Nos. 11,669 11,480 11,608 12,299 12,661
New employee hires Nos. 68 New employee hires Nos. 463 411 615 1,108 972
tcs/employee/ tcs/employee/
Employee productivity (steel volume) 468 Employee productivity (steel volume) 12.b
750 692 721 660 479
year year
Female employees in workforce % 4.38 Female employees in workforce % 11.0 10.9 10.8 10.6 11.2
Female employees in management positions
% 0.78 Female employees in management positions in
in workforce % 8.6 8.3 8.0 19.8 17.5
workforce@d
Age break-up of the workforce (<30 years) % 3.78
Age break-up of the workforce (30 - 50 years) % 59.93 Age break-up of the workforce (<30 years) % 13.0 13.0 13.0 12.5 14.3
Age break-up of the workforce (>50 years) % 36.30 Age break-up of the workforce (30 - 50 years) % 42.0 42.0 43.0 43.7 43.7
Employee turnover rate Age break-up of the workforce (>50 years) % 46.0 45.0 44.0 43.8 41.8
% 7.63
(Including Superannuation) Employee turnover rate (Including
Employee turnover rate % 2.2 2.8 3.1 4.8 7.6
% 1.78 Superannuation)12.c
(Excluding superannuation)
Employee turnover rate (Excluding
Workforce covered through formal trade unions10 % 77.78 % - - - 4.1 5.3
superannuation)
thousand
Employee training 2.36 Workforce covered through formal trade unions@d % - - 55.0 52.0 48.3
person-days
person-days/ Thousand
Employee training 1.67 Employee training @d
- - - 13.3 13.7
employee/year person-days
10
As a % of non-managerial workforce only person-days/
Employee training@d - - - 1.4 1.5
employee/year
Tata Steel UK Limited 12.a
Scope of data is increased in FY2023-24 , i.e including people on leave before pension, academy graduates working on Engineering (HTD) & Energy
Nos. of employees Nos. - - - 8,320 8,052 Department, employees in mobility pool
12.b
Employee productivity reduced owing to 25% less crude steel production due to BF6 relining in last year
New employee hires Nos. - - - 869 520 12.c
Employee Turnover Rate (Including Superannuation) increase over last year due to the inclusion of Leave before pension group
tcs/employee/ Tata Steel (Thailand)
Employee productivity (steel volume) - UK - - - 352 359
year
Nos. of employees Nos. 1,151 1,101 1,092 1,086 1,081
Female employees in workforce % - - - 10.4 10.8
New employee hires Nos. 35 2 26 38 49
Female employees in management positions in tcs/employee/
% - - - 18.2 18.4 Employee productivity (steel volume) 1,043 1,184 1,221 1,115 981
workforce year
Age break-up of the workforce (<30 years) % - - - 17.5 17.6 Female employees in workforce % 17.4 17.3 17.2 17.6 17.9
Age break-up of the workforce (30 - 50 years) % - - - 46.6 45.7 Female employees in management positions in
% 18.4 16.4 15.7 17.0 19.0
Age break-up of the workforce (>50 years) % - - - 35.9 36.7 workforce
Employee turnover rate (Including Age break-up of the workforce (<30 years) % 23.5 17.5 14.7 13.1 12.8
% - - - 9.3 6.9
Superannuation) Age break-up of the workforce (30 - 50 years) % 63.6 67.9 68.6 68.6 67.5
Employee turnover rate Age break-up of the workforce (>50 years) % 12.9 14.6 16.7 18.3 19.7
% - - - 6.8 6.5
(Excluding superannuation) Employee turnover rate (Including
% - - - 4.4 4.6
Workforce covered through formal trade unions % - - - 56.0 57.0 Superannuation)
Thousand Employee turnover rate (Excluding
Employee training11 - - - 21.7 19.5 % 4.4 2.0 1.6 2.8 3.5
person-days superannuation)
Thousand
person-days/ Employee training 4.9 6.6 7.4 6.8 7.0
Employee training11 - - - 2.7 2.4 person-days
employee/year
person-days/
Training data excludes UK subsidiaries
11
Employee training 4.3 6.0 6.8 6.6 6.5
employee/year

Corporate Social Responsibility NINL
Tata Steel Limited Whistle-blower cases13- Received Nos. 44
Water harvesting structures No. 478 1,114 #
Whistle-blower cases13 - Closed Nos. 40
Million lives Whistle-blower cases - Open13
Nos. 4
Lives impacted through CSR 3.15 4.4#
impacted
Sexual harassment cases - Received Nos. 0
No. of employee volunteers for CSR Programmes
No. 3,659 6,822# Sexual harassment cases - Closed Nos. 0
Volunteers
Sexual harassment cases - Open Nos. 0
No. of employee volunteering hours for CSR
No. 18,494 67,799# Training on Tata Code of Conduct - officers person-hours 1,959
Programmes
#
KPIs assured by Price Waterhouse & Co Chartered Accountants LLP Training on Tata Code of Conduct - frontline
person-hours -
Note : The Company aims to reach 4 volunteering hours per employee by FY2024-25, in line with the Tata group ambition and accordingly introduced employees
systems and strategies to emphasize employee volunteerism. This is reflected in the 71% increase in number of volunteers and 267% increase in time
allocation to volunteering for FY2023-24. Training on Tata Code of Conduct - contract
person-hours 539
employees
Economic & Governance
Business associates trained on Tata
Board Nos. 307
Code of Conduct14
Tata Steel Limited
Note: Tata Steel Limited has changed its categorization of concerns into two parts - Whistle Blower Concerns and Grievances & Others.
Board of Directors Nos. 10 10 11 10 10 There are no frontline employees at NINL
13
Exclusive of sexual harassment cases
Female Directors on the Board Nos. 1 1 2 2 2 14
Business Associate means suppliers, customers, vendors, dealers, distributors, franchisees, lessors, lessees or such other persons with whom Tata Steel
Independent Directors on Board Nos. 5 5 6 5 5 has any business or transactional dealings including the Business Associate’s employees, agents and other representatives.
Ethics Tata Steel UK Limited
Tata Steel Limited Whistle-blower cases - Received Nos. TSUK and TSN combined data 23 21
Category A- Whistle Blower Concerns Whistle-blower cases - Closed Nos. reported below 22 19
Whistle-blower cases13- Received Nos. 881 777 845 303 364 Tata Steel Nederland BV
Whistle-blower cases - Closed
13
Nos. 602 541 601 158 236 Whistle-blower cases - Received Nos. TSUK and TSN combined data 19 22
Whistle-blower cases13 - Open Nos. 279 236 244 145 128 Whistle-blower cases - Closed Nos. reported below 17 20
Category B- Grievances & others Tata Steel Europe (TSUK + TSN)
Grievances & Others cases13- Received Nos. - - - 875 1,132 Whistle-blower cases - Received Nos. 51 48 34 - -
Grievances & Others - Closed
13
Nos. - - - 717 1,015 Whistle-blower cases - Closed Nos. 51 48 34 - -
Grievances & Others13- Open Nos. - - - 158 117 Tata Steel (Thailand)
Sexual harassment cases - Received Nos. 34 21 22 31 21 Whistle-blower cases - Received Nos. 3 6 6 3 5
Sexual harassment cases - Closed Nos. 26 15 18 24 16 Whistle-blower cases - Closed Nos. 3 6 6 3 5
Sexual harassment cases - Open Nos. 8 6 4 7 5
Training on Tata Code of Conduct - officers person-hours 17,064 26,458 31,142 20,472 28,394
Training on Tata Code of Conduct - frontline
person-hours 2,763 5,086 14,630 17,656 21,473
employees
Training on Tata Code of Conduct - contract
person-hours 24,307 15,380 60,898 102,735 202,096
employees
Business associates14 trained on Tata Code
Nos. - 1,747 2,114 2,050 1,358
of Conduct

Supply Chain Intellectual Capital
Tata Steel Limited
Tata Steel Limited Collaborations/memberships of academia and
Active supplier base Nos. 5,132 5,071 6,264 7,049 8,898 Nos. 50 20 35 16 19
technical institutes
Local suppliers Nos. 1,806 1,671 1,944 2,138 2,484 Patents filed Nos. 119 119 125 132 142
Critical suppliers Nos. - - 477 466 665 Patents granted Nos. 58 109 121 146 395
Business volume of local suppliers J crore - 2,397 4,587 7,290 9,324 New products developed Nos. 155 79 62 84 86
R&D employees Nos. - 246 270 294 292
Number of Affirmative Action (AA) suppliers Nos. 70 71 71 75 85
R&D Spend J crore 259 231 213 275 285
Business volume of Affirmative Action (AA) R&D Spend % of revenue 0.43 0.36 0.17 0.21 0.20
J crore 61 66 69 112 151
suppliers Capex J crore 4,749 2,122 6,288 8,555 10,426
Suppliers assessed based on safety Nos. 850 745 1,022 1,423 1,923 Investment in new processes and products
J crore 5,008 2,353 6,501 8,830 10,711
Suppliers trained through Vendor Capability (Capex + R&D)
Nos. 1,330 844 450 307 1,341 Investment in new processes and products
Advancement Program (VCAP) % of revenue 9 4 5 7 8
(Capex + R&D)
Critical suppliers made aware on Responsible
Nos. - 223 327 235 227 Tata Steel UK Limited
Supply Chain Policy
Collaborations/memberships of academia and
No. of supply chain partners assessed on Nos. - - 7 17 7
Nos. - 203 257 211 216# technical institutes
Responsible Supply Chain Policy
Patents filed Nos. - - - - 5
Steel Processing Centers (SPC) assessed on
Nos. 31 18 - Patents granted Nos. - - - - 2
Responsible Supply Chain Policy15.a
New products developed Nos. 2 4 3 13 8
Distributors assessed on Responsible Supply R&D employees Nos. 75 70 65 69 66
Nos. 106 16 -
Chain Policy15.b R&D Spend Million Euros 9 7 11 14 8
#
KPIs assured by Price Waterhouse & Co Chartered Accountants LLP R&D Spend % of revenue 0.42 0.35 0.34 0.45 0.30
Tata Steel UK Limited Investment in new processes and products
Million Euros 264 211 94 153 22
Active suppliers Nos. 3,354 2,808 2,851 2,434 2,513 (Capex + R&D)
Active suppliers made aware on Responsible Investment in new processes and products
% - - - 94 25 % of revenue 12.32 10.68 2.99 4.89 0.82
Procurement Policy (RPP)15.c (Capex + R&D)
Collaborations/memberships of academia and
Active suppliers Nos. 3,462 3,129 3,329 3,389 3,004 Nos. - - 158 162 148
technical institutes
Active suppliers made aware on Responsible Patents granted Nos. 133 142 202 161 191
% - - - 100 32
Procurement Policy (RPP)15.c Patents filed16 Nos. 36 19 15 22 26
15.a
Steel Processing Centers assessed on Responsible Supply Chain Policy (RSCP) was completed in FY2022-23 and will restart in New products developed Nos. 20 12 10 10 11
FY2024-25, so number for FY2023-24 is 0
15.b
RSCP assessment that was done for distributors had certain action items emerging from the scores. A period was given for the action to be undertaken by R&D employees FTEs 311 300 299 307 341
the surveyed entities and no assessment was planned for the period. Hence the number for FY2023-24 is zero. R&D Spend Million Euros 57 54 62 64 61.1
15.c
For FY2023-24, For Active suppliers made aware on Responsible Procurement Policy, an operational definition that relies on recorded data for fully
qualified suppliers in the SAP Ariba Vendor Qualification system is introduced in TSN, resulting in decrease in percentage R&D Spend % of revenue 1.16 1.19 0.87 0.86 1.03
Investment in new processes and products
Million Euros 111 53 66 74 34
(Capex + R&D)
Investment in new processes and products
% of revenue 2.27 1.24 0.92 0.99 0.57
(Capex + R&D)
16
The patents filed refer to priority (i.e. first) filings.
ResponsibleSteelTM Certification - Steel production unit
Tata Steel Limited @a
No . of sites Certified under ResponsibleSteelTM No . of Sites 1 3

Value Creation Awards and Recognition
Sustainability Innovation
ResponsibleSteel™ ICSI Business 'Digital Enterprise of Golden Peacock
Certification Responsibility and India – Steel' Award 2024 Innovation Management
for Kalinganagar and Meramandali Sustainability Award by Economic Times CIO for innovative Award 2023
plants in 2024 digital initiatives driving transformation
2023 and efficiency in the steel industry
for the pioneering innovation in creating
high-level transparency and visibility
for the first Business Responsibility and
for mine monitoring
2024 Steel Sustainability Report (BRSR)
Best Corporate for
Sustainability Champion Promotion of Sports
by worldsteel for the Tata Steel Thailand by Sportstar at the Sportstar People
seventh consecutive year
received the Aces Awards 2024
Tata Affirmative Action
Sustainability Disclosure
Tata Steel Thailand 7 out of 16 awards Programme (TAAP)
Award 2023
received the CSR-DIW from the Thaipat Institute for its at the Tata InnoVista Jury Award
Continuous Award 2023 sustainability disclosure that reflects
Awards 2023
at the TAAP Convention 2024 for
the organisation’s operations towards exceptional efforts in promoting
from the Department of Industrial
sustainable development for the across different categories: inclusivity and opportunities among
Works, Ministry of Industry, Thailand , for
Environment, Social and Governance (ESG). • Carbon Lite, Smart sintering, and underserved communities
all three manufacturing units (NTS, SCSC,
and SISCO). These awards are granted to Global First Method to Unlock the
plants that are continuously committed potential of Low-Grade Iron Ore Among the Top 3 Most
‘Masters of Risk’ Award under Implemented Innovation
to social responsibility.
for the seventh consecutive year in the
Attractive Employers
• Water-based internal coating for
Metals & Mining category at the India Contiflo® and Pellet making from in India
2023 Global Enterprise Risk Management Awards (IRMA) 2023 waste LD sludge under Sustainability as per the Randstad Employer Brand
Risk Management (ERM) Impact Innovation Research (REBR) 2023
• Needle coke for electrodes from coal
Award of Distinction Safety and tar under Piloted Technology Great Place To Work
at the RIMS ERM Conference 2023 for the Health Excellence • The Chief of Blast Furnaces at certified for the seventh consecutive year
second time in a row
Recognition 2023 Tata Steel (India) won the Serial
Innovator Award
by worldsteel for real-time
visualisation of risk movement as
Gold Employer
part of the implemented Process Among Top 50 Innovative for the third consecutive year by India
Safety Management Workplace Equality Index (IWEI) 2023
Companies of 2023 for the unwavering commitment to
recognition by the Confederation of LGBTQIA+ inclusion
Indian Industries (CII)
Statutory Reports
146
Business Responsibility and
Sustainability Report
226
Board’s Report
254
Annexures
Statutory Reports
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

Financial Year 2023-2024
Index
SECTION A: GENERAL DISCLOSURES 147
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES 167
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURES 172
Principle 1: Businesses should conduct and govern themselves with integrity, and in a manner that is 172
ethical, transparent and accountable
Principle 2: Businesses should provide goods and services in a manner that is sustainable and safe 176
Principle 3: Businesses should respect and promote the well-being of all employees, including those 181
in their value chains
Principle 4: Businesses should respect the interests of and be responsive to all its stakeholders 194
Principle 5: Businesses should respect and promote human rights 199
Principle 6: Businesses should respect and make efforts to protect and restore the environment 206
Principle 7: Businesses, when engaging in influencing public and regulatory policy, should do so in 218
a manner that is responsible and transparent
Principle 8: Businesses should promote inclusive growth and equitable development 219
Principle 9: Businesses should engage with and provide value to their consumers in a responsible manner 222
117th Year Integrated Report & Annual Accounts 2023-24 146

SECTION A: GENERAL DISCLOSURES
I. Details of the listed entity
S. No. Particulars Company Details
1 Corporate Identity Number (CIN) of the Listed Entity L27100MH1907PLC000260
2 Name of the Listed Entity Tata Steel Limited
3 Year of incorporation 1907
4 Registered office address
Bombay House, 24, Homi Mody Street, Fort, Mumbai – 400 001
5 Corporate address
6 E-mail [email protected]
7 Telephone +91 22 6665 8282
8 Website www.tatasteel.com
9 Financial year for which reporting is being done April 1, 2023 – March 31, 2024
10 Name of the Stock Exchange(s) where shares are listed a. BSE Limited
b. The National Stock Exchange of India Limited
11 Paid-up Capital (H in crore) 1,248.60
12 Name and contact details of the person who may Mr. Parvatheesam Kanchinadham
be contacted in case of any queries on the Business Company Secretary & Chief Legal Officer (Corporate & Compliance)
Responsibility and Sustainibility Report (BRSR) Bombay House, 24, Homi Mody Street, Fort, Mumbai – 400 001
Tel.: +91 22 6665 7330 | E-mail: [email protected]
13. Reporting boundary - Are the disclosures under this report made on a standalone basis (i.e., only for the entity)
or on a consolidated basis (i.e., for the entity and all the entities which form a part of its consolidated financial
statements, taken together)
The financial, environmental, social and governance disclosures made in this report are disclosed both on a standalone
and on a consolidated basis for Tata Steel Limited.
It should be noted that the merger for the following Indian subsidiary companies of Tata Steel Limited have been approved
by respective jurisdictional National Company Law Tribunal (NCLT) during FY2023-24.
1. Tata Steel Long Products Limited
2. Tata Metaliks Limited
3. The Tinplate Company of India Limited
4. Tata Steel Mining Limited
5. S&T Mining Limited
Accordingly, the Company has accounted for the mergers retrospectively for all periods presented in the standalone
financial results as prescribed in Ind AS 103 – “Business Combinations” as well as the non-financial KPIs published in BRSR.
The previous periods’ figures, where applicable, in the BRSR have been accordingly restated from April 1, 2022. Further, the
reporting methodology of FY2022-23 has also been adjusted, in accordance with the Securities Exchange Board of India
(SEBI) Circular (SEBI/HO/CFD/CFDSEC-2/P/CIR/2023/122) dated July 12, 2023.
147 117th Year Integrated Report & Annual Accounts 2023-24

Statutory Reports
The consolidated disclosures of Tata Steel Limited include the performance of Tata Steel Limited and its 12 key subsidiary
companies, as listed below.
Region Entity
India 1. Tata Steel Limited (TSL)
2. Tata Steel Downstream Products Limited (TSDPL)
3. Tata Steel Utilities and Infrastructure Services Limited (TSUISL)
4. The Indian Steel & Wire Products Limited (ISWP)
5. Angul Energy Limited (AEL)
6. Bhubaneshwar Power Private Limited (BPPL)
7. Neelachal Ispat Nigam Limited (NINL)
8. Tata Steel Support Services Limited (TSSSL)
9. Tata Steel Technical Services Limited (TSTSL)
Outside India 1. Tata Steel Nederland BV (TSN)
2. Tata Steel UK Limited (TSUK)
3. Tata Steel (Thailand) PLC (TSTH)
4. Tata Steel Minerals Canada Limited (TSMC)
These companies have been identified based on their materiality and constitute 98% of the Tata Steel’s consolidated
revenues, 95% of Tata Steel Group’s employee base and 100% of Tata Steel Group’s emission footprint.
It should be noted that on account of change in the boundaries of the standalone due to the mergers and consolidated
disclosures due to the inclusion of new entities in the disclosure boundary, the FY2022-23 disclosures have been restated
based on the revised boundary, to give a like-to-like comparison.
Throughout this report, the following phrases have been used:
1. Tata Steel Limited or Tata Steel Standalone: The boundary is only the standalone entity ‘Tata Steel Limited’.
2. Tata Steel Indian Entities: Tata Steel Indian Entities include TSL, TSDPL, TSUISL, ISWP, AEL, BPPL, NINL, TSSSL and TSTSL.
3. Tata Steel Consolidated: Tata Steel Consolidated includes Tata Steel Limited, Tata Steel Indian entities, TSN, TSUK,
TSTH, TSMC.
Basis for reporting:

1. All indicators have been consolidated without adjusting for minority shareholders in the relevant group entity,
wherever applicable.
2. Greenhouse Gas (GHG) emissions reported using the Greenhouse Gas protocol [Corporate Accounting & Reporting
Standard and Corporate Value Chain (Scope 3) Standard], consolidated based on operational control for key subsidiaries.
3. Equity-consolidated emissions of Joint Ventures included in Scope 3 under category 15 (Investments).
4. Inter-company adjustments has been undertaken (revenue, GHG emissions, and energy consumption),
wherever applicable.
5. The reported revenue, total capex, and R&D expenditure are on a consolidated basis (unless mentioned otherwise),
aligned with the consolidated financial statements of Tata Steel Limited.
6. Energy consumption has been reported based on secondary and primary energy consumption, including feedstocks.
7. The reporting period for various indicators ranges from 1 - 3 years and is aligned with the prescribed SEBI format.
8. FY2023-24 was one of the more volatile years for Tata Steel due to the merger of several large subsidiary companies,
continued stabilisation of Neelachal Ispat Nigam Limited, relining of one of the two blast furnaces at Tata Steel
Nederland, and increased activity undertaken for the ongoing 5 MTPA expansion at Kalinganagar. Actual production
was also different year-on-year, which had a direct impact on the operational indicators.
9. In view of the mergers during FY2023-24, the reporting boundaries for FY2022-23 have been revised to ensure
comparability of FY2023-24 figures to that of FY2022-23 figures.

Statement of Assurance
14. Name of Assurance Provider
Tata Steel Limited has appointed Price Waterhouse & Co Chartered Accountants LLP (PW & Co CA LLP) for assurance on
BRSR Core indicators and selected indicators in the Annual Integrated Report.
15. Type of Assurance Obtained

PW & Co CA LLP has undertaken reasonable assurance of the BRSR Core indicators on a standalone basis for FY2023-24.
Tata Steel has opted to voluntarily disclose the BRSR core indicators on a consolidated basis for the select entities as
mentioned above. In addition, PW & Co CA LLP has also undertaken the assurance on a standalone basis unless otherwise
stated, of select environmental, social and governance (ESG) indicators, which are part of the ESG factsheet published in
the Company’s Integrated Report.
Reasonable Assurance Report on BRSR Core indicators & select indicators of ESG factsheet and Limited Assurance
Report on select indicators of ESG factsheet issued by PW & Co CA LLP are annexed to Tata Steel’s Integrated Report for
FY2023-24 and accessible on the link: https://www.tatasteel.com/investors/integrated-reportannual-report/
It is to be noted that Tata Steel’s key subsidiary companies, Tata Steel UK Limited and Tata Steel Nederland BV, are in the
middle of significant restructuring due to the planned transition to low carbon steelmaking. As a result, while Tata Steel
has undergone assurance on a standalone basis, it has also adopted a pathway to undertake assurance on a consolidated
basis over the next 2 to 3 years.
II. Products/services
16. Details of business activities (accounting for 90% of the turnover):
Description of Description of % of turnover of
S. No. Main Activity group code Business Activity Code
Main Activity group Business Activity the company
1 C Manufacturing C7 Metal and metal products 94.12
Note: The details of business activities as given in MGT- 7 for Tata Steel Limited
17. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
Tata Steel Consolidated Tata Steel Standalone
S. No. Name of Product/Service Turnover (J cr.) % of Turnover Turnover (J cr.) % of Turnover
NIC NIC
FY2023-24 of the entity FY2023-24 of the entity
1 Sale of Steel Products 2410 2,15,812.90 94 2410 1,32,699.10 94
2 Sale of Non-Steel Products - 9,115.80 4 - 4,585.23 3
3 Sale of Power and Water 3510 1,994.90 1 3510 1,913.27 2
3600 3600
4 Income from Services - 372.60 0 - 0.00 0
5 Others - 1,874.58 1 - 1,789.83 1
Total - 2,29,170.78 100 - 1,40,987.43 100
Note: i. The above split is based on Tata Steel consolidated and standalone turnover as reported in the Company’s Integrated Report for FY2023-24.
ii. Others include income from export and other incentive schemes.
III. Operations
18. Number of locations where plants and/or operations/offices of the entity are situated:
Location Number of Plants Number of Offices Total
India 62 159 221
Outside India 40 20 60

Statutory Reports
With manufacturing operations in India, the Netherlands, the United Kingdom, and Thailand, Tata Steel is one of the most
geographically diversified steel companies globally. The Company has raw material resources in India and Canada. It also
has a downstream presence in the United States, France, Germany, and other countries.
19. Markets served by the entity:

a. Number of locations
Locations Number
National (No. of States) 28 States and 8 Union Territories
International (No. of Countries) 89
Tata Steel has created digital platforms to strengthen direct connections with customers and channel partners to provide
innovative services and solutions for all segments.
1. Tata Steel has developed Aashiyana, an online platform used to reach out to individual home builders, in India.
2. In FY2023-24, Tata Steel revised its digital solution for supply chain visibility, Compass. Expanding upon its primary
capability of giving business-to-business customers real-time material visibility on road and rail shipments, order
details can now be accessed with a single click on both web-based and mobile application platforms.
3. DigECA is a comprehensive B2B online platform tailored for the Micro, Small, and Medium Enterprise (MSME) sector. It
is designed to streamline direct engagement with Tata Steel and its associated stakeholders. The platform enhances
customer satisfaction by introducing specialised modules that increase user convenience. Features integrated into
these modules provide customers with complete visibility of materials and assure order fulfilment from start to finish.
4. Sampoorna is Tata Steel’s unique end-to-end channel management app for its dealer partners, with modules like
lead management, sales and order management, interactive dashboards, and personal journey management. It has
strengthened the lead nurturing process and opened avenues to serve its consumers better.
5. CuBe is a production optimisation software developed in-house specifically for the channel partners of Tata Steel’s
long products downstream business. The software acts as a one-stop Production Management platform for managing
inventory, steel optimisation based on customer drawings, production planning and scheduling, tag generation for
easy material identification at the site, and deliveries.
6. The Company also employs an online platform known as MagicBox to sell “extra to order” steel products to current
Tata Steel distributors through online bidding.
7. Colorcoat® Compass tool at Tata Steel UK helps designers make an informed colour choice for their pre-finished steel
building envelope within minutes based on product choice, availability, feasibility, and level of guarantee. Almost
any object can be scanned, and the colour matched within seconds. The digital colour system provides detailed
information on each colour to show whether there is an exact match within the standard or a previously matched
bespoke colour selection.
8. The BaanClickBuild digital application from Tata Steel Thailand is used for scaling online retail sales in Thailand.
Other than its digital presence, Tata Steel exhibits in trade shows like Euroblech, Blechexpo, UK Metal Expo and
Metpack, which cater to the automotive and packaging industries, respectively. Tata Steel also hosts webinars and
steel courses to deliver the necessary information.
b. What is the contribution of exports as a percentage of the total turnover of the entity?
Though Tata Steel Group has a considerable export presence from India to the global market, it also directly serves
international clients through its subsidiary companies strategically positioned in various regions. Consequently, Tata
Steel provides a breakdown of its sales between domestic and international markets, ensuring transparency in its global
sales operations. Additionally, Tata Steel discloses exports conducted directly by Tata Steel Limited from India to the
global market.

Revenues - Tata Steel (Consolidated) Amount in J crore
Particulars FY2023-24 FY2022-23
India 1,34,248.75 1,31,059.20
Outside India 94,922.03 1,12,293.49
Total 2,29,170.78 2,43,352.69
Note: Sales Outside India includes export revenue from India. The above split is based on Tata Steel Consolidated turnover as reported in the Company’s Integrated
Report for FY2023-24 and excludes other operating revenue.
Revenues - Tata Steel (Standalone) Amt in J crore

Particulars FY2023-24 FY2022-23
Exports Revenue 8,749.44 13,296.69
Total Revenue 1,40,987.43 1,42,913.32
% of exports in total revenue 6 9
c. A brief on types of customers

Tata Steel classifies its customers based on industry, geography, and customer type.
The market segments for Tata Steel are, but not limited to, Auto & Ancillaries, Retail: Individual Housebuilders, Construction
and Infrastructure, etc. The majority of the sales from the Indian operations of the Company are domestic, while the
European operations serve geographies across Europe, the United Kingdom, and the United States. The Company’s
products are tailored to the needs of the regional markets.
Customer accounts are grouped under the following four categories:
Business-to-Business (B2B): Major Original Equipment Manufacturers (OEMs) in the automotive and construction
1.
sectors, as well as project customers.
2. Business-to-Emerging Corporate Accounts (B2ECA): Micro, Small, and Medium Enterprises (MSMEs).
3. Business-to-Consumers (B2C): Individual Retail Consumers.
4. Business-to-Government (B2G): Government Organisations and Public Sector Undertakings.
Tata Steel focuses on improving customer insights through detailed segmentation by end-use, application, and geography.
A detailed summary of Tata Steel’s products and brand analysis is given below:
Products and Brands
Market Sub
Segment Tata Steel Thailand
Segments Tata Steel Limited Tata Steel Nederland BV Tata Steel UK Limited
Limited
Automotive Automotive B2B automotive, ECA B2B automotive, OEM B2B automotive, OEM B2B automotive, OEM
and ancillaries automotive, Wires and automotive automotive automotive
Specialty Steel automotive
Products: Hot Rolled (HR), Products: Hot-Rolled(HR), Products: Hot-Rolled(HR), Products: Wire rods
Cold Rolled Closed Annealed Direct-rolled (DR), Cold- Cold-rolled(CR),Metallic (tire cord and tire bead)
(CRCA), Galvanised, HR rolled(CR),Metallic Coated Coated Coils, Sheets and
Commercial, Medium Coils and Sheets, Tubes tailor welded blanks.
Carbon/High Carbon, (Precision), Electro-plated Aluminium blanks.
Precision Tubes, Wire rod, steel
Hi-end Billets
Brands: Astrum (HR), Brands: Serica, MagiZinc Brands: MagiZinc Auto,
Steelium (CRCA), Galvano Auto, XPF, HyperForm, Tenform
(Galvanised Plain, GP), Contiflo, HILUMIN
Galv, Galume, Pre - Painted
Galvanised Iron (PPGI), Pre-
Painted Galvalume (PPGL)

Statutory Reports
Products and Brands

Market Sub
Limited
Construction Construction & B2B sales to construction B2B sales to construction B2B sales to construction B2B sales to
Infrastructure companies, incl. Rebar, WRs, companies companies construction
Branded Products, etc. companies
Products: Cold Rolled Products: Hot-rolled(HR), Products: Hot-rolled(HR), Products: Tata Tiscon
(CR) (Non-branded), BP Direct-rolled (DR), Cold- Cold-rolled(CR), Metallic (Rebars, cut & bend,
Sheets, Galvano (GP), HR rolled(CR),Metallic Coated Coated, Organic coated dowel)
Commercial, Hot Rolled Coils and Sheets, Tubes Coils and Sheets, Tubes Structurals (angles and
Pickled and Oiled (HRPO) (Structural and Precision). (Structural, Conveyance and channels)
& Hot Rolled Skin Passed Panels and Profiles Energy), Panels and Profiles,
Pickled and Oiled (HRSPO), Lintels, Roof and Cladding
Pre Engineered Buildings systems, Highway Systems
(PEB), Projects/Tenders, (Safety Fence and Parapets),
Construction & Projects, Full
Hard Cold Rolled (FHCR),
Galv, Galume, PPGI, PPGL,
Wire Rods, Tubes
Brands: Steelium (CRCA), Brands: MagiZinc, Brands: MagiZinc, Durbar,
GalvaRos, PPGL, Tata WAMA, Ymagine, Ympress, Celsius, Hybox, Strongbox,
Tiscon, Tiscon Readybuild, Contiflo, Hybox, Strongbox, Install, Inflow, Inline,
Sm@rtfab SAB Profil , Fischer Profil, Colorcoat, Advantica,
Montana , Colorcoat, Comflor, Roofdek,
Advantica, Fischertherm, Trimapanel, Trisomet, Vetex,
Fischerfireproof, Protect 365, Catnic, Catnic
Montanatherm, Urban
Montapanel, Swiss Panel,
Holorib
Construction B2C sales including Tiscon, B2C sales B2C sales B2C sales
Retail Shaktee, GP Retail, Tubes
and Wires
Products: HR (Non- Products: Hot-rolled(HR), Products: Hot-rolled(HR), Products: Tata Tiscon
branded), HRPO & HRSPO, Direct-rolled (DR), Cold- Cold-rolled(CR),Metallic (Rebars), Tiscon
Galvanised Corrugated (GC) rolled(CR),Metallic Coated, Coated, Organic Coated Coils Supelinks (Stirrups),
– Retail, Tubes Division, Wire Organic Coated Coils and and Sheets, Lintels, profiles, Tiscon Superbase
rod, Hi end Billets Sheets roof and cladding system. (Footing)
Brands: Astrum (HR), Brands: MagiZinc, Brands: MagiZinc, Durbar,
Galvano (GP), Tata Shaktee, Ymagine, Ympress, Colorcoat, Catnic, Catnic
Tata WAMA, Tiscon, Tiscon Colorcoat Urban
Superlinks (Stirrups)
Industrial Packaging Tinplate, HTSS (high tensile Tinplate, Drums and Barrels Tinplate, Drums and Barrels -
and General steel strapping), LPG, Drums
Engineering & Barrels
Products: CR, BP Sheets, Products: Cold-rolled, Products: Cold-rolled,
CRCA, FHCR, Galv, Galume, Tinplate, Tin-Free steel and Tinplate, Tin-Free steel and
PPGI, PPGL – Prime, HTSS Laminated Steel Coils and Laminated Steel Coils and
Sheets Sheets,
Brands: Protact, TCCT Brands: Protact
Energy Steel sales to Oil & Gas, Steel sales to Oil & Gas, Steel sales to Oil & Gas, Wind, Steel sales to Oil & Gas,
Wind, Solar, etc. (mainly flat Wind, Solar, etc. Solar, etc Wind, Solar, etc
products)
Products: HR, HRPO & Products: Hot-rolled, Products: Hot-rolled, Products: Structural
HRSPO, CR, BP Sheets, Metallic Coated Coils and Metallic Coated Coils and (angles and channels)
Galume, LPG, American Sheets, Sheets, Tubes (Conveyance for Transmission Power
Pertroleum Institute (API), and Linepipe) and Distribution
CRCA, FHCR, Galv, Galume,
PPGI, PPGL, Wire Rods, Tubes
Brands: Astrum (HR), Brands: Ymagine, Ympress, Brands: Ymagine, Ympress,
Steelium (CRCA), Galvanova MagiZinc MagiZinc, Install, Inflow,
Inline

Products and Brands
Market Sub
Limited
Industrial Engineering Capital Goods, Shipbuilding, Capital Goods, Capital Goods, Capital Goods,
and General Goods Railway manufacturing, etc. Shipbuilding, Manufacturing, etc Shipbuilding,
Engineering Manufacturing, etc Manufacturing, etc
Products: HR, HRPO & Products: Hot-rolled(HR), Products: Hot-rolled(HR), Products: Wire rods,
HRSPO, CR, BP Sheets, Direct-rolled (DR), Cold-rolled(CR), Metallic SBQ
Galvano (GP), PPGI, HR Cold-rolled(CR),Metallic Coated, Organic Coated Coils
Commercial, MC/HC, Govt. Coated,Organic Coated, and Sheets, Tubes (Structural
Railways, Precision Tubes, Electro-Plated Coils and and Precision),
L&E, Shipbuilding, CRCA - Sheets, Tubes (Structural
Industrial Products, FHCR, and Precision),
Galv, Galume, PPGI, PPGL,
H&T , Wire Rods, Tubes, HR
Agrico, High Tensile Steel
Strapping (HTSS)
Steelium (CRCA), GalvaRos, Ymagine, Ympress, Celsius, Hybox, Strongbox,
Colornova, Thermo Ympress Laser, Ymvit, Advantica, Motiva, RADECOL
Mechanically Treated (TMT) Contiflo, Hybox, Strongbox,
HILUMIN, HILAN, NICOR, HI-
BRITE, Advantica, Motiva
Trade & Sales to traders, rerollers, Sales to traders, rerollers, Sales to traders, rerollers, Sales to traders,
Commercial downstream processing, downstream processing, downstream processing, rerollers, downstream
fabrication, etc. fabrication, etc. fabrication, etc. processing, fabrication,
etc.
Products: HR, HRPO & Products: Hot-rolled(HR), Products: Hot-rolled(HR), Products: Wire rods for
HRSPO, CR, BP Sheets, HR Direct-rolled (DR), Cold-rolled(CR), Metallic sales to traders
Commercial, HRPO & HRSPO, Cold-rolled(CR),Metallic Coated, Organic Coated Coils
HR slits, MJ Trade, MC/HC, Coated,Organic Coated, and Sheets, Tubes (Structural
Wire Rods, Billets, Slabs, Electro-plated Coils and and Precision)
Tubes, Hi end Billets Sheets, Tubes (Structural
and Precision),

Steelium (CRCA), GalvaRos Ymagine, Ympress, Celsius, Hybox, Strongbox,
Ympress Laser, Ymvit, Advantica
Contiflo, Hybox, Strongbox,
Consumer Downstream Steel sales to Furniture, Sales to traders, rerollers, Sales to traders, rerollers, Sales to traders,
Durables (B2C) Appliances, etc. downstream processing, downstream processing, rerollers, downstream
fabrication, etc. fabrication, etc. processing, fabrication,
etc.
Products: CR, BP Sheets, Products: Cold-rolled(CR), Products: Cold- Products: Tiscon

Galvano (GP), Galume, Organic Coated, Electro- rolled(CR),Organic Coated Supelinks(Stirrups),
PPGI, GP Retail Others, HR plated Coils and Sheets, Coils and Sheets, Tiscon
Commercial, HRPO & HRSPO, Tubes (Precision) Superbase(Footing)
HR slits, CRCA, FHCR, Galv,
Galume, PPGI, PPGL
Brands: BP Sheets, CRCA, Brands: Ymvit, HILUMIN, Brands: RADECOL
FHCR, Galv, Galume, PPGI, HILAN, NICOR, HI-BRITE,
PPGL – Prime, HTSS Motiva, Contiflo, Reflex
Notes: B2B – Business to Business; B2C – Business to Consumer; B2G – Business to Government; B2ECA – Business to Emerging Corporate Account; OEM: Original
Equipment Manufacturer.

Statutory Reports
IV. Employees
20. Details as at the end of Financial Year
a. Employees and workers (including differently abled):
Tata Steel Consolidated
Male Female Others
S. No. Particulars Total (A)
No. (B) % (B/A) No. (C) % (C/A) No. (D) % (D/A)
Employees
1 Permanent (E) 74,705 68,252 91.4 6,366 8.5 87 0.1
2 Other than Permanent (F) 3,347 2,295 68.6 1,052 31.4 - -
3 Total Employees (E+ F) 78,052 70,547 90.4 7,418 9.5 87 0.1
Workers
4 Permanent (G) 47,164 43,870 93.0 3,207 6.8 87 0.2
5 Other than Permanent (H) 1,43,741 1,36,287 94.8 7,390 5.1 64 0.0
6 Total workers (G + H) 1,90,905 1,80,157 94.4 10,597 5.6 151 0.1
Note 1: Other than Permanent Workers (H) include workforce hired through third party job contracts. A sizable number is engaged to carryout expansion projects,
including that at Kalinganagar.
Note 2: ‘Permanent Employees’ (E) includes Permanent Workers (G). ‘Permanent employees’ includes all personnel on rolls of the Company excluding those on fixed
term contract, who are covered under ‘Other than Permanent employees’ (F). Permanent workers (G) are on rolls of the Company but do not perform managerial
or administrative role.
Note 3: ‘Others’ includes 87 transgender personnel in case of Permanent workers, also included in Permanent employees. Other than Permanent workers include
64 workers overseas without gender bifurcation.
Tata Steel is in the process of expanding its crude steel capacity in India. The phased commissioning of 5 MTPA expansion
at Kalinganagar is ongoing and intends to produce 1.7 million tonnes of crude steel in FY2024-25. The contract workforce
engaged by the Company is instrumental in timely and cost-efficient project execution, as it provides flexibility and
supplements the skillset of the permanent workforce. By ensuring process efficiency and agile execution, the contract
workforce enables Tata Steel to remain resilient in a dynamic environment.
The Company values their role in its output and achieving its long-term goals. Thus, recognising their contribution to the
Company’s exceptional performance in FY2022-23, Tata Steel – as a pioneering step – gave the employees of its vendor
partners, working in the Company’s establishments in India, an ex gratia reward.
The Company acknowledges the importance of building a future-ready culture as a lever to achieve its Strategic Objectives.
Diversity, equity, and inclusion are recognised as the pillars of the aspired organisational culture. To achieve the goal of
a 20% diverse workforce in Tata Steel Limited by 2025, the Company has identified four focus areas for intervention:
i) Women
The metals & mining sector, due to its structural bottlenecks, traditionally had a low female participation in its
workforce. Despite best intentions and concerted efforts, progress has been slow due to deeply entrenched
stereotypes and a lack of female role models. Tata Steel has consistently worked towards changing the scenario by
breaking the stereotypes and the glass ceiling.
» Tata Steel Limited is the first company in India to deploy women in all shifts in mines. The Women@Mines
programme provides technical training to unskilled women workers and enable them to work in core jobs in mines.
» Under the ‘Flames of Change’ initiative, Tata Steel Limited recruited 23 women to create the first-ever crew of
female firefighters in the steel industry in India.

» Women employees are now deployed in all 3 shifts across Kalinganagar works, as well as powerhouses and washery
at the West Bokaro coal mines.
» Tata Steel Limited hired 220 women for multiple roles through special recruitment drives at various sites.
» Tata Steel Limited also hosts the annual Campus Connect initiative, Women of Mettle, which is a pioneering
scholarship programme to induct bright young women engineers into the manufacturing sector.
» Tata Steel Limited also offers multiple leadership development programmes for women across levels, such as Ignite,
Engage, Crucibold, UpSurge, Step Up to Success, and Tata Mentors.
ii) LGBTQIA+ Community

In line with the Company’s vision of creating a workplace for all diverse groups, in May 2018, Tata Steel Limited
launched “WINGS”, a LGBTQIA+ employee resource group. In December 2021, Tata Steel Limited became the first
Indian company to open core mining operations to the transgender community.
» In March 2024, Tata Steel Limited welcomed a new group of 14 transgender employees as Heavy Earth Moving
Machinery (HEMM) Operator Trainees in its West Bokaro mining operations. This onboarding initiative marks
a significant step in the Company’s Diversity, Equity & Inclusion (DE&I) journey, increasing the Company’s total
transgender workforce to 100.
» The second edition of Queerious — a first-of-its-kind case study competition in India for LGBTQIA+ students — saw
a 240% surge in registrations over the first edition.
iii) Persons with Disabilities

Tata Steel is an equal opportunity employer and has taken several initiatives to ensure inclusive work environment
for differently abled employees. (For details, please refer to Section C, Principle III. Question 3. Accessibility of workplaces)
» Tata Steel Foundation (TSF) signed a Memorandum of Understanding (MoU) with the National Centre for Promotion
of Employment for Disabled People (NCPEDP), in FY2023-24, for creating a learning ecosystem for organisations
and individuals working for Persons with Disabilities (PwDs) in India. The Foundation enables its programme SABAL
with the aim of creating a platform for persons with disability through a participative atmosphere and inclusive
infrastructure that enables skilling, employability and financial independence.
» In FY2023-24, Tata Steel Limited launched ‘Ananta Quest’, a pioneering case study competition for students with
disabilities. The competition provides participants with opportunities to engage in live internships and potentially
secure job placements at Tata Steel Limited.
iv) The Affirmative Action Community (Tribal Community)

The Tata Affirmative Action Programme (TAAP), instituted by the Tata Group in 2007, commits Tata companies to
exercising positive discrimination in employing personnel from historically disadvantaged communities. The Tata
agenda is aligned with the framework on affirmative action (AA) prepared by the Confederation of Indian Industry
(CII), which focuses on the four Es of development: employment, employability, entrepreneurship, and education.
» Tata Steel Limited achieved a significant increase in its score band from 650-675 in 2018 to 700-725 in the TAAP
Assessment 2023, marking the highest score in the assessment’s history. This achievement is a 3-band jump over
previous assesments and marks Tata Steel Limited as the first Tata Group company to move beyond 700 on the
TAAP scale.

Statutory Reports
In the Netherlands, in 2022, the Company established the Tata Steel Pride network in IJmuiden to ensure that
employees with LGBTQIA+ related questions can find the required support. Tata Steel wants to be a more attractive
employer for women in the Netherlands, and aims at employing 5% women in vocational-technical positions and 30%
women in decision-making positions by 2027. The Company has an extensive programme of activities to promote
diversity and inclusion, including communication campaigns, inspiration sessions and participation in Diversity Day,
and exploring potential initiatives like 24/7 childcare, workwear with a fit for women, and the (FE)male network.
In the UK, the Company aims to have a more diverse workforce in its widest sense, i.e., not just male/female diversity.
It is making concerted efforts to improve diversity, from its Women in Steel network to its roll-out of Equality, Diversity
and Inclusion (EDI) training and awareness sessions across the workforce.
b. Differently abled employees and workers:

Tata Steel Consolidated
Male Female
S. No. Particulars Total (A)
No. (B) % (B/A) No. (C) % (C/A)
Employees
1 Permanent (D) 151 145 96.0 6 4.0
2 Other than Permanent (E) - - - - -
3 Total Employees (D+ E) 151 145 96.0 6 4.0
Workers
4 Permanent (F) 133 130 97.7 3 2.3
5 Other than Permanent (G)* - - - - -
6 Total workers (F + G) 133 130 97.7 3 2.3
Note: The data excludes number of differently abled employees for Tata Steel’s European subsidiaries, which currently do not capture this data, in line with local
practice due to data privacy regulations.
*Only the differently abled workers on Tata Steel rolls are reported.
21. Participation/Inclusion/Representation of Women

No. and percentage of Females
Standalone Total (A)
No. (B) % (B/A)
Board of Directors 10 2 20
Key Managerial Personnel1 3 0 0
Senior Management Team2 17 2 12
Chief Executive Officer & Managing Director, Executive Director & Chief Financial Officer and Company Secretary & Chief Legal Officer (Corporate & Compliance).
1
2
Vice-President, excluding Key Managerial Personnel.
Note: The data is as on March 31, 2024.
22. Turnover rate for permanent employees and workers:

FY2023-24 FY2022-23 FY2021-22
Male Female Total Male Female Total Male Female Total
Permanent Employees (%)
Consolidated 6.3 9.9 6.6 7.5 10.5 7.8 6.5 8.7 6.7
Standalone 5.6 10.3 6.0 9.0 12.9 9.3 7.2 10.5 7.4
Permanent Workers (%)
Consolidated 5.8 7.5 5.9 6.9 9.8 7.1 6.7 8.3 6.8
Standalone 4.9 6.9 5.0 7.8 8.7 7.9 6.1 7.4 6.2
Note: Turnover includes Resignations (attrition) + Separation due to Retirement.

The corresponding data for separation by resignations is provided below:
FY2023-24 FY2022-23 FY2021-22
Male Female Total Male Female Total Male Female Total
Permanent Employees (%)
Consolidated 3.4 6.2 3.6 3.2 6.0 3.5 2.8 5.7 3.0
Standalone 2.6 5.2 2.8 2.5 5.9 2.7 1.8 6.1 2.1
Permanent Workers (%)
Consolidated 2.6 3.2 2.6 1.4 2.9 1.5 1.9 3.2 2.0
Standalone 1.0 1.6 1.1 0.0 0.0 0.0 0.0 0.0 0.0
V. Holding, Subsidiary and Associate Companies (including joint ventures)

23. (a) Names of holding/subsidiary/associate companies/joint ventures
» Tata Steel Limited does not have any holding Company. The details of Promoter and Promoter Group of
Tata Steel Limited as on March 31, 2024 is provided in the shareholding pattern available on our website at -
https://www.tatasteel.com/investors/stock-exchange-compliances/shareholding-pattern/
» The list of subsidiary companies of Tata Steel Limited is provided in Part A of Annexure 5 of the Board’s Report
forming part of Tata Steel’s Integrated Report for FY2023-24.
» The list of Joint Ventures and Associate companies of Tata Steel Limited is provided in Part B of Annexure 5 of the
Board’s Report forming part of Tata Steel’s Integrated Report for FY2023-24.
VI. Corporate Social Responsibility Details

Section Details Company Particulars
24. i) Whether CSR is applicable as per section 135 of Companies Act, 2013? Yes
24. ii) Turnover (in I crore) for Tata Steel Limited (as on March 31, 2023) 1,42,913.32
24. iii) Net worth (in I crore) for Tata Steel Limited (as on March 31, 2023) 1,34,137.48

Statutory Reports
VII. Transparency and Disclosures Compliances

25. Complaints/Grievances on any of the Principles (Principles 1 to 9) under the National Guidelines on Responsible
Business Conduct:
Stakeholder Group Grievance Redressal Mechanism in Place
Communities Yes, Tata Steel has grievance redressal mechanisms, underpinned by the Tata Code of Conduct, in place to address grievances
of all key stakeholder groups across all geographies, including communities. The grievance mechanisms are designed based
on location specific requirements, so as to be most effective.
Tata Steel Foundation (TSF), a wholly owned subsidiary of Tata Steel Limited, is responsible for driving community engagement
processes in the operational areas of Tata Steel Limited in India. It involves regular interactions with the community, sub-
groups, and local stakeholders to address and resolve grievances. TSF has implemented initiatives in over 5,000 villages across
Jharkhand and Odisha, impacting over 4 million lives in FY2023-24. It has a team of over 1,400 people working on impact-
driven initiatives that focus on developing tribal and excluded communities with a process of co-creation. These initiatives
are change models that can be replicated at regional and national scales. TSF embeds societal perspectives in key business
processes to create value and long-term social capital.
TSF has created a grievance redressal ecosystem that facilitates input from communities in and around Tata Steel Limited’s
sites. This ecosystem ensures real-time information flow concerning Tata Steel’s Corporate Social Responsibility initiatives.
It enables issues to emerge before they even reach the grievance stage requiring redressal. The ecosystem consists of
the following:
1. The contact numbers and names of Unit Heads and Key Personnel are prominently displayed in all TSF offices and in
various publicly accessible places. This has resulted in the easy and immediate approachability of TSF’s senior leadership
to anyone from the community. The TSF leadership team receives regular feedback regarding TSF’s work on the ground,
ensuring corrective action is taken in advance and concerns are addressed.
2. TSF offices across various regions are accessible to the local communities and stakeholders who frequently visit the team
to discuss their issues. In these meetings, community members’ concerns are addressed at length, and their feedback on
the work done by TSF is considered. This feedback is a valuable source of continuous learning that enables the team to
identify lessons and prevent the recurrence of similar grievances in the future. By understanding the dynamic ecosystem
well, the team can adapt and implement initiatives, prioritising them based on the list of addressed gaps.
3. Tata Steel Limited has established forums that involve the participation of community representatives and citizens. These
forums are designed to follow a participatory approach rather than a formal grievance redressal system. This approach
ensures a free flow of input and enables understanding of different perspectives and concerns. Hence, these forums
help to create a deep two-way relationship between the Company and the communities. Some of the key forums are:
a) Scheduled Tribe Stakeholder’s Council
b) Scheduled Caste Stakeholder’s Council
c) Citizens’ Forum of Jamshedpur
TSF deeply engages with communities and Panchayats to implement Tata Steel’s CSR initiatives. This involves continuous
interactions and feedback to the TSF team. Local recruits act as a bridge between the Company and communities, addressing
grievances promptly and comprehensively.
TSF teams have an in-built mechanism where the field staff, programme team, and unit heads regularly communicate with
individuals and groups within the communities and other stakeholders. This ensures that any grievances are brought to the
attention of senior management. Additionally, the mechanism is supported by regular interactions between the communities
and other stakeholders, the thematic and geographic heads of TSF and the TSF leadership team.
TSF team members conduct interactive sessions during visits to listen to complaints and provide assistance. They identify
complaint-prone areas, study them, and implement remedial measures. Outcome monitoring is carried out to ensure timely
and strategic grievance redressal.
Public hearings are crucial in obtaining environmental clearance for projects. The Company conducts public hearings
regularly to listen to community concerns. Based on feedback, it takes up projects as commitments to address issues raised
by stakeholders and communities.
Similarly, Tata Steel has intensified communication with the community in the Netherlands to address concerns among
residents and employees who often live nearby. Employees from neighbourhood towns often receive many questions from
their community. Tata Steel regularly updates its employees so that they can, in turn, update their respective communities.
Residents affected by disturbances from the Company’s operations in IJmuiden can report them to Tata Steel through
multiple channels, including the information desk in Wijk aan Zee, by phone, or by using a complaint form on the Tata Steel
Nederland’s website. All complaints are investigated. The Company aims to trace the possible source of disturbance promptly
and specifically on the premises and take necessary measures as quickly as possible.
Based on various data measurements and complaints, processes are improved wherever feasible. For instance, it has been
observed that noise disturbances are primarily associated with incidents such as impacts and collisions, as well as annoying
sounds like whistling, humming, and buzzing. To determine possible noise sources, the Company has installed, for example,
sound meters on cranes involved in scrap processing. When it comes to measures to reduce noise, it investigates the possibility
of building dampers in certain installations.

In the UK, Tata Steel is committed to actively monitoring and controlling its emissions, taking necessary steps to meet and beat
regulatory requirements. It however, receives a number of complaints from members of the public living in the proximity of
its Port Talbot steelworks. The Company values the feedback it receives from the local community and takes the concerns of
neighbours seriously. It undertook a large-scale survey of the public in Port Talbot during 2023 to generate feedback on the
processes it uses to address public concerns. Based upon feedback, it instituted improvements to its complaint management
process to ensure timely and effective resolution of issues raised by the public. By fostering open lines of communication, it
aims to strengthen its relationship with the community and address their environmental concerns more effectively.
Tata Steel deeply values the wellbeing and prosperity of everyone who forms a part of the communities in which it operates,
and its commitment to reducing the environmental impact of its operations remains resolute.
FY2023-24 FY2022-23
Number of complaints Number of complaints pending Number of complaints Number of complaints pending
filed during the year* resolution at close of the year filed during the year* resolution at close of the year
5,266 15 4,866 14
* Complaints from the communities are recorded for the Company’s overseas subsidiaries
Investors and Yes, Tata Steel has comprehensive investor redressal mechanisms in place to address the grievances of investors and
Shareholders shareholders. The Company has a Board-level Stakeholders’ Relationship Committee to oversee functioning of the mechanisms
for redressal of investors’ grievances.
Link Intime India Private Limited (Link Intime) acts as the Registrar and Transfer agent of Tata Steel Limited. Link Intime handles
all investor and shareholder complaints and works closely with the Company Secretary of Tata Steel Limited to resolve their
grievances. Tata Steel also shares its Investor Presentations, Quarterly Financial Reports, Annual Integrated Report etc. through
its website: www.tatasteel.com.
Tata Steel also has a dedicated Investors Relations team to address queries from equity and debt investors. The team keeps the
investors and analysts informed about key strategic initiatives and plans through structured meetings and reports. Investor
events include analyst meets, Investor Day meets, one-to-one meetings, Earnings and other update calls, and the Company’s
Annual General Meeting.
Tata Steel has also developed matured relationships with key banking and non-banking investors and has regular interactions
with the lenders, to provide them with requested information and address their queries.
FY2023-24 FY2022-23
filed during the year * resolution at close of the year filed during the year* resolution at close of the year
222 8 355 4
* The numbers are for Tata Steel Limited
Employees and Yes, Tata Steel has multiple grievance redressal mechanisms for addressing complaints and grievances of employees and
Workers workers, as mentioned below:
1. In India, Tata Steel has a dedicated platform called ‘Speak Up’ as a one-stop portal for reporting employee grievances,
including sexual harassment and safety. Tata Steel provides an independent and confidential third-party reporting
helpline (https://www.tatasteel.com/corporate/our-organisation/ethics/).
2. Tata Steel also has a Whistle Blower Policy and associated mechanisms to redress grievances of all stakeholders, including
employees. The policy is available on Tata Steel’s website (https://www.tatasteel.com/corporate/our-organisation/
policies/).
3. Tata Steel has a Joint Consultation System between the union and the management across all geographies, which has
representation from both the management and the union. This is a 3-tier mechanism where issues ranging from policy
decision to the concerns faced by shop floor employees are discussed and resolved in a proactive manner.
4. As part of its consultative approach of working with Unions, Tata Steel has also set up various Zonal and Central Works
Committees (in India) and Regional and Central Works Council in the UK and Netherlands to handle employee grievances.
5. A bespoke helpdesk service, People Care, is available for employees and ex-employees to raise any query/issue related
to Human Resource processes. The People Care helpline resolves these issues within a targeted timeline. People Care is
accessible through both email and telephone.
6. Liaison Officers and Complaint Officers have been nominated by Tata Steel, wherever required, who help in providing
requisite support to realise the goals of an inclusive and discrimination-free, LGBTQIA+ friendly, accessible workplace.
7. For its large contract workforce, Tata Steel has created a bespoke Reach Out programme, ‘Know Your Rights’, to create
awareness on worker rights. There is also a Digital Contract Labour Management platform for improved contract
workforce experience.
8. Tata Steel’s annual Performance Appraisal Process also provides a formal review mechanism for employees who are
dissatisfied with the rating.
9. All employees of Tata Steel Limited also get an opportunity to raise their concerns directly with the CEO & MD of the
Company on the first working day of every month via the MD Online forum, where the CEO & MD of the Company
interacts with the whole organisation.

Statutory Reports

10. In the UK, Tata Steel is committed to achieving an open working environment and employees are informed about how
to raise a grievance through the Inclusion and Diversity and Dignity at Work Policies as well as being contained within
Workplace Rules and Terms & Conditions of Employment.
11. Like the Speak Up platform in India, Integrity Line is a similar service provided at Tata Steel UK and Tata Steel Nederland.
FY2023-24 FY2022-23
filed during the year resolution at close of the year filed during the year resolution at close of the year
1,033 125 882 184
Customers Yes, Tata Steel has a well-defined Customer Complaint Management System based on the 8D (Eight Disciplines of Problem
Solving) Complaint Management Process, which uses a team-oriented approach to solve critical problems. This method aims
to find the root cause of a complaint, develop containment actions, and take corrective actions to prevent similar occurrences
in the future. Tata Steel endeavours to resolve all complaints promptly and communicate corrective and preventive actions
to the customer.
In India, Tata Steel has TSL CARes app where customers can log complaints directly for their speedy resolution. During FY2023-
24, the average complaint resolution time decreased significantly due to an increased adoption of TSL CARes.
In the Netherlands, Complaint Management is a core “Responsiveness” indicator to the customers. The process is cross
functional and incorporates all members of the Account team to ensure the complaint is actioned appropriately and in a
timely manner. For each type of complaint, a PDCA (Plan, Do, Check, Act) meeting with the internal stakeholders is in place.
A service complaint is usually raised on behalf of the customer, but not always upon their request. The investigation is seen
as an opportunity to improve.
In the UK, Tata Steel has provisioned for a Complaint Management System, Focus, to record and manage external customer
complaints. It is a fully cross functional tool, from initial complaint from customer, through investigating parties to completion
including financial settlement, if applicable and closure to customer. Complaints and feedback are typically received by phone
or email and responses are communicated to customer in a timely manner. Full evidence of the complaint can be captured,
including product samples, photographs and any other evidence, often supplemented by a visit to the customer.
FY2023-24 FY2022-23
filed during the year resolution at close of the year filed during the year resolution at close of the year
19,258 1,117 18,108 232
Value Chain Mechanisms for vendor grievance redressal at Tata Steel Limited are listed below, and similar mechanisms are also in place
Partners for other geographies of the Company:
1. Ethics-related grievances are addressed through a dedicated platform called ‘Speak Up’, operated by a third-party
vendor (http://www.in.kpmg.com/ethicshelpline/tslindia). The process provides for resolution by a properly constituted
committee.
2. The Vendor Feedback and Dialogue Mechanism, with a dedicated Vendor Grievance Redressal Committee chaired by a
Vice President of the Company, reviews any representations received from vendors to ensure that their grievances are
addressed and resolved effectively.
3. The bespoke helpdesk service, ProCare, addresses vendor and customer grievances (related to their day-to-day
operations) promptly. ProCare extends its services to 100% of the supplier base of Tata Steel Limited, ensuring timely
resolutions for all. Around 32,865 vendor queries, related to day-to-day issues, were resolved in FY2023-24.
Additionally, Tata Steel has several listening posts for its supplier partners to address their concerns, capture their suggestions,
and address key issues. On occasions such as Ethics Month, World Environment Day, National Safety Day, etc., the Company
organises interactive sessions with its vendor partners. Periodic communication is also undertaken with the suppliers through
the e-Proc platform.
FY2023-24 FY2022-23
Number of complaints Number of Number of Number of complaints
filed during the year complaints pending complaints filed pending resolution at
resolution at close of during the year close of the year
the year
Speak-up 62 24 103 20
Vendor Grievance
19 1 15 0
Redressal Committee
FY2023-24 FY2022-23
Others filed during the year resolution at close of the year filed during the year resolution at close of the year
454 90 529 158

26. Overview of the entity’s material responsible business conduct issues.
Please indicate material responsible business conduct and sustainability issues pertaining to environmental and
social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach
to adapt or mitigate the risk along-with its financial implications, as per the following format.
Tata Steel has a structured Materiality Assessment process to identify business conduct and sustainability issues pertaining
to environmental and social matters that present a risk or an opportunity to the Company. The assessments are conducted
by independent external advisors, in line with global standards, every 3 years. The last assessment for the Tata Steel Group
was conducted in FY2022-23.
As the outcome of the exercise, the following material issues pertaining to environmental and social matters were identified
by Tata Steel, covering both risks and opportunities:
Material issues identified

A. STRATEGIC
A1. Greenhouse Gas Emissions and Climate Change Management
Risk Rationale for identifying the risk/ Approach to adapt or mitigate
opportunity
A significant part of Tata Steel’s production In India, Tata Steel has adopted multiple strategies to decarbonise its blast furnace
is through the blast furnace route, which is route operations. It has also started building its first Electric Arc Furnace (EAF) based
an emission intensive process. Tata Steel has green steel plant in Ludhiana, Punjab.
committed to be Net Zero by 2045 and a In the UK and the Netherlands, Tata Steel has taken concrete steps to transition to
transition to low carbon steelmaking is critical green steelmaking.
for the long-term success of the Company.
The detailed strategy to mitigate climate change-related risks is published in its Climate
Change Report. It is a part of Tata Steel Limited’s Integrated Report for FY2023-24.
Financial Details of financial impact on the Company is provided in the Climate Change Report, included in the Integrated Report for
implications FY2023 -24
A2. Circular Economy
Opportunity Rationale for identifying the risk/ Tata Steel’s Initiatives
opportunity
Steel as a material lends itself handsomely In India, Tata Steel has two approaches for value creation from circularity:
to circularity and is recyclable as ferrous
a. The Industrial By-Products Management Division (IBMD) works to generate
scrap to produce new steel. Recycled steel
value from by-products. (For details, please refer to Section C, Principle 6, Essential
has a significantly lower carbon footprint,
Indicators, Question 9).
as opposed to producing primary steel by
reducing iron ore. Towards the target to be b. The Steel Recycling Business (SRB) is responsible for sourcing and supplying
Net Zero by 2045, Tata Steel has increased the entire scrap requirement of Tata Steel in India. Besides supplying processed
scrap usage in its steelmaking process. scrap from its Rohtak (Haryana) plant, it also supplies scrap from various sources
across India. Tata Steel aims to maximise the amount of scrap charged into its
Tata Steel produces waste during its
existing blast furnace operations and the upcoming EAF-based green steel
steelmaking process, which can either be
plant at Ludhiana, Punjab.
reused in its process (and reduce operating
costs) or sold to external parties (e.g., sale In the Netherlands, Tata Steel plans to increase the percentage of scrap used in
of slag to the cement industry), creating steelmaking from 17% (in 2019) to 30% by 2030. Presently the scrap used is 20%.
additional revenue for the Company. In the UK, locally sourced scrap will be key for operating the proposed EAF.
Financial
Positive
implications

Statutory Reports
A3. Water Consumption and Effluent Discharge

opportunity
Tata Steel utilises a large amount of water 1. Addressing water scarcity through the 4R framework of Reduce, Reuse, Recycle
in its processes and draws it from multiple and Recover:
sources. Tata Steel’s water consumption a. Reducing fresh water withdrawal to a minimum from rivers by maximising
is regulated in all geographies. Non- the recycling of treated waste effluents within the plant through effluent
compliance with regulatory requirements treatment plants and online continuous effluent analysers.
regarding effluent discharge and higher
water usage may result in environmental b. Reusing treated municipal wastewater and water harvesting infrastructure
compensation by regulatory authorities, across multiple locations. In India, Tata Steel aims to achieve ZED (Zero
financial loss due to operational stoppage Effluent Discharge) from Works premises and plans to build water
and withdrawal of licence to operate. efficient infrastructure.
As a result of climate change, some c. Increased water recovery through an augmentation of the Central Effluent
geographies are expected to have Treatment Plant and sewage treatment plants as well as from storm
reduced access to fresh water, making run-off streams.
it a scarce resource. To be cost-efficient, 2. Adopting best available technologies like dry processes to reduce, best practices
Tata Steel must minimise water usage and like catch pit and pumping infrastructure to recover, central effluent treatment
maximise recycling. plant with reverse osmosis to treat and recycle effluents in steelmaking
processes. The treated effluents are reused for low-end applications like coke
quenching, blast furnace slag granulation, steel slag quenching, sinter/pellet
mixing, gas cleaning plant, horticulture, and dust suppression, etc.
Financial
Negative
implications
A4. Energy Efficiency/Energy Management
opportunity
Steelmaking is a highly energy-intensive Tata Steel has several initiatives to improve energy efficiency of the Company across
process. Tata Steel fulfils its energy all geographies, and already recovers a large part of its process gases to produce
requirements through multiple sources: power and for heating purposes at all its geographies.
coal, natural gas, electricity, and other fossil
Tata Steel is also working with the Bureau of Energy Efficiency in India to identify and
fuels. Energy efficiency and management
implement energy efficiency projects across various sites in India.
initiatives help Tata Steel to manage and
optimise energy consumption across its As a milestone towards achieving Net Zero carbon emissions, Tata Steel has entered
operations, resulting in lower operational into a definitive agreement with Tata Power to source 379 MW of captive renewable
costs, greater resilience in the event of power, which will reduce 50 million tonnes of carbon emissions over the contract
energy disruptions, and a greater ability to period of 25 years.
respond to regulatory obligations. Tata Steel also commissioned a floating solar power project with a capacity of 10.8
Energy efficiency and adoption of MWp (Megawatt peak) on its upper cooling pond in the plant bringing the total
renewable energy is also a key lever for capacity to 20.34 MWp solar projects in the Jamshedpur plant. The Kalinganagar
Tata Steel to lower its Scope 2 greenhouse plant also has a floating solar plant with a capacity of 10.10 MWp.
gas emissions. In the Netherlands, Tata Steel, in alignment with the local ‘Noordzeekanaalgebied’
Environmental Agency, has developed an energy savings agenda for 2024-2027,
yielding 50+ projects across the site.
In FY2023-24, Tata Steel Nederland reported 0.63 PJ of energy savings, equivalent
to 175 million kWh, or the electricity consumption of over 70,000 households. The
biggest saving was achieved by a new, more efficient Hot Strip Mill furnace, saving
an annual 0.575 PJ or 160 million kWh.
Financial
Positive
implications

B. OPERATIONS
B1. Occupational Health and Safety
opportunity
Tata Steel has a large number of employees Tata Steel’s safety and health responsibilities are driven by its commitment to zero
and contract workers working across all harm. The Company has a robust safety management system framework and a sound
sites. In addition, many of the Company’s safety governance structure.
steel plants are situated in close proximity The Safety Leadership Development Centres (SLDC) in Jamshedpur and IJmuiden
of the wider community (e.g., Jamshedpur, are fully operational. These facilities are now being extended to Kalinganagar
IJmuiden, and Port Talbot). Therefore, and Meramandali. These are state-of-the-art facilities dedicated to providing
ensuring the safety of its employees, comprehensive safety training to all individuals entering the workplace and utilises
contract workers, and communities is cutting-edge training props and techniques to ensure an engaging and effective
critical for continued regulatory and social learning experience.
licence to operate, especially considering
process related hazard in a steelwork. In the Netherlands, to further improve the level of safety on Tata Steel sites, the
In case safety related processes or Company has taken measures to develop a proactive safety management culture
performance of the Company is deemed regarding unsafe behaviour. In addition to keeping an eye on incidents (safety
inadequate, or in case of a significant issues), it additionally creates more focus on the positive aspects of safety: the
safety incident, prohibition order from circumstances and moments in which work runs smoothly and safely, to observe
the government may also lead to partial causes and conditions that contribute to safe operations. As a result of this, risks are
closure of the plant. eliminated. The Company pays attention to managing risks and maintaining dialogue
regarding healthy and safe working practices.
Each safety incident also has a negative
impact on the health, wellbeing, and In the UK, excellence in health and safety is a core value and is felt in everything Tata
morale of employees along with a negative Steel does and everything it says within the organisation. It is committed to a goal
reputational impact on the Company. They of ensuring zero harm to employees, contractors and the communities in which
may also result in operational and financial it operates.
loss to the Company, including potential Please refer to Section C, Principle 3, Essential Indicators, Question 12 in this report for
partial closure of the plant. more details.
Financial
Negative
implications
B2. Air Pollution/Air Quality Management
opportunity
Non-compliance related to regulatory Tata Steel’s mitigation strategies include the following:
requirements with respect to air pollution 1. Upgraded pollution control equipment, implementation of new technologies,
by any Tata Steel site may lead to adverse consistent internal efforts and maintenance strategies have enabled Tata Steel
impact on the health and safety of to significantly reduce its stack dust emissions in India.
employees, workers, or community,
and environmental compensation by 2. New plants and facilities are also being set up to comply with and go beyond
the regulations.
regulatory authorities. There can also be
financial loss due to stoppage of operation, 3. Ensuring the health and connectivity of the installed online continuous stack
withdrawal of licence to operate and loss emission and ambient air quality analysers.
of reputation. 4. Close monitoring and control of the ambient air quality.
5. In the Netherlands, under the Star Investment Programme, investment has been
made by the Company in various environment improvement projects.
6. Tata Steel’s Thailand operations have a Fume Plant to treat high-temperature
and low-humidity dust from the production process for filtration. The Company
has also improved the roof of the steel plant to eliminate leakage and reduce
emissions. It has also implemented various other measures, such as regular
watering at material piling areas, using canvas covers, and installing wind nets.
More details on the measures to curb air emissions in India and the Netherlands
operations can be found in the Natural Capital section of Tata Steel’s Integrated Report
FY2023-24.
Financial
Negative
implications

Statutory Reports
B3. Biodiversity
opportunity
Regulatory risks and increased spending Tata Steel has a Biodiversity Policy in place and is deploying Biodiversity Management
due to the requirements of forest diversion Plans (BMP) for 17 sites in India and plans to cover the remaining ones. These plans
and other compliances and restoration of are designed on the foundation of a mitigation hierarchy (avoid, minimise, restore,
biodiversity loss. and offset) tool after a baseline assessment.
In the Netherlands, the biodiversity initiatives at the IJmuiden site are part of a
comprehensive biodiversity management plan called Staalblauwtje (Steel Blue)
which has been in place for a number of years. It aims to use the site as a corridor
between the two Natura 2000 dune reserves that border the site, creating better
connectivity between these areas.
In the UK, Tata Steel is guardian to large areas of natural habitat including several areas
with the UK designation ‘Sites of Special Scientific Interest (SSSIs)’. It works closely with
the relevant regulators in England and Wales, agreeing management plans for these
areas and ensuring responsible stewardship of the habitats and species that thrive on
them. In addition to the designated areas with its sites, some of TSUK’s operations are
in proximity to habitats benefitting from a range of UK habitat designations. In all such
cases, the environmental permit regulations require the Company to assess any impact
its operations may have on the adjacent habitats. The assessed impacts are very small.
Any protections linked to the protected habitats are incorporated into environmental
permits for the relevant sites and Tata Steel is in compliance with such requirements. In
addition to meeting its responsibilities for protected sites, where opportunities arise to
do so, it looks for ways to encourage biodiversity on other land-holdings and thereby
contribute to protecting the natural heritage of the UK’s landscape.
Tata Steel aims to cover 100% of sites under the BMP in India, the UK and the Netherlands
by 2025. It aims to be a Nature-based Solutions leader in India by 2030.
For more details, please refer to the Natural Capital section of Tata Steel’s Integrated
Report FY2023-24.
Financial
Negative
implications
B4. Research and Development/Technology, Product and Process Innovation
Opportunity Rationale for identifying the risk/ Tata Steel’s Initiative
opportunity
Tata Steel is focused on the production Tata Steel aspires to be among the top 5 global technology leaders in the steel
of value-added or differentiated steel to industry and has consistently used technology and innovation to build a rich
achieve higher margins. Its continuous portfolio of future ready value-added products. Its consistent research efforts are
focus on Research & Development, new aimed to retain the Company’s leadership position in attractive segments like
technologies and innovation in products automotive steel and packaging steel.
and processes is critical for the Company Tata Steel also collaborates with academia and other industries to scale up and
to better serve and retain customers, retain deploy new technologies.
leadership in differentiated products and
access new markets. In FY2023-24, Tata Steel continued trials at its HIsarna pilot plant in IJmuiden. The
HIsarna technology is a more energy efficient steelmaking technology as it does
Research & Development and innovation not require pre-processing of the ores and metallurgical coal. The Company plans
are also critical for Tata Steel to retain to perform test runs with high-alumina ore and natural gas, with the goal to build a
cost competitiveness by continuous second large demo plant in India in the future.
improvement in process efficiency and
resource utilisation. In the UK, Tata Steel is engaged in the following projects to improve the environmental
and social attributes of its products, services, and processes:
The importance of Research & Development
has increased even more for the Company 1. Flue-2-Chem: Innovate UK (IUK) sponsored carbon capture and utilisation
as it focuses on increasing the technological aiming to examine the feasibility of emissions capture and use in Organic
maturity of low carbon steelmaking to Coated Steel (‘OCS’) products.
achieve its Net Zero emissions objective 2. Sustainable plastisol: Solvent free Plastisol development for OCS.
and remain a sustainable partner for all
its stakeholders. 3. Shotton decarbonisation: Alternatives to gas fired ovens, examining radcure
technologies such as UV/e-beam/induction curing.
4. MireLifeO: IUK sponsored project examining microbially recovered lignin for
sustainable Building System foams.
5. Building systems panel recycling: In collaboration with Swansea University
and the University of South Wales, looking at techniques for separation of
the organic and metallic coatings in building systems panels for subsequent
recycling of the steel.

6. Magizinc for solar: Examination of the use of Magizinc for extending the life of
solar panel frames.
7. REACH compliant Chrome coatings: Development of Chrome VI free coatings
for packaging steels (TCCT- Trivalent Chromium-Coating Technology).
8. Sustainable laminates for packaging steels: Development of novel sustainable
laminate polymer systems for packaging applications.
9. H2 barrier coatings: Feasibility of Hydrogen barrier coatings for tube and pipe use.
10. Photovoltaic (‘PV’) integration: Examination of methods for integration of PV
into Tata Steel products.
11. Transform-ER: IUK funded project: Net Zero Heat project aimed at accelerating
and industrialising domestic retrofit.
12. Hy-Value project: Up-scaling of a manufacturing process for a sustainable,
affordable, Value-Added-Carbon (VAC) product for the Foundation-Industry (FI)
Chemicals sector through utilising high-grade waste-heat from steel/glass furnaces.
Financial
Positive
implications
C. SOCIAL
C1. Supply chain sustainability
opportunity
Tata Steel has a long and integrated value 1. Tata Steel is one of the few companies to measure end-to-end Scope 3 emissions
chain that extends from mining to finished for all modes of transportation, giving it an equal importance as Scope 1 and
steel products, with an interconnected 2 emissions. The Company has also taken several initiatives to reduce Scope 3
network of suppliers, mines, ports, emissions by using cleaner fuel or alternate fuels. Additional details on these
manufacturing locations, stockyards, initiatives have been provided later in this report.
warehouses, processing facilities, channel
2. Tata Steel has also launched the Responsible Supply Chain Policy (RSCP),
partners, and customers, handling over
which covers issues related to ethics, human rights, health and safety,
100 million tonnes of material in a year.
and environmental sustainability. The policy is incorporated in the vendor
The production, transportation, storage,
qualification process and all vendors are made aware of and are required
and handling of materials like iron ore,
to adhere to it. The implementation of RSCP will also help in de-risking the
coal, limestone, refractory, aluminium, zinc,
Company’s supply chain.
ferro alloys, etc. have a negative impact on
the environment, including greenhouse 3. Tata Steel has launched the Zero Carbon Logistics programme in Europe which
gas and other emissions. These materials aims to reduce its CO2 footprint, caused by the transport of its products to the
also have an adverse impact on the customer, by 30% by 2030. Some key initiatives undertaken under the Zero
environment during their use in iron and Carbon Logistics programme are as follows:
steelmaking. a. Tata Steel Nederland is the first steel company in the world to use the
Environmentally and socially responsible Global Logistics Emissions Council Framework for emissions reporting,
supply chain practices safeguard the which makes different logistics modalities comparable and enables the
long-term viability of the business and identification and improvement of emission hotspots.
secure a social licence to operate. Reduced b. Optimum Voyage, used for information and optimisation of the most
Scope 3 emission will also have a positive fuel-efficient route for shipping logistics, has resulted in savings of
reputational impact and also help achieve approximately 5% in CO2 emissions.
the Net Zero target of the Company.
c. Tata Steel Nederland is working to replace road transport with more
carbon-efficient rail transport, reducing over 5,000 trucks per year.
d. Tata Steel Nederland is working with its value chain partners on
alternative and cleaner fuels and is a member of the Sustainable Freight
Buyers Alliance.
4. Tata Steel Nederland has also added Zeremis® Delivered to its service portfolio.
The service offers customers the opportunity to receive their steel through
low-emission transport to reduce their scope 3 and other emissions associated
with steel transport. Initially, Zeremis® Delivered will be available to customers
within a driving distance of 300 kilometres from Tata Steel locations in the
Netherlands and Belgium. The service will be expanded to further locations
in the future.
For more details, please refer to the Social and Relationship Capital section of Tata
Steel’s Integrated Report FY2023-24.
Financial
Positive
implications

Statutory Reports
C2. Employee Well-being and Development

opportunity
Tata Steel believes that ensuring employee Since its inception, Tata Steel has introduced several innovative policies and best
well-being and development creates a practices to ensure healthy employee relations, employee growth and development,
healthy company culture, better employee and work satisfaction. Its agile working model undergirds the trust and outcome-
satisfaction and higher employee based working culture while offering remote working flexibility to employees. It also
engagement, and therefore helps attract provides industry-leading social security benefits to employees and their families.
and retain talent. It provides the Company Tata Steel provides a range of opportunities for employees to upgrade their skills, and
a competent and experienced workforce almost the entire employee base benefits from one or more learning interventions
and reduces recruitment costs for the every year. The central recognition framework, that includes experiential rewards,
Company. A high-quality and motivated provides a unified experience across its employee segments.
workforce is critical for Tata Steel to
achieve its vision of being the global steel The Company has nurtured caring and collaborative relationships based on trust and
industry benchmark for Value Creation and mutual respect, creating a respectful workplace for all.
Corporate Citizenship. For additional details of Tata Steel’s employee well-being initiatives, refer to Section C,
Principle 3, Essential Indicators Question 1.b of this report.
Financial
Positive
implications
C3. Community Support and Corporate Social Responsibility/Building thriving Communities
Risk and Rationale for identifying the risk/ Approach to adapt or mitigate or Tata Steel’s Initiatives
Opportunity opportunity
Risk: Many key sites of Tata Steel are Tata Steel continues to demonstrate its unwavering commitment to the well-being
located in close proximity to the broader of its people, community, and society. The Company’s Corporate Social Responsibility
community. A mutually beneficial, two-way (CSR) initiatives are focused on Education, Health, Livelihoods, and Infrastructure, and
relationship with the community, anchored are designed to make a positive impact on the quality of life.
by transparency and trust, is critical for Tata
Tata Steel believes in the power of collaboration, affirmative action, volunteerism,
Steel to continue to retain its social licence
communication, and innovation to achieve its goals. It is dedicated to uplifting
to operate.
marginalised groups, including women, girl child, and tribes, and actively seeks out
Opportunity: A deep engagement with their perspectives to ensure that the initiatives are relevant and effective.
the community fosters goodwill for Tata
For further details, refer to Social and Relationship Capital Section of Tata Steel’s
Steel and helps maintain the public consent
Integrated Report FY2023-24.
to operate. It also brings several long-term
benefits in terms of community support,
loyalty, a source of future employees and
capital, and the fostering of goodwill,
which in turn help raise awareness of the
Company’s products and services.
Financial
Positive
implications

SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting
the National Guidelines for Responsible Business Conduct (NGRBC) Principles and Core Elements.
Principles
Disclosure Questions
P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and management
processes
1 a. Whether your entity’s Yes, Tata Steel’s adherence to the NGRBC is underscored by its comprehensive suite of Board and management-
policy/policies cover approved policies. These policies meticulously cover all nine principles of the NGRBC, along with their foundational
each principle and its elements, ensuring a holistic approach to responsible business conduct.
core elements of the Tata Steel is committed to fair practices and business ethics and follows the Tata Code of Conduct (TCoC), which lays down
NGRBCs. (Yes/No) principles and standards to govern the actions of the Company and employees. The Company has formulated specific
policies across various operational areas to ensure consistency in processes and clearly define the business approach.
Tata Steel ensures that its subsidiaries, associates, and joint ventures also adhere to the TCoC. Key subsidiaries have
adopted relevant policies from the comprehensive list, tailored to their specific geographic contexts and based on their
unique governance processes.
A summary of key policies of Tata Steel mapped against the nine NGRBC principles is provided below:
NGRBC Principle
Tata Steel’s Policies
P1 P2 P3 P4 P5 P6 P7 P8 P9
Affirmative Action Policy ü ü ü ü
Alcohol and Drugs Policy ü
Anti-Bribery and Anti-Corruption Policy ü ü
Anti-Money Laundering Policy ü
Biodiversity Policy ü ü
Climate Change Policiy for Tata Companies ü ü
Code of Corporate Disclosure Policy ü ü ü
Corporate Social Responsibility Policy ü ü
Data Privacy Policy ü
Dividend Distribution Policy ü
Document Retention and Archival Policy ü
Energy Policy ü ü
Environmental Policy ü ü
Equal Opportunity and Anti- Discrimination policy ü ü
HIV/AIDS Policy ü
Human Resource Policy ü
Information Security Asset Classification Policy ü
Information Security Organisation Policy ü
Information Security Policy ü
Information Security Risk Management Policy ü
Information Security Sustenance Policy ü
Pevention of Sexual Harassment (POSH) at Workplace ü
Policy for determining ‘Material’ subsidiaries ü ü
Policy on dealing with Related Party Transactions ü
Policy on determination of Materiality for Disclosures ü ü
Prevention of Sexual Harassment (POSH) at Workplace ü
Quality Policy ü ü
Remuneration Policy of Directors, Key Management ü
Personnel and other Employees

Statutory Reports
NGRBC Principle
Tata Steel’s Policies
P1 P2 P3 P4 P5 P6 P7 P8 P9
Research Policy ü ü
Responsible Supply Chain Policy and Guidelines ü ü ü ü ü ü
Risk Management Policy ü
Safety Principles & Occupational Health Policy ü ü
Social Accountability Policy ü ü ü
Sustainability Policy ü ü ü ü ü
Tata Code of Conduct ü ü ü ü ü ü ü ü ü
Tata Steel Business and Human Rights Policy ü ü ü
Whistle-Blower Policy for Business Associates ü ü ü ü ü
Policy on Appointment and Removal of directors ü ü
Whistle-Blower Policy for Directors & Employees ü ü ü ü ü
P1-Businesses should conduct and govern themselves with integrity and in a manner that is ethical, transparent, and accountable
P2-Businesses should provide goods and service in a manner that is sustainable and safe
P3-Businesses should respect and promote the well-being of all employees, including those in their value chains
P4-Businesses should respect the interests of and be responsive to all its stakeholders
P5-Businesses should respect and promote human rights
P6-Businesses should respect and make efforts to protect and restore the environment
P7-Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent
P8-Businesses should promote inclusive growth and equitable development
P9-Businesses should engage with and provide value to their consumers in a responsible manner
Principles
Disclosure Questions
P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and management processes
b. Has the policy been Yes, Tata Steel’s governance framework ensures that key policies are approved by either the Board, or a Committee of
approved by the the Board, or the CEO & MD of the Company, depending on the nature of the policy and regulatory requirements, if any.
Board? (Yes/No) Accordingly, all policies of Tata Steel are approved by one of these three authorities. The key policies approved by the Board
and/or various Board committees are listed below:
1. Anti-Bribery and Anti-Corruption Policy
2. Anti-Money Laundering Policy
3. Prevention of Sexual Harassment at Workplace Policy
4. Corporate Social Responsibility Policy
5. Information Security Risk Management Policy
6. Policy on determination of Materiality for Disclosures
7. Policy on Related Party Transaction
8. Policy on Appointment and Remuneration of Directors and KMPs
9. Tata Code of Conduct
10. Policy on determination of material subsidiaries
The remaining policies of Tata Steel are approved by the CEO & MD of the Company.
c. Web Link of the The policies covering these principles are available on the Company’s website under ‘Our Policies’ section.
Policies, if available Link: https://www.tatasteel.com/corporate/our-organisation/policies/

2. Whether the entity Yes, all policies of the entity have been translated into procedures, which are in various stages of implementation. Various
has translated executive committees designated with specific responsibilities have also been constituted for operationalising these
the policy into policies, called Apex Committees and Sub-committees. These are chaired by the senior leadership of Tata Steel. Some key
procedures. Apex Committees and Sub-committees of Tata Steel driving the implementation of Tata Steel’s policies are listed below:
(Yes/No) 1. Apex Business & Human Rights Committee
2. Apex Safety Council
3. Apex Committee for Information Security Management
4. Apex Committee on Environment
5. Apex Committee for Affirmative Action
6. Apex CSR Steering Committee
7. Apex Risk Review Committee
8. Apex Ethics Committee
9. Ethics Committee
10. Technology & Innovation Management Committee
3. Do the enlisted Yes, Tata Steel’s Code of Conduct and Responsible Supply Chain Policy and Guidelines cover key aspects of Tata Steel’s
policies extend to policies related to its value chain partners. These policies serve as stage-gates for the registration of all vendors for Tata Steel.
your value chain If any vendor either does not accept Tata Steel’s Code of Conduct or breaches it, the relationship is terminated, following
partner? (Yes/No) due process.
4. Name of the NGRBC Principle
International Standards
national and P1 P2 P3 P4 P5 P6 P7 P8 P9
international
codes/ ISO 14001:2015 Environmental Management Systems ü ü ü ü ü ü ü
certifications/ ISO 45001:2015/OSHAS 18001 Occupational Health and Safety ü ü ü ü ü ü
labels/standards SA8000:2014 Social Accountability ü ü ü ü ü ü
(e.g., Forest
Stewardship IATF (International Automotive Task Force) 16949-2016 Manufacturing ü ü ü
Council, Fairtrade, departments Supplying to Automotive Companies in India
Rainforest Alliance, ISO 9001:2015 Quality Management System ü ü ü ü ü
Trustea) standards ISO/IEC 17025:2017 (Testing & Calibration of laboratories) R&D Labs ü ü ü ü ü
(e.g., SA 8000,
OHSAS, ISO, BIS) ISO 27001:2022 Information Security Management Systems ü ü ü ü ü ü ü
adopted by your <IR> Framework of IFRS Foundation ü ü ü ü ü ü ü ü ü
entity and mapped Recommendation of Taskforce on Climate Related Financial Disclosures (TCFD) ü ü ü ü ü ü ü ü ü
to each principle.
ResponsibleSteelTM Certification ü ü ü ü ü ü ü ü ü
Committee of Sponsporing Organisation of the Treadway Commission (COSO) ü
ERM Framework
ISO 31000:2018 Risk Management Procedure ü ü ü ü
BIS Standards ü ü ü ü
5. Specific In line with its vision of being the steel industry benchmark in Corporate Citizenship, Tata Steel has adopted ESG
commitments, (Environmental, Social, and Governance) goals for the organisation:
goals and targets Environmental Goals:
set by the entity 1. Climate Change
with defined a. 2045: Net Zero emissions for the Tata Steel Group
timelines, if any.
2. Dust Emission
a. 2025: Achieve specific dust emission intensity of 0.43 kg per tonne of crude steel in India
b. 2030: Achieve benchmark status for specific dust emission intensity in India
3. Product Sustainability
a. 2025: From 2025 onwards, more than 80% of the finished products will be covered under Life Cycle Assessment
for Indian operations
b. 2030: Disclose environment performance of 100% of products in India
4. Water
a. 2025: Achieve specific freshwater consumption of 2.38 cubic metres per tonne of crude steel across all
steelmaking sites in India
b. 2030: Achieve specific freshwater consumption of <1.5 cubic metres per tonne of crude steel across all sites in
India
5. Biodiversity
a. 2025: Cover 100% sites under the Biodiversity Management Plans across India, the UK, and the Netherlands
b. 2030: To be a Nature-based Solutions (NbS) leader in India by 2030

Statutory Reports
6. Circular Economy
a. 2025: Achieve material efficiency of 99% at all Indian steelmaking sites
b. 2030: Sustain material efficiency at 100% at all Indian steelmaking sites
c. 2030: Increase Tata Steel’s Industrial By-product Management Division’s EBITDA by 2.4 times over FY2019-20
d. 2030: Build a 5 MTPA recycling business in steel and other business in India
Social Goals:
7. Safety
a. 2030: Achieve zero harm for Tata Steel Limited
8. Diversity:
a. 2025: Achieve 20% diversity in workforce for Tata Steel Limited
b. 2027: Increase diversity in all job categories with persons from ethnic-cultural background to 25% for Tata Steel
Nederland
c. 2027: Women in vocational technical positions to grow to 5% for Tata Steel Nederland
d. 2027: Women in decision-making positions to increase to at least 30% for Tata Steel Nederland
9. Local community development:
a. 2030: Reach >10 million lives per annum through Corporate Social Responsibility initiatives in India
Governance Goals:
10. ResponsibleSteelTM Certification
a. 2025: Achieve ‘Certified Site’ certification for all existing steelmaking sites in India
b. 2030: Achieve ‘Certified Steel’ certification for all existing sites in India.
11. Supply Chain
a. 2027: Coverage of 100% critical supply chain partners for ESG risk assessment for Tata Steel Limited.
b. 2030: Integrate ESG performance of critical supply chain partners in procurement decision-making for
Tata Steel Limited (Assessment and coverage in line with ResponsibleSteelTM guidance)
12. R&D and Technology
a. 2030: Be amongst the top 5 in technology in steel industry globally
6. Performance of Please refer to the ESG Factsheet published in Tata Steel’s Integrated Report for FY2023-24.
the entity against
the specific
commitments,
goals, and targets
along with reasons
in case the same
are not met.
Governance, Leadership and Oversight
7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets and
achievements (listed entity has flexibility regarding the placement of this disclosure)
“We are proud to present the second edition of our Business Responsibility and Sustainability Report (BRSR), underscoring our unwavering
commitment to Environmental, Social, and Governance (ESG) stewardship. The report outlines our steadfast adherence to sustainability, ethical
governance, high disclosure standards, and socially responsible business practices. As the global shift to a low-carbon economy gains momentum,
Tata Steel has been at the forefront of advancing sustainable practices by reducing greenhouse gas emissions, increasing energy efficiency,
improving water management, and promoting waste recycling initiatives through innovative R&D investments. The report highlights our progress
in the use of low-carbon technologies, circular economy initiatives, resource efficiency, and alternative fuels, affirming our dedication to sustainable
steel production. It illustrates our social initiatives that nurture inclusive growth, diversity, community well-being, and equitable development.
The report showcases how the Company prioritises employee well-being, through a comprehensive set of measures encompassing health, safety,
and support. It spotlights how the Company, through a comprehensive approach to stakeholder engagement, responsible sourcing, and public
policy advocacy, is striving to build a resilient future.” - Mr. T. V. Narendran, CEO & MD, Tata Steel Limited
8. Details of the The Board of Tata Steel Limited is the highest authority responsible for the oversight of the implementation of the Business
highest authority Responsibility policies.
responsible for Executive implementation and oversight: The Chief Executive Officer & Managing Director of the Company is the
implementation highest authority responsible for the implementation of all policies in Tata Steel.
and oversight
of the Business
Responsibility
policy (ies).

9. Does the entity Yes, the Board of Tata Steel has constituted various Board committees, which are responsible for and have a remit over key
have a specified sustainability-related policies of Tata Steel, as below:
Committee of the 1. Corporate Social Responsibility and Sustainability Committee (CSR&S): The CSR&S Committee governs and
Board/Director reviews the Company’s CSR and sustainability activities. The CSR&S Committee recommends the annual business plan
responsible for for Tata Steel’s CSR and sustainability initiatives to the Board for approval. The plan includes resource requirements
decision making and allocation across interventions and locations. The CSR&S Committee also receives regular updates on the
on sustainability performance of the Company against the annual business plan.
related issues?
2. Risk Management Committee: The Risk Management Committee assists the Board in fulfilling its oversight
(Yes/No). If yes,
responsibilities regarding management of element-wise key risks, including strategic, financial, operational, sectoral,
provide details.
sustainability, ESG related risks, and risks related to information and cyber security, and compliance. The Committee
ensures that appropriate methodology, processes, and systems are in place to monitor and evaluate risks associated
with the business of the Company and reviews the adequacy of the risk management practices and actions deployed
by the management in respect of identification, impact assessment, monitoring, mitigation and reporting of key risks
to the achievement of business objectives.
3. Stakeholders’ Relationship Committee: It considers and resolves the grievances of the Company’s shareholders,
debenture holders and other security holders, including complaints related to non-receipt of annual report, transfer
and transmission of securities, non-receipt of dividends or interests, etc.
4. afety, Health and Environment Committee: It oversees the policies related to safety, health and environmental
S
performance and the Company’s initiatives and implementation across the Tata Steel Group.
5. Audit Committee: It monitors and provides effective supervision of the Management’s financial reporting process,
to ensure accurate and timely disclosures, with the highest levels of transparency, integrity and quality of financial
reporting. The Committee oversees the work carried out by the internal auditor, the statutory auditor and the cost
auditor and notes the processes and safeguards employed by each of them.
6. Nomination and Remuneration Committee: It oversees the Company’s nomination process including succession
planning for the senior management and the Board; specifically to assist the Board to identify, screen and review
individuals qualified to serve as Executive Directors, Non-Executive Directors and determine the role and capabilities
required for Independent Directors consistent with the criteria approved by the Board.
It also assists the Board in discharging its responsibilities relating to compensation of the Company’s Executive
Directors, KMPs and Senior Management.
Additional information on the Board of Directors of Tata Steel and Committee members of all the Board committees of Tata
Steel are provided on the Tata Steel website: https://www.tatasteel.com/corporate/our-organisation/leadership/
10. Details of Review of NGRBCs by the Company:

Indicate whether the review was undertaken by Director/ Frequency (Annually/Half yearly/Quarterly/Any other
Subject for Review
Committee of the Board/Any other Committee - please specify)
Principle P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against the above The Senior Management of the Company regularly reviews On a continuous basis
policies follow-up action the performance of the Company against various policies.
The Company also shares the update of the key aspects of
such reviews to the Board and various Board Committees.
The Company is in compliance with the existing regulations as applicable, except to the extent of disclosures
Compliance with statutory
made by the Company in terms of Regulation 30 of the Securities and Exchange Board of India (Listing
requirements of relevance to
Obligations and Disclosure Requirements), Regulations, 2015, as amended and a Statutory Compliance
the principles, and rectification
Certificate on applicable laws is provided by the Chief Executive Officer & Managing Director/Chief Financial
of any non-compliances
Officer/Company Secretary and Chief Legal Officer (Corporate & Compliance) to the Board of Directors.
11. Has the entity carried out independent assessment/evaluation of the working of its policies by an external
agency? (Yes/No). If yes, provide name of the agency.
Yes, Tata Steel undergoes the Tata Business Excellence Model (TBEM) Assessment. The TBEM framework has been adapted
from the Malcolm Baldrige National Quality Award Model of the USA. Trained external assessors evaluate and score all key
policies and their execution. For the assessment for 2021, conducted in 2022, Tata Steel received the coveted JRDQV Award
and was recognised as the Benchmark Leader.
The ResponsibleSteel™ standard is the first international standard for responsible processing and production of steel. Tata
Steel is a founding member of ResponsibleSteel™ and has received ResponsibleSteelTM Certification for its Jamshedpur,
Kalinganagar and Meramandali sites. ResponsibleSteelTM is the pioneering global multi-stakeholder standard and
certification initiative in the steel industry. It collaborates with steel producers, consumers, and intermediaries to foster a
sustainable steel industry. The ResponsibleSteel™ certification process involves an independent external assessor’s detailed
review of key policies and their working for the sites.

Statutory Reports
Tata Steel also undertakes periodic external assessments of its Risk Maturity, which are conducted by independent third-
party assessors. Tata Steel has consistently obtained high scores in such assessments.
Tata Steel also underwent the Data and Analytics Target Operating Model (DATOM) assessment in 2022, wherein external
assessors assessed its data and analytics maturity regarding how the Company’s data is governed, managed, and used for
generating insights. The DATOM assessment also assessed the relevant policies and procedures of the Company. The Company
got a score of 3.8/5, which placed Tata Steel in the “Synergised” band, as a Tata Group benchmark on Data Maturity.
Tata Steel also obtained certification under various national and international standards, including ISO 14001:2015, ISO
45001:2018/OHSAS 18001, etc. These certifications also include assessment of the policies of the Company by independent
external assessors. Section B of this report includes a summary of certifications received by Tata Steel.
12. If answer to question (1) above is “No” i.e., not all Principles are covered by a policy, reasons to be stated:
Not Applicable
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements
with key processes and decisions. The information sought is categorised as “Essential” and “Leadership”. While the essential
indicators are expected to be disclosed by every entity that is mandated to file this report, the leadership indicators may be
voluntarily disclosed by entities which aspire to progress to a higher level in their quest to be socially, environmentally, and
ethically responsible.
Principle 1: Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical,
Transparent and Accountable.
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the principles during the financial year:
% of persons
Total number
in respective
of training and
Segment Topic/principles covered under the training and its impact category covered
awareness
by awareness
programmes held
programme
Board of On going- Multiple Orientation and awareness sessions for the Company’s directors are regularly 100
Directors trainings throughout organised. These sessions cover Safety, Health, Environment, Strategy, Industry
the year trends, Ethics & Governance, and Legal & regulatory matters. These matters are
also regularly discussed and deliberated upon in Board meetings, Board’s Audit
Committee meetings, and other Board committees.
Details of orientation given to the new and existing Independent Directors are
available at:
https://www.tatasteel.com/media/12333/familiarization-programme-for-
independent-directors-for-website.pdf
Key Managerial On going- Multiple Regular awareness programmes are held for Tata Steel’s KMPs, covering Ethics, 100
Personnel trainings throughout Governance, Code of Conduct, and Policy Making. Tata Steel’s KMPs are also present
(KMPs) the year at key national and international forums, where they engage with their global
counterparts and provide thought leadership in multiple areas.
Employees and On going- Multiple Tata Steel conducts multiple remote and classroom sessions throughout the year on 100
Workers trainings throughout key topics such as Safety, the Tata Code of Conduct, Anti-bribery and Anti-Corruption
the year policies, Conflict of Interest, Prevention of Sexual Harassment policies, etc., for employees
and workers across managerial and non-managerial levels. These training sessions are
mandatory for all employees.
In addition, employees and workers are provided need-based training as per their
job requirements, covering Safety, Agile Ways of Working, Cybersecurity, Quality
Management, Data Analytics, Sustainability, etc. Tata Steel is also focused on skill
upgradation training and uses an online portal to assign individual e-learning modules
regularly to employees to facilitate skill upgradation. The approach is to provide a range
of technical and managerial courses with a strong focus on capability development in
all functional areas across the levels.
There is also a dedicated leadership development team which organises signature
leadership programmes for senior management on the subjects of Sustainability, Product
Innovation, Culture, Agile Behaviour, Strategy and Organisation Development, etc.

The Tata Code of Conduct (TCoC) has been the guiding light since 1998. FY2023-24 marked 25 years of signing the TCoC.
Various awareness and training initiatives took place to mark the milestone, including an interaction of the Chief Ethics
Counsellor (CEC) with the CEO & MD, Tata Steel, about the TCoC journey and alignment with the five core values of Tata Steel.
2. Details of fines/penalties/punishment/award/compounding fees/settlement amount paid in proceedings (by

the entity or by directors/KMPs) with regulators/law enforcement agencies/judicial institutions, in the financial
year, in the following format.
[Note: The entity shall make disclosures on the basis of materiality as specified in Regulation 30 of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 and as disclosed on the entity’s website]:
Monetary
Has an
NGRBC Regulatory/enforcement
Amount (in J) Brief of Case appeal been
Principle agencies/judicial institutions
preferred?
Penalty/Fine Principle 6 Uttar Pradesh State 6,75,000/- UPPCB imposed Environmental Damage Compensation No
Pollution Control Board (without (EDC) on Tata Steel Limited for being non-compliant
(UPPCB) prejudice) with provisions of The Water (Prevention and Control of
Pollution) Act, 1974.
Penalty/Fine Principle 1 Office of the 31,863/- Imposition of penalty on Tata Steel Limited for irregular No
Superintendent, Central availing of transitional central tax credit (H3,18,634/-) on
Goods & Service Taxes and implementation of GST.
Central Excise, Guwahati, Tata Steel Limited has paid back the excess credit of
Assam H3,18,634/- to the relevant tax authority along with
requisite interest thereon.
Settlement NA
Compounding Principle 1 Registrar of Companies, 60,41,600/- In April 2023, NINL voluntarily filed 22 compounding NA
Fee Cuttack applications before the Registrar of Companies, Cuttack
(‘RoC’) under Section 441 of the Companies Act, 2013,
for compounding the defaults made by NINL under
the provisions of the Companies Act, 2013, prior to
NINL becoming a subsidiary of the Company. Of the 22
applications filed, 19 applications were adjudicated by the
RoC vide Order dated September 26, 2023. The remaining
3 applications were compounded by the Regional Director,
Eastern Region, Ministry of Corporate Affairs, vide Orders
dated April 12, 2024.
Non-Monetary
Imprisonment NA
Punishment NA
3. Of the instances disclosed in Question 2 above, details of the Appeal/Revision preferred in cases where monetary
or non-monetary action has been appealed.
Case Details Name of the regulatory/enforcement agencies/judicial institutions
NA NA
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
provide a web-link to the policy.
Yes, Tata Steel has an Anti-Bribery and Anti-Corruption (ABAC) Policy, which all Tata Steel Group Companies have adopted.
In some cases, depending on local laws and regulations, Tata Steel’s overseas subsidiaries may modify the ABAC Policy to
align with local requirements.
The ABAC Policy aims to ensure that all Tata Steel Group Companies, in any part of the world, conduct their operations and
business activities in accordance with applicable laws and with the highest ethical standards and ensure the prevention and
detection of fraud, bribery, and corruption. Tata Steel’s ABAC Policy applies to all individuals working at all levels and grades,
including Directors, Senior Executives, Senior Managers, Officers, Employees, Consultants, Contractors, Trainees, Interns,

Statutory Reports
Seconded Staff, Casual Workers and Agency Staff, Agents, Business Partners, Service Providers, Professional Associates, and
other relevant persons, third parties or companies associated with Tata Steel, including those acting on behalf of Tata Steel.
The Company also communicates, creates awareness, and disseminates the ABAC Codes to all its employees, vendors, and
supply chain partners through e-modules. Furthermore, from time to time, Tata Steel designates an employee of sufficient
seniority, competence, and independence as the Compliance Officer/Chief Ethics Counsellor to ensure compliance with
the provisions of this ABAC Policy.
The weblink of the policy is as follows: https://www.tatasteel.com/media/11802/1-abac-policy_final.pdf
5. Number of Directors/KMPs/Employees/Workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery/corruption:
FY2023-24 FY2022-23
Directors Nil Nil
KMPs Nil Nil
Employees Nil Nil
Workers Nil Nil
6. Details of complaints with regard to conflict of interest:

FY2023-24 FY2022-23
Number Remarks Number Remarks
Number of complaints received in relation to issues of Nil Nil
Conflict of Interest of the Directors
Number of complaints received in relation to issues of Nil Nil
Conflict of Interest of the KMPs
7. Provide details of any corrective action taken or underway on issues related to fines/penalties/action taken by
regulators/law enforcement agencies/judicial institutions, on cases of corruption and conflicts of interest.
Not Applicable.
8. Number of days of accounts payables [(Accounts payable *365)/Cost of goods/services procured] in the following
format:
Tata Steel Standalone Tata Steel Consolidated
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Number of days of accounts payables 76 76 69 68
Note 1: Number of days of accounts payable is as disclosed in Note 40 of the Audited Standalone Financial Statements for the year ended March 31, 2024 as
reported in the Company’s Integrated Report for FY2023-24.
Note 2: Reasonable Assurance has been undertaken by Price Waterhouse & Co Chartered Accountants LLP, on the indicators in the table above for Standalone
figures for FY2023-24.

9. Open-ness of business: Provide details of concentration of purchases and sales with trading houses, dealers, and
related parties along-with loans and advances & investments, with related parties, in the following format:
Parameter Metrics
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Concentration a. Purchases from trading house as % of total purchases 0 0 0 0
of Purchases b. Number of trading houses where purchases are made from 0 0 0 0
c. Purchases from top 10 trading houses as % of total purchases from 0 0 0 0
trading houses
Concentration a. Sales to dealers/distributors as % of total sales 44% 44% 27% 26%
of Sales b. Number of dealers/distributors to whom sales are made 1,176 1,175 1,315 1,303
c. Sales to top 10 dealers/distributors as % of total sales to dealers/ 25% 26% 23% 23%
distributors
Share of RPTs a. Purchases (Purchases with related parties/Total Purchases) 40% 40% 3% 3%
in b. Sales (Sales to related parties/Total Sales) 12% 11% 4% 3%
c. Loans & advances (Loans & advances given to related parties/Total loans 62% 80% 8% 2%
& advances)
d. Investments (Investments in related parties/Total Investments made) 96% 90% 57% 44%
Note 1: Trading house has been defined as a business that specialises in facilitating transactions between a home country and foreign countries, but does not
include related parties. There are no purchases from Trading houses in FY2023-24.
Note 2: For “Sales to dealers/distributors as % of total sales”, “total sales” has been taken as “Sale of Product” as disclosed in Note 24 of Audited Standalone
Financial Statements for the year ended March 31, 2024. There are only two distribution channels - Direct sales and Sales to distributors and for this indicator,
sales to distributor has been considered as “Sales to dealers/distributors”.
Note 3: For “Sales (Sales to related parties/Total Sales)”, Revenue from operations has been considered as disclosed in Note 24 of Audited Standalone Financial
Statements for the year ended March 31, 2024.
Note 4: For loans and advances and Investments, closing balances disclosed in the Audited Standalone Financial statements for the year ended March 31, 2024
have been considered.
Leadership Indicators
1. Awareness programmes conducted for value chain partners on any of the principles during the financial year:
Tata Steel takes several initiatives to create awareness amongst its value chain partners on key issues related to the 9
Principles of the National Guidelines for Responsible Business Conduct. Most of the awareness programmes conducted
for value chain partners can be broadly classified into three segments, i.e., Safety, Ethics and Business Responsibility:
a. Safety: Tata Steel’s goal is to achieve ‘Zero Harm’ and to become an industry leader in Safety and Health performance.
The Company has taken several measures in this direction:
» Enunciated safety policies that provide clear direction.
» Created a sound safety governance structure.
» Established robust management and reporting systems.
» Created training and communication mechanisms.
» Defined performance measures and indicators to track its Safety and Health performance.
These measures extend to employees, workers, and all value chain partners who enter the Company’s sites. All
individuals, including contract employees working with vendor partners, need to undergo compulsory safety training
to enter Tata Steel’s plants. This ensures a shared understanding of safety risks and principles between all personnel
present on the site.
Ethics: Tata Steel’s vendor partners frequently undergo awareness sessions on the Company’s Anti-Bribery and
b.
Anti-Corruption Policy, the Tata Code of Conduct, and the Prevention of Sexual Harassment Policy. Key topics covered
under these awareness sessions include Governance, Ethics, Health and Safety, Labour Practices, and Human Rights.

Statutory Reports
Supply Chain Responsibility: All Tata Steel’s supplier partners in India are signatory to Tata Steel Business Associate
c.
Code of Conduct (TSBACoC ) which outlines the ESG standards required for conducting business with Tata Steel,
covering essential areas such as regulatory compliance, bribery and corruption, health and safety, human rights,
environmental protection, asset protection, third-party representation, violation reporting, and conflict of interest.
Tata Steel has launched its RSCP Programme across multiple geographies. The programme covers issues related to
ethical behaviour, human rights, health & safety, and environmental sustainability, amongst others. For all key entities
of the Tata Steel Group, 100% of suppliers are made aware of Tata Steel’s RSCP through various training programmes.
The critical suppliers defined using ResponsibleSteelTM guidelines are evaluated by a third-party according to the
minimum expectations of the policy and categorised from ‘Basic’ to ‘Leading’ based on their performance. During
FY2023-24, the Company assessed 216 critical suppliers in India. It conducts trainings and webinars to educate all
critical suppliers on the four principles of RSCP. The gaps/opportunities for improvement are identified through the
third-party assessments. Through the Vendor Capability Advancement Programme (VCAP), Tata Steel collaborates
with the suppliers to take up improvement projects to enhance their productivity, safety standards, delivery efficiency,
product quality, and sustainability performance by sharing best practices and enabling cross learning.
2. Does the entity have processes in place to avoid/manage conflict of interests involving members of the Board?
(Yes/No) If yes, provide details of the same.
Yes, Tata Steel has the Tata Code of Conduct for all members of Tata Steel’s Board, which requires all Directors of the
Company to always act in the interest of the Company and ensure that any other business or personal association which
they may have does not involve any conflict of interest with the operations of the Company. In case of any actual or potential
conflicts of interest, the concerned Director is required to immediately report such conflicts and seek approvals as required
by the applicable law and under Company’s policies.
The Company receives an annual declaration from its Board of Directors and all employees confirming adherence to the
Code of Conduct, which includes the provisions on dealing with conflict of interest.
Principle 2: Businesses should provide goods and services in a manner that is sustainable and safe.
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social impacts of product and processes to total R&D and capex investments made by the
entity, respectively.
FY2023-24 FY2022-23 Details of improvements in environmental and social impacts
R&D 1
100% 100% The cost includes overall expenditure including the expenditure made on
(₹953 crore) (H859 crore) environmental and sustainibility related projects like low-carbon transition,
reducing dependence on freshwater consumption, maximising value from
waste, energy efficiency, establishing circular economy and developing
techno-economic solutions to use low grade raw materials.
Capex2 18% 23% Includes investments in CO2 and other air emission (SOx, NOx and dust)
reduction, water conservation and effluent treatment, solid waste utilisation,
improvement of safety and employee welfare initiatives.
1
100% of Tata Steel’s R&D spent is aligned with one or more of the 9 Principles of the National Guideline for Responsible Business Conduct
2
ue to a Y-o-Y increase in the Company’s overall capex, the percentage has reduced. However, total investment in technologies to improve environmental and
D
social impact is approximately the same in both years. Expenditure and total capital expenditure based on Tata Steel’s consolidated financials are reported in
the Company’s Integrated Report for FY2023-24.
Tata Steel’s Research & Development initiatives combine top-class innovation with cutting-edge technology to deliver
solutions in a constantly changing world. Tata Steel also works very closely with its customers to ensure they get all the
support they need to design new products and applications.

Tata Steel has a 600 personnel strong R&D team across India, the United Kingdom, and the Netherlands. The Company’s
key R&D centres are located both within its sites and in select academic institutes and are listed below:
i. The R&D centre in Jamshedpur (India) focuses on process and product research, emphasising the specific needs of
Tata Steel’s Indian operations.
ii. The Centre for Innovation in Mobility at the Indian Institute of Technology, Madras focuses on developing application
technologies for current and future mobility industries such as Automotive, Railways and Hyperloop.
iii. The Centre for Innovation in Mining and Mineral Beneficiation at the Indian Institute of Technology (Indian School of
Mines), Dhanbad, will develop technological solutions in natural and urban mining and beneficiation for value from
low-grade and difficult ores, with a focus on circularity and resource efficiency.
iv. The Tata Steel Advanced Materials Research Centre, in partnership with Indian Institute of Technology, Madras and
the Centre for Nano and Soft Matter Sciences, Bangalore works closely with the academia, other research centres
and incubated start-ups to identify early-stage ideas and nurture those to develop breakthrough technologies and
products with potential commercialisation through technology entrepreneurship.
v. The Innovation Centre in IJmuiden (the Netherlands) focuses on process, product, and application research for the
automotive and packaging sectors for Tata Steel’s European business.
vi. Tata Steel Technology Centre, Swansea University, and Tata Steel Technology Centre, Warwick University, work to
innovate, develop, and support the implementation of advanced metallurgical solutions for its chosen markets. Tata
Steel also provides process research and support to ironmaking, steelmaking, and casting and takes a leading role in
decarbonising the UK’s steelmaking processes.
vii. The Tata Steel Imperial Centre for Innovation for collaborative research in Sustainable Design and Manufacturing with
Imperial College London, UK was established.
viii. The Centre for Innovation in Advanced Materials has been established at The Henry Royce Institute, UK.
The Company has leveraged digital tools and technologies in the areas of energy management, supply chain management,
environment management, employee health and safety, and customer engagement, etc. In the process, Tata Steel has built
strong in-house artificial intelligence and machine learning capabilities, leveraging mathematical modelling to drive YETQP
(Yield, Energy, Throughput, Quality, and Productivity) gains across the value chain. Some of the key digital initiatives and
technologies adopted by the Company are digital solutions for energy management, digital supply chain management,
far-site remote operation centres, and physically delinking workplace and work.
Tata Steel has been recognised as the Fourth Industrial Revolution (4IR) Global Lighthouse by the World Economic Forum
(WEF) for three steel manufacturing sites – Kalinganagar and Jamshedpur in India and IJmuiden in the Netherlands. The
recognition is given to manufacturing sites that are worldwide beacons for achieving efficiency and driving value through
digital transformation. Over 75% of Tata Steel’s entire steel production is through WEF-recognised Global Lighthouse sites,
one of the highest in the world.
2 a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
Yes, Tata Steel has a Responsible Supply Chain Policy (RSCP) for its key operations, which applies to all supply chain partners.
All our supplier partners are also signatory to the Tata Steel Business Associate Code of Conduct.
The Responsible Supply Chain policy encourages our suppliers to share Tata Steel’s commitment on embedding sustainable
and focusses on the following four principles:
Health and safety: Tata Steel expects its suppliers to adopt management practices in health and safety that provide
i.
a high level of safeguard for their workers.
ii. air business practices: The business associate code of conduct outlines the ethical standards and fair business
F
practices by which Tata Steel conducts its business, and the Company expects its suppliers to adopt similar principles.
Environmental protection: Tata Steel expects suppliers to maintain effective policies, processes, and procedures
iii.
to manage their environmental impact.

Statutory Reports
Human rights: Tata Steel expects suppliers to develop and implement policies and procedures to promote and
iv.
protect human rights in their business and across their value chain.
All our key suppliers are assessed at a pre-defined frequency on the RSCP principles, and our supplier are classified
into 5 maturity bands ranging from Basic to Improving , Established, Mature and Leading. The gaps and opportunities
identified for improvement during the RSCP assessment is shared with our supplier partners which enables them to take
up collaborative projects and share best practices to bridge the same. As a next step, a 4-step sustainable procurement
framework has also been developed in the direction of integrating sustainability in the buying decisions and will be piloted
in some key buys in FY’25. The 4 steps are:
a) lanning/product selection - ESG risks within our supply chain are identified and a comprehensive understanding
P
is developed on the sustainable products and suppliers (suppliers with ResponsibleSteel or equivalent certifications)
in the market.
b) endor selection - During the vendor selection phase, only those vendors who have successfully qualified our
V
assessment process will be considered for future business.
c) valuation and contract issuance - The sustainability performance of our suppliers will be assessed and incentives
E
will be provided to those who demonstrate superior performance.
d) ontract Management - Sustainability requirements will be integrated into the contract documents and mechanisms
C
established for performance monitoring
As a member of ResponsibleSteelTM, Tata Steel also promotes and recognises other relevant programmes, such as the
Responsible Minerals Initiative, amongst its suppliers. Since 2019, Tata Steel Nederland has also been a member of the
Metal Covenant, an initiative of the Social and Economic Council, where the government, unions, non-governmental
organisations, and companies collaborate on the implementation of the OECD guidelines for Responsible Business Conduct
and work on improving conditions in the metals value chain.
In the UK, in FY2023-24, Tata Steel had a procurement spent of ~£1.2 billion with approximately 2,500 ‘active’ vendors of
which 625 vendors, had been qualified or re-qualified through SAP Ariba which includes alignment with the Company’s
Responsible Supply Chain Policy. 100% of Tata Steel UK vendors are made aware of the policy during their onboarding
process. The Company is currently in the process of developing Tata Steel UK Responsible Sourcing & Modern Slavery Policies.
b. If yes, what percentage of inputs were sourced sustainably?

All suppliers of Tata Steel must declare their commitments to Tata Steel’s sustainability expectations during registration.100%
of Tata Steel’s inputs in India are sourced from suppliers who commit to its guiding principles by providing declarations
during the vendor onboarding /registration phase.
In the UK, 94% of the suppliers have committed to Tata Steel’s RSCP. In the Netherlands, 48% of Tata Steel’s inputs are
sourced through suppliers who commit to the guiding principles or equivalent.
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end
of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
Steel has a very long useful life (typically 25 to 30 years) due to its durability before it needs to be scrapped and recycled.
Steel is ideally suited to a circular economy: it is durable and flexible with a long lifespan, provides many opportunities for
its reuse and product life extension, is easily recovered and recycled after scrapping due to its magnetic properties, and
can produce new steel using well-proven low-carbon technology. Steel is the only genuinely cradle-to-cradle recycled
material, and end-of-life steel, or scrap steel, is not considered a waste product by the steel industry. Instead, it is regarded
as an input for steelmaking by remelting and is a globally traded commodity.
Tata Steel is committed to circularity and looks to maximise the use of steel scrap in its operations. Accordingly, Tata Steel
reuses scrap generated during the production process as well as procures external scrap. In FY2023-24, Tata Steel recycled
around 4.3 million tonnes of scrap (~1.8 million tonnes internal scrap and ~2.5 million tonnes external scrap).

Tata Steel also has implemented systems to recycle plastic waste (including packaging), e-waste, and hazardous waste
safely. For the disposal of such waste, the Company contracts with authorised recyclers and files returns with the appropriate
statutory bodies. Tata Steel has optimised its processes to the point where over 98% of the waste produced across all
geographies is either recycled and reused in its operations or sold as co-products to other industries, with the largest
customer being the cement industry. The cement industry uses steel slags as a replacement for clinker, decreasing the
emission intensity of cement production. Tata Steel has achieved 100% solid waste utilisation at Jamshedpur, Kalinganagar,
Meramandali, and Gamharia.
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes/No). If yes, whether
the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution
Control Boards? If not, provide steps taken to address the same.
Yes. In India, different types of wastes are being managed as per the rules notified by Ministry of Environment, Forest and
Climate Change (MoEF&CC), Government of India.
Tata Steel Limited obtained the Plastic Waste EPR Registration Certificate under the ‘Brand Owner’ and ‘Importer’ categories
as per the Plastic Waste Management Rules, 2016; Battery Waste EPR Registration Certificate under the ‘Producer’ category
for Jamshedpur location as per the Battery Waste Management Rules, 2022, and Hazardous Waste Authorisation for various
sites as per the Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016.
Tata Steel UK has a formal legal Extended Producer Responsibility obligation under the Producer Responsibility Obligations
Regulations in the United Kingdom with respect to its packaging grades of steel. This accounts for around 13% of Tata
Steel UK’s turnover. The regulations stipulate minimum end-of-life recycling rates to be achieved through direct action
and activities in its value chain. Tata Steel is in compliance with the regulations.
1. Has the entity conducted Life Cycle Perspective/Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format.
Yes, Tata Steel conducts LCA for most of its products manufactured across various facilities, allowing it to demonstrate
that improvements in material utilisation and right-first-time manufacturing can reduce emissions during the production
phase. The Company also plans to collaborate with its customers to conduct a cradle-to-grave LCA study to comprehend
the impact of its products.
Tata Steel UK is widely recognised for its expertise in LCA. By taking a supply chain perspective, the Company demonstrates
how improvements in material utilisation and right-first-time manufacturing can reduce emissions during the production
phase. Its LCA models allow it to consider the complete value chain, for instance the impact of the carbon intensity of
regional grid electricity (gCO2/kWh) on the carbon footprint of a vehicle or building. To extend its capability in this area, Tata
Steel UK developed the PACI (Product Assessment Carbon Indicator) tool. This streamlines the process of undertaking life
cycle studies of products and enables an understanding of greenhouse gas (GHG) emission hotspots and trade-offs in the
steel product value chain, which can be used to inform new product developments and optimise existing manufacturing
routes. PACI has been used to support collaborative projects with customers and to support sharing and learning about
opportunities for emissions reduction over the product’s life cycle from manufacture through to use and finally end-of-life:
for example, working with an automotive OEM to examine all aspects of materials selection, including material type, steel
grade, gauge, and aspects of formability and part design. Another example has been the use of the tool in understanding
the trade-off between benefits in use from improving motor efficiency versus embodied GHG emissions associated with
different grades of electrical steels. The tool was recognised by World Steel Association in 2023, winning a Steelie award
for Excellence in Life Cycle Assessment.

Statutory Reports
A summary of key products for which Tata Steel conducts LCA, across various geographies, is provided below:
% of total Boundary for which the
Whether conducted by
NIC Name of product/ Turnover turnover (of life cycle perspective/ Results communicated in
Entity independent external
Code service (J Cr) the respective assessment was public domain
agency
entity) conducted
Yes (Partially)
https://environdec.com/
library/epd6474
Verified by Third GreenPro certification by
Party party (EPD CII has been achieved for
Hot Rolled & Cold International AB automotive grades of HR
24105 Rolled Steel (HR and 49% approved) and and CR:
CR) Certified by CII https://ciigreenpro.com/
(Confederation of ecolabelled-products/
Indian Industries) details/automotive-steel/
tata-steel-limited-_-
Tata Steel automotive-and-special-
1,40,987 Cradle-to-gate
Limited products/hr/MzEyMzQ%3D
Galvanized, Rebar Verified by Third Party Yes (Partially)
24109 Steel & Pravesh 17% (EPD International AB https://environdec.com/
Doors approved) (Partially) library/epd6474
Verified by Third Party Yes
Steel Structural
24311 2% (EPD International AB https://www.environdec.
hollow section
approved) com/library/epd5020
24108 Steel wires 3% No No
Certified by CII
24311 Tata Ezyfit 0% (Confederation of No
Indian Industries)
24109 Metallic Coated 16% No
24106 Tube 13% Yes
24109 Packaging Steel 13% No
24109 Organic Coated 13% Yes, verified by third Yes
TSUK 28,120 Cradle-to-gate
24105 Hot Rolled Dry 12% party No
24105 Cold Rolled 11% No
24109 Building Products 7% Yes
24105 Hot Rolled Pickled 5% No
Hot and Direct Rolled
24105 23% No
Steel Coil
Pickled Hot and Direct
24105 17% No
Rolled Steel Coil Cradle to Gate
Cold Rolled and
24105 7% No
annealed Steel Coil
24109 Galvanized Steel Coil 32% No
EN15804 modules A, Yes, verified by third Yes EPD downloads |
TSN 54,818
24106 Steel Tube 4% C & D – Cradle to gate, party Tata Steel in Europe
end of life and recycling (tatasteeleurope.com)
Yes EPD downloads |
Organic Coated Steel Tata Steel in Europe
EN15804 modules A,
and Steel building (tatasteeleurope.com ISO
24109 17% C & D - Cradle to gate,
products (cladding 9001, 14001, MRPI, EPAQ
end of life and recycling
and decking) & CE-marking, EN 1090-1,
EPD (sabprofiel.com))
Yes, verified third party
Thailand Greenhouse
Gas Management
Organization
https://thaicarbonlabel.
TSTH 24109 Rebar 5,829 32% Cradle-to-gate (governmental
tgo.or.th/
organization under
the Ministry of
Natural Resources and
Environment, Thailand)

2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of
your products/services, as identified in the Life Cycle Perspective/Assessments (LCA) or through any other means,
briefly describe the same along-with action taken to mitigate the same.
As identified in the Life Cycle Assessments (LCA), no significant social or environmental concerns and risks arise from
the disposal of the Company’s products and services. However, steel production is an energy-intensive process with a
substantial emission footprint. These anthropogenic CO2 emissions are a critical source of global warming.
Therefore, Tata Steel feels a strong sense of responsibility and has committed to being Net Zero across all operations by 2045.
Tata Steel has also published a Climate Change Report aligned with the recommendations of the Taskforce on Climate-Related
Financial Disclosures, with detailed disclosures on its Climate Action Strategy, Governance, Risk Management, and Metrics
and Targets for the Tata Steel Group. For further details refer to the Climate Change Report, which is part of Tata Steel’s Integrated
Report for FY2023-24.
3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing
industry) or providing services (for service industry).
Recycled or re-used input material
Indicate input material to total material
FY2023-24 FY2022-23
Process solid waste like slag, scrap etc. 11.3 10.3
Note: Includes waste generated from process and reutilised in the process and excludes waste/by-product sold to third parties.
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled,
and safely disposed as per the following format.
FY2023-24 FY2022-23
In metric tonnes
Reused Recycled Safely disposed Reused Recycled Safely disposed
Plastics (incl. packaging)
E-waste
NA NA
Hazardous waste
Other waste
The Company does not have any specific product to reclaim at the end of life.
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.
Tata Steel is a producer of steel, and steel scrap is not considered waste but is used as input for further steelmaking and is a
globally traded commodity. Accordingly, this question is not applicable to Tata Steel’s product. Similarly, use of packaging
in the sale of steel is insignificant.
Principle 3: Businesses should respect and promote the well-being of all employees, including those in their
value chains.
1.a. Details of measures for the well-being of employees:
% of employees covered by
Health Insurance1,2 Accident Insurance Maternity Benefits Paternity Benefits Day Care Facilities3
Category
Total (A) Number Number Number Number Number
% (B/A) % (C/A) % (D/A) % (E/A) % (F/A)
(B) (C) (D) (E) (F)
Permanent Employees
Male 68,252 68,252 100 68,252 100 Not Applicable 64,027 94 65,341 96
Female 6,366 6,366 100 6,366 100 6,366 100 Not Applicable 6,049 95
Others4 87 87 100 87 100 87 100 87 100 87 100
Total 74,705 74,705 100 74,705 100 6,453 100 64,114 94 71,477 96
Other Than Permanent
Employees
Others - - - - - -
Total 3,347 3,347 100 3,347 100 1,052 100 2,260 98 3,096 93

Statutory Reports
b. Details of measures for the wellbeing of workers:

% of workers covered by
Health Insurance1,2 Accident Insurance Maternity Benefits Paternity Benefits Day Care Facilities3
Category
Total (A) Number Number Number Number Number
% (B/A) % (C/A) % (D/A) % (E/A) % (F/A)
(B) (C) (D) (E) (F)
Permanent Workers
Others4 87 87 100 87 100 87 100 87 100 87 100
Total 47,164 47,164 100 47,164 100 3,294 100 40,994 93 45,423 96
Other Than Permanent
Workers
Male 1,36,287 1,36,287 100 1,36,287 100 Not Applicable 1,23,774 91
Female 7,390 7,390 100 7,390 100 7,390 100 5,418 73
Benefits available Not tracked
Others4 64 64 100 64 100 64 100
as applicable 100%
100% of all
Total 1,43,741 1,43,741 100 1,43,741 100 1,29,256 90
maternity cases
All contract employees in India, under Tata Steel Group, are covered under Employees’ State Insurance Corporation benefits and in case of any eventuality or
death, financial aid to the family is extended under the Tata Steel Suraksha Scheme.
Tata Steel employees at Jamshedpur and mining locations are covered under the Company’s medical hospital for free medical treatment for self and dependents.
1
For Tata Steel’s European subsidiaries, Health Insurance and/or medical benefits are either provided by the government (e.g., the National Health Services in UK)
2
or are compulsory. Accordingly, all employees are considered to be covered. Under Thailand labour law, health insurance, accident insurance, maternity benefits,
paternity benefits and day care facilities are covered under social security schemes for other than permanent workers.
3
For Tata Steel’s European subsidiaries, day care facilities are typically provided by the national governments or part of the national school system. Employers
are not directly involved, but 100% employees have access to such benefits.
4
Others includes transgender personnel in case of permanent employees and workers. Other than permanent workers include transgender workers as well as
overseas personnel where gender bifurcation is not available.
Across Jamshedpur, Kalinganagar, and mining locations in India, the Industrial Hygiene assessment was completed in 14
departments, and the Ergonomic assessment was completed in 24 departments. Tata Steel also offers its employees various
in-house health and wellness programmes, counselling services, and health clinics to promote their overall physical and
mental well-being. The Company also organises regular health and wellness activities, including health fairs, wellness
workshops, and health camps, to encourage employees to adopt healthy habits and lifestyles.
As a significant step towards ensuring holistic well-being of the Company’s employees, a Chief Wellness Officer was
appointed to drive Occupational Health initiatives. In FY2023-24, the ‘Wellness for Life’ portal was launched. This initiative
includes the introduction of two apps, ‘Wellspring’ and ‘The Wellness Corner’, accessible through the portal. These apps
serve as a comprehensive platform for employees to assess, monitor, and improve their health.
Tata Steel has also partnered with an external agency to provide counselling services to employees and their families for
their mental well-being. Tata Steel employees in India are eligible for a periodic executive health check-up.
In the Netherlands, Tata Steel is implementing a health roadmap, with the vision: ‘We work in optimal conditions to be able
to live and work in a healthy and vital way’. This shared vision emphasises the importance of sustainable employability and
preventive sickness absence. Preventing exposure to hazardous substances and conditions is one of the top priorities for
the avoidance of occupational diseases. The chance that employees may experience extreme temperatures is inherent
in steelmaking. To remove the risk, the Company is working on an app that employees can use to manage their ‘heat
stress’. Further efforts include a campaign to draw employees’ attention to the importance of respiratory protection in
specific situations.
In the UK, Tata Steel is committed to promoting, protecting, and maintaining the mental health and well-being of all
employees through workplace practices by reducing the stigma around mental health and encouraging all employees
to take proactive steps for their own well-being. Tata Steel UK has deployed a mental health policy and created new
supporting resources and training for our Mental Health First Aiders (MHFA) who act as a point of contact for employees
experiencing emotional distress or suffering in silence with mental health problems, such as stress, anxiety or depression.

MHFAs are trained to listen and signpost someone to appropriate support. More than 500 people have been trained since
the programme – funded by the Wales Union Learning Fund projects – was first introduced five years ago, with coverage
across every UK site, function and works area.
c. Spending on measures towards well-being of employees and workers (including permanent and other than
permanent) in the following format
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Cost incurred on well-being measures as a % of total 0.12 0.11 0.20 0.17
revenue of the company
Note 1: For the purpose of calculating the spending on measures towards well being of employees and workers, the Company has considered the expense incurred
towards employees/workers Health Insurance, Life Insurance, Medical Expenses, Sports Activities, Safety excellence rewards and other relevant expenses, net of
any recoveries made from the employees/workers.
Note 2: Reasonable Assurance has been undertaken by Price Waterhouse & Co. Chartered Accountants LLP, on the indicators in the table above for Standalone
2. Details of retirement benefits, for Current and Previous Financial Year

All Tata Steel entities across all geographies provide retirement benefits to all its employees, which are aligned with
regulatory requirements and market practices in the respective geography. Key retirement benefits offered by Tata
Steel are:
FY2023-24 FY2022-23
No. Of No. Of
employees No. of workers employees No. of workers
Applicability covered as covered as a % Deducted and covered as covered as a % Deducted and
Benefits
(Country) a % of total of total workers deposited with a % of total of total workers deposited with
employees in in the relevant the authority employees in in the relevant the authority
the relevant geographies the relevant geographies
geographies geographies
Employee Provident 100 100 No 100 100 No
Fund Exempted PF Exempted PF
Gratuity 100 100 NA 100 100 NA
Employees’ State Covered Covered NA Covered Covered NA
Insurance (as per rules) (as per rules) (as per rules) (as per rules)
Post Retiral Medical 100% are 100% NA 100% are 100% NA
covered under Permanent covered under Permanent
India either hospitals Workers either hospitals Workers
or Co-shared or Co-shared
Mediclaim Mediclaim
Schemes Schemes
Others a) National Pension Scheme Under a) National Pension Scheme Under
is offered to officers Employee is offered to Officers Employee
b) Earned Leaves encashed Pension b) Earned Leaves encashed Pension
at retirement Scheme at retirement Scheme
Stichting Pensioenfonds The 100 100% NA 100 100% NA
Hoogovens Netherlands Permanent Permanent
Workers Workers
Tata Steel UK Defined United 100 100% NA 100 100% NA
Contribution scheme Kingdom Permanent Permanent
Workers Workers
Thailand Provident 100 100% NA 100 100% NA
Fund Permanent Permanent
Workers Workers
Thailand
Thailand Severance Pay 100 100% NA 100 100% NA
Permanent Permanent
Workers Workers

Statutory Reports
Tata Steel Limited also offers other voluntary and optional schemes, like the Tata Steel Superannuation Fund and the TISCO
Employee Pension Scheme, which can be opted for by permanent employees and permanent workers of Tata Steel in India.
To the extent employees decide not to participate in such schemes, they receive a cash payment of such amounts.
All employees in India are also allowed to retain company-provided accommodation, if applicable, for 1 month to 1 year
post separation, depending on the type of separation. This may be further extended on a case-by-case basis.
Tata Steel Nederland has the Wenckebach Fund, a social fund that provides assistance to former employees regarding costs
incurred as a result of serious illnesses or accidents (and circumstances resulting therefrom) and other special situations
where help is needed.
A brief description of all the schemes is provided below:
Employees’ Provident Fund: Defined contribution scheme with a lump sum payment at superannuation, applicable
i.
to companies in India.
ii. Gratuity: Defined benefit scheme with a lump sum payment at superannuation, applicable to companies in India.
Employees’ State Insurance Benefits: The Employees’ State Insurance Act is a social security legislation that provides
iii.
medical care and cash benefit in the contingencies of sickness, maternity, disablement, and death due to employment
injury to workers in India.
iv. TISCO Employee Pension Scheme: Defined contribution pension scheme for permanent workers of Tata Steel Limited.
v. Superannuation Fund: Defined contribution pension scheme for permanent employees (other than permanent
workers) of Tata Steel Limited in India.
National Pension Scheme: Defined contribution retirement savings scheme applicable to companies in India. The
vi.
scheme is voluntary.
vii. E
mployees’ Pension Scheme: Savings scheme that assures a pension to employees after retirement, wherein a
part of the employer’s contribution to the Employee Provident Fund is made towards the Employee Pension Scheme
(in India).
Stichting Pensioenfonds Hoogovens: Defined contribution pension fund, open to all employees of Tata Steel’s
viii.
subsidiary companies in the Netherlands.
Tata Steel UK Defined Contribution Scheme: Defined contribution pension fund, open to employees of Tata
ix.
Steel UK.
x. hailand Provident Fund: Defined contribution scheme with a lump sum payment at superannuation, applicable
T
to companies in Thailand.
xi. hailand Severance Pay: Defined benefit scheme with a lump sum payment at superannuation, applicable to
T
companies in Thailand.
3. Accessibility of workplaces
Are the premises/offices of the entity accessible to differently abled employees and workers, as per the
requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by
the entity in this regard.
Tata Steel has taken steps to comply with the Rights of Persons with Disability Act, 2016 (RPwD Act) across its sites and
locations in India and has put in accessibility measures in compliance and alignment with the accessibility mandate of the
RPwD Act.
Some key actions taken by Tata Steel are listed below:
i. As required under the RPwD Act 2016, all new building structures are in compliance with the accessibility requirement.
Tata Steel has also modified, and continues to modify, workstations and washrooms for existing infrastructure in
accordance with the regulations.
ii. Tata Steel also provides its differently abled employees with specialised laptops according to their type of disability
(Upper Limb, Lower Limb, Visual Disablement and Hearing Impairment) to its differently abled employees. Necessary
speech-to-text, text-to-speech and screen reading software and hardware aids are also provided to facilitate the use
of computers and IT systems. The workplace productivity software (O365) also comes with accessibility features.

iii. All new differently abled employees are initially provided with company accommodation at the time of onboarding.
As most of Tata Steel’s company accommodations are in close proximity of its offices, the commute for differently
abled employees becomes easier.
iv. All new differently abled employees are assigned buddies in their initial phase to help and support them with the
onboarding processes, relocation, and infrastructural familiarity.
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so,
provide a web-link to the policy.
Yes, Tata Steel has an equal opportunity policy for Persons with Disabilities. In addition, the Tata Code of Conduct
incorporates fundamental equal opportunity principles. Tata Steel’s equal opportunity policy is in accordance with the
provisions of the RPwD Act.
Tata Steel recognises the value of a diverse workforce. It is committed to providing equal opportunities in employment
and creating an inclusive workplace and work culture in which all employees are treated with respect and dignity. It
strives to ensure that the Company’s workforce is representative of all sections of society and proactively works towards
guaranteeing fair representation of differently abled within its workforce. Tata Steel is committed to eliminating all forms
of unlawful discrimination, bullying, and harassment of people with disabilities.
Tata Steel encourages candidates with different abilities to apply for suitable positions and its decisions on employment,
career progression, training or any other benefits are solely merit-based. Tata Steel’s policies include the following:
1. The manner of selecting persons with disabilities for various posts, post-recruitment and pre-promotion training,
preference in transfer and posting, special leave, preference in allotment of residential accommodation if any, and
other facilities.
2. Facilities and amenities to be provided to the persons with disabilities, to enable them to discharge their
duties effectively.
3. List of posts identified suitable for persons with disabilities in the establishment.
4. Provisions for assistive devices, barrier-free accessibility, and other provisions.
5. Appointment of a liaison officer to look after the recruitment of persons with disabilities and provisions of facilities
and amenities for such employees.
The weblink to Tata Steel’s Equal Opportunity & Anti-Discrimination Policy is available at:
https://www.tatasteel.com/corporate/our-organisation/policies/
5. Return to work and Retention rates of permanent employees and workers that took parental leave.
Permanent Employees Permanent Workers
Gender Return to work Retention Return to work Retention
rate (%) rate (%) rate (%) rate (%)
Male 99 100 99 100
Female 98 99 99 99
Total 99 100 99 100
Note: AEL, NINL, TSSSL, TSTSL, TSUK, and TSN do not record this information. Hence, not included in this KPI’s boundary.
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and
worker? If yes, give details of the mechanism in brief.
Yes/No (If yes then give details of mechanism)
Permanent Workers
Other than permanent workers Yes
Please refer to Section A, Sub-section VII, Question 25 of this report
Permanent Employees (Grievance Redressal Mechanisms for Employees and Workers)
Other than permanent employees

Statutory Reports
7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:
FY2023-24 FY2022-23
No. of Employees/ No. of Employees/
Total Employees/ Workers in Total Employees/ Workers in
Tata Steel entities in India Workers in respective Workers in respective
% %
respective category who are respective category who are
category part of association category part of association
or union or union
Total Permanent Employees 52,953 28,870 55 50,850 28,346 56
Male 48,990 26,761 55 47,507 26,567 56
Female 3,876 2,022 52 3,267 1,703 52
Others1 87 87 100 76 76 100
Total Permanent Workers 32,379 27,978 86 31,532 27,637 88
Male 30,077 25,884 86 29,602 25,858 87
Female 2,215 2,007 91 1,854 1,703 92
Others1 87 87 100 76 76 100
1
Others include transgender personnel.
FY2023-24 FY2022-23
No. of Employees/ No. of Employees/
Total Employees/ Workers in Total Employees/ Workers in
Tata Steel entities (India + Overseas) Workers in respective Workers in respective
% %
respective category who are respective category who are
category (A) part of association category part of association
or union or union
Total Permanent Employees 74,705 37,199 50 72,911 36,387 50
Total Permanent Workers 47,164 32,222 68 46,711 36,462 78
Note: It is not mandatory for employees in some of Tata Steel’s European subsidiaries to inform the Company regarding their union affiliation. Data captured
includes only those employees who pay their union dues via the Company but does not include employees (if any) who may be making direct payment to
the union.
A large proportion of Tata Steel’s workforce is part of Union which promotes a healthy work environment. In steel industry, unionisation is concentrated in the
workers category as managerial employees are not unionised. The proportion of unionised staff as a proportion of total permanent employees is 55% and as a
proportion of total permanent workers is 86% for Tata Steel and its Indian subsidiaries.
8. Details of training given to employees and workers

FY2023-24 FY2022-23
Category On health and On skill On health and On skill
Total Number Total Number
safety measures (%) upgradation (%) safety measures (%) upgradation (%)
Employees
Male 70,547 100 100 68,520 100 100
Female 7,418 100 100 5,849 100 100
Others 1
87 100 100 76 100 100
Total 78,052 100 100 74,445 100 100
Workers
Male 1,80,157 100 100 1,57,799 100 100
Female 10,597 100 100 9,346 100 100
Others1 151 100 100 192 100 100
Total 1,90,905 100 100 1,67,337 100 100
Others include transgender personnel as well as overseas personnel where gender classification is not available.
1

Tata Steel places great importance on the continuous development of human resources at all levels and takes responsibility
for all its employees’ professional development and career growth. Future skills and competencies aligned with the long-
term strategies of the organisation are given equal focus, along with the skills/competencies required at present.
Key focus areas of the organisation’s training interventions are:
» Core foundational knowledge includes safety, business ethics, Tata values, total quality management, and customer-
centricity.
» Functional/technical skills
» Business and Leadership skills
» Transformational skills like Digital technology, Sustainability and Agility.
Considering the varying needs of different sets of workforces, a multi-dimensional approach has been taken, manifested
through various frameworks and processes deployed in Tata Steel’s training and development ecosystem. Some key
processes for different categories of workforce are listed below:
i. New Recruits: Cadre-based programmes ranging from 3 months to 2 years.
Permanent employees (excluding Permanent Workers): 70:20:10 model activated through vehicles like - Functional
ii.
Competency Framework, Project/Role Marketplace (StepUP), Schools of Excellence and Company-initiated and self-
initiated programmes through renowned institutes.
Permanent Workers: Enterprise Capability Building System, Business Key Performance Indicator linked training
iii.
programmes — E4 Training Model-based Programmes and Request-Based Programmes.
Contract Workers: Training and assessment followed by certifications through structured programmes encompassing
iv.
critical inputs on Safety and Functional skills and Reskilling opportunities through multi-skilling programmes.
Tata Steel has also invested in e-learning modules that supplement the instructor-led training programmes. To capitalise
on technological advancements in augmented and virtual reality, Tata Steel is building training modules that use such
technologies to deliver enhanced experience and gamification for accelerated and measurable learning outcomes. Tata
Steel has also linked movement in positions and job codes to training. Mandatory training is assigned whenever a new
employee joins the Company or an existing employee transitions to a new role. Tata Steel Nederland conducts similar
training programmes.
The Tata Steel UK training spend was £1.2 million, endeavouring to maximise government funding schemes opportunities
to further support the development of its workforce and trainees. Tata Steel UK continues to invest in Apprentices, Higher
Apprentices and Degree Apprentices with 70 trainees completing their academic studies within this period.
9. Details of performance and career development reviews of employees and worker:

FY2023-24 FY2022-23
No. of No. of
Category employees/ employees/
Total Number (A) % (B/A) Total Number (C) % (D/C)
workers covered workers covered
(B) (D)
Permanent Employees
Male 68,252 57,476 84 67,066 58,333 87
Female 6,366 5,038 79 5,769 4,814 83
Others1 87 87 100 76 76 100
Total 2 74,705 68,803 92 72,911 63,223 87
Permanent Workers
Male 43,870 34,197 78 43,786 35,755 82
Female 3,207 2,340 73 2,849 2,010 71
Others1 87 87 100 76 76 100
Total 2 47,164 42,826 91 46,711 37,841 81
1
2
Total includes overseas employees and workers where gender classification is not available.

Statutory Reports
Career progression and career development policies are in place for most of the permanent employees and workers at
all locations. Specifically for workers, different policies are in place for various Tata Steel Group entities based on local
market practices. Performance and career development reviews assess the skill level of each worker, which is essential
in their career progression and development. Such reviews are at an individual level at some locations, and team-based
performance review mechanisms are in place at other locations (e.g., Incentive Bonus schemes, Team Performance Rewards,
Iron Ore Sufficiency Rewards, Coal Production Enhancement Rewards, etc.). The annual bonus scheme for Permanent
Workers depends on their performance across productivity, profitability, and safety parameters.
10. Health and safety management system:

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/
No). If yes, the coverage of such system?
Yes, Tata Steel has implemented an occupational health and safety management system. The system is based on
ISO 45001:2018 and is designed to ensure that the Company meets EHSMS (Environmental, Health, and Safety
Management System) related legal obligations and provides a safe and healthy working environment for its employees.
Safety and Health Management are integrated into the Company’s annual business planning process and cascaded
down from the Apex level to divisional and departmental levels to ensure employee health and safety and place
accountability and responsibility at all levels.
b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine
basis by the entity?
Tata Steel places the highest emphasis on employee health and safety. The Company has introduced a recalibrated
Risk Matrix to improve its hazard identification and risk assessment process. It has implemented an Environment,
Health and Safety (EHS) Risk Management framework to assess risks associated with all activities. The framework also
captures the top organisational risks related to EHS and outlines strategies to address them.
Tata Steel’s commitment to safety is demonstrated through its continuous efforts to strengthen its safety culture and
reduce risks through strategic interventions. The Company employs several proactive safety tools and measures to
ensure a safe working environment for its employees. These include:
1. Safety Visits and Line Walks, involving regular workplace inspections to identify potential unsafe acts and
conditions by all levels of Company employees.
2. Elimination of Commonly Accepted Unsafe Practices targets unsafe practices that are commonly accepted but
pose a risk to employees’ safety.
3. The Fatality Risk Control Programme is another proactive tool for identifying potential risks that could lead
to fatalities.
4. Job Cycle Checks is a tool for checking the compliance and adequacy of Standard Operating Procedures for a
particular job. It involves reviewing each stage of a job while getting performed at the workplace.
Digital interventions for safety:
i. Tata Steel’s Connected Workforce platform uses a plant-wide heat map that assigns a colour code to microzones
inside the works. By using electronic work permit data, training data, skill data, etc., coupled with near real-time
image analytics, the system delivers a continuous risk assessment of person, place, process, and asset.
ii. As part of its business responsibility of ensuring a safe work environment and improving safety and health at
workplace, far-site Integrated Remote Operation Centre (iRoC) has been established for Agglomerates (8 iSPOC
for Sinter Plant and Pellet Plant Operations), Raw Materials (14 iRMSC for Remote Supervision of 5 raw material
locations) operations, Coke Plant (the newly inaugurated iCPROC at Jamshedpur) and the Integrated Maintenance
Excellence Centre (iMEC) is TSL’s innovation hub, offering real-time, advanced maintenance advice to shop
floors to reduce the physical human footprint at the hazardous shop floor location and provide ergonomic and
comfortable environment to employees compared to near location control rooms. It has the added benefit of
reducing the carbon footprint of operators travelling to remote plant and raw material locations, making them
more sustainable.

iii. Tata Steel’s Safety Management System IT portal in India is being upgraded to EnsafeNxt with digital alerts linked
to a uniform review and escalation mechanism. This transition introduced a user-friendly interface and advanced
visualisation capabilities, ensuring end-users can retrieve data easily. The essence of this inventive step was to
enhance the system’s usability and facilitate proactive decision-making through visualisation graphs, thereby
strengthening the review system at all organisational levels for real-time insights and proactive risk mitigation.
c. Whether you have processes for workers to report the work-related hazards and to remove themselves from
such risks.
Yes, all employees can report incidents and near-misses through a bespoke IT platform to enable prompt reporting,
investigation, and learning. Tata Steel follows a reporting and investigation process to identify the root cause of
any incidents and to implement corrective and preventive measures to prevent recurrence of similar incidents. The
reporting and investigation process is aligned with the incident investigation procedures outlined in the Tata Steel
Incident Management System.
The ‘Speak Up’ helpline can be used by employees to raise their safety concerns anonymously.
In addition to these reporting mechanisms, Tata Steel also conducts regular safety audits, safety assessments, and
safety walk-downs to identify and address any safety risks in the workplace. These audits and assessments are
performed by internal safety auditors and external safety experts, and the findings are used to improve the safety
management system.
d. Do the employees/worker of the entity have access to non-occupational medical and healthcare services?
Yes. Tata Steel prioritises the health and well-being of its employees and workers. The Company provides access to
non-occupational medical and healthcare services, such as hospitals, dispensaries, and health insurance, at their
respective locations. At overseas locations our employees have access to national health services provided by
national governments.
11. Details of safety related incidents, in the following format:

Safety Incident/Number Category*
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Lost Time Injury Frequency Rate (LTIFR) Employees 0.49 0.58 0.69 0.87
(per one million-person hours worked) Workers 0.36 0.39 0.45 0.45
Total recordable work-related injuries Employees 208 211 382 383
Workers 437 474 672 638
No. of fatalities Employees 0 0 1 1
Workers 5 6 5 6
High consequence work-related injury or Employees 2 1 4 10
ill-health (excluding fatalities) Workers 9 7 14 9
Number of Permanent Disabilities Employees 1 1 1 1
Workers 0 0 0 0
* Employees include all personnel on rolls of the Company. Workers include third party contractors. This definition is applicable to this table only.
Note: Reasonable Assurance has been undertaken by Price Waterhouse & Co Chartered Accountants LLP, on number of Permanent Disabilities, Lost Time Injury
Frequency Rate (LTIFR) and No. of fatalities in the table above for Standalone figures for FY2023-24.
12. Describe the measures taken by the entity to ensure a safe and healthy work place.
Tata Steel is committed to zero harm. The Company’s safety culture is driven through six safety strategies that provide
clear direction and create a sound safety governance structure:
I) Build safety leadership capability at all levels

a. Implementation of Past Fatal and Red-Risk recommendations fosters cross-learning across the organisation,
including their horizontal deployment and sustenance.
b. Influence behaviour through reward & recognition and consequence management. Tata Steel’s Safety Reward
& Recognition Policy now includes non-officers and vendor partners.

Statutory Reports
c. Digital interventions for risk reduction across all locations of Tata Steel.
d. Felt Leadership 2.0 to develop the safety leadership competency of associated companies, union leadership,
and vendor partners.
II) Improve competency and capability for hazard identification and risk management.
a. The state-of-the-art Practical Safety Training Centre (PSTC) in Jamshedpur addresses risk perception. The Safety
Leadership Development Centres (SLDC) in Jamshedpur and IJmuiden are fully operational. These facilities are
now being extended to Kalinganagar and Meramandali.
b. To ensure organisation-wide awareness, all 86 safety standards have been converted to e-learning modules
assigned to all levels of the workforce through positional mapping.
c. 5S and Visual Workplace Management assessment and subsequent risk mitigation.
d. Revised life-saving rules for manufacturing units, construction sites, and mines were rolled out in FY2023-24 to
re-emphasise safety discipline in the workforce.
e. ‘Know your PPE’ and ‘Life Saving Rules’ campaigns were conducted in FY2023-24 for all Tata Steel Limited locations.
Focused safety campaigns on ‘Manual Tasks and Tools’ were organised at Kalinganagar and Meramandali, and
‘Working at Height’ at the Engineering & Projects division.
III) Ensure contractor safety risk management

a. Periodic assessment of high-risk job vendors on star rating assessment criteria under the Responsible Supply
Chain Policy (RSCP) framework.
b. Upgrading the skills of contract workmen and developing model Contactor Safety Management workplaces
across locations, including at Steel Processing Centres and business partners.
c. To strengthen oversight management of O&M (Operation and Maintenance) contracts, a guideline was
formulated, and quarterly audits of all 102 O&M vendors across locations of Tata Steel Limited were conducted.
d. Focused initiatives for upgrading skill-certified workmen and supervisors from Silver to Gold and Platinum at all
locations of Tata Steel Limited.
e. In IJmuiden, Tata Steel Nederland’s 50 most important subcontractors have united under the IJmond Safety
Platform (called VeiligheidsPlatform IJmond or VPIJ), a platform by and for the contractors to inform each other
about safety initiatives, lessons learned from accidents, etc.
IV) Eliminate safety incidents on road and rail

a. Technological interventions like Anti-Tilt Switches, Driver Fatigue Monitoring Systems (DFMS), Dala Raised
Interlock Systems, etc., are used across all dumpers, covering 100% of heavy vehicles plying inside the works
in India.
b. An integrated command centre is being developed to effectively control the fleet through live monitoring of
heavy vehicles plying inside and monitoring DFMS.
c. Competency development of heavy vehicle drivers through a simulator-based training facility across locations.
d. Applying video analytics-based close circuit television surveillance to identify and mitigate potential
risks proactively.
e. Tata Steel Limited has developed model heavy vehicle parking areas and transport parks covering 70% of areas
across locations.
f. Tata Steel’s European operations also emphasise safer logistics within their operations management, transport,
and storage. They have also developed additional company-wide safety standards for lashing and storing
steel products.

V) Achieve excellence in process safety management
a. Digital technology to ensure timely maintenance of Process Safety Critical Equipment, reducing critical
equipment failure.
b. Tactical Centre tasked with business continuity management during emergencies has been developed.
c. Process Safety School of Excellence, a 3-tier capability development (Learner, Practitioner, Expert) system has
been developed to enhance employees’ process safety competency.
d. Process Safety Management (PSM) was rolled out in high-hazard departments of the merged companies.
Establishing a safety governance structure at the newly acquired/merged facilities like Tata Steel Gamharia
(TSG) and Neelachal Ispat Nigam Limited (NINL) remained a focus area in FY2023-24.
e. Training sessions are conducted via the School of Excellence (SOE) and NEBOSH certification to develop exemplars
in PSM.
f. At IJmuiden, extensive inventory analysis and associated control measures are undertaken, including regular
review and updating of the risks of fires, explosions and released gases and liquids. The Company has also taken
measures to develop a proactive safety management culture regarding unsafe behaviour, maintaining dialogue
on safety culture, and observing causes and conditions that contribute to safe operations to eliminate risks.
VI) Establish industrial hygiene competency and improve occupational health

Please refer to Section C, Principle 3, Essential Indicators, Question 1.b. above.
13. Number of Complaints on the following made by employees and workers:

FY2023-24 FY2022-23
Filed during Pending resolution Filed during Pending resolution
the year at the end of year the year at the end of year
Working Conditions 59 11 1 0
Health & Safety 81 3 80 5
14. Assessments for the year:

% of your plants and offices that were assessed
(By entity or statutory authorities or third parties)
Health & Safety Practices 100%
Working Conditions 100%
Note: Assesment by Internal team of Tata Steel Limited
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks/concerns arising from assessments of health and safety practices and working conditions.
All safety incidents and near-misses are investigated, and risk mitigation is done through the incident classification, reporting
and investigation safety standard. This is supported by ENSAFE, and the Environment, Health and Safety recalibrated risk
assessment system. All OFIs (Opportunities for Improvement) identified during the internal and external assessments are
captured and addressed through the IT system.
Corrective actions and its horizontal deployment are a continuous process in Tata Steel Limited, where all safety incidents
are recorded, investigated and corrective actions are communicated and implemented across the organisation. Some key
actions taken under the six safety strategies are listed in Question 12 (Principle 3 Essential Indicator) above.

Statutory Reports
1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees
(B) Workers.
A) Employees – Yes
B) Workers – Yes
In case of death or permanent/temporary disablement of any employee or permanent worker, Tata Steel has institutionalised
various social security schemes in India to ensure the continuity of the same standard of living for the employee or
their family:
» Family Support Scheme (in case of death due to an accident at the workplace).
» Family Benefit Scheme (in case of death due to any reason other than an accident at the workplace or while going or
coming to duty).
» Employee Family Benefit Scheme (in case of death while in service) and Medical Separation Scheme (in case of disability
while in service).
» TISCO Employee Family Benefit Scheme, and TISCO Officers Family Benefit Scheme, allow the employee or their family
to derive monthly pension or employment (in select schemes) along with the lump sum retirals and other benefits.
» For non-permanent workers in India across Tata Steel Group, the Suraksha Scheme provides financial stability to the
worker’s family in case of death or permanent disablement due to an accident at the workplace. Similar schemes are
also available in Tata Steel Indian entities.
» Tata Steel also provided the Family Protection Scheme to support the families of employees who passed away during
the COVID-19 pandemic.
» Tata Steel Nederland, as part of the pension scheme of the pension fund, the fund provides pension for the surviving
partner of employees/workers who are members of the pension scheme.
» In Tata Steel UK, employees and workers who are also members of the Pension Scheme (PRSP) may be eligible to
a payment of up to 4 times pensionable pay in the event of their death whilst employed by TSUK. Payments are
discretionary and usually paid to the beneficiary identified on the nomination form but may be paid to any other
identified person(s) as determined by the Trustee.
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited
by the value chain partners.
The contract between Tata Steel and its suppliers incorporates statutory provisions including payment and deduction of
statutory dues such as Goods and Services Tax. The suppliers are responsible for adherence to various statutes required
for their operations, whilst Tata Steel is responsible as a principal employer.
Tata Steel Limited’s Contractor Cell, at Jamshedpur and Kalinganagar, drives compliance of payment of statutory dues of
the suppliers’ workers in its premises. The Contractor Cell programme will be extended to other locations in India.
The suppliers are mandated to pay all statutory dues to their employees (such as Provident Fund, Employee State Insurance,
etc.) within the stipulated time and such payments are verified by the members of the Contractor Cell. Non-compliance
attracts actions required under law and penalties as per Tata Steel’s own policies.
3. Provide the number of employees/workers having suffered high consequence work- related injury/ill-health/
fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable
employment or whose family members have been placed in suitable employment.
No. of employees/workers that are
rehabilitated and placed in suitable
Total no. of affected employees/workers
employment or whose family members
have been placed in suitable employment
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Employees 4 11 2 2
Workers 20 15 9 4

4. Does the entity provide transition assistance programmes to facilitate continued employability and the
management of career endings resulting from retirement or termination of employment? (Yes/No)
Yes, Tata Steel provides transition assistance programme in the UK through its subsidiary UK Steel Enterprise, tasked with
helping the economic regeneration of communities affected by changes in the steel industry. It works in steel areas across
the UK assisting job and wealth creation by supporting small and medium sized businesses with finance and business
premises. Since its establishment in 1975, the entity has provided business finance and premises, together with help and
advice, to more than 6,000 growth businesses. Its financial support to date totals over £85 million and has enabled UK
Steel Enterprise supported businesses to create over 75,000 new jobs in the affected steel areas.
Not applicable in India, the Netherlands or Thailand.
5. Details on assessment of value chain partners:

All Tata Steel’s critical and high-risk vendor partners are periodically assessed on their health and safety practices and
working conditions under the Responsible Supply Chain Policy (RSCP) framework.
Tata Steel evaluates the adverse impacts of health & safety practices and working conditions on the labour force and
communities of its value chain partners through a detailed assessment process covering various Environmental, Social,
and Governance aspects as defined in its RSCP.
All the service providers operating within the premise of Tata Steel and performing high-risk jobs, must achieve the
minimum requirement (3-star and above) of the Contractor Safety Management Standard (CSMS) to be eligible for receiving
Request for Quotations (RFQs).
Tata Steel encourages its value chain partners to share the same commitment and expect them to focus on health & safety
and working conditions. The Company supports its suppliers in their capability building initiatives in a structured manner.
Please refer to the Social and Relationship Capital section of Tata Steel’s Integrated Report for details.
In Tata Steel UK, any placement of contracts with suppliers who are engaged to conduct work involving defined high risks
such as working at height, hot work, confined space entry, electrical work, transportation, etc. is subject to their adherence
to Tata Steel UK’s Responsible Procurement Policy. Full site approval is only granted following the successful risk assessment
and evaluation of Safety, Quality and Environmental standards. Periodic safety evaluation of the supplier can take place,
particularly where suppliers occupy on-site premises and within the Tata Steel working environment. Contract reviews
take place wherein safety and occupational health are routinely covered.
A summary of value chain partners assessed by key Tata Steel entities is provided below:
% of value chain partners (by value of business done with them) that were assessed
Tata Steel Limited Tata Steel Nederland BV Tata Steel UK Limited
Health and Safety practices 74 38 12
Working Conditions 74 38 12
6. Provide details of any corrective actions taken or underway to address significant risks/concerns arising from
assessments of health and safety practices and working conditions of value chain partners.
Over the years, Tata Steel has taken several actions to address significant risks/concerns arising from assessments of health
and safety practices and working conditions of value chain partners. Tata Steel collaborates with suppliers to improve
their sustainability performance by sharing opportunities for improvement, especially with those identified as ‘Basic’ and
‘Improving’ under the RSCP assessment.
Tata Steel also strives to build the capabilities of its value chain partners. Some key actions taken are below:
» Tata Steel supports its suppliers in their capability-building initiatives in a structured manner (please refer to the Integrated
Report’s Social and Relationship Capital section of Tata Steel’s Integrated Report FY2023-24). Supplier partners may be
suspended or withdrawn from the Company’s vendor list if they do not meet the requirements. High-risk jobs are
assigned to only those vendor partners who score 3-star or above ratings in a comprehensive safety due diligence
process known as the Contractor Safety Management Standard. High-risk work includes working at height, hot work,
confined space entry, electrical work, transportation, etc.

Statutory Reports
» Incorporating safety and health requirements as mandatory conditions in the RFQ documents, the safety and health
requirements are formalised during the pre-bid meetings.
» Creating a safety recognition or positive discrimination framework among high-performing vendors on safety
performance (4-star and 5-star).
› Rewards through the provision of special privileges during contract award decisions.
› Recognition by the Senior Leadership Team and provisions of better growth opportunities.
» Through its flagship Vendor Capability Advancement Programme, Tata Steel is working with the low safety score vendors
to improve their safety performance through handholding and training.
» The Safety Excellence Reward & Recognition framework was initially introduced for management employees of Tata
Steel Limited in India to promote a positive safety culture and reward individuals and departments with exceptional
safety performance. This framework has now been extended to all employees, including contract employees and vendor
partners of Tata Steel Limited.
» Encouraging transportation service partners to use smart apps, such as HumSafer, to track real-time behaviour and
sleep detection of drivers, which is a major reason for fatal accidents on roads. Tata Steel’s major vendor partners have
implemented the Advanced Driver Assistance Systems (ADAS) to reduce the probability of road accidents.
» Parikshan, an initiative to impart e-module-based training on Transportation Safety and Material Storage and Handling,
was launched in Jamshedpur, covering 280+ contract employees with a 96% passing rate after 1st attempt.
» For deeper involvement of the senior leadership of the vendor partners in driving safety initiatives, focused
group discussions were organised with nine critical vendor partners and three best practices suggested by them
were implemented.
» Engineering controls are implemented across the Company’s warehousing units to isolate the employees of the vendor
partners from hazards associated with Scotch Block placements.
» In the UK, for contract life-cycle management, a Supply-Chain Improvement Request (SIR) system exists to capture
improvement opportunities with suppliers for Safety, Health, Environment, Delivery and Quality. The same system allows
the issuing of positive commendations to suppliers who demonstrates going over and beyond the initial requirements.
During FY2023-24, 40 SIRs were raised and issued to suppliers.
Principle 4: Businesses should respect the interests of and be responsive to all its stakeholders.
1. Describe the processes for identifying key stakeholder groups of the entity.
Tata Steel has a structured Materiality Assessment process to identify key stakeholder groups and take their input in
identifying material issues for Tata Steel. The assessment is conducted by an independent third party and takes into
consideration various standards, including the following, in identifying key stakeholder groups:
1. Global Reporting Initiative
2. Sustainability Accounting Standards Board (Coal, Metals and Mining, and Iron Steel Producers)
3. EU Sustainability Reporting
4. MSCI Index (Morgan Stanley Capital International)
5. International Labour Organisation Framework
6. UN Guiding Principles on Business and Human Rights
7. Peers company reports
8. Tata Steel’s past Materiality Assessment Report

As part of the Materiality Assessment, Tata Steel also uses the AA1000 Stakeholder Engagement Standard, 2015 to provide
guidance on identifying and engaging with stakeholders. Based on the guidance provided by standards, input from the
Company and their independent judgement, the independent party identifies the key stakeholder list for Tata Steel.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder
group.
Whether
Stakeholder identified as Purpose and scope of engagement including key
S. No. Channels of communication Frequency
Group Vulnerable and topics and concerns raised
Marginalised
1 Investors No Quarterly Earnings calls Quarterly 1. Transparent and effective communication of
Structured investor and analysts Annual business performance
meet 2. Addressing investor queries and concerns
3. Sound corporate governance mechanism
One-to-one meetings (upon As and when 4. Providing insights into the Company’s
request) required Corporate Strategy and business
Annual general meeting Annual environment
2 Community Yes 1. Public hearings Public hearings 1. Community development programmes
Representatives 2. Scheduled Caste Stakeholder as per regulatory based on local communities’ needs
Council meetings requirement, 2. Strengthening of livelihood opportunities
3. Scheduled Tribe Stakeholder other 3. Improvement of social infrastructure for
Council meetings community hygienic and healthy living environment
4. Jamshedpur Citizens forum meetings as and 4. Understanding and addressing the concerns
5. Meetings with community when required of the community on environment and
leaders social issues
6. Rural Satisfaction Survey 5. Dignity of life through economic and social
7. Village Coordinator meetings empowerment
8. Informal interactions with
members of the Tata Steel
Foundation
3 Suppliers Yes, Tata Steel 1. Supplier Value Management As per team 1. Knowledge and infrastructure support
recognises in India and Supplier plan/weekly/ 2. Efficient and sustainable use of natural
its AA Relationship & Contract monthly/ resources, including greenhouse
Suppliers as Management in Europe quarterly/annual gas reduction and sustainable waste
vulnerable and 2. Responsible Supply Chain management
marginalised assessments 3. Regular communication and updates on
3. Vendor Satisfaction surveys business plans
4. Trainings, and support 4. Inclusion of local medium and small-scale
programmes such as ‘Sathis’ enterprises in vendor base
5. Swagat programme for new 5. Competency development of local vendors
vendors 6. Routine ordering and payment related
6. Vendor Capability matters
Advancement Programme 7. Assessment of sustainability risks, and
7. Annual vendor meets building resilience against such risks
8. Monthly meeting with
contractors
(Additional details on the above
forums is provided below, as
Supplier Note 1)

Statutory Reports
Whether
Marginalised
4 Customers No 1. Dedicated Customer Service Need based/ 1. Product/service quality and safety
Teams As per team 2. Adequate information on products
2. Value analysis and value plan/Annual/Bi- 3. Timely delivery of product/service
engineering annual 4. Maintenance of privacy/confidentiality
3. Vehicle Teardown and 5. Fair and competitive pricing
Benchmarking 6. Knowledge and infrastructure support
4. Early vendor involvement
5. Retail value management
6. Customer meet, such as
Parivaar Meet, and other
conferences, conclaves, and
zonal Meets
7. ECafez and ECAfez Qualithon
8. Gen Y
9. Suraksha Meet
10. Wired to Win
11. Building Bonds
12. GalvaNEW
13. Relationship building with
celebrations.
14. Customer Engagement and
Satisfaction surveys
15. Webinars
16. Senior Management visits/
Virtual meets
(Additional details on the
above forums is provided
below, as Customer Note 1)
5 Regulatory No 1. Ongoing meetings and On a continuous 1. Regulatory compliance
Authorities dialogues basis 2. Sound corporate governance mechanism
2. Participation in formal 3. Tax revenues
and informal consultation 4. Transparency in disclosures
processes
6 Industry Bodies, No 1. Leadership of, and On a continuous 1. Regulatory compliance
Associations participation in national basis 2. Transparency in disclosures
and and international trade 3. Responsible Corporate Citizenship
International organisations, including
standard setting membership of various
organisations committees and forums (both
steel industry and industry
agnostic)
2. Leadership in development
of national and international
standards relevant to Tata
Steel
7 Media No 1. Press conferences Monthly/ 1. Transparent and accurate disclosure to
2. Media meets Quarterly/ stakeholders
3. Conclaves Annual/As per 2. Awareness on Tata Steel’s Businesses, Brands
4. Multiple forums and summits plan and Sustainability initiatives
5. Sports tournaments 3. Enhancing Corporate Reputation
6. One-to-one interaction with
senior management

Whether
Marginalised
8 Employees and Yes, Tata Steel 1. Joint Consultative Council As per team 1. Caring and empowering work environment
Workers recognises of Management and its plan/weekly/ 2. Personal development and growth
Employees sub-committees monthly/ 3. Health and safety
and Workers 2. Joint Works Council quarterly/annual 4. Grievance resolution
from the 3. Joint Departmental Council 5. Competitive compensation
LGBTQIA+ 4. Annual Working Together
community, meets
Persons with 5. Monthly MD-Online forum
Disability, and 6. Performance reviews
the Affirmative 7. Employee Engagement
Action Surveys
Community 8. Managing Director Connect
(Tribal 9. Know Your Rights programme
Community) for contract employees
as vulnerable 10. Senior leadership
and communication meetings
marginalised 11. Central Works Council
(IJmuiden)
Supplier Note 1:
Tata Steel also has multiple engagement forums for its value chain partners, as summarised below:
Value chain partners Forum Remarks
Select strategic suppliers CEO to CEO Connect One to one meeting of Tata Steel’s CEO & MD and the senior leadership
team with the CEO and leadership team of strategic suppliers – up to 12
interactions every year.
All suppliers Annual Vendor Meet Annual Reward & Recognition forum for the top 300 suppliers covering
70-80% of spending.
New Suppliers Swagat Programme Quarterly programme to interact with new suppliers to communicate the
requirements, systems, and processes of Tata Steel.
Strategic Suppliers Annual Supplier Relationship Undertaken with top 20 strategic suppliers as part of the Supplier
Management Review Relationship Management programme.
All Steel Processing Centres Steel Processing Centres Meets Annual event with all Steel Processing Centres invited to interact with the
Senior Leadership teams of Tata Steel across operations, supply chain, and
procurement.
Customer Note 1:
With a dedicated sales force, Tata Steel ensures regular interaction with customers to capture their stated and latent needs.
A team of product application engineers engage with customers to provide technical support and assistance. The senior
leadership and cross-functional teams engage with customers through periodic customer meets and knowledge sharing
sessions. The details of other engagement forums are mentioned below:
1) ustomer Service Team: The Customer Service Team collaborates with automotive customers to drive engagement
C
and deliver value. It is a cross-functional group, involving process experts from Tata Steel and customer organisations,
that aims to identify key customer challenges or issues and continuously find solutions.
2) alue Analysis and Value Engineering (VAVE): VAVE is a study of vehicle structures/assemblies to identify cost and
V
weight reduction opportunities in a controlled and systematic manner.
3) CAfez: It is a website portal for customer engagement and knowledge management for the MSME (Micro, Small
E
and Medium Enterprises) customers.

Statutory Reports
4) ECAfez Qualithon: It is an initiative under which all engagement programmes are carried out for the MSME customers
(e.g., Skilling India, etc).
5) ehicle Teardown and Benchmarking: Vehicle Teardown is a systematic process of dismantling the entire vehicle
V
to obtain precise details of vehicle design, material usage, and manufacturing process. Data is captured at each stage
of the dismantling process in such a way that no information is lost in the process. Teardown activities are carried out
with pre-decided outcomes as per the customer requirements.
6) arly Vendor Involvement: It is a structured approach to working with automotive customers during the
E
conceptualisation and design phases of a new vehicle programme, providing inputs in the steel material selection
and its application.
7) Parivaar Meet: It is the milestone annual event of Tata Steel where the Company engages with its channel partners to
discuss and deliberate the long-term plans of Tata Steel. Tata Steel also uses this opportunity to reward and recognise
the top performing channel partners.
8) Tata Steel UK engages with a wide range of customers who operate at different positions in the value chain. For
example, the Construction businesses will engage with product specifiers, such as architects as well as those
transactional customers who purchase our products. Depending on the customer archetype, for example spot
business customers versus original equipment manufacturers (OEM) customers then TSUK will engage with customers
through dedicated account teams. Account teams, in line with the Account plan will engage at multiple levels with
the target customers, covering key topics such as our performance as one of their key suppliers. Moving forward in
FY2024-25, the Company will increase the performance measurement (in the customers eyes) through the deployment
of touchpoint surveys and more regular relationship surveys. This information will be made available to the account
leaders for the purposes of continual improvement in customer experience.
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and
social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
Tata Steel has delegated the consultation between the stakeholders and the Board on economic, environmental,
and social topics to the Chief Executive Officer and Managing Director (CEO&MD) of the Company. The CEO&MD and
the senior leadership team of Tata Steel and its subsidiary companies regularly update the Board and various Board
Committees on relevant issues. These updates are provided during the Board meetings and separate meetings for various
Board Committees.
Tata Steel has established various processes which ensure feedback from key stakeholders are received by the management
and presented to the Board and Board committees in their meetings. Some examples of forums to receive feedback from
various stakeholder groups are listed in Section C, Principle 2, Essential Indicators, Question 2.
2. Whether stakeholder consultation is used to support the identification and management of environmental, and
social topics (Yes/No). If so, provide details of instances as to how the inputs received from stakeholders on these
topics were incorporated into policies and activities of the entity.
Yes, Tata Steel relies on the outcome of the stakeholder’s consultation, including those identified during the Materiality
Assesment Exercise, to identify its key policies and activities on environmental and social topics. Following the Materiality
Exercise, Tata Steel has adopted ambitious targets for all identified areas. As one of its strategic objectives, Tata Steel aspires
to achieve industry leadership in sustainability. Initiatives taken to achieve these targets have been articulated in this BRSR.
Tata Steel follows an integrated approach of balancing stakeholder requirements while formulating Long Term Plans and
Annual Business Plans, which helps to mitigate adverse impacts and community risks that may arise from its operations.
Accordingly, the sustainability issues identified during the Materiality Assessment (please refer to Section A, Sub-section
VII, Question 24) are embedded in Tata Steel’s strategic planning process and their impact is mitigated through focused
action plans and resource allocation, including capital expenditure, revenue expenditure, technology adoption, manpower
planning, etc.

A robust top-down governance structure at the Board and Corporate levels ensures periodic oversight of material issues
and related action plans. The governance mechanism at the Board level (Corporate Social Responsibility & Sustainability
Committee, Safety, Health & Environment Committee, Risk Management Committee and Audit Committee) and CEO & MD’s
level (Apex Environment, Apex Safety, Apex R&D, Apex Risk Review Committee) enables periodic review of the performance
against action plan and provides directions based on external landscape evolution and organisational objectives.
3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/
marginalised stakeholder groups.
In India, Tata Steel’s steelmaking and mining operations are in the states of Jharkhand and Odisha, both of which have
a large indigenous population, and accordingly the community amongst which it operates can be considered to be
vulnerable and marginalised stakeholder groups.
The value proposition of Tata Steel’s engagement with the community is to enable lasting betterment in the well-being of
communities in the operating region through regional development models prioritising the excluded and those proximate
to business operations. Additionally, Tata Steel is also looking at addressing core development gaps at a national scale
through replicable models of development. Some actions taken by the Company to address their concerns are:
1. Ensuring safety in operating sites so that the health and safety of communities is not compromised.
2. Sustaining community outreach activities in areas where the Company operates.
3. Actively supporting communities through initiatives encompassing public health, household nutrition, access to
conservation of water, household sanitation, holistic education, stable livelihoods, nurturing sporting talent, enabling
a life of dignity for persons with disabilities, creating necessary public infrastructure and amenities, and enabling
grassroot leadership.
Further details on Tata Steel’s engagement with communities are provided in the Social and Relationship Capital chapter of Tata
Steel’s Integrated Report for FY2023-24.
Principle 5: Businesses should respect and promote human rights.

1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity,
in the following format:
All Tata Steel employees and workers are provided training on the Tata Code of Conduct, which cover key human rights
issues, and the Prevention on Sexual Harassment trainings, from time to time.
FY2023-24 FY2022-23
No. of No. of
Category employees/ employees/
Total (A) % (B/A) Total (A) % (B/A)
workers covered workers covered
(B) (B)
Employees
Permanent 74,705 74,553 100 72,911 72,911 100
Other than permanent 3,347 3,336 100 1,534 1,534 100
Total Employees 78,052 77,889 100 74,445 74,445 100
Workers
Permanent 47,164 47,151 100 46,711 46,711 100
Other than permanent 1,43,741 1,43,737 100 1,20,626 1,20,626 100
Total Workers 1,90,905 1,90,888 100 1,67,337 1,67,337 100

Statutory Reports
2. Details of minimum wages paid to employees and workers, in the following format:
100% of employees and workers of Tata Steel are paid more than or equal to the minimum wage, as applicable in their
respective jurisdiction.
FY2023-24 FY2022-23
Equal to or more than Minimum Equal to or more than Minimum
Category
Total (A) Wage Total (A) Wage
No. (B) % (B/A) No. (B) % (B/A)
Employees
Permanent
Male 68,252 68,252 100 67,066 67,066 100
Female 6,366 6,366 100 5,769 5,769 100
Others1 87 87 100 76 76 100
Other than Permanent
Male 2,295 2,295 100 1,454 1,454 100
Female 1,052 1,052 100 80 80 100
Others 0 0 0 0 0 0
Workers
Permanent
Male 43,870 43,870 100 43,786 43,786 100
Female 3,207 3,207 100 2,849 2,849 100
Others 1
87 87 100 76 76 100
Other than Permanent
Male 1,36,287 1,36,287 100 1,14,013 1,14,013 100
Female 7,390 7,390 100 6,497 6,497 100
Others2 64 64 100 116 116 100

1
2
Others include transgender workers and overseas personnel where gender bifurcation is not available.
3. Details of remuneration/salary/wages:
a. Median remuneration / wages
Male Female
Per annum
Company Category Median Median
Figs in. Number Number
remuneration remuneration
H Board of Directors (BoD)1 9 1,64,00,000 2 1,18,75,000

H Key Managerial Personnel2 3 13,61,01,473 - -
Tata Steel India including
Indian Subsidiaries Employees & Permanent Workers 46,888 12,51,597 4,585 11,42,882
H (other than BoD and KMP listed
above)
Employees & Permanent Workers
Overseas Entities H (other than BoD and KMP listed 19,575 60,45,091 2,498 60,70,578
above)
Directors who were on the Board for part of the year were not be considered for median calculation.

Note
1. Remuneration of Board of Directors
Amount
S. No. Board of Directors (Male)
(in J)
1 Mr. N. Chandrasekaran 3,60,000
2 Mr. Saurabh Agrawal 6,00,000
3 Mr. O. P. Bhatt* 52,00,000
4 Mr. Shekhar C. Mande** 83,20,000
5 Mr. V. K. Sharma 1,30,20,000
6 Mr. Noel Naval Tata 1,64,00,000
7 Mr. Deepak Kapoor 1,67,30,000
8 Mr. Koushik Chatterjee 13,61,01,473
9 Mr. T. V. Narendran 17,45,07,278
Amount
S. No. Board of Directors (Female)
(in J)
1 Ms. Bharti Gupta Ramola*** 1,06,50,000
2 Ms. Farida Khambata 1,31,00,000
*Mr. O. P. Bhatt completed his second term as an Independent Director of the Board and ceased as an Independent Director and Member of the Board effective
June 9, 2023.
**Dr. Shekhar C. Mande was appointed as an Independent Director effective June 1, 2023.
***Ms. Bharti Gupta Ramola was appointed as an Independent Director effective November 25, 2022.
2. Remuneration of Key Managerial Personnel

Amount
S. No. Key Managerial Personnel (Male)
(in J)
1 Mr. Parvatheesam Kanchinadham 3,99,42,038
2 Mr. Koushik Chatterjee 13,61,01,473
3 Mr. T. V. Narendran 17,45,07,278
b. Gross wages paid to females as % of total wages paid by the entity, in the following format:
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Gross wages paid to females as % of total 7 7 8 8
wages
Note 1: For this indicator, Wages include the following components of Employee Benefit Expenses as per Note 27 of Audited Standalone Financial Statements
for the year ended March 31, 2024 - i) Salaries and wages ii) Contribution to provident and other funds.
4. Do you have a focal point (Individual/Committee) responsible for addressing human rights impacts or issues
caused or contributed to by the business?
Yes, Tata Steel has the Apex Business & Human Rights Committee to oversee human rights commitments and act as the
focal point for addressing human rights impacts or issues.
Tata Steel recognises upholding human rights as an integral aspect of doing business and is committed to respecting and
protecting the human rights of all stakeholders and remediating adverse human rights impacts resulting from or caused
by its businesses. Tata Steel’s Business & Human Rights policy (https://www.tatasteel.com/media/15484/tsl-policy.pdf) is
aligned with the principles contained in the Universal Declaration of Human Rights, International Labour Organisation’s
Declaration on Fundamental Principles and Rights at Work and the United Nations Guiding Principles on Business and
Human Rights and is consistent with the Tata Code of Conduct. This policy applies to Tata Steel and all its subsidiaries.

Statutory Reports
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
Tata Steel has a strong commitment to sustainable development and has taken several measures to protect and promote
human rights. Tata Steel has put systems in place to encourage the reporting of concerns related to human rights. In
addition to Tata Steel’s own internal processes, employees and suppliers are encouraged to use Tata Steel’s confidential
reporting system to report any concerns. The Speak Up platform is available to employees to anonymously raise concerns
about any aspect of Tata Steel’s operations. (https://www.tatasteel.com/corporate/our-organisation/ethics/).
On receipt of any concern through email, letter, web helpline or orally, it is registered by the Ethics Department of Tata Steel.
The investigation team gathers, validates, and analyses the data and provides their observations and recommendations.
The investigation report is further reviewed by the Chief Ethics Counsellor or other appropriate authority and the
recommendations are acted upon. The documentation of the action taken is filed for records. Issues concerning the Key
Managerial Personnel’s, Senior Managerial Personnel’s and Chief Ethics Counsellor are addressed to the Chairperson of the
Audit Committee of the Company and those concerning other employees are addressed to the Chief Ethics Counsellor of
the Company. The Ethics Counsellor regularly provides an update to the Tata Steel Board’s Audit Committee on the status
of various grievance redressal mechanisms.
Tata Steel also obtains declarations from all the value chain partners regarding SA8000:2014 and other ISO requirements.
Moreover, all of Tata Steel’s value chain partners have to affirm compliance with the Tata Code of Conduct.
When deemed appropriate, Tata Steel requires suppliers operating in regions recognised as having a higher risk of human
rights abuse, including slavery and human trafficking, to adopt suitable and robust policies and procedures to prevent such
abuses. It could include having suitable accreditation (e.g., SA 8000:2014). If no suitable accreditation exists, a supplier must
provide evidence that their policies cover the key elements of SA8000:2014, including no forced labour in their operations.
Any reported concerns are investigated thoroughly, and appropriate action taken following due process.
No reports were received in respect of modern slavery or human trafficking in the supply chain during FY2023-24. No evidence
of such instance has been observed in the value chain during the third-party human rights due diligence assessment.
6. Number of Complaints on the following made by employees and workers:

FY2023-24 FY2022-23
Filed during the Pending resolution Filed during the Pending resolution
year at the end of year year at the end of year
Sexual Harassment 32 10 38 10
Discrimination at workplace 14 5 3 0
Child Labour 0 0 0 0
Forced Labour/Involuntary Labour 0 0 0 0
Wages 136 1 42 1
Other human rights related issues 0 0 6 0
7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013, in the following format:
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Total Complaints reported under Sexual Harassment on 20 31 31 34
of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 (POSH) (No. of POSH complaints filed
by female employees/workers)
Complaints on POSH as a % of female employees/workers 0.23 0.42 0.21 0.28
Complaints on POSH upheld (No. of complaints by women 8 19 18 22
upheld)
Note 1: In case of Tata Steel UK, no one beyond the team dealing with the complaints is allowed to know anything about the identities of those making the
complaints, and in terms of whether those complaints are upheld or not, again is information that isn’t available outside of the specific HR team as part of “case
details.

8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
Tata Steel encourages its employees, customers, suppliers, and other stakeholders to raise concerns or make disclosures
when they become aware of any actual or potential violation of TCoC, policies or law and accordingly has put in place
mechanisms to prevent adverse consequences to the complainant, as below:
i. As part of the Prevention of Sexual Harassment Policy (POSH) and Whistle Blower Policy, Tata Steel is committed to the
protection of the identity of the complainant and all such matters are dealt with in strict confidence, with appropriate
measures taken to maintain such confidentiality.
ii. Under the POSH Policy, aggrieved party may lodge a complaint of sexual harassment against respondent to the
chairperson or any member of the relevant Internal Committee (IC). All complaints must be sent in writing and are
dealt with in strict confidence by the IC members. After hearing both the parties, the IC thoroughly investigates
(including meeting the aggrieved party, examining all evidence, meeting all witnesses, and consulting with experts)
and makes a report of its findings for action. The Company also ensures that any employee/stakeholder involved in
the investigations is not victimised or subjected to any unfavourable treatment.
iii. Regular awareness and training sessions are conducted to ensure that the employees/stakeholders are fully aware of
various aspects of sexual harassment and the redressal mechanism.
iv. Under the Whistle Blower Policy, complete protection is given to whistleblowers against any unfair practice, such as
retaliation, threat, or intimidation of termination/suspension of service, disciplinary action, transfer, demotion, refusal
of promotion, or the like, including any direct or indirect use of authority to obstruct the whistleblower’s right to
continue to perform his/her duties and functions, including making further disclosures.
v. The Company take steps to minimise difficulties for the whistleblower because of making the disclosure. Thus, if the
whistleblower is required to give evidence in criminal or disciplinary proceedings, the Company arranges for the
whistleblower to receive advice about the procedure.
vi. The identity of the whistleblower is kept confidential to the extent possible and permitted under law.
vii. While TCoC discourages retaliation against anyone reporting any legitimate concern, the Whistle Blower policy
also provides for disciplinary action in case the complaint registered is found to be frivolous, false, or made with a
mischievous intention.
9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Yes, human rights requirements form part of Tata Steel’s business agreements and contracts. The terms of a contract or
purchase order copies submitted to vendors include compliance with SA8000:2014 requirements, and all vendor partners
must comply with such requirements. The SA8000:2014 policy covers various aspects of human rights such as child labour,
forced or compulsory labour, health and safety, freedom of association, non-discrimination, disciplinary practices, security
practices, working hours, compensation practices, supply chain practices and management systems.
Tata Steel also follows the TCoC globally and expects all business associates and value chain partners to adhere to its
principles. Specific clauses of the Tata Code of Conduct, including clauses on human rights, are included in all its business
agreements and contracts/purchase orders.
The Tata Code of Conduct can be accessed at https://www.tatasteel.com/corporate/our-organisation/ethics/.
The Business Associates Code of Conduct can be found at https://www.tatasteel.com/media/9244/business-associates-
code-of-conduct.pdf.
Furthermore, Tata Steel’s Responsible Supply Chain Policy encourages supply chain partners to share the same
commitment. It expects them to integrate the four sustainability principles of Tata Steel (Fair business practices, Health
and safety, Human Rights, and Environmental Management) in all their business decision-making, and extend them to
their own supply chain.

Statutory Reports
10. Assessment for the year:

Human Rights issues % of your plants and offices that were assessed (by entity or statutory authorities or third parties)
Child Labour
Forced/Involuntary Labour 100% of Tata Steel’s plants and offices are assessed for compliance on key Human Rights issues by
Sexual Harassment internal teams of the Company, as part of the regular ongoing reviews by the senior leadership team
of the Company. In addition to the internal assessments, some sites are certified to SA8000:2014 by
Discrimination at workplace third party and human rights due diligence were conducted covering all business units based on
Wages sample basis.
Others
the assessments at Question 10 above.
No significant risks or concerns were identified during FY2023-24. However, being a responsible company, Tata Steel ensures
continuous monitoring and capability building of its value chain partners. Some key initiatives taken are listed below:
i. Extending training and capability building to the business partners and thus helping them achieve the required
level of readiness in fair business practices, human rights, health and safety, and environmental protection. Tata Steel
has categorised business partners into Basic, Evolving, Maturing, Leading, and Established categories, and provides
continuous training and knowledge transfer support to help them move into higher band(s).
ii. In case of non-adherence to the Code of Conduct, vendor contracts are terminated following due process.
iii. Tata Steel conducts assessments of its upstream and downstream business partners as per the Responsible Supply
Chain Policy and initiates corrective actions.
1. Details of a business process being modified/introduced as a result of addressing human rights grievances/
complaints.
Some key processes that have been adopted over the last several years with an objective, amongst others, to address
human rights grievances and complaints, are as given below:
i. Statutory rights of contract employees are addressed through a grievance redressal mechanism, where contract
employees report their concerns through a third-party helpline.
ii. Tata Steel Limited has also set up Contractor Cells at several locations, where the concerns of contract employees
related to wages, Provident Fund, full and final settlement of dues, etc., are duly addressed.
iii. Training sessions for vendors are conducted to make them aware of the statutory rights of contract employees and
ensure they abide by the requirements.
iv. Vendors are made to sign the TCoC as part of their initial vendor registration.
v. Tata Steel’s European operations follow the six-step approach of the Organisation for Economic Co-operation and
Development’s (OECD) due diligence guidance for Responsible Business Conduct to ensure that Tata Steel procures
its goods and services responsibly whilst aligning with the core Tata Steel values and Code of Conduct.
For more details, please refer to Section C, Principle 2, Essential Indicators, Question 2.a.

2. Details of the scope and coverage of any Human rights due diligence conducted.
Tata Steel Limited has formed an internal committee for Human Rights due diligence. In FY2023-24, Tata Steel conducted a
third-party Human Rights due diligence of the value chain to identify vulnerable areas, potential human rights issues, and
their remediation along with global benchmarking for best practices. The due diligence is based on the protocol developed
with reference to United nations Guiding Principles (UNGPs), Organisation for Economic Cooperation and Development
Guidelines (OECD), International Finance Corporation’s Performance Standards (IFC PS), SA8000:2014, International Labour
Organisation (ILO) framework, Tata Group Business and Human Rights Guidelines, and relevant national laws.
For the due diligence exercise, the following 14 Human Rights issues have been identified:
i. Child labour viii. Non-harassment

ii. Forced/involuntary labour ix. Right to clean air and water
iii. Fair wages x. Right to Privacy
iv. Equal opportunity xi. Rights of Indigenous persons
v. Health & Safety xii. Rights of Migrant Labours
vi. Human Rights in value chain xiii. Rights of Persons with Disabilities
vii. Land rights resettlement and rehabilitation xiv. Contemporary forms of slavery.
Tata Steel has also identified the following 6 rights holders:
i. Tata Steel employees iv. Consumers/customers

ii. Contract workforce v. Employees of value chain partners
iii. Communities vi. Family members of Tata Steel employees
3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights
of Persons with Disabilities Act, 2016?
Tata Steel has taken steps to ensure compliance with the Rights of Persons with Disability Act, 2016 (RPwD Act) across its
sites and locations of Tata Steel (in India). Its plant and office premises are being adapted for easy movement of differently
abled visitors and employees. The requisite infrastructure, including ramps, elevators and disabled-friendly washrooms,
has been installed at the premises of Tata Steel. (For details, please refer to Section C, Principle 3, Essential Indicators,
Question 3).
4. Details on assessment of value chain partners:

Human Rights issues % of value chain partners (by value of business done with such partners) that were assessed
Child Labour
Forced/Involuntary Labour
~95% of critical suppliers, contributing to 74% of the total spend (84% of the critical spend) were assessed
Sexual Harassment under Responsible Supply Chain/Procurement Policy in our Indian operations till FY2023-24.
Discrimination at workplace Details of the Responsible Supply Chain Policy - https://www.tatasteel.com/media/10931/tata-steel-
responsible-supply-chain-policy_guidelines.pdf
Wages
Others
the assessments at Question 4 above.
No significant risks/concerns arising from Tata Steel’s value chain partners were identified. However, Tata Steel Limited has
developed monitoring mechanisms and undertaken several initiatives to build the capabilities of its value chain partners
to minimise the risk of potential human rights issues in the value chain. For more details please refer to Principle 5 Essential
Indicator Q11 of this report.

Statutory Reports
Principle 6: Businesses should respect and make efforts to protect and restore the environment.
1. Details of total energy consumption (in Peta Joule) and energy intensity, in the following format:
Parameter UoM FY2023-24 FY2023-24 FY2022-23 FY2022-23 FY2023-24 FY2023-24 FY2022-23 FY2022-23
Secondary Primary Secondary Primary Secondary Primary Secondary Primary
From renewable sources
Total electricity consumption (A) PJ 0.12 0.12 0.02 0.02 0.20 0.20 1.09 1.09
Total fuel consumption (B) PJ 0.00 0.00 0.00 0.00 0.02 0.06 0.01 0.01
Energy consumption through PJ 0.00 0.00 0.01 0.01 0.01 0.02 0.02 0.02
other sources (C)
Total energy consumed from PJ 0.12 0.12 0.04 0.04 0.22 0.22 1.12 1.12
renewable sources (A+B+C)
From non-renewable sources
Total electricity consumption (D) PJ 28.30 87.74 27.70 85.87 24.96 77.37 30.62 94.93
Total fuel consumption (E) PJ 517.54 517.54 531.14 531.14 708.20 708.20 724.57 724.57
Energy consumption through PJ 0.00 0.00 1.09 1.09 0.17 0.17 1.25 1.25
other sources (F)
Total energy consumed from PJ 545.84 605.28 559.93 618.10 733.33 785.74 756.44 820.75
non-renewable sources (D+E+F)
Total energy consumed PJ 545.96 605.40 559.97 618.14 733.55 785.96 757.56 821.87
(A+B+C+D+E+F)
% of energy consumed from % 0.02 0.02 0.01 0.01 0.03 0.03 0.15 0.14
renewable sources
Energy intensity per rupee of PJ/Rs Cr 0.0039 0.0043 0.0039 0.0043 0.0032 0.0034 0.0031 0.0034
turnover
(Total Energy consumed/Revenue
from operations)
Energy intensity per Million PJ/Million 0.0089 0.0098 0.0090 0.0099 0.0073 0.0078 0.0071 0.0077
USD of turnover adjusted for USD
Purchasing Power Parity (PPP)
(Total energy consumed/Revenue
from operations adjusted for PPP)
Energy intensity in terms of PJ/Million 27.1 30.1 28.5 31.4 24.5 26.3 24.7 26.8
physical output tonnes of
crude steel
FY2022-23 numbers revised due to change in boundary and calculation methodology.

Note 1: The revenue from operations has been adjusted for PPP based on the latest PPP conversion factor published for the year 2022 by OECD which is 22.88 for India.
Note 2: Conversion factor of 3.1 has been used to convert electricity consumption from secondary to primary basis for non-renewable electricity based on an average
across various sources.
Note 3: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
Yes. Reasonable Assurance has been undertaken by Price Waterhouse & Co Chartered Accountants LLP, on the indicators in the table above, for “Secondary”
column (other than Energy Intensity per rupees of turnover) for Standalone figures for FY2023-24.
Tata Steel has initiated several measures to increase the energy efficiency of its operations. It has also set up a Benchmarking
Energy Efficiency IMPACT Centre under its Shikhar25 improvement programme, which has enabled Tata Steel’s Jamshedpur
plant to become the Indian benchmark on energy performance. The key objective of this flagship initiative is to drive energy
efficiency campaigns across the Company, ensuring rigour, visibility, ownership, and broader involvement of Tata Steel’s
employees and all stakeholders. Key areas of Tata Steel’s Energy Efficiency campaign in India are:
i. Increase in-house power generation by maximising utilisation of by-product gases.
ii. Reduction in specific water consumption.
iii. Waste energy/heat recovery.

iv. Reduction in power, gas and liquid energy consumption through process optimisation using digital twins.
v. Renewable/non-conventional power generation.
vi. Adaptation of new and emerging technologies/best practices and digital initiatives.
Since its inception in 2015, the Impact Centre has helped in the implementation of significant initiatives across the value
chain, resulting in savings of more than H750 crore. Some initiatives towards energy saving taken by Tata Steel in recent
years are listed below:
a. Installation of Energy Recovery Micro Turbines to reduce the energy loss in the pressure reducing station for the
supply of process steam.
b. Implementation of energy-efficient fan in the cooling towers at Jamshedpur works.
c. Tata Steel is experimenting to generate electricity by tapping low heat rejected from the furnace hood. If implemented,
the pilot project would be the first of its kind in the world.
d. Tata Steel uses data from processes, equipment, and other sources to identify areas for reducing energy consumption.
It uses machine learning and optimisation algorithms to optimise energy usage across its operations. It includes:
i. Monitoring and optimising the consumption of fuel (solid, liquid and gaseous), and electrical power.
ii. Monitoring the availability and optimisation of the calorific value of the by-product gases used as fuel.
iii. Monitoring all environmental parameters through the Environment Canvas platform, which helps evaluate the
effectiveness of the interventions and prompt necessary preventive/corrective actions.
e. In the Netherlands, as part of the Star investment programme, the new furnace to be installed in the Hot Strip Rolling
Mill has a significantly lower energy consumption.
f. Tata Steel in the UK commissioned a new 30MWe steam turbine in autumn 2021, which, through increased capacity
and efficiency, will provide an estimated 13MWe increase in the average amount of electricity generated from the
site using process gases. Tata Steel is also currently commissioning an innovative system for reheating furnaces at the
Port Talbot Hot Rolling Mill, which uses lasers to measure fuel combustion efficiency to substantially optimise fuel
rates and, therefore, emissions.
g. Tata Steel in Thailand has conducted a Total Productive Maintenance project to continuously improve, develop and
increase efficient energy usage and invested in high-efficiency energy projects such as replacing fuel oil usage with
natural gas, production process improvement both at the steel plant and the rolling mill and installing solar roof at
one of its plants, with further plans to implement solar roof technology at the remaining two plants.
2. Does the entity have any sites/facilities identified as designated consumers (DCs) under the Performance, Achieve
and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT
scheme have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.
Yes, Tata Steel has 8 sites/facilities identified as designated consumers under the Performance, Achieve and Trade
Scheme of the Government of India. All the sites were able to achieve the targets set under the Performance, Achieve and
Trade Scheme.

Statutory Reports
3. Provide details of the following disclosures related to water, in the following format:
Parameter UoM
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Water Withdrawal by Source
(i) Surface water Million Litres 67,427 81,610 1,44,291 1,50,050
(ii) Groundwater Million Litres 13,303 15,205 25,946 29,057
(iii) Third party water Million Litres 3,971 5,582 11,976 12,371
(iv) Seawater/desalinated water Million Litres - - 1,71,358 1,93,621
(v) Others Million Litres 17,658 12,777 17,658 12,777
Total volume of water withdrawal Million Litres 1,02,359 1,15,174 3,71,230 3,97,876
(i + ii + iii + iv + v)
Total volume of water consumption Million Litres 88,350 1,01,025 1,21,516 1,43,340
Water intensity per rupee of turnover Kilolitres/H 0.000063 0.000071 0.000053 0.000059
(Total water consumption/Revenue from
operations)
Water intensity per USD of turnover Kilolitres/US$ 0.001434 0.001618 0.001213 0.001348
adjusted for Purchasing Power Parity (PPP)
(Total water consumption/Revenue from
operations adjusted for PPP)
Water intensity in terms of physical output Kilolitres/tonnes 4.4 5.1 4.1 4.7
of crude steel
FY2022-23 numbers revised due to change in boundary and calculation methodology

Note 1: Tata Steel’s steelmaking at IJmuiden and Port Talbot are located near the coast. They leverage their location and use sea water for cooling purpose only
and not in process (not contaminated). After a slight increase in temperature, they are pumped back into the sea.
Note 3: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external
agency
Yes. Reasonable Assurance has been undertaken by Price Waterhouse & Co Chartered Accountants LLP, on Total volume of water consumption, Water intensity
per rupee of turnover adjusted for Purchasing Power Parity (PPP) and Water intensity in terms of physical output, in the table above for Standalone figures for
FY2023-24.
4. Provide the following details related to water discharged:

Parameter
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Water discharge by destination and level of treatment (in
Million Litres)
(i) To Surface water 13,851 14,028 14,020 14,949
No treatment - - - -
With treatment – Secondary level 13,851 14,028 14,020 14,949
(ii) To Groundwater 3 3 13 15
With treatment – Secondary level 3 3 13 15
(iii) To Seawater - - 2,01,437 2,38,970
No treatment - - 1,79,779 2,00,787
With treatment – Secondary level - - 21,658 38,183
(iv) Sent to third-parties 155 118 155 602
No treatment - - - 484
With treatment – Secondary level 155 118 155 118
(v) Others - - 34,089 -
With treatment – Secondary level - - 34,089 -
Total water discharged (in Million Litres) 14,009 14,149 2,49,714 2,54,536
Total water discharged excluding seawater (in Million 14,009 14,149 48,278 15,566
Litres)
At one of the sites, water discharge data has been estimated and reported for few drains based on the methodology of estimation provided in the internal manual.
FY2022-23 numbers revised due to change in boundary and calculation methodology

Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
Yes, Reasonable Assurance has been undertaken by Price Waterhouse & Co Chartered Accountants LLP, on the indicators in the table above for Standalone figures
for FY2023-24.

5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
implementation.
Tata Steel is in the process of putting in place a system for achieving zero liquid discharge at all its locations in India.
At all of Tata Steel’s facilities, proactive measures are being implemented to mitigate the potential contamination of local
water sources and to attain a goal of Zero Effluent Discharge (ZED). In line with Tata Steel’s commitment towards water risk
mitigation, Tata Steel has implemented various projects under the zero effluent discharge initiative, leading to a substantial
reduction in freshwater consumption.
Many of Tata Steel’s downstream entities and those of subsidiaries are already ‘zero’ water discharge plants and 100% of
their wastewater is recycled for various purposes.
Furthermore, Tata Steel is extending its sustainability efforts beyond its operational boundaries by undertaking ZED
projects within its township. These projects include converting municipal sewage into water suitable for industrial use,
further enhancing the organisation’s water stewardship initiatives. Moreover, many downstream entities and subsidiaries of
Tata Steel have already achieved the status of ZED plants, with 100% effluent utilisation for process and low-end purposes.
In the UK and the Netherlands, Tata Steel’s facilities operate in locations that are substantially less water-constrained than
some of the facilities in which Tata Steel operates in India. Both IJmuiden and Port Talbot steelmaking sites occupy coastal
locations and much of the water they extract from the environment is used in once-through’ cooling systems before being
returned to the environment with no loss of quality. Tata Steel’s facilities in the EU and the UK are required to meet defined
best available techniques for the EU and the UK.
6. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
Parameter UoM
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Stack NOx Kilotonnes/year 21 20 31 30
Stack SOx Kilotonnes/year 38 38 52 52
Particulate matter (PM) Kilotonnes/year 9 8 11 11
Persistent organic pollutants (POP)
Volatile organic compounds (VOC)
Not material for the steel manufacturing company
Hazardous air pollutants (HAP)
Others – please specify
7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) and its intensity, in the following
format:
GHG Emissions UoM
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Total Scope 1 emissions Million tonnes CO2e 56 55 77 76
(Total Scope 1 and Scope 2 GHG
Total Scope 1 and Scope 2 emission
emissions (MnT)/Revenue from 0.0004 0.0004 0.0004 0.0003
intensity per rupee of turnover
operations (H crore))
(Total Scope 1 and Scope 2 GHG
emissions (MnT)/Revenue from
intensity per Million USD of turnover 0.001 0.001 0.001 0.001
operations adjusted for PPP
adjusted for Purchasing Power Parity (PPP)
(Million USD))
Tonnes/tonnes of crude steel 3.1 3.1 2.8 2.7
intensity in terms of physical output
Note 2: Scope 2 location-based emissions are based on emission factor of electricity of respective countries.
Yes, Reasonable Assurance has been undertaken by Price Waterhouse & Co Chartered Accountants LLP, on the indicators in the table above, other than Total
Scope 1 and Scope 2 emission intensity per rupee of turnover, for Standalone figures for FY2023-24.

Statutory Reports
8. Does the entity have any project related to reducing Green House Gas emission? If yes, then provide details.
Details are provided in the Climate Change Report, which is part of Tata Steel’s Integrated Report for FY2023-24.
The Climate Change Report is aligned with the recommendations of the Taskforce for Climate-Related Financial Disclosures,
with detailed disclosures on Strategy, Governance, Risk Management & metrics and targets for the Tata Steel Group.
9. Provide details related to waste management by the entity, in the following format:
Parameter
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Total Waste generated (in metric tonnes)
Plastic waste (A) 2,391 1,967 2,993 2,679
E-waste (B) 260 103 779 643
Bio-medical waste (C) 23 63 23 64
Construction and demolition waste (D) 3,061 7,401 66,433 74,293
Battery waste (E) 264 264 293 372
Radioactive waste (F)* - - - -
Other Hazardous waste. Please specify, if any. (G) 15,34,178 14,53,887 16,72,900 15,28,770
Other Non-hazardous waste generated (H) 1,52,93,347 1,58,75,242 1,91,04,954 1,85,90,246
Total (A + B + C + D + E + F + G + H) 1,68,33,524 1,73,38,927 2,08,48,376 2,01,97,066
Waste intensity per rupee of turnover (Metric Tonnes/H)
0.000012 0.000012 0.000009 0.000008
(Total waste generated/Revenue from operations)
Waste intensity per USD turnover adjusted for Purchasing
Power Parity (PPP) (Metric tonnes/USD) (Total waste 0.000273 0.000278 0.000021 0.000019
generated/Revenue from operations adjusted for PPP)
Waste intensity in terms of physical output (Metric Tonnes/tcs) 0.8 0.9 0.7 0.7
For each category of waste generated, total waste recovered
through recycling, re-using or other recovery operations (in
metric tonnes)
Category of waste
(i) Recycled 1,14,40,417 1,16,87,516 1,23,68,762 1,25,23,783
(ii) Re-used 74,44,172 53,42,950 99,12,216 59,46,311
(iii) Other recovery operations - - - 9,87,194
Total 1,88,84,589 1,70,30,466 2,22,80,978 1,94,57,287
For each category of waste generated, total waste disposed
by nature of disposal method (in metric tonnes)
Category of waste
(i) Incineration 1,777 2,524 9,889 11,719
(ii) Landfilling 3,03,496 70,540 4,81,701 78,147
(iii) Other disposal operations 2,304 2,126 3,52,502 1,105
Total 3,07,577 75,189 8,44,092 90,970
*Tata Steel has trace amounts of radioactive active waste on account of disposal of some equipment and such disposal is undertaken as per regulations and with
all due precaution.
Note 1: The waste recovered and disposed is more than the waste generated due to the legacy stock of previous periods.
Yes, Reasonable Assurance has been undertaken by Price Waterhouse & Co Chartered Accountants LLP, on the indicators in the table above, other than Waste
intensity per rupees of turnover for Standalone figures for FY2023-24.

10. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted
by your company to reduce usage of hazardous and toxic chemicals in your products and processes and the
practices adopted to manage such wastes.
Tata Steel believes in the ‘Zero Waste’ philosophy using the 3R (Reduce, Reuse & Recycle) circular economy principles. Tata
Steel has collaborated with suppliers and taken up several projects to refurbish equipment under use, improving their life
and preventing unnecessary waste. In a first-of-its-kind initiative in India, Tata Steel successfully recycled 12,000 tonnes of
used refractories, contributing towards its sustainability goals. Tata Steel also initiated trial runs with its suppliers to switch
from high-speed diesel to alternate fuels, such as Liquefied Natural Gas, to decarbonise its mining operations.
To minimise the waste produced in the steelmaking process, Tata Steel has a dedicated profit centre for waste management,
called the Industrial By-Product Management Division (IBMD), to ensure efficient by-product management by adopting
advanced practices for steel waste processing.
i) Reuse & Recycle: Ironmaking and steelmaking slags are the major by-products generated in the steel industry. Other
by-products include dust, sludge, mill scales, waste refractories, etc. The by-products are used in various external
applications (BF slag in cement manufacturing, metallics in secondary steelmaking, coal tar in coal tar pitch and
Carbon Black, and non-metallics of steelmaking slag in civil works, road construction, fly ash bricks) and internal
applications (flue dust, lime dust, steelmaking sludge, kiln dust, mill scale and sludge, iron-bearing muck, GCP (Gas
Cleaning Plant) sludge, LD slag fines, etc., in sinter making, and metallics in steelmaking).
ii) Resource Recovery and Utilisation: Tata Steel has invested in state-of-the-art technologies for processing by-products
to maximise value creation. A few of the key facilities are as follows:
a) etal Recovery and Steam Ageing Plant: Here, the steelmaking by-product slag undergoes crushing and
M
screening, followed by magnetic separation that recovers the iron content to be used as a raw material in the
steelmaking process. Non-metallic slag aggregates that undergo weathering at the steam ageing facility are
used for civil or road construction. The fines are used as a cementitious material.
b) Scrap Processing-Storage-Handling Facility: As a significant CO2 reduction initiative, IBMD collects and
processes internal scrap to maximise the scrap charge in steel melting shops. It generated a total scrap volume
of 1207 KT, comprising 917 KT of steel scrap, which helped reduce the equivalent volume of external scrap buy.
c) ew By-product Value Creation Centre: A state-of-the-art facility equipped with a baling machine, specialised
N
cut-to-length line, and a mechanised processing line for flat product arisings has been set up to deliver customised
offerings to external customers. The facility also houses an Innovation Lab to develop light concrete products
using in-house slag aggregates such as Tata Aggreto and Tata Nirman. Green pavers and interlocking blocks
have been developed with slag-based aggregates.
Slag Processing & Grinding Plant: The slag generated during the ironmaking process in Blast Furnaces (BF slag)
d)
is divided into air-cooled slag and granulated slag. Granulated BF slag is sold to cement manufacturers, whereas
air-cooled slag is processed and utilised in road construction. GGBS (Ground Granulated Blast Furnace Slag) was
introduced to create additional value from BF slag, which can be used as a partial replacement for Ordinary
Portland Cement (OPC) in concrete production. Tata Steel GGBS is now available under the name ‘Tata Dureco.’
iii) E-Waste Management: The Company has established a process to ensure effective e-waste management in
compliance with the E-Waste Management (EWM) Rules, 2016. The electronic waste is collected at a central location
and managed by the authorised vendor. They are certified to undertake the activities as per the rules and guidelines
issued by the Central Pollution Control Board (CPCB).
While most processed solid waste is reutilised within the manufacturing process, Tata Steel partners with external agencies
to dispose of hazardous waste in a secure landfill that is not processed or recycled.

Statutory Reports
11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where
environmental approvals/clearances are required, please specify details in the following format:
No, for Tata Steel’s Indian operations, we do not have any operations/offices in/around Ecologically Sensitive Areas (ESAs).
ESAs have been identified and notified by the Ministry of Environment, Forests and Climate Change (MoEFCC) since 1989.
Notifications declaring areas as ESAs are issued under the Environment (Protection) Act, 1986 from time to time.
Some of the operations of Tata Steel are in/around Wildlife Sanctuaries, Forest, Coastal Regulation Zones and the same
are listed below.
Whether the conditions of Enviornmental
S. No. Locations Type of Operations
approval/clearance are being complied with
1 Joda East Mining Yes
2 Katamati Mining Yes
3 Khondbond Mining Yes
4 Manmora Mining Yes
5 Noamundi Mining Yes
6 Vijaya II Mining Yes
7 Kalamang West Mining Yes
8 Koida- NINL Mining Yes
9 West Bokaro Mining Yes
10 Bamebari Mining Yes
11 Joda West Mining Yes
12 Tiringpahar Mining Yes
13 Sukinda Mining Yes
14 Kamarda Mining Yes
15 Saruabil Mining Yes
16 Ferroalloy plant, Gopalpur Processing Plant Yes
17 FAMD- FAP and SSP Processing plant Yes
18 Tata Steel Meramandali- Meramandali Plant Operations Yes
19 Tata Steel Jamshedpur Works Operations Yes
20 Tata Steel Tinplate Operations Yes
21 Tata Steel Long Products- Gamharia Operations Yes
22 CRM Bara, Jamshedpur Operations Yes
Note: Tata Steel also operates its Management Development Centre besides the Dimna Lake (Dalma Wildlife Sanctuary) in Jamshedpur since 1954
However, Tata Steel’s steelmaking site, at IJmuiden, is nestled between ecologically sensitive (Natura 2000) areas: on the
south side (of the North Sea Canal) is the Kennemer-land South area, and on the north-northwest side is the Noordhollands
Duinreservaat (North Holland Dune Reserve) area. While Tata Steel Nederland is still at an early stage of deliberately
integrating biodiversity at the IJmuiden site, numerous relevant initiatives concerning biodiversity are already in place. The
biodiversity initiatives are part of a comprehensive biodiversity management plan that is titled Staalblauwtje (Steel Blue)
which has been in place for a number of years. It aims to use our site at IJmuiden as a corridor between the two Natura
2000 dune reserves that border the site, creating better connectivity between these areas.
In the UK, Tata Steel is guardian to large areas of natural habitat including several areas with the UK designation ‘Sites of
Special Scientific Interest (SSSIs).’ It works closely with the relevant regulators in England and Wales, agreeing management
plans for these areas and ensuring responsible stewardship of the habitats and species that thrive on them. In addition
to the designated areas with its sites, some of TSUK’s operations are in proximity to habitats benefitting from a range
of UK habitat designations. In all such cases, the environmental permit regulations require the Company to assess any
impact its operations may have on the adjacent habitats. The assessed impacts are very small. Any protections linked to
the protected habitats are incorporated into environmental permits for the relevant sites and Tata Steel is in compliance
with such requirements. In addition to meeting its responsibilities for protected sites, where opportunities arise to do so, it
looks for ways to encourage biodiversity on other landholdings and thereby contribute to protecting the natural heritage
of the UK’s landscape.

12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in
the current financial year:
Whether conducted Results
EIA
by independent communicated Relevant
Name and brief details of project Notification Date
external agency in public Web link
No.
(Yes/No) domain
Expansion of existing integrated steel plant of NINL from 0.981 MTPA
to 9.5 MTPA crude steel at Kalinganagar Industrial Complex, in Jajpur S.O.-1533 (E) 14.09.2006 Yes Yes
district of Odisha
Operation of current plant of capacity 415 MTPA and proposed
phase-wise expansion to 1,015 MTPA capacity of Electrolyte Tinplate
& Tin-free steel material including 28 MTPA printed and Laquered S.O.-1533 (E) 14.09.2006 Yes Yes
sheets of M/s The Tinplate Company of India Limited at Golmuri
Works, Jamshedpur, East Singhbhum, Jharkhand
Tetangabad Sand Mining Project of Tata Steel Limited S.O.-1533 (E) 14.09.2006 Yes Yes
Dungri & Puttiya Sand Mining Project of Tata Steel Limited S.O.-1533 (E) 14.09.2006 Yes Yes
Damodarpur, Palkiri, Chatatand, Bhojudih, Narkera Sand Mining
S.O.-1533 (E) 14.09.2006 Yes Yes
Project of Tata Steel Limited
Proposed Gandhalpada Iron Ore Mine of production capacity 10
MTPA (ROM) with Total Excavation of 180 MTPA (ML Area 241.10 ha)
S.O.-1533 (E) 14.09.2006 Yes Yes
Located at Gandhalpada, Guali and Barpada Villages, Barbil Tehsil,
Keonjhar District, Odisha State https://
Expansion of Ferro Alloys plant Submerged Arc Furnace 4x16.5mva parivesh.
S.O.-1533 (E) 14.09.2006 Yes Yes nic.in/
existing 1x33mva proposed along with captive power plant 67.5MW
Regularisation of Existing Production Facilities for Steel Wires of
Capacity 180 MTPA [Seeking EC for regularisation of existing CTE
Capacity as per NGT Order dtd. 12.02.2020 and MoEFCC, Notification
S.O.-1533 (E) 14.09.2006 Yes Yes
S.O. 3250(E) dtd. 20.07.2022] At Plot No. 158 & 158A, Sector-III,
Industrial Area Pithampur, Tehsil & District: Dhar, Madhya Pradesh –
454775 by M/s. Tata Steel Limited
Regularisation of existing production facilities for 0.91 MTPA
Cold rolled strips & sheets (1,250 MT/Day) and Galvanised plain/
corrugated sheets (1,250 MT/Day) at Plot no-23, Site-IV, Industrial S.O.-1533 (E) 14.09.2006 Yes Yes
Area, Sahibabad, District Ghaziabad, Uttar Pradesh by M/s Tata Steel
Limited
West Bokaro Coking Coal Washery of 10 MTPA Raw coal throughput
in an area of 11.40 ha of M/s Tata Steel Limited (West Bokaro Division)
S.O.-1533 (E) 14.09.2006 Yes Yes
located in village Duni, Sarubera, Atna, Bhadwa and Sondiha, Tehsil
Mandu, District Ramgarh (Jharkhand)
13. Is the entity compliant with the applicable environmental law/regulations/guidelines in India, such as the Water
(Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection
act and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following format:
Yes, the Company is compliant with the applicable environmental law/regulations/guidelines in India except as stated in
Principle 1 Essential Indicator Q2 (Point 1).

Statutory Reports
1. Water withdrawal, consumption and discharge in areas of water stress (in million litres):
i) Name of the area: Tata Steel’s facilities at Jamshedpur, Kalinganagar, Meramandali, Gamharia,
West Bokaro, Jharia, Noamundi, Katamati, Joda, Thailand, Canada
ii) Nature of operations: Steelmaking: Jamshedpur, Kalinganagar, Meramandali, Gamharia
and Thailand
Mining: West Bokaro, Jharia, Noamundi, Katamati, Joda and Canada
iii) Water withdrawal, consumption and discharge in the following format:

Parameter on areas of water stress
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Water withdrawal by source (in Million Litres)
(i) Surface water 64,487 78,196 71,946 83,511
(ii) Groundwater 3,427 5,109 3,429 5,129
(iii) Third party water 268 328 6,591 5,844
(iv) Seawater/desalinated water - - - -
(v) Others 17,658 12,777 17,658 12,777
Total volume of water withdrawal (in Million Litres) 85,840 96,410 99,623 107,261
Total volume of water consumption (in Million Litres) 79,364 88,797 92,984 98,715
Water intensity per rupee of turnover (Water consumed (Kilo
0.000056 0.000062 0.000041 0.000041
Liltres)/turnover (H))
Water discharge by destination and level of treatment (in
Million Litres)
(i) Into Surface water 6,475 7,613 6,645 8,534
- No treatment - - - -
- With treatment – Secondary Level 6,475 7,613 6,645 8,534
(ii) Into Groundwater - - 10 12
- With treatment – Secondary Level - - 10 12
(iii) Into Seawater - - - -
- With treatment - - - -
(iv) Sent to third-parties - - - -
(v) Others - - - -
Total water discharged (in Million Litres) 6,475 7,613 6,655 8,546
2. Please provide details of total Scope 3 emissions (As per GHG Protocol) & its intensity, in the following format:
Tata Steel Standalone Tata Steel Group
Parameter Unit
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Total Scope 3 emissions Scope 3 GHG emissions (MnT)/ 0.0001 0.0001 0.0001 0.0001
Revenue from operations (H Cr)

Besides curbing its emissions, Tata Steel is equally focused on reducing its supply chain (Scope 3) emissions. Tata Steel is
one of the few companies to measure end-to-end Scope 3 emissions for all modes of transportation, giving it the same
importance as Scope 1 and Scope 2 emissions. Please refer to the Social and Relationship Capital section of Tata Steel’s
Tata Steel has also launched the Zero Carbon Logistics programme for its European operations. For details, please refer to
Section A, Sub-section VII, Question 26 in this report.
3. With respect to the ecologically sensitive areas reported at Question 11 of Essential Indicators above, provide
details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention
and remediation activities.
Tata Steel is keenly aware of the importance of having a net positive impact on nature and biodiversity in its operations.
Tata Steel launched its Biodiversity Policy in 2016 to integrate biodiversity into its business ecosystem for a greener future.
The policy is a public commitment to conserve, enhance, and restore biodiversity in the Company’s present and prospective
areas of operation and across the supply chain.
The Biodiversity Policy is operationalised through actionable Biodiversity Management Plans (BMPs), which are designed
on the foundation of a mitigation hierarchy (avoid, minimise, restore, and offset) tool. These include biodiversity studies,
ground truthing studies, secondary research, stakeholder interactions, and understanding the risks from the Company’s
operations and community behaviour.
In India, Tata Steel has deployed BMPs for 17 sites in India and plans to cover the remaining ones. In the Netherlands, a
comprehensive biodiversity management plan called Staalblauwtje (Steel Blue) which has been in place for a number of
years. It aims to use the site as a corridor between the two Natura 2000 dune reserves that border the site, creating better
connectivity between these areas. Tata Steel aims to cover 100% of sites in India, in the UK, in the Netherlands under the
Biodiversity Management Plan by 2025.
Some initiatives implemented by Tata Steel in India in FY2023-24 are given in the Natural Capital section of Tata Steel’s
Where deforestation is unavoidable, Tata Steel is committed to offsetting the forest loss with compensatory afforestation,
leading to no net deforestation. Tata Steel also conducts periodic assessments of its sites to determine the exposure to
critical biodiversity.

Statutory Reports
4. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve
resource efficiency, or reduce impact due to emissions/effluent discharge/waste generated, please provide
details of the same as well as outcome of such initiatives, as per the following format:
The initiatives under and product and process areas are summarised below:
Initiative Undertaken Details of The Initiative Undertaken Outcome of the initiative
Sensorisation of Tundish Refractory erosion in tundish limits the lining life and poses a A Fiber Bragg Grating-based sensor system
for Real-Time Temperature safety threat to productivity. So, it is necessary to get the tundish has been developed and deployed to
Monitoring for Improving sensorised to obtain the extended sequence length without monitor real-time tundish conditions.
Productivity and Safe compromising safety. Sensorisation aids in real-time monitoring
Operation. of erosion and timely replacement of the tundish.
Online Sinter Size Analysis Online sinter size analysis acts as a proactive approach and early The implemented system enables blast
Technique for Blast furnace warning indicator, which blast furnace operators need to maintain furnace operations team to take timely
the furnace’s stability. An image processing-based methodology corrective action for improving the
is developed for estimating the sinter particle size distribution efficiency of the furnace.
in real time. The implemented system enables the blast furnace
operations team to take timely corrective action to improve the
furnace’s efficiency.
Design and development of API X-65 Sour grade has been designed and produced at plant The processed tubes exhibited excellent
API X-65 Sour grade scale following a comprehensive research approach involving HIC (Hydrogen Induced Cracking) and
alloy design, thermodynamic calculations, thermomechanical SSCC (Sulphide Stress Corrosion Cracking)
simulations, microstructural characterisation, and pilot scale trials. in addition to the mechanical properties.
3D Printing Wire Feedstock A 3D printing wire feedstock is developed for large-scale additive The developed 3D printing wire feedstock
for Additive Construction manufacturing of structural steel applications. The work involved qualified for the desired properties and
designing alternative chemistry to attain continuously stable arc produces fewer oxides, 2-3 g per kg of steel
using low Si chemistry for a final tensile strength of a ≥500 MPa deposition, compared to 5-8 g per kg for
equivalent to structural steel grades, e.g., S355J and Yst350. commercially available wires.
High Strength Welding ER100S-G MIG electrode (min. UTS 690 MPa) has been produced The electrode finds applications for
Consumables for Advanced in-house. joining advance high strength steels
High Strength Steels and strategically situates itself as a novel
product from an import substitution
perspective.
Polymer coated CRCA for Rust preventive (RP) oil is applied over cold rolled steel to prevent This technology is mainly developed for
Ready-to-paint application temporary corrosion during transit and storage. The RP oil must cold rolled steel and can be directly applied
be removed from the customers’ end before post-painting. End- without pre-treatment or primer coatings.
customers follow 7-tank pre-treatment processes to remove
oil, which involves hazardous chemicals and generating liquid
effluents. In the direction of eliminating 7 tank pre-treatment
processes at the customers’ end, an engineering polymer coating
technology has been developed and patented.
Development of hot rolled The hot rolled steel exhibited very high stretch flangeability. The This grade finds applications for
JSH590BN grade with more hole expansion ratio was higher than 100%. The steel exhibited a manufacturing automotive components
than 100%-hole expansion superior surface finish due to its silicon-free chemistry. such as rear suspension beams that require
ratio. very high stretch flange ability during
forming operation.
Development of polymer In close collaboration with the customer, TSN’s packaging The material is consumer friendly and more
coated TCCT deep drawing department developed and commercialised polymer coated TCCT sustainable because it is tin free and REACH
material (TSN) deep drawing material which led to a complete redesign of our compliant compared to the conventional
customers food can. The TCCT material is produced by a Cr6+-free lacquered food cans.
production method.
Increasing the Ball Mill Glycol-based surface modifiers formulations have been deployed – The work has resulted in ~10% reduction in
throughput at Pellet Plant by these formulations stabilise the charge particles and prevents the ball mill rejects and 2% increase in ball mill
deploying surface modifiers re-agglomeration of particles during grinding. throughput at the Pellet Plant.
Improvement in heat transfer R&D has indigenously developed a metal oxide-based catalyst to The catalyst addition resulted in increasing
coefficient in sintering improve the convective heat transfer. the rate of sintering and reducing the coke
rate at the Sinter Plant by 1.5 kg/tonne
of sinter.

Initiative Undertaken Details of The Initiative Undertaken Outcome of the initiative
Pyrometallurgical processing Nickel and cobalt are critical minerals for India, and they have Large-scale trials have demonstrated
of low-grade chromite ended use in stainless steel and batteries for the EV sector. A novel the feasibility of cost-effectively utilising
overburden to extract nickel pyrometallurgical process is developed to extract the nickel, cobalt, the low-grade chromite overburden to
and metal values iron and chromium metal values from chromite overburden and produce nickel pig iron.
produce low-grade ferrochrome alloy (Nickel Pig Iron) and slag.
SMART Solution Package For The solution comprises a machine learning algorithm that The proposed solution has resulted in
energy efficient performance optimises the fan and pump speed based on ambient temperature substantial improvements in energy
Of Cooling Tower and relative humidity as input factors. efficiency, reductions in carbon dioxide
emissions, water savings, operational
expenses without causing any operational
disturbances.
Reduction in carbonisation Tata Steel has commercialised a novel coking catalyst that reduces The innovation has a potential to produce
time in non-recovery coke coke production time significantly, leading to both cost savings and an additional 50,000 tonnes of coke
making through use of novel reduction in CO2 emissions per tonnes of coke. annually, marking a significant step
catalyst towards sustainable steel production.
Selective flotation of iron ore Lowering alumina in Indian iron is a technological challenge. Tata The pilot plant trial using the said reagent
Steel has developed a reagent which is extremely selective to is in progress.
aluminosilicates. This reagent through reverse iron ore flotation
can lower alumina level from 5% in the feed to 3% in the product
with concentrate yield of 75%.
Oily bubble flotation to To improve the fine, clean coal yield in the coal washery, Tata Steel With successful lab and pilot-scale trials,
improve fine clean yield at has developed a new technology wherein the air bubble in the the process is now being tested at the
coal washery flotation circuit gets coated with a thin layer of oil. This localised plant scale.
presence of oil at the bubble interface lowers the energy barrier
required for the three-phase attachment of the bubble with the
particle and increases the hydrophobicity of the bubble.
Thermal Hawk: A One Stop Thermal Hawk is a thermal sensor-based system that provides The system has empowered the operators
Solution for Real-Time real-time visualisation of the processes occurring inside the blast to make interventions in raw material
Visualisation inside the Blast furnace top and enables continuous measurement of process- distribution that drastically improved the
Furnace influencing parameters. furnace efficiency and brought down the
fuel rate.
Innovative Rust Warning An advanced warning system to prevent condensation on steel New steel coils are not needed to be
System at IJmuiden coils has been developed. The system predicts the temperature in manufactured for the customer and fewer
the storage halls up to 5 days in advance and calculates when the raw materials are used, such as ores and
dew point is dangerously close to the temperature of the stored coal. In this way, delays in delivery to the
steel coils. If condensation is imminent, a warning is triggered. The customers is avoided. Another advantage
hall manager then knows that the temperature in the hall needs to lower energy consumption. The system is
be raised. The groundbreaking system prevents corrosion, so fewer unique in the manufacturing industry.
rolls are rejected.
Blast furnace optimisation at Various developments on the blast furnace process, including Improved efficiency of the blast furnaces
IJmuiden modelling and experimental testing of ceramic materials,
to prolong the operating times for blast furnaces beyond
current limits.
Optimising ladle logistics at Using Artificial Intelligence to optimise ladle logistics. Minimising Allows scrap intake to be increased.
IJmuiden heat loss during the transfer of hot metal reduces direct
CO2 emissions.
5. Does the entity have a business continuity and disaster management plan? Give details in 100 words/web link.
Yes, Tata Steel has an Onsite Emergency Plan and Disaster Control measure in place, focusing on business continuity to
address disruptive events like explosions, fire, cyber-attacks, acts of terror, etc. The practices have been benchmarked
against best practices at other organisations with mature Business Continuity Management practices and reference to
ISO 22301:2019 standard on Business Continuity Management Systems. Under the plan, there are defined responsibilities
for every group and all individuals involved in handling emergencies. Tata Steel has also established Tactical Centres to
ensure business continuity during emergencies.
In the Netherlands, Business Continuity Plans (BCPs) are in place, and include details of crisis/continuity management teams,
disaster response procedures, and communications as appropriate. The BCPs are closely linked with risk management at
Tata Steel Nederland and combine both risk management (failure scenarios) and impacts to usual business processes.

Statutory Reports
6. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What
mitigation or adaptation measures have been taken by the entity in this regard.
There has been no significant adverse impact arising from the value chain of Tata Steel.
Tata Steel has one of the most complex value chains in the industry, extending from mining to steel with multi-site
operations. Group Strategic Procurement & Supply Chain manages sourcing and logistics for 60 MTPA raw materials and 20
MTPA finished goods. The team works towards making itself future-ready through digitalisation, world-class infrastructure,
and sustainable practices. Please refer to the Social and Relationship Capital section of Tata Steel’s Integrated Report for FY2023-
24 for specific initiatives.
7. Percentage of value chain partners (by value of business done with such partners) that were assessed for
environmental impacts.
Tata Steel’s Responsible Supply Chain Policy focuses on the four ESG parameters: Health and safety, Fair business practices,
Environmental Protection, and Human rights. Additional information on Tata Steel’s approach to these principles is under
Section C, Principle 2 of this report.
A summary of value chain partners assessed by key Tata Steel entities is provided below:
% of value chain partners assessed (by value of business) Tata Steel Limited Tata Steel Nederland BV Tata Steel UK Ltd
Environmental Impact 74% 44% NA
Principle 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a manner
that is responsible and transparent.
1. a. Number of affiliations with trade and industry chambers/associations.
Tata Steel Limited has 28 affiliations with trade and industry chambers/associations. Additionally, Tata Steel’s subsidiary
companies have affiliations with various industry chambers/associations in their respective context. These would include
state, national and international bodies.
b. List the top 10 trade and industry chambers/associations (determined based on the total members of such body)
the entity is a member of/affiliated to.
S. No. Name of the trade and industry chambers/associations Reach of trade and industry chambers/associations (State/National)
1. Confederation of Indian Industry
2. Federation of Indian Chambers of Commerce & Industry
3. Indian Steel Association National
4. Internal Chamber of Commerce of India
5. Institute for Steel Development & Growth
6. World Steel Association
7. ResponsibleSteelTM
8. UN Global Compact International
9. Eurofer
10. UK Steel Association
2. Provide details of corrective action taken or underway on any issues related to anti- competitive conduct by the
entity, based on adverse orders from regulatory authorities.
Not applicable.

1. Details of public policy positions advocated by the entity:
The Company works with all stakeholders, relevant government and regulatory bodies, and apex industry associations,
such as the World Steel Association, Confederation of Indian Industry, Federation of Indian Chambers of Commerce &
Industry, and Indian Steel Association.
The Tata Code of Conduct guides the Company in all its advocacy. Some areas where the Company pursues policy advocacy
are listed below:
Public Policy Advocated The Company’s public policy advocacy efforts aim to help the steel industry improve its competitiveness and the
country achieve its strategic objectives. In particular, Tata Steel focuses on increasing steel demand, improving the
ease and cost of doing business, sustainability, environment and climate change, initiatives to decarbonise the
steel industry, and alignment with the the United Nations’ Sustainable Developmental Goals.
Instances of advocacy done by Tata Steel Limited are cited below:
1. Engaging in discussions with government and industry peers for laying down the framework/roadmap for
the decarbonisation of the steel sector and related policies for the short, medium and long-term.
2. Advocacy for putting in place a robust National Carbon Market in India for providing the right price signals
for incentivising green growth.
3. Advocating a uniform ‘Green Taxonomy’ mechanism - e.g., formulation of a technologically agnostic definition
of low carbon steel in the Indian context, along with the advocacy for strengthening circular economy, to
accelerate the transition to lower carbon emission steel through increasing the availability of scrap and scrap
processing facilities in the country, deeper adoption of Life Cycle Cost analysis, etc.
4. Advocacy for adopting the best technologies to improve steel operations’ energy and material efficiencies.
5. Advocacy for increasing the availability of transition fuel and technology to smoothen the sustainable
transition pathway of steel. e.g., greater access and affordability of Natural Gas.
6. Access to lower cost Green Finance for undertaking riskier pilot/demonstration projects for decarbonisation.
7. Advocacy for accelerating adoption of deep decarbonisation technologies like Carbon Capture and
Utilisation/Storage, use of green hydrogen in steelmaking, etc.
8. Advocacy for implementing policies supporting ‘Sustainable Mining’ and recommending policies for
boosting demand for low-carbon green products.
Method resorted for such 1. Tata Steel Limited on a regular basis conducts meetings and dialogues with regulatory authorities and also
advocacy participates in formal and informal consultation process.
2. Leadership of, and participation in National and International Trade Organisations and including membership
of various committees and forums of industry bodies, association and international standard setting
organisations.
Information available in
No
public domain (Yes/No)?
Frequency of review by
Quarterly, as part of the Business Performance Update to the Board
Board
Weblink, if applicable NA
Principle 8: Businesses should promote inclusive growth and equitable development.

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the
current financial year.
Not applicable for this reporting period
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken
by your entity, in the following format:
No. of project Amounts paid to
Name of the project for which R&R is % of PAFs covered
S. No. State District affected families PAFs in the FY
ongoing by R&R
(PAFs) (in J Cr)
1 Tata Steel’s Plant at Kalinganagar Odisha Jajpur 1,234 97.20 21.05
3. Describe the mechanisms to receive and redress grievances of the community.

Tata Steel’s grievance redressal mechanisms are customised to be most effective based on each location’s specific
requirements. Please refer Section A, Sub-section VII, Question 25 for the details.

Statutory Reports
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
Tata Steel Standalone Tata Steel Indian Entities
Parameter UoM
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Directly sourced from MSMEs/small producers % 9 7 9 7
Directly from within India % 64 62 67 64
Note 1: Total Purchases has been calculated as follows: Total Expenses - Finance Cost - Depreciation and Amortisation Expense – Employee Benefit Expenses in
respect of Retirement Benefits – Other expenses with respect to Royalty, Rates & Taxes, Provision for Doubtful Debts & Advances, Provision for Impairment and
Foreign Exchange Gain/Loss + Capital expenditure
5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers
employed on a permanent or non-permanent/on contract basis) in the following locations, as % of total wage cost
Tata Steel Standalone Tata Steel Indian Entities
Location UoM
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Rural % 0.05 0.06 0.05 0.05
Semi-urban % 17.53 22.53 20.98 23.37
Urban % 24.48 18.45 22.35 17.07
Metropolitan % 57.94 58.97 56.62 59.51
Note 1: For this indicator, components considered for total wage cost are: i) Salaries and wages, ii) Contribution to provident and other funds, as per Note 27 of
Audited Standalone Financial Statements for the year ended March 31, 2024, and the same has been bifurcated in rural/semi-urban/urban/metropolitan.
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments
(Reference: Question 1 of Essential Indicators above):
Details of negative social impact identified Corrective action taken
NA NA
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts
as identified by government bodies:
Amount Spent
S. No. State Aspirational District
(J crore)
1 Jharkhand East Singhbhum (Purbi Singhbhum) 172.25
2 Jharkhand West Singhbhum (Paschimi Singhbhum) 69.39
3 Odisha Dhenkanal 19.64
4 Jharkhand Ramgarh 16.10
5 Jharkhand Ranchi 1.94
6 Jharkhand Gumla 0.98
Total 280.33
3.(a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising
marginalised/vulnerable groups? (Yes/No)
Yes, Tata Steel has an Affirmative Action Policy, a preferential policy guided by the Tata Affirmative Action Programme, which
focuses on three principles: Social Equity, Equal Opportunity, and Inclusion across Affirmative Action (AA) communities.
In FY2023-24, Tata Steel strengthened the entrepreneurship policy by rolling out the revised policy for increasing the
capabilities and scalability of AA vendors.

To support local communities and Affirmative Action suppliers, Tata Steel has taken several initiatives to develop their
entrepreneurial capabilities by creating positive differentiation. Nearly 33% of the Company’s suppliers are local, of which
85 are AA suppliers (Scheduled Castes, Scheduled Tribes, and Partners displaced due to the Company’s greenfield project).
Not applicable for Tata Steel in the Netherlands and the UK.
(b) From which marginalised/vulnerable groups do you procure?

Tata Steel procures from socially disadvantaged sections, such as companies led by Scheduled Caste, Scheduled Tribe, and
displaced persons (from the Tata Steel Kalinganagar site), under its Affirmative Action (AA) Policy, reflecting its commitment
to social inclusion.
In FY2023-24, Tata Steel Limited revised and strengthened the entrepreneurship policy, in collaboration with Human
Resources and CSR teams, to increase the capabilities and scalability of AA vendors. The Company has also set up
monthly meetings to capture the grievances AA vendor partners face in their day-to-day business operations. It has also
institutionalised safety ratings for its newly registered AA vendors to help them get regular RFQs through identified SPOCs
(Single Points of Contact) across locations and segments. Tata Steel Limited also initiated a separate Vendor Capability
Advancement Programme (VCAP) session for AA vendors on topics like safety, ethics, quality, billing, and payment process.
The Company plans to integrate PwDs (Persons with Disabilities) and women entrepreneurs under the Affirmative Action
group. At the TAAP (Tata Affirmative Action Programme) Awards 2024, the Company was recognised for its efforts towards
scaling up the business share of AA vendors.
Not applicable for Tata Steel in the Netherlands and the UK.
(c) What percentage of total procurement (by value) does it constitute?

For Tata Steel Limited, the business volume from Affirmative Action suppliers stood at H151 crore in FY2023-24, ~36% higher
than that of FY2022-23 and is 1.5% of the addressable spend. This is the highest ever amount of business done with the
AA vendors in a year.
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity
(in the current financial year), based on traditional knowledge:
Not applicable.
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related
disputes wherein usage of traditional knowledge is involved.
Not Applicable.
6. Details of beneficiaries of CSR Project:

% of beneficiaries
No. of People benefitted
S. No Corporate Social Responsibility Project from vulnerable and
from the project
marginalised groups
1 Public Health 13,87,566 100%
2 Education 8,87,871 96%
3 Rural Infrastructure & Urban habitat 6,76,286 86%
4 Livelihoods (Agriculture) 4,80,323 100%
5 Gender and Community Enterprises 3,21,127 100%
6 Tribal Identity 2,19,647 100%
7 Drinking Water 1,95,473 72%
8 Livelihoods (Skill Development) 89,939 68%
9 Development Corridor Project 59,462 86%
10 Sports 36,216 58%
11 Environment 30,135 97%
12 Disability 18,090 44%
13 Disaster Relief Management 14,459 100%
14 Sanitation 1,800 100%
Total 44,18,394 94%

Statutory Reports
Principle 9: Businesses should engage with and provide value to their consumers in a responsible manner.
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback:
Please refer to Section A, Sub-section VII, Question 25 Grievance Redressal Mechanisms for Customers.
2. Turnover of products and/services as a percentage of turnover from all products/service that carry information
about:
As a percentage to total turnover (%)
Environmental and Social Parameters 53
Safe and Responsible Usage 11
Recycling and/or Safe Disposal 16
3. Number of consumer complaints in respect of the following:

FY2023-24 FY2022-23
Received during Pending at the Remarks Received during Pending at the Remarks
the year end of the year the year end of the year
Data Privacy 0 0 0 0
Advertising 0 0 0 0
Cyber security 0 0 0 0
Delivery of Essential Services 0 0 NIL 0 0 NIL
Restrictive trade practices 0 0 0 0
Unfair trade practices 16 0 2 0
Others 19,258 1,117 18,108 232
Note: FY2022-23 numbers revised due to change in boundary and calculation methodology
4. Details of instances of product recalls on account of safety issues:

Number Reasons for recall
Voluntary recalls 0
NA
Forced recalls 0
5. Does the entity have a framework/policy on cyber security and risks related to data privacy? (Yes/No) If available,
provide a web-link of the policy.
Yes, Tata Steel has a comprehensive policy on data privacy. The policy can be found at the following link:
https://www.tatasteel.com/privacy-policy/
For more details, please refer to the Intellectual Capital section of Tata Steel’s Integrated Report FY2023-24.
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of
essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls;
penalty/action taken by regulatory authorities on safety of products/services.
There has been no such instance which has occurred during FY2023-24.

7. Provide the following information relating to data breaches:
Tata Steel Tata Steel
FY2023-24
Standalone Consolidated
Number of instances of data breaches 0 0
Percentage of data breaches involving personally identifiable information of customers 0 0
No. of data breaches involving personally identifiable information of customers 0 0
Impact, if any, of the data breaches 0 0
Note: Reasonable Assurance has been undertaken by Price Waterhouse & Co Chartered Accountants LLP, on the indicators in the table above for Standalone
1. Channels/platforms where information on products and services of the entity can be accessed (provide web link,
if available).
All Tata Steel Group entities have dedicated sections on their websites where detailed information on products and services
are provided. Some key websites are listed below:
1 www.tatasteel.com 7 www.tatasteeluisl.com
2 https://digeca.tatasteel.com/ 8 www.tsdpl.in
3 https://aashiyana.tatasteel.com/in/en.html 9 www.iswp.co.in
4 www.tatasteelnederland.com 10 www.tatatiscon.co.in
5 www.tatasteeleurope.com 11 https://readybuild.tatasteel.com/
6 www.tatasteelthailand.com 12 https://www.tatasteelcanada.com/
Tata Steel has created digital platforms to strengthen direct connections with customers and channel partners and to
provide innovative services and solutions for all segments. Please refer to Section A, Sub-section III, Question 19 for more details.
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.
Tata Steel connects with its varied customer groups to spread awareness of the unique selling propositions of its products,
their technical features and effective and responsible usage. Product information brochures are available on public
platforms for information and shared with all channel partners.
Different brands of the Company also have periodic programmes to educate customers about practical usage. Details of
some select initiatives are provided below:
1. Knowledge-sharing sessions under the titles “Create (Value in use-VIU)”, “Techtalk”, “Skilling India”, and “insIITe” are
held for MSME (Micro, Small, and Medium Enterprises) customers. These workshops aim to share technology updates,
discuss which goods and services best fit their needs as a firm, and help them develop their technical abilities, leading
to safer and higher-yield production practices. Tata Steel has impacted over 5,000 customers in FY2023-24 through
these efforts.
2. Tiscon Learning Academy, an online learning platform, was launched for 800+ front-end workforce (Area Sales
Officers/Business Managers/Customer Service Engineers) to upskill and train the sales team on topics related to sales,
communication skills, and technical knowledge.
3. Tata Tiscon introduced the dealer sales officer training programme, Daksh, to foster learning and development for
the sales force, with an emphasis on sales pitch training.

Statutory Reports
4. Tata Tiscon has introduced Tiscon Grand Master programme for the ACE (Architect, Contractor, and Engineer)
community. Tata Steel has 8,500+ ACEs registered under this programme. The aim is to engage with the ACE
community through plant visits, e-discovery webinars, and offline workshops.
5. MITR, a programme for masons and the bar-bender community, operates with 40,000+ masons, with the objective
of engaging them via meets and providing health benefits.
6. To educate customers on product usage, customised application-specific micro-segment meetings are held, such
as Solarix for customers in the solar segment, Panorama for panel customers, Applicon for appliance customers and
Ducticon for duct and heating, ventilation, and air conditioning (HVAC) customers. Agrinext for agri implements
customers, and Railcon for railway sectors were the most recent additions in FY2023-24, aside from progressing in
earlier endeavours. Tata Steel also conducts technical training workshops with industry specialists to address technical
concerns crucial to manufacturing, choice of materials, safety, and quality.
7. Business-to-Consumer brands such as Tata Shaktee and Tata Kosh run the Learner’s Academy, an app-based learning
platform for upgrading the channel sales force’s technical, managerial, and behavioural skills. Through this initiative,
more than 260 Area Sales Officers and Business Managers of the distributor teams were trained in FY2023-24.
8. Tata Shaktee and Tata Kosh brands also connect with consumers through multiple platforms, such as BTL (below the
line), ATL (above the line), and digital media. To educate customers on the use of Tata Steel’s goods, dealer, consumer,
and influencer meetings (fabricators, farmers, etc.) are periodically held. The team reached out to around 45,000
touchpoints across the country in FY2023-24, including customers, dealers, fabricators, and farmers.
9. Value Addition, Value Engineering, Early Vendor Involvement, and Customer Service Team initiatives are periodically
undertaken regarding the usage of Tata Steel’s products in the large business-to-business segment.
10. Wired2win is a platform for knowledge sharing dedicated to the Wire Rod ecosystem. It is an initiative targeted
at providing guidance to stakeholders through emerging trends, addressing challenges, and uncovering
new opportunities.
11. Building Bonds is a seminar series organised for the construction segment. It aims to engage customers and provide
them with information on the latest construction practices, product usage, and conducting business. Similar
knowledge-sharing platforms include Igni8 for Channel Partners, Converse to Construct for Influencers, and Aspire
to Inspire for Academia.
12. Tata Steel’s Product Application Group conducts knowledge-sharing sessions and assists clients by recommending
appropriate steel grades to enhance their final product, productivity, service, and cost.
Apart from the above, many of Tata Steel’s brands/products have social media handles on Facebook, Instagram, X,
LinkedIn, etc., to connect with and educate consumers.
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services:

Tata Steel has effective communication protocols, both formal and informal, to inform its customers of any supply
disruptions, as listed below:
i. The sales, marketing, customer relationship management, and supply chain management teams maintain continuous
communication with their counterparts in the customer organisations and dealership network. The staff promptly
communicates any disruption in supply to the dealership network and customers.
ii. Tata Steel communicates with its customers through its website, social media handles, and press releases in case of
any major disruption.

iii. In India, the Compass mobile app and web portal offers comprehensive supply chain visibility across multiple market
segments for its Indian operations and notifies clients of delivery status updates during regular business hours
and disruptions.
iv. Tata Steel has also developed a Dispatch Notification Mailing service for its B2B customers in India. The service provides
a daily summary of all dispatches that occurred over the previous 24 hours, enabling the customer to improve their
production planning.
v. At Tata Steel UK, each customer is supported by a front-line Account Team, typically consisting of a Customer Service
Representative (CSR) and an Account Manager (AM). The CSR, supported by the AM, are typically the day-to-day point
of contact for the customer, principally through email and telephone channels. CSR routinely monitor the customer
orders that are being produced to ensure that they are running to the required delivery date and inform customers
in case of deviation or disruption.
vi. At Tata Steel UK, over 750 customers of the Strip, Tube and Distribution businesses also have access to Nexus, our online
eCommerce portal (www.tatasteeleurope.com/nexus), which provides its customers an overview of their orders.
The Company also offers delivery tracking for UK road deliveries, providing Estimated Time of Arrival (ETA) and proof
of delivery information. Discontinuation of a product or a service is a planned event which would be communicated
to customers through the Account Team.
4. Does the entity display product information on the product over and above what is mandated as per local
laws? (Yes/No/Not Applicable) If yes, provide details in brief. Did your entity carry out any survey with regard to
consumer satisfaction relating to the major products/services of the entity, significant locations of operation of
the entity or the entity as a whole? (Yes/No).
Product information: Yes, Tata Steel provides product information that goes beyond mandated standards, such as the
GreenPro Ecolabel, Environmental Product Declaration (EPD) certification, Life Cycle Assessment (LCA) results, wherever
applicable. Additionally, customers are provided test certifications, recording a product’s chemical and mechanical
attributes for their information. In the Indian steel industry, Tata Steel has taken the lead in product environmental
certification. For more details, please refer to the Natural Capital section of Tata Steel’s Integrated Report FY2023-24.
ustomer satisfaction survey: Yes, Tata Steel measures customer satisfaction and customer experience by conducting
C
an annual customer satisfaction survey that includes direct business-to-business customers, Micro, Small, and Medium
Enterprise (MSME) clients, and channel partners. The respondents rate Tata Steel Limited on a 6-point rating system
on various attributes, including product quality, new product development, delivery, commercials, relationship and
engagement, complaint handling, and technical support. The survey score is used to measure and benchmark the
performance. Based on the survey findings, action plans are shared with the senior leadership team to develop the
Company’s strategy.
The trend of Tata Steel Limited’s Customer Satisfaction Index over the last three calendar years is provided below:
CY 2023 CY 2022 CY 2021
CSI Score Trend (Out of 100) 86.1 83.8 83.3

Statutory Reports
BOARD’S REPORT
To the Members,
The Directors take pleasure in presenting the 9th Integrated Report prepared as per the Integrated Reporting <IR> framework
of the IFRS Foundation and the 117th Annual Accounts on the business and operations of Tata Steel Limited (‘Tata Steel’
or ‘Company’), along with the summary of standalone and consolidated financial statements for the financial year ended
March 31, 2024.
A. Financial Results
(H crore)
Particulars
2023-24 2022-23 2023-24 2022-23
Revenue from operations 1,40,987.43 1,42,913.32 2,29,170.78 2,43,352.69
Total expenditure before finance cost, depreciation (net of
1,11,154.11 1,14,642.64 2,06,864.88 2,11,052.53
expenditure transferred to capital)
Operating Profit 29,833.32 28,270.68 22,305.90 32,300.16
Add: Other income 3,122.91 2,530.44 1,808.85 1,037.48
Profit before finance cost, depreciation, exceptional items and tax 32,956.23 30,801.12 24,114.75 33,337.64
Less: Finance costs 4,178.61 3,974.63 7,507.57 6,298.70
Profit before depreciation, exceptional items and tax 28,777.62 26,826.49 16,607.18 27,038.94
Less: Depreciation and amortisation expenses 5,969.79 5,956.32 9,882.16 9,335.20
Profit/(Loss) before share of profit/(loss) of joint ventures &
22,807.83 20,870.17 6,725.02 17,703.74
associates, exceptional items & tax
Share of profit/(loss) of joint ventures & associates - - (57.98) 418.12
Profit/(Loss) before exceptional items & tax 22,807.83 20,870.17 6,667.04 18,121.86
Add/(Less): Exceptional Items (13,635.68) (780.47) (7,814.08) 113.26
Profit before tax 9,172.15 20,089.70 (1,147.04) 18,235.12
Less: Tax Expense 4,364.75 5,404.45 3,762.57 10,159.77
(A) Profit/(Loss) after tax 4,807.40 14,685.25 (4,909.61) 8,075.35
Total Profit/(Loss) for the period attributable to:
Owners of the Company - - (4,437.44) 8,760.40
Non-controlling interests - - (472.17) (685.05)
(B) Total other comprehensive income 691.37 88.58 (3,227.90) (13,849.07)
(C) Total comprehensive income for the period [ A + B ] 5,498.77 14,773.83 (8,137.51) (5,773.72)
Retained Earnings: Balance brought forward from the
86,491.20 77,873.96 48,166.32 55,647.79
previous year
Add: Profit for the period 4,807.40 14,685.25 (4,437.44) 8,760.40
Add: Other Comprehensive Income recognised in Retained
(157.24) 199.83 (4,671.57) (9,981.60)
Earnings
Add: Other movements within equity - - 168.21 (33.12)
Balance 91,141.36 92,759.04 39,225.52 54,393.47
Which the Directors have apportioned as under to:-
(i) Dividend on Ordinary Shares 4,414.00 6,267.84 4,409.79 6,227.15
Total Appropriations 4,414.00 6,267.84 4,409.79 6,227.15
Retained Earnings: Balance to be carried forward 86,727.36 86,491.20 34815.73 48,166.32

Notes: The exceptional items (Consolidated Accounts) in FY2022-23
i. Scheme of amalgamation of Tata Steel Mining Limited into primarily include:
and with the Company has been approved and sanctioned by a) Gain on sale of non-current investments at TSE amounting
the Hon’ble National Company Law Tribunal (‘NCLT’) Cuttack to H67 crore.
Bench on August 8, 2023.
b) Impairment reversal of H96 crore at TSE on deferred
ii. Scheme of amalgamation of Tata Steel Long Products Limited consideration of Speciality Business.
into and with the Company has been approved and sanctioned
by the NCLT Cuttack Bench on October 18, 2023, and the NCLT c) Net impairment reversal in respect of property, plant
Mumbai Bench on October 20, 2023. and equipment (including capital work-in-progress),
right-of-use assets and other assets at TSE amounting to
iii. Scheme of amalgamation of S & T Mining Company Limited into H37 crore.
and with the Company has been approved and sanctioned by
the NCLT Kolkata Bench on November 10, 2023. d)
Fair valuation gain on non-current investments
amounting to H31 crore at Tata Steel Limited (Standalone).
iv. Scheme of amalgamation of The Tinplate Company of India
Limited into and with the Company has been approved and Partly offset by,
sanctioned by the NCLT Mumbai Bench on October 20, 2023, e) Net Provision for ESS amounting to H92 crore under SBKY
and by the NCLT Kolkata Bench on January 1, 2024. scheme at Tata Steel Limited (Standalone).
v. Scheme of amalgamation of Tata Metaliks Limited into and with f) Expenses incurred in stamp duty and registration fees
the Company has been approved and sanctioned by the NCLT for a portion of land parcels and mines acquired as part
Kolkata Bench on December 21, 2023, and the NCLT Mumbai of business combination amounting to H2 crore at Tata
Bench on January 11, 2024. Steel Limited (Standalone).
vi. Figures for the previous periods have been regrouped and g) Impairment of Mini Blast Furnace at TSTH amounting
reclassified to conform to the classification of the current to H11 crore.
period, where necessary.
h) Net impairment charge of H12 crore on Inter Corporate
vii. During the year under review, exceptional items (Consolidated Deposit (‘ICD’) & investments in one of the associates at
Accounts) primarily represents:
Tata Steel Limited (Standalone).
a)
Provision for impairment of non-current assets
H3,516 crore, which primarily includes impairment of 1. Dividend Distribution Policy
Property, plant and equipment, intangibles (including
In terms of Regulation 43A of the Securities and Exchange
capital work-in-progress) at Tata Steel Europe (‘TSE’) due
to heavy end restructuring along with impairment for
Board of India (Listing Obligations and Disclosure
Sukinda mines and impairment of port project in India. Requirements) Regulations, 2015, (‘SEBI Listing
Regulations’), the Board of Directors of the Company
b) Net Provision for Employee Separation Scheme (‘ESS’) (the ‘Board’) formulated and adopted the Dividend
amounting to H130 crore under Sunehere Bhavishya Ki
Distribution Policy (the ‘Policy’).
Yojana (‘SBKY’) and other scheme at Tata Steel Limited
(Standalone) and at Neelachal Ispat Nigam Limited The Policy is available on the website of the Company
(‘NINL’). at https://www.tatasteel.com/media/6086/dividend-
c) Charge of H4,263 crore under restructuring and other policy-final.pdf
provisions mainly at TSE and at Tata Steel Limited
(Standalone) for Sukinda mines. 2. Dividend
Partly offset by, For the Financial Year 2023-24, the Board has
recommended a dividend of H3.60 per Ordinary
d) Gain on sale of non-current investments in an associate (equity) Share of face value of H1/- each (previous year:
at TSE amounting to H5 crore.
H3.60 per fully paid-up Ordinary (equity) Share of face
e) Gain on sale of non-current assets at Tata Steel Thailand value of H1/- each).
(‘TSTH’) amounting to H52 crore on disposal of Mini Blast
Furnace asset.
The Board has recommended dividend based on the
parameters laid down in the Dividend Distribution Policy.
f) Impairment reversal of H20 crore at TSE on deferred The dividend will be paid out of the profits for the year.
consideration of Speciality Business.
The dividend on Ordinary (equity) Shares is subject to
g)
Fair valuation gain on non-current investments
the approval of the Shareholders at the Annual General
amounting to H18 crore at Tata Steel Limited (Standalone).
Meeting (‘AGM’) scheduled to be held on Monday,

Statutory Reports
July 15, 2024 and will be paid on and from Friday, the <IR> framework of the IFRS Foundation. The 9th
July 19, 2024. Integrated Report highlights the measures taken by the
Company that contributes to long-term sustainability
The Record Date fixed for determining entitlement of
and value creation, while embracing different skills,
Members to final dividend for the financial year ended
continuous innovation, sustainable growth and a better
March 31, 2024, if approved at the AGM, is Friday,
quality of life.
June 21, 2024.
In accordance with Regulation 34(2)(f) of the SEBI Listing
Based on the number of Ordinary (equity) Shares as on
Regulations, the Company is glad to present to you it’s
the date of this Report, the dividend, if approved, would
2nd Business Responsibility and Sustainability Report for
result in a cash outflow of ~₹4,494.07 crore. The dividend
FY2023-24.
on Ordinary (equity) Shares is 360% of the paid-up value
of each share. The total dividend pay-out works out to 93%
of the net profits of ₹4,807 crore (on standalone basis), C. Operations and Performance
which includes an impairment charge of ₹12,560 crore on 1. Tata Steel Group
account of the proposed restructuring of operations and During the year under review, the consolidated crude
closure of the existing heavy end assets at TSUK. steel production for Tata Steel Group (‘TSG’) was
Pursuant to the Finance Act, 2020, dividend income 29.94 MT as against 30.65 MT of FY2022-23, a marginal
is taxable in the hands of the shareholders effective decline of 2% which was primarily on account of the
April 1, 2020 and the Company is required to deduct reline of Blast Furnace 6 in the Netherlands which
tax at source from dividend paid to the Members at was offset by an increase in production at Indian
prescribed rates as per the Income Tax Act, 1961. operations owing to de-bottlenecking across sites
and higher steel production at Neelachal Ispat Nigam
3. Transfer to Reserves Limited (‘NINL’). The production increased at Tata
Steel Limited to 20.12 MT which was higher by 2%
The Board of Directors has decided to retain the entire
(FY2022-23: 19.67 MT) attributable to de-bottlenecking
amount of profit for the Financial Year 2023-24 in the
across sites. Tata Steel Europe (‘TSE’) produced
statement of profit and loss.
7.80 MT, lower by 17% (FY2022-23: 9.35 MT) due
to the reline of Blast Furnace 6 in the Netherlands
4. Capex and Liquidity
along with subdued market demand. NINL produced
During the year under review, the Company, on a 0.66 MT (FY2022-23: 0.20 MT), as it commenced
consolidated basis spent H18,207 crore on capital production from October 2022 onwards post takeover
projects across India and Europe largely towards of its operations by the Company. Production at
ongoing growth projects in India, essential sustenance South-East Asia (‘SEA’) of 1.36 MT (FY2022-23: 1.43 MT)
and replacement schemes. was lower due to weak demand. The consolidated steel
The Company’s liquidity position, on a consolidated deliveries of TSG was at 29.39 MT in FY2023-24 as against
basis, is H31,767 crore as on March 31, 2024, comprising 28.79 MT in FY2022-23, increase of 2% primarily at Tata
H9,532 crore in cash and cash equivalent and balance in Steel Standalone (1.06 MT). Deliveries declined at TSE
undrawn credit lines. on account of the reline of Blast Furnace 6 in
the Netherlands.
5. Management Discussion and Analysis The turnover of TSG in FY2023-24 at H2,29,171 crore was
The Management Discussion and Analysis as required lower over FY2022-23 by H14,182 crore (6%) on account
in terms of the SEBI Listing Regulations forms part of of decline in steel realisations across geographies along
this Integrated Report and Annual Accounts 2023-24 with decline in deliveries at the European operations
(Annexure 1). attributable to decrease in demand and lower
production, partly offset by higher deliveries in India.
B.
I ntegrated Report and Business The EBITDA in FY2023-24 at H23,402 crore was lower
Responsibility and Sustainability Report over FY2022-23 by H9,296 crore (28%), due to subdued
In keeping with the Company’s valued tradition of performance from the European operations on account
‘thinking about society and not just the business’, in 2016, of contraction in steel prices and lower deliveries. EBITDA
Tata Steel Limited transitioned from compliance based however, improved in the Indian operations on account of
reporting to governance based reporting by adopting higher deliveries by 1.06 MT along with decrease in input
costs, which was partly offset by lower steel realisations.
2. India reline and lower spreads within the market contributed
During the year under review, total deliveries at for the decline whereas in TSUK the performance was
Tata Steel Limited were at 19.91 MT (previous year: adversely impacted by the performance of the end
18.85 MT), higher by 1.06 MT. Turnover was of life assets at the Port Talbot site as well as subdued
H1,40,987 crore (previous year: H1,42,913 crore), which market conditions.
was marginally lower against the previous year mainly
due to decline in steel prices, partly offset by higher D. Key Developments
deliveries. EBITDA was at H31,004 crore (previous year: 1. Amalgamation
H28,753 crore), higher by 8% than that of the previous
a) Amalgamation of Tata Steel Mining Limited into and
year, primarily on account of increase in deliveries
with Tata Steel Limited
and lower raw material cost, mainly coking coal and
purchased pellets, partly offset by decline in steel prices. The Board of Directors of the Company (‘Board’), at
During the year under review, the crude steel production its meeting held on September 22, 2022, approved
in Tata Steel Limited increased by 2% to 20.12 MT on the scheme of amalgamation of Tata Steel Mining
account of de-bottlenecking at sites. Limited (‘TSML’), a wholly-owned subsidiary of Tata
Steel, into and with the Company (‘TSML Scheme’).
NINL achieved crude steel production of 0.66 MT, while The Hon’ble National Company Law Tribunal
deliveries stood at 0.65 MT, both higher than previous (‘Hon’ble NCLT’), Cuttack Bench vide its order dated
year by 0.46 MT and 0.48 MT respectively, due to full August 8, 2023 sanctioned the TSML Scheme. The effective
year of operation. The turnover at H5,505 crore was date of amalgamation of TSML with the Company is
significantly higher on account of higher deliveries partly September 1, 2023. As per the terms of the TSML Scheme,
offset by decline in steel prices. EBITDA at H53 crore was the entire shareholding of the Company in TSML,
higher against a negative EBITDA of H770 crore in the stands cancelled.
previous year.
b) Amalgamation of Tata Steel Long Products Limited
Total deliveries of Tata Steel from its Indian operations
into and with Tata Steel Limited
(including NINL) stood at 19.91 MT which is higher
than the previous year by 6%. The turnover was The Board, at its meeting held on September 22, 2022,
H1,42,902 crore, marginally at par against previous year approved the scheme of amalgamation of Tata Steel Long
and EBITDA (excluding inter-company eliminations Products Limited (‘TSLP’) into and with the Company
and adjustments) was H31,057 crore, improved by 10% (‘TSLP Scheme’). The TSLP Scheme was approved by
over previous year. The improvement in EBIDTA is due the shareholders of the Company with requisite majority,
to decrease in input cost on account of decrease in at their meeting held on June 27, 2023. On receipt of
imported coking coal prices and higher deliveries, partly approval of the shareholders, the Company filed the
offset by decline in steel realisations. ‘Company Scheme Petition’ with the Hon’ble NCLT,
Mumbai Bench with the prayer to sanction the TSLP
3. Europe Scheme. On October 18, 2023 and October 20, 2023, the
Hon’ble NCLT, Cuttack Bench and Hon’ble NCLT, Mumbai
During the year under review, liquid steel production
Bench pronounced the respective orders sanctioning
from European operations was 7.80 MT (previous year:
the TSLP Scheme. The effective date of amalgamation
9.35 MT), a decrease of 17% against the previous year
of TSLP into and with the Company is November 15, 2023.
due to the reline of Blast Furnace 6 in the Netherlands
along with subdued market demand. Deliveries from As per the terms of the TSLP Scheme, the Board, on
European operations decreased by around 6% to November 1, 2023 approved issuance of 67 fully paid-up
7.68 MT primarily due to decline in demand and lower equity shares of face value of H1/- each of the Company,
production. Revenue from operations was H78,144 crore for every 10 equity shares of TSLP of face value of
(previous year: H90,300 crore) which was lower than H10/- each, to the public shareholders of TSLP as on
FY2022-23 owing to reduction in average revenue per November 17, 2023 (‘TSLP Record Date’). Subsequently,
tonne along with lower deliveries. on November 22, 2023, the Board allotted 7,58,00,309
fully paid-up equity shares of the Company of face
EBITDA stood at negative H7,612 crore (previous year:
value H1/- each, to the eligible shareholders of TSLP
positive H4,632 crore) which was lower than the previous
as on the TSLP Record Date. Further, the equity shares
year. This significant reduction in EBITDA was seen in both
and preference shares held by the Company in TSLP
TSN and TSUK. In TSN, the impact of the Blast Furnace 6
stand cancelled.

Statutory Reports
c) Amalgamation of S & T Mining Company Limited Scheme. On December 21, 2023 and January 11, 2024, the
into and with Tata Steel Limited Hon’ble NCLT, Kolkata Bench and Hon’ble NCLT, Mumbai
The Board, at its meeting held on September 22, 2022, Bench pronounced the respective orders sanctioning the
approved a scheme of amalgamation of S & T Mining TML Scheme. The effective date of amalgamation of TML
Company Limited (‘S&T’), a wholly-owned subsidiary of into and with the Company is February 1, 2024.
Tata Steel, into and with the Company (‘S&T Scheme’). As per the terms of the TML Scheme, the Board, on
The Hon’ble NCLT, Kolkata Bench vide its order dated January 24, 2024 approved issuance of 79 fully paid-up
November 10, 2023 sanctioned the S&T Scheme. equity shares of the Company of face value H1/- each,
The effective date of amalgamation of S&T into and with for every 10 fully paid-up equity shares of TML of face
the Company is December 1, 2023. As per the terms of value H10/- each, to the public shareholders of TML as
the S&T Scheme, the entire shareholding of the Company on February 6, 2024 (‘TML Record Date’). Subsequently,
in S&T, stands cancelled. on February 8, 2024, the Board allotted 9,97,01,239 fully
paid-up equity shares of the Company of face value
d) Amalgamation of The Tinplate Company of India
H1/- each, to the eligible shareholders of TML as on the
Limited into and with Tata Steel Limited
TML Record Date. Further, the equity shares held by the
The Board, at its meeting held on September 22, 2022, Company in TML stand cancelled.
approved the scheme of amalgamation of The Tinplate
Company of India Limited (‘TCIL’) into and with the f) Amalgamation of TRF Limited into and with Tata
Company (‘TCIL Scheme’). The TCIL Scheme was Steel Limited
approved by the shareholders of the Company with The Board, at its meeting held on September 22, 2022,
requisite majority at their meeting held on June 28, 2023. approved a scheme of amalgamation of TRF Limited
On receipt of approval of the shareholders, the Company (‘TRF’) into and with the Company (‘TRF Scheme’).
filed the ‘Company Scheme Petition’ with the Hon’ble The TRF Scheme was approved by the Board with an
NCLT, Mumbai Bench with the prayer to sanction the TCIL objective to realise synergies from the amalgamation
Scheme. On October 20, 2023, and January 1, 2024, the and to enhance stakeholder value. Pursuant to the orders
Hon’ble NCLT, Mumbai Bench and Hon’ble NCLT, Kolkata of the Hon’ble NCLT, Mumbai Bench, a meeting of the
Bench pronounced the respective orders sanctioning the equity shareholders of the Company was convened and
TCIL Scheme. The effective date of amalgamation of TCIL held on September 18, 2023. On receipt of the requisite
into and with the Company is January 15, 2024. approval of the shareholders, the Company filed the
As per the terms of the TCIL Scheme, the Board, ‘Company Scheme Petition’ with the Hon’ble NCLT,
on January 8, 2024 approved issuance of 33 fully Mumbai Bench.
paid-up equity shares of face value of H1/- each of the The Board of Directors of TRF, at its meeting held on
Company, for every 10 fully paid-up equity shares of TCIL February 6, 2024, decided not to proceed with the
of H10/- each to the public shareholders of TCIL, as on proposed amalgamation and approved withdrawal of
January 19, 2024 (‘TCIL Record Date’). Subsequently, the TRF Scheme, considering the improvement in TRF’s
on January 21, 2024, the Board allotted 8,64,92,993 fully business performance.
paid-up equity shares of the Company of face value
H1/- each, to the eligible shareholders of TCIL as on the In concurrence with the decision of the Board of
TCIL Record Date. Further, the equity shares held by the Directors of TRF, the Board of Directors of the Company
Company in TCIL stand cancelled. also decided to withdraw the TRF Scheme and filed
an application in this regard before the Hon’ble NCLT,
e) Amalgamation of Tata Metaliks Limited into and Mumbai Bench with the prayer to withdraw the TRF
with Tata Steel Limited Scheme. On February 7, 2024 and February 8, 2024 the
The Board, at its meeting held on September 22, 2022, Hon’ble NCLT, Kolkata Bench and Hon’ble NCLT, Mumbai
approved the scheme of amalgamation of Tata Metaliks Bench allowed the withdrawal of the TRF Scheme,
Limited (‘TML’) into and with the Company (‘TML respectively. As on date, TRF continues to be an associate
Scheme’). The TML Scheme was approved by the company of Tata Steel Limited.
shareholders of the Company with requisite majority
g) Amalgamation of The Indian Steel & Wire Products
at their meeting held on August 10, 2023. On receipt
Limited into and with Tata Steel Limited
of approval of the shareholders, the Company filed
the ‘Company Scheme Petition’ with the Hon’ble NCLT, The Board, at its meeting held on September 22, 2022,
Mumbai Bench with the prayer to sanction the TML approved the scheme of amalgamation of The Indian

Steel & Wire Products Limited (‘ISWP’) into and with BPPL Scheme. The BBPL Scheme is pending before the
the Company (‘ISWP Scheme’). The ISWP Scheme was Hon’ble NCLT, Hyderabad Bench for its consideration.
approved by the shareholders of the Company and the
shareholders of ISWP with requisite majority, at their 2. Acquisitions and Investments
respective meetings held on January 25, 2024 and a)
Investment in The Indian Steel & Wire Products
March 11, 2024. On receipt of shareholders’ approval, the Limited
Company and ISWP filed the ‘Company Scheme Petition’
The Company acquired 1,55,26,573 equity shares of face
with the Hon’ble NCLT, Mumbai Bench and Kolkata
value of H10/- each of The Indian Steel & Wire Products
Bench, respectively, with the prayer to sanction the ISWP
Limited (‘ISWP’), at a premium of H417.01 per share,
Scheme. On May 24, 2024, the Hon’ble NCLT, Kolkata
aggregating to ~H663 crore in various tranches. The
Bench pronounced the order sanctioning the ISWP
acquisition lead to an increase in the equity stake held
Scheme. The ISWP Scheme is currently pending before
by the Company in ISWP from 95.01% to 98.61%. ISWP
the Hon’ble NCLT, Mumbai Bench for its consideration.
continues to be a subsidiary of the Company.
h) Amalgamation of Angul Energy Limited into and
b) Acquisition of stake in TP Vardhaman Surya Limited
with Tata Steel Limited
In line with the Company’s goal of Net Zero by 2045,
The Board, at its meeting held on September 22, 2022,
to source renewable power and reduce its carbon
approved a scheme of amalgamation of Angul Energy
footprint by replacing partially coal based thermal
Limited (‘AEL’) into and with the Company (‘AEL Scheme’).
power consumption and fulfilling additional power
The AEL Scheme was approved by the shareholders of the
requirement for expansion, on November 6, 2023, the
Company with requisite majority, at their meeting held
Company executed a Share Purchase and Shareholders’
on February 9, 2024. Further, the Hon’ble NCLT, New Delhi
Agreement with Tata Power Renewable Energy Limited
Bench, allowed the prayer of dispensation of holding the
and its wholly-owned subsidiary, TP Vardhaman Surya
meeting of the equity shareholders of AEL.
Limited (‘TPVSL’)
On receipt of approval of the shareholders, the Company
The Company acquired 13,000 equity shares of TPVSL,
filed the ‘Company Scheme Petition’ with the Hon’ble
of face value of H10/- each, at par, for an aggregate
NCLT, Mumbai Bench and Hon’ble NCLT, New Delhi Bench,
consideration of H1.30 lakh constituting 26% of the equity
respectively, with a prayer to sanction the AEL Scheme.
shareholding of TPVSL. Consequent to this acquisition,
On April 18, 2024, the Hon’ble NCLT, New Delhi Bench
TPVSL became an associate of the Company.
pronounced the order approving and sanctioning the
AEL Scheme. The AEL Scheme is currently pending before c)
Acquisition of stake in Neelachal Ispat Nigam
the Hon’ble NCLT, Mumbai Bench for its consideration. Limited
i)
Amalgamation of Bhubaneshwar Power Private During the year, the Company directly acquired equity
Limited shares aggregating to 1.74% in Neelachal Ispat Nigam
Limited (‘NINL’) by way of purchase of equity shares
The Board of Directors of the Company, at its meeting
from minority shareholders. Further, the scheme of
held on November 1, 2023, approved a scheme of
amalgamation between Tata Steel Long Products
amalgamation of Bhubaneshwar Power Private Limited
Limited (‘TSLP’) and Tata Steel Limited became effective
(‘BPPL’), a wholly-owned subsidiary of Tata Steel, into and
November 15, 2023. Accordingly, the investment held by
with the Company (‘BPPL Scheme’). Subsequently, BPPL
TSLP in NINL is now held directly by the Company.
filed the ‘Company Scheme Petition’ with the Hon’ble
NCLT, Hyderabad Bench with the prayer to sanction the As on March 31, 2024, the Company holds 99.66% of
equity shares and entire preference share capital in NINL.
3. Financing and Debt Redemption

a) Issue of Non-Convertible Debentures
During FY2023-24, the Company allotted the following Unsecured, Rated, Listed, Redeemable, Non-Convertible Debentures
(‘NCDs’) to identified investors on a private placement basis:
No. of NCDs Face value (H) Amount (H crore) Date of allotment Coupon Tenure Date of Maturity
2,70,000 1,00,000 2,700 March 27, 2024 7.79% 3 years March 27, 2027

Statutory Reports
The NCDs are listed on the wholesale debt market segment of BSE Limited.
There has been no deviation or variation in utilisation of proceeds of non-convertible debt securities issued.
b) Redemption of Non-Convertible Debentures

The Company has redeemed the following Non-Convertible Debentures on the relevant due date as per their respective
terms of issue:
Amount (H crore) Date of allotment Coupon Date of Maturity

1,000 May 20, 2020 8.25% May 19, 2023 (Since May 20, 2023 was a bank holiday)
400 June 3, 2020 Floating Rate June 2, 2023 (Since June 3, 2023 was a bank holiday)
500 April 30, 2020 7.95% October 30, 2023
c) Credit Rating circular economy, leveraging domestically available

During the year under review, international credit rating scrap steel and promoting value addition within the UK.
agency, Moody’s upgraded Tata Steel’s Corporate Family The Company has commenced statutory consultation as
Rating to investment grade rating from ‘Ba1’ Positive a part of its transformation and restructuring plan of UK
to ‘Baa3’ Stable. The upgrade was primarily driven by business to transition from the legacy of blast furnaces
the strategic direction undertaken by Tata Steel on to a more sustainable, green steel business which would
multiple areas including focus on India growth, the result in securing most of Tata Steel UK’s existing product
new strategic investment in the UK with the aid of the capability and maintain the country’s self-sufficiency
UK Government, conservative financial strategy and the in steel making, while also reducing CO2 emissions.
aggressive deleveraging undertaken by Tata Steel in Subsequently, the Company has also decided to cease
the past few years. At about the same time, S&P Global its operations of the Coke Ovens at the Port Talbot
Ratings reaffirmed Tata Steel’s Corporate Family Rating at plant, in Wales, UK. The Company is under discussions
investment grade rating of ‘BBB-’ maintaining ‘Positive’ with trade unions in the UK on its proposal for the
rating outlook. Tata Steel is now rated investment grade planned restructuring involving closure of the iron and
by both rating agencies. steelmaking assets at Port Talbot, and for subsequent
During the year, the domestic rating agencies, India transition to sustainable low CO2 steelmaking. This is a
Ratings reaffirmed Tata Steel’s long-term credit rating at part of the Company’s commitment to transitioning to
AA+ with ‘Positive’ rating outlook whereas CARE Ratings low-carbon steelmaking and is also a step aligned to the
reaffirmed at AA+ with ‘Stable’ rating outlook. Company’s goal of achieving Net Zero carbon emission
by 2045.
4. Operations Tata Steel UK announced a proposal which would lead to

Transformation from blast furnaces to green the cessation of its existing ‘heavy end’ assets - such as its
steelmaking in the UK and initiation of statutory blast furnaces and coke oven plants – which are reaching
consultation the end of their operational life. During the transition
period and project phase, Tata Steel UK will work
On September 15, 2023, Tata Steel UK reached a
intensively to ensure uninterrupted and reliable supply
historic milestone as it announced a joint agreement
of products to fulfil customer and market commitments
with the UK Government on a proposal to invest in
including through import of additional steel substrate
state-of-the-art electric arc furnace, that would replace
from stable and responsible supply chains to feed its
the two blast furnaces at the Port Talbot site by incurring
downstream units.
a capital cost of £1.25 billion including a grant of up to
£500 million from the UK Government. The proposal As part of Tata Steel’s commitment to advance global
remains subject to relevant regulatory approvals, research and innovation in materials science for a
information, and consultation processes, and finalisation sustainable future, the Company also announced its
of detailed terms & conditions. The project will bolster intention to invest approximately £20 million over
the UK’s steel security and will be the first major step 4 years to set up two additional Centers of Innovation
towards decarbonisation of the UK steel industry, & Technology in the UK at the Henry Royce Institute at
potentially reducing direct carbon emissions by Manchester (for advanced materials research) and at
50 MT over a decade. The proposal would also mark Imperial College London (for research in Sustainable
a transformation in the UK’s progress towards a more Design & Manufacturing).
E. Sustainability International Union for Conservation of Nature (‘IUCN’)
Tata Steel is constantly striving to lead in sustainable and developing Nature-based Solution initiatives (‘NbS’),
practices with commitment to environment stewardship, in alignment with national & international Targets &
social responsibility, and robust governance standards, UN-SDGs. The Company has also constituted Centre of
setting a benchmark for industry peers. The Company Excellence for Biodiversity Management. The bamboo
is committed to align with national commitments on plantation in Jharia is a major step towards becoming
climate change across its operating geographies & Tata a leader in NbS, supporting community livelihood and
Group’s Net Zero 2045 Goal and is working to mitigate sequestering carbon.
climate change transition risk by various initiatives Tata Steel’s Kalinganagar and Meramandali plants
and collaborations. received ResponsibleSteelTM Certification, marking a
Tata Steel India is increasing scrap charge in all steel significant milestone in the Company’s sustainability
making sites. The Company has launched a first journey. Jamshedpur plant was the first Indian steel plant
of-its-kind green supply chain solution i.e., a multimodal to be certified in 2022. In India, Tata Steel produces more
service to move scrap from Chennai to Tata Steel sites than 90% steel from ResponsibleSteelTM certified sites.
within India, using the short sea route, reducing the overall Further, Tata Steel deployed Business and Human Rights
carbon footprint. Tata Steel’s upcoming 0.75 MTPA steel Policy across its sites through extensive due diligence,
scrap-based electric arc furnace, (‘EAF’) Plant in Ludhiana, for 6 identified categories of stakeholders across the
Punjab, India has obtained environment clearance. value chain.
The Company is also increasing its renewable energy mix. Across Europe, steelmakers need government support to
Tata Power Renewable Energy Limited proposes to set decarbonise and Tata Steel is engaging with the Dutch,
up solar & wind hybrid power plant to replace ~379 MW UK, and Welsh Governments on these complex themes.
of Tata Steel’s fossil fuel-based power consumption, to
reduce ~2 MT of CO2 emissions per annum. In Europe, the Group has launched commercial
propositions that allow customers to take a stake in its
Tata Steel India undertook Hydrogen (H2) injection trial at decarbonisation journey, whilst demonstrating their own
the E Blast Furnace at Jamshedpur. This is the first time in contribution to societal CO2 emission reductions. Under
the world that such a large quantity (40% of the injection the brand names Zeremis Carbon Lite and Optemis
system) of H2 was continuously injected inside a blast Carbon Lite for Tata Steel Nederlands (‘TSN’) and Tata
furnace. The trial showed potential to reduce coke rate Steel UK (‘TSUK’) respectively, the propositions are
by 10%, i.e ~7-10% reduction in CO2/tcs. based on carbon ‘insetting,’ where actual emissions
The product sustainability at Tata Steel is being deployed reductions are third-party verified, banked and offered
in 3 aspects: to customers for off-setting their Scope 3 emissions of
CO2. The CO2 savings are subject to verification by leading

Life Cycle Assessment (‘LCA’): This year, LCA study for assurance organisation DNV in accordance with the
Ferro Chrome business was completed and of Iron Greenhouse Gas (‘GHG’) Protocol Project and Product
powder made from by-products is under progress. Accounting Standard. Operation of the CO2 banks is

GreenPro: In FY2023-24, Tata Steel has achieved GreenPro based on a mass balance approach outlined in ISO 22095:
ecolabel certification by CII for automotive flat products 2020. Revenues from the sale of certificates are used to
(HR, HRPO, HRSPO, CRCA and Galvanised) manufactured fund projects generating further CO2 savings. During
across multiple facilities. FY2023-24, both the Zeremis and Optemis Carbon Lite
offerings continued to gain traction amongst customers.

Environment Product Disclosure (‘EPD’): The Company At the end of 2023, TSN launched Zeremis® Delivered, the
has published EPD for Steel Rebars, Steel Hot Rolled Coils solution for customers to receive their steel orders through
and Steel Structural hollow section (‘Tata Structura’). lower-emission transportation methods. The service
Tata Steel is a member of Task Force on Nature Related enables customers to reduce their scope 3 emissions,
Disclosures (‘TNFD’) and supported it in developing along with other emissions linked to the transportation
a risk management and disclosure framework & of their steel. TSN and the Dutch government signed
standard, released in September 2023. Additionally, an Expression of Principles in FY2022-23 to reduce
the Company has two-pronged approach towards CO2 emissions by 5 MT by 2030. In FY2023-24, TSN has
Biodiversity management, viz. covering all sites under submitted its transition plan, embarking next step in
Biodiversity Management Plans (‘BMPs’) developed after this process.
consultation with domain experts, Terracon Ecotech and
Statutory Reports
1. Environment of the public during FY2022-23 and the early part of

Being a responsible corporate citizen, Tata Steel FY2023-24, specifically regarding concerns about odour,
continues to strive for environmental excellence across noise, and dust. These concerns arose primarily in
operations. Towards this, the Company has undertaken relation to issues related to the stability of the two blast
prioritised set of initiatives for environmental protection furnaces at Port Talbot. In response to the complaints,
by addressing environmental concerns associated with the Company examined its processes and operations
its operations and supply chain. The Safety, Health and to ensure it was taking all necessary steps to meet and
Environment Committee of the Board provides oversight go beyond regulatory requirements. In recognition of
and necessary guidance on the environmental matters. the value it places on the feedback received from the
The Company has identified internal teams to take care of local community, it initiated a review of its complaint
environmental requirements and issues at its operating management process to ensure timely and effective
locations, globally. As part of responsible advocacy, the resolution of issues raised by the public. This led to
Company syndicates its stance with key stakeholders the implementation of a revised, improved process. By
on environmental policy matters including regulatory fostering open lines of communication, the Company
issues and actively participates in various national and aims to strengthen its relationship with the community
international initiatives on diverse issues. and address their environmental concerns more
effectively. The Company always has, and always will,
Guided by the Tata Code of Conduct, Climate change deeply value the well-being and prosperity of everyone
policy for Tata companies, Tata Steel’s corporate policies who forms a part of the communities in which it operates.
(environmental policy, energy policy, biodiversity Its commitment to reducing the environmental impact of
policy), the Company endeavours to set steel industry its operations remains resolute.
benchmark in environmental performance. The Company
has achieved significant reduction in its environment During the year, TSN further accelerated the measures
footprint over the years through process optimisation, under the Roadmap+ programme by implementing
asset upgradation and efficiency enhancement to realise measures to reduce dust, noise, odour and other
its commitment as a responsible stakeholder in the emissions. In January 2024, TSN commissioned its largest
community. Towards this, the Company has undertaken environmental installation, a dedusting installation at its
several initiatives in areas of resource conservation, IJmuiden Pellet Plant. The dedusting plant is to reduce
pollution control and waste management, amongst emissions of lead by 70%, alongside reduction in dust.
others. The Company has adopted environment It will be accompanied with a nitrogen oxide reduction
friendly processes, best available technologies, (deNOx), which is expected to be operational in 2025.
real-time monitoring systems and has IT enabled Tata Steel is also building windbreaker screens of about
real-time dashboards to facilitate environmentally 18 metres height and around a kilometre length around
friendly operational control. The Company has the raw material storage facilities, thereby reducing wind
digitised the systems of real-time monitoring of speeds and the associated dust dispersal. Local artist
environmental parameters for faster identification of and residents have been encouraged to participate in
probable environmental impacts of its operations to the design. The windbreaker will be finished in the
initiate mitigating actions for controling environmental second half of 2024. As part of its transition to low CO2
pollution. The Company maintains transparency of its steelmaking, and its discussions with the government
environmental performance through various disclosures regarding state support, TSN has also announced
to stakeholders from time to time. During the year under environmental measures to include in the transition plan,
review, the Company has taken initiatives to retain mainly focussing on reduction of fine dust.
Indian benchmark position of Jamshedpur Steel Works
in specific stack dust emissions and specific fresh-water 2. Climate Change
intake amongst coal-based Blast Furnace – Basic Oxygen Climate change is one of the most pressing issues
Furnace (BF-BOF) plants. the world faces today, and the Company recognises
its obligation to work towards mitigation of climate
In the UK, Tata Steel achieved a re-certification of the
change related risks and strives to reduce its carbon
environmental management system at its main sites
footprint especially of steelmaking facilities across all
to ISO 14001: 2015 and secured ongoing certification
geographies. The Company is committed to be
of its products to the BES6001 sustainability standard.
aligned to national commitments on climate change in
Despite the Company’s efforts, it noted an increase in
geographies, it operates in. The Company is a signatory
the number of complaints received from members

to the Task Force on the Climate-related Financial In November 2023, Tata Steel UK completed installation
Disclosures (‘TCFD’) and has identified transition risks of a £5m furnace upgrade project at Corby, which will
and opportunities. Specific mitigation and contingency result in a 16% reduction in process energy demands
plans for each of the identified risks have been integrated for the site’s largest energy user and ensuring reliable
within the Company’s long-term strategy. manufacturing of Celsius products for the future by
replacing the combined gas and electric furnaces with
The Company is collaborating with a wide range of
modern state-of-the-art electrical induction units.
organisations in developing the ecosystem to mitigate
climate change transition risk. To move closer towards During the year under review, Tata Steel has taken
lower carbon pathway, the Company is working towards initiatives to retain its global benchmark positions in CO2
installing gas-based Direct Reduction Iron (DRI) and be intensity (scope 1&2) of IJmuiden Plant in Netherlands
future-ready in use of hydrogen. The Company continues and Jamshedpur Steel Works in India amongst BF-BOF
to work towards integrating hydrogen gas in iron making based steelmaking facilities. This has been enabled
processes as a non-fossil fuel and reductant. In India, the due to increase in use of recycled scraps in steelmaking
Company is pursuing its efforts to reduce Greenhouse and renewables in the energy mix which have lead to
Gases (GHG) intensity of business by improving improving energy efficiency of production processes and
resource efficiency through adoption of best available multiple improvement initiatives across value chain.
technologies and good practices which includes
TSN has a public commitment to reduce its CO2
measurement, analysis, reporting review, target-setting
emissions by 5 Megatons by 2030. In the previous year,
and engagement with key stakeholders on related issues,
TSN submitted a request to the Dutch government for
experimenting with sustainable alternatives of fossil
‘Maatwerk’ support (a tailor-made support package) to
fuels, and stakeholder collaborations.
enable the first phase of its decarbonisation plan. An
Tata Steel strives to retain benchmark positions in GHG improved Green Steel Plan with an enhanced focus on
intensity of IJmuiden globally and Jamshedpur Steel reducing the impact on our environment and making TSN
Works in India amongst BF-BOF based steelmaking more circular was submitted to the Dutch government
facilities. Enhanced use of electricity from renewable in November 2023. The Company is committed to
sources in electricity mix, energy efficiency of production transitioning in a phased manner out of blast furnace
processes and multiple improvement initiaives operations to steel making using direct reduced iron
across value chain including logistics (shipping and technology and electric smelting, with an eventual
transportation), Steel Recycling Business amongst others transition to Green Hydrogen depending on availability
in India are key enablers in pursuit of intermediate goal and economics. It is currently engaged with multiple
of 2030. technology and engineering partners to complete
detailed evaluation and engineering, implementation
At IJmuiden, the Company pursues major decarbonisation
planning and costing of the project.
plan to achieve quantum reduction. The Company
has also embarked upon the implementation of its
3. Health and Safety
decarbonisation plans at Port Talbot plant in UK.
Tata Steel places health and safety at the forefront of it’s
During the year, plans were announced for a £1.25bn responsibilities. The Company is committed to zero harm
investment to transform the UK business, moving from at the workplace. Health and Safety Management are
blast furnace to EAF technology. This will significantly integrated into the Company’s annual business planning
reduce the overall carbon footprint, reduce direct CO2 process and cascaded down to ensure accountability at
emissions by ~90%. It will also ensure an increase in the all levels. Additionally, the Company also has a robust
amount of recycled content of the Company’s steel and governance structure, overseen by the Safety, Health,
reduce the amount of scrap exported from the UK. and Environment Committee of the Board, working in
Energy and carbon reduction implementation is tandem with the Apex Safety Council. These directives
progressing in many of the Company’s sites which permeate through sub-committees and Divisional
is complimented by ISO 50001: 2018 accreditation. Implementation Committees, chaired by members of
Hartlepool, Catnic and Corby sites achieved this standard the Senior Management.
within the year, joining Shotton who already held the Tata Steel has significantly enhanced it’s safety
standard and have progressed key projects including site leadership capabilities, embraced digital innovations
wide LED lighting upgrades, saving 57.3% and a furnace in safety practices, and strengthened contractor safety
recuperator upgrade on the galvanising line saving.

Statutory Reports
management standards. The Company’s focused efforts Tata Steel received the ‘Safety and Health Excellence
on hazard identification, risk management, road and rail Recognition 2023’ from the World Steel Association for
safety, process safety management, and occupational ‘Real-time visualisation of risk movement’ under the
health have made considerable advancements in Process Safety category. Process Safety Management
enhancing the safety risk sensitivity across Tata Steel. To was rolled out in High Hazard departments of Tata Steel
institutionalise cross-learning between four Tata Group Gamharia, erstwhile Tata Steel Mining (now amalgamated
Companies, a safety workshop with senior leadership with the Company) and NINL. To develop exemplars in
and the Group Chairman was organised. process safety, certification programs were conducted
via School of Excellence and National Examination Board
During the year under review, the Company undertook
in Occupational Safety and Health (‘NEBOSH’).
several initiatives, including the successful establishment
of Safety Alert Command Centre. This initiative has paved Fatality of contract employees has been the topmost
the way for the scalable implementation of innovative safety concern for the Company. It is with deep regret
safety measures such as video analytics, and connected that the Company reports 5 fatalities during the year
workforce. Tata Steel India’s Safety Management System under review. The Company has rolled out the revised
IT portal has been upgraded to EnsafeNxt, whereby Life-Saving Rules designed for manufacturing units,
digital alerts are also connected to uniform review and construction sites, and mines to enhance safety discipline
escalation mechanism. Integrated Safety Performance across locations. The Company has launched hazard
Index (‘SPI’) was rolled out to review the performance of specific safety campaigns viz. ‘Know your Personal
departments on important Key Performance Indicators Protective Equipment’s’, along with focused safety
in safety to improve organisation’s overall safety culture. campaign on ‘Manual Tasks and Tools’ at Jamshedpur and
Meramandali locations. Initiatives like Felt Leadership
To promote positive safety culture throughout the
2.0 and the transformation of 86 safety standards into
organisation, 4th edition of Safety Health & Environment
e-learning modules underscore Tata Steel’s commitment
Excellence Awards, 2023 was organised with the theme
to widespread safety knowledge dissemination. Lost
‘Values Driven Excellence’. This event aimed at recognising
Time Injuries (‘LTIs’) at Tata Steel (India & South-East
& rewarding the efforts of employees, contractors, and
Asia) have reduced by 8% from the previous year. Tata
departments in the field of Safety, Health, Environment,
Steel Jamshedpur achieved 35% reduction in LTIs.
and 5S & Visual Workplace Management (‘VWM’).
A Chief Wellness Officer was appointed during the year
For addressing road safety risks, Tata Steel has developed
to drive focus towards Occupational Health initiatives.
Model Heavy Vehicles Parking areas and Transport Parks,
‘Wellspring’, Tata Steel’s Health & Well-being App was
implemented technological interventions such as a
rolled out for all the employees, covering physical
Driver Fatigue Monitoring System, dump-body raised
well-being, nutrition, health promotion & emotional
interlock, and Anti-tilt mechanisms across all Dumpers
well-being. Industrial Hygiene assessment was completed
covering 100% of heavy vehicles plying inside works.
in 14 departments of Jamshedpur, Kalinganagar and Raw
An integrated command centre is being developed for
Material locations. Ergonomic assessment was completed
effective control over the fleet through live monitoring
in 24 departments of Jamshedpur, Kalinganagar and Raw
of heavy vehicles plying inside and analysing feeds from
Material locations.
Driver Fatigue Monitoring System. The competency
development of heavy vehicle drivers through a In the UK and the Netherlands, Health and Safety
simulator-based training facility has been commenced at continues to be of utmost priority. In the UK, the
Jamshedpur, Meramandali and Raw-Material locations. business currently operates an internal 15-Principle
health and safety management system but has started
The ‘Contractor Safety Management Standard’ has
its transition towards a certified health and safety
been fully implemented across all sites and is now
management system ISO 45001: 2018. Currently, three
being deployed at NINL. For strengthening oversight
units have achieved certification with plans in place for
management of Operation & Maintenance (‘O&M’)
the rest of the business to transition. During FY2023-
contracts, a guideline was formulated and quarterly
24, Tata Steel UK deployed a health and safety annual
audits of all 102 O&M vendors across locations were
plan with a focus on three key areas viz; occupational
carried out. Focused initiatives for the upgradation of
safety, process safety and occupational health &
skill-certified workmen and supervisors from Silver to
well-being. Improvements were made in relation
Gold and Platinum at all locations were carried out.

to the management of significant hazards through 4. Research and Development
isolation and immobilisation in the deployment of a Tata Steel R&D and Technology division establishes the
so-called ‘one person one lock’ approach, cranes and technical underpinnings essential for organisation’s
lifting standards, functional testing, workplace transport sustainability and enduring success. The division achieves
and initiation of digital permitting. From a process safety this by fostering innovating thinking and continually
perspective, the Company submitted a site safety report enhancing products and processes. Tata Steel possesses
for the main steel making site at Port Talbot as part of its R&D capabilities across the steel value chain starting
Control of Major Accident Hazard (COMAH) obligations. from raw materials/mining to final products/solutions.
It continued to improve knowledge and competence on
process safety leadership through targeted interventions Along with R&D Centre at Jamshedpur, the Company
and course across the business. In terms of occupational has initiated measures to extend its footprint not
health and well being, the change in the business only nationwide but also on a global scale. During
awareness and activity continued at pace with a health the year under review, Tata Steel inked Memorandum
and well-being hub established, 380 mental health first of Understanding with the Imperial College London
aiders trained and increased levels of engagement and and The Henry Royce Institute to set up centres of
interventions on a range of health and well-being topics. innovation. The centre at Imperial College London is
Safety leadership continues to be demonstrated with focused on Sustainable Design and Manufacturing and
through senior leadership, audits, across the business. enables the acceleration of technology development
and deployment in strategic areas, attract talent,
To further improve the level of safety on TSN sites, and strengthen the industry-academia collaborative
TSN is implementing an additional strategy to create a eco-system. The innovation Centre at the Henry Royce
pro-active safety management culture regarding unsafe Institute aims to accelerate research on advanced
behaviour. In addition to keeping an eye on incidents materials along with the broader UK innovation
(safety issues), more focus is created on the positive eco-system involving multiple universities, catapult
aspects of safety: the circumstances and moments in centres and the National Health Service.
which work runs smoothly and safely. In that way the focus
is on looking for causes and conditions that contribute to As a part of the ongoing efforts to decarbonise the
safe operations. As a result of this, risks are eliminated. steel sector, Tata Steel has executed the trial injection of
Next to this, attention is paid to role responsibility, as hydrogen gas using 40% of the injection systems in ‘E’
well as continuing to manage risks and maintaining Blast Furnace at its Jamshedpur Works. This was the first
dialogue regarding healthy and safe working practices. time in the world that such a large quantity of hydrogen
An important aspect of this strategy is safety awareness gas was continuously injected in a blast furnace. Another
among employees, regarding both themselves and key implementation on sustainability this year was
their colleagues, and associated behaviours and SMART solution package for cooling tower. The machine
communication. With this approach, a link is made with learning algorithm-based solution has resulted in
TSN’s three leadership principles, Connect, Change and substantial improvements in energy efficiency, reduction
Care, in underlining the responsibility of the individual in carbon dioxide emissions, water savings, operational
for safety. Furthermore, TSN is implementing a health expenses without causing any operational disturbances.
roadmap, with the vision: ‘We work in optimal conditions The project won the ‘Energy Transition Changemakers‘
to be able to live and work in a healthy and vital way’. This award during COP 28.
shared vision emphasises the importance of sustainable With focus on customer centricity, Tata Steel has
employability and preventive sickness absence. developed an engineered polymer coating solution
Both at TSN and TSUK, an integrated health and safety that make 7-tanks pre-treatment process redundant.
management system ensures a consistent approach This technology is mainly developed for Cold Rolled Steel
to health and safety throughout the organisation. and can be directly applied without any pre-treatment
The Health and Safety Management System follows the or primer coatings. Integrating sensors into production
Plan, Do, Check, Act management model, which is a processes is gaining momentum in manufacturing
process of continuous improvement. industry as it enables enhanced monitoring, analysis
and optimisation of parameters, ultimately contributing
to increased efficiency and quality control. Amongst
several notable implementation on sensorisation front,
R&D developed Fiber Bragg Grating based sensors

Statutory Reports
system and deployed it for real-time monitoring of TSUK is also working on a strategic UK government-
tundish condition. The system is designed to improve funded Catapult partnership project with Warwick
productivity and safe operations. Manufacturing Group (‘WMG’) at Warwick University.
Under this partnership, TSUK is focussing on the
The emphasis on establishing technology leadership
following:
precipitated in filing of 142 patent applications and grant
of 395 patents, marking the highest tally in history, and » Innovative solutions for the UK packaging sector.
underscoring a dedicated commitment to innovation. The objective is to develop high-strength,
R&D won several prestigious awards this year including double-reduced packaging steels with strengths
Asia IP Elite 2023, CII Innovation award, CII Industrial IP 600 to 750 MPa and elongation ~5%. These steels are
Award, Energy transition change maker award COP’28 for vital for the Easy Open End (‘EOE’) and aerosols market,
smart cooling tower, and R&D 100 award for 5 TPD CO2 offering comprehensive solutions within a gauge
capture from Blast Furnace. range of about 0.15-0.25 mm. Increased strength
and ductility will facilitate further downgauging,
Tata Steel UK (‘TSUK’) produces approximately 6
potentially reducing CO₂ emissions by approximately
million tonnes of carbon dioxide (‘CO2’) annually and is
1% per can. TSUK and WMG are filing a patent for
committed to reducing its carbon footprint. The effort
this new microstructure, aimed at the high-strength
to reduce this footprint has been two-fold. The first is
packaging industry aligning to the EN10202:2022
the closure of the heavy end operations through the
packaging standard.
Blast Furnaces route and the investments in the EAF
technology. With this, almost 90% of the CO2 emissions » Support to TSUK’s decarbonization strategy;
would be addressed. The second is the continued efforts particularly aligning with the EAF operations and
to work on technologies that enable further carbon increasing scrap content, which will influence elements
capture and storage/utilization CCU/S– both at Port like copper, nickel, tin, and chromium. Pilot work
Talbot as well as the downstream operations. has been conducted to study the impact of residual
elements on material properties. A comprehensive
With the transition to EAF technology, increased
approach is being adopted that integrates residual
utilisation of the UK’s scrap resource is going to be key.
effects in the development of low-carbon formable
With this in mind, TSUK has continued its involvement
steel grades.
in the UKRI funded SUSTAIN and RECTIFI Partnerships
working with universities and other industries to develop » In line with developing a supply chain for packaging
the foundations for future steelmaking. The focus on laminates in the UK, laboratory-scale extrusion and
scrap utilisation has led to the development of tools lamination of new polymer materials on tin cans are
for the current processes studying the instances of being explored. In collaboration with TSN, equipment
loss of containment from hot metal charging. This has for producing sanitary and easy-open can lid ends has
directly led to a deeper understanding of the UK scrap been developed.
supply whilst also aiding process stability. The ongoing
In June 2023, TSUK R&D organised STIR (Stimulating
commitment to CO2 reduction has led to utilisation of
Innovations in Research) in hybrid mode to discuss and
various scrap types in our blast furnaces. TSUK has also
deliberate research and technology themes pertinent to
actively studied the replacement of fossil carbon in its
the TSUK towards its journey of Net Zero, Circular Economy
coal injection facility by biomass in collaboration with
and Sustainable Product Portfolios. This was followed up
Aberystwyth and Cardiff Universities.
in December 2023 when TSUK hosted its inaugural UK
TSUK continues to participate in yet another UKRI Innovation Awards. The event saw 74 nominations and
funded project, titled Flue2Chem. This project offers recognized around 300 colleagues across five categories,
a unique opportunity not only to test higher capacity including the prestigious Chris Elliot Innovation Prize for
carbon capture technology but also to develop and significant cross-functional innovations.
validate a new business model and capability, to enable
With the adoption of the EAF technology, TSUK is actively
the utilisation of waste gases to generate feedstocks
working on new research and technology areas e.g.
and chemicals for use in the production of consumer
Artificial Intelligence and Machine Learning for scrap
products in the UK. Tata Steel has also partnered on
beneficiation; Optimisation of Residuals in Scrap for
the UKRI funded Com-2-Coat project. The project has
advanced steel grades.
developed digital tools for creating energy-efficient and
resource-efficient functional coatings for steel - specially In Tata Steel Netherlands (‘TSN’), 82% of the R&D
antimicrobial spray coating. technology programme was developed under the

Research Portfolio Committees (‘RPCs’), which oversee » Sustainable Nickel-Plating Technology: Developed
process and product market sector advancements. The a new technology for nickel plating that avoids
remaining capacity was allocated to the Strategic Thrust toxic by-products, crucial for the electrification and
programme, covering projects including: hydrogenation industries.
» DENS (Digitally Enhanced New Steel) Programme: » AI-Optimised Ladle Logistics: Using AI to minimise
Partnering with selected universities, this initiative heat loss during hot metal transfer, reducing CO2
accelerates new product development through emissions and allowing for additional scrap intake.
small-scale experiments that feed into models
» New Reheating Furnace Control System: Adapted
applicable at an operational scale. The DENS model
an in-house control system for better product quality
predicts end-product mechanical properties from
and reduced fuel consumption and emissions.
composition and process conditions. It has been
calibrated to translate laboratory conditions to real » Galvanising Process Enhancement: Developed a
mill processes. galvanising process without submerged stabiliser
rolls, improving yield and quality.
» DEPMAT (Data Enhanced Physical models
to reduce Materials use) Programme: This » Coating Weight Control Model: Implemented a new
collaboration develops hybrid physical/data models control model for coating weight, resulting in better
to extend the DENS approach to explore mitigation product quality and reduced zinc consumption.
of the negative effects of increased scrap usage on
» New Sensing System: Installed a sensing system in
required mechanical properties of strip products.
the hot strip mill’s run-out table, providing real-time
» Heat Recovery: Investigating methods to recover and data to optimise cooling processes and quality across
reuse heat losses during production, in collaboration the product portfolio.
with the environmental department at IJmuiden.
The Tata Steel Group strategy focuses on developing new
» Dust Characterisation: Collecting dust samples steel products for automotive, engineering, construction,
in the surroundings of Tata Steel IJmuiden site to and packaging sectors. Key initiatives include:
determine root causes.
» Valast Products: Demonstrated the superiority
» Market Development: Investigating new of abrasion-resistant Valast products for heavy
developments such as the Einstein telescope, battery engineering applications.
cases, and new steel concepts with higher strength
» Battery Box Cover Material Analysis: Conducted
and formability. Studying the effects of high scrap
material analysis for EV battery box covers, ensuring
contents on high-strength and clean steels.
high formability and thermal safety.
» HIsarna Technology: Engineering for upscaling to
» Hydrogen Cracking Testing Method: Developed a
1 million tonnes/year demo plant started in FY2021-22
testing method for assessing advanced high-strength
and continued through FY2022-23, in collaboration
steel sensitivity to delayed hydrogen cracking.
with a team in Jamshedpur, India. In FY2023-24, three
plant trials were conducted, including the ‘Reclamet’ » Zinc Wear Sensitivity Prediction: Created a
project for recycling zinc-coated steel scrap. procedure to predict sensitivity to zinc wear, aiding
in product portfolio expansion.
» Data Driven Steel: Connecting to Advanced Analytics
to develop data-intensive through-process solutions. In FY2023-24, TSN launched and commercialised 11 new
products, including:
The FY2023-24 process technology programme focused
on lean and robust manufacturing, better raw material » AR400 Valast Product: Extended the engineering
usage, and quality issue resolution. The programme portfolio with the widest strip product on the market,
supports the Group’s manufacturing and differentiated offering superior quality and increased hardness
product strategy. A decarbonisation programme is now and strength.
embedded in the RPC structure, supporting TSN’s goal
» DP800-GA Automotive Product: Enhanced the
of implementing a green hydrogen steelmaking route
automotive portfolio with a product used by Toyota
and optimising new DRI-based production routes. Key
for stronger, lighter car bodies.
achievements include:

Statutory Reports
» Non-Grain Oriented Steel for Electro Motors: diameter Longitudinal Submerged Arc Welded (‘LSAW’)
Commercialised NGO steel for electro motors, enabling pipes. Development of YS700 grade [ISH 750LA] with low
vehicle electrification with a lower CO2 burden. temperature [-40°C] impact toughness guarantee using
a lean chemistry for high-end lifting and excavation
» Polymer-Coated TCCT Material: Developed a
equipment is a significant development leading to
consumer-friendly, sustainable material for food cans,
import substitution and self-reliance.
in collaboration with a customer.
In Cold Rolled and Coated Products technology, the
TSN is rethinking its new product development process
Company has secured PV approvals for continuous
to support a green future, continuing to develop new
annealed bake hardened steel for exposed panels and
products with customers while redesigning processes
DP590 + DP780 for crash safety components. Tata Steel
for greener steel production. In FY2023-24, first insights
specifically focussed this year upon increasing product
have been gathered regarding the impact of our aspired
reach and flexibility (both Automotive and Branded
future asset base on the makeability of our current
Products) through utilisation of alternate, technically
product portfolio. The coming years this journey will
equivalent process routes. In the Long Product segment,
continue together with our customers to ensure we will
the Company has developed high strength, high ductility
deliver green steel qualities which enable our customers
Fe 600SD rebars with UTS/YS > 1.15 and high %El [14.5%
to deliver sustainable products.
min] for seismic resistance applications. In addition, high
strength high ductility 7mm and 9mm air cooled rebars
5. New Product Development
have been developed with superior weld shear strength
86 new products were launched in India during the for welded wire mesh application. Corrosion Resistant
year. In line with prospects in mass mobility by electrical Rebar (CRS) 550D has been developed in coil form to
power, Tata Steel has developed hot rolled substrate cater to cut and bend sector. Addressing the customer
of high silicon electrical steel. With the objective of requirement of eliminating wire breakages while
enriching the product mix from Tata Steel, product drawing to 0.80mm continuous welding wire, a new
development efforts were undertaken for automotive grade WR3M[N], 5.5mm wire rod has been developed.
industry and exports. Structural grades like S355JR and High diameter wire rod [13mm] for LRPC application has
high strength S550MC grades were developed. In lifting been developed to meet the mandatory requirement of
and excavation segment, grades with low temperature BIS norms for PC strands.
[-20°C] impact toughness, e.g. S275J2, S355J2 and high
strength structural steel like HS620 were successfully In Tata Steel UK (‘TSUK’), 8 new products were launched
developed. For exports, structural grades S235J2, S275J2 during the year. These launches cover a wide range of
and S355J2 were developed. In 2023, Tata Steel obtained high value products and end applications for automotive,
‘Green-Pro’ certification in automotive steel. manufactured goods, infrastructure and construction
markets focussing on UK and export opportunities.
In Oil & Gas segment, API X60-sour for Electric Resistance During the year under review, the Company launched
Welding (‘ERW’) application and X52-sour for Helical a new ComFlor™ and RoofDek products containing the
Submerged Arc Welding (‘HSAW’) application, have MagiZinc™ substrate for construction applications. These
been developed. The developed grades meet the products provide increased durability and improved
stringent sour service criteria of Hydrogen Induced service performance due to superior corrosion resistance
Cracking, Sulphide Stress Cracking and Stress Oriented offered by the novel Zinc – Aluminium – Magnesium
Hydrogen Induced Cracking along with low temperature coating. In the packaging sector, TSUK launched new
toughness requirements. Further with an endeavour to specialist steel grades for aerosol and welded food can
move towards hydrogen-based economy, Tata Steel applications, helping customers to meet sustainability
successfully produced API X-65 Sour grade at plant scale. targets either through improved container performance
The processed tubes exhibited excellent HIC (Hydrogen or lightweighting. Further, TSUK continued to develop
Induced Cracking) and SSCC (Sulphide Stress Corrosion the MagiZinc product offering and successfully launched
Cracking), in addition to the mechanical properties. The a range of highly formable grades for automotive
grade is now getting tested for fracture toughness in end applications
high pressure hydrogen environment.
In the Netherlands, the Company has launched 11
In commercial order execution of API grades, GWT new products across the Automotive, Engineering
matrix for API X65 and X70 has been extended towards and Packaging markets in FY2023-24. The engineering
thicker and wider sections to cover HR plates for large portfolio is extended with the AR400 Valast product,

which is the widest strip product on the market with In B2B Industrial segment (Industrial Products, Projects
superior surface quality. Further, the IJmuiden hot strip and Exports), the Company has focused on ‘India growth
mill can roll two meter widths of high quality material story’ led opportunities across Railways, Infrastructure,
and the Company’s unique decoiling facilities add Construction, Energy and Urbanisation. Customer
flexibility and tailored lengths. This product is being collaboration initiatives such as ‘Customer Service
used in agricultural and heavy vehicle production Teams’ and VAVE in chosen segments have created
and its increased hardness and strength quality offer the differentiation at marketplace, which have been
lightweight trough design. well supported by accelerated product developments,
service enrichment and fast-track complaint resolution.
Tata Steel’s automotive portfolio is enriched with
‘Wired2win’, a knowledge sharing platform for Wire
the DP800-GA product, which offers a differentiated
Rod ecosystem continued to provide the guidance to
development opportunity within the galvanised
stakeholders on emerging trends, addressing challenges
portfolio. It is currently used by car brands to strengthen
and upcoming opportunities.
and lightweight their existing car bodies. With increased
strength in passenger safety cells, this product offers In B2B Construction Segment, Tata Steel has focused
weight saving opportunities of up to 15%. on the customised solutions space which is being
developed with structural steel and provides modular
In close collaboration with its customers, the Company
offerings, design services, etc. to generate value for
developed and commercialised a Protact polymer
customers in terms of time, cost, and manpower
coated Trivalent Chromium-Coating Technology (‘TCCT’)
savings. The Company has collaborated with academia
deep drawing packaging material. This led to a complete
and industry bodies like constructsteel and Institute for
redesign of the customers' food can. The material
Steel Development and Growth (‘INSDAG’) to increase
enables an even more consumer-friendly application and
awareness on the potential of construction solutions
is more sustainable as it is tin free and REACH compliant.
in various segments. In FY2023-24, customer focused
The TCCT material is produced by a Cr6+-free production
initiatives such as ‘Building Bonds’ and ‘Converse to
method. Another newly introduced packaging product
Construct’ events were organised to facilitate the
is Protact for Beverage. The material is used to introduce
interactions of channel partners, end-customers, and
reusable and recyclable party cups to replace single use
influencers with the senior leadership of Tata Steel.
plastic cups.
Four state-of-the-art ‘Downstream Construction Service
Centres’ were launched in Bhubaneswar, Ghaziabad,
6. Customer Relationship
Vijayawada, and Ludhiana to enhance the Pan-India
In FY2023-24, Tata Steel has reinforced its commitment customer service in construction segment.
to customer centricity by developing new capabilities
and capacities to bolster its presence in value-added In flat products MSME space, Tata Steel serves around
segments. Furthermore, the Company has instituted 10,000 SME customers across 80 microsegments
digitally enabled processes across the value chain regularly. In FY2023-24, we have supported growth of
and integrated Artificial Intelligence (‘AI’) into MSMEs in export markets and have initiated design
customer-facing operations to enhance the customer of low CO2 steel for the EU value chain. To generate
experience. consumer insights in fast-growing Railways and Agri
equipment segment, engagement platforms – RAILCON
The Company continued to strengthen the relationship and AGRINEXT were launched.
with B2B automotive Original Equipment Manufacturers
and their value chain partners. The Company continues In B2C segment, Tata Steel’s flagship Rebar brand, Tata
to invest in new facilities and develop advanced Tiscon has connected with over 60,000 consumers under
high-strength steel grades to support the shift towards the ‘Golden Home Consumer’ initiative. A consumer
sustainable, lightweight vehicles and improved fuel testimonial series - ‘Stories of Joy’ was curated to capture
economy, which has resulted in highest-ever sales the home building journey of retail consumers. To enrich
of automotive high-end products in FY2023-24. the customer service with best-in-class practices, Tiscon
Additionally, Tata Steel focused on advanced technical Learning Academy, an online learning platform was
service offerings like Vehicle Teardown & Benchmarking launched for over 800 channel work force to upskill the
Services and Value Analysis and Value Engineering sales team. Tata Tiscon also introduced ‘Daksh’, a dealer
(‘VAVE’) to develop value-creating partnerships with sales officer training programme. The brand has also
discerning customers. strengthened its Tiscon Grand Master programme for
ACE (Architects, Contractors and Engineers) community.

Statutory Reports
Over 3,600 new ACEs have been onboarded, achieving the energy transition, the Company engaged extensively
highest-ever sales through ACEs in a financial year. to drive forward development projects in offshore wind,
An Engineers and Architects summit, Constructing solar and Hydrogen applications.
Responsibly (‘Core’), was also organised for knowledge
TSUK took the leading role at UK Metals Expo, the
sharing by distinguished speakers, recognition of
premier annual event for the metals processing industry,
outstanding performers and to showcase Tata Steel’s
sponsoring and delivering thought leadership around
diverse construction product portfolio. Tata Steel
supply chain value creation and sustainability topics.
Aashiyana, India’s largest e-commerce platform for
Further, it also extended its reach into global markets
home-building segment, has reduced the transaction
with its Colorcoat® branded products and continued
time by 20% with analytics-based insights to simplify the
strong performance from its Organic Coated Steel (‘OCS’)
consumer’s purchase journey. This has led to 72,000 new
business was supported by a relaunch of its guaranteed
customers (71%, y-o-y) and increase of NPS score to 65 in
Colorcoat® product range to include Photovoltaics in UK
FY2023-24 from 59 in FY2022-23.
and mainland Europe.
In B2C flat products space, Shaktee-Kosh Rewards,
Building on the success of the Seismic project (utilising
an app-based loyalty programme was extended
a ‘kit of parts’ approach to construction) the Company
to fabricators, to create a close-knit ecosystem and
collaborated to develop standardised, high quality,
enhance consumer reach. Learners Academy, an
healthcare clinics, with potential to expand globally and
app-based learning platform was enhanced to use AI
to other building typologies. Further, the Company’s
based coaching for building technical and managerial
Optemis Carbon Lite offering achieved strong growth
skills of 300 sales force.
during the year and won the prestigious Tata Innovista
Steel doors and windows solution brand ‘Tata Pravesh’ Award for Implemented Innovations.
has consolidated its position as the No.1 brand in the
The Company’s e-commerce portal, Nexus, expanded
segment, installing approximately 1,45,000 units.
its reach by launching to Tubes UK customers, enhanced
‘Tata Pravesh’ continued to deliver superior customer
its service offering plus added online sales for Arisings
experience through its augmented IT-infrastructure
Engineering, Automotive, General Sales & Tubes UK.
and best-in-class industry practices through Authorised
Service Centre – ‘SmartCare’, doubling its presence in In the Netherlands, the Company maintains its
FY2023-24. The brand expanded its Privileged Dealer differentiation strategy, which aims to increase the
programme network to around 500 outlets. proportion of high margin differentiated products. As
part of the strategy, the Company continued to launch
Nest-In, Tata Steel’s smart steel-based modular
various new products in Europe during the year across
construction solution has integrated Salesforce.com, a
its key target markets. In the digital area, the Company
Customer Relationship Management system with project
continued its strategy to improve customer experience
management systems, ensuring seamless data flow to
through e-Commerce platforms Nexus and Arisings, as
internal stakeholders in real-time. MobiNest solution was
well as further developed digitally enabled services to
upgraded with improved aesthetics and material options
support customers to perform in their markets.
to cater to growing demand in the premium segment.
The Company progressed its commercial sustainability
In the UK, the Company continued to strengthen and
strategy, strengthening its Zeremis branded sustainability
deepen engagement with its customers, to grasp
offerings. In addition to a mass balanced low CO2 steel
new opportunities and ensure customer retention
offering through Zeremis Carbon Lite, the Company
and satisfaction. This included creating a positive and
launched a second insetting solution, called Zeremis
forward-looking narrative around the Company’s vision
Delivered, for low CO2 transport of steel to its customers.
for a competitive, sustainable and low-carbon steel
supply chain that will result from the transition to new 7. Digital Transformation
steelmaking technologies, announced during the course
Tata Steel has identified ‘Digital Leadership in the Steel
of the year.
Industry’ as a Strategic Enabler aligning to the Company’s
As part of its commitment to the Carbon Disclosure long-term strategic vision. For this, starting 2018, Tata
Project and its overall climate change strategy, the Steel embarked on a business-KPI, and value-driven
Company has engaged widely with customers on business transformation achieved with an Industry-
decarbonisation of steel in general, and its UK journey in standard 7-layer technology architecture through
particular. To maximise the opportunities for steel within

progressively significant investments in Cloud, Data and Connected People: A Connected Workforce Platform
Artificial Intelligence (‘AI’). ‘Suraksha’, enables workers safety through geo-fencing
across Tata Steel Limited, with workforce visibility and
The foundation of the transformation is a secure,
AI-generated insights and alerts on potentially unsafe
multi-tenanted cloud and connectivity that enables
conditions based on process, people, and equipment
‘always-on’ business. The Company is now driving
data along with video analytics on to detect real time
synergy with a templatised ‘mother’ IT architecture
violation and process deviation to prevent unsafe
which enables standardised enterprise systems and
incidences. Actionable alerts are brought together and
business platform across businesses and geographies,
tracked to closure on the insights layer on the MyPass
laying the groundwork for efficiency and scalability with
Application, launched in FY2023-24.
Plug-n-Play Mergers and Acquisitions, as evidenced
in the seamless mergers of multiple Tata Steel group Connected Transactions: Connected Transactions
companies with Tata Steel in FY2023-24. are standardising and simplifying the organisation
and driving down costs through consolidation of
The Connected Business Platforms - Connected
business processes of global entities. In FY2023-24, the
Assets, Operations, People, Transactions, Processes
Company’s Central Finance platform facilitated financial
and Customers - are creating new business models and
closure across Tata Steel Group Companies in India and
data-driven decision-making on a data layer that ensures
South-East Asia, streamlining reporting, enabling
a ‘Single version of truth’. The quantifiable data volume
planning scenarios and reducing compliance risks across
has increased from about 6 Terabytes in FY2018-19 to 8
the group.
Petabytes in FY2023-24.
Connected Processes: Connected Processes focus on

Connected Operations the Connected Operations
optimising the supply chain through better planning
platform is Tata Steel’s initiative for making mining and
across our Supply Chain. In FY2023-24, Tata Steel
manufacturing operations more intelligent, remote,
completed the first stage of Integrated Supply Chain
and location-agnostic and safer with Integrated Remote
Management, which will give the Company an end-
Operations Centres (‘iROCs’) where the Company can
to-end view of the entire supply chain and help Tata
run operations far from the plant, a first in the Indian
Steel achieve a global optimum by forecasting and
steel industry. Remote Operations are enhancing
planning the costs and availability of raw materials,
synergies both within individual plant operations,
workforce engagement, production schedules, and
and with other plant operations, while enabling talent
market demand.
and expertise availability irrespective of location.
In FY2023-24, Tata Steel has made a significant portion Connected Customers: The Connected Customers

of the Iron-making operations in TSJ remote with the platform aims to revolutionise customer engagement
launch of Integrated Coke Plant Remote Operations through the Company’s digital platforms for B2B, B2ECA
Centre to add to the Company’s current iROCs for and B2C. In ‘Aashiyana’, Tata Steel’s B2C platform serving
Agglomerates, operating >10km away from the sites, home building needs, Tata Steel added conveniences of a
along with Mines being supervised from >300kms away. multilingual interface and cash on delivery in the Digital
Customer Platforms and driving a personalised customer
Connected Assets: Sensorisation needs were identified

engagement through platforms like Whatsapp.
across manufacturing and mining that would enable
Predictive Maintenance for assets, starting with Artificial Intelligence: In the last 5 years, the Company

mission-critical equipment. In this journey, Predictive has built over 550 AI models for enhancing Yield, Energy,
and Prescriptive AI models have helped avoid almost Throughput, Quality and Productivity, stakeholder
1,350+ hours of potential delay, building up to centralised experience, safety, and sustainability. The Company
maintenance expertise in an Integrated Maintenance has invested a lot in cutting-edge generative AI
Excellence Centre (iMEC) launched in FY2023-24. platforms which are now powering automated insights,
conversational interfaces and addressing hard-to-solve
Together with connected operations, Tata Steel now has
use cases by combining the abilities of conventional
location-agnostic industry templates for manufacturing,
(mathematical) AI with the creative capacities of
mining, and maintenance, and Tata Steel will be
Generative AI. AI has been essential for business
delivering greater value from this synergy through
transformation in FY2023-24. Tata Steel completed over
increased usage of Data and AI for intelligent operations
100 projects that used AI, with some notable examples
and maintenance.
like CO2 emissions prediction model that received an

Statutory Reports
award from the President of India at the National Energy towards its CSR activities and positively impacted over
Efficiency Innovation Awards. The Company heavily 4.4 million lives through its CSR programmes. The
invested in Generative AI to unlock the potential of the Company implements its CSR programmes primarily
scale and quality of it’s organisational data and used through the Tata Steel Foundation, which works in close
35Mn+ Generative AI tokens across the enterprise driving collaboration with public systems and partners. Through
a culture of AI-enhanced productivity. AI-generated its CSR, the Company envisions an enlightened, equitable
Automated Insights help to take quick action in areas society in which every individual realises her/his potential
like safety, by using video analytics to issue alerts and with dignity through work with tribal and excluded
utilising past unsafe incident data to forecast potential communities to co-create transformative, efficient and
unsafe situations. External and internal data is being lasting solutions to their development challenges.
leveraged to shape the Company’s market strategy
Through large-scale, proven Signature Theme Models of
by offering insights on customers, competitors, and
change, the Company addresses core development gaps
markets. AI-powered conversational agents improve
in India, while being replicable at global platform. These
efficiency by providing a conversational way to query
include programmes on maternal and child mortalities,
and interact with organisational data using voice, video,
access to school and learning enrichment for rural children,
or text, with specific examples like the ‘SS Guru’ which
pan-India focus on key aspects of tribal identity, and
is helping in asset maintenance and ‘code genie’ which
comprehensive development through empowerment
assists in developing IT applications and AI models.
of panchayats between the manufacturing locations at
In FY2023-24, Tata Steel continued it’s journey of Jamshedpur and Kalinganagar.
value-driven business transformation with the
The Company also fosters Regional Change Models
timely (over 94% on time) completion of 650+ Digital
enabling lasting betterment in the well-being of
projects while achieving a record-high value creation
communities, prioritising those who are excluded
from the Shikhar program. Tata Steel has 3 sites
and proximate to its operating areas. The Company
Tata Steel Jamshedpur, Kalinganagar and IJmuiden
undertakes its CSR Programmes in areas of health,
(Netherlands) recognised as World Economic Forum
nutrition, water, education, livelihoods, infrastructure,
Global Lighthouses, the highest for any steel company
sports, disabilities, grassroots governance and
in the world. The Company has been recognised as an
empowering the voice of women within communities.
Advanced Benchmark Leader globally in the Gartner
Digital Execution Scorecard (DES) 4 years in a row. The Annual Report on CSR activities, in terms of Section
Tata Steel’s data maturity journey is recognised as the 135 of the Companies Act, 2013 and the Rules framed
highest in the Tata Group. In FY2023-24, Tata Steel was thereunder, is annexed to this Report (Annexure 2).
recognised as Digital Leader in Steel in the Economic
In the Netherlands, the Company maintains a close
Times CIO Awards, along with digitally enabled projects
relationship with its employees, customers, local
being recognised in many prestigious forums.
residents, suppliers, the local business community,
NGOs and educational institutions and provides guest
8. Corporate Social Responsibility
lectures and workshops on various topics that support
The objective of the Company’s Corporate Social the Company’s strategy to become a green, clean and
Responsibility (‘CSR’) initiatives is to improve the quality circular steel company. The Company continues to
of life of communities through long-term value creation partner with organisations on various social causes
for all stakeholders. The Company’s CSR policy provides such as activities for primary and secondary schools,
guidelines to conduct CSR activities of the Company. social well-being of its local communities in the areas
The salient features of the Policy forms part of the of education, environment as well as health and
Annual Report on CSR activities annexed to the Board’s well-being and coaching of children with learning
Report. The CSR policy is available on the website of the difficulties towards a healthy lifestyle. The Company also
Company at https://www.tatasteel.com/media/11804/ focuses on gender diversity and equality, for example,
tata-steel-csr-policy-latest-2019.pdf by putting additional effort into inspiring young girls to
For decades, the Company has pioneered various CSR choose a career in a technical field.
initiatives. The Company continues to address societal Tata Steel UK places community at the very heart of
challenges through societal development programmes its operations. Its programme of proactive community
and remains focused on improving the quality of life. partnership embraces three aspects viz. health and
During the year, the Company spent H580.02 crore well-being, environment and education and learning.

In UK, the Company’s long-running Tata Kids of Steel 1. Meetings of the Board and Committees of the
triathlon programme has given thousands of children Board
the opportunity to try swimming, cycling and running The Board met six times during the year under review.
through annual events held near the Company’s operating The intervening gap between the meetings was within
sites at Corby and Shotton. Many employees volunteer the period prescribed under the Companies Act, 2013
to help run the events, highlighting the commitment and the SEBI Listing Regulations. The Committees of
Tata Steel UK’s employees have to their communities. the Board usually meet the day before or on the day
Further, the annual sponsorship of the Richard Burton of the Board meeting, or whenever the need arises
10k running event near Port Talbot – which celebrated its for transacting business. Details of composition of the
41st year in 2023 and saw almost 3,000 runners across the Board and its Committees as well as details of Board
start line including local MP Stephen Kinnock. In 2023, and Committee meetings held during the year under
the event, combined with the Runtech Kevin Webber review and Directors attending the same are given in
Mini-Miler raised tens of thousands of pounds for local the Corporate Governance Report forming part of this
charities and good causes. In March, a presentation Integrated Report & Annual Accounts 2023-24.
evening was hosted on site, to celebrate the race and all
those in receipt of community funding. 2. Selection of New Directors and Board Membership
Tata Steel UK sponsors two activity-based programmes Criteria
for primary school children in South Wales: the Aberavon The Nomination and Remuneration Committee (‘NRC’)
Wizards’ League, a competition to develop rugby and engages with the Board to evaluate the appropriate
netball skills in Neath Port Talbot, and the Newport characteristics, skills and experience for the Board as
Dragons community outreach programme which offers a whole as well as for its individual members with the
sports, holiday skills camps and sessions on lifestyle, objective of having a Board with diverse backgrounds and
healthy eating and teamwork for children in over 60 experience in business, finance, governance, and public
primary schools in Gwent. service. The NRC, basis such evaluation, determines
the role and capabilities required for appointment of
F. Corporate Governance Independent Director. Thereafter, the NRC recommends
to the Board the selection of new Directors.
The Company ensures that it evolves and follows the
corporate governance guidelines and best practices Characteristics expected of all Directors include
diligently, not just to boost long-term shareholder value, independence, integrity, high personal and professional
but also to respect rights of the minority. Tata Steel ethics, sound business judgement, ability to participate
considers its inherent responsibility to disclose timely constructively in deliberations and willingness to exercise
and accurate information regarding the operations authority in a collective manner. The Company has in
and performance, leadership, and governance of place a Policy on appointment & removal of Directors.
the Company.
The salient features of the Policy are:
In accordance with it’s Vision, Tata Steel aspires to be » It acts as a guideline for matters relating to
the global steel industry benchmark for value creation appointment and re-appointment of Directors.
and corporate citizenship. Tata Steel expects to realise
» It contains guidelines for determining qualifications,
its Vision by taking such actions as may be necessary
positive attributes of directors, and independence of
in order to achieve its goals of value creation, safety,
a Director
environment and people.
» It lays down the criteria for Board Membership
Pursuant to the SEBI Listing Regulations, the Corporate
» It sets out the approach of the Company on
Governance Report along with the Certificate from a
board diversity
Practicing Company Secretary, certifying compliance
with conditions of Corporate Governance, forms part » It lays down the criteria for determining independence
of this Integrated Report & Annual Accounts 2023-24 of a director, in case of appointment of an Independent
(Annexure 3). Director
The Policy is available on the website of the Company
at https://www.tatasteel.com/media/6816/policy-on-
appointment-and-removal-of-directors.pdf

Statutory Reports
3. Familiarisation Programme for Directors meetings were intended to obtain Directors’ inputs on
As a practice, all new Directors (including Independent effectiveness of the Board/Committee processes.
Directors) inducted to the Board go through a structured In a separate meeting of the IDs, the performance of
orientation programme. Presentations are made the Non-Independent Directors, the Board as a whole
by Senior Management giving an overview of the and Chairman of the Company were evaluated taking
operations, to familiarise the new Directors with the into account the views of Executive Directors and other
Company's business operations. The new Directors are Non-Executive Directors.
given an orientation on the products of the business,
group structure and subsidiaries, Board constitution The NRC reviewed the performance of the individual
and procedures, matters reserved for the Board, and Directors and the Board as a whole.
the major risks and risk management strategy of the In the Board meeting that followed the meeting of the
Company. Visits to plant and mining locations are Independent Directors and the meeting of NRC, the
organised for the new Directors to enable them to performance of the Board, its Committees, and individual
understand the business better. directors were discussed.
Details of orientation given to the new and existing
Outcome of Evaluation
Independent Directors in the areas of strategy/industry
trends, operations & governance, and safety, health and The evaluation process endorsed the Board Members’
environment initiatives are available on the website of the confidence in the ethical standards of the Company,
Company at https://www.tatasteel.com/media/21203/ the resilience of the Board and the Management in
familiarization-programme-ids-2024.pdf navigating the Company during challenging times,
cohesiveness amongst the Board Members, constructive
4. Evaluation relationship between the Board and the Management
and the openness of the Management in sharing strategic
The Board evaluated the effectiveness of its functioning of
information to enable Board Members to discharge their
the Committees and of individual Directors, pursuant to
responsibilities and fiduciary duties.
the provisions of the Act and the SEBI Listing Regulations.
In the coming year, the Board intends to enhance
The Board sought the feedback of Directors on various
focus on:
parameters including:
» t he on-going transformational projects both in TSUK
» Degree of fulfillment of key responsibilities towards
and TSN;
stakeholders (by way of monitoring corporate
governance practices, participation in the long-term » commissioning of the Kalinganagar Phase II;
strategic planning, etc.);
» S ustainability and decarbonisation initiatives of
» Structure, composition and role clarity of the Board the Company.
and Committees;
» Extent of co-ordination and cohesiveness between 5. Remuneration Policy for the Board and Senior
the Board and its Committees; Management
» Effectiveness of the deliberations and process Based on the recommendations of the NRC, the Board
management; has approved the Remuneration Policy for Directors, Key
» Board/Committee culture and dynamics; and Managerial Personnel (‘KMPs’) and all other employees
of the Company. As part of the policy, the Company
» Quality of relationship between Board Members and
strives to ensure that:
the Management.
» the level and composition of remuneration is
The above criteria are broadly based on the Guidance
reasonable and sufficient to attract, retain and
Note on Board Evaluation issued by the Securities and
motivate Directors of the quality required to run the
Exchange Board of India on January 5, 2017.
Company successfully;
The Chairman of the Board had one-on-one meeting
» relationship between remuneration and performance
with the Independent Directors (‘IDs’) and the Chairman
is clear and meets appropriate performance
of NRC had one-on-one meeting with the Executive
benchmarks; and
and Non-Executive, Non-Independent Directors. These

» remuneration to Directors, KMPs and Senior Dr. Shekhar C. Mande (DIN: 10083454) as an Additional
Management involves a balance between fixed and Director of the Company effective June 1, 2023. Further,
incentive pay, reflecting short, medium and long-term based on the recommendations of the NRC and
performance objectives appropriate to the working of subject to the approval of the Members, the Board,
the Company and its goals. in accordance with the provisions of Section 149 read
with Schedule IV to the Act and applicable SEBI Listing
The salient features of the Policy are:
Regulations, appointed Dr. Mande as an Independent
» Based on which payment of remuneration (including Director of the Company, not liable to retire by rotation,
sitting fees and remuneration) should be made to for a term of 5 years commencing from June 1, 2023
Independent Directors (IDs) and Non-Executive through May 31, 2028. Dr. Mande brings to the Board
Directors (NEDs). his extensive knowledge and experience in the areas of
research & development and science & technology. The
» Based on which remuneration (including fixed salary,
shareholders of the Company approved the appointment
benefits and perquisites, bonus/performance linked
of Dr. Mande as an Independent Director of the Company
incentive, commission, retirement benefits) should
by way of a special resolution passed at the 116th Annual
be given to whole-time directors, KMPs and rest of
General Meeting of the Company held on July 5, 2023,
the employees.
for the abovementioned tenure.
» For remuneration payable to Directors for services
rendered in other capacity. Re-appointment of Chief Executive Officer and
Managing Director
During the year under review, there has been no change
Mr. T. V. Narendran (DIN: 03083605) was appointed
to the Policy. The Policy is available on the website of
as the Managing Director, India & South-East Asia,
the Company at https://www.tatasteel.com/media/6817/
of the Company for a period of five years effective
remuneration-policy-of-directors-etc.pdf
September 19, 2013 through September 18, 2018, not
liable to retire by rotation. The Board, on October 31,
6. Particulars of Employees
2017, re-designated Mr. Narendran as the Chief Executive
Disclosures pertaining to remuneration and other Officer and Managing Director (‘CEO & MD’) of the
details as required under Section 197(12) of the Act, Company. He was then re-appointed as the CEO & MD of
read with Rule 5(1) of the Companies (Appointment the Company, not liable to retire by rotation, for a further
and Remuneration of Managerial Personnel) Rules, 2014 period of five years effective September 19, 2018 through
(‘Rules’) are annexed to this report (Annexure 4). September 18, 2023. Based on the recommendation of
In terms of the provisions of Section 197(12) of the Act the Nomination and Remuneration Committee, the
read with Rules 5(2) and 5(3) of the Rules, a statement Board at its meeting held on July 24, 2023, re-appointed
showing the names and other particulars of employees Mr. Narendran as the CEO & MD for a further period of five
drawing remuneration in excess of the limits set out years effective September 19, 2023 through September
in the said Rules forms part of this Report. Further, the 18, 2028, subject to approval of the shareholders.
Report and the Annual Accounts are being sent to the On September 11, 2023, the Shareholders of the
Members excluding the aforesaid statement. In terms of Company, by way of an ordinary resolution passed
Section 136 of the Act, the said statement will be open for through postal ballot, approved the re-appointment
inspection upon request by the Members. Any Member of Mr. Narendran as CEO & MD of the Company for the
interested in obtaining such particulars may write to the abovementioned tenure.
Company Secretary at [email protected]
Re-appointment of Director retiring by rotation
7. Directors In terms of the provisions of the Companies Act, 2013,
The year under review saw the following changes to the Mr. Saurabh Agrawal (DIN: 02144558), Director of the
Board of Directors (‘Board’). Company, retires at the ensuing AGM and being eligible,
seeks re-appointment. The necessary resolution for
Inductions to the Board re-appointment of Mr. Agrawal forms part of the Notice
Based on the recommendations of the NRC, convening the ensuing AGM scheduled to be held on
and in terms of the provisions of the Companies Monday, July 15, 2024.
Act, 2013 the Board, on May 27, 2023, appointed

Statutory Reports
The profile and particulars of experience, attributes and The primary objective of the Committee is to monitor
skills that qualify Mr. Agrawal for Board membership, are and provide effective supervision of the Management’s
disclosed in the said Notice. financial reporting process, to ensure accurate and timely
disclosures, with the highest levels of transparency,
Cessation integrity and quality of financial reporting.
As per the terms of his appointment, Mr. O. P. Bhatt
The Committee comprises of Mr. Deepak Kapoor
(DIN: 00548091), completed his second term as an
(Chairman), Ms. Farida Khambata, Ms. Bharti Gupta
Independent Director on June 9, 2023 and accordingly,
Ramola and Mr. Saurabh Agrawal. The Committee met six
ceased to be an Independent Director and Member
times during the year under review, the details of which
of the Board of Directors of the Company. The Board
are given in the Corporate Governance Report.
of Directors places on record their deep appreciation
for the wisdom, knowledge, guidance and leadership During the year under review, there were no instances
provided by Mr. Bhatt as Member of the Board and when the recommendations of the Audit Committee
as an Independent Director during his tenure and as were not accepted by the Board.
Chairman of the Board (from November 25, 2016 to
February 7, 2017). 11. Internal Control Systems
The Company’s internal control systems commensurate
8. Independent Directors’ Declaration with the nature of its business, the size, and complexity
The Company has received the necessary declaration of its operations and such internal financial controls with
from each Independent Director in accordance with reference to the Financial Statements are adequate.
Section 149(7) of the Act and Regulations 16(1)(b) and Details on the Internal Financial Controls of the Company
25(8) of the SEBI Listing Regulations, that he/she meets forms part of Management Discussion and Analysis
the criteria of independence as laid out in Section forming part of this Integrated Report and Annual
149(6) of the Act and Regulations 16(1)(b) of the SEBI Accounts 2023-24.
Listing Regulations.
12. Risk Management
In the opinion of the Board, there has been no change
in the circumstances which may affect their status as Tata Steel operates in a dynamic and uncertain business
Independent Directors of the Company and the Board landscape. Hence, the Company has developed and
is satisfied of the integrity, expertise, and experience deployed its Enterprise Risk Management ('ERM')
(including proficiency in terms of Section 150(1) of the framework to create long-term value. The organisation
Act and applicable rules thereunder) of all Independent pursues risk intelligent decision-making to proactively
Directors on the Board. Further, in terms of Section 150 prepare for unforeseen scenarios. The ERM framework
read with Rule 6 of the Companies (Appointment and incorporates benchmark industry practices, international
Qualification of Directors) Rules, 2014, as amended, standards (including Committee of Sponsoring
Independent Directors of the Company have included Organisation of the Treadway Commission - COSO &
their names in the data bank of Independent Directors ISO 31000: 2018), while also being customised to suit the
maintained with the Indian Institute of Corporate Affairs. business of the Company.
The Risk Management Committee (‘RMC’) of the
9. Key Managerial Personnel Board provides an oversight and sets the context
In terms of Section 203 of the Act, the Key Managerial for implementation of the ERM process across
Personnel of the Company are Mr. T. V. Narendran, Chief the organisation.
Executive Officer & Managing Director, Mr. Koushik
The RMC ensures that appropriate methodology,
Chatterjee, Executive Director & Chief Financial Officer
processes, and systems are in place to evaluate and
and Mr. Parvatheesam Kanchinadham, Company
monitor risks associated with the business of the
Secretary & Chief Legal Officer (Corporate & Compliance).
Company. It reviews the status of key risks, progress of
During the year under review, there has been no change
ERM implementation across locations and any exceptions
in the Key Managerial Personnel.
as flagged to it, on a quarterly basis.
10. Audit Committee The risk appetite of the organisation is approved by the
The Audit Committee was constituted in the year 1986. RMC and the Board and is aligned to the Vision of the
The Committee has adopted a Charter for its functioning.

organisation. It is an important metric for governing all management of bottom-up risks, which are reviewed
business actions and strategic decisions. quarterly as per defined ERM Governance mechanism.
The bottom up ERM process is decentralised, and the
The risk appetite is driven by the following:
ownership of the risks resides with the BUs. Hence,
» Health and safety of the employees and the capability development for risk management remains
communities in which the Company operates are the a focus area across the organisation. The bottom-up
prime concern and the operating strategy is focused process is complemented by a top-down process, which
on the above objective. helps in identification of strategic enterprise level risks.
» All business decisions are aligned to the Tata Code
The Company follows co-ordinated risk assurance
of Conduct.
and the ERM process is integrated with Corporate
» Management actions are focused on continuous Audit, Corporate Strategy & Planning, Corporate Legal,
improvement. Compliance and Security functions. The two-way
» Environment and Climate Change impacts are communication with these functions brings further
assessed on a continuous basis and business decisions rigor in driving the process across the organisation and
support systems including capital allocation, the Tata Steel Group Companies (‘TSGCs'). Corporate
considers climate impact through the internal carbon Audit team, led by Chief Audit Executive (who reports to
pricing framework. CEO & MD of the Company and Chairperson of the Audit
» The long-term strategy of the Company is focused Committee), conducts an independent audit of the ERM
on generating profitable growth and sustainable process deployment across the organisation, as the third
cashflows that creates long-term stakeholder value. line of defense. The ERM process being data intensive,
an in-house built IT system has been deployed across
Risk Owners may accept risk exposure to their annual and the organisation for management of risks through live
long-term business plans, which after implementation dashboards. The IT system supports risk analytics and
of mitigation strategies, is aligned to the Company’s helps in developing a uniform risk culture as the same
risk appetite. ERM framework is used while identifying, assessing,
In order to drive the ERM implementation, the Company evaluating, monitoring and reviewing risks.
has also constituted a Management Committee called The year has been disruptive for the global business
Apex Risk Committee (‘ARC’) which comprises of environment, with the prolonged Russia-Ukraine war,
the Chief Executive Officer and Managing Director, Israel-Hamas conflict, attacks on the global trade route
(‘CEO & MD’), Executive Director and Chief Financial through Red Sea, to name a few. The Company remained
Officer (‘ED & CFO’) and Vice President – Corporate vigilant of the evolving macroeconomic, geopolitical
Finance, Treasury & Risk Management (‘VP CFT & RM’) as situation and global financial market sentiments to
its members. The ARC reviews the business plan of ERM, proactively manage risks in FY2023-24. The focus on
engages on the macro environment and deliberates on identification and tracking of ‘Early Warning Indicators’
the risks that the Company faces, every quarter. and implementation of risk mitigation strategies
The ERM framework is deeply embedded across the proactively has been a key enabler in managing these risks.
organisation and is driven by a dedicated Central ERM The Company was conferred with the ‘RIMS ERM Global
team led by VP CFT & RM who acts as the Chief Risk Award of Distinction 2023’ for 2nd consecutive year. The
Officer ('CRO') of the Company. The CRO reports to award recognises the Company’s outstanding ERM
ED & CFO and also to the RMC Chairperson. The ERM achievements that have enabled the organisation to
team continuously scans the external and internal streamline processes and strengthen collaboration across
environment for developments which may throw up the enterprise in order to achieve strategic objectives.
emerging risks for the organisation. The risk flags and risk
insights are shared with the Senior Management for deep Risk Maturity Assessment was also conducted during the
diving into emerging risk areas for the Company. ‘Expert year by an external agency. The assessment evaluated the
Lens’ sessions are organised for the leadership team deployment of the ERM process across Tata Steel India.
where external experts are invited to discuss emerging Based on the independent evaluation, the Company has
risk areas contextual for the Company. Business Units received a score of 4.71 on a scale of 5 and assessed to be
(‘BUs’) consider these inputs during identification and much ahead in the risk maturity curve as compared to its
peers in the same industry.

Statutory Reports
13. Vigil Mechanism is appropriate and acceptable, and what is deemed

The Company has a Vigil Mechanism that provides unacceptable for offering, giving, and accepting gifts
a formal channel for all its Directors, employees and and hospitality. The policy is in consonance with ABAC
business associates including customers to approach and AML policies.
the Chairman of the Audit Committee or Chief Ethics The COI Policy of the Company requires employees to
Counsellor and make protected disclosures about disclose any conflicts annually and as and when it arises,
any unethical behaviour, actual or suspected fraud or whether actual or potential.
violation of the Tata Code of Conduct (‘TCoC’). No person
is denied access to the Chairman of the Audit Committee. To incentivise employees to report misconduct
The Vigil Mechanism in the Company fosters a culture or unethical behavior within the Company, the
of trust and transparency among all its stakeholders. Whistleblower Reward and Recognition Guidelines have
December 18, 2023, marked 25 years of the signing of been put in place. The disclosures reported are addressed
the TCoC by the Company. in the manner and within the time frame prescribed in
the Whistleblower Policy.
The Company has established various policies to govern
the vigilance procedures, such as the Whistle-Blower A Third-Party Whistleblowing helpline service is available
Policy for Directors & Employees, the Whistle-Blower to stakeholders in Tata Steel and Tata Group companies
Policy for Business Associates, the Whistle-Blower for reporting concerns or disclosures. The Ethics helpline
Protection Policy for Business Associates (vendors/ services offer various communication channels, including
customers), the Gift and Hospitality Policy (‘G&H’), the a toll-free number, web access, postal services, and
Conflict-of-Interest (‘COI’) Policy for Employees, the email facilities.
Anti-Bribery & Anti-Corruption (‘ABAC’) Policy, and the The Company, during the year under review, conducted
Anti-Money Laundering (‘AML’) Policy. a series of communication and training programmes for
The Whistleblower Policies for Directors & Employees internal and external stakeholders, with an aim to create
and Business Associates encourages every Director, awareness amongst them about TCoC and other ethical
employee, and Business Associate to promptly report any practices of the Company. Online training sessions on
actual or possible violation of the TCoC or any event that ABAC/AML and POSH were continued in FY2023-24,
he/she becomes aware of that could affect the business along with customised training and awareness sessions
or reputation of the Company. The Company ensures on 'Third Party Due Diligence'. Further, meets were
protection for the whistleblowers and any attempts to conducted with business associates with an aim to
intimidate the whistleblower is also treated as a violation provide them a platform to discuss their issues and clarify
of the TCoC. The Whistleblower Policy includes reporting their dilemmas if any on the abovementioned policies.
of incidents of leak or suspected leak of Unpublished During the year under review, the Company received 364
Price Sensitive Information (‘UPSI’) as required in terms Whistle Blower Complaints (‘WBCs’) and 1,132 grievances
of the provisions of the Securities and Exchange Board and other concerns. Out of these, 236 WBCs were
of India (Prohibition of Insider Trading) Regulations, 2015 investigated and closed after taking appropriate actions,
as amended. 1,015 grievances and other concerns were addressed
The Whistle-Blower Protection Policy for Business as appropriate. A total of 128 WBCs were open as of
Associates, which includes vendors and customers, March 31, 2024 for which investigations are underway.
safeguards Business Associates from any form of The unaddressed 117 grievances and other concerns are
retaliation or unjust business practices by the Company being reviewed and will be closed as appropriate.
and simultaneously promotes whistle-blowers to make Consequent to the whistleblower complaint in the
protected disclosures in good faith, it also prohibits Company’s Graphene Business Division, the Company
raising concerns with malicious intent. carried out a detailed assessment and review of
The ABAC and AML policies mainly focus on risk the matter and made the accounting adjustments/
assessment, establishing procedures and guidelines, provisions, as appropriate, in the books of account, which
conducting third-party due diligence, providing training were not material to the financial statements. Based on
and awareness, and carrying out audits and reporting. the assessment(s) and review, it has been concluded that
there has not been any fraud under Section 447 of the
The G&H Policy offers guidance to employees or persons Companies Act, 2013.
working for or on behalf of the Company on what

A report under sub-section (12) of Section 143 of the The names of companies that have become or ceased to
Companies Act, 2013 has been filed by the statutory be subsidiaries, joint ventures and associates during the
auditors in Form ADT-4 as prescribed under Rule 13 of year under review are disclosed in an annexure to this
Companies (Audit and Auditors) Rules, 2014 with the report (Annexure 6).
Central Government.
16. Related Party Transactions
14. D isclosure as per the Sexual Harassment of In line with the requirements of the Act and the SEBI
Women at Workplace (Prevention, Prohibition and Listing Regulations, the Company has formulated a
Redressal) Act, 2013 Policy on Related Party Transactions. The Policy can be
Tata Steel maintains a zero-tolerance policy towards accessed on the Company’s website at https://www.
sexual harassment at the workplace. The Company tatasteel.com/media/5891/policy-on-related-party-
has adopted a policy on prevention, prohibition, and transactions.pdf
redressal of sexual harassment at workplace in line with
During the year under review, all related party transactions
the provisions of the Sexual Harassment of Women at
entered into by the Company, were approved by the
Workplace (Prevention, Prohibition and Redressal) Act,
Audit Committee and were at arm’s length and in the
2013 and the Rules made thereunder.
ordinary course of business. Prior omnibus approval
The Company has complied with the provisions relating is obtained for related party transactions which are of
to the constitution of the Internal Complaints Committee repetitive nature and entered in the ordinary course of
as per the Sexual Harassment of Women at Workplace business and on an arm’s length basis. The Company did
(Prevention, Prohibition and Redressal) Act, 2013. not have any contracts or arrangements with related
parties in terms of Section 188(1) of the Companies
During the year under review, the Company received 21
Act, 2013.
complaints of sexual harassment, of which 16 complaints
have been resolved and appropriate actions taken, 5 Accordingly, the disclosure of related party transactions
complaints are under investigation. as required under Section 134(3)(h) of the Act in Form
AOC-2 is not applicable to the Company for FY2023-24
15. Subsidiaries, Joint Ventures and Associates and hence does not form part of this report.
The Company has 131 subsidiaries and 41 associate Details of related party transactions entered into by the
companies (including 23 joint ventures) as on Company, in terms of Ind AS-24 have been disclosed
March 31, 2024. During the year under review, the Board in the notes to the standalone/consolidated financial
of Directors reviewed the affairs of material subsidiaries. statements forming part of this Integrated Report &
There has been no material change in the nature of the Annual Accounts 2023-24.
business of the subsidiaries.
In accordance with Section 129(3) of the Act, the 17. Directors' Responsibility Statement
Consolidated Financial Statements of the Company and Based on the framework of internal financial controls
all its subsidiaries, associates and joint ventures has been and compliance system established and maintained by
prepared and this forms part of the Integrated Report. the Company, work performed by the internal, statutory,
Further, the report on the performance and financial cost, and secretarial auditors and external agencies
position of each subsidiary, associate and joint venture including audit of internal financial controls over financial
and salient features of their Financial Statements in reporting by the statutory auditors and the reviews
the prescribed Form AOC-1 is annexed to this report performed by Management and the relevant Board
(Annexure 5). Committees, including the Audit Committee, the Board
is of the opinion that the Company’s internal financial
In accordance with the provisions of Section 136 of the
controls were adequate and effective during financial
Act and the amendments thereto, read with the SEBI
year 2023-24.
Listing Regulations the audited Financial Statements,
including the consolidated financial statements and Accordingly, pursuant to Section 134(5) of the Companies
related information of the Company and financial Act, 2013, the Board of Directors, to the best of its
statements of the subsidiary companies are available on knowledge and ability confirms that:
the website of the Company at www.tatasteel.com

Statutory Reports
a) in the preparation of the annual accounts, the Cost Auditors

applicable accounting standards have been In terms of Section 148 of the Act, the Company is
followed and that there were no material departures; required to maintain cost records and have the audit of
b) it has selected such accounting policies and applied its cost records conducted by a Cost Accountant. Cost
them consistently and made judgements and records are prepared and maintained by the Company
estimates that are reasonable and prudent so as to as required under Section 148(1) of the Act.
give a true and fair view of the state of affairs of the The Board of Directors of the Company has, on the
Company at the end of the financial year and of the recommendation of the Audit Committee, approved the
profit of the Company for that period; appointment of M/s Shome & Banerjee (Firm Registration
c) it has taken proper and sufficient care for the No. 000001) as the cost auditors of the Company for the
maintenance of adequate accounting records in year ending March 31, 2025. M/s Shome & Banerjee have
accordance with the provisions of the Companies vast experience in the field of cost audit and have been
Act, 2013 for safeguarding the assets of the conducting the audit of the cost records of the Company
Company and for preventing and detecting fraud for the past several years.
and other irregularities; In accordance with the provisions of Section 148(3) of
d) it has prepared the annual accounts on a going the Act read with Rule 14 of the Companies (Audit and
concern basis; Auditors) Rules, 2014, as amended, the remuneration of
H35 lakh plus applicable taxes and reimbursement of
e) it has laid down internal financial controls to out-of-pocket expenses payable to the Cost Auditors for
be followed by the Company and that such conducting cost audit of the Company for FY2024-25 as
internal financial controls are adequate and are recommended by the Audit Committee and approved
operating effectively; by the Board has to be ratified by the Members of the
f) it has devised proper systems to ensure compliance Company. The same is placed for ratification of Members
with the provisions of all applicable laws and that and forms part of the Notice of the ensuing AGM.
such systems were in place, are adequate and
Secretarial Auditors
operating effectively.
Section 204 of the Act, inter alia, requires every listed
18. Auditors company to annex to its Board’s Report, a Secretarial
Audit Report, given in the prescribed form, by a Company
Statutory Auditors
Secretary in practice.
Members of the Company at the AGM held on
August 8, 2017, approved the appointment of The Board had appointed Parikh & Associates,
Price Waterhouse & Co Chartered Accountants LLP (Registration No. P1988MH009800), Practicing Company
(Registration No.- 304026E/E300009) (‘PW’), Chartered Secretaries, as the Secretarial Auditor to conduct
Accountants, as the statutory auditors of the Company. Secretarial Audit of the Company for the FY2023-24 and
Further, the shareholders approved the re-appointment their Report is annexed to this report (Annexure 7A).
of PW for a second term of five years commencing the There are no qualifications, observations, adverse remark
conclusion of the 115th AGM held on June 28, 2022 until or disclaimer in the said Report.
the conclusion of 120th AGM of the Company to be held Further, in terms of the requirements under the SEBI
in the year 2027. Listing Regulations the Secretarial Audit Report of
The report of the Statutory Auditor forms part of this the Company’s Indian material unlisted subsidiary,
Integrated Report and Annual Accounts 2023-24. The said Neelachal Ispat Nigam Limited is annexed to this report
report does not contain any qualification, reservation, (Annexure 7B)
adverse remark or disclaimer.

19. Annual Return secretarial standards issued by The Institute of the
The Annual Return for Financial Year 2023-24 as per Company Secretaries of India and such systems are
provisions of the Act and Rules thereto, is available on adequate and operating effectively.
the Company’s website at https://www.tatasteel.com/
media/21208/mgt7.pdf 25. Other Disclosures
(a) There has been no change in the nature of business
20. Significant and Material Orders passed by the of the Company as on the date of this Report.
Regulators or Courts
(b) There were no material changes and commitments
There has been no significant and material order passed affecting the financial position of the Company
by the regulators or courts or tribunals impacting between the end of the financial year and the date
the going concern status and the Company’s future of this Report.
operations. However, Members’ attention is drawn to
the statement on contingent liabilities, commitments in (c) There was no application made or proceeding
the notes forming part of the Financial Statements. pending against the Company under the Insolvency
and Bankruptcy Code, 2016 (31 of 2016) during the
21. Particulars of Loans, Guarantees or Investments year under review.
Particulars of loans, guarantees given and investments
made during the year under review in accordance J. Acknowledgements
with Section 186 of the Act is annexed to this report The Board thanks the customers, vendors, dealers,
(Annexure 8). investors, business associates and bankers for their
continued support during the year. The Board places
22. Energy Conservation, Technology Absorption and on record its appreciation of the contribution made
Foreign Exchange Earnings and Outgo by employees at all levels. The Company’s resilience to
Details of the energy conservation, technology meet challenges was made possible by their hard work,
absorption and foreign exchange earnings and outgo solidarity, co-operation and support.
are annexed to this report (Annexure 9). The Board thanks the Government of India, the State
Governments and the Governments in the countries
23. Deposits where Tata Steel has its operations and other regulatory
During the year under review, the Company has not authorities and government agencies for their support
accepted any deposits from public in terms of the Act. and looks forward to their continued support in the future.
Further, no amount on account of principal or interest
on deposits from public was outstanding as on the date On behalf of the Board of Directors
of the balance sheet.
sd/-
24. Secretarial Standards N. CHANDRASEKARAN
The Company has in place proper systems to ensure Mumbai Chairman
compliance with the provisions of the applicable May 29, 2024 DIN: 00121863

Statutory Reports
ANNEXURE 1
Management Discussion and Analysis 2023-24
I. Overview witnessed stronger-than-expected growth of 5.2% in
The objective of this report is to convey the 2023, with 2024 growth projected at 4.65%. Industrial
Management ’s perspective on the ex ternal overcapacity, continued slowdown in domestic demand,
environment and steel industry, as well as strategy, deepening deflation and heightened trade tensions
operating and financial performance, material with the West will remain major headwinds for China
developments in human resources and industrial throughout 2024.
relations, risks and opportunities and internal control
Economic Outlook
systems and their adequacy in the Company during
Financial Year 2023-24. This should be read in conjunction The baseline forecast is for the world economy to
with the Company’s financial statements, the schedules continue growing at 3.2% during 2024 and 2025, at the
and notes thereto and other information included same pace as in 2023. A slight acceleration for advanced
elsewhere in the Integrated Report and Annual Accounts economies where growth is expected to rise from 1.6%
2023-24. The Company’s financial statements have in 2023 to 1.7% in 2024 and 1.8% in 2025 will be offset by
been prepared in accordance with Indian Accounting a modest slowdown in emerging market and developing
Standards (‘Ind AS’) complying with the requirements economies from 4.3% in 2023 to 4.2% in both 2024
of the Companies Act, 2013, as amended and regulations and 2025.
issued by the Securities and Exchange Board of India Global inflation is forecast to decline steadily, from 6.8%
(‘SEBI’) from time to time. in 2023 to 5.9% in 2024 and 4.5% in 2025, with advanced
economies returning to their inflation targets sooner
II. External Environment than emerging market and developing economies. Core
1. Global Economy inflation is generally projected to decline more gradually.
The global economy continues to show resilience Energy prices are expected to rationalise in 2024.
despite facing several strong headwinds viz., the Middle Coal and natural gas prices are expected to continue
East crisis, Russia’s invasion of Ukraine, high inflation, declining from their earlier peaks with the gas market
high costs and falling household purchasing power, becoming increasingly balanced on account of new
rising geopolitical uncertainties, and forced monetary supply, dampened demand, and high storage levels.
tightening. Global growth is estimated to sustain at 3.2% The forecast for non-fuel commodity prices is expected
in 2024, similar to 2023. The economy is better placed to be broadly stable in 2024, with prices for base metals
now than at the same time in 2023, with the risk of a expected to fall on account of weaker industrial activity
global recession receding. In late 2023, headline inflation in Europe and China.
neared its pre-pandemic level in most economies for
With inflation projected to reduce in this year, policy
the first time since the start of the global inflation surge.
rates of central banks in major advanced economies are
As global inflation descended from its peak, economic
expected to start declining in the second half of 2024.
activity grew steadily, defying warnings of stagflation
Governments are expected to tighten fiscal policy in
and global recession. The United States with some
2024 and, to a lesser extent, in FY2025–26. Among major
middle-income economies displayed strong economic
advanced economies, the structural fiscal balance to GDP
performance, with aggregate demand supported by
ratio is expected to rise in the United States and in the
stronger than expected private consumption amidst
euro area in 2024. In emerging market and developing
still tight though easing labour markets. Continuing
economies, the projected fiscal stance is expected to be,
geopolitical tensions, including the Middle East crisis,
on average, broadly neutral in 2024, with a tightening
Russia-Ukraine war and the upcoming US presidential
projected for 2025.
elections pose a risk to dampen growth in 2024.
Advanced economies are expected to see incremental
Growth in the United States is expected to be 2.4% in
growth, largely reflecting a recovery in the euro area
2024, while the Eurozone is expected to witness a minor
from low growth in 2023. Developing economies are
recovery of 0.7%. Recovery in Europe will be driven by
expected to experience stable growth through 2024 and
declining inflation and energy prices normalising. China
2025, with regional differences.

China is expected to witness its slowest growth since India’s retail inflation for FY2023-24 has seen a significant
the mid-90’s, outside of the pandemic years. Property downturn, marking its lowest point since the onset of the
sector will continue to remain weak with falling demand COVID-19 pandemic. Reflecting this trend, the Reserve
and developers lacking finances to complete projects. Bank of India’s Monetary Policy Committee (‘MPC’) in
Trade growth is also expected to remain low due to its recent meeting, decided to maintain policy rates at
subdued global demand. There remains a possibility that their current levels, citing the ongoing reduction in price
the Middle East conflict escalates which could have far pressures across the country.
reaching impact, including rise in oil prices and shipping
challenges especially for containerships through the 3. Global Steel Industry
Red Sea. Steel industry has been impacted by high inflation
and interest rate environment in addition to growing
2. Indian Economy geo-economic fragmentation. The slowdown of steel
India’s economic growth has been resilient against consuming sectors, especially in EU & US continued in
global headwinds for three fiscal years now. Policy and 2023 as investment and consumption weakened. The
regulatory support and prudence have helped, as has the delayed effect of tightening monetary policy may allow
gradual reinvigoration of the private sector. slow recovery in 2024 in advanced economies while
emerging economies, particularly Asia may grow faster.
The Country’s attractiveness as an investment destination
Persistent core inflation, high oil prices and tight job
remains robust, given the size and scale of operations it
market remain the downside risks to stabilising inflation.
has to offer to global companies, abundant skilled talent
pool, and prowess in technology and innovation. As Tata Steel approaches the end of this monetary
tightening cycle, tighter credit conditions and higher
The industrial manufacturing sector has experienced a
costs have led to a sharp slowdown in housing activity in
significant boost, attracting global technology giants
most major markets and have hampered manufacturing
to expand their supplier networks within India. This
sector globally. While it seems the world economy will
momentum is further supported by the implementation
experience a soft landing from this monetary tightening
of state industrial policies that complement sector
cycle, global steel demand growth is expected to remain
specific incentive schemes. Concurrently, substantial
weak and market volatility remaining high on lagged
investments in logistics and infrastructure development,
impact of monetary tightening, high costs and high
including the construction of new roads, highways, and
geopolitical uncertainties. While residential construction
rail tracks, underscore the Government’s commitment
has been impacted by high interest rates, infrastructure
to bolstering this critical sector. Capital spending by
investments have cushioned the impact in many regions,
the Government and strong manufacturing activity
including advanced economies. Manufacturing and
have meaningfully contributed to the robust growth
consumer durables sectors continued to slow against
outcomes in 2023.
weak demand. While automotive recovery continued in
Various Production Linked Incentive (‘PLI’) schemes 2023, it’s expected to decelerate in 2024.
have revived the manufacturing sector post pandemic.
Chinese economy is in a structural transition phase.
They are helping build up critical value chains and
The property sector turmoil impacted domestic steel
industrial clusters, besides expanding the Country’s
demand through most of 2023, albeit the position
export basket. Overall, the PLI schemes have brought
improved slightly in the later half of the year largely on
in a new regulatory framework, which can be aligned
account of Government interventions. 2023 witnessed
to address industrial and manufacturing technology
a growth of ~9% in steel exports from China leading to
deficiencies and improve output. The Government is also
softening prices in the international market and lowering
contemplating extending the scheme to further sectors,
profitability of mills in emerging markets. Steel demand
to develop new segments in labour intensive sectors.
in China in 2024 is expected to remain around the level
Services export grew on a year-on-year basis on the back of 2023, as real estate investments continue to decline,
of rising exports of software, business and travel services. but the corresponding steel demand loss will be offset
The rise in net services exports receipts and softening of by growth in steel demand coming from infrastructure
the global commodity prices, more than compensated investments and manufacturing sectors.
for a slight rise in merchandise trade deficit. This has
helped cushion the Current Account Deficit (‘CAD’).

Statutory Reports
European Union (EU) and United Kingdom (UK) are domestic optimism in the Country’s economy on the
deemed to be facing the biggest challenges with back of robust manufacturing activity and infrastructure
geopolitical shifts, high inflation monetary tightening spending. India is expected to retain its tag of the fastest
and partial withdrawal of fiscal support, and still high growing large economy.
energy and commodity prices. While EU demonstrated
While private industrial capital spending in India has been
resilience through the recent energy crisis, high interest
slow, it is expected to pick up with ongoing supply chain
rates and energy costs continue to impact manufacturing.
diversification benefits and investors response to the
The downside factors pulled the demand in 2023 to
Government’s PLI scheme to boost key manufacturing
lowest since 2000. The demand in 2024 is expected to
industries. Additionally, rising capacity utilisation, robust
be just over the pandemic levels.
credit growth and upbeat business sentiment point to an
Demand Outlook improving outlook for private investment.
Global Steel demand is expected to grow by ~2% to reach The Reserve Bank of India is expected to keep interest
1,793 MT in 2024. Chinese domestic demand will continue rates constant in the near term, while restrained public
to be impacted by property sector woes, however, consumption spending is expected to be offset by strong
Government impetus may improve infrastructure public investment expenditures.
investment in later part of 2024 and domestic demand
For the next fiscal, inflation is expected to decline
is expected to sustain 2023 level. Exports are expected
further on an average amid risks to food inflation. Soft
to continue to be at 2023 levels. Consolidation in the
commodity prices and healthier farm output should help
sector may improve profitability of Chinese mills in the
moderate inflation. However, geopolitical disruption in
long run but squeeze margins during investment phase.
the Middle East could add some pressure on inflation.
In 2024, Chinese steel demand is expected to sustain at
2023 level. However, it is likely to decline in the medium- Softer crude oil prices and moderation in domestic
term, as China gradually moves away from a real estate growth is expected to keep trade deficit in check despite
and infrastructure investment dependent economic tepid export of goods. Alongside, robust services trade
development model. surplus and healthy remittances is expected to keep
the CAD in check which coupled with healthy foreign
The developed world is also expected to show a
portfolio flows amid a favourable domestic macro
strengthening recovery with 1.3% in 2024 and 2.7% in
environment would support the Indian Rupee.
2025, as it is expected to see steel demand finally show
a meaningful uptick in the EU in 2025 and continued Steel demand in India is expected to grow at ~8% in 2024
resilience in the US, Japan, and Korea. to reach 144 million tonnes. Interim budget has signaled
strong demand with 11% increase in infrastructure
Emerging regions like Middle East and North Africa
budget. Steel demand growth is expected to continue,
(‘MENA’) and Association of Southeast Asian Nation
albeit slightly subdued in the first half of the year due
(‘ASEAN’) are expected to show accelerating growth
to slowdown of construction during general elections.
in their steel demand over 2024-2025 after a significant
Prices are expected to remain soft in light of cheaper
slowdown over 2022-2023. Political instability and
Chinese imports in absence of policy intervention.
erosion of competitiveness may lead to a lower trend
Integrated steel plants are expected to continue capacity
steel demand growth going ahead.
additions, although at a slower pace than announced
India has emerged as the strongest driver of steel demand given tough operating environment. With capacity
growth since 2021. The growth is backed by a booming additions planned in FY2024-25, industry leverage is
construction sector with private consumption as well as expected to increase significantly.
robust Government expenditure fuelling infrastructure
Utilisation levels are expected to remain healthy at close
and capital goods as well. Automotive also performed
to 80%. Net export position is expected to strengthen
better than expected while consumer durables industry
with improving global demand.
underperformed in the inflationary environment. Coking
coal prices softened towards the end of the financial year
4. Global Raw Material Market
and imports from China squeezed margins for domestic
players while pulling down international steel prices. The steel raw materials market in FY2023-24 exhibited
ongoing volatility, notably within coal markets due to
The growth projection for India’s GDP in the FY2024-25 intermittent weather disruptions in Eastern Australia and
is expected to be 6.8% reflecting both global and unforeseen interruptions in logistics and production.

Demand & Supply starts, also remained lagged in 2023, which weighed on
Total global crude steel production for 2023 amounted steel demand and prices.
to 1.85 billion tonnes down slightly by 0.1% year-on-year, On the supply front, total shipments from Australia and
with growth in India, along with other Asian countries Brazil remained healthy, at an average of 25.1Mt/week
offsetting the production loss in European market. in 2023. However, uncertainty surrounding China’s
Crude steel production in China, the world’s largest steel downstream steel recovery and potential resilient
producing country, has been firm at 1.02Bt in 2023, flat performance in steel exports could impact seaborne iron
y-o-y, leading to strong demand for iron ore and met coal. ore demand in 2023.
India had seen a remarkable increase in steel production,
200
with total crude steel production rising 11.8% y-o-y to Iron Ore Prices ($/T)
140.2Mt, but the steel production in EU fell to 7.4% y-o-y
in 2023 to 126.3Mt due to beleaguered steel demand.
100
Chinese iron ore imports in 2023 rose 6.6% y-o-y to
1.18Bt, owning to stronger-than expected demand amid
a lack of Government mandated steel output restrictions
and higher steel exports. Similarly, coking coal imports 0
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sep 23
Oct 23
Nov 23
Dec 23
Jan 24
Feb 24
Mar 24
to China also surged 60.6% year-on-year to 101.9Mt due
to healthy demand, rising volumes from Mongolia and
competitive prices for Russian coals.
Platts Fe62% CFR China Spot Pellet Premium
On top of sharp rise in coking coal imports, China also
ramped up domestic coal production, with its raw coal eaborne Coking coal prices remained elevated due
S
production hitting a record high in 2023, at 4.66Bt, up to adverse weather conditions alongside the production
2.9% y-o-y. Australian coal exports to China also resumed disruptions faced by major suppliers. Prime Hard Coking
gradually in 2023 following the lifting of unofficial bans, Coal (‘PHCC’) Free on Board (‘FOB’) Australian prices
but volumes were substantially lower at 2.8Mt, compared ranged between $221.5/t and $390.0/t in 2023, compared
to 35.4Mt in 2020. between $188/t and $670.5/t in 2022. Average coking
Meanwhile, Australian coking coal exports declined coal prices stood at $296.3/t for the year, down from
for the fourth consecutive year, dropping by 5.0% $363.7/t the year prior.
y-o-y to 150.6Mt, in line with lower mine utilisation FOB Australian prices in 2023 have eased from last
rate observed across major Australian PHCC producers. year amid rebalancing of trade flows. However, prices
Logistics and mining operations were adversely were still elevated on a historical basis as wet weather
affected by heavy rainfall and occasional flooding in condition and unforeseen production disruptions led to
Eastern Australian, while unplanned maintenance and decline in production volumes.
production also disrupted coal production and delivery.
Coking Coal Prices ($/t)
Prices
400
eaborne Iron ore prices in 2023 had been largely flat
S
y-o-y, in line with relatively flat crude steel production.
62% Fe CFR China prices ranged between $97.35/t and
200
$141.45/t in 2023 compared to $80.15/t and $162.75/t in
2022. Average iron ore prices stood at ~$119.75/t for the
year, flat from $120.16/t for 2022. Platts PLVCC (FOB Aus)
0
Iron ore prices saw intermittent support in the year as
Jan 23
Mar 23
May 23
Jun 23
Sep 23
Nov 23
Jan 24
Mar 24
the Chinese government’s stimulus buoyed sentiments

and prices.
Negative steel margins reported by Chinese mills have
however, limited further upside to iron ore prices despite Into 2024, coking coal prices are expected to trade within
firm demand from end-users. At the same time, key a tighter range, although volatility may persist due to
property metrics in China, such as new home sales and weather developments, particularly in Eastern Australia.

Statutory Reports
Demand might arise from the expansion of crude steel urbanisation, the push towards domestic manufacture,
production and coke making capacity in India and and rising affordability. Growth in demand combined
South East Asia, but re-established trade flows together with substantial raw material reserves and an extensive
with robust domestic production in China may further pool of competent manpower provide structural
balance the market. advantages for the steel sector. Tata Steel intends to
take advantage of this potential for growth by expanding
Initiatives by Tata Steel organically. The Company is on track to double its
» New coal trials: Tata Steel continues to explore production capacity in India. The acquisition of NINL’s
new coal grades to achieve competitive and diverse steel production facility enhanced the Company’s long
sourcing from different countries. Out of few coals products product basket thereby balancing the portfolio
tried out in Tata Steel plants in FY2023-24, 7 new between long and flat products. The Company has made
coals have been included in the sourcing plan for good progress in the execution of TSK phase 2 capacity
FY2024-25. expansion project in FY2023–24 which will enable the
necessary volumes and grades of steel to suit growing
» Blend optimisation to take advantage of market
and evolving customer needs.
opportunities: Initiatives undertaken towards
leaning of blend through usage of additives, weaker The initiatives aimed to increase the Company’s
coals, value in use accretive coals in blend for each captive raw material mining are proceeding as
basket, to partly offset the increase coal prices. planned. Tata Steel is further enhancing its efforts of
digital adoption, understanding how consumers are
» Price Prediction Models: As part of digital initiatives,
changing, and creating an organisation-wide culture of
Tata Steel has developed an in-house price prediction
customer obsession.
model for forecasting of coking coal prices. This is
one of the levers being used, along with market &
Consolidate position as global cost leader
competitive intelligence, to source better.
Raw material prices as well as steel prices continue to be
» Supplier Engagement: Tata Steel has been volatile under the influence of supply chain disruption
strengthening metcoal supplier connect through emanating from geopolitical uncertainties and
organised meets in Australia, longer term contracts, increased China export outlook. The Company aspires
and other value in use initiatives. to achieve benchmark operating KPIs through process
» Domestic Sourcing: Long-term contract agreement improvements and savings through structured initiatives
has been entered with Coal India Limited to reduce like Shikhar25.
import dependency of thermal coal for power Tata Steel is also working parallelly on structural cost
generation and operations as well as enhancing reduction by strengthening the logistics network,
security of supplies from mines in proximity. expansion of raw material portfolio, reduction of fixed
costs, among others. The Company will keep leveraging
III. Strategy technology and digital solutions to achieve and sustain
During the year under review, in line with its aspiration benchmark cost performance.
of becoming the most respected and valuable steel
company globally, the Company has continued to Attain leadership position in adjacent businesses
focus on growth through the organic route in its India Technology, innovation, and customer expectations
operations while upgrading of the assets in Europe. are developing at an unprecedented rate, generating
Furthermore, the Company has been successful in possibilities for expansion of businesses that serve
keeping its investment grade credit rating. With the the steel sector. Tata Steel is creating a new paradigm
merger of five companies into and with Tata Steel, the for the future by blending alternative thinking and
portfolio is being simplified to derive synergies. the ability to visualise opportunities. The strategy is to
stand out by having a thorough grasp of the demands
The Company continues to be committed to achieving
of the client, providing relevant technology-based
its plan for growth until 2030. The following will assist in
solutions, and fostering the development of significant
accomplishing the Company’s objectives:
talents within the ecosystem of client needs, pertinent
technology-based problem solving, and the ecosystem’s
Market Leadership in India
development of relevant capabilities. The following are
The demand for steel in India is being driven by structural adjacent businesses where the Company aspires to attain
factors like growing infrastructure investment, rapid leadership positions:
1) ervices & Solutions: This business was launched
S Top 5 in technology in steel industry globally - Technology

with the objective of deepening of understanding led differentiation has been one of the cornerstones
end-consumers and customer decision journey. The for Tata Steel in bringing value to the customers. While
Company has diversified its Services & Solutions technology will play a pivotal role in its sustainability
portfolio to include reinforcement solutions, journey, it will have equal importance in enabling Tata
fencing & binding solutions, structural solutions, Steel to become future ready for evolving nature of
doors & windows and modular housing. demand from both existing and new market segments.
New Materials Business: The Company strives
2) Fostering a culture which make Tata Steel future ready -

to grow its non-steel materials division to serve While TQM and continuous improvement, safety, ethics,
specialised solutions to customers. Tata Steel is environmental sensitivity, and community engagement
currently focusing on materials like composites, are the foundation of the Company’s philosophy,
fibre-reinforced polymers, graphene, and Tata Steel is also working on fostering newer facets of
medical materials. culture like agility, innovation and deepening strategic
orientation in the organisation.
Leadership in sustainability
Tata Steel continues to work towards its aspiration of IV.
H uman Resource Management and
achieving Net Zero by 2045. Tata Steel is exploring low Industrial Relations
technology readiness level initiatives in the areas of
In the dynamic landscape of Tata Steel’s operations during
carbon emission reduction in ironmaking, steelmaking
FY2023-24, the focus on human capital continued to be
and other parts of the value chain. The Company
a cornerstone of the Company’s strategic endeavours.
continues to focus on key enablers like specific
Recognising the pivotal role of our workforce as the
freshwater consumption, circularity principles, specific
driving force behind our diverse business ventures, the
dust emissions, Biodiversity and Renewable energy.
Company endeavoured to cultivate an environment
The Company has taken aspirational targets in each of
conducive to their growth, development, and overall
these areas. The use of technology and innovation in
well-being. At the heart of which, lies a commitment
existing processes and business models will be critical
to cultivate an environment to unleash the collective
to achieving the targets.
possibilities of the Company’s employees, thereby
enabling excellence at all touchpoints.
Strategic enablers
The Company has identified four strategic enablers
Employee Capability Development and
for achieving the above strategic objectives, which are Technological Prowess
as follows:
Capability building remains a key tenant to empower
Best places to work for in Manufacturing in India - Tata Steel is
the Company’s employees to lead Tata Steel towards
utilising process intervention and technology for creation technology leadership. In this direction in FY2023-24,
of best-in-class infrastructure, future ready policies, and the Company has started 12 new Schools of Excellence
ensuring a safe and healthy work environment for all for developing critical and new age capabilities such
employees. To create a safe and healthy environment as Energy Management, Water Management, Data
for all employees, the Company is focusing on reducing Governance and Management, Coating and Direct
unsafe incidents at the workplace through process and Reduced Iron, Hydrogen Utilisation, Carbon Capturing
technology interventions. Connected platforms with Utilisation and Storage and Project and Construction
analytics and system generated insights and alerts play management. Currently, there are 55 Schools of Excellence
a pivotal role in our safety journey. running, which are structured programs focussed on
developing capabilities on specific subjects that enable
Becoming the digital leader in steel industry globally –

participants to learn from industry experts and apply the
Digital has significant potential of creating and unlocking
learning in their work which helps create subject matter
value in existing processes. Tata Steel has adopted
experts necessary to enable organisation’s growth. The
a 7 layer technology architecture based on Industry
Company has also curated EdNxt, our Learning Experience
4.0 principles which has helped the Company make
Platform, which is an Artificial Intelligence driven, learner
significant progress on its digital and analytics journey
friendly single window providing all the learning content
and has three World Economic Forum Industry 4.0
as per employee’s need at their fingertip. The Company is
lighthouse sites.

Statutory Reports
collaborating with several academic institutes such as IIT Employee Well-being

Kharagpur, IIT Roorkee, NICMAR, NIT Trichy and Industry As a cornerstone of the organisational philosophy,
Experts, to further it’s technological expertise. With the the Company upholds the paramount importance
objective to execute excellence at all touchpoints, the of fostering comprehensive employee well-being,
Company’s capability building efforts continue to enable recognising it as indispensable for cultivating a thriving
our vendor employees. So far, the Company trained and resilient workforce. Central to the ethos, the
more than 1,00,000 vendor employees through Jamsetji Company introduced the ‘Wellness for Life’ platform
Nusserwanji Tata Vocational Training Institute (‘JNTVTI’) which marks a significant step in the Company’s
and upskilled 2,200 vendor employees working in journey to achieve exemplary standards in employee
high-risk jobs. The recognition of Tata Steel as the winner well-being and is designed to act as a springboard for our
of the ‘Golden Peacock National Training Award’ for 2024 is employees, providing access to resources and tools that
a testament to Tata Steel’s dedication to nurturing talent. will support them in their physical, mental, occupational,
financial, and social well-being.
Collaborative Employee-Management Relations
The Company’s focus on employee well-being extends to
To empower the Company’s employees through a
it’s vendor employees, and the Company is committed to
working together philosophy between employees
the care and financial security of this significant segment
and management, the Company has crafted and
of the workforce. In a one of its kind initiative, the
implemented a two-tier joint consultative structure at the
Company collaborated with the Government agencies to
Kalinganagar facility, symbolising our collaborative spirit
enable the Company’s vendor partners for enrolling the
following the formation and recognition of a new union.
vendor employees in welfare schemes such as Pradhan
Some of the important employee related subjects being
Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan
addressed through the joint consultation mechanism
Jyoti Yojana. This expands the sphere of financial security
are community welfare, suggestion management,
for them and their families. In acknowledgement of the
employee training and development and diversity and
contributions made by the vendor employees resulting
inclusion. Through this the employees are empowered to
in organisation’s exceptional performance, an ex-gratia
capture their evolving needs and collaboratively create
reward has been given to them for their partnership
interventions to address them, strengthening their sense
towards organisation’s growth.
of belonging with the organisation.
Empowering Performance and Growth
Diversity, Equity, and Inclusion
The Company continues to align the needs of the
For Tata Steel, it has never been just about embracing
employees with organisational goals to enable employee
differences, it’s about recognising and tapping into the
performance and nurture their aspirations. Initiatives
myriad of possibilities to drive innovation and excellence.
such as Sub-Banding, Accelerated Career Enhancement
The Company’s relentless pursuit for creating a vibrant
Scheme and Uniform Organisation Structure provide
organisation through Diversity, Equity, and Inclusion
career growth opportunities to the white-collar and
is evident in our ground-breaking initiatives. With the
blue-collar employees while also driving focus on
recruitment of over 1,100 diverse employees in a single
performance and productivity.
year, including the pioneering batch of female firefighter
trainees, the Company is setting industry benchmark Strategic role realignment through identified subsidiaries
under the ‘Flames of Change’ initiative. Tata Steel’s has also been a key enabler for improving productivity.
advocacy for inclusive work shifts has borne fruit in All these efforts have contributed towards achieving an
Odisha, and the Company is committed to extending all-time high employee productivity of 900 tonnes of
this success to Jharkhand through continued advocacy crude steel per employee per year.
for legislative change with the Jharkhand Government
and the Central Government for permitting female Organisational Integration and Harmony
employees to work in three shift operations. The The undeniable strength of synergy in uniting disparate
overwhelming response to ‘Ananta Quest’, an industry elements amplifies the collective impact and propels
first initiative to integrate persons with disability into the Company towards shared success. A significant
the manufacturing sector underscores the Company’s milestone in this journey was the seamless integration of
unwavering commitment to foster a workplace where five Tata Steel Group Companies into Tata Steel Limited,
every individual feels valued, respected, and empowered demonstrating our ability to maintain industrial harmony
to contribute their fullest potential.

while unlocking synergies and creating opportunities for production from October 2022 onwards post takeover of
talent development. The Company leveraged the ‘fit for its operations by the management of Tata Steel.
purpose’ operating model, which was driven by identified
The European Operations produced 7.80 MT, lower
top-level leaders. Process agility was ensured by
by 17% (FY2022-23: 9.35 MT) due to the reline of Blast
centralising or decentralising functions to maximise
Furnace 6 in the Tata Steel Netherlands along with
synergies. Grades and designations were harmonised,
subdued market demand. Production at South East Asia
and structural parity was ensured. Systems and
(‘SEA’) of 1.36 MT (FY2022-23: 1.43 MT) was lower due to
processes were transitioned and integrated seamlessly.
weak demand.
The assimilation was executed with precision, ensuring
seamless integration and alignment with organisational The consolidated steel deliveries of TSG was at
goals, resulting in a cohesive and efficient operating 29.39 MT in FY2023-24 increase of 2% (FY2022-23:
framework. Through meticulously curated cultural 28.79 MT), primarily at Tata Steel Standalone (1.06 MT).
assimilation programs, the Company facilitated a Deliveries declined at Europe on account of the reline of
smooth transition, fostering a sense of belonging and Blast Furnace 6 in the Netherlands.
collaboration among our expanded workforces.
The turnover of TSG in FY2023-24 was lower over
FY2022-23 by H14,182 crore (6%) on account of decline in
Recognition
steel realisations across geographies along with decline
Being acknowledged as a Great Place To Work in deliveries at the European operations attributable to
Certification™ for the seventh consecutive year reaffirms decrease in demand and lower production, partly offset
the Company’s dedication to an employee-centric by higher deliveries in India.
approach, inspiring us to continue nurturing a culture
where talent thrives with the aim to help Tata Steel
The EBITDA in FY2023-24 was lower over
realise its growth ambitions. Tata Steel’s steadfast FY2022-23 by H9,296 crore (28%), primarily due to
commitment to excellence bore fruit in the form of subdued performance from the European operations
prestigious accolades, including being recognised as primarily due to contraction in steel prices and lower
the Gold Employer by the Indian Workplace Equity Index deliveries. EBITDA however, improved in the Indian
and a top employer brand by Randstad Employer Brand operations on account of higher deliveries by 1.06 MT
Research. These accolades serve as a testament to the along with decrease in input costs, which was partly
Company’s standing as an employer of choice. offset by lower steel realisations.
As the Company looks ahead, it remains determined Tata Steel Group (‘TSG’) on a consolidated basis reported
in it’s dedication to fostering a workplace where every a loss after tax of H4,910 crore as compared to profit after
individual is empowered to unleash their fullest potential, tax of H8,075 crore in FY2022-23 primarily on account
and where the Company’s collective efforts pave the way on account of higher charges under exceptional items
for a brighter, more inclusive, and prosperous future. of H7,814 crore as against a credit of H113 crore in the
previous year majorly due to the impairment of Property
Plant and Equipment at TSUK for heavy-end restructuring
V. Tata Steel Group Operations along with provision for redundancy and restructuring
1. Major Highlights costs. The decline in profit was also due to lower EBITDA
During the year under review, the consolidated crude attributable to subdued operational performance of
steel production for Tata Steel Group (‘TSG’) was European operations.
29.94 MT which was lower by 2% (FY2022-23:
30.65 MT), primarily on account of the reline of Blast 2. Tata Steel Limited (Standalone)
Furnace 6 in the Tata Steel Netherlands, which was offset a) Operational Review
by an increase in production at Indian operations owing to
(mn tonnes)
de-bottlenecking across sites and higher steel production
at Neelachal Ispat Nigam Limited (‘NINL’) during the year. FY24 FY23 Change (%)
Hot Metal 19.94 19.85 0

The production increased at Tata Steel Standalone
to 20.12 MT which was higher by 2% (FY2022-23: Crude Steel 20.12 19.67 2
19.67 MT) attributable to de-bottlenecking across sites. Saleable Steel 19.77 18.90 5
NINL produced 0.66 MT (FY2022-23: 0.20 MT), as it started Sales 19.91 18.85 6

Statutory Reports
The saleable steel production and sales trend over the » Developed air cooled rebars of 7mm and 9mm which
years is as follows: is first-of-its-kind in India for Smartfab application.
Production and Sales of Steel Division » Successfully rolled high strength Fe 550SD and
(k tonnes) Fe 550D TMT bars with lean chemistry.
Awards and Recognitions

12,878
12,322
15,959
16,664
17,906
17,623
18,898
18,854
19,774
19,909
» CRC West received awards from National Safety
Council Maharashtra Chapter in Heavy Engineering
category for the longest accident-free period and
lowest accident frequency rate.
» LD3 and TSCR projects awarded at 7th National Energy
Efficiency Circle Competition held at Chandigarh.
ii) Tata Steel Kalinganagar

Tata Steel’s Kalinganagar (‘TSK’) plant is one of the
FY20 FY21* FY22* FY23# FY24#
world’s most advanced factories, recognised by the
Production Sales World Economic Forum as a ‘manufacturing lighthouse’.
Commissioned in 2016, Kalinganagar plant attained
Note: *Production and sales from FY21 onwards include TSM post- production levels at its rated capacity of 3 MTPA (Phase
merger.
#
Production and sales from FY23 onwards include TSG post-merger. I) in less than two years. The plant is dedicated to
manufacture Flat Product steel.

The combined saleable steel production of
FY2023-24 stood at 19.77 MT which was higher than Year in review
that of FY2022-23 (18.90 MT) by 5% attributable to » 100% iron ore requirements met through
de-bottlenecking across sites. The combined steel captive mines.
sales of FY2023-24 stood at 19.91 MT, higher by 6% over
» Achieved best production volumes and operating
FY2022-23 (18.85 MT), primarily on account of higher
KPI’s with almost all operating units achieving their
production across sites and higher traded volumes.
best ever annual production targets.
Plant-Wise Review » Achieved best ever Blast Furnace fuel rate, carbon
i) Tata Steel Jamshedpur emission intensity and specific water consumption.
Tata Steel Jamshedpur Works (‘TSJ’) is Tata Steel’s » First time commercial supply of coils for ship building
flagship plant and is among the first steel plants in Asia application and successful deployment of high alloy
and the only site in India to produce steel at the same grades and import substitute grades in FY2023-24.
site continuously for over 100 years. It has a capacity of » Successful casting and rolling of 3.2% Silicon Electrical
11 MTPA. steel which will help Tata Steel develop expertise to
foray into the fast-growing EV industry.
Year in review
» Achieved best ever crude steel production during » Digital initiatives continue in all areas with focus on
FY2023-24. robotics and video analytics in safety initiatives such
as energy isolation and Personal Protective Equipment
» Achieved best ever Hot Rolled Coil production during (‘PPE’) non-compliance tracking.
FY2023-24.
» Pilot plant for 16 TPD (Tons/day) Co2 capture and
» Increase in scrap charge contributing positively conversion of 10 TPD methanol started to gain domain
towards reducing carbon footprint. expertise for carbon footprint reduction.
» 100% iron ore requirements met through » TSK achieved Zero Effluent Discharge (‘ZED’) target
captive mines. in FY2023-24.
» Linz-Donawitz (‘LD3’) and Thin Slab Casting and Strategic Initiatives

Rolling (‘TSCR’) become the first shop in India to » Capacity expansion to 8 MTPA (Phase II) is underway
successfully cast and hot roll High Silicon Grain and will augment the product portfolio with new
oriented electrical steel.

value-added products while driving operational and maximising pellet and DRI usage in the Blast
efficiency and reducing carbon footprint. Furnace burden, resulted in reduction of direct flux
addition at 1.8%.
» Construction activities at BF#2, new Coke Ovens and
BOF#3 is under progress. » Sponge Iron production also witnessed significant
volume maximisation, with an output of 0.9 MT, up
» Pellet plant and Pickling Line & Tandem Cold Mill
by 6% y-o-y.
(‘PLTCM’) commissioned in FY2022-23. Both the
plants have ramped up their production volumes » Customer claims were significantly brought down
during FY2023-24. from 120 ppm to 75 ppm.
» Caster#2 started casting in January 2024. » East zone stockyard/Transport Park setup near the
Gamharia plant which strengthened the logistics and
» Commissioning of Continuous Annealing Line (‘CAL’)
supply chain process.
and Continuous Galvanising Line (‘CGL’) is expected
in FY2024-25.This mill will produce Advanced » Reduction of CO2 emission is identified as one
High Strength Steels (‘AHSS’) of wider dimension the foremost strategy under Environment and
and higher tensile strength which will serve Auto Sustainability which had been achieved by reduction
manufacturers for light weight higher strength steel in specific Coal Consumption at DRI, reduction in fuel
leading to better fuel efficiency. rate of hot metal manufacture, increased captive
utilisation of ferrous materials within plant boundary
iii) Tata Steel Meramandali and by restricted operation of one coal-based power
Tata Steel’s Meramandali (‘TSM’) plant is one of India’s plant. There was a 13% y-o-y reduction in environment
largest Flat Product steel production facility, equipped stack emissions, while solid waste utilisation increased
with steel making and finishing facilities. Crude Steel to 99%.
production in FY2023-24 was 5.16 MT (FY2022-23:
4.95 MT) and Saleable steel production in FY2023-24 was Recognitions:
4.84 MT (FY2022-23: 4.24 MT). » CII Significant Achievement Award of TPM – May 2023
(Received in November 2023).
Year in review
» CII Quality Award – Model TQM Company.
» 100% iron ore requirements met through
» UBS Forums Learning & Development Excellence
captive mines.
Award in Mines & Manufacturing category.
» Highest ever hot metal, crude steel and direct reduced » Tata Steel Sponge Iron Joda (‘TSSIJ’) received
Direct Reduced Iron (‘DRI’) production during Kalinga Safety Excellence Award under the National
FY2023-24. Safety Conclave organised by Director of Factories
» Lowest ever hard coking coal usage in coke plants. and Boilers, Odisha in Collaboration with Institute
of Quality & Environment Management Services
» Commissioning of Basic Oxygen Furnace (‘BOF’) slag (‘IQEMS’) Odisha.
atomisation plant. Atomised plant is used in various
applications like cement production, construction Profit Centres Review
materials, road construction, sand blasting etc. i) Tubes Division
iv) Tata Steel Gamharia Tata Steel’s Tubes Strategic Business Unit is the leading
tubes & pipe manufacturer in India, with an installed
Tata Steel Gamharia, is a plant located near Jamshedpur,
capacity of ~1.3 MTPA, having 4 manufacturing facilities
which is equipped with steel making and finishing
at Jamshedpur, Khopoli, Sahibabad and Hosur along
facilities dedicated to Long Product steel. It has a capacity
with its Tube Manufacturing Partners (‘TMPs’) spread
of 0.80 MTPA.
across eastern and northern parts of the country.
Year in review Tubes SBU is presently classified through its 4 broad
» Pellet Plant achieved an annual capacity of offerings, Structural Tubes (Tata Structura), Conveyance
1.00 MT for the first time ever (FY2023-24 production Tubes (Tata Pipes), Precision Tubes (Boiler, Automotive
at 0.96 MT (66% y-o-y increase). and General Engineering), and American Petroleum
Institute (‘API’) Pipes for Oil & Gas. Tubes division has
» The Blast Furnace operations achieved its capacity of also ventured into the Services & Solutions segment with
0.65 MT, (7% y-o-y increase) through stable operations

Statutory Reports
their offerings on Tata Ezyfit (Doors and Window frames) » Growth in the Retail Market was fuelled by India’s
and High-Aspect Ratio tubes. 8.2% GDP growth and various retail initiatives. Strong
influencers connect and channel augmentation aided
The production and sales performance of Tubes division
with ‘Bandhan’, a dealer loyalty program has helped
is as below:
the retail business grow by 31% over the previous year.
Production and Sales of Tubes Division
(k tonnes)
» In the automotive sector, there is a shift in customer
requirement from traditional precision tubes to
high strength-lightweight tubes in line with recent
Corporate Average Fuel Economy (‘CAFE’) norms.
518
509
458
468
504
516
887
877
981
982
» Effective utilisation of our Large Dia Mills at Khopoli
and accession to international markets has led to a
17% y-o-y growth in our Industrial and Infrastructure
segment, thereby adding many marquee projects in
the portfolio.
» Attained capacity expansion of 172 KTPA for the
division through addition of 2 new and enhancement
of 2 existing facilities of our TMPs, to elevate our
FY20 FY21 FY22 FY23* FY24* product portfolio.
Production Sales » Tubes division has also started increasing its presence
in international markets and plans to take this to 10%
* Tubes represents Jamshedpur tubes division and Tube manufacturing
partners. From FY2022-23 onwards, it represents Jamshedpur, Khopoli,
of our overall sales in the coming years.
Sahibabad, Hosur and Tube manufacturing partners. » Tubes division has remained focussed on its capability
development to enhance their product portfolio for a
Year in review deeper share of business with their customers across
» Achieved best-ever production of 981 KTPA and sales verticals. New grades developed for Automotive
of 982 KTPA in FY2023-24, which is a y-o-y growth of customers to increase their presence in Electric
~12% in comparison to FY2022-23. Vehicles and Yellow Goods segment.
» FY2023-24 has been a growth story for overall tubes » Market development for 24” Electric Resistance
market with high demand across all segments. Welded American Petroleum Institute (‘ERW API’)
Infrastructure and construction projects were on Coated pipes for inclusion and participation in tenders
the rise through implementation of key projects of oil and gas pipelines.
like Dedicated Freight Corridors, ‘Ude Desh ka Aam » Tubes division is in the final stages of commissioning
Naagrik’, ‘Bharatmala’, ‘Sagarmala’ and ‘Jal Jeevan its new Hollow Section Universal (‘HSU’) mill
Mission’. inbuilt with the latest Direct Forming Technology
» Riding on the back of Vehicle Scrappage policy and that would decrease the lead time for material
EV Infra development, the automobile segment also supplies significantly.
witnessed a y-o-y growth of 6%.
Recognitions:
» The Oil & Gas sector was driven by Government’s drive
on increased adoption of piped natural gas aiming » Tata Structura has been awarded as the ‘Most Trusted
towards higher coverage in City Gas Distribution Brand of the Nation’ in the category of Steel Pipes at
(‘CGD’) and Cross-Country Pipeline (‘CCP’) projects. Indian Brand & Leadership Conclave 2023, organised
Strengthening in Oil & Gas sector, Tubes division by The Brand Story at New Delhi.
has maintained a 22% market share in the domestic » The Global Marketing Excellence Awards, organised
Electric Resistance Welded pipes (‘ERW’), API by World Marketing Congress, has recognised Tata
pipes segment for Government and Public Sector Structura for its innovative green construction
Undertaking (‘PSU’) tenders awarded during the year. initiatives in the steel industry, earning praise for

its commitment to sustainability, and eco-friendly » Tata Wiron won awards in 9 diverse categories within
construction methods. the automotive and infrastructure segments at the
Asian Customer Engagement Forum (‘ACEF’), Asian
ii) Wires Division Leaders Awards ceremony.
A division of the Company, Global Wires India (‘GWI’)
» GWI has won prestigious ‘Corporate excellence
is the largest steel wire manufacturer in India with a
award 2023’ from Rural Marketing Association of
combined annual manufacturing capacity of 0.55 MTPA.
India for its innovative product in rural fencing space
GWI employs over 2,000 people and has manufacturing
– Knotted fence.
plants at Tarapur (near Mumbai), Pithampur (near Indore)
as well as at Jamshedpur. GWI caters to the requirements iii) Tinplate Division
of the Automobile, Infrastructure, General Engineering
Erstwhile Tinplate Company of India Limited (‘TCIL’) was
and Rural Retail markets with various steel wire offerings.
a listed subsidiary of Tata Steel Limited and pioneered
The production and sales performance is as below: Electrolytic Tin Plate (Tinplate) manufacturing in India.
With more than 100 years in existence, it has emerged as
Production and Sales of Wires Division
(k tonnes) the leading tinplate manufacturing entity in India with a
domestic market share of 45% in FY2023-24. It has current
capacity of ~380k tonnes per annum in Jamshedpur.
377
373
350
355
437
439
460
469
526
543
TCIL has amalgamated into and with Tata Steel Limited

effective January 15, 2024.
Tinplate is one of the most versatile packaging substrates
used for packaging of processed foods, aerosol cans,
paints etc., due to its eco-friendly and excellent barrier
properties vis-à-vis other packaging substrates like glass,
paper, plastics, aluminium etc.
The production and sales performance is as below:
FY20 FY21 FY22 FY23 FY24 Production and Sales of Tinplate Division
(k tonnes)
Production Sales
Year in review
340
311
291
316
374
373
362
362
378
377
GWI achieved an all-time high sales volume of 543 KTPA
in FY2023-24 with a y-o-y growth of 16% over FY2022-23.
» Successfully commissioned 36 KTPA MTB line at
Tarapur Wire Plant 1 in June 2023 and 17 KTPA GI
lines at Tarapur Wire Plant 2 in November 2023 and
The Indian Steel & Wire Products Limited in January
2024; 42 KTPA LRPC line is under execution at
Pithampur Wire Plant (commissioning expected in
Q1 FY2025-26). FY20 FY21 FY22 FY23 FY24
» Improved diversity by increasing women workforce Production Sales

from 4.3% to 6.2% and started all-women general
shift at Roll Shop, Wire Rod Mill (‘WRM’). During FY2023-24, the division achieved a production of
378 kt, higher by 16 kt over previous year and deliveries
Recognition: of 377 kt higher by 16 kt over FY2022-23.
» Won ‘Brand of the Year 2023’ in the Auto and Infra
category by Marksmen Daily in association with
India Today.

Statutory Reports
Year in review The production and sales performance is as below:

» Strengthening of existing infrastructure for Production and Sales of Metaliks & DI Pipes Division
de-bottlenecking and long-term sustenance. (k tonnes)
» Ongoing 300 KTPA expansion project.

» FY2023-24 witnessed a growth in domestic tinplate
545
532
470
481
580
578
569
558
518
518
demand by ~7% as compared to the previous year
mainly driven by demand in Edible Oil (~8%) &
Processed Food (~6%) segments.
Recognition:
» Two Quality Circle Teams from Tinplate Division
won the Gold Standard in Chapter Convention
on Quality Concept (‘CCQC’) and subsequently
qualified for National Convention of Quality Concept
FY20 FY21 FY22 FY23 FY24
(‘NCQC’), where the teams were rewarded with
’Excellent’ standard. Production Sales
» Two teams participated in Kaizen Competition

Year in review
organised by TSD Technology at Kolkata, and both
the teams were recognised – one with Gold and other » FY2023-24, the Division produced Pig iron of 120 kt,
with Silver. lower by 149 kt over FY2022-23 and produced DI Pipes
of 398 kt, higher by 98 kt over previous year. Deliveries
iv) Metaliks & Ductile Iron (DI) Pipes Division of PI of 122 kt lower by 140 kt over FY2022-23 in line
Erstwhile Tata Metaliks Limited (‘TML’) has its with lower production whereas, deliveries of DI Pipes
manufacturing plant at Kharagpur, West Bengal, with an of 396k tonnes were higher by 100k tonnes over the
annual installed capacity of 600 kt of Hot Metal i.e. Pig previous year.
Iron (‘PI’) and 450 kt of Ductile Iron Pipes (‘DIP’). Pig Iron » DI Pipe 2 (new plant) witnessed a smooth ramp
is used in the production of Ductile Iron Pipes. Pig iron is up. The Division achieved significant steps strides
marketed under the brand name ‘Tata eFee’ and ductile towards ongoing Phase-II expansion goals.
iron pipe as ‘Tata Ductura’. DI Pipes are used in water The Division is aggressively moving ahead to
infrastructure projects for conveyance of drinking water, complete the commissioning of the entire
sewage and irrigation, while Pig Iron is used in foundries expansion project by FY2024-25 which will
for manufacturing ferrous castings. significantly enhance its name plate capacity to 0.45
Mtpa. The market share of the DI Pipe Division was
Pig Iron
12%, same as the previous year, though on much
Demand for PI remained subdued during the year with larger base.
downward price corrections from time to time. This was
due to price volatility of raw materials, weak buying Recognition:
sentiments and over-supply in domestic market. » Rewarded ‘Gold Award’ for increasing Pulverized Coal
Injection (‘PCI’) rate in Blast Furnace.
DI Pipe
The DI Pipe business domestic demand was robust » Obtained ‘Silver Award’ for increasing throughput of
throughout the year with very healthy order load of Coke Plant.
7-8 months on account of significantly increased demand » Under Energy Excellence obtained ‘Silver Award’ for
from Government’s water infrastructure projects under linear Cooler Fan speed optimisation; and
Jal Jeevan Mission (‘JJM’) and AMRUT 2.0 schemes. DI
Pipe exports were, however, weak, due to slow down in » 7th CII Kaizen competition – ‘Silver Award’ for Best
the global economies and shortage of funds for projects Innovative Kaizen in Quality
in the developing countries.

v) Industrial By-product Management Division » Strategic collaborative programs were undertaken
Industrial By-product Management Division (‘IBMD’) with key cement manufacturers to maximise use of
manages solid wastes or by-products generated across by-products of steel plants in cement production.
the steel value chain. IBMD spearheads the circularity
Recognition:
initiatives of the organisation to create value from waste
by leveraging state-of-the-art technologies and new » The project ‘Sustainable Utilisation of LD Sludge
product and application development. The portfolio of in Pellet’ at TSM adjudged as the ‘Most Innovative
IBMD spans across 25+ product categories with more Project’ at the CII National Award for Environmental
than 250 Stock-Keeping Units (‘SKUs’). Best Practices 2023.
Year in review vi) Ferro Alloys and Minerals Division

» FY2023-24, the division handled ~17 MT of The Company’s Ferro Alloys and Minerals Division
by-products across locations. While the division saw (‘FAMD’) is one of the leading producer of Ferro Chrome
a 13% decrease in revenues on y-o-y basis, owing and Manganese alloys in India. Its production facilities
to lower metallics availability triggered by a policy are integrated with production bases spanning across
change and depressed market sentiments across three Indian States and having customers across the
the year. world. FAMD has captive plants at Joda, Bamnipal, and
Gopalpur and has Ferro Processing Centres (‘FPCs’)
» In line with the decarbonisation initiative of the under business partnering agreement for production of
organisation, the current year was best ever scrap Chrome and Manganese Alloys.
utilisation - the division’s supply of scraps to
steel melt shops at TSJ, TSK and TSM was 1.9 MT The Sukinda Chromite mine and Gomardih Dolomite
(1.5 MT in FY2022-23), which also enabled additional mine leases expired as per the mining regulations on
crude steel production. March 31, 2020. The Sukinda Chromite Mines was put up
for auction and subsequently Tata Steel Mining Limited,
» Steel Slag Atomisation Plant at TSM has been restarted a wholly-owned subsidiary (having merged with the
post which dispatches of its product - Grand Shot Balls Company) of Tata Steel Limited won the auction for
have commenced. A new FP scrap processing facility the mine.
(Cut-to-Length) has been commissioned at TSM,
which will help in incremental value creation for The production and sales performance is as below:
the Company. Production and Sales of FAMD
(k tonnes)
» The division launched new brand - Tata Dureco
(Ground Granulated Blast Furnace Slag) which is
downstream value-added product, having extensive
1,128
1,318
2,404
1,242
1,606
456
511
185
190
964
application in construction application. Tata Dureco
achieved best ever sales of 100 KT in FY2023-24,
previous best being 88 KT in FY2022-23.
» At the collieries, best ever sales of 910 KT was achieved
for coal tailings against previous best of 845 KT in
FY2022-23.
» IBMD collaborated with one of the coal tar customers
for replacement of coal tar injection in blast furnaces
at TSJ by a downstream product – Low Sulphur Fuel FY20 FY21 FY22 FY23* FY24*
Oil. This initiative has helped in reducing coke rate of
Production Sales
the furnaces and enabled additional volumes of coal
tar for external sales. Note: *Production and sales for FY2023-24 and FY2022-23 include Tata

Steel Mining Limited post-merger.
» The sales of branded steel slag products Tata Aggreto
and Tata Nirman from both TSJ & TSK saw further During the financial year 2023-24, the production
growth. Tata Aggreto has emerged as material of was lower primarily on account of lower Chrome ore
choice in road construction as well as for blanketing production. During FY2023-24 deliveries were lower over
layer application in Railways.

Statutory Reports
FY2022-23 primarily due to lower sales of Chrome ore During the year under review, the division produced
post increase in Government notified royalty rates. ~34 million numbers and achieved deliveries of
~33.6 million numbers which were marginally higher
Year in review over FY2022-23.
» FAMD did its first ever sales of 49 T Stainless Steel
flat from old stock of Bishnupur plant by developing Year in review
a new customer, thereby being future ready for » Achieved its best ever Sales in the Aftermarket segment.
Stainless Steel business.
» Developed and commercialised new products for
» Environmental Clearance (‘EC’) was obtained for Electric Vehicles, Automotive and Tractor segments.
enhanced production of Saruabil Chromite Mine
» Launched Lithium Based EP2 Grease (Extreme
(0.35 MT per annum to 1 MT per annum) and Kamarda
Pressure Grease) – for Industrial applications.
Chromite Mine (0.088 MT per annum to 0.30 MT per
annum). Subsidiary Companies Review
Recognition: (i) Neelachal Ispat Nigam Limited
FAMD has been adjudged in ‘Excellence in Biodiversity’ The Company completed the acquisition of Neelachal
under CII-ITC Sustainability Awards. Ispat Nigam Limited (‘NINL’) in the month of July 2022.
The NINL Plant is situated at Kalinganagar industrial
vii) Bearings Division complex of Duburi in the Jajpur district of Odisha. The
Tata Steel’s Bearings Division is one of India’s quality prime product of NINL is Long Product i.e. Rebar.
Bearing manufacturers, having its manufacturing
NINL is converting its Billets into Rebars in collaboration
facility located at Kharagpur, West Bengal with an annual
with Tata Steel Planning and Steel Processing Centers
production capacity of ~40 million Bearing numbers.
team. Also, in synergy with the M&S team of Tata Steel
The Company is foremost in the manufacturing of a wide
rebars are introduced in the Tiscon brand in the market.
variety of Bearings and the product range includes Ball
Bearings, Taper Roller Bearings and Magneto Bearings. The turnover and profit/(loss) of NINL for FY2023-24 are
The division is the first Bearings manufacturer in India to as follows:
win the Total Productive Maintenance Award (2004) from
(H crore)
Japan Institute of Plant Maintenance, Tokyo.
FY24 FY23
The production and sales performance is as below:
Turnover 5,505 1,646
Production and Sales of Bearings Division EBITDA 53 (770)
(mn nos)
Profit before tax (PBT), before
(981) (1,508)
exceptional
Profit before tax (PBT) (1,012) (1,508)
30
30
27
28
30
29
34
33
34
34
Profit after tax (PAT), before exceptional (929) (1,218)

Profit after tax (PAT) (960) (1,218)
The performance of NINL Business is included in FY2022-23.
The production and sales performance of NINL is

given below:
(mn tonnes)
FY24 FY23 Change (%)

FY20 FY21 FY22 FY23 FY24
Crude Steel 0.66 0.20 228
Production Sales Saleable Steel 0.65 0.17 287
Sales 0.65 0.17 289

During FY2023-24, NINL produced 1,114 kt of pig iron Strategy
(FY2022-23: 177 kt). Crude steel production was at NINL will play a critical role in Tata Steel’s long product
663 kt (FY2022-23: 202 kt). growth aspirations as it gets transformed into a
Deliveries of Pig Iron in FY2023-24 was 358k tonnes state-of-the-art long products complex. There are plans
(FY2022-23: 125 kt). Steel deliveries was 649 kt to expand up to ~9.5 million tonnes per annum in a
(FY2022-23: 167 kt) due to full year of operations during decade’s time, forming a big part of Tata Steel’s target of
the current year. reaching 40 MTPA capacity.
Turnover of FY2023-24 increased over FY2022-23 Safety and Sustainability

significantly by H3,860 crore primarily due to higher » NINL has submitted application for EC for its expansion
deliveries of pig iron and steel owing to full year of from 0.981 MTPA to 9.5 MTPA.
operations during the year. The loss after tax of FY2023-24
at H960 crore was lower against a loss of H1,218 crore » ‘Cast house dedusting system’ project work has
in FY2022-23 primarily due to better operational started at NINL Blast furnace for dust and fumes
performance during the year. extraction from cast houses of Blast Furnace, which
will lead to a cleaner and greener environment.
Year under Review
(ii) Tata Steel Downstream Products Limited
» Reached designed production rate of 1 million tonnes
within nine months of start-up. Tata Steel Downstream Products Limited (‘TSDPL’)
is a leader in the organised Steel Service Centre
» Successful commission of Coke Plant Battery within business in India. TSDPL has a Pan-India presence with
nine months along with Coke Dry cooling Plant, Coal ten steel processing plants and thirteen distribution
and Coke Handling and Effluent treatment facility. and sales locations. Value-added offerings of TSDPL
This is done for the first time in India, where a closed include slitting, cut-to-length, blanking, corrugation,
Coke oven battery started with temporary repairing. plate burning, fabrication, component manufacturing
» Achieved highest crude steel and pig iron production and steel intensive products and applications.
in a fiscal year i.e. 0.981 MT in FY2023-24 which is as TSDPL’s products and services conform to world class
per the rated capacity. quality standards in meeting customers’ demand. Its
entire operations including supply chain runs on a
» Sinter Plant achieved highest ever Sinter Production state-of-the-art Enterprise Resource Planning
in a fiscal year since inception i.e. 1.28 MT. (‘ERP’) system.
» The effluent treatment facility upgraded to meet The turnover and profit/(loss) figures for the Financial
all the environmental norms and successfully Year 2023-24 are as follows:
commissioned within due timeline.
(H crore)
» Setting up of Mobile MRP plant in NINL. It is the first FY24 FY23
time in Tata Steel eco system which is set to meet the Turnover 7,563 7,394
internal scrap demand of the plant.
Profit before tax (PBT) 275 294
» Highest Calibrated Lump Ore (‘CLO’) & Fines Profit after tax (PAT) 232 246
Production are achieved i.e. 1.88 MT against the
previous best of 0.96 MT in FY2022-23. Despite challenging market conditions, the financial year
2023-24 was a rewarding one for TSDPL, as reflected in
Financial Highlights its good financial performance. During the year, TSDPL
» Capex of ~H340 crore was spent out of internal delivered its highest-ever turnover of H7,563 crore. It
accruals on sustenance activities. was achieved on the back of highest ever volumes of
3.55 million tonnes despite pressure on steel prices. The
» The Company launched Voluntary Separation Scheme
slump in automotive sales from December 2023 onwards
on November 15, 2023 for executive level and 63
affected EBITDA and PBT.
employees have opted for the scheme. A charge of
H31 crore is taken on this account under Slump in the Commercial Vehicles from December 2023
exceptional items. adversely impacted sales to automotive customers
under Vendor Servicing Model where exposure is 40%
of total distribution volumes.

Statutory Reports
Intense competition in Hot Rolled segment impacted Recognition:

margins of Astrum brand with existing customers. Lower » TSDPL was rated as Industry Leader in Tata Businees
export of Mining Equipment by Caterpillar from India in Excellence Model (‘TBEM’) with an assessment score
FY2023-24 adversely impacted TSDPL’s Plate Fabrication of 653.
business. Higher domestic prices compared to China
impacted plan to ramp up exports. » J amshedpur CR Unit won 1st position in CII Kaizen
competition in large industries segment.
Year in Review
b) Marketing and Sales
TSDPL took up 6 key priorities for FY2023-24 Safety,
Sustainability, Growth, Customer, Digital, Operational During the FY2023-24, the Company recorded sales of
Excellence, Learning & improvement. 19.91 MT, which is higher over the previous year by 6%.
Sales performance are summarised as below:
Safety - TSDPL continued its efforts on its safety journey
through its key safety strategies. However, there were (mn tonnes)
9 LTIs during the year and TSDPL is committed to FY24 FY23
accelerating our efforts on improving safety. Automotive & Special products 2.91 2.69
Sustainability - TSDPL launched several initiatives to
Branded Products, Retail & Solutions 6.53 5.85
reduce power consumption, conserve water and reduce Industrial Products & Projects 7.68 7.24
carbon footprint by adopting the CII GreenCo framework.
Domestic 17.12 15.78
TSDPL achieved the lowest ever Carbon Footprint
Exports 1.04 1.61
(Scope 1&2) of 4.050 KgCO2e/MT.
Domestic + Exports 18.16 17.39
Customer - TSDPL’s customer excellence journey
Transfers (Tinplate, Wires, Tubes, IBMD,
named ‘Project Utkarsh’ continued to bear fruits during Agrico)
1.75 1.46
FY2023-24. Key Account management was stabilised
Total Deliveries 19.91 18.85
and TSDPL ended the year with 47 key accounts who
were given differentiated service. TSDPL achieved lowest FY2023-24 turned out to be the year of best-ever sales
ever complain resolution time of 14 days during the year. performance surpassing the previous best performance
Growth - Long-term Plan was formulated with a plan of FY2022-23.
to achieve 10 MT by FY2029-30. Sanand Steel Service
Automotive and Special Products
Center set up work is in full swing and is expected to
be completed within the scheduled time. Capacity The India’s Passenger Vehicle (‘PV’) industry registered
expansion at Ranjangaon Unit for Cold Roll Slitting and record domestic sales in FY2023-24 making India the
Narrow Cut to Length operations is also on schedule with 3rd largest PV market in the world. The PV segment
load trials planned in April 2024. New business added witnessed robust production growth of 6% y-o-y driven
new products viz. Fire Alarm panel, Jewellery Safe, by new model launches and a continuation of consumer
Stainless Steel Safe and Stainless-steel IT Racks during preference towards Sports Utility Vehicles (‘SUVs’).
the year. The Medium and Heavy Commercial Vehicle (‘MHCV’)
segment registered a growth of ~3% y-o-y supported
Digital - Digital Roadmap created for TSDPL under by replacement demand, and healthy traction for
‘Project DigiYaan’. Project SPARC was undertaken during infrastructure, mining, and construction activities.
the year to implement Supply Chain Management However, overall, the Commercial Vehicles segment
Solution ‘Blue Yonder’. The Demand Planning User recorded a growth of 1% y-o-y with Light Commercial
Acceptance Testing was completed during the year Vehicles (‘LCVs’) registering a marginal decline
and Supply Planning will be taken up in FY2024-25 to (1% y-o-y). Tata Steel’s Automotive Segment registered
complete the implementation. This will help improve sales of 2.91 MT in FY2023-24, with a y-o-y growth of 8%,
On Time In Full (‘OTIF’) and improve visibility. TABLEAU focusing on high strength new product development.
Dashboards introduced for monitoring of Operational Tata Steel recorded a 6% growth in high-end product
Metrics like Volumes, Inventory, Collection and Payments. sales and continues to command market leadership and
Operational Excellence – Focus on TQM led to highest high share of business in new model launches.
ever capacity utilisation of 83%. EBITDA improvement
Program - Lakshya led to savings of H12.5 crore.

Branded Products and Retail across the country to 10,000 covering 8,500+ pin codes
Branded Products and Retail (‘BPR’) Flat Products (‘FP’) and enriched engagement with ~6,00,000 consumers and
clocked sales volume of 4.5 MT with y-o-y growth of 10%. ~20,000 active influencers. Tiscon launched new Brand
Overall growth was driven by key FP brands viz. Tata Campaign ‘Samajhdar Bane Behtar Chune’ to enable
Astrum, Tata Steelium and Tata Kosh, which registered potential consumers to take smarter decisions by choosing
growth ranging from 8%-16% each and enhanced its tangible product benefits offered by Tata Tiscon’s 550 SD
market share to 25%. The Flagship Emerging Corporate Rebars. The campaign generated 3.1 million impressions
Account (‘ECA’) brands Tata Astrum (the hot rolled through its various social media handles. The brand also
brand for MSMEs) and Tata Steelium (the cold rolled enhanced its Tiscon ‘Grand Masters’ program’ further in
brand for MSMEs) clocked their best ever annual sales FY2023-24 and strengthened collaboration with
of 3.45 MT, while expanding their presence into 80+ Architect, Contractors & Engineers (‘ACE’) community
micro-segments. Tata Astrum Super, retail brand of HR, to enable consumers to build their dream homes. ACEs
commemorated its 5-year journey on March 7, 2024 and are the initial touchpoints for an Individual Home Builder
has registered 57% CAGR since its launch. (‘IHB’) and play a pivotal role in providing the required
guidance on design and building materials including
In the ECA space, to support MSME growth and capability TMT rebars, cement, paints etc. 3,600+ new ACEs were
building, knowledge sharing sessions ‘Create’ (Value in onboarded, and 2,00,000 MT sales (highest-ever sales
Use Initiatives), ‘Techtalk’, ‘Skilling India’ and ‘InsIITe’ through ACEs) was achieved in FY2023-24. For the first
(organised in collaboration with IIT, Mumbai and IISc, time-ever, an engineers and architects summit called
Bangalore) were conducted for MSME customers ‘Core’ (representing ‘Constructing responsibly’) was
across different regions. These initiatives aim to share organised which saw participation from 100+ attendees.
technology updates, discuss on upcoming product The event included knowledge sharing by distinguished
and services to meet evolving need of discerning speakers, recognition of outstanding performers
customers, and create value for key stakeholders. and showcased Tata Steel’s diverse construction
Through these curated platforms, Tata Steel connected product portfolio.
over 5,000 ECAs in FY2023-24. Two new customised
micro-segment specific programs, ‘Railcon’ for Industrial Products, Projects and Exports
customers in the railway segment and ‘AgriNext’ for Industrial Products, Projects and Exports (‘IPPE’)
Agri-implement manufacturers, were introduced in including export sales during FY2023-24 was 8.7 MT
FY2023-24 to communicate value proposition of Tata with domestic sales of 7.7 MT and Exports of 1.04 MT. In
Steel’s ECA brands viz. Tata Astrum, Tata Steelium FY2023-24, Domestic sales for IPPE registered a growth
and Galvano. of ~6% led by growth in discerning segments and
In the B2C space, the flagship galvanized brands, Tata sub-segments of Engineering and Downstream products
Shaktee & Tata Kosh conducted farmer meets – ‘Kissan backed by stable domestic demand.
Diwas’ celebrations where ~33,000 farmers were
Engineering segment & Value-Added Products
directly connected. 70+ new learning modules were
launched in Learners’ Academy, the Area Sales Officer Tata Steel continued its focus on engineering segments
and Business Manager (‘ASO BM’) training portal, and Value-Added Products (‘VAP’) through product
which saw introduction of AI Based Coaching and mix enrichment, robust customer connects and new
evaluation mechanism for the first time called RUBRICS. product development. Engineering Segments achieved
On digital front, the usage of Shaktee Kosh Rewards, an best-ever sales of ~790 KT enabled by healthy growth
app-based loyalty program for dealers & fabricators, across all key sub-segments such as Railways (87% y-o-y),
nearly doubled in FY2023-24 compared to last year. Tata Lifting & Excavation (16% y-o-y) and Pre-Engineered
Steel’s marketing efforts in flat products recognised with Buildings (6% y-o-y). VAP segments viz. LPG, Precision
Tata Kosh receiving the ‘Iconic brand of India’ award by Tube (‘PT’) and Medium Carbon High Carbon registered
the Indian Brand and Leadership Conclave 2023 and Tata a y-o-y growth of ~5% over FY2022-23. Through
Shaktee being awarded the ‘Iconic brand of India’ for the Engineering Segments, IPPE contributed towards (a)
3rd time by The Economic Times. construction of 2,300 kms of O&G pipeline including
supplies to the prestigious project of GAIL-KKBMPL
Tata Tiscon touched the milestone of 2 MT sales (growth (Kochi-Koottanad-Bangalore-Mangalore Gas Pipeline)
of ~15% y-o-y & best ever sales volume) in Retail in PH-II for Krishnagiri to Coimbatore section, foundation
FY2023-24. This was enabled by enhancing dealer base stone laid by Honourable Prime Minster Shri Narendra

Statutory Reports
Modi, (b) construction of ~48 Mn sq. ft of PEB structures, Titanium added) was developed in this segment in order
(c) production of ~32,000 construction equipment to meet customer requirements. The segment continued
and enabled import substitution by developing and to maintain its share of business with discerning
commercialising high-strength grades for our discerning customers. Memorandum of Understanding (‘MOUs’)
customers in Lifting & Excavation segment, and (d) were signed with ~10 new customers to secure monthly
supplies to marquee projects viz. Micron Technology’s volumes and share of business. In FY2023-24 14% y-o-y
advanced semiconductor plant (in Sanand, Gujarat), sales growth was attained in specialty steel segment
Dhubri-Phulbari bridge which is India’s longest river (620 kt sales w.r.t 545 kt in FY2022-23) with focus on
bridge spanning more than 19 Km connecting Assam mix enrichment and on attaining the most preferred
and Meghalaya, and many more. supplier status with its customers and Tier-1 OEMs.
~50+ new products were developed in key consuming
Downstream: Flat Product Downstream registered
segments like 2W, PV, Bearings and Component exports.
sales of ~1,092 KT in FY2023-24 with an overall growth
Key OEM Approvals were also received from leading
of 21% over FY2022-23 (897KT) supported by robust
two-wheeler manufacturers.
growth in Building & Construction segments (756 KT,
52% y-o-y) and Capital Goods & General Engineering Services & Solutions: In FY2023-24, Tata Pravesh Doors
(60 KT, 54% y-o-y). Key segments viz. Appliance & Furniture and Windows registered Gross Merchandise Value of
and Electrical Lamination also registered sales growth H315 crore. The installation figures have been steady y-o-y
with focus on serviceability, product development at ~145K units. The brand expanded its Privileged Dealer
and customer addition. The business successfully Program network to ~500 outlets in this year. Pravesh
ramped-up new PLTCM at TSK through sales of FHCR also continued to render superior and uniform customer
(Full Hard Cold Rolled) and development of niche experience through augmented IT infrastructure and
applications in Key Segments. Achieved growth in sales best in class industry practices through Authorised
to Tata BlueScope Steel Private Limited a key partner in Service Centre – ‘SmartCare’, increasing the presence to
serving coated materials to Building & Construction 15 numbers in FY2023-24 from the baseline of 7 numbers
segment (~190KT in FY2023-24 as against ~47KT in in FY2021-22. This has resulted in enhancement of NPS
FY2022-23). Industrial Products and Projects score to 70 in FY2023-24 as compared to 61 in FY2022-23.
Downstream business also supplied ~24KT coated Nest-In achieved 20% y-o-y revenue growth in FY2023-24
products to solar segment (93% growth y-o-y, 15% by clocking H215 crore with 2.5X growth in EBITDA
Market Share) contributing to nation’s Renewable (H16 crore in FY2023-24 vis-à-vis H6 crore In FY2022-23).
Energy initiatives. Nest-in also augmented its business by expanding
order base of external customers (>55% of total order
Long Products Downstream business contributed
contribution) resulting in smooth handing over of ~120+
~300 KT of sales in FY2023-24, a growth of 40% over
projects spanning around 7.1 lac sqft.
FY2022-23. Tiscon ReadyBuild Sales (Cut & Bend rebar
solution) crossed 280 KT mark and Sm@rtFAB (Welded Digital Initiatives: Tata Steel Aashiyana, an early
Wire Fabric solution) clocked 11 KT which accounted for 2X engagement and online platform for Individual Home
growth, both achieving their highest-ever sales. In an effort Builders achieved a growth of 27% in FY2023-24 over
to become leaders in construction solutions by shaping FY2022-23. Aashiyana moved from 5% (~100 crore GMV)
the market and becoming knowledge-intensive leaders, digital payments in FY2022-23 to 100% in FY2023-24
Tata Steel focused on capacity expansion (currently (~H2,200 crore) Gross Merchandise Value). The platform
operating with 35 world-class service centres), used analytics-based insights to understand customers
serviceability, and customisation of solutions for all our more closely and shortened website check-out time by
customers. Key Marquee projects which were served 20% and reduced cart abandonment rate by 10%. This has
through solutions provided by the Company were enhanced consumer experience and resulted in increase
Ahmedabad-Mumbai Bullet Train, Delhi Meerut Regional of NPS score to 65 in FY2023-24 from 59 in FY2022-23. Tata
Rapid Transit System (‘RRTS’), Mumbai trans harbour Steel rolled out its integrated digital ecosystem platform,
link, Sudarshan Sethu, Bangalore metro and Pune metro. Sampoorna 2.0 for Tata Tiscon. Currently, entire Tiscon
dealer force (~10,000) is connected through Sampoorna
Wire Rods & SBQ and Specialty Steel: In FY2023-24
2.0 platform.
sales growth of 11% y-o-y was recorded in Continuous
Welding Electrode segment (109 kt sales w.r.t 98 kt in Furthermore, to be future ready a B2B e-commerce
FY2022-23) as it focused on attaining the most preferred platform, DigECA, is being designed to streamline direct
supplier status with its customers. New grade (WR3M (n)- engagement of MSMEs with Tata Steel and its associated

stakeholders. The platform enhances customer » Statutory clearances received for start of construction
satisfaction by introducing specialised modules work for EAF Ludhiana and construction commenced.
that focus on increasing user convenience. Features
integrated into these modules provide customers with Tata Steel Jamshedpur
digital experience with end-to-end order generation and » CO2 injection project at LD1 commissioned.
fulfilment features.
» LD & BF sludge briquetting unit commissioned.
c) Engineering & Projects » Zero Liquid Discharge (‘ZLD’) projects of Cold Rolling
In FY2023-24, Engineering & Projects (‘E&P’) Division Mill (‘CRM’) Bara, LD1 & LD2 commissioned.
continued its endeavour to deliver sustained value to
» Commissioning of 2 MWp Solar Power Plant.
stakeholders by supporting Tata Steel’s growth and
sustenance projects. Focused efforts were made to Tata Steel Kalinganagar
accelerate the progress of capital projects amidst volatile
» Completion of Pellet Plant both circuits and SMS
market conditions and uncertain business environment.
Already defined earlier Caster#2.
Continuous efforts are being made to prioritise capital
projects considering future market opportunities, » Commissioning of South Rail Line Connectivity
decarbonisation/sustainability impact and business reducing turnaround time of rake entry.
value proposition. As such significant progress has been
» Progressive construction completion of Phase-2
made in:
project facilities like Blast Furnace#2, Coke Ovens, etc.
» Key growth projects such as 2nd phase expansion of
TSK, Iron ore and coal expansion projects, setting Tata Steel Meramandali
up of electric arc furnace (‘EAF’) at Ludhiana for » Completion of 3 nos. Dust Extraction (‘DE’) Systems
supporting Tata Steel’s decarbonisation initiatives and at Direct Reduced Iron (‘DRI’) plant and one number
for achieving cost competitiveness, set up/expansion DE System in Sinter Plant.
of Tata Steel downstream processing units supporting
» Completion of Ladle Tilter with Transfer Car at BOF
market share of value-added segments etc.
(Basic Oxygen Furnace) and Tar Settling Tank at Coke
» Many large sustenance, improvement and Oven – 2.
environment projects have been undertaken
The division also successfully completed longest gallery
across Tata Steel sites of Jamshedpur, Kalinganagar,
erection of 230 MT at Overland Conveyor System,
Meramandali etc., including new Air separation Units,
Noamundi and dispatched single largest consignment of
Blast Furnace (‘BF’) relining jobs, coke oven batteries
145 MT Hot Metal Desulphurisation Combined Car from
replacements, mill drive upgradations, infrastructure
Tata Growth Shop.
projects including housing & hospitals, few solar
projects etc. Currently, Tata Steel has embarked on its aspiration of
doubling its crude steel capacity to ~40 MTPA. Growth
With timely project execution, safety is the topmost
proposals across key expansion sites are being pursued
priority for Tata Steel. Engineering & Projects Division.
while ensuring consideration to decarbonisation targets.
achieved zero fatality in FY2023-24 and implemented
To be future-ready, following key initiatives have been
various safety initiatives which led to reduction in red
taken at divisional level to enable us to fuel our future
risk incidents.
growth ambitions:
Many digitalisation initiatives are also in progress such
» Workforce capability building initiatives in key
as Integrated Project Management System to provide
knowledge domains through tie up with leading
end-to-end visibility of the projects on a single platform.
academia and professional bodies.
During FY2023-24, the division successfully achieved
» Enhancing construction safety and inculcating a
following milestones across various projects such as:
culture of safety along with devising policies for
Raw Material & Others ensuring horisontal deployment of safety policies
across all sites.
» Commissioning of Baitarani cross country water
pipeline (19 km) and major electrical work » Strengthening & enhancing in-house manufacturing
at Noamundi. & fabrication capability & capacities.

Statutory Reports
» Ramping up infrastructure, amenities, and During the year under review, purchases of stock-in-trade
logistics capacity. was significantly higher as compared to the previous
financial year primarily due to higher purchase of traded
» Increasing vendor base in identified categories and
rebars from NINL and Tata Steel Thailand. These were
strengthening supplier partnerships.
partly offset by decrease in external scrap purchases as
» Driving digital transformation within the division. own generated pooled iron was utilised.
c) Cost of materials consumed

VI. FINANCIAL PERFORMANCE
(H crore)
Standalone Performance
1. Tata Steel Limited
Cost of materials

During FY2023-24, the Company recorded a consumed
48,018 59,949 (20)
profit after tax of H4,807 crore (previous year:
H14,685 crore). The decrease is primarily on of account higher During the year under review, cost of materials consumed
charge under exceptional items owing to impairment of reduced primarily due to decline in imported coking coal
investments in group companies. Excluding the impact of prices, along with lower cost of purchased pellets post
charge under exceptional items, the profit increased due commencement of pellet plant at Kalinganagar during
to higher operating profits as compared to the previous the year.
year attributable to higher sales volume and lower raw
material costs due to decrease in raw material prices d) Employee benefits expense
mainly of coking coal and lower purchase of pellets, which (H crore)
was partly offset by, decrease in steel realisations. Finance FY24 FY23 Change (%)
cost was higher due to additional loans taken during
Employee benefits expense 7,402 7,221 3
the year. The basic and diluted earnings for FY2023-24
were at H3.85 per share each (previous year: basic and During the year under review, the employee benefits
diluted: H11.76 per share each). expense increased primarily due to salary revisions and
The analysis of major items of the financial statements is its consequential impact on retirement provisions along
given below: with increase in leave salary and staff welfare expenses.
a) Revenue from operations e) Depreciation and amortisation expense

(H crore) (H crore)
FY24 FY23 Change (%) FY24 FY23 Change (%)
Sale of products 137,284 139,669 (2) Depreciation and

5,970 5,956 -
amortisation expense
Sale of power and water 1,913 1,775 8
Other operating revenue 1,790 1,469 22 The depreciation charge during the year is at par with
Total revenue from the previous year as the higher charge for new additions
140,987 142,913 (1)
operations during the year, was offset by assets fully depreciated
during the year.
During the year under review, sale of products was
marginally lower as compared to that of the previous f) Other expenses
year, primarily due to decrease in realisations in domestic
(H crore)
as well as export markets, partly offset by higher steel
deliveries by 1.06 MT. Sale of power and water and other FY24 FY23 Change (%)
operating income increased in line with higher demand Other expenses 45,661 41,379 10
and prices.
b) Purchases of stock-in-trade
(H crore)
Purchases of stock-in-trade 9,702 7,424 31

Other expenditure represents the following expenditure: g) Finance costs and net finance costs
(H crore) (H crore)
FY24 FY23 Change (%) FY24 FY23 Change (%)
Consumption of stores and Finance costs 4,179 3,975 5

8,024 7,217 11
spares Net Finance costs 2,227 1,926 16
Repairs to buildings 91 98 (6)
During the year under review, finance costs increased
Repairs to machinery 5,474 5,345 2
primarily on account of higher interest on domestic
Relining expenses 230 232 (1)
term loans owing to fresh utilisation during the current
Fuel oil consumed 1,028 897 15 financial year for capital expansion projects, partly offset
Purchase of power 5,535 5,733 (3) by lower interest on short-term borrowings, commercial
Conversion charges 2,340 3,001 (22) papers and debentures attributable to lower balances
during the year.
Freight and handling
7,706 7,488 3
charges Net finance charges were higher primarily on account of
Rent 152 92 66 higher finance cost, along with lower interest income on
Royalty 6,511 6,717 (3) Inter-Corporate Deposits (‘ICDs’) post conversion into
Rates and taxes 2,250 1,654 36
equity, and lower gain on sale of mutual funds.
Insurance charges 265 252 5 h) Exceptional items
Commission, discounts and
286 296 (3) (H crore)
rebates
Allowance for credit losses/ FY24 FY23 Change (%)
110 6 1,604
provision for advances Exceptional items (13,636) (780) N.A.
Other expenses 6,646 3,436 93
The details of exceptional items for the current year and
Less :-Expenditure (other
than interest) transferred to (987) (1,085) (9) previous year are as follows:
capital & other accounts
» Profit on sale of investments held in subsidiaries and
Total Other expenses 45,661 41,379 10 Joint Ventures: NIL (previous year: H339 crore).
Other expenses were higher as compared to the previous » Provision for Impairment of non-current assets (net)
financial year primarily due to lower foreign exchange H179 crore mainly in Property, Plant and Equipment
revaluation gain on inter-company loans/receivables including intangibles for Sukinda mines (previous
during the current year after conversion of loan to group year: NIL).
company into equity. Increase in rates and taxes on
» Provision for Impairment of investments/doubtful
account of higher charges for District Mineral Fund and
advances (net of reversals) H12,971 crore (previous
previous year included reversal of entry tax provision.
year: H1,056 crore).
Moreover, there was increase in other general expenses
mainly in travelling, brand equity, CSR and others. » Restructuring and other provisions H405 crore for
Consumption of stores and spares increased mainly due closure of Sukinda mines. (previous year: H2 crore).
to increase in maintenance activities during the year.
» Provision for Employee Separation Scheme (‘ESS’)
Increase in expense was partly offset by, decrease in
under the Sunehere Bhavishya Ki Yojana (‘SBKY’)
conversion charges mainly in the ferro alloys business
Scheme and other schemes amounting to H99 crore
owing to lower production and sales during the year.
(previous year: H92 crore).
Decrease in royalty charges was mainly due to lower
production of chrome ore, partly offset by increase in » Fair valuation gain on investments classified as fair
Government notified prices of chrome ore and higher value through profit and loss (net) amounting to
quantities of iron ore sold during the year. H18 crore (previous year: gain of H31 crore).

Statutory Reports
i)
Property, Plant and Equipment (PPE) including Finished and semi-finished inventory decreased as
intangibles and right-of-use assets compared to previous year mainly due to decrease in
cost of finished and semi-finished goods along with
(H crore)
decrease in stock quantities as compared to the previous
year due to higher deliveries.
Goodwill 13 13 -
Raw material inventories have decreased over the
Property, Plant and
90,807 90,277 1 previous year primarily on account of decrease in the
Equipment
Capital work-in-progress 27,196 21,654 26 prices of imported coal during the year, partly offset by
Intangible assets
higher quantity of coking coal.
968 1,233 (22)
Intangible assets under Stores and spares inventory increased due to
532 515 3
development higher requirement.
Right of use Assets 5,649 5,900 (4)
Total PPE inlcuding l) Trade receivables
intangibles & right-of- 125,165 119,592 5 (H crore)
use assets
The movement in total PPE including intangible is Gross trade receivables 1,865 3,235 (42)
higher primarily on account of increase in capital
Less: allowance for credit
work-in-progress mainly at Kalinganagar Phase-II and losses
259 673 (62)
normal additions at Kalinganagar plant during the year,
Net trade receivables 1,606 2,562 (37)
which was offset by depreciation and amortisation
charge during the year. Trade receivables reduced significantly as compared
to that of the previous year primarily due to better
j) Investments
collections and higher factoring of steel debtors along
(H crore)
with decrease in steel prices. Decrease at profit centres
FY24 FY23 Change (%) primarily at FAMD due to decrease in sales attributable
Investment in Subsidiary,
57,554 33,120 74
to lower volumes.
JVs and Associates
Investments - Non-current 7,945 6,348 25 m) Gross debt and Net debt
Investments - Current 500 2,968 (83) (H crore)
Total Investments 65,999 42,436 56 FY24 FY23 Change (%)
Gross debt 44,579 43,304 3

The increase in investments was predominantly on
account of conversion of ICD to T Steel Holdings Pte. Less: Cash and Bank
balances (incl. Non-current 6,055 2,927 107
Ltd. into equity during the year. Increase in non-current balances)
investments was mainly due to change in the market
Less: Current investments 500 2,968 (83)
value of quoted investments along with interest accrued
on preference shares of NINL. These increases were partly Net Debt 38,024 37,409 2
offset by decrease in current investments post sale of
Gross debt was comparatively higher due to utilisation
units of mutual funds.
of various term loans during the year majorly for
k) Inventories funding capital expansion projects, partly offset by net
repayment of short-term loans and debentures during
(H crore)
the year.
Finished and semi-finished Net debt was marginally higher as compared to previous
goods including stock in 8,203 8,573 (4) year. This is attributable to increase in the in gross debt
trade along with decrease in current investments, partly offset
Work-in-progress - - NA by increase in cash and bank balances.
Raw materials 11,537 12,158 (5)
Stores and spares 4,807 4,689 3
Total Inventories 24,547 25,420 (3)

n) Cash Flows loans taken during the year (net of repayments including
finance lease) H947 crore as against net proceeds from
(H crore)
borrowings of H5,101 crore in the previous year.
Net Cash from/(used in) o) Changes in Key Financial Ratios

27,328 13,506 102
operating activities
The change in the key financial ratios as compared to
Net Cash from/(used in) previous year is stated below:
(15,558) (14,794) (5)
investing activities
Net Cash from/(used in) FY24 FY23 Change (%)
(8,414) (5,193) (62)
financing activities
Inventory Turnover (days) 67 64 5
Net increase/(decrease)
in cash and cash 3,356 (6,481) 152 Debtors Turnover (days)
1
5 7 (29)
equivalents Current Ratio (Times) 0.80 0.90 (12)
Interest Coverage Ratio
Net cash flow from/(used in) operating activities (Times)
10.01 10.74 (7)
During the year under review, the net cash generated Debt Equity (Times) 0.33 0.33 1
from operating activities was H27,328 crore as Net Debt Equity (Times) 0.28 0.28 (1)
compared to H13,506 crore during the previous year.
EBITDA Margin (%) 21.99 20.12 9
The cash inflow from operating profit before working
capital changes and direct taxes during the current Net Profit Margin (%)
2
3.41 10.28 (67)
year was H29,400 crore as compared to inflow of Return on average Net
3.51 11.10 (68)
H26,003 crore during the previous year due to increase worth2 (%)
in operating profits. Cash inflow from working capital
1) ebtors Turnover Ratio: Decreased primarily on
D
changes in FY2023-24 is mainly due to decrease in
account of decrease in average debtors during the
non-current/current financial and other assets by
current year due to better collections and higher
H1,947 crore, in trade receivables and other advances
factoring of steel debtors along with decrease in
with public bodies along with decrease in inventories by
steel prices
H901 crore primarily due to decrease in prices. Increase in
Non-current/current financial and other liabilities/ N et Profit Margin and Return on average
2)
provisions by H125 crore primarily due to increase in net worth: Decreased primarily on account of
trade payables for coal purchases and other liabilities. decrease in net profits mainly attributable to higher
The income taxes paid (net of refund received for exceptional charge due to impairments which was
earlier years) during the current year was H5,045 crore as partly offset by higher operating profits during the
compared to H5,008 crore during previous financial year. current year.
Net cash flow from/(used in) investing activities 2. Europe Operations

During the year under review, the net cash outflow Economic growth continued to decelerate globally
from investing activities amounted to H15,558 crore as in 2023. The rise of central bank rates to fight inflation
compared to H14,794 crore during the previous year. continued to negatively impact consumption and
The outflow during the current year broadly represents investments. Global GDP growth increased by 2.7%
capex of H10,426 crore, investments in subsidiaries (2022: 3.1%). Inflation at 6.1% was lower than the 8.1%
H684 crore mainly in The Indian Steel & Wire Products in 2022 but still significantly above levels seen in earlier
Limited and Neelachal Ispat Nigam Limited, ICDs given years (2.9% in 2016-2020). In China GDP growth was 5.2%
(net of realisation) amounting to H8,011 crore, partly (2022: 3.0%) as economic activity increased due to the
offset by net sale of current investments H2,667 crore. reopening of the Chinese economy in January 2023 after
being shut down during the pandemic. Growth in China
Net cash flow from/(used in) financing activities
was held back during the year by a weak property market
During the year under review, the net cash outflow with house prices declining which led to issues for real
from financing activities was H8,414 crore as compared estate developers.
to an outflow of H5,193 crore during the previous year.
The outflow during the current year broadly represents The EU economy decelerated to 0.5% (2022: 3.5%) and the
payment of dividend H4,414 crore and payment of interest UK economy to 0.1% (2022: 4.4%). Monetary tightening
H5,098 crore. The outflow was partly offset by, additional and high energy costs impacted the economy. Output

Statutory Reports
at the manufacturing sector was particularly low, whilst In April 2022 the steel price was at an all-time high of
services provided more support to the economy, contrary €1,346/t due to the loss of supply from Ukraine and
to the post-pandemic rebound in 2021 during which Russia. In 2023 the price was relatively low due to
manufacturing was relatively strong. Growth across declining demand for steel.
the EU was uneven across the individual economies.
In 2024 economic growth is expected to gradually
Germany experienced a mild recession with -0.1% and
accelerate in both the EU and the UK due to a lowering
France and Italy grew by 0.9% and 0.7% respectively.
of the bank rates as inflation normalises. However,
Global steel demand declined in 2023 for the second year the high interest rates will continue to impact the
in a row by 1.1%, in line with the weak macro-economic economy leading to a gradual recovery. In 2024 growth
conditions, after -3.3% decline in 2022. Demand in of 0.8% is expected for the EU and 0.5% for the UK.
China decreased by 3.3% (2022: -2.9%). This decline was Economic growth is expected to return to long-term
mainly driven by the downturn in the Chinese real estate levels pre-pandemic in 2026. Output growth in the
sector. Steel demand from the manufacturing sectors steel-using sectors is forecast to be low in 2024 due to the
continued to grow. Chinese steel demand is gradually tight monetary policy. A recovery in real demand is not
shifting from construction to manufacturing and from foreseen in 2024 but a rebound of steel demand of 2.9%
long steel products to flat steel products. Demand in the is expected due to restocking as the steel-using sectors
EU decreased by 10.0% (2022: -7.9%). Activity growth in start to anticipate higher demand for their products.
the main steel-using sectors decelerated but remained
The turnover and profit/(loss) figures of TSE are
slightly positive in 2023. Although construction output
given below:
was negatively impacted by the high interest rates,
especially for real estate, automotive output grew (H crore)
strongly due to backlogs. FY24 FY23
In 2023 global steel production decreased by 0.2% Turnover 78,144 90,300
to 1,848 Mt (2022: -3.3%). Steel production in China EBITDA (7,612) 4,632
decreased by 0.4% to 1,015 Mt (2022: -1.4%) and equated
Profit before tax (PBT), before
to 55% of global steel production. In the EU, production (12,555) 1,103
exceptional
decreased by 7.3% to 126 Mt (2022: -10.7%) as ~20% of Profit before tax (PBT) (19,262) 1,304
blast furnaces were idled in response to lower demand
Profit after tax (PAT), before exceptional (12,896) (3,464)
for steel.
Profit after tax (PAT) (19,603) (3,263)
The market reference price for iron ore fines (China CFR
62%) remained relatively stable in 2023 at US$120/t The production and sales performance of TSE (continuing
(change against the previous year: -$1/t), with a low of operations) is given below:
US$105/t in May and a high of US$137/t in December.
(mn tonnes)
The hard coking coal spot price (Australia FOB) declined
to US$296/t (change against the previous year: -$69/t). FY24 FY23 Change (%)
In March 2022 the price was at an all-time high of 594 Liquid Steel Production 7.80 9.35 (17)
US$/t due to the loss of supply from Russia as a result of Deliveries 7.68 8.16 (6)
the war in the Ukraine. The German benchmark scrap
price (Sorte 2/8) decreased to €340/t (change against Production in FY2023-24 decreased by 1.55 MT (17%)
the previous year: -€74/t) compared to the previous compared to the previous year due to the reline of Blast
calendar year. The price of CO2 increased in 2023 to Furnace 6 in the Netherlands. TSE’s deliveries decreased
€84/t (change against the previous year: +€3/t), reaching by ~6% over the previous year due to the reline of
an all-time high in February 2023 at €92/t. Reforms of the Blast Furnace 6 in the Netherlands along with subdued
EU Emissions Trading System lead to a reduction in the demand from the market. The reduction in deliveries
supply of permits which cause the price to rise. was less than the reduction in production due to the
utilisation of stock built up in the prior year in anticipation
In the second half of 2023 the price declined mainly
of the Blast Furnace 6 reline.
due to the weak economy reducing the demand for
carbon allowances. During the year under review, the revenue stood at
H78,144 crore which was lower than FY2022-23. In GBP
The European steel spot Hot Rolled Coil price (Germany,
terms, revenue decreased by 19% due to reduction in
parity point) decreased in 2022 to €713/t (-€193/t).

average revenue per tonne along with lower deliveries. the Pellet Plant. The DeNOx installation aims to reduce
TSE reported an EBITDA loss of H7,612 crore during nitrogen oxide emissions by 80% by capturing NOx
FY2023-24 lower than the EBITDA profit of H4,632 crore compounds at the Pellet Plant.
during FY2022-23. This significant reduction in EBITDA
With the Green Steel Plan, TSN is at the threshold of an
was seen in both TSN and TSUK. In TSN the impact of
important transition. To be able to afford that plan, it
the Blast Furnace 6 reline and lower spreads within
is essential to have and maintain a strong competitive
the market contributed for the decline whereas in
position and to be agile enough to respond to rapidly
TSUK the performance was adversely impacted by the
changing circumstances and new developments.
performance of the end of life assets at the Port Talbot
In FY2023-24 an initiative that focusses on improving
site as well as subdued market conditions.
the operational and financial performance of Tata Steel
ata Steel Nederlands (‘TSN’) – Liquid steel production
T IJmuiden was launched under the name ‘TSIJ.NU’. The
at IJmuiden Steel Works, Netherlands during FY2023-24 initiative aimed to increase throughput and utilise the full
at 4.81 MT was 1.52 MT lower than the previous year product portfolio resulting from the latest investments
due to the reline of Blast Furnace 6. With completion of and the measures taken consist of improving our market
the repairs that were scheduled in the outage, the Blast position, reducing various fixed costs and working
Furnace 6 will be able to stay in production until TSN is towards stable production.
ready to transition to a whole new way of producing steel
In the year under review, TSN completed the upgrade
and the newly built DRI plant is commissioned.
of its Continuous Galvanising Line 3, that enables
In October 2022, TSN submitted a request for ‘Maatwerk’ a more robust production of advanced (ultra) high
to enable the first phase of its decarbonisation plan, strength steels with increased dimensional windows,
which is to be completed by 2030. An improved Green and the extensive upgrade of Cold Mill 21, that allows
Steel Plan with an enhanced focus on reducing the impact us to manufacture grades, such as existing and future
on the environment and making TSN more circular was advanced and ultra-high strength steels, at significantly
submitted to the Dutch Government in November 2023. larger dimensional windows, improved surface quality,
The Green Steel Plan entails the closing of the largest improved thickness performance, and a better surface
blast furnace (blast furnace 7) and cokes and gas plant 2 inspection to improve the customer performance.
and replacing them with a direct reduced iron plant and
Tata Steel UK (‘TSUK’) – Liquid steel production at Port
an electric arc furnace.
Talbot Steel Works, Wales during FY2023-24 at 2.99 MT
The Green Steel Plan is contingent on receiving was marginally lower over the previous year. During both
‘Maatwerk’ support. External advisors, engaged by years TSUK’s primary steel making assets in Port Talbot
the Ministry of Economic Affairs and Climate Policy to produced significantly below their planned outputs
assess TSN’s Green Steel Plan against alternatives viewed due to operational issues with the assets which were
from the perspective and policy choices of the State. near the end of their useful lives. These operational
The report came out on March 28, 2024 and describes issues contributed to the closure of the coke ovens in
5 scenarios. The cabinet has indicated in its letter of the March 2024 and towards a strategic review of the
same date to Parliament that it will investigate as quickly remainder of the heavy end assets in Port Talbot.
as possible if they can start discussions with TSN based
The Drive to Save programme was developed and
upon the Green Steel Plan with accelerated reduction
launched at the start of the year to focus on the cash
of nuisance.
position on the business. The programme delivered
With the continued support of Tata Steel, and the important savings with £56m in cash improvements
increased urgency to reduce our environmental impact, in first half of FY2023-24. There were a number of
TSN is confident that in the coming year TSN will improvement implemented with the aim of maximising
accelerate the process towards concluding a ‘Maatwerk’ value from TSUK’s downstream assets. These included
support package. In the meantime, the process to obtain the installation of the UK’s largest and heaviest slitter at
permits for the new facilities has started and TSN is Hartlepool, a new welder at the Automotive Finishing
actively engaging with local communities to inform on Line at Llanwern which has increased gauge and coating
TSN plans and seek feedback. weight capability and new drossing robots improving
the zinc yield at the Zodiac Plant at Llanwern and making
In FY2023-24, the Roadmap Plus Program took a big step
the operation safer for employees.
forward with completion of the dust removal installation
and start of constructing the DeNOx installation, both at

Statutory Reports
During the year a final insurance transaction between the over FY2022-23. The turnover decreased by H1,163 crore
British Steel Pension Scheme (‘BSPS’) and Legal & General primarily due to sluggish demand for retail in domestic
was completed which meant that the BSPS was fully market. The profit after tax was lower by H134 crore on
de-risked from May 2023 onwards. account of lower operating profits, offset by exceptional
gain on account of disposal of Mini-blast furnace.
3. Tata Steel Thailand
Year in Review
During FY2023-24, total steel consumption in Thailand
totalled 16.33 MT which decreased slightly (0.4%) in 2023 » Enhanced efficiency of scrap sourcing strategy
as compared to 2022. Import volume was 11.21 MT, at through the development and implementation of the
69% of the demand for steel in Thailand, expanded by Scrap Reservation Application.
4.0% y-o-y. » Increased in volume of Use scrap to bring production
Demand for long product in Thailand was 6.2 MT, cost down.
has remained static with a marginal increase of 0.4% » Highest sale volume in High Value Product rebar,
y-o-y. Import volume was 2.6 MT, 42% of the demand dowel and export sale.
for long product in Thailand, increased by 5.3%
y-o-y. Recognitions
Thailand’s economy in 2023 fell short of initial forecasts, » TSTH has been listed in SET ESG Ratings 2023 at the ‘A’
with a growth rate of only 1.9%, significantly lower than level which is the first year of evaluation in the form
earlier predictions of 2.5% to 3.2%. While the tourism of ratings, previously known as Thailand Sustainability
sector showed some recovery, weaker performance Investment (‘THSI’) from the Stock Exchange of
in exports, manufacturing, and private investment Thailand (‘SET’).
hindered overall growth. » TSTH received Sustainability Disclosure Award for the
Deliveries during the current year were comparatively year 2023 from Thaipat Institute.
lower on account of increased competition in rebars from
Safety/Health/Environment
induction furnace producer, higher imports of wire rods
from China, higher input cost (scrap prices) and lower » TSMT – SCSC received ‘Thailand Labor Management
demand in the international market. Excellence Award’ 2023 in National Level, continued
5th year, from Department of Labor Protection &
The turnover and profit/(loss) of Tata Steel Thailand Welfare, Ministry of Labor.
(‘TSTH’) for the Financial Year 2023-24 are as follows:
» TSMT – SISCO received ‘Certificate of Carbon Footprint
(H crore) for Organization’ 2023 from Thailand Greenhouse Gas
FY24 FY23 Management Organisation.
Turnover 5,829 6,992 » TSMT – NTS, SCSC, SISCO received ‘Green Mining
EBITDA 44 239 Award’ 2023 from Department of Primary Industries
Profit before tax (PBT), before and Mines, Ministry of Industry.
(30) 166
exceptional
Profit before tax (PBT) 22 155 4. The Siam Industrial Wire Co. Ltd. & TSN Wires Co.
Profit after tax (PAT), before exceptional (29) 167
Ltd.
Profit after tax (PAT) 23 156 SIW serves the B2B Construction industry in Thailand
and around the World with its Steel Wires for concrete
The production and sales performance of TSTH is reinforcement applications. TSN Wires Co. Ltd.
given below: (‘TSN Wires’) serves the Fencing, Poultry, Farming, Paper
and other related segments with its Galvanized Wires.
(mn tonnes)

The Siam Industrial Wire Company Ltd (‘SIW’) is a
downstream Steel Wire manufacturer for use in various
Saleable Steel 1.12 1.20 (6)
concrete reinforcement applications. It manufactures PC
Sales 1.12 1.21 (8) Strand, PC Wire, Wire Mesh and Cold Drawn wires mainly
for the construction segment in Public infrastructure
During FY2023-24 the saleable steel production
projects and Private sector (Housing, Factory, Building
decreased by 0.07 MT and sales declined by 0.09 MT

etc.). SIW’s factory is based in Rayong, Thailand and it The production and sales performance of TSN Wires is
is a leader in its industry with 34% market share (for PC given below:
Strand and PC Wire) in Thailand and it also has a strong
(mn tonnes)
export presence across key continents such as Europe,
ASEAN, America and Oceania. FY24 FY23 Change (%)
Saleable Steel 0.03 0.03 (1)

TSN Wires is in the business of manufacturing Galvanized
Wires and is based out of Rayong, Thailand and is a 60% Sales 0.03 0.03 -
subsidiary of SIW. TSN Wires serves the Fencing, Poultry,
During FY2023-24, the combined saleable steel
Farming, Paper and other related segments with its
production (SIW & TSN Wires) decreased marginally by
Galvanized Wires for various end use applications.
2% due to subdued demand, whereas the deliveries were
Thailand steel demand has been impacted from the at par. The combined turnover decreased by 24% due to
delay of new Government formation in H1FY2023-24 and decline in prices. Profits declined in line with decrease
because of the postponement of the national Budget until in prices.
April/May 2024. Consequently, demand from
Government projects which are key demand drivers Recognitions
for sales of PC Products has been absent and on the National Level
other hand the private sector also continued to struggle » SIW Received the certificate ‘Thailand Trust Mark’.
due to lack of demand. In summary, both SIW and
TSN Wires got challenged from these two key factors: » SIW Received a certificate of ‘Low Emission Support
(1) Demand Slowdown in Thailand, EU and US and (2) Scheme’ (‘LESS’) from the Thailand Greenhouse Gas
Severe high competition and price dumping from Management Organisation (‘TGO’) on renewable
Chinese competitors. energy project for completing Renewable
energy project.
The turnover and profit/(loss) of SIW for the Financial Year
2023-24 are as follows: » SIW Received the ‘Green Industry Level 4 (‘GI-4’)’
from the Department of Industrial Works, Ministry
(H crore) of Industry, Thailand. GI-4 is the organisation’s
FY24 FY23 determination to proceed continuously in a
Turnover 1,416 1,930 sustainable environment.
EBITDA 67 235 » SIW Received Corporate Social Responsibility
Profit before tax (PBT) 41 190 Continuous Award (CSR – DIW Continuous Award).
The award is for the 15th consecutive year (2009-2023)
Profit after tax (PAT) 29 159
from the Department of Industrial Works, Ministry of
The production and sales performance of SIW is Industry, Thailand.
given below:
Overseas Level
(mn tonnes) » SIW: Received the first Environmental Product
FY24 FY23 Change (%) Declaration certification for construction wires
Saleable Steel 0.20 0.20 3 outside of Europe and Achieved the Lowest Carbon
Emission in Thailand Construction Wire.
Sales 0.21 0.22 (2)
The turnover and profit/(loss) of TSN Wires for the 5. Tata Steel Minerals Canada
Financial Year 2023-24 are as follows: Tata Steel Minerals Canada (‘TSMC’) is a partnership
between Tata Steel (82%) and the Government of
(H crore)
Quebec (18%). TSMC mines and processes high-grade
FY24 FY23 iron ore is from it’s multiple isolated hematite deposits
Turnover 251 267 occurring over 30 km in the Menihek region of Labrador
EBITDA (1) 0 and northern Quebec, near Schefferville, and containing
from <1 million to 50 million tonnes of high-grade ore.
Profit before tax (PBT) (17) (14)
Fines for sintering and superfine material from it’s
Profit after tax (PAT) (17) (14)
beneficiation plant are produced with a minimum iron

Statutory Reports
content of 64% Fe while the Direct Shipping Ore (‘DSO’) The analysis of major items of the financial statements
facilities crush, screen and dry 60%-62% Fe iron ore for is given below.
direct shipping. The product is railed to Sept-Iles (a city
in Canada) for shipping to the customers worldwide. a) Revenue from operations
(H crore)
In FY2023-24, the business was able to produce ~2 MT of
iron ore fines and complete total shipment of 1.94 MT. FY24 FY23 Change (%)
During this period, total revenues from such sales was Tata Steel (Standalone) 140,987 142,913 (1)
U$157 mn against the plan of U$ 154 mn due to steady TSE 78,144 90,300 (13)
iron ore prices. TSMC achieved 100% compliance for
NINL 5,505 1,646 235
%Fe and %Silica in it’s products resulting in zero quality
penalties. Further, premiums were obtained on some South East Asia 7,495 9,189 (18)
product offerings (lumps @U$14/ton) in F2023-24 from Others 69,787 85,566 (18)
merchant shipments to China. Eliminations & Adjustments (72,747) (86,261) 16
The turnover and profit/(loss) figures for the Financial Total revenue from
229,171 243,353 (6)
operations
Year 2023-24 are as follows:
The consolidated revenue from operations was lower
(H crore)
by 6% as compared to the previous year on account
FY24 FY23
of decrease in steel realisations across geographies
Turnover 1,330 649 along with lower deliveries at the European operations.
Profit before tax (PBT) (771) (1,086) Revenue declined at Europe attributable to decrease
Profit after tax (PAT) (771) (1,086) in deliveries due to the reline of Blast Furnace 6 in the
Netherlands along with subdued market demand and
During FY2023-24, the turnover more than doubled to decrease in average revenue per tonne.
H1,330 crore which was significantly higher over previous
Revenue declined at Tata Steel Standalone primarily
year by H681 crore (105%) owing to higher volumes
on account of decrease in realisations, partly offset by
and prices. FY2023-24 reported a lower loss before tax
increase in deliveries aided by sale of traded products
amounting to H 771 crore as against loss of H 1,086 crore
from NINL. Increase at NINL was due to higher production
in previous year primarily on account of higher operating
during the year which was eliminated on consolidation.
profits which was partly offset by higher finance cost
during the year. Others primarily include decrease at TS Global
Procurement Company Pte. Ltd. which are majorly
Consolidated Performance eliminated on consolidation.
The consolidated profit after tax of the Company was
(H4,910 crore) as against H8,075 crore in the previous b) Purchases of stock-in-trade
year. The decrease was due to lower operating profits (H crore)
on subdued performance from the European operations FY24 FY23 Change (%)
due to contraction in steel prices and lower deliveries.
Tata Steel (Standalone) 9,702 7,424 31
EBITDA however, improved in the Indian operations
primarily on account of higher deliveries along with TSE 5,518 3,428 61
decrease in input costs, which was partly offset by lower NINL - - N.A.
steel realisations in India. Moreover, there were higher South East Asia 3,724 4,616 (19)
charges under exceptional items of H7,814 crore majorly Others 7,320 7,437 (2)
due to the impairment of Property, Plant and Equipment
Eliminations & Adjustments (11,291) (7,791) (45)
at TSUK for heavy-end restructuring along with provision
for redundancy and restructuring costs. Higher net Total purchases of stock-
14,973 15,114 (1)
in-trade
finance charges by H1,136 crore mainly at European
operations owing to additional loans taken during the Expense was lower mainly at South East Asia (‘SEA’)
year. Tax charge was lower by H6,397 crore in line with due to decrease in billet production at TSTH. Expenses
lower profitability. The basic and diluted earnings for increased at Europe mainly due to increase in external
FY2023-24 were at loss of H3.62 per share each (previous steel purchases due to reline of Blast Furnace 6 in
year: basic and diluted: H7.17 per share each). the Netherlands. Increase at Tata Steel (Standalone)

attributable to increase in purchases of traded rebars from Increase in expenses at Tata Steel (Standalone) was
NINL, which was majorly eliminated on consolidation. mainly due to salary revisions and its consequential
impact on retirement provisions along with increase in
c) Cost of materials consumed leave salary and staff welfare expenses. Increase at NINL
(H crore) was attributable to full year of operation during the year.
e) Depreciation and amortisation expense
Tata Steel (Standalone) 48,018 59,949 (20)
(H crore)
Europe 30,200 38,982 (23)
NINL 3,106 1,502 107
Tata Steel (Standalone) 5,970 5,956 -
South East Asia 1,525 1,795 (15)
Europe 2,818 2,387 18
Others 57,141 74,424 (23)
NINL 496 368 35
Eliminations & Adjustments (57,456) (75,169) 24
South East Asia 97 92 5
Total cost of materials
82,534 101,483 (19) Others 617 621 (1)
consumed
Eliminations & Adjustments (116) (89) (30)
Consumption declined across all major entities mainly
Total depreciation and
due to lower cost of consumption of imported coal amortisation expense
9,882 9,335 6
and other raw materials owing to lower prices. Europe
reported decrease in GBP terms primarily due to lower Expense was higher than the previous year mainly on
coal and coke prices along with lower production due to account of increase in depreciation charge at Europe
the reline of Blast Furnace 6 in the Netherlands. Decrease due to additions along with adverse exchange rate
at Tata Steel Standalone was mainly due to decrease in movement. Increase at NINL due to full year of operations
prices of coking coal and lower cost of purchased pellet, during the year.
post commencement of pellet plant at Kalinganagar
during the year, partly offset by higher consumption f) Other expenses
due to higher production. Raw material consumption (H crore)
increased at NINL due to increased production during FY24 FY23 Change (%)
the year.
Others primarily reflects decrease in transactions at Europe 30,852 30,958 -
TS Global Procurement Company Pte. Ltd. due to
NINL 1,854 1,087 71
decrease in coal prices, which are majorly eliminated
on consolidation. South East Asia 1,647 1,831 (10)
Others 3,815 3,011 27
d) Employee benefits expense Eliminations & Adjustments (3,389) (2,871) 18
(H crore) Total other expenses 80,440 75,395 7
Other expenditure represents the following expenditure:
Europe 15,576 13,687 14 (H crore)
NINL 225 173 30 FY24 FY23 Change (%)
South East Asia 325 318 2 Consumption of stores and

18,741 18,041 4
spares
Others 912 873 4
Repairs to buildings 71 90 (21)
Eliminations & Adjustments 70 147 (53)
Repairs to machinery 12,268 11,584 6
Total employee benefits
24,510 22,419 9 Relining expenses 329 339 (3)
expense
Fuel oil consumed 1,537 1,467 5
Increase in expenses was mainly at TSE primarily due
Purchase of power 8,535 8,060 6
to BSPS movement in UK post buy-in and actuarial
Conversion charges 2,854 3,092 (8)
movement in Netherlands. Adverse exchange impact
on translation further increased the charge.

Statutory Reports
(H crore) h) Net Finance costs

FY24 FY23 Change (%) (H crore)
Freight and handling FY24 FY23 Change (%)
12,931 12,648 2
charges
Rent Tata Steel (Standalone) 2,227 1,926 16
3,700 2,923 27
Royalty Europe 2,169 1,166 86
6,764 6,924 (2)
Rates and taxes NINL 537 370 45
2,740 1,971 39
Insurance charges South East Asia 2 3 (28)
712 696 2
Commission, discounts and Others 1,926 2,204 (13)
309 357 (13)
rebates Eliminations & Adjustments (67) (10) 542
Allowance for credit losses/
114 10 998 Net Finance costs 6,794 5,659 20
provision for advances
Other expenses 10,750 8,883 21 Finance cost increased by 19% primarily at Tata Steel
Less :-Expenditure (other Europe mainly on account of utilisation of external
than interest) transferred to (1,915) (1,690) 13 borrowings during the year attributable to subdued
capital & other accounts
performance. There was higher interest on domestic
Total Other expenses 80,440 75,395 7
term loans owing to fresh utilisation during the current
Expenses increased at Tata Steel (Standalone) primarily financial year for capital expansion projects, partly offset
due to lower foreign exchange revaluation gain on by lower interest on short-term borrowings, commercial
inter-company loans/receivables. Increase in rates and papers and debentures attributable to lower balances
taxes on account of higher charges for District Mineral during the year.
Fund and reversal of entry tax provision in last year. Increase at NINL was due to full year of operation
Moreover, there was increase in other general expenses during the year, eliminated on consolidation. Increase
mainly in travelling, Brand equity, CSR and others. in Others was mainly at foreign subsidiaries, eliminated
Expenses at Europe were at par as the decrease on on consolidation.
account of lower activities was almost offset by adverse Net finance charge was higher in line with higher finance
exchange rate movement on conversion. cost due to increase in borrowings over the period.
Expenses increased at NINL mainly due to full year of
i) Exceptional items
operation during the year.
(H crore)
Decrease at South East Asia due to decrease in power
tariffs and lower gas prices along with lower production.
Tata Steel (Standalone) (13,636) (780) N.A.
Increase in Others was mainly at Tata Steel Minerals
Europe (6,707) 201 N.A.
Canada Limited due to higher production and deliveries
along with increase at other Indian subsidiaries. NINL (31) 0 N.A.
South East Asia 52 (48) N.A.
g) Finance costs Others 0 0 N.A.
(H crore) Eliminations & Adjustments 12,508 740 N.A.
FY24 FY23 Change (%) Total exceptional items (7,814) 113 N.A.
Europe 2,343 1,296 81 Exceptional items during FY2023-24 primarily represents:
NINL 567 385 47
» Provision for impairment of non-current assets
South East Asia 15 15 2
H3,516 crore, which primarily includes impairment of
Others 5,640 5,396 5
Property, Plant and Equipment, intangibles (including
Eliminations & Adjustments (5,236) (4,768) 10
capital work-in-progress) at TSE due to heavy end
Finance costs 7,508 6,299 19
restructuring along with impairment for Sukinda
mines and impairment of port project in India.

» Net Provision for ESS amounting to H130 crore under j)
Property, Plant and Equipment (PPE) including
SBKY Scheme and other scheme at Tata Steel Limited intangibles and right-of-use assets
(Standalone) and at NINL.
(H crore)
» Charge of H4,263 crore under restructuring and other FY24 FY23 Change (%)
provisions mainly at Europe and at Tata Steel Limited Tata Steel (Standalone) 125,178 119,592 5
(Standalone) for Sukinda mines.
Europe 31,244 31,048 1
Partly offset by, NINL 11,366 11,558 (2)
» Gain on sale of non-current investments in an South East Asia 964 1,029 (6)
associate at TSE amounting to H5 crore. Others 10,252 10,055 2
» Gain on sale of non-current assets at TSTH amounting Eliminations & Adjustments (1,554) (1,043) (49)
to H52 crore on disposal of Mini Blast Furnace asset. Total PPE inlcuding
intangibles & right-of- 177,450 172,239 3
» Impairment reversal of H20 crore at Europe on use assets
deferred consideration of Speciality Business.
PPE including intangibles and right-of-use assets
» Fair valuation gain on non-current investments increased by 3% primarily at Tata Steel India on
amounting to H18 crore at Tata Steel Limited account of increase in capital work-in-progress mainly
(Standalone). at Kalinganagar Phase-II and normal additions at
The exceptional items in FY2022-23 primarily represents: Kalinganagar plant during the year, which was offset
by depreciation and amortisation charge during the
» Gain on sale of non-current investments at TSE year. Europe was at par, as the additions in plant and
amounting to H67 crore. machinery during the year was offset by impairment
» Impairment reversal of H96 crore at Europe on charge along with depreciation and amortisation charge
deferred consideration of Speciality Business. during the year.
» Net impairment reversal in respect of PPE (including k) Inventories

capital work-in-progress), right-of-use assets and
(H crore)
other assets at Europe of H37 crore.
» Fair valuation gain on non-current investments Finished and semi-finished
amounting to H31 crore at Tata Steel Limited goods including stock in 16,830 17,488 (4)
(Standalone). Trade
Work-in-progress 5,692 9,439 (40)
Partly offset by,
Raw materials 19,703 20,795 (5)
» Net Provision for ESS amounting to H92 crore under
Stores and spares 6,933 6,693 4
SBKY Scheme at Tata Steel Limited (Standalone).
Total Inventories 49,158 54,415 (10)
» Expenses incurred in stamp duty and registration fees
for a portion of land parcels and mines acquired as (H crore)
part of business combination amounting to H2 crore
at erstwhile TSLP.
Tata Steel (Standalone) 24,547 25,420 (3)
» Impairment of Mini Blast Furnace at TSTH amounting Europe 20,696 25,226 (18)
to H11 crore.
NINL 1,151 971 19
» Net impairment charge of H12 crore on ICD and South East Asia 920 1,200 (23)
investments in one of the associates at Tata Steel
Others 2,021 1,704 19
Limited (Standalone).
Eliminations & Adjustments (177) (106) (67)
Inventories 49,158 54,415 (10)

Statutory Reports
Decreased by 10% primarily at Europe mainly at Ijmuiden mainly in term loans primarily at Tata Steel Limited
on account of utilisation of stock built up at the start of Standalone for funding capital expansion projects. The
FY2023-24 for extended outage for the Blast Furnace increase was further impacted by adverse exchange rate
6 reline during the year. Decrease at Tata Steel Limited movements on the borrowings.
Standalone mainly on account of decrease in quantities
The increase in Net Debt was in line with increase in
and rates of finished and semi-finished inventory owing
gross debt along with significant decrease in cash and
to higher deliveries. Raw material inventory decreased
cash equivalents mainly at Europe due to subdued
due to decrease in the prices of imported coking coal
performance owing to lower activities for reline of Blast
and thermal coal during the year, partly offset by higher
Furnace 6 in the Netherlands, and at SIW post dividend
quantity of coking coal. Decrease in SEA was primarily
payment. Current investments declined mainly in India,
due to lower stock quantities of scrap and billets on
offset by increase in cash and cash equivalents.
account of lower production.
Increase at NINL was primarily on account of higher coal n) Cash Flows
and coke inventory. (H crore)

l) Trade receivables
Net Cash from/(used in)
(H crore) 20,301 21,683 (6)
operating activities
FY24 FY23 Change (%) Net Cash from/(used in)
(14,252) (18,679) 24
Tata Steel (Standalone) 1,606 2,562 (37) investing activities
Net Cash from/(used in)
Europe 3,895 4,782 (19) (11,097) (6,981) (59)
financing activities
NINL 102 126 (19) Net increase/(decrease)
South East Asia 833 1,017 (18) in cash and cash (5,048) (3,977) (27)
equivalents
Others 9,334 9,938 (6)
Eliminations & Adjustments (9,506) (10,168) 7 Net cash flow from/(used in) operating activities
Net trade receivables 6,264 8,257 (24) During the year under review, the net cash from operating
activities was H20,301 crore as compared to H21,683 crore
Decrease was primarily at Tata Steel Limited Standalone
during the previous year. The cash inflow from operating
due to better collections and higher factoring of steel
profit before working capital changes and direct taxes
debtors along with decrease in steel prices. Decrease at
during the current year was H22,237 crore as against
Europe mainly due to sharp decline in steel prices during
H30,908 crore during the previous year reflecting decline
the year. Decreased at SEA mainly due to lower sales
in operating profits during the current year. Cash inflow
and fall in steel prices. Decrease in Others was primarily
from working capital changes during the current period
at Tata Steel Global Procurement majorly eliminated
was H3,384 crore primarily due to decrease in inventory
on consolidation.
by H5,566 crore, decrease in current/non-current financial
m) Gross debt and Net debt assets by H2,599 crore, partly offset by, decrease in
Non-current/current financial and other liabilities/
(H crore)
provisions by H4,781 crore. The payments of income
FY24 FY23 Change (%) taxes during the year under review were H5,320 crore
Gross debt 87,082 84,893 3 as compared to H5,519 crore during the previous year
Less: Cash and Bank mainly at Tata Steel Standalone.
balances (incl. Non-current 8,801 13,453 (35)
balances) Net cash flow from/(used in) investing activities
Less: Current investments 731 3,630 (80) During the year under review, the net cash outflow
Net debt 77,550 67,810 14 from investing activities was H14,252 crore as against an
outflow of H18,679 crore during the previous year. The
Net debt was higher by H9,740 crore over previous year. outflow during the year broadly represents capex of
H18,207 crore primarily at India and at Europe. Offset by
Gross Debt at H87,082 crore was higher by H2,189 crore
sale (net of purchase) of current investments amounting
as compared to the previous year. The increase in Gross
to H3,141 crore. Inflow on account of interest and dividend
Debt was mainly due to net borrowings of H1,230 crore
receipt H669 crore.

Net cash flow from/(used in) financing activities key regions. Looking ahead to 2025, the Global GDP is
During the year under review, net cash outflow from expected to witness a marginal increase to 3.2% y-o-y.
financing activities amounted to H11,097 crore as against Global outlook for 2024–25 reflects better prospects for
outflow of H6,981 crore during the previous year. The net developed economies including U.S. even as developing
outflow primarily represents payment of dividend of economies like India remain resilient. China continues
H4,429 crore and interest payment of H8,145 crore partly to be a key watchpoint, with its heavily indebted real
offset by proceeds from borrowings (net of repayments estate market weighing on economic recovery. China
including finance lease) of H1,230 crore. Government has fixed its official growth target at around
5% and has also pledged to create 12 million jobs amidst
o) Changes in Key Financial Ratios growing concerns over rising unemployment.
The change in the key financial ratios as compared to Overall, the chances of a hard landing for global economy
previous year is stated below: have diminished due to disinflation and steady growth in
select regions. As a result, risks to global growth are also
broadly balanced. For instance, on the upside, expansive
Inventory Turnover (days) 84 79 6
fiscal policy and continued disinflation can boost growth
Debtors Turnover (days) 12 15 (20)
but raise the risk of a more costly adjustment later on.
Current Ratio (Times) 0.87 1.01 (14)
Interest Coverage Ratio1
Conversely, commodity price spikes due to geopolitical
2.47 6.01 (59) issues such as Red Sea attacks may result in persistent
(Times)
Debt Equity (Times) 0.88 0.76 15 inflation and lead to prolonged tighter monetary
Net Debt Equity2 (Times) 0.78 0.61 29 policy. Hence, in the near term, global policymakers
EBITDA Margin3 (%) 10.21 13.44 (24) focus will be on effectively managing inflation while
Net Profit Margin4 (%) (2.14) 3.32 (165) promoting growth.
Return on average Net
(4.97) 7.27 (168) In India, The Reserve Bank of India (‘RBI’) expects GDP
worth4 (%)
to grow close to 8% y-o-y in 2024, higher than 7.2%
Interest Coverage Ratio: Decreased primarily on
1) y-o-y recorded in 2023. Domestic economic activity
account of decline in operating profits along with has been aided by Government spending, household
higher finance cost due to increase in borrowings. consumption, rise in manufacturing activity and services
Net Debt to Equity: Increased due to increase in
2) sector. These factors along with healthy corporate and
Net Debt attributable to decrease in cash and cash bank balance sheets and rising integration with global
equivalents majorly at European operations along supply chains are likely to aid growth in the near term.
with loss during the period resulting in decrease in In 2025, India GDP is expected to expand by 7.4% y-o-y
average equity. and Consumer Price Index (‘CPI’) is likely to moderate
from 5.4% in 2024 to 4.5% levels. Inflation trajectory to be
EBITDA Margin: Decreased primarily on account
3) shaped by evolving food inflation, state of supply chains
of lower operating profits majorly at European and global commodity prices especially oil.
operations primarily due to contraction in steel
prices and lower deliveries. Financial Markets:
Net Profit Margin and Return on average net
4) Global financial markets have continued to remain
worth: Decreased primarily on account of loss volatile and uncertain due to inflation – rate hike
during the year mainly attributable to lower dynamics. In the U.S., sharp rise in interest rates, since
operating profits, higher exceptional charge for February 2022, have led to a situation where short-term
restructuring and higher net finance charge. U.S. Treasury yields have surpassed those of longer-term
U.S. Treasury bonds, creating an inverted yield curve.
VII. Corporate Finance Moreover, persistent inflation and the ongoing rate hikes
by the U.S. Federal Reserve have continued to weigh on
In 2024, the International Monetary Fund expects Global
the global credit market, culminating in benchmark rates
GDP growth to be at 3.1% y-o-y and inflation to moderate
for U.S. Treasuries reaching their highest levels in 16 years
from 8.8% in 2022 to 4.3%. Global central banks have
(by October 2023). Since then, slight decline in the CPI
been focused on inflation and as policy transmission
and signs of a cooling labour market in the U.S. have led
sustained, it has reflected in the inflation trajectory across
to improved sentiment.

Statutory Reports
In India, financial markets have witnessed improvement In the same vein, Eurozone consumer price inflation
and remained resilient despite global uncertainties has also declined from 9.2% in February 2023 to 2.6%
and geopolitical tensions. RBI maintained its repo in March 2024. In the United Kingdom, consumer price
rate throughout the year while investors witnessed a inflation including housing costs has decreased from
remarkable ascent, with the Nifty 50 and BSE Sensex 9.2% in February 2023 to 3.8% in February 2024. With
scaling new heights. Nifty attained a record peak of inflation rates moderating across key regions, the
22,097 points on January 15, 2024, registering a 27% European Central Bank witnessed peak interest rate of
increase for the year. Sensex also reached an all-time 4.5% in September 2023 following its tenth increase
high of 73,328 points on the same day, emphasising the since July 2022, while the Bank of England witnessed its
broader market strength. Overall, the Nifty 50 and BSE peak of 5.25% in August 2023. Since then, central banks
Sensex have witnessed gains of around 25%, positioning have maintained rates, anticipating that the effects of
this year as one of the most successful in recent times. the rate hikes implemented throughout 2023 will sustain
The movement was visible across broad sectors including progress with respect to inflation dynamics.
steel. Tata Steel share price has increased from around
In India, RBI maintained the policy repo rate at 6.5%,
`107 per share levels in early March 2023 to around `157
unchanged during the financial year (FY2023-24). The
per share in March 2024, reaching an all-time high and
last increase was in February 2023. RBI continues to
surpassing the previous best recorded nearly three years
remain focused on maintaining CPI inflation at 4% in the
ago. Moving to yields, the 10-year Government securities
medium-term, with a tolerance range of plus or minus
(G-secs) have remained relatively stable within a certain
2%, while also promoting economic growth.
range during the financial year. In February 2024, the yield
on the 10-year benchmark G-sec fell by ~10 basis points
Financing:
following the announcement of a reduced fiscal deficit
in the interim union budget. The anticipated decrease in Tata Steel triangulates its capital allocation between
total Government borrowing and the expected inclusion deleveraging, return to shareholders and growth
of G-Secs in major global bond indices by 2025, indicates capex to provide optimal returns to the shareholders
that the Government might be able to secure funding at and our strategy is calibrated to evolving operating
lower costs from the market and this augurs well for the cycles. For instance, in FY2020-21 and FY2021-22,
broader market sentiment. Tata Steel successfully deleveraged our gross debt by
H40,767 crore and this was much higher than the
Central Banks and Monetary Policy: Company’s annual deleveraging target of $1 billion.
During these years, the focus was on strengthening the
The International Monetary Fund (‘IMF’) expects global
balance sheet of the Company and positioning to aid
inflation to fall from 6.8% in 2023 to 5.8% in 2024 and
future growth. Subsequently, in FY2022-23 and FY2023-
4.4% in 2025. Developed economies are expected to see
24, Tata Steel has prioritised growth capital expenditure
faster disinflation than emerging market and developing
especially for Kalinganagar. This along with volatile
economies. While factors vary, disinflation is primarily
operating environment that led to higher working capital
expected to be driven by softening labour markets,
requirements and outflows for acquistion of NINL and
food inflation and energy prices. In the U.S., Federal
dividend have meant that our gross debt increased from
Reserve had raised rates in July 2023 by 0.25% to 5.25%
H75,561 crore in FY2021-22 to around H88,230 crore in
– 5.50% and since then, it has kept rates unchanged
FY2023-24. On an annual basis, gross debt has witnessed
despite concerns about banking industry, persistent
only a marginal increase between FY2022-23 to
inflation, and robust job numbers. While US Federal
FY2023-24 despite the volatile operating environment.
Reserve continues to remain cautious, it has steadily
pivoted to rate cuts in 2024. The Federal Open Market The phased commissioning of 2.2 MTPA Cold Rolling
Committee appears to have transitioned from a stringent mill complex and operations of pellet plant in
to a more accommodating stance and in its December Kalinganagar have already begun during 2024. The
2023 meeting, signalled three quarter-point rate cuts by Company looks forward to commissioning of 5 MTPA
the end of 2024 to lower the fed fund rates to 4.6%. As blast furnace which is expected to aid cashflows as well
of now, U.S. Federal Reserve’s projections suggest that as credit metrices. Tata Steel remain focused on cost
Personal Consumption Expenditure inflation will settle optimisation and working capital. Tata Steel is happy
at 2.5% in 2024 and ease to 2.2% in 2025. to share that there has been significant progress on our

portfolio simplification exercise in India. As stated, the Information regarding Key Risk facing Tata Steel and their
Company have successfully amalgamated five listed mitigation strategies is given below:
and unlisted subsidiaries after duly completing the
regulatory processes and the integration is underway. Financial Risk
The five companies had a cumulative turnover of around Tata Steel aspires to double its capacity in India in a
`19,700 crore in FY2022-23. The amalgamation is value sustainable manner to capitalise on India’s growth
accretive and will also drive synergies through raw opportunity. The capacity growth is aimed to aid
material security, centralised procurement, optimisation continued strong presence across segments focused on
of inventories, reduced logistics costs, and better facility sectors leading high returns.
utilisation. For three other companies - Bhubaneswar
Power Private Limited (wholly-owned subsidiary of Tata Additionally, Tata Steel UK will initiate the transitioning
Steel), Angul Energy Limited (Tata Steel shareholding - to EAF in 2024, and TSN is also planning to undergo
99.99%) and The Indian Steel and Wire Products Limited decarbonisation in next few years. Access to finance will
(Tata Steel shareholding - 98.61% as on the date of be required to enable Tata Steel’s journey to a low carbon
this report), the merger process is at advanced stages future with potential capital investments and significant
with the respective jurisdictional National Company transition and decommissioning costs.
Law Tribunals and is expected to be completed by Tata Steel has H77,550 crore of net debt as on
Q1FY2024-25, subject to regulatory approvals. March 31, 2024. The Company plans to deleverage and
fund the growth through internal accruals and raising
Credit Ratings: external capital from banks and capital markets. The
Partway through the year, international rating agency cost of borrowings may be affected due to changing
Moody’s upgraded Tata Steel Limited’s corporate family sentiments of the global financial market.
rating from ‘Ba1’ to ‘Baa3.’ The rating outlook was also
Also, climate change and sustainability will continue to
changed from ‘Positive’ to ‘Stable’ citing Tata Steel’s
take centre stage with rising stakeholder expectations
consistent operational performance and prudent
having implications on cost and availability of capital.
financial strategies. Separately, S&P Global Ratings
Strengthening ESG guidelines and disclosure standards
reiterated its ‘BBB-’ corporate family rating for Tata Steel
are likely to weigh in accessing overseas finance, which
while maintaining a ‘Positive’ rating outlook. With this,
may lead to increase in funding cost.
Tata Steel becomes the only steel company in India to
be rated Investment grade by both the international The financialisation of commodities and growing
credit rating agencies. Domestic credit rating agencies, geopolitical conflicts may heighten market volatility,
India Ratings and CARE Ratings have also reaffirmed Tata notably impacting raw material prices and may lead to
Steel’s long-term credit rating at ‘AA+’. escalations in the cost of hot metal and increased working
capital requirements. Volatility in financial markets may
VIII. Risks and Concerns lead to depreciation of INR against USD which will further
impact cost of capital.
Tata Steel operates in an interconnected world with
stringent regulatory and environment requirements, Mitigation Strategies
increased geopolitical risk and fast pace technological
Tata Steel is focused on cash flow generation and
disruptions that could have a material impact across
debt reduction for mitigating the risks. The objective
the value chain of the organisation. Tata Steel has
is to balance between growth and deleveraging with
implemented a Enterprise Risk Management (‘ERM’)
a focus on returns to shareholders. The Company is
process to provide a holistic view of the aggregated
strategically diversifying its sources of capital including
risk exposure as well as to facilitate more informed
grants from Government to transition to greener
decision-making.
operations. The Company also strives to access various
In its journey towards Risk Intelligence, a robust pools of capital and actively pursue opportunities
governance structure has been developed across the to secure longer term debt with flexible terms.
organisation. The Board of Directors has constituted a The Company has prioritised projects with higher value
Committee of the Board called the Risk Management accreditation (ROIC: 15%) and short payback periods in
Committee. At senior management level, an Apex Risk it’s capital allocation strategy. Additionally, Tata Steel is
Committee (‘ARC’) has been constituted to drive the ERM actively engaged in portfolio restructuring to optimise
process across Tata Steel Group. our holdings, striving for operational excellence by

Statutory Reports
reducing working capital and actively participating in through tailored solutions, enhanced reliability, and
continuous improvement programs. value-added products.
Tata Steel is committed to collaborating with The Company has specifically focused on green steel
international bodies like the Task Force on offerings in Netherlands and UK.
Climate-Related Financial Disclosures (‘TCFD’) to
The European Union is developing the Carbon Border
improve ESG disclosures, adhere to evolving standards,
Adjustment Mechanism (‘CBAM’) to put a fair price
and establish a sustainable financing framework. Tata
on the carbon emitted during the production of
Steel plans on increasing capital flows by exploring
carbon-intensive goods. A similar fair price mechanism
sustainable financing options such as green bonds.
is expected to be rolled out for the UK as well. Tata Steel
The Company also intends to actively communicate with
operations in the Netherlands and UK recognise the
investors to address any doubts regarding the credibility
importance of CBAM in ensuring a level playing field to
of green labelling and to ensure that funds are used in a
manage the risk of cheap imports.
certified and independent manner.
The introduction of green certified/sustainable products
Tata Steel has also implemented the concept of ‘One
and diversifying our product offerings beyond steel with
Treasury’, which efficiently manages the treasury
new materials such as Composites, Fiber Reinforced
operations for the entire Tata Steel Group including its
Products, etc., helps meet the unique requirements of
Subsidiaries. This comprehensive approach, combined
our discerning customers.
with skillful management of cashflows, currencies and
commodity hedging, effectively reduces the impact of
Regulatory Risk
price fluctuations, and delivers better financial stability
in a dynamic market environment. T he regulatory landscape in global metals and mining
industry is becoming stringent due to geopolitical
Macroeconomic and Market Risk conditions, changing trade patterns, tariff, protectionist
policies, enhanced focus on ESG. Non-adherence to such
Slowdown of growth in China resulted in higher exports
stringent regulatory ecosystem may impact business
which weighed on the international and Indian steel
operations and reputation.
prices. While India’s steel manufacturers rode on a strong
double-digit demand in 2023, increase in imports in oth Tata Steel Netherlands & Tata Steel UK are subject to
B
Indian market has resulted in excess supply of cheaper a wide range of regulations, with main concerns around
material and impacted the prices. the implementation of CBAM and changes in energy and
by-product legislation in Netherlands. Additionally, there
TSN and Tata Steel UK, along with other European steel
is an increased trend of protectionism at a global scale,
producers, are being squeezed between rising import
reflected in the imposition of tariffs and anti-dumping
pressures and a long-term decline in demand.
measures. TSN has a longstanding presence in the U.S.
Fast paced technological changes and shifting customer steel market where the U.S. Section 232 tariffs are still
preferences may necessitate adoption of newer grades in place.
of steel and/or alternate materials.
Mitigation Strategies
Mitigation Strategies Regulatory risk is emerging and evolving. Tata Steel
In India, as Tata Steel sales are predominantly focused is constantly monitoring the regulatory landscape to
on the domestic market, the Company targets the proactively assess the changing laws and policies that
price volatility by adjusting its sales mix geographically may impact the Company’s operations and future
and across different segments. To mitigate the risk of growth trajectory. The Company has a policy of zero
cyclicality, long-term contracts are entered into with tolerance towards non-compliance. The Company has
discerning customers (especially automotive segment) robust compliance management systems to ensure
and by offering solutions. awareness and compliance.
Tata Steel has invested in building a strong marketing The Company complies with existing laws and regulations
franchise with well-regarded brands and a large while promoting environmental stewardship.
network of distributors, dealers, and stocking points
Tata Steel identifies key issues and opportunities for
across the country. Dedicated marketing and sales
policy advocacy to promote best available practices,
teams have nurtured strong customer relationships
ensure level playing field through safeguard measures

and improved ease and cost of doing business. It and ensure supply of Power, Gas & Utilities for meeting
engages with policymakers and relevant stakeholders to end customer production requirements.
develop strategies to give shape to a progressive policy
The Company has adopted advanced maintenance
environment in the country.
practices for enhanced plant availability and reliability.
Tata Steel will continue to focus on technology,
The continuously evolving Asset Management needs
research and development as a proactive approach
have accelerated change from being reactive to
towards evolving regulatory requirements along
predictive and now with the fast-changing technological
with digitalisation of the monitoring and reporting
landscape, the Company is making a shift from the
mechanisms in response to the changing regulatory
situation of preventive maintenance to maintenance-
landscape and growing stakeholders’ concerns.
free assets i.e. from preventive maintenance to
The effort is on building capacity and securing resources maintenance prevention.
for our journey towards decarbonisation of 2045.
Tata Steel has set up an Integrated Maintenance
TSN and Tata Steel UK are working with the Government Excellence Centre to leverage advanced technologies
on the shared objective of creating an achievable, such as Artificial Intelligence, prescriptive analytics and
long-term plan to support the steel sector’s transition to Asset Monitoring and Diagnostic Centre for enabling
a competitive, sustainable and low CO2 future. predictive analytics. This paradigm shift extends beyond
mere Asset Management, permeating the very fabric of
TSN continues to monitor import activity (volume
the approach towards a digitally enabled green economy.
and prices) and works with Eurofer (European Steel
Association) to monitor the need for additional trade The robust digital ecosystem enables real-time shutdown
defense measures to protect the European steel industry management for optimal co-ordination and improved
from being hurt by dumped steel imports. In addition, asset reliability across the steel value chain. Tata Steel
TSN sees a continuation of current EU safeguards Jamshedpur, Kalinganagar and the IJmuiden Plant in
measures beyond June 2024 as an absolute necessity. the Netherlands, have been recognised as ‘Advanced
While CBAM will be important in ensuring a level playing 4th Industrial Revolution Lighthouse’ by the World
field for EU steel, however, the uncertainty surrounding Economic Forum.
the exact functioning of CBAM remains a watchpoint.
Tata Steel UK transition plan to an EAF operation is
During transition, Tata Steel UK will rely upon steel underway. Several structural improvement initiatives
imports, from both Europe and the rest of the world, at IJmuiden operations are being taken under the
and are in discussion with the Trade Remedy Authority improvement program of TSN. Corporate Asset
(‘TRA’) regarding revision of the relevant quotas, to Management Framework at TSN is delivering improved
enable sourcing of the required volumes without insight into the assets in relation to reliability, failure, risk
unsustainable tariff costs. and prioritisation of resources.
The Company has been working on improving structural
Operational Risks
integrity and safety of gas lines through usage of
The steel manufacturing processes are vulnerable Drone based technologies for condition monitoring,
to disruptions resulting from a range of external and thermography to identify potential blockages in gas
internal factors. Rising uncertainty in extreme weather lines, Use of Rope Access System (with web catch) for
conditions, natural disasters, supply chain disruption are improving the roof inspection system.
some of the external factors whereas equipment failures,
maintenance delay and process safety related incidents The growing geopolitical situations and instances
are some of the internal factors. Further, Tata Steel UK of supply chain disruptions have further aggravated
has specific issues of ageing assets. Such disruptions may the uncertainty in availability of spares which have
impact the Company’s operations, safety, and customer dependence on single geography/vendor partner or
service levels. have limited alternatives. Hence, the focus has been
on indigenisation of spares to achieve self-reliance
Mitigation Strategies and to digitalise the process to maintain optimised
The Company endeavours to ensure plant availability, inventory. The indigenisation initiative is aligned to the
eliminate defect generation through equipment (link to ‘Make-in-India’ focus and encourages the vendor
final Product Quality), delivery services at optimum cost partners to supply supreme quality spares and
benchmark lead times.

Statutory Reports
The Company is cautious of the growing uncertainty in is imparted on different modules such as Working at
weather patterns leading to extreme heat and heavy Height, Material Handling, Gas Safety, Confined Space,
rainfall. To ensure our employees’ safety and business Heavy vehicle simulators, First Aid & Cardiac Pulmonary
operations’ continuity, the Company has developed a Resuscitation and Virtual Reality for moving machinery.
detailed disaster plan and standard operating procedures
Various campaigns such as ‘Road Safety Month’, ‘National
to respond to natural disasters, epidemics/pandemics,
Safety Week’ and those related to mitigation of risks
and extreme weather events.
associated with top hazards are undertaken. Deeper
introspection on road safety practices, reaching beyond
Safety Risk
the Company premises, systematically introducing
S teel industry is inherently prone to hazards affecting technological interventions on roads and vehicles,
workforce health and safety. Any deviation in process and connecting with all the road pilots on one-to-one
and workforce safety requirements, safety laws and basis has improved the risk perception and behavior.
regulation may have adverse impact on business Additionally, focused campaigns such as ‘Process
continuity and operation. This is further aggravated with Safety Alerts,’ Know Your PPE Series’, etc. to identify
the geographical expansion and diversification of our the hazards and its risk mitigation by risk hierarchy of
business and operations that faces various geography control philosophy has reinforced safe behavior among
specific stringent safety laws and regulations. Company employees and contract employees. Tata Steel
has also launched the revisited ‘Life Saving Rules’ specific
to nature of operation ranging from Mining, Operation
Safety remains paramount in the organisation. Tata and Maintenance, and Construction.
Steel operates with the objective of ‘Committed to
Zero’ and a safety-first mindset. The Company has Workplace Safety and Process Safety Management
remained steadfast to our belief of safeguarding people in Tata Steel have matured over the years through
and continuing business operations. The Company is adoption of various robotic and technological solutions
continuously strengthening Safety Management and to eliminate man-machine interface. Digital platforms
Governance mechanism and has built a safety focused have been continuously enhanced to address and
culture across business operations. Risk reduction at the mitigate key concerns. In this regard, through its various
workplace and improvement in the risk perception of command centres, Tata Steel leverages the CCTV
the workforce is the focus area. The Company follows infrastructure to identify unsafe behavior and proactively
uniform risk management framework and has developed prevent incidents.
online and on-site visualisation of risks. At Tata Steel’s UK operation, a time-out for safety
Improving behavioral safety of the workforce at campaign, which was rolled out across all employees
workplace through experiential learning and focus on and core contractors in the UK, continued throughout
dissemination of safety standards has been the key to FY2023-24. Positive feedback and impact since this
improve risk perception. started has increased the level of engagement.
Tata Steel has institutionalised business continuity Community Risk

management through development of tactical centre
The Company has always centered it’s business
for responding to any major onsite emergency and has
model and social engagement around community
developed Centre of Excellence (‘CoE’) in Process Safety
collaboration, aiming for tangible improvements in
Management to deploy standardised process safety
quality of life, particularly for marginalised groups in the
management across the organisation. Safety Excellence
vicinity of it’s operations.
Reward and Recognition framework has been extended
beyond managerial positions and vendor partners for T here are growing expectations of the communities
demonstrating safety commitment and promoting a proximate to the Company’s operating locations.
culture of safety in the organisation.
Inability to address expectations or an erosion of trust
Further, Tata Steel emphasises on skill development and with the communities arising out of any situation has
training of all stakeholders such as employees, vendor bearing on the Company’s societal impact and harm
and business partners, trainees at regular intervals. our reputation or impede business continuity. Moreover,
Practical Safety Training Centre has been developed with there is a growing pressure from local communities
a purpose to improve the risk perception of the workforce proximate to Tata Steel’s coal-based manufacturing
on various critical hazards. Here, hands-on training facilities in Netherlands over emissions.

Failure to effectively implement identified CSR officers and frontline managers to be sensitised
initiatives could result in resentment or protest from towards key development challenges of the Dalit
key stakeholders. and tribal discourse. Accordingly, a social immersion
program ‘Unurum’ was initiated and many senior,
Mitigation Strategies middle and entry level executives have undergone
The Company has comprehensive mitigation strategies this program. This was extended to sensitise future
to address societal development challenges. A focused business leaders from management school to
strategic approach is towards becoming the industry develop deeper understanding of socio-economic
leader in CSR by creating long-lasting relations with realities faced by the most vulnerable communities
communities in it’s operational areas. The various focused because of non-inclusive industrialisation.
programs are implemented through the Tata Steel
vi)
Identification and engagement with key
Foundation in India. The Company implemented various
stakeholders: The Company convenes structured
programs and collaborated with multiple platforms to
forums periodically to engage in dialogue with
address the societal development challenges that has
communities, facilitating co-creation of a shared
impacted over 4.4 million lives directly in FY2023-24.
impact agenda and replicating successful processes
One of the key programs was community led-water
in new locations.
conservation efforts yielding more than 100 million cubic
feet of recharge capacity in key watersheds. vii) Facilitating dialogue through social and traditional
media. The Company also implements a dedicated
The Company has also developed various programs
social media strategy that entails putting out
to create change models in the ecosystem. The key
ground-up communities on the digital space for
programs are highlighted as:
the right voices to amplify its impact and engage
i) Signature health program is a lifecycle approach to with a wider audience, facilitating dialogue and
maternal and child health and nutrition (MANSI+). share progress transparently. Along with traditional
It covers the entire Kolhan division of Jharkhand. media and AI, the Company believes in the power of
Project works in close coordination with frontline communities speaking their minds and enable the
health workers (Sahiya) to ensure Institutional right narrative to be amongst all.
delivery of identified high risk pregnant women
Tata Steel UK is working closely with the Transition
that has been 87.2% in FY2023-24.
Board and national stakeholders to ensure economic
ii) Signature program on education rolled out in regeneration of South Wales.
37 blocks of Jharkhand and Odisha wherein the
Tata Steel UK’s Community Partnership Program
learning model has been devised to provide
‘Future Generations’, with sub-themes of education,
access to school for out of school children, learning
environment, health, and well-being, works across the
support to overcome deficits, and governance for
UK, assisting job and wealth creation by supporting
strengthening the school management.
small and medium businesses with finance and
iii) Samvaad: Over 150 tribes across 24 states of the business premises.
country have come together through dialogues
TSN is actively pursuing measures through ‘Roadmap+’
and other engagement aimed at preserving tribal
program to reduce emissions such as nitrogen oxide,
culture and practices
dust deposition, polycyclic aromatic hydrocarbons,
iv)
Development Corridor program focus on heavy metals, lead, particulate matter, etc. to address
strengthening and functioning of the grassroots health concerns of IJmuiden communities and support
governance at 72 panchayats across the local initiatives.
272 km stretch of road that connects Tata Steel at
Jamshedpur and Kalinganagar. Supply Chain Risk
v)
Embedding societal perspective in business S upply Chain Division is responsible for planning,
decisions: Tata Steel leverages its experience sourcing, delivery, and logistics of more than 100 MT of
and capability in societal impact to build impact materials which include raw materials, finished goods and
ecosystems, engaging partners for regions and by-products across Tata Steel’s footprint. Annually, more
communities that need deeper attention. The than 60 MT of Raw Material comprising of 200+ grades
Company also believes in the power of empathy from 50+ sources located across the globe is planned,
within an organisation, and hence the need for senior scheduled, and transported to our consumption centres.

Statutory Reports
On the delivery side, 32 MT of finished goods consisting » C

ontrolling Freight/logistics costs: Tata Steel has
of multiple SKUs from various production units (inclusive been able to maintain its shipping spend within the
of Steel Processing Centers) are delivered to a diverse plan through continuous portfolio management and
group of customers. hedging initiatives.
S ince, Tata Steel is on a journey to expand its Indian » Sustainability Initiatives: Supply Chain has
operations, it would entail doubling of movement strengthened tracking and measurement of
for another ~20 MT Crude Steel production in fully Scope 3 emissions and has proactively undertaken
ramped up stage thereby further adding to the scale several initiatives for its commitment towards a greener
and complexity. supply chain. Tata Steel has increased deployment of
CNG/LNG/EV vehicles from 69 in FY2022-23 to 191 in
T he Indian Steel Industry is expected to grow at 7% CAGR
FY2023-24 in its short lead circuit to reduce its CO2
till 2030 with 25% of the capacity planned in Odisha
footprint from road movement. This is further being
(~75 MT), thus adding to the existing infrastructural stress
increased to almost double the current number in
particularly on railways and ports in Eastern India. Events
FY2024-25. In FY2023-24, Tata Steel became the first
like the power crisis occurring every year puts stress
Indian company to import cargo on Liquefied Natural
on the rake availability. In addition, railways accidents,
Gas (‘LNG’) fueled bulk carrier. 5 such shipments for
regional strikes (e.g.: Kurmi strike in FY2023-24) add to
imported raw materials were performed in FY2023-24
the uncertainty particularly in raw material circuit which
in addition to 22 biofuel-based shipments. More such
is heavily dependent on railways for movement.
shipments are in pipeline to be executed in coming
T here is now a constant risk of escalation of geo-political years using alternate fuels such as Biofuel, Ammonia,
tensions, or any other black swan event impacting supply Methanol etc.
chain reliability and delivered cost due to increased ship/
container freights and lower container availability. The Information Security Risk:
ongoing Russia-Ukraine conflict, Red Sea crisis are some T he Company’s operations significantly rely on IT and
such events that may pose risk to our Shipping operations digital infrastructure. The organisation has made several
and spend. The statutory norms are also getting more investments on digital transformation for important
stringent thus making it necessary to address the and complex processes. Key attributes of Digital
Environmental, Social and Governance (‘ESG’) issues for transformation journey are the connected Architecture
scope3 operations also. i.e., B2B integrations, Information Technology (IT) and
Thus, supply chain faces a potential multi-faceted risk of Operating Technology (‘OT’) integration channels
business discontinuity due to disruption in infrastructure, for Analytics and Insights, remote operations
market, changing policies and statutory norms. which brings many benefits, such as increased
efficiency, better decision-making, and improved
Mitigation Strategies operational performance.
» Debottlenecking Port Infrastructure: Tata Steel has ccelerated pace of digitisation of our vast value chain
A
long-term partnership agreements with major ports also brings the need to identify and mitigate emerging
like Dhamra and Paradip Kalinga International Coal risks arising from advancements of technology usage
Terminal Private Ltd to de-risk import supply chain. In such as Al deployment, Robotics Process Automation,
view of long-term growth plan, work is in progress for Machine Learning etc. AI is getting adopted wherever
tie up/investment in new port infrastructure. feasible and applicable. Generative AI is also transforming
» A
lternative to Indian Railways: To improve the the way Company interacts with customers and is driving
reliability, Tata Steel has invested in private freight business growth.
train schemes- 13 new rakes were added under owever, these integrations increase the organisation’s
H
General Purpose Wagon Investment Scheme and exposure to cyber and privacy risks, non-compliance to
11 new rakes were introduced under Special Freight industry laws and regulations, faulty and offensive data
Train Operator in FY2023-24. In the long-term, Tata as well as performance instability.
Steel is working on commissioning a 7 MTPA slurry
pipeline from its iron ore mines to plant. In addition, igital Personal Data Protection Bill, 2023 has data
D
projects have been taken up to improve road privacy laws and regulations to govern the data privacy
infrastructure in Kalinganagar and Meramandali for and protection requirements. Non-compliance to IT
raw material movement. legislations and regulations may lead to imposition of

penalties and adverse impact on Company’s reputation. Commodity Risk
It is imperative that the organisations comply to privacy aw materials (primarily iron ore and coal) and
R
policy defined for the purpose. Bulk Commodities (refractory, De-Sulphurisation
rganisational data needs to be protected for
O compound, ferroalloys etc.) contribute to a major part
confidentiality, integrity, and availability in accordance of the procurement spend of Tata Steel. In recent years,
with the data governance norms. commodity markets have seen high price volatility driven
by various geopolitical events, weather disruptions,
hile technology is kept as best as recent and
W mining issues etc. These events have also led to supply
supportable, obsolescence in technology needs to chain disruptions and imbalances reducing reliability
be addressed to eliminate any kind of cyber risk and and impacting inventory. Therefore, an agile response to
business continuity risk. mitigate price risk while maintaining a secure and stable
supply chain is critical.
Tata Steel has implemented advanced security measures Raw Material Procurement
such as strong access controls, Next Generation Firewall,
» S eaborne supply of coal has been largely dependent
Advanced Threat Protection, End Point Detection and
on Australia. While prices of PCI and soft coal
Response to give real time detection capabilities based
have softened in the recent past, dependency on
on behavior, lateral movements.
Australia for PCI is still high. The Company has made
Integrated IT & OT Security Operation Centre has been steady progress in trying new coals from alternate
implemented to give near real time visibility of security geographies thereby, mitigating the risk.
events generated on systems to identify abnormalities
» E xtreme weather events in key raw material exporting
with immediate trigger to mitigation actions. 24*7*365
countries like Australia, Canada and geo-political
external attack surface management has been set
events pose risk to the supply chain reliability beyond
up to identify potential risks over internet and try out
the price risk.
exploits in attackers’ perspective which helps to take
immediate mitigation before being identified and » L imited investment in new mines mainly in Australia,
utilised by attackers. driven by decarbonisation, may impact long-term
demand supply balance for metallurgical coal.
The Company has implemented various policies
and procedures to ensure data privacy. Pro-active » High dependency on specific geographies for material
software asset management is being carried out to sourcing (Australia for metallurgical coal and South
ensure compliance. Africa for DRI grade thermal coal) poses a high risk in
case of any force majeure situation.
Data governance has been implemented to ensure
that data is well protected with required level of » High dependency on Talcher coalfields area to meet
confidentiality, integrity and availability including demand of non-coking thermal coal leading to a risk of
retention of data as per regulations. supply chain disruption if operations are interrupted
in any of their collieries.
It is also ensured that the configuration and consumption
of Gen AI tech is done in a secure private environment to » Announcement of auctions (linkage and spot) for
prevent risk emanating from AI adoption. Non-Regulated Sector (‘NRS’) and material movement
by road mode only increases the dependency on
Continuous technology refresh is taken up to eliminate
fleet movement, which may sometimes impact the
risk of technology obsolescence according to
inventory levels due to sudden restrictions imposed by
business priorities.
local administration bodies, leading to unavailability
Tata Steel regularly assesses cybersecurity posture of road transport.
and conducts security audits to identify potential
» Considering demand and supply ratio from sectors
vulnerabilities. The same security initiatives are being
other than captive power plant like independent
extended to Tata Steel Group Companies (‘TSGCs’)
power producers, fertilisers, cement etc. lead to a risk
and has implemented Security information and Event
of exposure to high premiums in spot auctions.
management as core fundamentals of Security Operation
Centre in various TSGCs. Zero Trust Architecture is also » Unlike Indian operations, both TSN and Tata
being implemented for TSGCs. Steel UK do not have access to captive iron ore,

Statutory Reports
therefore access to and pricing of iron ore supplies » T rial of new grades of coals and blend optimisation
depend, to a large extent, on worldwide supply and with increased usage of weaker/lower cost coals are
demand relationships. used to mitigate price risk.
» E valuating potential sources with other geographical
Bulk Procurement
locations in Odisha and Chhattisgarh - like IB valley
» F ew of the commodities that are used as inputs in coalfield and Talabira mines in Odisha and Kusmunda
steelmaking have over dependence on China or and Gevra which are the collieries of South-Eastern
other single geography which poses a potential risk Coalfields Limited in Chhattisgarh to minimise the risk
of supply disruption due to Black swan events like Red on supply security of non-coking thermal coal.
Sea crisis, etc.
» C
ontracting with local suppliers by rail mode to
» C
hina, being the largest producer of steel making increase the rail co-efficient for consistent and uniform
process consumables, is a major determinant of domestic coal supplies.
the price trends of these consumables. Though the
prices of these consumables have been on a gradual » M
aximising Fuel Supply agreement to mitigate the risk
decline over the months, changes in market sentiment of prevailing market volatility due to gap in demand
in China has the potential to affect the volatility of and supply effecting premiums of spot auction events.
these materials. » F or bulk commodities, Indigenisation has been
» C
hanges in statutory and sustainability norms in identified as one of the major levers to de-risk
importing/exporting countries pose a threat to the the supply chain for both direct and indirect
reliability of the supply chain. commodities which are dependent on import sources
(like De-Sulphurisation compounds, refractories,
» E xposure to energy shortages and price increases cored wires etc.) to ensure safeguarding against
are also a relevant risk due to multiple ongoing geo-political escalations and single country
geopolitical disruptions. dependence. Where indigenisation is not possible,
alternate country sourcing or development of
substitute products is also under implementation.
Changing prices of coal and iron ore generally reflect
through adjustments in steel prices, which in effect acts » Tata Steel is collaborating with Government of
as a natural hedge against volatility. However, there may Odisha and has ear marked ~100 acre of land close
be a lead and lag involved and hence, several steps are to Kalinganagar, where vendors can set up local
being taken to manage the price volatility – manufacturing units/refurbishment plants/Assembly
units/warehouses which will enable localisation and
» For iron ore buy from external market, the Company development of local supplier eco-system and a
hedges the spread between the bought-out ore and leaner supply chain for Tata Steel.
confirmed steel orders. The Company has also started
hedging of coal buy. » T ata Steel ensures that all suppliers mandatorily
sign the Tata Business Associate Code of Conduct
» Price forecasting tools are being used for commodities during the vendor onboarding process. High risk
like Coal, Zinc, Aluminum etc. to understand price vendors undergo an assessment for adherence to
movements and time the buy to optimise costs. Anti-Bribery & Anti-Corruption (‘ABAC’) and
» T ools like reverse auctions are being used for efficient Anti-money Laundering (‘AML’) policies. This is also
price discovery for commodities like coal, ferro alloys, incorporated in the contract clauses of the purchase
refractories etc. order which enables adherence to the ABAC and
AML policies.
» C
aptive/domestic raw materials provide another
avenue to guard against volatility as they have » The Company has adopted sustainable procurement
relatively stable cost/price. policy wherein the Company engages with it’s
suppliers/service providers to take initiatives in the
» D
iversifying coal sourcing from countries like areas of reduce, recycle, and reuse.
Indonesia, USA, and Canada and long-term
tie-ups to secure preferred grades to ensure » R
isk assessment for key vendors is also undertaken
long-term supply security. to assess the capability of vendors in meeting the
supply requirement.

» A
dditionally, TSG continues to target measures in FY2021-22 whereby around thirty percent of the
to reduce its energy requirements, e.g. by controls were automated which have been tested in
increasing self-generation of electricity and automated environment in the current financial year
efficiency improvements. also. The management of the group companies which
have merged with the Company during the current
IX. Internal Control Systems and it’s Adequacy financial year have confirmed compliance of the internal
financial controls. The management, statutory auditors
The Company has an Internal Financial Controls (‘IFC’)
and internal auditors have also carried out adequate due
framework, commensurate with the size, scale, and
diligence of the control environment of the Company
complexity of the Company’s operations. The Board of
through rigorous testing.
Directors of the Company is responsible for ensuring that
IFC have been laid down by the Company and that such The Company has deployed SAP Governance, Risk
controls are adequate and operating effectively. The and Compliance Module and other IT platforms to
internal control framework has been designed to provide keep the IFC framework robust and our Information
reasonable assurance with respect to recording and Management Policy governs these IT platforms. IFC
providing reliable financial and operational information, has been documented and embedded in the business
complying with applicable laws, safeguarding assets processes and such controls have been assessed during
from unauthorised use, executing transactions with the year under review and no material weaknesses
proper authorisation, and ensuring compliance with were observed.
corporate policies. The Company’s internal financial
control framework is commensurate with the size and X. Statutory Compliance
operations of the business and is in line with requirements
The Company has in place adequate systems and
of the Companies Act, 2013. The Company has laid
processes to ensure that it is in compliance with all the
down Standard Operating Procedures and policies to
applicable laws. The Company Secretary & Chief Legal
guide the operations of each of its functions. Business
Officer (Corporate & Compliance) is responsible for
heads are responsible to ensure compliance with these
implementing the systems and processes for monitoring
policies and procedures. Robust and continuous internal
compliance with the applicable laws and for ensuring
monitoring mechanisms ensure timely identification of
that the systems and processes are operating effectively.
risks and issues. To make the controls more robust and
The Chief Executive Officer and Managing Director,
comprehensive, IFC standardisation and rationalisation
places before the Board, at each meeting, a certificate
project was undertaken three years ago which had
of compliance with the applicable laws. The Company
ensured comprehensive coverage cutting across all
Secretary & Chief Legal Officer (Corporate & Compliance)
functions of the Company. To reduce manual time and
also confirms compliance with Company law, SEBI
efforts involved in control testing, improve confidence
Regulations and other corporate laws applicable to
in testing results, increase the frequency of testing and
the Company.
resort to full checking of the data as compared to sample
testing, automation of controls was also undertaken

Statutory Reports
ANNEXURE 2
Annual Report on Corporate Social Responsibility Activities
[Pursuant to Section 135 of the Companies Act, 2013 and
the Companies (Corporate Social Responsibility Policy) Rules, 2014]
1. Brief outline on CSR Policy of the Company:

Our CSR initiatives are guided by our CSR Policy (‘Policy’). The Policy was first adopted on September 17, 2014, and then
revised on February 3, 2016, and on November 11, 2021.
Our CSR activities focus on education, health, water, livelihood, rural and urban infrastructure and are in alignment with
key development challenges of communities we serve. We also undertake community-centric interventions in the areas
of sports, disaster relief, environment and tribal identity.
2. Composition of Corporate Social Responsibility & Sustainability (CSR&S) Committee:

Number of Number of
Sl. No. Name of Director Designation/Nature of Directorship meetings held meetings attended
during the year during the year
1. Mr. Deepak Kapoor Independent Director (Chairman) 4 4
2. Mr. O. P. Bhatt* Independent Director 1 1
3. Dr. Shekhar C. Mande# Independent Director 3 3
4. Mr. T.V. Narendran Chief Executive Officer & Managing Director 4 4
5. Mr. Koushik Chatterjee Executive Director & Chief Financial Officer 4 4
*Mr. O. P. Bhatt completed his second term as an Independent Director of the Board and ceased as an Independent Director and Member of the Board
effective June 9, 2023.

#
Dr. Shekhar C. Mande was appointed as an Independent Director on the Board of the Company effective June 1, 2023 and as a Member of the Corporate
Social Responsibility & Sustainability Committee effective June 13, 2023.
3. The web-links where Composition of CSR 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. The Executive summary along with web-link(s) 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 (attach the report):
The Company voluntarily carries out impact assessment of key CSR Projects in the normal course. The reports are available
on the website of the Company at https://www.tatasteel.com/corporate/our-organisation/csr/
(H crore)
5. (a) Average net profit of the Company as per section 135(5) of the Companies Act, 2013 27,429.06
(b) Two percent of average net profit of the Company as per section 135(5) of the Companies Act, 2013 548.58
(c) Surplus arising out of the CSR Projects or programs or activities of the previous financial years NIL
(d) Amount required to be set off for the financial year, if any NIL
(e) Total CSR obligation for the financial year (5b+5c-5d) 548.58

(H crore)
6. (a) Amount spent on CSR Projects (both Ongoing Projects and other than Ongoing Projects) 572.74
(b) Amount spent in Administrative Overheads 7.28
(c) Amount spent on Impact Assessment, if applicable -
(d) Total amount spent for the Financial Year (6a+6b+6c) 580.02
(e) CSR amount spent or unspent for the Financial Year:

Amount Unspent (in I)
Total Amount Spent for the Total Amount transferred to Unspent CSR Amount transferred to any fund specified under Schedule VII as
Financial Year (in J crore) Account as per section 135(6) per second proviso to section 135(5)
Amount Date of transfer Name of the Fund Amount Date of transfer
580.02 Nil NA NA Nil NA
(f) Excess amount for set off, if any:

Amount
Sl. No. Particulars
(in I crore)
(1) (2) (3)
(i) Two percent of average net profit of the Company as per section 135(5) of the Companies Act, 2013 548.58
(ii) Total amount spent for the Financial Year 580.02
(iii) Excess amount spent for the financial year [(ii)-(i)] 31.44
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous Financial Years, if any NIL
(v) Amount available for set off in succeeding Financial Years [(iii)-(iv)]* 31.44
*The Company does not propose to avail any set-off, against the excess amount spent in FY2023-24 for succeeding financials year(s).
7. Details of Unspent CSR amount for the preceding three financial years:
(1) (2) (3) (4) (5) (6) (7) (8)
Amount Amount transferred to a fund

Amount transferred Balance Amount specified under Schedule VII as Amount remaining
spent
Preceding to Unspent CSR in Unspent CSR per second proviso to section to be spent in Deficiency,
Sl. No. in the
Financial Year Account under Account under 135(5), if any succeeding Financial if any
Financial
section 135 (6) (in J) section 135(6) (in J) Years (in J)
Year (in J) Amount (in J) Date of transfer
NA NA Nil Nil NA Nil NA Nil NA
8. Whether any capital assets have been created or acquired through CSR amount spent in the Financial Year: No
9. Specify the reason(s), if the Company has failed to spend two percent of the average net profit as per Section 135(5) of the
Companies Act, 2013 - Not applicable
sd/- sd/-
DEEPAK KAPOOR T.V. NARENDRAN
Chairman Chief Executive Officer &
CSR & Sustainability Committee Managing Director
DIN: 00162957 DIN: 03083605
Mumbai
May 29, 2024

Statutory Reports
ANNEXURE 3
Corporate Governance Report
Company's Corporate Governance Philosophy Management Personnel regarding compliance of the Code
Corporate governance is the creation and enhancement of during the year under review. The Company has also adopted
long-term sustainable value for our stakeholders, comprising the Code of Conduct for Non-Executive Directors (‘NEDs’)
regulators, employees, customers, vendors, investors, of the Company which includes the Code of Conduct of
and the society at large, through ethically driven business Independent Directors (‘IDs’) which suitably incorporates
practices. Effective corporate governance practices constitute the duties of Independent Directors as laid down in the
the strong foundation on which successful commercial Companies Act, 2013 (‘Act’). The same is available on the
enterprises are built to last. Strong leadership and effective website of the Company at https://www.tatasteel.com/
corporate governance practices have been the Company’s media/3930/tcoc-non-executive-directors.pdf The Company
hallmark inherited from its culture and ethos. At Tata Steel, it has received confirmation from the NEDs and IDs regarding
is imperative that our Company’s affairs are managed in a fair compliance of the Code, for the year under review.
and transparent manner.
We ensure that we evolve and follow not just the stated
Tata Code of Conduct for Prevention of Insider
corporate governance guidelines, but also globally best Trading and Code of Corporate Disclosure
practices. We consider it our inherent responsibility to Practices
protect the rights of our shareholders and disclose timely, In accordance with the Securities and Exchange Board of
adequate and accurate information regarding our financials India (Prohibition of Insider Trading) Regulations, 2015, (‘SEBI
and performance, as well as the leadership and governance Insider Trading Regulations’), as amended from time to
of the Company. time, the Board of Directors of the Company has adopted the
In accordance with our Vision, Tata Steel Group (‘TSG’) aspires Tata Code of Conduct for Prevention of Insider Trading and
to be the global steel industry benchmark for ‘value creation’ the Code of Corporate Disclosure Practices (‘Insider Trading
and ‘corporate citizenship’. TSG expects to realise its Vision by Code’).
taking such actions as may be necessary, to achieve its goals Mr. Parvatheesam Kanchinadham, Company Secretary & Chief
of value creation, safety, environment and people. Legal Officer (Corporate & Compliance) is the ‘Compliance
The Company is in compliance with the requirements Officer’ in terms of this Insider Trading Code.
stipulated under Regulations 17 to 27 read with Schedule V and
clauses (b) to (i) and (t) of Regulation 46(2) of the Securities and Board of Directors
Exchange Board of India (Listing Obligations and Disclosure The Board of Directors (‘Board’) is at the core of our corporate
Requirements) Regulations, 2015 (‘SEBI Listing Regulations’), governance practice and oversees and ensures that the
as applicable, with regard to corporate governance. Management serves and protects the long-term interest of
To further strengthen the Company’s corporate governance all our stakeholders. We believe that an active, well-informed
philosophy, the Company has also adopted the Tata Business and independent Board is necessary to ensure the highest
Excellence Model. standards of corporate governance.
Code of conduct Size and Composition of the Board

The Company has a strong legacy of fair, transparent and Our policy is to have a mix of EDs, NEDs, and IDs to maintain
ethical governance practices. the Board’s independence and separate its functions of
governance and management. As on March 31, 2024, the
The Company has adopted the Tata Code of Conduct (‘TCoC/ Board comprised of ten members, two of whom are EDs, three
Code’) for Executive Directors (‘EDs’), Senior Management are NEDs and five are IDs including two Women Independent
Personnel and other Executives and Employees, which is Directors. The Board periodically evaluates the need for
available on the website of the Company at https://www. change in its composition and size. Detailed profile of our
tatasteel.com/media/1864/tcoc.pdf The Company has Directors is available on our website at www.tatasteel.com/
received confirmations from the EDs as well as Senior corporate/our-organisation/leadership/

The composition of the Board is in conformity with Regulation of appointment of IDs including their role, responsibility
17 of the SEBI Listing Regulations read with Section 149 and and duties are available on our website at www.tatasteel.
Section 152 of the Act. During the year under review and as com/media/2917/terms-and-conditions-of-appointment-of-
on date of this report, none of our Directors serve as director independent-directors.pdf
or as IDs in more than seven listed companies and none of the
During FY2023-24, none of our Directors acted as Member
EDs serve as IDs on any listed company. Further, none of our
in more than 10 committees or as Chairperson in more than
IDs serve as Non-Independent Director of any company on the
5 committees across all listed entities where they serve as
board of which any of our Non-Independent Director is an ID.
a Director. For the purpose of determination of limit of the
Independent Directors are Non-Executive Directors as defined Board Committees, chairpersonship and membership of the
under Regulation 16(1)(b) of the SEBI Listing Regulations Audit Committee and Stakeholders’ Relationship Committee
read with Section 149(6) of the Act along with rules framed has been considered as per Regulation 26(1)(b) of SEBI Listing
thereunder. In terms of Regulation 25(8) of SEBI Listing Regulations. Further, there are no inter-se relationships
Regulations, they have confirmed that they are not aware of between our Board Members.
any circumstance or situation which exists or may reasonably
be anticipated that could impair or impact their ability to Changes to Board during FY2023-24
discharge their duties. Based on the declarations received
1. Dr. Shekhar C. Mande has been appointed as an
from the Independent Directors, the Board of Directors
Independent Director of the Company, for a term
has confirmed that they meet the criteria of independence
of 5 (Five) years commencing June 1, 2023 through
as mentioned under Section 149 of the Act and Regulation
May 31, 2028.
16(1)(b) of the SEBI Listing Regulations and that they are
independent of the management. Further, the IDs have 2. As per the terms and conditions of appointment,
in terms of Section 150 of the Act read with Rule 6 of the Mr. O. P. Bhatt completed his second term as an
Companies (Appointment & Qualification of Directors) Rules, Independent Director of the Board effective June 9, 2023.
2014, confirmed that they have enrolled themselves in the Accordingly, Mr. Bhatt ceased to be an Independent
Independent Directors’ Databank maintained with the Indian Director and Member of the Board as of that date.
Institute of Corporate Affairs.
3. Mr. T. V. Narendran was re-appointed as the Chief
The Company has issued formal letters of appointment Executive Officer and Managing Director of the Company
to the IDs. As required under Regulation 46 of the SEBI for a further period of 5 (Five) years commencing
Listing Regulations, as amended, the terms and conditions September 19, 2023 through September 18, 2028.
Table A: Composition of the Board and Directorships held as on March 31, 2024:
No. of Board Committee
No. of directorship in other
positions in other Indian
Name of the Director Indian Public Companies(1) Directorship in other listed entities and Category of Directorship
Public Companies(2)
Chairperson Member Chairperson Member
Non-Executive, Non-Independent Directors
Mr. N. Chandrasekaran 7 - - - a) Tata Consultancy Services Limited
(Chairman) (Non-Executive, Non-Independent, Chairman)
DIN: 00121863 b) Tata Motors Limited
(Non-Executive, Non-Independent, Chairman)
c) Tata Consumer Products Limited
d) The Tata Power Company Limited
e) The Indian Hotels Company Limited
f ) Tata Chemicals Limited

Statutory Reports
No. of Board Committee

No. of directorship in other
positions in other Indian
Name of the Director Indian Public Companies(1) Directorship in other listed entities and Category of Directorship
Public Companies(2)
Chairperson Member Chairperson Member
Mr. Noel Naval Tata 4 2 1 2 a) Trent Limited
(Vice-Chairman) (Non-Executive, Non-Independent, Chairman)
DIN: 00024713 b) Voltas Limited
c) Tata Investment Corporation Limited
d) Titan Company Limited
(Non-Executive, Non-Independent, Vice-Chairman)
Mr. Saurabh Agrawal 5 2 - 1 a) The Tata Power Company Limited
DIN: 02144558 (Non-Executive, Non-Independent)
b) Voltas Limited
(Non-Executive, Non-Independent)
c) Tata AIG General Insurance Company Limited (Debt Listed)
d) Tata Capital Limited (Debt Listed)
Independent Directors
Mr. Deepak Kapoor 1 2 1 3 a) HCL Technologies Limited
DIN: 00162957 (Non-Executive, Independent)
b) Delhivery Limited
(Non-Executive, Independent, Chairman)
Ms. Farida Khambata - 2 - - a) Tata Investment Corporation Limited
Mr. V. K. Sharma - 3 2 3 a) Reliance Power Limited
b) Nureca Limited
(Non-Executive, Independent)
Ms. Bharti Gupta - 2 1 - a) SRF Limited
Ramola (Non-Executive, Independent)
DIN: 00356188 b) HDFC Life Insurance Company Limited
(Non-Executive, Independent)
Dr. Shekhar C. Mande - - - - -
DIN: 10083454
Executive Directors
Mr. T. V. Narendran 1 - - - -
DIN: 03083605
Mr. Koushik Chatterjee 1 1 - 1 -
DIN: 00004989
(1)
Directorships in Indian Public Companies (listed and unlisted) excluding Tata Steel Limited, Section 8 companies and foreign companies.
(2)
In terms of Regulation 26(1)(b) of the SEBI Listing Regulations, the disclosure includes chairperson/membership of the Audit Committee and Stakeholders’
Relationship Committee in other Indian public companies (listed and unlisted) excluding Tata Steel Limited. Further, membership includes positions as
chairperson of committee.

Selection of New Directors and Board Membership Key Board Qualifications, Expertise and Attributes
Criteria The Members of the Board are committed to ensuring that
The Nomination and Remuneration Committee (‘NRC’) formulates the Board is in compliance with the highest standards of
and recommends to the Board the appropriate qualifications, Corporate Governance. The table below summarises the
positive attributes, characteristics, skills and experience required key skills, expertise, competencies and attributes which are
for the Board as a whole and its individual members with the taken into consideration by the NRC while recommending
objective of having a Board with diverse backgrounds and appointment of Directors to the Board:
experience in business, government, education and public
service. The Policy for appointment and removal of Directors and
determining Directors’ independence is available on our website at
https://www.tatasteel.com/media/6816/policy-on-appointment-
and-removal-of-directors.pdf
Table B: Director skills, expertise, competencies and attributes desirable in Company’s business and sector in
which it functions:
Areas of Skills/Expertise/Competence
Government/
Leadership Strategy Operations Technology Finance Governance
Regulatory Affairs
Mr. N. Chandrasekaran * * * * * * *
Mr. Noel Naval Tata * * * * * * *
Mr. Deepak Kapoor * * * - * * *
Ms. Farida Khambata * * * * * * *
Mr. V. K. Sharma * * * - * * *
Ms. Bharti Gupta Ramola * * * - * * *
Dr. Shekhar C. Mande * * - * * * *
Mr. Saurabh Agrawal * * - - * * *
Mr. T. V. Narendran * * * * * * *
Mr. Koushik Chatterjee * * * - * * *
Familiarisation Programme for Directors As stated in the Board’s Report, the details of orientation
As a practice, all new Directors (including Independent given to our existing Independent Directors are available
Directors) inducted to the Board are given a formal orientation. on our website at https://www.tatasteel.com/media/21203/
The familiarisation programme for our Directors is customised familiarization-programme-ids-2024.pdf
to suit their individual interests and area of expertise. The
Directors are usually encouraged to visit the plant and raw Board Evaluation
material locations of the Company and interact with members The NRC has formulated a Policy for the Board, its Committees
of Senior Management as part of the induction programme. and Directors and the same has been approved and adopted
The Senior Management make presentations giving an by the Board. The details of Board Evaluation forms part of the
overview of the Company’s strategy, operations, products, Board’s Report.
markets, group structure and subsidiaries, Board constitution
and guidelines, matters reserved for the Board and the major Remuneration Policy for Board and Senior Management
risks and risk management strategy. This enables the Directors The Board has approved the Remuneration Policy for Directors,
to get a deep understanding of the Company, its people, Key Managerial Personnel (‘KMP’) and all other employees of
values and culture and facilitates their active participation in the Company. The same is available on our website at https://
overseeing the performance of the Management. www.tatasteel.com/media/6817/remuneration-policy-of-
directors-etc.pdf Details of remuneration for Directors in
FY2023-24 are provided in Table C below.

Statutory Reports
Table C: Shares held and cash compensation paid to Directors for the year ended March 31, 2024:
(H lakh)
Fixed Salary
Total Fully paid-up Equity
Name Perquisite/ Total Fixed Commission(1) Sitting Fees
Basic Compensation Shares held (Nos.)
Allowance Salary
Non-Executive, Non-Independent
Directors
Mr. N. Chandrasekaran(2) - - - - 3.60 3.60 20,00,000
Mr. Noel Naval Tata - - - 160.00 4.00 164.00 1,43,700
Mr. Saurabh Agrawal(3) - - - - 6.00 6.00 –
Independent Directors
Mr. O. P. Bhatt(4) - - - 50.00 2.00 52.00 –
Mr. Deepak Kapoor(5) - - - 160.00 7.30 167.30 –
Ms. Farida Khambata - - - 125.00 6.00 131.00 8,00,000
Mr. V. K. Sharma - - - 125.00 5.20 130.20 10,000
Ms. Bharti Gupta Ramola - - - 100.00 6.50 106.50 –
Dr. Shekhar C. Mande(6) - - - 80.00 3.20 83.20 –
Executive Directors
Mr. T. V. Narendran 205.13 339.94 545.07 1,200.00 – 1,745.07 21,710
Mr. Koushik Chatterjee 181.31 329.70 511.01 850.00 – 1,361.01 19,660
Notes:
(1) Commission relates to the financial year ended March 31, 2024, which was approved by the Board on May 29, 2024 and will be paid during FY2024-25.
(2) As a Policy, Mr. N. Chandrasekaran, Chairman has abstained from receiving commission from the Company.
(3) In line with the internal guidelines of the Company, no commission is paid to the Non-Executive Directors of the Company, who are in full time employment
with any other Tata Company. Accordingly, no commission has been paid to Mr. Saurabh Agrawal.
(4) Mr. O. P. Bhatt completed his second term as an Independent Director of the Board and ceased as an Independent Director and Member of the Board effective
June 9, 2023. Further, he served as an Independent Director of Tata Steel Europe (‘TSE’) until June 9, 2023. Towards this, he additionally will be paid a fee of
£13,424 from TSE. The fee paid is consistent with the market practices and is aligned to the benchmark figures published by global consulting firms.
(5) Mr. Deepak Kapoor serves as an Independent Director and as the Chairman of the Board of Tata Steel Minerals Canada (‘TSMC’). Towards this, he
additionally receives an annual Board fee of CAD 16,095 from TSMC. The fee paid is consistent with the market practices and is aligned to the benchmark
figures published by global consulting firms. Consquent to Mr. O.P. Bhatt’s cessation on the Board of TSE, Mr. Deepak Kapoor was appointed as an
Independent Director on the Board of TSE effective July 31, 2023. Towards this, he additionally will be paid a fee of £46,794 from TSE. The fee paid for
TSE is consistent with the market practices and is aligned to the benchmark figures published by global consulting firms.
(6) Dr. Shekhar C. Mande has been appointed as an Independent Director of the Company, for a term of 5 (Five) years commencing June 1, 2023 through
May 31, 2028.
(7) None of the Executive Directors are eligible for payment of any severance fees and the contracts with Executive Directors may be terminated by either
party giving the other party six months’ notice or the Company paying six months’ remuneration in lieu thereof.
(8) The Company does not have any stock options plan. Accordingly, none of our Directors hold Stock options as on March 31, 2024.
(9) The Company has not issued any convertible instruments. Accordingly, none of our Directors hold any convertible instruments as on March 31, 2024.
Board Meetings Board meeting, or whenever the need arises for transacting
business. The recommendations of the Committees are placed
Scheduling and selection of agenda items for Board
before the Board for necessary approvals. All committee
Meetings
recommendations placed before the Board during the year
Tentative dates for Board Meetings in the ensuing financial under review were unanimously accepted by the Board.
year are decided in advance and communicated to the
Members of the Board. The information, as required under 6 (six) meetings of the Board were held during the financial
Regulation 17(7) read with Schedule II Part A of the SEBI Listing year ended March 31, 2024. These were held on May 2,
Regulations, is made available to the Board. 2023, July 24, 2023, September 13, 2023, November 1, 2023,
January 24, 2024, and March 20, 2024. The gap between any
The Board meets at least once a quarter to review the two Board meetings during the year under review did not
quarterly financial results and other agenda items. Additional exceed one hundred and twenty days. The requisite quorum
meetings are held when necessary. Committees of the Board was present for all the meetings.
usually meet the day before or on the day of the formal

Table D: Attendance details of Directors for the year Board Committees
ended March 31, 2024 are given below: Audit Committee
No. of Meetings The primary objective of the Audit Committee is to monitor
No. of Meetings
Name of the Director Category held during
tenure
Attended and provide an effective supervision of the Management’s
Mr. N. Chandrasekaran
financial reporting process, to ensure accurate and timely
NED 6 6 disclosures, with the highest levels of transparency, integrity
(Chairman)
Mr. Noel Naval Tata
and quality of financial reporting. The Committee oversees
NED 6 6 the work carried out in the financial reporting process by
(Vice – Chairman)
Mr. Saurabh Agrawal NED 6 6
the Management, the internal auditor, the statutory auditor
and the cost auditor and notes the processes and safeguards
Mr. O. P. Bhatt
(1)
ID 1 1
employed by each of them. The Committee further reviews
Mr. Deepak Kapoor ID 6 6 the processes and controls including compliance with laws,
Ms. Farida Khambata ID 6 6 Tata Code of Conduct and Insider Trading Code, Whistle
Mr. V. K. Sharma ID 6 6 Blower Policies and related cases thereto. The Committee also
Ms. Bharti Gupta Ramola ID 6 6
reviews matters under the Prevention of Sexual Harassment
at Workplace Policy.
Dr. Shekhar C. Mande (2)
ID 5 5
Mr. T. V. Narendran ED 6 6 The Board of Directors of the Company adopted the Audit
Committee Charter (which includes terms of reference as
Mr. Koushik Chatterjee ED 6 6
provided under the Act and SEBI Listing Regulations) on
Notes: March 31, 2015 which was subsequently revised on February 4,
2016, March 2, 2017, February 8, 2019 and November 11, 2021.
(1) Mr. O. P. Bhatt completed his second term as an Independent Director
of the Board and ceased as an Independent Director and Member of The Company Secretary and Chief Legal Officer (Corporate
the Board effective June 9, 2023.
& Compliance) acts as the Secretary to the Committee. The
(2) Dr. Shekhar C. Mande has been appointed as an Independent Director
of the Company, for a term of 5 (Five) years commencing June 1, 2023 internal auditor reports functionally to the Audit Committee.
through May 31, 2028. The Executive Directors and Senior Management of the
Company also attend the meetings as invitees.
All the Directors as on the date of the Annual General Meeting
(‘AGM’) were present at the AGM of the Company held on 6 (Six) meetings of the Audit Committee were held during
Wednesday, July 5, 2023. the financial year ended March 31, 2024. These meetings
were held on April 28, 2023, May 2, 2023, July 24, 2023,
All the Board Meetings held during FY2023-24 were held November 1, 2023, January 24, 2024 and March 19, 2024.
physically, except the meeting held on September 13, 2023. The requisite quorum was present for all the meetings.
All the decisions at the Audit Committee meetings were
Meeting of the Independent Directors taken unanimously.
Pursuant to Schedule IV of the Act, the Independent
Directors met on March 20, 2024 without the presence of Table E: The composition of the Audit Committee and
Non-Independent Directors and Members of the Management. the attendance details of the Members for the financial
The meetings of Independent Directors were chaired by year ended March 31, 2024 are given below:
Mr. V. K. Sharma, Independent Director and Chairperson of No. of Meetings
No. of Meetings
the Nomination and Remuneration Committee. Name of the Member Category held during
Attended
tenure
At the meeting held on March 20, 2024, the Independent Mr. Deepak Kapoor
Directors, inter alia, evaluated the performance of the ID 6 6
(Chairperson)
Non-Independent Directors and the Board of Directors Mr. O. P. Bhatt(1) ID 2 2
as a whole, evaluated the performance of the Chairman of Ms. Farida Khambata ID 6 5
the Board taking into account the views of Executive and
Ms. Bharti Gupta Ramola ID 6 6
Non-Executive Directors. They also discussed the aspects
Mr. Saurabh Agrawal NED 6 6
relating to the quality, quantity and timeliness of the flow of
information between the Company, the Management and Notes:
the Board.
1.Mr. O. P. Bhatt completed his second term as an Independent Director of
the Board and ceased as an Independent Director and Member of the Board
effective June 9, 2023.

Statutory Reports
Mr. Deepak Kapoor, Chairperson of the Audit Committee, was Table F: The composition of the NRC and the attendance
present at the Annual General Meeting of the Company held details of the Members for the financial year ended
on Wednesday, July 5, 2023. March 31, 2024 are given below:
No. of Meetings
No. of Meetings
Nomination and Remuneration Committee Name of the Member Category held during
Attended
tenure
The purpose of the Nomination and Remuneration
Mr. O. P. Bhatt
Committee (‘NRC’) is to oversee the Company’s nomination (Chairperson)(1)
ID 1 1
process including succession planning for the Senior
Mr. V. K. Sharma
Management and the Board and specifically to assist the Board (Chairperson)(2)
ID 3 3
in identifying, screening and reviewing individuals qualified
Mr. N. Chandrasekaran NED 3 3
to serve as Executive Directors, Non-Executive Directors and
Mr. Deepak Kapoor(3) ID 2 2
determine the role and capabilities required for Independent
Directors consistent with the criteria as stated by the Board in Notes:
its Policy on Appointment and Removal of Directors. The NRC
(1) Mr. O. P. Bhatt completed his second term as an Independent Director
and the Board periodically reviews the succession planning of the Board and ceased as an Independent Director and Member of
process of the Company and is satisfied that the Company has the Board effective June 9, 2023.
adequate process for orderly succession of Board Members (2) Mr. V. K. Sharma was appointed as a member of the NRC effective
and Members of the Senior Management. May 21, 2022 and chairperson of the NRC effective June 13, 2023
(3) Mr. Deepak Kapoor was appointed as a member of the NRC effective
The Board has adopted the NRC Charter (which includes June 13, 2023
terms of reference as provided under the Act and SEBI Listing
Regulations) for the functioning of the NRC on May 20, 2015 Mr. V. K. Sharma, Chairperson of the NRC was present at the
which was subsequently revised on March 29, 2019 and March Annual General Meeting of the Company held on Wednesday,
28, 2022, basis the amendments in SEBI Listing Regulations. July 5, 2023.
The NRC also assists the Board in discharging its Corporate Social Responsibility and Sustainability
responsibilities relating to compensation of the Company’s Committee
Executive Directors and Senior Management. The NRC has
The purpose of our Corporate Social Responsibility and
formulated Remuneration Policy for Directors, KMPs and all
Sustainability (‘CSR&S’) Committee is to formulate and
other employees of the Company and the same is available
recommend to the Board, a Corporate Social Responsibility
on Company’s website at https://www.tatasteel.com/
Policy, which shall indicate the initiatives to be undertaken
media/6817/remuneration-policy-of-directors-etc.pdf The
by the Company, recommend the amount of expenditure the
criteria for making payments to Non-Executive Directors
Company should incur on Corporate Social Responsibility
is available on our website at https://www.tatasteel.com/
(‘CSR’) activities and to monitor from time to time the CSR
media/3931/criteria-of-making-payments-to-neds.pdf The
activities and Policy of the Company. The CSR&S Committee
NRC has the overall responsibility of approving and evaluating
provides guidance in formulation of CSR strategy and its
the compensation plans, policies and programmes for
implementation and also reviews practices and principles to
Executive Directors, KMPs and the Senior Management. The
foster sustainable growth of the Company by creating values
NRC reviews and recommends to the Board for its approval,
consistent with long-term preservation and enhancement
the base salary, incentives/commission, other benefits,
of financial, manufacturing, natural, social, intellectual and
compensation or arrangements and executive employment
human capital.
agreements for the Executive Directors.
The Board has approved a Charter for the functioning of the
3 (Three) meetings of the NRC were held during the financial
CSR&S Committee on March 31, 2015, which was last revised
year ended March 31, 2024. These meetings were held on
on November 11, 2021.
May 2, 2023, July 24, 2023 and March 20, 2024. The requisite
quorum was present for all the meetings.

The CSR policy is available on our website at https://www. The Board has adopted a Charter (which includes terms of
tatasteel.com/media/11804/tata-steel-csr-policy-latest-2019. reference as provided under the SEBI Listing Regulations) for
pdf RMC on May 20, 2015, which was subsequently revised on
November 13, 2020, August 12, 2021 and July 24, 2023.
4 (Four) meetings of the CSR&S Committee were held during
the financial year ended March 31, 2024. These meetings 4 (Four) meetings of RMC were held during the financial
were held on May 1, 2023, July 20, 2023, October 31, 2023 and year ended March 31, 2024. These meetings were held on
January 23, 2024. The requisite quorum was present for all April 21, 2023, July 24, 2023, January 18, 2024 and January 24,
the meetings. 2024. The requisite quorum was present for all the meetings.
Table G: The composition of the CSR&S Committee and Table H: The composition of the RMC and the
the attendance details of the Members for the financial attendance details of the Members for the financial
year ended March 31, 2024 are given below: year ended March 31, 2024 are given below:
No. of Meetings No. of Meetings
No. of Meetings No. of Meetings
Name of the Member Category held during Name of the Member Category held during
Attended Attended
tenure tenure
Mr. Deepak Kapoor ID 4 4 Ms. Farida Khambata ID 4 4
(Chairperson) (Chairperson)
Mr. O. P. Bhatt(1) ID 1 1 Mr. Saurabh Agrawal NED 4 3
Dr. Shekhar C. Mande (2)
ID 3 3 Mr. T. V. Narendran ED 4 4
Mr. T. V. Narendran ED 4 4 Mr. Koushik Chatterjee ED 4 4
Mr. Koushik Chatterjee ED 4 4 Dr. Henrik Adam MoM 4 4
(1) Mr. O. P. Bhatt completed his second term as an Independent Director Ms. Samita Shah MoM 4 4
of the Board and ceased as an Independent Director and Member of
MoM – Member of Management
the Board effective June 9, 2023.
(2) Dr. Shekhar C. Mande was appointed as a member of the CSR&S Ms. Farida Khambata, Chairperson of RMC was present at the
Committee effective June 13, 2023.
Annual General Meeting of the Company held on Wednesday,
Mr. Deepak Kapoor, Chairperson of CSR&S Committee was July 5, 2023.
present at the Annual General Meeting of the Company held
on Wednesday, July 5, 2023. Stakeholders’ Relationship Committee
The Stakeholders’ Relationship Committee (‘SRC’) considers
Risk Management Committee and resolves the grievances of our shareholders, debenture
The Company has constituted a Risk Management Committee holders and other security holders, including complaints
(‘RMC’) for framing, implementing and monitoring the risk relating to non-receipt of annual report, transfer and
management policy of the Company. The RMC assists the transmission of securities, non-receipt of dividends/interests,
Board in fulfilling its oversight responsibility with respect to issue of new/duplicate certificates, general meetings and
Enterprise Risk Management (‘ERM’). such other grievances as may be raised by the security holders
from time to time.
The terms of reference of the RMC are:
The SRC also reviews:
a) Overseeing key risks, including strategic, financial,
operational, sectoral, sustainability (particularly a) The measures taken for effective exercise of voting rights
ESG related risks), IT (including cyber security) and by shareholders.
compliance risks. b) The service standards adopted by the Company in respect
b)
Developing risk management policy and risk of services rendered by our Registrar & Transfer Agent.
management system/framework for the Company. c) The measures rendered and initiatives taken for reducing
c) Assisting the Board in framing, implementing and quantum of unclaimed dividends and ensuring timely
monitoring the risk management plan for the Company receipt of dividend/annual report/notices and other
and reviewing and guiding the Risk Policy. information by shareholders.

Statutory Reports
The Board has adopted a Charter (which includes terms Table J: Details of investor complaints received
of reference as provided under the Act and SEBI Listing and resolved during the financial year ended
Regulations) for the functioning of the SRC on April 11, 2014 March 31, 2024:
which was subsequently revised on February 8, 2019. Opening as on April 1, 2023 4
1 (One) meeting of the SRC was held during the financial Received during the year 222
year ended March 31, 2024. This meeting was held on Resolved during the year 218
March 27, 2024. The requisite quorum was present for Closing as on March 31, 2024 8
the meeting.
Safety, Health and Environment Committee
Table I: The composition of the SRC and the attendance
The Safety, Health and Environment Committee (‘SH&E
details of the Members for the financial year ended
Committee’) of the Board oversees the policies relating to
March 31, 2024 are given below:
Safety, Health and Environment and their implementation
No. of Meetings across TSG.
No. of Meetings
Name of the Member Category held during
Attended
tenure The Board has approved a Charter for the functioning of the
Ms. Bharti Gupta Ramola SH&E Committee on October 27, 2009.
ID 1 1
(Chairperson)(1)
Mr. V.K. Sharma 4 (Four) meetings of the Committee were held during the
ID - -
(Chairperson)(2) financial year ended March 31, 2024. These meetings were
Mr. Deepak Kapoor ID 1 1 held on April 20, 2023, July 19, 2023, October 30, 2023 and
Mr. T. V. Narendran ED 1 1 January 11, 2024. The requisite quorum was present for all
Mr. Koushik Chatterjee ED 1 1
the meetings.
(1) Ms. Bharti Gupta Ramola was appointed as a member and Chairperson Table K: The composition of the SH&E Committee and
of the SRC effective June 13, 2023.
the attendance details of the Members for the financial
(2) Mr. V. K. Sharma stepped down as Chairperson and member of the SRC
effective June 13, 2023. year ended March 31, 2024 are given below:
No. of Meetings
No. of Meetings
Name of the Member Category held during
Ms. Bharti Gupta Ramola, Chairperson of the SRC was present tenure
Attended
at the Annual General Meeting of the Company held on Mr. Noel Naval Tata
Wednesday, July 5, 2023. NED 4 4
(Chairperson)
In terms of Regulation 6 and Schedule V of the SEBI Listing Mr. V. K. Sharma ID 4 4

Regulations, the Board has appointed Mr. Parvatheesam Ms. Bharti Gupta Ramola ID 4 4
Kanchinadham, Company Secretary & Chief Legal Officer Mr. T. V. Narendran ED 4 4
(Corporate & Compliance) as the Compliance Officer of Dr. Henrik Adam MoM 4 4
the Company.
MoM - Member of Management
The details of investor complaints received and resolved
Mr. Noel Naval Tata, Chairperson of SH&E was present at the
during the financial year ended March 31, 2024 are given in
Annual General Meeting of the Company held on Wednesday,
Table J below. The complaints relate to non-receipt of annual
July 5, 2023.
report, dividend, share transfers and other investor grievances.

Senior management
In terms of Clause 5B of Schedule V of SEBI Listing Regulations, the particulars of Senior Management as on March 31, 2024 are
provided below:
Sl. No. Name Designation
Key Managerial Personnel
1 Mr. T. V. Narendran Chief Executive Officer & Managing Director
2 Mr. Koushik Chatterjee Executive Director & Chief Financial Officer
3 Mr. Parvatheesam Kanchinadham Company Secretary & Chief Legal Officer (Corporate & Compliance)
Senior Management
4 Mr. Akshay Khullar(i) Vice President (Engineering & Projects)
5 Mr. Ashish Anupam(ii) Vice President (Long Products)
6 Ms. Atrayee Sanyal Vice President (Human Resource Management)
7 Mr. Chaitanya Bhanu Vice President (Steel Manufacturing)
8 Mr. Chanakya Chaudhary Vice President (Corporate Services)
9 Mr. D. B. Sundara Ramam Vice President (Raw Material)
10 Dr. Debashish Bhattacharjee Vice President (Technology and R&D)
11 Mr. Hans van den Berg Chief Executive Officer (Tata Steel Nederland)
12 Dr. Henrik Adam Vice President (European Corporate Affairs)
13 Mr. Jayanta Banerjee Chief Information Officer
14 Mr Peeyush Gupta(iii) Vice President (TQM, Group Strategic Procurement & Supply Chain)
15 Mr. Prabhat Kumar Vice President (Marketing & Sales - Flat Products)
16 Mr. Probal Ghosh Vice President (Shared Services)
17 Mr. Rajesh Nair Chief Executive Officer (Tata Steel UK)
18 Mr. Rajiv Kumar Vice President (Operations - Tata Steel Kalinganagar)
19 Mr. Rajiv Mangal Vice President (Safety, Health & Sustainability)
20 Ms. Samita Shah Vice President (Corporate Finance, Treasury and Risk Management)
21 Mr. Sanjib Nanda Vice President (Financial Operations and Corporate Reporting)
22 Mr. Subodh Pandey Vice President (Operations TSM, NMB and Graphene)
23 Mr. Uttam Singh Vice President (Iron Making)
Notes:
i. Mr. Akshay Khullar was appointed as the the Vice President – Engineering & Projects (Designate), effective December 1, 2023 and as the Vice President
(Engineering & Projects), effective February 1, 2024.
ii. Mr. Ashish Anupam was appointed as the Vice President (Long Products) of the Company effective November 15, 2023.
iii. Mr. Peeyush Gupta was re-designated as Vice President (TQM, Group Strategic Procurement & Supply Chain) from his previous role i.e. Vice President –
Group Strategic Procurement and Supply Chain, effective February 1, 2024.
iv. Mr. Avneesh Gupta, Vice President – TQM and Engineering & Projects, superannuated from the Company on February 1, 2024.
General Information for Shareholders

General Body Meetings
Table L: Location and time, where last three Annual General Meetings were held:
Financial Year Ended Date Time Venue Special Resolution Passed
1. Appointment of Dr. Shekhar C. Mande (DIN: 10083454) as
March 31, 2023 July 5, 2023
an Independent Director.
The Meetings were
1. Alteration of Memorandum of Association of the Company.
3:00 p.m. (IST) held through two-way
March 31, 2022 June 28, 2022 2. Alteration of Articles of Association of the Company.
video-conferencing
3. Change in place of keeping Registers and Records.
March 31, 2021 June 30, 2021 -
No Extraordinary General Meeting of the Members was held during FY2023-24.

Statutory Reports
Postal Ballot:
During FY2023-24, the Company sought the approval of the shareholders by way of postal ballot, the details of which are
given below:
1. Postal Ballot vide notice dated April 26, 2023, on the following Ordinary Resolution(s):
SN Description of the Resolution(s)
1. Material Related Party Transaction(s) with Neelachal Ispat Nigam Limited
2. Material Related Party Transaction(s) with Tata Steel Long Products Limited
3. Material Related Party Transaction(s) with Jamshedpur Continuous Annealing & Processing Company Private Limited
4. Material Related Party Transaction(s) with Tata BlueScope Steel Private Limited
5. Material Related Party Transaction(s) with The Tinplate Company of India Limited
6. Material Related Party Transaction(s) with TM International Logistics Limited
7. Material Related Party Transaction(s) with Tata Metaliks Limited
8. Material Related Party Transaction(s) with The Tata Power Company Limited
9. Material Related Party Transaction(s) with The Indian Steel and Wire Products Limited
10. Material Related Party Transaction(s) with Tata International Limited
11. Material Related Party Transaction(s) between TS Global Procurement Company Pte. Limited, wholly-owned subsidiary of Tata Steel Limited and
Neelachal Ispat Nigam Limited, subsidiary company of Tata Steel Limited
Tata International Singapore Pte. Limited, indirect subsidiary company of the Promoter company of Tata Steel Limited
Tata NYK Shipping Pte. Limited, Joint Venture Company of Tata Steel Limited
14. Material Related Party Transaction(s) between Tata Steel IJmuiden BV, wholly-owned subsidiary of Tata Steel Limited and Wupperman Staal
Nederland BV, an Associate Company of Tata Steel Limited
The voting period for remote e-voting commenced on Sunday, April 30, 2023 at 9.00 a.m. (IST) and ended on Monday,
May 29, 2023 at 5.00 p.m. (IST). The consolidated report on the result of the postal ballot through remote e-voting for approving
the aforementioned resolutions was provided by the Scrutiniser on Tuesday, May 30, 2023.
The details of e-voting on the aforementioned Ordinary Resolution(s) are provided hereunder:
Votes in favour of the Resolution(s) Votes against the Resolution(s) Invalid Votes
Total
% of total
% of total number of Total
number Number of
Description of the Resolution Number of Number of Number of Number of members number
of valid Members
Members valid Votes cast valid Votes valid votes whose of invalid
votes cast voted
voted (shares) cast (shares) cast votes were votes cast
(Rounded
declared (shares)
off)
invalid
Material Related Party Transaction(s)

9,650 439,98,92,661 100.00 289 1,71,344 0.00 Nil Nil
with Neelachal Ispat Nigam Limited
9,444 439,94,29,691 100.00 191 1,38,185 0.00 Nil Nil
with Tata Steel Long Products Limited
with Jamshedpur Continuous
9,305 439,91,57,455 100.00 234 1,39,837 0.00 Nil Nil
Annealing & Processing Company
Private Limited
with Tata BlueScope Steel Private 9,284 439,90,73,246 100.00 216 1,34,205 0.00 Nil Nil
Limited
with The Tinplate Company of India 9,180 439,90,23,211 100.00 277 1,44,334 0.00 Nil Nil
Limited

Total
% of total
% of total number of Total
number Number of
Description of the Resolution Number of Number of Number of Number of members number
of valid Members
Members valid Votes cast valid Votes valid votes whose of invalid
votes cast voted
voted (shares) cast (shares) cast votes were votes cast
(Rounded
declared (shares)
off)
invalid

9,170 439,90,03,617 100.00 267 1,52,485 0.00 Nil Nil
with TM International Logistics Limited
9,232 439,89,18,728 100.00 202 1,21,764 0.00 Nil Nil
with Tata Metaliks Limited
9,238 439,89,98,583 100.00 186 1,15,730 0.00 Nil Nil
with The Tata Power Company Limited
with The Indian Steel and Wire Products 9,197 439,89,87,987 100.00 218 1,25,186 0.00 Nil Nil
Limited
9,228 439,89,95,661 100.00 187 1,16,507 0.00 Nil Nil
with Tata International Limited
between TS Global Procurement
Company Pte. Limited, wholly-owned
subsidiary of Tata Steel Limited and 9,206 439,89,90,481 100.00 210 1,23,178 0.00 Nil Nil
Neelachal Ispat Nigam Limited,
subsidiary company of Tata Steel
Limited
Company Pte Limited, wholly-owned
subsidiary of Tata Steel Limited and
9,204 439,89,77,950 100.00 216 1,22,633 0.00 Nil Nil
Tata International Singapore Pte.
Limited, indirect subsidiary company
of the Promoter company of Tata Steel
Limited
Company Pte. Limited, wholly-owned
9,198 439,89,96,217 100.00 225 1,20,472 0.00 Nil Nil
subsidiary of Tata Steel Limited and
Tata NYK Shipping Pte. Limited, Joint
Venture Company of Tata Steel Limited
between Tata Steel IJmuiden BV,
wholly-owned subsidiary of Tata
9,217 439,90,10,369 100.00 226 1,21,001 0.00 Nil Nil
Steel Limited and Wupperman Staal
Nederland BV, an Associate Company
of Tata Steel Limited
The Resolutions were passed with requisite majority.

Statutory Reports
2. Postal Ballot vide notice dated August 11, 2023, on the following Ordinary Resolution(s):
1. Material Related Party Transaction(s) with Angul Energy Limited
2. Material Related Party Transaction(s) with Tata Projects Limited
3. Material Related Party Transaction(s) between Tata Steel Downstream Products Limited, a wholly-owned subsidiary of Tata Steel Limited and Tata
Motors Limited, a related party of Tata Steel Limited
4. Material modification in approved Related Party Transaction(s) with Tata Motors Limited and Poshs Metal Industries Private Limited, a third party
5. Re-appointment of Mr. T.V. Narendran (DIN: 03083605) as Chief Executive Officer and Managing Director and payment of remuneration
The voting period for remote e-voting commenced on Sunday, August 13, 2023 at 9.00 a.m. (IST) and ended on Monday,
September 11, 2023 at 5.00 p.m. (IST). The consolidated report on the result of the postal ballot through remote e-voting for
approving aforementioned resolutions was provided by the Scrutiniser on Monday, September 11, 2023.
The details of e-voting on the aforementioned Ordinary Resolution(s) are provided hereunder:
Total
Number of % of total number of Total
% of total Number of
Description of the Resolution Number of Number of valid Number of members number
number of Members
Members valid Votes cast Votes cast valid votes whose of invalid
valid votes voted
voted (shares) (shares) cast votes were votes cast
cast
declared (shares)
invalid
Material Related Party Transaction(s) With Angul
17,559 470,93,37,269 99.99 539 5,57,887 0.01 Nil Nil
Energy Limited
Material Related Party Transaction(s) with Tata
17,714 470,93,86,658 99.99 348 3,56,596 0.01 Nil Nil
Projects Limited
Material Related Party Transaction(s) between
Tata Steel Downstream Products Limited, a
wholly-owned subsidiary of Tata Steel Limited 17,696 470,93,92,073 99.99 348 3,35,858 0.01 Nil Nil
and Tata Motors Limited, a related party of Tata
Steel Limited
Material modification in approved Related Party
Transaction(s) with Tata Motors Limited and Poshs 17,538 470,93,04,134 99.99 488 4,14,095 0.01 Nil Nil
Metal Industries Private Limited, a third party
Re-appointment of Mr. T.V. Narendran
(DIN: 03083605) as Chief Executive Officer and 17,394 879,51,41,539 99.47 694 4,66,90,120 0.53 Nil Nil
Managing Director and payment of remuneration

3. Postal Ballot vide notice dated February 1, 2024, on the following Ordinary Resolution(s):
1. Material modification in the approved Related Party Transaction(s) with The Indian Steel and Wire Products Limited
2. Material modification in the approved Related Party Transaction(s) between Tata Steel Downstream Products Limited, a wholly-owned subsidiary
of Tata Steel Limited and Tata Motors Limited, a related party of Tata Steel Limited, and ancillary entities of Tata Motors Limited
3. Material modification in the approved Related Party Transaction(s) with Tata Motors Limited and Poshs Metal Industries Private Limited/ancillary
entities of Tata Motors Limited, third party entities
4. Material Related Party Transactions with Tata Capital Limited, a related party of Tata Steel Limited
The voting period for remote e-voting commenced on Friday, February 2, 2024 at 9.00 a.m. (IST) and ended on Saturday,
March 2, 2024 at 5.00 p.m. (IST). The consolidated report on the result of the postal ballot through remote e-voting for approving
aforementioned resolutions was provided by the Scrutiniser on March 4, 2024.
The details of voting on the aforementioned Resolution(s) are provided hereunder:
Total
% of total
Number of number of
number Number of % of total
Description of the Resolution Number of Number of valid members Total number
of valid Members Number of
Members valid Votes cast Votes cast whose of invalid votes
votes cast voted valid votes
voted (shares) (shares) votes were cast (shares)
(Rounded cast
declared
off)
invalid
Material modification in the approved
Related Party Transaction(s) with The Indian 17,636 477,56,89,125 100.00 367 2,86,052 0.00 8 3,09,17,301
Steel and Wire Products Limited
Related Party Transaction(s) between
Tata Steel Downstream Products Limited,
a wholly-owned subsidiary of Tata Steel 17,570 477,55,98,812 100.00 353 2,48,722 0.00 8 3,09,17,301
Limited and Tata Motors Limited, a related
party of Tata Steel Limited, and ancillary
entities of Tata Motors Limited
Related Party Transaction(s) with Tata Motors
Limited and Poshs Metal Industries Private 17,427 477,55,17,196 100.00 445 2,78,096 0.00 8 3,09,17,301
Limited/ancillary entities of Tata Motors
Limited, third party entities
Material Related Party Transactions with Tata
Capital Limited, a related party of Tata Steel 17,510 477,55,37,154 100.00 392 2,79,550 0.00 8 3,09,17,301
Limited

In respect of all the above Postal Ballots conducted by the Company during FY2023-24, the Board of Directors had appointed
Mr. P. N. Parikh (Membership No. FCS 327, CP No. 1228) or failing him, Ms. Jigyasa N. Ved (Membership No. FCS 6488, CP No.
6018) or failing her, Mr. Mitesh Dhabliwala (Membership No. FCS 8331, CP No. 9511) of Parikh & Associates, Practising Company
Secretaries, as the Scrutiniser to scrutinise the postal ballot process in a fair and transparent manner.
Procedure for Postal Ballot:

All the aforesaid Postal Ballots were conducted by the Company as per the provisions of Sections 108 and 110 and other
applicable provisions of the Act, read with the Rules framed thereunder and General Circular Nos. 14/2020 dated April 8, 2020,
17/2020 dated April 13, 2020, 22/2020 dated June 15, 2020, 33/2020 dated September 28, 2020, 39/2020 dated December 31, 2020,
10/2021 dated June 23, 2021, 20/2021 dated December 8, 2021, 3/2022 dated May 5, 2022, 11/2022 dated December 28, 2022
and 09/2023 dated September 25, 2023 as applicable, issued by the Ministry of Corporate Affairs.

Statutory Reports
Details of special resolution proposed to be conducted through postal ballot:

None of the businesses proposed to be transacted at the ensuing Annual General Meeting, scheduled to be held on Monday,
July 15, 2024, (‘AGM’), requires passing of a Special Resolution through Postal Ballot.
Table M: Annual General Meeting 2024:

Day & Date Monday, July 15, 2024
Time 3.00 p.m. IST
Venue The Ministry of Corporate Affairs (‘MCA’) has vide its General Circular No. 14/2020 dated April 8, 2020, General
Circular No. 17/2020 dated April 13, 2020, General Circular No. 20/2020 dated May 5, 2020 and subsequent
circulars issued in this regard, latest being General Circular No. 09/2023 dated September 25, 2023 (collectively
referred to as ‘MCA Circulars’) permitted the holding of the Annual General Meeting through video-conferencing/
other audio-visual means (‘VC/OAVM’), without the physical presence of the Members at a common venue. In
compliance with the provisions of the Act and MCA Circulars, the AGM of the Company is being held through VC/
OAVM. The deemed venue of the AGM shall be Bombay House, 24, Homi Mody Street, Fort, Mumbai – 400 001.
Financial Year April 1 to March 31
Record Date Friday, June 21, 2024
Dividend Payment Date On and from Friday, July 19, 2024 (subject to approval of the shareholders at the AGM)
Communication to the Shareholders Investor grievance and share transfer system

The Company sends quarterly, half-yearly, and yearly financial The Company has a Board-level Stakeholders’ Relationship
results to the shareholders electronically. Key financial data is Committee to examine and redress investors’ complaints. The
published in The Indian Express, Financial Express, Nav Shakti, status on complaints and share transfers are reported to the
Free Press Journal and Loksatta. The financial results along entire Board.
with the earnings releases are also posted on the Company’s
Securities of listed companies can be transferred only in
website at https://www.tatasteel.com/investors/financial-
dematerialised form effective April 1, 2019. Further, SEBI vide
performance/financial-results/ & https://www.tatasteel.com/
its Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8
investors/financial-performance/earnings-release/
dated January 25, 2022, has mandated all listed companies to
Earnings calls on financials results are held with analysts and issue securities in dematerialised form only, while processing
investors and their transcripts are published on the website. the service request of issue of duplicate securities certificate,
The presentations made to analysts and others are also made claim from Unclaimed Suspense Account, renewal/exchange
available on the Company’s website at https://www.tatasteel. of securities certificate, endorsement, sub-division/splitting
com/investors/financial-performance/analyst-presentations/ of securities certificate, consolidation of securities certificates/
folios, transmission and transposition.
All disclosures as required under the SEBI Listing Regulations
are made to respective Stock Exchanges where the securities In view of the same and to eliminate all risks associated with
of the Company are listed. The same are also available on the physical shares and avail various benefits of dematerialisation,
Company’s website at https://www.tatasteel.com/investors/ Members are advised to dematerialise the shares held by
stock-exchange-compliances/stock-exchange-releases/ them in physical form. Members can contact the Company or
RTA, for assistance in this regard.
The Company’s website is a comprehensive reference on its
leadership, management, vision, mission, policies, corporate Also, share transactions in electronic form can be effected in
governance, sustainability, investor relations, products and a much simpler and faster manner. After a confirmation of
processes and updates and news. The section on ‘Investors’ a sale/purchase transaction from the broker, shareholders
serves to inform the shareholders, by giving complete should approach the Depository Participant (‘DP’) with a
financial details, stock exchange compliances including request to debit or credit the account for the transaction. The
shareholding patterns and updated credit ratings amongst DP will immediately arrange to complete the transaction by
others, corporate benefits, information relating to Stock updating the account.
Exchanges, details of Registrars & Transfer Agent (‘RTA’) and
Shareholders should communicate with Company’s RTA i.e.
frequently asked questions. Investors can also submit their
Link Intime India Private Limited (erstwhile TSR Consultants
queries by submitting ‘Shareholder Query Form’ and get
Private Limited, merged with Link Intime India Private Limited
feedback online. The section on ‘Media’ includes all major
effective December 22, 2023), quoting their folio number or
press reports and releases, awards and campaigns by the
Company, amongst others.

Depository Participant ID (‘DP ID’) and Client ID number, for Details of non-compliance
any queries to their securities. The Company has complied with the requirements of the
Shareholders are advised to refer the latest SEBI guidelines/ Stock Exchanges, SEBI and other statutory authorities on all
circular(s) issued for all the holder holding securities in listed matters relating to capital markets during the last three years
companies in physical form from time to time and keep their and no penalties and/or strictures have been imposed on the
KYC details updated at all times, to avoid freezing their folio Company in this regard, except in the following cases:
as prescribed by SEBI. » Uttar Pradesh State Pollution Control Board imposed
Further, the Company’s RTA has implemented various investor Environmental Damage Compensation fine of
initiatives given below as part of their endeavor to enhance ₹6,75,000/- (without prejudice) on the Company for being
investor servicing. The Shareholders may avail the facility as non-compliant with provisions of The Water (Prevention
per the requirements: and Control of Pollution) Act, 1974.
» Investor Service portal - ‘SWAYAM’ is a secure, user-friendly » Office of the Superintendent, Central Goods & Service Taxes
web-based application. Investors are requested to get and Central Excise, Guwahati, Assam imposed a penalty
registered and have first-hand experience of the portal. of ₹31,863/- for irregular availing of transitional central
This application can be accessed at https://swayam. tax credit of ₹3,18,634/- on implementation of GST. The
linkintime.co.in Company has paid back the excess credit of ₹3,18,634/-
to the relevant tax authority along with requisite
» Chatbot– ‘iDIA’ is a Chatbot that utilises conversational interest thereon.
technology to provide investors with a round-the-clock
intuitive platform to ask questions and get information Besides the above, there has been no instance of
about queries. Investors may talk to iDIA by logging in to non-compliance with any other legal requirements,
www.linkintime.co.in particularly with any requirements of corporate governance
under SEBI Listing Regulations, during the year under review.
» FAQs – The FAQ section on the website of the RTA has
detailed answers to probable investor queries. Please visit Details of utilisation of funds
https://liiplweb.linkintime.co.in/faq.html to find answers to
During the year under review, the Company did not raise any
your queries related to securities.
funds through preferential allotment or qualified institutions
» Tax Exemption Form submission – You can submit your Tax placement as specified under Regulation 32(7A) of the SEBI
exemption forms through online services on the website Listing Regulations.
of the RTA. Please visit https://liiplweb.linkintime.co.in/
formsreg/submission-of-form-15g-15h.html Reconciliation of Share Capital Audit
A Company Secretary in Practice carries out an audit for
Dispute Resolution Mechanism (SMART ODR) reconciliation of share capital of the Company to reconcile
In order to strengthen the dispute resolution mechanism for all the total admitted capital with National Securities Depository
disputes between a listed company and/or registrars & transfer Limited (‘NSDL’) and Central Depository Services (India)
agents and its shareholder(s)/investor(s), SEBI had issued a Limited (‘CDSL’) (collectively ‘Depositories’) and the total
Standard Operating Procedure (‘SOP’) vide Circular dated May issued and listed capital. The Audit confirms that the total
30, 2022. As per this Circular, shareholder(s)/investor(s) can paid-up capital is in agreement with the aggregate of the total
opt for Stock Exchange Arbitration Mechanism for resolution number of shares in physical form and in dematerialised form
of their disputes against the Company or its RTA. Further, SEBI (held with Depositories).
vide Circular dated July 31, 2023 (updated as on December 20,
The Audit Report is disseminated to the Stock Exchanges on
2023), introduced the Online Dispute Resolution (ODR) Portal.
quarterly basis and is also available on our website at https://
Through this ODR portal, the aggrieved party can initiate the
www.tatasteel.com/investors/stock-exchange-compliances/
mechanism, after exercising the primary options to resolve
reconciliation-of-share-capital-audit-reports/
its issue, directly with the Company and through the SEBI
Complaint Redress System (SCORES) platform. The Company
Related Party Transactions
has complied with the above circulars and the same are
available at the website of the Company: https://www.tatasteel. All transactions entered into with related parties as defined
com/investors/link-to-smart-odr/ under the Act and Regulation 23 of the SEBI Listing
Regulations, each as amended, during the year under review

Statutory Reports
were on an arm’s length price basis and in the ordinary the Directors have not entered into any contracts with the
course of business. These have been approved by the Audit Company or its subsidiaries, which are in material conflict with
Committee and by the shareholders of the Company, where the interest of the Company.
required, in terms of provisions of the SEBI Listing Regulations.
The Board has received disclosures from KMPs and Members
Certain transactions which were repetitive in nature were
of Senior Management relating to material, financial and
approved through omnibus route by the Audit Committee.
commercial transactions where they and/or their relatives
The Company has not entered into any materially significant
have personal interest.
related party transaction that may have potential conflict with
the interest of the Company at large. The Policy on Related
Party Transactions as approved by the Board of Directors from Policy for Determining Material Subsidiaries
time to time is uploaded on the Company’s website at https:// The Company has formulated a Policy for Determining
www.tatasteel.com/media/5891/policy-on-related-party- Material Subsidiaries and the same is available on the
transactions.pdf Company’s website at https://www.tatasteel.com/
media/5890/policy-on-determining-material-subsidiaries.pdf
Material pecuniary relationship
The Company is in compliance with the provisions governing
During FY2023-24, the Company did not have any material material subsidiaries.
pecuniary relationship or transactions with Non-Executive
Directors apart from paying Director’s remuneration. Further,
List of Material Subsidiaries:

Subsidiaries whose total income / net
Date of appointment of
SN worth exceeds 10% of the Group's total Name of statutory auditors Date of Incorporation Place of Incorporation
statutory auditors
income/ net worth
As on March 31, 2023
1 Tata Steel IJmuiden BV October 5, 2017 June 28,1972
PriceWaterhouseCoopers
2 Tata Steel Nederland BV October 5, 2017 September 20, 1918 The Netherlands
Accountants NV
3 Tata Steel Netherlands Holdings B.V. October 5, 2017 September 4, 2006
4 Tata Steel Europe Limited March 14, 2018 October 5, 2006
5 Corus Group Limited March 14, 2018 July 16, 1999
6 Tata Steel UK Limited March 14, 2018 July 26, 1988
England
7 Tata Steel UK Holdings Limited* March 14, 2018 July 26, 2006
8 Tulip UK Holdings (No.2) Limited* March 14, 2018 September 16, 2006
PricewaterhouseCoopers LLP
9 Tulip UK Holdings (No.3) Limited* March 14, 2018 September 14, 2006
10 T Steel Holdings Pte. Ltd. January 11, 2018 July 5, 2006
11 T S Global Holdings Pte. Ltd. January 11, 2018 July 4, 2008
Singapore
T S Global Procurement Company
12 January 11, 2018 April 23, 2010
Pte. Ltd.
13 Neelachal Ispat Nigam Limited Price Waterhouse & Co September 30, 2022 March 27, 1982
India
14 Tata Steel Long Products Limited# Chartered Accountants LLP July 12, 2022 July 31, 1982
As on March 31, 2024
1 Tata Steel IJmuiden BV October 5, 2017 June 28,1972
PriceWaterhouseCoopers
2 Tata Steel Nederland BV October 5, 2017 September 20, 1918 The Netherlands
Accountants NV
3 Tata Steel Netherlands Holdings B.V. October 5, 2017 September 4, 2006
4 Tata Steel Europe Limited March 14, 2018 October 5, 2006
England
5 Tata Steel UK Limited March 14, 2018 July 26, 1988
6 T Steel Holdings Pte. Ltd. January 11, 2018 July 5, 2006
PricewaterhouseCoopers LLP
7 T S Global Holdings Pte. Ltd. January 11, 2018 July 4, 2008
Singapore
8 January 11, 2018 April 23, 2010
Pte. Ltd.
*Dissolved effective March 21, 2024

#
Merged into and with Tata Steel Limited effective November 15, 2023

Vigil Mechanism As on March 31, 2024, the Company has 1238,77,33,025
The Vigil Mechanism approved by the Board provides a formal Ordinary (equity) Shares representing 99.23% of the
mechanism for all Directors, employees and vendors of the Company’s share capital which is in dematerialised form.
Company to approach the Chairman of the Audit Committee Further, outstanding GDR Shares 8,35,45,390 (March 31, 2023:
of the Company and make protective disclosures regarding the 8,79,53,750 shares) of face value H1/- represent the shares
unethical behaviour, actual or suspected fraud or violation of underlying GDRs, which were issued during 1994 and 2009.
the Company’s Code of Conduct. Under the Policy, in addition, Each GDR represents one underlying Fully Paid-up
Directors, employees, and vendors, may approach the Chief Ordinary Share.
Ethics Counsellor to make any such protected disclosure.
During the year under review, no person has been denied Designated e-mail address for investor services
access to the Chairman of the Audit Committee. Details of the
To serve the investors better and as required under Regulation
Vigil Mechanism are given in the Board’s Report.
46(2)(j) of the SEBI Listing Regulations, the designated e-mail
The Whistle Blower Policy for Directors & Employees and address for investor complaints is [email protected] The
Business Associates are available on the Company’s website e-mail address for grievance redressal is monitored by the
at https://www.tatasteel.com/corporate/our-organisation/ Company’s Compliance Officer.
policies/
Investor Awareness
Disclosures as per the Sexual Harassment of Women As part of good governance we have provided subscription
at Workplace (Prevention, Prohibition and Redressal) facilities to our investors for alerts regarding press release,
Act, 2013: results, webcasts, analyst meets and presentations
The disclosure regarding the complaints of sexual harassment amongst others. We also provide our investors facility to
are given in the Board’s Report. write queries regarding their rights and shareholdings and
have provided details of persons to be contacted for this
Consolidated Fees paid to Statutory Auditors purpose. We encourage investors to visit our website for
During FY2023-24, the total fees for all services paid by the reading the documents and for availing the above facilities at
Company and its subsidiaries, on a consolidated basis, to www.tatasteel.com
Price Waterhouse & Co Chartered Accountants LLP, Statutory
Auditors of the Company is as under: Legal proceedings in respect of title of shares
There are certain pending cases related to disputes over
Table N: Consolidated fees paid to statutory auditors: title to shares in which the Company has been made a party.
(H crore)
However, these cases are not material in nature.
Particulars Amount
Suspense Escrow Demat Account
As auditors (Statutory Audit) 63.04
In terms of SEBI Circular dated December 12, 2020, the
For taxation matters 2.08
Company transferred 3,480 Ordinary (Equity) shares to
For other services 2.41
‘Suspense Escrow Demat Account’ on account of non-receipt
Out-of-pocket expenses 0.46
of demat request from the investor within 90 days of issuance
Total 67.99 of the Letter of Confirmation by Registar and Share Transfer
Agent (‘RTA’) for transfer of shares request.
Dematerialisation of shares and liquidity
Further, in terms of SEBI Circular dated January 25, 2022, the
The Company’s Ordinary Shares are tradable compulsorily in Company transferred 2,04,367 Ordinary (Equity) shares to
electronic form. We have established connectivity with both the ‘Suspense Escrow Demat Account’ on account of non-receipt
depositories, i.e., NSDL and CDSL. The International Securities of demat request from the investor within 120 days of issuance
Identification Number (‘ISIN’) allotted to the Ordinary Shares of the Letter of Confirmation by RTA for transmission/name
under the Depository System is INE081A01020 post the deletion request.
sub-division of 1 equity share of the Company having a face
value of H10/- each, into 10 equity shares having face value of
H1/- each.

Statutory Reports
Details of shares transferred to ‘Suspense Escrow Demat Account’ are given below:
Details of shares transferred pursuant to Details of shares transferred pursuant to
SEBI Circular dated December 12, 2020 SEBI Circular dated January 25, 2022
SN Particulars
Number of Number of
Number of shares Number of shares
shareholders shareholders
Aggregate number of shareholders and the outstanding
(a) shares in the suspense account lying at the beginning of 2 3,480 10 13,560
the year
Number of shareholders who approached listed entity for
(b) NIL NIL 23 31,380
transfer of shares from suspense account during the year
Number of shareholders to whom shares were transferred
(c) NIL NIL 23 31,380
from suspense account during the year
Aggregate number of shareholders and the outstanding
(d) 2 3,480 121 2,04,367
shares in the suspense account lying at the end of the year
Note: Pursuant to SEBI Circular dated January 25, 2022, during FY2023-24, 2,22,187 equity shares comprising 134 shareholders were transferred to the
Suspense Escrow Demat Account.
Voting rights on these shares shall remain frozen till the The National Stock Exchange of India Limited in connection with
rightful owner of such shares claims the shares. each of the above Schemes of Amalgamation, the Company
had allotted equity shares to the eligible shareholders of
Further, upon the Scheme of Amalgamation between the
the amalgamated companies (including physical holders) in
Company and its erstwhile listed Subsidiaries viz. Tata Steel
dematerialised form only. The shares allotted to the eligible
Long Products Limited (‘TSLP’), The Tinplate Company
shareholders of the amalgamated companies holding equity
of India Limited (‘TCIL’) and Tata Metaliks Limited (‘TML’)
shares in physical form, whose demat account details are yet
(collectively referred to as the ‘amalgamated companies’)
be made available to the Company, have been credited to
becoming effective, and in adherence to the order of the
separate suspense escrow demat account(s) opened for the
Hon’ble National Company Law Tribunal read with the
said purpose.
‘No Observation Letter’ received from BSE Limited and
Details of shares transferred to each of the suspense escrow demat account(s) pursuant to schemes of amalgamation between
the Company and amalgamated companies are given below:
Suspense Escrow Demat Account Suspense Escrow Demat Account Suspense Escrow Demat Account
Tata Steel-TSLP Merger Tata Steel-TCIL Merger Tata Steel-TML Merger
SN Particulars
Number of Number of Number of Number of Number of Number of
shareholders shares shareholders shares shareholders shares
Number of shareholders holding shares
in physical form to whom shares of the
(a) 3,381 25,47,224 3,147 18,60,864 6,589 58,13,544
Company have been allotted and credited
to suspense escrow demat account
Number of shareholders holding shares
in Demat form to whom shares of the
(b) Company were allotted electronically but 6 1,647 14 14,493 8 28,928
rejected and credited to suspense escrow
demat account
Number of shareholders to whom shares
were transferred from suspense account to
(c) 22 13,467 NIL NIL NIL NIL
shareholders’ demat account as on March
31, 2024
Aggregate number of shareholders and
the outstanding shares in the suspense
(d) 3,365 25,35,404 3,161 18,75,357 6,597 58,42,472
accounts lying at the end of the year
(a+b-c)

Voting rights on these shares shall remain frozen till the coal suppliers in Australia will keep prices competitive with an
rightful owner of such shares claims the shares. improved reliability. This coupled with the trial of new grades
of coals/use of weak coals with better Value-in-use will ensure
Disclosure of certain type of agreements binding listed the availability of coal to meet the plant requirements and
entities reduce the cost of sourcing.
There is no agreement impacting management or control Tata Steel, being an importer of coking coal, is exposed to
of the Company or imposing any restriction or creating any risk of volatility in coal prices. In view of continuous market
liability upon the Company as stated under Schedule III, Para fluctuations, predictive analytics tools have been leveraged
A, Clause 5A of the SEBI Listing Regulations. to have an advance information on the price movement and
optimise the timing of our spot buys through reverse auctions.
Commodity price risk This has been integrated with the Company’s customised
Coal, iron ore and other bulk commodities serve as an integral e-auction tool to mainly execute metallurgical coal spot
part of the steel manufacturing process with their sourcing trades and better adjust Laycan timing of term cargoes. Price
concentrated in specific geographies. These commodities forecasting tools are also being used for commodities such as
have complex global supply chains and multiple factors such Zinc, Aluminium, etc. to understand price movements and to
as continued geopolitical tensions, weather disruption, mining time the buy for optimising costs. Similarly, reverse auctions
issues, upcoming elections, exchange rate movements, are being used for efficient price discovery for commodities
supply-demand imbalance, policy interventions by such as ferroalloys, refractories, etc. Further, the Company is
governments in key sourcing/consuming countries (especially actively exploring new sources of Ferrous and Coal products
China), which serve as critical determinants of commodity with a lower landed cost net of Value-in-use.
market behaviour. These factors coupled with changes in
Risk assessment for key vendors is also undertaken to assess the
market dynamics cause volatility in prices of raw materials
capability of vendors in meeting the supply requirement. Tata
that has a bearing on the input costs of steel making. With
Steel ensures that all suppliers mandatorily sign the Tata Business
decarbonisation concerns, there is limited new investment
Associate Code of Conduct during the vendor onboarding
in metallurgical coal. Therefore, an agile response to mitigate
process. High risk vendors undergo an assessment for adherence
price risk while maintaining a secure and stable supply chain
to Anti-Bribery & Anti-Corruption (‘ABAC’) and Anti-Money
is critical.
Laundering (‘AML’) policies. Sustainable procurement policy
The changes in prices of commodities are balanced through has been deployed to engage with suppliers/service providers
adjustments in steel prices over a period which in effect act to take initiatives in the areas of ‘reduce, recycle, and reuse’ and
as a natural hedge to the business. However, there may be a foster responsible supply chain policy.
lead and lag involved and hence several steps are being taken
Global steel demand was subdued in FY2023-24 as
to manage the price volatility such as fixed price deals and
geo-political factors ensured sustained inflation, sliding
multiple pricing mechanism, diversified basket of suppliers,
currencies and supply disruptions and detours that also
reduction through Value-in-use.
increased freights. Russia’s war with Ukraine showed no signs
The Company meets 100% of its iron ore requirements in of de-escalation however fresh trouble broke out in the form of
India, through its captive iron ore mines and about 22% Israel-Hamas war and the more recent Red Sea crisis. Chinese
of its coking coal requirements from its coal mines. These steel exporters aggressively sold across the world at highly
captive mines provide a structural hedge to the price competitive prices, impelled by dull home demand and the
risk of these commodities. The Company has a dedicated yuan’s depreciation. Steel prices fell more dynamically relative
commodity sourcing team which engages with key raw to raw materials in FY2023-24. Coking coal prices have been
material producers across the globe and the commodity volatile since Q2FY2023-24, thermal coal prices have remained
market at large to optimise sourcing. The team proactively more range bound. However, Domestic steel consumption is
undertakes the assessment of risks of single geography and expected to moderate (7-8% in FY2024-25). Since additional
proprietary sourcing. Several mitigations have been put in capacities are coming up in India, supply-side pressures
place for diversified sourcing with focus on indigenisation as will be felt, and a supply-demand imbalance may emerge
one of the major levers to de-risk the supply chain for both in the current fiscal. Domestic steel prices might continue
direct and indirect commodities which are dependent on to be under pressure if the external global macroeconomic
imports. Coal sourcing is being diversified - such as sourcing environment remains subdued. The Company continuously
being established from countries like Indonesia, USA, and revisits the risks through analysis of multiple risk scenarios to
Canada in addition to Australia and long-term tie-ups with arrive at focused mitigation plans.

Statutory Reports
To address the short-term price volatility, the Company also hedges certain commodities in the derivatives market. Exposure of
the Company to commodity and commodity risks faced by the Company throughout the year is given as below:
1. Total exposure of the listed entity to commodities (including commodities based on materiality): H37,172 crore.
2. Exposure to the listed entity to various commodities (based on materiality)
Exposure in Exposure in Quantity % of such exposure hedged through commodity derivatives
INR towards terms towards
Commodity Name Domestic Market International Market
the particular the particular Total
commodity (crore) commodity (Tonnes) OTC Exchange OTC Exchange
Coal 29,518 1,58,11,000 Nil Nil 1.86 Nil 1.86
Refractory 1,539 1,45,500 Nil Nil Nil Nil Nil
The Company has adopted a Risk Management Policy that Shareholder Rights: The quarterly financial performance
strives to anticipate and take preventive action to manage or of the Company is sent to all the Members whose e-mail
mitigate risks. The Company has also adopted a Commodity IDs are registered with the Company/Depositories. The
Hedging Policy that takes into account total exposure of the results are also available on the Company’s website at
Company towards commodities, commodity risks faced by https://www.tatasteel.com/investors/financial-performance/
the entity, hedged exposures, etc. as specified above. financial-results/
Modified opinion(s) in Audit Report: The Auditors have
Compliance with discretionary requirements
expressed an unmodified opinion in their report on the
All mandatory requirements of the SEBI Listing Regulations financial statements of the Company.
have been complied with by the Company. The status of
compliance with the discretionary requirements, as stated Separate posts of Chairperson and the Managing
under Part E of Schedule II to the SEBI Listing Regulations are Director or the Chief Executive Officer: The Company has
as under: separate posts of Chairperson and the Chief Executive Officer
& Managing Director.
Maintenance of Chairman’s office: The Non-Executive
Chairman has a separate office which is not maintained by Reporting of Internal Auditor: The Internal Auditor
the Company. functionally reports to the Audit Committee.
Table O: Distribution of Shareholding of Ordinary (Equity) Shares:

Total No. of Shareholders as % to total holders as Total No. of Shares as % to total capital as
Share Holding on March 31, on March 31, on March 31, on March 31,
2024 2023 2024 2023 2024 2023 2024 2023
1 3,75,120 1,93,225 7.70 5.12 3,75,120 1,93,225 0.00 0.00
2-10 10,97,459 6,47,406 22.52 17.16 67,18,798 42,79,109 0.05 0.04
11-50 11,39,581 8,23,626 23.38 21.83 3,38,86,171 2,55,99,799 0.27 0.21
51-100 6,50,552 5,42,760 13.35 14.39 5,51,21,287 4,64,71,340 0.44 0.38
101-200 4,78,132 4,29,197 9.81 11.38 7,49,05,886 6,79,48,206 0.60 0.56
201-500 4,95,615 4,87,398 10.17 12.92 17,15,13,629 17,00,79,289 1.37 1.39
501-1,000 2,63,461 2,65,729 5.41 7.05 20,34,57,401 20,65,11,937 1.63 1.69
1,001-5,000 2,95,228 3,02,713 6.06 8.03 63,45,10,590 65,31,17,001 5.08 5.34
5,001-10,000 41,621 42,826 0.85 1.14 29,63,53,157 30,57,58,899 2.37 2.50
10,001-1,00,000 33,943 34,351 0.70 0.91 81,06,60,033 82,18,02,600 6.49 6.72
1,00,001 and above 2,502 2,566 0.05 0.07 1019,60,29,469 991,97,75,595 81.68 81.17
Total 48,73,214 37,71,797 100.00 100.00 1248,35,31,541 1222,15,37,000 100.00 100.00

Table P : Category wise Shareholding as on March 31, 2024
SN Category of Shareholder(s) No. of shares % of holding
(I) Promoter and Promoter Group 414,35,94,789 33.19
Total holding of Promoter and Promoter Group (A) 414,35,94,789 33.19
(II) Public Shareholding
- Foreign Portfolio Investors 244,76,36,614 19.61
- Indian Public 243,96,45,424 19.54
- Insurance Companies 139,83,09,413 11.20
- Mutual Funds 126,11,56,114 10.10
- Others 70,96,43,806 5.69
Total Public Shareholding (B) 825,63,91,371 66.14
(III) Equity Shares Underlying GDRs 8,35,45,390 0.67
Total Equity Shares Underlying GDRs (C) 8,35,45,390 0.67
Total (A+B+C) 1248,35,31,541 100.00
Table Q : Shareholders holding 1% and more equity shares of the Company as on March 31, 2024
Total no. of equity
SN Name of Shareholder % of holding
shares
1. Tata Sons Private Limited 396,50,81,420 31.76
2. Life Insurance Corporation of India 94,97,60,583 7.61
3. SBI - Various Mutual Funds 38,98,77,650 3.12
4. Government of Singapore 17,85,61,287 1.43
5. NPS Trust - A/C LIC Pension Fund Scheme - State Govt. 17,69,44,035 1.42
6. ICICI - Various Mutual Funds 16,83,20,948 1.35
7. UTI - Various Mutual Funds 14,37,32,520 1.15
8. SBI Life Insurance Co. Ltd 12,97,33,517 1.04
Transfer of Unclaimed Dividend and Shares to Investor The details of unclaimed dividends and shares
Education and Protection Fund (IEPF) transferred to IEPF within statutory timelines during
Pursuant to the provisions of the Act, read with Investor FY2023-24 are as follows:
Education Protection Fund Authority (Accounting, Audit, Amount of Unclaimed Number of Shares
Financial Year
Transfer and Refund) Rules, 2016, as amended (‘Rules’), Dividend Transferred (I) Transferred
the dividends, unclaimed for a period of seven years from 2015-16 7,39,31,184 45,54,486
the date of transfer to the Unpaid Dividend Account of the
The Company had sent individual communication to the
Company are liable to be transferred to the IEPF. Accordingly,
concerned shareholders at their registered address, whose
unclaimed dividends of shareholders for FY2016-17 lying
dividend remained unclaimed and whose shares were
in the unclaimed dividend account of the Company as on
liable to be transferred to the IEPF as on the due date i.e.
September 8, 2024 will be due for transfer to IEPF on the due
September 17, 2023.
date i.e., September 9, 2024. Further, the shares (excluding the
disputed cases having specific orders of the Court, Tribunal or The communication was also published in national English
any Statutory Authority restraining such transfer) pertaining and local Marathi newspapers, having wide circulation at the
to which dividend remains unclaimed for a consecutive period place where the registered office of the Company is situated.
of seven years from the date of transfer of the dividend to
Any person whose unclaimed dividend and shares pertaining
the Unpaid Dividend Account is also mandatorily required
thereto, matured deposits, matured debentures, application
to be transferred to the IEPF Authority established by the
money due for refund, or interest thereon, sale proceeds of
Central Government.

Statutory Reports
fractional shares, redemption proceeds of preference shares, Further, upon the Schemes of Amalgamation between the
amongst others has been transferred to the IEPF Fund can Company and the respective amalgamated companies
claim their due amount from the IEPF Authority by making an becoming effective, and consequent allotment of equity
electronic application in web-form IEPF-5. Upon submitting a shares by the Company to eligible shareholders of the
duly completed form, shareholders are required to take print amalgamated companies, the following allotments were
of the same and send physical copy duly signed along with effected by the Company in respect of each of amalgamated
requisite documents as specified in the form to the attention Companies’ IEPF cases:
of the Nodal Officer, at the Registered Office of the Company.
No. of Ordinary (Equity)
The instructions for the web-form can be downloaded from Amalgamated Companies Shares of I1 each
our website at https://www.tatasteel.com/investors/investor- transferred to IEPF
information/unclaimed-dividend/ under ‘unclaimed dividend’ Tata Steel Long Products Limited (‘TSLP’) 16,95,554
tab in ‘investor’ section and simultaneously from the website The Tinplate Company of India Limited (‘TCIL’) 19,57,538
of Ministry of Corporate Affairs at www.iepf.gov.in Tata Metaliks Limited (‘TML’) 20,99,742
Table R: The status of dividend remaining unclaimed for Tata Steel Limited is given hereunder:
Whether it can
SN Unclaimed Dividend Status Can be claimed from Action to be taken
be claimed
1. Up to and including Transferred to the Office of Registrar of Companies, Claim to be forwarded in prescribed Form
the financial year General Revenue Central Government Office Building, No. II of the Companies Unpaid Dividend
Yes
1994-95 Account of the Central ‘A’ Wing, 2nd Floor, Next to Reserve Bank (Transfer to General Revenue Account of
Government of India, CBD, Belapur - 400 614 the Central Government) Rules, 1978
2. For the financial Transferred to the Submit web-form IEPF 5 to the IEPF Authority to pay the claim amount to
years 1995-1996 to IEPF of the Central Registered Office of the Company the Shareholder based on the verification
Yes
2014-15 Government addressed to the Nodal Officer along report submitted by the Company and the
with complete documents. documents submitted by the investor.
3. For the financial Amount lying in
Link Intime India Private Limited,
years 2015-2016 respective Unpaid Yes Letter on plain paper
Registrars and Transfer Agent
to 2022-23 Dividend Accounts
Further, the erstwhile shareholders of the amalgamated companies i.e. TSLP and TCIL may claim the unclaimed dividend for
the period up to and including 1994-95, as applicable, as hereunder:
Amalgamated
Unclaimed Dividend Can be claimed from Action to be taken
Companies
Office of Registrar of Companies, Corporate Bhawan Claim to be forwarded in prescribed Form
TSLP
Up to and including the Plot No. 9, Sector 1, CDA, Cuttack - 753014 No. II of the Companies Unpaid Dividend
financial year 1994-95 Office of Registrar of Companies, Kolkata, Nizam (Transfer to General Revenue Account of the
TCIL Central Government) Rules, 1978
Palace, 2nd Floor, 234/4, AJC Bose Road, Kolkata - 700020
However, the erstwhile shareholders of the amalgamated companies i.e. TSLP, TCIL and TML are requested to refer to the details
as mentioned in serial nos. 2 and 3 of the Table P for claiming the unclaimed dividends for FY 1995-96 to FY2022-23, as applicable.
The Company has hosted on its website the details of the unclaimed dividend/unclaimed shares/interest/principal amounts
for the FY2022-23, for Tata Steel Limited and the amalgamated companies i.e. TSLP, TCIL and TML, as per the Notification
No. G S R 352 (E) dated May 10, 2012 of Ministry of Corporate Affairs (as per Section 124 of the Act, as amended).
Table S: Details of date of declaration of dividend & due date for transfer to IEPF:
Dividend per Fully paid-up Dividend per Partly
Year Date of Declaration Due date for Transfer to IEPF
Ordinary (equity) Share paid-up Ordinary (equity) Share
2016-17 10.00 - August 8, 2017 September 9, 2024
2017-18 10.00 2.504 July 20, 2018 August 22, 2025
2018-19 13.00 3.25 July 19, 2019 August 22, 2026
2019-20 10.00 2.504 August 20, 2020 September 24, 2027
2020-21 25.00 6.25 June 30, 2021 August 2, 2028
2021-22 51.00 12.75 June 28, 2022 August 2, 2029
2022-23 3.60 - July 5, 2023 August 5, 2030

Shareholders are requested to contact the RTA for encashing the unclaimed dividend/interest/principal amount, if any, standing
to the credit of their account.
Further, the details of date of declaration of dividend & due date for transfer of dividend to IEPF in respect of the
amalgamated Companies are provided below:
1) Tata Steel Long Products Limited (TSLP)
Dividend per Fully paid-up
Ordinary (equity) Share
2016-17 11.00 August 4, 2017 September 4, 2024
2017-18 20.00 July 18, 2018 August 21, 2025
2018-19 12.50 July 15, 2019 August 18, 2026
2019-20 Nil NA NA
2021-22 12.50 July 12, 2022 August 13, 2029
2022-23 Nil NA NA
2) The Tinplate Company of India Limited (TCIL)

2016-17 1.60 July 25, 2017 August 28, 2024
2017-18 2.00 July 3, 2018 August 6, 2025
2019-20 1.00 August 8, 2020 October 9, 2027
2020-21 2.00 July 30, 2021 September 1, 2028
2021-22 4.00 July 4, 2022 August 3, 2029
3) Tata Metaliks Limited (TML)

2016-17 2.50 July 26, 2017 August 30, 2024
2017-18 3.00 July 2, 2018 August 6, 2025
2018-19 3.50 August 27, 2019 October 1, 2026
2019-20 2.50 September 7, 2020 October 12, 2027
2022-23 5.00 August 30, 2023 October 6, 2030
Nomination Facility Shares held in Electronic Form

Shareholders whose shares are in physical form and wish to Shareholders holding shares in electronic form may please
make/change a nomination in respect of their shares in the note that instructions regarding change of address, bank
Company, as permitted under Section 72 of the Act, may details, e-mail ids, nomination and power of attorney should
submit to RTA the prescribed Forms SH-13/SH-14. Further, be given directly to the DP.
shareholders who want to opt out of the nomination, may
submit Form ISR–3, after cancelling his existing nomination, Shares held in Physical Form
if any, through Form SH-14. The Nomination Form can be Shareholders holding shares in physical form may please note
downloaded from the Company’s website at https://www. that instructions regarding change of address, bank details,
tatasteel.com/investors/investor-information/forms/ under e-mails IDs, nomination and power of attorney should be
the section ‘Investors’. given to the Company’s RTA i.e., Link Intime India Private

Statutory Reports
Limited (erstwhile TSR Consultants Private Limited, merged » On and from April 01, 2024 onwards, if payment of dividend
with Link Intime India Private Limited effective December 22, is due the same shall be paid electronically upon furnishing
2023) in prescribed Form No. ISR-1 or other applicable form(s). PAN, contact details including mobile number, Bank
Account details and specimen signature, etc. Meanwhile,
Updation of bank details for remittance of dividend/ such unpaid dividend shall be kept by the Company in
cash benefits in electronic form the Unpaid Dividend Account in terms of the Companies
SEBI vide its Circular No. CIR/MRD/DP/10/2013 dated Act, 2013.
March 21, 2013 (‘Circular’), which is applicable to all listed » Further, the RTA shall, suo-moto, generate request to the
companies, mandated to update bank details of their Company’s bankers to pay electronically, all the monies of/
shareholders holding shares in demat mode and/or physical payments to the holder that were previously unclaimed/
form, to enable usage of the electronic mode of remittance i.e., unsuccessful once PAN, Choice of Nomination, Contact
National Automated Clearing House (‘NACH’) for distributing Details including Mobile Number, Bank Account Details
dividends and other cash benefits to the shareholders. and Specimen Signature are updated by the investor.
The Circular further states that in cases where either the bank
details such as Magnetic Ink Character Recognition (‘MICR’) Listing on Stock Exchanges
and Indian Financial System Code (‘IFSC’), amongst others, As on March 31, 2024, the Company has issued Fully
that are required for making electronic payment are not paid-up Ordinary Shares which are listed on BSE Limited
available or the electronic payment instructions have failed or and the National Stock Exchange of India Limited in India.
have been rejected by the bank, companies or their Registrars The annual Listing fees has been paid to the respective
and Transfer Agents may use physical payment instruments stock exchanges.
for making cash payments to the investors. Companies shall
mandatorily print the bank account details of the investors on Table T: ISIN and Stock Code details for Ordinary
such payment instruments. (equity) Shares:
Shareholders to note that payment of dividend and other Stock Exchanges ISIN Stock Code
cash benefits will now be made only through electronic BSE Limited (‘BSE’)
mode. They are requested to opt for electronic modes for Phiroze Jeejeebhoy Towers,
INE081A01020 500470
Dalal Street, Mumbai - 400 001,
payment of dividend and other cash benefits and update Maharashtra, India
their bank details:
National Stock Exchange of
» In case of holdings in dematerialised form, by contacting India Limited (‘NSE’)
Exchange Plaza, 5th Floor,
their DP and giving suitable instructions to update the Plot No. C/1, G Block, INE081A01020 TATASTEEL
bank details in their demat account. Bandra-Kurla Complex,
Mumbai - 400 051,
» In case of holdings in physical form, by informing the Maharashtra, India
Company’s RTA i.e., Link Intime India Private Limited
(erstwhile TSR Consultants Private Limited, merged with Link
Table U: International Listings of securities issued by
Intime India Private Limited effective December 22, 2023),
the Company are as under:
through a signed request letter with details such as their
Folio No(s), Name and Branch of the Bank in which they Global Depository Receipts (‘GDRs’) as on March 31, 2024:
wish to receive the dividend, the Bank Account type, GDRs 1994 2009
Bank Account Number allotted by their banks after
ISIN US87656Y1091 US87656Y4061
implementation of Core Banking Solutions (‘CBS’) the
Listed on Luxembourg Stock Exchange London Stock Exchange
9-digit MICR Code Number and the 11-digit IFSC Code. This
letter should be supported by cancelled cheque bearing
the name of the first shareholder.

Table V: Unsecured Redeemable Non-Convertible Debentures (‘NCDs’) as on March 31, 2024, are listed on the
Wholesale Debt Market segment of the Stock Exchanges as under:
Maturity Name of the Stock
Coupon Rate Principal
ISIN Credit Ratings Exchange on which
(%) Amount Amount Date the NCDs are listed
AA+ by CARE#, AA+ by India Ratings##
8.15 INE081A08215 1,000.00 1,000.00 Oct 01, 2026
and AA+ by Brickwork^
1,078.75 Feb 28, 2031
1,078.75 Mar 01, 2032
9.8359 INE081A08223 4,315.00 AA+ CARE# and AA+ India Ratings##
1,078.75 Mar 01, 2033
1,078.75 Mar 01, 2034 BSE Limited
7.70 INE081A08231 670.00 670.00 Mar 13, 2025 AA+ CARE# and AA+ India Ratings##
7.50 INE081A08314 500.00 500.00 Sep 20, 2027 AA+ CARE# and AA+ India Ratings##
7.76 INE081A08322 1,500.00 1,500.00 Sep 20, 2032 AA+ CARE# and AA+ India Ratings##
8.03 INE081A08330 2,150.00 2,150.00 Feb 25, 2028 AA+ CARE# and AA+ India Ratings##
7.79 INE081A08348 2,700.00 2,700.00 Mar 27, 2027 AA+ CARE# and AA+ India Ratings##
Notes:
#
CARE Ratings Limited vide release dated July 7, 2023, reaffirmed rating of ‘AA+’ with Stable Outlook of NCDs of Tata Steel Limited.
##
India Ratings vide release dated February 12, 2024, reaffirmed rating of ‘AA+’ with Positive Outlook of NCDs of Tata Steel Limited.
^Brickworks vide release dated October 3, 2023, have reaffirmed rating of ‘AA+’ with Stable Outlook of NCDs of Tata Steel Limited.
Credit Rating
Details on credit rating for all debt instruments issued by the Company are provided in Table T above. Further details on credit
rating are provided in the Board’s Report. The details of credit rating are also available on our website at https://www.tatasteel.
com/investors/investor-information/credit-ratings/
Loans and Advances in which Directors are interested

The Company has not provided any loans and advances to any firms/companies in which Directors are interested.
Market Information
Table W: Market Price Data- High, Low (based on daily closing price) and volume (no. of shares traded) during
each month in FY2023-24 of Fully Paid-up Ordinary Shares, on BSE Limited and National Stock Exchange of India
Limited:
BSE Limited National Stock Exchange of India Limited
Month Volume (No. of Volume (No. of
High (I) Low (I) High (I) Low (I)
shares traded) shares traded)
April 2023 108.15 104.05 2,81,33,132 108.10 104.10 49,06,48,377
May 2023 111.05 104.65 4,59,64,539 111.05 104.65 66,77,15,563
June 2023 114.30 105.95 4,23,55,597 114.25 105.95 71,01,16,726
July 2023 123.15 111.60 5,10,75,353 123.15 111.60 78,45,61,542
August 2023 123.20 115.75 3,87,49,692 123.20 115.80 69,17,17,486
September 2023 132.05 126.70 5,41,60,712 131.95 126.75 85,47,70,500
October 2023 128.00 118.75 3,56,03,062 128.00 118.75 51,63,78,218
November 2023 127.95 116.60 4,01,14,361 127.90 117.30 56,13,60,300
December 2023 139.50 129.20 6,29,27,285 139.60 129.20 75,15,59,076
January 2024 139.90 130.10 7,46,79,453 139.85 130.10 84,44,87,538
February 2024 145.85 134.80 5,58,68,289 145.90 134.80 83,41,52,084
March 2024 157.25 141.55 8,13,19,409 157.25 141.70 140,00,11,487
Yearly 157.25 104.05 61,09,50,884 157.25 104.10 910,74,78,897
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.

Statutory Reports
Performance of the share price (BSE) of the Company Performance of the share price (NSE) of the Company
in comparison to the BSE Sensex in comparison to the NIFTY 50
Tata Steel Share Price and BSE Sensex Movement Tata Steel Share Price and NIFTY 50 Movement
160 160
140 140
120 120
100 100
80 80
60 60
40 40
20 20
0 0
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Tata Steel Share Price (BSE) BSE SENSEX Tata Steel Share Price (NSE) NIFTY 50
Base 100 = Monday, April 3, 2023 Base 100 = Monday, April 3, 2023
Secretarial Audit CEO and CFO certification

The Board of Directors has appointed Parikh and Associates As required under Regulation 17(8) read with Schedule II Part
(Firm Registration No. P1988MH009800), Practising Company B of the SEBI Listing Regulations, the Chief Executive Officer
Secretaries, to conduct secretarial audit of its records and & Managing Director and Executive Director & Chief Financial
documents for FY2023-24. The Secretarial Audit Report Officer have given appropriate certifications to the Board
confirms that the Company has complied with all applicable of Directors.
provisions of the Act, Secretarial Standards, Depositories
Act, 2018, SEBI Listing Regulations, SEBI (Prohibition of Annual Certificate on Security Transfer
Insider Trading) Regulations, 2015, each as amended and In terms of Regulation 40(9) and 61(4) of the SEBI Listing
all other regulations and guidelines of SEBI as applicable to Regulations, certificates, on annual basis, have been issued
the Company. The Secretarial Audit Report forms part of the by a Company Secretary in Practice with respect to due
Board’s Report. compliance of share and security transfer formalities by
the Company.
Certificates from Practising Company Secretaries
As required under Regulation 34(3) and Schedule V, Part E of Green Initiative
the SEBI Listing Regulations, the certificate given by Parikh & As a responsible corporate citizen, the Company welcomes
Associates (Firm Registration No. P1988MH009800), Practicing and supports the ‘Green Initiative’ undertaken by the Ministry
Company Secretaries, regarding compliance of conditions of of Corporate Affairs, Government of India, enabling electronic
corporate governance, is annexed to the Board’s Report. delivery of documents including the Annual Report, quarterly
As required under Clause 10(i) of Part C under Schedule V and half-yearly results, amongst others, to Shareholders at
of the SEBI Listing Regulations, the Company has received their e-mail addresses previously registered with the DPs
a certificate from Parikh & Associates (Firm Registration No. and RTAs.
P1988MH009800), Practicing Company Secretaries certifying Shareholders who have not registered their e-mail addresses
that none of our Directors have been debarred or disqualified so far are requested to do the same. Those holding shares
from being appointed or continuing as Directors of the in demat form can register their e-mail address with their
Company by SEBI or MCA or such other statutory authority. concerned DPs. Shareholders who hold shares in physical
form are requested to register their e-mail addresses with the
RTA, by sending a letter, duly signed by the first/sole holder
quoting details of Folio No.

A. Plant Locations: Ferro Chrome Plant, Jajpur, Tata Steel Bearings Division
Kalinganagar Industrial Estate, P.O. Rakha Jungle,
Jharkhand
At: Rabana, Via: Danagadi, Nimpura Industrial Estate,
Tata Steel Jamshedpur P.O. Manatira, Kharagpur,
P.O. Bistupur, P.S: Jakhapura, Dist. Jajpur, West Bengal – 721301
Jamshedpur, Jharkhand – 831001 Odisha – 755026
Stainless Steel Plant, Bishnupur
Tata Steel Growth Shop Ferro Chrome Plant, Athagarh Bishnupur Industrial Growth Centre
Adityapur Industrial Estate, Anantapur, P.O. Dhurusia, Athagarh, (WBIIDC Industrial Estate),
P.O. Gamharia, Dist. Cuttack, Odisha – 754027 Dwarika, Bishnupur, Dist. Bankura,
Dist. Seraikela- Kharsawan, West Bengal – 722122
Jharkhand – 832108 Ferro Chrome Plant, Gopalpur
Chamakhandi, Chatrapur Tehsil, Tata Steel Metaliks Division
Cold Rolling Mill Complex, Bara Dist-Ganjam, Odisha – 761020 Village Mahespur,
P.O. Agrico, P.S. Sidhgora P.O. Samralpur, Gokulpur,
Block Jamshedpur, Ferro Alloys Plant, Bamnipal Kharagpur Paschim Midnapur,
Dist. East Singhbhum, P.O. Bamnipal, Dist. Keonjhar, West Bengal - 721301
Jharkhand – 831009 Odisha – 758082
Maharashtra
Tata Steel Tubes Division Ferro Alloys Plant, Balasore Khopoli
P.O. Burmamines, Plot No. Z-1, IDCO IID Centre, Isamba Phata, Khopoli-Pen Road,
Jamshedpur, Jharkhand – 831 007 Somnathpur Industrial Estate, At Nifan Savroli, Khalapur,
Dist. Balasore, Odisha – 756019 Dist. Raigad,
Tata Steel Gamharia
Tata Steel Sponge Iron Joda Maharashtra – 410203
Seraikela, Kharsawan,
Jharkhand – 832108 Joda, Keonjhar, Odisha – 758038
Cold Rolling Complex (West)
Plot No. S 76, Tarapur Industrial Area,
Tata Steel Tinplate Division Tamil Nadu
P. Box 22, P.O. Tarapur Industrial Estate,
Golmuri Works Jamshedpur, Hosur
Dist. Palghar, Maharashtra – 401506
Jharkhand - 831003 Plot No. 104/3, Sipcot Industrial,
Complex, Phase – 1 Hosur,
Odisha Wire Division, Tarapur
Dist. Krishnagiri,
Plot F8, A6 & A9 and F7/1 Tarapur MIDC
Tata Steel Kalinganagar Tamil Nadu – 635126
P.O. Boisar, Dist. Palghar,
Kalinganagar Industrial Complex,
Maharashtra – 401504
Duburi, Dist. Jajpur, Uttar Pradesh
Odisha – 755026 Sahibabad
Madhya Pradesh
23, Site IV,
Tata Steel Meramandali Wire Division, Indore
Sahibabad Industrial Area,
At Narendrapur, P.O. Kusupanga, Plot 14/15/16 & 32 Industrial Estate,
Ghaziabad,
Via Meramandali, Laxmibai Nagar,
Uttar Pradesh – 201010
Dist. Dhenkanal, Fort Indore,
Odisha – 759121 Madhya Pradesh – 452006
West Bengal
Ferro Manganese Plant, Joda Hooghly Met Coke Division Wire Division, Pithampur
Dist. Keonjhar, Odisha – 758034 Patikhali, P.O. Haldia Oil Refinery, Plot 158 & 158A, Sector III,
Purba Medinipur Haldia, Industrial Estate, Pithampur,
West Bengal – 721606 Madhya Pradesh – 454774

Statutory Reports
B. Mining Locations Khondbond Iron Mine Manganese (FAMD)

Iron Ore (OMQ) P.O. Joda Tiringpahar Iron & Manganese
Dist: Keonjhar Mine
Noamundi Iron Mine
Odisha – 758034 P.O. Bamebari, Joda, Dist. Keonjhar,
P.O. Noamundi,
Odisha – 758086
Dist: West Singhbhum,
Kalamang West (Northern Part)
Jharkhand – 833217
Iron Ore Mines Joda West Iron & Manganese Mine
P.O. Malda P.O. Bichakundi, Joda, Dist. Keonjhar,
Vijaya- II Iron Ore Mines
Dist: Sundargarh, Odisha – 758034
P.O. Barajamda
Odisha – 770048
Dist: West Singhbhum,
Bamebari Iron & Manganese Mine
Jharkhand – 833221 Chromite (FAMD) P.O. Bamebari, Joda, Dist. Keonjhar,
Sukinda Chromite Mine Odisha - 758034
Joda East Iron Mine Ferro Alloys and Minerals Division,
P.O. Joda, P.O. Kalarangiatta, Dist. Jajpur,
Dist: Keonjhar, Odisha – 755028
C. Collieries
Odisha – 758034 Jharia Division
Jamadoba, Dhanbad,
Saruabil Chromite Mine
Katamati Iron Mine Jharkhand – 828112
Ferro Alloys and Minerals Division,
P.O. Deojhar, P.O. Kansa, Dist. Jajpur,
Dist: Keonjhar, West Bokaro Division
Odisha – 755028
Odisha – 758038 Ghatotand, Dist. Ramgarh,
Jharkhand – 825314
Kamarda Chromite Mine
Ferro Alloys and Minerals Division,
P.O. Kansa, Dist. Jajpur,
Odisha – 755028

Investor Contact: Stock Exchanges: Central Depository Services
Registered Office: BSE Limited (India) Limited
Bombay House, 24, Homi Mody Street, Phiroze Jeejeebhoy Towers, Marathon Futurex, A-Wing, 25th Floor,
Fort, Mumbai - 400 001. Dalal Street, Mumbai - 400 001. NM Joshi Marg,
Tel.: +91 22 6665 8282 Tel.: +91 22 2272 1233 Lower Parel, Mumbai - 400 013.
E-mail: [email protected] Fax: +91 22 2272 1919 Tel.: +91 22 2305 8640/8624/8639/8663
Website: www.tatasteel.com Website: www.bseindia.com E-mail: [email protected]
CIN: L27100MH1907PLC000260 Investor Grievance: complaints@
National Stock Exchange of India cdslindia.com
Name, designation & address Limited Website: www.cdslindia.com
of Compliance Officer: Exchange Plaza, Plot No. C/1, G Block,
Mr. Parvatheesam Kanchinadham, Bandra-Kurla Complex, Bandra (E), Registrars and Transfer
Company Secretary & Chief Legal Mumbai - 400 051. Agents:
Officer (Corporate & Compliance) Tel.: +91 22 2659 8100
Link Intime India Private Limited
Bombay House, 24, Homi Mody Street, Fax: +91 22 2659 8120
(Formerly TSR Consultants Private
Fort, Mumbai - 400 001. Website: www.nseindia.com
Limited)
Tel.: +91 22 6665 7330
CIN: U74999MH2018PTC307859
E-mail: [email protected] Luxembourg Stock Exchange
Unit: Tata Steel Limited,
35A Boulevard Joseph II
Name, designation & C-101, 1st Floor, Embassy 247,
L-1840 Luxembourg,
Lal Bahadur Shastri Marg, Vikhroli West,
address of Investor Relations Tel: +352 4779361
Mumbai, Maharashtra - 400 083.
Officer: Fax: +352 473298
Tel.: +91 81081 18484
Mr. Pavan Kumar, Website: www.bourse.lu
Timings: Monday to Friday,
Head - Group Investor Relations 10 a.m. (IST) to 5.00 p.m. (IST)
Bombay House, 24, Homi Mody Street, London Stock Exchange
E-mail: [email protected]
Fort, Mumbai - 400 001. 10 Paternoster Square,
Website:https://www.tcplindia.co.in
Tel.: +91 22 6665 7292 London - EC4M 7LS
E-mail: [email protected] Tel: +44 20 7797 1000 For the convenience of investors
Website: www.londonstockexchange.com based in the following cities,
Debenture Trustee: correspondence/documents will
Depository Services: also be accepted at the following
IDBI Trusteeship Services Limited
Universal Insurance Building, National Securities Depository branches/agencies of Link Intime India
Ground Floor, Sir P.M. Road, Fort, Limited Private Limited:
Mumbai – 400001. Trade World, A Wing, 4th Floor,
Tel.: +91 22 40807050 Kamala Mills Compound, Bengaluru
Mob.: +91 8097474632 Lower Parel, Mumbai - 400 013. Link Intime India Private Limited
E-mail: [email protected] Tel.: +91 22 2499 4200 C/o. Mr. D. Nagendra Rao
Website: www.idbitrustee.com E-mail: [email protected] “Vaghdevi” 543/A, 7th Main, 3rd Cross,
Investor Grievance: relations@nsdl. Hanumanthnagar,
Catalyst Trusteeship Ltd. co.in Bengaluru – 560019.
901, 9th Floor, Tower – B, Website: www.nsdl.co.in Tel.: +91 80 2650 9004
Peninsula Business Park,
Senapati Bapat Marg, Lower Parel (W), Kolkata
Mumbai - 400 013 Link Intime India Private Limited
Tel.: +91 22 4922 0555 Vaishno Chamber, Flat No. 502 & 503,
Fax: +91 22 4922 0505 5th Floor, 6, Brabourne Road,
E-mail: ComplianceCTL-Mumbai@ Kolkata – 700 001.
ctltrustee.com Tel.: +91 33 40049728/40731698
Website: www.catalysttrustee.com

Statutory Reports
New Delhi Jamshedpur Ahmedabad

Link Intime India Private Limited Link Intime India Private Limited Link Intime India Private Limited
Noble Heights, 1st Floor, Qtr. No. L-4/5, Main Road, Bistupur 5th Floor, 506 to 508,
Plot No. NH-2, C-1 Block, LSC, (Beside Chappan - Bhog Sweet Shop) Amarnath Business Centre-1 (ABC-1),
Near Savitri Market, Janakpuri, Jamshedpur – 831001. Beside Gala Business Centre,
New Delhi – 110 058. Tel.: +91 657 2426 937 Nr. St. Xavier’s College Corner,
Tel: +91 11 41410592/93/94 Off. C.G. Road, Ellisbridge,
Ahmedabad – 380 006.
Tel: +91 79 2646 5179
Details of Corporate Policies

Particulars Website Details/Links
Dividend Distribution Policy https://www.tatasteel.com/media/6086/dividend-policy-final.pdf
Composition and Profile of the Board of Directors https://www.tatasteel.com/corporate/our-organisation/leadership/
Terms and conditions of appointment of https://www.tatasteel.com/media/2917/terms-and-conditions-of-appointment-of-independent-
Independent Directors directors.pdf
Policy on Appointment and Removal of Directors https://www.tatasteel.com/media/6816/policy-on-appointment-and-removal-of-directors.pdf
Familiarisation Programme for Independent https://www.tatasteel.com/media/21203/familiarization-programme-ids-2024.pdf
Directors
Remuneration Policy of Directors, KMPs & Other https://www.tatasteel.com/media/6817/remuneration-policy-of-directors-etc.pdf
Employees
Tata Code of Conduct https://www.tatasteel.com/media/1864/tcoc.pdf
Criteria for Making Payments to Non-Executive https://www.tatasteel.com/media/3931/criteria-of-making-payments-to-neds.pdf
Directors
Corporate Social Responsibility Policy https://www.tatasteel.com/media/11804/tata-steel-csr-policy-latest-2019.pdf
Code of Conduct for Non-Executive Directors https://www.tatasteel.com/media/3930/tcoc-non-executive-directors.pdf
Policy on Related Party Transactions https://www.tatasteel.com/media/5891/policy-on-related-party-transactions.pdf
Policy on Determining Material Subsidiaries https://www.tatasteel.com/media/5890/policy-on-determining-material-subsidiaries.pdf
Whistle Blower Policy https://www.tatasteel.com/media/9942/whistle-blower-policy-for-business-associates.pdf
https://www.tatasteel.com/media/11322/revised-whistleblower-policy-december-18-2019.pdf
Code of Corporate Disclosure Practices https://www.tatasteel.com/media/6843/code-of-corporate-disclosure-practices.pdf
Policy on Determination of Materiality for https://www.tatasteel.com/media/6844/tata-steel-determination-of-materiality-policy.pdf
Disclosure(s)
Document Retention and Archival Policy https://www.tatasteel.com/media/6845/tata-steel-document-retention-policy.pdf
Prevention of Sexual Harassment (POSH) at https://www.tatasteel.com/media/17060/posh-policy.pdf
Workplace Policy
Reconciliation of Share Capital Audit Report https://www.tatasteel.com/investors/stock-exchange-compliances/reconciliation-of-share-
capital-audit-reports/

Declaration Regarding Compliance by Board Members and Senior Management Personnel with
the Code of Conduct
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
I confirm that the Company has in respect of the financial year ended March 31, 2024, received from the Senior Management
Team of the Company and the Members of the Board, a declaration of compliance with the Code of Conduct as applicable
to them.
For the purpose of this declaration, Senior Management Team means the Members of the Management one level below the
Chief Executive Officer & Managing Director as on March 31, 2024.
sd/-
T. V. NARENDRAN
Mumbai Chief Executive Officer & Managing Director
May 29, 2024 DIN: 03083605
Practising Company Secretaries’ Certificate On Corporate Governance

To,
The Members of
Tata Steel Limited
We have examined the compliance of the conditions of Corporate Governance by Tata Steel Limited (‘the Company’) for the year
ended on March 31, 2024, as stipulated under Regulations 17 to 27, clauses (b) to (i) and (t) of sub-regulation (2) of Regulation 46
and para C, D & E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (‘SEBI Listing Regulations’).
The compliance of the conditions of Corporate Governance is the responsibility of the management. Our examination was limited
to the review of procedures and implementation thereof, as adopted by the Company for ensuring compliance with conditions
of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
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 and Exchange Board of India, we certify that the Company has complied with the conditions of Corporate Governance
as stipulated in the SEBI Listing Regulations for the year ended March 31, 2024.
We further state that such compliance is neither an assurance 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
sd/-
P. N. Parikh
Partner
FCS No.: 327 CP No.: 1228
Mumbai UDIN: F000327F000479839
May 29, 2024 PR No.: 1129/2021

Statutory Reports
Practising Company Secretaries’ Certificate on Directors

[Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015]
To,
The Members
Tata Steel Limited
Bombay House, 24, Homi Mody Street,
Fort, Mumbai – 400 001
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,
Mumbai – 400 001 (hereinafter referred to as 'the Company'), produced before me/us by the Company for the purpose of
issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub-clause 10(i) of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number
('DIN') status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its
officers, we hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ended
March 31, 2024 have been debarred or disqualified from being appointed or continuing as Directors of companies by the
Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.
SN Name of the Director DIN Date of Appointment in Company*
1. Mr. N. Chandrasekaran 00121863 January 13, 2017
2. Mr. Noel Naval Tata 00024713 March 28, 2022
3. Mr. Saurabh Agrawal 02144558 August 10, 2017
4. Mr. Deepak Kapoor 00162957 April 1, 2017
5. Ms. Farida Khambata 06954123 August 12, 2021
6. Mr. V. K. Sharma 02449088 August 24, 2018**
7. Ms. Bharti Gupta Ramola 00356188 November 25, 2022
8. Dr. Shekhar C. Mande 10083454 June 1, 2023
9. Mr. T. V. Narendran 03083605 August 14, 2014***
10. Mr. Koushik Chatterjee 00004989 November 9, 2017
*The date of appointment is as per the MCA Portal.

**Mr. V. K. Sharma ceased to be a Non-Executive Non-Independent Director w.e.f. March 28, 2022 and was appointed as an Independent Director w.e.f.
March 28, 2022.
***Mr. T. V. Narendran was appointed as the Managing Director of the Company effective September 19, 2013 and the said appointment was approved by the
Shareholders at the Annual General Meeting held on August 14, 2014.
Ensuring the eligibility of for the appointment/continuity of every Director on the Board is the responsibility of the management
of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an
assurance 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
sd/-
P. N. Parikh
Partner
FCS No.: 327 CP No.: 1228
Mumbai UDIN: F000327F000479872
May 29, 2024 PR No.: 1129/2021

ANNEXURE 4
Particulars of Remuneration
Information pursuant to Section 197(12) of the Companies Act, 2013
[Read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
(5) Ms. Bharti Gupta Ramola was appointed as an Independent

A.
R atio of the remuneration of each Director effective November 25, 2022. Since her remuneration
Director to the median remuneration for FY2022-23 was for part of the year, the percentage increase
in remuneration over previous year is not comparable and hence
of all the employees of the Company for not stated.
FY2023-24 and % increase in remuneration (6) Dr. Shekhar C. Mande was appointed as an Independent
Director effective June 1, 2023. Since the remuneration of
of each Director/KMP of the Company for Dr. Mande for FY2023-24 is only for part of the year, the
FY2023-24 are as under: percentage increase in the remuneration over previous year as
well as the ratio of his remuneration to median remuneration is
Ratio of not comparable and hence not stated.
% increase in
remuneration
remuneration (7) Includes the Commission/bonus approved by the Board of
Name of Director to median
over previous Directors for the Chief Executive Officer & Managing Director
remuneration of
year
all employees (1) and Executive Director & Chief Financial Officer on May 29, 2024,
for FY2023-24 (which will be paid to them on conclusion of the
Non-Executive Directors
Annual General Meeting scheduled to be held on July 15, 2024).
Mr. N. Chandrasekaran(2) NA NA
Mr. Noel Naval Tata 6.49 19.94 B. The percentage increase/(decrease) in the
Mr. Saurabh Agrawal(3) NA NA median remuneration of employees in the
Independent Directors Financial Year 2023-24: (8.01%)
Mr. O. P. Bhatt(4) - -
C. The number of permanent employees on
Mr. Deepak Kapoor 7.17 20.34 the rolls of Company as on March 31, 2024:
Ms. Farida Khambata 3.64 15.93 43,263
Mr. V. K. Sharma 4.58 15.83
D. Comparison of average percentile increase
Ms. Bharti Gupta Ramola(5) - 12.95
in salary of employees other than the
Dr. Shekhar C. Mande(6) - -
managerial personnel and the percentile
Executive Directors/KMP increase in the managerial remuneration:
Mr. T. V. Narendran(7) (6.51) 212.19
During FY2023-24, the average percentage increase/
Mr. Koushik Chatterjee (7)
(4.23) 165.49
(decrease) in salary of the Company’s employees,
Mr. Parvatheesam
6.21 48.57 excluding the Key Managerial Personnel (‘KMP’) was
Kanchinadham
2.49%. The total remuneration of KMPs for FY2023-24
Notes: was H3,505.50 lakh as against H3,663.74 lakh during the
(1) The ratio of remuneration to median remuneration is based on previous year, a decrease of 4.32%.
remuneration paid during April 1, 2023 to March 31, 2024.
(2) As a policy, Mr. N. Chandrasekaran, Chairman, has abstained from E. Affirmations: It is affirmed that the remuneration
receiving commission from the Company. paid to the Directors, Key Managerial Personnel and
(3) In line with the internal guidelines of the Company, no payment other employees is as per the Remuneration Policy of
is made towards commission to the Non-Executive Directors of
the Company, who are in full time employment with any other
the Company.
Tata Company. Accordingly, no commission has been paid to
Mr. Saurabh Agrawal. On behalf of the Board of Directors
(4) Mr. O. P Bhatt completed his second term as an Independent
Director of the Board and ceased to be an Independent Director sd/-
and Member of the Board effective June 9, 2023. Since his
remuneration for FY2023-24 is for part of the year, percentage
N. CHANDRASEKARAN
increase in remuneration over previous year as well as the ratio Mumbai Chairman
of his remuneration to median remuneration is not comparable May 29, 2024 DIN: 00121863
and hence not stated.

ANNEXURE 5
Form No. AOC-1
Statement containing salient features of the financial statement of Subsidiaries or associate companies or joint ventures
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 Total Profit before Provision for Profit after
Sl. Reporting Exchange Turnover Proposed Ownership
Name of the Company the subsidiary Capital&& Surplus Assets Liabilities Investments Taxation Taxation Taxation
No. currency rate& (J crore) Dividend (%)
was acquired (J crore) (J crore) (J crore) (J crore) (J crore) (J crore) (J crore) (J crore)
Statutory Reports
1 ABJA Investment Co. Pte. Ltd. Apr 12, 2013 USD 83.40 1.67 (5.27) 21,702.14 21,705.74 - - 43.33 9.89 33.44 - 100.00
2 The Indian Steel & Wire Products Ltd$ Dec 20, 2003 INR 1.00 17.89 638.58 739.03 82.56 51.06 342.90 9.55 2.83 6.72 - 98.33
Tata Steel Utilities and Infrastructure
3 Aug 25, 2003 INR 1.00 63.22 1,110.81 1,984.65 810.62 913.04 1,652.50 108.17 24.96 83.21 17.00 100.00
Services Limited
4 Haldia Water Management Limited Dec 06, 2008 INR 1.00 27.77 (32.36) 0.31 4.90 - - (0.05) - (0.05) - 60.00
Tata Steel Business Delivery Centre Ltd.
5 (Formerly known as Kalimati Global Jan 08, 2018 INR 1.00 4.00 5.27 17.23 7.96 1.08 41.31 4.62 1.15 3.47 1.04 100.00
Shared Services Limited)
117th Year Integrated Report & Annual Accounts 2023-24

Tata Steel Special Economic Zone
6 Oct 11, 2006 INR 1.00 459.86 (13.92) 554.72 108.78 - 10.81 (6.81) - (6.81) - 100.00
Limited
7 The Tata Pigments Limited May 18, 1985 INR 1.00 0.75 65.72 125.66 59.19 25.12 232.11 24.63 6.31 18.32 20.00 100.00
8 Adityapur Toll Bridge Company Limited Jun 12, 2002 INR 1.00 46.78 17.47 65.01 0.76 - 8.09 4.01 3.02 0.99 - 88.50
9 Mohar Export Services Pvt. Ltd Apr 30, 2015 INR 1.00 0.01 (0.05) 0.06 0.10 - - (0.00) - (0.00) - 66.46
10 Rujuvalika Investments Limited Apr 30, 2015 INR 1.00 1.33 188.40 200.61 10.88 200.00 - 5.32 1.35 3.97 - 100.00
11 Tata Korf Engineering Services Ltd Oct 30, 1985 INR 1.00 - - - - - - - - - - 100.00
12 Neelachal Ispat Nigam Limited Jul 04, 2022 INR 1.00 1,365.71 3,941.01 12,809.40 7,502.68 14.01 5,505.43 (1,011.73) (51.81) (959.92) - 99.66
13 T Steel Holdings Pte. Ltd. Jul 05, 2006 USD 83.40 1,25,066.81 (81,058.64) 47,680.65 3,672.48 44,008.36 - (14,714.65) (0.01) (14,714.64) - 100.00
14 T S Global Holdings Pte. Ltd. Jul 04, 2008 USD 83.40 1,24,193.56 (81,898.72) 75,129.30 32,834.46 56,183.02 - (8,553.15) 283.14 (8,836.29) - 100.00
15 Orchid Netherlands (No.1) B.V. Mar 20, 2009 EUR 89.96 0.16 10.41 22.49 11.92 - 21.58 13.65 2.78 10.87 - 100.00
16 The Siam Industrial Wire Company Ltd. Feb 15, 2005 THB 2.29 105.14 740.89 967.95 121.92 16.00 1,374.89 39.45 10.97 28.48 - 100.00
17 TSN Wires Co., Ltd. Apr 05, 2012 THB 2.29 159.99 (158.80) 172.68 171.49 - 243.40 (16.46) - (16.46) - 60.00
18 Tata Steel Europe Limited Apr 02, 2007 GBP 105.22 1,08,608.83 (43,430.51) 68,713.86 3,535.54 65,224.27 - 9,192.29 - 9,192.29 - 100.00
19 Apollo Metals Limited Apr 02, 2007 USD 83.40 0.00 24.62 84.87 60.25 - 356.76 (12.59) (0.77) (11.82) 23.85 100.00
20 00030048 Limited* Apr 02, 2007 GBP 105.22 0.00 415.51 415.51 - - - - - - - 100.00
21 C V Benine** Apr 02, 2007 EUR 89.96 19.50 (0.02) 86.16 66.68 - - - - - - 76.92
22 Catnic GmbH Apr 02, 2007 EUR 89.96 0.23 99.22 126.78 27.33 - 215.39 27.27 8.40 18.87 - 100.00
23 Tata Steel Mexico SA de CV Apr 02, 2007 USD 83.40 0.03 2.04 2.48 0.41 - - 0.42 - 0.42 - 100.00
24 Cogent Power Limited Apr 02, 2007 GBP 105.22 448.93 (328.39) 440.62 320.08 0.00 - 23.80 - 23.80 - 100.00
334
25 Corbeil Les Rives SCI** Apr 02, 2007 EUR 89.96 5.78 (0.46) 7.71 2.39 - - - - - - 67.30
Corby (Northants) & District Water
26 Apr 02, 2007 GBP 105.22 - - 0.00 0.00 - - - - - - 100.00
Company Limited
27 Corus CNBV Investments Apr 02, 2007 GBP 105.22 0.00 - 0.00 - - - - - - - 100.00
28 Corus Engineering Steels (UK) Limited Apr 02, 2007 GBP 105.22 0.00 - 0.00 - - - - - - - 100.00
29 Corus Engineering Steels Limited Apr 02, 2007 GBP 105.22 0.00 - 0.00 - - - - - - - 100.00
30 Corus Group Limited Apr 02, 2007 GBP 105.22 68,588.47 (60,086.66) 11,230.48 2,728.67 11,220.70 - (213.37) - (213.37) - 100.00
31 Corus Holdings Limited Apr 02, 2007 GBP 105.22 2.63 6.55 1.39 (7.79) - - - - - - 100.00
Corus International (Overseas Holdings)
32 Apr 02, 2007 GBP 105.22 1,485.72 4,607.29 6,103.88 10.87 307.23 - 379.14 0.59 378.55 - 100.00
Limited
33 Corus International Limited Apr 02, 2007 GBP 105.22 5,159.46 (1,938.64) 3,158.43 (62.39) 3,138.77 - - - - - 100.00
34 Corus International Romania SRL. Apr 02, 2007 RON 18.10 0.01 9.02 9.28 0.25 - - 1.82 0.02 1.80 - 100.00
35 Corus Ireland Limited Apr 02, 2007 EUR 89.96 - - - - - - 2.04 0.56 1.48 - 100.00
36 Corus Property Apr 02, 2007 GBP 105.22 0.00 - 0.01 0.01 - - - - - - 100.00
37 Corus UK Healthcare Trustee Limited Mar 31, 2009 GBP 105.22 0.00 - 0.00 - - - - - - - 100.00
335
38 Crucible Insurance Company Limited Apr 02, 2007 GBP 105.22 5.26 316.64 323.34 1.44 - - 12.75 - 12.75 - 100.00
39 Degels GmbH Apr 02, 2007 EUR 89.96 0.72 26.67 50.77 23.38 - - (0.36) (0.08) (0.28) - 100.00
40 Demka B.V. Apr 02, 2007 EUR 89.96 55.35 25.57 81.68 0.76 - - 2.60 0.67 1.93 - 100.00
41 00026466 Limited* Apr 02, 2007 GBP 105.22 188.61 (188.61) - - - - - - - - 100.00
42 Fischer Profil GmbH Apr 02, 2007 EUR 89.96 91.99 17.59 442.97 333.39 - 972.04 2.22 (0.39) 2.61 - 100.00
43 Gamble Simms Metals Limited Apr 02, 2007 EUR 89.96 5.71 (5.71) - - - - - - - - 100.00
44 Grijze Poort B.V. Dec 20, 2023 EUR 89.96 62.91 15.29 347.03 268.83 4.50 - (0.56) - (0.56) - 100.00
45 H E Samson Limited Apr 02, 2007 GBP 105.22 0.00 - 0.00 - - - - - - - 100.00
46 Hadfields Holdings Limited* Apr 02, 2007 GBP 105.22 1.05 (14.20) - 13.15 - - - - - - 100.00
47 Halmstad Steel Service Centre AB Mar 31, 2015 SEK 7.81 0.04 173.49 445.64 272.11 - 1,104.60 24.28 10.00 14.28 - 100.00
48 Hille & Muller GmbH Apr 02, 2007 EUR 89.96 46.04 207.83 566.47 312.60 - 844.62 (3.39) (3.07) (0.32) - 100.00
49 Hille & Muller USA Inc. Apr 02, 2007 USD 83.40 0.03 96.57 118.84 22.24 98.19 27.99 1.61 (0.19) 1.80 29.77 100.00
50 Hoogovens USA Inc. Apr 02, 2007 USD 83.40 507.46 435.90 943.36 (0.00) 536.64 - 57.63 (1.77) 59.40 - 100.00
51 Huizenbezit Breesaap B.V. Apr 02, 2007 EUR 89.96 0.41 (9.64) 0.27 9.50 - - 0.00 0.00 0.00 - 100.00
52 Layde Steel S.L. Apr 02, 2007 EUR 89.96 - (0.00) (0.00) 0.00 (0.00) 1,227.44 (8.11) - (8.11) - 100.00
53 Montana Bausysteme AG Apr 02, 2007 CHF 92.41 36.96 121.42 285.79 127.41 - 576.29 4.91 (2.50) 7.41 42.51 100.00
54 Naantali Steel Service Centre OY Mar 31, 2015 EUR 89.96 0.02 30.99 179.63 148.62 - 463.31 (7.16) 0.80 (7.96) - 100.00
55 Norsk Stal Tynnplater AS Mar 31, 2015 NOK 7.70 10.25 44.54 75.60 20.81 - 101.16 17.14 3.96 13.18 - 100.00
56 Norsk Stal Tynnplater AB Mar 31, 2015 NOK 7.70 0.39 28.26 36.58 7.93 - 406.54 2.88 0.45 2.43 - 100.00
57 Oremco Inc. Apr 02, 2007 USD 83.40 - - - - - - - - - - 100.00
58 Rafferty-Brown Steel Co Inc Of Conn. Apr 02, 2007 USD 83.40 26.41 (20.59) 5.82 - - - (1.96) - (1.96) 16.68 100.00
59 Runblast Limited Apr 02, 2007 GBP 105.22 90.13 (90.13) - - - - - - - - 100.00
60 S A B Profiel B.V. Apr 02, 2007 EUR 89.96 1.21 259.93 659.62 398.48 - 1,086.43 (38.95) (9.95) (29.00) - 100.00
61 S A B Profil GmbH Apr 02, 2007 EUR 89.96 0.27 150.73 211.36 60.36 - 367.12 0.01 - 0.01 - 100.00
62 Service Center Gelsenkirchen GmbH Apr 02, 2007 EUR 89.96 165.61 87.15 538.98 286.22 0.51 1,292.95 (7.39) (0.18) (7.21) - 100.00
63 Service Centre Maastricht B.V. Apr 02, 2007 EUR 89.96 - 0.00 0.00 0.00 - 2,030.72 (3.78) (0.97) (2.81) - 100.00
Societe Europeenne De Galvanisation
64 Apr 02, 2007 EUR 89.96 112.44 48.26 339.64 178.94 - 759.31 22.92 7.58 15.34 - 100.00
(Segal) Sa
65 Surahammar Bruks AB Apr 02, 2007 SEK 7.81 16.87 (0.43) 303.80 287.36 - 448.55 (35.54) - (35.54) - 100.00
Tata Steel Belgium Packaging Steels
66 Apr 02, 2007 EUR 89.96 138.84 (30.51) 139.03 30.70 0.71 121.03 12.40 2.80 9.60 71.37 100.00
N.V.
67 Tata Steel Belgium Services N.V. Apr 02, 2007 EUR 89.96 151.54 96.91 252.70 4.25 - - 3.10 0.99 2.11 - 100.00
68 Tata Steel France Holdings SAS Apr 02, 2007 EUR 89.96 44.98 827.36 1,371.04 498.70 1,028.92 - (10.68) (1.58) (9.10) - 100.00
69 Tata Steel Germany GmbH Apr 02, 2007 EUR 89.96 1,459.62 (548.51) 1,569.86 658.75 893.29 - 71.52 44.50 27.02 - 100.00
70 Tata Steel IJmuiden BV Apr 02, 2007 EUR 89.96 1,012.00 24,769.29 43,077.95 17,296.66 572.03 44,344.30 (6,345.53) (1,698.45) (4,647.08) - 100.00
Tata Steel International (Americas)
71 Apr 02, 2007 USD 83.40 4,894.64 (5,520.39) (625.75) 0.00 367.99 - 21.09 22.98 (1.89) - 100.00
Holdings Inc
72 Tata Steel International (Americas) Inc. Apr 02, 2007 USD 83.40 74.24 1,404.92 1,531.38 52.22 - 78.96 116.31 (2.40) 118.71 - 100.00
Tata Steel International (Czech
73 Apr 02, 2007 CZK 3.56 - - - - - - 9.33 (0.15) 9.48 10.69 100.00
Republic) S.R.O
74 Tata Steel International (France) SAS Apr 02, 2007 EUR 89.96 1.80 35.81 46.07 8.46 - - 6.42 1.58 4.84 - 100.00

Tata Steel International (Germany)
75 Apr 02, 2007 EUR 89.96 7.83 5.94 84.51 70.74 - - (2.52) (0.55) (1.97) - 100.00
GmbH
Tata Steel International (South America)
76 Apr 02, 2007 USD 83.40 1.80 1.11 2.93 0.02 - - 0.09 0.00 0.09 - 100.00
Representações LTDA
77 Tata Steel International (Italia) SRL Apr 02, 2007 EUR 89.96 67.92 (32.77) 42.46 7.31 - - 13.03 3.61 9.42 17.99 100.00
Tata Steel International (Middle East)
78 Apr 02, 2007 AED 22.69 102.13 13.81 177.21 61.27 - 79.95 3.89 - 3.89 17.10 100.00
FZE
Tata Steel International (Nigeria)
79 Jun 10, 2008 NGN 0.06 - - - - - - - - - - 100.00
Limited
80 Tata Steel International (Poland) sp Zoo Apr 02, 2007 PLZ 20.98 - - - - - - 7.98 0.58 7.40 9.55 100.00
81 Tata Steel International (Sweden) AB Apr 02, 2007 SEK 7.81 - - - - - - 35.13 5.30 29.83 - 100.00
82 Tata Steel International (India) Limited Apr 02, 2007 INR 1.00 5.08 17.93 25.09 2.08 - - 0.61 (0.34) 0.95 - 100.00
Statutory Reports
83 Tata Steel International Iberica SA Apr 02, 2007 EUR 89.96 - - - - - - 37.80 6.91 30.89 78.24 100.00
Tata Steel Istanbul Metal Sanayi ve
84 Apr 02, 2007 USD 83.40 - (0.00) (0.00) 0.00 - 346.81 (4.18) - (4.18) - 100.00
Ticaret AS
85 Tata Steel Maubeuge SAS Apr 02, 2007 EUR 89.96 67.47 342.58 1,571.50 1,161.45 13.47 4,085.76 (123.22) - (123.22) - 100.00
86 Tata Steel Nederland BV Apr 02, 2007 EUR 89.96 3,486.73 10,761.64 19,380.87 5,132.50 15,216.01 - 357.27 (25.13) 382.40 - 100.00
Tata Steel Nederland Consulting &
87 Apr 02, 2007 EUR 89.96 80.96 (54.09) 34.06 7.19 - - - - - - 100.00
Technical Services BV
88 Tata Steel Nederland Services BV Apr 02, 2007 EUR 89.96 3.83 (102.12) 246.39 344.68 - - 11.79 3.32 8.47 - 100.00

89 Tata Steel Nederland Technology BV Apr 02, 2007 EUR 89.96 0.00 301.75 504.39 202.64 15.00 - 36.93 (1.06) 37.99 449.78 100.00
90 Tata Steel Nederland Tubes BV Apr 02, 2007 EUR 89.96 1,133.44 (1,218.41) 554.88 639.85 - 2,108.62 (203.81) (52.38) (151.43) - 100.00
91 Tata Steel Netherlands Holdings B.V. Apr 02, 2007 EUR 89.96 48,036.18 (11,560.28) 55,590.90 19,115.00 52,543.80 - (1,109.01) 789.51 (1,898.52) - 100.00
92 Tata Steel Norway Byggsystemer A/S Apr 02, 2007 NOK 7.70 0.94 119.21 198.75 78.60 - 280.13 10.24 2.32 7.92 - 100.00
93 Tata Steel UK Consulting Limited Apr 02, 2007 GBP 105.22 18.26 (24.99) 0.01 6.74 - - - - - - 100.00
94 Tata Steel UK Limited Apr 02, 2007 GBP 105.22 24,638.46 (36,059.55) 14,586.80 26,007.89 2,850.58 27,664.07 (11,633.28) 1,202.87 (12,836.15) - 100.00
95 Tata Steel USA Inc. Apr 02, 2007 USD 83.40 1.16 83.42 95.33 10.75 6.16 - 17.49 - 17.49 - 100.00
The Newport And South Wales Tube
96 Apr 02, 2007 GBP 105.22 0.01 0.35 5.95 5.59 0.00 - - - - - 100.00
Company Limited
97 Thomas Processing Company Apr 02, 2007 USD 83.40 - 139.88 167.25 27.37 - 35.32 (20.24) - (20.24) - 100.00
98 Thomas Steel Strip Corp. Apr 02, 2007 USD 83.40 66.72 (83.23) 634.91 651.42 31.88 1,096.72 52.48 18.60 33.88 - 100.00
TS South Africa Sales Office Proprietary
99 Aug 31, 2015 ZAR 4.38 0.00 4.64 4.75 0.11 - - 4.35 1.18 3.17 5.69 100.00
Limited
100 U.E.S Bright Bar Limited Apr 02, 2007 GBP 105.22 15.78 (15.78) - - - - - - - - 100.00
101 UK Steel Enterprise Limited Apr 02, 2007 GBP 105.22 105.22 138.44 220.31 (23.35) 43.53 - 6.05 - 6.05 - 100.00
102 Unitol SAS Apr 02, 2007 EUR 89.96 53.97 76.36 571.02 440.69 2.58 1,725.52 3.41 - 3.41 - 100.00
Fischer Profil Produktions -und-
103 Apr 1, 2021 EUR 89.96 0.22 0.64 3.66 2.80 - - 0.19 (0.07) 0.26 - 100.00
Vertriebs - GmbH
104 Al Rimal Mining LLC Feb 25, 2008 OMR 216.61 21.66 (0.75) 22.48 1.57 - - (0.29) - (0.29) - 51.00
105 TSMUK Limited Sep 23, 2010 USD 83.40 4,995.75 (470.61) 8,989.07 4,463.93 8,281.48 - (0.07) - (0.07) - 100.00
106 T S Canada Capital Ltd Dec 31, 2012 USD 83.40 0.00 35.77 38.17 2.40 - - (0.15 ) - (0.15) - 100.00
336
107 Tata Steel Minerals Canada Limited Dec 31, 2010 USD 83.40 7,323.55 (9,339.19 ) 6,792.37 8,808.01 - 1,340.00 (777.24) - (777.24) - 82.00
Tata Steel (Thailand) Public Company
108 Apr 04, 2006 THB 2.29 1,924.83 1,069.42 3,258.07 263.82 - 75.85 4.07 1.41 2.66 - 67.90
Limited
Tata Steel Manufacturing (Thailand)
109 Apr 04, 2006 THB 2.29 1,548.38 694.26 2,827.68 585.04 - 5,668.34 17.14 (2.21) 19.35 - 67.83
Public Company Limited
110 Apr 23, 2010 USD 83.40 830.96 850.42 16,860.49 15,179.11 6.79 57,083.87 151.15 26.02 125.13 - 100.00
Pte. Ltd.
111 Tata Steel International (Shanghai) Ltd. Jan 25, 2008 CNY 11.54 5.63 1.33 7.39 0.43 - 11.90 0.93 0.01 0.92 - 100.00
Tata Steel Downstream Products
112 Jul 14, 2009 INR 1.00 243.04 3,251.89 4,229.01 734.08 2,245.61 7,562.66 275.00 42.59 232.41 - 100.00
Limited
113 Tata Steel Advanced Materials Limited Jun 22, 2012 INR 1.00 74.54 12.30 87.50 0.66 68.71 - (1.75) - (1.75) - 100.00
114 Ceramat Private Limited Feb 28, 2022 INR 1.00 25.14 (9.73) 17.72 2.31 - 0.10 (5.29) - (5.29) - 90.00
115 Tata Steel TABB Limited May 23, 2022 INR 1.00 43.20 (4.53) 53.21 14.54 - 0.21 (4.47) (0.69) (3.78) - 100.00
116 Tayo Rolls Limited~ Dec 01, 2008 INR 1.00 - - - - - - - - - - 54.91
117 Tata Steel Foundation Aug 16, 2016 INR 1.00 1.00 96.91 162.88 64.97 20.80 524.88 85.15 - 85.15 - 100.00
337
Jamshedpur Football and Sporting
118 Jul 07, 2017 INR 1.00 40.80 (35.64) 24.71 19.55 - 59.02 1.88 - 1.88 - 100.00
Private Limited
119 Bhubaneshwar Power Private Limited$ Aug 6, 2008 INR 1.00 253.25 192.99 753.67 307.43 0.00 550.22 52.08 12.48 39.60 - 100.00
120 Angul Energy Limited$ May 18, 2018 INR 1.00 10.00 1,772.65 1,865.22 82.57 34.18 483.90 106.20 (737.33) 843.53 - 99.99
121 Tata Steel Support Services Limited May 18, 2018 INR 1.00 0.05 1.48 46.34 44.81 - 94.49 1.34 0.44 0.90 - 100.00
122 Bhushan Steel (South) Ltd. May 18, 2018 INR 1.00 1.30 (1.16) 0.17 0.03 0.00 - (0.02 ) - (0.02) - 100.00
123 Tata Steel Technical Services Limited May 18, 2018 INR 1.00 0.05 3.84 81.15 77.26 - 176.63 3.30 0.84 2.46 - 100.00
124 Bhushan Steel (Australia) PTY Ltd. May 18, 2018 AUD 54.13 281.84 (271.65) 14.28 4.09 - - 6.27 - 6.27 - 100.00
125 Bowen Energy PTY Ltd. May 18, 2018 AUD 54.13 109.67 (109.66) 0.01 - - - (0.00) - (0.00) - 100.00
126 Bowen Coal PTY Ltd. May 18, 2018 AUD 54.13 0.00 - 0.00 -0.00 - - - - - - 100.00
Creative Port Development Private
127 Sep 18, 2018 INR 1.00 222.36 (12.17) 227.76 17.57 198.69 - 0.61 0.00 0.61 - 51.00
Limited
128 Subarnarekha Port Private Limited Sep 18, 2018 INR 1.00 10.92 205.36 295.93 79.65 - - (9.19) - (9.19) - 50.67
129 Medica TS Hospital Pvt. Ltd. Jan 07, 2022 INR 1.00 73.75 (26.53) 53.87 6.65 - 35.93 3.45 (0.03 ) 3.48 - 51.00
Notes:
& Closing exchange rate as on March, 31 2024 has been considered for calculation 5 Catnic Limited
&& Includes share application money 6 Corus Management Limited
* Subsidiary under liquidation 7 Orb Electrical Steels Limited
** Reporting period for subsidiary companies at Sl. 21 and 25 is December 2023 8 Tata Steel UK Holdings Limited
~ Not considered for consolidation as the subsidiary is undergoing Corporate Insolvency 9 Tulip UK Holdings (No.2) Limited
Resolution Process under the Insolvency and Bankruptcy Code, 2016. 10 Tulip UK Holdings (No.3) Limited
$ Under amalgamation 11 Tata Steel Denmark Byggesystemer A/S
0.00 represents value less than H1 lakh 12 Tata Steel Sweden Byggsystem AB
13 Swinden Housing Association Limited
I Name of the subsidiaries which have been merged during the year:
1 The Tinplate Company of India Limited III Name of the subsidiaries under liquidation with no assets, liabilities and transactions
2 Tata Metaliks Limited during the period:
3 Tata Steel Long Products Limited 1 The Siam Construction Steel Company Limited
4 S & T Mining Company Limited 2 The Siam Iron and Steel (2001) Company Limited
5 Tata Steel Mining Limited
IV Subsidiaries yet to commence operations:
6 British Steel Nederland International B.V.
1 Subarnarekha Port Private Limited
7 Inter Metal Distribution SAS
2 Bhushan Steel (South) Ltd.
8 Staalverwerking en Handel BV
3 Bhushan Steel (Australia) PTY Ltd.
II Name of the subsidiaries liquidated/struck-off with no assets, liabilities and 4 Bowen Energy PTY Ltd.
transactions during the period: 5 Bowen Coal PTY Ltd.
1 British Steel Directors (Nominees) Limited
V The Group is continuing with its focus on simplifying the corporate structure which saw a
2 Corus Investments Limited
significant number of entities enter into voluntary liquidation in the previous and current
3 London Works Steel Company Limited
year. There remains an objective to simplify the structure further by dissolving additional
4 Corus Liaison Services (India) Limited

entities which are either dormant or have ceased to have business operations.
PART 'B' - Joint-Ventures and Associates
Date on which Share of profit/loss

No. of shares Reason Net worth
Latest the Associate Amount of for the year
held by the Extend Description why the attributable to
audited or Investment in (J crore)
SL Reporting Company in of of how there associate/ shareholding
Name of the Company balance Joint Venture associate/joint
No. currency* associate/joint holding is significant joint venture as per latest Not
sheet was venture
venture on the % influence is not balance sheet Considered in considered in
date associated (J crore)
year end consolidated (J crore) consolidation consolidation
or acquired
A Joint Ventures
1 mjunction services limited Mar 31 Feb 01, 2001 INR 40,00,000 4.00 50.00 1 132.89 33.27 33.27
2 Tata NYK Shipping Pte Ltd. Mar 31 Mar 19, 2007 USD 6,51,67,500 543.50 50.00 1 193.28 7.01 7.01
3 Tata NYK Shipping (India) Pvt. Ltd. Mar 31 Apr 01, 2015 INR 12,50,000 0.13 50.00 3 4.13 0.69 0.69
Statutory Reports
4 TM International Logistics Limited Mar 31 Jan 18, 2002 INR 91,80,000 9.18 51.00 2 142.63 124.53 119.65
5 International Shipping and Logistics FZE Mar 31 Feb 01, 2004 USD 1 1.24 51.00 3 140.10 5.71 5.48
6 TKM Global China Ltd Mar 31 Jun 25, 2008 CNY 1 4.39 51.00 3 3.44 (0.18) (0.17)
7 TKM Global GmbH Mar 31 Mar 01, 2005 EUR 100 1.11 51.00 3 39.79 5.65 5.43
8 TKM Global Logistics Limited Mar 31 Jan 18, 2002 INR 36,00,000 5.16 51.00 3 21.28 55.78 53.59
9 Industrial Energy Limited Mar 31 INR 17,31,60,000 173.16 26.00 1 308.82 27.03 76.94
10 Andal East Coal Company Pvt. Ltd. May 18, 2018 INR 3,30,000 1.46 33.89 1 ** - - -
11 Naba Diganta Water Management Limited Mar 31 Jan 09, 2008 INR 1,36,53,000 13.65 74.00 2 23.84 6.47 2.27

12 Jamipol Ltd. Mar 31 Apr 24, 1995 INR 47,25,000 114.52 42.00 1 70.93 11.34 15.66
13 Nicco Jubilee Park Limited May, 2001 INR 3,60,000 0.00$$ 26.54 1 & - - -
14 Himalaya Steel Mills Services Private Limited Mar 31 Sep 15, 2010 INR 36,19,945 14.67 26.00 1 9.49 2.27 6.47
15 Air Products Llanwern Limited Sept 30 Apr 02, 2007 GBP 50,000 0.53 50.00 1 9.52 (0.69) (0.69)
16 Laura Metaal Holding B.V. Dec 31 Apr 02, 2007 EUR 2,744 11.20 49.00 1 205.73 18.87 19.64
17 Ravenscraig Limited Dec 31 Apr 02, 2007 GBP 100 0.00$$ 33.33 1 (83.25) 1.00 2.00
18 Tata Steel Ticaret AS Dec 31 Apr 02, 2007 TRY 80,000 0.02 50.00 1 1.21 5.45 5.45
19 Texturing Technology Limited Mar 31 Apr 02, 2007 GBP 10,00,000 10.52 50.00 1 29.92 5.86 5.86
No shares since it
Hoogovens Court Roll Service Technologies
20 Mar 31 Apr 02, 2007 EUR is a partnership by 12.17 50.00 1 12.16 2.13 2.13
VOF##
agreement only
21 Minas De Benga (Mauritius) Limited Mar 31 Nov 30, 2007 USD 27,77,69,593 2,822.72 35.00 1 (1,419.61) (254.02) (471.76)
22 Tata BlueScope Steel Private Limited Mar 31 Feb 09, 2005 INR 43,30,00,000 1,411.58 50.00 1 356.83 (310.71) (310.71)
Jamshedpur Continuous Annealing &
23 Mar 31 Aug 17, 2012 INR 73,03,20,000 834.03 51.00 2 949.76 117.51 112.90
Processing Company Private Limited
B Associates
1 Kalinga Aquatics Ltd. INR 10,49,920 0.00$$ 30.00 1 & - - -
2 Kumardhubi Fireclay & Silica Works Ltd. INR 1,50,001 0.00$$ 27.78 1 ** - - -
Kumardhubi Metal Casting and Engineering
3 INR 10,70,000 0.00$$ 49.31 1 ** - - -
Limited
Strategic Energy Technology Systems Private
338
4 Jan 16, 2009 INR 2,56,14,500 25.62 25.00 1 (0.08) 0.02 0.05
Limited
5 Tata Construction & Projects Ltd. INR - - 27.19 1 ** - - -
6 TRF Limited Mar 31 Oct 16, 1963 INR 37,53,275 204.02 34.11 1 13.02 15.89 30.70
7 TRF Singapore Pte Limited Mar 31 Apr 01, 2015 SGD 1,90,86,929 126.17 34.11 3 21.68 0.93 1.79
8 TRF Holding Pte Limited Mar 31 Apr 01, 2015 USD 1 0.00$$ 34.11 3 (0.01) (0.01) (0.02)
9 Malusha Travels Pvt Ltd. Mar 31 Aug 05, 2014 INR 3,352 0.00$$ 33.23 1 (0.01) 0.00 0.00
Bhushan Capital & Credit Services Private
10 Mar 31 May 18, 2018 INR 86,43,742 9.40 42.58 1 @ - - -
Limited
11 Jawahar Credit & Holdings Private Limited Mar 31 May 18, 2018 INR 86,43,742 9.40 39.65 1 @ - - -
Date on which Share of profit/loss
No. of shares Reason Net worth
Latest the Associate Amount of for the year
held by the Extend Description why the attributable to
audited or Investment in (J crore)
SL Reporting Company in of of how there associate/ shareholding
Name of the Company balance Joint Venture associate/joint
No. currency* associate/joint holding is significant joint venture as per latest Not
sheet was venture
venture on the % influence is not balance sheet Considered in considered in
date associated (J crore) consolidation
year end consolidated (J crore) consolidation
or acquired
12 TP Vardhaman Surya Limited Mar 31 Nov 06, 2023 INR 13,000 0.01 26.00 1 # - - -
13 European Profiles (M) Sdn. Bhd. Dec 31 Jan 25, 2008 MYR 7,00,000 0.00$$ 20.00 1 12.53 0.54 2.16
14 GietWalsOnderhoudCombinatie B.V. Dec 31 Apr 02, 2007 EUR 50 11.92 50.00 1 42.17 3.35 3.35
339
455,000 shares
of the variable
part; 25,000 of the
15 Hoogovens Gan Multimedia S.A. De C.V. Apr 02, 2007 MXN 0.01 50.00 1 # - - -
minimum fixed
part of the capital
stock
16 Wupperman Staal Nederland B.V. Dec 31 Apr 02, 2007 EUR 2,400 77.17 30.00 1 141.14 12.34 28.79
17 Fabsec Limited Dec 31 May 18 2001 GBP 250 0.00$$ 25.00 1 # - - -
18 9336-0634 Québec Inc Mar 30, 2017 CAD 1 - 27.33 1 & - - -
1 Controls more than 20% of the total share capital and has significant influence over operational and financial decision-making.
2 More than 50% stake, instead considered as Joint venture as there is less significant influence over the control of the entity.
3 Under the Ind AS regime, subsidiary of an associate/joint venture is also an associate/joint venture of the holding company.
# The operations of the companies are not significant and hence are immaterial for consolidation
* Closing rate as on March 31, 2024 has been considered for calculation
** Companies are in liquidation
## Partnership without Share capital
& Financial information are not available
$$ Represents value less than H1 lakh
@ Tata Steel BSL Limited (TSBSL) (earlier known as Bhushan Steel Limited), an erstwhile subsidiary (acquired through the corporate insolvency resolution process) which amalgamated with the
Company during the year ended March, 2022 was being identified as the promoter of Jawahar Credit & Holdings Private Limited (JCHPL) and Bhushan Capital & Credit Services Private Limited
(BCCSPL). These entities were connected to the previous management of erstwhile TSBSL, before acquisition of TSBSL by the Company (through Bamnipal Steel Limited) in May 2018. TSBSL had
written to JCHPL, BCCSPL and the Registrar of Companies (National Capital Territory of Delhi & Haryana) intimating that TSBSL should not be identified as promoter of these two companies;
accordingly, legally, neither erstwhile TSBSL nor the Company had any visibility or control over the operations of these two companies nor currently exercises any influence on these entities.
Names of associates/joint-ventures which have been sold during the year:

a. ISSB Limited
b. BlueScope Lysaght Lanka (Pvt) Ltd.
c. Dutch Lanka Trailer Manufacturers Limited
d. Dutch Lanka Engineering (Private) Limited
For and on behalf of the Board of Directors
sd/- sd/- sd/- sd/- sd/- sd/-

N. Chandrasekaran Noel Naval Tata Deepak Kapoor Farida Khambata V. K. Sharma Bharti Gupta Ramola
Chairman Vice-Chairman Independent Director Independent Director Independent Director Independent Director
DIN: 00121863 DIN: 00024713 DIN: 00162957 DIN: 06954123 DIN: 02449088 DIN: 00356188
sd/- sd/- sd/- sd/-

Shekhar C. Mande T.V. Narendran Koushik Chatterjee Parvatheesam Kanchinadham
Independent Director Chief Executive Officer & Executive Director & Company Secretary & Chief Legal Officer
DIN: 10083454 Managing Director Chief Financial Officer (Corporate & Compliance)
DIN: 03083605 DIN: 00004989 ACS: 15921
Mumbai

May 29, 2024
Statutory Reports
ANNEXURE 6
Companies that have become/ceased to be Company’s Subsidiaries or
Associate Companies (including Joint Venture Companies)
The names of companies which have become Subsidiaries or Associate Companies (including Joint Venture Companies) during
FY2023-24:
Sl. No. Name of the Company
Subsidiary
1. Grijze Poort BV
2. UES Bright Bar Limited*
3. Runblast Limited*
Associate
1. T P Vardhaman Surya Limited
The names of companies which have ceased to become Subsidiaries, Joint-Ventures or Associate Companies during FY2023-24:
Sl. No. Name of the Company
Subsidiary
1. Inter Metal Distribution SAS
2. Staalverwerking en Handel BV
3. Tata Steel Denmark Byggesystemer A/S
4. Tata Steel Mining Limited
5. Tata Steel Sweden Byggsystem AB
6. Tata Steel Long Products Limited
7. S & T Mining Company Limited
8. British Steel Nederland International B.V.
9. The Tinplate Company of India Limited
10. Tata Metaliks Limited
11. British Steel Directors (Nominees) Limited
12. Swinden Housing Association Limited
13. Corus Investments Limited
14. London Works Steel Company Limited
15. Corus Liaison Services (India) Limited
16. Catnic Limited
17. Corus Management Limited
18. Orb Electrical Steels Limited
19. Tata Steel UK Holdings Limited
20. Tulip UK Holdings (No.2) Limited
21. Tulip UK Holdings (No.3) Limited
Joint Venture
1. BlueScope Lysaght Lanka (Pvt) Limited
Associate
1. ISSB Limited
2. Dutch Lanka Trailer Manufacturers Limited
3. Dutch Lanka Engineering (Private) Limited
*These companies have been reinstated by the respective regulatory authorities.
On behalf of the Board of Directors

sd/-
N. CHANDRASEKARAN
Mumbai Chairman
May 29, 2024 DIN: 00121863

ANNEXURE 7A
Form No. MR-3
SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2024
(Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014)
To, (a) The Securities and Exchange Board of India

The Members, (Substantial Acquisition of Shares and Takeovers)
Tata Steel Limited Regulations, 2011;
We have conducted the secretarial audit of the compliance (b) The Securities and Exchange Board of India
of applicable statutory provisions and the adherence to (Prohibition of Insider Trading) Regulations, 2015;
good corporate practices by Tata Steel Limited (hereinafter (c) The Securities and Exchange Board of India (Issue of
called ‘the Company’). Secretarial Audit was conducted in Capital and Disclosure Requirements) Regulations,
a manner that provided us a reasonable basis for evaluating 2018 and amendments from time to time;
the corporate conducts/statutory compliances and expressing (d) The Securities and Exchange Board of India (Share
our opinion thereon. Based Employee Benefits and Sweat Equity)
Based on our verification of the Company’s books, papers, Regulations, 2021; (Not applicable to the Company
minute books, forms and returns filed and other records during the audit period)
maintained by the Company, to the extent the information (e) The Securities and Exchange Board of India
provided by the Company, its officers, agents and authorised (Issue and Listing of Non-Convertible Securities)
representatives during the conduct of secretarial audit, Regulations, 2021;
the explanations and clarifications given to us and the (f) The Securities and Exchange Board of India
representations made by the Management and considering (Registrars to an Issue and Share Transfer Agents)
the relaxations granted by the Ministry of Corporate Affairs Regulations, 1993 regarding the Companies Act,
and Securities and Exchange Board of India , we hereby report 2013 and dealing with client; (Not applicable to the
that in our opinion, the Company has, during the audit period Company during the audit period)
covering the financial year ended on March 31, 2024, generally
(g) The Securities and Exchange Board of India
complied with the statutory provisions listed hereunder
(Delisting of Equity Shares) Regulations, 2021;
and also that the Company has proper Board processes and
(Not applicable to the Company during the audit
compliance mechanism in place to the extent, in the manner
period) and
and subject to the reporting made hereinafter:
(h) The Securities and Exchange Board of India (Buy-
We have examined the books, papers, minute books, forms Back of Securities) Regulations, 2018; (Not applicable
and returns filed and other records made available to us and to the Company during the audit period).
maintained by the Company for the financial year ended on
March 31, 2024, according to the provisions of: (vi)
Other major laws applicable specifically to the
Company namely:
(i) The Companies Act, 2013 (the ‘Act’) and the rules
(a) The Mines Act, 1952 and the rules, regulations
made thereunder;
made thereunder;
(ii) The Securities Contract (Regulation) Act, 1956 (‘SCRA’)
(b) Mines and Minerals (Development & Regulation)
and the rules made thereunder;
Act, 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
(d) Water (Prevention and Control of Pollution) Act,
rules and regulations made thereunder to the extent of
1974 and the rules and standards made thereunder;
Foreign Direct Investment, Overseas Direct Investment
and External Commercial Borrowings; (e) Environment Protection Act, 1986 and the rules,
notifications issued thereunder;
(v) The following Regulations and Guidelines prescribed
under the Securities and Exchange Board of India Act, (f) Factories Act, 1948 and allied State Laws.
1992 (‘SEBI Act’):

Statutory Reports
We have also examined compliance with the applicable NCLT, Tata Steel Long Products Limited (‘TSLP’)
clauses of the following: stands amalgamated into and with Tata Steel
Limited. In terms of the scheme of amalgamation,
(i)
Secretarial Standards issued by The Institute of
the Board of Directors of Tata Steel Limited allotted
Company Secretaries of India with respect to board and
7,58,00,309 fully paid-up equity shares of the
general meetings.
Company of face value H1/- each, to the eligible
(ii) The Listing Agreements entered into by the Company shareholders of TSLP on November 22, 2023. The
with BSE Limited and the National Stock Exchange of India equity shares and preference shares held by the
Limited read with the Securities and Exchange Board of Company in TSLP stand cancelled.
India (Listing Obligations and Disclosure Requirements)
(c) During the year, as per the Order of the Hon’ble
Regulations, 2015.
NCLT, Kolkata Bench, S & T Mining Company Limited
During the period under review, the Company has complied (‘S&T’), a wholly-owned subsidiary of the Company,
with the provisions of the Act, Rules, Regulations, Guidelines, has been amalgamated into and with Tata Steel
standards etc. mentioned above. Limited. The entire shareholding of the Company in
S&T stands cancelled.
We further report that:
(d) As per the Orders of the respective benches i.e.,
The Board of Directors of the Company is duly constituted with
Kolkata Bench and Mumbai Bench, of the Hon’ble
proper balance of Executive Directors, Non-Executive Directors
NCLT, The Tinplate Company of India Limited (‘TCIL’)
and Independent Directors. The changes in the composition
stands amalgamated into and with Tata Steel
of the Board of Directors that took place during the period
Limited. In terms of the scheme of amalgamation,
under review were in compliance of the applicable provisions.
the Board of Directors of Tata Steel Limited allotted
Adequate notice was given to all directors to schedule the 8,64,92,993 fully paid-up equity shares of the
Board Meetings, agenda and detailed notes on agenda were Company of face value H1/- each, to the eligible
sent at least seven days in advance for meetings other than shareholders of TCIL on January 21, 2024. The equity
those held at shorter notice, and a system exists for seeking shares held by the Company in TCIL stand cancelled.
and obtaining further information and clarifications on
(e) As per the Orders of the respective benches
the agenda items before the meeting and for meaningful
i.e., Kolkata Bench and Mumbai Bench, of the
participation at the meeting.
Hon’ble NCLT, Tata Metaliks Limited (‘TML’) stands
As per the minutes, the decisions at the Board Meetings were amalgamated into and with Tata Steel Limited. In
taken unanimously. terms of the scheme of amalgamation, the Board of
Directors of Tata Steel Limited allotted 9,97,01,239
We further report that there are adequate systems and
fully paid-up equity shares of the Company of face
processes in the Company commensurate with the size and
value H1/- each, to the eligible shareholders of TML
operations of the Company to monitor and ensure compliance
on February 8, 2024. The equity shares held by the
with applicable laws, rules, regulations and guidelines.
Company in TML stand cancelled.
We further report that during the audit period the Company
(f) The Company had filed the ‘Company Scheme
had following events which had bearing on the Company’s
Petition’ with the Hon’ble NCLT, Mumbai Bench
affairs in pursuance of the above referred laws, rules,
for the Scheme of Amalgamation of TRF Limited
regulations, guidelines, standards etc.
(‘TRF’) into and with the Company. The Board
of Directors of TRF at its meeting held on
1. Amalgamations: February 6, 2024, approved withdrawal of the said
(a) During the year, as per the Order of the Hon’ble Scheme. In concurrence with the decision of the
National Company Law Tribunal (‘Hon’ble NCLT’), Board of Directors of TRF, the Board of Directors
Cuttack Bench, Tata Steel Mining Limited (‘TSML’), of the Company also decided to withdraw the
a wholly-owned subsidiary of the Company, has TRF Scheme and filed an application in this regard
been amalgamated into and with Tata Steel Limited. before the Hon’ble NCLT, Mumbai Bench. The
The entire shareholding of the Company in TSML Hon’ble NCLT, Mumbai Bench, vide its order dated
stands cancelled. February 8, 2024, allowed the withdrawal of the
TRF Scheme.
(b) As per the Orders of the respective benches i.e.,
Cuttack Bench and Mumbai Bench, of the Hon’ble

(g) The Board of Directors of the Company, at its (b) Acquisition of stake in Neelachal Ispat Nigam
meeting held on November 1, 2023, approved Limited
a scheme of amalgamation of Bhubaneshwar During the year, the Company directly acquired equity
Power Private Limited (‘BPPL’), a wholly-owned shares aggregating to 1.74% in Neelachal Ispat Nigam
subsidiary of Tata Steel, into and with the Company Limited (‘NINL’) by way of purchase of equity shares
(‘BPPL Scheme’). The BPPL Scheme is subject to from minority shareholders. Further, the Scheme of
approval from the Hon’ble NCLT, Hyderabad Bench Amalgamation between Tata Steel Long Products
and other regulatory/governmental authorities. Limited (‘TSLP’) and Tata Steel Limited became effective
November 15, 2023. Accordingly, the investment held by
2. Acquisitions, Investments and Portfolio TSLP in NINL is now held directly by the Company. As on
Restructuring March 31, 2024, the Company holds 99.66% of NINL and
NINL is a direct subsidiary of the Company.
(a) Acquisition of stake in TP Vardhaman Surya Ltd.
On November 6, 2023, the Company executed a Share (c) Acquisition of stake in The Indian Steel & Wire
Purchase and Shareholders’ Agreement with Tata Power Products Limited
Renewable Energy Ltd. and its wholly-owned subsidiary,
During the year under review, the Company acquired
TP Vardhaman Surya Ltd. (‘TPVSL’) and acquired 13,000
118,96,680 equity shares of face value ₹10/- each of
equity shares of TPVSL, of face value H10/- each, at par,
The Indian Steel & Wire Products Limited (‘ISWP’), at a
for an aggregate consideration of H1.30 lakh constituting
premium of ₹417.01 per share. The acquisition lead to an
26% of the equity shareholding of TPVSL. Consequent
increase in the equity stake held by the Company from
upon such acquisition, TPVSL became an associate of
95.01% to 98.33%. ISWP continues to be a subsidiary of
the Company.
the Company.
3. Financing and Debt Redemption

(a) Issue of Non-Convertible Debentures
During FY2023-24, the Company allotted the following Unsecured, Rated, Listed, Redeemable, Non-Convertible Debentures
(‘NCDs’) to identified investors on a private placement basis:
No. of NCDs Face value (J) Amount (J crore) Date of allotment Coupon Tenure Date of Maturity
2,70,000 1,00,000 2,700 March 27, 2024 7.79% 3 years March 27, 2027
(b) Redemption of Non-Convertible Debentures

During FY2023-24, the Company redeemed the following Unsecured, Rated, Listed, Redeemable, Non-Convertible
Debentures:
Amount (J crore) Date of allotment Coupon Date of Maturity
1,025 April 17, 2020 7.85% April 17, 2023
510 April 22, 2020 7.85% April 21, 2023
1,000 April 27, 2020 Floating Rate April 27, 2023
500 April 30, 2020 Floating Rate April 28, 2023 (Since April 30, 2023 was a Sunday)
1,000 May 20, 2020 8.25% May 19, 2023 (Since May 20, 2023, was a bank holiday)
400 June 3, 2020 Floating Rate June 2, 2023 (Since June 3, 2023, was a bank holiday)
500 April 30, 2020 7.95% October 30, 2023
(c) During the year under review, the Company issued 6,26,000 Units of Commercial Papers aggregating to H31,300 crore and
redeemed 6,26,000 Units of Commercial Papers aggregating to H31,300 crore.
Company Secretaries
sd/-
P. N. Parikh
Partner
FCS No: 327 CP No: 1228
Place: Mumbai UDIN: F000327F000479740
Date: May 29, 2024 PR No.: 1129/2021
This Report is to be read with our letter of even date which is annexed as Annexure A and Forms an integral part of this report.

Statutory Reports
‘Annexure A’
To,
The Members,
Tata Steel Limited
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express
an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness
of the contents of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected
in secretarial records. We believe that the process and practices, we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Wherever required, we have obtained the Management Representation about the Compliance of laws, rules and regulations
and happening of events etc.
5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility
of management. Our examination was limited to the verification of procedure on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or

Company Secretaries
sd/-
P. N. Parikh
Partner
FCS No: 327 CP No: 1228
Place: Mumbai UDIN: F000327F000479740
Date: May 29, 2024 PR No.: 1129/2021

ANNEXURE 7B
Form No. MR-3
SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED 31st March, 2024
(Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014)
To (iv) Foreign Exchange Management Act, 1999 and the rules

The Members and regulations made there under to the extent of
Neelachal lspat Nigam Limited Foreign Direct Investment, Overseas Direct Investment
and External Commercial Borrowings;
Samabaya Bhawan, 4th Floor, Unit 9, Janpath, Bhoinagar,
Khorda, Bhubaneswar, Odisha 751022. (v) The following Regulations and Guidelines prescribed
under the Securities and Exchange Board of India Act,
We have conducted the Secretarial Audit of the compliance
1992(‘SEBI Act’):-
of applicable statutory provisions and the adherence to
good corporate practices by Neelachal lspat Nigam Limited a. The Securities and Exchange Board of India
(hereinafter called “the Company”) for the financial year (Listing Obligations and Disclosure Requirements)
ended 31st March 2024. The Secretarial Audit was conducted Regulations, 2015;(Not applicable during the
in a manner that provided us a reasonable basis for evaluating Audit Period)
the corporate conduct/statutory compliances and expressing
b. The Securities and Exchange Board of India
our opinion thereon.
(Substantial Acquisition of Shares and Takeovers)
Based on our verification of the Company’s books, papers, Regulations, 2011;(Not applicable during the
minute books, forms and returns filed and other records Audit Period)
maintained by the Company and also the information
c. The Securities and Exchange Board of India
provided by the Company, its officers, and authorised
(Prohibition of Insider Trading) Regulations,
representatives during the conduct of Secretarial Audit,
2015;(Not applicable during the audit period)
we hereby report that in our opinion, the Company has,
during the audit period covering the financial year ended on d. The Securities and Exchange Board of India (Issue of
31st March 2024, complied with the statutory provisions listed Capital and Disclosure Requirements) Regulations,
hereunder and also that the Company has proper Board 2018;(Not applicable during the Audit Period)
processes and compliance mechanism in place to the extent,
e. The Securities and Exchange Board of India (Share
in the manner and subject to the reporting made hereinafter:
Based Employee Benefits and Sweat Equity)
We have examined the books, papers, minute books, forms Regulations, 2021;(Not applicable during the
and returns filed and other records maintained by the Audit Period)
Company for the financial year ended on 31st March 2024,
f. The Securities and Exchange Board of India
according to the provisions of:
(Issue and Listing of Non-Convertible Securities)
(i) The Companies Act, 2013 (the Act), and the Rules Regulations, 2021;(Not applicable during the
made thereunder; Audit Period)
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) g. The Securities and Exchange Board of India
and the Rules made there under;(Not applicable during (Registrars to an Issue and Share Transfer Agents)
the Audit Period) Regulations, 1993;(Not applicable during the
Audit Period)
(iii) The Depositories Act, 1996 and the Regulations and
Bye-laws framed there under;

Statutory Reports
h. The Securities and Exchange Board of India (Delisting We further report that
of Equity Shares) Regulations, 2021;(Not applicable
The Board of Directors of the Company is duly constituted with
during the Audit Period)
proper balance of Executive Director, Non-Executive Directors,
i. The Securities and Exchange Board of India (Buyback Women Director and Independent Directors. There were no
of Securities) Regulations, 2018;(Not applicable changes in the composition of the Board of Directors during
during the Audit Period) the period under review.
(vi) The other laws as may be applicable specifically to the Generally, notice is given to all directors to schedule the Board
Company are: Meetings, agenda and detailed notes on agenda were sent
at least seven days in advance for meetings other than those
1. The Mines Act, 1952 and the rules, and regulations
held at shorter notice, and a system exists for seeking and
made thereunder.
obtaining further information and clarifications on the agenda
2. Mines and Minerals (Development & Regulation) items before the meeting and for meaningful participation at
Act, 1957 and the rules made thereunder. the meeting.
3. The Energy Conservation Act, 2001. We further report that there are adequate systems and
processes in the Company commensurate with the size and
4. Air (Prevention and Control of Pollution) Act, 1981
operations of the Company to monitor and ensure compliance
and the rules and standards made thereunder.
with applicable laws, rules, regulations and guidelines.
5. Water (Prevention and Control of Pollution) Act,
We further report that;
1974 and Water (Prevention and Control of Pollution)
Rules, 1975. During the period under review, the Company has no specific
events or actions which are having a major bearing on the
6. Environment Protection Act, 1986 and the rules, and
Company’s Affairs in pursuance of the above referred laws,
notifications issued thereunder.
rules, regulations, guidelines, standards, etc.
7. Factories Act, 1948 and allied State Laws.
For Saroj Ray & Associates
8. The Explosives Act, 1984. Company Secretaries
9. The Forest Conservation Act, 1980
sd/-
10. Indian Boilers Act, 1923. CS Uttam Baral, ACS
11. The National Green Tribunal Act, 2010 Partner
M No. 67653, CP No. 26090
We have also examined compliance with the applicable clauses Place: Bhubaneswar Peer Review No. 5377/2023
of Secretarial Standards (SS-1 & SS-2) issued by The Institute of Date: 20th April, 2024 UDIN: A067653F000195737
Company Secretaries of India (ICSI).
(This report is to be read with our letter of even date which is
During the period under review, as per the explanations and annexed as Annexure A and forms an integral part of this report)
clarifications given to us by the Management, the Company
has complied with the provisions of the Act, Rules, Regulations,
Guidelines, Standards, etc. as mentioned above.

Annexure A
To
The Members
Neelachal lspat Nigam Limited
Samabaya Bhawan, 4th Floor, Unit 9, Janpath,
Bhoinagar, Khorda, Bhubaneswar, Odisha 751022.
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial records is the responsibility of the management of the Company. Our responsibility is to express
an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The verifications were done on test basis to ensure that correct
facts are reflected in secretarial records. We believe that the processes and practices, followed by the Company provide a
reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Wherever required, we have obtained the management representation about the compliance of laws, rules and regulations
and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility
of the management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or
For Saroj Ray & Associates

Company Secretaries
sd/-
CS Uttam Baral, ACS
Partner
Place: Bhubaneswar M No. 67653, CP No. 26090
Date: 20th April, 2024 Peer Review No. 5377/2023

Statutory Reports
ANNEXURE 8
Particulars of Loans, Guarantees or Investments
[Pursuant to Section 186 of the Companies Act, 2013]
Amount Outstanding as on March 31, 2024

(H crore)
Particulars Amount
Loans Given 8,745.20
Guarantees Given 8,942.14
Investments Made 65,498.27
Loans, Guarantees given or Investments made during FY2023-24

(H crore)
Purpose for which the
Particulars of Loans, Guarantees Loans, Guarantees given
Name of the Entity Relation Amount
given or Investments made or Investments made are
proposed to be utilised
Neelachal Ispat Nigam Limited 152.88
T Steel Holdings Pte. Ltd. ^
34,168.90
Subsidiary
Tata Steel Advanced Materials Limited 23.50 Investments in Equity Shares
The Indian Steel & Wire Products Ltd. 508.00
TP Vardhaman Surya Limited Associate 0.01
Investments in Non-convertible
Angul Sukinda Railway Limited@ Others 50.00 Business Purpose
Redeemable Preference Shares
Angul Energy Limited* 43.00
ABJA Investment Co. Pte. Ltd. 4,566.62
T Steel Holdings Pte. Ltd. Subsidiary 3,665.91 Loan
Tata Steel Downstream Products Limited# 415.00
Subarnarekha Port Private Limited 30.00
^
Represents investment on account of conversion of loan
@
Represents investment on allotment of shares against advance against preference shares made during the year ended March 31, 2024
*Represents loans given and repaid during the year ended March 31, 2024
#
Includes loans amounting to H315.00 crore repaid during the year ended March 31, 2024
Notes:
(i) During the year ended March 31, 2024, the Company has converted the loan of H34,168.90 crore provided to T Steel Holdings Pte. Ltd. (‘TSH’), a
wholly-owned subsidiary of the Company, into equity.
(ii) During the year ended March 31, 2024, the Company has recognised a net impairment loss of J10,449.62 crore and net fair value gain of
J18.09 crore with respect to investments held in its affiliates. The impairment of J10,419.62 crore relates to provision for impairment of investment of
J10,038.62 crore in T Steel Holdings Pte. Ltd., J313.99 crore in Creative Port Development Private Limited, J50.00 crore in Medica TS Hospital Private
Limited, J17.00 crore in Subarnarekha Port Private Limited (SPPL) and J30.00 crore for loan provided to SPPL. Net fair value gain represents a gain of
J18.09 crore on preference shares investments held in TRF Limited and Angul Sukinda Railway Limited.
sd/-
N. CHANDRASEKARAN
Mumbai Chairman
May 29, 2024 DIN: 00121863

ANNEXURE 9
Particulars of Energy Conservation, Technology Absorption and
Foreign Exchange Earnings and Outgo
[Pursuant to Companies (Accounts) Rules, 2014]
(A) Conservation of Energy

(i) Steps taken or impact on conservation of energy:
Jamshedpur
Sl. No. Achievements Enablers
1. Lowest ever plant specific energy consumption of 5.313 Gcal/tcs
2. Higher by-product gas utilisation of 97.82%
3. Highest ever oxygen supply to Blast Furnaces of 3,986 tpd
4. Highest Ever COG supply to pellet plant of 15,318 Nm3/hr
5. Highest ever LDG Injection at TSCR GMS of 7,263 Nm3/hr
Innovation & Digitalisation Projects
6. Lowest ever steam condensate loss of 5.56 TPH a. Development of Online Oven top Flaring
7. Lowest ever fuel rate at TSCR of 0.142 Gcal/Tcs Monitoring Screen online for higher usage
8. Highest ever coal tar generation from BPP due to daily DM EMC of 1,11,671 T of COG.
b. Development COG Prediction model for
9. Lowest LDO usage of 3,249 KL for power generation
Optimisation of COG Consumption.
10. Lowest ever specific water consumption of 1.62 m3/tcs
11. Lowest ever freshwater intake of 10.37 MGD.
12. Highest ever CETP production of 6.50 MGD.
13. Usage of Low Sulfur Furnace in place of coal tar at E BF and C BF helped in
achieving lowest ever Fuel rate in FY2023-24 – 504 kg/thm and 549 kg/thm.
Kalinganagar
1. Conversion of existing high-pressure sodium vapour lamp in 9 no’s High Mast
Towers at Wagon Tippler (Pre and Post Rail yard) into LED.
2. Solar panel has been provided as alternate power source for building lighting at
Commercial Buildings and Traffic Lights.
3. Reduction in power rate- Power Rate of 40.22 kWh/TNS in FY2023-24 from 42.97
kWh/TNS in FY2022-23. • Fixed Power optimisation of hydraulics and water
4. Reduction in fuel rate - Solid Fuel Rate of 75.6 Kg/TNS in FY2023-24 from 77.19 kg/ system pumps based on production and cooling
TNS in FY2022-23. requirement (Coiling temperature).
• Effective power utilisation: Speed loss reduction
5. Reduction in BF Sinter Return fines generation- BF RF Generation of 13.5% in
FY2023-24 from 13.77% in FY2022-23 • Increase in demand and reduction of
interruptions.
6. Lowest ever Coke rate to 333 kg/Thm (Reduction of 4.2 % over FY2022-23)
• Process optimisation and improved shutdown
7. Highest ever Coal rate to 191 kg/thm (increase of 5.5% over FY2022-23)
management
8. Lowest ever fuel rate to 524 kg/thm (reduction of 1% over FY2022-23) • Enhanced wastewater recovery and improved
9. Highest ever TRT power generation of 1,20,362 Mwh (increase of 9% over water management by the consuming
FY2022-23) departments.
10. Lowest ever water consumption to 0.34 m3/thm (Reduction of 14.7 % over
FY2022-23)
11. Reduction in Specific heat consumption of Battery 1 & 2 Coke Plant TSK to 656
kcal/kg in FY2023-24 from 705 kcal/kg in FY2022-23. Monthly best-ever specific
heat of 599 Kcal/kg of dry coal was achieved in the month of March 2024.

Statutory Reports

12. Best annual pushing 56,629 at 154.7 per day previous best 55,988 at 153.4 per day
in FY2022-23 by achieving consistency in Battery Heating (Online Regenerator
& Gooseneck temperatures are monitored on real time basis by thermocouples
which are installed in regenerators & gooseneck respectively). Action standard
have been prepared for decision-making on Coking Time based on temperature
values for achieving consistent coke quality.
13. Best-ever annual Gross coke production 1,568.84 KT previous best 1,568.80 KT in
FY2018-19
14. Lowest annual defect rate in Coke Quality with only 2 defects (CSR <65) against
19 defects in FY2021-22 (Annual average CSR at 67.1 against target of 65; CSR
value - Higher the better)
15. Annual average Coke Oven Gas quality properties was best-ever with Ammonia
at 30 mg/Nm3 against previous best of 32 mg/Nm3 in FY2022-23.
16. Following quality properties of Treated water (BOD plant) were best-ever (lower
the better, since this effluent is treated downstream at CETP, better quality
reduces energy spent in treating this effluent at CETP):
(i) Annual average of BOD treated water color - 18 Pt-Co against previous best
of 22 mg/Nm3 in FY2022-23.
(ii) Annual average of BOD treated water Phenol - 0.22 ppm against previous
best of 0.25 ppm in FY2022-23.
17. Increase in LD gas recovery from 78.73% in FY2022-23 to 93.46% in FY2023-24.
The major enablers are increase in demand and reduction of interruptions.
18. Increase in Scrap Charging in Vessel from 9.1% in FY2022-23 to 11.2% in FY2023-24
19. Best ever specific power consumption of 101 kWh/T in the month of December
2023 and reduced annual mill specific power consumption from 108 kWh/T in
FY2022-23 to 107 kWh/T in FY2023-24
20. Best ever LD Gas Yield of 79.11 Nm3/tcs and lowest ever By-Product Gas Flaring;
BFG - 1.14% and COG- 1.20%.
21. Oxygen generation enhanced by 1.4 % and Oxygen venting decreased by 27.1%
from the same facility with modified operational philosophy.
22. Best ever specific water consumption of 2.87 m3/tcs as against the previous best
of 3.32 m3/tcs in FY2022-23.
Meramandali
Reduction of specific heat consumption at Coke oven-2 by 5 kcal/kg of
Reduction of specific heat consumption at Coke oven#2 by 5
1. dry coal charge from 577 Kcal/kg to 572 Kcal/kg through optimisation of
kcal/kg of dry coal Charge.
process parameters & elimination of cross leakages
HBT at BF2 was less than 1100oC due to series stove operations, In-
Efficient Air: Gas Ratio & Multiple issues in Compensator. By Optimising
2. To increase and sustain HBT at BF2 from 1097oC to 1170oC.
Air to fuel ration by changing of compensator valves helped in increasing
HBT at BF-2.
Increased HBT by maintaining Air to Fuel ratio from 0.75 to 0.82 and
3. Increase HBT at BF-1 from 1103 to 1137 without WHRS in line
optimising duration of stove changeover.
4. Reduction in Power Consumption by 57Kwh at GFB. 4 no’s VFD Installed in FD fan at GFB.
Installation of 470 kW capacity Micro-turbine at Coke Oven - 1 process
Generation of power by utilising process steam energy loss in steam supply piping.
5.
pressure & temperature reduction supplied to Coke Oven. Installation of 680 kW capacity Micro-turbine at Coke Oven - 2 process
steam supply piping.

(ii) Steps taken by the Company for utilising alternate sources of Energy:
» Projects on Power generation from solar and non-conventional energy source gained momentum.
» Commissioning of roof top solar and floating solar projects targeting increasing in-house renewable energy. It includes
for roof top (Hot Strip Mill ,Cold Rolling Mill, Central Ware House and Wire Rod Mill 5.6 MW) and Upper cooling pond
(7.5MW)
» Commissioning of Central Load Dispatch Center project has been completed and have given accrued savings of
~H4.03 crore since September 2023.The savings have been accrued by optimising sale of captive power in power
exchange. In process of integrating new locations (of subsidiaries and merged entities) in Q1FY2024-25.
» Power delivery agreement of RE Hybrid 379 MW has been signed by the Company with Tata Power Renewable Energy
Limited in October 2023. Notice to proceed for the implementation of the project has been issued to TPREL in the month
of November 2023. The expected CO2 reduction is 2 million Tons annually.
» Commissioning of Micro Turbines at PH#4 and PH#5 targeting Waste Energy Recovery completed. Installation of micro
turbine at PH#3, BPP, G&H Blast Furnace at TSJ is in progress.
» Project on retrofitting of existing cooling tower with S.M.A.R.T. system using predictive control strategy, implementation
work is in progress for TSCR cooling towers. Expected energy savings is up to 22%.
» Implementation of Energy Efficient 12 ENCON Fan at TSJ Cooling Towers
(iii) Capital investment on energy conservation equipments:

Sl. Particulars J crore
Jamshedpur
1 Erection of DN-700 COG line near SP-3 area for PH (Powerhouse) 6 0.42
2 Procurement and Installation of Smart Cooling tower at TSCR 0.52
3 Installation of CV Analyzer for COG in HSM 0.59
4 Implementation of Energy Efficient 12 ENCON Fan at TSJ Cooling Towers 0.77
Meramandali
1 4 no’s VFD Installed in FD fan at GFB. 0.23
2 Installation of 470 kW capacity Micro-turbine at Coke Oven - 1 process steam supply piping. 6.98
Installation of 680 kW capacity Micro-turbine at Coke Oven - 2 process steam supply piping.
(B) Technology Absorption

1. Efforts made towards technology absorption
(i) Projects under Research and Development and Digital initiatives
Jamshedpur:
Project title Benefits
Refractory erosion in Tundish limits the lining life and poses a safety threat against productivity.
So, it is imperative to get the tundish sensorised to obtain the extended sequence length of
Sensorisation of Tundish for Real-Time
tundish without compromising safety. Sensorisation of tundish aids in real-time monitoring
Temperature Monitoring for Improving
of the progress of erosion and timely replacement of the tundish. Fiber Bragg Grating based
Productivity and Safe Operation
sensors system has been developed and deployed for real-time monitoring of tundish
condition.
Online sinter size analysis acts as a proactive approach and early warning indicator which
is needed for the Blast Furnace operators to maintain stability of Blast Furnace. An image
Online Sinter Size Analysis Technique for Blast
processing-based methodology is developed for estimating the sinter particle size distribution
furnace
in real time. The implemented system enables blast furnace operations team to take timely
corrective action for improving the efficiency of the furnace.
An innovative system based on electromagnetic principle has been developed for counting
Real Time Rebar Counting System
the rebars in real time. The system has been calibrated and implemented.

Statutory Reports

API X-65 Sour grade has been designed and produced at plant scale following comprehensive
research approach involving alloy design, thermodynamic calculations, thermomechanical
Design and development of API X-65 Sour grade simulations, microstructural characterisation, and pilot scale trials. The processed tubes
exhibited excellent HIC (Hydrogen induced cracking) and SSCC (Sulphide stress corrosion
cracking), in addition to the mechanical properties.
A 3D printing wire feedstock is developed for large scale additive manufacturing of structural
steel application. The work involved designed an alternative chemistry to attain continuously
3D Printing Wire Feedstock for Additive stable arc using low Si chemistry for a final tensile strength of a ≥500 MPa equivalent to
Construction structural steel grades e.g., S355J and Yst350. The developed 3D printing wire feedstock
qualified desired properties and produces fewer oxides, 2-3 g per kg of steel deposition,
compared to 5-8 g per kg for commercially available wires.
ER100S-G MIG electrode (min. UTS 690 MPa) has been produced in-house – the electrode
High Strength Welding Consumables for Advanced
finds applications for joining advance high strength steels and strategically situates itself as
High Strength Steels
a novel product from import substitution perspective.
A mathematical model has been developed based upon co-relation of various operating
conditions and process parameters to assess coiling feasibility of new grade and/or section
Coiling feasibility model for down coiler in Hot
with respect to coiler capacity of the respective hot strip mill. Apart from feasibility check,
Strip Mill.
the model has the potential to reduce bad coil shape and energy consumption for existing
grades and sections by optimising coiling process parameters.
Rust preventive (RP) oil is applied over cold rolled steel to prevent temporary corrosion during
transit and storage. The RP oil is required to be removed at customers’ end prior to post-
painting. End-customers are following 7-tanks pre-treatment processes to remove oil and
Polymer coated CRCA for Ready-to-paint
this process involves hazardous chemicals & generate liquid effluents. In the direction of
application
elimination of 7 tanks pre-treatment processes at customers’ end, an engineering polymer
coating technology has been developed and patented. This technology is mainly developed
for cold rolled steel and can be directly applied without any pre-treatment or primer coatings.
Bones and teeth have a highly complex structural hierarchy that consists of 65-70% inorganic
crystals of Hydroxyapatite (HA) and 30-35% of organic protein (collagen). Tata Steel has
developed nano HA that has potential to be used in dental applications. The production
Nano Hydroxyapatite (HA) for Dental Application
process is getting scaled up and samples are sent to customers for validation. The produced
nano HA showed promising results like good control over shape and size, stability, enhanced
repair and regeneration of teeth through remineralisation.
The hot rolled steel exhibited very high stretch flangeability. And Hole expansion ratio, was
Development of hot rolled JSH590BN grade with observed to be higher than 100% . The steel exhibited superior surface finish owing to a silicon
more than 100%-hole expansion ratio. free chemistry. This grade finds applications for manufacturing automotive components such
as rear suspension beam that require very high stretch flangeability during forming operation.
Glycol based surface modifiers formulations have been deployed – these formulations
Increasing the Ball Mill throughput at Pellet Plant stabilise the charge particles and prevents the re-agglomeration of particles during grinding.
by deploying Surface Modifiers The work has resulted in ~10% reduction in ball mill rejects and 2% increase in ball mill
throughput at pellet plant.
R&D has indigenously developed a metal oxide-based catalyst to improve the convective
Improvement in heat transfer coefficient in
heat transfer. The catalyst addition resulted in increasing the rate of sintering and reducing
sintering
the coke rate at sinter plant by 1.5 kg/ton of sinter.
Nickel and cobalt are identified as critical minerals for India having end use in stainless steel
and batteries for EV sector. A novel pyrometallurgical process is developed at R&D to extract
Pyrometallurgical processing of Low-Grade
the nickel, cobalt, Iron and chromium metal values from chromite overburden produce and
chromite overburden to extract Nickel and metal
produce low grade ferrochrome alloy (Nickel Pig Iron) and slag. Large scale trials have been
values
taken to demonstrate the feasibility of utilising the low-grade chromite overburden in cost-
effective manner to produce Nickel pig iron.
Tata Steel has developed a novel process for selective extraction of manganese from the
low-grade manganese ores in techno-economic manner using SO2 gas to produce various
Development of value-added products from Low
value-added products (VAPs) for use in Agricultural, Industrial and batteries application.
Grade Manganese Ores
The VAPs are manganese sulphate (MnSO 4.H 2O), manganese carbonate (MnCO 3),
electrolytic manganese metal (EMM) and electrolytic manganese dioxide (EMD).
Solution comprises a machine learning algorithm that optimises the fan and pump speed
based upon ambient temperature and relative humidity as input factors. The proposed
SMART Solution Package For energy efficient
solution has resulted in substantial improvements in energy efficiency, reduction in carbon
performance Of Cooling Tower
dioxide emissions, water savings, operational expenses without causing any operational
disturbances.

Tata Steel has commercialised a novel coking catalyst that reduces coke production time
Reduction in carbonisation time in non-recovery significantly, leading to both cost savings and reduction in CO2 emissions per ton of coke. The
coke making through use of novel catalyst innovation has a potential to produce an additional 50,000 tonnes of coke annually, marking
a significant step towards sustainable steel production.
Lowering alumina in Indian iron is a technological challenge. Tata Steel R&D has developed
a reagent which is extremely selective to aluminosilicates and this reagent through reverse
Selective flotation of iron ore
iron ore flotation can lower alumina level from 5% in the feed to 3% in the product with
concentrate yield of 75%. The pilot plant trial using the said reagent is in progress.
In the endeavour of improving the fine clean coal yield in the coal washery, Tata Steel has
developed a new technology wherein the air bubble in the flotation circuit gets coated
Oily bubble flotation to improve fine clean yield with thin layer of oil. This localised presence of oil at the bubble interface lowers the energy
at coal washery barrier required for three-phase attachment of the bubble with the particle and increases the
hydrophobicity of the bubble. With successful trials in the lab and pilot scale, the process is
now getting tested at plant scale.
Thermal Hawk is a thermal sensor-based system that provides real-time visualisation of the
processes occurring inside the blast furnace top and enables continuous measurement
Thermal Hawk: A One Stop Solution for Real-Time
of process-influencing parameters. The system has empowered the operators to make
Visualisation inside the Blast Furnace
interventions in raw material distribution that drastically improved the furnace efficiency
and brought down the fuel rate.
WOO slab inventory is generated due to prime over run, minimum order quantity, trials, and
process deviation etc. Presently WOO slab is assigned against an order following a SOP which
is a manual activity, time consuming and prone to error. An AI based expert system has been
Implementation of expert system for automatic
developed which considers chemistry, thickness, properties, acceptance norms and rollability
re-gradation of without order (WOO) slabs
matrix to regrade the slabs automatically. The model provides flexibility to choose desired
quality and re-grade accordingly. This model is beneficial in regrading a WOO slab to a prime
order rather than putting it in known lower quality basket.
Kalinganagar
Blast Furnace
Implementation of burden charging recommender This is AA model and recommend the best burden distribution is required for any changes
digital model to enhance visibility in burden in raw material %.
distribution
Stabilisation and optimisation of inhouse pellet It helps to improve furnace permeability and reduction in coke rate, fuel rate with enhanced
through burden distribution productivity.
Installation of 2D profilometer Real time monitoring Blast furnace top profile, facilitate to optimisation in centre coke %.
Addition of fine colemanite Reduce impact of Al2O3 or reduction in fuel rate.
Increased Top gas pressure from 1.8 bar to 2.25 bar Reduction in coke rate, coal rate and increase in productivity & TRT power generation.
1. Minimised the loss through recycling of TWW
Reduction in specific water consumption
2. Eliminated water leakages in RASA and GCP.
Sinter Plant
Established a magnetic water treatment for reducing the surface tension of water through
Reduction in specific water consumption in sinter introducing permanent magnetic conditioners in clarified water line of High Intensity Mixer
making through magnetic treatment of water. and Noduliser (HIM) during mixing and granulation for performing magnetic treatment.
Reduced surface tension of water results in increased wetting area with less amount of water.
Improvement in tumbler index and decrease in sinter return fines by improving heat and
Development of pulse sintering technology to mass transfer rate in sinter by introducing flow/pressure pulsation in the sinter bed. The
improve the productivity at tsk sinter plant process of pulse sintering helps in controlling flame front speed and sinter retention time at
higher temperature.

Statutory Reports
Raw Material Handling System & Logistics Operation:

Elimination of MMI during HT breaker Rack in and Rack out through 100% implementation
Implementation of IRRD for HT panels of RMHS ECR
of Intelligent Rack in and Rack Out Device (IRRD) Kit.
Modification of OHP HMI mapping of all the piles By mapping of the Ore stockpiles in HMI resulted in elimination of mixing of different grades
in yard of material due to human error.
Enhanced reliability of Moving equipment (WT
This system will eliminate the failure of cables along with risk of electrocution and further
and SCR) through implementation of Drag Chain
leading to improved availability of the machine.
system
Hot Strip Mill:

This is an image analytics-based solution to minimise manual intervention during the slab
OCR based slab Identification
Identification process
Auto detection and correction of anomalous slab Improved Width control accuracy by detecting and correcting measurement data, which is
width measurement consumed by the model, for real time process control
Steel Melting Shop

Implementation of Digital Asset management
Mould reliability improvement
System (DAMS) at Phase-1 Caster
Commissioning and Stabilisation of Phase-2 Caster
with Electromagnetic Mould Level Sensing and
This will help in achieving improved quality control and reduced internal rejections
Control (VUHZ) and Third Generation Flow Control
Mould (FC3)
Implementation of Cast Optimiser model in
Throughput improvement and reduction of manual intervention
Phase-2 Caster
Implementation of Auto Mould Filling feature in
Enhanced safety during casting start
Phase-2 Caster
Replacement of Rubber Bellows with Metallic
Bellow in Hydraulic Mould Oscillator (HMO) of Eliminating chronic failures
Caster
Coke Plant TSK

High temperature near electrohydraulic actuator in waste heat box alley area in cellar area &
high movement cycle of actuator led to its frequent failure which ultimately led to stoppage
of Battery Heating leading to inconsistency in pushing. After PID tunning & extended shaft
Elimination of Cellar Rexa Actuator Failure
modification design (made in house) number of side tunnel actuator failures came down
to zero which helped in maintaining consistent pushing. This helped in reducing cost of
maintenance of the Side tunnel actuator and pushing loss which occurred due to its failure.
Meramandali:
Earlier dosing of fluxes was being carried out
manually to the sinter machine due to which
higher basicity was observed in sinter leading to • Manual intervention Eliminated.
increase in coke rate at blast furnace. Hence, to • Reduction of basicity in sinter by 25%.
avoid manual dosing and stabilise basicity in sinter, • Reduction in Coke Consumption by 1kg/thm in BF-2
online chemical analyser was installed to measure
Fe & CaO.

(ii) Process Improvement accurately on real-time basis, so that operators can
Jamshedpur: make quick adjustments for better performance
and higher coal recovery. In November 2023,
Ferro Alloys
Visio-Froth Technology was introduced at
• Enhanced yield in Silico Manganese making process Washery#2 at West Bokaro to aid operators
through high slag basicity operation to monitor these parameters (e.g. bubble size
Higher slag basicity increases slag liquidus distribution, collapse rate etc.) through live video
temperature which helps in manganese reduction streaming in the control room. This resulted in fine
and improve Manganese yield in Silico Manganese coal yield improvement by 0.5%.
production. This idea is tested in plant scale where
• Onsite Demonstration of Fine Dense Media Cyclone
slag basicity has increased 0.05 which resulted
(DMC)
in decrease in MnO loss by 2%. This idea is now
implemented and helps in reducing production cost. To reduce coal ash in the intermediate size range
(0.25 – 0.5 mm) at same level of yield, Fine DMC
Mining: (Dense Media Cyclone) has been identified as
• Successful trial of Vibro Ripper Technology as an one of the best technologies. In February 2024 a
alternate Blast free mining demonstration plant having capacity of 10 tph was
commissioned at JCPP, Jharia. The initial results w.r.t
Conventional blasting method restricted within
coal ash and yield are quite encouraging and being
100 m of inhabitancy as per statute. To mine in
closely monitored.
the blasting restricted area, extensive trials with
Vibro-Ripper was conducted for extraction of Agglomeration
coal overburden (OB) at West Bokaro. The ripper
• Lime sludge as an alternative to limestone
productivity was found to be ~40 cubic metre per
in sintering
hour which is planned to be doubled in the next trial
to justify its techno-commercial feasibility. Besides, Lime sludge is a waste product generated in a PVC
efforts are ongoing to deploy this technology in resins manufacturing facilities, has a CaO content
Iron ore mining. greater than 65% with lower LOI of 27%. Replacing
the limestone with the lime sludge in sintering
Ore Beneficiation process, gives us an opportunity to utilise other
• HAVER Hydro clean technology for washing of industries revert in reducing the CO2 emissions and
Iron Ore helping us to move one step closer to our goal-
net zero emissions. Lab scale trials with partially
Hydro clean employs high-pressure (~80 bar) water
replacing limestone with lime sludge has been
nozzles to remove Al2O3 and SiO2 bearing adhered
completed and achieved encouraging results,
clay particles from the surface of iron ore. The bench
further plant scale trial is planned at sinter plant.
and pilot scale (30 days, @30 tph) trials were carried
out at Noamundi Iron ore Mines. The trials indicated • Production of High MgO Pellet in Grate Kiln at TSG
that the technology can reduce 50% more Al2O3 at The pellet plant at TSJ and TSK produces high MgO
~ 80% less water consumption when compared to dual fluxed pellets (limestone and pyroxenite)
conventional scrubber washing. Besides, it can also in travelling grate, whereas similar grade pellets
efficiently remove SiO2 and Phosphorus present in are produced for the first time in grate kiln
the iron ore. technology at TSG. The high MgO pellets have
superior metallurgical properties required for blast
Coal Beneficiation
furnace performance.
• Improving fines clean coal yield through Visio-
Froth technology There was an apprehension of increase in accretion
inside the kiln with higher flux addition. Accretion
In coal washery operations, the froth flotation
was well managed during high flux operation by
process is crucial for recovery of clean coal from
adjusting the thermal profile in kiln and by avoiding
raw coal fines (<0.5mm). Factors like bubble size and
direct exposure of refractory to high temperature.
froth speed can affect the process, impacting the
The high MgO pellets delivered metallurgical
overall yield and quality of the output. Therefore.
properties like TSJ pellets. This helped to increase
it is necessary to monitor froth properties
pellet burden in BFs at TSJ and TSM.

Statutory Reports
Coke Making during trial is 95% consistent with lab results.

• CDQ dust trial to improve coke mean size The permanent deployment of the system is in
progress at I BF with help of Operations team.
During coke dry quenching (CDQ) of coke, coke
dust generated which has higher inert%. Use of Kalinganagar:
this CDQ dust helps to increase inert% in the blend
and thereby, coke mean size. Therefore, a trial was Sinter Plant
conducted at Bat 8-11 by addition of 2% CDQ dust » Best ever RDI (<30) compliance of 99.05% (Previous best
in the blend. There was improvement in coke mean was 97.98% in FY2022-23).
size and coke yield. This also led to reduction in coal
blend cost. Hot Strip Mill
» Successfully rolled Electrical Steel up to 3.3% Silicon (1st
Blast Furnace time in India).
• Use Of Low viscosity fuel Oil at C And E BF to reduce
» 20% increase in supplies of high strength automotive
fuel rate
grades to market.
Coal Tar which was being used as an auxiliary fuel
injectant was replaced with low viscosity fuel oil. » Successfully rolled 300kT+ of slabs from TSM, TSJ and JSPL
Fuel oil has higher calorific value, lower viscosity & through synergy initiatives.
higher hydrogen % than coal tar. Lower viscosity of » Consistent supply of API grades with superior quality
fuel oil enabled to achieve higher auxiliary injection (for nation building-City Gas Project, CGP) with respect
rates with same hardware. With higher injection to surface, shape & mechanical properties. Produced
rates blast humidity was eliminated which further 150 kT+ API grade steel in FY2023-24 with first time API
helped in reducing fuel rate of the furnace. Post X65 and X70 grades supplied in thicker and wider section
implementation in September 2023, fuel rate of (13mm*1862mm).
smaller furnaces dropped by about 20 kg/tHM.
» Supplied 438 kT of HR to the Cold Rolling Mill at TSK. This
• Biochar injection to substitute part of fossil fuel PCI included high strength grades like DP 780 and DP 980
and lower down emission for trials.
In Blast furnace, coke is charged from top and
pulverised coal is charged from bottom. However, (iii) Product Development
both the fuels are non-renewable fossil fuels Jamshedpur
contributing to CO2 emissions. To address this issue » First-in-India: Developed 7mm and 9mm Fe550D air
and to achieve the target of lowering down CO2 cooled rebars in coil form for SmartFab (welded wire
emissions, Tata Steel has been exploring multiple mesh).
trials and among these trials, most promising &
» Developed BH220 CR dent-resistant skin panel for PVs
cost-effective solution has been identified as –
‘Biochar injection in blast furnaces’ – to substitute » Developed Advanced High Strength Steel DP780 CR
part of pulverised coal. So far, January 2023 to for structural and safety critical components of PVs
March 2024, around 11.2 Kt charcoal has been » Developed Eco-friendly secondary coated GA for
injected which has reduced equivalent amount Scooter/Moped Fuel Tank.
of pulverised coal and reduced CO2 emission by
around 32,800 tonnes and its continuing at TSJ Kalinganagar
blast furnaces. » 3.2% Silicon Electrical steel: HR developed for CRNO
feedstock. This is first time in India.
Process visibility
» 2.4% Silicon Electrical steel: HR developed for
• Improved sensorisation at Blast Furnace CRNO feedstock.
To monitor mean size of material fed into the Blast » 22MnB5 grade: Developed for side impact beam
furnace on real-time basis for optimal, a camera application for automotive segment.
has been installed over MB1 belt at I BF. Algorithm
» X60 Sour service grade: Developed for line
has been developed using image processing to
pipe application.
extract detailed features to estimate detailed
size distribution of the metallics and coke. The » SAE1026: Developed for automotive brake
size estimated using the algorithm developed web application.

» Corten A grade: Developed for under frame of » EN 10149 – S355MC grade with stringent impact
railway wagon. guarantee property: Developed for Lifting &
» X70 (Low Molybdenum variety): Developed for line Excavation segment.
pipe application. » E350 grade in 20 mm thickness with UT guarantee:
Developed for Lifting and Excavation segment.
2. Benefits derived from key projects like product improvement, cost reduction, product development or
import substitution:
Jamshedpur
To improve product offering in Project segment by migration New offering with higher margin. Savings of H9.50 crore
in TMT 550D grade from 500D grade.
Reduce number of front ring discard from 40 to 20 rings in Increase in gross yield. Savings of H5 core
8 mm 550 SD rebar coil
Enhanced operating philosophy to increase availability Opportunity to make more surface critical product mix especially for automotive
high surface critical GA and ZS products from CGL2 using and branded product. Savings potential of H13.86 crore in FY2023-24
advanced principles of Zn bath management
Integrated Process Chart deployment for cold rolled and Less diversions, improved process monitoring and quality assurance. Savings of
coated products H2.65 crore in FY2023-24
3. Information regarding imported technology (last three years):

Financial Year of
Sl. No. Technology Imported Status
Import
Jamshedpur
1. Granshot
2. Surface inspection system at PLTCM
2021-22
3. Revamping of ARP 1, 2 at TSJ CRM
4. Revamping of ARP at CRM Bara
5. Stelmor Conveyor System: 2022-23 Commissioned
6. IBF PCI Enhancement Project:
7. LD 1 Secondary Emission
2023-24
8. LD 1 Secondary Emission
9. Online analysis of Fe & CaO for automatic dosage of fluxe
4. Expenditure on Research & Development (R&D)

(H crore)
(a) Capital 11.97
(b) Recurring 285.29
(c) Total 297.26
(d) Total R&D expenditure as a % of Total Turnover 0.21%
(C) Foreign Exchange Earnings and Outgo

(H crore)
FY2023-24 FY2022-23
Foreign Exchange Earnings 8,317.40 12,355.08
Value of direct imports (C.I.F. Value) 40,088.63 47,361.73
Expenditure in foreign currency 1,738.06 808.80
sd/-
N. CHANDRASEKARAN
Mumbai Chairman
May 29, 2024 DIN: 00121863

Financial
Statements
Highlights
Financial Highlights F2
Financial Ratios F3
Production Statistics F4
Financial Statistics F4
Dividend Statistics F5
Standalone
Independent Auditor’s Report F6
Balance Sheet F26
Statement of Profit and Loss F27
Statement of Changes in Equity F28
Statement of Cash Flows F30
Notes forming part of the Standalone Financial Statements F32
Consolidated
Independent Auditor’s Report F132
Consolidated Balance Sheet F144
Consolidated Statement of Profit and Loss F146
Consolidated Statement of Changes in Equity F148
Consolidated Statement of Cash Flows F150
Notes forming part of the Consolidated Financial Statements F152
Financial Statements
FINANCIAL HIGHLIGHTS
(I crore)
2023-24 2022-23 2023-24 2022-23
Revenue from operations 1,40,987.43 1,42,913.32 2,29,170.78 2,43,352.69
Profit/Loss before tax 9,172.15 20,089.70 (1,147.04) 18,235.12
Profit/Loss after tax 4,807.40 14,685.25 (4,909.61) 8,075.35
Dividends 4,414.00 6,267.84 4,409.79 6,227.15
Retained earnings 86,727.36 86,491.20 34,815.73 48,166.32
Capital employed 1,90,289.52 1,88,421.54 1,92,507.20 2,04,183.90
Net worth 1,35,222.28 1,34,137.48 88,623.82 1,00,462.79
Borrowings (including lease liabilities) 44,579.10 43,304.36 87,082.12 84,893.05
Ratio Ratio
Net Debt to Equity 0.28 0.28 0.78 0.61
L L
Net worth per share as at year end 108.32 109.76 71.06 82.28
Earnings per share:
Basic 3.85 11.76 (3.62) 7.17
Diluted 3.85 11.76 (3.62) 7.17
Dividend per Ordinary Share 3.60 3.60 3.60 3.60
Employees (Numbers) 43,263 42,251 78,321 75,263
Shareholders (Numbers) 47,17,442 36,44,090$
$ on a standalone basis (pre-merger)
117th Year Integrated Report & Annual Accounts 2023-24 F2

FINANCIAL RATIOS

2023-24 2022-23 2023-24 2022-23
1. EBITDA/Turnover 21.99% 20.12% 10.21% 13.44%
2. PBET/Turnover 16.18% 14.60% 2.91% 7.45%
3. Return on average capital employed 13.22% 12.59% 6.79% 11.62%
4. Return on average net worth 3.51% 11.10% (4.97)% 7.27%
5. Asset turnover 78.49% 71.39% 85.78% 87.05%
6. Inventory turnover (in days) 67 64 84 79
7. Debtors turnover (in days) 5 7 12 15
8. Gross block to net block 1.38 1.35 1.62 1.57
9. Net debt to equity 0.28 0.28 0.78 0.61
10. Current ratio 0.80 0.90 0.87 1.01
11. Interest service coverage ratio 10.01 10.74 2.47 6.01
12. Net worth per share (₹) 108.32 109.76 71.06 82.28
13. Basic earnings per share (₹) 3.85 11.76 (3.62) 7.17
14. Dividend payout 93% 30% NA 55%
15. P/E ratio 40.48 8.89 NA 14.57
1. EBITDA/Turnover 8. Gross Block to Net Block: Gross Block/Net Block

(EBITDA: Profit before tax +/(-) Exceptional items + Net (Gross Block: Cost of property, plant and equipment +
finance charges + Depreciation and amortisation - Share Cost of right-of-use assets + Capital work-in-progress
of results of equity accounted investments) + Cost of intangible assets + Intangible assets under
(Net Finance Charges: Finance costs - Interest income - development)
Dividend income from current investments - Net gain/ (Net Block: Gross Block - Accumulated depreciation and
(loss) on sale of current investments) amortisation - Accumulated impairment)
(Turnover: Revenue from operations) 9. Net Debt to Equity: Net Debt/Average Equity
2. PBET/Turnover (Net debt: Non-current and Current borrowings + Non-
(PBET: Profit before exceptional items and tax) current and current lease liabilities - Current investments
- Cash and cash equivalents - Other balances with banks
3. Return on Average Capital Employed: EBIT/Average
(including non-current earmarked balances)
Capital Employed
10. Current Ratio: Total Current Assets/Current Liabilities
(Capital Employed: Total Equity + Non-current and
Current borrowings + Non-current and current lease (Current liabilities: Total Current liabilities - Current
liabilities + Deferred tax liabilities) maturities of Non-current borrowings and Lease
obligations)
(EBIT: Profit before tax +/(-) Exceptional items + Net
finance charges) 11. Interest Service Coverage Ratio: EBIT/Net Finance Charges
4. Return on Average Net worth: PAT/Average Net worth (Net Finance Charges: Finance costs (excluding interest
on current borrowings) - Interest income - Dividend
(Net worth: Equity share capital + Other equity - Capital
income from current investments - Net gain/(loss) on
reserve - Capital reserve on consolidation - Amalgamation
sale of current investments)
reserve)
12. Net worth per share: Net Worth/Number of Equity Shares
5. Asset Turnover: Turnover/(Total Assets - Investments -
Advance Against Equity - Assets held for sale) 13.
Basic Earnings per share: Profit attributable to
Ordinary Shareholders/Weighted average number of
6. Inventory Turnover: Average Inventory/Sale of Products
Ordinary Shares
in days
14. Dividend Payout: Proposed dividend for the year/Profit
7. Debtors Turnover: Average Trade receivables/Turnover
after tax
in days
15. P/E Ratio: Market Price per share/Basic Earnings per share
F3 117th Year Integrated Report & Annual Accounts 2023-24

PRODUCTION STATISTICS
’000 Tonnes
Rolled/ Hot
Iron Cold Semi- Total
Iron Crude Forged Bars Rolled Railway
Year Coal (Hot Plates Sheets Rolled Finished Saleable
Ore steel and Coils/ Materials
metal) Coils for Sale Steel
Structurals Strips
1994-95 4,796 4,156 2,925 2,788 620 - 137 613 - 2 1,074 2,391
1995-96 5,181 4,897 3,241 3,019 629 - 133 1,070 - - 869 2,660
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
1998-99 6,056 5,137 3,626 3,264 622 0 0 1,653 - 0 835 3,051
1999-00 6,456 5,155 3,888 3,434 615 0 0 2,057 - 0 615 3,262
2000-01 6,989 5,282 3,929 3,566 569 0 0 1,858 356 0 647 3,413
2001-02 7,335 5,636 4,041 3,749 680 0 0 1,656 734 0 566 3,596
2002-03 7,985 5,915 4,437 4,098 705 0 0 1,563 1,110 0 563 3,975
2003-04 8,445 5,842 4,466 4,224 694 0 0 1,578 1,262 0 555 4,076
2004-05 9,803 6,375 4,347 4,104 706 0 0 1,354 1,445 0 604 4,074
2005-06 10,834 6,521 5,177 4,731 821 0 0 1,556 1,495 0 679 4,551
2006-07 9,776 7,041 5,552 5,046 1,230 0 0 1,670 1,523 0 506 4,929
2007-08 10,022 7,209 5,507 5,014 1,241 0 0 1,697 1,534 0 386 4,858
2008-09 10,417 7,282 6,254 5,646 1,350 0 0 1,745 1,447 0 833 5,375
2009-10 12,044 7,210 7,231 6,564 1,432 0 0 2,023 1,564 0 1,421 6,439
2010-11 13,087 7,024 7,503 6,855 1,486 0 0 2,127 1,544 0 1,534 6,691
2011-12 13,189 7,460 7,750 7,132 1,577 0 0 2,327 1,550 0 1,514 6,970
2012-13 15,005 7,295 8,858 8,130 1,638 0 0 3,341 1,445 0 1,518 7,941
2013-14 17,364 6,972 9,899 9,155 1,676 0 0 4,271 1,638 0 1,346 8,931
2014-15 13,694 6,044 10,163 9,331 1,778 0 0 4,259 1,836 0 1,200 9,073
2015-16 16,431 6,227 10,655 9,960 1,823 0 0 4,742 1,689 0 1,443 9,698
2016-17 21,284 6,315 13,051 11,683 1,882 0 0 6,295 1,837 0 1,481 11,351
2017-18 23,043 6,224 13,855 12,482 1,882 0 0 7,093 1,853 0 1,481 12,237
2018-19 23,374 6,546 14,237 13,228 1,959 0 0 7,801 1,858 0 1,386 12,980
2019-20 26,512 6,210 14,094 13,152 1,984 0 0 7,793 1,713 0 1,499 12,878
2020-21* 28,659 5,853 17,141 16,277 1,642 0 0 10,973 1,806 0 1,538 15,959
2021-22 30,584 4,680 18,899 18,377 1,942 0 0 12,382 2,174 0 1,407 17,906
2022-23# 33,804 5,769 19,853 19,673 2,763 0 0 13,122 1,685 0 1,329 18,898
2023-24 35,329 5,924 19,936 20,122 2,789 0 0 13,639 2,030 0 1,316 19,774
* Includes production details of erstwhile Tata Steel BSL Limited pursuant to the merger.
#
Includes production details of the entities merged during the year (refer note 43, page F124 of the standalone financial statements).
FINANCIAL STATISTICS
(I crore)
Reserves Total Profit Profit
Borrow- Gross Net Invest- Total Depre-
Year Capital^ and Expen- before Tax after Dividend
ings Block Block ments Income ciation
Surplus diture* Tax Tax
2021-22 1,222.37 1,24,211.39 36,524.51 1,42,620.03 1,08,832.39 43,497.54 1,30,473.37 80,919.03 5,463.69 44,090.65 11,079.47 33,011.18 3,007.08
2022-23 1,222.40 135,386.48 43,304.36 1,60,919.71 1,19,591.62 42,435.63 145,443.76 119,397.74 5,956.32 20,089.70 5,404.45 14,685.25 6,267.84
2023-24 1,248.60 136,445.05 44,579.10 1,72,460.10 1,25,165.19 65,998.62 144,110.34 128,968.404 5,969.79 9,172.15 4,364.75 4,807.40 4,414.00
^
Capital includes Equity share capital and Share application money pending allotment.
* Expenditure includes exceptional items and excludes depreciation.

DIVIDEND STATISTICS
First Preference Second Preference Ordinary

(K150) (K100) (K10)
Total
Year Tax on Tax on
Rate Dividend Rate Dividend@ Rate* Dividend@ K lakh
dividend dividend
K K lakh K K lakh K K lakh
K lakh K lakh
1994-95 – – – – – 3.50 a
11,823.94 – 11,823.94
1995-96 – – – – – 4.50 b
15,697.11 – 15,697.11
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 – – – – – 4.00 16,329.05 1,618.19 16,329.05
1999-00 – – 9.25 860.80 85.30 4.00 16,329.07 1,618.20 17,189.87

2000-01 – – – 1,496.58 c,d
275.88 5.00 20,264.09 1,875.50 21,760.67
2001-02 – – 8.42 228.33 21.13 4.00 14,710.88 – 14,939.21
2002-03 – – – – – 8.00 33,299.88 3,781.33 33,299.88
2003-04 – – – – – 10.00 41,625.77 4,727.58 41,625.77
2004-05 – – – – – 13.00 82,137.22 10,185.74 82,137.22

2005-06 – – – – – 13.00 82,042.66 10,092.00 82,042.66
2006-07 – – – – 15.50 1,10,432.51 16,041.72 1,10,432.51
2007-08 – – 0.4 e
2,596.11 377.12 16.00 1,36,759.54 19,866.05 1,39,355.65
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 – – 2.00 5,367.78 779.74 8.00 82,477.15 11,500.02 87,844.93

2010-11 – – – – – 12.00 1,30,777.35 15,671.62 1,30,777.35
2011-12 – – – – – 12.00 1,34,703.22 18,157.49 1,34,703.22
2012-13 – – – – – 8.00 90,569.91 12,872.69 90,569.91
2013-14 – – – – – 10.00 1,03,740.40 6,618.86 1,03,740.40
2014-15 – – – – – 8.00 92,627.74 14,930.51 92,627.74

2015-16 – – – – – 8.00 92,471.69 14,774.46 92,471.69
2016-17 – – – – – 10.00 1,16,893.21 19,771.66 1,16,893.21
2017-18 – – – – – 10.00 f
1,38,147.27 23,554.82 1,38,147.27
2018-19 – – – – – 13.00 1,79,587.42 30,620.57 1,79,587.42
2019-20 – – – – – 10.00 1,14,593.05 – 1,14,593.05

2020-21 – – – – – 25.00 2,99,660.44 – 2,99,660.44
2021-22 – – – – – 51.00 6,23,310.71 – 6,23,310.71
2022-23# – – – – – 3.60 ^
4,39,975.33 – 4,39,975.33
2023-24 – – – – – 3.60 ^
4,49,407.14 – 4,49,407.14
a On the Capital as increased by Ordinary Shares issued during the financial year 1994-95 against Detachable Warrants and Foreign Currency Convertible
Bonds.
b On the Capital as increased by Ordinary Shares issued during the financial year 1995-96 against Detachable Warrants, Foreign Currency Convertible
Bonds and Naked Warrants.
c Includes Dividend of ₹22.30 lakh on 9.25% Cumulative Redeemable Preference Shares for the period April 1, 2000 to June 27, 2000.
d Includes Dividend of ₹1,198.40 lakh on 8.42% Cumulative Redeemable Preference Shares for the period June 1, 2000 to March 31, 2001.
e Dividend paid for 74 days.
f On the Capital as increased by Rights Issue of Ordinary Shares during the financial year 2017-18.
* Dividend proposed for the year
@ Includes tax on dividend.
^ Dividend on Ordinary Shares of ₹1 each.
# On a standalone basis (pre-merger).

INDEPENDENT AUDITOR’S REPORT
To the Members of Tata Steel Limited accepted in India, of the state of affairs of the Company
as at March 31, 2024, and total comprehensive income
Report on the Audit of the Standalone (comprising of profit and other comprehensive income),
changes in equity and its cash flows for the year
Financial Statements then ended.
Opinion
Basis for Opinion
1. We have audited the accompanying standalone financial
statements of Tata Steel Limited (“the Company”), 3. We conducted our audit in accordance with the Standards
which comprise the Balance Sheet as at March 31, 2024, on Auditing (SAs) specified under Section 143(10) of
and the Statement of Profit and Loss (including Other the Act. Our responsibilities under those Standards are
Comprehensive Income), the Statement of Changes in further described in the “Auditor’s responsibilities for the
Equity and the Statement of Cash Flows for the year then Audit of the Standalone Financial Statements” section
ended, and notes to the standalone financial statements, of our report. We are independent of the Company in
including material accounting policy information and accordance with the Code of Ethics issued by the Institute
other explanatory information. of Chartered Accountants of India together with the
ethical requirements that are relevant to our audit of the
2. In our opinion and to the best of our information and standalone financial statements under the provisions of
according to the explanations given to us, the aforesaid the Act and the Rules thereunder, and we have fulfilled
standalone financial statements give the information our other ethical responsibilities in accordance with these
required by the Companies Act, 2013 (“the Act”) in the requirements and the Code of Ethics. We believe that
manner so required and give a true and fair view in the audit evidence we have obtained is sufficient and
conformity with the accounting principles generally appropriate to provide a basis for our opinion.

Key audit matters
4. Key audit matters are those matters that, in our professional judgement, 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
on these matters.
Key audit matter How our audit addressed the key audit matter
Business Combination under Common Control Our audit procedures included the following:
Amalgamation of Tata Steel Long Products Limited (TSLP), • We understood from the management, assessed and tested
Tata Steel Mining Limited (TSML), Tata Metaliks Limited the design and operating effectiveness of the Company's
(TML), The Tinplate Company of India Limited (TCIL) and S&T key controls over the accounting for business combinations.
Mining Company Limited (S&T)
• We traced the assets and liabilities as at April 1, 2022 and
[Refer to Note 2(d) to the standalone financial statements results for the financial year ended March 31, 2023 of TSML,
“Business combination under common control” and Note 43 TSLP, S&T, TCIL and TML from the audited standalone Financial
to the standalone financial statements] Statements / Information of the respective subsidiaries.
Pursuant to the National Company Law Tribunal (NCLT) • We recomputed the value of fully paid-up equity shares
Orders received during the year, subsidiaries of the Company, issued as the consideration with reference to the NCLT Orders.
viz., TSML, TSLP, S&T, TCIL and TML ("Transferor Companies")
• We evaluated the Company’s accounting of the business
were merged with the Company. The Appointed Dates as
combinations in accordance with the pooling of interests
per the Schemes of Amalgamation is April 1, 2022 for TSLP,
method in Appendix C of Ind AS 103, Business Combinations
S&T, TCIL and TML and April 1, 2023 for TSML.
in accordance with the NCLT Orders.
The Company has accounted for the business combinations
• We tested the management’s computation of determining
using the pooling of interests method in accordance
the amount recorded in the capital reserve.
with Appendix C of Ind AS 103, Business Combinations in
accordance with the NCLT Orders. The carrying value of the • We assessed the adequacy and appropriateness of the
assets and liabilities of the subsidiaries as at April 1, 2022 disclosures made in the standalone financial statements.
(being the beginning of the previous period presented), as
Based on the above work performed, no significant exceptions
appearing in the consolidated financial statements of the
were noted in the accounting for business combinations under
Company before the merger have been incorporated in the
common control in respect of the Amalgamation of TSLP, TSML,
books with merger adjustments, as applicable.
TML, TCIL and S&T.
The Company has allotted fully paid-up equity shares to the
eligible shareholders of the erstwhile subsidiaries TSLP, TCIL
and TML in accordance with the respective Schemes.
The Company has recognised capital reserve of
₹791.47 crore in “Other Equity”.
Considering the complex accounting involved, the aforesaid
business combinations treatment in the standalone financial
statements has been considered to be a key audit matter.

Assessment of carrying value of investments in T Steel Our audit procedures included the following:
Holdings Pte. Ltd. (TSH), a wholly owned subsidiary • We obtained an understanding from the management,
and Neelachal Ispat Nigam Limited (NINL), a subsidiary assessed and tested the design and operating effectiveness
company of the Company’s key controls over the impairment
[Refer to Note 2(c) to the standalone financial statements assessment of investments.
– “Use of estimates and critical accounting judgements –
Impairment”, Note 2(l) to the standalone financial statements • We evaluated the appropriateness of the Company’s
- “Investments in subsidiaries, associates and joint ventures”, accounting policy in respect of impairment assessment of
2(m)(I) to the standalone financial statements – “Financial investments in subsidiaries.
Assets”, Note 6 to the standalone financial statements • We evaluated the Company’s process regarding impairment
–“Investments”, Note 6(iii) and 6(iv) to the standalone assessment by involving auditor’s valuation experts,
financial statements] where considered necessary, to assist in assessing the
The Company’s equity investment in its subsidiary T Steel appropriateness of the impairment assessment models,
Holdings Pte. Ltd. (TSH) amounts to I43,815.17 crore (net of underlying assumptions relating to discount rate, terminal
impairment). value etc.
The above equity investment in TSH is carried at cost. • We evaluated the cash flow forecasts by comparing them
to the budgets, as applicable, and our understanding of the
The Company’s investment in 0.01% non-convertible, non- internal and external factors.
cumulative redeemable preference shares (NCRPS) and
equity investment in its subsidiary Neelachal Ispat Nigam • We checked the mathematical accuracy of the impairment
Limited (NINL) amounts to I5,507.78 crore and I8,689.04 assessment models and agreed the relevant data with the
crore respectively. latest budgets, actual past results and other supporting
documents, as applicable.
The Company accounts for investment in NCRPS of NINL
initially at fair value and subsequently at amortised cost. • We assessed the sensitivity analysis and evaluated whether
Contractual cash flows from the NCRPS represent the any reasonably foreseeable change in assumptions could
principal (I4,560.54 crore) plus accrued interest (I947.24 lead to impairment.
crore) aggregating to I5,507.78 crore as on March 31, 2024. • We have discussed the key assumptions and sensitivities
The above equity investment in NINL is carried at cost. with those charged with governance.
Where an indication of impairment exists, the carrying • We evaluated the appropriateness of the disclosures made
value of investment is assessed for impairment and where in the standalone financial statements.
applicable an impairment provision is recognised. Based on the above procedures performed, no significant
The impairment assessment for such investments have been exceptions were noted in the management’s assessment
carried out by the management in accordance with Ind AS in relation to the carrying value of investments in aforesaid
36 and Ind AS 109, as applicable. subsidiaries.
The key inputs and judgements involved in the impairment

of unquoted investments include:
• Cash flows forecast/incremental cash flows including
assumptions on capacity expansion
• Discount rates
• Terminal growth rate
• Economic and entity specific factors incorporated in the
impairment assessment models.
The accounting for above investments is a key audit matter
as the determination of recoverable value for impairment
assessment involves significant management judgement
and estimates.

Assessment of litigations and related disclosures of Our audit procedures included the following:
contingent liabilities • We understood from the management, assessed and tested
[Refer to Note 2(c) to the standalone financial statements the design and operating effectiveness of the Company’s key
- "Use of estimates and critical accounting judgements controls surrounding assessment of litigations relating to the
– Provisions and contingent liabilities”, Note 34(A) to the relevant laws and regulations.
standalone financial statements “Contingencies" and Note • We have reviewed the legal and other professional
35 to the standalone financial statements – “Other significant expenses and enquired with the management for recent
litigations”] developments and the status of the material litigations
As at March 31, 2024, the Company has exposures towards which were reviewed.
litigations relating to various matters as set out in the • We performed our assessment on a test basis on the
aforesaid Notes. Significant management judgement is underlying calculations supporting the contingent liabilities/
required to assess such matters to determine the probability other significant litigations disclosed in the standalone
of occurrence of material outflow of economic resources and financial statements.
whether a provision should be recognised or a disclosure
should be made. The management judgement is also • We used auditor’s experts/specialists to gain an
understanding and to evaluate the disputed tax matters.
supported with legal advice in certain cases, as considered
appropriate. As the ultimate outcome of the matters are • We considered external legal opinions, where relevant,
uncertain and the positions taken by the management are obtained by management.
based on the application of their best judgement, related
• We evaluated management’s assessments by understanding
legal advice including those relating to interpretation of
precedents set in similar cases and assessed the reliability of
laws/regulations, it is considered as a key audit matter. the management’s past estimates/judgements.
• We evaluated management’s assessment around those
matters that are not disclosed or not considered as
contingent liability, as the probability of material outflow is
considered to be remote by the management.
• We assessed the adequacy of the Company’s disclosures.
were noted in the assessment in respect of litigations and
related disclosures relating to contingent liabilities/other
significant litigations in the standalone financial statements.
Other Information information identified above and, in doing so, consider

whether the other information is materially inconsistent
5. The Company’s Board of Directors is responsible for the
with the standalone financial statements, or our
other information. The other information comprises
knowledge obtained in the audit or otherwise appears
Management Discussion and Analysis and Board’s report
to be materially misstated.
(but does not include the standalone financial statements
and our auditor’s report thereon), which we obtained If, based on the work we have performed on the other
prior to the date of this auditor’s report, and additional information that we obtained prior to the date of this auditor’s
information excluding those referred above that would report, we conclude that there is a material misstatement of
be included in the Integrated Report (titled as ‘Tata Steel this other information, we are required to report that fact. We
Integrated Report & Annual Accounts 2023-24’), which have nothing to report in this regard.
is expected to be made available to us after the date
When we read the additional information, as mentioned
of our report. Our opinion on the standalone financial
above, that would be included in the Integrated Report, if we
statements does not cover the other information and we
conclude that there is a material misstatement therein, we are
do not express any form of assurance conclusion thereon.
required to communicate the matter to those charged with
In connection with our audit of the standalone financial governance and take appropriate actions as applicable under
statements, our responsibility is to read the other the relevant laws and regulations.

Responsibilities of management and those decisions of users taken on the basis of these standalone
charged with governance for the Standalone financial statements.
Financial Statements 9. As part of an audit in accordance with SAs, we exercise
6. The Company’s Board of Directors is responsible for the professional judgement and maintain professional
matters stated in Section 134(5) of the Act with respect to scepticism throughout the audit. We also:
the preparation of these standalone financial statements • Identify and assess the risks of material misstatement
that give a true and fair view of the financial position, of the standalone financial statements, whether due
financial performance, changes in equity and cash flows to fraud or error, design and perform audit procedures
of the Company in accordance with the accounting responsive to those risks, and obtain audit evidence
principles generally accepted in India, including the that is sufficient and appropriate to provide a basis
Accounting Standards specified under Section 133 of for our opinion. The risk of not detecting a material
the Act. This responsibility also includes maintenance misstatement resulting from fraud is higher than for
of adequate accounting records in accordance with the one resulting from error, as fraud may involve collusion,
provisions of the Act for safeguarding of the assets of forgery, intentional omissions, misrepresentations, or
the Company and for preventing and detecting frauds the override of internal control.
and other irregularities; selection and application of
appropriate accounting policies; making judgments • Obtain an understanding of internal control relevant
and estimates that are reasonable and prudent; and to the audit in order to design audit procedures
design, implementation and maintenance of adequate that are appropriate in the circumstances. Under
internal financial controls, that were operating effectively Section 143(3)(i) of the Act, we are also responsible
for ensuring the accuracy and completeness of the for expressing our opinion on whether the Company
accounting records, relevant to the preparation and has adequate internal financial controls with reference
presentation of the standalone financial statements to standalone financial statements in place and the
that give a true and fair view and are free from material operating effectiveness of such controls.
misstatement, whether due to fraud or error. • Evaluate the appropriateness of accounting policies
7. In preparing the standalone financial statements, used and the reasonableness of accounting estimates
management is responsible for assessing the Company’s and related disclosures made by management.
ability to continue as a going concern, disclosing, • Conclude on the appropriateness of management’s
as applicable, matters related to going concern and use of the going concern basis of accounting and,
using the going concern basis of accounting unless based on the audit evidence obtained, whether
management either intends to liquidate the Company a material uncertainty exists related to events or
or to cease operations, or has no realistic alternative but conditions that may cast significant doubt on the
to do so. The Board of Directors are also responsible for Company’s ability to continue as a going concern.
overseeing the Company’s financial reporting process. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report
Auditor’s responsibilities for the Audit of the to the related disclosures in the standalone financial
Standalone Financial Statements statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on
8. Our objectives are to obtain reasonable assurance
the audit evidence obtained up to the date of our
about whether the standalone financial statements as
auditor’s report. However, future events or conditions
a whole are free from material misstatement, whether
may cause the Company to cease to continue as a
due to fraud or error, and to issue an auditor’s report
going concern.
that includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit • Evaluate the overall presentation, structure and
conducted in accordance with SAs will always detect content of the standalone financial statements,
a material misstatement when it exists. Misstatements including the disclosures, and whether the standalone
can arise from fraud or error and are considered financial statements represent the underlying
material if, individually or in the aggregate, they could transactions and events in a manner that achieves
reasonably be expected to influence the economic fair presentation.

10. We communicate with those charged with governance of Cash Flows dealt with by this Report are in
regarding, among other matters, the planned scope agreement with the books of account.
and timing of the audit and significant audit findings,
(d) In our opinion, the aforesaid standalone financial
including any significant deficiencies in internal control
statements comply with the Accounting Standards
that we identify during our audit.
specified under Section 133 of the Act.
11. We also provide those charged with governance with
(e) On the basis of the written representations received
a statement that we have complied with relevant
from the directors, taken on record by the Board of
ethical requirements regarding independence, and
Directors, none of the directors is disqualified as on
to communicate with them all relationships and other
March 31, 2024, from being appointed as a director
matters that may reasonably be thought to bear on our
in terms of Section 164(2) of the Act.
independence, and where applicable, related safeguards.
(f) With respect to the maintenance of accounts and
12. From the matters communicated with those charged
other matters connected therewith, reference is
with governance, we determine those matters that
made to our remarks in paragraph 14(b) above on
were of most significance in the audit of the standalone
reporting under Section 143(3)(b) and paragraph
financial statements of the current period and are
14(h)(vi) below on reporting under Rule 11(g) of
therefore the key audit matters. We describe these
the Rules.
matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, (g) With respect to the adequacy of the internal
in extremely rare circumstances, we determine that financial controls with reference to standalone
a matter should not be communicated in our report financial statements of the Company and the
because the adverse consequences of doing so would operating effectiveness of such controls, refer to
reasonably be expected to outweigh the public interest our separate Report in “Annexure A”.
benefits of such communication.
(h) With respect to the other matters to be included
in the Auditor’s Report in accordance with Rule
Report on other legal and regulatory 11 of the Rules, in our opinion and to the best of
requirements our information and according to the explanations
13. As required by the Companies (Auditor’s Report) Order, given to us:
2020 (“the Order”), issued by the Central Government i. The Company has disclosed the impact of
of India in terms of sub-section (11) of Section 143 of pending litigations on its financial position
the Act, we give in the Annexure B a statement on the in its standalone financial statements –
matters specified in paragraphs 3 and 4 of the Order, to Refer Notes 34(A) and 35 to the standalone
the extent applicable. financial statements;
14. As required by Section 143(3) of the Act, we report that: ii.
The Company did not have any long-
(a) We have sought and obtained all the information term contracts including derivative
and explanations which to the best of our contracts for which there were any material
knowledge and belief were necessary for the foreseeable losses.
purposes of our audit. iii. There has been no delay in transferring
(b) In our opinion, proper books of account as required amounts, required to be transferred, to the
by law have been kept by the Company so far as Investor Education and Protection Fund by
it appears from our examination of those books the Company during the year ended March
except for the matters stated in paragraph 14(h) 31, 2024.
(vi) below on reporting under Rule 11(g) of the iv. (a) The management has represented that, to
Companies (Audit and Auditors) Rules, 2014 (as the best of its knowledge and belief, other
amended). than as disclosed in Notes 6(viii) and 7(v)
(c) The Balance Sheet, the Statement of Profit and to the standalone financial statements,
Loss (including other comprehensive income), the no funds have been advanced or loaned
Statement of Changes in Equity and the Statement or invested (either from borrowed funds
or share premium or any other sources or

kind of funds) by the Company to or in any come to our notice that has caused
other person(s) or entity(ies), including us to believe that the representations
foreign entities (“Intermediaries”), with under sub-clause (a) and (b) contain any
the understanding, whether recorded material misstatement.
in writing or otherwise, that the
v. The dividend declared and paid during the
Intermediary shall, whether, directly or
year by the Company is in compliance with
indirectly, lend or invest in other persons
Section 123 of the Act.
or entities identified in any manner
whatsoever by or on behalf of the vi. Based on our examination, which included
Company (“Ultimate Beneficiaries”) or test checks, the Company has used multiple
provide any guarantee, security or the like accounting software for maintaining its books
on behalf of the Ultimate Beneficiaries; of account which have a feature of recording
audit trail (edit log) facility and that has
(b) The management has represented that,
operated throughout the year for all relevant
to the best of its knowledge and belief, as
transactions recorded in accounting software,
disclosed in the Notes 6(ix) and 7(vi) to the
except for modifications, if any, made by
standalone financial statements, no funds
certain users with specific access in five
have been received by the Company from
applications and for direct database changes
any person(s) or entity(ies), including
for all the accounting software. During the
foreign entities (“Funding Parties”), with
course of performing our procedures, except
the understanding, whether recorded in
for the aforesaid instances of audit trail
writing or otherwise, that the Company
not maintained where the question of our
shall, whether, directly or indirectly, lend
commenting on whether the audit trail has
or invest in other persons or entities
been tampered with does not arise, we did not
identified in any manner whatsoever
notice any instance of audit trail feature being
by or on behalf of the Funding Party
tampered with.
(“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf 15. The Company has paid/ provided for managerial
of the Ultimate Beneficiaries; and remuneration in accordance with the requisite approvals
mandated by the provisions of Section 197 read with
(c) Based on such audit procedures that we
Schedule V to the Act.
considered reasonable and appropriate
in the circumstances, nothing has
For Price Waterhouse & Co Chartered Accountants LLP

Firm Registration Number: 304026E/E-300009
Subramanian Vivek
Partner
Membership Number 100332
UDIN: 24100332BKGFNL1709
Place: Mumbai
Date: May 29, 2024

ANNEXURE A TO INDEPENDENT AUDITOR’S REPORT
Referred to in paragraph 14(g) of the Independent Auditor’s Report of even date to the members of Tata Steel Limited on the
standalone financial statements as of and for the year ended March 31, 2024
Report on the Internal Financial Controls and both issued by the ICAI. Those Standards and the
Guidance Note require that we comply with ethical
with reference to Standalone Financial requirements and plan and perform the audit to obtain
Statements under clause (i) of sub-section 3 reasonable assurance about whether adequate internal
of Section 143 of the Act financial controls with reference to standalone financial
1. We have audited the internal financial controls with statements was established and maintained and if such
reference to standalone financial statements of Tata controls operated effectively in all material respects.
Steel Limited (“the Company”) as of March 31, 2024 in 4. Our audit involves performing procedures to obtain
conjunction with our audit of the standalone financial audit evidence about the adequacy of the internal
statements of the Company for the year ended on financial controls system with reference to standalone
that date. financial statements and their operating effectiveness.
Our audit of internal financial controls with reference
Management’s Responsibility for Internal Financial to standalone financial statements included obtaining
Controls an understanding of internal financial controls with
2.
The Company’s management is responsible for reference to standalone financial statements, assessing
establishing and maintaining internal financial controls the risk that a material weakness exists, and testing
based on the internal control over financial reporting and evaluating the design and operating effectiveness
criteria established by the Company considering the of internal control based on the assessed risk. The
essential components of internal control stated in the procedures selected depend on the auditor’s judgement,
Guidance Note on Audit of Internal Financial Controls including the assessment of the risks of material
Over Financial Reporting (“the Guidance Note”) issued misstatement of the financial statements, whether due
by the Institute of Chartered Accountants of India to fraud or error.
(“ICAI”). These responsibilities include the design,
5. We believe that the audit evidence we have obtained is
implementation and maintenance of adequate internal
sufficient and appropriate to provide a basis for our audit
financial controls that were operating effectively
opinion on the Company’s internal financial controls
for ensuring the orderly and efficient conduct of its
system with reference to standalone financial statements.
business, including adherence to company’s policies, the
safeguarding of its assets, the prevention and detection
Meaning of Internal Financial Controls with reference
of frauds and errors, the accuracy and completeness of
to financial statements
the accounting records, and the timely preparation of
reliable financial information, as required under the Act. 6. A company's internal financial controls with reference
to financial statements is a process designed to provide
Auditor’s Responsibility reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements
3. Our responsibility is to express an opinion on the
for external purposes in accordance with generally
Company's internal financial controls with reference to
accepted accounting principles. A company's internal
standalone financial statements based on our audit. We
financial controls with reference to financial statements
conducted our audit in accordance with the Guidance
includes those policies and procedures that (1) pertain
Note and the Standards on Auditing deemed to be
to the maintenance of records that, in reasonable
prescribed under Section 143(10) of the Act to the extent
detail, accurately and fairly reflect the transactions
applicable to an audit of internal financial controls, both
and dispositions of the assets of the company; (2)
applicable to an audit of internal financial controls
provide reasonable assurance that transactions

are recorded as necessary to permit preparation of of any evaluation of the internal financial controls with
financial statements in accordance with generally reference to financial statements to future periods are
accepted accounting principles, and that receipts and subject to the risk that the internal financial controls
expenditures of the company are being made only in with reference to financial statements may become
accordance with authorisations of management and inadequate because of changes in conditions, or that the
directors of the company; and (3) provide reasonable degree of compliance with the policies or procedures
assurance regarding prevention or timely detection may deteriorate.
of unauthorised acquisition, use, or disposition of the
Opinion
company's assets that could have a material effect on
the financial statements. 8. In our opinion, the Company has, in all material respects,
an adequate internal financial controls system with
Inherent Limitations of Internal Financial Controls reference to standalone financial statements and such
with reference to financial statements internal financial controls with reference to standalone
7. Because of the inherent limitations of internal financial financial statements were operating effectively as at
controls with reference to financial statements, including March 31, 2024, based on the internal control over
the possibility of collusion or improper management financial reporting criteria established by the Company
override of controls, material misstatements due to error considering the essential components of internal control
or fraud may occur and not be detected. Also, projections stated in the Guidance Note issued by ICAI.

Subramanian Vivek
Partner
Place: Mumbai
Date: May 29, 2024

ANNEXURE B TO INDEPENDENT AUDITORS’ REPORT
Referred to in paragraph 13 of the Independent Auditors’ Report of even date to the members of Tata Steel Limited on the
standalone financial statements as of and for the year ended March 31, 2024
In terms of the information and explanations sought by us and furnished by the Company, and the books of account and records
examined by us during the course of our audit, and to the best of our knowledge and belief, we report that:
i. (a) (A) The Company is maintaining proper records showing full particulars, including quantitative details and situation,
of Property, Plant and Equipment.
(B) The Company is maintaining proper records showing full particulars of Intangible Assets.
(b) The Property, Plant and Equipment are physically verified by the Management according to a phased programme
designed to cover all the items over a period of three years which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. Pursuant to the programme, a portion of the Property, Plant and
Equipment has been physically verified by the Management during the year and no material discrepancies have been
noticed on such verification.
(c) The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease
agreements are duly executed in favour of the lessee), as disclosed in Note 3 on Property, plant and equipment and
Note 4 on Right-of-use assets to the standalone financial statements, are held in the name of the Company, except
for the following:
Whether Period held
Gross carrying promoter, (i.e. dates of Reason for not being
Description of
value Held in the name of director or capitalisation held in the name of the
property
(J crore) their relative or provided Company
employee in range)#
Freehold Land 213.83 Not Applicable No March, 1928 to Title Deeds not available
April, 2020 with the Company
Buildings 116.52 Not Applicable No January, 1960 to Title Deeds not available
March, 1990 with the Company
Freehold Land 16.57 Tata Steel BSL Limited No April, 2020 For certain properties
Freehold Land 122.12 Bhushan Steel Limited (earlier name of No April, 2020 acquired through
Tata Steel BSL Limited) amalgamation/merger,
the name change in the
Freehold Land 1.92 Bhushan Steel & Strips Limited No April, 2020 name of the Company is
(earlier name of Tata Steel BSL Limited) pending
Freehold Land 195.16 Tata Steel Long Products Limited/ Tata No April, 2022
Sponge Iron Limited (earlier name of Tata
Steel Long Products Limited)
Freehold Land 10.53 Tata Steel Mining Limited No April, 2023
Freehold Land 8.04 Rohit Ferro Tech Limited No April, 2023
Freehold Land 0.12 T S Alloys Limited (earlier name of Tata No April, 2023
Steel Mining Limited)
Freehold Land 0.04 The Tinplate Company of India Limited No April, 2022
Freehold Land 4.02 Tata Metaliks Limited No April, 2022
Freehold Land 0.45 Bharat Minex Private Limited No April, 2022
Freehold Land 0.83 Usha Martin Limited No April, 2022
Freehold Land 0.21 Chandrakali Devi No April, 2022
Freehold Land 0.08 Bhagwan Singh No April, 2022
Freehold Land 0.02 Premnath Prasad No April, 2022
Freehold Land 0.07 Laljahari Devi No April, 2022

Whether Period held

Gross carrying promoter, (i.e. dates of Reason for not being
Description of
value Held in the name of director or capitalisation held in the name of the
property
(J crore) their relative or provided Company
employee in range)#
Freehold Land 0.08 Gopinath Pradhan No April, 2022
Buildings 3.08 Indian Tube Company Limited No January, 1960
Buildings 15.89 Tata SSL Limited No January, 1989 to
January, 1991
Buildings 1.17 Tata Steel Mining Limited No April, 2023
Buildings 0.71 Usha Martin Limited No April, 2022
Right-of-use 9.02 Tata Steel BSL Limited No April, 2020
Land
Right-of-use 179.40 Bhushan Steel Limited (earlier name of No April, 2020
Land Tata Steel BSL Limited)
Right-of-use 139.93 Bhushan Steel & Strips Limited (earlier No April, 2020
Land name of Tata Steel BSL Limited)
Right-of-use 3.28 Jawahar Metal Industries Private Limited No April, 2020
Land (earlier name of Tata Steel BSL Limited)
Right-of-use 23.79 Tata Metaliks Limited No April, 2022 to
Land May, 2023
Right-of-use 131.85 Tata Sponge Iron Limited (earlier name No April, 2022
Land of Tata Steel Long Products Limited)
Right-of-use 2.36 Usha Martin Limited No April, 2022
Land
Right-of-use 19.76 Tata Steel Mining Limited No May, 2023
Land
Right-of-use 29.46 Rohit Ferro Tech Limited No April, 2023
Land
Right-of-use 1.13 Rohit Ferro Tech Private Limited No April, 2023
Land
Right-of-use 6.47 Rawmet Ferrous Industries Private No April, 2023
Land Limited (earlier name of Tata Steel
Mining Limited)
Right-of-use 0.74 The Tinplate Company of India Limited No April, 2022 to
Buildings January, 2023
Right-of-use 0.15 Not Applicable No Not Available Lease Deed not available
Land with the Company
# In case of immovable properties acquired from entities which got merged with the Company have been considered with effect from the merger
effect given.
(d) The Company has not revalued its Property, Plant and Equipment (including Right-of-use assets) or intangible assets
during the year. Accordingly, the reporting under Clause 3(i)(d) of the Order is not applicable to the Company.
(e) Based on the information and explanations furnished to us, no proceedings have been initiated on or are pending
against the Company for holding benami property under the Prohibition of Benami Property Transactions Act, 1988 (as
amended in 2016) (formerly the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder,
and therefore the question of our commenting on whether the Company has appropriately disclosed the details in
the standalone financial statements does not arise.

ii. (a) The physical verification of inventory (excluding stocks with third parties) has been conducted at reasonable intervals
by the Management during the year and, in our opinion, the coverage and procedures of such verification by
Management is appropriate. In respect of inventory lying with third parties, these have substantially been confirmed
by them. In respect of inventories of stores and spares, the Management has a verification programme designed
to cover the items over a period of three years. The discrepancies noticed on physical verification of inventory as
compared to book records were not 10% or more in aggregate for each class of inventory.
(b) During the year, the Company has been sanctioned working capital limits in excess of I5 crores, in aggregate, from
banks on the basis of security of current assets. The Company has filed quarterly returns or statements with such
banks, which are in agreement with the books of account other than those as set out below.
Amount
Aggregate disclosed
Nature of Amount as
working as per
Name of Current Asset Quarter per books of Difference Reasons for
capital limits quarterly
the Bank offered as ended account (J crore) difference
sanctioned return/
Security (J crore)
(J crore) statement
(J crore)
State Bank of India 2,000.00 Refer Note 1 June 30, 2023 1,559.27 1,576.04 (16.77) Incorrect amount of
and consortium of below September 30, 2023 1,668.58 1,682.22 (13.64) Export advance
banks
December 31, 2023 1,859.27 1,874.57 (15.30)
State Bank of India 2,000.00 Refer Note 1 June 30, 2023 4,557.60 4,554.09 3.51 Incorrect amount of
and consortium of below September 30, 2023 7,990.37 7,989.23 1.14 creditor for Goods
banks under LC
December 31, 2023 5,245.20 5,250.40 (5.20)
State Bank of India 45.00 Refer Note 2 September 30, 2023 64.89 74.44 (9.55) Incorrect amount
below December 31, 2023 40.74 62.71 (21.97) of Goods-in-transit
0f Inventory of
erstwhile Tata
Metaliks Limited
(merged with the
Company)
June 30, 2023 408.83 393.67 15.16 Incorrect amount of
September 30, 2023 415.97 382.93 33.04 creditors for goods
of erstwhile Tata
December 31, 2023 280.70 234.47 46.23 Metaliks Limited
(merged with the
Company)
Kotak Mahindra 68.00 Refer Note 3 June 30, 2023 370.33 393.67 (23.34) Incorrect amount of
Bank Limited, HDFC 80.00 below creditor for goods
Bank Limited, DBS 70.00 of erstwhile Tata
Bank Limited, Bank 9.75 Metaliks Limited
of Baroda, ICICI Bank 105.00 (merged with the
Limited Company)
Note 1: Pari-passu charge on the Company's entire current assets namely stock of raw materials, finished goods,
stocks-in-process, consumables stores and spares and book debts at its plant sites or anywhere else, in favour of the
Bank, by way of hypothecation.
Note 2: Hypothecation first charge over inventory and receivables and other current assets on pari-passu basis with
other working capital lenders of erstwhile Tata Metaliks Limited under Multiple Banking Arrangement subject to
sharing of pari-passu sharing letters by such Banks.

Note 3
a) Kotak Mahindra Bank Limited: First pari-passu charge on current assets both present and future of erstwhile Tata
Metaliks Limited's Kharagpur unit, along with other lenders in multiple banking arrangement.
b) HDFC Bank Limited: First pari-passu charge on current assets of erstwhile Tata Metaliks Limited with other
WC lender.
c) DBS Bank Limited: First pari-passu charge on the current assets of erstwhile Tata Metaliks Limited's Kharagpur unit.
d) Bank of Baroda: First pari-passu charge on current assets of erstwhile Tata Metaliks Limited including raw
materials, work in progress, finished goods and all the receivables with other working capital lenders.
e) ICICI Bank Limited: First pari-passu charge on book debts, stock and other current assets of erstwhile Tata
Metaliks Limited.
Also refer Note 17(iv) to the standalone financial statements.
iii. (a) The Company has, during the year, made investments in six companies and thirty four mutual fund schemes, granted
unsecured loans to five companies and six hundred and forty eight employees and stood guarantee for six companies.
The aggregate amount during the year, and balance outstanding at the balance sheet date with respect to such loans
and guarantees to subsidiaries, associates and to parties other than subsidiaries, joint ventures and associates are as
per the table given below:
Guarantees Loans*
Particulars
(I crores) (I crores)
Aggregate amount granted/ provided during the year
Subsidiaries 462.98 8,720.53
Associates 32.13 -
Others - 2.98
Balance outstanding (gross) as at balance sheet date in respect of the above cases
Subsidiaries 406.45 8,441.10
Associates 25.87 -
Others - 2.27
* excluding loans given to erstwhile Tata Metaliks Limited (merged with the Company referred to in Note 43 to the
standalone financial statements)
The above amounts are included in Note 7 on Loans and Note 34(B) on Commitments to the standalone financial
statements.
(b) In respect of the aforesaid investments, guarantees and loans, the terms and conditions under which such investments
were made, guarantees provided and loans were granted are not prejudicial to the Company’s interest, based on the
information and explanations provided by the Company.
(c) In respect of the loans outstanding as on the balance sheet date, the schedule of repayment of principal and payment
of interest has been stipulated by the Company except for two loans aggregating I9.60 crores (fully provided in
books) where no schedule of repayment of principal and payment of interest has been stipulated. Except for the
aforesaid instances (where in the absence of stipulation of repayment/payment terms, we are unable to comment on
the regularity of repayment of principal and payment of interest) and the following instance, the parties are repaying
the principal amounts, as stipulated, and are also regular in payment of interest, as applicable.
Extent of delay
Name of the entity Amount (I crores) Due Date Remarks
(provided in range)
Tayo Rolls Limited 81.30 Multiple Dates 2,192 days - The amounts pertain to principal and interest,
2,787 days which are overdue as at March 31, 2024. The
entity is under corporate insolvency resolution
process. The Company has filed its claim as
financial creditor. The amounts are fully provided
in books.

(d) In respect of the following loan, the total amount overdue for more than ninety days as at March 31, 2024 is I81.30
crores. Based on the information and explanations given to us, the entity is under corporate insolvency resolution
process and accordingly, the Company is not taking any further steps for the recovery of the principal and interest
amounts, other than those mentioned in clause (iii)(c) above against Tayo Rolls Limited.
Total Overdue
Principal Amount Interest Overdue
No. of cases (I crores) Remarks
Overdue (I crores) (I crores)
One 67.00 14.30 81.30 The amounts are fully provided in books
(e) Following loans were granted to same parties, which has fallen due during the year and were renewed/extended.
Further, no fresh loans were granted to same parties to settle the existing overdue loans.
Aggregate amount of dues Percentage of the aggregate to the total loans
Name of the parties *
renewed or extended (I crores) * granted during the year *
Tata Steel Downstream Products Limited 50.00 0.57%
* excluding renewal/ extension of loans to erstwhile Tata Steel Mining Limited (merged with the Company referred to in Note 43 to the standalone
financial statements)
The above amounts are included in Note 7 on Loans to the standalone financial statements.
(f) The loans granted during the year, including to related parties had stipulated the scheduled repayment of principal
and payment of interest and the same were not repayable on demand. No loans were granted during the year
to promoters.
iv. In our opinion, and according to the information and explanations given to us, the Company has complied with the
provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of the loans and investments made, and guarantees
and security provided by it, as applicable.
v. The Company has not accepted any deposits or amounts which are deemed to be deposits referred in Sections 73, 74, 75
and 76 of the Act and the Rules framed there under.
vi. Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as
specified under Section 148(1) of the Act in respect of its products and services. We have broadly reviewed the same and
are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not,
however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
vii. (a) In our opinion, except for dues in respect of royalty, the Company is generally regular in depositing undisputed
statutory dues in respect of income tax, employees’ state insurance, labour welfare fund and electricity duty, though
there has been a slight delay in a few cases, and is regular in depositing undisputed statutory dues, including provident
fund, sales tax, service tax, duty of customs, duty of excise, value added tax, cess, goods and services tax and other
material statutory dues, as applicable, with the appropriate authorities. We are informed that the Company has
applied for exemption from operations of Employees' State Insurance Act at some locations. We are also informed
that actions taken by the authorities at some locations to bring the employees of the Company under the Employees’
State Insurance Scheme has been contested by the Company and payment has not been made of the contribution
demanded. The extent of the arrears of statutory dues outstanding as at March 31, 2024, for a period of more than
six months from the date they became payable are as follows:
Amount Period to which the
Name of the statute Nature of dues Due date Date of Payment
(I crores) amount relates
The Mines and Minerals Royalty 2,471.08 March, 2021 to Various dates till Not yet paid
(Development and Regulation) September, 2023 September 30, 2023
Amendment Act, 2021

(b) The particulars of statutory dues referred to in sub-clause (a) as at March 31, 2024 which have not been deposited on
account of a dispute, are as follows:
Amount (net of
Amount paid Period to which the Forum where the
Name of the statute Nature of dues payments)
(I crores) amount relates (FY) dispute is pending
(I crores)
Income Tax Act 1961 Income Tax 2,026.96 1,132.20 1998-99, 2006-07 to Tribunal
2013-14, 2015-16,
2016-17, 2018-19
402.67 125.60 2008-09, 2012-13 to CIT Appeals
2017-18, 2019-20,
2020-21
1.51 - 2017-18, 2019-20 Deputy
Commissioner/
Assistant
Commissioner of
Income Tax
Customs Act, 1962 Customs duty 4.06 0.18 2017-18 to 2020-21 Commissioner
15.98 2.30 1984-85, 1993-94, High Court
2002-03, 2017-18
6.59 3.77 2005-06 to 2008-09, Supreme Court
2013-14
107.49 14.11 2010-11 to 2015-16, Tribunal
2017-18, 2018-19
Bihar Electricity Duty Act, 1948 Electricity Duty 21.32 - 2007-08 to 2010-11, Deputy Commissioner
2012-13
6.33 - 2011-12 to 2015-16 High Court
0.30 - 2004-05 to 2007-08 Tribunal
Employee State Insurance Act, Employee State 25.20 - 1996-97, 2005-06 to High Court
1948 Insurance 2009-10, 2017-18 to
2021-22
Entry Tax Laws Entry Tax 0.35 0.29 2007-08 to 2010-11, Additional
2014-15 Commissioner
6.02 - 2008-09, 2011-12, Assessing Officer
2014-15
0.37 - 2015-16 to 2020-21 Assistant
Commissioner
0.65 0.56 2001-02, 2005-06, Deputy Commissioner
2006-07
9.16 4.33 2000-01 to 2002-03, High Court
2005-06 to 2012-13,
2014-15, 2016-17
0.11 0.24 2008-09 to 2011-12 Joint Commissioner
1.19 1.21 2007-08 to 2010-11 Tribunal
Mines and Mineral (Development Excess Mining 132.91 - 1998-99 to 2010-11 Additional Chief
and Regulation) Act, 1957 / Common Secretary, Steel &
Cause Mines
2,994.49 573.83 2011-12 to 2014-15 High Court
Central Excise Act, 1944 Excise Duty 10.54 0.92 2017-18 Additional
Commissioner
0.09 - 2010-11, 2011-12 Assistant
Commissioner
48.28 6.04 1988-89, 2006-07 to Commissioner
2009-10, 2011-12,
2013-14 to 2017-18
38.39 0.10 1989-90, 2003-04 to High Court
2008-09, 2017-18
2.24 1.07 2010-11, 2016-17 Joint Commissioner
597.82 40.44 2002-03 to 2019-20 Tribunal

Amount (net of
(I crores)
Goods & Services Tax Act, 2017 Goods & 1.16 - 2018-19, 2019-20 Additional
Services Tax Commissioner
8.32 0.05 2017-18 to 2019-20 Assistant
Commissioner
170.82 0.21 2017-18, 2019-20 to Commissioner
2021-22
32.85 - 2017-18 to 2022-23 Deputy Commissioner
Jharkhand Mineral Area Mineral Area 58.51 18.00 2005-06, 2006-07, High Court
Development Authority Act, 2000 Development 2008-09, 2009-10,
Fee 2011-12 to 2013-14,
2016-17
8.23 - 1992-93 to 1994-95, Supreme Court
2005-06
Employees Provident Fund & Provident - 1.02 1997-98 High Court
Miscellaneous Provisions Act, Fund
1952
Mineral Concession Rules, 1960 Royalty on 408.48 2.60 2009-10 to 2014-15 Mines Tribunal
Minerals 1,366.78 1,211.92 2000-01 to 2007-08 Supreme Court
Minerals (Other than Atomic and Royalty on 597.70 218.50 2020-21, 2021-22 High Court
Hydro Carbons Energy Mineral) Minerals
Concession Rules - 2016
Sales Tax Laws Sales Tax 362.04 2.36 1983-84, 2002-03, Additional
2012-13, 2016-2017, Commissioner
2017-18
30.23 2.85 1973-74, 1980-81 to Assistant
1991-92, 1994-95 to Commissioner
1996-97, 2004-05,
2015-16 to 2017-18
215.37 4.56 1988-89, 1989-90, Commissioner
1991-92, 1993-94,
1994-95, 2001-02 to
2003-04, 2013-14
5.83 0.55 1975-76, 1985-86 to Deputy Commissioner
1887-88, 1997-98 to
2001-02, 2008-09,
2011-12, 2013-14,
2016-17, 2017-18
10.01 1.23 1977-78, 1978-79, High Court
1983-84, 1991-92,
1992-93, 1995-96,
1996-97, 2000-01,
2008-09
62.64 0.54 1979-80, 2012-13, Joint Commissioner
2014-15, 2016-17,
2017-18
0.41 0.19 1983-84, 1988-89, Sales Tax Officer
1990-91, 1992-93,
1994-95, 1995-96
14.36 5.94 1977-78, 1984-85, Tribunal
1987-88, 1989-90 to
1998-99, 2001-02,
2003-04 to 2009-10,
2013-14 to 2015-16

Amount (net of
(I crores)
Sales Tax Laws Sales Tax (VAT) 44.15 0.46 2005-06, 2012-13 to Additional
2016-17 Commissioner
0.68 0.12 2005-06, 2006-07, Assistant
2016-2017, 2017-18 Commissioner
16.28 0.08 2006-07 to 2011-12, Commissioner
2014-15
34.68 0.17 2006-07, 2010-11 to Deputy Commissioner
2011-12, 2013-14,
2015-16, 2016-17
265.50 1.07 2001-02, 2003-04, High Court
2007-08, 2010-11,
2012-13 to 2015-16
4.17 - 2015-16 to 2017-18 Joint Commissioner
4.14 4.55 2005-06 to 2009-10, Tribunal
2013-14 to 2015-16,
2017-18
Service Tax Laws Service tax 0.88 - 2005-06 to 2010-11 Additional
Commissioner
1.55 0.03 2010-11 to 2017-18 Assistant
Commissioner
3.54 0.13 2004-05 to 2007-08, Commissioner
2012-13 to 2016-17
0.30 - 2010-11 High Court
3.18 0.12 2016-17, 2017-18 Joint Commissioner
211.07 7.97 2001-02 to 2016-17 Tribunal
Indian Stamp Act, 1899 Stamp Duty 5,165.00 414.00 2013-14 High Court
State Water Tax Laws Water Tax 1,371.81 511.37 1980-81 to 1993-94, High Court
1995-96 to 2022-23


The following matter has been decided in favour of the Company although the department has preferred appeal at
higher levels:
Amount (net of Period to which the amount Forum where the dispute is
Name of the statute Nature of dues
payments) (I crore) relates (FY) pending
Customs Act, 1962 Customs Duty 248.24 2006-07 to 2008-09 Supreme Court
Central Excise Act, 1944 Excise Duty 235.48 2004-05 Supreme Court
16.34 2009-10 Tribunal
26.84 2006-07 to 2008-09 Commissioner
viii. There are no transactions in the books of account that has been surrendered or disclosed as income during the year in the
tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.
ix. (a) Except as described below, the Company has not defaulted in repayment of loans or other borrowings or in the
payment of interest to any lender during the year.
Amount not paid on due
Nature of borrowing Name of lender Whether principal or interest No. of days delay
date (I crores)
Domestic term loan Central Bank of 5.00 Principal 7 days
India
Also refer Note 17(ii) on Borrowings to the standalone financial statements.

(b) On the basis of our audit procedures, we report that the Company has not been declared Wilful Defaulter by any bank
or financial institution or government or any government authority.
(c) In our opinion, the term loans have been applied, on an overall basis, for the purposes for which they were obtained.
Also refer Note 17(x) to the standalone financial statements regarding the unutilised amount lying temporarily as at
March 31, 2024 in fixed deposits out of the proceeds from the issuance of non-convertible debentures in March 2024.
(d) According to the information and explanations given to us, and the procedures performed by us, and on an overall
examination of the standalone financial statements of the Company, we report that no funds raised on short-term
basis have been utilised for long-term purposes by the Company.
(e) On an overall examination of the standalone financial statements of the Company, we report that the Company has
not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates
or joint ventures.
(f) According to the information and explanations given to us and procedures performed by us, we report that the
Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or
associate companies.
x. (a) T he Company has not raised any money by way of initial public offer or further public offer (including debt instruments)
during the year. Accordingly, the reporting under clause 3(x)(a) of the Order is not applicable to the Company.
(b) The Company has not made any preferential allotment or private placement of shares or fully or partially or optionally
convertible debentures during the year. Accordingly, the reporting under clause 3(x)(b) of the Order is not applicable
to the Company.

xi. (a) During the course of our examination of the xiv. (a) In our opinion, the Company has an internal audit
books and records of the Company, carried out in system commensurate with the size and nature of
accordance with the generally accepted auditing its business.
practices in India, we have neither come across any
(b) The reports of the Internal Auditor for the period
instance of material fraud by the Company or on
under audit have been considered by us.
the Company, noticed or reported during the year,
nor have we been informed of any such case by xv. In our opinion, the Company has not entered into any
the Management. non-cash transactions with its directors or persons
connected with him. Accordingly, the reporting on
(b) A report under sub-section (12) of Section 143 of
compliance with the provisions of Section 192 of the
the Companies Act, 2013 has been filed (subsequent
Act under clause 3(xv) of the Order is not applicable to
to the balance sheet date) by us in Form ADT-4 as
the Company.
prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government xvi. (a) The Company is not required to be registered under
of India (Refer Note 46 to the standalone financial Section 45-IA of the Reserve Bank of India Act, 1934.
statements). Accordingly, the reporting under clause 3(xvi)(a) of
the Order is not applicable to the Company.
(c) During the course of our examination of the
books and records of the Company carried out in (b) The Company has not conducted non-banking
accordance with the generally accepted auditing financial / housing finance activities during the year.
practices in India, the Company has received Accordingly, the reporting under clause 3(xvi)(b) of
whistle-blower complaints during the year, which the Order is not applicable to the Company.
have been considered by us for any bearing on our
(c) The Company is not a Core Investment Company
audit and reporting under this clause. As explained
(CIC) as defined in the regulations made by the
by the management, there were certain complaints
Reserve Bank of India. Accordingly, the reporting
in respect of which investigations are ongoing as
under clause 3(xvi)(c) of the Order is not applicable
on the date of our report and our consideration of
to the Company.
the complaints having any bearing on our audit
is based on the information furnished to us by (d)
Based on the information and explanations
the management. provided by the management of the Company,
the Group has seven CICs as part of the Group. We
xii. As the Company is not a Nidhi Company and the Nidhi
have not, however, separately evaluated whether
Rules, 2014 are not applicable to it, the reporting under
the information provided by the management is
clause 3(xii) of the Order is not applicable to the Company.
accurate and complete.
xiii. The Company has entered into transactions with related
xvii. T he Company has not incurred any cash losses in
parties in compliance with the provisions of Sections
the financial year or in the immediately preceding
177 and 188 of the Act. The details of related party
financial year.
transactions have been disclosed in the standalone
financial statements as required under Indian Accounting xviii.
There has been no resignation of the statutory
Standard 24 “Related Party Disclosures” specified under auditors during the year and accordingly the reporting
Section 133 of the Act. under clause 3(xviii) of the Order is not applicable to
the Company.

xix. On the basis of the financial ratios, ageing and expected we neither give any guarantee nor any assurance that all
dates of realisation of financial assets and payment of liabilities falling due within a period of one year from the
financial liabilities, other information accompanying the balance sheet date will get discharged by the Company
standalone financial statements, our knowledge of the as and when they fall due.
Board of Directors and management plans and based
xx. The Company has during the year spent the amount
on our examination of the evidence supporting the
of Corporate Social Responsibility as required under
assumptions, nothing has come to our attention, which
sub-section (5) of Section 135 of the Act. Accordingly,
causes us to believe that any material uncertainty exists
reporting under clause 3(xx) of the Order is not applicable
as on the date of the audit report that the Company is not
to the Company.
capable of meeting its liabilities existing at the date of
balance sheet as and when they fall due within a period xxi. The reporting under clause 3(xxi) of the Order is not
of one year from the balance sheet date. We, however, applicable in respect of audit of standalone financial
state that this is not an assurance as to the future viability statements. Accordingly, no comment in respect of the
of the Company. We further state that our reporting is said clause has been included in this report.
based on the facts up to the date of the audit report and

Subramanian Vivek
Partner
Place: Mumbai
Date: May 29, 2024

BALANCE SHEET
as at March 31, 2024
(H crore)
As at As at
Note Page
March 31, 2024 March 31, 2023
Assets
I Non-current assets
(a) Property, plant and equipment 3 F44 90,806.74 90,276.86
(b) Capital work-in-progress 3 F44 27,196.47 21,653.81
(c) Right-of-use assets 4 F49 5,648.94 5,900.23
(d) Goodwill 12.66 12.66
(e) Other Intangible assets 5 F52 967.80 1,233.10
(f ) Intangible assets under development 5 F52 532.59 514.96
(g) Financial assets
(i) Investments 6 F54 65,498.27 39,467.38
(ii) Loans 7 F64 8,604.38 32,574.10
(iii) Derivative assets 265.81 403.40
(iv) Other financial assets 8 F66 1,633.61 2,299.51
(h) Non-current tax assets (net) 4,684.71 4,291.02
(i) Other assets 10 F69 3,016.94 3,487.76
Total non-current assets 2,08,868.92 2,02,114.79
II Current assets
(a) Inventories 11 F70 24,547.20 25,420.36
(b) Financial assets
(i) Investments 6 F54 500.35 2,968.25
(ii) Trade receivables 12 F70 1,606.14 2,561.79
(iii) Cash and cash equivalents 13 F72 4,541.47 1,185.60
(iv) Other balances with banks 14 F72 1,413.21 1,664.35
(v) Loans 7 F64 140.82 1,925.71
(vi) Derivative assets 83.41 84.13
(vii) Other financial assets 8 F66 892.74 958.78
(c) Other assets 10 F69 3,039.80 3,746.59
Total current assets 36,765.14 40,515.56
III Assets held for sale - 65.38
Total assets 2,45,634.06 2,42,695.73
Equity and liabilities
IV Equity
(a) Equity share capital 15 F73 1,248.60 1,222.40
(b) Other equity 16 F77 1,36,445.05 1,35,386.48
Total equity 1,37,693.65 1,36,608.88
V Non-current liabilities
(a) Financial liabilities
(i) Borrowings 17 F81 36,715.91 31,568.81
(ii) Lease liabilities 3,353.82 3,871.86
(iii) Other financial liabilities 18 F88 1,363.32 1,757.01
(b) Provisions 19 F89 2,704.59 2,658.95
(c) Retirement benefit obligations 20 F90 2,389.69 2,051.61
(d) Deferred income 21 F90 279.11 0.35
(e) Deferred tax liabilities (net) 9 F67 8,016.77 8,508.33
(f ) Other liabilities 22 F91 2,476.80 3,878.50
Total non-current liabilities 57,300.01 54,295.42
VI Current liabilities
(i) Borrowings 17 F81 3,841.52 7,298.12
(ii) Lease liabilities 667.85 565.57
(iii) Trade payables 23 F92
(a) Total outstanding dues of micro and small enterprises 935.84 911.16
(b) Total outstanding dues of creditors other than micro and small enterprises 21,126.62 19,444.60
(iv) Derivative liabilities 10.22 68.51
(v) Other financial liabilities 18 F88 6,670.06 6,149.20
(b) Provisions 19 F89 1,146.42 1,968.15
(c) Retirement benefit obligations 20 F90 115.74 145.82
(e) Current tax liabilities (net) 1,928.13 1,703.91
Total current liabilities 50,640.40 51,791.43
Total equity and liabilities 2,45,634.06 2,42,695.73
Notes forming part of the standalone financial statements 1 - 50
In terms of our report attached For and on behalf of the Board of Directors
sd/- sd/- sd/- sd/- sd/-
For Price Waterhouse & Co Chartered Accountants LLP N. Chandrasekaran Noel Naval Tata Deepak Kapoor Farida Khambata V. K. Sharma
Firm Registration Number: 304026E/E-300009 Chairman Vice-Chairman Independent Director Independent Director Independent Director
DIN: 00121863 DIN: 00024713 DIN: 00162957 DIN: 06954123 DIN: 02449088

Subramanian Vivek Bharti Gupta Ramola Shekhar C. Mande T. V. Narendran Koushik Chatterjee Parvatheesam Kanchinadham
Partner Independent Independent Chief Executive Officer Executive Director Company Secretary &
Membership Number 100332 Director Director & Managing Director & Chief Financial Officer Chief Legal Officer
DIN: 00356188 DIN: 10083454 DIN: 03083605 DIN: 00004989 (Corporate & Compliance)
ACS: 15921
Mumbai, May 29, 2024

STATEMENT OF PROFIT AND LOSS
for the year ended March 31, 2024
(H crore)
Year ended Year ended
Note Page
March 31, 2024 March 31, 2023
I Revenue from operations 24 F93 1,40,987.43 1,42,913.32
II Other income 25 F94 3,122.91 2,530.44
III Total income 1,44,110.34 1,45,443.76
IV Expenses:
(a) Cost of materials consumed 48,018.48 59,948.72
(b) Purchases of stock-in-trade 9,702.30 7,424.21
(c) Changes in inventories of finished and semi-finished goods, stock-in-trade and work- in-progress 26 F94 369.85 (1,329.69)
(d) Employee benefits expense 27 F95 7,402.31 7,220.74
(e) Finance costs 28 F95 4,178.61 3,974.63
(f ) Depreciation and amortisation expense 29 F95 5,969.79 5,956.32
(g) Other expenses 30 F96 46,648.71 42,463.89
1,22,290.05 1,25,658.82
Less: Expenditure (other than finance cost) transferred to capital account 987.54 1,085.23
Total expenses 1,21,302.51 1,24,573.59
V Profit before exceptional items and tax (III-IV) 22,807.83 20,870.17
VI Exceptional items: 31 F97
(a) Profit/(loss) on sale of non-current investments - 338.56
(b) Provision for impairment of investments/doubtful loans and advances/ other financial
(12,971.36) (1,056.39)
assets (net)
(c) Provision for impairment of non-current assets (net) (178.91) -
(d) Employee separation compensation (98.83) (91.94)
(e) Restructuring and other provisions (404.67) (1.69)
(f ) Gain/(loss) on non-current investments classified as fair value through profit and loss (net) 18.09 30.99
Total exceptional items (13,635.68) (780.47)
VII Profit before tax (V+VI) 9,172.15 20,089.70
VIII Tax expense: 9 F67
(a) Current tax 4,954.21 4,918.39
(b) Deferred tax (589.46) 486.06
Total tax expense 4,364.75 5,404.45
IX Profit for the year(VII-VIII) 4,807.40 14,685.25
X Other comprehensive income
A (i) Items that will not be reclassified subsequently to profit and loss
(a) Remeasurement gain/(loss) on post-employment defined benefit plans (210.12) 266.82
(b) Fair value changes of investments in equity shares 1,005.34 (193.59)
(ii) Income tax on items that will not be reclassified subsequently to profit and loss (60.16) (44.31)
B (i) Items that will be reclassified subsequently to profit and loss
(a) Fair value changes of cash flow hedges (58.83) 79.78
(ii) Income tax on items that will be reclassified subsequently to profit and loss 15.14 (20.12)
Total other comprehensive income for the year 691.37 88.58
XI Total comprehensive income for the year (IX+X) 5,498.77 14,773.83
XII Earnings per share 32 F98
Basic (₹) 3.85 11.76
Diluted (₹) 3.85 11.76
Notes forming part of the standalone financial statements 1 - 50

ACS: 15921

STATEMENT OF CHANGES IN EQUITY

A. Equity share capital

(H crore)
Balance as at Changes during Balance as at
April 1, 2023 the year March 31, 2024
1,222.40 26.20 1,248.60

April 1, 2022 the year April 1, 2023
1,222.37 0.03 1,222.40
B. Other equity
(H crore)
Share
Items of other
Retained Shares application
comprehensive Other reserves
earnings (refer pending issue money pending
income (refer note Total
note 16A, (refer note allotment (refer
(refer note 16B, 16C, page F78)
page F77) 16D, page F80) note 16E,
page F77)
page F80)
Balance as at April 1, 2023 86,491.20 803.62 48,065.46 26.20 - 1,35,386.48
Profit for the year 4,807.40 - - - - 4,807.40
Other comprehensive income for the year (157.24) 848.61 - - - 691.37
Total comprehensive income for the year 4,650.16 848.61 - - - 5,498.77
Shares pendig issue - issued/alloted during the year - - - (26.20) - (26.20)
Dividend(i) (4,414.00) - - - - (4,414.00)
Balance as at March 31, 2024 86,727.36 1,652.23 48,065.46 - - 1,36,445.05

STATEMENT OF CHANGES IN EQUITY (CONTD.)
(H crore)
Share
Items of other
Retained Shares application
comprehensive Other reserves
earnings (refer pending issue money pending
income (refer note Total
note 16A, (refer note allotment (refer
(refer note 16B, 16C, page F78)
page F77) 16D, page F80) note 16E,
page F77)
page F80)
Balance as at April 1, 2022 77,873.96 914.87 48,064.11 26.20 - 1,26,879.14
Profit for the year 14,685.25 - - - - 14,685.25
Other comprehensive income for the year 199.83 (111.25) - - - 88.58
Total comprehensive income for the year 14,885.08 (111.25) - - - 14,773.83
Received during the year - - - - 1.46 1.46
Subscription to final call on equity shares - - 1.44 - (1.46) (0.02)
Equity issue expenses written (off )/back - - (0.09) - - (0.09)
Dividend (i)
(6,267.84) - - - - (6,267.84)
Balance as at March 31, 2023 86,491.20 803.62 48,065.46 26.20 - 1,35,386.48
(i) Dividend paid during the year ended March 31, 2024 is ₹3.60 per Ordinary share (face value ₹1 each, fully paid up) (March 31, 2023:
₹51.00 per Ordinary share of face value ₹10 each, fully paid up and ₹12.75 per Ordinary Share of face value ₹10 each,
partly paid up ₹2.504 per share).
Dividend paid during the year includes payment of dividend by erstwhile Tata Steel Long Products Limited (TSLP), Tinplate
Company of India Limited (TCIL) and Tata Metaliks Limited (TML) merged into the Company to the public shareholders
amounting to ₹14.25 crore. (2022-23: ₹34.73 crore).
Further, during the year ended March 31, 2023, dividend amounting to ₹4.16 crore pertaining to those shares allotted
pursuant to composite scheme of amalgamation of Bamnipal Steel Limited and Tata BSL Limited into and with the Company
but pending legal proceedings or rejected during corporate actions has been paid subsequently without depositing the
amount to a separate bank account.
C. Notes forming part of the standalone financial statements Note 1-50


ACS: 15921

STATEMENT OF CASH FLOWS

(H crore)
March 31, 2024 March 31, 2023
(A) Cash flows from operating activities:
Profit before tax 9,172.15 20,089.70
Adjustments for:
Depreciation and amortisation expense 5,969.79 5,956.32
Dividend Income (313.21) (201.93)
(Gain)/loss on sale of property, plant and equipment including intangible (850.90) 66.16
assets (net of loss on assets scrapped/written off )
Exceptional (income)/expenses 13,635.68 780.47
(Gain)/loss on cancellation of forwards, swaps and options (151.34) (13.63)
Interest income and income from current investments (1,951.81) (2,048.20)
Finance costs 4,178.61 3,974.63
Foreign exchange (gain)/loss (348.03) (2,544.78)
Other non-cash items 59.36 (55.36)
20,228.15 5,913.68
Operating profit before changes in non-current/current assets and liabilities 29,400.30 26,003.38
Adjustments for:
Non-current/current financial and other assets 1,947.37 (672.19)
Inventories 901.07 (1,972.02)
Non-current/current financial and other liabilities/provisions 124.90 (4,845.28)
2,973.34 (7,489.49)
Cash generated from operations 32,373.64 18,513.89
Income taxes paid (net of refund) (5,045.37) (5,008.14)
Net cash from/(used in) operating activities 27,328.27 13,505.75
(B) Cash flows from investing activities:

Purchase of capital assets (10,426.00) (9,067.96)
Sale of capital assets 220.95 31.82
Purchase of investments in subsidiaries (684.41) (12,686.82)
Purchase of other non-current investments (0.01) (314.00)
Purchase of Business Undertaking - (130.00)
Sale of investments in subsidiaries - 1,112.42
(Purchase)/sale of current investments (net) 2,667.49 5,761.42
Loans given (8,765.53) (560.15)
Repayment of loans given 754.73 714.65
Principal receipts under sublease 0.48 -
Fixed/restricted deposits with banks (placed)/realised (net) 148.29 (139.49)
Interest received 212.91 281.98
Dividend received from subsidiaries 116.05 146.15
Dividend received from associates and joint ventures 163.27 32.16
Dividend received from others 33.89 23.62
Net cash from/(used in) investing activities (15,557.89) (14,794.20)

STATEMENT OF CASH FLOWS (CONTD.)
(H crore)
March 31, 2024 March 31, 2023
(C) Cash flows from financing activities:
Proceeds from issue of equity shares (net of issue expenses) - 1.37
Proceeds from long term borrowings (net of issue expenses) 9,696.09 16,628.55
Repayment of long term borrowings (7,143.01) (2,904.30)
Proceeds/(repayments) of short term borrowings (net) (1,003.50) (8,109.16)
Payment of lease obligations (602.98) (514.31)
Amount received/(paid) on utilisation/cancellation of derivatives 151.34 1.18
Interest paid (5,098.45) (4,028.27)
Dividend paid (4,414.00) (6,267.84)
Net cash from/(used in) financing activities (8,414.51) (5,192.78)
Net increase/(decrease) in cash and cash equivalents 3,355.87 (6,481.23)
Opening cash and cash equivalents (refer note 13, page F72) 1,185.60 7,666.83
Closing cash and cash equivalents (refer note 13, page F72) 4,541.47 1,185.60
(i) Significant non-cash movements in borrowings and advances during the year include:
(a) amortisation/effective interest rate adjustments of upfront fees and other adjustments ₹89.94 crore
(2022-23: ₹30.19 crore).
(b) exchange loss on borrowings ₹50.93 crore (2022-23: ₹277.74 crore).
(c) adjustments to lease obligations, increase ₹121.33 crore (2022-23: ₹452.65 crore).
(d) conversion of loan given to a subsidiary into equity investment ₹34,168.90 crore (2022-23: Nil).
(ii) (Gain)/loss on sale of property, plant and equipment includes a non-cash gain of ₹903.40 crore (2022-23: Nil) on
de-recognition of assets pursuant to a long-term arrangement.
C. Notes forming part of the standalone financial statements Note 1-50


ACS: 15921

NOTES
forming part of the standalone financial statements
1. Company Information Fair value is the price that would be received to sell an
Tata Steel Limited (“the Company”) is a public limited asset or paid to transfer a liability in an orderly transaction
Company incorporated in India with its registered between market participants at the measurement date.
office in Bombay House 24, Homi Modi Street Fort, All assets and liabilities have been classified as current
Mumbai-400 001, Maharashtra, India. The Company is and non-current as per the Company’s normal operating
listed on the BSE Limited (BSE) and the National Stock cycle which is based on the nature of businesses and the
Exchange of India Limited (NSE). time elapsed between deployment of resources and the
The Company has presence across the entire value chain realisation of cash and cash equivalents. The Company
of steel manufacturing from mining and processing iron has considered an operating cycle of 12 months.
ore and coal to producing and distributing finished
products. The Company offers a broad range of steel (c) Use of estimates and critical accounting
products including a portfolio of high value added judgements
downstream products such as hot rolled, cold rolled, In the preparation of the financial statements, the
coated steel, rebars, wire rods, tubes and wires. Company makes judgements in the application of
accounting policies; and estimates and assumptions
The functional and presentation currency of the Company
which affects carrying values of assets and liabilities
is Indian Rupee (“₹”) which is the currency of the primary
that are not readily apparent from other sources.
economic environment in which the Company operates.
The estimates and associated assumptions are based
As on March 31, 2024, Tata Sons Private Limited owns on historical experience and other factors that are
31.76% of the Ordinary Shares of the Company and has considered to be relevant. Actual results may differ from
the ability to influence the Company’s operations. these estimates.
The financial statements for the year ended March 31, Estimates and underlying assumptions are reviewed on
2024 were approved by the Board of Directors and an ongoing basis. Revisions to accounting estimates are
authorised for issue on May 29, 2024. recognised in the period in which the estimate is revised
and future periods affected.
2. Material accounting policies The Company uses the following critical accounting
The material accounting policies applied by the Company estimates and judgements in preparation of its
in the preparation of its financial statements are listed financial statements.
below. Such accounting policies have been applied
consistently to all the periods presented in these financial Impairment
statements, unless otherwise indicated. The Company estimates the recoverable value of the
cash generating unit (CGU) based on future cash flows
(a) Statement of compliance after considering current economic conditions and
The financial statements have been prepared in trends, estimated future operating results and growth
accordance with the Indian Accounting Standards rates and anticipated future economic and regulatory
(referred to as “Ind AS”) prescribed under Section 133 of conditions and the impact of climate change which may
the Companies Act, 2013 read with Companies (Indian result in a change of current production process given
Accounting Standards) Rules, as amended from time to the decarbonisation plan of the Group. The estimated
time and other relevant provisions of the Act. cash flows are developed using internal forecasts. The
cash flows are discounted using a suitable discount rate
(b) Basis of preparation in order to calculate the present value. Further details of
the Company’s impairment review and key assumptions
The financial statements have been prepared under the
are set out in note 3, page F44, note 4, page F49, note 5,
historical cost convention with the exception of certain
page F52 and note 6, page F54.
assets and liabilities that are required to be carried at fair
value by Ind AS.

NOTES
2. Material accounting policies (Contd.) measured based on quoted prices in active markets,
their fair value is measured using valuation techniques
Impairment of financial assets (other than
including Discounted Cash Flow Model. The inputs
subsequent measurement at fair value)
to these models are taken from observable markets
easurement of impairment of financial assets require
M where possible, but where this is not feasible, a degree
use of estimates and judgements, which have been of judgement is required in establishing fair values.
explained in the note on financial instruments under Judgements include considerations of inputs such
impairment of financial assets. (refer note 2(m), page F38). as liquidity risks, credit risks and volatility. Changes
in assumptions about these factors could affect the
Useful lives of property, plant and equipment,
reported fair value of financial instruments. Further
right-of-use assets and intangible assets
details are set out in note 37, page F113.
The Company reviews the useful life of property, plant
and equipment, right-of-use assets and intangible assets Leases
at the end of each reporting period. This reassessment The Company evaluates if an arrangement qualifies to
may result in change in depreciation and amortisation be a lease as per the requirements of Ind AS 116 “Leases”.
expense in future periods. The policy has been detailed Identification of a lease requires significant judgement in
in note 2(e), page F34, note 2(j), page F36 and note 2(k), assessing the lease term including anticipated renewals
page F36. and the applicable discount rate.
Provisions and contingent liabilities The lease payments are discounted using the interest
A provision is recognised when the Company has a rate implicit in the lease, if that rate can be readily
present obligation, legal or constructive, as result of determined. If that rate cannot be readily determined,
a past event and it is probable that the outflow of the Company uses incremental borrowing rate.
resources will be required to settle the obligation, in
Retirement benefit obligations
respect of which a reliable estimate can be made. They
include provisions on decommissioning, site restoration The Company’s retirement benefit obligations are
and environmental provisions as well which may change subject to a number of assumptions including discount
where changes in estimated reserves affect expectations rates, inflation, salary growth and mortality rate.
about the timing or cost of these activities. All provisions Significant assumptions are required when setting
are reviewed at each balance sheet date and adjusted to these criteria and a change in these assumptions would
reflect the current best estimates. have a significant impact on the amount recorded in
the Company’s balance sheet and the statement of
The Company uses significant judgements to assess profit and loss. The Company sets these assumptions
contingent liabilities. Contingent liabilities are disclosed based on previous experience and third party actuarial
when there is a possible obligation arising from past advice. The assumptions are reviewed annually and
events, the existence of which will be confirmed only adjusted following actuarial and experience changes.
by the occurrence or non-occurrence of one or more Further details on the Company’s retirement benefit
uncertain future events not wholly within the control obligations, including key assumptions are set out in
of the Company or a present obligation that arises from note 33, page F98.
past event where it is either not probable that an outflow
of resources will be utilised to settle the obligation or (d) Business combination under common control
a reliable estimate of the amount cannot be made.
Business combinations involving entities or businesses
Contingent assets are neither recognised nor disclosed
under common control are accounted for using the
in the financial statements. Further details are set out in
pooling of interest method. Under pooling of interest
note 19, page F89 and note 34(A), page F105.
method, the assets and liabilities of the combining
Fair value measurements of financial instruments entities or businesses are reflected at their carrying
amounts after making adjustments necessary to
When the fair value of financial assets and financial
harmonise the accounting policies. The financial
liabilities recorded in the balance sheet cannot be
information in the financial statements in respect of prior

NOTES
2. Material accounting policies (Contd.) indication exists, the recoverable amount is higher of fair
value less costs to sell and value in use is determined
periods is restated as if the business combination had
on an individual asset basis under the asset that does
occurred from the beginning of the preceding period in
not generate cash flow that are largely independent
the financial statements, irrespective of the actual date of
from the assets. In such cases, the recoverable amount
the combination. The identity of the reserves is preserved
is determined for the cash generating unit (CGU) to
in the same form in which they appeared in the financial
which the asset belongs. In assessing value in use, the
statements of the transferor and the difference, if any,
estimated future cash flows are discounted to their
between the amount recorded as share capital issued
present value using a tax free discount rate that reflects
plus any additional consideration in the form of cash
current market assessment of the time value of money
or other assets and the amount of share capital of the
and the risk specific to the asset for which the estimates
transferor is transferred to capital reserve.
of future cash flows have not been adjusted.
(e) Property, plant and equipment If the recoverable value of an asset (CGU) is estimated to
Property, plant and equipment is stated at cost or deemed be less than its carrying amount, the carrying amount of
cost applied on transition to Ind AS, less accumulated the asset (CGU) is reduced to its recoverable value. An
depreciation and impairment. Cost includes all direct impairment loss is recognised in the statement of profit
costs and expenditures incurred to bring the asset to its and loss.
working condition and location for its intended use. Trial Mining assets are amortised over the useful life of the
run expenses are capitalised. Borrowing costs incurred mine or lease period whichever is lower. For certain
during the period of construction is capitalised as part mining assets, where unit of production is considered to
of cost of qualifying asset. be more reflective of the pattern of use, amortisation is
Depreciation is provided so as to write off, on a straight done based on unit of production method.
line basis, the cost / deemed cost of property, plant and Major furnace relining expenses are depreciated over a
equipment to their residual value. These charges are period of 10 years (average expected life).
commenced from the dates the assets are available for
their intended use and are spread over their estimated Freehold land is not depreciated.
useful economic lives. The estimated useful lives of * For these class of assets, based on internal assessment
assets, residual values and depreciation method are and independent technical evaluation carried out by
reviewed regularly and revised when necessary. chartered engineers, the Company and some of its
Depreciation on assets under construction commences subsidiaries believe that the useful lives as given above
only when the assets are ready for their intended use. best represent the period over which such Company
expects to use these assets. Hence the useful lives
The estimated useful lives for the main categories of for these assets are different from the useful lives as
property, plant and equipment are: prescribed under Part C of Schedule II of the Companies
Estimated
Act, 2013.
useful life (years)
Freehold and long leasehold buildings upto 60 years* (f) Exploration for and evaluation of mineral
Roads 5 to 10 years resources
Plant and machinery upto 40 years*
Furniture, fixture and office equipments 3 to 10 years Expenditures associated with search for specific mineral
Vehicles and aircraft 5 to 20 years resources are recognised as exploration and evaluation
Railway sidings upto 35 years*
assets. The following expenditure comprises cost of
Assets covered under the Electricity Act 3 to 38 years
(life as prescribed under the Electricity Act) exploration and evaluation assets:
• obtaining of the rights to explore and evaluate mineral
Property, plant and equipment are evaluated for reserves and resources including costs directly related
recoverability wherever there is any indication that to this acquisition
their carrying value may not be recoverable. If any such
• researching and analysing existing exploration data

NOTES
2. Material accounting policies (Contd.) • developing passageways and rooms or galleries

• conducting geological studies, exploratory drilling • building roads and tunnels and
and sampling
• advance removal of overburden and waste rock.
• e xamining and tes ting e x trac tion and
Development (or construction) also includes the
treatment methods
installation of infrastructure (e.g., roads, utilities and
• compiling pre-feasibility and feasibility studies housing), machinery, equipment and facilities.
• activities in relation to evaluating the technical Development expenditure is capitalised and presented
feasibility and commercial viability of extracting a as part of mining assets. No depreciation is charged
mineral resource. on the development expenditure before the start of
commercial production.
Administration and other overhead costs are charged
to the cost of exploration and evaluation assets only if
(h) Provision for restoration and environmental costs
directly related to an exploration and evaluation project.
The Company has liabilities related to restoration of soil
If a project does not prove viable, all irrecoverable and other related works, which are due upon the closure
exploration and evaluation expenditure associated with of certain of its mining sites.
the project net of any related impairment allowances is
written off to the statement of profit and loss. Such liabilities are estimated case-by-case based on
available information, considering applicable local legal
The Company measures its exploration and evaluation requirements. The estimation is made using existing
assets at cost and classifies as property, plant and technology, at current prices, and discounted using
equipment or intangible assets according to the nature an appropriate discount rate where the effect of time
of the assets acquired and applies the classification value of money is material. Future restoration and
consistently. To the extent that a tangible asset is environmental costs, discounted to net present value,
consumed in developing an intangible asset, the amount are capitalised and the corresponding restoration liability
reflecting that consumption is capitalised as a part of the is raised as soon as the obligation to incur such costs
cost of the intangible asset. arises. Future restoration and environmental costs are
As the capitalised exploration asset is not available for capitalised in property, plant and equipment or mining
use, it is not depreciated. All exploration and evaluation assets as appropriate and are depreciated over the life
assets are monitored for indications of impairment. of the related asset. The effect of time value of money
An exploration and evaluation asset is no longer on the restoration and environmental costs liability is
classified as such when the technical feasibility and recognised in the statement of profit and loss.
commercial viability of extracting a mineral resource
are demonstrable and the development of the deposit (i) Stripping Costs
is sanctioned by the management. The carrying value of The Company separates two different types of stripping
such exploration and evaluation asset is reclassified to costs that are incurred in surface mining activity:
mining assets.
• developmental stripping costs and
(g) Development expenditure for mineral reserves • production stripping costs
Development is the establishment of access to mineral Developmental stripping costs which are incurred in
reserves and other preparations for commercial order to obtain access to quantities of mineral reserves
production. Development activities often continue that will be mined in future periods are capitalised as part
during production and include: of mining assets.
• sinking shafts and underground drifts (often called Capitalisation of developmental stripping costs ends
mine development) when the commercial production of the mineral reserves
• making permanent excavations begins. A mine can operate several open pits that are

NOTES
2. Material accounting policies (Contd.) • the Company can identify the component of the ore
body for which access has been improved and
regarded as separate operations for the purpose of mine
planning and production. In this case, stripping costs • the costs relating to the improved access to that
are accounted for separately, by reference to the ore component can be measured reliably.
extracted from each separate pit. If, however, the pits
Such costs are presented within mining assets. After
are highly integrated for the purpose of mine planning
initial recognition, stripping activity assets are carried at
and production, stripping costs are aggregated too.
cost/deemed cost, less accumulated amortisation and
The determination of whether multiple pit mines are impairment. The expected useful life of the identified
considered separate or integrated operations depends component of the ore body is used to depreciate or
on each mine’s specific circumstances. The following amortise the stripping asset.
factors normally point towards the stripping costs for
the individual pits being accounted for separately: (j) Intangible assets
• mining of the second and subsequent pits is Software costs and other intangible assets are included in
conducted consecutively with that of the first pit, the balance sheet as intangible assets when it is probable
rather than concurrently that associated future economic benefits would flow to
the Company. In this case they are measured initially at
• separate investment decisions are made to develop purchase cost and then amortised on a straight-line basis
each pit, rather than a single investment decision over their estimated useful lives.
being made at the outset
Estimated
• the pits are operated as separate units in terms of useful life (years)
mine planning and the sequencing of overburden and Computer software 3 to 5 years
ore mining, rather than as an integrated unit
• expenditures for additional infrastructure to support Subsequent to initial recognition, intangible assets with
the second and subsequent pits are relatively large definite useful lives are reported at cost or deemed
cost applied on transition to Ind AS, less accumulated
• the pits extract ore from separate and distinct ore amortisation and accumulated impairment losses.
bodies, rather than from a single ore body.
Intangible assets are evaluated for recoverability
The relative importance of each factor is considered by wherever there is any indication that their carrying value
the management to determine whether, the stripping may not be recoverable. If any such indication exists, the
costs should be attributed to the individual pit or to the recoverable amount is higher of fair value less costs to
combined output from the several pits. sell and value in use is determined on an individual asset
Production stripping costs are incurred to extract the ore basis under the asset that does not generate cash flow
in the form of inventories and/or to improve access to an that are largely independent from the assets. In such
additional component of an ore body or deeper levels of cases, the recoverable amount is determined for the cash
material. Production stripping costs are accounted for generating unit (CGU) to which the asset belongs.
as inventories to the extent the benefit from production If the recoverable value of an asset (CGU) is estimated to
stripping activity is realised in the form of inventories. be less than its carrying amount, the carrying amount of
The Company recognises a stripping activity asset in the asset (CGU) is reduced to its recoverable value. An
the production phase if, and only if, all of the following impairment loss is recognised in the statement of profit
are met: and loss.
• it is probable that the future economic benefit (k) Leases

(improved access to the ore body) associated with the The Company determines whether an arrangement
stripping activity will flow to the Company contains a lease by assessing whether the fulfilment
of a transaction is dependent on the use of a specific

NOTES
2. Material accounting policies (Contd.) modifications. The Company recognises the amount of
the re-measurement of lease liability as an adjustment to
asset and whether the transaction conveys the right to
the right-of-use asset. Where the carrying amount of the
control the use of that asset to the Company in return
right-of-use asset is reduced to zero and there is a further
for payment.
reduction in the measurement of the lease liability, the
The Company as lessee Company recognises any remaining amount of the re-
measurement in the statement of profit and loss.
The Company accounts for each lease component
within the contract as a lease separately from Variable lease payments not included in the measurement
non-lease components of the contract and allocates the of the lease liabilities are expensed to the statement
consideration in the contract to each lease component of profit and loss in the period in which the events or
on the basis of the relative stand-alone price of the lease conditions which trigger those payments occur.
component and the aggregate stand-alone price of the
Payment made towards leases for which non-cancellable
non-lease components. The Company recognises right-
term is 12 months or lesser (short-term leases) and low
of-use asset representing its right to use the underlying
value leases are recognised in the statement of Profit and
asset for the lease term at the lease commencement date.
Loss as rental expenses over the tenor of such leases.
The cost of the right-of-use asset measured at inception
comprises of the amount of initial measurement of the The Company as lessor
lease liability adjusted for any lease payments made at
(i) Operating lease – Rental income from operating
or before the commencement date.
leases is recognised in the statement of profit
Certain lease arrangements include options to extend and loss on a straight-line basis over the term
or terminate the lease before the end of the lease term. of the relevant lease unless another systematic
The right-of-use assets and lease liabilities include these basis is more representative of the time pattern
options when it is reasonably certain that such options in which economic benefits from the leased
would be exercised. asset is diminished. Initial direct costs incurred in
negotiating and arranging an operating lease are
The right-of-use assets are subsequently measured at
added to the carrying value of the leased asset
cost less any accumulated depreciation, accumulated
and recognised on a straight-line basis over the
impairment losses, if any, and adjusted for any re-
lease term.
measurement of the lease liability. The right-of-use
assets are depreciated using the straight-line method (ii) Finance lease – When assets are leased out under
from the commencement date over the shorter of lease a finance lease, the present value of minimum
term or useful life of right-of-use asset. lease payments is recognised as a receivable.
The difference between the gross receivable and
Right-of-use assets are tested for impairment whenever
the present value of receivable is recognised
there is any indication that their carrying amounts may
as unearned finance income. Lease income is
not be recoverable. Impairment loss, if any, is recognised
recognised over the term of the lease using the
in the statement of profit and loss.
net investment method before tax, which reflects
Lease liability is measured at the present value of the a constant periodic rate of return. Such rate is the
lease payments that are not paid at the commencement interest rate which is implicit in the lease contract.
date of the lease. The lease payments are discounted
using the interest rate implicit in the lease, if that rate (l) Investments in subsidiaries, associates and joint
can be readily determined. If that rate cannot be readily ventures
determined, the Company uses incremental borrowing Investments in subsidiaries, associates and joint ventures
rate. The lease liability is subsequently remeasured are carried at cost/deemed cost applied on transition to
by increasing the carrying amount to reflect interest Ind AS, less accumulated impairment losses, if any. Where
on the lease liability, reducing the carrying amount to an indication of impairment exists, the carrying amount
reflect the lease payments made and remeasuring the of investment is assessed and an impairment provision
carrying amount to reflect any reassessment or lease is recognised, if required immediately to its recoverable

NOTES
2. Material accounting policies (Contd.) Financial assets measured at fair value

amount, being the higher of value in use or fair value less Financial assets are measured at fair value through
costs to sell. On disposal of such investments, difference other comprehensive income if such financial assets
between the net disposal proceeds and carrying amount are held within a business model whose objective is
is recognised in the statement of profit and loss. to hold these assets in order to collect contractual
cash flows and to sell such financial assets and the
(m) Financial instruments contractual terms of the financial asset give rise
on specified dates to cash flows that are solely
Financial assets and financial liabilities are recognised
payments of principal and interest on the principal
when the Company becomes a party to the contractual
amount outstanding.
provisions of the instrument. Financial assets and
liabilities are initially measured at fair value. Transaction The Company in respect of certain equity
costs that are directly attributable to the acquisition or investments (other than in associates and joint
issue of financial assets and financial liabilities (other ventures) which are not held for trading has
than financial assets and financial liabilities at fair value made an irrevocable election to present in other
through profit and loss) are added to or deducted from comprehensive income subsequent changes in
the fair value measured on initial recognition of financial the fair value of such equity instruments. Such an
asset or financial liability. The transaction costs directly election is made by the Company on an instrument
attributable to the acquisition of financial assets and by instrument basis at the time of initial recognition
financial liabilities at fair value through profit and loss are of such equity investments. These investments
immediately recognised in the statement of profit and are held for medium or long-term strategic
loss. Trade receivables that do not contain a significant purpose. The Company has chosen to designate
financing component are measured at transaction price. these investments in equity instruments as fair
value through other comprehensive income as
(I) Financial assets the management believes this provides a more
Cash and bank balances meaningful presentation for medium or long-term
Cash and bank balances consist of: strategic investments, than reflecting changes in
fair value immediately in the statement of profit
(i) Cash and cash equivalents - which includes cash
and loss.
on hand, deposits held at call with banks and other
short-term deposits which are readily convertible Financial assets not measured at amortised cost or
into known amounts of cash, are subject to an at fair value through other comprehensive income
insignificant risk of change in value and have are carried at fair value through profit and loss.
original maturities of less than three months. These
balances with banks are unrestricted for withdrawal Interest income
and usage. Interest income is accrued on a time proportion
basis, by reference to the principal outstanding and
(ii) Other balances with bank - which also include
effective interest rate applicable and is recognised
balances and deposits with banks that are restricted
in the statement of profit or loss.
for withdrawal and usage.
Dividend income
Financial assets at amortised cost
Dividend income from investments is recognised
Financial assets are subsequently measured at
in the statement of profit or loss when the right to
amortised cost if these financial assets are held
receive payment has been established.
within a business model whose objective is to hold
these assets in order to collect contractual cash Impairment of financial assets
flows and the contractual terms of the financial
Loss allowance for expected credit losses is
asset give rise on specified dates to cash flows that
recognised for financial assets measured at
are solely payments of principal and interest on the
principal amount outstanding.

NOTES
2. Material accounting policies (Contd.) recorded at the proceeds received, net of direct
issue costs.
amortised cost and fair value through other
comprehensive income. Financial liabilities
The Company recognises life time expected credit Trade and other payables are initially measured
losses for all trade receivables that do not constitute at fair value, net of transaction costs, and are
a financing transaction. subsequently measured at amortised cost, using
the effective interest rate method where the time
For financial assets (apart from trade receivables
value of money is significant.
that do not constitute of financing transaction)
whose credit risk has not significantly increased Interest bearing bank loans, overdrafts and issued
since initial recognition, loss allowance equal to debt are initially measured at fair value and are
twelve months expected credit losses is recognised. subsequently measured at amortised cost using
Loss allowance equal to the lifetime expected the effective interest rate method. Any difference
credit losses is recognised if the credit risk of the between the proceeds (net of transaction costs)
financial asset has significantly increased since and the settlement or redemption of borrowings is
initial recognition. recognised over the term of the borrowings in the
De-recognition of financial assets
The Company de-recognises a financial asset only De-recognition of financial liabilities
when the contractual rights to the cash flows from The Company de-recognises financial liabilities
the asset expire, or it transfers the financial asset when, and only when, the Company’s obligations
and substantially all risks and rewards of ownership are discharged, cancelled or they expire.
of the asset to another entity.
Derivative financial instruments and hedge
If the Company neither transfers nor retains accounting
substantially all the risks and rewards of ownership
In the ordinary course of business, the Company
and continues to control the transferred asset, the
uses certain derivative financial instruments to
Company recognises its retained interest in the
reduce business risks which arise from its exposure
assets and an associated liability for amounts it may
to foreign exchange, base metal prices and interest
have to pay.
rate fluctuations. The instruments are confined
If the Company retains substantially all the risks principally to forward foreign exchange contracts,
and rewards of ownership of a transferred financial forward rate agreements, cross currency swaps,
asset, the Company continues to recognise the interest rate swaps and collars. The instruments are
financial asset and also recognises a borrowing for employed as hedges of transactions included in the
the proceeds received. financial statements or for highly probable forecast
transactions/firm contractual commitments. These
(II) Financial liabilities and equity instruments derivatives contracts do not generally extend
Classification as debt or equity beyond six months, except for certain currency
Financial liabilities and equity instruments issued swaps and interest rate derivatives.
by the Company are classified according to the Derivatives are initially accounted for and measured
substance of the contractual arrangements entered at fair value on the date the derivative contract is
into and the definitions of a financial liability and an entered into and are subsequently remeasured to
equity instrument. their fair value at the end of each reporting period.
Equity instruments The Company adopts hedge accounting for forward
An equity instrument is any contract that evidences foreign exchange, interest rate and commodity
a residual interest in the assets of the Company after contracts, wherever possible. At the inception
deducting all of its liabilities. Equity instruments are of each hedge, there is a formal, documented

NOTES
2. Material accounting policies (Contd.) In cases where hedge accounting is not applied,
changes in the fair value of derivatives are
designation of the hedging relationship. This
recognised in the statement of profit and loss as
documentation includes, inter alia, items such as
and when they arise.
identification of the hedged item and transaction
and nature of the risk being hedged. At inception Hedge accounting is discontinued when the
each hedge is expected to be highly effective hedging instrument expires or is sold, terminated,
in achieving an offset of changes in fair value or or exercised, or no longer qualifies for hedge
cash flows attributable to the hedged risk. The accounting. At that time, any cumulative gain or
effectiveness of hedge instruments to reduce the loss on the hedging instrument recognised in
risk associated with the exposure being hedged is equity is retained in equity until the forecasted
assessed and measured at the inception and on an transaction occurs. If a hedged transaction is no
ongoing basis. The ineffective portion of designated longer expected to occur, the net cumulative gain
hedges is recognised immediately in the statement or loss recognised in equity is transferred to the
of profit and loss. statement of profit and loss for the period.
When hedge accounting is applied: Further details on the Company’s financial
instruments are set out in note 37, page F113.
• for fair value hedges of recognised assets and
liabilities, changes in fair value of the hedged
(n) Employee benefits
assets and liabilities attributable to the risk being
hedged, are recognised in the statement of Defined contribution plans
profit and loss and compensate for the effective Contributions under defined contribution plans are
portion of symmetrical changes in the fair value recognised as expense for the period in which the
of the derivatives. employee has rendered service. Payments made to
state managed retirement benefit schemes are dealt
• for cash flow hedges, the effective portion of
with as payments to defined contribution schemes
the change in the fair value of the derivative
where the Company’s obligations under the schemes
is recognised directly in other comprehensive
are equivalent to those arising in a defined contribution
income and the ineffective portion is recognised
retirement benefit scheme.
in the statement of profit and loss. If the cash
flow hedge of a firm commitment or forecasted Defined benefit plans
transaction results in the recognition of a non-
For defined benefit retirement schemes, the cost of
financial asset or liability, then, at the time the
providing benefits is determined using the Projected Unit
asset or liability is recognised, the associated
Credit Method, with actuarial valuation being carried out
gains or losses on the derivative that had
at each year-end balance sheet date. Remeasurement
previously been recognised in equity are
gains and losses of the net defined benefit liability/(asset)
included in the initial measurement of the asset
are recognised immediately in other comprehensive
or liability. For hedges that do not result in the
income. The service cost and net interest on the net
recognition of a non-financial asset or a liability,
defined benefit liability/(asset) are recognised as an
amounts deferred in equity are recognised in the
expense within employee costs.
statement of profit and loss in the same period
in which the hedged item affects the statement Past service cost is recognised as an expense when the
of profit and loss. plan amendment or curtailment occurs or when any
related restructuring costs or termination benefits are
recognised, whichever is earlier.
The retirement benefit obligations recognised in the
balance sheet represents the present value of the
defined benefit obligations as reduced by the fair value
of plan assets.

NOTES
2. Material accounting policies (Contd.) as a result of a past event, which is expected to result in
an outflow of resources embodying economic benefits
Compensated absences
which can be reliably estimated. They also include
Liabilities recognised in respect of other long-term provisions on decommissioning, site restoration and
employee benefits such as annual leave and sick leave environmental provisions as well. Each provision is
are measured at the present value of the estimated future based on the best estimate of the expenditure required
cash outflows expected to be made by the Company in to settle the present obligation at the balance sheet date.
respect of services provided by employees up to the Where the time value of money is material, provisions are
reporting date using the projected unit credit method measured on a discounted basis.
with actuarial valuation being carried out at each year-
end balance sheet date. Actuarial gains and losses arising Constructive obligation is an obligation that derives from
from experience adjustments and changes in actuarial an entity’s actions where:
assumptions are charged or credited to the statement (i) by an established pattern of past practice, published
of profit and loss in the period in which they arise. policies or a sufficiently specific current statement,
Compensated absences which are not expected to the entity has indicated to other parties that it will
occur within twelve months after the end of the period accept certain responsibilities and
in which the employee renders the related service are (ii) as a result, the entity has created a valid expectation
recognised based on actuarial valuation. on the part of those other parties that it will
discharge such responsibilities.
(o) Inventories
Inventories comprise the followings: (q) Onerous contracts
a) Raw materials, A provision for onerous contracts is recognised when
b) Work-in-progress, the expected benefits to be derived by the Company
from a contract are lower than the unavoidable cost
c) Finished and semi-finished goods
of meeting its obligations under the contract. The
d) Stock-in-trade, and provision is measured at the present value of the lower
e) Stores and spares. of the expected cost of terminating the contract and the
expected net cost of continuing with the contract. Before
Inventories are recorded at the lower of cost and net
a provision is established, the Company recognises
realisable value. Cost is ascertained on a weighted
any impairment loss on the assets associated with
average basis. Costs comprise direct materials and, where
that contract.
applicable, direct labour costs and those overheads that
have been incurred in bringing the inventories to their
(r) Government grants
present location and condition. Net realisable value is
the price at which the inventories can be realised in the Government grants are recognised at its fair value, where
normal course of business after allowing for the cost of there is a reasonable assurance that such grants will be
conversion from their existing state to a finished condition received and compliance with the conditions attached
and for the cost of marketing, selling and distribution. therewith have been met.
Provisions are made to cover slow moving and obsolete Government grants related to expenditure on property,
items based on historical experience of utilisation on plant and equipment are credited to the statement of
a product category basis, which involves individual profit and loss over the useful lives of qualifying assets
businesses considering their product lines and or other systematic basis representative of the pattern
market conditions. of fulfilment of obligations associated with the grant
received. Grants received less amounts credited to the
(p) Provisions statement of profit and loss at the reporting date are
included in the balance sheet as deferred income.
Provisions are recognised in the balance sheet when the
Company has a present obligation (legal or constructive)

NOTES
2. Material accounting policies (Contd.) Current and deferred tax are recognised as an expense or
income in the statement of profit and loss, except when
(s) Income taxes
they relate to items credited or debited either in other
Tax expense for the year comprises of current and comprehensive income or directly in equity, in which
deferred tax. The tax currently payable is based on taxable case the tax is also recognised in other comprehensive
profit for the year. Taxable profit differs from net profit income or directly in equity.
as reported in the statement of profit and loss because
it excludes items of income or expense that are taxable (t) Revenue
or deductible in other years and it further excludes items
The Company manufactures and sells a range of steel
that are never taxable or deductible. The Company’s
and other products.
liability for current tax is calculated using tax rates and
tax laws that have been enacted or substantively enacted Sale of products
in countries where the Company and its subsidiaries
Revenue from sale of products is recognised when
operate by the end of the reporting period.
control of the products has transferred, being when the
Deferred tax is the tax expected to be payable or products are delivered to the customer. Delivery occurs
recoverable on differences between the carrying value when the products have been shipped or delivered to the
of assets and liabilities in the financial statements and specific location as the case may be, the risks of loss has
the corresponding tax bases used in the computation been transferred, and either the customer has accepted
of taxable profit, and is accounted for using the balance the products in accordance with the sales contract, or
sheet liability method. Deferred tax liabilities are generally the Company has objective evidence that all criteria for
recognised for all taxable temporary differences. In acceptance have been satisfied. Sale of products include
contrast, deferred tax assets are only recognised to the related ancillary services, if any.
extent that it is probable that future taxable profits will
Goods are often sold with volume and price discounts
be available against which the temporary differences can
based on aggregate sales over a 12 months period.
be utilised.
Revenue from these sales is recognised based on the
The carrying value of deferred tax assets is reviewed at price specified in the contract, net of the estimated
the end of each reporting period and reduced to the volume and price discounts. Accumulated experience is
extent that it is no longer probable that sufficient taxable used to estimate and provide for the discounts, using the
profits will be available to allow all or part of the asset to most likely method, and revenue is only recognised to the
be recovered. extent that it is highly probable that a significant reversal
will not occur. A liability is recognised for expected
Deferred tax is calculated at the tax rates that are expected
volume discounts payable to customers in relation to
to apply in the period when the liability is settled or the
sales made until the end of the reporting period. No
asset is realised based on the tax rates and tax laws that
element of financing is deemed present as the sales are
have been enacted or substantially enacted by the end of
generally made with a credit term of 30-90 days, which
the reporting period. The measurement of deferred tax
is consistent with market practice. Any obligation to
liabilities and assets reflects the tax consequences that
provide a refund is recognised as a provision. A receivable
would follow from the manner in which the Company
is recognised when the goods are delivered as this is the
expects, at the end of the reporting period, to recover
point in time that the consideration is unconditional
or settle the carrying value of its assets and liabilities.
because only the passage of time is required before the
Deferred tax assets and liabilities are offset to the payment is due.
extent that they relate to taxes levied by the same tax
The Company does not adjust the transaction prices for
authority and there are legally enforceable rights to set
any time value of money in case of contracts where the
off current tax assets and current tax liabilities within
period between the transfer of the promised goods or
that jurisdiction.
services to the customer and payment by the customer
does not exceed one year.

NOTES
2. Material accounting policies (Contd.) of the transaction. At the end of each reporting period,
monetary items denominated in foreign currencies are
Sale of power
re-translated at the rates prevailing at the end of the
Revenue from sale of power is recognised when reporting period. Non-monetary items carried at fair
the services are provided to the customer based on value that are denominated in foreign currencies are re-
approved tariff rates established by the respective translated at the rates prevailing on the date when the
regulatory authorities. The Company doesn’t recognise fair value was determined. Non-monetary items that are
revenue and an asset for cost incurred in the past that measured in terms of historical cost in a foreign currency
will be recovered. are not translated.
(u) Foreign currency transactions and translations Exchange differences arising on the re-translation or
settlement of other monetary items are included in the
The financial statements of the Company are presented
statement of profit and loss for the period.
in Indian Rupee (“₹”), which is the functional currency
of the Company and the presentation currency for the ( v) Recent Accounting Pronouncements
financial statements.
No new amendments to Ind AS has been notified by the
In preparing the financial statements, transactions in Ministry of Corporate Affairs (“MCA”) during the current
currencies other than the entity’s functional currency are financial year.
recorded at the rates of exchange prevailing on the date

NOTES
3. Property, plant and equipment

[Item No. I(a) and I(b), Page F26]
(H crore)
Furniture,
Land
Plant and fixtures Railway
including Buildings Vehicles Total
machinery and office sidings
roads
equipments
Cost/deemed cost as at April 1, 2023 15,194.81 17,572.78 90,774.69 857.22 411.20 1,282.88 1,26,093.58
Additions 32.98 1,102.28 4,739.49 100.82 3.58 15.25 5,994.40
Disposals - (0.15) (302.50) (6.98) (13.53) - (323.16)
Other re-classifications 5.10 (5.02) (3.33) 4.95 - 7.26 8.96
Cost/deemed cost as at March 31, 2024 15,232.89 18,669.89 95,208.35 956.01 401.25 1,305.39 1,31,773.78
Impairment as at April 1, 2023 - 1.21 - - - - 1.21
Charge for the period - 7.53 18.77 - 0.25 - 26.55
Accumulated impairment as at March 31, 2024 - 8.74 18.77 - 0.25 - 27.76
Accumulated depreciation as at April 1, 2023 960.24 3,453.99 30,114.70 678.17 245.82 362.59 35,815.51
Charge for the year 44.04 604.02 4,461.80 86.31 20.96 52.94 5,270.07
Disposals - (0.06) (134.18) (6.82) (12.37) - (153.43)
Other re-classifications 3.84 (4.16) (3.20) 3.11 0.25 7.29 7.13
Accumulated depreciation as at March 31, 2024 1,008.12 4,053.79 34,439.12 760.77 254.66 422.82 40,939.28
Total accumulated depreciation and
1,008.12 4,062.53 34,457.89 760.77 254.91 422.82 40,967.04
impairment as at March 31, 2024
Net carrying value as at April 1, 2023 14,234.57 14,117.58 60,659.99 179.05 165.38 920.29 90,276.86
Net carrying value as at March 31, 2024 14,224.77 14,607.36 60,750.46 195.24 146.34 882.57 90,806.74
(H crore)
Furniture,
Land
Plant and fixtures Railway
including Buildings Vehicles Total
machinery and office sidings
roads
equipments
Cost/deemed cost as at April 1, 2022 15,155.03 17,070.20 88,920.20 765.10 423.49 1,283.83 1,23,617.85
Additions 28.39 423.46 1,720.26 102.69 3.76 (0.91) 2,277.65
Additions relating to acquistions 50.01 93.32 245.39 0.55 0.30 - 389.57
Disposals (38.62) (14.21) (98.04) (11.12) (16.35) (0.04) (178.38)
Classified as held for sale - - (13.11) - - - (13.11)
Cost/deemed cost as at March 31, 2023 15,194.81 17,572.77 90,774.70 857.22 411.20 1,282.88 1,26,093.58
Impairment as at April 1, 2022 - 1.21 - - - - 1.21
Accumulated impairment as at March 31, 2023 - 1.21 - - - - 1.21
Disposals - (3.49) (45.56) (11.88) (15.11) (0.02) (76.06)
Accumulated depreciation as at March 31, 2023 960.24 3,453.99 30,114.70 678.17 245.82 362.59 35,815.51
960.24 3,455.20 30,114.70 678.17 245.82 362.59 35,816.72
Net carrying value as at March 31, 2023 14,234.57 14,117.57 60,660.00 179.05 165.38 920.29 90,276.86

NOTES
3. Property, plant and equipment (Contd.)

(i) Buildings include J123.81 crore (March 31, 2023: ₹123.81 crore) being held through shares in co-operative housing societies
and limited companies.
(ii) Net carrying value of furniture, fixtures and office equipment comprises of:
(H crore)
As at As at
March 31, 2024 March 31, 2023
Furniture and fixtures:
Cost/deemed cost 186.00 174.33
Accumulated depreciation and impairment 159.63 150.79
26.37 23.54
Office equipments:
168.87 155.51
195.24 179.05
(iii) Borrowing costs has been capitalised during the year against qualifying assets under construction using a capitalisation
rate of 8.34% (2022-23: 2.47%).
(iv) Property, plant and equipment (including capital work-in-progress) were tested for impairment during the year where
indicators of impairment existed. During the year ended March 31, 2024, the Company has recognised an impairment of
₹26.55 crore (2022-23: ₹22.77 crore, impairment reversal) in respect of surrender of Sukinda Chromite Block.
(v) Details of property, plant and equipment pledged against borrowings is presented in note 17, page F81.
(vi) Additions to CWIP during the year is ₹11,662.81 crore (2022-23: ₹9,262.25 crore).

NOTES

(vii) The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease
agreements are duly executed in favour of the lessee), are held in the name of the Company, except for the following:
Whether Period held
Description of Gross carrying promoter, director (i.e. dates of Reason for not being held in the
Held in the name of
property value (J crore) or their relative or capitalisation name of the Company
employee provided in range) #
213.83 March, 1928 to

Freehold Land Not Applicable No
279.85 April, 2020 Title Deeds not available with
116.52 January, 1960 to the Company
Buildings Not Applicable No
55.13 March, 1990
16.57
Tata Steel BSL Limited No April, 2020
224.66
8.04
Rohit Ferro Tech Limited No April, 2023
-
0.12 T S Alloys Limited
(earlier name of Tata Steel Mining No April, 2023
- Limited)
195.16 Tata Steel Long Products Limited/ Tata
Sponge Iron Limited
No April, 2022
198.81 (earlier name of Tata Steel Long
Products Limited)
0.04
The Tinplate Company of India Limited No April, 2022
0.04
10.53
Tata Steel Mining Limited No April, 2023
-
4.02
Tata Metaliks Limited No April, 2022 For certain properties
4.02
acquired through
0.45
Freehold Land Bharat Minex Private Limited No April, 2022 amalgamation/merger, the
0.45 name change in the name of
0.83 the Company is pending
Usha Martin Limited No April, 2022
0.83
0.21
Chandrakali Devi No April, 2022
0.21
0.08
Bhagwan Singh No April, 2022
0.08
0.02
Premnath Prasad No April, 2022
0.02
0.07
Laljahari Devi No April, 2022
0.07
0.08
Gopinath Pradhan No April, 2022
0.08
122.12 Bhushan Steel Limited (earlier name of
No April, 2020
147.19 Tata Steel BSL Limited)
1.92 Bhushan Steel & Strips Limited (earlier
No April, 2020
1.92 name of Tata Steel BSL Limited)

NOTES

Whether Period held

Held in the name of
employee provided in range)#
15.89 January, 1989 to
Tata SSL Limited No
24.70 January, 1991
0.71 For certain properties
Usha Martin Limited No April, 2022 acquired through
0.71
Buildings amalgamation/merger, the
1.17 name change in the name of
Tata Steel Mining Limited No April, 2023
- the Company is pending
3.08
Indian Tube Company Limited No January, 1960
3.08
Figures in italics represents comparative figures of previous year.

#
In case of immovable properties acquired from TSML, TSLP, TCIL and TML which got merged with the company pursuant to separate scheme of amalgamation,
dates have been considered with effect from merger set out in Note 43, page F124 to the financial statements.
(viii) Ageing of capital work-in-progress is as below:
As at March 31, 2024

(H crore)
Amount in capital work-in-progress for period of
Less than 1 year 1-2 years 2-3 years More than 3 years Total
Project in progress 12,923.76 6,579.41 2,749.78 4,943.53 27,196.48
Total 12,923.76 6,579.41 2,749.78 4,943.53 27,196.48

(H crore)
Amount in capital work-in-progress for period of
Project in progress 10,510.34 4,038.55 2,495.56 4,609.36 21,653.81
Total 10,510.34 4,038.55 2,495.56 4,609.36 21,653.81

NOTES

(ix) The expected completion of the amounts lying in capital work in progress which are delayed are as below.
(H crore)
Amount in Capital work in progress to be completed in
Less than 1 year 1-2 years 2-3 years More than 3 years
Project in progress :
Growth projects 17,200.63 2,521.58 9.08 -
Raw material augmentation 2,929.72 - - -
Environment, safety and compliance 733.06 124.09 3.52 1.20
Sustenance projects 2,508.56 122.25 - 441.19
Total 23,371.97 2,767.92 12.60 442.39

(H crore)
Amount in Capital work in progress to be completed in
Project in progress:
Growth projects 9,568.65 7,322.65 97.75 67.81
Raw material augmentation 489.92 1,153.85 - -
Environment, safety and compliance 311.36 404.82 - -
Sustenance projects 1,389.18 63.85 1.66 24.03
Total 11,759.11 8,945.17 99.41 91.84
The Company in the earlier years had priortised its strategic objective of deleveraging balance sheet over the planned
investments in organic growth projects which resulted in lower capital expenditure on projects as compared to the original
plan as approved by the Board of Directors of the Company.
Following the rebalancing of capital structure and the Company attaining an investment grade credit rating, the capital
allocation for organic growth projects has been increased and the Company expects to commission these facilities in line with
revised completion schedules.

NOTES

(x) Property, plant and equipment include capital cost of in-house research facilities as below:
(H crore)
Furniture,
Land including Plant and
Buildings fixtures and office Vehicles Total
roads machinery
equipments
1.88 7.06 100.27 8.65 0.09 117.95
Cost/deemed cost as at April 1, 2023
1.88 7.02 97.05 8.26 0.09 114.30
- - - 0.72 - 0.72
Additions
- 0.04 3.22 0.41 - 3.67
- - - (0.01) - (0.01)
Deductions
- - - (0.02) - (0.02)
1.88 7.06 100.27 9.36 0.09 118.66
Cost/deemed cost as at March 31, 2024
1.88 7.06 100.27 8.65 0.09 117.95
- - - - - 13.94
Capital work-in-progress
- - - - - 2.18
Figures in italics represent comparative figures for previous year.
4. Right-of-use assets
[Item No. I(c), Page F26]
(H crore)
Right-of-use Right-of-
Right-of- Right-of-use Right-of-use
plant and use railway Total
use land buildings vehicles
machinery sidings
Cost as at April 1, 2023 2,138.27 167.57 7,287.35 84.69 - 9,677.88
Additions 189.15 26.10 119.42 51.29 - 385.96
Disposals (2.75) (19.08) (58.31) (3.34) - (83.48)
Other re-classifications 2.32 (2.32) - - - -
Cost as at March 31, 2024 2,326.99 172.27 7,348.46 132.64 - 9,980.36
Accumulated impairment as at March 31, 2024 - - - - - -
Accumulated depreciation as at April 1, 2023 264.01 78.35 3,414.41 20.88 - 3,777.65
Charge for the year 39.25 32.29 488.37 22.31 - 582.22
Disposals (2.71) (12.14) (12.40) (1.20) - (28.45)
Accumulated depreciation as at March 31, 2024 300.55 98.50 3,890.38 41.99 - 4,331.42
Total accumulated depreciation and impairment as
300.55 98.50 3,890.38 41.99 - 4,331.42
at March 31, 2024
Net carrying value as at April 1, 2023 1,874.26 89.22 3,872.94 63.81 - 5,900.23
Net carrying value as at March 31, 2024 2,026.44 73.77 3,458.08 90.65 - 5,648.94

NOTES
4. Right-of-use assets (Contd.)

(H crore)
Right-of-use Right-of-
plant and use railway Total
machinery sidings
Cost as at April 1, 2022 2,118.02 132.02 7,016.80 41.06 5.27 9,313.17
Additions 2.31 58.94 345.09 46.31 - 452.65
Additions relating to acquisitions 17.94 - - - - 17.94
Disposals - (23.39) (74.54) (2.68) (5.27) (105.88)
Cost as at March 31, 2023 2,138.27 167.57 7,287.35 84.69 - 9,677.88
Accumulated impairment as at March 31, 2023 - - - - - -
Accumulated depreciation as at April 1, 2022 224.59 63.82 3,034.22 9.19 5.09 3,336.91
Charge for the year 39.42 34.65 454.74 12.64 0.18 541.63
Disposals - (20.12) (74.55) (0.95) (5.27) (100.89)
Accumulated depreciation as at March 31, 2023 264.01 78.35 3,414.41 20.88 - 3,777.65
Total accumulated depreciation and impairment as
264.01 78.35 3,414.41 20.88 - 3,777.65
at March 31, 2023
Net carrying value as at April 1, 2022 1,893.43 68.20 3,982.58 31.87 0.18 5,976.26
Net carrying value as at March 31, 2023 1,874.26 89.22 3,872.94 63.81 - 5,900.23
(i) Vehicle cost used for in-house research and development included within right-of-use vehicles is ₹4.01 crore
(March 31, 2023: ₹2.36 crore).
(ii) 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.
L ease 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 Company to sublet the asset to another party,
the right-of-use asset can only be used by the Company. Extension and termination options are included in some property and
equipment leases. These are used to maximise operational flexibility in terms of managing the assets used in the Company’s
operations. Majority of the extension and termination options held are exercisable based on mutual agreement of the Company
and the lessors.
ith the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet
W
as a right of- use asset and a lease liability. Payments made for short term leases and leases of low value are expensed on a
straight-line basis over the lease term.
ariable lease payments which do not depend on an index or a rate (such as lease payments based on a percentage of sales)
V
are excluded from the initial measurement of the lease liability and asset.
F or leases recognised under long-term arrangements involving use of a dedicated asset, non-lease components are excluded
based on the underlying contractual terms and conditions. A change in the allocation assumptions may have an impact on the
measurement of lease liabilities and the related right-of-use assets.
During the year ended March 31, 2024, the Company has recognised the following in the statement of profit and loss:
a) expense in respect of short-term leases and leases of low-value assets ₹28.66 crore (2022-23: ₹25.85 crore) and ₹1.41 crore
(2022-23: ₹1.42 crore) respectively.

NOTES

b) expense in respect of variable lease payments not included in the measurement of lease liabilities ₹66.84 crore
(2022-23: ₹81.03 crore).
c) income in respect of sub-leases of right-of-use assets ₹0.19 crore (2022-23: ₹0.31 crore).
During the year ended March 31, 2024, total cash outflow in respect of leases amounted to ₹1,127.71 crore (March 31, 2023:
₹1,052.32 crore).
(iii) Lease deeds of all right-of-use assets are held in the name of the Company, except for the following:
Whether Period held
Held in the name of
employee provided in range) #
9.02
Tata Steel BSL Limited No
523.65
179.40 Bhushan Steel Limited (earlier name of
No
179.40 Tata Steel BSL Limited)
139.93 April, 2020
Bhushan Steel & Strips Limited (earlier
No
139.93 name of Tata Steel BSL Limited)
3.28 Jawahar Metal Industries Private
Limited (earlier name of Tata Steel No
3.28 BSL Limited)
131.85 Tata Sponge Iron Limited
(earlier name of Tata Steel Long No April, 2022
132.25 Products Limited)
Right-of-use 2.36
Land Usha Martin Limited No April, 2022 For certain properties
2.36
acquired through
6.47 Rawmet Ferrous Industries Private amalgamation/merger, the
Limited (earlier name of Tata Steel No April, 2023 name change in the name of
- Mining Limited) the Company is pending
29.46
Rohit Ferro Tech Limited No April, 2023
-
1.13
Rohit Ferro Tech Private Limited No April, 2023
-
19.76
Tata Steel Mining Limited No May, 2023
-
23.79 April, 2022 to May,
Tata Metaliks Limited No
21.89 2023
0.74 April, 2022 to
The Tinplate Company of India Limited No
Right-of-use 0.74 January, 2023
Building - April, 2020 to
Tata Steel BSL Limited No
13.34 October, 2021
Right-of-use 0.15 Lease Deed not available with
Not Applicable No Not Available
Land 0.15 the Company

#
In case of immovable properties acquired from TSML, TSLP, TCIL and TML which got merged with the company pursuant to separate scheme of amalgamation,
dates have been considered with effect from merger set out in Note 43, page F124 to the financial statements.

NOTES
5. Other Intangible assets

[Item No. I(e) and I(f), Page F26]
(H crore)
Software costs Mining assets Others Total
Cost/deemed cost as at April 1, 2023 343.79 2,615.74 7.26 2,966.79
Additions 17.31 (12.72) - 4.59
Disposals (0.09) - - (0.09)
Other re-classifications (0.04) 0.25 (7.26) (7.05)
Cost/deemed cost as at March 31, 2024 360.97 2,603.27 - 2,964.24
Charge for the year - 152.35 - 152.35
Accumulated impairment as at March 31, 2024 - 152.35 - 152.35
Accumulated amortisation as at April 1, 2023 308.30 1,418.13 7.26 1,733.69
Charge for the year 20.75 96.75 - 117.50
Disposals (0.09) - - (0.09)
Other re-classifications (17.55) 17.80 (7.26) (7.01)
Accumulated amortisation as at March 31, 2024 311.41 1,532.68 - 1,844.09
Total accumulated amortisation and impairment
311.41 1,685.03 - 1,996.44
Net carrying value as at April 1, 2023 35.49 1,197.61 - 1,233.10
Net carrying value as at March 31, 2024 49.56 918.24 - 967.80
(H crore)
Software costs Mining assets Others Total
Cost/deemed cost as at April 1, 2022 328.86 2,579.97 7.26 2,916.09
Additions 14.93 29.14 - 44.07
Additions relating to acquistions 6.63 6.63
Cost/deemed cost as at March 31, 2023 343.79 2,615.74 7.26 2,966.79
Accumulated impairment as at March 31, 2023 - - - -
Accumulated amortisation as at April 1, 2022 285.92 1,321.59 7.26 1,614.77
Charge for the year 22.38 96.54 - 118.92
Accumulated amortisation as at March 31, 2023 308.30 1,418.13 7.26 1,733.69
Total accumulated amortisation and impairment
308.30 1,418.13 7.26 1,733.69
Net carrying value as at April 1, 2022 42.94 1,258.38 - 1,301.32
Net carrying value as at March 31, 2023 35.49 1,197.61 - 1,233.10
(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) Software costs related to in-house research and development included within software costs is ₹0.15 crore (2022-23:
₹0.15 crore).
(iii) Other intangible assets were tested for impairment during the year where indicators of impairment existed. During the year
ended March 31, 2024, the Company has recognised an impairment of ₹152.35 crore (2022-23: Nil) in respect of surrender
of Sukinda Chromite Block.

NOTES
5. Other Intangible assets (Contd.)

(iv) Ageing of intangible assets under development is as below:

(H crore)
Amount in intangibles under development for period of
Project in progress 62.38 131.13 238.14 100.94 532.59
Total 62.38 131.13 238.14 100.94 532.59

(H crore)
Amount in intangibles under development for period of
Project in progress 132.66 239.22 19.20 123.88 514.96
Total 132.66 239.22 19.20 123.88 514.96
(v) The expected completion of the amounts lying in intangible assets under development which are delayed are as below:
(H crore)
Amount in intangible assets under development to be completed in
Project in progress :
Sustenance projects 108.13 8.37 - -
Total 108.13 8.37 - -

(H crore)
Amount in intangible assets under development to be completed in
Project in progress:
Sustenance projects 103.51 33.07 7.32 3.34
Total 103.51 33.07 7.32 3.34

NOTES
6. Investments
[Item No. I(g)(i) and II(b)(i), Page F26]
A. Non-Current
(₹ crore)
No. of shares as
at March 31, 2024
(face value of J10 As at As at
each fully paid-up March 31, 2024 March 31, 2023
unless otherwise
specified)
A. Investments carried at cost/deemed cost
(a) Equity investments in subsidiary companies
(i) Quoted
(1) Tayo Rolls Limited (ii) 55,87,372 - -
- -
(ii) Unquoted
(1) ABJA Investment Co. Pte Ltd. (Face value of USD 1 each) 2,00,000 1.08 1.08
(2) Angul Energy Limited (formerly Bhushan Energy Limited) 99,99,904 10.00 10.00
(3) Bhubaneshwar Power Private Limited 25,32,51,187 337.88 337.88
(4) Bhushan Steel (Australia) Pty Limited) (Face value of AUD 1 each) 4,73,69,796 244.45 244.45
(5) Bhushan Steel (South) Limited 13,00,000 1.30 1.30
(6) Creative Port Development Private Limited 1,27,500 91.88 91.88
(7) Jamshedpur Football and Sporting Private Limited 4,08,00,000 40.80 40.80
(8) Medica TS Hospital Private Limited 7,70,200 0.77 0.77
(9) Mohar Export Services Pvt Ltd * 3,352 - -
(10) Neelachal Ispat Nigam Limited
1,35,41,31,574 8,641.22 8,488.34
(2,39,28,347 shares acquired during the period)
(11) Neelachal Ispat Nigam Limited
1,38,52,000 47.82 47.82
(1,38,52,000 partly paid shares of ₹5 each)
(12) Rujuvalika Investments Limited 13,28,800 60.40 60.40
(13) Subarnarekha Port Private Limited 4,24,183 17.01 17.01
(14) T Steel Holdings Pte. Ltd. (Face value of USD 1.31 each) 7,31,21,21,292 12,724.26 12,724.26
(15) T Steel Holdings Pte. Ltd. (Face value of USD 1.02 each) 1,25,80,00,000 8,990.63 8,990.63
(16) T Steel Holdings Pte. Ltd. (Face value of USD 0.16 each)
26,21,01,91,083 34,168.90 -
(26,21,01,91,083 shares issued on conversion of loan)
(17) Tata Korf Engineering Services Ltd * 3,99,986 - -
(18) Tata Steel Advanced Materials Limited (formerly Tata Steel Odisha
7,45,44,874 95.51 72.02
Limited) (1,83,21,708 shares acquired during the year)
(19) Tata Steel Downstream Products Limited 24,30,39,683 2,530.06 2,530.06
(20) Tata Steel Foundation 10,00,000 1.00 1.00
(21) Tata Steel Support Services Limited
49,990 0.05 0.05
(formerly Bhushan Steel (Orissa) Limited)
(22) Tata Steel Technical Services Limited
49,990 0.05 0.05
(formerly Bhushan Steel Madhya Bharat Limited)
(23) Tata Steel Utilities and Infrastructure Services Limited 6,32,16,337 853.10 853.10

NOTES
6. Investments (Contd.)
(₹ crore)
No. of shares as
at March 31, 2024
unless otherwise
specified)
(24) The Indian Steel & Wire Products Ltd (1,18,96,680 shares acquired
1,75,89,331 511.08 3.08
during the year)
69,369.25 34,515.98
Aggregate provision for impairment in value of investments (12,463.54) (2,315.26)
56,905.71 32,200.72
56,905.71 32,200.72
(b) Investment in preference shares of subsidiary companies
(i) Unquoted
(1) Creative Port Development Private Limited
0.01% non-cumulative optionally convertible redeemable 2,22,10,830 222.11 222.11
preference shares (Face value of ₹100 each)
(2) Medica TS Hospital Private Limited
0.01% non-cumulative optionally convertible redeemable preference 4,92,29,800 49.23 49.23
shares
271.34 271.34
Aggregate provision for impairment in value of investments (271.34) -
- 271.34
(c) Equity investments in associate companies
(i) Quoted
(1) TRF Limited.@ 37,53,275 204.02 204.02
Aggregate provision for impairment in value of investments (118.18) (118.18)
85.84 85.84
(ii) Unquoted
(1) Bhushan Capital & Credit Services Private Limited 86,43,742 9.40 9.40
(2) Jawahar Credit & Holdings Private Limited 86,43,742 9.40 9.40
(3) Kalinga Aquatic Ltd* 10,49,920 - -
(4) Kumardhubi Fireclay and Silica Works Ltd.*# 1,50,001 - -
(5) Kumardhubi Metal Casting and Engineering Ltd.*# 10,70,000 - -
(6) Malusha Travels Pvt Ltd, ₹33,520 (March 31, 2023: ₹33,520) 3,352 - -
(7) Strategic Energy Technology Systems Private Limited 2,56,14,500 0.91 0.91
(8) TP Vardhaman Surya Limited
13,000 0.01 -
(13,000 shares acquired during the year)
(9) Tata Construction Projects Limited*# 11,97,699 - -
19.72 19.71
0.01 -

NOTES
(₹ crore)
No. of shares as
at March 31, 2024
unless otherwise
specified)
(d) Preference investments in associate companies
(i) Unquoted
(1) TRF Limited. 2,50,00,000 25.00 25.00
11.25% Non-cumulative optionally convertible redeemable preference
shares
25.00 25.00
(e) Equity investments in joint ventures
(i) Unquoted
(1) Andal East Coal Company Private Limited# 3,30,000 1.46 1.46
(2) Industrial Energy Limited 17,31,60,000 173.16 173.16
(3) Jamipol Limited 8,00,000 0.80 0.80
(4) mjunction services limited 40,00,000.00 4.00 4.00
(5) Nicco Jubilee Park Limited 20,000.00 - -
(6) Tata NYK Shipping Pte Ltd. (Face value of USD 1 each) 6,51,67,500 350.14 350.14
(7) TM International Logistics Limited 91,80,000 9.18 9.18
538.74 538.74
537.28 537.28
B. Investments carried at fair value through other comprehensive income:
Investments in equity shares
(i) Quoted
(1) CARE Ratings Limited 3,54,000.00 39.63 22.76
(2) HDFC Bank Limited (Face value of ₹1 each)
(formerly Housing Development Finance Corporation Ltd., shares 13,272.00 1.93 2.07
allotted in the ratio 42:25 during the year on merger)
(3) Steel Strips Wheels Limited (Face value of ₹1 each) 1,08,69,720.00 240.12 160.82
(4) Tata Consultancy Services Limited
46,798.00 18.14 15.00
(Face Value of ₹1 each)
(5) Tata Investment Corporation Limited 2,28,015.00 142.37 39.78
(6) Tata Motors Ltd.
1,00,000.00 9.92 4.20
(Face value of ₹2 each)
(7) The Tata Power Company Limited
3,91,22,725.00 1,542.22 744.31
(8) Timken India Ltd. ₹2859.50 (March 31, 2023: ₹2755.45) 1 - -
1,994.33 988.94

NOTES
(₹ crore)
No. of shares as
at March 31, 2024
unless otherwise
specified)
(ii) Unquoted$
(1) Bhushan Buildwell Private Limited 4,900 0.25 0.25
(2) Bhushan Steel Bengal Limited 50,000 0.05 0.05
(3) IFCI Venture Capital Funds Ltd. 1,00,000 0.10 0.10
(4) Panatone Finvest Ltd. 45,000 0.05 0.05
(5) Saraswat Co-operative Bank Limited 2,500 0.01 0.01
(6) Steelscape Consultancy Pvt. Ltd. 50,000 - -
(7) Taj Air Limited 42,00,000 - -
(8) Tarapur Environment Protection Society 82,776 0.89 0.89
(9) Tata Industries Ltd. (Face value of ₹100 each) 99,80,436 202.19 202.19
(10) Tata International Ltd. (Face value of ₹1,000 each) 42,294 54.80 54.80
(11) Tata Services Ltd. (Face value of ₹1,000 each) 1,621 0.16 0.16
(12) Tata Sons Private Ltd. (Face value of ₹1,000 each) 12,375 68.75 68.75
(13) Others(vii) 0.02 0.02
327.27 327.27
2,321.60 1,316.21
C. Investments carried at amortised cost:
Investments in preference shares
(a) Subsidiary companies
(i) Unquoted
Neelachal Ispat Nigam Limited
0.01% non-cumulative redeemable preference shares 45,60,54,252 5,507.78 4,945.51
5,507.78 4,945.51
D. Investments carried at fair value through profit and loss:
Investments in preference shares
(i) Unquoted
(1) Tayo Rolls Limited 43,30,000 - -
7.00% non-cumulative redeemable preference shares
8% non-cumulative redeemable preference shares

NOTES
(₹ crore)
No. of shares as
at March 31, 2024
unless otherwise
specified)
(4) Tayo Rolls Limited
8.50% non-cumulative redeemable preference shares 2,31,00,000 - -
- -
(b) Associate companies
(i) Unquoted
(1) TRF Limited.
25,00,00,000 39.76 33.09
(2) TRF Limited.

Non-cumulative non convertible redeemable preference 23,90,00,000 46.01 38.51
shares (Face value of ₹10 each)
85.77 71.60
(c) Investments in others
(i) Unquoted
(1) Angul Sukinda Railway Limited
Non-convertible redeemable preference shares (5,00,00,000 shares 10,50,00,000 29.28 13.88
purchased during the year)
29.28 13.88
65,498.27 39,467.38
* These investments are carried at a book value of ₹1.00

# As on March 31, 2024, Kumardhubi Fireclay and Silica Works Ltd., Kumardhubi Metal Casting and Engineering Ltd., Tata Construction and Projects Limited
and Andal East Coal Company Private Limited are under liquidation.
@ Equity investment in TRF Limited includes ₹5.79 Crore for 37,53,275 equity shares and deemed equity component in respect of NCRPS issued by TRF.
$ Cost of unquoted equity instruments has been considered as an appropriate estimate of fair value because of a wide range of possible fair value
measurements and cost represents the best estimate of fair value within that range.
(i) The Company holds more than 50% of the equity share capital in TM International Logistics Limited. However, decisions
in respect of activities which significantly affect the risks and rewards of these businesses, require unanimous consent of
all the shareho lders. This entity has therefore been considered as joint venture.
(ii) The Hon’ble National Company Law Tribunal (NCLT), Kolkata vide order dated April 5, 2019 has admitted the initiation of
Corporate Insolvency Resolution Process (CIRP) in respect of Tayo Rolls Limited, a subsidiary of the Company.
(iii) Tata Steel Europe Limited (“TSE”), a wholly owned step-down subsidiary of the Company, is exposed to certain climate
related risks which could affect the estimates of its future cash flow projections. The cashflow projections include the impact
of decarbonisation given that both the UK and Tata Steel Netherlands (TSN) businesses within TSE have stated their plans
to move away from the current production process and to transition to electric arc based production. Decarbonisation as
a whole is likely to provide significant opportunities to TSE as it is likely to increase the demand for steel as it is crucial as
an infrastructure enabler for all technological transition within the wider economy (e.g. wind power, hydrogen, electric
vehicles, nuclear plants etc.) and compares favourably to other materials when considering the life cycle emissions of the

NOTES
material. The technology transition and investments are dependent on national and international policies and would also
be driven by the government decisions in the country of operation. Management’s assessment is that generally, these
potential carbon reduction-related costs would be borne by the society, either through higher steel prices or through
public spending/subsidies.
On September 15, 2023, Tata Steel UK Limited (“TSUK”) which forms the main part of the UK Business, announced a joint
agreement with the UK Government on a proposal to invest in state-of-the-art electric arc furnace (‘EAF’) steel making at
the Port Talbot site with a capital cost of £1.25 billion inclusive of a grant from the UK Government of up to £500 million,
subject to relevant regulatory approvals, information and consultation processes, and the finalisation of detailed terms
and conditions. The proposal also includes a wider restructuring of other locations and functions across TSUK.
As per local regulations in the UK, the National Consultation between TSUK and the UK multi trade union representative
body (UK Steel Committee) on the asset closure plan has now been concluded. Under the proposed re-structuring
programme, Port Talbot’s two blast furnaces (No.5 and No.4) would get closed by end of June 2024 and latest by the end
of September 2024 respectively. Following the closure of Blast Furnace No. 4, the remaining heavy end assets would wind
down and the Continuous Annealing Processing Line (CAPL) would close in March 2025. TSUK has also agreed that it would
continue to operate the hot strip mill through the proposed transition period and in future.
Given the risks, challenges and uncertainties associated with the underlying market and business conditions including
higher inflation, higher interest rates and supply chain disruption caused by the war in Ukraine, the uncommitted nature
of available financing options and pending the finalisation of funding support from the UK Government for the proposed
EAF investment, there exists a material uncertainty surrounding the impact of such adversities on the financial situation
of TSUK.
With respect to Tata Steel Netherland operations (TSN) which forms main part of the Mainland Europe (MLE) business,
discussions with the government on the proposed decarbonisation roadmap have been initiated. The transition plan
considers that the policy environment in the Netherlands and EU is supportive to the European steel industry and a level
playing field would be achieved by, either one or a combination of: a) Dutch Policy developments, b) Convergence with EU
on (fiscal) climate measures, enabling EU steel players to pass on costs and c) tailor made support mechanisms. In relation
to the likely investments required for the de-carbonisation of TSN operations driven by regulatory changes in Europe and
Netherlands, inter alia, the scenarios consider that the Dutch Government will provide a certain level of financial support
to execute the decarbonisation strategy, which are being discussed between the Company/TSN and Dutch Government.
Based on the above and other available measures, MLE business is expected to have adequate liquidity to meet its future
business requirements.
The recoverable value of investments held in T Steel Holdings Pte. Ltd. (TSH), a wholly owned subsidiary of the Company
is dependent on the operational and financial performance of TSE, Tata Steel Minerals Canada (TSMC) and net assets of
the other underlying businesses.
The recoverable value of TSE is based on fair value less cost to sell (FVLCTS) for TSUK and TSN, which inter -alia considers
impact of switching the heavy end and other relevant assets to a more “Green Steel” capex base. The fair value computation
uses cash flow forecasts based on most recent financial budgets, strategic forecasts and future projections taking the
analysis out into perpetuity based on a steady state, sustainable cash flow reflecting average steel industry conditions
between successive peaks and troughs of profitability.
Key assumptions for the fair value less cost to sell model relate to expected changes to selling prices and raw material
& conversion costs, EU steel demand, energy costs, exchange rates, the amount of capital expenditure needed for
decarbonisation, changes to EBITDA resulting from producing and selling steel with low embedded CO2 emissions, levels

NOTES
of government support for decarbonisation, phasing of decommissioning of legacy assets as well as the commissioning of
new low CO2 production facilities, tariff regimes and discount rates. The projections are based on the both past performance
and the expectations of future performance assumptions therein. The Company estimates discount rates using post-tax
rates that reflect the current market rates adjusted to reflect the way the European Union steel market would assess the
specific risk. The weighted average post-tax discount rates used for discounting the cash flows projections is in the range
of 8.20% - 9.11% (March 31, 2023: 7.90% to 8.80%). Beyond the specifically forecasted period, a growth rate in the range
of Nil - 2.00% (March 31, 2023:1.70% - 2.00%) is used to extrapolate the cash flow projections. This rate does not exceed
the average long-term growth rate for the relevant markets.
The Company has conducted sensitivity analysis on the impairment tests including sensitivity in respect of discount rates.
If any of the key assumptions change, there is a risk that the headroom in the model would reduce and that the reduction
in the headroom could lead to impairments of carrying amount of investments in TSH. However, the Company believes
that key assumptions represent the most likely impact from decarbonisation at this point in time. Going forward, the key
assumptions would be kept under review for changes, if any, based on the progress of the discussions with the government
and regulators on the decarbonisation plan.
Based on above, the Company carried out an impairment assessment of its investments held in TSH, which in turn
holds investments in TSE, and recognised an impairment loss of ₹10,038.00 crore during the year in the standalone
(iv) The Company, through erstwhile Tata Steel Long Products Limited (“TSLP”) now merged with the Company, on July 4,
2022, completed the acquisition of Neelachal Ispat Nigam Limited (“NINL”). As on March 31, 2024, the total investment of
the Company in NINL is ₹14,196.82 crore.
The recoverable value of such exposure in NINL has been assessed at fair value less costs to sell using cash flow forecasts
based on the most recently approved business plan for financial year 2024-25. Beyond financial year 2024-25, the cash
flow forecasts is based on strategic forecasts which cover a period of eight years and future projections taking the analysis
out to perpetuity. It also includes capital expenditure for capacity expansion of steel making facilities from the current 1.1
MTPA to 4.95 MTPA by financial year 2029-30 as well as estimated EBITDA changes due to implementation of the expansion
strategy and operating the assets.
Key assumptions to the fair value less costs to sell model are changes to selling prices and raw material costs, steel demand,
amount of capital expenditure needed for expansion of the existing facilities, EBITDA and post-tax discount rate of 10.10%
(March 31, 2023: 10.10%). The estimates are based on management’s best estimate of implementing the expansion strategy.
For the fair value less costs to sell model, a terminal growth rate of 4.00% (March 31, 2023: 4.00%) has been used to
extrapolate the cash flows beyond the specifically forecasted period.
The outcome of the impairment assessment as on March 31, 2024 for investments held in NINL has not resulted in any
impairment of investments.
The management has conducted sensitivity analysis including sensitivity in respect of discount rates, on the impairment
assessment of the carrying value of investments held in NINL. The management believes that no reasonably possible
change in any of the key assumptions used in the model would cause the carrying value of investments to materially
exceed its recoverable value.

NOTES
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
Investments carried at fair value through profit and loss:
Investments in mutual funds - Quoted
(1) Nippon India Mutual Fund ETF Liquid Bees 0.09 0.09
0.09 0.09
Investments in mutual funds - Unquoted
(1) ABSL Liquid Fund - Direct - Growth - 40.13
(2) ABSL Money Manager Fund - Dir - Growth 100.05 -
(3) Axis Money Market Fund - Dir - Growth 100.05 -
(4) Axis Liquid Fund - Growth - 72.19
(5) Bandhan Liquid Fund-Direct Plan-Growth (erstwhile IDFC Cash Fund-Growth-Direct Plan) - 70.40
(6) Baroda PNB Paribas Liquid Fund - 10.96
(7) DSP Liquidity Fund - Direct - Growth - 37.18
(8) HDFC Liquid Fund - Direct - Growth - 82.14
(10) HSBC Liquid Fund - Direct - Growth - 18.94
(11) ICICI Liquid Fund - 27.21
(12) ICICI Prudential Liquid Fund - Direct - Growth - 56.62
(13) ICICI Pru Money Market Fund - Direct - Growth 100.06 -
(15) Kotak Liquid - Direct - Growth - 75.35
(18) Nippon India Liquid Fund - Growth - 69.73
(19) Nippon India Money Market Fund - Dir - Growth 100.05 -
(19) SBI Liquid Fund -Direct - Growth - 96.77
(20) SBI Overnight Fund - Direct - Growth - 1,035.23
(21) Tata Money Market Fund - Direct - Growth 100.05 -
(22) Tata Liquid Fund - Direct - Growth - 115.12
(23) Tata Overnight Fund - Direct - Growth - 1,100.35
(24) UTI Liquid Cash Plan - Growth - 59.84
500.26 2,968.16
500.35 2,968.25

NOTES
(v) Carrying value and market value of quoted and unquoted investments are as below:
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Investments in subsidiary companies:
Aggregate carrying value of quoted investments - -
Aggregate market value of quoted investments 50.03 28.53
Aggregate carrying value of unquoted investments 62,413.49 37,417.57
(b) Investments in associate companies:
Aggregate carrying value of quoted investments 85.84 85.84
Aggregate market value of quoted investments 151.41 60.11
Aggregate carrying value of unquoted investments 110.78 96.60
(c) Investments in joint ventures:
Aggregate carrying value of unquoted investments 537.28 537.28
(d) Investments in others:
Aggregate carrying value of quoted investments 1,994.42 989.03
Aggregate market value of quoted investments 1,994.42 989.03
Aggregate carrying value of unquoted investments 856.81 3,309.31
(vi) Details of other unquoted investments carried at fair value through other comprehensive income is as below:
(H)
No. of shares as at
March 31, 2024
unless otherwise
specified)
(a) Barajamda Iron Ore Mine Workers’ Central Co-operative Stores Ltd. 200 5,000.00 5,000.00
(b) Bihar State Financial Corporation (Face value of ₹100 each) 250 25,000.00 25,000.00
(c) Bokaro and Ramgarh Ltd. 100 16,225.00 16,225.00
(d) Eastern Synpacks Limited (Face value of ₹25 each) 1,50,000 1.00 1.00
(e) Ferro Manganese Plant Employees’ Consumer Co-operative Society Ltd.
100 2,500.00 2,500.00
(f ) Investech Advisory Services (India) Limited (Face value of ₹100 each) 1,680 1.00 1.00
(g) Jamshedpur Co-operative House Building Society Ltd. 10
1,000.00 1,000.00
(h) Jamshedpur Co-operative Stores Ltd. (Face value of ₹5 each) 50 250.00 250.00
(i) Jamshedpur Educational and Culture Co-operative Society Ltd. 50
5,000.00 5,000.00

NOTES
(H)
No. of shares as at
March 31, 2024
unless otherwise
specified)
(j) Joda East Iron Mine Employees’ Consumer Co-operative Society Ltd. 100 2,500.00 2,500.00
(k) Namtech Electronic Devices Limited 48,026 1.00 1.00
(l) Reliance Firebrick and Pottery Company Ltd. (Partly paid-up) 16,800 1.00 1.00
(m) Reliance Firebrick and Pottery Company Ltd. 2,400 1.00 1.00
(n) Sanderson Industries Ltd. 3,33,876 2.00 2.00
(o) Standard Chrome Ltd. 11,16,000 2.00 2.00
(p) Sijua (Jherriah) Electric Supply Co. Ltd. 4,144 40,260.00 40,260.00
(q) TBW Publishing and Media Pvt. Limited 100 1.00 1.00
(r) Unit Trust of India - Mastershares 2,229 55,401.00 55,401.00
(s) Wellman Incandescent India Ltd. 15,21,234 2.00 2.00
(t) Woodland Multispeciality Hospital Ltd. 800 8,000.00 8,000.00
1,61,148.00 1,61,148.00
(vii) Tata Steel BSL Limited (TSBSL) (formerly known as Bhushan Steel Limited) was being shown as promoter of Jawahar Credit
& Holdings Private Limited (“JCHPL”) and M/s Bhushan Capital & Credit Services Private Limited (“BCCSPL”). These entities
were connected to the previous management of Bhushan Steel Limited. The Company has written to JCHPL, BCCSPL and
the Registrar of Companies (National Capital Territory of Delhi & Haryana) intimating that TSBSL should not be identified
as promoter of these companies. In view of the same, the Company currently does not exercise significant influence on
these entities, and hence, these have not been considered as associates.
(viii) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other
sources or kind of funds) to any other person or entity, including foreign entities (“Intermediaries”) with the understanding
(whether recorded in writing or otherwise) that the Intermediaries shall, whether, directly or indirectly lend or invest in
other persons / entities identified in any manner whatsoever by or on behalf of the Company (‘Ultimate Beneficiaries’) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries, other than investments made by the
Company aggregating ₹23.50 crore during the year ended March 31, 2024 in Tata Steel Advanced Materials Limited, a
subsidiary (2022-23: ₹10.00 crore in Tata Steel Downstream Products Limited, ₹54.69 crore in Tata Steel Advanced Materials
Limited and ₹68.00 crore in Tata Steel Utilities and Infrastructure Services Limited) and as set out in note 7(v), page F64 in
the ordinary course of business and in keeping with the applicable regulatory requirements for onward funding to certain
subsidiaries of the Company towards meeting their business requirements and / or loan repayments. Accordingly, no
further disclosure, in this regard, is required.
(ix) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (“Funding Party”) with
the understanding (whether recorded in writing or otherwise) that the Company shall directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries);
or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

NOTES
7. Loans
[Item No. I(g)(ii) and II(b)(v), Page F26]
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Loans to related parties
Considered good - Unsecured 8,601.65 32,570.29
(b) Other loans

Considered good - Unsecured 2.73 3.81
Credit impaired 5.84 5.75
Less: Allowance for credit losses 5.84 5.75
2.73 3.81
8,604.38 32,574.10
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
Considered good - Unsecured 139.22 1,923.87
139.22 1,923.87
(b) Other loans
1.60 1.84
140.82 1,925.71
(i) Non-current loans to related parties represents loan given to subsidiaries ₹8,601.65 crore (March 31, 2023: ₹32,570.29
crore).
(ii) Current loans to related parties represent loans/advances given to subsidiaries ₹236.89 crore (March 31, 2023: ₹1,991.54
crore) out of which ₹97.67 crore (2022-23: ₹67.67 crore) is impaired respectively.
(iii) During the year, loan amounting to ₹34,168.90 crore provided to a subsidiary has been converted into equity based on
the fair value of the shares of the issuer.
(iv) Other loans primarily represent loans given to employees.
(v) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other so urces
or kind of funds) to any other person or entity, including foreign entities (“Intermediaries”) with the understanding (whether
recorded in writing or otherwise) that the Intermediaries shall, whether, directly or indirectly lend or invest in other persons
/ entities identified in any manner whatsoever by or on behalf of the Company (‘Ultimate Beneficiaries’) or provide any

NOTES
7. Loans (Contd.)
[Item No. I(g)(ii) and II(b)(v), Page F26]
guarantee, security or the like on behalf of the Ultimate Beneficiaries, other than loans aggregating ₹3,665.91 crore given
during the year (2022-23: roll over of loan of ₹1,643.45 crore) to T Steel Holdings Pte Ltd, a subsidiary and an investment
holding company of the Company and as set out in note 6(viii), page F63 in the ordinary course of business and in keeping
with the applicable regulatory requirements for onward funding to certain overseas subsidiaries of the Company towards
meeting their business requirements and /or loan repayments. Accordingly, no further disclosure, in this regard, is required.
(vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (“Funding Party”) with
the understanding (whether recorded in writing or otherwise) that the Company shall directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries);
or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(vii) Disclosure as per Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
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 as on March 31, 2024:
(H crore)
Maximum balance
Debts outstanding
oustanding during
the year
Subsidiaries
(1) ABJA Investment Co. Pte Ltd.(ii) 4,641.50 4,641.50
(interest rate SOFR + 4.90% ; Tenure 96 Months) - -
(2) Angul Energy Limited - 43.00
(interest rate 8.00% to 8.65%) 30.00 126.00
(3) Bhubaneswar Power Private Limited 228.11 327.87
(interest rate 7.03% ; Tenure 79 Months) 327.87 387.63
(4) Subarnarekha Port Private Limited 30.00 30.00
(interest rate 10.83% to 11.15%, Tenure 6 to 12 Months) - -
(5) T Steel Holdings Pte. Ltd.(ii) 3,669.60 34,168.90
(interest rate LIBOR + 2.99 to 6.75% and SOFR + 1.65% to 3.90% ; Tenure 96 Months) 33,813.98 34,057.80
(6) Tata Steel Downstream Products Limited 201.65 342.30
(interest rate 7.42% to 8.38%; Tenure 12 to 60 Months)) 322.30 528.70
(7) Tayo Rolls Limited(iii) 67.00 67.00
(interest rate 7.00% to 13.07%, Tenure 4 to 15 Months) 67.00 67.00

Tenure means original tenure from the date of disbursement of loan.
(i) The above loans have been given for business purpose.
(ii) Includes inter-company loan of ₹8,232.53 crore extended during the year for a period of 8 years including moratorium of
interest for two and a half years.
(iii) As at March 31, 2024, loans given to Tayo Rolls Limited have been fully impaired.
(b) Details of investments made and guarantees provided are given in note 6, page F54 and note 34B, page F109.
(viii) There are no outstanding loans/advances in nature of loan from promoters, key management personnel or other officers
of the Company.

NOTES
8. Other financial assets

[Item No. I(g)(iv) and II(b)(vii), Page F26]
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Security deposits
264.01 245.24
(b) Interest accrued on deposits and loans
Credit impaired 2,521.38 0.27
Less: Allowance for credit losses 2,521.38 0.27
242.34 1,925.43
(c) Earmarked balances with banks 100.11 76.95
(d) Others
Considered good - Unsecured 1,027.15 51.89
1,633.61 2,299.51
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
Considered doubtful - Unsecured 0.23 0.23
50.75 14.81
81.43 24.07
(c) Others
Unsecured, considered doubtful 144.25 206.37
760.56 919.90
892.74 958.78
(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, 2023: ₹14.00 crore) and deposits with Tata Sons Private Limited ₹11.25 crore
(March 31, 2023: ₹11.25 crore).

NOTES
8. Other financial assets (Contd.)

[Item No. I(g)(iv) and II(b)(vii), Page F26]
(ii) 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
money against issue of bank guarantees, etc.
(iii) Current other financial assets include amount receivable from post-employment benefit funds ₹74.08 crore
(March 31, 2023: ₹137.98 crore) on account of retirement benefit obligations paid by the Company directly.
(iv) Non-current other financial assets include lease receivable of ₹1,027.06 crore (March 31, 2023: Nil) recognised during
the year ended March 31, 2024 on entering into a long-term arrangement with a joint venture to dedicate a class of its
downstream assets for production of certain value added products to drive synergies at market place resulting in a gain
of ₹903.40 crore (2022-23: Nil) included in other income (refer note 25(iii), page F94) with corresponding tax expenses of
₹227.37 crore for the year.
9. Income tax
[Item No. V(e), Page F26]
A. Income tax expense/(benefit)

T he Company is subject to income tax in India on the basis of its financial statements. The Company can claim tax exemptions/
deductions under specific sections of the Income Tax Act, 1961 subject to fulfilment of prescribed conditions, as may be
applicable. The Company during the year ended March 31, 2020 has opted for 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 22% (effective rate of 25.168%). The lower
rate shall be applicable subject to certain conditions, including that the total income should be computed without claiming
specific deduction or exemptions.
s per the tax laws, business loss can be carried forward for a maximum period of eight assessment years immediately succeeding
A
the assessment year to which the loss pertains. Unabsorbed depreciation can be carried forward for an indefinite period.
The reconciliation of estimated income tax to income tax expense is as below:
(H crore)
March 31, 2024 March 31, 2023
Profit/(loss) before tax 9,172.15 20,089.70
Expected income tax expense at statutory income tax rate of 25.168% (2022-23: 25.168%) 2,308.45 5,056.18
(a) Disallowances in respect of impairment of investments and allowance 2,463.50 265.87
(b) Income exempt from tax/ Items not deductible/ adjustments in respect of prior periods (111.52) 82.40
(c) Expenses allowable for tax purposes when paid/written off (295.68) -
Tax expense as reported 4,364.75 5,404.45

NOTES
9. Income tax (Contd.)

[Item No. V(e), Page F26]
B. Deferred tax assets/(liabilities)

(i) Components of deferred tax assets and liabilities as at March 31, 2024 is as below:
(H crore)
Recognised in
Recognised/
other
Balance as at (reversed) in profit Balance as at
comprehensive
April 1, 2023 and loss during March 31, 2024
income during
the year
the year
Deferred tax assets:
Investments 2,898.42 (75.05) - 2,823.37
Retirement benefit obligations 134.09 - - 134.09
Expenses allowable for tax purposes when paid/written off 3,509.32 86.41 - 3,595.73
Others 22.97 72.11 (97.90) (2.82)
6,564.80 83.47 (97.90) 6,550.37
Deferred tax liabilities:
Property, plant and equipment and intangible assets 14,598.78 (83.60) - 14,515.18
Loans 474.35 (422.39) - 51.96
15,073.13 (505.99) - 14,567.14
Net deferred tax assets/(liabilities) (8,508.33) 589.46 (97.90) (8,016.77)
Disclosed as:
Deferred tax liabilities (net) (8,508.33) (8,016.77)
Components of deferred tax assets and liabilities as at March 31, 2023 is as below:
(H crore)
Recognised in
Recognised/
other
Balance as at (reversed) in profit Balance as at
comprehensive
April 1, 2022 and loss during March 31, 2023
income during
the year
the year
Investments 2,986.50 (88.08) - 2,898.42
Retirement benefit obligations 134.09 - - 134.09
Expenses allowable for tax purposes when paid/written off 3,591.37 (82.05) - 3,509.32
Others 110.22 (89.82) 2.57 22.97
6,822.18 (259.95) 2.57 6,564.80
Property, plant and equipment and intangible assets 14,649.52 (50.74) - 14,598.78
Loans 197.50 276.85 - 474.35
14,847.02 226.11 - 15,073.13
Net deferred tax assets/(liabilities) (8,024.84) (486.06) 2.57 (8,508.33)
Disclosed as:
Deferred tax liabilities (net) (8,024.84) (8,508.33)
(ii) Deferred tax assets amounting to ₹7,967.37 crore as at March 31, 2024 (March 31, 2023: ₹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
10. Other assets

[Item No. I(i) and II(c), Page F26]
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Capital advances
Less: Provision for doubtful advances 90.78 94.82
844.43 1,255.87
(b) Advance with public bodies
1,962.84 2,028.73
(c) Capital advances to related parties
(d) Others
3,016.94 3,487.76
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Advance with public bodies
2,276.26 2,864.68
(b) Advances to related parties
(c) Others
489.69 685.04
3,039.80 3,746.59
(i) Advance with public bodies primarily relate to input credit entitlements and amounts paid under protest in respect of
demands and claims from regulatory authorities.
(ii) Others include advances against supply of goods/services and advances paid to employees.

NOTES
11. Inventories
[Item No. II(a), Page F26]
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Raw materials 11,537.11 12,158.49
(b) Work-in-progress 0.20 -
(c) Finished and semi-finished goods 8,161.24 8,518.22
(d) Stock-in-trade 41.26 54.33
(e) Stores and spares 4,807.39 4,689.32
24,547.20 25,420.36
Included above, goods-in-transit:^
(i) Raw materials 1,461.31 2,429.16
(ii) Finished and semi-finished goods 7.79 142.08
(iii) Stock-in-trade 2.01 0.69
(iv) Stores and spares 89.70 121.46
1,560.81 2,693.39
^
Goods-in-transit represent amount of purchased material which are in transit as on date.
(i) Value of inventories above is stated after provisions (net of reversal) ₹154.78 crore (March 31, 2023: ₹653.34 crore) for
write-downs to net realisable value and provision for slow-moving and obsolete items.
(ii) The cost of inventories recognised as an expense includes reversal of ₹243.15 crore (March 31, 2023: charge ₹65.86 crore)
in respect of write-down of inventory to net realisable value.
12. Trade receivables

[Item No. II(b)(ii), Page F26]
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Considered good - Unsecured 1,660.14 2,649.08
(b) Credit impaired 205.21 586.23
1,865.35 3,235.31
1,606.14 2,561.79
In determining allowance for credit losses of trade receivables, the Company has used the practical expedient by computing
the expected credit loss allowance based on a provision matrix. The provision matrix takes into account historical credit loss
experience and is adjusted for forward looking information. The expected credit loss allowance is based on ageing of receivables
and the rates used in provision matrix.

NOTES
12. Trade receivables (Contd.)

(i) Movement in allowance for credit losses of receivables is as below:
(H crore)
March 31, 2024 March 31, 2023
Balance at the beginning of the year 673.52 172.59
Charge/(release) during the year 49.01 500.93
Utilised during the year (463.32) -
Balance at the end of the year 259.21 673.52
(ii) Ageing of trade receivables and credit risk arising therefrom is as below:
(H crore)
Outstanding for following periods from due date of payment
Not Due Less than 6 6 months -1 More than 3 Total
1-2 years 2-3 years
months year years
Undisputed – considered good 1,237.05 264.17 36.74 66.92 10.32 44.94 1,660.14
Undisputed – credit impaired 0.87 3.30 11.99 73.99 3.31 21.92 115.38
Disputed - considered good - - - - - - -
Disputed - credit impaired - - - - - 89.83 89.83
1,237.92 267.47 48.73 140.91 13.63 156.69 1,865.35
Expected loss rate 0.80% 10.39% 10.45% 10.40% 10.08% 10.71%
Less: Allowance for credit losses 10.76 30.76 15.83 80.95 4.35 116.56 259.21
Total trade receivables 1,227.16 236.71 32.90 59.96 9.28 40.13 1,606.14

(H crore)
Not Due Less than 6 6 months -1 More than 3 Total
1-2 years 2-3 years
months year years
Undisputed – credit impaired - 0.46 0.04 0.51 0.98 492.17 494.16
Disputed - considered good - - - - - - -
2,178.72 317.12 77.41 28.64 8.04 625.38 3,235.31
Expected loss rate 0.41% 16.26% 19.35% 15.92% 14.87% 15.41%
Total trade receivables 2,169.77 265.16 62.40 23.65 6.01 34.80 2,561.79
(iii) The Company considers its maximum exposure to credit risk with respect to customers as at March 31, 2024 to be ₹1,606.14
crore (March 31, 2023: ₹2,561.79 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 contributes more than 10% of the outstanding
receivables as at March 31, 2024 and March 31, 2023.
(iv) There are no outstanding receivables due from directors or other officers of the Company.

NOTES
13. Cash and cash equivalents

[Item No. II(b)(iii), Page F26]
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Cash on hand 0.59 1.65
(b) Cheques, drafts on hand 0.35 -
(c) Remittances-in-transit 0.02 13.49
(d) Unrestricted balances with banks 4,540.51 1,170.46
4,541.47 1,185.60
(i) Cash and bank balances are denominated and held in Indian Rupees.
14. Other balances with banks

[Item No. II(b)(iv), Page F26]
(H crore)
As at As at
March 31, 2024 March 31, 2023
Other balances with banks 1,413.21 1,664.35
1,413.21 1,664.35
(i) Earmarked balances with banks of ₹1,017.78 crore (March 31, 2023: ₹1,052.96 crore) primarily includes balances held for
unpaid dividends ₹96.92 crore (March 31, 2023: ₹90.78 crore), amount held back against the consideration payable for
acquisition of a subsidiary ₹828.21 crore (March 31, 2023: ₹911.17 crore), bank guarantee and margin money ₹92.65 crore
(March 31, 2023: ₹51.01 crore).
(ii) Balances with banks are denominated and held in Indian Rupees.

NOTES
15. Equity share capital

[Item No. IV(a), Page F26]
(H crore)
As at As at
March 31, 2024 March 31, 2023
Authorised:
255,16,50,00,000# Ordinary Shares of ₹1 each 25,516.50 1,750.00
(March 31, 2023: 17,50,00,00,000 Ordinary Shares of ₹1 each)
35,00,00,000 'A' Ordinary Shares of ₹10 each* 350.00 350.00
(March 31, 2023: 35,00,00,000 ‘A’ Ordinary Shares of ₹10 each)
2,50,00,000 Cumulative Redeemable Preference Shares of ₹100 each* 250.00 250.00
(March 31, 2023: 2,50,00,000 Shares of ₹100 each)
60,00,00,000 Cumulative Convertible Preference Shares of ₹100 each* 6,000.00 6,000.00
(March 31, 2023: 60,00,00,000 Shares of ₹100 each)
32,116.50 8,350.00
Issued:
12,49,64,11,091 Ordinary Shares of ₹1 each 1,249.64 1,223.44
1,249.64 1,223.44
Subscribed and paid up:
12,48,35,31,541** Ordinary Shares of ₹1 each fully paid up 1,248.35 1,222.15
Amount paid up on 58,11,460 Ordinary Shares of ₹1 each forfeited 0.25 0.25
(March 31, 2023: 58,11,460 Ordinary Shares of ₹1 each)
1,248.60 1,222.40
#
During the year ended March 31, 2024, the Company's authorised share capital has increased, with requisite regulatory approvals, because of the mergers
given effect as referred to in note 43, page F124.
* ‘A’ Ordinary Shares and Preference Shares included within the authorised share capital are for disclosure purposes and have not yet been issued by the
Company as on March 31, 2024.
** Includes 4,370 equity shares of ₹1 each, on which first and final call money has been received and the equity shares have been converted to fully paid-up
equity shares but, are pending final listing and trading approval under the ISIN INE081A01020 (for fully paid shares), and hence, continue to be listed under the
ISIN IN9081A01010 (for partly paid shares) as on March 31, 2024.
(i) Subscribed and paid-up capital includes 1,16,83,930 (March 31, 2023: 1,16,83,930) Ordinary Shares of ₹1 each fully paid-up,
held by Rujuvalika Investments Limited, wholly-owned subsidiary of the Company.

NOTES
15. Equity share capital (Contd.)

(ii) Details of movement in subscribed and paid up share capital is as below:

Year ended March 31, 2024 Year ended March 31, 2023
No. of shares No. of shares
of K1 each unless K crore of K1 each unless K crore
otherwise stated otherwise stated
Ordinary Shares
Balance at the beginning of the year 12,22,15,37,000 1,222.15 1,22,23,45,330# 1,222.17
Sub-division of 1 share of face value ₹10/- each into 10 share - - 11,00,11,07,970 -
of face value I1/- each effective July 29, 2022(b)
Fully paid shares allotted during the year(a) 26,19,94,541 26.20 - -
Partly paid-up shares converted to fully paid-up shares during
- - - 0.03
the year(c)
Shares forfeited during the year(d) - - (19,16,300) (0.05)
Balance at the end of the year 12,48,35,31,541 1,248.35 12,22,15,37,000 1,222.15
#
face value of ₹10/- each
(a) 26,19,94,541 Ordinary shares of face value of ₹1 each were allotted to eligible shareholders of Tata Steel Long Products
Limited (“TSLP”), The Tinplate Company of India Limited (“TCIL”) and Tata Metaliks Limited (“TML”) as on the record date
as approved by the Board, pursuant to separate scheme of amalgamation of TSLP, TCIL and TML with the Company as
referred to in note 43, page F124.
(b) The Shareholders of the Company, at the 115th Annual General Meeting held on June 28, 2022, had approved the sub-
division of one equity share of face value ₹10 each (fully paid-up and partly paid-up) into 10 equity share of face value
₹1 each. The record date for the said sub-division was set at July 29, 2022.
(c) During the year ended March 31, 2023, the Company had sent Reminder-cum-Forfeiture Notice to the holders of partly
paid-up equity shares on which the first and final call money was unpaid. The Company had converted 3,16,580 partly
paid-up shares of face value ₹1 each into fully paid-up shares.
(d) During the year ended March 31, 2023, the Board of Directors approved the forfeiture of 19,16,300 partly paid-up shares
of face value of ₹1 each on which the call money of ₹0.7496 remained unpaid.
(iii) As at March 31, 2024, 29,27,850 Ordinary Shares of face value ₹1 each (March 31, 2023: 29,27,850 Ordinary Shares) are kept
in abeyance in respect of Rights issue of 2007. As at March 31, 2024, 17,97,930 fully paid-up Ordinary Shares of face value
₹1 each (March 31, 2023: 17,97,930 fully paid-up Ordinary Shares) are kept in abeyance in respect of Rights Issue of 2018.
(iv) During the year ended March 31, 2023, ₹4.18 crore proceeds from subscription to the first and final call on partly paid-up
shares for Rights Issue of 2018, had been utilised for repayments of loan.
(v) Details of Shareholders holding more than 5% shares in the Company are as below:
As at March 31, 2024 As at March 31,2023
No. of No. of
% held % held
ordinary shares ordinary shares
Name of shareholders
(a) Tata Sons Private Limited 3,96,50,81,420 31.76 3,96,50,81,420 32.44
(b) Life Insurance Corporation of India 94,97,60,583 7.61 73,24,32,080 5.99

NOTES

(vi) Details of promoters’ shareholding in the Company are as below:

No. of No. of
% held % held
(a) Tata Sons Private Limited# 3,96,50,81,420 31.76 3,96,50,81,420 32.44
Name of promoter group
(a) Tata Motors Limited# 5,49,62,950 0.44 5,49,62,950 0.45
(b) Tata Investment Corporation Limited 4,19,84,940 0.34 4,19,84,940 0.34
(c) Tata Chemicals Ltd 3,09,00,510 0.25 3,09,00,510 0.25
(d) Ewart Investments Limited 2,22,59,750 0.18 2,22,59,750 0.18
(e) Rujuvalika Investments Limited*# 1,16,83,930 0.09 1,16,83,930 0.10
(f ) Tata Industries Limited #
1,04,25,450 0.08 1,04,25,450 0.09
(g) Tata Motors Finance Limited (Formerly Tata Motors Finance
60,95,110 0.05 - -
Solutions Limited)@
(h) TMF Business Services Limited (Formerly Tata Motors Finance
- - 60,95,110 0.05
Limited)@
(i) Tata Capital Ltd 1,75,610 0.00 1,67,400 0.00
(j) Titan Company Limited 25,110 0.00 25,110 0.00
(k) Tata Capital Financial Services Limited$ - - 8,210 0.00
(l) Sir Dorabji Tata Trust^ - - - -
(m) Sir Ratan Tata Trust ^
- - - -
* 1,16,83,930 Ordinary Shares held by Rujuvalika Investments Limited (a wholly owned subsidiary of the Company), do not carry any voting rights.
^
During the year ended March 31, 2019, Sir Doarabji Tata Trust and Sir Ratan Tata Trust had sold their entire holdings in the Company.
@
onsequent to the sanctioned Scheme of Arrangement, 60,95,110 equity shares of Tata Steel Limited held by TMF Business Services Limited (Formerly
C
Tata Motors Finance Limited, Promoter Group) have been transferred to Tata Motors Finance Limited (Formerly Tata Motors Finance Solutions Limited).
Accordingly, as on March 31, 2024, Tata Motors Finance Limited (Formerly Tata Motors Finance Solutions Limited) has been reported under Promoter Group
holding 60,95,110 equity shares of Tata Steel Limited. The Company has reported ‘NIL’ shareholding against TMF Business Services Limited (Formerly Tata
Motors Finance Limited) within the Promoter Group.
$
T ata Capital Financial Services Limited (TCFSL) has been merged with Tata Capital Limited effective January 1, 2024. Accordingly, the entire holding of TCFSL
in the Company, (8,210 shares) has been transferred from TCFSL to Tata Capital Limited and TCFSL has ceased to exist and accordingly does not form part of
the Promoter Group as on March 31, 2024.
#
hange in shareholding is on account of allotment of shares to non-controlling equity shareholders of erstwhile TSLP, TCIL and TML pursuant to the separate
C
schemes of amalgamation of TSLP, TCIL and TML into and with the Company.
8,35,45,390 shares (March 31, 2023: 8,79,53,750 shares) of face value of ₹1 per share represent the shares underlying GDRs
(vii)
which were issued during 1994 and 2009. Each GDR represents one underlying Ordinary Share.
(viii) 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:

NOTES

A. Ordinary Shares of ₹1 each

(i) In respect of every Ordinary Share (whether fully paid or partly paid), voting right and dividend shall be in the same
proportion as the capital paid up on such Ordinary Share bears to the total paid up Ordinary Capital of the Company.
(ii) The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual
General Meeting, except in case of interim dividend.
(iii) In the event of liquidation, the Shareholders of Ordinary Shares are eligible to receive the remaining assets of the
Company after distribution of all preferential amounts, in proportion to their shareholding.
B. ‘A’ Ordinary Shares of ₹10 each

(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:
• in the case where a resolution is put to vote on a poll, such differential voting entitlement (excluding fractions,
if any) will be applicable to holders of ‘A’ Ordinary Shares.
• 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
of ‘A’ Ordinary Shares shall be entitled to the same number of votes as available to holders of Ordinary Shares.
(b) The holders of Ordinary Shares and the holders of ‘A’ Ordinary Shares shall vote as a single class with respect to
all matters submitted for voting by shareholders of the Company and shall exercise such votes in proportion to
the voting rights attached to such s hares including in relation to any scheme under Sections 391 to 394 of the
Companies Act, 1956.
(ii) The holders of ‘A’ Ordinary Shares shall be entitled to dividend on each ‘A’ Ordinary Share which may be equal to or
higher than the amount per Ordinary Share declared by the Board for each Ordinary Share, and as may be specified at
the time of the issue. Different series of ‘A’ Ordinary Shares may carry different entitlements to dividend to the extent
permitted under applicable law and as prescribed under the terms applicable to such issue.
C. Preference Shares
The Company has two classes of preference shares i.e. Cumulative Redeemable Preference Shares (CRPS) of ₹100 per share
and Cumulative Convertible Preference Shares (CCPS) of ₹100 per share.
(i) Such shares shall confer on the holders thereof, the right to a fixed preferential dividend from the date of allotment,
at 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.
(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
CCPS, such preferential rights shall automatically cease on conversion of these shares into Ordinary Shares.
(iii) The holders of such shares shall have the right to receive all notices of general meetings of the Company but shall not
confer on the holders thereof the right to vote at any meetings of the Company save to the extent and in the manner
provided in the Companies Act, 1956, or any re-enactment thereof.
(iv) CCPS shall be converted into Ordinary Shares as per the terms, determined by the Board at the time of issue;
as and when converted, such Ordinary Shares shall rank pari passu with the then existing Ordinary Shares of
the Company in all respects.

NOTES
16. Other equity

[Item No. IV(b), Page F26]
A. Retained earnings
The details of movement in retained earnings is as below:
(H crore)
March 31, 2024 March 31, 2023
Balance at the beginning of the year 86,491.20 77,873.96
Profit for the year 4,807.40 14,685.25
Remeasurement of post-employment defined benefit plans (210.12) 266.82
Tax on remeasurement of post-employment defined benefit plans 52.88 (66.99)
Dividend (4,414.00) (6,267.84)
Balance at the end of the year 86,727.36 86,491.20
B. Items of other comprehensive income

(a) Cash flow hedge reserve
T he cumulative effective portion of gains or losses arising from changes in fair value of hedging instruments designated as cash
flow hedges are recognised in cash flow hedge reserve. Such changes recognised are reclassified to the statement of profit and
loss when the hedged item affects the profit or loss or are included as an adjustment to the cost of the related non-financial
hedged item.
T he Company has designated certain foreign currency forward contracts, interest rate swaps and interest rate caps and collars
as cash flow hedges in respect of foreign exchange and interest rate risks.
The details of movement in cash flow hedge reserve is as below:
(H crore)
March 31, 2024 March 31, 2023
Other comprehensive income recognised during the year (43.69) 59.66
(i) The details of other comprehensive income recognised during the year is as below:
(H crore)
March 31, 2024 March 31, 2023
Fair value changes recognised during the year (86.73) 238.96
Fair value changes reclassified to profit and loss/cost of hedged items 27.90 (159.18)
Tax impact on above 15.14 (20.12)
(43.69) 59.66
During the year, ineffective portion of cash flow hedges recognised in the statement of profit and loss amounted to Nil
(2022-23: Nil).

NOTES
16. Other equity (Contd.)

(ii) The amount recognised in cash flow hedge reserve (net of tax) is expected to impact the statement of profit and loss
as below:
• within the next one year: gain ₹50.77 crore (2022-23: gain ₹37.82 crore).
• later than one year: gain ₹26.30 crore (2022-23: gain ₹82.94 crore).
(b) Investment revaluation reserve

Cumulative gains and losses arising from fair value changes of equity investments measured at fair value through other
comprehensive income are recognised in investment revaluation reserve. The reserve balance represents such changes
recognised net of amounts reclassified to retained earnings on disposal of such investments.
The details of movement in investment revaluation reserve is as below:
(H crore)
March 31, 2024 March 31, 2023
Other comprehensive income recognised during the year 1,005.34 (193.59)
Tax impact on above (113.04) 22.68
Balance at the end of the year 1,575.16 682.86
C. Other reserves
(a) Securities premium
Securities premium is used to record premium received on issue of shares. The reserve is utilised in accordance with the
provisions of the Companies Act, 2013.
The details of movement in securities premium is as below:
(H crore)
March 31, 2024 March 31, 2023
Received/transfer on issue of Ordinary Shares during the year - 1.44
Equity issue expenses written (off )/back during the year - (0.09)
(b) Debenture redemption reserve

The provisions of the Companies Act, 2013 read with the related rules required a company issuing debentures to create a
Debenture redemption reserve (DRR) of 25% of the value of debentures issued, either through a public issue or on a private
placement basis, 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.

NOTES

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 balance in the DRR shall be maintained to be utilised only for the redemption of existing debentures issued by the
Company before August 16, 2019.
The details of movement in debenture redemption reserve during the year is as below:
(H crore)
March 31, 2024 March 31, 2023
Transfers within equity (717.25) -
(c) General reserve

Under the erstwhile Companies Act, 1956, a general reserve was created through an annual transfer of net profit at a specified
percentage in accordance with applicable regulations. Consequent to the introduction of the Companies Act, 2013, the
requirement to mandatory transfer a specified percentage of net profit to general reserve has been withdrawn.
The details of movement in general reserve during the year is as below:
(H crore)
March 31, 2024 March 31, 2023
Transfers within equity 717.25 -
(d) Capital redemption reserve

The Companies Act, 2013 requires that when a Company purchases its own shares out of free reserves or securities premium
account, a sum equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve. The
reserve is utilised in accordance with the provisions of Section 69 of the Companies Act, 2013.
The details of movement in capital redemption reserve during the year is as below:
(H crore)
March 31, 2024 March 31, 2023

NOTES

(e) Capital reserve

The excess of fair value of net assets acquired over consideration paid in a common control transaction is recognised as capital
reserve. The details of movement in Capital Reserve during the year is as below:
(H crore)
March 31, 2024 March 31, 2023
(i) Includes ₹791.47 crore being the difference between the net identifiable assets acquired and consideration paid, on merger
of Tata Steel Long Products Limited (TSLP), Tata Metaliks Limited (TML) and The Tinplate Company of India Limited (TCIL)
with the Company.
(f) Others
Others primarily represents amount appropriated out of the statement of profit and loss for unforeseen contingencies.
The details of movement in others during the year is as below:
(H crore)
March 31, 2024 March 31, 2023
D. Shares pending issue

(H crore)
March 31, 2024 March 31, 2023
Less: Allotted during the year on account of merger (26.20) -
Balance at the end of the year - 26.20
E. Share application money pending allotment

The details of movement in share application money pending allotment during the year is as below:
(H crore)
March 31, 2024 March 31, 2023
Balance at the beginning of the year - -
Received during the year - 1.46
Allotted during the year - (1.46)
Balance at the end of the year - -

NOTES
17. Borrowings
[Item No. V(a)(i) and VI(a)(i), Page F26]
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Secured
(i) Loans from Joint Plant Committee - Steel Development Fund 2,829.25 2,751.17
(ii) Term loans from banks - 687.92
2,829.25 3,439.09
(b) Unsecured
(i) Non-convertible debentures 12,153.28 10,125.22
(ii) Term loans from banks/financial institutions 21,733.38 18,004.50
33,886.66 28,129.72
36,715.91 31,568.81
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Secured
(i) Repayable on demand from banks - 1,003.45
(b) Unsecured
(i) Current maturities of long-term borrowings 3,841.52 6,294.67
3,841.52 7,298.12
(i) As at March 31, 2024, ₹2,829.25 crore (March 31, 2023: ₹4,442.54 crore) of the total outstanding borrowings were secured
by a charge on property, plant and equipment, inventories, receivables and other current assets.
(ii) The security details of major borrowings as at March 31, 2024 is as below:
Loan from Joint Plant Committee-Steel Development Fund

It is secured by mortgages on all present and future immovable properties wherever situated and hypothecation of
movable assets, excluding land and building mortgaged in favour of Government of India under the deed of mortgage
dated April 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 all investments and book debts of the Company subject to the prior charges created and/or to be
created in favour of the 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/asset credit schemes.

NOTES
17. Borrowings (Contd.)

The loan was repayable in 16 equal semi-annual instalments after completion of four years from the date of the tranche.
The Company filed a writ petition being WP No. 70 of 2006 (subsequently renumbered as WPO 70 of 2006) before the High
Court at Calcutta in February 2006 claiming waiver of the outstanding loan and interest and refund of the balance lying
with Steel Development Fund ("SDF"). The Writ Petition was decided by judgment dated August 3, 2022. By the judgment,
the High Court declared that the corpus of SDF can only be utilised for the benefit of the main steel producers. However,
the waiver of loan as sought by the Company was not allowed. Hence, against the judgment the Company filed an appeal
in the High Court being APO No. 85 of 2022.
The appeal has been decided on January 3, 2023. By the final order, High Court has directed the Company to submit a fresh
representation to Union of India and fixed a time of three months for Union of India to take a decision on the representation.
The Company has submitted the representation on March 28, 2023.
The representation of the Company was rejected by Government of India (Ministry of Steel) on December 29, 2023. By a
letter of January 2024, the Company sought No-objection certificate (“NoC”) from Joint Plant Committee (“JPC”) for scheme
of amalgamation of two of its subsidiary companies, namely Bhubaneshwar Power Private Limited and Indian Steel and
Wire Products Limited. By its letter dated February 22, 2024, while NoC has been issued for the merger, JPC has directed
the Company to repay the outstanding SDF loans with interest within one month.
The Company has challenged the rejection of representation by Union of India (vide its communication dated December
29, 2023) and the direction of JPC to the Company to repay the outstanding loans by filing a Writ Petition being WPO No.
227 of 2024. It was also the contention of the company that the company is entitled to refund of all sums paid by it to SDF
and that the Union of India has no right to the same. On May 24, 2024, the Calcutta High Court (Single Bench) has dismissed
the writ petition filed by the Company. The Company is in the process of evaluating the future course of action.
The loan as stated in the standalone financial statement includes funded interest ₹1,189.92 crore (March 31, 2023: ₹1,111.84
crore).
It includes ₹1,639.33 crore (March 31, 2023: ₹1,639.33 crore) representing repayments and interest on earlier loans for
which applications of funding are awaiting sanction and is not secured by charge on movable assets of the Company.
(iii) As at March 31, 2024, the register of charges of the Company as available in records of the Ministry of Corporate Affairs
(MCA) includes charges that were created/modified since the inception of the Company. There are certain charges which are
historic in nature and it involves practical challenges in obtaining no-objection certificates (NOCs) from the charge holders
of such charges, despite repayment of the underlying loans. The Company is in the continuous process of filing the charge
satisfaction e-form with MCA, within the timelines, as and when it receives NOCs from the respective charge holders.

NOTES

(iv) The Company has filed quarterly returns or statements with the banks in lieu of the sanctioned working capital facilities,
which are in agreement with the books of account other than those as set out below.
(H crore)
Aggregate Nature of Amount
Amount as
working Current Asset disclosed as per
Name of the Bank Quarter ended per books of Difference Reason for variance
capital limits offered as quarterly return
account
sanctioned Security / statement
2,000.00 Refer Note 1 June 30, 2023 1,559.27 1,576.04 (16.77)
State bank of India and below Incorrect amount of
September 30, 2023 1,668.58 1,682.22 (13.64)
consortium of banks Export advances
December 31, 2023 1,859.27 1,874.57 (15.30)
2,000.00 Refer Note 1 June 30, 2023 4,557.60 4,554.09 3.51 Incorrect amount of
State bank of India and below September 30, 2023 7,990.37 7,989.23 1.14 creditor for Goods
consortium of banks
December 31, 2023 5,245.20 5,250.40 (5.20) under LC
45.00 Refer Note 2 September 30, 2023 64.89 74.44 (9.55) Incorrect amount of
below Goods-in-transit of
Inventory of
erstwhile Tata
December 31, 2023 40.74 62.71 (21.97) Metaliks Limited
(merged with the
Company)
State bank of India
June 30, 2023 408.83 393.67 15.16
Incorrect amount of
September 30, 2023 415.97 382.93 33.04 creditors for goods
of erstwhile Tata
Metaliks Limited
December 31, 2023 280.70 234.47 46.23 (merged with the
Company)
Kotak Mahindra Bank Limited 68.00 Refer Note 3 Incorrect amount of

HDFC Bank Limited 80.00 below creditor for goods
DBS Bank Limited 70.00 of erstwhile Tata
June 30, 2023 370.33 393.67 (23.34)
Metaliks Limited
Bank of Baroda 9.75
(merged with the
ICICI Bank Limited 105.00 Company)
(H crore)
Amount as
account
Primarily inclusion
State bank of India and Refer Note 1 December 31, of certain liabilities
2,000.00 12,594.47 12,572.90 21.57
consortium of banks below 2022 not forming part of
creditors for goods.
Note 1: Pari-passu charge on the Company’s entire current assets namely stock of raw materials, finished goods, stocks-in-
process, consumables stores and spares and book debts at its plant sites or anywhere else, in favour of the Bank, by way
of hypothecation.
Note 2: Hypothecation first charge over inventory and receivables and other current assets on pari-passu basis with other
working capital lenders of erstwhile Tata Metaliks Limited under Multiple Banking Arrangement subject to sharing of pari-
passu sharing letters by such Banks.

NOTES

Note 3:
a) Kotak Bank Limited: First pari-passu charge on current assets both present and future of erstwhile Tata Metaliks
Limited’s Kharagpur unit, along with other lenders in multiple banking arrangement.
WC lender.
c) DBS Bank Limited: First pari-passu charge on the current assets of erstwhile Tata Metaliks Limited’s Kharagpur unit.
d)
Bank of Baroda: First pari-passu charge on current assets of erstwhile Tata Metaliks Limited including raw
e) ICICI Bank: First pari passu charge on book debts, stock and other current assets of erstwhile Tata Metaliks Limited.
(v) The details of major unsecured borrowings as at March 31, 2024 are as below:
(a) Non-Convertible Debentures (NCD):

The details of debentures issued/redeemed by the Company are as below:
(i) 7.76% p.a. interest bearing 15,000 debentures of face value ₹10,00,000 each are redeemable at par on September
20, 2032.
(ii) 9.84% p.a. interest bearing 43,150 debentures of face value ₹10,00,000 each are redeemable at par in 4 equal annual
instalments commencing from February 28, 2031.
(iii) 8.03% p.a. interest bearing 2,15,000 debentures of face value ₹1,00,000 each are redeemable at par on February
25, 2028.
(iv) 7.50% p.a. interest bearing 5,000 debentures of face value ₹10,00,000 each are redeemable at par on September
20, 2027.
(v) 7.79% p.a. interest bearing 2,70,000 debentures of face value ₹1,00,000 each are redeemable at par on March 26, 2027.
(vi) 8.15% p.a. interest bearing 10,000 debentures of face value ₹10,00,000 each are redeemable at par on October 1, 2026.
(vii) 7.70% p.a. interest bearing 6,700 debentures of face value ₹10,00,000 each are redeemable at par on March 13, 2025.
(viii) 7.95% p.a. interest bearing 5,000 debentures of face value ₹10,00,000 each has been redeemed during the year.
(ix) Repo rate plus 4.08% p.a. interest bearing 4,000 debentures of face value ₹10,00,000 each has been redeemed during
the year.
(x) 8.25% p.a. interest bearing 10,000 debentures of face value ₹10,00,000 each has been redeemed during the year.
(xi) Repo rate plus 3.45% p.a. interest bearing 5,000 debentures of face value ₹10,00,000 each has been redeemed during
the year.
(xii) Repo rate plus 3.30% p.a. interest bearing 10,000 debentures of face value ₹10,00,000 each has been redeemed during
the year.
(xiii) 7.85% p.a. interest bearing 5,100 debentures of face value ₹10,00,000 each has been redeemed during the year.
(xiv) 7.85% p.a. interest bearing 10,250 debentures of face value ₹10,00,000 each has been redeemed during the year.

NOTES

(b) Term loans from banks/financial institutions

The details of loans from banks and financial institutions availed/repaid by the Company are as below:
(i) Rupee loan amounting ₹1,320.00 crore (March 31, 2023: ₹1,320.00 crore) is repayable in 3 semi-annual instalments,
the next instalment is due on August 31, 2029.
(ii) Rupee loan amounting ₹1,000.00 crore (March 31, 2023: ₹1,000.00 crore) is repayable on August 30, 2029.
(iii) Rupee loan amounting ₹500.00 crore (March 31, 2023: ₹500.00 crore) is repayable on December 11, 2027.
(iv) Rupee loan amounting ₹100.00 crore (March 31, 2023: ₹100.00 crore) is repayable on December 8, 2027.
(v) Rupee loan amounting ₹400.00 crore (March 31, 2023: ₹400.00 crore) is repayable on September 14, 2027.
(vi) Rupee loan amounting ₹595.00 crore (March 31, 2023: ₹595.00 crore) is repayable in 4 semi-annual instalments, the
next instalment is due on October 16, 2026.
(vii) Rupee loan amounting ₹700.00 crore (March 31, 2023: ₹700.00 crore) is repayable in 8 annual instalments, the next
instalment is due on August 11, 2025.
(viii) Rupee loan amounting ₹520.00 crore (March 31, 2023: ₹520.00 crore) is repayable in 5 semi-annual instalments, the
next instalment is due on June 30, 2025.
(ix) Rupee loan amounting ₹500.00 crore (March 31, 2023: ₹500.00 crore) is repayable on June 24, 2024.
(x) Rupee loan amounting ₹500.00 crore (March 31, 2023: ₹500.00 crore) is repayable on June 22, 2024.
(xi) Rupee loan amounting ₹500.00 crore (March 31, 2023: ₹500.00 crore) is repayable on June 17, 2024.
(xii) Rupee loan amounting ₹912.50 crore (March 31, 2023: ₹926.24 crore) is repayable in 13 semi-annual instalments, the
next instalment is due on May 15, 2024.
(xiii) Rupee loan amounting ₹297.00 crore (March 31, 2023: ₹300.00 crore) is repayable in 4 annual instalments, the next
instalment is due on September 30, 2024.
(xiv) Rupee loan amounting ₹388.00 crore (March 31, 2023: ₹396 crore) is repayable in 17 semi-annual instalments, the
next instalment is due on September 30, 2024.
(xv) Rupee loan amounting ₹693.00 crore (March 31, 2023: ₹700 crore) is repayable in 4 annual instalments, the next
instalment is due on September 30, 2024.
(xvi) Rupee loan amounting ₹582.00 crore (March 31, 2023: ₹594 crore) is repayable in 17 semi-annual instalments, the
(xvii) Rupee loan amounting ₹485.00 crore (March 31, 2023: ₹495 crore) is repayable in 17 semi-annual instalments, the
(xviii) Rupee loan amounting ₹970.00 crore (March 31, 2023: ₹990 crore) is repayable in 17 semi-annual instalments, the
(xix) USD 293.33 million equivalent to ₹2,446.69 crore (March 31, 2023: USD 440.00 million equivalent to ₹3,616.03 crore)
loan is repayable in 2 equal annual instalments, the next instalment is due on September 11, 2024.
(xx) Rupee loan amounting ₹485.00 crore (March 31, 2023: ₹495 crore) is repayable in 17 semi-annual instalments, the

NOTES

(xxi) Rupee loan amounting ₹194.00 crore (March 31, 2023: ₹198 crore) is repayable in 17 semi-annual instalments, the
next instalment is due on August 31, 2024.
(xxii) Rupee loan amounting ₹533.50 crore (March 31, 2023: ₹544.50 crore) is repayable in 17 semi-annual instalments, the
next instalment is due on August 31, 2024.
(xxiii) Rupee loan amounting ₹450.00 crore (March 31, 2023: Nil) is repayable in 18 equal semi-annual instalments, the next
instalment is due on July 1, 2024.
(xxiv) Rupee loan amounting ₹693.00 crore (March 31, 2023: Nil) is repayable in 36 quarterly instalments, the next instalment
is due on June 30, 2024.
(xxv) Rupee loan amounting ₹1,470.00 crore (March 31, 2023: ₹1,500 crore) is repayable in 18 semi-annual instalments, the
(xxvi) Rupee loan amounting ₹490.00 crore (March 31, 2023:₹500 crore) is repayable in 18 semi-annual instalments, the
(xxvii) Rupee loan amounting ₹490.00 crore (March 31, 2023: ₹500 crore) is repayable in 18 semi-annual instalments, the
(xxviii) Rupee loan amounting ₹1,782.00 crore (March 31, 2023: Nil) is repayable in 19 semi-annual instalments, the next
instalment is due on June 29, 2024.
(xxix) Rupee loan amounting ₹495.00 crore (March 31, 2023: Nil) is repayable in 19 semi-annual instalments, the next
(xxx) Rupee loan amounting ₹970.00 crore (March 31, 2023: ₹990 crore) is repayable in 17 semi-annual instalments, the
(xxxi) Rupee loan amounting ₹490.00 crore (March 31, 2023: Nil) is repayable in 15 semi-annual instalments, the next
(xxxii) Rupee loan amounting ₹980.00 crore (March 31, 2023: Nil) is repayable in 15 semi-annual instalments, the next
instalment is due on June 19, 2024
(xxxiii) Rupee loan amounting ₹1,980.00 crore (March 31, 2023: Nil) is repayable in 19 semi-annual instalments, the next
(xxxiv) Rupee loan amounting ₹689.00 crore as on March 31, 2023 repayable in 4 semi-annual instalments, has been fully
pre-paid during the year.

NOTES

(vi) Currency and interest exposure of borrowings including current maturities is as below:
(H crore)
As at March 31, 2024 As at March 31, 2023
Fixed rate Floating rate Total Fixed rate Floating rate Total
INR 13,173.10 24,943.20 38,116.30 14,508.72 20,754.75 35,263.47
EURO - - - - - -
USD - 2,441.13 2,441.13 - 3,603.46 3,603.46
Total 13,173.10 27,384.33 40,557.43 14,508.72 24,358.21 38,866.93
INR-Indian Rupees, USD-United States Dollars.
(vii) Majority of floating rate borrowings are bank borrowings and debentures bearing interest rates based on Marginal Cost
of Lending Rate (MCLR), Repo rate and SOFR. Of the total floating rate borrowings as at March 31, 2024, ₹2,446.69 crore
(March 31, 2023: ₹3,616.03 crore) has been hedged using cross currency swaps and interest rate swaps, with contracts
covering period of more than one year.
(viii) Maturity profile of borrowings including current maturities is as below:
(H crore)
As at As at
March 31, 2024 March 31, 2023
Not later than one year or on demand 3,843.85 7,302.54
Later than one year but not two years 1,941.35 3,582.84
Later than two years but not three years 4,640.00 1,614.34
Later than three years but not four years 5,705.00 1,609.00
Later than four years but not five years 1,174.00 5,316.00
More than five years 23,271.75 19,468.68
40,575.95 38,893.40
Less: Capitalisation of transaction costs 18.52 26.47
40,557.43 38,866.93
(ix) Some of the Company’s major financing arrangements include financial covenants, which require compliance to certain
debt-equity and debt coverage ratios. Additionally, certain negative covenants may limit the Company’s ability to borrow
additional funds or to incur additional liens, and/or provide for increased costs in case of breach.
(x) During March, 2024, the Company has issued and allotted non-convertible debentures aggregating ₹2,700.00 crore.
Out of the proceeds, ₹1,950.00 crore has been utilised for the purposes mentioned in the Debenture Issue Placement
Memorandum Key Information Document dated March 26, 2024 (NCD Disclosure Document) till March 31, 2024 and the
unutilised amount of ₹750.00 crore as at March 31, 2024 is lying temporarily in fixed deposits, keeping in line with the
NCD Disclosure Document, till the funds are fully utilised for the purposes set out in the said document.

NOTES
18. Other financial liabilities

[Item No. V(a)(iii) and VI(a)(v), Page F26]
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
Creditors for other liabilities 1,363.32 1,757.01
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Interest accrued but not due 391.42 749.47
(b) Unclaimed dividends 96.92 90.78
(c) Creditors for other liabilities 6,181.72 5,308.95
6,670.06 6,149.20
Non-current and current creditors for other liabilities include:

(a) creditors for capital supplies and services ₹2,479.28 crore (March 31, 2023: ₹2,273.64 crore).
(b) out of the total consideration paid for acquisition of a subsidiary in 2022-23, H828.21 crore (March 31, 2023: H911.17 crore)
kept in Escrow Account held for resolution of the litigations and payment if required or release to the sellers at the expiry
of the specified period.
(c) liability for employee family benefit scheme ₹263.71 crore (March 31, 2023: ₹243.37 crore).
(d) liability for family protection scheme ₹194.21 crore (March 31, 2023: ₹194.83 crore).
(e) rebate liabilities arising from volume and price discounts ₹1,054.75 crore (March 31, 2023: ₹1,328.47 crore).

NOTES
19. Provisions
[Item No. V(b) and VI(b), Page F26]
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Employee benefits 2,060.68 2,102.50
(b) Others 643.91 556.45
2,704.59 2,658.95
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Employee benefits 302.65 313.89
(b) Others 843.77 1,654.26
1,146.42 1,968.15
(i) Non-current and current provision for employee benefits include provision for leave salaries ₹1,305.56 crore
(March 31, 2023: ₹1,278.23 crore) and provision for early separation scheme ₹1,034.61 crore (March 31, 2023: ₹1,111.80 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.
(iii) Non-current and current other provisions include:
(a) provision for compensatory afforestation, mine closure and rehabilitation obligations ₹1,440.35 crore
(March 31, 2023: ₹2,163.38 crore). These amounts become payable upon closure of the mines and are expected to be
incurred over a period of 1 to 43 years.
(b) provision for expected obligations in respect of a loss-making subsidiary ₹47.33 crore (March 31, 2023: ₹47.33 crore).
The same is expected to be settled within one year from the reporting date.
(iv) The details of movement in other provisions is as below:
(H crore)
March 31, 2024 March 31, 2023
Recognised/(released) during the year (a) 126.15 54.12
Other reclassifications (849.04) -
Utilised during the year (0.14) (0.60)
(a) includes provisions capitalised during the year in respect of restoration obligations.

NOTES
20. Retirement benefit obligations

[Item No. V(c) and VI(c), Page F26]
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Retiring gratuities 435.82 303.93
(b) Post-retirement medical benefits 1,620.81 1,431.50
(c) Other defined benefits 333.06 316.18
2,389.69 2,051.61
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Retiring Gratuity - 16.77
(b) Post-retirement medical benefits 89.45 88.61
(c) Other defined benefits 26.29 40.44
115.74 145.82
(i) Detailed disclosure in respect of post-retirement defined benefit schemes is provided in note 33, page F98.
(ii) Other defined benefits include deficiency in interest cost on provident fund of ₹24.42 crore (March 31, 2023: ₹19.21 crore),
post-retirement lumpsum benefits, long service awards, packing and transportation, farewell gifts, etc.
21. Deferred income

[Item No. V(d) and VI(d), Page F26]
A. Non-Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Grants relating to property, plant and equipment 165.76 -
(b) Revenue grants 96.19 -
(c) Other deferred income 17.16 0.35
279.11 0.35
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Grants relating to property, plant and equipment 0.32 51.80
(b) Revenue grants 7.63 23.38
(c) Other deferred income 47.49 9.43
55.44 84.61

NOTES
22. Other liabilities

[Item No. V(f) and VI(f), Page F26]
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Advances received from customers 435.90 2,146.11
(b) Statutory dues 28.74 24.85
(c) Other credit balances 2,012.16 1,707.54
2,476.80 3,878.50
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Advances received from customers 2,508.20 3,188.46
(b) Employee recoveries and employer contributions 39.72 34.41
(c) Statutory dues 11,594.64 10,203.55
(d) Other credit balances - 25.36
14,142.56 13,451.78
(i) Non-current and current advance from customer includes an interest-bearing advance of ₹1,813.15 crore (March 31, 2023:
₹3,811.90 crore) which would be adjusted over a period of 1.25 years against export of steel products. Amount of revenue
recognised for the year ended March 31, 2024 in respect of such advances outstanding at the beginning of the year is
₹2,038.97 crore (2022-23: ₹1,543.07 crore). Out of the amount outstanding ₹1,377.24 crore (by March 31, 2024: ₹1,665.79
crore) is expected to be adjusted by March 31, 2025 and the balance thereafter.
(ii) Statutory dues primarily relate to payables in respect of GST, excise duty, service tax, sales tax, electricity duty, water tax,
VAT, tax deducted at source and royalties. Includes provision for demand notices received against alleged shortfall in
dispatch of Chromite ore from the mines ₹818.01 crore. The demand notices have been challenged before the Hon’ble
High Court of Odisha and as per the court direction, an amount of ₹218.50 crore has been paid under protest which is
disclosed under other current assets and the final outcome is awaited.
(iii) Other credit balance includes GST compensation cess and interest thereon amounting to ₹1,973.38 crore (March 31, 2023:
₹1,678.33 crore).

NOTES
23. Trade payables

[Item No. VI(a)(iii), Page F26]
A. Total outstanding dues of micro and small enterprises

(H crore)
As at As at
March 31, 2024 March 31, 2023
Dues of micro and small enterprises 935.84 911.16
935.84 911.16
B. Total outstanding dues of creditors other than micro and small enterprises
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Creditors for supplies and services 19,329.81 17,668.51
(b) Creditors for accrued wages and salaries 1,796.81 1,776.09
21,126.62 19,444.60
(i) Amount due to micro and small enterprises as defined in the “The Micro, Small and Medium Enterprises Development Act,
2006” has been determined to the extent such parties have been identified on the basis of information available with the
Company. The disclosures relating to micro and small enterprises is as below:
(H crore)
As at As at
March 31, 2024 March 31, 2023
(i) Principal amount remaining unpaid to supplier at the end of the year * 1,283.64 1,055.21
(ii) Interest due thereon remaining unpaid to supplier at the end of the year 6.02 11.74
(iii) Amount of interest due and payable for the period of delay in making payment (which have been paid
45.46 31.84
but beyond the appointed day during the year) but without adding the interest specified under this Act
(iv) Amount of interest accrued and remaining unpaid at the end of the year 51.48 43.58
* Includes dues of micro, small and medium enterprises included within other financial liabilities.
C. Ageing schedule of trade payable is as below:

(H crore)
Not due Less than More than Total
1-2 years 2-3 years
1 year 3 years
Undisputed dues - MSME 838.23 43.83 - - - 882.06
Undisputed dues - Others 14,826.25 2,982.24 39.88 16.53 36.81 17,901.71
Disputed dues - MSME - - - - - -
Disputed dues - Others - - - 0.14 18.17 18.31
15,664.48 3,026.07 39.88 16.67 54.98 18,802.08
Add: Unbilled dues* 3,260.38
Total trade payables 22,062.46
* Includes dues of micro, small and medium enterprises of ₹53.78 crore.

NOTES
23. Trade payables (Contd.)

[Item No. VI(a)(iii), Page F26]

(H crore)
1-2 years 2-3 years
1 year 3 years
Undisputed dues - MSME 819.76 51.84 - - - 871.60
Undisputed dues - Others 13,630.26 1,904.29 182.05 56.31 29.82 15,802.73
Disputed dues - MSME - - - - - -
Disputed dues - Others - - 0.14 - 18.03 18.17
14,450.02 1,956.13 182.19 56.31 47.85 16,692.50
* Includes dues of micro, small and medium enterprises of ₹39.56 crore.
24. Revenue from operations

[Item No. I, Page F27]
(H crore)
March 31, 2024 March 31, 2023
(a) Sale of products 1,37,284.33 1,39,668.73
(b) Sale of power and water 1,913.27 1,775.15
(c) Other operating revenues(ii) 1,789.83 1,469.44
1,40,987.43 1,42,913.32
(i) Revenue from contracts with customers disaggregated on the basis of geographical region and major businesses are
as below:
(₹ crore)
Year ended March 31, 2024
India Outside India Total
(a) Steel 1,26,286.59 6,412.51 1,32,699.10
(b) Power and water 1,913.27 - 1,913.27
(c) Others 2,275.08 2,310.15 4,585.23
1,30,474.94 8,722.66 1,39,197.60
(₹ crore)
India Outside India Total
(a) Steel 1,23,982.93 10,357.56 1,34,340.49
(b) Power and water 1,775.15 - 1,775.15
(c) Others 2,389.86 2,938.38 5,328.24
1,28,147.94 13,295.94 1,41,443.88
(ii) Other operating revenues include income from export and other incentive schemes.
(iii) There are no significant adjustment between the contracted price and revenue recognised.

NOTES
25. Other income

[Item No. II, Page F27]
(H crore)
March 31, 2024 March 31, 2023
(a) Dividend income 313.21 201.93
(b) Interest income 1,752.22 1,767.99
(c) Net gain/(loss) on sale/fair value changes of mutual funds 199.59 280.21
(d) Gain/(loss) on sale of property, plant and equipment including intangible assets
850.90 (66.16)
(net of loss on assets scrapped/written off )(iii)
(e) Gain/(loss) on cancellation of forwards, swaps and options (25.07) 261.24
(f ) Other miscellaneous income 32.06 85.23
3,122.91 2,530.44
(i) Dividend income includes income from investments carried at fair value through other comprehensive income
₹33.89 crore (2022-23: ₹23.62 crore).
(ii) Interest income represents income on financial assets carried at amortised cost ₹1,632.07 crore (2022-23: ₹1,751.44 crore).
(iii) Includes a gain of H903.40 crore (2022-23: Nil) on de-recognition of assets pursuant to a long term arrangement
(refer note 8(iv), page F67).
26. Changes in inventories of finished and semi-finished goods, stock-in-trade and work-in-
progress
[Item No. IV(c), Page F27]
(H crore)
March 31, 2024 March 31, 2023
Inventories at the end of the year
(a) Work-in-progress 0.20 -
(b) Finished and semi-finished goods 8,161.24 8,518.22
(b) Stock-in-trade 41.26 54.33
8,202.70 8,572.55
Inventories at the beginning of the year
(a) Finished and semi-finished goods 8,518.22 7,212.08
(b) Stock-in-trade 54.33 30.78
8,572.55 7,242.86
Increase/(decrease)
(369.85) 1,329.69

NOTES
27. Employee benefits expense

[Item No. IV(d), Page F27]
(H crore)
March 31, 2024 March 31, 2023
(a) Salaries and wages 6,112.91 6,089.74
(b) Contribution to provident and other funds 635.64 619.40
(c) Staff welfare expenses 653.76 511.60
7,402.31 7,220.74
During the year ended March 31, 2024, the Company has recognised an amount of ₹40.59 crore (2022-23: ₹37.82 crore) as
remuneration to key managerial personnel. The details of such remuneration is as below:
(H crore)
March 31, 2024 March 31, 2023
(a) Short-term employee benefits 31.06 32.88
(b) Post-employment benefits 9.42 4.88
(c) Other long-term employee benefits 0.11 0.06
40.59 37.82
28. Finance costs

[Item No. IV(e), Page F27]
(H crore)
March 31, 2024 March 31, 2023
Interest expense on:
(a) Bonds, debentures, bank borrowings and others 4,348.04 3,737.35
(b) Lease Obligation 476.75 519.23
4,824.79 4,256.58
Less: Interest capitalised 646.18 281.95
4,178.61 3,974.63
Interest expense includes interest on income tax Nil (2022-23: ₹27.78 crore).
29. Depreciation and amortisation expense

[Item No. IV(f), Page F27]
(H crore)
March 31, 2024 March 31, 2023
(a) Depreciation of property, plant and equipment 5,270.07 5,295.77
(b) Depreciation of right-of-use assets 582.22 541.63
(c) Amortisation of intangible assets 117.50 118.92
5,969.79 5,956.32

NOTES
30. Other expenses

[Item No. IV(g), Page F27]
(H crore)
March 31, 2024 March 31, 2023
(a) Consumption of stores and spares* 8,024.26 7,217.19
(b) Repairs to buildings 91.34 97.33
(c) Repairs to machinery 5,473.97 5,344.44
(d) Relining expenses 229.92 232.30
(e) Fuel oil consumed 1,027.60 897.29
(f ) Purchase of power 5,534.58 5,733.09
(g) Conversion charges 2,339.66 3,001.01
(h) Freight and handling charges 7,706.15 7,488.19
(i) Rent 152.19 91.73
(j) Royalty 6,511.15 6,716.74
(k) Rates and taxes 2,250.31 1,654.27
(l) Insurance charges 265.23 252.36
(m) Commission, discounts and rebates 286.37 295.84
(n) Allowance for credit losses/provision for advances 110.05 6.46
(o) Others 6,645.93 3,435.65
46,648.71 42,463.89
* Net of capitalisation of I4,874.79 crore (2022-23: ₹3,434.10 crore)
(i) Others include: net foreign exchange gain ₹693.84 crore (2022-23: ₹1,886.87 crore),
(ii) During the year ended March 31, 2024, the Company has recognised an amount of ₹8.44 crore (2022-23: ₹9.65 crore)
towards payment to non-executive directors. The details are as below:
(H crore)
March 31, 2024 March 31, 2023
(a) Short-term benefits 8.00 9.20
(b) Sitting fees 0.44 0.45
8.44 9.65
(iii) Details of auditors’ remuneration and out-of-pocket expenses is as below:

(H crore)
March 31, 2024 March 31, 2023
(a) Auditors remuneration and out-of-pocket expenses#
(i) Statutory audit fees@ 15.63 11.46
(ii) Tax audit fees 1.28 1.13
(iii) For other services* 3.80 0.93
(iv) Out-of-pocket expenses 0.33 0.25
(b) Cost audit fees [including out of pocket expenses ₹30,000 (2022-23: ₹7,600)] 0.44 0.27
#
Includes fees of/for merged entities excluding S&T Mining.
@Includes quarterly audit/review fees ₹6.33 crore (2022-23: ₹4.31 crore).
* Includes ₹2.20 crore (2022-23: Nil) towards audit of accounts and tax audit for the year ended March 31, 2023 (after giving impact of merger of four subsidiaries)
for the purpose of preparation of modified return of income and filing with Income Tax Authorities.

NOTES
30. Other expenses (Contd.)

(iv) As per the Companies Act, 2013, amount required to be spent by the Company on Corporate Social Responsibility (CSR)
activities during the year was ₹548.58 crore (2022-23: ₹474.78 crore).
During the year ended March 31, 2024 amount approved by the Board to be spent on CSR activities was ₹640.00 crore (2022-23:
₹481.60 crore) and the amount approved by the Board of the merged entities was ₹17.01 crore (2022-23: ₹21.81 crore)
During the year ended March 31, 2024, in respect of CSR activities revenue expenditure incurred by the company amounted
to ₹580.02 crore [₹579.77 crore has been paid in cash and ₹0.25 crore is yet to be paid]. The amount spent relates to
purpose other than construction or acquisition of any asset and out of the above, ₹360.03 crore was spent on ongoing
projects during the year. There was no amount unspent for the year ended March 31, 2024 and the Company does not
propose to carry forward any amount spent beyond the statutory requirement.
During the year ended March 31, 2023, revenue expenditure incurred by the company amounted to ₹499.93 crore [₹495.42
crore has been paid in cash and ₹4.51 crore is yet to be paid], which included ₹316.41 crore spent on ongoing projects.
There was no amount unspent for year ended March 31, 2023.
During the year ended March 31, 2024, amount spent on CSR activities through related parties was ₹502.67 crore (2022-23:
₹437.28 crore).
(v) During the year ended March 31, 2024, revenue expenditure charged to the statement of profit and loss in respect of
research and development activities undertaken was ₹285.29 crore (2022-23: ₹270.65 crore) including depreciation of
₹9.00 crore (2022-23: ₹8.97 crore). Capital expenditure incurred in respect of research and development activities during
the year was ₹11.97 crore (2022-23: ₹4.27 crore).
31. Exceptional items

[Item No. VI, Page F27]
Exceptional items are those which are considered for separate disclosure in the financial statements considering their size,
nature or incidence. Such items included the statement of profit and loss are as below:
(a) During the year ended March 31, 2023, profit/(loss) on sale of non-current investments ₹338.56 crore relates to
profit recognised on sale of investments in an erstwhile wholly owned subsidiary to a wholly owned subsidiary of
the Company.
(b) Provision for impairment of investments/doubtful advances/other financial assets (net) ₹12,971.36 crore
(2022-23: ₹1,056.39 crore) relates to provisions recognised for other financial assets, investments held in and loans
given to subsidiaries.
(c) Provision for impairment of non-current assets ₹178.91 crore (2022-23: Nil) and restructuring and other provisions
₹404.67 crore (2022-23: Nil) are in respect of surrender of Sukinda Chromite Block. During the year ended March 31,
2023, ₹1.69 crore represents acquisition related expenditure incurred on stamp duty and registration fees for a portion
of land parcels and buildings transferred in the name of erstwhile TSLP.
(d) Employee separation compensation ₹98.83 crore (2022-23: ₹91.94 crore) relates to provisions recognised in respect
of amounts payable for employee separation schemes.
(e) Gain/(loss) on non-current investments classified as fair value through profit and loss ₹18.09 crore (2022-23: gain
₹30.99 crore) represents fair value changes of investments in preference shares.

NOTES
32. Earnings per share

[Item No. XII, Page F27]
The following table reflects the profit and shares data used in the computation of basic and diluted earnings per share (EPS).
(H crore)
March 31, 2024 March 31, 2023
(a) Profit after tax 4,807.40 14,685.25
Profit attributable to ordinary shareholders- for basic and diluted EPS 4,807.40 14,685.25
Nos. Nos.
(b) Weighted average number of Ordinary Shares for basic EPS 12,22,15,37,000 12,22,17,82,062
Add: Adjustment relating to merger(i) 26,19,94,541 26,19,94,541
Total weighted average number of Ordinary Shares for basic EPS 12,48,35,31,541 12,48,37,76,603
Add: Adjustment for shares held in abeyance and un-called portion on partly paid-up shares 32,35,026 37,16,120
Weighted average number of Ordinary Shares and potential Ordinary Shares for diluted EPS 12,48,67,66,567 12,48,74,92,723
(c) Nominal value of Ordinary Share (₹) 1.00 1.00
(d) Basic earnings per Ordinary Share (₹) 3.85 11.76
(e) Diluted earnings per Ordinary Share (₹) 3.85 11.76
T he Board of Directors of the Company approved allotment of 26,19,94,541 fully paid-up equity shares of the Company, of
face value ₹1/- each, to eligible shareholders of TSLP, TCIL and TML consequent to the approval of the separate schemes of
amalgamation by National Company Law Tribunal (NCLT). (Refer note 43, page F124).
33. Employee benefits

A. Defined contribution plans
The Company participates in a number of defined contribution plans on behalf of relevant personnel. Any expense
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
months contributions that were not due to be paid until after the end of the reporting period.
The major defined contribution plans operated by the Company are as below:
(a) Provident fund and pension

The Company provides provident fund benefits for eligible employees as per applicable regulations wherein both
employees 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 investments and distribute the amounts entitled to employees or to state managed funds.
Benefits provided under plans wherein contributions are made to state managed funds and the Company does not
have a future obligation to make good short fall if any, are treated as a defined contribution plan.

NOTES
33. Employee benefits (Contd.)
(b) Superannuation fund

The Company has a superannuation plan for the benefit of its employees. Employees who are members of the
superannuation plan are entitled to benefits depending on the years of service and salary drawn.
Separate irrevocable trusts are maintained for employees covered and entitled to benefits. The Company contributes
up to 15% of the eligible employees’ salary or ₹1,50,000, whichever is lower, to the trust every year. Such contributions
are recognised as an expense as and when incurred. The Company does not have any further obligation beyond
this contribution.
The contributions recognised as an expense in the statement of profit and loss during the year on account of the
above define d contribution plans amounted to ₹210.42 crore (2022-23: ₹195.78 crore).
B. Defined benefit plans

The defined benefit plans operated by the Company are as below:

Provident fund benefits provided under plans wherein contributions are made to an irrevocable trust set up by the
Company to manage the investments and distribute the amounts entitled to employees are treated as a defined
benefit plan as 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 administered pension fund. The contributions made by the Company and the shortfall
of interest, if any, are recognised as an expense in statement of profit and loss.
In accordance with an actuarial valuation of provident fund liabilities based on guidance issued by Actuarial Society
of India and based on the assumptions as mentioned below, there is deficiency in the interest cost in respect of the
entities merged with the Company wherein the expenses incurred (net) during the year ₹5.21 crore (2022-23: ₹7.14
crore) out of which ₹0.40 crore (2022-23: ₹2.08 crore) has been recognised within statement of profit and loss and
₹4.81 crore (2022-23: ₹5.06 crore) has been recognised within other comprehensive income, as the present value of
the expected future earnings of the fund is lesser 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:
March 31, 2024 March 31, 2023
Discount rate 7.00% 7.20% to 7.30%
Guaranteed rate of return 8.25% 8.15%
Expected rate of return on investment 7.55% to 8.15% 7.55% to 8.15%
(b) Retiring gratuity

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees as
per the Payment of Gratuity Act, 1972. The plan provides for a lump-sum payment to vested employees at retirement,
death while in employment or on termination of employment of an amount equivalent to 15 to 30 days salary payable
for each completed year of service. Vesting occurs upon completion of five years of service. The Company makes
annual contributions to gratuity funds established as trusts or insurance companies. The Company accounts for the
liability for gratuity benefits payable in the future based on a year-end actuarial valuation.

NOTES
(c) Post-retirement medical benefits

Under this unfunded scheme, employees of the Company receive medical benefits subject to certain limits on
amounts of benefits, periods after retirement and types of benefits, depending on their grade and location at the
time of retirement. 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 based on a year-end actuarial valuation.
(d) Other defined benefits

Other benefits provided under unfunded schemes include post-retirement lumpsum benefits, pension payable to
directors of the Company on their retirement, farewell gifts and reimbursement of packing and transportation charges
to the employees based on their last drawn salary.
The defined benefit plans expose the Company to a number of actuarial risks as below:
(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.
(ii) Interest risk: A decrease in the bond interest rate will increase the plan liability. However, this will be partially
offset by an increase in the value of plan’s debt investments.
(iii) Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries
of plan participants. As such, an increase in salary of the plan participants will increase the plan’s liability.
(iv) Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best
estimate 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.
C. Details of defined benefit obligations and plan assets:

(a) Retiring gratuity:
(i) The following table sets out the amounts recognised in the financial statements in respect of retiring gratuity plan:
(H crore)
March 31, 2024 March 31, 2023
Change in defined benefit obligations:
Obligation at the beginning of the year 3,124.46 3,039.66
Current service cost 175.28 171.93
Interest costs 206.35 196.90
Remeasurement (gain)/loss 160.36 14.59
Acquisitions (Credit)/Cost - 2.79
Benefits paid (303.25) (301.41)
Obligation at the end of the year 3,363.20 3,124.46

NOTES
(H crore)
March 31, 2024 March 31, 2023
Change in plan assets:
Fair value of plan assets at the beginning of the year 2,803.76 2,628.89
Interest income 198.82 183.89
Remeasurement gain/(loss) excluding amount included within employee benefit expense 44.73 (5.95)
Employers' contribution 183.32 295.28
Acquisition adjustment - 2.79
Benefits paid (303.25) (301.14)
Fair value of plan assets at the end of the year 2,927.38 2,803.76
Amounts recognised in the balance sheet consist of:

(H crore)
As at As at
March 31, 2024 March 31, 2023
Fair value of plan assets 2,927.38 2,803.76
Present value of obligation (3,363.20) (3,124.46)
(435.82) (320.70)
Recognised as:
Retirement benefit obligations - Current - (16.77)
Retirement benefit obligations - Non-current (435.82) (303.93)
Expense/(gain) recognised in the statement of profit and loss consists of:

(H crore)
March 31, 2024 March 31, 2023
Employee benefits expense:
Net interest expense 7.53 13.01
182.81 184.94
Other comprehensive income:
Return on plan assets excluding amount included in employee benefits expense (44.73) 5.95
Actuarial (gain)/loss arising from changes in demographic assumption (26.01) -
Actuarial (gain)/loss arising from changes in financial assumption 80.42 (61.02)
Actuarial (gain)/loss arising from changes in experience adjustments 105.95 75.61
115.63 20.54
Expense/(gain) recognised in the statement of profit and loss 298.44 205.48

NOTES
(ii) Fair value of plan assets by category of investment is as below:

(%)
As at As at
March 31, 2024 March 31, 2023
Assets category (%)
Equity instruments (quoted) 4.04% 2.09%
Debt instruments (quoted) 40.69% 30.85%
Insurance products (unquoted) 51.04% 61.72%
Others 4.23% 5.34%
100.00% 100.00%
The Company’s investment policy is driven by considerations of maximising returns while ensuring credit quality of debt
instruments. The asset allocation for plan assets is determined based on prescribed investment criteria and is also subject
to other exposure limitations. The Company evaluates the risks, transaction costs and liquidity for potential investments. To
measure plan assets performance, the Company compares actual returns for each asset category with published benchmarks.
(iii) Key assumptions used in the measurement of retiring gratuity is as below:
As at As at
March 31, 2024 March 31, 2023
Discount rate 7.00% 7.10% to 7.30%
Rate of escalation in salary 7.00% to 10.50% 5.00% to 10.50%
(iv) Weighted average duration of the retiring gratuity obligation is 8.20 years (March 31, 2023: 9 years).
(v) The Company expects to contribute ₹435.82 crore to the plan during the financial year 2024-25.
(vi) The table below outlines the effect on retiring gratuity obligation in the event of a decrease/increase of 1% in the
assumptions used.

Assumption Change in assumption Impact on obligation
Discount rate Increase by 1%, decrease by 1% Decrease by ₹248.33 crore, increase by ₹288.92 crore
Rate of escalation in salary Increase by 1%, decrease by 1% Increase by ₹281.88 crore, decrease by ₹248.06 crore

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.

NOTES
(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
benefits and other defined benefit plans.
(H crore)
Medical Others Medical Others
Obligation at the beginning of the year 1,520.11 337.41 1,727.11 370.13
Current service cost 21.58 73.14 24.34 13.32
Interest cost 107.41 22.02 118.32 24.01
Remeasurement (gain)/loss - -
(i) Actuarial (gains)/losses arising from changes in demographic
18.82 (0.61) - -
assumptions
(ii) Actuarial (gains)/losses arising from changes in financial
77.31 (8.82) (57.32) (6.13)
assumptions
(iii) Actuarial (gains)/losses arising from changes in experience
26.39 (23.41) (218.66) (10.31)
adjustments
Benefits paid (76.62) (65.83) (73.68) (53.61)
Past service cost 15.26 1.03 - -
Obligation at the end of the year 1,710.26 334.93 1,520.11 337.41
Amounts recognised in the balance sheet consist of:

(H crore)
Present value of obligation (1,710.26) (334.93) (1,520.11) (337.41)
Recognised as:
Retirement benefit obligations - Current (89.45) (26.29) (88.61) (26.63)
Retirement benefit obligations - Non-current (1,620.81) (308.64) (1,431.50) (310.78)

NOTES
Expense/(gain) recognised in the statement of profit and loss consists of:

(H crore)
Net interest expense 107.41 22.02 118.32 24.01
144.25 96.19 142.66 37.33
Actuarial (gains)/losses arising from changes in demographic
18.82 (0.61) - -
assumptions
Actuarial (gains)/losses arising from changes in financial
77.31 (8.82) (57.32) (6.13)
assumption
Actuarial (gains)/losses arising from changes in experience
26.39 (23.41) (218.66) (10.31)
adjustments
122.52 (32.84) (275.98) (16.44)
Expense recognised in the statement of profit and loss 266.77 63.35 (133.32) 20.89
(ii) Key assumptions used in the measurement of post-retirement medical benefits and other defined benefit plans is as below:
Discount rate 7.00% 7.00% 7.20% to 7.25% 7.10% to 7.25%
Rate of escalation in salary N.A 12.00% N.A 15.00%
Inflation rate 8.00% 5.00% 5.00% to 8.00% 5.00%
(iii) Weighted average duration of post-retirement medical benefit obligation is 9.00 years (March 31, 2023: 10.00 years).
Weighted average duration of other defined benefit obligation ranges from 2.4 to 13 years (March 31, 2023: 1.9 to 15 years)
(iv) The table below outlines the effect on post-retirement medical benefit obligation in the event of a decrease/increase of
1% in the assumptions used:

Medical cost inflation rate Increase by 1%, decrease by 1% Increase by ₹277.65 crore, decrease by ₹219.91 crore

NOTES

Medical cost inflation rate Increase by 1%, decrease by 1% Increase by ₹237.14 crore, decrease by ₹189.05 crore
(v) The table below outlines the effect on other defined benefit obligation in the event of a decrease/increase of 1% in the
assumptions used.

Inflation rate Increase by 1%, decrease by 1% Increase by ₹13.41 crore, decrease by ₹11.65 crore

Inflation rate Increase by 1%, decrease by 1% Increase by ₹15.33 crore, decrease by ₹13.02 crore
34. Contingencies and commitments It is not practicable for the Company to estimate the
timings of the cash outflows, if any, pending resolution
A. Contingencies of the respective proceedings. The Company does not
In the ordinary course of business, the Company faces expect any reimbursements in respect of the same.
claims and assertions by various parties. The Company
assesses such claims and assertions and monitors Litigations
the legal environment on an on-going basis with the The Company is involved in legal proceedings, both as
assistance of external legal counsel, wherever necessary. plaintiff and as defendant. There are claims which the
The Company records a liability for any claims where a Company does not believe to be of a material nature,
potential loss is probable and capable of being estimated other than those described below:
and discloses such matters in its financial statements, if
material. For potential losses that are considered possible, Income tax
but not probable, the Company provides disclosure in
The Company has ongoing disputes with income tax
the financial statements but does not record a liability
authorities relating to tax treatment of certain items.
in its accounts unless the loss becomes probable.
These mainly include disallowance of expenses, tax
The following is a description of claims and assertions treatment of certain expenses claimed by the Company
where a potential loss is possible, but not probable. as deduction and the computation of or eligibility of the
The Company believes that none of the contingencies Company’s use of certain tax incentives or allowances.
described below would have a material adverse effect on
the Company’s financial condition, results of operations
or cash flows.

NOTES
34. Contingencies and commitments (Contd.) to employees (no billing done for healthcare services).
Both the above ITC was disputed by the department
Most of these disputes and/or disallowances, being resulting in issuance of Show Cause Notice dated August
repetitive in nature, have been raised by the income tax 3, 2022. The demand in the said SCN has been confirmed
authorities consistently in most of the years. vide Order in Original dated June 23, 2023. Against the
As at March 31, 2024, there are matters and/or disputes said Order, the Company has preferred appeal before
pending in appeal amounting to ₹3,661.13 crore (March Commissioner (Appeals) Ranchi. The appeal is currently
31, 2023: ₹3,617.57 crore). pending. The amount involved as on March 31, 2024 is
amounting to ₹154.54 crore (March 31, 2023: Nil).
The details of significant demands are as below:
(a) Interest expenditure on loans taken by the Company Sales tax /VAT
for acquisition of a subsidiary has been disallowed The total sales tax demands that are being contested
in assessments with tax demand raised for by the Company amounted to ₹618.93 crore (March 31,
₹1,595.14 crore (inclusive of interest)(March 31, 2023: ₹766.91 crore).
2023: ₹1,641.64 crore).
The details of significant demands is as below:
(b)
Interest expenditure on “Hybrid Perpetual
The Company stock transfers its goods manufactured at
Securities” has been disallowed in assessments with
Jamshedpur works plant to its various depots/branches
tax demand raised for ₹484.78 crore (inclusive of
located outside the state of Jharkhand across the country
interest) (March 31, 2023: ₹484.78 crore)
and these goods are then sold to various customers outside
In respect of above demands, the Company has deposited the states from depots/branches. As per the erstwhile
an amount of ₹1,257.80 crore (March 31, 2023: ₹1,255.63 Central Sales Tax Act, 1956, these transfers of goods to
crore) as a precondition for obtaining stay. The Company depots/branches were made without payment of Central
expects to sustain its position on ultimate resolution of sales tax and F-Form was submitted in lieu of the stock-
the said appeals. transfers made during the period of assessment. The
value of these sales was also disclosed in the periodical
Customs, excise duty, service tax and goods and returns filed as per the Jharkhand VAT Act, 2005. The
services tax Commercial Tax Department has raised demand of Central
As at March 31, 2024, there were pending litigations for Sales Tax by levying tax on the differences between
various matters relating to customs, excise duty, service value of sales outside the states and value of F-Form
tax and GST involving demands of ₹616.32 crore (March submitted for stock transfers. The tax amount involved
31, 2023: ₹506.71 crore). for various assessment years 2012-13, 2014-15, 2015-16,
2016-17 and 2017-18 as on March 31, 2024 is amounting to
The detail of significant demand is as below: ₹221.00 crore (March 31, 2023: ₹200.00 crore).
The Company is providing municipal services in the town
of Jamshedpur as per the Lease deed dated August 20, Other taxes, dues and claims
2005. In this regard the Company has entered into various Other amounts for which the Company may contingently
agreements with Tata Steel Utilities and Infrastructure be liable aggregate to ₹20,781.57 crore (March 31, 2023:
Services Limited (‘TSUISL’), whereby TSUISL provides ₹18,199.79 crore).
the services to the Company, and the Company in
turn provides such services to the residents. TSUISL
charges GST on the invoices raised and the Company (a) The State Government of Odisha introduced
takes Input Tax Credit (ITC) of the same in terms of the “Orissa Rural Infrastructure and Socio Economic
GST Laws. Further, the Company maintains Tata Main Development Act, 2004” with effect from February
Hospital (TMH) in the town of Jamshedpur, wherein 2005 levying tax on mineral bearing land computed
health care services are provided to employees as well on the basis of value of minerals produced from the
as non-employees. The Company has taken ITC of GST mineral bearing land. The Company had filed a writ
paid on various services received which is attributable petition in the Odisha High Court challenging the

NOTES
34. Contingencies and commitments (Contd.) applications citing the judgment of the High Court.
The Company represented before the authorities
validity of the Act. The High Court held in December and explained that the judgment was passed under
2005 that the State does not have authority to a particular set of facts and circumstances which
levy tax on minerals. The State of Odisha filed an cannot have blanket application on the Company
appeal in the Supreme Court against the order of considering the case of the Company is factually
the High Court. By Order dated March 30, 2011, different. On August 7, 2019, the Mines Tribunal
the Supreme Court had framed questions of law decided to await the outcome of Special leave
and referred the matter to a nine-judge Bench. petition pending before the Hon’ble Supreme
Case was listed on multiple dates in February and Court and adjourned the matter.
March, 2024. The matter was finally argued and
reserved for judgment by the Constitution Bench RAs of TSL was listed on June 10, 2020 for virtual
of Nine Judges of the Supreme Court on March 14, hearing. Hearing was adjourned to November
2024. The potential liability as at March 31, 2024 is 24, 2020. On November 24, 2020 the Company’s
₹16,573.07 crore (March 31, 2023: ₹13,084.69 crore). Counsel submitted that the present issue is pending
before the Hon’ble Supreme Court of India in SLP
(b) The Company pays royalty on iron ore on the basis (C) No. 7206 of 2016, M/s Mideast Integrated Steel
of quantity removed from the leased area at the Pvt. Ltd. Vs. State of Odisha & Ors. and hence,
rates based on notification issued by the Ministry of sought adjournment. State Counsel also agreed for
Mines, Government of India and the price published the same.
by Indian Bureau of Mines (IBM) on a monthly basis.
On October 26, 2022, assessment order (for the
Demand of ₹411.08 crore has been raised by period April’ 2022 to September’ 2022) was served,
Deputy Director of Mines, Joda, claiming royalty confirming that royalty will be paid for Calibrated
at sized ore rates on despatches of ore fines. The Lump Ore and Fines at their respective prices
Company has filed a revision petition on November published by IBM w.e.f. April, 2022. Case was listed
14, 2013 before the Mines Tribunal, Government of for hearing on May 2, 2023, where Union of India
India, Ministry of Mines, New Delhi, challenging did not enter appearance. The case was listed for
the legality and validity of the demand raised hearing on various dates thereafter and is now
and also to grant refund of royalty excess paid by listed for hearing in the week commencing October
the Company. Mines tribunal vide its order dated 1, 2024.
November 13, 2014 has stayed the demand of royalty
on iron ore for Joda east of ₹314.28 crore upto the Likely demand of royalty on fines at sized ore rates
period ending March 31, 2014. For the demand of as on March 31, 2024 is ₹2,696.58 crore (March 31,
₹96.80 crore for April, 2014 to September, 2014, a 2023: ₹2,696.58 crore).
separate revision application was filed before Mines (c) Demand notices were originally issued by the Deputy
Tribunal. The matter was heard by Mines Tribunal Director of Mines, Odisha amounting to ₹3,827.29
on July 14, 2015 and stay was granted on the total crore for excess production over the quantity
demand with directive to Government of Odisha permitted under the mining plan, environment
not to take any coercive action for realisation of the clearance or consent to operate, pertaining to
demanded amount. 2000-01 to 2009-10. The demand notices have been
The Hon’ble High Court of Odisha in a similar matter raised under Section 21(5) of the Mines & Minerals
held the circulars based on which demands were (Development and Regulations) Act, 1957 (MMDR).
raised to be valid. The Company has challenged the The Company filed revision petitions before the
judgment of the High Court by a separate petition Mines Tribunal against all such demand notices.
in the Hon’ble Supreme Court on April 29, 2016. Initially, a stay of demands was granted, later by
order dated October 12, 2017, the issue has been
On July 16, 2019, the Company has filed rejoinders to remanded to the state for reconsideration of the
the reply filed by State of Odisha against the revision
petition. The State pressed for rejection of revision

NOTES
34. Contingencies and commitments (Contd.) same on November 3, 2022 with the Ministry of
Mines. Demand amount of ₹132.91 crore (March
demand in the light of Supreme Court judgement 31, 2023: ₹132.91 crore) is considered contingent.
passed on August 2, 2017.
• the Company has made a comprehensive
The Hon’ble Supreme Court pronounced its submission before the Deputy Director of Mines,
judgement in the Common Cause case on August Odisha against show cause notices amounting
2, 2017 wherein it directed that compensation to ₹694.02 crore received during 2017-18
equivalent to the price of mineral extracted in for production in violation of mining plan,
excess of environment clearance or without forest Environment Protection Act, 1986 and Water
clearance from the forest land be paid. (Prevention & Control of Pollution) Act, 1981. A
In pursuance to the Judgement of Hon’ble Supreme demand amounting to ₹234.74 crore has been
Court, demand/show cause notices amounting to received in April 2018 from the Deputy Director
₹3,873.35 crore have been issued during 2017-18 of Mines, Odisha for production in excess of
by the Deputy Director of Mines, Odisha and the the Environmental Clearance. The Company
District Mining Office, Jharkhand. had filed Revision Application before the Mines
Tribunal, challenging the demand. In December
In respect of the above demands: 2021, Mines Tribunal upheld the revision petition
• as directed by the Hon’ble Supreme Court, and the matter was remanded back to the State
the Company has provided and paid for iron Government for fresh consideration. The state
ore and manganese ore an amount of ₹614.41 has so far not initiated any action. Based on
crore during 2017-18 for production in excess of the evaluation of the facts and circumstances,
environment clearance to the Deputy Director the Company has assessed and concluded that
of Mines, Odisha. the said show cause notice of ₹694.02 crore
and demand of ₹234.74 crore has not been
• the Company has provided and paid under
considered as contingent liability.
protest an amount of ₹56.97 crore during 2017-
18 for production in excess of environment • the Company based on its internal assessment
clearance to the District Mining Office, Jharkhand. has provided an amount of ₹1,412.89 crore
• the Company has challenged the demands against demand notices amounting to
amounting to ₹132.91 crore in 2017-18 for ₹2,140.30 crore received from the District Mining
production in excess of lower of mining plan and Office, Jharkhand for producing more than
consent to operate limits raised by the Deputy environment clearance and the balance amount
Director of Mines, Odisha before the Mines of ₹727.41 crore (March 31, 2023: ₹727.41 crore)
Tribunal and obtained a stay on the matter. Mines is considered contingent. The Company had
Tribunal, Delhi vide order dated November 26, challenged the demand notices before Revisional
2018 disposed of all the revision applications with Authority, Ministry of Coal, Government of India.
a direction to remand it to the State Government The Revisional Authority has passed order dated
to hear all such cases afresh and pass detailed October 30, 2023 and set aside the demands,
order. On September 14, 2022, the Dy. Director being unreasonable and also remanded them
of Mines, Govt. of Odisha issued a fresh demand back for fresh decision in accordance with law. It
against the Company in view of order of the also opined that in case the State Authorities wish
State (Dept. of Steel & Mines) in Proceedings, to proceed, then the Company shall be given an
dated 08 September, 2022 directing payment opportunity of hearing before a Committee,
of compensation amount towards unlawful to be constituted by the Department of Mines
production in the mines in violation of mining & Geology, Government of Jharkhand. The
plan/ consent to operate limits being a valid Committee shall examine the matter factually
demand to be realised from the Revisionist i.e. the and legally before making any decision.
Company. Appeal has also been filed against the

NOTES
34. Contingencies and commitments (Contd.) Investment Co. Pte Ltd. for ₹8,341.00 crore
(March 31, 2023: ₹8,218.25 crore) and Nil
B. Commitments (March 31, 2023: ₹1,853.74 crore). The guarantee
(a) The Company has entered into various contracts with is capped at an amount equal to 125% of the
suppliers and contractors for the acquisition of plant outstanding principal amount of the Notes
and machinery, equipment and various civil contracts as detailed in “Terms and Conditions” of the
of capital nature amounting to ₹19,181.03 crore Offering Memorandum.
(March 31, 2023: ₹12,248.12 crore). (iv) in favour of ICICI Bank for ₹25.18 crore (March
Other commitments as at March 31, 2024 amount to 31, 2023: ₹0.16 crore) guaranteeing the financial
₹0.01 crore (March 31, 2023: ₹300.87 crore). liability of a subsidiary BPPL for the purpose
of availing banking facility for BPPL’s business
(b) The Company has given undertakings to:
operations including working capital and
(i) IDBI not to dispose of its investment in Wellman
performance contract.
Incandescent India Ltd.
(v) in favour of SBI Bank for ₹22.78 crore (March 31,
(ii) IDBI and ICICI Bank Ltd. (formerly ICICI) not to
2023: ₹78.60 crore) guaranteeing the financial
dispose of its investment in Standard Chrome Ltd.
liability of a subsidiary TSDPL for the purpose
(c) The Company and Bluescope Steel Limited had given of availing banking facility for TSDPL’s business
undertaking to State Bank of India not to reduce operations including working capital and
collective shareholding in Tata Bluescope Steel Private performance contract.
Limited (TBSPL), below 51% without prior consent (vi) in favour of SBI Bank for ₹5.51 crore (March 31,
of the lender. Further, the Company had given an 2023: Nil) guaranteeing the financial liability
undertaking to State Bank of India to intimate them of a subsidiary Angul Energy Limited (AEL), for
before diluting its shareholding in TBSPL below 50%. the purpose of availing banking facility for AEL’s
During the year ended March 31, 2021, the Company business operations including working capital
after obtaining a ‘no objection certificate’ from the and performance contract.
lenders of TBSPL, had transferred its stake of 50% (vii) in favour of HDFC Bank for ₹293.16 crore (March
in TBSPL to its 100% owned subsidiary Tata Steel 31, 2023: Nil) guaranteeing the financial liability
Downstream Products Limited. of a subsidiary Indian Steel & Wire Products
Ltd (ISWP), for the purpose of availing banking
During the year ended March 31, 2024, loan
facility for ISWP’s business operations including
outstanding from State Bank of India has been repaid.
working capital and performance contract.
(d) The Company has given guarantees aggregating (viii) in favour of ICICI Bank for ₹25.87 crore (March
₹8,942.14 crore (March 31, 2023: ₹10,319.52 crore) 31, 2023: Nil) guaranteeing the financial liability
details of which are as below: of an associate TRF Limited (TRF), for the purpose
(i) in favour of Commissioner Customs for of availing banking facility for TRF’s business
₹1.07 crore (March 31, 2023: ₹1.07 crore) given operations including working capital and
on behalf of Timken India Limited in respect of performance contract.
goods imported. (ix) in favour of State Bank of India for ₹59.87 crore
(ii) in favour of The President of India for (March 31, 2023: Nil) guaranteeing the financial
₹167.55 crore (March 31, 2023: ₹167.55 crore) liability of a Tata Steel utilities and Infrastructure
against performance of export obligation under Service Limited (TSUISL), for the purpose of
the various bonds executed by a joint venture availing banking facility for TSUISL’s business
Jamshedpur Continuous Annealing & Processing operations including working capital and
Company Private Limited. performance contract.
(iii) in favour of the note holders against due and (x) in favour of President of India for ₹0.15 crore
punctual repayment of the 100% amounts (March 31, 2022: ₹0.15 crore) against
outstanding as on March 31, 2023 towards advance license.
issued Guaranteed Notes by a subsidiary, ABJA

NOTES
35. Other significant litigations demand notice of ₹3,568.31 crore being the price of iron
(a) Odisha Legislative Assembly issued an amendment to ore extracted. The said demand has been challenged by
Indian Stamp Act, 1889, on May 9, 2013 and inserted a new the Company before the Jharkhand High Court.
provision (Section 3A) in respect of stamp duty payable The mining operations were suspended from August 1,
on grant/renewal of mining leases. As per the amended 2014. Upon issuance of an express order, Company paid
provision, stamp duty is levied equal to 15% of the average ₹152.00 crore under protest, so that mining can be resumed.
royalty that would accrue out of the highest annual
extraction of minerals under the approved mining plan The Mines and Minerals Development and Regulation
multiplied by the period of such mining lease. The Company (MMDR) Amendment Ordinance, 2015 promulgated on
had filed a writ petition challenging the constitutionality of January 12, 2015 provides for extension of such mining
the Act on July 5, 2013. The Hon’ble High Court, Cuttack leases whose applications for renewal have remained
passed an order on July 9, 2013 granting interim stay on pending with the State(s). Based on the new Ordinance,
the operation of the Amendment Act, 2013. Because of the Jharkhand Government revised the Express Order on
stay, as on date, the Act is not enforceable and any demand February 12, 2015 for extending the period of lease up to
received by the Company is not liable to be proceeded March 31, 2030 with the following terms and conditions:
with. Meanwhile, the Company received demand notices • value of iron ore produced by alleged unlawful
for the various mines at Odisha totalling to ₹5,579.00 mining during the period January 1, 2012 to April 20,
crore (March 31, 2023: ₹5,579.00 crore). The Company has 2014 for ₹2,994.49 crore to be decided on the basis of
concluded that it is remote that the claim will sustain on disposal of our writ petition before Hon’ble High Court
ultimate resolution of the legal case by the court. of Jharkhand.
In April 2015, the Company has received an intimation • value of iron ore produced from April 21, 2014 to July 17,
from Government of Odisha, granting extension of validity 2014 amounting to ₹421.83 crore to be paid in maximum
period for leases under the MMDR Amendment Act, 2015 3 instalments.
up to March 31,2030 in respect of eight mines and up • value of iron ore produced from July 18, 2014 to August
to March 31, 2020 for two mines subject to execution of 31, 2014 i.e. ₹152.00 crore to be paid immediately.
supplementary lease deed. Liability has been provided
in the books of accounts as on March 31, 2020 as per the District Mining Officer Chaibasa on March 16, 2015
existing provisions of the Stamp Act 1899 and the Company issued a demand notice for payment of ₹421.83 crore, in
had paid the stamp duty and registration charges totalling three monthly instalments. The Company on March 20,
₹413.72 crore for supplementary deed execution in respect 2015 replied that since the lease has been extended by
of eight mines out of the above mines. application of law till March 31, 2030, the above demand
is not tenable. The Company, has paid ₹50.00 crore under
(b) Noamundi Iron Ore Mine of the Company was due for protest on July 27, 2015, because the State had stopped
its third renewal with effect from January 01, 2012. The issuance of transit permits.
application for renewal was submitted by the Company
within the stipulated time, but it remained pending The Company filed another writ petition before the Hon’ble
consideration with the State and the mining operations High Court of Jharkhand which was heard on September 9,
were continued in terms of the prevailing law. 2015. An interim order was given by the Hon’ble High Court
of Jharkhand on September 17, 2015 wherein the Court
By a judgement of April 2014 in the case of Goa Mines, the has directed the Company to pay the amount of ₹371.83
Supreme Court took a view that second and subsequent crore in 3 equal instalments, first instalment by October 15,
renewal of mining lease can be effected once the State 2015, second instalment by November 15, 2015 and third
considers the application and decides to renew the mining instalment by December 15, 2015.
lease by issuing an express order. State of Jharkhand issued
renewal order to the Company on December 31, 2014. The In view of the interim order of the Hon’ble High Court of
State, however, took a view on interpretation of Goa Mines Jharkhand ₹124.00 crore was paid on September 28, 2015,
judgement that the mining carried out after expiry of the ₹124.00 crore on November 12, 2015 and ₹123.83 crore on
period of second renewal was ‘illegal’ and hence, issued a December 14, 2015 under protest.

NOTES
35. Other significant litigations (Contd.) of India to file a detailed affidavit of Additional Secretary
clearly stating as to what steps are being taken to ensure
The case is pending before the Hon’ble High court for that the coal block is successfully allocated in a reasonable
disposal. The State issued similar terms and conditions to period of time. Government of Odisha along with IDCO
other mining lessees in the State rendering the mining as has released ₹105.33 crore on August 8, 2023. Further, an
illegal. Based on the Company’s assessment of the Goa amount of ₹0.32 crore was released by IDCO on August
mines judgement read with the Ordinance issued in the 10, 2023 towards compensation pertaining to cost for
year 2015, the Company believes that it is remote that the Geological reports. Ministry of Coal has filed additional
demand of the State would sustain. affidavit on August 9, 2023. The case was listed for hearing
(c)
The Supreme Court of India vide its order dated on various dates which were adjourned and is now listed
September 24, 2014, cancelled the coal blocks allocated for hearing October 15, 2024. Based on assessment of the
to various entities which includes one coal block allocated matter by the Company, including evidence supporting the
to the Tata Steel BSL Limited (“TSBSL”, entity merged expenditure and claim and external legal opinion obtained
with the Company in an earlier year) which were under by the Company, the aforesaid amount is considered good
development. Subsequently, the Government of India had and fully recoverable.
issued the Coal Mines (Special Provision) Act 2015, which (d) The Company upon merger of erstwhile Tata Steel Long
inter-alia deal with the payment of compensation to the Products Limited (‘TSLP’) in its books has a receivable of
affected parties in regard to investment in coal blocks. The ₹179.00 crore towards the de-allocated Radhikapur (East)
receivable in respect of de-allocated coal block amounts Coal Block. Pursuant to the judgement of the Hon’ble
to ₹414.56 crore (net of provision of ₹138.74 crore). The Supreme Court, the Government of India promulgated
Company had filed its claim for compensation with the Coal Mines (Special Provision) Act, 2015 (the “Coal Mines
Government of India, Ministry of Coal. Pursuant to letter Act”) for fresh allocation of the coal mines through
dated November 22, 2019, Ministry of Coal (‘MoC’) informed auction. In terms of the Coal Mines Act, the prior allottee
that all statutory license, consent approvals, permission would be compensated for expenses incurred towards
required for undertaking of Coal mining operations in New land and mine infrastructure. The validity of the Act
Patrapara Coal Mine now vested to Singareni Collieries has been challenged by Federation of Indian Mineral
Company Ltd. (“SCCL”, a state Government Undertaking). Industries (‘FIMI’) in 2019 before the Hon’ble Supreme
MoC /Union of India, filed supplementary affidavit dated Court to the extent that the Act does not provide grant
February 11, 2020 before Delhi High Court vide which it of just, fair and equitable compensation in a time bound
had informed that payment of compensation can be paid manner to the prior allotees of the coal blocks. TSLP filed
to prior allottee after the mine is successfully allotted and an application on December 15, 2022, before the Hon’ble
compensation is deposited by successful allottee, following Supreme Court in the pending writ of FIMI seeking to
the sequence mentioned in section 9 of Coal Mine (Special expedite disbursement of the compensation. MoC has
Provisions) Act, 2015. It was informed that New Patrapara submitted Status Affidavit to the High Court dated March
Coal Mine had been allocated to SCCL, a state Government 6, 2023 in regards to ongoing case which was filed by TSLP
Undertaking and compensation to the prior allottee to be challenging the constitutional validity of the provisions
released. MoC vide order dated May 17, 2021 had directed dealing with the payment of compensation to the prior
SCCL to pay aforesaid compensation to erstwhile TSBSL. allottee of the Coal Mines (Special Provisions) Act, 2015. On
Union of India filed affidavit dated March 6, 2023 before March 7, 2023, TSLP submitted that the Status Affidavit does
High Court vide which it had informed that the successful not comply with the previous orders passed. The hearing
allottee i.e M/s SCCL has surrendered the New Patrapara took place before Delhi High Court on December 5, 2023.
Coal Block. High Court directed MoC and Odisha Industrial Next date of hearing was fixed for February 27, 2024 which
Infrastructure Development Corporation (IDCO) to file was adjourned and has been listed for hearing on July 31,
updated status report outlining the amount payable to the 2024. Based on assessment of the matter by the Company,
prior allottee and indicate the date by which amount could including evidence supporting the expenditure and claim
be disbursed. On July 5, 2023, Delhi High Court directed the and external legal opinion obtained by the Company, the
State of Odisha and IDCO to release the available balance aforesaid amount is considered good and fully recoverable.
of ₹105.33 crore within four weeks and also directed Union

NOTES
36. Capital management

The Company’s capital management is intended to create value for shareholders by facilitating the achievement of long-term
and short-term goals of the Company.
The Company determines the amount of capital required on the basis of annual business plan coupled with long -term and short-
term strategic investment and expansion plans. The funding needs are met through equity, cash generated from operations,
long-term and short-term bank borrowings and issue of non-convertible debt securities.
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.
Net debt includes interest bearing borrowings including lease obligations less cash and cash equivalents, other bank balances
(including non-current earmarked balances) and current investments.
The table below summarises the capital, net debt and net debt to equity ratio of the Company.
(H crore)
As at As at
March 31, 2024 March 31, 2023
Equity share capital 1,248.60 1,222.40
Other equity 1,36,445.05 1,35,386.48
Total equity (A) 1,37,693.65 1,36,608.88
Non-current borrowings 36,715.91 31,568.81
Non-current lease obligations 3,353.82 3,871.86
Current borrowings 3,841.52 7,298.12
Current lease obligations 667.85 565.57
Gross debt (B) 44,579.10 43,304.36
Total capital (A+B) 1,82,272.75 1,79,913.24
Gross debt as above 44,579.10 43,304.36
Less: Current investments 500.35 2,968.25
Less: Cash and cash equivalents 4,541.47 1,185.60
Less: Other balances with banks (including non-current earmarked balances) 1,513.32 1,741.30
Net debt (C) 38,023.96 37,409.21
Net debt to equity (i) 0.28 0.28
(i) Net debt to equity ratio as at March 31, 2024 and March 31, 2023 has been computed based on average of opening and
closing equity.

NOTES
37. Disclosures on financial instruments

This section gives an overview of the significance of financial instruments for the Company 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(m), page F38 to the financial statements.
(a) Financial assets and liabilities

The following tables presents the carrying value and fair value of each category of financial assets and liabilities as at March
31, 2024 and March 31, 2023.

(H crore)
Fair value Derivative Derivative
Fair value
Amortised through other instruments instruments Total Total
through profit
cost comprehensive in hedging not in hedging carrying value fair value
and loss
income relationship relationship
Financial assets:
Cash and bank balances 6,054.79 - - - - 6,054.79 6,054.79
Trade receivables 1,606.14 - - - - 1,606.14 1,606.14
Investments 5,507.78 2,321.60 - - 615.40 8,444.78 9,263.13
Derivatives - - 245.94 103.28 - 349.22 349.22
Loans 8,745.20 - - - - 8,745.20 8,025.18
Other financial assets 2,426.24 - - - - 2,426.24 2,426.24
24,340.15 2,321.60 245.94 103.28 615.40 27,626.37 27,724.70
Financial liabilities:
Trade payables 22,062.46 - - - - 22,062.46 22,062.46
Borrowings other than
40,557.43 - - - - 40,557.43 41,183.41
lease obligations
Derivatives - - 8.23 1.99 - 10.22 10.22
Other financial liabilities 8,033.38 - - - - 8,033.38 8,033.38
70,653.27 - 8.23 1.99 - 70,663.49 71,289.47

NOTES
37. Disclosures on financial instruments (Contd.)

(H crore)
Fair value
through profit
and loss
Financial assets:
Investments 4,945.51 1,316.21 - - 3,053.73 9,315.45 8,664.32
Derivatives - - 109.56 377.97 - 487.53 487.53
Loans 34,499.81 - - - - 34,499.81 27,592.70
48,115.35 1,316.21 109.56 377.97 3,053.73 52,972.82 45,414.58
Trade payables 20,355.76 - - - - 20,355.76 20,355.76
Borrowings other than
38,866.93 - - - - 38,866.93 38,849.76
lease obligations
Derivatives - - 28.29 40.22 - 68.51 68.51
67,128.90 - 28.29 40.22 - 67,197.41 67,180.24
I nvestments in mutual funds and derivative instruments (other than those designated in a hedging relationship) are mandatorily
classified as fair value through profit and loss.
(b) Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair
value, grouped into Level 1 to Level 3, as described below:
Quoted prices in an active market (Level 1): This level of hierarchy includes financial assets that are measured by reference
to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consists of investment in quoted
equity shares and mutual funds.
Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities,
measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
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.
Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets and
liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair value is determined
in whole or in part, using a valuation model based on assumptions that are neither supported by prices from 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.

NOTES

(H crore)
Level 1 Level 2 Level 3 Total
Financial assets:
Investments in mutual funds 500.35 - - 500.35
Investments in equity shares 1,994.33 - 327.27 2,321.60
Investments in preference shares - - 115.05 115.05
Derivative financial assets - 349.22 - 349.22
2,494.68 349.22 442.32 3,286.22
Derivative financial liabilities - 10.22 - 10.22
- 10.22 - 10.22
(H crore)
Financial assets:
Investments in mutual funds 2,968.25 - - 2,968.25
Investments in equity shares 988.94 - 327.27 1,316.21
3,957.19 487.53 412.75 4,857.47
- 68.51 - 68.51
(i) Current financial assets and liabilities are stated at carrying value which is approximately equal to their fair value.
(ii) Derivatives are fair valued using market observable rates and published prices together with forecasted cash flow
information where applicable.
(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
equity instruments has been considered as an appropriate estimate of fair value because of a wide range of possible fair
value measurements and cost represents the best estimate of fair value within that range.
(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 Level1. Fair value of borrowings which do not have an active market or are unquoted is estimated by
discounting expected future cash flows using a discount rate equivalent to the risk-free rate of return adjusted for credit
spread considered by lenders for instruments of similar maturities which is categorised as Level 2 in the fair value hierarchy.
(v) Management uses its best judgement in estimating the fair value of its financial instruments. However, there are inherent
limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates
presented above are not necessarily indicative of the amounts that the Company could have realised or paid in sale
transactions as of respective dates. As such, fair value of financial instruments subsequent to the reporting dates may be
different from the amounts reported at each reporting date.
(vi) There have been no transfers between Level 1 and Level 2 for the years ended March 31, 2024 and March 31, 2023.

NOTES

(vii) Reconciliation of Level 3 fair value measurement is as below:
(H crore)
March 31, 2024 March 31, 2023
Additions during the year 11.48 40.77
Fair value changes through profit or loss 18.09 30.99
(c) Derivative financial instruments

Derivative instruments used by the Company include forward exchange contracts, interest rate swaps, currency swaps,
options and interest rate caps and collars. These financial instruments are utilised to hedge future transactions and cash
flows and are subject to hedge accounting under Ind AS 109 “Financial Instruments” wherever possible. The Company does
not hold or issue derivative financial instruments for trading purposes. All transactions in derivative financial instruments
are undertaken to manage risks arising from underlying business activities.
The following table sets out the fair value of derivatives held by the Company as at the end of each reporting period:
(H crore)
Assets Liabilities Assets Liabilities
(a) Foreign currency forwards, swaps and options 250.06 10.22 303.36 68.51
(b) Interest rate swaps and collars 99.16 - 184.17 -
349.22 10.22 487.53 68.51
Classified as:
Non-current 265.81 - 403.40 -
Current 83.41 10.22 84.13 68.51
As at the end of the reporting period total notional amount of outstanding foreign currency contracts, interest rate swaps
and collars that the Company has committed to is as below:
(US$ million)
As at As at
March 31, 2024 March 31, 2023
(i) Foreign currency forwards, swaps and options 1,747.36 2,004.89
(ii) Interest rate swaps and collars 293.33 440.00
2,040.69 2,444.89

NOTES
37. Disclosures on financial instruments (a) Market risk - Foreign currency exchange rate
(Contd.) risk:
The fluctuation in foreign currency exchange rates
(d) Transfer of financial assets may have a potential impact on the statement of
The Company transfers certain trade receivables profit and loss and equity, where any transaction
under discounting arrangements with banks/financial references more than one currency or where assets/
institutions. Some of such arrangements do not qualify liabilities are denominated in a currency other than
for de-recognition due to recourse arrangements being the functional currency of the Company.
in place. Consequently, the proceeds received from
The Company, as per its risk management policy,
transfer are recorded as short-term borrowings from
uses foreign exchange and other derivative
banks and financial institutions. As at March 31, 2024
instruments primarily to hedge foreign exchange
and March 31, 2023, there has been no such transfer of
and interest rate exposure. Any weakening of the
trade receivables.
functional currency may impact the Company’s cost
of imports and cost of borrowings and consequently
(e) Financial risk management
may increase the cost of financing the Company’s
In the course of its business, the Company is exposed capital expenditures.
primarily to fluctuations in foreign currency exchange
rates, interest rates, equity prices, liquidity and credit A 10% appreciation/depreciation of foreign
risk, which may adversely impact the fair value of its currencies with respect to functional currency
financial instruments. of the Company would result in an increase/
decrease in the Company’s net profit/equity before
The Company has a risk management policy which not considering tax impacts by approximately ₹831.11
only covers the foreign exchange risks but also other risks crore for the year ended March 31, 2024 (March 31,
associated with the financial assets and liabilities such as 2023: ₹3,380.99 crore).
interest rate risks and credit risks. The risk management
policy is approved by the Board of Directors. The risk The foreign exchange rate sensitivity is calculated by
management framework aims to: assuming a simultaneous parallel foreign exchange
rates shift of all the currencies by 10% against the
(i) create a stable business planning environment by functional currency of the Company.
reducing the impact of currency and interest rate
fluctuations on the Company’s business plan. The sensitivity analysis has been based on the
composition of the Company’s financial assets and
(ii) achieve greater predictability to earnings by liabilities as at March 31, 2024 and March 31, 2023
determining the financial value of the expected excluding trade payables, trade receivables, other
earnings in advance. derivative and non-derivative financial instruments
(except investment in preference shares and loans
(i) Market risk:
receivable) not forming part of debt and which do
Market risk is the risk of any loss in future earnings, not present a material exposure. The period end
in realising fair values or in future cash flows that balances are not necessarily representative of the
may result from a change in the price of a financial average balance outstanding during the period.
instrument. The value of a financial instrument
may change as a result of changes in interest rates, (b) Market risk - Interest rate risk:
foreign currency exchange rates, equity price Interest rate risk is measured by using the cash flow
fluctuations, liquidity and other market changes. sensitivity for changes in variable interest rates.
Future specific market movements cannot be Any movement in the reference rates could have
normally predicted with reasonable accuracy. an impact on the Company’s cash flows as well as

NOTES
37. Disclosures on financial instruments would result in an impact of ₹199.43 crore

(Contd.) and ₹98.89 crore respectively on equity before
considering tax impact.
costs. The Company is subject to variable interest
rates on some of its interest bearing liabilities. The (ii) Credit risk:
Company’s interest rate exposure is mainly related Credit risk is the risk of financial loss arising from
to debt obligations. counter-party failure to repay or service debt
Based on the composition of debt as at March 31, according to the contractual terms or obligations.
2024 and March 31, 2023 a 100 basis points increase Credit risk encompasses both the direct risk of
in interest rates would increase the Company’s default and the risk of deterioration of credit
finance costs (before considering interest eligible worthiness as well as concentration risks.
for capitalisation) and consequently reduce net The Company has a policy of dealing only with
profit/equity before considering tax impacts by credit worthy counter parties and obtaining
approximately ₹249.43 crore for the year ended sufficient collateral, where appropriate as a means
March 31, 2024 (2022-23: ₹207.55 crore). of mitigating the risk of financial loss from defaults.
The risk estimates provided assume a parallel shift of Financial instruments that are subject to credit risk
100 basis points interest rate across all yield curves. and concentration thereof principally consist of
This calculation also assumes that the change occurs trade receivables, loans receivables, investments
at the balance sheet date and has been calculated in debt securities and mutual funds, balances with
based on risk exposures outstanding as at that bank, bank deposits, derivatives and financial
date. The period end balances are not necessarily guarantees provided by the Company. None of
representative of the average debt outstanding the financial instruments of the Company result
during the period. in material concentration of credit risk except
investment in preference shares made by the
(c) Market risk - Equity price risk:
Company in its subsidiary companies and loans
Equity price risk is related to change in market provided to wholly owned subsidiaries.
reference price of investments in equity securities
held by the Company. The carrying value of financial assets represents
the maximum credit risk. The maximum
The fair value of quoted investments held by the exposure to credit risk was ₹25,304.18 crore and
Company exposes the Company to equity price ₹51,604.96 crore, as at March 31, 2024 and March
risks. In general, these investments are not held for 31, 2023 respectively, being the total carrying
trading purposes. value of trade receivables, balances with bank,
The fair value of quoted investments in equity, bank deposits, investments in debt securities,
classified as fair value through other comprehensive mutual funds, loans, derivative assets and other
income as at March 31, 2024 and March 31, 2023 was financial assets.
₹1,994.33 crore and ₹988.94 crore, respectively. The risk relating to trade receivables is presented in
A 10% change in equity prices of such securities note 12, page F70.
held as at March 31, 2024 and March 31, 2023,

NOTES
37. Disclosures on financial instruments The Company has obtained fund and non-fund
(Contd.) based working capital lines from various banks.
Furthermore, the Company have access to undrawn
The Company’s exposure to customers is diversified lines of committed and uncommitted borrowing/
and no single customer contributes to more than facilities, funds from debt markets through
10% of outstanding trade receivables as at March commercial paper programs, non-convertible
31, 2024 and March 31, 2023. debentures and other debt instruments. The
Company invests its surplus funds in bank fixed
In respect of financial guarantees provided by
deposits and in mutual funds, which carry no or low
the Company to banks/financial institutions, the
market risk.
maximum exposure which the Company is exposed
to is the maximum amount which the Company The Company also constantly monitors funding
would have to pay if the guarantee is called upon. options available in the debt and capital markets
Based on the expectation at the end of the reporting with a view to maintaining financial flexibility.
period, the Company considers that it is more likely
The Company’s liquidity position remains strong at
than not that such an amount will not be payable
₹25,628.72 crore as at March 31, 2024, comprising
under the guarantees provided.
₹6,555.14 crore in the form of current investments,
(iii) Liquidity risk: cash and cash equivalents and other balances with
banks (including non-current earmarked balances)
Liquidity risk refers to the risk that the Company
and ₹19,073.58 crore in committed undrawn
cannot meet its financial obligations. The objective
bank lines.
of liquidity risk management is to maintain sufficient
liquidity and ensure that funds are available for use
as per requirements.

NOTES

The following table shows a maturity analysis of the anticipated cash flows including interest obligations for the Company’s
derivative and non- derivative financial liabilities on an undiscounted basis, which therefore differ from both carrying value
and fair value. Floating rate interest is estimated using the prevailing interest rate at the end of the reporting period. Cash
flows in foreign currencies are translated using the period end spot rates:
(H crore)
Contractual Less than Between one to More than
Carrying value
cash flows one year five years five years
Non-derivative financial liabilities:
Borrowings other than lease obligation
40,909.52 58,205.12 6,856.89 23,086.58 28,261.65
including interest obligations
Lease obligations including interest
4,061.00 6,686.78 1,073.79 2,764.94 2,848.05
obligations
Trade payables 22,062.46 22,062.46 22,062.46 - -
Other financial liabilities 7,641.96 7,662.23 6,278.64 947.79 435.80
74,674.94 94,616.59 36,271.78 26,799.31 31,545.50
Derivative financial liabilities 10.22 10.22 10.22 - -
(H crore)
Carrying value
Borrowings other than lease obligation
39,576.11 54,634.74 10,163.36 20,086.29 24,385.09
Lease obligations including interest obligations 4,477.72 7,516.98 544.05 3,342.71 3,630.22
Trade payables 20,355.76 20,355.76 20,355.76 - -
71,566.33 89,154.08 36,462.90 24,217.02 28,474.16
Derivative financial liabilities 68.51 68.51 68.51 - -
38. Segment reporting

The Company is primarily engaged in the business of manufacture and distribution of steel products and is operated out of
India. In accordance with Ind AS 108 “Operating Segments”, the Company has presented segment information on the basis of
its consolidated financial statements which forms a part of this report.

NOTES
39. Related party transactions

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 course of business at market rates and terms.
The following table summarises related party transactions and balances included in the financial statements of the Company
for the year ended as at March 31, 2024 and March 31, 2023:
(H crore)
Tata Sons Private
Limited, its
Subsidiaries Associates Joint Ventures Total
subsidiaries and
joint ventures
Purchase of goods 37,389.65 4.13 287.53 1,080.13 38,761.44
42,922.33 45.29 354.58 484.74 43,806.94
Sale of goods #
10,189.02 - 6,176.08 539.99 16,905.09
10,038.15 4.75 5,337.08 480.11 15,860.09
Services received 3,231.29 109.65 2,136.28 925.59 6,402.81
2,839.25 70.00 2,016.36 499.55 5,425.16
Services rendered 391.53 5.95 132.64 12.52 542.64
49.78 0.19 27.64 2.06 79.67
Securitisation of receivables - - - 1,486.23 1,486.23
- - - - -
Interest income recognised 1,499.41 - - - 1,499.41
2,485.49 9.03 - - 2,494.52
Interest expenses recognised - - - - -
- - - 1.74 1.74
Dividend paid (vi) 4.21 - - 1,455.10 1,459.31
5.96 - - 2,061.39 2,067.35
Dividend received 116.06 1.07 163.27 21.66 302.06
146.15 - 32.16 12.38 190.69
Provision/(reversal) recognised for 2,551.74 - - - 2,551.74
receivables during the year
1.13 (99.98) (0.20) 0.04 (99.01)
Management contracts* 101.91 5.02 19.02 227.51 353.46
80.17 5.57 13.92 113.58 213.24
Sale of investments - - - - -
1,112.41 - - - 1,112.41
Finance provided during the year (net of 42,911.56 - - - 42,911.56
repayments)
691.22 164.00 - - 855.22
Outstanding loans and receivables 12,047.79 2.27 168.26 102.32 12,320.64
37,746.76 2.82 131.04 50.58 37,931.20
Provision for outstanding loans and 2,633.76 0.03 - - 2,633.79
receivables
655.40 0.15 1.48 0.09 657.12

NOTES
39. Related party transactions (Contd.)

(H crore)
Tata Sons Private
Limited, its
Subsidiaries Associates Joint Ventures Total
subsidiaries and
joint ventures
Outstanding payables 10,612.46 85.20 329.50 767.81 11,794.97
9,495.52 21.59 376.92 258.04 10,152.07
Guarantees provided outstanding 8,747.50 25.87 167.55 - 8,940.92
10,150.75 - 167.55 - 10,318.30
Purchase of Assets 1.16 31.02 18.45 43.89 94.52
2.63 - - - 2.63
Sale of Fixed Assets 6.00 - - - 6.00
10.27 - - - 10.27
Figures in italics represents comparative figures of previous year

# includes sale of power and water
* Primarily includes recharges on account of deputation of employees and brand equity due to Tata Sons Private Limited
(i) The details of remuneration paid to key managerial personnel and payment to non-executive directors are provided in
note 27, page F95 & note 30, page F96 respectively.
The Company has paid dividend of ₹1,22,328.00 (2022-23: ₹1,73,298.00) to key managerial personnel and ₹23,724.00
(2022-23: ₹33,609.00) to relatives of key managerial personnel during the year ended March 31, 2024.
(ii) During the year ended March 31, 2024, the Company has contributed ₹487.84 crore (2022-23: ₹599.98 crore) to post
employment benefit plans.
As at March 31, 2024, amount receivable (net) from post-employment benefit fund is ₹69.51 crore (March 31, 2023: ₹133.50
crore) on account of retirement benefit obligations paid by the Company directly.
(iii) Details of investments made by the Company in preference shares of its subsidiaries and associates is disclosed in note 6,
page F54.
(iv) Commitments with respect to subsidiaries, associates and joint ventures is disclosed in note 34B, page F109.
(v) Transactions with joint ventures have been disclosed at full value and not at their proportionate share.
(vi) Dividend paid includes ₹1,427.43 crore (2022-23: ₹2,022.19 crore) paid to Tata Sons Private Limited.

NOTES
40. Financial Ratios

The ratios as per the latest amendment to Schedule III are as below:.
March 31, 2024 March 31, 2023
(1) Current ratio
(Total current assets / Current liabilities)
0.80 0.90
[Current liabilities: Total current liabilities - Current maturities of non-current borrowings and lease
obligations]
(2) Net debt equity ratio
(Net debt / Average equity)
[Net debt: Non-current borrowings + Current borrowings + Non-current and current lease liabilities -
0.28 0.28
Current investments - Cash and cash equivalents - Other balances with banks (including non-current
earmarked balances)]
[Equity: Equity share capital + Other equity]
(3) Debt service coverage ratio$
(EBIT / (Net finance charges + Interest income from group companies + Scheduled principal
repayments of non-current borrowings and lease obligations (excluding prepayments) during the
2.51 3.83
period)) [EBIT: Profit before taxes +/(-) Exceptional items + Net finance charges]
[Net finance charges: Finance costs (excluding interest on current borrowings) - Interest income -
Dividend income from current investments - Net gain/(loss) on sale of current investments]
(4) Return on Equity (%)#
(Profit after tax (PAT)/Average Equity) 3.51 11.10
[Equity: Equity share capital + Other equity]
(5) Inventory turnover ratio (in days)
67 64
(Average inventory / Sale of products in days)
(6) Debtors turnover ratio (in days) ^
(Average trade receivables / Turnover in days) 5 7

[Turnover: Revenue from operations]
(7) Trade payables turnover ratio (in days)
(Average Trade Payables / Expenses)
[Expenses: Total Expenses - Finance Cost - Depreciation and Amortisation Expense – Employee Benefit 76 76
Expenses in respect of Retirement Benefits – Other expenses with respect to Royalty, Rates & Taxes,
Provision for Doubtful Debts & Advances, Provision for Impairment and Foreign Exchange Gain/Loss]
(8) Net capital turnover ratio (in days)
(Average Working Capital / Turnover)
[Working Capital: Current Assets - Current Liabilities] * *
[Current Liabilities: Total Current liabilities - Current maturities of long term debt and lease obligations]
(9) Net profit ratio (%)#
(Net profit after tax / Turnover) 3.41 10.28
(10) Return on Capital Employed (%)
(EBIT/Average Capital Employed)
[Capital Employed: Equity share capital + Other equity + Non current borrowings + Current
borrowings + Current maturities of long- term debt and lease obligations + Deferred tax liabilities] 13.22 12.59
[EBIT: Profit before taxes +/(-) Exceptional items + Net finance charges]
[Net finance charges: Finance costs - Interest income - Dividend income from current investments -
Net gain/(loss) on sale of current investments]
(11) Return on investment (%)@
(Net gain/(loss) on sale/fair value changes of mutual funds/Average investment funds in current 11.51 4.91
investments)
* Net working capital is negative
$
Variation in coverage ratios is primarily due to higher scheduled repayments during the year ended March 31, 2024.
#
Variation in profitability ratios is primarily due to decrease in profitability during the year ended March 31, 2024.
^
Variation in turnover ratio is primarily due to decrease in average debtors during the year ended March 31, 2024.
@
Variation in return on investment ratio is primarily due to lower average value of investment.

NOTES
41. The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment
received Indian Parliament approval and Presidential assent in September 2020. The Code has been published in the Gazette
of India and subsequently on November 13, 2020 draft rules were published and invited for stakeholders’ suggestions.
However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of
the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
42. The erstwhile Tata Steel BSL Limited was eligible under Package Scheme of Incentives, 1993, and accordingly as per the
provisions of the Scheme it had obtained eligibility certificate from Directorate of Industries. As per the Scheme the Tata
Steel BSL Limited has an option to defer the payment of sales tax for a period of fourteen years upto a specified limit
(twenty-one years in case the specified limit is not availed in fourteen years). The said tax collected shall be paid after
fourteen years in five annual equal instalments and has been recognised as deferred sales tax liability, which as at March
31, 2024 amounts to ₹27.65 crore (March 31, 2023: ₹24.85 crore). Post-introduction of GST, the Maharashtra government
modified the scheme, whereby the Company needs to deposit the GST and claim refund of the same. During the year, the
Company has recognised ₹14.28 crore (2022-23: ₹62.75 crore) as an income on account of such scheme.
43. The Board of Directors of the Company at its meeting held on September 22, 2022, considered and approved the
amalgamation of Tata Steel Long Products Limited (“TSLP”), Tata Metaliks Limited (“TML”), The Tinplate Company of India
Limited (“TCIL”), TRF Limited (“TRF”), The Indian Steel & Wire Products Limited (“ISWP”), Tata Steel Mining Limited (“TSML”)
and S&T Mining Company Limited (“S&T Mining”) into and with the Company by way of separate schemes of amalgamation
and had recommended a share exchange ratio/cash consideration, where applicable. The equity shareholders of the
entities will be entitled to fully paid-up equity shares of the Company in the ratio as set out in the respective scheme.
As part of the scheme(s) of amalgamations, equity shares and preference shares, if any, held by the Company in the above
entities shall stand cancelled. No shares of the Company shall be issued nor any cash payment shall be made whatsoever
by the Company in lieu of cancellation of shares of TSML and S&T Mining (both being wholly owned subsidiaries).
The amalgamations will enhance management efficiency, drive sharper strategic focus and improve agility across businesses
based on the strong parental support from the Company’s leadership. The amalgamations will also drive synergies through
operational efficiencies, raw material security and better facility utilisation. Merging entities are primarily engaged in the
manufacturing of steel, pig iron, ductile iron pipe and downstream steel products.
As part of defined regulatory process, each of the above schemes has received approval(s) from stock exchanges and
Securities and Exchange Board of India (SEBI). S&T Mining and TSML being wholly owned subsidiaries of the Company,
approval from stock exchanges and SEBI were not required.
Each of the above schemes were filed at the relevant benches of the Hon’ble National Company Law Tribunal (‘NCLT’) as
follows –
a) Scheme of amalgamation of TSML with the Company - Scheme of Amalgamation has been approved and sanctioned
by the NCLT Cuttack bench on August 8, 2023, with the appointed date being April 1, 2023.
b) Scheme of amalgamation of TSLP with the Company - Scheme of Amalgamation has been approved and sanctioned
by the NCLT, Cuttack bench on October 18, 2023 and by the NCLT, Mumbai bench on October 20, 2023, with the
appointed date being April 1, 2022.
c) Scheme of amalgamation of S&T with the Company- Scheme of Amalgamation has been approved and sanctioned
by the NCLT Kolkata bench on November 10, 2023, with the appointed date being April 1, 2022.
d) Scheme of amalgamation of TCIL with the Company- Scheme of Amalgamation has been approved and sanctioned by
the NCLT, Mumbai bench on October 20, 2023 and by the NCLT, Kolkata bench on January 1, 2024, with the appointed
date being April 1, 2022.

NOTES
e) Scheme of amalgamation of TML with the Company- Scheme of Amalgamation has been approved and sanctioned
by the NCLT, Kolkata bench on December 21, 2023 and by the NCLT, Mumbai bench on January 11, 2024, with the
f) Scheme of amalgamation of ISWP with the Company- Scheme of Amalgamation has been approved and sanctioned
by the NCLT, Kolkata Bench on May 24, 2024 and the approval and sanction of the NCLT, Mumbai Bench is awaited.
g) Scheme of amalgamation of TRF with the Company- The respective Board of Directors of Tata Steel Limited and TRF
Limited on February 6, 2024 approved the withdrawal of this Scheme. NCLT, Kolkata Bench allowed the withdrawal
of the Scheme on February 7, 2024. Further, the NCLT, Mumbai bench allowed the withdrawal of the Scheme on
February 8, 2024.
Further, TSML and S&T being wholly owned subsidiaries, there was no consideration paid for the amalgamation of both
these subsidiaries into and with the Company.
Consequent to the scheme of amalgamation amongst TSLP and the Company and their respective shareholders becoming
effective, the Board of Directors of the Company on November 22, 2023, has approved allotment of 7,58,00,309 equity
shares of face value ₹1/- each of the Company to eligible shareholders of TSLP holding equity shares of face value ₹10/- each,
as on the record date of November 17, 2023, in share exchange ratio of 67:10 as per the scheme of amalgamation. Further
14,430 fully paid-up equity shares of the Company (included within the aforementioned fully paid-up equity shares) are
allotted to ‘TSL-TSLP Fractional Share Entitlement Trust’ (managed by Axis Trustee Services Limited) towards fractional
entitlements of shareholders of TSLP.
Consequent to the scheme of amalgamation amongst TCIL and the Company and their respective shareholders becoming
effective, the Board of Directors of the Company on January 21, 2024, has approved allotment of 8,64,92,993 equity shares
of face value ₹1/- each of the Company to eligible shareholders of TCIL holding equity shares of face value ₹10/- each, as
on the record date of January 19, 2024, in share exchange ratio of 33:10 as per the scheme of amalgamation. Further, 17,019
fully paid-up equity shares of the Company (included within the aforementioned fully paid-up equity shares) are allotted
to ‘TSL-TCIL Fractional Share Entitlement Trust’ (managed by Axis Trustee Services Limited) towards fractional entitlements
of shareholders of TCIL.
Consequent to the scheme of amalgamation amongst TML and the Company and their respective shareholders becoming
effective, the Board of Directors of the Company on February 8, 2024, has approved allotment of 9,97,01,239 equity shares
of face value ₹1/- each of the Company to eligible shareholders of TML holding equity shares of face value ₹10/- each, as on
the record date of February 6, 2024, in share exchange ratio of 79:10 as per the scheme of amalgamation. Further, 35,744
to ‘TSL-TML Fractional Share Entitlement Trust’ (managed by Axis Trustee Services Limited) towards fractional entitlements
of shareholders of TML.
The shares issued to the eligible shareholders of TSLP, TCIL and TML are listed and traded on BSE Limited and the National
Stock Exchange of India Limited.
As per the requirement of accounting for common control transactions contained in Ind AS 103 “Business Combinations”,
the Company has accounted for the mergers sanctioned by NCLT, as aforesaid, using the pooling of interest method
retrospectively. The previous year figures have been accordingly restated from April 1, 2022 to include the impact of merger.
The difference between the net identifiable assets acquired and consideration paid on merger being ₹791.47 crore has
been accounted for as Capital reserve which constitute ₹415.04 crore, ₹185.31 crore and ₹191.12 crore on account of merger
of TSLP, TML and TCIL respectively with the Company. (Refer note 16C(e), page F80).

NOTES
44. The Board of Directors of the Company at its meeting held on February 6, 2023, considered and approved the amalgamation
of Angul Energy Limited (“AEL”) into and with the Company by way of a scheme of amalgamation and had recommended
a cash consideration of ₹1,045/- for every 1 fully paid-up equity share of ₹10/- each held by the shareholders (except the
Company) in AEL. Upon the scheme coming into effect, the entire paid-up share capital of AEL shall stand cancelled in
its entirety.
The amalgamation will ensure consolidation of power assets under a single entity, leading to increased plant reliability,
optimisation of power utilisation and other operation and cost synergies. Further, such restructuring will lead to
simplification of group structure by eliminating multiple companies in similar operation, optimum use of infrastructure,
rationalisation of cost in the areas of operations and administrative overheads, thereby maximising shareholder value of
the Company post amalgamation.
As part of the defined regulatory approval process, this scheme has received approval(s) from stock exchanges and
SEBI. Thereafter, the scheme has been filed at the relevant benches of the NCLT. The scheme has been approved by the
shareholders of Tata Steel Limited on February 9, 2024. The Scheme has been approved and sanctioned by the NCLT, Delhi
Bench on April 18, 2024. The approval and sanction of the NCLT, Mumbai Bench is awaited.
45. The Board of Directors of the Company at its meeting held on November 1, 2023, considered and approved the amalgamation
of Bhubaneshwar Power Private Limited (‘BPPL’) into and with the Company, by way of scheme of amalgamation.
As part of the scheme, equity shares and preference shares, if any, held by the Company in BPPL shall stand cancelled.
No shares of the Company shall be issued, nor any cash payment shall be made whatsoever by the Company in lieu of
cancellation of shares of BPPL (being wholly owned subsidiary).
The scheme has been filed with the Hyderabad bench of the NCLT and sanction is awaited, filing of the scheme with the
Mumbai bench of the NCLT has been dispensed with.
46. Consequent to the whistle-blower complaint in the Company’s Graphene Business Division, the Company has carried out
a detailed assessment and review of the matter and made the accounting adjustments/provisions, as appropriate, in the
books of account, which were not material to the financial statements. Based on the assessment(s) and review, it has been
concluded that there has not been any fraud under Section 447 of the Companies Act, 2013. A report under sub-section
(12) of Section 143 of the Companies Act, 2013 has been filed by the statutory auditors in Form ADT-4 as prescribed under
Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.
47. With effect from April 1, 2023, the Ministry of Corporate Affairs (MCA) has made it mandatory for every company, which
uses accounting software for maintaining its books of account, to use only such accounting software which has a feature
of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along
with the date when such changes were made and ensuring that the audit trail cannot be disabled.
The Company uses multiple accounting software including SAP HANA Enterprise Resource Planning (ERP) software to
maintain its books of accounts. Implementation of the above notification to ensure enabling appropriate audit log on
financial tables in aforesaid SAP HANA, which have high frequency database operations would lead to a severe system
performance degradation thereby adversely impacting business operations and users, besides requiring significant
additional storage and supporting infrastructure.
With a view to address the above challenges while ensuring compliance with the MCA notification and mitigate the risks
involved therein, the Company has appropriately designed and implemented alternate mitigating controls over direct change
at database level.

NOTES
48. Disclosure for struck off companies

The following table depicts the details of balances outstanding in respect of transactions undertaken with a company
struck -off under section 248 of the Companies Act, 2013:
(H crore)
Nature of transactions with Balance as at Balance as at Relationship with the
Name of struck off Company
struck-off Company March 31, 2024 March 31, 2023 struck-off Company
Sagar Business Private Limited 2.29 -
METECNO INDIA PVT. LTD. 0.18 -
B.G. SHIRKE CONSTRUCTION 0.10 -
TECHNOLOGY
BRIGHT STEEL 1.35 - Advance from customer
ANDHRA CYLINDERS 0.04 -
Arya Fuels Private Limited - 0.00*
BBR (India) Pvt. Ltd. Sale of products and rendering - 0.28
AGNI FUELS COKE PRIVATE LIMITED of services 0.01 -
BB MAN-POWER AND FACILITIES 0.00 -
SERVICE
Customer
ELEGANT MKT PRIVATE LIMITED 0.32 -
HARINAGAR SUGAR MILLS LTD. 0.00 -
Sinha Aviation Service Private Limited - 0.06
BRAINWISE INFOTECH - 0.00*
LIFTVEL INDUSTRIES - 0.01
Calcutta carriers 13.91 -
K A Industries Private Limited 0.16 -
M/S. A.K.M Enterprises 0.00 - Vendor
Bearing Sales Corporation Purchase of goods and receiving 0.04 -
DGT Engineers Private Limited of services 0.02 -
SERVICE
Creative Constructions & Contractor 0.56 -
Sodexo Food Solutions India 0.71 -
Other entities(i) Subscription to equity shares - - Equity shareholder
* Represents value less than ₹0.01 crore

NOTES
48. Disclosure for struck off companies (Contd.)

(i) Details of other struck off entities holding equity shares in the Company is as below:
Paid-up as at Paid-up as at
Name of struck off Company No. of shares held March 31, 2024 March 31, 2023
(J) (J)
(1) Agro Based Industries Ltd 1,450 1,450.00 1,450.00
(2) Anand Growth Fund Pvt. Ltd. 1,330 1,330.00 1,330.00
(3) Anileksha Investments Pvt Ltd 2,250 2,250.00 2,250.00
(4) Bejo Sheetal Seeds Pvt Ltd 750 750.00 750.00
(5) Belscot Investment & Consultancy Private Limited - 1,650.00
(6) Bennett Coleman. & Co. Ltd - 7,950.00
(7) Bhagirathi Protein Ltd 6,500 6,500.00 6,500.00
(8) Bhansali & Co (Exports) Pvt Ltd - 60.00
(9) Bharat Solite Limited 10 10.00 10.00
(10) Burdwan Holdings Pvt Ltd 3,150 3,150.00 3,150.00
(11) Chaityadeep Investments Pvt Ltd 2,110 2,110.00 2,110.00
(12) Chanakya Service Station Private Limited 16,500 16,500.00 16,500.00
(13) Dashtina Investments Private Limited 400 400.00 400.00
(14) Desai Holdings Limited 750 750.00 750.00
(15) Dhanastra Investments Limited 13,500 13,500.00 13,500.00
(16) Dipy Finstock Pvt Ltd 2,000 2,000.00 -
(17) Fortis Financial Services Limited 250 250.00 -
(18) Fortune Investment And Finance India Pvt Ltd 750 750.00 -
(19) Frontline Corporate Finance Ltd. 1,060 1,060.00 1,060.00
(20) Gagan Trading Co Ltd 1,690 1,690.00 1,690.00
(21) Goldcrest Jute and Fibre Ltd 1,800 1,800.00 1,800.00
(22) Kapursco Cold Storage Pvt. Ltd. 300 300.00 300.00
(23) Kirban Sales Pvt Ltd 150 150.00 150.00
(24) Krishna Hire Purchase Pvt Ltd 1,000 1,000.00 -
(25) Lakshadeep Investments Pvt Ltd - 2,110.00
(26) M H Doshi Investment Agencies Private Limited - 500.00
(27) Meghna Finance and Investments Private Limited 4,890 4,890.00 4,890.00
(28) Merchant Management System Private Limited 8,800 8,800.00 8,800.00
(29) Midas Touch Securities Pvt Ltd 150 150.00 150.00

NOTES

(J) (J)
(30) Modern Holdings Pvt Ltd 18,040 18,040.00 18,050.00
(31) Monnet Finance Limited 1,000 1,000.00 -
(32) Multiplier Financial Services Private Limited - 30.00
(33) My Shares & Stock Brokers Pvt Ltd 2,060 2,060.00 -
(34) Overland Finance & Investment Consultants Private Limited - 330.00
(35) PCI Vanijya Private Limited - 4,950.00
(36) PCS Securities Pvt. Ltd. - 500.00
(37) Popular Stock and Share Services Private Limited 320 320.00 320.00
(38) Prahit Investments Pvt Ltd 4,600 4,600.00 4,600.00
(39) Protect Finvest Private Limited 330 330.00 330.00
(40) Raghunath Oils and Fats Limited - 500.00
(41) S S Securities Limited 500 500.00 500.00
(42) Seagull Finance And Investment Private Limited 600 600.00 600.00
(43) Singhania Brothers Private Limited - 5,280.00
(44) Shraman Trades & Industries P Ltd 1,810 1,810.00 -
(45) Shree Agencies Pvt Ltd 3,180 3,180.00 3,180.00
(46) Shriram Investment Services Ltd 1,500 1,500.00 1,500.00
(47) Shilpa Investments And Financial Services Private Limited 13,440 13,440.00 13,440.00
(48) Suhit Investments Pvt Ltd 1,660 1,660.00 1,660.00
(49) Swapnalok Construction Pvt Ltd 500 500.00 500.00
(50) Swapan Properties Ltd 500 500.00 -
(51) Calcutta Sales Agency Ltd. 6,340 6,340.00 6,340.00
(52) Varun Credit & Real Estate Pvt Ltd 570 570.00 570.00
(53) V Follow Up And Finance P Ltd - 360.00
1,28,490.00 1,43,350.00

NOTES
49. Details of significant investments in subsidiaries, joint ventures and associates

(% Direct Holding)
As at As at
Country of Incorporation
March 31, 2024 March 31, 2023
(1) ABJA Investment Co. Pte Ltd. Singapore 100.00 100.00
(2) Angul Energy Limited India 99.99 99.99
(3) Bhushan Steel (Australia) Pty Limited Australia 100.00 100.00
(4) Bhushan Steel (South) Limited India 100.00 100.00
(5) Bhubaneshwar Power Private Limited India 100.00 100.00
(6) Creative Port Development Private Limited India 51.00 51.00
(7) Jamshedpur Football and Sporting Private Limited India 100.00 100.00
(8) Medica TS Hospital Pvt Ltd. India 51.00 51.00
(9) Mohar Exports Services Pvt Ltd India 33.23 33.23
(10) Neelachal Ispat Nigam Limited India 99.66 97.91
(11) Rujuvalika Investments Limited India 100.00 100.00
(12) Subarnarekha Port Private Limited India 3.88 3.88
(13) T Steel Holdings Pte. Ltd. Singapore 100.00 100.00
(14) Tata Korf Engineering Services Ltd India 100.00 100.00
(15) Tata Steel Advanced Materials Limited (formerly Tata Steel India 100.00 100.00
Odisha Limited)
(16) Tata Steel Downstream Products Limited India 100.00 100.00
(17) Tata Steel Foundation India 100.00 100.00
(18) Tata Steel Support Services Limited (formerly Bhushan Steel
India 100.00 100.00
(Orissa) Limited)
(19) Tata Steel Technical Services Limited (formerly Bhushan Steel
India 100.00 100.00
Madhya Bharat Limited)
(20) Tata Steel Utilities and Infrastructure Services Limited India 100.00 100.00
(21) Tayo Rolls Limited India 54.91 54.91
(22) The Indian Steel & Wire Products Ltd. India 98.33 95.01
(b) Associate companies
(1) Bhushan Capital & Credit Services Private Limited India 42.58 42.58
(2) Jawahar Credit & Holdings Private Limited India 39.65 39.65
(3) Kalinga Aquatics Ltd. India 30.00 30.00
(4) Kumardhubi Fireclay and Silica Works Ltd India 27.78 27.78
(5) Kumardhubi Metal Casting and Engineering Ltd India 49.31 49.31
(6) Malusha Travels Pvt Ltd India 33.23 33.23
(7) Strategic Energy Technology Systems Private Limited India 25.00 25.00
(8) Tata Construction and Projects Ltd. India 27.19 27.19
(8) TP Vardhaman Surya Limited India 26.00 -
(9) TRF Limited. India 34.11 34.11

NOTES
49. Details of significant investments in subsidiaries, joint ventures and associates (Contd.)
(% Direct Holding)
As at As at
Country of Incorporation
March 31, 2024 March 31, 2023
(c) Joint ventures
(1) Andal East Coal Company Private Limited India 33.89 33.89
(2) Industrial Energy Limited India 26.00 26.00
(3) Jamipol Limited India 7.11 7.11
(4) mjunction services limited India 50.00 50.00
(5) Nicco Jubilee Park Limited India 1.23 1.23
(6) Tata NYK Shipping Pte Ltd. Singapore 50.00 50.00
(7) TM International Logistics Limited India 51.00 51.00
50. Dividend
The dividend declared by the Company is based on profits available for distribution as reported in the standalone financial
statements of the Company. On May 29, 2024 the Board of Directors of the Company had proposed a dividend of ₹3.60 per
Ordinary share of ₹1 each in respect of the year ended March 31, 2024 subject to the approval of shareholders at the Annual
General Meeting. If approved, the dividend would result in a cash outflow of approximately ₹4,494.07 crore.

ACS: 15921

INDEPENDENT AUDITOR’S REPORT
To the Members of Tata Steel Limited the relevant provisions of the Act, and we have fulfilled
our other ethical responsibilities in accordance with
Report on the Audit of the Consolidated these requirements. We believe that the audit evidence
we have obtained and the audit evidence obtained by
Financial Statements the other auditors in terms of their reports referred to in
Opinion sub-paragraph 15 of the Other Matters section below,
other than the unaudited financial statements/financial
1. We have audited the accompanying consolidated
information as certified by the management and referred
financial statements of Tata Steel Limited (hereinafter
to in sub-paragraph 16 of the Other Matters section
referred to as the “Holding Company”) and its subsidiaries
below and financial information not available as referred
(Holding Company and its subsidiaries together
to in sub-paragraph 17 of the Other Matters section
referred to as “the Group”), its associate companies and
below, is sufficient and appropriate to provide a basis
jointly controlled entities (refer Note 1 to the attached
for our opinion.
consolidated financial statements), which comprise the
consolidated Balance Sheet as at March 31, 2024, and
Emphasis of Matter
the consolidated Statement of Profit and Loss (including
Other Comprehensive Income), the consolidated 4. We refer to Note 49 to the consolidated financial
Statement of Changes in Equity and the consolidated statements. Our opinion is not modified in respect
Statement of Cash Flows for the year then ended, and of the following Emphasis of Matter that has been
notes to the consolidated financial statements, material communicated to us by the auditors of Tata Steel
accounting policy information and other explanatory Europe Limited, a step-down subsidiary of the Holding
information (hereinafter referred to as “the consolidated Company, vide their audit report dated May 28,
financial statements”). 2024 on the financial information for the year ended
March 31, 2024:
2. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid “Without modifying our opinion on the special purpose
consolidated financial statements give the information financial information, we have considered the adequacy
required by the Companies Act, 2013 (“the Act”) in the of the disclosure made in the special purpose financial
manner so required and give a true and fair view in information concerning the entity’s ability to continue
conformity with the accounting principles generally as a going concern. On 15 September 2023, Tata Steel
accepted in India, of the consolidated state of affairs of UK Limited announced a joint agreement with the
the Group, its associate companies and jointly controlled UK Government on a proposal to invest in an Electric
entities as at March 31, 2024, consolidated total Arc Furnace in Tata Steel UK Limited. As part of this
comprehensive income (comprising of loss and other agreement the UK company will receive a government
comprehensive income), consolidated changes in equity grant of up to £500m along with a commitment from
and its consolidated cash flows for the year then ended. Tata Steel Limited to inject equity of at least £1,000m.
Whilst both Tata Steel Limited and the UK Government
Basis for Opinion have signed a term sheet setting out the details, the
proposal is currently non-binding until the time that the
3. We conducted our audit in accordance with the Standards
Grant Funding Agreement (‘GFA’) between Tata Steel
on Auditing (SAs) specified under Section 143(10) of
UK Limited, Tata Steel Limited and the UK Government
the Act. Our responsibilities under those Standards are
which captures all the key points contained in the term
further described in the “Auditor’s Responsibilities for
sheet is signed and the Final Investment Decision (‘FIA’)
the Audit of the Consolidated Financial Statements”
is made. The UK business has also received a letter of
section of our report. We are independent of the Group,
support from T S Global Holdings Pte Ltd to either
its associate companies and jointly controlled entities
refinance or repay its uncommitted facilities and term
in accordance with the ethical requirements that are
loans due to expire in the next 18 months. This letter
relevant to our audit of the consolidated financial
states that it represents present policy, is given by way of
statements in India in terms of the Code of Ethics issued
comfort only and is not to be construed as constituting
by the Institute of Chartered Accountants of India and
a promise as to the future conduct of the entities or

Tata Steel Limited. Accordingly, there can be no certainty that the funds required by Tata Steel Europe Limited will be made
available. These conditions, along with the other matters explained in the special purpose financial information, indicate
the existence of a material uncertainty which may cast significant doubt about the entity’s ability to continue as a going
concern. The special purpose financial information does not include the adjustments that would result if the entity was
unable to continue as a going concern”.
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 period. 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 on these matters.
Assessment of litigations and related disclosures of Our audit procedures included the following:
contingent liabilities
•
We understood from the management, assessed and
[Refer to Note 2(c) to the consolidated financial statements— tested the design and operating effectiveness of key
“Use of estimates and critical accounting judgements — controls surrounding assessment of litigations relating to
Provisions and contingent liabilities”, Note 37(A) to the the relevant laws and regulations;
consolidated financial statements “Contingencies” and
Note 38 to the consolidated financial statements — “Other •
We have reviewed the legal and other professional
significant litigations”] expenses of the Holding Company and enquired with the
management for recent developments and the status of
As at March 31, 2024, the Holding Company has exposures
the material litigations which were reviewed;
towards litigations relating to various matters as set out in
the aforesaid Notes. Significant management judgement is •
We performed our assessment on a test basis on the
required to assess such matters to determine the probability underlying calculations supporting the contingent
of occurrence of material outflow of economic resources and liabilities/other significant litigations disclosed in the
whether a provision should be recognised or a disclosure consolidated financial statements;
should be made. The management judgement is also
•
We used auditor’s experts/specialists to gain an
supported with legal advice in certain cases, as considered
understanding and to evaluate the disputed tax matters;
appropriate. As the ultimate outcome of the matters are
uncertain and the positions taken by the management are • We considered external legal opinions, where relevant,
based on the application of their best judgement, related obtained by management;
legal advice including those relating to interpretation of
• We evaluated management’s assessments by understanding
laws/regulations, it is considered as a key audit matter.
precedents set in similar cases and assessed the reliability
of the management’s past estimates/judgements;
•
We evaluated management’s assessment around those
matters that are not disclosed or not considered as
contingent liability, as the probability of material outflow is
considered to be remote by the management; and
•
We assessed the adequacy of the disclosures in the
consolidated financial statements.
were noted in the assessment in respect of litigations and
related disclosures relating to contingent liabilities/other
significant litigations in the consolidated financial statements.

Assessment of carrying amount of goodwill pertaining to Our procedures included the following:
the acquisition of the subsidiary Neelachal Ispat Nigam • We obtained an understanding from the management,
Limited (NINL) in the previous year assessed and tested the design and operating effectiveness
[Refer to Note 2(f ) to the consolidated financial statements- of the Group’s key controls over the impairment assessment
“Goodwill” and Note 5(ii) to the consolidated financial of goodwill.
statements- “Goodwill”] • We evaluated the appropriateness of the Group’s accounting
The Group has a goodwill balance of I1,195.69 crores as at policy in respect of impairment assessment of Goodwill.
March 31, 2024 relating to the above-mentioned subsidiary. • We evaluated the Group’s process regarding impairment
The Group carries Goodwill at cost less impairment losses, assessment by involving auditor’s valuation experts, to
if any, and tests the same for impairment atleast annually assist in assessing the appropriateness of the impairment
or when events occur which indicate that the recoverable assessment model, underlying assumptions relating to
amount of the Cash Generating Unit (“CGU”) is less than the discount rate, terminal value, etc.
carrying amount of Goodwill.
• We evaluated the cash flow forecasts by comparing them
The Group has identified the subsidiary as a separate CGU for to the budgets and our understanding of the internal and
the purpose of impairment assessment and has estimated external factors.
its recoverable amount based on discounted cash flows
forecast for the CGU which requires judgement in respect • We checked the mathematical accuracy of the impairment
of certain key inputs such as assumptions on discount assessment model and agreed the relevant data with
rates, sales volume and sales prices, cost to produce, capital the latest budgets, actual results and other supporting
expenditure, EBITDA/ton, etc. documents, as applicable.
This has been determined to be a Key Audit Matter as the • We assessed the sensitivity analysis and evaluated whether
determination of recoverable amount involves significant any reasonably foreseeable change in assumptions could
management judgement. lead to impairment.
• We have discussed the key assumptions and sensitivities
with those charged with governance.
• We evaluated the appropriateness of the disclosures made

in the consolidated financial statements.
Based on the above procedures performed, no significant
exceptions were noted in the management’s impairment
assessment of the carrying amount of goodwill related to the
above mentioned subsidiary.
Other Information In connection with our audit of the consolidated financial

6. The Holding Company’s Board of Directors is responsible statements, our responsibility is to read the other information
for the other information. The other information identified above and, in doing so, consider whether the other
comprises the Management Discussion and Analysis and information is materially inconsistent with the consolidated
Board’s Report (but does not include the consolidated financial statements or our knowledge obtained in the audit,
financial statements and our auditor’s report thereon), or otherwise appears to be materially misstated.
which we obtained prior to the date of this auditor’s If, based on the work we have performed on the other
report, and additional information excluding those information that we obtained prior to the date of this auditor’s
referred above that would be included in the Integrated report and the reports of the other auditors as furnished to us
Report (titled as ‘Tata Steel Integrated Report & Annual (refer paragraph 15 below), we conclude that there is a material
Accounts 2023-24’), which is expected to be made misstatement of this other information, we are required to
available to us after the date of our report. Our opinion report that fact. We have nothing to report in this regard.
on the consolidated financial statements does not cover
the other information and we do not express any form When we read the additional information, as mentioned
of assurance conclusion thereon. above, that would be included in the Integrated Report, if we
conclude that there is a material misstatement therein, we are

required to communicate the matter to those charged with Auditor’s Responsibilities for the Audit of the
governance and take appropriate actions as applicable under Consolidated Financial Statements
the relevant laws and regulations. 10. Our objectives are to obtain reasonable assurance about
whether the consolidated financial statements as a whole
Responsibilities of Management and Those Charged are free from material misstatement, whether due to fraud
with Governance for the Consolidated Financial or error, and to issue an auditor’s report that includes our
Statements opinion. Reasonable assurance is a high level of assurance
7. The Holding Company’s Board of Directors is responsible but is not a guarantee that an audit conducted in accordance
for the preparation and presentation of these consolidated with SAs will always detect a material misstatement when it
financial statements in terms of the requirements of the exists. Misstatements can arise from fraud or error and are
Act that give a true and fair view of the consolidated considered material if, individually or in the aggregate, they
financial position, consolidated financial performance could reasonably be expected to influence the economic
and consolidated cash flows, and changes in equity of decisions of users taken on the basis of these consolidated
the Group including its associate companies and jointly financial statements.
controlled entities in accordance with the accounting
11. As part of an audit in accordance with SAs, we exercise
principles generally accepted in India, including the
professional judgment and maintain professional
Accounting Standards specified under Section 133 of the
scepticism throughout the audit. We also:
Act. The respective Board of Directors of the companies
included in the Group and of its associate companies and • Identify and assess the risks of material misstatement
jointly controlled entities are responsible for maintenance of the consolidated financial statements, whether due
of adequate accounting records in accordance with the to fraud or error, design and perform audit procedures
provisions of the Act for safeguarding the assets of the responsive to those risks, and obtain audit evidence
Group and for preventing and detecting frauds and other that is sufficient and appropriate to provide a basis
irregularities; selection and application of appropriate for our opinion. The risk of not detecting a material
accounting policies; making judgments and estimates misstatement resulting from fraud is higher than for
that are reasonable and prudent; and the design, one resulting from error, as fraud may involve collusion,
implementation and maintenance of adequate internal forgery, intentional omissions, misrepresentations, or
financial controls, that were operating effectively for the override of internal control.
ensuring accuracy and completeness of the accounting
• Obtain an understanding of internal control relevant to
records, relevant to the preparation and presentation of
the audit in order to design audit procedures that are
the consolidated financial statements that give a true and
appropriate in the circumstances. Under Section 143(3)
fair view and are free from material misstatement, whether
(i) of the Act, we are also responsible for expressing
due to fraud or error, which have been used for the purpose
our opinion on whether the Holding Company has
of preparation of the consolidated financial statements by
adequate internal financial controls with reference
the Directors of the Holding Company, as aforesaid.
to consolidated financial statements in place and the
8. In preparing the consolidated financial statements, the operating effectiveness of such controls.
respective Board of Directors of the companies included
• Evaluate the appropriateness of accounting policies
in the Group and of its associate companies and jointly
used and the reasonableness of accounting estimates
controlled entities are responsible for assessing the
and related disclosures made by management.
ability of the Group and of its associate companies and
jointly controlled entities to continue as a going concern, • Conclude on the appropriateness of management’s use
disclosing, as applicable, matters related to going concern of the going concern basis of accounting and, based
and using the going concern basis of accounting unless on the audit evidence obtained, whether a material
management either intends to liquidate the Group or to uncertainty exists related to events or conditions that
cease operations, or has no realistic alternative but to do so. may cast significant doubt on the ability of the Group
and its associate companies and jointly controlled
9. The respective Board of Directors of the companies
entities to continue as a going concern. If we conclude
included in the Group and of its associate companies and
that a material uncertainty exists, we are required to
jointly controlled entities are responsible for overseeing the
draw attention in our auditor’s report to the related
financial reporting process of the Group and of its associate
disclosures in the consolidated financial statements or, if
companies and jointly controlled entities.
such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence

obtained up to the date of our auditor’s report. However, Other Matters

future events or conditions may cause the Group and its 15. We did not audit the financial statements/financial
associate companies and jointly controlled entities to information of fifteen subsidiaries, whose financial
cease to continue as a going concern. statements/financial information reflect total assets of
• Evaluate the overall presentation, structure and content I80,061.72 crores and net assets of I13,061.31 crores as at
of the consolidated financial statements, including the March 31, 2024, total revenue of I88,124.27 crores, total net
disclosures, and whether the consolidated financial (loss) after tax of I(19,506.59) crores, total comprehensive
statements represent the underlying transactions and income (comprising of net loss and other comprehensive
events in a manner that achieves fair presentation. income) of I(22,934.77) crores and net cash flows amounting
to I(7,738.62) crores for the year ended on that date, as
• Obtain sufficient appropriate audit evidence regarding considered in the consolidated financial statements. The
the financial information of the entities or business consolidated financial statements/financial information of
activities within the Group and its associate companies these subsidiaries also includes their step-down associate
and jointly controlled entities to express an opinion on companies and jointly controlled entities constituting
the consolidated financial statements. We are responsible I15.66 crores and I28.58 crores respectively of the Group’s
for the direction, supervision and performance of the share of total comprehensive income for the year ended
audit of the financial statements/financial information March 31, 2024. The consolidated financial statements
of such entities included in the consolidated financial also include the Group’s share of total comprehensive
statements of which we are the independent auditors. income (comprising of profit and other comprehensive
For the other entities included in the consolidated income) of I75.05 crores for the year ended March 31, 2024
financial statements, which have been audited by other as considered in the consolidated financial statements,
auditors, such other auditors remain responsible for the in respect of one associate company and three jointly
direction, supervision and performance of the audits controlled entities, whose financial statements/financial
carried out by them. We remain solely responsible for information have not been audited by us. These financial
our audit opinion. statements/financial information have been audited by
12. We communicate with those charged with governance of other auditors whose reports have been furnished to us
the Holding Company and such other entities included in by the other auditors/Management, and our opinion on
the consolidated financial statements of which we are the the consolidated financial statements insofar as it relates to
independent auditors regarding, among other matters, the the amounts and disclosures included in respect of these
planned scope and timing of the audit and significant audit subsidiaries, associate company and jointly controlled
findings, including any significant deficiencies in internal entities and our report in terms of sub-section (3) of Section
control that we identify during our audit. 143 of the Act including report on Other Information insofar
as it relates to the aforesaid subsidiaries, associate company
13. We also provide those charged with governance with and jointly controlled entities, is based solely on the reports
a statement that we have complied with relevant of the other auditors.
ethical requirements regarding independence, and
to communicate with them all relationships and other 16. We did not audit the financial statements/financial
matters that may reasonably be thought to bear on our information of thirteen subsidiaries, whose financial
independence, and where applicable, related safeguards. statements/financial information reflect total assets of
I10,151.93 crores and net assets of I5,339.33 crores as at
14. From the matters communicated with those charged with March 31, 2024, total revenue of I635.91 crores, total net
governance, we determine those matters that were of profit after tax of I62.89 crores, total comprehensive
most significance in the audit of the consolidated financial income (comprising of net profit and other comprehensive
statements of the current period and are therefore the key income) of I182.74 crores and net cash flows amounting to
audit matters. We describe these matters in our auditor’s I1.54 crores for the year ended on that date, as considered
report unless law or regulation precludes public disclosure in the consolidated financial statements. The consolidated
about the matter or when, in extremely rare circumstances, financial statements also include the Group’s share of net
we determine that a matter should not be communicated (loss) after tax and total comprehensive income (comprising
in our report because the adverse consequences of doing of loss and other comprehensive income) of I(0.28) crores
so would reasonably be expected to outweigh the public and I(0.28) crores respectively for the year ended March 31,
interest benefits of such communication. 2024 as considered in the consolidated financial statements,
in respect of three associate companies and one jointly
controlled entity respectively, whose financial statements/

financial information have not been audited by us. These (a) We have sought and obtained all the information and
financial statements/financial information are unaudited explanations which to the best of our knowledge and
and have been furnished to us by the Management, and belief were necessary for the purposes of our audit of
our opinion on the consolidated financial statements the aforesaid consolidated financial statements.
insofar as it relates to the amounts and disclosures included
(b) In our opinion, proper books of account as required
in respect of these subsidiaries, associate companies
by law relating to preparation of the aforesaid
and jointly controlled entity and our report in terms of
consolidated financial statements have been kept
sub-section (3) of Section 143 (including Rule 11 of the
so far as it appears from our examination of those
Companies (Audit and Auditors) Rules, 2014) of the Act
books and the reports of the other auditors, except
including report on Other Information insofar as it relates
for the following instances and the matters stated in
to the aforesaid subsidiaries, associate companies and
paragraph 19(h)(vi) below on reporting under Rule
jointly controlled entity, is based solely on such unaudited
11(g) of the Companies (Audit and Auditors) Rules,
financial statements/financial information. In our opinion
2014 (as amended) (“the Rules”):
and according to the information and explanations given to
us by the Management, these financial statements/financial (i) A subsidiary and a jointly controlled entity,
information are not material to the Group. where backup of certain books of account
and other books and papers maintained in
17. In the case of one subsidiary, three associate companies
electronic mode has not been maintained on a
and one jointly controlled entity, the financial statements/
daily basis on servers physically located in India;
financial information for the year ended March 31, 2024
is not available. In absence of the aforesaid financial (ii) A jointly controlled entity, where the backup of
statements/financial information, the financial statements/ certain books of account and other books and
financial information in respect of aforesaid subsidiary and papers maintained in electronic mode has not
the Group’s share of total comprehensive income of these been maintained on a daily basis on servers
associate companies and jointly controlled entity for the physically located in India during the period
year ended March 31, 2024 have not been included in the April 1 to July 17, 2023;
consolidated financial statements. Accordingly, we do not
(iii)
An associate company, where backup of
report in terms of sub-section (3) of Section 143 (including
books of account and other books and papers
Rule 11 of the Companies (Audit and Auditors) Rules, 2014)
maintained in electronic mode has not been
of the Act including report on Other Information insofar to
kept on servers physically located in India on
the extent these relate to the aforesaid subsidiary, associate
a daily basis, but only between Monday and
companies and jointly controlled entity. In our opinion and
Friday (other than holidays) up to May 21, 2023.
according to the information and explanations given to us
Further, based on our examination, we noted
by the Management, these financial statements/financial
a few instances during the year where the
information are not material to the Group.
daily backup could not be taken due to system
Our opinion on the consolidated financial statements, and related issue;
our report on Other Legal and Regulatory Requirements
(c) The Consolidated Balance Sheet, the Consolidated
below, is not modified in respect of the above matters with
Statement of Profit and Loss (including other
respect to our reliance on the work done and the reports
comprehensive income), the Consolidated Statement
of the other auditors and the financial statements/financial
of Changes in Equity and the Consolidated Statement
information certified by the Management or not considered
of Cash Flows dealt with by this Report are in
for the purpose of preparation of these consolidated
agreement with the relevant books of account and
records maintained for the purpose of preparation
of the consolidated financial statements.
Report on Other Legal and Regulatory Requirements
18. As required by the Companies (Auditor’s Report) Order, (d) In our opinion, the aforesaid consolidated financial
2020 (“CARO 2020”), issued by the Central Government statements comply with the Accounting Standards
of India in terms of sub-section (11) of Section 143 of the specified under Section 133 of the Act.
Act, we give in the Annexure B, a statement on the matter (e) On the basis of the written representations received
specified in paragraph 3(xxi) of CARO 2020. from the directors of the Holding Company as on
19. As required by Section 143(3) of the Act, we report, to the March 31, 2024 taken on record by the Board of
extent applicable, that: Directors of the Holding Company and the reports

of the statutory auditors of its subsidiary companies, iv. (a) T he respective Managements of the Holding
associate companies and jointly controlled entities Company and its subsidiaries, associate
incorporated in India, none of the directors of the companies and jointly controlled entities
Group companies, its associate companies and jointly which are companies incorporated in India
controlled entities incorporated in India is disqualified whose financial statements have been
as on March 31, 2024 from being appointed as a audited under the Act have represented to us
director in terms of Section 164(2) of the Act. and the other auditors of such subsidiaries,
associate companies and jointly controlled
(f) With respect to the maintenance of accounts and
entities respectively that, to the best of
other matters connected therewith, reference is made
their knowledge and belief, other than as
to our remarks in paragraph 19(b) above on reporting
disclosed in the Notes 8(ii) and 9(iv) to the
under Section 143(3)(b) and paragraph 19(h)(vi) below
consolidated financial statements, no funds
on reporting under Rule 11(g) of the Rules.
(which are material either individually or
(g) With respect to the adequacy of internal financial in the aggregate) have been advanced or
controls with reference to consolidated financial loaned or invested (either from borrowed
statements of the Group and the operating funds or share premium or any other sources
effectiveness of such controls, refer to our separate or kind of funds) by the Holding Company or
report in Annexure A. any of such subsidiaries, associate companies
and jointly controlled entities to or in any
(h) With respect to the other matters to be included in
other person(s) or entity(ies), including
the Auditor’s Report in accordance with Rule 11 of
foreign entities (“Intermediaries”), with the
the Companies (Audit and Auditors) Rules, 2014, in
understanding, whether recorded in writing
our opinion and to the best of our information and
or otherwise, that the Intermediary shall,
according to the explanations given to us:
directly or indirectly, lend or invest in other
i. The consolidated financial statements disclose persons or entities identified in any manner
the impact, of pending litigations as at March whatsoever by or on behalf of the Holding
31, 2024 on the consolidated financial position Company or any of such subsidiaries,
of the Group, its associate companies and jointly associate companies and jointly controlled
controlled entities– Refer Notes 37A and 38 to entities (“Ultimate Beneficiaries”) or provide
the consolidated financial statements. any guarantee, security or the like on behalf
of the Ultimate Beneficiaries.
ii. Provision has been made in the consolidated
financial statements, as required under the (b) The respective Managements of the
applicable law or accounting standards, for Holding Company and its subsidiaries,
material foreseeable losses on long-term associate companies and jointly controlled
contracts as at March 31, 2024. Refer (a) Note 24 entities which are companies incorporated
in respect of such items as it relates to the Group, in India whose financial statements
its associate companies and jointly controlled have been audited under the Act have
entities and (b) The Group’s share of net profit in represented to us and the other auditors
respect of its associates. The Group, its associate of such subsidiaries, associate companies
companies and jointly controlled entities did and jointly controlled entities respectively
not have any derivative contracts as at March that, to the best of their knowledge and
31, 2024 for which there were any material belief, other than as disclosed in the Notes
foreseeable losses. 8(iii) and 9(v) to the consolidated financial
statements, no funds (which are material
iii.
There has been no delay in transferring
either individually or in the aggregate) have
amounts required to be transferred to the
been received by the Holding Company
Investor Education and Protection Fund by the
or any of such subsidiaries, associate
Holding Company and its subsidiary companies,
companies and jointly controlled entities
associate companies and jointly controlled
from any person(s) or entity(ies), including
entities incorporated in India during the year
foreign entities (“Funding Parties”), with the
ended March 31, 2024.
understanding, whether recorded in writing
or otherwise, that the Holding Company

or any of such subsidiaries, associate (a) at the application level, in case of certain
companies and jointly controlled entities accounting software, the audit trail is not
shall, directly or indirectly, lend or invest in maintained in case of modifications, if any, made
other persons or entities identified in any by certain users with specific access in case of the
manner whatsoever by or on behalf of the Holding Company, six subsidiaries, one associate
Funding Party (“Ultimate Beneficiaries”) or company and six jointly controlled entities;
provide any guarantee, security or the like
(b) at the application level, in case of certain
on behalf of the Ultimate Beneficiaries.
accounting software, the audit trail feature did
(c) B
ased on the audit procedures, that has been not operate throughout the year in case of one
considered reasonable and appropriate in subsidiary and for part of the year in case of
the circumstances, performed by us and another subsidiary;
those performed by the auditors of the
(c) at the database level, in case of certain accounting
subsidiaries, associate companies and jointly
software, the audit trail feature did not operate
controlled entities which are companies
throughout the year for direct database
incorporated in India whose financial
changes, in the case of the Holding Company,
statements have been audited under the Act,
eight subsidiaries, one associate company and
nothing has come to our or other auditor’s
seven jointly controlled entities; and;
notice that has caused us or the other
auditors to believe that the representations (d) at the database level, in case of one accounting
under sub-clause (i) and (ii) of Rule 11(e) software, in the absence of appropriate evidence,
contain any material misstatement. we are unable to comment on the audit trail
feature in case of two jointly controlled entities.
v.
The dividend declared and paid during the
year by the Holding Company, its subsidiaries, During the course of performing our procedures
associate companies and jointly controlled entities and that performed by the respective auditors of
incorporated in India, as applicable, is in compliance the subsidiaries, associate companies and jointly
with Section 123 of the Act. controlled entities, except for the aforesaid instances
of audit trail not maintained where the question
vi. Based on our examination, which included test
of our commenting on whether the audit trail has
checks and that performed by the respective
been tampered with does not arise, we and the
auditors of the subsidiaries, associate companies
respective auditors of the above referred subsidiaries,
and jointly controlled entities, which are companies
associate companies and jointly controlled entities
incorporated in India whose financial statements
did not notice any instance of audit trail feature being
have been audited under the Act, the Holding
tampered with.
Company, its subsidiaries, associate companies and
jointly controlled entities incorporated in India have 20. The Group, its associate companies and jointly controlled
used accounting software for maintaining books of entities incorporated in India have paid/ provided for
account which have a feature of recording audit trail managerial remuneration in accordance with the requisite
(edit log) facility and that have operated throughout approvals mandated by the provisions of Section 197 read
the year for all relevant transactions recorded in the with Schedule V to the Act.
software, except for the following instances:

Subramanian Vivek
Partner
UDIN: 24100332BKGFNK1432
Place: Mumbai
Date: May 29, 2024

ANNEXURE A TO INDEPENDENT AUDITOR’S REPORT
Referred to in paragraph 19(g) of the Independent Auditor’s Report of even date to the members of Tata Steel Limited on the
consolidated financial statements for the year ended March 31, 2024
Report on the Internal Financial Controls including adherence to the respective company’s
policies, the safeguarding of its assets, the prevention
with reference to Consolidated Financial and detection of frauds and errors, the accuracy and
Statements under clause (i) of sub-section 3 completeness of the accounting records, and the timely
of Section 143 of the Act preparation of reliable financial information, as required
1. In conjunction with our audit of the consolidated under the Act.
financial statements of the Company as of and for the
year ended March 31, 2024, we have audited the internal Auditor’s Responsibility
financial controls with reference to consolidated financial 3. Our responsibility is to express an opinion on the Holding
statements of Tata Steel Limited (hereinafter referred to Company’s internal financial controls with reference to
as “the Holding Company”) and its subsidiary companies, consolidated financial statements based on our audit. We
its associate companies and jointly controlled entities, conducted our audit in accordance with the Guidance
which are companies incorporated in India, as of that Note issued by the ICAI and the Standards on Auditing
date. Reporting under clause (i) of sub section 3 of deemed to be prescribed under Section 143(10) of the
Section 143 of the Act in respect of the adequacy of the Companies Act, 2013, to the extent applicable to an audit
internal financial controls with reference to consolidated of internal financial controls, both applicable to an audit
financial statements is not applicable to one associate of internal financial controls and both issued by the ICAI.
company and one jointly controlled entity incorporated Those Standards and the Guidance Note require that we
in India namely Strategic Energy Technology Systems comply with ethical requirements and plan and perform
Private Limited and Himalaya Steel Mills Services Limited, the audit to obtain reasonable assurance about whether
pursuant to MCA notification GSR 583(E) dated 13 June adequate internal financial controls with reference to
2017. Also refer paragraph 16 of the Main Audit Report consolidated financial statements was established and
on the Consolidated Financial Statements. maintained and if such controls operated effectively in
all material respects.
Management’s Responsibility for Internal Financial
4. Our audit involves performing procedures to obtain
Controls
audit evidence about the adequacy of the internal
2. The respective Board of Directors of the Holding Company, financial controls system with reference to consolidated
its subsidiary companies, its associate companies and financial statements and their operating effectiveness.
jointly controlled entities, to whom reporting under Our audit of internal financial controls with reference to
clause (i) of sub section 3 of Section 143 of the Act in consolidated financial statements included obtaining
respect of the adequacy of the internal financial controls an understanding of internal financial controls with
with reference to consolidated financial statements reference to consolidated financial statements, assessing
is applicable, which are companies incorporated in the risk that a material weakness exists, and testing
India, are responsible for establishing and maintaining and evaluating the design and operating effectiveness
internal financial controls based on internal control over of internal control based on the assessed risk. The
financial reporting criteria established by the Company procedures selected depend on the auditor’s judgement,
considering the essential components of internal control including the assessment of the risks of material
stated in the Guidance Note on Audit of Internal Financial misstatement of the consolidated financial statements,
Controls Over Financial Reporting (“the Guidance Note”) whether due to fraud or error.
issued by the Institute of Chartered Accountants of
India (“ICAI”). These responsibilities include the design, 5. We believe that the audit evidence we have obtained
implementation and maintenance of adequate internal and the audit evidence obtained by the other auditors
financial controls that were operating effectively for in terms of their reports referred to in the Other Matters
ensuring the orderly and efficient conduct of its business, paragraph below is sufficient and appropriate to provide

a basis for our audit opinion on the Holding Company’s override of controls, material misstatements due to error
internal financial controls system with reference to or fraud may occur and not be detected. Also, projections
consolidated financial statements. of any evaluation of the internal financial controls with
reference to financial statements to future periods are
Meaning of Internal Financial Controls with reference subject to the risk that the internal financial control
to financial statements with reference to financial statements may become
6. A company’s internal financial control with reference to inadequate because of changes in conditions, or that the
financial statements is a process designed to provide degree of compliance with the policies or procedures
reasonable assurance regarding the reliability of financial may deteriorate.
reporting and the preparation of financial statements Opinion
for external purposes in accordance with generally
accepted accounting principles. A company’s internal 8. In our opinion, the Holding Company, its subsidiary
financial control with reference to financial statements companies, its associate companies and jointly
includes those policies and procedures that (1) pertain controlled entities, which are companies incorporated in
to the maintenance of records that, in reasonable India, have, in all material respects, an adequate internal
detail, accurately and fairly reflect the transactions financial controls system with reference to consolidated
and dispositions of the assets of the company; (2) financial statements and such internal financial controls
provide reasonable assurance that transactions with reference to consolidated financial statements
are recorded as necessary to permit preparation of were operating effectively as at March 31, 2024, based
financial statements in accordance with generally on the internal control over financial reporting criteria
accepted accounting principles, and that receipts and established by the Company considering the essential
expenditures of the company are being made only in components of internal control stated in the Guidance
accordance with authorisations of management and Note issued by the ICAI.
directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection Other Matters
of unauthorised acquisition, use, or disposition of the 9. Our aforesaid reports under Section 143(3)(i) of the Act
company’s assets that could have a material effect on on the adequacy and operating effectiveness of the
the financial statements. internal financial controls with reference to consolidated
financial statements insofar as it relates to nine subsidiary
I nherent Limitations of Internal Financial Controls companies and one jointly controlled entity, which
with reference to financial statements are companies incorporated in India, is based on the
7. Because of the inherent limitations of internal financial corresponding reports of the auditors of such companies
controls with reference to financial statements, including incorporated in India. Our opinion is not modified in
the possibility of collusion or improper management respect of this matter.

Subramanian Vivek
Partner
Place: Mumbai
Date: May 29, 2024

ANNEXURE B TO INDEPENDENT AUDITORS’ REPORT
Referred to in paragraph 18 of the Independent Auditors’ Report of even date to the members of Tata Steel Limited on the
Consolidated Financial Statements as of and for the year ended March 31, 2024
As required by paragraph 3(xxi) of the CARO 2020, we report that the auditors of the following companies have given qualification
or adverse remarks in their CARO report on the standalone/consolidated financial statements of the respective companies
included in the Consolidated Financial Statements of the Holding Company:
Relationship with the Date of the respective Paragraph number in the
S. No. Name of the Company CIN
Holding Company auditors’ report respective CARO reports
1. Tata Steel Limited L27100MH1907PLC000260 Holding Company May 29, 2024 i(c), ii(b), iii(c), iii(d), vii(a),
ix(a), xi(b)
2. Neelachal Ispat Nigam Limited U27109OR1982PLC001050 Subsidiary April 29, 2024 i(c), ii(a), vii(a), xvii
3. Tata Steel Utilities and Infrastructure U45200JH2003PLC010315 Subsidiary April 25, 2024 i(c)
Services Limited
4. The Indian Steel & Wire Products U27106WB1935PLC008447 Subsidiary May 16, 2024 i(b)
Limited
5. TM International Logistics Limited U63090WB2002PLC094134 Jointly Controlled Entity April 25, 2024 ii(b)
6. Naba Diganta Water Management U93010WB2008PLC121573 Jointly Controlled Entity April 10, 2024 i(c)
Limited
7. Jamipol Limited U24111JH1995PLC009020 Jointly Controlled Entity April 22, 2024 i(c)
8. Ceramat Private Limited U26990MH2021PTC370837 Subsidiary April 19, 2024 i(a)(B), ii(a), xvii
9. Tata Steel TABB Limited U28999MH2022PLC383152 Subsidiary April 22, 2024 i(a)(B), xvii
10. Jamshedpur Football and Sporting U92490MH2017PTC297047 Subsidiary April 30, 2024 xvii
Private Limited
11. Tata Steel Support Services Limited U93000DL2010PLC202028 Subsidiary April 16, 2024 vii(a), xvii
(Formerly Bhushan Steel (Orissa)
Limited)
12. Tata Steel Technical Services Limited U93000DL2010PLC202026 Subsidiary April 15, 2024 vii(a), xvii
(Formerly Bhushan Steel (Madhya
Bharat) Limited)

The statutory audit report on the financial statements for the year ended March 31, 2024 of following related entities, which are
companies incorporated in India, of the Holding Company has not been issued until the date of this report.
Subsidiaries
1. Tata Steel Downstream Products Limited
2. Tata Steel Advanced Materials Limited
3. Haldia Water Management Limited
4. Bhubaneshwar Power Private Limited
5. Medica TS Hospital Private Limited
6. Mohar Export Services Private Limited
7. Bhushan Steel (South) Limited
8. Rujuvalika Investments Limited
Associate companies
1. Malusha Travels Private Limited
2. TP Vardhaman Surya Limited
Accordingly, no comments for the said subsidiaries and associate companies have been included for the purpose of reporting
under this clause.

Subramanian Vivek
Partner
Place: Mumbai
Date: May 29, 2024

CONSOLIDATED BALANCE SHEET

(H crore)
As at As at
Note Page
March 31, 2024 March 31, 2023
Assets
I Non-current assets
(a) Property, plant and equipment 3 F165 1,23,538.14 1,18,696.74
(b) Capital work-in-progress 3 F165 33,370.19 30,307.90
(c) Right-of-use assets 4 F170 7,585.89 9,222.52
(d) Goodwill 5 F173 5,745.30 5,601.65
(e) Other intangible assets 6 F174 11,945.05 13,100.55
(f ) Intangible assets under development 6 F174 985.34 905.12
(g) Equity accounted investments 7 F177 2,947.16 3,233.33
(h) Financial assets
(i) Investments 8 F179 2,579.19 1,546.92
(ii) Loans 9 F181 73.14 64.74
(iii) Derivative assets 265.86 403.40
(iv) Other financial assets 10 F183 1,608.32 510.88
(i) Retirement benefit assets 11 F185 23.26 6,990.83
(j) Non-current tax assets 4,754.11 4,369.03
(k) Deferred tax assets 12 F186 4,111.08 2,625.96
(l) Other assets 13 F189 3,343.23 3,776.63
Total non-current assets 2,02,875.26 2,01,356.20
II Current assets
(a) Inventories 14 F190 49,157.51 54,415.33
(b) Financial assets
(i) Investments 8 F179 731.22 3,630.06
(ii) Trade receivables 15 F191 6,263.53 8,257.24
(iii) Cash and cash equivalents 16 F192 7,080.84 12,129.90
(iv) Other balances with banks 17 F193 1,596.88 1,227.36
(v) Loans 9 F181 1.60 1.84
(vi) Derivative assets 201.33 561.46
(vii) Other financial assets 10 F183 1,172.58 1,435.51
(c) Current tax assets 79.68 117.69
(d) Other assets 13 F189 4,218.41 4,829.75
Total current assets 70,503.58 86,606.14
III Assets held for sale 18 F193 44.66 59.40
Total assets 2,73,423.50 2,88,021.74

CONSOLIDATED BALANCE SHEET (CONTD.)
(H crore)
As at As at
Note Page
March 31, 2024 March 31, 2023
Equity and liabilities
IV Equity
(a) Equity share capital 19 F194 1,247.44 1,221.24
(b) Other equity 20 F198 90,788.32 1,01,860.86
Equity attributable to owners of the Company 92,035.76 1,03,082.10
(c) Non-controlling interests 21 F203 396.98 2,093.11
Total equity 92,432.74 1,05,175.21
V Non-current liabilities
(i) Borrowings 22 F205 51,576.73 51,446.33
(ii) Lease Liabilities 4,538.70 5,811.08
(iii) Derivative liabilities 0.11 -
(iv) Other financial liabilities 23 F213 1,491.83 1,871.51
(b) Provisions 24 F213 5,424.03 4,775.84
(c) Retirement benefit obligations 11 F185 3,219.48 2,931.37
(e) Deferred tax liabilities 12 F186 12,992.34 14,115.64
Total non-current liabilities 82,587.28 85,551.40
VI Current liabilities
(i) Borrowings 22 F205 29,997.19 26,571.37
(ii) Lease Liabilities 969.50 1,064.27
(iii) Trade payables 27 F217
(a) Total outstanding dues of micro and small enterprises 1,203.70 1,170.33
(b) Total outstanding dues of creditors other than micro and small
34,230.96 36,662.21
enterprises
(iv) Derivative liabilities 214.38 1,630.53
(v) Other financial liabilities 23 F213 10,445.66 9,590.21
(b) Provisions 24 F213 3,779.08 3,882.73
(c) Retirement benefit obligations 11 F185 146.72 162.47
(e) Current tax liabilities 2,166.85 1,923.98
Total current liabilities 98,403.48 97,295.13
Total equity and liabilities 2,73,423.50 2,88,021.74
Notes forming part of the consolidated financial statements 1-54

ACS: 15921

CONSOLIDATED STATEMENT OF PROFIT AND LOSS

(H crore)
Note Page
March 31, 2024 March 31, 2023
I Revenue from operations 28 F218 2,29,170.78 2,43,352.69
II Other income 29 F219 1,808.85 1,037.48
III Total income 2,30,979.63 2,44,390.17
IV Expenses:
(a) Cost of materials consumed 82,533.60 1,01,483.08
(b) Purchases of stock-in-trade 14,972.79 15,114.11
(c) Changes in inventories of finished and semi-finished goods, stock-in-
4,409.35 (3,358.89)
trade and work-in-progress
(d) Employee benefits expense 30 F219 24,509.58 22,419.32
(e) Finance costs 31 F220 7,507.57 6,298.70
(f ) Depreciation and amortisation expense 32 F220 9,882.16 9,335.20
(g) Other expenses 33 F220 82,354.89 77,084.77
2,26,169.94 2,28,376.29
Less: Expenditure (other than finance cost) transferred to capital account 1,915.33 1,689.86
Total expenses 2,24,254.61 2,26,686.43
V Share of profit/(loss) of joint ventures and associates (57.98) 418.12
VI Profit/(loss) before exceptional items and tax (III-IV+V) 6,667.04 18,121.86
VII Exceptional items: 34 F221
(a) Profit on sale of subsidiaries and non-current investments 4.68 66.86
(b) Profit on sale of non current assets 51.77 -
(c) Provision for impairment of investments/ doubtful loans and advances /
19.98 83.68
other financial assets (net)
(d) Provision for impairment of non-current assets (net) (3,515.99) 25.37
(e) Employee separation compensation (129.86) (91.94)
(f ) Restructuring and other provisions (net) (4,262.75) (1.70)
(g) Gain/(loss) on non-current investments classified as fair value through
18.09 30.99
profit and loss (net)
Total exceptional items (7,814.08) 113.26
VIII Profit/(loss) before tax (VI+VII) (1,147.04) 18,235.12
IX Tax expense: 12 F186
(a) Current tax 5,368.91 5,324.96
(b) Current tax in relation to earlier years (78.77) 36.37
(c) Deferred tax (1,527.57) 4,798.44
Total tax expense 3,762.57 10,159.77
X Profit/(loss) for the year (VIII-IX) (4,909.61) 8,075.35

CONSOLIDATED STATEMENT OF PROFIT AND LOSS (CONTD.)
(H crore)
Note Page
March 31, 2024 March 31, 2023
XI Other comprehensive income/(loss)
A. (i) Items that will not be reclassified subsequently to profit
and loss:
(a) Remeasurement gain/(loss) on post-employment defined
(6,226.24) (13,310.57)
benefit plans
(b) Fair value changes of investments in equity shares 1,018.57 (219.55)
(c) Share of equity accounted investees (1.27) 0.47
(ii) Income tax on items that will not be reclassified subsequently
1,432.23 3,353.56
to profit and loss
B. (i) Items that will be reclassified subsequently to profit and loss:
(a) Foreign currency translation differences (446.51) (2,057.74)
(b) Fair value changes of cash flow hedges 1,263.77 (2,129.94)
(c) Share of equity accounted investees 55.36 12.28
(ii) Income tax on items that will be reclassified subsequently
(323.81) 502.42
to profit and loss
Total other comprehensive income/(loss) for the year (3,227.90) (13,849.07)
XII Total comprehensive income/(loss) for the year (X+XI) (8,137.51) (5,773.72)
XIII Profit/(loss) for the year attributable to:
Owners of the Company (4,437.44) 8,760.40
Non-controlling interests (472.17) (685.05)
(4,909.61) 8,075.35
XIV Total comprehensive income for the year attributable to:
Owners of the Company (7,624.39) (5,107.74)
Non-controlling interests (513.12) (665.98)
(8,137.51) (5,773.72)
XV Earnings per share 35 F222
Basic (H) (3.62) 7.17
Diluted(H) (3.62) 7.17
Notes forming part of the consolidated financial statements 1-54

ACS: 15921

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

A. Equity share capital

(H crore)
1,221.24 26.20 1,247.44
(H crore)
1,221.21 0.03 1,221.24
B. Other equity
(H crore)
Share
Items of other application
Retained Other Other equity
comprehensive money
earnings consolidated attributable Non-
income pending
[refer note reserves [refer to the controlling Total
[refer note allotment
20A, page note 20C, owners of the interests
20B, page [refer note
F198] page F200] Company
F198] 20D, page
F202]
Balance as at April 1, 2023 48,166.32 5,224.51 48,470.03 - 1,01,860.86 2,093.11 1,03,953.97
Profit / (loss) for the year (4,437.44) - - - (4,437.44) (472.17) (4,909.61)
Other comprehensive income for
(4,671.57) 1,484.62 - - (3,186.95) (40.95) (3,227.90)
the year
Total comprehensive income
(9,109.01) 1,484.62 - - (7,624.39) (513.12) (8,137.51)
for the year
Dividend (i) (4,409.79) - - - (4,409.79) (19.01) (4,428.80)
Transfers within equity (0.78) (0.15) 0.93 - - - -
Adjustment for changes in ownership
168.99 - 791.47 - 960.46 (1,175.39) (214.93)
interests
Other movements within equity - - 1.18 - 1.18 11.39 12.57
Balance as at March 31, 2024 34,815.73 6,708.98 49,263.61 - 90,788.32 396.98 91,185.30

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTD.)
(H crore)
Share
application
Retained Items of other Other Other equity
money
earnings comprehensive consolidated attributable Non-
pending
[refer note income reserves [refer to the controlling Total
allotment
20A, [refer note note 20C, owners of the interests
[refer note
page F198] 20B, page F198] page F200] Company
20D, page
F202]
Balance as at April 1, 2022 55,647.79 9,111.05 48,462.99 - 1,13,221.83 2,655.42 1,15,877.25
Profit / (loss) for the year 8,760.40 - - - 8,760.40 (685.05) 8,075.35
Other comprehensive income
(9,981.60) (3,886.54) - - (13,868.14) 19.07 (13,849.07)
for the year
Total comprehensive income
(1,221.20) (3,886.54) - - (5,107.74) (665.98) (5,773.72)
for the year
Received during the year - - - 1.46 1.46 - 1.46
Subscription to final call on equity
- - 1.44 (1.46) (0.02) - (0.02)
shares
Equity issue expenses written (off )/back - - (0.09) - (0.09) - (0.09)
Dividend (i) (6,227.15) - - - (6,227.15) (65.48) (6,292.63)
Transfers within equity (4.42) - 4.42 - - - -
Adjustment for changes in
(28.70) - - - (28.70) 168.77 140.07
ownership interests
Other movements within equity - - 1.27 - 1.27 0.38 1.65
Balance as at March 31, 2023 48,166.32 5,224.51 48,470.03 - 1,01,860.86 2,093.11 1,03,953.97
(i) Dividend paid during the year ended March 31, 2024 is H3.60 per Ordinary share (face value H1 each, fully paid up).
(March 31, 2023: H51.00 per Ordinary Share of face value H10 each, fully paid up and H12.75 per Ordinary Share of face value
H10 each, partly paid up H2.504 per share).
Dividend paid during the year includes payment of dividend by erstwhile Tata Steel Long Products Limited (TSLP), Tinplate
Company of India Limited (TCIL) and Tata Metaliks Limited (TML) merged into the Company to the public shareholders
amounting to ₹14.25 crore. (2022-23: ₹34.73 crore).
Further, during the year ended March 31, 2023, dividend amounting to ₹4.16 crore pertaining to those shares allotted
pursuant to composite scheme of amalgamation of Bamnipal Steel Limited and Tata BSL Limited into and with the Company
but pending legal proceedings or rejected during corporate actions has been paid subsequently without depositing the
amount to a separate bank account.
C. Notes forming part of the consolidated financial statements Note 1-54


ACS: 15921

CONSOLIDATED STATEMENT OF CASH FLOWS

(H crore)
March 31, 2024 March 31, 2023
A. Cash flows from operating activities:
Profit/(loss) before tax (1,147.04) 18,235.12
Adjustments for:
Depreciation and amortisation expense 9,882.16 9,335.20
Dividend income (51.44) (39.66)
(Gain)/Loss on sale of non-current investments - (0.88)
(Gain)/loss on sale of property, plant and equipment including intangible
(960.87) 43.57
assets (net of loss on assets scrapped/written off )
Exceptional (income)/expenses 7,814.08 (113.26)
(Gain)/loss on cancellation of forwards, swaps and options (151.35) 0.96
Interest income and income from current investments (713.09) (640.12)
Finance costs 7,507.57 6,298.70
Foreign exchange (gain)/loss (153.86) (1,793.96)
Share of profit or loss of joint ventures and associates 57.98 (418.12)
Other non-cash items 152.51 0.79
23,383.69 12,673.22
Operating profit before changes in non-current/current assets and liabilities 22,236.65 30,908.34
Adjustments for:
Non-current/current financial and other assets 2,599.37 3,393.94
Inventories 5,565.65 (4,031.37)
Non-current/current financial and other liabilities/provisions (4,781.28) (3,069.07)
3,383.74 (3,706.50)
Cash generated from operations 25,620.39 27,201.84
Income taxes paid (net of refund) (5,319.72) (5,518.76)
Net cash from/(used in) operating activities 20,300.67 21,683.08
B. Cash flows from investing activities:

Purchase of capital assets (18,206.60) (14,142.49)
Sale of capital assets 475.40 327.70
Purchase of non-current investments (4.02) (326.27)
Sale of non-current investments 29.53 1.71
(Purchase)/sale of current investments (net) 3,141.11 5,188.84
Loans given (7.33) (20.93)
Repayment of loans given - 102.48
Principal receipts under sublease 1.92 2.95
Fixed/restricted deposits with banks (placed)/realised (net) (474.13) 23.63
Interest received 333.29 248.08
Dividend received from associates and joint ventures 284.67 277.30
Dividend received from others 51.49 39.68
Acquisition of subsidiaries/undertakings(i) - (10,568.95)
Sale of subsidiaries/undertakings(ii) 123.23 166.43
Net cash from/(used in) investing activities (14,251.44) (18,679.84)

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTD.)
(H crore)
March 31, 2024 March 31, 2023
C. Cash flows from financing activities:
Proceeds from issue of equity shares (net of issue expenses) - 1.37
Proceeds from long-term borrowings (net of issue expenses) 13,329.49 16,768.65
Repayment of long-term borrowings (11,750.89) (4,605.68)
Proceeds/(repayments) of short term borrowings (net) 790.90 (5,620.41)
Payment of lease obligations (1,139.73) (1,114.43)
Acquisition of additional stake in subsidiary (157.37) -
Amount received/(paid) on utilisation/cancellation of derivatives 403.99 2.16
Interest paid (8,144.58) (6,119.72)
Dividend paid (4,428.80) (6,292.63)
Net cash from/(used in) financing activities (11,096.99) (6,980.69)
Net increase/(decrease) in cash and cash equivalents (5,047.76) (3,977.45)
Opening cash and cash equivalents (iii) 12,129.90 15,606.96
Effect of exchange rate on translation of foreign currency cash and cash equivalents (1.30) 500.39
Closing cash and cash equivalents (Refer note no 16, page F192) 7,080.84 12,129.90
(i) Includes Nil (2022-23: H12.83 crore) paid in respect of deferred consideration on acquisition of subsidiary.
(ii) H123.23 crore (2022-23: H50.69 crore) received in respect of deferred consideration on disposal of an undertaking.
(iii) Opening cash and cash equivalents includes Nil (2022-23: H2.28 crore) in respect of subsidiaries classified as held for sale.
(iv) Significant non-cash movements in borrowing during the year include:
(a) addition on account of subsidiaries acquired during the year Nil (2022-23: H4.09 crore).
(b) exchange loss (including translation) H731.29 crore (2022-23: H2,591.08 crore).
(c) amortisation/effective interest rate adjustments of upfront fees and other adjustments H264.65 crore (2022-23: H168.03 crore).
(d) adjustment to lease obligations, decrease H284.69 crore (2022-23: increase H1,148.82 crore).
(v) (Gain)/loss on sale of property, plant and equipment includes a non-cash gain of H903.40 crore (2022-23: Nil) on
de-recognition of assets pursuant to a long-term arrangement.
C. Notes forming part of the consolidated financial statements Note 1-54


ACS: 15921

NOTES
forming part of the consolidated financial statements
1. Company Information (b) Basis of preparation

Tata Steel Limited (“the Company”) is a public limited The consolidated financial statements have been
Company incorporated in India with its registered office prepared under the historical cost convention with the
in Bombay House 24, Homi Modi Street Fort, Mumbai-400 exception of certain assets and liabilities that are required
001, Maharashtra, India. The Company is listed on the BSE to be carried at fair value by Ind AS.
Limited (BSE) and the National Stock Exchange of India
Fair value is the price that would be received to sell an
Limited (NSE).
asset or paid to transfer a liability in an orderly transaction
The Company and its subsidiaries (collectively referred between market participants at the measurement date.
to as ‘the Group’) have presence across the entire value
All assets and liabilities have been classified as current
chain of steel manufacturing from mining and processing
and non- current as per the Group’s normal operating
iron ore and coal to producing and distributing finished
cycle which is based on the nature of businesses and the
products. The Group offers a broad range of steel
time elapsed between deployment of resources and the
products including a portfolio of high value added
realisation of cash and cash equivalents. The Group has
downstream products such as hot rolled, cold rolled,
considered an operating cycle of 12 months.
coated steel, rebars, wire rods, tubes and wires.
The consolidated financial statements as at March 31, 2024 (c) Use of estimates and critical accounting judgements
present the financial position of the Group as well as its In the preparation of the consolidated financial
interests in associate companies and joint arrangements. statements, the Group makes judgements in the
The list of entities consolidated is provided in note 54, application of accounting policies; and estimates and
page F264. assumptions which affects carrying values of assets
The presentation currency of the Group is Indian Rupee and liabilities that are not readily apparent from other
(“H”). sources. The estimates and associated assumptions are
based on historical experience and other factors that are
As on March 31, 2024, Tata Sons Private Limited owns considered to be relevant. Actual results may differ from
31.76% of the Ordinary Shares of the Company and has these estimates.
the ability to influence the Group’s operations.
Estimates and underlying assumptions are reviewed on
The financial statements for the year ended March 31, an ongoing basis. Revisions to accounting estimates are
2024 were approved by the Board of Directors and recognised in the period in which the estimate is revised
authorised for issue on May 29, 2024. and future periods affected.
The Group uses the following critical accounting
2. Material accounting policies estimates and judgements in preparation of its
The material accounting policies applied by the Group in consolidated financial statements.
the preparation of its consolidated financial statements
are listed below. Such accounting policies have been Impairment
applied consistently to all the periods presented The Group estimates the recoverable value of the cash
in these consolidated financial statements, unless generating unit (CGU) based on future cash flows after
otherwise indicated. considering current economic conditions and trends,
estimated future operating results and growth rates,
(a) Statement of compliance anticipated future economic and regulatory conditions
The consolidated financial statements have been and the impact of climate change which may result
prepared in accordance with the Indian Accounting in a change of current production process given the
Standards (referred to as “Ind AS”) prescribed under decarbonisation plan of the Group. The estimated cash
Section 133 of the Companies Act, 2013 read with flows are developed using internal forecasts. The cash
Companies (Indian Accounting Standards) Rules, as flows are discounted using a suitable discount rate in
amended from time to time and other relevant provisions order to calculate the present value. Further details of
of the Act. the Group’s impairment review and key assumptions are

NOTES
2. Material accounting policies (Contd.) events, the existence of which will be confirmed only
by the occurrence or non-occurrence of one or more
set out in note 3, page F165, note 4, page F170, note 5,
uncertain future events not wholly within the control of
page F173 and note 6, page F174.
the Group or a present obligation that arises from past
Impairment of financial assets (other than event where it is either not probable that an outflow
subsequent measurement at fair value) of resources will be utilised to settle the obligation
or a reliable estimate of the amount cannot be made.
Measurement of impairment of financial assets require
Contingent assets are neither recognised nor disclosed in
use of estimates and judgements, which have been
the consolidated financial statements. Further details are
explained in the note on financial instruments under
set out in note 24, page F213 and note 37(A), page F235.
impairment of financial assets (refer note 2(n), page F159).
Fair value measurements of financial instruments
Useful lives of property, plant and equipment,
right-of-use assets and intangible assets When the fair value of financial assets and financial
liabilities recorded in the balance sheet cannot be
The Group reviews the useful life of property, plant and
measured based on quoted prices in active markets, their
equipment, right-of-use assets and intangible assets
fair value is measured using valuation techniques including
at the end of each reporting period. This reassessment
Discounted Cash Flow Model. The inputs to these models
may result in change in depreciation and amortisation
are taken from observable markets where possible,
expense in future periods. The policy has been detailed
but where this is not feasible, a degree of judgement is
in note 2(g), page F155, note 2(I), page F158 and note
required in establishing fair values. Judgements include
2(m), page F158.
considerations of inputs such as liquidity risks, credit risks
Valuation of deferred tax assets and volatility. Changes in assumptions about these factors
could affect the reported fair value of financial instruments.
The Group assesses the recoverability of deferred tax
Further details are set out in note 40, page F243.
assets based on future taxable income projections, which
are inherently uncertain and may be subject to changes Leases
over time. Judgment is required to assess the impact of
The Group evaluates if an arrangement qualifies to be
such changes on the measurement of these assets and
a lease as per the requirements of Ind AS 116 “Leases”.
the time frame for their utilisation. The Group reviews the
Identification of a lease requires significant judgement in
carrying amount of deferred tax assets at the end of each
assessing the lease term including anticipated renewals
reporting period. The policy has been detailed in note 2(t)
and the applicable discount rate.
page F163 and its further information are set out in note
12, page F186. The lease payments are discounted using the interest
rate implicit in the lease, if that rate can be readily
Provisions and contingent liabilities determined. If that rate cannot be readily determined,
A provision is recognised when the Group has a present the Group uses incremental borrowing rate.
obligation, legal or constructive, as result of a past event and
it is probable that the outflow of resources will be required to Retirement benefit obligations and assets
settle the obligation, in respect of which a reliable estimate The Group’s retirement benefit obligations are subject
can be made. They include provisions on decommissioning, to a number of assumptions including discount rates,
site restoration and environmental provisions as well which inflation, salary growth and mortality rate. Significant
may change where changes in estimated reserves affect assumptions are required when setting these criteria and
expectations about the timing or cost of these activities. a change in these assumptions would have a significant
All provisions are reviewed at each balance sheet date and impact on the amount recorded in the Group’s balance
adjusted to reflect the current best estimates. sheet and the consolidated statement of profit and
loss. The Group sets these assumptions based on
The Group uses significant judgements to assess
previous experience and third party actuarial advice.
contingent liabilities. Contingent liabilities are disclosed
The assumptions are reviewed annually and adjusted
when there is a possible obligation arising from past
following actuarial and experience changes. Further

NOTES
2. Material accounting policies (Contd.) and recognition of future losses is discontinued, except
to the extent that the Group has incurred obligation in
details on the Group’s retirement benefit obligations,
respect of the associate/ joint venture.
including key assumptions are set out in note 36,
page F223. The results of subsidiaries, joint arrangements and
associates acquired or disposed off during the year are
Allocation of consideration over the fair value of assets included in the consolidated statement of profit and
and liabilities acquired in a business combination loss from the effective date of acquisition or up to the
Assets and liabilities acquired pursuant to business effective date of disposal, as appropriate.
combination are stated at the fair values determined
Intra-group transactions, balances, income and expenses
as of the date of acquisition. The carrying values of
are eliminated on consolidation.
assets acquired are determined based on estimate of a
valuation carried out by independent professional valuers Non-controlling interests represent the portion of
appointed by the Group. The values have been assessed profit or loss and net assets not held by the Group
based on the technical estimates of useful lives of tangible and are presented separately in the consolidated
assets and benefits expected from the use of intangible financial statements.
assets. Other assets and liabilities were recorded at values
that were expected to be realised or settled respectively. (e) Business combinations
Acquisition of subsidiaries and businesses are accounted
(d) Basis of consolidation for using the acquisition method. The consideration
The consolidated financial statements incorporate transferred in each business combination is measured at
the financial statements of the Company and entities the aggregate of the acquisition date fair values of assets
controlled by the Company i.e. its subsidiaries. It also transferred, liabilities incurred by the Group to the former
includes the Group’s share of profits, net assets and owners of the acquiree and equity interests issued by the
retained post acquisition reserves of joint arrangements Group in exchange for control of the acquiree.
and associates that are consolidated using the equity or
Acquisition related costs are recognised in the
proportionate method of consolidation, as applicable.
consolidated statement of profit and loss.
Control is achieved when the Company is exposed to,
Goodwill arising on acquisition is recognised as an
or has rights to the variable returns of the entity and the
asset and measured at cost, being the excess of the
ability to affect those returns through its power to direct
consideration transferred in the business combination
the relevant activities of the entity.
over the Group’s interest in the net fair value of the
Associates are those companies over which the Company identifiable assets acquired, liabilities assumed and
has the ability to exercise significant influence on the contingent liabilities recognised, as applicable. Where
financial and operating policy decisions, which it does the fair value of the identifiable assets and liabilities
not control. Generally, significant influence is presumed exceed the cost of acquisition, after re-assessing the fair
to exist when the Company holds more than 20% of the values of the net assets and contingent liabilities, the
voting rights. Joint arrangements, which include joint excess is recognised as capital reserve on consolidation.
ventures and joint operations, are those over whose
The interest of non-controlling shareholders may be
activities the Company has joint control, typically under
initially measured either at fair value or at the non-
a contractual arrangement. In joint ventures, the Group
controlling interests’ proportionate share of the fair
exercises joint control and has rights to the net assets of
value of the acquiree’s identifiable net assets. The choice
the arrangement. The investment is accounted for under
of measurement basis is made on an acquisition-by-
the equity method and therefore recognised at cost at
acquisition basis. Subsequent to acquisition, the carrying
the date of acquisition and subsequently adjusted for
value of non-controlling interests is the amount of those
the Group’s share in undistributed earnings or losses
interests at initial recognition plus the non-controlling
since acquisition, less any impairment incurred. When
interests’ share of subsequent changes in equity. Total
the Group’s share of losses exceeds the carrying value
comprehensive income is attributed to non-controlling
of such investments, the carrying value is reduced to Nil

NOTES
2. Material accounting policies (Contd.) during the period of construction is capitalised as part
of cost of qualifying asset.
interests even if it results in the non-controlling interests
having a deficit balance. Depreciation is provided so as to write off, on a straight
line basis, the cost / deemed cost of property, plant and
Once control has been achieved, any subsequent
equipment to their residual value. These charges are
acquisitions where the Group does not originally hold
commenced from the dates the assets are available for
hundred percent interest in a subsidiary are treated as an
their intended use and are spread over their estimated
acquisition of shares from non-controlling shareholders.
useful economic lives. The estimated useful lives of
The identifiable net assets are not subject to further fair
assets, residual values and depreciation method are
value adjustments and the difference between the cost
reviewed regularly and revised when necessary.
of acquisition of the non-controlling interest and the net
book value of the additional interest acquired is adjusted Depreciation on assets under construction commences
in equity. only when the assets are ready for their intended use.
(f) Goodwill The estimated useful lives for the main categories of
property, plant and equipment are:
Goodwill is initially recognised as an asset at cost and
is subsequently measured at cost less any accumulated Estimated
impairment losses. useful life (years)
Freehold and long leasehold buildings upto 60 years*
For the purpose of impairment testing, goodwill is allocated
Roads 5 to 10 years
to each of the Group’s cash-generating units (CGUs) or
Plant and machinery upto 40 years*
groups of cash-generating units that are expected to
benefit from the synergies of the combination. Cash- Furniture, fixture and office equipments 3 to 25 years
generating units to which goodwill has been allocated Vehicles and aircraft 4 to 20 years
are tested for impairment annually, or more frequently Railway sidings upto 35 years*
when there is an indication that the unit’s value may be Assets covered under the Electricity Act (life 3 to 38 years
impaired. The recoverable amount of the CGU is higher of as prescribed under the Electricity Act)
fair value less costs to sell and value in use.
Property, plant and equipment are evaluated for
The financial projections basis which the future cashflows recoverability wherever there is any indication that
are estimated consider economic uncertainties, their carrying value may not be recoverable. If any such
assessment of discount rates, revisiting the growth indication exists, the recoverable amount is higher of fair
rates factored while arriving at terminal value and value less costs to sell and value in use is determined
subjecting these variables to sensitivity analysis. If the on an individual asset basis under the asset that does
recoverable amount of the cash-generating unit is less not generate cash flow that are largely independent
than the carrying value of the unit, the impairment loss from the assets. In such cases, the recoverable amount
is allocated first to reduce the carrying value of any is determined for the cash generating unit (CGU) to
goodwill allocated to the unit and then to the other which the asset belongs. In assessing value in use, the
assets of the unit in proportion to the carrying value of estimated future cash flows are discounted to their
each asset in the unit. present value using a tax free discount rate that reflects
current market assessment of the time value of money
(g) Property, plant and equipment and the risk specific to the asset for which the estimates
Property, plant and equipment is stated at cost or deemed of future cash flows have not been adjusted.
cost applied on transition to Ind AS, less accumulated If the recoverable value of an asset (CGU) is estimated to
depreciation and impairment. Cost includes all direct be less than its carrying amount, the carrying amount
costs and expenditures incurred to bring the asset to its of the asset (CGU) is reduced to its recoverable value.
working condition and location for its intended use. Trial An impairment loss is recognised in the consolidated
run expenses are capitalised. Borrowing costs incurred statement of profit and loss.

NOTES
2. Material accounting policies (Contd.) If a project does not prove viable, all irrecoverable
exploration and evaluation expenditure associated with
Mining assets are amortised over the useful life of the
the project net of any related impairment allowances
mine or lease period whichever is lower. For certain
is written off to the consolidated statement of profit
mining assets, where unit of production is considered to
and loss.
be more reflective of the pattern of use, amortisation is
done based on unit of production method. The Group measures its exploration and evaluation assets
at cost and classifies as property, plant and equipment
Major furnace relining expenses are depreciated over a
or intangible assets according to the nature of the assets
period of 10 years (average expected life).
acquired and applies the classification consistently. To the
Freehold land is not depreciated. extent that a tangible asset is consumed in developing an
intangible asset, the amount reflecting that consumption
*For these class of assets, based on internal assessment
is capitalised as a part of the cost of the intangible asset.
and independent technical evaluation carried out by
chartered engineers, the Company and some of its As the capitalised exploration asset is not available for
subsidiaries believe that the useful lives as given above use, it is not depreciated. All exploration and evaluation
best represent the period over which such Company assets are monitored for indications of impairment.
expects to use these assets. Hence the useful lives An exploration and evaluation asset is no longer
for these assets are different from the useful lives as classified as such when the technical feasibility and
prescribed under Part C of Schedule II of the Companies commercial viability of extracting a mineral resource
Act, 2013. are demonstrable and the development of the deposit
is sanctioned by the management. The carrying value of
(h) Exploration for and evaluation of mineral such exploration and evaluation asset is reclassified to
resources mining assets.
Expenditures associated with search for specific mineral
resources are recognised as exploration and evaluation (i) Development expenditure for mineral reserves
assets. The following expenditure comprises cost of Development is the establishment of access to mineral
exploration and evaluation assets: reserves and other preparations for commercial
production. Development activities often continue
• obtaining of the rights to explore and evaluate mineral
during production and include:
reserves and resources including costs directly related
to this acquisition • sinking shafts and underground drifts (often called
mine development)
• researching and analysing existing exploration data
• making permanent excavations
• conducting geological studies, exploratory drilling
and sampling • developing passageways and rooms or galleries
• e xamining and tes ting e x trac tion and • building roads and tunnels and
treatment methods
• advance removal of overburden and waste rock.
• compiling pre-feasibility and feasibility studies
Development (or construction) also includes the
• activities in relation to evaluating the technical installation of infrastructure (e.g., roads, utilities and
feasibility and commercial viability of extracting a housing), machinery, equipment and facilities.
mineral resource.
Development expenditure is capitalised and presented
Administration and other overhead costs are charged as part of mining assets. No depreciation is charged
to the cost of exploration and evaluation assets only if on the development expenditure before the start of
directly related to an exploration and evaluation project. commercial production.

NOTES
2. Material accounting policies (Contd.) factors normally point towards the stripping costs for
the individual pits being accounted for separately:
(j) Provision for restoration and environmental costs
The Group has liabilities related to restoration of soil and • mining of the second and subsequent pits is
other related works, which are due upon the closure of conducted consecutively with that of the first pit,
certain of its mining sites. rather than concurrently
Such liabilities are estimated case-by-case based on • separate investment decisions are made to develop
available information, considering applicable local legal each pit, rather than a single investment decision
requirements. The estimation is made using existing being made at the outset
technology, at current prices, and discounted using an • the pits are operated as separate units in terms of
appropriate discount rate where the effect of time value of mine planning and the sequencing of overburden and
money is material. Future restoration and environmental ore mining, rather than as an integrated unit
costs, discounted to net present value, are capitalised and
the corresponding restoration liability is raised as soon as • expenditures for additional infrastructure to support
the obligation to incur such costs arises. Future restoration the second and subsequent pits are relatively large
and environmental costs are capitalised in property, plant • the pits extract ore from separate and distinct ore
and equipment or mining assets as appropriate and are bodies, rather than from a single ore body.
depreciated over the life of the related asset. The effect of
time value of money on the restoration and environmental The relative importance of each factor is considered by
costs liability is recognised in the consolidated statement the management to determine whether, the stripping
of profit and loss. costs should be attributed to the individual pit or to the
combined output from the several pits.
(k) Stripping costs Production stripping costs are incurred to extract the ore
The Group separates two different types of stripping in the form of inventories and/or to improve access to an
costs that are incurred in surface mining activity: additional component of an ore body or deeper levels of
material. Production stripping costs are accounted for
• developmental stripping costs and
as inventories to the extent the benefit from production
• production stripping costs stripping activity is realised in the form of inventories.
Developmental stripping costs which are incurred in The Group recognises a stripping activity asset in the
order to obtain access to quantities of mineral reserves production phase if, and only if, all of the following are met:
that will be mined in future periods are capitalised as part
• it is probable that the future economic benefit
of mining assets.
(improved access to the ore body) associated with the
Capitalisation of developmental stripping costs ends stripping activity will flow to the Group
when the commercial production of the mineral reserves
• the Group can identify the component of the ore body
begins. A mine can operate several open pits that are
for which access has been improved and
regarded as separate operations for the purpose of mine
planning and production. In this case, stripping costs • the costs relating to the improved access to that
are accounted for separately, by reference to the ore component can be measured reliably.
extracted from each separate pit. If, however, the pits
Such costs are presented within mining assets. After
are highly integrated for the purpose of mine planning
initial recognition, stripping activity assets are carried at
and production, stripping costs are aggregated too.
cost/deemed cost, less accumulated amortisation and
The determination of whether multiple pit mines are impairment. The expected useful life of the identified
considered separate or integrated operations depends component of the ore body is used to depreciate or
on each mine’s specific circumstances. The following amortise the stripping asset.

NOTES
2. Material accounting policies (Contd.) The Group as lessee

The Group accounts for each lease component within the
(l) Intangible assets
contract as a lease separately from non-lease components
Patents, trademarks and software costs are included of the contract and allocates the consideration in the
in the consolidated balance sheet as intangible assets contract to each lease component on the basis of the
when it is probable that associated future economic relative stand-alone price of the lease component
benefits would flow to the Group. In this case they are and the aggregate stand-alone price of the non- lease
measured initially at purchase cost and then amortised components. The Group recognises right-of-use asset
on a straight-line basis over their estimated useful lives. representing its right to use the underlying asset for the
Estimated
lease term at the lease commencement date. The cost of
useful life (years) the right-of-use asset measured at inception comprises
Computer software upto 8 years of the amount of initial measurement of the lease liability
Patents and trademarks 4 years adjusted for any lease payments made at or before the
Product and process development costs 5 years
commencement date.
Other intangible assets 1 to 15 years Certain lease arrangements include options to extend
or terminate the lease before the end of the lease term.
Subsequent to initial recognition, intangible assets with
The right- of-use assets and lease liabilities include these
definite useful lives acquired in a business combination
options when it is reasonably certain that such options
are reported at cost or deemed cost applied on
would be exercised.
transition to Ind AS, less accumulated amortisation and
accumulated impairment losses. The right-of-use assets are subsequently measured at
cost less any accumulated depreciation, accumulated
Intangible assets are evaluated for recoverability
impairment losses, if any, and adjusted for any re-
wherever there is any indication that their carrying value
measurement of the lease liability. The right-of-use assets
may not be recoverable. If any such indication exists, the
are depreciated using the straight-line method from the
recoverable amount is higher of fair value less costs to
commencement date over the shorter of lease term or
sell and value in use is determined on an individual asset
useful life of right-of-use asset.
basis under the asset that does not generate cash flow
that are largely independent from the assets. In such Right-of-use assets are tested for impairment whenever
cases, the recoverable amount is determined for the cash there is any indication that their carrying amounts may
generating unit (CGU) to which the asset belongs. not be recoverable. Impairment loss, if any, is recognised
in the consolidated statement of profit and loss.
If the recoverable value of an asset (CGU) is estimated to
be less than its carrying amount, the carrying amount Lease liability is measured at the present value of the
of the asset (CGU) is reduced to its recoverable value. lease payments that are not paid at the commencement
An impairment loss is recognised in the consolidated date of the lease. The lease payments are discounted
statement of profit and loss. Intangible assets acquired using the interest rate implicit in the lease, if that rate
in a business combination are identified and recognised can be readily determined. If that rate cannot be readily
separately from goodwill where they satisfy the determined, the Group uses incremental borrowing
definition of an intangible asset and their fair values can rate. The lease liability is subsequently remeasured
be measured reliably. The cost of such intangible assets by increasing the carrying amount to reflect interest
is their fair value at the acquisition date. on the lease liability, reducing the carrying amount to
reflect the lease payments made and remeasuring the
(m) Leases carrying amount to reflect any reassessment or lease
The Group determines whether an arrangement modifications. The Group recognises the amount of
contains a lease by assessing whether the fulfilment of the re-measurement of lease liability as an adjustment
a transaction is dependent on the use of a specific asset to the right-of-use asset. Where the carrying amount
and whether the transaction conveys the right to control of the right-of-use asset is reduced to zero and there
the use of that asset to the Group in return for payment. is a further reduction in the measurement of the lease

NOTES
2. Material accounting policies (Contd.) asset or financial liability. The transaction costs directly
attributable to the acquisition of financial assets and
liability, the Group recognises any remaining amount of
financial liabilities at fair value through profit and loss are
the re-measurement in the consolidated statement of
immediately recognised in the consolidated statement
profit and loss.
of profit and loss. Trade receivables that do not contain
Variable lease payments not included in the measurement a significant financing component are measured at
of the lease liabilities are expensed to the consolidated transaction price.
statement of profit and loss in the period in which the
events or conditions which trigger those payments occur. (I) Financial assets
Payment made towards leases for which non-cancellable Cash and bank balances
term is 12 months or lesser (short-term leases) and low Cash and bank balances consist of:
value leases are recognised in the statement of Profit and
(i) Cash and cash equivalents - which includes
Loss as rental expenses over the tenor of such leases.
cash on hand, deposits held at call with
The Group as lessor banks and other short-term deposits which
are readily convertible into known amounts
(i) Operating lease – Rental income from operating
of cash, are subject to an insignificant risk of
leases is recognised in the consolidated statement
change in value and have original maturities
of profit and loss on a straight-line basis over the
of less than three months. These balances
term of the relevant lease unless another systematic
with banks are unrestricted for withdrawal
basis is more representative of the time pattern
and usage.
in which economic benefits from the leased
asset is diminished. Initial direct costs incurred in (ii)
Other balances with bank - which also include
negotiating and arranging an operating lease are balances and deposits with banks that are
added to the carrying value of the leased asset restricted for withdrawal and usage.
and recognised on a straight-line basis over the
lease term. Financial assets at amortised cost
Financial assets are subsequently measured at
(ii) Finance lease – When assets are leased out under
amortised cost if these financial assets are held
a finance lease, the present value of minimum
within a business model whose objective is to hold
lease payments is recognised as a receivable.
these assets in order to collect contractual cash
The difference between the gross receivable and
flows and the contractual terms of the financial
the present value of receivable is recognised
asset give rise on specified dates to cash flows that
as unearned finance income. Lease income is
are solely payments of principal and interest on the
recognised over the term of the lease using the
principal amount outstanding.
net investment method before tax, which reflects
a constant periodic rate of return. Such rate is the Financial assets measured at fair value
interest rate which is implicit in the lease contract.
Financial assets are measured at fair value through
other comprehensive income if such financial assets
(n) Financial instruments
are held within a business model whose objective is
Financial assets and financial liabilities are recognised to hold these assets in order to collect contractual
when the Group becomes a party to the contractual cash flows and to sell such financial assets and the
provisions of the instrument. Financial assets and contractual terms of the financial asset give rise
liabilities are initially measured at fair value. Transaction on specified dates to cash flows that are solely
costs that are directly attributable to the acquisition or payments of principal and interest on the principal
issue of financial assets and financial liabilities (other amount outstanding.
than financial assets and financial liabilities at fair value
through profit and loss) are added to or deducted from The Group in respect of certain equity investments
the fair value measured on initial recognition of financial (other than in associates and joint ventures) which

NOTES
2. Material accounting policies (Contd.) financial asset has significantly increased since
initial recognition.
are not held for trading has made an irrevocable
election to present in other comprehensive income De-recognition of financial assets
subsequent changes in the fair value of such equity
The Group de-recognises a financial asset only
instruments. Such an election is made by the Group
when the contractual rights to the cash flows from
on an instrument by instrument basis at the time
the asset expire, or it transfers the financial asset
of initial recognition of such equity investments.
and substantially all risks and rewards of ownership
These investments are held for medium or
of the asset to another entity.
long-term strategic purpose. The Group has chosen
to designate these investments in equity instruments If the Group neither transfers nor retains substantially
as fair value through other comprehensive income all the risks and rewards of ownership and continues
as the management believes this provides a more to control the transferred asset, the Group recognises
meaningful presentation for medium or long-term its retained interest in the assets and an associated
strategic investments, than reflecting changes in fair liability for amounts it may have to pay.
value immediately in the consolidated statement of
If the Group retains substantially all the risks and
profit and loss.
rewards of ownership of a transferred financial
Financial assets not measured at amortised cost or asset, the Group continues to recognise the
at fair value through other comprehensive income financial asset and also recognises a borrowing for
are carried at fair value through profit and loss. the proceeds received.
Interest income (II) Financial liabilities and equity instruments

Interest income is accrued on a time proportion Classification as debt or equity
basis, by reference to the principal outstanding and
Financial liabilities and equity instruments issued by
effective interest rate applicable and is recognised
the Group are classified according to the substance
in the consolidated statement of profit or loss.
of the contractual arrangements entered into
Dividend income and the definitions of a financial liability and an
equity instrument.
Dividend income from investments is recognised in
the consolidated statement of profit or loss when Equity instruments
the right to receive payment has been established.
An equity instrument is any contract that evidences
Impairment of financial assets a residual interest in the assets of the Group after
deducting all of its liabilities. Equity instruments
Loss allowance for expected credit losses is
are recorded at the proceeds received, net of direct
recognised for financial assets measured at
issue costs.
amortised cost and fair value through other
comprehensive income. Financial liabilities
The Group recognises life time expected credit Trade and other payables are initially measured
losses for all trade receivables that do not constitute at fair value, net of transaction costs, and are
a financing transaction. subsequently measured at amortised cost, using
the effective interest rate method where the time
For financial assets (apart from trade receivables
value of money is significant.
that do not constitute of financing transaction)
whose credit risk has not significantly increased Interest bearing bank loans, overdrafts and issued
since initial recognition, loss allowance equal to debt are initially measured at fair value and are
twelve months expected credit losses is recognised. subsequently measured at amortised cost using
Loss allowance equal to the lifetime expected the effective interest rate method. Any difference
credit losses is recognised if the credit risk of the between the proceeds (net of transaction costs)

NOTES
2. Material accounting policies (Contd.) When hedge accounting is applied:

and the settlement or redemption of borrowings is • for fair value hedges of recognised assets and
recognised over the term of the borrowings in the liabilities, changes in fair value of the hedged
consolidated statement of profit and loss. assets and liabilities attributable to the risk being
hedged, are recognised in the consolidated
De-recognition of financial liabilities statement of profit and loss and compensate for
The Group de-recognises financial liabilities the effective portion of symmetrical changes in
when, and only when, the Group’s obligations are the fair value of the derivatives.
discharged, cancelled or they expire.
• for cash flow hedges, the effective portion of
Derivative financial instruments and hedge the change in the fair value of the derivative
accounting is recognised directly in other comprehensive
income and the ineffective portion is recognised
In the ordinary course of business, the Group uses
in the consolidated statement of profit and loss.
certain derivative financial instruments to reduce
If the cash flow hedge of a firm commitment or
business risks which arise from its exposure to
forecasted transaction results in the recognition
foreign exchange, base metal prices and interest
of a non-financial asset or liability, then, at the
rate fluctuations. The instruments are confined
time the asset or liability is recognised, the
principally to forward foreign exchange contracts,
associated gains or losses on the derivative that
forward rate agreements, cross currency swaps,
had previously been recognised in equity are
interest rate swaps and collars. The instruments are
included in the initial measurement of the asset
employed as hedges of transactions included in the
or liability. For hedges that do not result in the
financial statements or for highly probable forecast
recognition of a non-financial asset or a liability,
transactions/firm contractual commitments. These
amounts deferred in equity are recognised in the
derivatives contracts do not generally extend
consolidated statement of profit and loss in the
beyond six months, except for certain currency
same period in which the hedged item affects
swaps and interest rate derivatives.
the consolidated statement of profit and loss.
Derivatives are initially accounted for and measured
In cases where hedge accounting is not applied,
at fair value on the date the derivative contract is
changes in the fair value of derivatives are
entered into and are subsequently remeasured to
recognised in the consolidated statement of profit
their fair value at the end of each reporting period.
and loss as and when they arise.
The Group adopts hedge accounting for forward
Hedge accounting is discontinued when the hedging
foreign exchange, interest rate and commodity
instrument expires or is sold, terminated, or exercised,
contracts, wherever possible. At the inception
or no longer qualifies for hedge accounting. At that
of each hedge, there is a formal, documented
time, any cumulative gain or loss on the hedging
designation of the hedging relationship. This
instrument recognised in equity is retained in equity
documentation includes, inter alia, items such as
until the forecasted transaction occurs. If a hedged
identification of the hedged item and transaction
transaction is no longer expected to occur, the
and nature of the risk being hedged. At inception
net cumulative gain or loss recognised in equity is
each hedge is expected to be highly effective
transferred to the consolidated statement of profit
in achieving an offset of changes in fair value or
and loss for the period.
cash flows attributable to the hedged risk. The
effectiveness of hedge instruments to reduce the Further details on the Group’s financial instruments
risk associated with the exposure being hedged are set out in note 40, page F243.
is assessed and measured at the inception and
on an ongoing basis. The ineffective portion of
designated hedges is recognised immediately in
the consolidated statement of profit and loss.

NOTES
2. Material accounting policies (Contd.) Compensated absences which are not expected to
occur within twelve months after the end of the period
(o) Employee benefits
in which the employee renders the related service are
Defined contribution plans recognised based on actuarial valuation.
Contributions under defined contribution plans are
recognised as expense for the period in which the (p) Inventories
employee has rendered service. Payments made to state Inventories comprise the followings:
managed retirement benefit schemes are dealt with as
a) Raw materials,
payments to defined contribution schemes where the
Group’s obligations under the schemes are equivalent b) Work-in-progress,
to those arising in a defined contribution retirement
c) Finished and semi-finished goods
benefit scheme.
d) Stock-in-trade, and
Defined benefit plans
e) Stores and spares.
For defined benefit retirement schemes, the cost of
providing benefits is determined using the Projected Unit Inventories are recorded at the lower of cost and net
Credit Method, with actuarial valuation being carried out realisable value. Cost is ascertained on a weighted
at each year-end balance sheet date. Remeasurement average basis. Costs comprise direct materials and, where
gains and losses of the net defined benefit liability/(asset) applicable, direct labour costs and those overheads that
are recognised immediately in other comprehensive have been incurred in bringing the inventories to their
income. The service cost and net interest on the net present location and condition. Net realisable value is
defined benefit liability/(asset) are recognised as an the price at which the inventories can be realised in the
expense within employee costs. normal course of business after allowing for the cost of
conversion from their existing state to a finished condition
Past service cost is recognised as an expense when the
and for the cost of marketing, selling and distribution.
plan amendment or curtailment occurs or when any
related restructuring costs or termination benefits are Provisions are made to cover slow moving and obsolete
recognised, whichever is earlier. items based on historical experience of utilisation on a
product category basis, which involves individual businesses
The retirement benefit obligations recognised in the
considering their product lines and market conditions.
consolidated balance sheet represents the present value
of the defined benefit obligations as reduced by the fair
(q) Provisions
value of plan assets.
Provisions are recognised in the consolidated balance
Compensated absences sheet when the Group has a present obligation (legal or
Liabilities recognised in respect of other long-term constructive) as a result of a past event, which is expected
employee benefits such as annual leave and sick leave to result in an outflow of resources embodying economic
are measured at the present value of the estimated benefits which can be reliably estimated. They also
future cash outflows expected to be made by the Group include provisions on decommissioning, site restoration
in respect of services provided by employees up to the and environmental provisions as well. Each provision is
reporting date using the projected unit credit method based on the best estimate of the expenditure required
with actuarial valuation being carried out at each year- to settle the present obligation at the balance sheet date.
end balance sheet date. Actuarial gains and losses arising Where the time value of money is material, provisions are
from experience adjustments and changes in actuarial measured on a discounted basis.
assumptions are charged or credited to the statement Constructive obligation is an obligation that derives from
of profit and loss in the period in which they arise. an entity’s actions where:
(i) by an established pattern of past practice, published
policies or a sufficiently specific current statement,

NOTES
2. Material accounting policies (Contd.) Deferred tax is the tax expected to be payable or
recoverable on differences between the carrying value
the entity has indicated to other parties that it will
of assets and liabilities in the financial statements and
accept certain responsibilities and
the corresponding tax bases used in the computation
(ii) as a result, the entity has created a valid expectation of taxable profit, and is accounted for using the balance
on the part of those other parties that it will sheet liability method. Deferred tax liabilities are generally
discharge such responsibilities. recognised for all taxable temporary differences. In
contrast, deferred tax assets are only recognised to the
(r) Onerous contracts extent that it is probable that future taxable profits will
A provision for onerous contracts is recognised when be available against which the temporary differences can
the expected benefits to be derived by the Group be utilised.
from a contract are lower than the unavoidable cost Deferred tax liabilities are recognised on taxable
of meeting its obligations under the contract. The temporary differences arising on investments in
provision is measured at the present value of the lower subsidiaries, joint ventures and associates, except where
of the expected cost of terminating the contract and the Group is able to control the reversal of the temporary
the expected net cost of continuing with the contract. difference and it is probable that the temporary
Before a provision is established, the Group recognises difference will not reverse in the foreseeable future.
any impairment loss on the assets associated with
that contract. The carrying value of deferred tax assets is reviewed at
the end of each reporting period and reduced to the
(s) Government grants extent that it is no longer probable that sufficient taxable
profits will be available to allow all or part of the asset to
Government grants are recognised at its fair value, where
be recovered.
there is a reasonable assurance that such grants will be
received and compliance with the conditions attached Deferred tax is calculated at the tax rates that are expected
therewith have been met. to apply in the period when the liability is settled or the
asset is realised based on the tax rates and tax laws that
Government grants related to expenditure on property, plant
have been enacted or substantially enacted by the end
and equipment are credited to the consolidated statement
of the reporting period. The measurement of deferred
of profit and loss over the useful lives of qualifying assets
tax liabilities and assets reflects the tax consequences
or other systematic basis representative of the pattern of
that would follow from the manner in which the Group
fulfilment of obligations associated with the grant received.
expects, at the end of the reporting period, to recover or
Grants received less amounts credited to the consolidated
settle the carrying value of its assets and liabilities.
statement of profit and loss at the reporting date are included
in the consolidated balance sheet as deferred income. Deferred tax assets and liabilities are offset to the extent
that they relate to taxes levied by the same tax authority
(t) Income taxes and they are in the same taxable entity, or a Group of
Tax expense for the year comprises of current and taxable entities where the tax losses of one entity are
deferred tax. The tax currently payable is based on used to offset the taxable profits of another and there
taxable profit for the year. Taxable profit differs from are legally enforceable rights to set off current tax assets
net profit as reported in the consolidated statement of and current tax liabilities within that jurisdiction.
profit and loss because it excludes items of income or Current and deferred tax are recognised as an expense
expense that are taxable or deductible in other years or income in the consolidated statement of profit and
and it further excludes items that are never taxable loss, except when they relate to items credited or debited
or deductible. The Group’s liability for current tax is either in other comprehensive income or directly in
calculated using tax rates and tax laws that have been equity, in which case the tax is also recognised in other
enacted or substantively enacted in countries where the comprehensive income or directly in equity.
Company and its subsidiaries operate by the end of the
reporting period.

NOTES
2. Material accounting policies (Contd.) (v) Foreign currency transactions and translations
(u) Revenue The consolidated financial statements of the Group are
presented in Indian Rupee (“H”), which is the functional
The Group manufactures and sells a range of steel and
currency of the Company and the presentation currency
other products.
for the consolidated financial statements.
Sale of products In preparing the consolidated financial statements,
Revenue from sale of products is recognised when transactions in currencies other than the entity’s
control of the products has transferred, being when the functional currency are recorded at the rates of exchange
products are delivered to the customer. Delivery occurs prevailing on the date of the transaction. At the end of
when the products have been shipped or delivered to the each reporting period, monetary items denominated in
specific location as the case may be, the risks of loss has foreign currencies are re-translated at the rates prevailing
been transferred, and either the customer has accepted at the end of the reporting period. Non-monetary items
the products in accordance with the sales contract, or carried at fair value that are denominated in foreign
the Group has objective evidence that all criteria for currencies are re-translated at the rates prevailing on the
acceptance have been satisfied. Sale of products include date when the fair value was determined. Non-monetary
related ancillary services, if any. items that are measured in terms of historical cost in a
foreign currency are not translated.
Goods are often sold with volume and price discounts
based on aggregate sales over a 12 months period. Exchange differences arising on the retranslation or
Revenue from these sales is recognised based on the settlement of other monetary items are included in the
price specified in the contract, net of the estimated consolidated statement of profit and loss for the period.
volume and price discounts. Accumulated experience is
For the purpose of presenting the consolidated financial
used to estimate and provide for the discounts, using the
statements, the assets and liabilities of the Company’s
most likely method, and revenue is only recognised to the
foreign subsidiaries, associates and joint ventures are
extent that it is highly probable that a significant reversal
expressed in “H” using exchange rates prevailing at
will not occur. A liability is recognised for expected
the end of the reporting period. Income and expense
volume discounts payable to customers in relation to
items are translated at the average exchange rates
sales made until the end of the reporting period. No
for the period. Exchange differences arising, if any,
element of financing is deemed present as the sales are
are recognised in other comprehensive income and
generally made with a credit term of 30-90 days, which
accumulated in a separate component of equity. On the
is consistent with market practice. Any obligation to
disposal of a foreign operation, all of the accumulated
provide a refund is recognised as a provision. A receivable
exchange differences in respect of that operation
is recognised when the goods are delivered as this is the
attributable to the Company are reclassified to the
point in time that the consideration is unconditional
consolidated statement of profit and loss.
because only the passage of time is required before the
payment is due. Goodwill and fair value adjustments arising on the
acquisition of a foreign operation are treated as assets and
The Group does not adjust the transaction prices for
liabilities of the foreign operation and translated at the
any time value of money in case of contracts where the
closing rate.
period between the transfer of the promised goods or
services to the customer and payment by the customer
(w) Recent Accounting Pronouncements
does not exceed one year.
No new amendments to Ind AS has been notified by the
Sale of power Ministry of Corporate Affairs (“MCA”) during the current
Revenue from sale of power is recognised when the financial year.
services are provided to the customer based on approved
tariff rates established by the respective regulatory
authorities. The Group doesn’t recognise revenue and an
asset for cost incurred in the past that will be recovered.

NOTES
3. Property, plant and equipment

(H crore)
Furniture,
Land fixtures
Plant and Railway
including Buildings and office Vehicles Total
machinery sidings
roads equipments
(FFOE)
Cost/deemed cost as at April 1, 2023 18,523.98 26,565.46 1,53,677.11 1,095.74 431.69 1,841.23 2,02,135.21
Additions 129.61 1,551.00 12,836.54 122.16 4.44 15.26 14,659.01
Disposals (14.47) (34.56) (1,179.64) (15.73) (13.88) - (1,258.28)
Classified as held for sale (net) (33.48) (21.83) (94.02) - - - (149.33)
Other re-classifications 46.39 (53.54) 430.54 11.77 0.33 7.26 442.75
Exchange differences on consolidation 18.54 89.43 734.54 7.34 (0.26) 7.92 857.51
Cost/deemed cost as at March 31, 2024 18,670.57 28,095.96 1,66,405.07 1,221.28 422.32 1,871.67 2,16,686.87
Accumulated impairment as at April 1, 2023 29.84 289.48 5,763.95 4.50 1.13 19.38 6,108.28
Charge for the year - 132.26 1,264.05 - 0.25 - 1,396.56
Disposals - (1.11) 1.73 - - - 0.62
Other re-classifications (3.91) (92.96) 5.18 (0.86) - - (92.55)
Exchange differences on consolidation (1.76) 6.07 187.21 0.15 - 0.67 192.34
Accumulated impairment as at March 31, 2024 24.17 333.74 7,222.12 3.79 1.38 20.05 7,605.25
Accumulated depreciation as at April 1, 2023 1,327.06 8,783.92 65,487.43 839.66 256.03 636.09 77,330.19
Disposals (0.02) (36.28) (744.94) (15.37) (12.58) - (809.19)
Classified as held for sale (net) - (33.64) (77.23) - - - (110.87)
Other re-classifications 9.67 19.64 298.71 7.00 0.08 7.26 342.36
Exchange differences on consolidation 10.10 54.09 371.00 7.55 (0.20) 4.37 446.91
1,451.34 10,080.86 79,646.76 951.08 266.93 751.76 93,148.73
Net carrying value as at April 1, 2023 17,167.08 17,492.06 82,425.73 251.58 174.53 1,185.76 1,18,696.74
Net carrying value as at March 31, 2024 17,219.23 18,015.10 86,758.31 270.20 155.39 1,119.91 1,23,538.14

NOTES

(H crore)
Furniture,
Land fixtures
Plant and Railway
including Buildings and office Vehicles Total
machinery sidings
roads equipments
(FFOE)
Cost/deemed cost as at April 1, 2022 18,308.82 25,353.77 1,44,092.44 976.93 441.68 1,775.11 1,90,948.75
Addition relating to acquisitions 50.15 319.92 2,499.20 0.71 0.35 30.14 2,900.47
Additions 65.12 511.64 5,787.12 127.85 5.67 0.40 6,497.80
Disposals (79.15) (42.70) (1,697.70) (20.49) (17.63) (0.04) (1,857.71)
Disposal of group undertakings - (20.58) - - - - (20.58)
Other re-classifications (3.62) (35.50) 117.17 10.25 1.05 - 89.35
Exchange differences on consolidation 182.66 478.91 2,891.99 0.49 0.57 35.62 3,590.24
Cost/deemed cost as at March 31, 2023 18,523.98 26,565.46 1,53,677.11 1,095.74 431.69 1,841.23 2,02,135.21
Accumulated impairment as at April 1, 2022 301.63 335.18 5,884.67 4.37 1.13 18.96 6,545.94
Additions relating to acquisitions - - 0.13 0.01 - - 0.14
Charge for the year (7.19) (39.76) 37.69 - - - (9.26)
Disposals - (0.25) (307.30) (0.01) - - (307.56)
Other re-classifications (262.28) (17.46) 0.04 0.03 - - (279.67)
Exchange differences on consolidation (2.32) 11.77 148.72 0.10 - 0.42 158.69
Accumulated impairment as at March 31, 2023 29.84 289.48 5,763.95 4.50 1.13 19.38 6,108.28
Additions relating to acquisitions - - 0.15 0.06 - - 0.21
Disposals - (31.71) (1,115.17) (21.22) (16.10) (0.02) (1,184.22)
Other re-classifications 259.36 5.86 20.84 7.06 (0.13) - 292.99
Exchange differences on consolidation 14.20 284.49 1,760.27 (1.40) 0.29 16.68 2,074.53
1,356.90 9,073.40 71,251.38 844.16 257.16 655.47 83,438.47
Net carrying value as at April 1, 2022 17,041.32 17,418.21 80,072.65 217.61 195.48 1,221.19 1,16,166.46
Net carrying value as on March 31, 2023 17,167.08 17,492.06 82,425.73 251.58 174.53 1,185.76 1,18,696.74

NOTES

(i) Net carrying value of furniture, fixtures and office equipment comprises of:
(H crore)
As at As at
March 31, 2024 March 31, 2023
Furniture and fixtures
61.40 61.08
Office equipments
208.80 190.50
270.20 251.58
(ii) Borrowing costs has been capitalised during the year against qualifying assets under construction using a capitalisation
rate ranges between 8.34% to 9.39% (2022-23: 2.47% to 9.46%).
(iii) During the year ended March 31, 2024, the Group considered indicators of impairment for its cash generating units (‘CGUs’)
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 estimated the recoverable amount based on
the value in use or fair value less cost to sell as appropriate. The outcome of the assessment as on March 31, 2024 resulted in
the Group recognising a net impairment of H2,309.16 crore (2022-23: net impairment reversal of R34.41 crore) for property,
plant and equipment including capital work-in-progress. The impairment charge (net of reversals) for the year is contained
within the European, Southeast Asian Operations and Indian Operations, the details of which are provided below.
With respect to CGUs within the European operations, an impairment charge of H2,282.28 crore (2022-23: H77.83 crore) has
been recognised. Out of the total impairment charge, H2,250.33 crore (2022-23: H53.17 crore) is included within exceptional
items and H31.95 crore (2022-23: R24.66 crore) is included within other expenses in the consolidated statement of profit
and loss. During the year ended March 31, 2023, an impairment reversal of H89.69 crore was recognised within exceptional
items in the consolidated statement of profit and loss. Also refer note 49, page F261.
During the year ended March 31, 2024, the Group has recognised an impairment charge of H0.15 crore (2022-23: R0.22
crore) within the South-east Asia operations. The impairment charge is included within other expenses in the consolidated
Within the Indian operations, the Group has recognised an impairment charge of R26.73 crore (2022-23: R22.77 crore). Out
of the total impairment charge, R26.55 crore (2022-23: Nil) in respect of surrender of Sukinda Chromite Block is included
within exceptional items and R0.18 crore (2022-23: R22.77 crore) is included within other expenses in the consolidated
The Group has conducted sensitivity analysis on the impairment tests of the carrying value in respect of Group’s CGUs
including sensitivity in respect of discount rate.
(iv) The details of property, plant and equipment pledged against borrowings is presented in note 22, page F205.
(v) Additions to capital work-in-progress during the year is H17,307.48 crore (2022-23: H13,262.03 crore)

NOTES

(vi) Ageing of capital work-in-progress is as below:

(H crore)
Amount in capital work-in-progress for a period of
Projects in progress 14,673.82 7,202.73 3,212.42 7,852.48 32,941.45
Projects temporarily suspended 9.87 - 10.55 408.32 428.74
Total 14,683.69 7,202.73 3,222.97 8,260.80 33,370.19

(H crore)
Amount in capital work-in-progress for a period of
Projects in progress 12,792.10 6,059.19 4,371.97 6,793.78 30,017.04
Projects temporarily suspended 2.26 0.02 1.63 286.95 290.86
Total 12,794.36 6,059.21 4,373.60 7,080.73 30,307.90
(vii) The expected completion of amounts lying in capital work in progress which are delayed is as below:

(H crore)
Amount of capital work-in-progress to be completed in
Projects in progress:
Tata Steel India:
Growth projects 17,200.63 2,521.58 9.08 -
Raw material augmentation 2,929.72 - - -
Environment, safety and compliance 733.06 124.09 3.52 1.20
Sustenance projects 2,508.56 122.25 - 441.19
23,371.97 2,767.92 12.60 442.39
Tata Steel Europe:
Growth projects 0.68 - - -
Sustenance projects 675.19 1,352.04 - -
964.81 1,514.78 - -
Sustenance projects 22.39 - 120.09 -
22.39 - 120.09 -
24,359.17 4,282.70 132.69 442.39
Projects temporarily suspended:
Tata Steel Europe:
Growth projects 41.31 - - -
Sustenance projects 197.86 - - 29.83
239.17 - - 29.83

NOTES


(H crore)
Amount of capital work-in-progress to be completed in
Tata Steel India:
Growth projects 9,568.65 7,322.65 97.75 67.81
Raw material augmentation 489.92 1,153.85 - -
Sustenance projects 1,389.18 63.85 1.66 24.03
11,759.11 8,945.17 99.41 91.84
Tata Steel Europe:
Growth projects
Sustenance projects 2,433.23 - - -
2,595.65 70.29 - -
16.99 121.57 - -
14,371.75 9,137.03 99.41 91.84
Projects temporarily suspended:
Tata Steel Europe:
Sustenance projects 185.67 0.02 - 5.90
227.24 19.41 - 5.90
The Group in the earlier years had priortised its strategic objective of deleveraging balance sheet over the planned investments
in organic growth projects which resulted in lower capital expenditure on projects as compared to the original plan as approved
by the Board of Directors of the Company.
Following the rebalancing of capital structure and the Company attaining an investment grade credit rating, the capital
allocation for organic growth projects has been increased and the Group expects to commission these facilities in line with
their revised completion schedules.

NOTES
4. Right-of-use assets
(H crore)
Right-of-use
Right-of-use furniture, Total
plant and fixtures and right-of-use
machinery office assets
equipments
Cost as at April 1, 2023 3,176.66 2,338.14 9,456.77 14.98 316.83 15,303.38
Additions 208.81 115.07 585.88 1.95 125.21 1,036.92
Disposals (2.74) (24.08) (699.60) (0.13) (71.97) (798.52)
Other re-classifications 21.42 (399.00) (694.87) - (0.73) (1,073.18)
Exchange differences on consolidation (7.85) 46.47 57.56 0.07 1.85 98.10
Cost as at March 31, 2024 3,396.30 2,076.60 8,705.74 16.87 371.19 14,566.70
Accumulated impairment as at April 1, 2023 - 68.33 1.84 0.25 7.24 77.66
Charge for the year - 321.36 233.90 - - 555.26
Disposals - - - - (4.65) (4.65)
Exchange differences on consolidation - 5.73 2.99 - (0.02) 8.70
Accumulated impairment as at March 31, 2024 - 395.42 238.73 0.25 2.57 636.97
Accumulated depreciation as at April 1, 2023 309.45 924.85 4,613.40 3.63 151.87 6,003.20
Disposals (2.71) (22.61) (653.68) (0.13) (63.60) (742.73)
Other re-classifications 0.61 59.41 (1.79) - (0.78) 57.45
Exchange differences on consolidation (1.40) 22.01 24.11 - 1.00 45.72
Accumulated depreciation as at March 31, 2024 366.78 1,164.37 4,644.88 4.05 163.76 6,343.84
Total accumulated depreciation and impairment as at
366.78 1,559.79 4,883.61 4.30 166.33 6,980.81
March 31, 2024
Net carrying value as at April 1, 2023 2,867.21 1,344.96 4,841.53 11.10 157.72 9,222.52
Net carrying value as at March 31, 2024 3,029.52 516.81 3,822.13 12.57 204.86 7,585.89

NOTES

(H crore)
Right-of-use
Right-of-use furniture, Right-of- Total
plant and fixtures and use railway right-of-use
machinery office sidings assets
equipments
Cost as at April 1, 2022 2,461.37 2,234.51 8,661.61 13.86 244.42 5.26 13,621.03
Addition relating to acquisitions 688.96 - - - - - 688.96
Additions 16.48 134.52 906.61 0.89 106.40 - 1,164.90
Disposals - (93.00) (150.83) (0.39) (44.86) (5.26) (294.34)
Other re-classifications (0.03) (0.84) (88.35) - 0.71 - (88.51)
Exchange differences on consolidation 9.88 62.95 127.73 0.62 10.16 - 211.34
Cost as at March 31, 2023 3,176.66 2,338.14 9,456.77 14.98 316.83 - 15,303.38
Accumulated impairment as at April 1, 2022 - 60.27 0.06 0.23 6.81 - 67.37
Charge for the year - 5.51 - - - - 5.51
Other re-classifications - - 1.61 - - - 1.61
Exchange differences on consolidation - 2.55 0.17 0.02 0.43 - 3.17
Accumulated impairment as at March 31, 2023 - 68.33 1.84 0.25 7.24 - 77.66
Accumulated depreciation as at April 1, 2022 250.76 794.36 4,034.74 3.56 127.46 5.08 5,215.96
Charge for the year 57.48 149.44 731.78 0.45 60.27 0.18 999.60
Disposals - (80.01) (141.96) (0.39) (42.22) (5.26) (269.84)
Other re-classifications - 33.14 (79.84) - 0.71 - (45.99)
Exchange differences on consolidation 1.21 27.92 68.68 0.01 5.65 - 103.47
Accumulated depreciation as at March 31, 2023 309.45 924.85 4,613.40 3.63 151.87 - 6,003.20
Total accumulated depreciation and impairment
309.45 993.18 4,615.24 3.88 159.11 - 6,080.86
Net carrying value as on March 31, 2023 2,867.21 1,344.96 4,841.53 11.10 157.72 - 9,222.52
(i) Within the European operation, an impairment charge of H555.26 crore (March 31, 2023: H5.51 crore) has been recognised.
Out of the total impairment charge, H550.97 crore (2022-23: Nil) is included within exceptional items and H4.29 crore
(2022-23: H5.51 crore) is included within other expenses in the consolidated statement of profit and loss. Also refer note
49, page F261.
(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.
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 right-of-use asset can only be used by the Group. Extension and termination options are included in some property
and equipment leases. These are used to maximise operational flexibility in terms of managing the assets used in the
Group’s operations. Majority of the extension and termination options held are exercisable based on mutual agreement
of the Group and the lessors.

NOTES

With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance
sheet as a right- of- use asset and a lease liability. Payments made for short term leases and leases of low value are expensed
on a straight-line basis over the lease term.
Variable lease payments which do not depend on an index or a rate (such as lease payments based on a percentage of
sales) are excluded from the initial measurement of the lease liability and asset.
For leases recognised under long term arrangements involving use of a dedicated asset, non-lease components are
excluded based on the underlying contractual terms and conditions. A change in the allocation assumptions may have
an impact on the measurement of lease liabilities and the related right-of-use assets.
During the year ended March 31, 2024, the Group has recognised the following in the consolidated statement of profit
and loss:
(i) expense in respect of short-term leases and leases of low- value assets H37.63 crore (2022-23: H32.29 crore) and
H36.69 crore (2022-23: H30.57 crore) respectively.
(ii) expense in respect of variable lease payments not included in the measurement of lease liabilities H244.31 crore
(2022-23: H1,062.45 crore).
(iii) income in respect of sub leases of right-of-use assets Nil (2022-23: H48.70 crore).
During the year ended March 31, 2024, total cash outflow in respect of leases amounted to H1,948.89 crore (2022-23:
H2,777.04 crore).
As at March 31, 2024, commitments for leases not yet commenced was H204.02 crore (March 31, 2023: H214.35 crore).

NOTES
5. Goodwill
[Item No. I(d), Page F144]
(H crore)
March 31, 2024 March 31, 2023
Cost as at beginning of the year 7,223.82 5,899.55
Addition relating to acquisitions - 1,202.96
Exchange differences on consolidation 197.42 121.31
Cost as at end of the year 7,421.24 7,223.82
Impairment as at beginning of the year 1,622.17 1,588.35
Charge for the year - 0.77
Impairment as at end of the year 1,675.94 1,622.17
Net book value as at beginning of the year 5,601.65 4,311.20
Net book value as at end of the year 5,745.30 5,601.65
(i) The carrying value of goodwill includes H4,272.83 crore (March 31, 2023: H4,129.19 crore) that arose on the acquisition of
erstwhile Corus Group Plc. and has been tested in the current year against the recoverable amount of the Business Unit
IJmuiden cash generating unit (CGU) by the Group. This goodwill relates to expected synergies from combining Corus’
activities with those of the Group and to assets, which could not be recognised as separately identifiable intangible assets.
The goodwill is tested annually for impairment or more frequently if there are any indications that the goodwill may be
impaired. Also refer note 49, page F261.
The outcome of the Group’s goodwill impairment as at March 31, 2024 for BU Ijmuiden CGU resulted in no impairment of
goodwill (2022- 23: Nil).
(ii) The carrying value of goodwill includes H1,195.69 crore (March 31, 2023: H1,195.69 crore) that arose on the acquisition of
Neelachal Ispat Nigam Limited (“NINL”) through erstwhile Tata Steel Long Products Limited. The recoverable value of NINL
has been assessed at fair value less costs to sell using cash flow forecasts based on the most recently approved business
plan for financial year 2024-25. Beyond financial year 2024-25, the cash flow forecasts is based on strategic forecasts which
cover a period of eight years and future projections taking the analysis out to perpetuity. It also includes capital expenditure
for capacity expansion of steel making facilities from the current 1.1 MTPA to 4.95 MTPA by financial year 2029-30 as well
as estimated EBITDA changes due to implementation of the expansion strategy and operating the assets.
Key assumptions to the fair value less costs to sell model are changes to selling prices and raw material costs, steel
demand, amount of capital expenditure needed for expansion of the existing facilities, EBITDA, and a post-tax discount
rate of 10.10% (March 31, 2023: 10.10%). The estimates are based on management’s best estimates of implementing the
expansion strategy.
For the fair value less costs to sell model, a terminal growth rate of 4.00% (March 31, 2023: 4.00%) has been used to
extrapolate the cash flows beyond the specifically forecasted period.
The outcome of the impairment assessment as on March 31, 2024 has not resulted in impairment of Goodwill.
The Group has conducted sensitivity analysis including sensitivity in respect of discount rate on the impairment assessment
of goodwill. The Group believes that no reasonably possible change in any of the key assumptions used in the model would
cause the carrying value of goodwill to materially exceed its recoverable value.

NOTES
6. Other intangible assets

(H crore)
Other
Patents and Development Software Mining
intangible Total
trademarks costs costs assets
assets
Cost/deemed cost as at April 1, 2023 29.99 317.84 1,371.72 18,319.33 693.27 20,732.15
Additions - - 47.21 (12.73) 22.88 57.36
Disposals - - (0.11) - - (0.11)
Other re-classifications - - (0.25) 1.24 (7.08) (6.09)
Exchange differences on consolidation 1.18 2.18 6.34 104.60 (0.15) 114.15
Cost/deemed cost as at March 31, 2024 31.17 320.02 1,424.91 18,412.44 708.92 20,897.46
Accumulated impairment as at April 1, 2023 12.61 8.95 32.25 4,374.98 30.65 4,459.44
Charge for the year - - 26.29 152.35 509.50 688.14
Exchange differences on consolidation 0.44 0.31 0.37 63.83 - 64.95
Accumulated impairment as at March 31, 2024 13.05 9.26 58.91 4,591.16 540.15 5,212.53
Accumulated amortisation as at April 1, 2023 10.49 308.89 859.19 1,871.15 122.44 3,172.16
Charge for the year 0.61 - 123.37 435.68 4.42 564.08
Disposals - - (0.11) - - (0.11)
Other re-classifications - - (17.21) 17.80 (7.18) (6.59)
Exchange differences on consolidation 0.53 1.87 2.79 5.28 (0.13) 10.34
Accumulated amortisation as at
11.63 310.76 968.03 2,329.91 119.55 3,739.88
March 31, 2024
Total accumulated amortisation and
24.68 320.02 1,026.94 6,921.07 659.70 8,952.41
Net carrying value as at April 1, 2023 6.89 - 480.28 12,073.20 540.18 13,100.55
Net carrying value as at March 31, 2024 6.49 - 397.97 11,491.37 49.22 11,945.05

NOTES
6. Other intangible assets (Contd.)

(H crore)
Other
Patents and Development Software Mining
intangible Total
trademarks costs costs assets
assets
Cost/deemed cost as at April 1, 2022 29.49 299.49 1,147.92 9,126.95 678.58 11,282.43
Additions relating to acquisitions - - - 8,612.00 - 8,612.00
Additions 0.03 - 173.03 35.77 16.45 225.28
Disposals - - (19.49) - - (19.49)
Other re-classifications - - 16.92 - (1.90) 15.02
Exchange differences on consolidation 0.47 18.35 53.34 544.61 0.14 616.91
Cost/deemed cost as at March 31, 2023 29.99 317.84 1,371.72 18,319.33 693.27 20,732.15
Accumulated impairment as at April 1, 2022 12.34 8.76 40.97 4,042.60 30.65 4,135.32
Disposals - - (7.95) - - (7.95)
Exchange differences on consolidation 0.27 0.19 (0.77) 332.38 - 332.07
Accumulated impairment as at March 31, 2023 12.61 8.95 32.25 4,374.98 30.65 4,459.44
Accumulated amortisation as at April 1, 2022 9.82 290.69 745.83 1,511.15 117.15 2,674.64
Disposals - - (11.53) - - (11.53)
Other re-classifications - - 12.44 - 2.06 14.50
Exchange differences on consolidation 0.03 18.16 31.43 17.34 0.13 67.09
Accumulated amortisation as at
10.49 308.89 859.19 1,871.15 122.44 3,172.16
March 31, 2023
Total accumulated amortisation and
23.10 317.84 891.44 6,246.13 153.09 7,631.60
Net carrying value as on April 1, 2022 7.33 0.04 361.12 3,573.20 530.78 4,472.47
Net carrying value as on March 31, 2023 6.89 - 480.28 12,073.20 540.18 13,100.55
(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, 2024, the Group recognised net impairment charge of H26.29 crore (2022-23: Nil) in respect
of intangible assets in its European operations. The impairment is included within exceptional items in the consolidated
statement of profit and loss. Also refer note 49, page F261.
(iii) Within the Indian operations, the Group has recognised an impairment charge of H661.85 crore (2022-23: Nil). The
impairment is included within exceptional items in the consolidated statement of profit and loss.

NOTES
6. Other intangible assets (Contd.)

(iv) Ageing of intangible assets under development is as below:

(H crore)
Amount in intangible assets under development for a period of
Projects in progress 156.22 217.05 273.92 338.15 985.34
Total 156.22 217.05 273.92 338.15 985.34

(H crore)
Amount in intangible assets under development for a period of
Projects in progress 226.14 274.38 72.35 332.25 905.12
Total 226.14 274.38 72.35 332.25 905.12
(v) The expected completion of the amounts lying in intangible assets under development which are delayed are as below:

(H crore)
Amount of intangible assets under development to be completed in
Tata Steel India:
108.13 8.37 - -
Tata Steel Europe:
Growth projects 314.82 22.60 - -
314.82 22.60 - -
422.95 30.97 - -

(H crore)
Amount of intangible assets under development to be completed in
Tata Steel India:
Sustenance projects 103.51 33.07 7.32 3.34
103.51 33.07 7.32 3.34
Tata Steel Europe:
Growth projects - 44.70 44.70 48.56
Sustenance projects 26.18 - - -
26.18 44.70 44.70 48.56
129.69 77.77 52.02 51.90

NOTES
7. Equity accounted investments

[Item No. I(g), Page F144]
(a) Investment in associates:

(i) The Group has no material associates as at March 31, 2024. The aggregate summarised financial information in respect of
the Group’s immaterial associates accounted for using the equity method is as below:
(H crore)
As at As at
March 31, 2024 March 31, 2023
Carrying value of Group’s interest in associates* 264.90 251.72
(H crore)
March 31, 2024 March 31, 2023
Group's share in profit/(loss) for the year of associates* 15.37 7.65
Group’s share in total comprehensive income for the year of associates 15.37 7.65
(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, 2024 is H152.05 crore (March 31, 2023: H60.16 crore). The carrying value of such investments is Nil
(March 31, 2023: Nil) as the Group’s share of losses in such associates exceeds the cost of investments made.
(iii) Share of unrecognised loss in respect of equity accounted associates amounted to Nil for the year ended March 31, 2024
(2022-23: Nil). Cumulative share of unrecognised losses in respect of equity accounted associates as at March 31, 2024
amounted to H136.29 crore (March 31, 2023: H144.24 crore).
(b) Investment in joint ventures:

(i) The Group holds more than 50% of the equity share capital in TM International Logistics Limited, Jamshedpur Continuous
Annealing & Processing Company Private Limited and Naba Diganta Water Management Limited. However, decisions in
respect of activities which significantly affect the risks and rewards of these businesses, require a unanimous consent of
all the shareholders. These entities have therefore been considered as joint ventures.
(ii) The Group has no material joint ventures as at March 31, 2024. The aggregate summarised financial information in respect
of the Group’s immaterial joint ventures accounted for using the equity method is as below.
(H crore)
As at As at
March 31, 2024 March 31, 2023
Carrying value of Group’s interest in joint ventures* 2,682.26 2,981.61
(H crore)
March 31, 2024 March 31, 2023
Group's share in profit/(loss) for the year of joint ventures* (73.35) 410.47
Group's share in other comprehensive income for the year of joint ventures 54.09 12.75
Group's share in total comprehensive income for the year of joint ventures (19.26) 423.22
(iii) Share of unrecognised losses in respect of equity accounted joint ventures amounted to H252.11 crore for the year ended
March 31, 2024 (2022-23: H96.09 crore). Cumulative share of unrecognised losses in respect of equity accounted joint
ventures as at March 31, 2024 amounted to H1,579.08 crore (March 31, 2023: H1,184.95 crore).

NOTES
7. Equity accounted investments (Contd.)

[Item No. I(g), Page F144]
(c) Summary of carrying value of Group’s interest in equity accounted investees:

(H crore)
As at As at
March 31, 2024 March 31, 2023
Carrying value of immaterial associates 264.90 251.72
Carrying value of immaterial joint ventures 2,682.26 2,981.61
2,947.16 3,233.33
(d) Summary of Group’s share in profit/(loss) for the year of equity accounted investees:
(H crore)
March 31, 2024 March 31, 2023
Share of profit/(loss) of immaterial associates 15.37 7.65
Share of profit/(loss) of immaterial joint ventures (73.35) 410.47
(57.98) 418.12
(e) Summary of Group’s share in other comprehensive income for the year of equity accounted investees:
(H crore)
As at As at
March 31, 2024 March 31, 2023
Share of other comprehensive income of immaterial joint ventures 54.09 12.75
54.09 12.75
*Group’s share in net assets and profit/(loss) of equity accounted investees has been determined after giving effect for subsequent amortisation/ depreciation
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
acquisition and other adjustment e.g. unrealised profits on inventories etc., arising under the equity method of accounting.

NOTES
8. Investments
[Item No. I(h)(i) and II(b)(i), Page F144]
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Investments carried at amortised cost:
Investment in government or trust securities 17.86 17.01
17.86 17.01
(b) Investments carried at cost/deemed cost:
Investment in preference shares 25.00 25.00
25.00 25.00
(c) Investments carried at fair value through other comprehensive income:
Investment in equity shares# 2,377.74 1,370.36
2,377.74 1,370.36
(d) Investments carried at fair value through profit and loss:
Investment in preference shares 115.05 85.48
Investment in equity shares 43.54 49.07
158.59 134.55
2,579.19 1,546.92
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Investments carried at fair value through profit and loss:
Investment in mutual funds - Quoted 0.09 0.09
Investment in mutual funds - Unquoted 731.13 3,629.97
731.22 3,630.06
(i) Carrying value and market value of quoted and unquoted investments is as below:
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Investments in quoted instruments:
Aggregate carrying value 2,000.03 995.64
Aggregate market value 2,000.03 995.64
(b) Investments in unquoted instruments:
Aggregate carrying value 1,310.38 4,181.34

NOTES
[Item No. I(h)(i) and II(b)(i), Page F144]
(ii) The Company and its subsidiaries, associate companies and joint ventures, which are companies incorporated in India,
have not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind
of funds) to any other person or entity, including foreign entities (“Intermediaries”) with the understanding (whether
recorded in writing or otherwise) that the Intermediaries shall, whether, directly or indirectly lend or invest in other persons
/ entities identified in any manner whatsoever by or on behalf of the aforesaid Company and its subsidiaries, associate
companies and joint ventures (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries, other than investments made by the Company aggregating H23.50 crore during the year ended
March 31, 2024 in Tata Steel Advanced Materials Limited, a subsidiary (2022-23: H645.06 crore in erstwhile Tata Steel Mining
Limited, now merged with the Company, H10.00 crore in Tata Steel Downstream Products Limited, H54.69 crore in Tata Steel
Advanced Materials Limited and H68.00 crore in Tata Steel Utilities and Infrastructure Services Limited) and as set out
in note 9(iv), page F182, in the ordinary course of business and in keeping with the applicable regulatory requirements
for onward funding to certain subsidiaries of the Company towards meeting their business requirements and / or loan
repayments. Accordingly, no further disclosure, in this regard, is required. The aforesaid investments have been eliminated
(iii) The Company and its subsidiaries, associate companies and joint ventures, which are companies incorporated in India, have
not received any fund from any person(s) or entity(ies), including foreign entities (“Funding Party”) with the understanding
(whether recorded in writing or otherwise) that the aforesaid Company and its subsidiaries, associate companies and
joint ventures shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries, other than funds received by a subsidiary company as set out in note 8(ii), page F180,
and note 9(iv), page F182 (2022-23: H12,700 crore by erstwhile Tata Steel Long Products Limited (“TSLP”), now merged
with the Company, towards acquisition of Neelachal Ispat Nigam Limited (“NINL”)/subscription to shares of NINL out of
funds received through issuance of non-convertible preference shares by TSLP to the Company), in the ordinary course
of business and in keeping with the applicable regulatory requirements for onward funding to certain subsidiaries of
the Company towards meeting their business requirements. Accordingly, no further disclosure, in this regard, is required.
The aforesaid investments have been eliminated in the consolidated financial statements.

#
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 value measurements and cost represents the best estimate of fair value within that range.

NOTES
9. Loans
[Item No. I(h)(ii) and II(b)(v), Page F144]
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
Considered good- Unsecured 8.58 8.29
8.58 8.29
(b) Other loans
Credit impaired 1,612.84 1,621.61
Less: Allowance for credit losses 1,612.84 1,621.61
64.56 56.45
73.14 64.74
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
Considered good- Unsecured - -
Credit impaired 1,001.69 986.95
Less: Allowance for credit losses 1,001.69 986.95
- -
(b) Other loans
1.60 1.84
1.60 1.84

NOTES
9. Loans (Contd.)
[Item No. I(h)(ii) and II(b)(v), Page F144]
(i) Non-current loans to related parties represents loan given to joint ventures H218.15 crore (March 31, 2023: I210.82 crore)
and associates H8.58 crore (March 31, 2023: H8.29 crore). Out of loans given to joint ventures, H218.15 crore (March 31, 2023:
H210.82 crore) is impaired.
(ii) Current loans to related parties represent loans/advances given to joint ventures H1,001.69 crore (March 31, 2023: H986.95
crore). Out of which H1,001.69 crore (March 31, 2023: H986.95 crore) is impaired.
(iii) Other loans includes loans given to employees.
(iv) The Company and its subsidiaries, associate companies and joint ventures, which are companies incorporated in India, have
not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds)
to any other person or entity, including foreign entities (“Intermediaries”) with the understanding (whether recorded in
writing or otherwise) that the Intermediaries shall, whether, directly or indirectly lend or invest in other persons / entities
identified in any manner whatsoever by or on behalf of the aforesaid Company and its subsidiaries, associate companies and
joint ventures (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
other than loans advanced by the Company aggregating H3,665.91 crore (2022-23: roll over of loan of H1,643.45 crore)
given during the year to T Steel Holdings Pte. Ltd., a subsidiary and an investment company of the Company and as set out
in note 8(ii), page F180, in the ordinary course of business and in keeping with the applicable regulatory requirements for
onward funding to certain overseas subsidiaries of the Company towards meeting their business requirements and / or
loan repayments. Accordingly, no further disclosure, in this regard, is required. The aforesaid loans have been eliminated
(v) The Company and its subsidiaries, associate companies and joint ventures, which are companies incorporated in India, have
not received any fund from any person(s) or entity(ies), including foreign entities (“Funding Party”) with the understanding
(whether recorded in writing or otherwise) that the aforesaid Company and its subsidiaries, associate companies and joint
ventures shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

NOTES
10. Other financial assets

[Item No. I(h)(iv) and II(b)(vii), Page F144]
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
295.97 277.25
(b) Interest accrued on deposits, loans and advances
Credit impaired - 0.27
Less: Allowance for credit losses - 0.27
1.03 1.97
(c) Earmarked balances with banks 104.66 84.12
(d) Other balances with banks 18.66 11.97
(e) Others
Considered good- Unsecured 1,188.00 135.57
1,188.00 135.57
1,608.32 510.88

NOTES
10. Other financial assets (Contd.)

[Item No. I(h)(iv) and II(b)(vii), Page F144]
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
53.98 58.03
75.65 34.91
(c) Others
Considered good- Unsecured 1,042.95 1,342.57
1,042.95 1,342.57
1,172.58 1,435.51
(i) Security deposits are primarily in relation to public utility services and rental agreements. It includes deposit with
Tata Sons Private Limited H11.25 crore (March 31, 2023: H11.25 crore).
(ii) 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
money against issue of bank guarantees and deposits made against contract performance.
(iii) Other non-current balances with banks represent bank deposits not due for realisation within 12 months from the balance
sheet date.
(iv) Current other financial assets include amount receivable from post-employment benefit funds H74.08 crore
(March 31, 2023: H137.98 crore) on account of retirement benefit obligations paid by the Group directly.
(v) Non-current other financial assets include lease receivable of H1,027.06 crore (March 31, 2023: Nil) recognised during
the year ended March 31, 2024 on entering into a long-term arrangement with a joint venture to dedicate a class of its
downstream assets for production of certain value added products to drive synergies at market place resulting in a gain
of H903.40 crore (2022-23: Nil) included in other income (refer note 29(iii), page F219).
The consolidated net loss for the year considers a gain of H338.02 crore (net of tax) on account of the said transaction
based on the Company’s shareholding.

NOTES
11. Retirement benefit assets and obligations

[Item No. I(i), V(c) and VI(c), Page F144 and F145]
(I) Retirement benefit assets

A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Pension 23.26 6,989.59
(b) Retiring gratuities - 1.24
23.26 6,990.83
(II) Retirement benefit obligations

A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Pension 617.86 674.49
(b) Retiring gratuities 458.41 327.08
(c) Post-retirement medical benefits 1,644.01 1,448.80
(d) Other defined benefits 499.20 481.00
3,219.48 2,931.37
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Pension 16.28 11.52
(b) Retiring gratuities 11.16 20.17
(c) Post-retirement medical benefits 89.92 89.02
(d) Other defined benefits 29.36 41.76
146.72 162.47
(i) Detailed disclosure in respect of post-retirement defined benefit schemes is provided in note 36, page F223.
(ii) Other defined benefits include deficiency in interest cost on provident fund of H25.99 crore (March 31, 2023: H19.21 crore),
post- retirement lumpsum benefits, long service awards, packing and transportation, farewell gifts, etc.

NOTES
12. Income taxes

[Item No. I(k), V(e) and IX, Page F144, F145 and F146]
A. Income tax expenses/(benefit)

Indian companies are subject to income tax in India on the basis of their standalone financial statements. Indian companies
can claim tax exemptions/deductions under specific sections of the Income-tax Act, 1961 subject to fulfilment of prescribed
conditions as may be applicable. The Company and some of its Indian subsidiaries during the year ended March 31, 2020
has opted for 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 22% (effective rate of 25.168%). The lower rate shall be applicable subject to certain conditions, including
that the total income should be computed without claiming specific deduction or exemptions.
As per the tax laws, business loss can be carried forward for a maximum period of eight assessment years immediately
succeeding the assessment year to which the loss pertains. Unabsorbed depreciation can be carried forward for an
indefinite period.
Apart from India, major tax jurisdictions for the Group include Singapore, United Kingdom and Netherlands. The number
of years that are subject to tax assessments varies depending on the tax jurisdiction.
The reconciliation of estimated income tax to income tax expense is as below:
(H crore)
March 31, 2024 March 31, 2023
Profit/(loss) before tax (1,147.04) 18,235.12
Income tax expense at tax rates applicable to individual entities (206.30) 4,766.68
(a) Income exempt from tax/items not deductible (600.08) 720.15
(b) Undistributed earning of joint ventures and equity accounted investees (11.89) 42.23
(c) Deferred tax assets not recognised because realisation is not probable 5,250.81 3,867.24
(d) Adjustments to taxes in respect of prior periods 57.33 11.58
(e) Utilisation/credit of unrecognised tax losses, unabsorbed depreciation and other tax benefits (726.83) (133.54)
(f ) Impact of changes in tax rates(i) (0.47) 885.43
Tax expense as reported 3,762.57 10,159.77
(i) During the year ended March 31, 2023, changes in tax rates primarily represent 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 the new tax regime.

NOTES
12. Income taxes (Contd.)

B. Deferred tax assets/(liabilities)

(i) Components of deferred tax assets and liabilities as at March 31, 2024 is as below:
(H crore)
Recognised/
Recognised/ Exchange
(reversed) Other
(reversed) in differences on
Balance as at in other movements Balance as at
profit and loss consolidation
April 1, 2023 comprehensive during the March 31, 2024
during the during the
Income during year
year year
the year
Tax-loss carry forwards 2,092.01 1,419.30 - 496.54 7.76 4,015.61
Expenses allowable for tax purposes when paid/ 3,975.39 384.79 - - 6.96 4,367.14
written off
Others (416.74) 1,213.73 (439.43) 0.05 8.82 366.43
5,650.66 3,017.82 (439.43) 496.59 23.54 8,749.18
Property, plant and equipment and Intangible assets 15,600.32 1,590.25 - 496.77 (41.23) 17,646.11
Retirement benefit assets/ obligations 1,465.60 (272.50) (1,497.25) (0.18) 38.31 (266.02)
Others 74.42 172.50 - - 3.43 250.35
17,140.34 1,490.25 (1,497.25) 496.59 0.51 17,630.44
Net deferred tax assets/(liabilities) (11,489.68) 1,527.57 1,057.82 - 23.03 (8,881.26)
Disclosed as:
Deferred tax assets 2,625.96 4,111.08
Deferred tax liabilities 14,115.64 12,992.34
(11,489.68) (8,881.26)

NOTES

Components of deferred tax assets and liabilities as at March 31, 2023 is as below:
(H crore)
Recognised/
Recognised/ Addition Exchange
(reversed) in Other Balance
(reversed) in relating to differences on
Balance as at other movements as at
profit and loss acquisitions consolidation
April 1, 2022 comprehensive during the March 31,
during the during the during the
Income during year 2023
year year year
the year
Tax-loss carry forwards 4,117.59 (3,363.50) - 1,385.51 - (47.59) 2,092.01
Expenses allowable for tax purposes 4,587.69 (613.22) - - (1.26) 2.18 3,975.39
when paid/ written off
Others (516.15) (428.51) 529.16 (46.89) (0.23) 45.88 (416.74)
8,189.13 (4,405.23) 529.16 1,338.62 (1.49) 0.47 5,650.66
Property, plant and equipment and 12,729.88 176.08 - 2,712.52 - (18.16) 15,600.32
Intangible assets
Retirement benefit assets/ 4,770.08 135.66 (3,389.01) - (1.50) (49.63) 1,465.60
obligations
Others (8.98) 81.47 - - - 1.93 74.42
17,490.98 393.21 (3,389.01) 2,712.52 (1.50) (65.86) 17,140.34
Net deferred tax assets/(liabilities) (9,301.85) (4,798.44) 3,918.17 (1,373.90) 0.01 66.33 (11,489.68)
Disclosed as:
Deferred tax assets 3,023.93 2,625.96
Deferred tax liabilities 12,325.78 14,115.64
(9,301.85) (11,489.68)
(ii) Deferred tax assets have been recognised based on an evaluation of whether it is probable that taxable profits will be
earned in future accounting periods considering all the available evidences, including approved budgets and forecasts
by the Board of the respective entities.
(iii) Deferred tax assets have not been recognised in respect of tax losses of H63,796.76 crore (March 31, 2023: H59,164.54
crore) as its recovery is not considered probable in the foreseeable future. Such losses primarily relate to the Group’s
European operations.
(iv) Tax losses in respect of which deferred tax asset has not been recognised, expire unutilised based on the year of origination
as below:
(H crore)
As at
March 31, 2024
Within five years 219.91
Later than five years but less than ten years 60.86
Later than ten years but less than twenty years 4,610.64
No expiry 58,905.35
63,796.76

NOTES

(v) Unused tax credits and other deductible temporary differences in respect of which deferred tax asset has not been
recognised, expire unutilised based on the year of origination as below:
(H crore)
As at
March 31, 2024
Later than five years but less than ten years 13.00
Later than ten years but less than twenty years 410.87
No expiry 19,718.11
20,141.98
(vi) As at March 31, 2024, aggregate amount of temporary differences associated with undistributed earnings of subsidiaries
for which deferred tax liability has not been recognised is H7,053.92 crore (March 31, 2023: H7,422.64 crore). No liability
has been recognised in respect of such difference because the Group is in a position to control the timing of reversal of
the temporary difference and it is probable that such difference will not reverse in the foreseeable future.
13. Other assets

[Item No. I(l) and II(d), Page F144]
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Capital advances
Considered doubtful- Unsecured 102.20 106.23
1,005.81 1,383.24
(b) Advance with public bodies

1,999.83 2,053.93
(c) Prepaid lease payments for operating leases 0.19 0.28
(d) Capital advances to related parties

(e) Others
235.75 237.53
3,343.23 3,776.63

NOTES
13. Other assets (Contd.)

[Item No. I(l) and II(d), Page F144]
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Advance with public bodies
3,128.46 3,473.54
(b) Advances to related parties
(c) Others
Considered good- Unsecured 894.31 1,160.57
894.31 1,160.57
4,218.41 4,829.75
(i) Advances with public bodies primarily relate to input credit entitlements and amounts paid under protest in respect of
demands and claims from regulatory authorities.
(ii) Others include advances against supply of goods/services and advances paid to employees.
14. Inventories
[Item No. II(a), Page F144]
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Raw materials 19,702.97 20,794.92
(b) Work-in-progress 5,691.79 9,438.64
(c) Finished and semi-finished goods 16,759.16 17,397.35
(d) Stock-in-trade 71.17 91.28
(e) Stores and spares 6,932.42 6,693.14
49,157.51 54,415.33
Included above, goods-in-transit:
(i) Raw materials 3,235.93 4,472.92
(ii) Finished and semi-finished goods 1,308.12 432.06
(iii) Stock-in-trade 2.01 0.69
(iv) Stores and spares 94.26 130.13
4,640.32 5,035.80
(i) Value of inventories above is stated after provisions (net of reversal) for slow-moving and obsolete items and write-downs
to net realisable value H2,358.51 crore (March 31, 2023: H1,995.71 crore).
(ii) The cost of inventories recognised as an expense includes reversal of H240.45 crore (March 31, 2023: charge of
H128.83 crore) in respect of write-down of inventory to net realisable value.

NOTES
15. Trade receivables

(H crore)
As at As at
March 31, 2024 March 31, 2023
6,598.10 9,012.16
6,263.53 8,257.24
In determining allowance for credit losses of trade receivables, the Group has used the practical expedient by computing
the expected credit loss allowance based on a provision matrix. The provision matrix takes into account historical credit loss
experience and is adjusted for forward looking information. The expected credit loss allowance is based on ageing of receivables
that are due and the rates used in provision matrix.
(i) Movement in allowance for credit losses of receivables is as below:
(H crore)
March 31, 2024 March 31, 2023
Charge/(released) during the year 48.63 32.43
Utilised during the year (470.17) (5.48)
Addition relating to acquisitions - 463.32
(ii) Ageing of trade receivable and credit risk arising therefrom is as below:

(H crore)
Not Due Less than 6 months - More than Total
1-2 years 2-3 years
6 months 1 year 3 years
Undisputed – credit impaired 2.15 6.00 43.26 67.57 3.77 32.56 155.31
Disputed - considered good - 4.25 - - - 2.60 6.85
5,145.28 844.38 162.82 139.76 23.41 221.52 6,537.17
5,132.84 809.90 111.55 57.07 16.29 74.95 6,202.60
Add: Unbilled trade receivables 60.93
Total trade receivables 6,263.53

NOTES
15. Trade receivables (Contd.)

(H crore)
Not Due Less than 6 months - More than Total
1-2 years 2-3 years
6 months 1 year 3 years
Undisputed – credit impaired - 0.67 2.91 1.60 2.77 496.10# 504.05
Disputed - considered good - - - - - 6.58 6.58
Disputed - credit impaired 3.29 1.62 29.11 - - 129.46 163.48
7,184.41 776.58 191.93 43.01 13.02 682.51 8,891.46
7,172.05 722.68 144.24 33.54 6.65 57.38 8,136.54
Add: Unbilled trade receivables 120.70
Total trade receivables 8,257.24
#
includes H463.32 crore with respect to receivables in a subsidiary acquired during the year. The same is fully provided for.
(iii) The Group considers its maximum exposure to credit risk with respect to customers as at March 31, 2024 to be H3,555.37
crore (March 31, 2023: H4,694.54 crore), which is the carrying value of trade receivables after allowance for credit losses
and considering insurance cover. The Group had insurance cover as at March 31,2024 H2,708.16 crore (March 31, 2023:
H3,562.70 crore).
The Group’s exposure to customers is diversified and there is no concentration of credit risk with respect to any
particular customer.
(iv) There are no outstanding receivables due from directors or other officers of the Company.
16. Cash and cash equivalents

[Item No. II(b)(iii), Page F144]
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Cash on hand 0.90 1.93
(b) Cheques, drafts on hand 0.35 0.50
(c) Remittances in-transit 0.02 36.05
(d) Unrestricted balances with banks 7,079.57 12,091.42
7,080.84 12,129.90
(i) Currency profile of cash and cash equivalents is as below:

(H crore)
As at As at
March 31, 2024 March 31, 2023
INR 4,819.04 2,025.74
GBP 299.30 391.93
EURO 367.39 6,929.92
USD 433.36 915.16
Others 1,161.75 1,867.15
7,080.84 12,129.90
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
17. Other balances with banks

[Item No. II(b)(iv), Page F144]
(H crore)
As at As at
March 31, 2024 March 31, 2023
Other balances with banks 1,596.88 1,227.36
1,596.88 1,227.36
(i) Currency profile of earmarked balances with banks is as below:
(H crore)
As at As at
March 31, 2024 March 31, 2023
INR 1,543.77 1,226.50
USD 52.61 -
Others 0.50 0.86
1,596.88 1,227.36
INR-Indian rupees, USD-United States Dollars.

(ii) Earmarked balances with banks of H1,142.93 crore (March 31, 2023: H1,227.36 crore) primarily includes balances held for
unpaid dividends H96.92 crore (March 31, 2023: H90.78 crore), amount held back against the consideration payable for
acquisition of a subsidiary H828.21 crore (March 31, 2023: H911.17 crore), bank guarantee and margin money H92.65 crore
(March 31, 2023: H51.01 crore).
18. Assets held for sale

[Item No. III, Page F144]
(i) Within European businesses, certain property, plant and equipment has been classified as held for sale as the
Group no longer expect to recover the carrying value of such assets through continuing use. As at March 31, 2024,
the carrying value of such assets is H44.66 crore (March 31, 2023: Nil). The Group expects to dispose such property,
plant and equipment within 12 months.
(ii) During the year ended March 31, 2023, within Thailand businesses, certain property, plant and equipment, carrying
value of H51.17 crore, was classified as held for sale as the Group no longer expected to recover the carrying value of
such assets through continuing use. During the year ended March 31, 2024, assets amounting to H44.94 crore have
been disposed of and balance have been reclassified to property, plant and equipment.
(iii) During the year ended March 31, 2023, Within the Indian operations, certain property, plant and equipment, carrying
value of H8.23 crore, was classified as held for sale as the Group no longer expected to recover the carrying value of
such assets through continuing use. Such assets have been disposed of during the current financial year.

NOTES
19. Equity share capital

(H crore)
As at As at
March 31, 2024 March 31, 2023
Authorised:
2,55,16,50,00,000# Ordinary Shares of H1 each 25,516.50 1,750.00
(March 31, 2023: 17,50,00,00,000 Ordinary Shares of H1 each)
35,00,00,000 'A' Ordinary Shares of H10 each * 350.00 350.00
(March 31, 2023: 35,00,00,000 'A' Ordinary Shares of H10 each)
2,50,00,000 Cumulative Redeemable Preference Shares of H100 each * 250.00 250.00
(March 31, 2023: 2,50,00,000 Shares of H100 each)
60,00,00,000 Cumulative Convertible Preference Shares of H100 each * 6,000.00 6,000.00
(March 31, 2023: 60,00,00,000 Shares of H100 each)
32,116.50 8,350.00
Issued:
12,49,64,11,091 Ordinary Shares of H1 each 1,249.64 1,223.44
(March 31, 2023: 12,23,44,16,550 Ordinary Shares of H1 each)
1,249.64 1,223.44
Subscribed and paid up:
12,47,18,47,611** Ordinary Shares of H1 each fully paid up 1,247.19 1,220.99
(March 31, 2023: 12,20,98,53,070** Ordinary Shares of H1 each)
Amount paid up on 58,11,460 Ordinary Shares of H1 each forfeited 0.25 0.25
(March 31, 2023: 58,11,460 Ordinary Shares of H1 each)
1,247.44 1,221.24
#
During the year ended March 31, 2024, the Company’s authorised share capital has increased, with requisite regulatory approvals, because of the mergers
given effect as referred to in note 46, page F259.
* ‘A’ Ordinary Shares and Preference Shares included within the authorised share capital are for disclosure purposes and have not yet been issued by the
Company as on March 31, 2024.
** Includes 4,370 equity shares of H1 each, on which first and final call money has been received and the equity shares have been converted to fully paid-up
equity shares but, are pending final listing and trading approval under the ISIN INE081A01020 (for fully paid shares), and hence, continue to be listed under the
ISIN IN9081A01010 (for partly paid shares) as on March 31, 2024.
(i) Subscribed and paid-up capital excludes 1,16,83,930 (March 31, 2023: 1,16,83,930) Ordinary Shares of face value H1 each
fully paid-up, held by Rujuvalika Investments Limited, wholly-owned subsidiary of the Company.

NOTES

(ii) Details of movement in subscribed and paid-up share capital is as below:
No. of shares No. of shares
of K1 each unless K crore of K1 each unless K crore
otherwise stated otherwise stated
Ordinary Shares
Balance at the beginning of the year 12,20,98,53,070 1,220.99 1,22,11,76,937# 1,221.01
Sub-division of 1 share of face value I10/- each into 10 share of
- - 10,99,05,92,433 -
face value I1/- each effective July 29, 2022(b)
Fully paid shares allotted during the year(a) 26,19,94,541 26.20 - -
Partly paid-up shares converted to fully paid-up shares during
- - - 0.03
the year(c)
Shares forfeited during the year(d) - - (19,16,300) (0.05)
Balance at the end of the year 12,47,18,47,611 1,247.19 12,20,98,53,070 1,220.99
#face value of H10/- each
(a) 26,19,94,541 Ordinary shares of face value of H1 each were allotted to eligible shareholders of Tata Steel Long Products
(“TSLP”), The Tinplate Company of India Limited (“TCIL”) and Tata Metaliks Limited (“TML”) as on the record date as approved
by the Board, pursuant to separate scheme of amalgamation of TSLP, TCIL and TML with the Company as referred to in
note 46, page F259.
(b) The Shareholders of the Company, at the 115th Annual General Meeting held on June 28, 2022, had approved the sub-
division of one equity share of face value H10 each (fully paid-up and partly paid-up) into 10 equity share of face value H1
each. The record date for the said sub-division was set at July 29, 2022.
(c) During the year ended March 31, 2023, the Company had sent Reminder-cum-Forfeiture Notice to the holders of partly
paid-up equity shares on which the first and final call money was unpaid. The Company had converted 3,16,580 partly
paid-up shares of face value H1 each into fully paid-up shares.
(d) During the year ended March 31, 2023, the Board of Directors approved the forfeiture of 19,16,300 partly paid-up shares
of face value of H1 each on which the call money of H0.7496 remained unpaid.
(iii) As at March 31, 2024, 29,27,850 Ordinary Shares of face value H1 each (March 31, 2023: 29,27,850 Ordinary Shares) are kept
in abeyance in respect of Rights issue of 2007. As at March 31, 2024, 17,97,930 fully paid-up Ordinary Shares of face value
H1 each (March 31, 2023: 17,97,930 fully paid-up Ordinary Shares) are kept in abeyance in respect of Rights Issue of 2018.
(iv) During the year ended March 31, 2023, H4.18 crore proceeds from subscription to the first and final call on partly paid-up
shares for Rights Issue of 2018, had been utilised for repayments of loan.

NOTES

(v) Details of Shareholders holding more than 5% shares in the Company are as below:
No. of No. of
% held % held
(a) Tata Sons Private Limited 3,96,50,81,420 31.76 3,96,50,81,420 32.44
(b) Life Insurance Corporation of India 94,97,60,583 7.61 73,24,32,080 5.99
(vi) Details of promoters’ shareholding percentage in the Company are as below:

No. of No. of
% held % held
(a) Tata Sons Private Limited# 3,96,50,81,420 31.76 3,96,50,81,420 32.44
Name of promoter group
(a) Tata Motors Limited# 5,49,62,950 0.44 5,49,62,950 0.45
(b) Tata Investment Corporation Limited 4,19,84,940 0.34 4,19,84,940 0.34
(c) Tata Chemicals Ltd. 3,09,00,510 0.25 3,09,00,510 0.25
(d) Ewart Investments Limited 2,22,59,750 0.18 2,22,59,750 0.18
(e) Rujuvalika Investments Limited*# 1,16,83,930 0.09 1,16,83,930 0.10
(f ) Tata Industries Limited #
1,04,25,450 0.08 1,04,25,450 0.09
(g) Tata Motors Finance Limited
60,95,110 0.05 - -
(Formerly Tata Motors Finance solutions Limited)@
(h) TMF Business Services Limited - - 60,95,110 0.05
(Formerly Tata Motors Finance Limited)@
(i) Tata Capital Ltd. 1,75,610 0.00 1,67,400 0.00
(j) Titan Company Limited 25,110 0.00 25,110 0.00
(k) Tata Capital Financial Services Limited$ - - 8,210 0.00
(l) Sir Dorabji Tata Trust ^
- - - -
(m) Sir Ratan Tata Trust^ - - - -
* 1,16,83,930 Ordinary Shares held by Rujuvalika Investments Limited (a wholly owned subsidiary of the Company), do not carry any voting rights.
^
During the year ended March 31, 2019, Sir Dorabji Tata Trust and Sir Ratan Tata Trust had sold their entire holdings in the Company.
@
Consequent to the sanctioned Scheme of Arrangement, 60,95,110 equity shares of Tata Steel Limited held by TMF Business Services Limited (Formerly Tata
Motors Finance Limited, Promoter Group) have been transferred to Tata Motors Finance Limited (Formerly Tata Motors Finance Solutions Limited). Accordingly,
as on March 31, 2024, Tata Motors Finance Limited (Formerly Tata Motors Finance Solutions Limited) has been reported under Promoter Group holding 60,95,110
equity shares of Tata Steel Limited. The Company has reported ‘NIL’ shareholding against TMF Business Services Limited (Formerly Tata Motors Finance Limited)
within the Promoter Group.
$
Tata Capital Financial Services Limited (TCFSL) has been merged with Tata Capital Limited effective January 1, 2024. Accordingly, the entire holding of TCFSL
in the Company, (8,210 shares) has been transferred from TCFSL to Tata Capital Limited and TCFSL has ceased to exist and accordingly does not form part of
the Promoter Group as on March 31, 2024.
#
Change in shareholding is on account of allotment of shares to non-controlling equity shareholders of erstwhile TSLP, TCIL and TML pursuant to the separate
schemes of amalgamation of TSLP, TCIL and TML into and with the Company.

NOTES
19. Equity share capital (Contd.) (b) The holders of Ordinary Shares and the holders of ‘A’
[Item No. IV(a), Page F145] Ordinary Shares shall vote as a single class with respect
to all matters submitted for voting by shareholders
(vii) 8
,35,45,390 shares (March 31, 2023: 8,79,53,750 shares) of of the Company and shall exercise such votes in
face value of H1 per share represent the shares underlying proportion to the voting rights attached to such shares
GDRs which were issued during 1994 and 2009. Each GDR including in relation to any scheme under Sections 391
represents one underlying Ordinary Share. to 394 of the Companies Act, 1956.
(viii) The rights, powers and preferences relating to each class (ii) The holders of ‘A’ Ordinary Shares shall be entitled
of share capital and the qualifications, limitations and to dividend on each ‘A’ Ordinary Share which may be
restrictions thereof are contained in the Memorandum equal to or higher than the amount per Ordinary Share
and Articles of Association of the Company. The principal declared by the Board for each Ordinary Share, and as
rights are as below: may be specified at the time of the issue. Different series
of ‘A’ Ordinary Shares may carry different entitlements
A. Ordinary Shares of H1 each to dividend to the extent permitted under applicable
(i) In respect of every Ordinary Share (whether fully paid law and as prescribed under the terms applicable to
or partly paid), voting right and dividend shall be in the such issue.
same proportion as the capital paid up on such Ordinary
Share bears to the total paid up Ordinary Capital of C. Preference Shares
the Company. T he Company has two classes of preference shares i.e.
Cumulative Redeemable Preference Shares (CRPS) of H100 per
(ii) The dividend proposed by the Board of Directors is
share and Cumulative Convertible Preference Shares (CCPS) of
subject to the approval of the shareholders in the
H100 per share.
ensuing Annual General Meeting, except in case of
interim dividend. (i) Such shares shall confer on the holders thereof, the
right to a fixed preferential dividend from the date of
(iii) In the event of liquidation, the shareholders of Ordinary
allotment, at a rate as may be determined by the Board
Shares are eligible to receive the remaining assets of the
at the time of the issue, on the capital for the time being
Company after distribution of all preferential amounts,
paid up or credited as paid up thereon.
in proportion to their shareholding.
(ii) Such shares shall rank for capital and dividend (including
B. ‘A’ Ordinary Shares of H10 each all dividend undeclared upto the commencement of
(i) (a) The holders of ‘A’ Ordinary Shares shall be entitled winding up) and for repayment of capital in a winding up,
to such rights of voting and/or dividend and such pari passu inter se and in priority to the Ordinary Shares
other rights as per the terms of the issue of such of the Company, but shall not confer any further or other
shares, provided always that: right to participate either in profits or assets. However, in
case of CCPS, such preferential rights shall automatically
• in the case where a resolution is put to vote cease on conversion of these shares into Ordinary Shares.
on a poll, such differential voting entitlement
(excluding fractions, if any) will be applicable to (iii) The holders of such shares shall have the right to receive
holders of ‘A’ Ordinary Shares. all notices of general meetings of the Company but shall
not confer on the holders thereof the right to vote at any
• in the case where a resolution is put to vote in meetings of the Company save to the extent and in the
the meeting and is to be decided on a show of manner provided in the Companies Act, 1956, or any re-
hands, the holders of ‘A’ Ordinary Shares shall be enactment thereof.
entitled to the same number of votes as available
to holders of Ordinary Shares. (iv) CCPS shall be converted into Ordinary Shares as per the
terms, determined by the Board at the time of issue; as and
when converted, such Ordinary Shares shall rank pari passu
with the then existing Ordinary Shares of the Company in
all respects.

NOTES
20. Other equity

A. Retained earnings
The details of movement in retained earnings is as below:
(H crore)
March 31, 2024 March 31, 2023
Profit for the year (4,437.44) 8,760.40
Remeasurement of post-employment defined employee benefit plans (6,224.84) (13,304.45)
Tax on remeasurement of post-employment defined employee benefit plans 1,553.27 3,322.85
Dividend (4,409.79) (6,227.15)
Transfers within equity (0.78) (4.42)
Adjustment for changes in ownership interests 168.99 (28.70)
B. Items of other comprehensive income

(a) Cash flow hedge reserve
The cumulative effective portion of gain or losses arising from changes in fair value of hedging instruments designated as
cash flow hedges are recognised in cash flow hedge reserve. Such changes recognised are reclassified to the consolidated
statement of profit and loss when the hedged item affects the profit or loss or are included as an adjustment to the cost
of the related non-financial hedged item.
The Group has designated certain foreign currency forward contracts, commodity contracts, interest rate swaps and collar
as cash flow hedges in respect of foreign exchange, commodity price and interest rate risks.
The details of movement in cash flow hedge reserve is as below:
(H crore)
March 31, 2024 March 31, 2023
Balance at the beginning of the year (830.91) 815.26
Other comprehensive income recognised during the year 989.72 (1,646.17)
Balance at the end of the year 158.81 (830.91)
(i) The details of other comprehensive income recognised during the year is as below:
(H crore)
March 31, 2024 March 31, 2023
Fair value changes recognised during the year (523.01) (1,436.99)
Fair value changes reclassified to the consolidated statement of profit and loss/cost of hedged items 1,836.54 (711.60)
989.72 (1,646.17)
During the year, ineffective portion of cash flow hedges recognised in the consolidated statement of profit and loss
amounted to Nil (2022- 23: Nil).

NOTES

(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:
• within the next one year: gain of H136.01 crore (2022-23: loss H903.26 crore)
• later than one year: gain of H22.80 crore (2022-23: H72.35 crore)
(b) Investment revaluation reserve

Cumulative gains and losses arising on fair value changes of equity investments measured at fair value through other
comprehensive income are recognised in investment revaluation reserve. The reserve balance represents such changes
recognised net of amounts reclassified to retained earnings on disposal of such investments.
The details of movement in investment revaluation reserve is as below:
(H crore)
March 31, 2024 March 31, 2023
Other comprehensive income recognised during the year 1,017.71 (213.92)
Balance at the end of the year 1,610.09 713.57
(c) Foreign currency translation reserve

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 translation reserve. The amounts recognised are transferred to the consolidated statement of profit and loss on
disposal of the related foreign subsidiaries, associates and joint ventures.
The details of movement in foreign currency translation reserve is as below:
(H crore)
March 31, 2024 March 31, 2023
Other comprehensive income recognised during the year (401.77) (2,057.16)

NOTES

C. Other reserves
(a) Securities premium
Securities premium is used to record premium received on issue of shares. The reserve is utilised in accordance with the
provisions of the Companies Act, 2013.
The details of movement in securities premium is as below:
(H crore)
March 31, 2024 March 31, 2023
Received/ transfer on issue of Ordinary Shares during the year - 1.44
Equity issue expenses written (off )/ back during the year - (0.09)
(b) Debenture redemption reserve

The provisions of the Companies Act, 2013 read with related rules required a company issuing debentures to create
Debenture Redemption Reserve (DRR) of 25% of the value of debentures issued, either through a public issue or on a
private placement basis, 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.
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 balance in the DRR shall be maintained to be utilised only for the redemption of existing
debentures issued by the Company on or before August 16, 2019.
The details of movement in debenture redemption reserve is as below:
(H crore)
March 31, 2024 March 31, 2023
(c) General reserve

Under the erstwhile Companies Act, 1956, a general reserve was created through an annual transfer of net profit at a
specified 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 general reserve is as below:
(H crore)
March 31, 2024 March 31, 2023
Transfers within equity 717.25 -

NOTES

(d) Capital redemption reserve

The Companies Act, 2013 requires that when a company purchases its own shares out of free reserves or securities premium
account, a sum equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve
account. The reserve is utilised in accordance with the provision of Section 69 of the Companies Act, 2013.
The details of movement in capital redemption reserve is as below:
(H crore)
March 31, 2024 March 31, 2023
(e) Special reserve

Special reserve represents reserve created by certain Indian subsidiaries of the Company pursuant to the Reserve Bank of
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.
Appropriation from this reserve fund is permitted only for the purposes specified by the RBI.
The details of movement in special reserve is as below:
(H crore)
March 31, 2024 March 31, 2023
Transfers within equity 0.79 1.20
(f) Capital Reserve on consolidation

The excess of fair value of net assets acquired over consideration paid in a business combination is recognised as capital
reserve on consolidation. The reserve is not available for distribution.
The details of movement in capital reserve on consolidation is as below:
(H crore)
March 31, 2024 March 31, 2023

NOTES

(g) Capital Reserve

The excess of fair value of net assets acquired over consideration paid in a common control transaction is recognised as
capital reserve.
The details of movement in capital reserve on consolidation is as below:
(H crore)
March 31, 2024 March 31, 2023
Adjustment for changes in ownership interest(i) 791.47 1.27
Other movements within equity 1.18 -
(i) During the year ended March 31, 2024, ₹791.47 crore relates to the difference between derecognition of non-
controlling interest and consideration paid on merger of Tata Steel Long Products Limited (TSLP), Tata Metaliks
Limited (TML) and The Tinplate Company of India Limited (TCIL) with the Company (refer note 46, page F259).
(h) Others
Others primarily represent amounts appropriated out of the statement of profit or loss for unforeseen contingencies. Such
appropriation are free in nature.
The details of movement in others is as below:
(H crore)
March 31, 2024 March 31, 2023
Transfers within equity 0.14 3.22
D. Share application money pending allotment

The details of movement in share application money pending allotment is as below:
(H crore)
March 31, 2024 March 31, 2023
Balance at the beginning of the year - -
Received during the year - 1.46
Allotted during the year - (1.46)
Balance at the end of the year - -

NOTES
21. Non-controlling interests

on-controlling interests represent proportionate share held by minority shareholders in the net assets of subsidiaries which
N
are not wholly owned by the Company.
The balance of non-controlling interests as at the end of the year is as below:
(H crore)
As at As at
March 31, 2024 March 31, 2023
Non-controlling interests 396.98 2,093.11
(i) The Company, through its wholly owned subsidiary, T S Global Holdings Pte. Ltd. via TSMUK Limited holds 82.00% (March
31, 2023: 82.00%) equity stake in Tata Steel Minerals Canada Limited.
(ii) The Company, through its wholly owned subsidiary, T S Global Holdings Pte. Ltd. holds 67.90% (March 31, 2023: 67.90%)
equity stake in Tata Steel (Thailand) Public Company Limited.
The table below provides information in respect of subsidiaries where material non-controlling interest exists:
(H crore)
Profit/(loss) Profit/(loss)
% of % of attributable to attributable to
Country of Non- controlling Non- controlling
non- controlling non- controlling non-controlling non-controlling
Name of Subsidiary incorporation interests as at interests as at
interests as at interests as at interests for the interests for the
and operation March 31, 2024 March 31, 2023
March 31, 2024 March 31, 2023 year ended year ended
March 31, 2024 March 31, 2023
Tata Steel Minerals Canada 18.00% 18.00% (163.49) (195.46) (362.82) (194.99)
Canada Limited
Tata Steel (Thailand) Thailand 32.10% 32.10% 7.29 50.26 672.84 718.26
Public Company
Limited
The tables below provides summarised information in respect of consolidated balance sheet as at March 31, 2024, consolidated
statement of profit and loss and consolidated statement of cash flows for the year ended March 31, 2024, in respect of the
above-mentioned entities:
Summarised balance sheet information

(H crore)
Tata Steel Minerals Tata Steel (Thailand)
Canada Limited Public Company Limited
Particulars
As at As at As at As at
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Non-current assets 5,992.84 6,173.42 791.11 830.75
Current assets 799.53 875.91 1,915.35 2,058.78
Total assets (A) 6,792.37 7,049.33 2,706.46 2,889.53
Non-current liabilities 6,181.88 6,294.16 238.54 248.23
Current liabilities 2,626.13 1,975.34 373.11 405.04
Total liabilities (B) 8,808.01 8,269.50 611.65 653.27
Net assets (A-B) (2,015.64) (1,220.17) 2,094.81 2,236.26

NOTES
21. Non-controlling interests (Contd.)

Summarised profit and loss information

(H crore)
Particulars
Year ended Year ended Year ended Year ended
Total income 1,329.89 648.78 5,828.74 6,991.72
Profit/(loss) for the year (771.38) (1,086.09) 22.66 156.25
Total comprehensive income for the year (795.47) (1,121.02) (81.97) 251.83
Summarised cash flow information

(H crore)
Particulars
Year ended Year ended Year ended Year ended
Net cash from/(used in) operating activities (246.85) (655.31) 261.37 217.78
Net cash from/(used in) investing activities (141.02) (44.32) (1.17) (63.81)
Net cash from/(used in) financing activities 359.51 710.52 (77.96) (147.59)
Effect of exchange rate on cash and cash equivalents 0.39 2.55 (21.86) 17.42
Cash and cash equivalents at the beginning of the year 40.51 27.07 341.81 318.01
Cash and cash equivalents at the end of the year 12.54 40.51 502.19 341.81

NOTES
22. Borrowings
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Secured
(i) Loan from Joint Plant Committee - Steel Development Fund 2,829.25 2,751.17
(iii) Other loans 284.51 282.40
5,756.73 6,405.31
(b) Unsecured
(i) Bonds and non-convertible debentures 20,470.76 26,520.88
(iii) Deferred payment liabilities 8.10 7.84
(iv) Other loans 0.09 0.09
45,820.00 45,041.02
51,576.73 51,446.33
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Secured
(i) Loans from banks/financial institutions 265.13 2,202.00
(ii) Repayable on demand from banks/financial institutions - 1,003.45
338.45 3,276.05
(b) Unsecured
(i) Loans from banks/financial institutions 13,213.10 12,669.19
(ii) Current maturities of long-term borrowings 16,439.24 10,612.53
29,658.74 23,295.32
29,997.19 26,571.37
(i) As at March 31, 2024, H6,095.18 crore (March 31, 2023: H9,681.36 crore) of the total outstanding borrowings were secured
by a charge on property, plant and equipment, inventories, receivables and other current assets.

NOTES

(ii) The security details of major borrowings as at March 31, 2024 are as below:
(a) Loan from Joint Plant Committee-Steel Development Fund

It is secured by mortgages on all present and future immovable properties wherever situated and hypothecation of movable
assets, excluding land and building mortgaged in favour of Government of India under the deed of mortgage dated April 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 all investments
and book debts of the Company subject to the prior charges created and/or to be created in favour of the 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/asset credit schemes.
The loan was repayable in 16 equal semi-annual instalments after completion of four years from the date of the tranche.
The Company filed a writ petition being WP No. 70 of 2006 (subsequently renumbered as WPO 70 of 2006) before the High Court
at Calcutta in February 2006 claiming waiver of the outstanding loan and interest and refund of the balance lying with Steel
Development Fund (“SDF”). The Writ Petition was decided by judgment dated August 3, 2022. By the judgment, the High Court
declared that the corpus of SDF can only be utilised for the benefit of the main steel producers. However, the waiver of loan as
sought by the Company was not allowed. Hence, against the judgment the Company filed an appeal in the High Court being
APO No. 85 of 2022.
The appeal has been decided on January 3, 2023. By the final order, High Court has directed the Company to submit a fresh
representation to Union of India and fixed a time of three months for Union of India to take a decision on the representation.
The Company has submitted the representation on March 28, 2023.
The representation of the Company was rejected by Government of India (Ministry of Steel) on December 29, 2023. By a letter
of January 2024, the Company sought No-objection certificate (“NoC”) from Joint Plant Committee (“JPC”) for scheme of
amalgamation of two of its subsidiary companies, namely Bhubaneshwar Power Private Limited and Indian Steel and Wire
Products Limited. By its letter dated February 22, 2024, while NoC has been issued for the merger, JPC has directed the Company
to repay the outstanding SDF loans with interest within one month.
The Company has challenged the rejection of representation by Union of India (vide its communication dated December 29,
2023) and the direction of JPC to the Company to repay the outstanding loans by filing a Writ Petition being WPO No. 227 of
2024. It was also the contention of the company that the company is entitled to refund of all sums paid by it to SDF and that the
Union of India has no right to the same. On May 24, 2024, the Calcutta High Court (Single Bench) has dismissed the writ petition
filed by the Company. The Company is in the process of evaluating the future course of action.
The loan as stated in the consolidated financial statement includes funded interest ₹1,189.92 crore (March 31, 2023: ₹1,111.84
crore).
It includes ₹1,639.33 crore (March 31, 2023: ₹1,639.33 crore) representing repayments and interest on earlier loans for which
applications of funding are awaiting sanction and is not secured by charge on movable assets of the Company.
(b) Loans from banks/financial institutions

The borrowings in Tata Steel Europe relate to the senior facility arrangement (SFA) which was refinanced in October 2022. 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 covenants for
cash flow to debt service and debt tangible net worth calculated at the Company level. During the year ended March 31, 2023
Tata Steel Europe made early repayments of EURO 168 million in October 2022 against Facility B. The SFA at March 31, 2024
comprises of the following term loan:

NOTES

Facility B: EURO 302 million bullet term loan facility equivalent to H2,716.65 crore (March 31, 2023: EURO 302 million
equivalent to H2,696.52 crore), repayable in February 2026.
(iii) As at March 31, 2024, the register of charges of the Company as available in records of the Ministry of Corporate Affairs
(MCA) includes charges that were created/modified since the inception of the Company. There are certain charges which are
historic in nature and it involves practical challenges in obtaining no-objection certificates (NOCs) from the charge holders
of such charges, despite repayment of the underlying loans. The Company is in the continuous process of filing the charge
satisfaction e-form with MCA, within the timelines, as and when it receives NOCs from the respective charge holders.
(iv) The Company has filed quarterly returns or statements with the banks in lieu of the sanctioned working capital facilities,
which are in agreement with the books of account other than those as set out below.
(H crore)
Amount as
account
2,000.00 Refer Note 1 June 30, 2023 1,559.27 1,576.04 (16.77)
State bank of India and Incorrect amount of
below September 30, 2023 1,668.58 1,682.22 (13.64)
consortium of banks Export advances
December 31, 2023 1,859.27 1,874.57 (15.30)
2,000.00 Refer Note 1 June 30, 2023 4,557.60 4,554.09 3.51 Incorrect amount of
State bank of India and
below September 30, 2023 7,990.37 7,989.23 1.14 creditor for Goods
consortium of banks
December 31, 2023 5,245.20 5,250.40 (5.20) under LC
45.00 Refer Note 2 September 30, 2023 64.89 74.44 (9.55) Incorrect amount of
below Goods-in-transit of
Inventory of
erstwhile Tata
December 31, 2023 40.74 62.71 (21.97)
Metaliks Limited
(merged with the
Company)
State bank of India
June 30, 2023 408.83 393.67 15.16
Incorrect amount of
September 30, 2023 415.97 382.93 33.04
creditors for goods
of erstwhile Tata
Metaliks Limited
December 31, 2023 280.70 234.47 46.23
(merged with the
Company)
Kotak Mahindra Bank Limited 68.00 Refer Note 3 Incorrect amount of
HDFC Bank Limited 80.00 below creditor for goods
DBS Bank Limited 70.00 of erstwhile Tata
June 30, 2023 370.33 393.67 (23.34)
Bank of Baroda 9.75 Metaliks Limited
(merged with the
ICICI Bank Limited 105.00
Company)
(H crore)
Amount as
account
Primarily inclusion
State bank of India and Refer Note 1 December 31, of certain liabilities
2,000.00 12,594.47 12,572.90 21.57
consortium of banks below 2022 not forming part of
creditors for goods.

NOTES

Note 1: Pari-passu charge on the Company’s entire current assets namely stock of raw materials, finished goods,
stocks-in-process, consumables stores and spares and book debts at its plant sites or anywhere else, in favour of the
Bank, by way of hypothecation.
Note 2: Hypothecation first charge over inventory and receivables and other current assets on pari-passu basis with
other working capital lenders of erstwhile Tata Metaliks Limited under Multiple Banking Arrangement subject to
sharing of pari-passu sharing letters by such Banks.
Note 3:
a) Kotak Bank Limited: First pari-passu charge on current assets both present and future of erstwhile Tata Metaliks
Limited’s Kharagpur unit, along with other lenders in multiple banking arrangement.
WC lender.
c) DBS Bank Limited: First pari-passu charge on the current assets of erstwhile Tata Metaliks Limited’s Kharagpur unit.
d)
Bank of Baroda: First pari-passu charge on current assets of erstwhile Tata Metaliks Limited including raw
e) ICICI Bank: First pari passu charge on book debts, stock and other current assets of erstwhile Tata Metaliks Limited.
(v) The details of major unsecured borrowings as at March 31, 2024 are as below:
(a) Bonds and debentures

(I) Non-convertible Debentures (NCD):
The details of debentures issued/redeemed by the Company are as below:
(i) 7.76% p.a. interest bearing 15,000 debentures of face value H10,00,000 each are redeemable at par on
September 20, 2032.
(ii) 9.84% p.a. interest bearing 43,150 debentures of face value H10,00,000 each are redeemable at par in 4 equal
annual instalments commencing from February 28, 2031.
(iii) 8.03% p.a. interest bearing 2,15,000 debentures of face value H1,00,000 each are redeemable at par on
February 25, 2028.
(iv) 7.50% p.a. interest bearing 5,000 debentures of face value H10,00,000 each are redeemable at par on
September 20, 2027.
(v) 7.79% p.a. interest bearing 2,70,000 debentures of face value H1,00,000 each are redeemable at par on
March 26, 2027.
(vi) 8.15% p.a. interest bearing 10,000 debentures of face value H10,00,000 each are redeemable at par on
October 1, 2026.
(vii) 7.70% p.a. interest bearing 6,700 debentures of face value H10,00,000 each are redeemable at par on
March 13, 2025.
(viii) 7.95% p.a. interest bearing 5,000 debentures of face value H10,00,000 each has been redeemed during the year.

NOTES

(ix) Repo rate plus 4.08% p.a. interest bearing 4,000 debentures of face value H10,00,000 each has been redeemed
during the year.
(x) 8.25% p.a. interest bearing 10,000 debentures of face value H10,00,000 each has been redeemed during the year.
(xi) Repo rate plus 3.45% p.a. interest bearing 5,000 debentures of face value H10,00,000 each has been redeemed
during the year.
(xii) Repo rate plus 3.30% p.a. interest bearing 10,000 debentures of face value H10,00,000 each has been redeemed
during the year.
(xiii) 7.85% p.a. interest bearing 5,100 debentures of face value H10,00,000 each has been redeemed during
the year.
(xiv) 7.85% p.a. interest bearing 10,250 debentures of face value H10,00,000 each has been redeemed during
the year.
(II) Bonds
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 reporting period are as below:
Outstanding principal (in millions)
Sl. Initial principal
Issued on Currency As at As at Interest rate Redeemable on
No. due (in millions)
March 31, 2024 March 31, 2023
1 January 2018 USD 1,000 1,000 1,000 5.45% January 2028
2 July 2014 USD 1,000 1,000 1,000 5.95% July 2024
(b) Term loans from banks/ financial institutions

(I) The Details of loans from banks and financial institutions availed/repaid by the Company are as below:
(i) Rupee loan amounting H1,320.00 crore (March 31, 2023: H1,320.00 crore) is repayable in 3 semi-annual
instalments, the next instalment is due on August 31, 2029.
(ii) Rupee loan amounting H1,000.00 crore (March 31, 2023: H1,000.00 crore) is repayable on August 30, 2029.
(iii) Rupee loan amounting H500.00 crore (March 31, 2023: H500.00 crore) is repayable on December 11, 2027.
(iv) Rupee loan amounting H100.00 crore (March 31, 2023: H100.00 crore) is repayable on December 8, 2027.
(v) Rupee loan amounting H400.00 crore (March 31, 2023: H400.00 crore) is repayable on September 14, 2027.
(vi) Rupee loan amounting H595.00 crore (March 31, 2023: H595.00 crore) is repayable in 4 semi-annual instalments,
the next instalment is due on October 16, 2026.
(vii) Rupee loan amounting H700.00 crore (March 31, 2023: H700.00 crore) is repayable in 8 annual instalments,
(viii) Rupee loan amounting H520.00 crore (March 31, 2023: H520.00 crore) is repayable in 5 semi-annual instalments,
the next instalment is due on June 30, 2025.
(ix) Rupee loan amounting H500.00 crore (March 31, 2023: H500.00 crore) is repayable on June 24, 2024.

NOTES

(x) Rupee loan amounting H500.00 crore (March 31, 2023: H500.00 crore) is repayable on June 22, 2024.
(xi) Rupee loan amounting H500.00 crore (March 31, 2023: H500.00 crore) is repayable on June 17, 2024.
(xii) Rupee loan amounting H912.50 crore (March 31, 2023: H926.24 crore) is repayable in 13 semi-annual instalments,
the next instalment is due on May 15, 2024.
(xiii) Rupee loan amounting H297.00 crore (March 31, 2023: H300.00 crore) is repayable in 4 annual instalments, the
(xiv) Rupee loan amounting H388.00 crore (March 31, 2023: H396 crore) is repayable in 17 semi-annual instalments,
the next instalment is due on September 30, 2024.
(xv) Rupee loan amounting H693.00 crore (March 31, 2023: H700 crore) is repayable in 4 annual instalments, the
(xvi) Rupee loan amounting H582.00 crore (March 31, 2023: H594 crore) is repayable in 17 semi-annual instalments,
(xvii) Rupee loan amounting H485.00 crore (March 31, 2023: H495 crore) is repayable in 17 semi-annual instalments,
(xviii) Rupee loan amounting H970.00 crore (March 31, 2023: H990 crore) is repayable in 17 semi-annual instalments,
(xix) USD 293.33 million equivalent to H2,446.69 crore (March 31, 2023: USD 440.00 million equivalent to H3,616.03
crore) loan is repayable in 2 equal annual instalments, the next instalment is due on September 11, 2024.
(xx) Rupee loan amounting H485.00 crore (March 31, 2023: H495 crore) is repayable in 17 semi-annual instalments,
(xxi) Rupee loan amounting H194.00 crore (March 31, 2023: H198 crore) is repayable in 17 semi-annual instalments,
(xxii) Rupee loan amounting H533.50 crore (March 31, 2023: H544.50 crore) is repayable in 17 semi-annual instalments,
(xxiii) Rupee loan amounting H450.00 crore (March 31, 2023: Nil) is repayable in 18 equal semi-annual instalments,
the next instalment is due on July 1, 2024.
(xxiv) Rupee loan amounting H693.00 crore (March 31, 2023: Nil) is repayable in 36 quarterly instalments, the next
(xxv) Rupee loan amounting H1,470.00 crore (March 31, 2023: H1,500 crore) is repayable in 18 semi-annual
instalments, the next instalment is due on June 29, 2024.
(xxvi) Rupee loan amounting H490.00 crore (March 31, 2023: H500 crore) is repayable in 18 semi-annual instalments,
(xxvii) Rupee loan amounting H490.00 crore (March 31, 2023: H500 crore) is repayable in 18 semi-annual instalments,

NOTES

(xxviii) Rupee loan amounting H1,782.00 crore (March 31, 2023: Nil) is repayable in 19 semi-annual instalments, the
(xxix) Rupee loan amounting H495.00 crore (March 31, 2023: Nil) is repayable in 19 semi-annual instalments, the
(xxx) Rupee loan amounting H970.00 crore (March 31, 2023: H990 crore) is repayable in 17 semi-annual instalments,
(xxxi) Rupee loan amounting H490.00 crore (March 31, 2023: Nil) is repayable in 15 semi-annual instalments, the
(xxxii) Rupee loan amounting H980.00 crore (March 31, 2023: Nil) is repayable in 15 semi-annual instalments, the
next instalment is due on June 19, 2024
(xxxiii) Rupee loan amounting H1,980.00 crore (March 31, 2023: Nil) is repayable in 19 semi-annual instalments, the
(xxxiv) Rupee loan amounting H689.00 crore as on March 31, 2023 repayable in 4 semi-annual instalments, has been
fully pre-paid during the year.
(II) Short-term finance H5,699.28 crore (March 31, 2023: H4,161.30 crore) with maturity less than a year.
(vi) Currency and interest exposure of borrowings including current maturities is as below:
(H crore)
Fixed rate Floating rate Total Fixed rate Floating rate Total
INR 13,181.37 24,943.29 38,124.66 14,516.56 20,754.85 35,271.41
GBP 9.76 9,507.39 9,517.15 9.43 4,052.81 4,062.24
EURO 257.28 3,198.79 3,456.07 18.04 2,609.71 2,627.75
USD 22,354.04 7,295.18 29,649.22 23,021.33 10,251.21 33,272.54
Others 826.82 - 826.82 2,783.76 - 2,783.76
Total 36,629.27 44,944.65 81,573.92 40,349.12 37,668.58 78,017.70
INR-Indian Rupees, GBP- Great Britain Pound, USD-United States Dollars.

(a) Others primarily include SGD-Singapore Dollars, CAD- Canadian Dollars and THB- Thai Baht.
(b) Majority of floating rate borrowings are bank borrowings bearing interest rates based on SOFR, EURIBOR or local
official rates. Of the total floating rate borrowings, as at March 31, 2024, H2,446.69 crore (March 31, 2023: H3,616.03
crore) has been hedged using cross currency swaps and interest rate swaps, with contracts covering a period of more
than one year.

NOTES

(vii) Maturity profile of borrowings including current maturities is as below:
(H crore)
As at As at
March 31, 2024 March 31, 2023
Not later than one year or on demand 29,905.54 26,568.65
Later than one year but not two years 7,216.49 12,383.99
Later than two years but not three years 5,885.45 4,380.15
Later than three years but not four years 14,238.75 2,084.30
Later than four years but not five years 1,263.27 13,602.63
More than five years 23,397.64 19,486.10
81,907.14 78,505.82
Less: Capitalisation of transaction costs 333.22 488.12
81,573.92 78,017.70
(viii) Some of the Group’s major financing arrangements include financial covenants, which require compliance to certain
debt-equity ratios and debt coverage ratios by entities within the Group who have availed such borrowings. Additionally,
certain negative covenants may limit the ability of entities within the Group to borrow additional funds or to incur
additional liens, and/or provide for increased costs in case of breach.
(ix) During March, 2024, the Company has issued and allotted non-convertible debentures aggregating ₹2,700.00 crore.
Out of the proceeds, ₹1,950.00 crore has been utilised for the purposes mentioned in the Debenture Issue Placement
Memorandum Key Information Document dated March 26, 2024 (NCD Disclosure Document) till March 31, 2024 and the
unutilised amount of ₹750.00 crore as at March 31, 2024 was lying temporarily in fixed deposits, keeping in line with the
NCD Disclosure Document, till the funds are fully utilised for the purposes set out in the said document.

NOTES
23. Other financial liabilities

[Item No. V(a)(iv) and VI(a)(v), Page F145]
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Creditors for other liabilities 1,491.83 1,871.51
1,491.83 1,871.51
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Interest accrued but not due 854.95 1,115.29
(b) Unclaimed dividends 110.72 100.04
(c) Creditors for other liabilities 9,479.99 8,374.88
10,445.66 9,590.21
(i) Non-current and current creditors for other liabilities include:

(a) creditors for capital supplies and services of H3,935.17 crore (March 31, 2023: H4,595.93 crore).
(b) out of the total consideration paid for acquisition of a subsidiary in 2022-23, H828.21 crore (March 31, 2023: H911.17
crore) kept in Escrow Account held for resolution of the litigations and payment if required or release to the sellers at
the expiry of the specified period.
(c) liability for employee family benefit scheme H263.71 crore (March 31, 2023: H243.37 crore).
(d) liability for family protection scheme H194.21 crore (March 31, 2023: H194.83 crore).
(e) rebate liabilities arising from volume and price discounts H1,063.28 crore (March 31, 2023: H1,330.51 crore).
24. Provisions
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Employee benefits 3,488.63 3,012.44
(b) Insurance provisions 293.72 305.53
(c) Others 1,641.68 1,457.87
5,424.03 4,775.84

NOTES
24. Provisions (Contd.)

B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Employee benefits 1,739.59 406.70
(b) Others 2,039.49 3,476.03
3,779.08 3,882.73
(i) Non-current and current provision for employee benefits include provision for leave salaries H1,461.90 crore (March 31,
2023: H1,441.71 crore) and provision for early separation, disability and other long term employee benefits H3,692.87 crore
(March 31, 2023: H1,893.24 crore).
(ii) As per the leave policy of the Company and its Indian subsidiaries, an employee is entitled to be paid the accumulated
leave balance on separation. The Company and its Indian subsidiaries present provision for leave salaries as current and
non-current based on actuarial valuation considering estimates of availment of leave, separation of employee, etc.
(iii) Insurance provisions currently held by Tata Steel Europe, a wholly owned indirect subsidiary of the Group cover its historical
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
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
are adjusted as appropriate. The value of the final insurance settlements is uncertain and so is the timing of the expenditure.
(iv) Non-current and current other provisions primarily include:
(a) provision for compensatory afforestation, mine closure and rehabilitation obligations and other environmental
remediation obligations H2,034.27 crore (March 31, 2023: H3,407.85 crore). These amounts become payable upon
closure of the mines/sites and are expected to be incurred over a period of 1 to 43 years.
(b) provision in respect of onerous contracts (including long term contracts) amounting to H531.15 crore (March 31, 2023:
H136.52 crore).
(c) Provision for legal damages H189.39 crore (March 31, 2023: H183.02 crore).
(v) The details of movement in provision balances is as below:

(H crore)
Provision for
Insurance Provision restoration and Others Total
rehabilitation
Balance at the beginning of the year 305.53 3,407.85 1,526.05 5,239.43
Recognised/ (released) during the year (i)
(22.13) (637.53) 1,075.73 416.07
Utilised during the year - (322.03) (77.94) (399.97)
Other re-classifications - (442.27) (897.80) (1,340.07)
Exchange differences on consolidation 10.32 28.25 20.86 59.43
Balance at the end of the year 293.72 2,034.27 1,646.90 3,974.89

NOTES
24. Provisions (Contd.)


(H crore)
Provision for
Insurance Provision restoration and Others Total
rehabilitation
Balance at the beginning of the year 340.92 2,964.73 665.00 3,970.65
Recognised/ (released) during the year (i) 70.48 1,245.49 261.12 1,577.09
Utilised during the year (111.49) (670.75) (45.26) (827.50)
Other re-classifications - (238.45) 619.17 380.72
Exchange differences on consolidation 5.62 106.83 26.02 138.47
Balance at the end of the year 305.53 3,407.85 1,526.05 5,239.43
(i) Includes provisions capitalised during the year in respect of restoration obligations.
25. Deferred income

[Item No. V(d) and VI(d), Page F145]
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(c) Others 133.48 101.12
433.65 132.36
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(c) Others 55.22 16.21
63.71 91.93

NOTES
26. Other liabilities

[Item No. V(f) and VI(f), Page F145]
A. Non-current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Advances received from customers 436.58 2,146.11
(b) Statutory dues 448.66 593.19
(c) Other credit balances 2,025.17 1,727.97
2,910.41 4,467.27
B. Current
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Advances received from customers 2,771.34 3,365.70
(b) Employee recoveries and employer contributions 146.67 142.67
(c) Statutory dues 12,265.92 11,008.55
(d) Other credit balances 1.80 28.18
15,185.73 14,545.10
(i) Non-current and current advance from customer includes an interest-bearing advance of H1,813.15 crore (March 31, 2023:
H3,811.90 crore) which would be adjusted over a period of 1.25 years against export of steel products. Amount of revenue
recognised for the year ended March 31, 2024 in respect of such advances outstanding at the beginning of the year is
H2,038.97 crore (2022-23: H1,543.07 crore). Out of the amount outstanding H1,377.24 crore (by March 31, 2024: H1,665.79
crore) is expected to be adjusted by March 31, 2025 and the balance thereafter.
(ii) Statutory dues primarily relate to payables in respect of GST, excise duty, service tax, sales tax, electricity duty, water tax,
VAT, tax deducted at source and royalties. Includes provision for demand notices received against alleged shortfall in
dispatch of Chromite ore from the mines H818.01 crore. The demand notices have been challenged before the Hon’ble
High Court of Odisha and as per the court direction, an amount of H218.50 crore has been paid under protest which is
disclosed under other current assets and the final outcome is awaited.
(iii) Other credit balances includes GST compensation cess and interest thereon amounting to H1,973.38 crore (March 31, 2023:
H1,678.33 crore).

NOTES
27. Trade Payables

[Item No. V(a)(iii), Page F145]
A. Total outstanding dues of micro and small enterprises

(H crore)
As at As at
March 31, 2024 March 31, 2023
Dues of micro and small enterprises 1,203.70 1,170.33
1,203.70 1,170.33
B. Total outstanding dues of creditors other than micro and small enterprises
(H crore)
As at As at
March 31, 2024 March 31, 2023
(a) Creditors for supplies and services 29,023.94 31,284.22
(b) Creditors for accrued wages and salaries 5,207.02 5,377.99
34,230.96 36,662.21
(i) Ageing of trade payables is as below:

(H crore)
1-2 years 2-3 years
1 year 3 years
Undisputed dues - MSME 1,066.52 63.06 0.35 - 1.50 1,131.43
Undisputed dues - others 22,792.32 3,893.08 74.95 30.80 75.24 26,866.39
Disputed dues - MSME - - - - 0.05 0.05
Disputed dues - others 0.28 - 0.05 0.09 18.35 18.77
23,859.12 3,956.14 75.35 30.89 95.14 28,016.64
*Includes dues of micro, small and medium enterprises (MSME) of H72.22 crore.
(H crore)
1-2 years 2-3 years
1 year 3 years
Undisputed dues - MSME 1,050.48 64.35 0.12 0.07 1.61 1,116.63
Undisputed dues - others 24,072.39 3,448.39 178.51 87.03 42.97 27,829.29
Disputed dues - MSME - - - - 0.05 0.05
Disputed dues - others - 0.85 0.23 0.27 18.20 19.55
25,122.87 3,513.59 178.86 87.37 62.83 28,965.52
*Includes dues of micro, small and medium enterprises (MSME) of H53.65 crore.

NOTES
28. Revenue from Operations

[Item No. I, Page F146]
(H crore)
March 31, 2024 March 31, 2023
(a) Sale of products 2,24,928.70 2,39,343.16
(b) Sale of power and water 1,994.90 1,924.04
(c) Income from services 372.60 369.05
(d) Other operating revenues(ii) 1,874.58 1,716.44
2,29,170.78 2,43,352.69
(i) Revenue from contracts with customers disaggregated on the basis of geographical regions and major businesses are
as below:
(H crore)
March 31, 2024 March 31, 2023
(a) India 1,32,382.88 1,29,385.23
(b) Outside India 94,913.32 1,12,251.02
2,27,296.20 2,41,636.25
(H crore)
March 31, 2024 March 31, 2023
(a) Steel 2,15,787.43 2,28,055.95
(b) Power and water 1,994.90 1,924.04
(c) Others 9,513.87 11,656.26
2,27,296.20 2,41,636.25
Revenue outside India includes Asia excluding India H11,943.51 crore (2022-23: H17,328.79 crore), UK H16,721.79 crore (2022-23:
H17,079.93 crore) and other European countries H52,645.62 crore (2022-23: H59,742.10 crore).
(ii) Other operating revenues include income from export and other incentives schemes.
(iii) There are no significant adjustment between the contracted price and the revenue recognised.

NOTES
29. Other income

[Item No. II, Page F146]
(H crore)
March 31, 2024 March 31, 2023
(a) Dividend income 51.44 39.66
(b) Interest income 470.82 345.64
(c) Net gain/ (loss) on sale/ fair value changes of mutual funds 242.27 294.48
(d) Net gain/ (loss) on sale of non-current investments - 0.88
(e) Gain/ (loss) on sale of property, plant and equipment including intangible assets (net of loss on assets 960.87 (43.57)
scrapped/ written off )(iii)
(f ) Gain/ (loss) on cancellation of forwards, swaps and options (27.87) 261.24
(g) Other miscellaneous income 111.32 139.15
1,808.85 1,037.48
(i) Dividend income includes income from investments carried at fair value through other comprehensive income of
H42.49 crore (2022- 23: H29.50 crore)
(ii) Interest income includes:
(a) income from financial assets carried at amortised cost of H453.96 crore (2022-23: H331.75 crore).
(b) income from financial assets carried at fair value through profit and loss H16.86 crore (2022-23: H13.89 crore).
(iii) Includes a gain of H903.40 crore (2022-23: Nil) on de-recognition of assets pursuant to a long term arrangement
(refer note 10(v), page F184).
30. Employee benefits expense

[Item No. IV(d), Page F146]
(H crore)
March 31, 2024 March 31, 2023
(a) Salaries and wages 19,655.94 18,471.69
(b) Contribution to provident and other funds 3,901.13 3,136.57
(c) Staff welfare expenses 952.51 811.06
24,509.58 22,419.32
During the year ended March 31, 2024, the Company has recognised an amount of H40.59 crore (2022-23: H37.82 crore) as
remuneration to key managerial personnel. The details of such remuneration are as below:
(H crore)
March 31, 2024 March 31, 2023
(a) Short-term employee benefits 31.06 32.88
(b) Post-employment benefits 9.42 4.88
(c) Other long-term employee benefits 0.11 0.06
40.59 37.82

NOTES
31. Finance Costs

[Item No. IV(e), Page F146]
(H crore)
March 31, 2024 March 31, 2023
Interest expense on:
(a) Bonds, debentures, bank borrowings and others 7,607.53 6,007.98
(b) Lease obligations 549.29 581.81
8,156.82 6,589.79
Less: Interest capitalised 649.25 291.09
7,507.57 6,298.70
32. Depreciation and amortisation expense

[Item No. IV(f), Page F146]
(H crore)
March 31, 2024 March 31, 2023
(a) Depreciation on tangible and amortisation of intangible assets 8,908.16 8,341.81
(b) Depreciation on right-of-use assets 980.20 1,000.47
Less: Transferred to capital accounts - 0.87
Less: Amount released from grants received 6.20 6.21
9,882.16 9,335.20
33. Other expenses

(H crore)
March 31, 2024 March 31, 2023
(a) Consumption of stores and spares* 18,741.05 18,040.98
(b) Repairs to buildings 70.77 89.59
(c) Repairs to machinery 12,267.81 11,583.62
(d) Relining expenses 329.29 338.54
(e) Fuel oil consumed 1,537.28 1,466.98
(f ) Purchase of power 8,534.57 8,059.93
(g) Conversion charges 2,854.18 3,092.10
(h) Freight and handling charges 12,930.83 12,647.96
(i) Rent 3,699.65 2,923.43
(j) Royalty 6,763.93 6,923.80
(k) Rates and taxes 2,739.96 1,971.35
(l) Insurance charges 711.55 696.47
(m) Commission, discounts and rebates 309.37 356.91
(n) Allowance for credit losses/ provision for advances 114.45 10.52
(o) Others 10,750.20 8,882.59
82,354.89 77,084.77
* Net of capitalisation of I4,874.79 crore (2022-23: ₹3,434.10 crore)

NOTES
33. Other expenses (Contd.)

(i) Others include: net foreign exchange gain ₹42.03 crore (2022-23: ₹1,657.81 crore),
(ii) During the year ended March 31, 2024, the Company has recognised an amount of ₹8.44 crore (2022-23: ₹9.65 crore)
towards payment to non-executive directors. The details are as below:
(H crore)
March 31, 2024 March 31, 2023
(a) Short-term benefits 8.00 9.20
(b) Sitting fees 0.44 0.45
8.44 9.65
(iii) Revenue expenditure charged to the consolidated statement of profit and loss in respect of research and development
activities undertaken during the year is H952.74 crore (2022-23: H858.93 crore).
34. Exceptional items

[Item No. VII, Page F146]
Exceptional items are those which are considered for separate disclosure in the financial statements considering their size, nature
or incidence. Such items included within the consolidated statement of profit and loss are detailed below:
(a) Profit on sale of subsidiaries and non-current investments represents profit of H4.68 crore on disposal of offshore joint
venture forming part of the Group’s European operations (2022-23: includes profit of H66.86 crore on disposal of offshore
subsidiaries forming part of the Group’s European operations).
(b) Profit on sale of non-current assets represents profit of H51.77 crore on disposal of property, plant and equipment forming
part of the Group’s South East Asian operations classified as held for sale (2022-23: Nil).
(c) Provision for impairment of investments/doubtful advances (net) of H19.98 crore represents reversal of impairment of
deferred consideration within the Group’s European operations (2022-23: H12.39 crore represents impairment of advances
to one of the associates of the Group and reversal of impairment of H96.07 crore within the Group’s European operations).
(d) Provision for impairment of non-current assets includes impairment recognised in respect of property, plant and equipment
(including capital work-in-progress), right-of-use assets, intangible assets and other assets of H688.41 crore pertaining to
Group’s Indian operations and H2,827.58 crore within the Group’s European operations pursuant to closure of heavy
end assets. (2022-23: provision for impairment of non-current assets includes H11.16 crore within the Group’s South-East
Asian operations and reversal of provision of impairment of non-current assets H36.53 crore within the Group’s European
operations).
(e) Employee separation compensation of H129.86 crore (2022-23: H91.94 crore) relates to provisions recognised in respect of
early separation of employee within the Group’s Indian operations.
(f) Restructuring and other provisions includes H404.65 crore pertaining to the Group’s Indian operation and H3,858.10 crore
in the Group’s European operations (2022-23: H1.70 crore results represent stamp duty and registration fees paid within
the Group’s Indian operations)
(g) Gain/(loss) on non-current investments classified as fair value through profit and loss ₹18.09 crore (2022-23: gain ₹30.99
crore) represents fair value changes of investments in preference shares.

NOTES
35. Earnings per share

[Item No. XV, Page F147]
The following table reflects the profit/(loss) and shares data used in the computation of basic and diluted earnings per share (EPS).
(H crore)
March 31, 2024 March 31, 2023
(a) Profit/(loss) for the year attributable to owners of the Company (4,437.44) 8,760.40
Profit/(loss)attributable to Ordinary shareholders- for basic and diluted EPS (4,437.44) 8,760.40
Nos. Nos.
(b) Weighted average number of Ordinary shares for basic EPS 12,26,82,00,078 12,21,00,98,132
Add: Adjustment for shares held in abeyance 32,35,026 37,16,120
Weighted average number of Ordinary shares and potential Ordinary shares for diluted EPS 12,27,14,35,104 12,21,38,14,252
(c) Nominal value of Ordinary Share (H) 1.00 1.00
(d) Basic earnings per Ordinary Share (H) (3.62) 7.17

(e) Diluted earnings per Ordinary Share (H) (3.62) 7.17

NOTES
36. Employee benefits subsidiaries do not have any further obligations

beyond this contribution.
A. Defined contribution plans
The contributions recognised as an expense in the
The Group participates in a number of defined
consolidated statement of profit and loss during the
contribution plans on behalf of relevant personnel.
year on account of the above defined contribution
Any expense recognised in relation to these schemes
plans amounted to H1,752.94 crore (2022-23:
represents the value of contributions payable during
H1,611.21 crore).
the period by the Group at rates specified by the rules
of those plans. The only amounts included in the
B. Defined benefit plans
consolidated balance sheet are those relating to the prior
months contributions that were not due to be paid until The defined benefit plans operated by the Group are
after the end of the reporting period. as below:
The major defined contribution plans operated by the (a) Provident fund and pension
Group are as below: Provident fund benefits provided under plans
wherein contributions are made to an irrevocable
trust set up by the Company/Indian subsidiaries
The Company and its Indian subsidiaries provide to manage the investments and distribute the
provident fund benefits for eligible employees as amounts entitled to employees are treated as
per applicable regulations wherein both employees a defined benefit plan as the Company/Indian
and the Company/Indian subsidiaries make subsidiaries are obligated to provide the members
monthly contributions at a specified percentage of a rate of return which should, at the minimum,
the eligible employees’ salary. Contributions under meet the interest rate declared by Government
such schemes are made either to a provident fund administered provident fund. A part of the
set up as an irrevocable trust by the Company/ Company’s/Indian subsidiaries’ contribution is
Indian subsidiaries to manage the investments and transferred to Government administered pension
distribute the amounts entitled to employees or to fund. The contributions made by the Company/
state managed funds. Indian subsidiaries and the shortfall of interest,
Benefits provided under plans wherein if any, are recognised as an expense in the
contributions are made to state managed funds consolidated statement of profit and loss under
and the Company/Indian subsidiaries do not have employee benefits expense.
a future obligation to make good short fall if any, are In accordance with an actuarial valuation of provident
treated as a defined contribution plan. fund liabilities of Company and its Indian subsidiaries
based on guidance issued by Actuarial Society of
(b) Superannuation fund
India and based on the assumptions as mentioned
The Company and some of its Indian subsidiaries below, other than the amounts recognised during
have a superannuation plan for the benefit of the year ended March 31, 2024 in respect of the
its employees. Employees who are members of Company and one subsidiary of H5.27 crore
the superannuation plan are entitled to benefits (2022-23: H6.67 crore), out of which H0.46 crore
depending on the years of service and salary drawn. (2022-23: H1.61 crore) has been recognised within
Separate irrevocable trusts are maintained for consolidated statement of Profit and loss and H4.81
employees covered and entitled to benefits. The crore (2022-23: H5.06 crore) has been recognised
Company and its Indian subsidiaries contribute within other comprehensive income, there is no
up to 15% of the eligible employees’ salary or deficiency in the interest cost as the present value
H1,50,000, whichever is lower, to the trust every year. of the expected future earnings of the fund is
Such contributions are recognised as an expense greater than the expected amount to be credited
as and when incurred. The Company and its Indian to the individual members based on the expected

NOTES
36. Employee benefits (Contd.) (d) Tata Steel Europe’s pension plan
Tata Steel Europe (TSE), a wholly owned indirect
subsidiary of the Company, operates a number
guaranteed rate of interest of Government
of defined benefit pension and post retirement
administered provident fund.
schemes. The benefits offered by these schemes
Key assumptions used for actuarial valuation are are largely based on pensionable pay and years
as below: of service at retirement. With the exception of
certain unfunded arrangements, the assets of
March 31, 2024 March 31, 2023 these schemes are held in administered funds
Discount rate 7.00% 7.10% - 7.50% that are legally separated from TSE. For those
Guaranteed rate 8.15% - 8.25% 7.20% - 8.15% pension schemes set up under a trust, the trustees
of return are required by law to act in the best interests of
Expected rate 7.55% - 8.15% 8.10% - 8.15% the schemes beneficiaries in accordance with the
of return on scheme rules and relevant pension legislation. The
investment
trustees are generally responsible for the investment
policy with regard to the assets of the fund, after
(b) Retiring gratuity
consulting with the sponsoring employer.
The Company and its Indian subsidiaries have
an obligation towards gratuity, a defined benefit TSE accounts for all pension and post-retirement
retirement plan covering eligible employees defined benefit arrangements using Ind AS 19
as per The Payment of Gratuity Act, 1972. The “Employee Benefits”, with independent actuaries
plan provides for a lump-sum payment to being used to calculate the costs, assets and
vested employees at retirement, death while in liabilities to be recognised in relation to these
employment or on termination of employment schemes. The present value of the defined benefit
of an amount equivalent to 15 to 30 days salary obligation, the current service cost and past service
payable for each completed year of service. Vesting costs are calculated by these actuaries using
occurs upon completion of five years of service. The the Projected unit credit method. However, the
Company and its Indian subsidiaries make annual ongoing funding arrangements of each scheme, in
contributions to gratuity funds established as place to meet their long-term pension liabilities, are
trusts or insurance companies. The Company and governed by the individual scheme documentation
its Indian subsidiaries accounts for the liability for and national legislation. The accounting and
gratuity benefits payable in the future based on a disclosure requirements of Ind AS 19 “Employee
year end actuarial valuation. benefits” do not affect these funding arrangements.
The principal defined benefit pension scheme for
(c) Post-retirement medical benefits
TSUK is the British Steel Pension Scheme (‘BSPS’),
Under this unfunded scheme, employees of the which is the main scheme for previous and present
Company and some of its subsidiaries receive employees based in the UK. Benefits offered by
medical benefits subject to certain limits on this scheme are based on final earnings and years
amounts of benefits, periods after retirement and of service at retirement. The assets of this scheme
types of benefits, depending on their grade and are held in a separately administered fund.
location at the time of retirement. Employees
separated from the Company and its subsidiaries The BSPS is the legacy defined benefit pension
under an early separation scheme, on medical scheme in the UK and is closed to future accrual.
grounds or due to permanent disablement are The current Scheme is the successor to the old
also covered under the scheme. The Company and BSPS which entered a Pension Protection Fund
such subsidiaries account for the liability for post- (‘PPF’)assessment period in March 2018 following
retirement medical scheme based on a year-end a Regulated Apportionment Arrangement
actuarial valuation. (‘RAA’) which separated the old BSPS from TSUK.

NOTES
36. Employee benefits (Contd.) assets at the time of winding up of the Scheme to
augment member benefits to the fullest extent
possible after allowing for any expenses necessary
The current Scheme was created on March 28, to wind up the Scheme. The Deed set out both
2018 when 69% of the members of the old Scheme parties’ intentions that the winding up of the
transferred into the current Scheme. The Scheme Scheme will take place as soon as all the tasks
is sponsored by TSUK and currently has around necessary to achieve this are completed. This is
64,000 members of which 80% are pensioners expected to take around three years. TSUK retains
with benefits in payment. Although TSUK has a the sole power to decide whether to proceed to
legal obligation to fund any future deficit, a key wind-up the Scheme and buy-out liabilities. At
condition of the new BSPS going forward was that the date the Deed was signed TSUK performed an
it was sufficiently well funded to meet the Scheme’s exercise that estimated the expected surplus of the
modified liabilities on a self-sufficiency basis with a Scheme at the earliest date a wind up was possible
buffer to cover residual risks. was likely to be around H1,194.91 crore. As a result
Since the Scheme came into existence, the BSPS of the Deed, a past service cost equal to H1,194.91
Trustee and TSUK established a framework for crore was recorded in the income statement in the
dynamic de-risking as and when conditions were current year.
appropriate. The framework provided for the The Deed of Amendment means that there is no
parties to agree to partial buy-in transactions longer an ability for TSUK to access any of the
with one or more insurers over a period of time. surplus of the Scheme. In accordance with Ind AS
In relation to this, the scheme completed its first 19 an ‘asset ceiling’ has been applied to reflect the
buy-in transaction in respect to a small portion of fact that TSUK no longer has an unconditional right
the overall liabilities during the year ended March to a refund from the Scheme and the net surplus
31, 2022. It has also completed two further buy- has been restricted to Nil on the Group’s balance
in transactions during the year ended March 31, sheet from September 29, 2023.
2023 involving the purchase of annuities with an
external insurer of the order of H21,378.10 crore and The BSPS previously held an anti-embarrassment
H20,406.37 crore in May 2022 and December 2022 interest in TSUK agreed as part of the RAA entered
respectively. On May 17, 2023 the BSPS completed into in 2017. The anti-embarrassment interest was
a final buy-in transaction with an external insurer initially 33.33% at the time of the RAA but was
with a value of the order of H28,054.51 which diluted to less than 1% due to successive equity
ensures that the all liabilities of the Scheme are issuances by TSUK to its parent company Corus
now fully insured. The funding levels secured as Group Limited. In March 2024, BSPS transferred
part of these arrangements will enable the Trustee its anti-embarrassment interest to TSUK’s parent
to award a payment of 3% in order to restore an company Corus Group Limited though the Scheme
element of member benefits which were foregone retains an economic interest in the value of those
as part of the RAA. The final buy-in also included shares. No value has been included in the BSPS’s
the purchase of an insurance policy on an “all risks” assets as at March 31, 2024 (2023: Nil) for its interest
basis whereby any risks for data cleanse items in TSUK.
(e.g. impact of Guaranteed Minimum Pension and As at March 31, 2024 the Scheme had an Ind AS 19
Barber equalisation) and residual risks (e.g. whether surplus of Nil (March 31, 2023: 6,965.10). The surplus
any members claim that their benefit calculations as at March 31, 2024 includes an asset ceiling of
are incorrect) were passed on to the insurer. H715.15 crore in order to restrict the surplus to Nil
On September 29, 2023 TSUK and the Scheme as TSUK no longer has an unconditional right to a
Trustee signed a Deed of Amendment that refund of the surplus from the Scheme.
stipulated that the Trustee shall apply any surplus

NOTES
36. Employee benefits (Contd.) (ii) Interest risk: A decrease in the bond interest
rate will increase the plan liability. However,
As at March 31, 2021 valuation was agreed between this will be partially offset by an increase in the
TSUK and the BSPS Trustee on January 21, 2022. value of plan’s debt investments.
This was a surplus of H5,176.70 crore on a Technical (iii) Salary risk: The present value of the defined
Provisions (more prudent) basis equating to a benefit plan liability is calculated by reference
funding ratio of 105%. The agreed Schedule of to the future salaries of plan participants.
Contributions confirmed that neither ordinary As such, an increase in salary of the plan
nor deficit recovery contributions are due from participants will increase the plan’s liability.
the Company. The next triennial valuation of the
Scheme, which will take place as at March 31, 2024 is (iv) Longevity risk: The present value of the
expected to show that the Scheme is fully funded on defined benefit plan liability is calculated
a solvency/buy-out basis and that no contributions by reference to the best estimate of the
are due from TSUK. mortality of plan participants both during
and after their employment. An increase in
The weighted average duration of the scheme’s the life expectancy of the plan participants
liabilities as at March 31, 2024 was 11 years (March will increase the plan’s liability.
31, 2023: 11 years).
(v)
Inflation risk: Some of the Group’s Pension
(e) Other defined benefits obligations are linked to inflation, and higher
Other benefits provided under unfunded schemes inflation will lead to higher liabilities although,
include pension payable to directors on their in most cases, caps on the level of inflationary
retirement, farewell gifts, post-retirement lumpsum increases are in place to protect the plan
benefit and reimbursement of packing and against extreme inflation.
transportation charges to the employees based on
their last drawn salary.
The defined benefit plans expose the Group to a
number of actuarial risks as below:
(i) Investment risk: The present value of the
defined benefit plan liability is calculated
using a discount rate determined by reference
to government/high quality bond yields. If the
return on plan asset is below this rate, it will
create a plan deficit.

NOTES
C. Details of defined benefit obligations and plan assets:

(a) Retiring gratuity:
(i) The following table sets out the amounts recognised in the consolidated financial statements in respect of retiring gratuity:
(H crore)
March 31, 2024 March 31, 2023
Past service cost 0.02 -
Interest cost 226.11 213.42
Benefits paid (339.34) (318.02)
Remeasurement (gain)/loss 174.72 27.62
Other re-classification - 4.78
(H crore)
March 31, 2024 March 31, 2023
Interest income 217.61 198.39
Remeasurement gain/(loss) excluding amount included within employee benefit expense 46.68 (2.82)
Employers' contribution 205.70 387.36
Benefits paid (338.81) (317.30)
Amounts recognised in the consolidated balance sheet consist of:

(H crore)
As at As at
March 31, 2024 March 31, 2023
Present value of obligation 3,670.33 3,415.59
(469.57) (346.01)
Recognised as:
Retirement benefit assets - Non-current - 1.24
Retirement benefit obligations - Current (11.16) (20.17)
(469.57) (346.01)

NOTES
Expense/(gain) recognised in the consolidated statement of profit and loss consists of:
(H crore)
March 31, 2024 March 31, 2023
Past service cost 0.02 -
Net interest expense 8.50 15.03
201.75 202.26
Return on plan assets excluding amount included in employee benefits expense (46.68) 2.82
Actuarial (gain)/loss arising from changes in demographic assumptions (26.06) (0.30)
Actuarial (gain)/loss arising from changes in financial assumptions 87.86 (60.15)
128.04 30.44
Expense/(gain) recognised in the consolidated statement of profit and loss 329.79 232.70
(ii) Fair value of plan assets by category of investments is as below:

As at As at
March 31, 2024 March 31, 2023
Assets category (%)
Quoted
Equity instruments 3.67 2.01
Debt instruments 37.05 28.60
40.72 30.61
Unquoted
Debt instruments - 0.47
Insurance products 54.29 67.02
Others 4.99 1.90
59.28 69.39
100.00 100.00
The Group’s investment policy is driven by considerations of maximising returns while ensuring credit quality of debt instruments.
The asset allocation for plan assets is determined based on prescribed investment criteria and is also subject to other exposure
limitations. The Group evaluates the risks, transaction costs and liquidity for potential investments. To measure plan assets
performance, the Group compares actual returns for each asset category with published benchmarks.

NOTES
(iii) Key assumptions used in the measurement of retiring gratuity are as below:
As at As at
March 31, 2024 March 31, 2023
Discount rate 6.90 - 7.00% 7.1 - 7.30%
Rate of escalation in salary 6.00 - 10.50% 5.00 - 10.50%
(iv) Weighted average duration of the retiring gratuity obligation ranges between 6 to 21 years (March 31, 2023: 6 to 23 years).
(v) The Group expects to contribute H463.59 crore to the plan during the financial year 2024-25.
(vi) The table below outlines the effect on retiring gratuity obligation in the event of a decrease/ increase of 1% in the
assumptions used.

Discount rate Increase by 1%, decrease by 1% Decrease by K269.11 crore, increase by K312.73 crore
Rate of escalation in salary Increase by 1%, decrease by 1% Increase by K303.18 crore, decrease by K266.96 crore

Discount rate Increase by 1%, decrease by 1% Decrease by H250.50 crore, increase by H289.37 crore
Rate of escalation in salary Increase by 1%, decrease by 1% Increase by H278.97 crore, decrease by H246.87 crore
(b) Tata Steel Europe’s Pension Plan

(i) The following table sets out the amounts recognised in the consolidated financial statements in respect of Tata Steel
Europe’s pension plans.
(H crore)
March 31, 2024 March 31, 2023
Past service cost 1,194.91 -
Interest cost 2,982.09 2,069.79
Remeasurement (gain)/loss (220.03) (14,978.57)
Settlements (51.95) -
Benefits paid (4,893.95) (5,237.64)
Exchange differences on consolidation 2,143.64 991.33

NOTES
(H crore)
March 31, 2024 March 31, 2023
Interest income 3,304.20 2,584.81
Remeasurement gain/(loss) (5,693.81) (28,530.05)
Employer's contribution 62.34 87.46
Settlements (51.95) -
Benefits paid (4,862.78) (5,218.20)
Effect of asset ceiling (698.99) (16.16)
Exchange differences on consolidation 2,278.15 784.54

(H crore)
As at As at
March 31, 2024 March 31, 2023
Present value of obligation 63,916.99 62,668.76
(646.33) 6,264.74
Recognised as:
Retirement benefit assets - Non-current 23.26 6,989.59
Retirement benefit obligations - Current (16.28) (11.52)
(646.33) 6,264.74
(H crore)
March 31, 2024 March 31, 2023
Past service costs 1,194.91 -
Net interest expense/(income) (322.11) (515.02)
Effect of asset ceiling 176.64 -
1,142.96 (427.56)
Return on plan assets excluding amount included in employee benefits expense 5,693.81 28,530.05
Effect of asset ceiling 522.35 16.16
Actuarial (gain)/loss arising from changes in demographic assumptions (124.62) (398.83)
Actuarial (gain)/loss arising from changes in financial assumptions (352.34) (14,807.29)
5,996.13 13,567.64
Expense/(gain) recognised in the consolidated statement of profit and loss 7,139.09 13,140.08

NOTES
(ii) Fair value of plan assets by category of investments is as below:

As at As at
March 31, 2024 March 31, 2023
Assets category (%)
Quoted
(a) Equity - Non-UK entities 0.37 0.52
(b) Bonds - Fixed rate 1.03 28.38
(c) Bonds - Indexed linked - 4.72
1.40 33.62
Unquoted
(a) Property 1.28 6.98
(b) Derivatives - 0.10
(c) Insurance products 96.47 54.10
(d) Others 0.85 5.20
98.60 66.38
100.00 100.00
(iii) Key assumptions used in the measurement of pension benefits are as below:
BSPS Others BSPS Others
Discount rate 4.90% 1.60 - 5.20% 4.87% 2.20-5.00%
Rate of escalation in salary NA 1.50 - 3.00% N.A. 1.5-3.0%
Inflation rate 2.80% 1.20 - 3.00% 2.91% 2.0-3.0%
Demographic assumptions are set having regard to the latest trends in life expectancy, plan experience and other relevant data,
including externally published actuarial information within each national jurisdiction. The base table assumption is reviewed
and updated as necessary as part of the periodic actuarial funding valuations of the individual pension and post-retirement
plans. For the BSPS the liability calculations as at March 31, 2024 use the Self-Administered Pension Schemes 3 (SAPS 3) base
tables, S3PMA_M/S3PFA/S3DFA with the 2020 CMI projections with a 1.25% p.a. (2022-23: 1.25% p.a.) long-term trend applied
from 2013 to 2021 (adjusted by a multiplier of 1.03 p.a. (2022-23: 1.03 p.a.) for males, 1.03 p.a. (2022-23: 1.03 p.a.) for females
and 1.04 p.a. for female dependents (2022-23: 1.04 p.a). The future mortality improvements assumptions are typically updated
with each release of an updated model. Future mortality improvements from 2021 onwards are allowed for in line with the 2022
CMI Projections with a long-term improvement trend of 1% (2023: 1%) per annum, a smoothing parameter of 7.0 (2023: 7.0), an
initial addition parameter of 0% (2023: 0%) and a 0% (2023: nil) weight on mortality experience allowance for adopting w2020,
a 0% (2023: 10%) weight on mortality experience allowance for adopting w2021 and a 25% allowance for adopting the w2022
parameter for excess deaths in the UK in the COVID-19 affected years. This indicates that today’s 65 year old male member
is expected to live on average to approximately 86 years (2022-23: 86 years) of age and a male member reaching age 65 in
15 years’ time is then expected to live on average to 86 years (2022-23: 87) of age.
(iv) Weighted average duration of the pension obligations is 11 years (March 31, 2023: 11 years).
(v) The Group expects to contribute Nil to the plan during the financial year 2024-25.

NOTES
(vi) The table below outlines the effect on pension obligations in the event of a decrease/increase of the following
assumptions used.

Discount rate Increase by 50 bps, decrease by 50 bps Decrease by 5.4%, increase by 5.4%
Rate of escalation in salary Increase by 100 bps, decrease by 100 bps Not applicable as pensionable earnings is capped
Inflation rate Increase by 50 bps, decrease by 50 bps Increase by 2.3%, decrease by 2.3%
Mortality rate One year increase/decrease in life expectancy Increase by 2.4%, decrease by 2.4%

Discount rate Increase by 50 bps, decrease by 50 bps Decrease by 5.0%, increase by 5.4%
Rate of escalation in salary Increase by 100 bps, decrease by 100 bps Not applicable as pensionable earnings is capped
Inflation rate Increase by 50 bps, decrease by 50 bps Increase by 2.3%, decrease by 2.4%
Mortality rate One year increase/decrease in life expectancy Increase by 3.0%, decrease by 3.0%
(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.
(H crore)
Obligation at the beginning of the year 1,537.82 464.71 1,740.99 490.77
Interest cost 108.64 26.12 119.40 28.22
Remeasurement (gain)/loss
(i) Actuarial (gain)/losses arising from changes in demographic
18.82 (0.61) - -
assumptions
(ii) Actuarial (gain)/losses arising from changes in financial
78.42 (7.62) (58.33) (7.71)
assumptions
(iii) Actuarial (gain)/losses arising from changes in experience
30.39 (22.14) (217.67) (8.86)
adjustments
Benefits paid (77.95) (70.39) (74.97) (62.54)
Addition relating to acquisition - - 2.99 -
Exchange differences on consolidation - (4.53) - 5.72
Obligation at the end of the year 1,733.93 467.12 1,537.82 464.71

NOTES

(H crore)
Present value of obligations 1,733.93 467.12 1,537.82 464.71
Recognised as:
(a) Retirement benefit obligations - Current 89.92 27.79 89.02 27.95
(b) Retirement benefit obligations - Non-current 1,644.01 439.33 1,448.80 436.76
1,733.93 467.12 1,537.82 464.71
(H crore)
Interest cost 108.64 26.12 119.40 28.22
146.43 107.70 144.81 47.33
Actuarial (gain)/loss arising from changes in demographic
18.82 (0.61) - -
assumptions
Actuarial (gain)/loss arising from changes in financial assumption 78.42 (7.62) (58.33) (7.71)
Actuarial (gain)/loss arising from changes in experience
30.39 (22.14) (217.67) (8.86)
adjustments
127.63 (30.37) (276.00) (16.57)
Expense/(gain) recognised in the consolidated
274.06 77.33 (131.19) 30.76
statement of profit and loss
(ii) Key assumptions used in the measurement of post-retirement medical and other defined benefits are as below:
Discount rate 7.00% 2.33% - 7.25% 7.10 - 7.30% 2.33 -7.35%
Rate of escalation in salary N.A. 4.00% - 12.00% N.A 4.00 - 15.00%
Inflation rate 6.00 - 8.00% 5.00 - 8.00% 5.00 - 8.00% 5.00 - 20.00%
(iii) Weighted average duration of post-retirement medical benefit obligations ranges between 7 to 24 years (March 31,
2023: 7 to 24 years). Weighted average duration of other defined benefit obligations ranges between 2.4 to 24 years
(March 31, 2023: 10 to 24 years).

NOTES
(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:

Medical cost inflation rate Increase by 1%, decrease by 1% Increase by K282.07 crore, decrease by K223.29 crore

Medical cost inflation rate Increase by 1%, decrease by 1% Increase by H240.06 crore, decrease by H191.32 crore
(v) The table below outlines the effect on other defined benefit obligations in the event of a decrease/increase of 1% in the
assumptions used:

Rate of escalation in salary Increase by 1%, decrease by 1% Increase by K14.45 crore, decrease by K12.98 crore
Inflation rate Increase by 1%, decrease by 1% Increase by K13.92 crore, decrease by K12.10 crore

Rate of escalation in salary Increase by 1%, decrease by 1% Increase by H22.91 crore, decrease by H19.21 crore
Inflation rate Increase by 1%, decrease by 1% Increase by H14.10 crore, decrease by H12.22 crore

NOTES
37. Contingencies and commitments The details of significant demands are as below:
A. Contingencies (a)
Interest expenditure on loans taken by the
Company for acquisition of a subsidiary has been
In the ordinary course of business, the Group faces claims
disallowed in assessments with tax demand raised
and assertions by various parties. The Group assesses
for H1,595.14 crore (inclusive of interest) (March 31,
such claims and assertions and monitors the legal
2023: H1,641.64 crore).
environment on an on-going basis, with the assistance
of external legal counsel, wherever necessary. The Group (b)
Interest expenditure on “Hybrid Perpetual
records a liability for any claims where a potential loss is Securities” has been disallowed in assessments with
probable and capable of being estimated and discloses tax demand raised for H484.78 crore (inclusive of
such matters in its consolidated financial statements, if interest) (March 31, 2023: H484.78 crore)
material. For potential losses that are considered possible,
In respect of above demands, the Company has deposited
but not probable, the Group provides disclosure in the
an amount of H1,257.80 crore (March 31, 2023: H1,255.63
consolidated financial statements but does not record a
crore) as a precondition for obtaining stay. The Company
liability in its accounts unless the loss becomes probable.
expects to sustain its position on ultimate resolution of
The following is a description of claims and assertions the said appeals.
where a potential loss is possible, but not probable.
Customs, excise duty, service tax and goods and
The Group believes that none of the contingencies
service tax
described below would have a material adverse effect
on the Group’s financial condition, results of operations As at March 31, 2024, there were pending litigation
or cash flows. for various matters relating to customs, excise duty,
service tax and GST involving demands of H973.91 crore
It is not practicable for the Group to estimate the timings (March 31, 2023: H1,380.99 crore), which includes H53.23
of the cash outflows, if any, pending resolution of the crore (March 31, 2023: H61.08 crore) in respect of equity
respective proceedings. The Group does not expect any accounted investees.
reimbursements in respect of the same.
The details of significant demand is as below:
Litigations
The Company is providing municipal services in the town
The Group is involved in legal proceedings, both as
of Jamshedpur as per the Lease deed dated August 20,
plaintiff and as defendant. There are claims which the
2005. In this regard the Company has entered into various
Group does not believe to be of a material nature, other
agreements with Tata Steel Utilities and Infrastructure
than those described below.
Services Limited (‘TSUISL’), whereby TSUISL provides
Income tax the services to the Company, and the Company in
The Group has ongoing disputes with income tax turn provides such services to the residents. TSUISL
authorities relating to tax treatment of certain items. charges GST on the invoices raised and the Company
These mainly include disallowance of expenses, tax takes Input Tax Credit (ITC) of the same in terms of the
treatment of certain expenses claimed by the Group as GST Laws. Further, the Company maintains Tata Main
deductions and the computation of, or eligibility of the Hospital (TMH) in the town of Jamshedpur, wherein
Group’s use of certain tax incentives or allowances. health care services are provided to employees as well
as non-employees. The Company has taken ITC of GST
Most of these disputes and/or disallowances, being paid on various services received which is attributable
repetitive in nature, have been raised by the income tax to employees (no billing done for healthcare services).
authorities consistently in most of the years. Both the above ITC was disputed by the department
As at March 31, 2024, there are matters and/or disputes resulting in issuance of Show Cause Notice dated August
pending in appeal amounting to H3,696.71 crore 3, 2022. The demand in the said SCN has been confirmed
(March 31, 2023: H3,654.07 crore) which includes vide Order in Original dated June 23, 2023. Against the
H12.41 crore (March 31, 2023: H13.27 crore) in respect of said Order, the Company has preferred appeal before
equity accounted investees. Commissioner (Appeals) Ranchi. The appeal is currently

NOTES
37. Contingencies and commitments (Contd.) levy tax on minerals. The State of Odisha filed an
appeal in the Supreme Court against the order of
pending. The amount involved as on March 31, 2024 is
the High Court. By Order dated March 30, 2011,
amounting to ₹154.54 crore (March 31, 2023: Nil).
the Supreme Court had framed questions of law
Sales tax /VAT and referred the matter to a nine-judge Bench.
Case was listed on multiple dates in February and
The total sales tax demands that are being contested by
March, 2024. The matter was finally argued and
the Group amounted to H679.89 crore (March 31, 2023:
reserved for judgment by the Constitution Bench
H929.41 crore), which includes H26.05 crore
of Nine Judges of the Supreme Court on March 14,
(March 31, 2023: H71.96 crore) in respect of equity
2024. The potential liability as at March 31, 2024 is
accounted investees.
₹16,573.07 crore (March 31, 2023: ₹13,084.69 crore).
The details of significant demand is as below:
(b) The Company pays royalty on iron ore on the basis
The Company stock transfers its goods manufactured at of quantity removed from the leased area at the
Jamshedpur works plant to its various depots/branches rates based on notification issued by the Ministry of
located outside the state of Jharkhand across the country Mines, Government of India and the price published
and these goods are then sold to various customers outside by Indian Bureau of Mines (IBM) on a monthly basis.
the states from depots/branches. As per the erstwhile
Demand of ₹411.08 crore has been raised by
Central Sales Tax Act, 1956, these transfers of goods to
Deputy Director of Mines, Joda, claiming royalty
depots/branches were made without payment of Central
at sized ore rates on despatches of ore fines. The
sales tax and F-Form was submitted in lieu of the stock-
Company has filed a revision petition on November
transfers made during the period of assessment. The
14, 2013 before the Mines Tribunal, Government of
value of these sales was also disclosed in the periodical
India, Ministry of Mines, New Delhi, challenging
returns filed as per the Jharkhand VAT Act, 2005. The
the legality and validity of the demand raised
Commercial Tax Department has raised demand of Central
and also to grant refund of royalty excess paid by
Sales Tax by levying tax on the differences between
the Company. Mines tribunal vide its order dated
value of sales outside the states and value of F-Form
November 13, 2014 has stayed the demand of royalty
submitted for stock transfers. The tax amount involved
on iron ore for Joda east of ₹314.28 crore upto the
for various assessment years 2012-13, 2014-15, 2015-16,
period ending March 31, 2014. For the demand of
2016-17 and 2017-18 as on March 31, 2024 is amounting to
₹96.80 crore for April, 2014 to September, 2014, a
₹221.00 crore (March 31, 2023: ₹200.00 crore).
separate revision application was filed before Mines
Other taxes, dues and claims Tribunal. The matter was heard by Mines Tribunal
on July 14, 2015 and stay was granted on the total
Other amounts for which the Group may contingently
demand with directive to Government of Odisha
be liable aggregate to H20,955.14 crore (March 31,
not to take any coercive action for realisation of the
2023: H18,363.46 crore), which includes H106.84 crore
demanded amount.
(March 31, 2023: H100.81 crore) in respect of equity
accounted investees. The Hon’ble High Court of Odisha in a similar matter
held the circulars based on which demands were
raised to be valid. The Company has challenged the
(a) The State Government of Odisha introduced judgment of the High Court by a separate petition
“Orissa Rural Infrastructure and Socio Economic in the Hon’ble Supreme Court on April 29, 2016.
Development Act, 2004” with effect from February
On July 16, 2019, the Company has filed rejoinders to
2005 levying tax on mineral bearing land computed
the reply filed by State of Odisha against the revision
on the basis of value of minerals produced from the
petition. The State pressed for rejection of revision
mineral bearing land. The Company had filed a writ
applications citing the judgment of the High Court.
petition in the Odisha High Court challenging the
The Company represented before the authorities
validity of the Act. The High Court held in December
and explained that the judgment was passed under
2005 that the State does not have authority to

NOTES
37. Contingencies and commitments (Contd.) The Hon’ble Supreme Court pronounced its
judgement in the Common Cause case on August
a particular set of facts and circumstances which 2, 2017 wherein it directed that compensation
cannot have blanket application on the Company equivalent to the price of mineral extracted in
considering the case of the Company is factually excess of environment clearance or without forest
different. On August 7, 2019, the Mines Tribunal clearance from the forest land be paid.
decided to await the outcome of Special leave
petition pending before the Hon’ble Supreme In pursuance to the Judgement of Hon’ble Supreme
Court and adjourned the matter. Court, demand/show cause notices amounting to
₹3,873.35 crore have been issued during 2017-18
RAs of TSL was listed on June 10, 2020 for virtual by the Deputy Director of Mines, Odisha and the
hearing. Hearing was adjourned to November District Mining Office, Jharkhand.
24, 2020. On November 24, 2020 the Company’s
Counsel submitted that the present issue is pending In respect of the above demands:
before the Hon’ble Supreme Court of India in SLP • as directed by the Hon’ble Supreme Court,
(C) No. 7206 of 2016, M/s Mideast Integrated Steel the Company has provided and paid for iron
Pvt. Ltd. Vs. State of Odisha & Ors. and hence, ore and manganese ore an amount of ₹614.41
sought adjournment. State Counsel also agreed for crore during 2017-18 for production in excess of
the same. environment clearance to the Deputy Director
On October 26, 2022, assessment order (for the of Mines, Odisha.
period April’ 2022 to September’ 2022) was served, • the Company has provided and paid under
confirming that royalty will be paid for Calibrated protest an amount of ₹56.97 crore during 2017-
Lump Ore and Fines at their respective prices 18 for production in excess of environment
published by IBM w.e.f. April, 2022. Case was listed clearance to the District Mining Office, Jharkhand.
for hearing on May 2, 2023, where Union of India • the Company has challenged the demands
did not enter appearance. The case was listed for amounting to ₹132.91 crore in 2017-18 for
hearing on various dates thereafter and is now production in excess of lower of mining plan and
listed for hearing in the week commencing October consent to operate limits raised by the Deputy
1, 2024. Director of Mines, Odisha before the Mines
Likely demand of royalty on fines at sized ore rates Tribunal and obtained a stay on the matter. Mines
as on March 31, 2024 is ₹2,696.58 crore (March 31, Tribunal, Delhi vide order dated November 26,
2023: ₹2,696.58 crore). 2018 disposed of all the revision applications with a
direction to remand it to the State Government to
(c) Demand notices were originally issued by the Deputy hear all such cases afresh and pass detailed order.
Director of Mines, Odisha amounting to ₹3,827.29 On September 14, 2022, the Dy. Director of Mines,
crore for excess production over the quantity Govt. of Odisha issued a fresh demand against the
permitted under the mining plan, environment Company in view of order of the State (Dept. of
clearance or consent to operate, pertaining to Steel & Mines) in Proceedings, dated September 8,
2000-01 to 2009-10. The demand notices have been 2022 directing payment of compensation amount
raised under Section 21(5) of the Mines & Minerals towards unlawful production in the mines in
(Development and Regulations) Act, 1957 (MMDR). violation of mining plan/ consent to operate
The Company filed revision petitions before the limits being a valid demand to be realised from
Mines Tribunal against all such demand notices. the Revisionist i.e. the Company. Appeal has also
Initially, a stay of demands was granted, later by been filed against the same on November 3, 2022
order dated October 12, 2017, the issue has been with the Ministry of Mines. Demand amount of
remanded to the state for reconsideration of the ₹132.91 crore (March 31, 2023: ₹132.91 crore) is
demand in the light of Supreme Court judgement considered contingent.
passed on August 2, 2017.

NOTES
37. Contingencies and commitments (Contd.) B. Commitments

(a) The Group has entered into various contracts with
• the Company has made a comprehensive
suppliers and contractors for acquisition of plant and
submission before the Deputy Director of Mines,
machinery, equipment and various civil contracts
Odisha against show cause notices amounting
of capital nature amounting to H20,883.43 crore,
to ₹694.02 crore received during 2017-18
which includes H25.66 crore in respect of equity
for production in violation of mining plan,
accounted investees (March 31, 2023: H14,928.64
Environment Protection Act, 1986 and Water
crore which includes H140.68 crore in respect of
(Prevention & Control of Pollution) Act, 1981. A
equity accounted investees). Other commitment
demand amounting to ₹234.74 crore has been
as at March 31, 2024 amounts to H0.01 crore which
received in April 2018 from the Deputy Director
includes Nil in respect of equity accounted investees
of Mines, Odisha for production in excess of
(March 31, 2023: H0.01 crore which includes Nil in
the Environmental Clearance. The Company
respect of equity accounted investees).
had filed Revision Application before the Mines
Tribunal, challenging the demand. In December (b) The Company has given undertakings to:
2021, Mines Tribunal upheld the revision petition
(i) IDBI not to dispose of its investment in Wellman
and the matter was remanded back to the State
Incandescent India Ltd.,
Government for fresh consideration. The state
has so far not initiated any action. Based on (ii) IDBI and ICICI Bank Ltd. (formerly ICICI) not
the evaluation of the facts and circumstances, to dispose of its investment in Standard
the Company has assessed and concluded that Chrome Ltd.,
the said show cause notice of ₹694.02 crore
(c) The Company and Bluescope Steel Limited had
and demand of ₹234.74 crore has not been
given undertaking to State Bank of India not to
considered as contingent liability.
reduce collective shareholding in Tata Bluescope
• the Company based on its internal assessment Steel Private Limited (TBSPL), below 51% without
has provided an amount of ₹1,412.89 crore prior consent of the lender. Further, the Company
against demand notices amounting to had given an undertaking to State Bank of India to
₹2,140.30 crore received from the District Mining intimate them before diluting its shareholding in
Office, Jharkhand for producing more than TBSPL below 50%.
environment clearance and the balance amount
During the year ended March 31, 2021, the Company
of ₹727.41 crore (March 31, 2023: ₹727.41 crore)
after obtaining a ‘no objection certificate’ from the
is considered contingent. The Company had
lenders of TBSPL, had transferred its stake of 50%
challenged the demand notices before Revisional
in TBSPL to its 100% owned subsidiary Tata Steel
Authority, Ministry of Coal, Government of India.
Downstream Products Limited.
The Revisional Authority has passed order dated
October 30, 2023 and set aside the demands, During the year ended March 31, 2024, loan
being unreasonable and also remanded them outstanding from State Bank of India has
back for fresh decision in accordance with law. It been repaid.
also opined that in case the State Authorities wish
(d) The Group has given guarantees aggregating
to proceed, then the Company shall be given an
H194.64 crore (March 31, 2023: H168.77 crore) details
opportunity of hearing before a Committee,
of which are as below:
to be constituted by the Department of Mines
& Geology, Government of Jharkhand. The (i) in favour of Commissioner of Customs for
Committee shall examine the matter factually H1.07 crore (March 31, 2023: H1.07 crore) given
and legally before making any decision. on behalf of Timken India Limited in respect
of goods imported.

NOTES
(ii) in favour of The President of India for H167.55 b) Noamundi Iron Ore Mine of the Company was due for
crore (March 31, 2023: H167.55 crore) against its third renewal with effect from January 01, 2012. The
performance of export obligations under application for renewal was submitted by the Company
various bonds executed by a joint venture within the stipulated time, but it remained pending
Jamshedpur Continuous Annealing & consideration with the State and the mining operations
Processing Company Private Limited. were continued in terms of the prevailing law.
(iii) in favour of ICICI Bank for ₹25.87 crore (March By a judgement of April 2014 in the case of Goa Mines, the
31, 2023: Nil) guaranteeing the financial Supreme Court took a view that second and subsequent
liability of an associate TRF Limited (TRF), for renewal of mining lease can be effected once the State
the purpose of availing banking facility for considers the application and decides to renew the mining
TRF’s business operations including working lease by issuing an express order. State of Jharkhand issued
capital and performance contract renewal order to the Company on December 31, 2014. The
(iv) in favour of President of India for H0.15 State, however, took a view on interpretation of Goa Mines
crore (March 31, 2023: H0.15 crore) against judgement that the mining carried out after expiry of the
advance license. period of second renewal was ‘illegal’ and hence, issued a
demand notice of ₹3,568.31 crore being the price of iron
38. Other significant litigations ore extracted. The said demand has been challenged by
a) Odisha Legislative Assembly issued an amendment to the Company before the Jharkhand High Court.
Indian Stamp Act, 1889, on May 9, 2013 and inserted a new The mining operations were suspended from August 1,
provision (Section 3A) in respect of stamp duty payable 2014. Upon issuance of an express order, Company paid
on grant/renewal of mining leases. As per the amended ₹152.00 crore under protest, so that mining can be resumed.
provision, stamp duty is levied equal to 15% of the average
royalty that would accrue out of the highest annual The Mines and Minerals Development and Regulation
extraction of minerals under the approved mining plan (MMDR) Amendment Ordinance, 2015 promulgated on
multiplied by the period of such mining lease. The Company January 12, 2015 provides for extension of such mining
had filed a writ petition challenging the constitutionality of leases whose applications for renewal have remained
the Act on July 5, 2013. The Hon’ble High Court, Cuttack pending with the State(s). Based on the new Ordinance,
passed an order on July 9, 2013 granting interim stay on Jharkhand Government revised the Express Order on
the operation of the Amendment Act, 2013. Because of the February 12, 2015 for extending the period of lease up to
stay, as on date, the Act is not enforceable and any demand March 31, 2030 with the following terms and conditions:
received by the Company is not liable to be proceeded • value of iron ore produced by alleged unlawful
with. Meanwhile, the Company received demand notices mining during the period January 1, 2012 to April 20,
for the various mines at Odisha totalling to ₹5,579.00 2014 for ₹2,994.49 crore to be decided on the basis of
crore (March 31, 2023: ₹5,579.00 crore). The Company has disposal of our writ petition before Hon’ble High Court
concluded that it is remote that the claim will sustain on of Jharkhand.
ultimate resolution of the legal case by the court.
• value of iron ore produced from April 21, 2014 to July 17,
In April 2015, the Company has received an intimation 2014 amounting to ₹421.83 crore to be paid in maximum
from Government of Odisha, granting extension of validity 3 instalments.
period for leases under the MMDR Amendment Act, 2015 • value of iron ore produced from July 18, 2014 to August
up to March 31,2030 in respect of eight mines and up 31, 2014 i.e. ₹152.00 crore to be paid immediately.
to March 31, 2020 for two mines subject to execution of
supplementary lease deed. Liability has been provided
in the books of accounts as on March 31, 2020 as per the
existing provisions of the Stamp Act 1899 and the Company
had paid the stamp duty and registration charges totalling
₹413.72 crore for supplementary deed execution in respect
of eight mines out of the above mines.

NOTES
38. Other significant litigations (Contd.) Government of India, Ministry of Coal. Pursuant to letter
dated November 22, 2019, Ministry of Coal (‘MoC’) informed
District Mining Officer Chaibasa on March 16, 2015 that all statutory license, consent approvals, permission
issued a demand notice for payment of ₹421.83 crore, in required for undertaking of Coal mining operations in New
three monthly instalments. The Company on March 20, Patrapara Coal Mine now vested to Singareni Collieries
2015 replied that since the lease has been extended by Company Ltd. (“SCCL”, a state Government Undertaking).
application of law till March 31, 2030, the above demand MoC /Union of India, filed supplementary affidavit dated
is not tenable. The Company, has paid ₹50.00 crore under February 11, 2020 before Delhi High Court vide which it
protest on July 27, 2015, because the State had stopped had informed that payment of compensation can be paid
issuance of transit permits. to prior allottee after the mine is successfully allotted and
The Company filed another writ petition before the Hon’ble compensation is deposited by successful allottee, following
High Court of Jharkhand which was heard on September 9, the sequence mentioned in section 9 of Coal Mine (Special
2015. An interim order was given by the Hon’ble High Court Provisions) Act, 2015. It was informed that New Patrapara
of Jharkhand on September 17, 2015 wherein the Court Coal Mine had been allocated to SCCL, a state Government
has directed the Company to pay the amount of ₹371.83 Undertaking and compensation to the prior allottee to be
crore in 3 equal instalments, first instalment by October 15, released. MoC vide order dated May 17, 2021 had directed
2015, second instalment by November 15, 2015 and third SCCL to pay aforesaid compensation to erstwhile TSBSL.
instalment by December 15, 2015. Union of India filed affidavit dated March 6, 2023 before
High Court vide which it had informed that the successful
In view of the interim order of the Hon’ble High Court of allottee i.e M/s SCCL has surrendered the New Patrapara
Jharkhand ₹124.00 crore was paid on September 28, 2015, Coal Block. High Court directed MoC and Odisha Industrial
₹124.00 crore on November 12, 2015 and ₹123.83 crore on Infrastructure Development Corporation (IDCO) to file
December 14, 2015 under protest. updated status report outlining the amount payable to the
The case is pending before the Hon’ble High court for prior allottee and indicate the date by which amount could
disposal. The State issued similar terms and conditions to be disbursed. On July 5, 2023, Delhi High Court directed the
other mining lessees in the State rendering the mining as State of Odisha and IDCO to release the available balance
illegal. Based on the Company’s assessment of the Goa of ₹105.33 crore within four weeks and also directed Union
mines judgement read with the Ordinance issued in the of India to file a detailed affidavit of Additional Secretary
year 2015, the Company believes that it is remote that the clearly stating as to what steps are being taken to ensure
demand of the State would sustain. that the coal block is successfully allocated in a reasonable
period of time. Government of Odisha along with IDCO
c)
The Supreme Court of India vide its order dated has released ₹105.33 crore on August 8, 2023. Further, an
September 24, 2014, cancelled the coal blocks allocated amount of ₹0.32 crore was released by IDCO on August
to various entities which includes one coal block allocated 10, 2023 towards compensation pertaining to cost for
to the Tata Steel BSL Limited (“TSBSL”, entity merged Geological reports. Ministry of Coal has filed additional
with the Company in an earlier year) which were under affidavit on August 9, 2023. The case was listed for hearing
development. Subsequently, the Government of India had on various dates which were adjourned and is now listed
issued the Coal Mines (Special Provision) Act 2015, which for hearing October 15, 2024. Based on assessment of the
inter-alia deal with the payment of compensation to the matter by the Company, including evidence supporting the
affected parties in regard to investment in coal blocks. The expenditure and claim and external legal opinion obtained
receivable in respect of de-allocated coal block amounts by the Company, the aforesaid amount is considered good
to ₹414.56 crore (net of provision of ₹138.74 crore). The and fully recoverable.
Company had filed its claim for compensation with the

NOTES
38. Other significant litigations (Contd.) Supreme Court in the pending writ of FIMI seeking to
expedite disbursement of the compensation. MoC has
(d) The Company upon merger of erstwhile Tata Steel Long submitted Status Affidavit to the High Court dated March
Products Limited (‘TSLP’) in its books has a receivable of 6, 2023 in regards to ongoing case which was filed by TSLP
₹179.00 crore towards the de-allocated Radhikapur (East) challenging the constitutional validity of the provisions
Coal Block. Pursuant to the judgement of the Hon’ble dealing with the payment of compensation to the prior
Supreme Court, the Government of India promulgated allottee of the Coal Mines (Special Provisions) Act, 2015. On
Coal Mines (Special Provision) Act, 2015 (the “Coal Mines March 7, 2023, TSLP submitted that the Status Affidavit does
Act”) for fresh allocation of the coal mines through not comply with the previous orders passed. The hearing
auction. In terms of the Coal Mines Act, the prior allottee took place before Delhi High Court on December 5, 2023.
would be compensated for expenses incurred towards Next date of hearing was fixed for February 27, 2024 which
land and mine infrastructure. The validity of the Act was adjourned and has been listed for hearing on July 31,
has been challenged by Federation of Indian Mineral 2024. Based on assessment of the matter by the Company,
Industries (‘FIMI’) in 2019 before the Hon’ble Supreme including evidence supporting the expenditure and claim
Court to the extent that the Act does not provide grant and external legal opinion obtained by the Company, the
of just, fair and equitable compensation in a time bound aforesaid amount is considered good and fully recoverable.
manner to the prior allotees of the coal blocks. TSLP filed
an application on December 15, 2022, before the Hon’ble

NOTES
39. Capital management

T he Group’s capital management is intended to create value for shareholders by facilitating the achievement of long-term and
short-term goals of the Group.
T he Group determines the amount of capital required on the basis of annual business plan of entities within the Group coupled
with long- term and short-term strategic investment and expansion plans. The funding needs are met through equity, cash
generated from operations, long and short-term bank borrowings and issue of non-convertible debt securities.
T he 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.
et debt includes interest bearing borrowings including lease obligations less cash and cash equivalents, other bank balances
N
(including non- current and earmarked balances) and current investments.
The table below summarises the capital, net debt and net debt to equity ratio of the Group.
(H crore)
As at As at
March 31, 2024 March 31, 2023
Equity share capital 1,247.44 1,221.24
Other equity 90,788.32 1,01,860.86
Equity attributable to shareholders of the Company 92,035.76 1,03,082.10
Non-controlling interests 396.98 2,093.11
Total equity (A) 92,432.74 1,05,175.21
Non-current borrowings 51,576.73 51,446.33

Non-current lease obligations 4,538.70 5,811.08
Current borrowings 29,997.19 26,571.37
Current lease obligations 969.50 1,064.27
Gross debt (B) 87,082.12 84,893.05
Total capital (A+B) 1,79,514.86 1,90,068.26
Gross debt as above 87,082.12 84,893.05

Less: Current investments 731.22 3,630.06
Less: Cash and cash equivalents 7,080.84 12,129.90
Less: Other balances with banks (including non-current earmarked balances) 1,720.20 1,323.45
Net debt (C) 77,549.86 67,809.64
Net debt to equity(i) 0.78 0.61
(i) Net debt to equity ratio as at March 31, 2024 and March 31, 2023 has been computed based on the average of opening
and closing equity.

NOTES
40. 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 Material 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(n), page F159 to the consolidated financial statements.
(a) Financial assets and liabilities

The following tables present the carrying value and fair value of each category of financial assets and liabilities as at
March 31, 2024 and March 31, 2023.

(H crore)
Fair value
through profit
and loss
Financial assets:
Investments 17.86 2,377.74 - - 889.81 3,285.41 3,285.41
Derivatives - - 440.61 26.58 - 467.19 467.19
Loans 74.74 - - - - 74.74 74.74
17,814.75 2,377.74 440.61 26.58 889.81 21,549.49 21,549.49
Trade and other payables 35,434.66 - - - - 35,434.66 35,434.66
Borrowings other than lease
81,573.92 - - - - 81,573.92 76,403.73
obligations
Derivatives - - 167.59 46.90 - 214.49 214.49
1,28,946.07 - 167.59 46.90 - 1,29,160.56 1,23,990.37

NOTES

(H crore)
Fair value
through profit
and loss
Financial assets:
Investments 17.01 1,370.36 - - 3,764.61 5,151.98 5,151.98
Derivatives - - 371.14 593.72 - 964.86 964.86
Loans 66.58 - - - - 66.58 66.58
23,644.48 1,370.36 371.14 593.72 3,764.61 29,744.31 29,744.31
Trade payables 37,832.54 - - - - 37,832.54 37,832.54
Borrowings other than lease
78,017.70 - - - - 78,017.70 77,400.72
obligations
Derivatives - - 1,575.52 55.01 - 1,630.53 1,630.53
1,27,311.96 - 1,575.52 55.01 - 1,28,942.49 1,28,325.51
Investments in mutual funds and derivative instruments (other than those designated in a hedging relationship) are
mandatorily classified as fair value through profit and loss.
(b) Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at
fair value, grouped into Level 1 to Level 3, as described below.
Quoted prices in an active market (Level 1): This level of hierarchy includes financial assets and liabilities, that are
measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category
consists of investments in quoted equity shares and mutual funds.
Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities,
measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e., as prices) or indirectly (i.e., derived from prices). This level of hierarchy includes the Group’s over-the-counter
(OTC) derivative contracts.
Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets
and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are
determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from
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.

NOTES

(H crore)
Financial assets:
Investments in mutual funds 731.22 - - 731.22
Investments in equity shares 1,999.94 - 421.34 2,421.28
2,731.16 467.19 536.39 3,734.74
- 214.49 - 214.49
(H crore)
Financial assets:
Investments in mutual funds 3,630.06 - - 3,630.06
Investments in equity shares 995.64 - 423.79 1,419.43
4,625.70 964.86 509.27 6,099.83
Derivative financial liabilities - 1,630.53 - 1,630.53
- 1,630.53 - 1,630.53
Notes:
(i) Current financial assets and liabilities are stated at carrying value which is approximately equal to their fair value.
(ii) Derivatives are fair valued using market observable rates and published prices together with forecasted cash flow
information where applicable.
(iii) Investments carried at fair value are generally based on market price quotations. Investments in equity and preference
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 equity instruments has been considered as an appropriate estimate of fair value because of a
wide range of possible fair value measurements and cost represents the best estimate of fair value within that range.
(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 expected future cash flows using a discount rate equivalent to the risk-free rate of return adjusted
for credit spread considered by lenders for instruments of similar maturities which is categorised as Level 2 in the fair
value hierarchy.
(v) Management uses its best judgement in estimating the fair value of its financial instruments. However, there are
inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value
estimates presented above are not necessarily indicative of the amounts that the Group could have realised or paid
in sale transactions as of respective dates. As such, fair value of financial instruments subsequent to the reporting
dates may be different from the amounts reported at each reporting date.

NOTES

(vi) There have been no transfers between Level 1 and Level 2 for the years ended March 31, 2024 and March 31, 2023.
(vii) Reconciliation of Level 3 fair value measurement is as below:
(H crore)
March 31, 2024 March 31, 2023
Additions during the year 14.75 49.76
Disposals (23.00) (1.67)
Fair value changes during the year 36.31 8.39
Exchange rate differences on consolidation (0.94) 3.68
(c) Derivative financial instruments

Derivative instruments used by the Group include forward exchange contracts, interest rate swaps, currency swaps, options,
commodity futures interest rate caps and collars. These financial instruments are utilised to hedge future transactions
and cash flows and are subject to hedge accounting under Ind AS 109 “Financial Instruments” wherever possible. The
Group does not hold or issue derivative financial instruments for trading purposes. All transactions in derivative financial
instruments are undertaken to manage risks arising from underlying business activities.
The following table sets out the fair value of derivatives held by the Group as at the end of the each reporting period.
(H crore)
Assets Liabilities Assets Liabilities
(a) Foreign currency forwards, futures, swaps and options 312.41 65.49 632.98 458.19
(b) Commodity futures and options 36.61 149.00 143.56 1,172.34
(c) Interest rate swaps and collars 99.15 - 187.52 -
(d) Other derivatives 19.02 - 0.80 -
467.19 214.49 964.86 1,630.53
Classified as:
Non-current 265.86 0.11 403.40 -
Current 201.33 214.38 561.46 1,630.53
As at the end of the reporting period, total notional amount of outstanding foreign currency contracts, commodity futures,
options, interest rate swap and collars that the Group has committed to is as below:
(US$ million)
As at As at
March 31, 2024 March 31, 2023
(i) Foreign currency forwards, futures, swaps and options 3,270.72 4,504.46
(ii) Commodity futures and options 550.05 640.56
(iii) Interest rate swaps and collars 293.33 552.79
4,114.10 5,697.81

NOTES

(d) Transfer of financial assets statement of profit and loss and equity, where any
The Group transfers certain trade receivables under transaction references more than one currency or
discounting arrangements with banks/financial where assets/liabilities are denominated in a currency
institutions. Some of such arrangements do not qualify other than the functional currency of the respective
for de-recognition due to recourse arrangements being in consolidated entities.
place. Consequently, the proceeds received from transfer Considering the countries and economic environment in
are recorded as short-term borrowings from banks and which the Group operates, its operations are subject to
financial institutions. As at March 31, 2024 and March 31, risks arising from fluctuations in exchange rates in those
2023, there has been no such transfer of trade receivables. countries. The risks primarily relate to fluctuations in US
Dollar, Great British Pound, Euro, Singapore Dollar, and
(e) Financial risk management Thai Baht against the respective functional currencies of
In the course of its business, the Group is exposed the Company and its subsidiaries.
primarily to fluctuations in foreign currency exchange
Entities as per their risk management policy, use foreign
rates, commodity prices, interest rates, equity
exchange forward and other derivative instruments
prices, liquidity and credit risk, which may adversely
primarily to hedge foreign exchange and interest rate
impact the fair value of its financial instruments.
exposure. Any weakening of the functional currency may
Entities within the Group have a risk management
impact the respective entities’ cost of imports and cost
policy which not only covers the foreign exchange risks
of borrowings and consequently may increase the cost
but also other risks associated with the financial assets
of financing the Group’s capital expenditures.
and liabilities such as interest rate risks and credit risks.
The risk management policy is approved by the Board A 10% appreciation/depreciation of foreign currencies
of Directors of the respective companies. The risk with respect to the functional currency of the entities
management framework aims to: within the Group would result in a decrease/increase in
the Group’s net profit and equity before considering tax
(i) create a stable business planning environment
impacts by approximately H2,179.34 crore for the year
by reducing the impact of currency, commodity
ended March 31, 2024, (2022-23: H4,502.57 crore).
prices and interest rate fluctuations on the entity’s
business plan. The foreign exchange rate sensitivity is calculated by
assuming a simultaneous parallel foreign exchange rates
(ii) achieve greater predictability to earnings by
shift of all the currencies by 10% against the functional
determining the financial value of the expected
currency of the entities within the Group.
earnings in advance.
The sensitivity analysis has been based on the
(i) Market risk composition of the Group’s financial assets and liabilities
Market risk is the risk of any loss in future earnings, in as at March 31, 2024 and March 31, 2023 excluding trade
realisable fair values or in future cash flows that may payables, trade receivables, other derivative and non-
result from a change in the price of a financial instrument. derivative financial instruments not forming part of
The value of a financial instrument may change as a result debt and which do not present a material exposure. The
of changes in interest rates, foreign currency exchange period end balances are not necessarily representative
rates, commodity prices, equity price fluctuations, of the average debt outstanding during the period.
liquidity and other market changes. Future specific
market movements cannot be normally predicted with (b) Market risk - Interest rate risk:
reasonable accuracy. Interest rate risk is measured by using the cash flow
sensitivity for changes in variable interest rates. Any
(a) Market risk - Foreign currency exchange rate risk: movement in the reference rates could have an impact
The fluctuation in foreign currency exchange rates on the Group’s cash flows as well as costs.
may have potential impact on the consolidated

NOTES

The Group is subject to variable interest rates on some hedges with movements being reflected in equity and the
of its interest bearing liabilities. The Group’s interest rate timing and recognition in the consolidated statement of
exposure is mainly related to debt obligations. profit and loss would depend on the point at which the
underlying hedged transactions are recognised.
Based on the composition of debt as at March 31,
2024 and March 31, 2023 a 100 basis points increase in (iii) Credit risk
interest rates would increase the Group’s finance costs Credit risk is the risk of financial loss arising from counter-
(before considering interest eligible for capitalisation) party failure to repay or service debt according to the
and thereby consequently reduce net profit and equity contractual terms or obligations. Credit risk encompasses
before considering tax impacts by approximately both the direct risk of default and the risk of deterioration
H425.09 crore for the year ended March 31, 2024 of credit worthiness as well as concentration risks.
(2022-23: H340.60 crore).
Entities within the Group have a policy of dealing
The risk estimates provided assume a parallel shift of only with credit worthy counter parties and obtaining
100 basis points interest rate across all yield curves. This sufficient collateral, where appropriate as a means of
calculation also assumes that the change occurs at the mitigating the risk of financial loss from defaults.
balance sheet date and has been calculated based on
risk exposures outstanding as at that date. The period Financial instruments that are subject to credit risk
end balances are not necessarily representative of the and concentration thereof principally consist of trade
average debt outstanding during the period. receivables, loans receivables, investments in debt
securities and mutual funds, balances with banks, bank
(c) Market risk - Equity price risk: deposits, derivatives and financial guarantees provided
Equity price risk is related to the change in market by the Group. None of the financial instruments of the
reference price of investments in equity securities held Group result in material concentration of credit risk.
by the Group.
The carrying value of financial assets represents the
The fair value of quoted investments held by the Group maximum credit risk. The maximum exposure to credit
exposes the Group to equity price risks. In general, these risk was H16,419.15 crore and H24,760.25 crore as at March
investments are not held for trading purposes. 31, 2024 and March 31, 2023 respectively, being the total
carrying value of trade receivables, balances with bank,
The fair value of quoted investments in equity classified
bank deposits, investments in debt securities and mutual
as fair value through other comprehensive income/profit
funds, loans, derivative assets and other financial assets
and loss as at March 31, 2024 and March 31, 2023 was
net of insurance cover, wherever applicable.
H1,999.94 crore and H995.64 crore respectively.
The risk relating to trade receivables is presented in
A 10% change in equity prices of such securities held as
note 15, page F191.
at March 31, 2024 and March 31, 2023 would result in an
impact of H199.99 crore and H99.56 crore respectively on The Group’s exposure to customers is diversified and
equity before considering tax impact. there is no concentration of credit risk with respect
to any particular customer as at March 31, 2024 and
(ii) Commodity risk March 31, 2023.
The Group makes use of commodity futures contracts
In respect of financial guarantees provided by the
and options to manage its purchase price risk for certain
Group to banks and financial institutions, the maximum
commodities. Across the Group, forward purchases are
exposure which the Group is exposed to is the maximum
also made of zinc, tin and nickel to cover sales contracts
amount which the Group would have to pay if the
with fixed metal prices.
guarantee is called upon. Based on the expectation at
There was no significant market risk relating to the the end of the reporting period, the Group considers that
consolidated statement of profit and loss since the it is more likely than not that such an amount will not be
majority of commodity derivatives are treated as cash flow payable under the guarantees provided.

NOTES

(iv) Liquidity risk
Liquidity risk refers to the risk that the Group cannot meet its financial obligations. The objective of liquidity risk management
is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.
The Group has obtained fund and non-fund based working capital lines from various banks. Furthermore, the entities
within the Group have access to undrawn lines of committed and uncommitted borrowing/facilities, funds from debt
markets through commercial paper programs, non-convertible debentures and other debt instruments. The Group invests
its surplus funds in bank fixed deposits and in mutual funds, which carry no or low mark to market risk. The Group also
constantly monitors funding options available in the debt and capital markets with a view of maintaining financial flexibility.
The Group’s liquidity position remains strong as at March 31, 2024, comprising of current investments, cash and cash
equivalents and other balances with bank (including non-current earmarked balances), in addition to committed undrawn
bank lines.
The following table shows a maturity analysis of the anticipated cash flows including future interest obligations for the
Group’s derivative and non-derivative financial liabilities on an undiscounted basis, which therefore differ from both
carrying value and fair value. Floating rate interest is estimated using the prevailing interest rate at the end of the reporting
period. Cash flows in foreign currencies are translated using the period end spot rates.
(H crore)
Carrying value
Borrowings other than lease obligations
82,390.53 1,02,925.62 34,523.07 40,008.29 28,394.26
Lease obligations including interest obligations 5,546.54 9,931.77 1,729.91 4,332.81 3,869.05
Trade payables 35,434.66 35,434.66 35,434.66 - -
1,34,454.27 1,59,189.35 81,089.44 45,337.24 32,762.67
Derivative financial liabilities 214.49 214.49 214.38 0.11 -
(H crore)
Carrying value
Borrowings other than lease obligations
79,098.96 98,241.49 31,299.20 42,539.78 24,402.51
Lease obligations including interest obligations 6,909.38 10,096.80 995.57 5,364.64 3,736.59
Trade payables 37,832.54 37,832.54 37,832.54 - -
1,34,187.31 1,55,859.25 78,442.33 48,705.26 28,711.66
Derivative financial liabilities 1,630.53 1,630.53 1,630.52 0.01 -

NOTES
41. Segment reporting

The Group is primarily engaged in the business of manufacture and distribution of steel products across the globe. Operating
segments have been identified based on how the Chief Operating Decision Maker (CODM) reviews and assesses the Group’s
performance, which is on the basis of the different geographical areas wherein major entities within the Group operate.
The Group’s reportable segments and segment information is presented below:

(H crore)
Neelachal Other trade South-East Inter-
Tata Steel Other Indian Tata Steel Rest of the
Ispat Nigam related Asian segment Total
India operations Europe world
Limited operations operations eliminations
Segment revenue
External revenue 1,30,185.45 1,653.32 8,495.59 78,110.94 2,502.85 6,892.74 1,329.89 - 2,29,170.78
1,32,825.39 559.38 8,044.55 90,156.41 3,041.32 8,076.87 648.77 - 2,43,352.69
Intersegment revenue 10,801.98 3,852.11 3,255.71 33.06 54,178.21 335.14 - (72,456.21) -
10,087.93 1,086.17 2,877.04 143.98 70,932.21 654.57 - (85,781.90)
Total Revenue 1,40,987.43 5,505.43 11,751.30 78,144.00 56,681.06 7,227.88 1,329.89 (72,456.21) 2,29,170.78
1,42,913.32 1,645.55 10,921.59 90,300.39 73,973.53 8,731.44 648.77 (85,781.90) 2,43,352.69
Segment results before 31,004.44 52.88 912.86 (7,612.44) 1,144.08 109.53 (94.65) (2,115.04) 23,401.66
exceptional items,
interest, tax and 28,753.76 (773.23) 761.27 4,632.06 168.49 473.64 (480.91) (837.57) 32,697.51
depreciation:
Reconciliation to
profit/(loss) for the
year:
Add: Finance income 713.09
640.13
Less: Finance costs 7,507.57
6,298.70
Less: Depreciation and
9,882.16
amortisation
9,335.20
Add: Share of profit /
(loss) of joint ventures (57.98)
and associates
418.12
Profit/(loss) before
exceptional 6,667.04
items and tax
18,121.86
Add: Exceptional items
(refer note 34, page (7,814.08)
F221)
113.26
Profit/(loss) before tax (1,147.04)
18,235.12
Less: Tax expense 3,762.57
10,159.77
Net profit/(loss)
(4,909.61)
for the year
8,075.35

NOTES
41. Segment reporting (Contd.)

(H crore)
Neelachal Other trade South-East Inter-
Tata Steel Other Indian Tata Steel Rest of the
Ispat Nigam related Asian segment Total
India operations Europe world
Limited operations operations eliminations
Segment assets 1,88,677.04 12,809.41 11,045.84 66,346.68 28,681.72 3,733.30 6,824.85 (44,740.00) 2,73,378.84
2,10,453.22 13,449.21 9,234.70 84,399.40 30,362.20 4,888.17 7,082.40 (71,906.96) 2,87,962.34
Assets held for sale 44.66
59.40
Total assets 2,73,423.50
2,88,021.74
Segment assets
include:
Equity accounted
964.40 - 1,546.15 424.45 12.16 - - - 2,947.16
investments
1,002.01 - 1,832.47 386.25 12.60 - - - 3,233.33
Segment liabilities 1,10,926.88 7,502.68 2,545.85 56,822.11 40,869.42 807.27 10,111.19 (48,594.64) 1,80,990.76
1,09,622.13 7,176.98 2,524.49 53,039.52 73,889.08 933.31 9,560.37 (73,899.35) 1,82,846.53
Liabilities held for sale -
-
Total liabilities 1,80,990.76
1,82,846.53
Addition to
11,969.79 336.55 582.87 6,981.90 0.74 66.85 30.23 - 19,968.93
non-current assets
9,688.12 37.04 377.03 5,913.88 281.47 49.53 8.25 - 16,355.32
Figures in italics represent comparative figures of previous year.
(i) Details of revenue by nature of business is as below:

(H crore)
March 31, 2024 March 31, 2023
Steel 2,15,812.90 2,28,536.12
Others 13,357.88 14,816.57
2,29,170.78 2,43,352.69
Revenue from other businesses primarily relate to ferro alloys, power and water and other services.
(ii) Details of revenue based on geographical location of customers is as below:
(H crore)
March 31, 2024 March 31, 2023
India 1,34,244.58 1,31,059.20
Outside India 94,926.20 1,12,293.49
2,29,170.78 2,43,352.69
Revenue outside India includes: Asia excluding India H11,956.69 crore (2022-23: H17,364.14 crore), UK H16,722.53 crore
(2022-23: H17,097.33 crore) and other European countries H52,646.14 crore (2022-23: H59,750.29 crore).

NOTES
41. Segment reporting (Contd.)

(iii) Details of non-current assets (property, plant and equipment, capital work-in-progress, right-of-use assets,
goodwill, intangibles and intangibles assets under development) based on geographical area is as below:
(H crore)
March 31, 2024 March 31, 2023
India 1,40,692.73 1,35,429.74
Outside India 42,477.18 42,404.74
1,83,169.91 1,77,834.48
Non-current assets outside India include: Asia excluding India H966.08 crore (March 31, 2023: H1,021.24 crore), UK H7,813.82
crore (March 31, 2023: H10,822.66 crore) and other European countries H27,497.45 crore (March 31, 2023: H24,158.68 crore).
Notes:
(i) Segment performance is reviewed by the CODM on the basis of profit or loss from continuing operations before finance
income/cost, depreciation and amortisation expenses, share of profit/(loss) of joint ventures and associates and tax
expenses. Segment results reviewed by the CODM also exclude income or expenses which are non-recurring in nature
and are classified as an exceptional item. 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.
(ii) No single customer represents 10% or more of the Group’s total revenue during the year ended March 31, 2024 and
March 31, 2023.
(iii) The accounting policies of the reportable segments are the same as of the Group’s accounting policies.
(iv) Consequent to merger referred to in note 46, page F259, Neelachal Ispat Nigam Limited is presented as a separate segment
and the entities merged being Tata Steel Long Products Limited (TSLP), Tata Metaliks Limited (TML), The Tinplate Company
of India Limited (TCIL), Tata Steel Mining Limited (TSML) and S&T Mining Company Limited (S&T Mining) reported as part
of Tata Steel India segment with previous year figures restated accordingly.

NOTES
42. Related party transactions

The Group’s related parties primarily consist of its joint ventures and associates, Tata Sons Private Limited including its subsidiaries
and joint ventures. The Group routinely enters into transactions with these related parties in the ordinary course of business at
market rates and terms. Transactions and balances between the Company, its subsidiaries and fellow subsidiaries are eliminated
on consolidation.
The following table summarises the related-party transactions and balances included in the consolidated financial statements
for the year ended/as at March 31, 2024 and March 31, 2023.
(H crore)
Tata Sons Private
Limited, its
Associates Joint ventures Total
subsidiaries
and joint ventures
Purchase of goods 4.13 1,563.55 1,239.46 2,807.14
45.30 631.82 791.90 1,469.02
Sale of goods #
981.67 6,884.22 1,066.92 8,932.81
1,291.85 6,100.74 978.21 8,370.80
Services received 446.29 2,267.18 1,779.02 4,492.49
361.02 3,161.28 1,420.23 4,942.53
Services rendered 11.04 169.27 20.12 200.43
0.19 86.74 2.92 89.85
Securitisation of receivables - - 1,486.23 1,486.23
- - - -
Purchase of fixed assets 31.02 28.23 43.89 103.14
- - - -
Interest income recognised - - - -
9.03 0.01 - 9.04
Interest expenses recognised - - - -
- 2.89 1.74 4.63
Dividend paid(vi) - - 1,455.10 1,455.10
- - 2,061.39 2,061.39
Dividend received 1.07 276.10 21.66 298.83
63.19 202.87 12.38 278.44
Provision/ (reversal) recognised for receivables
- - - -
during the year
(99.88) (0.20) 0.04 (100.04)
Management contracts* 5.02 19.02 454.39 478.43
5.57 13.92 116.52 136.01
Finance provided during the year (net of repayments) - - - -
164.00 - - 164.00
Outstanding loans and receivables 137.99 1,300.49 181.86 1,620.34
120.49 1,260.34 65.23 1,446.06

NOTES
42. Related party transactions (Contd.)

(H crore)
Tata Sons Private
Limited, its
Associates Joint ventures Total
subsidiaries
and joint ventures
Provision for outstanding loans and receivables 0.03 1,001.69 - 1,001.72
0.15 1,087.39 0.09 1,087.63
Outstanding payables 108.75 420.13 1,268.42 1,797.30
55.40 700.88 552.91 1,309.19
Guarantees provided outstanding 25.87 167.55 - 193.42
- 167.55 - 167.55
Figures in italics represent comparative figures of previous year.

# Includes sale of power and water
* Primarily includes recharges on account of deputation of employees and brand equity due to Tata Sons Private Limited.
(i) The details of remuneration paid to the key managerial personnel and payments to non-executive directors are provided
in note 30, page F219 and note 33, page F220 respectively.
The Group paid dividend of H122,328.00 (2022-23: H173,298.00) to key managerial personnel and H23,724.00 (2022-23:
H33,609.00) to relatives of key managerial personnel during the year ended March 31, 2024.
(ii) During the year ended March 31, 2024, the Group has contributed H487.84 crore (2022-23: H599.98 crore) to post employment
benefit plans.
As at March 31, 2024, amount receivable (net) from post-employment benefit funds is H69.51 crore (March 31, 2023: H133.50
crore) on account of retirement benefit obligations paid by the entities within the Group directly.
(iii) Details of investments made by the Company in preference shares of its joint ventures and associates is disclosed in
note 8, page F179.
(iv) Commitments with respect to joint venture and associates are disclosed in note 37B, page F238.
(v) Transactions with joint ventures have been disclosed at full value and not at their proportionate share.
(vi) Dividend paid includes H1,427.43 crore (2022-23: H2,022.19 crore) paid to Tata Sons Private Limited.

NOTES
43. Disclosure for struck off companies

The following table depicts the details of balances outstanding in respect of transactions undertaken with a company struck-off
under section 248 of the Companies Act, 2013:
(H crore)
Tata Steel Limited:
METECNO INDIA PVT. LTD. 0.18 -
B.G. SHIRKE CONSTRUCTION 0.10 -
TECHNOLOGY
BRIGHT STEEL 1.35 - Advance from customer
ANDHRA CYLINDERS 0.04 -
Arya Fuels Private Limited - 0.00*
BBR (India) Pvt. Ltd. Sale of products and rendering - 0.28
AGNI FUELS COKE PRIVATE LIMITED of services 0.01 -
SERVICE
Customer
ELEGANT MKT PRIVATE LIMITED 0.32 -
HARINAGAR SUGAR MILLS LTD. 0.00 -
Sinha Aviation Service Private Limited - 0.06
BRAINWISE INFOTECH - 0.00*
LIFTVEL INDUSTRIES - 0.01
Calcutta carriers 13.91 -
K A Industries Private Limited 0.16 -
M/S. A.K.M Enterprises 0.00 - Vendor
Bearing Sales Corporation Purchase of goods and receiving 0.04 -
DGT Engineers Private Limited of services 0.02 -
SERVICE
Creative Constructions & Contractor 0.56 -
Sodexo Food Solutions India 0.71 -
Other entities (i)
Subscription to equity shares - - Equity shareholder

NOTES

(H crore)
Neelachal Ispat Nigam Limited:
Vallab Engineers Pvt. Ltd. 0.03 0.03
S.S. Construction Private Limited 0.02 -
Rai Construction Private Limited 0.01 -
Elite Enterprise 0.01 -
Pankaj Electronics Private Limited 0.01 -
Subham Enterprises Pvt. Ltd. 0.01 -
Jayaswals Neco Ltd. 0.01 0.01
Eagle Rubber Products Pvt. Ltd. 0.01 -
Raja Enterprises Pvt. Ltd. 0.00* -
Shiv Shakti Engineering Com Limited 0.00* -
Tarun Metal Private Limited 0.00* -
Sap Communication Pvt. Ltd. 0.00* 0.00*
Ashcroft India Pvt. Ltd. 0.00* 0.00*
Boc India Ltd. (Operation) 0.00* 0.00*
Velmake Seals 0.00* -
Om Industries 0.00* -
Purchase of Goods Vendor
Elemech Engineers Pvt. Ltd. 0.00* -
Pranam Powermech Pvt. Ltd. 0.00* 0.00*
Geomin Consultants Pvt. Ltd. 0.00* 0.00*
Bimal Industries Private Limited 0.00* -
A-One Mercantile Pvt. Ltd. 0.00* -
Suzusons Care Pvt. Ltd. 0.00* 0.00*
Trinath Engineers Private Limited 0.00* -
Arvind Steel Corporation 0.00* -
Keonjhar Minerals (P)Ltd. 0.00* 0.00*
Mahaveer Construction Pvt. Ltd. 0.00* -
United Chemicals Pvt. Ltd. 0.00* -
Satya Sai Construction & Engineering 0.00* -
Polycab Wires P. Ltd, Cuttack - 0.98
K.G. Khosla Compressors Ltd. - 0.10
Paramount Sinters Pvt. Ltd. - 0.05
Spraying Systems(India)Pvt. Ltd. - 0.00*
* Represents value less than H0.01 crore

NOTES

(I) Details of other struck off entities holding equity shares in the Company are as below:
(J) (J)
(1) Agro Based Industries Ltd. 1,450.00 1,450.00 1,450.00
(2) Anand Growth Fund Pvt. Ltd. 1,330.00 1,330.00 1,330.00
(3) Anileksha Investments Pvt. Ltd. 2,250.00 2,250.00 2,250.00
(4) Bejo Sheetal Seeds Pvt. Ltd. 750.00 750.00 750.00
(5) Belscot Investment & Consultancy Private Limited - - 1,650.00
(6) Bennett Coleman. & Co. Ltd. - - 7,950.00
(7) Bhagirathi Protein Ltd. 6,500.00 6,500.00 6,500.00
(8) Bhansali & Co (Exports) Pvt. Ltd. - - 60.00
(9) Bharat Solite Limited 10.00 10.00 10.00
(10) Burdwan Holdings Pvt. Ltd. 3,150.00 3,150.00 3,150.00
(11) Chaityadeep Investments Pvt. Ltd. 2,110.00 2,110.00 2,110.00
(12) Chanakya Service Station Private Limited 16,500.00 16,500.00 16,500.00
(13) Dashtina Investments Private Limited 400.00 400.00 400.00
(14) Desai Holdings Limited 750.00 750.00 750.00
(15) Dhanastra Investments Limited 13,500.00 13,500.00 13,500.00
(16) Dipy Finstock Pvt. Ltd. 2,000.00 2,000.00 -
(17) Fortis Financial Services Limited 250.00 250.00 -
(18) Fortune Investment And Finance India Pvt. Ltd. 750.00 750.00 -
(19) Frontline Corporate Finance Ltd. 1,060.00 1,060.00 1,060.00
(20) Gagan Trading Co Ltd. 1,690.00 1,690.00 1,690.00
(21) Goldcrest Jute and Fibre Ltd. 1,800.00 1,800.00 1,800.00
(22) Kapursco Cold Storage Pvt. Ltd. 300.00 300.00 300.00
(23) Kirban Sales Pvt. Ltd. 150.00 150.00 150.00
(24) Krishna Hire Purchase Pvt. Ltd. 1,000.00 1,000.00 -
(25) Lakshadeep Investments Pvt. Ltd. - - 2,110.00
(26) M H Doshi Investment Agencies Private Limited - - 500.00
(27) Meghna Finance and Investments Private Limited 4,890.00 4,890.00 4,890.00
(28) Merchant Management System Private Limited 8,800.00 8,800.00 8,800.00
(29) Midas Touch Securities Pvt. Ltd. 150.00 150.00 150.00
(30) Modern Holdings Pvt. Ltd. 18,040.00 18,040.00 18,050.00
(31) Monnet Finance Limited 1,000.00 1,000.00 -
(32) Multiplier Financial Services Private Limited - - 30.00
(33) My Shares & Stock Brokers Pvt. Ltd. 2,060.00 2,060.00 -
(34) Overland Finance & Investment Consultants Private Limited - - 330.00
(35) PCI Vanijya Private Limited - - 4,950.00
(36) PCS Securities Pvt. Ltd. - - 500.00
(37) Popular Stock and Share Services Private Limited 320.00 320.00 320.00
(38) Prahit Investments Pvt. Ltd. 4,600.00 4,600.00 4,600.00

NOTES

(J) (J)
(39) Protect Finvest Private Limited 330.00 330.00 330.00
(40) Raghunath Oils and Fats Limited - - 500.00
(41) S S Securities Limited 500.00 500.00 500.00
(42) Seagull Finance And Investment Private Limited 600.00 600.00 600.00
(43) Singhania Brothers Private Limited - - 5,280.00
(44) Shraman Trades & Industries Pvt. Ltd. 1,810.00 1,810.00 -
(45) Shree Agencies Pvt. Ltd. 3,180.00 3,180.00 3,180.00
(46) Shriram Investment Services Ltd. 1,500.00 1,500.00 1,500.00
(47) Shilpa Investments And Financial Services Private Limited 13,440.00 13,440.00 13,440.00
(48) Suhit Investments Pvt. Ltd. 1,660.00 1,660.00 1,660.00
(49) Swapnalok Construction Pvt. Ltd. 500.00 500.00 500.00
(50) Swapan Properties Ltd. 500.00 500.00 -
(51) Calcutta Sales Agency Ltd. 6,340.00 6,340.00 6,340.00
(52) Varun Credit & Real Estate Pvt. Ltd. 570.00 570.00 570.00
(53) V Follow Up And Finance Pvt. Ltd. - - 360.00
1,28,490.00 1,43,350.00

NOTES
44. The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment
received Indian Parliament approval and Presidential assent in September 2020. The Code has been published in the Gazette
of India and subsequently on November 13, 2020 draft rules were published and invited for stakeholders’ suggestions.
However, the date on which the Code will come into effect has not been notified. The Company and its Indian subsidiaries
will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code
becomes effective.
45. The erstwhile Tata Steel BSL Limited was eligible under Package Scheme of Incentives, 1993, and accordingly as per the
provisions of the Scheme it had obtained eligibility certificate from Directorate of Industries. As per the Scheme the Tata
Steel BSL Limited has an option to defer the payment of sales tax for a period of fourteen years upto a specified limit
(twenty-one years in case the specified limit is not availed in fourteen years). The said tax collected shall be paid after
fourteen years in five annual equal instalments and has been recognised as deferred sales tax liability, which as at March
31, 2024 amounts to H27.65 crore (March 31, 2023: H24.85 crore). Post-introduction of GST, the Maharashtra government
modified the scheme, whereby the Company needs to deposit the GST and claim refund of the same. During the year, the
Company has recognised H14.28 crore (2022-23: H62.75 crore) as an income on account of such scheme.
46. The Board of Directors of the Company at its meeting held on September 22, 2022, considered and approved the
amalgamation of Tata Steel Long Products Limited (“TSLP”), Tata Metaliks Limited (“TML”), The Tinplate Company of India
Limited (“TCIL”), TRF Limited (“TRF”), The Indian Steel & Wire Products Limited (“ISWP”), Tata Steel Mining Limited (“TSML”)
and S&T Mining Company Limited (“S&T Mining”) into and with the Company by way of separate schemes of amalgamation
and had recommended a share exchange ratio/cash consideration. The equity shareholders of the entities will be entitled
to fully paid-up equity shares of the Company in the ratio as set out in the scheme.
As part of defined regulatory process, each of the above schemes has received approval(s) from stock exchanges and
Securities and Exchange Board of India (SEBI). S&T Mining and TSML being wholly owned subsidiaries of the Company,
approval from stock exchanges and SEBI were not required.
Each of the above schemes were filed at the relevant benches of the Hon’ble National Company Law Tribunal (‘NCLT’) as
follows –
a) Scheme of amalgamation of TSML with the Company - Scheme of Amalgamation has been approved and sanctioned
by the NCLT Cuttack bench on August 8, 2023, with the appointed date being April 1, 2023.
b) Scheme of amalgamation of TSLP with the Company - Scheme of Amalgamation has been approved and sanctioned
by the NCLT, Cuttack bench on October 18, 2023 and by the NCLT, Mumbai bench on October 20, 2023, with the
c) Scheme of amalgamation of S&T with the Company- Scheme of Amalgamation has been approved and sanctioned
by the NCLT Kolkata bench on November 10, 2023, with the appointed date being April 1, 2022.
d) Scheme of amalgamation of TCIL with the Company- Scheme of Amalgamation has been approved and sanctioned by
the NCLT, Mumbai bench on October 20, 2023 and by the NCLT, Kolkata bench on January 1, 2024, with the appointed
date being April 1, 2022.
e) Scheme of amalgamation of TML with the Company- Scheme of Amalgamation has been approved and sanctioned
by the NCLT, Kolkata bench on December 21, 2023 and by the NCLT, Mumbai bench on January 11, 2024, with the
f) Scheme of amalgamation of ISWP with the Company- Scheme of Amalgamation has been approved and sanctioned
by the NCLT, Kolkata Bench on May 24, 2024 and the approval and sanction of the NCLT, Mumbai Bench is awaited.

NOTES
g) Scheme of amalgamation of TRF with the Company- The respective Board of Directors of Tata Steel Limited and TRF
Limited on February 6, 2024 approved the withdrawal of this Scheme. NCLT, Kolkata Bench allowed the withdrawal of
the Scheme on February 7, 2024. Further, the NCLT, Mumbai bench allowed the withdrawal of the Scheme on February
8, 2024.
Further, TSML and S&T being wholly owned subsidiaries of the Company, there was no consideration paid for the
amalgamation of both these subsidiaries into and with the Company.
Consequent to the scheme of amalgamation amongst TSLP and the Company and their respective shareholders becoming
effective, the Board of Directors of the Company on November 22, 2023, has approved allotment of 7,58,00,309 equity
shares of face value H1/- each of the Company to eligible shareholders of TSLP holding equity shares of face value H10/- each,
as on the record date of November 17, 2023, in share exchange ratio of 67:10 as per the scheme of amalgamation. Further
14,430 fully paid-up equity shares of the Company (included within the aforementioned fully paid-up equity shares) are
allotted to ‘TSL-TSLP Fractional Share Entitlement Trust’ (managed by Axis Trustee Services Limited) towards fractional
entitlements of shareholders of TSLP.
Consequent to the scheme of amalgamation amongst TCIL and the Company and their respective shareholders becoming
effective, the Board of Directors of the Company on January 21, 2024, has approved allotment of 8,64,92,993 equity shares
of face value H1/- each of the Company to eligible shareholders of TCIL holding equity shares of face value H10/- each, as
on the record date of January 19, 2024, in share exchange ratio of 33:10 as per the scheme of amalgamation. Further, 17,019
to ‘TSL-TCIL Fractional Share Entitlement Trust’ (managed by Axis Trustee Services Limited) towards fractional entitlements
of shareholders of TCIL.
Consequent to the scheme of amalgamation amongst TML and the Company and their respective shareholders becoming
effective, the Board of Directors of the Company on February 8, 2024, has approved allotment of 9,97,01,239 equity shares
of face value H1/- each of the Company to eligible shareholders of TML holding equity shares of face value H10/- each, as on
the record date of February 6, 2024, in share exchange ratio of 79:10 as per the scheme of amalgamation. Further, 35,744
to ‘TSL-TML Fractional Share Entitlement Trust’ (managed by Axis Trustee Services Limited) towards fractional entitlements
of shareholders of TML.
The shares issued to the eligible shareholders of TSLP, TCIL and TML are listed and traded on BSE Limited and the National
Stock Exchange of India Limited.
The difference between derecognition of non-controlling interest and consideration paid on merger of TSLP, TML and TCIL
with the Company of ₹791.47 crore has been recognised in Capital reserve (refer note 20C (g), page F202).
Consequent to the merger, TSML, TSLP, S&T Mining, TCIL and TML are now reported as part of Tata Steel India segment and
Neelachal Ispat Nigam Limited is now presented as a separate segment with previous year figures restated accordingly
(refer note 41, page F250)
47. The Board of Directors of the Company at its meeting held on February 6, 2023, considered and approved the amalgamation
of Angul Energy Limited (“AEL”), not a wholly-owned subsidiary of the Company, into and with the Company by way of a
scheme of amalgamation and had recommended a cash consideration of H1,045/- for every 1 fully paid-up equity share of
H10/- each held by the shareholders (except the Company) in AEL.
As part of the defined regulatory approval process, this scheme has received approval(s) from stock exchanges and
SEBI. Thereafter, the scheme has been filed at the relevant benches of the NCLTs. The scheme has been approved by the
shareholders of Tata Steel on February 9, 2024. The Scheme has been approved and sanctioned by the NCLT, Delhi Bench
on April 18, 2024. The approval and sanction of the NCLT, Mumbai Bench is awaited.

NOTES
48. The Board of Directors of the Company at its meeting held on November 1, 2023, considered and approved the amalgamation
of Bhubaneshwar Power Private Limited (“BPPL”), wholly-owned subsidiary of the Company, into and with the Company,
by way of scheme of amalgamation.
The scheme has been filed with the Hyderabad bench of the NCLT and sanction is awaited, filing of the scheme with the
Mumbai bench of the NCLT has been dispensed with.
49. Tata Steel Europe Limited (“TSE”), a wholly owned step-down subsidiary of the Company, is exposed to certain climate
related risks which could affect the estimates of its future cash flow projections. The cashflow projections include the impact
of decarbonisation given that both the UK and Tata Steel Netherlands (TSN) businesses within TSE have stated their plans
to move away from the current production process and to transition to electric arc based production. Decarbonisation as
a whole is likely to provide significant opportunities to TSE as it is likely to increase the demand for steel as it is crucial as
an infrastructure enabler for all technological transition within the wider economy ( e.g. wind power, hydrogen, electric
vehicles, nuclear plants etc.) and compares favourably to other materials when considering the life cycle emissions of the
material. The technology transition and investments are dependent on national and international policies and would also
be driven by the government decisions in the country of operation. Management’s assessment is that generally, these
potential carbon reduction-related costs would be borne by the society, either through higher steel prices or through
public spending/subsidies.
On September 15, 2023, Tata Steel UK Limited (“TSUK”) which forms the main part of the UK Business, announced a joint
agreement with the UK Government on a proposal to invest in state-of-the-art electric arc furnace (‘EAF’) steelmaking at
the Port Talbot site with a capital cost of £1.25 billion inclusive of a grant from the UK Government of up to £500 million,
subject to relevant regulatory approvals, information and consultation processes, and the finalisation of detailed terms
and conditions. The proposal also includes a wider restructuring of other locations and functions across TSUK.
Consequent to the announcement, during the quarter ended September 30, 2023, the Company had assessed and
concluded that it had created a valid expectation to those affected and a constructive obligation existed. Accordingly,
on a prudent basis, the Company had recorded a provision of H2,425 crore towards such restructuring and closure costs
(including redundancy and employee termination costs) and H2,631 crore towards impairment of Heavy End assets which
were not expected to be used for any significant period beyond March 31, 2024, in the consolidated statement of profit
and loss.
As per local regulations in the UK, the National Consultation between TSUK and the UK multi trade union representative
body (UK Steel Committee) on the asset closure plan has now been concluded. Under the proposed re-structuring
programme, Port Talbot’s two blast furnaces (No.5 and No.4) would get closed by end of June 2024 and latest by the end
of September 2024 respectively. Following the closure of Blast Furnace No. 4, the remaining heavy end assets would wind
down and the Continuous Annealing Processing Line (CAPL) would close in March 2025. TSUK has also agreed that it would
continue to operate the hot strip mill through the proposed transition period and in future.
Given the risks, challenges and uncertainties associated with the underlying market and business conditions including
higher inflation, higher interest rates and supply chain disruption caused by the war in Ukraine, the uncommitted nature
of available financing options and pending the finalisation of funding support from the UK Government for the proposed
EAF investment, there exists a material uncertainty surrounding the impact of such adversities on the financial situation
of TSUK.
With respect to Tata Steel Netherland operations (TSN) which forms main part of the Mainland Europe (MLE) business,
discussions with the government on the proposed decarbonisation roadmap have been initiated. The transition plan
considers that the policy environment in the Netherlands and EU is supportive to the European steel industry and a level
playing field would be achieved by, either one or a combination of: a) Dutch Policy developments, b) Convergence with EU
on (fiscal) climate measures, enabling EU steel players to pass on costs and c) tailor made support mechanisms. In relation
to the likely investments required for the de-carbonisation of TSN operations driven by regulatory changes in Europe and

NOTES
Netherlands, inter alia, the scenarios consider that the Dutch Government will provide a certain level of financial support
to execute the decarbonisation strategy, which are being discussed between the Company /TSN and Dutch Government.
Based on the above and other available measures, MLE business is expected to have adequate liquidity to meet its future
business requirements.
The financial statements of TSE have accordingly been prepared on a going concern basis recognising the material
uncertainty in relation to TSUK. The Group has assessed its ability to meet any liquidity requirements at TSE, if required,
and concluded that its cashflow and liquidity position remains adequate.
Within the European Operations, wherever impairment triggers existed, the recoverable amount of the CGUs have been
assessed based on fair value less costs of disposal, which inter-alia considers impact of switching the heavy end and
other relevant assets to a more “Green Steel” capex base. The fair value computation uses cash flow forecasts based on
most recent financial budgets, strategic forecasts and future projections taking the analysis out into perpetuity based
on a steady state, sustainable cash flow reflecting average steel industry conditions between successive peaks and
troughs of profitability. Key assumptions for the FVLCTS model relate to expected changes to selling prices and raw
material & conversion costs, EU steel demand, energy costs, exchange rates, the amount of capital expenditure needed for
decarbonisation, changes to EBITDA resulting from producing and selling steel with low embedded CO2 emissions, levels
of government support for decarbonisation, phasing of decommissioning of legacy assets as well as the commissioning of
new low CO2 production facilities, tariff regimes and discount rates. The projections are based on both past performance
and the expectations of future performance and assumptions therein. The Group estimates discount rates using post-tax
rates that reflect the current market rates adjusted to reflect the way the European Union steel market would assess the
specific risk. The weighted average post-tax discount rates used for discounting the cash flows projections is in the range
of 8.20% - 9.11% (March 31, 2023: 7.90% to 8.80%). Beyond the specifically forecasted period, a growth rate in the range
of Nil - 2.00% (March 31, 2023: 1.70% - 2.00%) is used to extrapolate the cash flow projections. This rate does not exceed
the average long-term growth rate for the relevant markets.
The Group has conducted sensitivity analysis on the impairment tests of the carrying value in respect of Group’s CGUs and
property, plant and equipment including sensitivity in respect of discount rates. If any of the key assumptions change, there
is a risk that the headroom in the model would reduce and that the reduction in the headroom could lead to impairments of
carrying amount of property, plant and equipment. However, the Group believes that key assumptions represent the most
likely impact from decarbonisation at this point in time. Going forward, the key assumptions would be kept under review for
changes, if any, based on the progress of the discussions with the government and regulators on the decarbonisation plan.
50. Consequent to the whistle-blower complaint in the Company’s Graphene Business Division, the Company has carried out
a detailed assessment and review of the matter and made the accounting adjustments/provisions, as appropriate, in the
books of account, which were not material to the financial statements. Based on the assessment(s) and review, it has been
concluded that there has not been any fraud under Section 447 of the Companies Act, 2013. A report under sub-section
(12) of Section 143 of the Companies Act, 2013 has been filed by the statutory auditors in Form ADT-4 as prescribed under
Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

NOTES
51. With effect from April 1, 2023, the Ministry of Corporate Affairs (MCA) has made it mandatory for every company incorporated
in India, which uses accounting software for maintaining its books of account, to use only such accounting software which
has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of
account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.
The Company uses multiple accounting software including SAP HANA Enterprise Resource Planning (ERP) software to
maintain its books of accounts. Implementation of the above notification to ensure enabling appropriate audit log on
financial tables in aforesaid SAP HANA, which have high frequency database operations would lead to a severe system
performance degradation thereby adversely impacting business operations and users, besides requiring significant
additional storage and supporting infrastructure.
With a view to address the above challenges while ensuring compliance with the MCA notification and mitigate the risks
involved therein, the Company has appropriately designed and implemented alternate mitigating controls over direct
change at database level.
52. Dividend
The dividend declared by the Company is based on profits available for distribution as reported in the standalone financial
statements of the Company. On May 29, 2024 the Board of Directors of the Company have proposed a dividend of H3.60
per Ordinary share of H1 each in respect of the year ended March 31, 2024 subject to the approval of shareholders at the
Annual General Meeting. If approved, the dividend would result in a cash outflow of approximately H4,489.86 crore.
53. Previous year’s figures have been reclassified wherever necessary, to align it to current year’s classification.

54. Statement of net assets and profit or loss attributable to owners and non-controlling interest
Share in other comprehensive Share in total comprehensive
Net Assets Share in profit or (loss)
income income
As % of
SL No. Name of the Entity As % of
As % of As % of consolidated
NOTES
Reporting Amount Amount Amount consolidated total Amount
consolidated consolidated other
currency (J crore) (J crore) (J crore) comprehensive (J crore)
net assets profit or (loss) comprehensive
income
income
A. Parent
Tata Steel Limited INR 149.61 1,37,693.65 (108.34) 4,807.40 (21.69) 691.37 (72.12) 5,498.77
B. Subsidiaries
a) Indian
1 The Indian Steel & Wire Products Ltd INR 0.71 656.46 (0.15) 6.72 0.07 (2.21) (0.06) 4.51
2 Tata Steel Utilities and Infrastructure Services Limited INR 1.28 1,174.03 (1.88) 83.21 (0.01) 0.18 (1.09) 83.39
3 Haldia Water Management Limited INR 0.00 (4.58) 0.00 (0.05) 0.00 - 0.00 (0.05)
4 Tata Steel Business Delivery Centre Ltd (Formerly known as Kalimati Global INR 0.01 9.27 (0.08) 3.47 0.00 (0.04) (0.04) 3.43
Shared Services Limited)
5 Tata Steel Special Economic Zone Limited INR 0.48 445.93 0.15 (6.81) 0.00 (0.01) 0.09 (6.82)
6 The Tata Pigments Limited INR 0.07 66.47 (0.41) 18.32 0.00 0.12 (0.24) 18.44
7 Adityapur Toll Bridge Company Limited INR 0.07 64.24 (0.02) 0.99 0.00 - (0.01) 0.99
8 Mohar Export Services Pvt. Ltd INR 0.00 (0.03) 0.00 (0.00) 0.00 - 0.00 (0.00)
9 Rujuvalika Investments Limited INR 0.21 189.72 (0.09) 3.97 (1.67) 53.19 (0.75) 57.16

10 Tata Korf Engineering Services Ltd INR 0.00 - 0.00 (0.01) 0.00 - 0.00 -
11 Neelachal Ispat Nigam Limited INR 5.77 5,306.72 21.63 (959.92) 0.17 (5.57) 12.66 (965.49)
12 Tata Steel International (India) Limited INR 0.02 23.01 (0.02) 0.95 0.00 - (0.01) 0.95
13 Tata Steel Downstream Products Limited INR 3.80 3,494.92 (5.24) 232.41 0.11 (3.55) (3.00) 228.86
14 Tata Steel Advanced Materials Limited INR 0.09 86.84 0.04 (1.75) 0.00 - 0.02 (1.75)
15 Ceramat Private Limited INR 0.02 15.41 0.12 (5.29) 0.00 - 0.07 (5.29)
16 Tata Steel TABB Limited INR 0.04 38.67 0.09 (3.78) 0.00 0.01 0.05 (3.77)
17 Tayo Rolls Limited INR 0.00 - 0.00 - 0.00 - 0.00 -
18 Tata Steel Foundation INR 0.11 97.91 (1.92) 85.15 0.02 (0.56) (1.11) 84.59
19 Jamshedpur Football and Sporting Private Limited INR 0.01 5.17 (0.04) 1.88 0.00 - (0.02) 1.88
20 Bhubaneshwar Power Private Limited INR 0.48 446.24 (0.89) 39.60 0.00 (0.15) (0.52) 39.45
21 Angul Energy Limited INR 1.94 1,782.65 (19.01) 843.53 (0.02) 0.52 (11.07) 844.05
22 Tata Steel Support Services Limited INR 0.00 1.53 (0.02) 0.90 0.02 (0.59) 0.00 0.31
23 Bhushan Steel (South) Ltd. INR 0.00 0.14 0.00 (0.02) 0.00 - 0.00 (0.02)
24 Tata Steel Technical Services Limited INR 0.00 3.89 (0.06) 2.46 0.04 (1.24) (0.02) 1.22
25 Creative Port Development Private Limited INR 0.23 210.19 (0.01) 0.61 0.00 - (0.01) 0.61
26 Subarnarekha Port Private Limited INR 0.23 216.27 0.21 (9.19) 0.00 0.01 0.12 (9.18)
27 Medica TS Hospital Pvt. Ltd. INR 0.05 47.22 (0.08) 3.48 0.00 (0.10) (0.04) 3.38
b) Foreign
1 ABJA Investment Co. Pte. Ltd. USD 0.00 (3.60) (0.75) 33.44 0.00 - (0.44) 33.44
2 T Steel Holdings Pte. Ltd. USD 47.82 44,008.17 331.60 (14,714.64) 0.00 - 192.99 (14,714.64)
3 T S Global Holdings Pte Ltd. USD 45.95 42,294.83 199.13 (8,836.29) 0.00 - 115.90 (8,836.29)
F264
4 Orchid Netherlands (No.1) B.V. EUR 0.01 10.57 (0.25) 10.87 0.00 - (0.14) 10.87
5 The Siam Industrial Wire Company Ltd. THB 0.92 846.03 (0.64) 28.48 0.00 - (0.37) 28.48
6 TSN Wires Co., Ltd. THB 0.00 1.19 0.37 (16.46) 0.00 - 0.22 (16.46)
7 Tata Steel Europe Limited GBP 70.82 65,178.32 (207.15) 9,192.29 0.00 - (120.56) 9,192.29
8 Apollo Metals Limited USD 0.03 24.62 0.27 (11.82) 0.02 (0.78) 0.17 (12.60)
9 00030048 Limited GBP 0.45 415.51 0.00 - 0.00 - 0.00 -
10 C V Benine EUR 0.02 19.48 0.00 - 0.00 - 0.00 -
11 Catnic GmbH EUR 0.11 99.45 (0.43) 18.87 0.00 - (0.25) 18.87
12 Tata Steel Mexico SA de CV USD 0.00 2.07 (0.01) 0.42 0.00 - (0.01) 0.42
54. Statement of net assets and profit or loss attributable to owners and non-controlling interest (Contd.)
income income
As % of
NOTES
income
income
13 Cogent Power Limited GBP 0.13 120.54 (0.54) 23.80 0.00 - (0.31) 23.80
14 Corbeil Les Rives SCI EUR 0.01 5.32 0.00 - 0.00 - 0.00 -
15 Corby (Northants) & District Water Company Limited GBP 0.00 - 0.00 - 0.00 - 0.00 -
F265
16 Corus CNBV Investments GBP 0.00 0.00 0.00 - 0.00 - 0.00 -
17 Corus Engineering Steels (UK) Limited GBP 0.00 0.00 0.00 - 0.00 - 0.00 -
18 Corus Engineering Steels Limited GBP 0.00 0.00 0.00 - 0.00 - 0.00 -
19 Corus Group Limited GBP 9.24 8,501.81 4.81 (213.37) 0.00 - 2.80 (213.37)
20 Corus Holdings Limited GBP 0.01 9.18 0.00 - 0.00 - 0.00 -
21 Corus International (Overseas Holdings) Limited GBP 6.62 6,093.01 (8.53) 378.55 0.00 - (4.96) 378.55
22 Corus International Limited GBP 3.50 3,220.82 0.00 - 0.00 - 0.00 -
23 Corus International Romania SRL. RON 0.01 9.03 (0.04) 1.80 0.00 - (0.02) 1.80
24 Corus Ireland Limited EUR 0.00 - (0.03) 1.48 0.41 (13.23) 0.15 (11.75)
25 Corus Property GBP 0.00 0.00 0.00 - 0.00 - 0.00 -
26 Corus UK Healthcare Trustee Limited GBP 0.00 0.00 0.00 - 0.00 - 0.00 -
27 Crucible Insurance Company Limited GBP 0.35 321.90 (0.29) 12.75 0.00 - (0.17) 12.75
28 Degels GmbH EUR 0.03 27.39 0.01 (0.28) (0.02) 0.56 0.00 0.28
29 Demka B.V. EUR 0.09 80.92 (0.04) 1.93 0.00 - (0.03) 1.93
30 00026466 Limited GBP 0.00 - 0.00 - 0.00 - 0.00 -
31 Fischer Profil GmbH EUR 0.12 109.58 (0.06) 2.61 (0.05) 1.61 (0.06) 4.22
32 Gamble Simms Metals Limited EUR 0.00 - 0.00 - 0.00 - 0.00 -
33 Grijze Poort B.V. EUR 0.08 78.20 0.01 (0.56) (0.50) 15.85 (0.20) 15.29
34 H E Samson Limited GBP 0.00 (0.01) 0.00 - 0.00 - 0.00 -
35 Hadfields Holdings Limited GBP (0.01) (13.15) 0.00 - 0.00 - 0.00 -
36 Halmstad Steel Service Centre AB SEK 0.19 173.53 (0.32) 14.28 0.00 - (0.19) 14.28
37 Hille & Muller GmbH EUR 0.28 253.87 0.01 (0.32) 0.04 (1.20) 0.02 (1.52)
38 Hille & Muller USA Inc. USD 0.10 96.61 (0.04) 1.80 0.00 - (0.02) 1.80
39 Hoogovens USA Inc. USD 1.02 943.36 (1.34) 59.40 0.00 - (0.78) 59.40
40 Huizenbezit “Breesaap” B.V. EUR (0.01) (9.23) 0.00 0.00 0.00 - 0.00 0.00
41 Layde Steel S.L. EUR 0.00 (0.00) 0.18 (8.11) (3.56) 113.34 (1.38) 105.23
42 Montana Bausysteme AG CHF 0.17 158.38 (0.17) 7.41 0.11 (3.64) (0.05) 3.77
43 Naantali Steel Service Centre OY EUR 0.03 31.01 0.18 (7.96) 0.00 - 0.10 (7.96)
44 Norsk Stal Tynnplater AS NOK 0.06 54.79 (0.30) 13.18 0.00 - (0.17) 13.18
45 Norsk Stal Tynnplater AB NOK 0.03 28.65 (0.05) 2.43 0.00 - (0.03) 2.43
46 Oremco Inc. USD 0.00 - 0.00 - 0.00 - 0.00 -
47 Rafferty-Brown Steel Co Inc Of Conn. USD 0.01 5.82 0.04 (1.96) 0.00 - 0.03 (1.96)
48 Runblast Limited GBP - - - - - - - -
49 S A B Profiel B.V. EUR 0.28 261.14 0.65 (29.00) 0.00 - 0.38 (29.00)
50 S A B Profil GmbH EUR 0.16 151.00 0.00 0.01 0.00 - 0.00 0.01
51 Service Center Gelsenkirchen GmbH EUR 0.27 252.75 0.16 (7.21) (0.02) 0.57 0.09 (6.64)
52 Service Centre Maastricht B.V. EUR 0.00 0.00 0.06 (2.81) 2.80 (89.21) 1.21 (92.02)
53 Societe Europeenne De Galvanisation (Segal) Sa EUR 0.17 160.70 (0.35) 15.34 0.00 - (0.20) 15.34
54 Surahammar Bruks AB SEK 0.02 16.44 0.80 (35.54) 0.04 (1.30) 0.48 (36.84)
55 Tata Steel Belgium Packaging Steels N.V. EUR 0.12 108.33 (0.22) 9.60 0.00 - (0.13) 9.60
56 Tata Steel Belgium Services N.V. EUR 0.27 248.44 (0.05) 2.11 0.00 - (0.03) 2.11
57 Tata Steel France Holdings SAS EUR 0.95 872.34 0.21 (9.10) 0.00 - 0.12 (9.10)
58 Tata Steel Germany GmbH EUR 0.99 911.11 (0.61) 27.02 0.06 (1.86) (0.33) 25.16
59 Tata Steel IJmuiden BV EUR 28.01 25,781.28 104.72 (4,647.08) (5.51) 175.58 58.65 (4,471.50)

income income
As % of
NOTES
income
income
60 Tata Steel International (Americas) Holdings Inc USD (0.68) (625.75) 0.04 (1.89) 0.00 - 0.02 (1.89)
61 Tata Steel International (Americas) Inc USD 1.61 1,479.16 (2.68) 118.71 0.00 (0.13) (1.56) 118.58
62 Tata Steel International (Czech Republic) S.R.O CZK 0.00 - (0.21) 9.48 0.48 (15.31) 0.08 (5.83)
63 Tata Steel International (France) SAS EUR 0.04 37.61 (0.11) 4.84 0.00 - (0.06) 4.84
64 Tata Steel International (Germany) GmbH EUR 0.01 13.77 0.04 (1.97) (0.07) 2.21 0.00 0.24
65 Tata Steel International (South America) Representações LTDA USD 0.00 2.91 0.00 0.09 0.00 - 0.00 0.09
66 Tata Steel International (Italia) SRL EUR 0.04 35.15 (0.21) 9.42 0.00 - (0.12) 9.42
67 Tata Steel International (Middle East) FZE AED 0.13 115.95 (0.09) 3.89 0.00 - (0.05) 3.89
68 Tata Steel International (Nigeria) Limited NGN 0.00 - 0.00 - 0.00 - 0.00 -
69 Tata Steel International (Poland) sp Zoo PLZ 0.00 - (0.17) 7.40 0.57 (18.14) 0.14 (10.74)
70 Tata Steel International (Sweden) AB SEK 0.00 - (0.67) 29.83 2.75 (87.62) 0.76 (57.79)
71 Tata Steel International Iberica SA EUR 0.00 - (0.70) 30.89 1.00 (31.94) 0.01 (1.05)
72 Tata Steel Istanbul Metal Sanayi ve Ticaret AS USD 0.00 0.00 0.09 (4.18) (4.84) 154.11 (1.97) 149.93
73 Tata Steel Maubeuge SAS EUR 0.45 410.06 2.78 (123.22) (0.15) 4.78 1.55 (118.44)
74 Tata Steel Nederland BV EUR 15.48 14,248.37 (8.62) 382.40 (19.79) 630.78 (13.29) 1,013.18

75 Tata Steel Nederland Consulting & Technical Services BV EUR 0.03 26.87 0.00 - 0.00 - 0.00 -
76 Tata Steel Nederland Services BV EUR (0.11) (98.30) (0.19) 8.47 0.00 - (0.11) 8.47
77 Tata Steel Nederland Technology BV EUR 0.33 301.75 (0.86) 37.99 0.00 - (0.50) 37.99
78 Tata Steel Nederland Tubes BV EUR (0.09) (84.97) 3.41 (151.43) 0.00 (0.00) 1.99 (151.44)
79 Tata Steel Netherlands Holdings B.V. EUR 39.63 36,475.90 42.78 (1,898.52) 0.00 - 24.90 (1,898.52)
80 Tata Steel Norway Byggsystemer A/S NOK 0.13 120.16 (0.18) 7.92 0.00 - (0.10) 7.92
81 Tata Steel UK Consulting Limited GBP (0.01) (6.73) 0.00 - 0.00 - 0.00 -
82 Tata Steel UK Limited GBP (12.41) (11,421.09) 289.27 (12,836.15) 116.64 (3,717.20) 217.11 (16,553.35)
83 Tata Steel USA Inc. USD 0.09 84.59 (0.39) 17.49 0.00 - (0.23) 17.49
84 The Newport And South Wales Tube Company Limited GBP 0.00 0.37 0.00 - 0.00 - 0.00 -
85 Thomas Processing Company USD 0.15 139.88 0.46 (20.24) 0.00 - 0.27 (20.24)
86 Thomas Steel Strip Corp. USD (0.02) (16.51) (0.76) 33.88 (0.24) 7.65 (0.54) 41.53
87 TS South Africa Sales Office Proprietary Limited ZAR 0.01 4.65 (0.07) 3.17 0.00 - (0.04) 3.17
88 U.E.S. Bright Bar Limited GBP 0.00 - 0.00 - 0.00 - 0.00 -
89 UK Steel Enterprise Limited GBP 0.26 243.67 (0.14) 6.05 0.00 - (0.08) 6.05
90 Unitol SAS EUR 0.14 130.33 (0.08) 3.41 0.01 (0.43) (0.04) 2.98
91 Fischer Profil Produktions -und-Vertriebs - GmbH EUR 0.00 0.86 (0.01) 0.26 0.00 - 0.00 0.26
92 Al Rimal Mining LLC OMR 0.02 20.91 0.01 (0.29) 0.00 - 0.00 (0.29)
93 TSMUK Limited USD 4.92 4,525.14 0.00 (0.07) 0.00 - 0.00 (0.07)
94 T S Canada Capital Ltd USD 0.04 35.77 0.00 (0.15) 0.00 - 0.00 (0.15)
95 Tata Steel Minerals Canada Limited USD (2.19) (2,015.64) 17.52 (777.24) 0.00 - 10.19 (777.24)
96 Tata Steel (Thailand) Public Company Limited THB 3.25 2,994.25 (0.06) 2.66 0.01 (0.44) (0.03) 2.22
97 Tata Steel Manufacturing (Thailand) Public Company Limited THB 2.44 2,242.64 (0.44) 19.35 (0.11) 3.43 (0.30) 22.78
F266
98 T S Global Procurement Company Pte. Ltd. USD 1.83 1,681.38 (2.82) 125.13 0.00 - (1.64) 125.13
99 Tata Steel International (Shanghai) Ltd. CNY 0.01 6.95 (0.02) 0.92 0.00 - (0.01) 0.92
100 Bhushan Steel (Australia) PTY Ltd. AUD 0.01 10.19 (0.14) 6.27 0.00 - (0.08) 6.27
101 Bowen Energy PTY Ltd. AUD 0.00 0.01 0.00 (0.00) 0.00 - 0.00 (0.00)
102 Bowen Coal PTY Ltd. AUD 0.00 0.00 0.00 - 0.00 - 0.00 -
income income
As % of
NOTES
income
income
C. Joint Ventures
a) Indian
F267
1 mjunction services limited INR 0.14 132.89 (0.75) 33.27 0.02 (0.52) (0.43) 32.75
2 Tata NYK Shipping (India) Pvt. Ltd. INR 0.00 4.13 (0.02) 0.69 0.00 - (0.01) 0.69
3 TM International Logistics Limited INR 0.15 142.63 (2.81) 124.53 0.02 (0.51) (1.63) 124.02
4 TKM Global Logistics Limited INR 0.02 21.28 (1.26) 55.78 0.00 (0.02) (0.73) 55.76
5 Industrial Energy Limited INR 0.34 308.82 (0.61) 27.03 0.00 - (0.35) 27.03
6 Andal East Coal Company Pvt. Ltd. INR 0.00 - 0.00 - 0.00 - 0.00 -
7 Naba Diganta Water Management Limited INR 0.03 23.84 (0.15) 6.47 0.00 (0.01) (0.08) 6.46
8 Jamipol Ltd. INR 0.08 70.93 (0.26) 11.34 0.00 (0.11) (0.15) 11.23
9 Nicco Jubilee Park Limited INR 0.00 - 0.00 - 0.00 - 0.00 -
10 Himalaya Steel Mills Services Private Limited INR 0.01 9.49 (0.05) 2.27 0.00 (0.02) (0.03) 2.25
11 Tata BlueScope Steel Private Limited INR 0.39 356.83 7.00 (310.71) 0.02 (0.51) 4.08 (311.22)
12 Jamshedpur Continuous Annealing & Processing Company Private Limited INR 1.03 949.76 (2.65) 117.51 0.00 (0.16) (1.54) 117.35
b) Foreign
1 Tata NYK Shipping Pte Ltd. USD 0.21 193.28 (0.16) 7.01 (1.54) 48.95 (0.73) 55.96
2 International Shipping and Logistics FZE USD 0.15 140.10 (0.13) 5.71 0.00 (0.11) (0.07) 5.60
3 TKM Global China Ltd CNY 0.00 3.44 0.00 (0.18) 0.00 - 0.00 (0.18)
4 TKM Global GmbH EUR 0.04 39.79 (0.13) 5.65 0.00 - (0.07) 5.65
5 Air Products Llanwern Limited GBP 0.01 9.52 0.02 (0.69) 0.00 - 0.01 (0.69)
6 Laura Metaal Holding B.V. EUR 0.22 205.73 (0.43) 18.87 0.00 - (0.25) 18.87
7 Ravenscraig Limited GBP (0.09) (83.25) (0.02) 1.00 0.00 - (0.01) 1.00
8 Tata Steel Ticaret AS TRY 0.00 1.21 (0.12) 5.45 0.00 - (0.07) 5.45
9 Texturing Technology Limited GBP 0.03 29.92 (0.13) 5.86 0.00 - (0.08) 5.86
10 Hoogovens Court Roll Service Technologies VOF EUR 0.01 12.16 (0.05) 2.13 0.00 - (0.03) 2.13
11 Minas De Benga (Mauritius) Limited USD (1.54) (1,419.61) 5.72 (254.02) 0.00 - 3.33 (254.02)
D. Associates
a) Indian
1 Kalinga Aquatic Ltd. INR 0.00 - 0.00 - 0.00 - 0.00 -
2 Kumardhubi Fireclay & Silica Works Ltd. INR 0.00 - 0.00 - 0.00 - 0.00 -
3 Kumardhubi Metal Casting and Engineering Limited INR 0.00 - 0.00 - 0.00 - 0.00 -
4 Strategic Energy Technology Systems Private Limited INR 0.00 (0.08) 0.00 0.02 0.00 - 0.00 0.02
5 Tata Construction & Projects Ltd. INR 0.00 - 0.00 - 0.00 - 0.00 -
6 TRF Limited INR 0.01 13.02 (0.36) 15.89 0.03 (0.86) (0.20) 15.03
7 Malusha Travels Pvt Ltd. INR 0.00 (0.01) 0.00 (0.00) 0.00 - 0.00 (0.00)
8 Bhushan Capital & Credit Services Private Limited INR 0.00 - 0.00 - 0.00 - 0.00 -
9 Jawahar Credit & Holdings Private Limited INR 0.00 - 0.00 - 0.00 - 0.00 -
10 TP Vardhaman Surya Limited INR 0.00 - 0.00 - 0.00 - 0.00 -

income income
As % of
NOTES
income
income
b) Foreign
1 TRF Singapore Pte Limited SGD 0.02 21.68 (0.02) 0.93 0.00 - (0.01) 0.93
2 TRF Holding Pte Limited USD 0.00 (0.01) 0.00 (0.01) 0.00 - 0.00 (0.01)
3 European Profiles (M) Sdn. Bhd. MYR 0.01 12.53 (0.01) 0.54 0.00 - (0.01) 0.54
4 GietWalsOnderhoudCombinatie B.V. EUR 0.05 42.17 (0.08) 3.35 0.00 - (0.04) 3.35
5 Hoogovens Gan Multimedia S.A. De C.V. MXN 0.00 - 0.00 - 0.00 - 0.00 -
6 Wupperman Staal Nederland B.V. GBP 0.15 141.14 (0.28) 12.34 0.00 - (0.16) 12.34
7 Fabsec Limited EUR 0.00 - 0.00 - 0.00 - 0.00 -

8 9336-0634 Québec Inc GBP 0.00 - 0.00 - 0.00 - 0.00 -
E. Adjustment due to consolidation (341.72) (3,14,501.24) (544.11) 24,144.36 34.28 (1,092.53) (302.34) 23,051.83
TOTAL 100.00 92,035.76 100.00 (4,437.44) 100.00 (3,186.95) 100.00 (7,624.39)
F. Minority interests in subsidiaries

a) Indian subsidiaries

1 The Tinplate Company of India Limited* INR - 0.77 (0.43) 0.34

2 Indian Steel & Wire Products Ltd INR 10.98 0.06 (0.09) (0.03)
3 Tata Metaliks Ltd.* INR - 62.67 (0.56) 62.11
4 Adityapur Toll Bridge Company Limited INR 7.38 0.11 - 0.11
5 Tata Steel Long Products Limited* INR - (169.93) (1.50) (171.43)
6 Neelachal Ispat Nigam Limited INR 17.45 (12.40) (0.04) (12.44)
7 Creative Port Development Private Limited INR 7.24 (189.92) 0.00 (189.92)
8 Mohar Export Services Pvt. Ltd INR (0.01) - - -
9 Haldia Water Management Limited INR 23.32 (0.02) - (0.02)
10 Ceramat Private Limited INR (1.00) (0.55) - (0.55)
11 Medica TS Hospital Pvt. Ltd. INR 10.85 1.72 0.05 1.77
12 Angul Energy Limited INR 0.01 (0.09) - (0.09)
b) Foreign subsidiaries
1 Tata Steel (Thailand) Public Company Limited THB 672.84 7.29 (33.59) (26.30)
2 Al Rimal Mining LLC OMR 8.43 (0.14) 0.15 0.01
3 Tata Steel Europe Limited GBP 1.48 (1.47) (0.43) (1.90)
4 Tata Steel Minerals Canada Limited USD (362.82) (163.49) (4.34) (167.83)
5 TSN Wires Co., Ltd. THB 0.83 (6.78) (0.17) (6.95)
Total non-controlling interests in subsidiaries 396.98 (472.17) (40.95) (513.12)
Consolidated net assets/profit after tax 92,432.74 (4,909.61) (3,227.90) (8,137.51)
F268
* Refer note 46, page F259
NOTES
(i) List of subsidiaries, associates and joint ventures which have not been consolidated and reasons for not
consolidating:
SL
Name Reason
No.
1 Tayo Rolls Limited Company is undergoing Corporate Insolvency Resolution Process under the Insovency
and Bankruptcy Code, 2016.
2 Tata Korf Engineering Services Ltd.* Financial information not available
3 The Siam Construction Steel Company Limited Entity under liquidation
4 The Siam Iron and Steel (2001) Company Limited Entity under liquidation
5 Nicco Jubilee Park Limited* Financial information are not available
6 9336-0634 Québec Inc* Financial information are not available
7 Andal East Coal Company Pvt. Ltd. Entity under liquidation
8 Kalinga Aquatic Ltd.* Financial information are not available
9 Kumardhubi Fireclay & Silica Works Ltd. Entity under liquidation
10 Kumardhubi Metal Casting and Engineering Limited Entity under liquidation
11 Tata Construction & Projects Ltd. Entity under liquidation
12 TP Vardhaman Surya Limited* The operations of the companies are not significant and hence are immaterial for
consolidation
13 Fabsec Limited* The operations of the companies are not significant and hence are immaterial for
consolidation
14 Hoogovens Gan Multimedia S.A. De C.V.* The operations of the companies are not significant and hence are immaterial for
consolidation
15 Bhushan Capital & Credit Services Private Limited* Tata Steel BSL Limited (TSBSL) (earlier known as Bhushan Steel Limited), an erstwhile
subsidiary (acquired through the corporate insolvency resolution process) which
amalgamated with the Company during the year ended March, 2022 was being
identified as the promoter of Jawahar Credit & Holdings Private Limited (JCHPL)
and Bhushan Capital & Credit Services Private Limited (BCCSPL). These entities were
connected to the previous management of erstwhile TSBSL.
16 Jawahar Credit & Holdings Private Limited* TSBSL had written to JCHPL, BCCSPL and the Registrar of Companies (National Capital
Territory of Delhi & Haryana) intimating that TSBSL should not be identified as promoter
of these two companies. Neither erstwhile TSBSL nor Tata Steel Limited had any visibility
or control over the operations of these two companies nor currently exercises any
influence on these entities, and hence, these are not being considered as Associates.
*Not Material to the consolidated financial statements.
(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 which are either dormant or have ceased to have business operations.

ACS: 15921

Notice
NOTICE
Notice is hereby given that the 117th Annual General out-of-pocket expenses payable to Messrs Shome & Banerjee,
Meeting of the Members of Tata Steel Limited will be held Cost Accountants (Firm Registration Number - 000001), who,
on Monday, July 15, 2024 at 3:00 p.m. (IST) through Video based on the recommendation of the Audit Committee,
Conferencing/Other Audio-Visual Means, to transact the have been appointed by the Board of Directors of the Company
following business: (‘Board’), as the Cost Auditors of the Company, to conduct the
audit of the cost records maintained by the Company for the
Ordinary Business: Financial Year ending March 31, 2025.
RESOLVED FURTHER THAT the Board and/or any person
Item No. 1 – Adoption of Audited Standalone Financial
authorised by the Board, be and is hereby severally authorised
Statements
to settle any question, difficulty or doubt, that may arise in
To receive, consider and adopt the Audited Standalone giving effect to this resolution and to do all such acts, deeds
Financial Statements of the Company for the Financial Year and things as may be necessary, expedient and desirable for
ended March 31, 2024, together with the Reports of the Board the purpose of giving effect to this resolution.”
of Directors and the Auditors thereon.
Item No. 6 – Material Related Party Transaction(s) with
Item No. 2 – Adoption of Audited Consolidated Tata International West Asia DMCC
To consider, and if thought fit, to pass the following Resolution
To receive, consider and adopt the Audited Consolidated as an Ordinary Resolution:
Financial Statements of the Company for the Financial Year
ended March 31, 2024, together with the Report of the “RESOLVED THAT pursuant to Regulations 2(1)(zc), 23(4)
Auditors thereon. and other applicable Regulations of the Securities and
Exchange Board of India (Listing Obligations and Disclosure
Item No. 3 – Declaration of Dividend Requirements) Regulations, 2015 (‘SEBI Listing Regulations’),
the applicable provisions of the Companies Act, 2013 (‘Act’),
To declare dividend of ₹3.60 per Ordinary (equity) Share of
if any, read with related rules, if any, each as amended from
face value ₹1/- each for FY2023-24.
time to time, and the Policy on Related Party Transaction(s) of
Tata Steel Limited (‘Company’), and based on the approval
Item No. 4 – Re-appointment of a Director
of the Audit Committee, approval of the Members be and is
To appoint a Director in the place of Mr. Saurabh Agrawal hereby accorded to the Board of Directors of the Company
(DIN:02144558), who retires by rotation in terms of Section (hereinafter referred to as the ‘Board’, which term shall be
152(6) of the Companies Act, 2013 and, being eligible, seeks deemed to include any Committee constituted/empowered/
re-appointment. to be constituted by the Board from time to time to exercise its
powers conferred by this resolution) to enter into and/or execute
Special Business: new contract(s)/arrangement(s)/transaction(s) (whether by
way of an individual transaction or a series of transactions
Item No. 5 – Ratification of Remuneration of Cost taken together or otherwise) as mentioned in the Statement
Auditors pursuant to Section 102 and other applicable provisions of
To consider and, if thought fit, to pass the following Resolution the Act read with related rules, with Tata International West
as an Ordinary Resolution: Asia DMCC (‘TIWA’), a subsidiary company of Tata Sons
Private Limited (Promoter Company of Tata Steel Limited) and
“RESOLVED THAT pursuant to the provisions of Section 148(3)
accordingly a related party under Regulation 2(1)(zb) of the
and other applicable provisions, if any, of the Companies
SEBI Listing Regulations, on such terms and conditions as may
Act, 2013 (including any statutory modification(s) or
be agreed between the Company and TIWA, for an aggregate
re-enactment(s) thereof for the time being in force), and the
value up to ₹3,855 crore, for purchase and sale of goods,
Companies (Audit and Auditors) Rules, 2014, as amended from
rendering and receiving of services and other transactions
time to time, the Company hereby ratifies the remuneration
for the purpose of business, to be entered during FY2024-25,
of ₹35 lakh plus applicable taxes and reimbursement of
subject to such contract(s)/arrangement(s)/transaction(s)
117th Year Integrated Report & Annual Accounts 2023-24 N2

being carried out at arm’s length and in the ordinary course ₹5,656 crore with Tata International Singapore Pte. Limited
of business of the Company and TIWA. (‘TISPL’), a subsidiary company of Tata Sons Private Limited
(Promoter company of Tata Steel Limited) and accordingly
RESOLVED FURTHER THAT the Board, be and is hereby
a related party in terms of the SEBI Listing Regulations, and
authorised, to do and perform all such acts, deeds, matters
based on the approval of the Audit Committee, approval
and things, as may be necessary, including finalising the
of the Members be and is hereby accorded to the Board
terms and conditions, methods and modes in respect
of Directors of the Company (‘Board’, which term shall be
thereof and finalising and executing necessary documents,
deemed to include any Committee constituted/empowered/
including contract(s), scheme(s), agreement(s) and such other
to be constituted by the Board from time to time to exercise
documents, file applications and make representations in
its powers conferred by this Resolution) to amend/modify the
respect thereof and seek approval from relevant authorities,
terms of the existing related party contract(s)/arrangement(s)/
including Governmental/regulatory authorities, as applicable,
transaction(s) with TISPL and increase the transaction value
in this regard and deal with any matters, take necessary steps
by ₹1,700 crore primarily due to sale of goods, thereby now
as the Board may, in its absolute discretion deem necessary,
aggregating to ₹7,356 crore, for purchase and sale of goods,
desirable or expedient, to give effect to this resolution and to
rendering and receiving of services and other transactions
settle any question that may arise in this regard and incidental
for the purpose of business, to be entered during FY2024-25,
thereto, without being required to seek any further consent
subject to such contract(s)/arrangement(s)/transaction(s)
or approval of the Members or otherwise to the end and
being carried out at arm’s length and in the ordinary course
intent that the Members shall be deemed to have given their
of business of the Company and TISPL.
approval thereto expressly by the authority of this resolution.
authorised to delegate all or any of the powers herein
conferred to any Director(s) or Chief Financial Officer or
Company Secretary or any other Officer(s)/Authorised
Representative(s) of the Company, to do all such acts and take
such steps, as may be considered necessary or expedient, to
give effect to the aforesaid resolution(s).
RESOLVED FURTHER THAT all actions taken by the Board, including Governmental/regulatory authorities, as applicable,
or any person so authorised by the Board, in connection in this regard and deal with any matters, take necessary steps
with any matter referred to or contemplated in any of the as the Board may, in its absolute discretion deem necessary,
foregoing resolutions, be and are hereby approved, ratified, desirable or expedient, to give effect to this resolution and to
and confirmed in all respects.” settle any question that may arise in this regard and incidental
Item No. 7 – Material modification in the approved or approval of the Members or otherwise to the end and
related party transaction(s) with Tata International intent that the Members shall be deemed to have given their
Singapore Pte. Limited approval thereto expressly by the authority of this resolution.
To consider, and if thought fit, to pass the following Resolution RESOLVED FURTHER THAT the Board, be and is hereby
as an Ordinary Resolution: authorised to delegate all or any of the powers herein
“RESOLVED THAT pursuant to Regulations 2(1)(zc), 23(4) conferred to any Director(s) or Chief Financial Officer or
and other applicable Regulations of the Securities and Company Secretary or any other Officer(s)/Authorised
Exchange Board of India (Listing Obligations and Disclosure Representative(s) of the Company, to do all such acts and take
Requirements) Regulations, 2015 (‘SEBI Listing Regulations’), such steps, as may be considered necessary or expedient, to
the applicable provisions of the Companies Act, 2013 (‘Act’), give effect to the aforesaid resolution(s).
if any, read with related rules, if any, each as amended from RESOLVED FURTHER THAT all actions taken by the Board,
time to time, and the Policy on Related Party Transaction(s) of or any person so authorised by the Board, in connection
Tata Steel Limited (‘Company’), and in partial modification with any matter referred to or contemplated in any of the
of the resolution passed by the Members of the Company foregoing resolutions, be and are hereby approved, ratified,
through postal ballot on April 27, 2024, approving the and confirmed in all respects.”
related party transaction(s) of the Company aggregating to
N3 117th Year Integrated Report & Annual Accounts 2023-24

Notice
Item No. 8 – Material modification in the approved intent that the Members shall be deemed to have given their
related party transaction(s) with Tata International approval thereto expressly by the authority of this resolution.
Limited
To consider, and if thought fit, to pass the following Resolution authorised to delegate all or any of the powers herein
as an Ordinary Resolution: conferred to any Director(s) or Chief Financial Officer or
“RESOLVED THAT pursuant to Regulations 2(1)(zc), 23(4) Company Secretary or any other Officer(s)/Authorised
and other applicable Regulations of the Securities and Representative(s) of the Company, to do all such acts and take
Exchange Board of India (Listing Obligations and Disclosure such steps, as may be considered necessary or expedient, to
Requirements) Regulations, 2015 (‘SEBI Listing Regulations’), give effect to the aforesaid resolution(s).
the applicable provisions of the Companies Act, 2013 (‘Act’), RESOLVED FURTHER THAT all actions taken by the Board,
if any, read with related rules, if any, each as amended from or any person so authorised by the Board, in connection
time to time, and the Policy on Related Party Transaction(s) of with any matter referred to or contemplated in any of the
Tata Steel Limited (‘Company’), and in partial modification foregoing resolutions, be and are hereby approved, ratified,
of the resolution passed by the Members of the Company and confirmed in all respects.”
through postal ballot on April 27, 2024, approving the related
party transaction(s) of the Company aggregating to ₹4,210 Item No. 9 – Material Related Party Transaction(s)
crore with Tata International Limited (‘TIL’), a subsidiary between Tata Steel UK Limited, a wholly owned
company of Tata Sons Private Limited (Promoter company subsidiary of Tata Steel Limited, and Tata International
of Tata Steel Limited) and accordingly a related party in West Asia DMCC, a subsidiary company of the Promoter
terms of the SEBI Listing Regulations, and based on the Company of Tata Steel Limited
approval of the Audit Committee, approval of the Members
To consider, and if thought fit, to pass the following Resolution
be and is hereby accorded to the Board of Directors of the
as an Ordinary Resolution:
Company (‘Board’, which term shall be deemed to include
any Committee constituted/empowered/to be constituted by “RESOLVED THAT pursuant to Regulations 2(1)(zc), 23(4)
the Board from time to time to exercise its powers conferred and other applicable Regulations of the Securities and
by this Resolution) to amend/modify the terms of the existing Exchange Board of India (Listing Obligations and Disclosure
related party contract(s)/arrangement(s)/transaction(s) with Requirements) Regulations, 2015 (‘SEBI Listing Regulations’),
TIL and increase the transaction value by ₹2,000 crore towards the applicable provisions of the Companies Act, 2013 (‘Act’), if
purchase of goods, thereby now aggregating to ₹6,210 crore, any, read with related rules, if any, each as amended from time
for purchase and sale of goods, rendering and receiving of to time, and the Policy on Related Party Transaction(s) of Tata
services and other transactions for the purpose of business, Steel Limited (‘Company’), and based on the approval of the
to be entered during FY2024-25, subject to such contract(s)/ Audit Committee, approval of the Members be and is hereby
arrangement(s)/transaction(s) being carried out at arm’s accorded to the related party contract(s)/arrangement(s)/
length and in the ordinary course of business of the Company transaction(s) (whether by way of an individual transaction or
and TIL. a series of transactions taken together), the details of which are
provided in the Statement pursuant to Section 102 and other
provisions of the Act read with related rules, to be entered into
and/or to be executed and/or to be continued between Tata
Steel UK Limited (‘TSUK’), a wholly owned subsidiary of the
Company and Tata International West Asia DMCC (‘TIWA’), a
subsidiary company of Tata Sons Private Limited (Promoter
company of Tata Steel Limited), both entities being related
parties of the Company in terms of Regulation 2(1)(zb) of the
SEBI Listing Regulations, on such terms and conditions as
including Governmental/regulatory authorities, as applicable,
may be agreed between TSUK and TIWA, for an aggregate
in this regard and deal with any matters, take necessary steps
value up to ₹10,500 crore, for purchase and sale of goods,
as the Board may, in its absolute discretion deem necessary,
receiving and rendering of services and other transactions
desirable or expedient, to give effect to this resolution and to
for business, to be entered during FY2024-25, subject to such
settle any question that may arise in this regard and incidental
contract(s)/arrangement(s)/transaction(s) being carried out at
arm’s length and in the ordinary course of business of TSUK
or approval of the Members or otherwise to the end and
and TIWA.”

NOTES: AND HENCE THE PROXY FORM, ATTENDANCE SLIP
(a) The Statement pursuant to Section 102 of the Companies AND ROUTE MAP OF AGM ARE NOT ANNEXED TO
Act, 2013, as amended (‘Act’), setting out the material THIS NOTICE.
facts concerning the business with respect to Item (d) Members can join the AGM in VC/OAVM mode 30 minutes
Nos. 5 to 9 forms part of this Notice. Further, relevant before the scheduled time of the commencement of
information pursuant to Regulation 36 of the Securities the Meeting by following the procedure mentioned
and Exchange Board of India (Listing Obligations and in the Notice. The Members will be able to view the
Disclosure Requirements) Regulations, 2015, (‘SEBI proceedings on the website of National Securities
Listing Regulations’) and Secretarial Standard on Depository Limited (‘NSDL’) at www.evoting.nsdl.com
General Meetings (‘SS-2’) issued by The Institute of
Company Secretaries of India, in respect of Director Please note that, the facility for participation at the AGM
retiring by rotation and seeking re-appointment at through VC/OAVM will be made available to at least
this Annual General Meeting (‘Meeting’ or ‘AGM’) is 1,000 Members on a first come first served basis as per
furnished as Annexure to this Notice. the MCA Circulars.
The Ministry of Corporate Affairs (‘MCA’), inter

(b) (e) Institutional/corporate shareholders (i.e., other than
alia, vide its General Circular No(s). 14/2020 dated individuals, HUF, NRIs, etc.), are required to send a
April 8, 2020, 17/2020 dated April 13, 2020, 20/2020 dated scanned copy (PDF/JPG Format) of their respective
May 5, 2020 and subsequent circulars issued in this regard, Board or governing body Resolution/Authorisation
the latest being General Circular No. 09/2023 dated etc., authorising their representative to attend the AGM
September 25, 2023, (collectively referred to as through VC/OAVM on their behalf and to vote through
‘MCA Circulars’), has permitted the holding of the AGM remote e-Voting. The said Resolution/Authorisation
through Video Conferencing ('VC') or through Other shall be sent by e-mail on Scrutiniser’s e-mail address at
Audio-Visual Means ('OAVM'), without the physical [email protected] with a copy marked to
presence of the Members at a common venue. [email protected]
Further, towards this, the Securities and Exchange Alternatively, the Corporate Members/Institutional
Board of India ('SEBI'), vide its Circular(s) dated May 12, shareholders (i.e., other than individuals, HUFs, NRIs,
2020, January 15, 2021, May 13, 2022, January 5, 2023, etc.) can also upload their Board Resolution/Power
October 6, 2023, and October 7, 2023 ('SEBI Circulars') of Attorney/Authority Letter, etc., by clicking on the
and other applicable circulars issued in this regard from “Upload Board Resolution/Authority Letter” displayed
time to time, has provided relaxations from compliance under the “e-Voting” tab.
with certain provisions of the SEBI Listing Regulations. (f) The Members attending the AGM through VC/OAVM shall
In compliance with the applicable provisions of the be counted for the purpose of reckoning the quorum
Act, SEBI Listing Regulations, MCA Circulars and SEBI under Section 103 of the Act.
Circulars, the 117th AGM of the Company will be held (g) In case of joint holders attending the AGM through VC/
through VC/OAVM on Monday, July 15, 2024 at 3:00 p.m. OAVM, only such joint holders who are higher in the
(IST). The proceedings of the AGM will be deemed to order of the names as per the Register of Members of
be conducted at the Registered Office of the Company the Company, as of the cut-off date i.e., Monday, July 8,
situated at Bombay House, 24, Homi Mody Street, Fort, 2024, will be entitled to vote at the Meeting.
Mumbai – 400 001, Maharashtra, India.
(h) In accordance with the aforesaid MCA Circulars and
PURSUANT TO THE PROVISIONS OF THE ACT, A
(c) the applicable SEBI Circulars, the Notice of the AGM
MEMBER ENTITLED TO ATTEND AND VOTE AT THE along with the Integrated Report & Annual Accounts
AGM IS ENTITLED TO APPOINT A PROXY TO ATTEND for FY2023-24 are being sent ONLY through electronic
AND VOTE ON ITS BEHALF AND THE PROXY NEED NOT mode to those Members whose e-mail addresses are
BE A MEMBER OF THE COMPANY. SINCE THIS AGM registered with the Company/Registrar and Transfer
IS BEING HELD PURSUANT TO THE MCA CIRCULARS Agent/Depositories/Depository Participants. The
READ WITH APPLICABLE SEBI CIRCULARS, THROUGH Company shall send physical copy of the Integrated
VC/OAVM, PHYSICAL ATTENDANCE OF MEMBERS Report & Annual Accounts for FY2023-24 to those
HAS BEEN DISPENSED WITH. ACCORDINGLY, THE Members who request for the same at cosec@tatasteel.
FACILITY FOR APPOINTMENT OF PROXIES BY THE com or [email protected] mentioning
MEMBERS WILL NOT BE AVAILABLE FOR THIS AGM their Folio No./DP ID and Client ID. The Notice convening

Notice
the 117th AGM along with the Integrated Report & Annual form are requested to complete and/or update their
Accounts for FY2023-24 will also be available on the Residential status, PAN, Category as per the IT Act
website of the Company at www.tatasteel.com and with their Depository Participants (‘DPs’) or in case
websites of the Stock Exchanges where the securities of shares are held in physical form, with the Registrar and
the Company are listed, i.e. BSE Limited and the National Transfer Agents (‘RTA’), by sending documents through
Stock Exchange of India Limited at www.bseindia.com e-mail at [email protected] (for
and www.nseindia.com respectively and the website of Resident Shareholders) and TDSDIVNR@linkintime.
NSDL at www.evoting.nsdl.com co.in (for Non-Resident Shareholders), on or before
Friday, June 21, 2024 to enable the Company to
(i) Registrar and Transfer Agent
determine the appropriate TDS/withholding tax rate
Pursuant to the Order passed by the Hon’ble National applicable to the Member, verify the documents and
Company Law Tribunal (‘NCLT’), Mumbai Bench, dated provide exemption. For detailed process, please click
December 18, 2023, TSR Consultants Private Limited here: https://www.tatasteel.com/media/20690/bsense-
has merged with Link Intime India Private Limited intimation-tax-deduction-dividend-31-05-24.pdf and
effective December 22, 2023. Accordingly, the RTA of also refer to the e-mail sent to members in this regard.
the Company is now Link Intime India Private Limited
(‘Link Intime’/’RTA’). The email address of the RTA is Mandatory updation of PAN, KYC, Bank details,
[email protected] Specimen signature and Nomination details prior
to processing the payment of Dividend:
Fixing record date for payment of Dividend for
(j)
FY2023-24
Pursuant to SEBI Master Circular no. SEBI/HO/MIRSD/
POD-1/P/CIR/2024/37 dated May 7, 2024 issued to the
The Board of Directors at its meeting held on May 29, Registrar and Transfer Agents and SEBI Circular no. SEBI/
2024, recommended a dividend of ₹3.60 per Ordinary HO/MIRSD/POD-1/P/CIR/2023/181 dated November 17,
(equity) Share of ₹1/- each (360%). Further, the Board 2023, as amended, SEBI has mandated that, with
has fixed Friday, June 21, 2024 as the Record Date effect from April 1, 2024, dividend to the security
for determining the Members entitled to receive holders holding shares in physical mode shall be paid
dividend for the Financial Year ended March 31, 2024, only through electronic mode. Such payment to the
subject to approval of the shareholders at this Annual eligible shareholders holding physical shares shall be
General Meeting. made only after they have furnished their PAN, Contact
The dividend, if approved by the Members at this AGM, Details (Postal Address with PIN and Mobile Number),
will be paid subject to deduction of income-tax at source Bank Account Details, Specimen Signature, etc., for
(‘TDS’) on and from Friday, July 19, 2024 as under: their corresponding physical folios with the Company
or its RTA. Relevant FAQs have been published by SEBI
» In respect of Ordinary shares held in physical in this regard. The FAQs and the abovementioned
form: To all the Members, whose names are on the SEBI Master Circular and SEBI Circular are available
Company’s Register of Members, after giving effect to on SEBI’s website and the website of the Company at
valid transmission and transposition requests lodged www.tatasteel.com
with the Company, as on close of business hours of
Friday, June 21, 2024. The forms for updation of PAN, KYC, Bank details and
Nomination viz. Forms ISR-1, ISR-2, ISR-3 and SH-13
» In respect of Ordinary Shares held in electronic are available on our website at www.tatasteel.com/
form: To all the beneficial owners of the shares, as investors/investor-information/forms/. In view of the
of end of day of Friday, June 21, 2024, as per details above, we urge Members holding shares in physical
furnished by the Depositories for this purpose. form to submit the required forms duly filled up and
signed, along with the supporting documents at
TDS on Dividend: the earliest to the RTA at [email protected]
Pursuant to the Finance Act, 2020, dividend income Towards this, the Company is sending letters to the
is taxable in the hands of shareholders effective Members holding shares in physical form, in relation to
April 1, 2020 and the Company is required to deduct applicable SEBI Circular(s). Members who hold shares in
tax at source from dividend paid to the Members at the dematerialised form and wish to update their PAN, KYC,
rates prescribed in the Income Tax Act, 1961 ('IT Act'). Bank details and Nomination, are requested to contact
In general, to enable compliance with the TDS their respective DPs.
requirements, Members holding shares in demat

Further, Members holding shares in physical form are DPs and the Company will not be able to accede to any
requested to ensure that their PAN is linked to their direct request from such Members for change/addition/
Aadhaar card. deletion in such bank details. Accordingly, the Members
holding shares in demat form are requested to ensure
Updation of mandate for receiving dividend directly that their Electronic Bank Mandate is updated with their
in bank account through Electronic Clearing System respective DPs by Friday, June 21, 2024.
or any other means in a timely manner:
Further, please note that instructions, if any, already
Shares held in physical form: Members are requested to given by Members in respect of shares held in physical
send the following details/documents to the Company’s form, will not be automatically applicable to the
RTA, viz. Link Intime India Private Limited, at C-101, dividend paid on shares held by the same shareholders
1st Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli in electronic form.
(West), Mumbai – 400 083, latest by Friday, June 21, 2024:
(k) Nomination facility: As per the provisions of Section 72
» Form No. ISR-1 duly filled and signed by the holders, of the Act, the facility for making nomination is available
stating their name, folio number, complete address to the Members in respect of the shares held by them.
with pin code, and the following details relating to the Members who have not yet registered their nominations
bank account in which the dividend is to be received: are requested to register the same by submitting Form No.
(i) Name of Bank and Bank Branch; SH-13. If a Member desires to opt-out or cancel the earlier
(ii) Bank Account Number; nomination and record a fresh nomination, the Member
(iii) 11-digit IFSC Code; and may submit the requisite application in Form ISR-3 or
(iv) 9-digit MICR Code. Form SH-14, as the case may be.
The said form is available on the website of the Company The said forms can be downloaded from the
at https://www.tatasteel.com/investors/investor- Company’s website at https://www.tatasteel.com/
information/forms/ and on the website of the RTA at investors/investor-information/forms/ as well as
https://liiplweb.linkintime.co.in/KYC-downloads.html from the RTA’s website at https://liiplweb.linkintime.
co.in/KYC-downloads.html Members are requested
» Cancelled cheque in original, bearing the name of the to submit the said form to their DPs in case the
Member or first holder (in case shares are held jointly). shares are held in electronic form and to the RTA at
In case, name of the share holder is not available on [email protected] in case the shares are held in
the cheque, kindly submit the following documents: physical form, quoting their folio no(s).
(i) Cancelled cheque in original and; (l) In accordance with Regulation 40 of the SEBI Listing
(ii) Bank attested legible copy of the first page of Regulations, as amended, any fresh transfer requests
the Bank Passbook/Bank Statement bearing the for securities shall be processed in demat/electronic
names of the account holders, address, same form only. Members holding shares of the Company in
bank account number and type as on the cheque physical form are requested to kindly get their shares
leaf and full address of the bank branch. converted into demat/electronic form to get inherent
benefits of dematerialisation.
» Self-attested copy of the PAN Card; and
(m) Members may please note that SEBI vide its Circular
» Self-attested copy of any document (such as Aadhar No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8
Card, Driving Licence, Election Identity Card, Passport) dated January 25, 2022 has mandated the listed
in support of the address of the Member as registered companies to issue securities in demat form only, while
with the Company. The PAN Card shall be linked to the processing service requests viz. Issue of duplicate
Aadhar Card. securities certificate, claim from Unclaimed Suspense
Members are requested to refer to detailed process by Account, Renewal/Exchange of securities certificate,
accessing the link on https://linkintime.co.in/home-KYC. Endorsement, Sub-division/Splitting of securities
html and proceed accordingly. certificate, Consolidation of securities certificates/
folios, Transmission and Transposition. Accordingly,
Shares held in electronic form: Members may please Shareholders are requested to make service requests by
note that their bank details as furnished by the respective submitting a duly filled and signed Form ISR-4. It may
DPs to the Company will be considered for remittance be noted that any service request can be processed only
of dividend as per the applicable regulations of the after the folio is KYC compliant.

Notice
(n) Members are requested to note that, dividends if not (r)

The Register of Directors and Key Managerial
encashed for a consecutive period of 7 (seven) years Personnel and their Shareholding maintained under
from the date of transfer to Unpaid Dividend Account Section 170 of the Act, and the Register of Contracts
of the Company, are liable to be transferred to the or Arrangements in which the directors are interested,
Investor Education and Protection Fund (‘IEPF’). The maintained under Section 189 of the Act, and relevant
shares in respect of which dividend remain unclaimed documents referred to in the Notice or Statement will be
for 7 (seven) consecutive years are also liable to be available electronically for inspection by the Members
transferred to the demat account of the IEPF Authority. In before as well as during the AGM. Members seeking
view of this, Members/Claimants are requested to claim to inspect such documents can send an e-mail to
their unclaimed dividends from the Company, within [email protected]
the stipulated timeline. Members whose equity shares
(s) As per the provisions of the MCA Circulars, the matters of
and/or unclaimed dividends have been transferred
Special Business as appearing at Item Nos. 5 to 9 of the
to IEPF, may claim the same by making an application
accompanying Notice, are considered to be unavoidable
to the IEPF Authority, in Form No. IEPF-5 available on
by the Board of Directors of the Company and hence,
www.iepf.gov.in The attention of Members is particularly
forms part of this Notice.
drawn to the Corporate Governance Report forming
part of the Integrated Report & Annual Accounts for (t)
D uring FY2023-24, SEBI has established a common
FY2023-24, in respect of unclaimed dividends and transfer Online Dispute Resolution Portal (‘ODR Portal’) for
of dividends/shares to the IEPF. Further, the Company resolution of disputes arising in the Indian Securities
is sending request letters to eligible shareholders Market. Pursuant to this, post exhausting the option
whose dividend remains unclaimed and whose shares to resolve their grievance with the RTA/Company
are eligible for transfer to IEPF Authority during directly and/or through the SEBI SCORES platform, the
the year, requesting them to claim their dividends from investors can initiate dispute resolution through the
the Company. ODR Portal (https://smartodr.in/login) and the same
can also be accessed through the Company’s website at
(o) Members are requested to intimate changes, if any, about
https://www.tatasteel.com/investors/link-to-smart-odr/
their name, postal address, e-mail address, telephone/
mobile numbers, PAN, power of attorney registration,
Bank Mandate details, etc., to their DPs in case the shares PROCESS FOR REGISTERING E-MAIL ADDRESS:
are held in electronic form and to the RTA in case the i. One-time registration of e-mail address with RTA for
shares are held in physical form, in prescribed Form No. receiving the Integrated Report & Annual Accounts for
ISR-1 and other forms, quoting their folio number and FY2023-24 and to cast votes through remote e-Voting:
enclosing the self-attested supporting document(s). The Company has made special arrangements with RTA
Further, Members may note that SEBI has mandated and NSDL for registration of e-mail address of those
the submission of PAN by every participant in the Members (holding shares either in electronic or physical
securities market. form) who wish to receive the Integrated Report & Annual
Accounts for FY2023-24 and cast votes electronically
(p) To prevent fraudulent transactions, Members are advised
through remote e-Voting. Eligible Members whose
to exercise due diligence and notify the Company of any
e-mail addresses are not registered with the Company/
change in address or demise of any Member as soon as
DPs are required to provide the same to RTA on or before
possible. Members are also advised to not leave their
5.00 p.m. (IST) on Monday, July 8, 2024.
demat account(s) dormant for long. Periodic statement
of holdings should be obtained from the concerned
Process to be followed for one-time registration of
Depository Participant and holdings should be verified
e-mail address (for shares held in physical form or
from time to time.
in electronic form) is as follows:
(q) Members holding shares in physical form, in identical order a) Visit the link: https://liiplweb.linkintime.co.in/
of names, in more than one folio are requested to send to EmailReg/Email_Register.html
the Company or RTA, the details of such folios together
b) Select the name of the Company from drop-down:
with the share certificates along with the requisite KYC
Tata Steel Limited.
Documents for consolidating their holdings in one folio.
Requests for consolidation of share certificates shall be c) Enter details in respective fields such as DP ID and
processed in dematerialised form only. Client ID (if shares held in electronic form)/Folio

no. and Certificate no. (if shares held in physical 2. Members of the Company holding shares either
form), Shareholder name, PAN, mobile number and in physical form or in electronic form as on the
e-mail ID. cut-off date of Monday, July 8, 2024 may cast
d) System will send OTP on mobile no. and e-mail ID. their vote by remote e-Voting. A person who is
not a Member as on the cut-off date should treat
e) Enter OTP received on mobile no. and e-mail ID
this Notice for information purpose only. A person,
and submit.
whose name is recorded in the Register of Members
f) The system will then confirm the e-mail address for of the Company or in the Register of Beneficial
the limited purpose of service of AGM Notice along Owners maintained by the depositories as on
with the Integrated Report & Annual Accounts for the cut-off date only shall be entitled to avail the
FY2023-24 and remote e-Voting credentials. facility of remote e-Voting before the AGM as well
After successful submission of the e-mail address, NSDL as remote e-Voting during the AGM.
will e-mail a copy of this AGM Notice and Integrated Any shareholder(s) holding shares in physical
Report & Annual Accounts for FY2023-24 along with the form or non-individual shareholders who acquire
e-Voting user ID and password. In case of any queries, shares of the Company and becomes a Member
Members may write to [email protected] or of the Company after dispatch of the Notice and
[email protected] holding shares as on the cut-off date i.e. Monday,
ii. Registration of e-mail address permanently with July 8, 2024, may obtain the User ID and Password
Company/DP: Members are requested to register the by sending a request at [email protected]
e-mail address with their concerned DPs, in respect of However, if the Member is already registered with
electronic holding and with RTA, in respect of physical NSDL for remote e-Voting then the Member can use
holding, by submitting Form ISR-1 duly filled and signed the existing User ID and password for casting the
by the shareholders. Further, those Members who have vote. If you forget your password, you can reset your
already registered their e-mail addresses are requested password by using “Forgot User Details/Password”
to keep their e-mail addresses validated/updated with or “Physical User Reset Password” option available on
their DPs/RTA to enable servicing of notices/documents/ www.evoting.nsdl.com or call on 022 - 4886 7000.
Integrated Reports and other communications In case of Individual Shareholder who acquires
electronically to their e-mail address in future. shares of the Company and becomes a Member of
the Company after dispatch of the Notice and holds
INSTRUCTIONS FOR E-VOTING AND JOINING shares in demat mode as on the cut-off date may
THE AGM ARE AS FOLLOWS: follow the steps mentioned under ‘Login method
for e-Voting and joining virtual meeting for
A. PROCESS AND MANNER FOR VOTING THROUGH individual shareholders holding securities in
ELECTRONIC MEANS: demat mode.’
1. Pursuant to the provisions of Section 108 of the Act 3.
The remote e-Voting period commences on
read with Rule 20 of the Companies (Management Wednesday, July 10, 2024 at 9:00 a.m. (IST) and
and Administration) Rules, 2014, as amended, ends on Sunday, July 14, 2024 at 5:00 p.m. (IST).
Regulation 44 of the SEBI Listing Regulations, The remote e-Voting module shall be disabled
Secretarial Standard-2 and in terms of SEBI by NSDL for voting thereafter. The Members,
Circular no. SEBI/HO/CFD/CMD/CIR/P/2020/242 whose names appear in the Register of Members/
dated December 9, 2020 in relation to e-Voting Beneficial Owners as on the record date (cut-off
facility provided by listed entities, the Company is date) i.e. Monday, July 8, 2024 may cast their vote
providing facility of remote e-Voting to its Members electronically. The voting right of shareholders shall
in respect of the business to be transacted at the be in proportion to their share in the paid-up equity
AGM. For this purpose, the Company has entered share capital of the Company as on the cut-off date
into an agreement with NSDL for facilitating voting i.e. Monday, July 8, 2024.
through electronic means, as the authorised
agency. The facility of casting votes by a Member 4. Members will be provided with the facility for
using remote e-Voting system as well as remote voting through electronic voting system during the
e-Voting during the AGM will be provided by NSDL. VC/OAVM proceedings at the AGM and Members

Notice
participating at the AGM, who have not already cast 3. Members are encouraged to submit their questions
their vote on the resolution(s) by remote e-Voting, in advance with respect to the accounts or the
will be eligible to exercise their right to vote on such business to be transacted at the AGM. These
resolution(s) upon announcement by the Chairman. queries may be submitted from their registered
Members who have cast their votes on resolution(s) e-mail address, mentioning their name, DP ID and
by remote e-Voting prior to the AGM will also be Client ID/folio number and mobile number, to the
eligible to participate at the AGM through VC/OAVM Company’s email address at [email protected]
but shall not be entitled to cast their votes on such before 3:00 p.m. (IST) on Monday, July 8, 2024.
resolution(s) again. Members who have voted on
4. Members who would like to express their views
some of the resolutions during the said voting period
or ask questions during the AGM may pre-register
are also eligible to vote on the remaining resolutions
themselves as a speaker by sending their request
during the AGM. The remote e-Voting module on the
from their registered email address mentioning
day of the AGM shall be disabled by NSDL for voting
their name, DP ID and Client ID/folio number, PAN,
15 minutes after the conclusion of the AGM.
mobile number at [email protected] between
Tuesday, July 9, 2024 (9:00 a.m. IST) to Thursday,
B. INSTRUCTIONS FOR MEMBERS FOR ATTENDING
July 11, 2024 (5:00 p.m. IST). The Company
THE AGM THROUGH VC/OAVM AND REMOTE
reserves the right to restrict the number of questions
E-VOTING (BEFORE AND DURING THE AGM) ARE
and speakers depending on the availability of time
AS UNDER:
for the AGM. Further, the sequence in which the
1. Members will be able to attend the AGM through shareholders will be called upon to speak will solely
VC/OAVM or view the live webcast of AGM be determined by the Company.
provided by NSDL at www.evoting.nsdl.com by
following the steps mentioned under ‘Access NSDL 5.
Members who need assistance before
e-Voting system’. After successful login, Member(s) or during the AGM, can contact NSDL at
can click on link of ‘VC/OAVM’ placed under [email protected] or 022 - 4886 7000 or Mr. Amit
’Join Meeting‘ menu against the Company name. Vishal, Deputy Vice President or Ms. Pallavi Mhatre,
You are requested to click on ‘VC/OAVM link’ placed Senior Manager from NSDL at their designated
under Join Meeting menu. The link for VC/OAVM e-mail IDs: [email protected] or [email protected]
will be available in Shareholder/Member login
where the EVEN of the Company will be displayed. INSTRUCTIONS FOR REMOTE E-VOTING
Members who do not have the User ID and Password BEFORE/DURING THE AGM
for e-Voting or have forgotten the User ID/Password
The details of the process and manner for remote e-Voting are
may retrieve the same by following the process as
explained herein below:
mentioned in paragraph titled “Instructions for
remote e-Voting before/during the AGM” in the Step 1: Access NSDL e-Voting system
Notice to avoid last minute rush.
Step 2: Cast your vote electronically and join General Meeting
2. Members may join the AGM through laptops, on NSDL e-Voting system.
smartphones, tablets and iPads for better
experience. Further, Members will be required Details on Step 1 are mentioned below:
to use Internet with a good speed to avoid any
A. Login method for e-Voting and joining virtual
disturbance during the Meeting. Members will
meeting for individual shareholders holding
need the latest version of Chrome, Safari, Internet
securities in demat mode
Explorer 11, MS Edge or Firefox. Please note that
participants connecting from mobile devices or In order to increase the efficiency of the voting process
tablets or through laptops connecting via mobile and in pursuance of SEBI Circular no. SEBI/HO/CFD/
hotspot may experience Audio/Video loss due CMD/CIR/P/2020/242 dated December 9, 2020, e-Voting
to fluctuation in their respective network. It is, facility is being provided to all the demat account
therefore, recommended to use stable Wi-Fi or LAN holders, by way of single login credential, through their
connection to mitigate any glitches. demat accounts/websites of Depositories/Depository

Participants. Individual demat account holders would be Shareholders are advised to update their mobile number
able to cast their vote without having to register again and e-mail-id in their demat accounts in order to access
with the e-Voting service provider (‘ESP’) thereby not e-Voting facility.
only facilitating seamless authentication but also ease
and convenience of participating in e-Voting process.
Login method for individual shareholders holding securities in demat mode is given below:
Type of shareholders Login Method
Individual Shareholders A. NSDL IDeAS facility
holding securities in If you are already registered, follow the below steps:
demat mode with NSDL. 1. Visit the e-Services website of NSDL. Open web browser by typing the following URL:
https://eservices.nsdl.com/ either on a personal computer or on a mobile phone.
2. Once the home page of e-Services is launched, click on the ‘Beneficial Owner’ icon under ‘Login’ which is
available under ‘IDeAS’ section.
3. A new screen will open. You will need to enter your User ID and Password. After successful authentication,
you will be able to see e-voting services under Value Added Services section.
4. Click on ‘Access to e-voting’ appearing on the left-hand side under e-voting services and you will be able
to see e-voting page.
5. Click on options available against Company name or e-voting service provider – NSDL and you will be
re-directed to NSDL e-voting website for casting your vote during the remote e-voting period or joining
virtual meeting & voting during the meeting.
If you are not registered, follow the below steps:
a. Option to register is available at https://eservices.nsdl.com
b. Select ‘Register Online for IDeAS’ Portal or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
c. Please follow steps given in points 1-5
B. e-voting website of NSDL
1. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a personal
computer or on a mobile phone.
2. Once the home page of e-voting system is launched, click on the icon ‘Login’ which is available under
‘Shareholder/Member’ section.
3. A new screen will open. You will need to enter your User ID (i.e. your sixteen digit demat account number
held with NSDL), Password/OTP and a Verification Code as shown on the screen.
4. After successful authentication, you will be redirected to NSDL website wherein you can see e-voting page.
Click on options available against Company name or e-voting service provider - NSDL and you will be
redirected to e-voting website of NSDL for casting your vote during the remote e-voting period or joining
virtual meeting & voting during the meeting.
C. Shareholders/Members can also download NSDL Mobile App ‘NSDL Speede’ facility by scanning the QR code
mentioned below for seamless voting experience.

Notice
Type of shareholders Login Method

Individual Shareholders 1. Users who have opted for CDSL Easi/Easiest facility, can login through their existing User ID and Password. Option
holding securities in will be made available to reach e-Voting page without any further authentication. The users to login to Easi/Easiest
demat mode with Central are requested to visit CDSL website www.cdslindia.com and click on login icon & New System Myeasi Tab.
Depository Services 2. After successful login the Easi/Easiest user will be able to see the e-Voting option for eligible companies where the
(India) Limited (‘CDSL’) evoting is in progress as per the information provided by company. On clicking the evoting option, the user will be
able to see e-Voting page of the e-Voting service provider for casting your vote during the remote e-Voting period
or joining virtual meeting & voting during the meeting. Additionally, there are also links provided to access the
system of all e-Voting Service Providers, so that the user can visit the e-Voting service providers’ website directly.
3. If the user is not registered for Easi/Easiest, option to register is available at CDSL’s website www.cdslindia.com
Click on login and New System Myeasi Tab and then click on registration option.
4. Alternatively, the user can directly access e-Voting page by providing Demat Account Number and PAN No. from
e-Voting link available on www.cdslindia.com
The system will authenticate the user by sending OTP on registered Mobile & Email as recorded in the Demat
Account. After successful authentication, user will be able to see the e-Voting option where the evoting is in
progress and also able to directly access the system of all e-Voting Service Providers.
Individual Shareholders 1. You can also login using the login credentials of your demat account through your Depository Participant
(holding securities in registered with NSDL/CDSL for e-Voting facility.
demat mode) login 2. Upon logging in, you will be able to see e-Voting option. Click on e-Voting option, you will be redirected to NSDL/
through their Depository CDSL Depository site after successful authentication, wherein you can see e-Voting feature.
Participants 3. Click on company name or e-Voting service provider i.e. NSDL and you will be redirected to e-Voting website of NSDL
for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.
Important note: Members who are unable to retrieve User ID/ Password are advised to use “Forget User ID” and “Forget

Password” option available at the respective website details mentioned above.
Helpdesk for individual shareholders holding securities in demat mode for any technical issues related to
login through Depositories i.e. NSDL and CDSL.
Login type Helpdesk details
Individual Shareholders holding securities in Members facing any technical issue in login can contact NSDL helpdesk by sending a request at
demat mode with NSDL [email protected] or call at 022 - 4886 7000
Individual Shareholders holding securities in Members facing any technical issue in login can contact CDSL helpdesk by sending a request at
demat mode with CDSL [email protected] or contact at toll free no. 1800 22 55 33
B. Login Method for e-Voting and joining virtual 3) A new screen will open. You will have to enter your User
meeting for shareholders other than individual ID, your Password/OTP and a Verification Code as shown
shareholders holding securities in demat mode on the screen.
and shareholders holding securities in physical
Alternatively, if you are registered for NSDL e-services
mode
i.e. IDeAS, you can log-in at https://eservices.nsdl.com/
How to Log-in to NSDL e-Voting website? with your existing IDeAS login. Once you log-in to NSDL
1) Visit the e-Voting website of NSDL. Open web browser by e-services after using your log-in credentials, click on
typing the following URL: https://www.evoting.nsdl.com/ e-Voting and you can proceed to Step 2 i.e. Cast your
either on a Personal Computer or on a mobile phone. vote electronically.
2) Once the home page of e-Voting system is launched, click

on the icon ‘Login’ which is available under ‘Shareholder/
Member’ section.

4) Your User ID details are given below: 6) If you are unable to retrieve or have not received the
‘Initial password’ or have forgotten your password:
Manner of holding shares i.e.
Demat (NSDL or CDSL) Your User ID is: (a) Click on ‘Forgot User Details/Password?’ (If you
or Physical
are holding shares in your demat account with
a) For Members who 8 Character DP ID followed by 8 Digit
hold shares in demat Client ID
NSDL or CDSL) option available on www.evoting.
account with NSDL For example, if your DP ID is IN300*** nsdl.com
and Client ID is 12****** then your user
ID is IN300***12****** (b) Click on ‘Physical User Reset Password?’ (If you are
b) For Members who 16 Digit Beneficiary ID
holding shares in physical mode) option available
hold shares in demat For example, if your Beneficiary ID is on www.evoting.nsdl.com
account with CDSL 12************** then your user ID is
12************** (c) If you are still unable to get the password by
aforesaid two options, you can send a request at
c) For Members holding EVEN Number followed by Folio
shares in Physical Form Number registered with the Company [email protected] mentioning your demat account
For example, if folio number is number/folio number, your PAN, your name and
S1******** and EVEN is 128766 for your registered address.
Ordinary (equity) shares then user ID
is 128766 S1******** (d) Members can also use the OTP (One Time Password)
based login for casting the votes on the e-Voting
5) Password details for shareholders other than Individual system of NSDL.
shareholders are given below:
7) After entering your password, tick on Agree to ‘Terms and
(a) If you are already registered for e-Voting, then you Conditions’ by selecting on the check box.
can use your existing password to log-in and cast
8) Now, you will have to click on ‘Login’ button.
your vote.
9) After you click on the ‘Login’ button, Home page of
(b) If you are using NSDL e-Voting system for the first
e-Voting will open.
time, you will need to retrieve the ‘initial password’
which was communicated to you by NSDL. Once
Details on Step 2 are mentioned below:
you retrieve your ‘initial password’, you need to
enter the ‘initial password’ and the system will force How to cast your vote electronically on NSDL e-Voting
you to change your password. system and join General Meeting on NSDL e-Voting
system?
(c) How to retrieve your ‘Initial password’?
1. After successful login at Step 1, you will be able to see
i. If your e-mail ID is registered in your demat “EVEN” of all the companies in which you are holding
account or with the Company, your ‘initial shares and whose voting cycle and General Meeting is
password’ is communicated to you on your in active status.
e-mail ID. Trace the e-mail sent to you by NSDL
and open the attachment i.e. a .pdf file. The 2. Select ‘EVEN’ of the Company i.e. 128766 (Ordinary equity
password to open the .pdf file is your 8 digit shares) for which you wish to cast your vote during the
client ID for NSDL account, last 8 digits of client remote e-Voting period and casting your vote during the
ID for CDSL account or folio number for shares General Meeting. For joining virtual meeting, you need
held in physical form. The .pdf file contains to click on “VC/OAVM” link placed under “Join Meeting”.
your ‘User ID’ and your ‘initial password’. 3. Now you are ready for e-Voting as the Voting page opens.
ii. If your e-mail ID is not registered, please 4. Cast your vote by selecting appropriate options i.e. assent
follow steps mentioned in process for or dissent, verify/modify the number of shares for which
those shareholders whose e-mail IDs are you wish to cast your vote and click on ‘Submit’ and also
not registered. ‘Confirm’ when prompted.

Notice
5. Upon confirmation, the message ‘Vote cast successfully’ Other Instructions:

will be displayed. i. The Board of Directors has appointed Mr. P. N. Parikh
6. You can also take the printout of the votes cast by you by (Membership No. FCS 327) or failing him Ms. Jigyasa Ved
clicking on the print option on the confirmation page. (Membership No. FCS 6488) or failing her, Mr. Mitesh
Dhabliwala (Membership No. FCS 8331) of M/s Parikh
7. Once you confirm your vote on the resolution, you will & Associates, Practising Company Secretaries, as the
not be allowed to modify your vote. Scrutiniser to scrutinise the remote e-Voting process
before the AGM as well as remote e-Voting during the
The instructions for remote e-Voting during the AGM AGM in a fair and transparent manner.
are as under:
ii. The Scrutiniser shall immediately after the conclusion
1. The procedure for remote e-Voting during the AGM is
of voting at the AGM, unblock the votes cast through
same as the instructions mentioned above for remote
remote e-Voting (votes cast during the AGM and votes
e-Voting prior to the AGM, since the Meeting is being
cast prior to the AGM) and make, not later than 2 working
held through VC/OAVM.
days from the conclusion of the AGM, a consolidated
2. Only those Members/Shareholders, who will be present Scrutiniser’s Report of the total votes cast in favor or
in the AGM through VC/OAVM facility and have not cast against, if any, to the Chairman or a person authorised
their vote on the Resolutions through remote e-Voting by him in writing who shall countersign the same.
prior to the AGM and are otherwise not barred from
iii. The results declared along with the Scrutiniser’s Report
doing so, shall be eligible to vote on such resolution(s)
shall be placed on the website of the Company at
through e-Voting system during the AGM.
www.tatasteel.com and on the website of NSDL at
3. Members who have voted through Remote e-Voting will www.evoting.nsdl.com and shall be disseminated to
be eligible to attend the AGM. However, they will not be the stock exchanges where the equity shares of the
eligible to vote electronically through remote e-Voting Company are listed i.e., BSE Limited and the National
at the AGM. Stock Exchange of India Limited at www.bseindia.
com and www.nseindia.com respectively. The results
4. The details of the person who may be contacted for any
shall also be made available on the notice board of the
grievances connected with the facility for e-Voting on
Company at its Registered Office.
the day of the AGM shall be the same person mentioned
for Remote e-voting.
By Order of the Board of Directors
General Guidelines for Shareholders:
1. It is strongly recommended not to share your password Sd/-
with any other person and take utmost care to keep your Parvatheesam Kanchinadham
password confidential. Login to the e-Voting website will Company Secretary & Chief Legal Officer
be disabled upon five unsuccessful attempts to key-in (Corporate & Compliance)
the correct password. In such an event, you will need Membership No. ACS: 15921
to go through the ‘Forgot User Details/Password?’ or Mumbai
‘Physical User Reset Password?’ option available on
May 29, 2024
www.evoting.nsdl.com to reset the password.
2. In case of any queries/grievances pertaining to Registered Office:
remote e-Voting (before or during the AGM), you Bombay House, 24, Homi Mody Street
may refer to the Frequently Asked Questions (‘FAQs’)
Fort, Mumbai - 400 001.
and e-Voting user manual for Shareholders available
Tel: +91 22 6665 8282
in the ‘Download’ section of www.evoting.nsdl.
com or call on.: 022 - 4886 7000 or send a request CIN: L27100MH1907PLC000260
at [email protected] or contact Mr. Amit Vishal, Website: www.tatasteel.com
Deputy Vice President or Ms. Pallavi Mhatre, Senior Email: [email protected]
Manager from NSDL at their designated e-mail IDs:
[email protected] or [email protected]. The address
of NSDL is Trade World, A Wing, 4th Floor, Kamala Mills
Compound, Lower Parel, Mumbai, Maharashtra 400013.

Statement pursuant to Section 102(1) of the In accordance with the provisions of Section 148(3) of the
Companies Act, 2013 (‘Act’) Act read with Rule 14 of the Companies (Audit and Auditors)
Rules, 2014, the remuneration payable to the Cost Auditors,
The following Statement sets out all material facts
as recommended by the Audit Committee and approved by
relating to Item Nos. 5 to 9 mentioned in the accompanying
the Board, must be ratified by the Members of the Company.
Notice.
The consent of the Members is sought for passing an Ordinary
Item No. 5 Resolution as set out at Item No. 5 of the Notice for ratification
In terms of Section 148 of the Act read with the Companies of the remuneration payable to the Cost Auditor of the
(Cost Records and Audit) Rules, 2014 (‘Rules’), each as Company for the Financial Year ending March 31, 2025.
amended from time to time, the Company is required to None of the Directors and Key Managerial Personnel of
undertake the audit of its cost records for products covered the Company or their respective relatives is concerned
under the Rules. Such cost audit shall be conducted by a Cost or interested in the Resolution mentioned at Item No. 5 of
Accountant in practice. the Notice.
The scope of cost audit of the Company includes, inter The Board recommends the Resolution set forth in Item No. 5
alia, three major steel plant sites (including downstream for the approval of the Members.
entities) and other divisions of Tata Steel such as
Ferro Alloys and Minerals Division, Tubes, Bearings, Context for Resolution Nos. 6 to 9:
Growth Shop and Power Business. During FY2023-24,
In terms of Regulation 23 of the Securities and Exchange Board
five subsidiary companies viz. Tata Steel Long Products
of India (Listing Obligations and Disclosure Requirements)
Limited, The Tinplate Company of India Limited, Tata Metaliks
Regulations, 2015 (‘SEBI Listing Regulations’), as amended
Limited, Tata Steel Mining Limited and S&T Mining Company
from time to time, any transactions with a related party
Limited, amalgamated into and with Tata Steel Limited. Hence,
shall be considered material, if the transaction(s) entered
the scope of cost audit has enhanced for FY2024-25.
into/to be entered into individually or taken together with
Messrs Shome & Banerjee, Cost Accountants (Firm the previous transactions during a financial year exceeds
Registration Number – 000001) has been the Cost Auditors ₹1,000 crore or 10% of annual consolidated turnover of the
of the Company for over a decade. Considering the past Company as per the last audited financial statements of the
performance of the cost auditors during previous years Company, whichever is lower, and shall require prior approval
in examining and verifying the accuracy of the cost of shareholders by means of an ordinary resolution. The
accounting records maintained by the Company, the size of said limits are applicable, even if the transactions are in the
the operations of the Company and the enhanced scope of ordinary course of business of the concerned company and at
cost audit for FY2024-25 due to the above amalgamations, an arm’s length basis. Further, Regulation 2(1)(zc) of the SEBI
the Audit Committee of the Company considered and Listing Regulations defines a Related Party Transaction (‘RPT’)
recommended to the Board, the appointment of Messrs to include a transaction involving a transfer of resources,
Shome & Banerjee, Cost Accountants as the Cost Auditors services or obligations between (i) a listed entity or any of
of the Company for FY2024-25, for a remuneration of its subsidiaries on one hand and a related party of the listed
₹35 lakh plus applicable taxes and reimbursement of entity or any of its subsidiaries on the other hand, as well as
out-of-pocket expenses. (ii) a listed entity or any of its subsidiaries on one hand and
any other person or entity on the other hand, the purpose
Based on the recommendation of the Audit Committee, the
and effect of which is to benefit any related party of the listed
Board at its meeting held on May 29, 2024, approved the
entity or any of its subsidiaries, regardless of whether a price
appointment of Messrs Shome & Banerjee, Cost Accountants
is charged or not. Further, subsequent modifications to the
(Firm Registration Number – 000001) as the Cost Auditors of
material RPTs, as already approved by the Members of the
the Company for FY2024-25 at a remuneration of ₹35 lakh
Company, are required to be placed before the Members for
plus applicable taxes and reimbursement of out-of-pocket
their approval before such modification in RPTs are given
expenses, payable to Cost Auditors.
effect to.

Notice
In the above context, Resolution Nos. 6 to 9 are placed for the governs the Company and the quality of product(s)/service(s)
approval of the Members of the Company. provided by TIWA meets the expectations of the Company.
Further, as per the review process of the Company, TIWA
Item No. 6 enjoys sound financial health and there have been no audit
Background, details and benefits of the transaction qualifications reported by the statutory auditors of TIWA as
per the latest audited financial statements of TIWA.
Tata International West Asia DMCC (‘TIWA’) is a foreign
subsidiary company of Tata Sons Private Limited [Promoter
No transactions were entered into between the Company
company of Tata Steel Limited (‘Company’/’Tata Steel’)] and
and TIWA during FY2023-24. However, for reasons
accordingly a related party under Regulation 2(1)(zb) of the
mentioned above the Company proposes to enter into the
SEBI Listing Regulations. TIWA is a trading entity located in
aforementioned transactions with TIWA, for an aggregate
Dubai with its major focus on the European, Asian and African
amount of up to ₹3,855 crore. These transactions will not
markets. Steel trading comprises 90% of the overall business of
only help in continuing uninterrupted business operations
TIWA with the rest of its pursuits in minerals and agri trading.
for the Company, but also help in generating revenue for each
other. The transactions proposed to be entered into are in
TIWA is a trading and distribution company having a global
the ordinary course of business. The Company has not paid/
presence. Tata Steel is expanding its flat steel production
received any advances to/from TIWA for the said transactions.
capacity for which it intends to increase its customer
base, expand its footprint in global markets and create a
The Management has provided the Audit Committee with the
competitive position for its customers. For business synergy
relevant details of various proposed RPTs including rationale,
and to leverage the market knowledge of TIWA as well as
material terms and basis of pricing. The Audit Committee has
supply chain management, it is proposed to enter into various
followed due process and after discussion and deliberation,
transactions with TIWA such as sale of steel products (coils,
has granted approval for entering into the RPTs with TIWA
sheets, slab, etc.) and purchase of steel scrap, etc., as well as
for an aggregate value of up to ₹3,855 crore, to be entered
other transactions for business purposes. Along with relevant
during FY2024-25. The Committee has noted that the said
business expertise, TIWA being a part of the Tata group is also
transactions will be on an arm’s length basis and in the
aligned with the values and underlying Code of Conduct that
ordinary course of business of the Company and TIWA.
Details of the proposed transactions with TIWA, being a related party of the Company, including the information pursuant to
the SEBI Master Circular no. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, are as follows:
SN Description Details
1. Details of Summary of information provided by the Management to the Audit Committee
a. Name of the related party and its relationship with the listed Tata International West Asia DMCC (‘TIWA’) is a subsidiary company of
entity or its subsidiary, including nature of its concern or Tata Sons Private Limited (Promoter Company of Tata Steel Limited) and
interest (financial or otherwise) consequently a related party of Tata Steel.
b. Name of the director or key managerial personnel who is Mr. Noel Naval Tata is the Non-Executive Vice Chairman of the Company. He is
related, if any and nature of relationship also a Director on the Board of TIWA.
His interest or concern or that of his relatives, is limited only to the extent of
his holding directorship/shareholding in the Company and TIWA.
c. Nature, material terms, monetary value and particulars of The Company proposes to enter into various sale and purchase transactions
contracts or arrangement with TIWA such as sale of steel products (coils, sheets, slab etc.), purchase of
steel scrap, etc., and other transactions for the purpose of business to/from
TIWA. These transactions are proposed to be entered during FY2024-25 for an
aggregate amount of up to ₹3,855 crore.
d. Value of transaction Up to ₹3,855 crore
e. Percentage of annual consolidated turnover of Tata
Steel Limited considering FY2023-24 as the immediately 1.68%
preceding financial year
2. Justification for the transaction Please refer to “Background, details and benefits of the transaction” which
forms part of the Statement to the resolution no. 6.

3. Details of transaction relating to any loans, inter-corporate deposits, advances or investments made or given by the listed entity or its subsidiary:
i. details of the source of funds in connection with the
proposed transaction
ii. where any financial indebtedness is incurred to make or give
loans, inter-corporate deposits, advances or investments
- nature of indebtedness;
- cost of funds; and
Not Applicable
- tenure
iii. applicable terms, including covenants, tenure, interest rate
and repayment schedule, whether secured or unsecured; if
secured, the nature of security
iv. the purpose for which the funds will be utilised by the
ultimate beneficiary of such funds pursuant to the RPT
4. A statement that the valuation or other external report, if any, The proposed RPTs have been evaluated by a reputed external independent
relied upon by the listed entity in relation to the proposed consulting firm in terms of pricing and arm’s length criteria and the report
transaction will be made available through registered e-mail confirms that the proposed RPTs are on arm’s length basis. The report is available
address of the shareholder for inspection by the Members of the Company and will be made available
through the registered e-mail of the shareholder. They may follow the process
for inspection of document(s) as mentioned in ‘Notes’ section forming part of
this Notice.
5. Any other information that may be relevant All important information forms part of the Statement setting out material facts,
pursuant to Section 102 of the Companies Act, 2013, forming part of this Notice.
Arm’s length pricing: forming part of Item No. 6 of the accompanying Notice to the
The related party contract(s)/arrangement(s)/transaction(s) shareholders for approval.
mentioned in this proposal has been evaluated by a
reputed external independent consulting firm and the firm Item No. 7:
has confirmed that the proposed terms of the contract(s)/ Background, details and benefits of the transaction
agreement(s) meet the arm’s length testing criteria.
Tata International Singapore Pte. Limited (‘TISPL’) is a
The related party contract(s)/arrangement(s)/transaction(s)
subsidiary company of Tata Sons Private Limited [Promoter
also qualifies as contract(s) under ordinary course of business.
company of Tata Steel Limited (‘Company’/’Tata Steel’)] and
The RPTs will be entered based on the market price of the accordingly a related party under Regulation 2(1)(zb) of the
relevant materials and services not exceeding in aggregate SEBI Listing Regulations. TISPL provides commercial services
₹3,855 crore. Where market price is not available, alternative and offers trading and distribution of metals, leather and
method including reimbursement of actual cost incurred or leather products, minerals, and agri products.
cost-plus mark-up as applicable at the sole discretion of the
For business synergy, cost reduction and simplification, the
independent consulting firm has been considered as per arm’s
Company enters into various transactions with TISPL for sale of
length pricing criteria.
goods such as sale of coils, sheets and slab, purchase of goods
Members may note that in terms of the provisions of the SEBI such as coal, manganese metal flakes, tin, etc., rendering of
Listing Regulations, the related parties as defined thereunder services such as IT maintenance and implementation and
(whether such related party(ies) is a party to the aforesaid other transactions for business purposes. These transactions
transactions or not), shall not vote to approve resolution under not only help continue business operations for the Company
Item No. 6. without interruptions, but also help in generating revenue
for each other. Along with relevant business expertise, TISPL
Except as mentioned above, none of the Directors and/
being a part of the Tata group is also aligned with the values
or Key Managerial Personnel of the Company and/or their
and underlying Code of Conduct that governs the Company
respective relatives are concerned or interested either
and the quality of product(s)/service(s) provided by TISPL
directly or indirectly, financially or otherwise, in the Resolution
meets the expectations of the Company. Further, as per the
mentioned at Item No. 6 of the Notice.
review process of the Company, TISPL enjoys sound financial
Basis the consideration and approval of the Audit Committee, health and there have been no audit qualifications reported
the Board of Directors recommends the Ordinary Resolution by the statutory auditors of TISPL as per the latest audited
financial statements of TISPL.

Notice
On April 27, 2024, the shareholders of Tata Steel, through ₹7,356 crore, for sale and purchase of goods such as sale of coils,
postal ballot, approved the related party transaction(s) with sheets, slab, etc., purchase of coal, manganese metal flakes,
TISPL on such terms and conditions as may be agreed between tin, etc., and rendering of services and other transactions for
the Company and TISPL, for an aggregate value up to ₹5,656 business purposes, to be entered during FY2024-25. All the
crore, for purchase and sale of goods, receiving and rendering related party transactions proposed to be entered with TISPL
of services, and other transactions of business to be entered during FY2024-25 are in the ordinary course of business and
during FY2024-25, subject to such contract(s)/arrangement(s)/ at arm’s length.
transaction(s) being carried out at arm’s length and in the
The Management has provided the relevant details of
ordinary course of business of the Company and TISPL.
proposed RPTs including rationale, material terms and basis
Tata Steel intends to further increase its customer base, of pricing to the Audit Committee. The Audit Committee
expand its geographical reach and create a competitive has followed due process and, after reviewing all necessary
value proposition for customers globally. For this, Tata Steel information, has granted approval to modify/amend the terms
proposes to increase the export of steel and other related and conditions of the approved RPTs with TISPL and increase
steel products through TISPL. Accordingly, an approval the aggregate value of proposed RPTs with TISPL from ₹5,656
from the shareholders of the Company is sought to amend/ crore to ₹7,356 crore, to be entered during FY2024-25. The
modify the terms and conditions of the approved material Committee has noted that the said transactions will be on an
related party transactions (RPTs) with TISPL and increase arm’s length basis and in the ordinary course of business of
the transaction value by ₹1,700 crore from ₹5,656 crore to the Company.
Details of the proposed transactions with TISPL, being a related party of the Company, including the information pursuant to
the SEBI Master Circular no. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, are as follows:
a. Name of the related party and its relationship with the Tata International Singapore Pte. Limited (‘TISPL’) is a subsidiary company of Tata
listed entity or its subsidiary, including nature of its Sons Private Limited (Promoter Company of Tata Steel Limited) and consequently
concern or interest (financial or otherwise) a related party of Tata Steel.
b. Name of the director or key managerial personnel who is None of the Directors or Key Managerial Personnel of the Company are Directors
related, if any and nature of relationship or Key Managerial Personnel of TISPL and neither they nor their relatives have
any interest in these transaction(s).
c. Nature, material terms, monetary value and particulars of The Company enters into various sale and purchase transactions with TISPL such
contracts or arrangement as sale of steel products (coils, sheets, slab etc.), purchase of coal, manganese
metal flakes, tin, etc. and other transactions for business purposes to/from TISPL.
On April 27, 2024, the shareholders of the Company, through postal ballot,
approved RPTs with TISPL for an aggregate amount of up to ₹5,656 crore.
Tata Steel intends to further increase its customer base and expand its
geographical reach and create a competitive value proposition for customers
globally. Towards this, Tata Steel aims to enhance the sale of its products through
export of steel and other related steel products through TISPL.
Hence, it is now proposed to increase the value of approved RPTs by ₹1,700 crore
primarily towards sale of goods. With this, the related party transactions between
Tata Steel Limited and TISPL aggregates up to ₹7,356 crore. These transactions
will be entered during FY2024-25.

i details of the source of funds in connection with the
ii where any financial indebtedness is incurred to make
or give loans, inter-corporate deposits, advances or
investments
- cost of funds; and Not Applicable
- tenure
iii. applicable terms, including covenants, tenure, interest
rate and repayment schedule, whether secured or
unsecured; if secured, the nature of security
iv the purpose for which the funds will be utilised by the
this Notice.
5. Any other information that may be relevant All important information forms part of the Statement setting out material
facts, pursuant to Section 102(1) of the Companies Act, 2013, forming part of
this Notice.
Arm’s length pricing: forming part of Item No. 7 of the accompanying Notice to the
The related party contract(s)/arrangement(s)/transaction(s) shareholders for approval.
mentioned in this proposal has been evaluated by a reputed
external independent consulting firm and the firm has Item No. 8:
confirmed that the proposed terms of the contract meet the Background, details and benefits of the transaction
arm’s length testing criteria. The related party contract(s)/ Tata International Limited (‘TIL’) is a subsidiary company of
arrangement(s)/transaction(s) also qualifies as contract(s) Tata Sons Private Limited [Promoter company of Tata Steel
under ordinary course of business. Limited (‘Company’/’Tata Steel’)] and accordingly, a related
The RPTs will be entered based on the market price of the party under Regulation 2(1)(zb) of the SEBI Listing Regulations.
relevant material and service not exceeding in aggregate TIL is primarily a trading and distribution company with
₹7,356 crore. Where market price is not available, alternative a network of offices and subsidiaries spanning across 29
method including reimbursement of actual cost incurred or countries. The metal trading business of TIL serves customers
cost-plus mark-up as applicable at the sole discretion of the with key products such as steel, pig iron, scrap and customised
independent consulting firm has been considered as per arm’s engineering products. As a part of minerals trading, TIL also
length pricing criteria. caters to customer needs by trading in steam coal, coking coal,
Members may note that in terms of the provisions of the SEBI iron ore, base metals, sponge iron and ferro alloys. TIL also
Listing Regulations, the related parties as defined thereunder provides distribution channels for its client’s products.
(whether such related party(ies) is a party to the aforesaid For business synergy, cost reduction and simplification, the
transactions or not), shall not vote to approve resolution under Company enters into various transactions with TIL for sale of
Item No. 7. goods such as direct reduced iron, sale of coils, sheets, slab,
None of the Directors and/or Key Managerial Personnel of the coal, etc., purchase of goods such as coal, manganese metal
Company and/or their respective relatives are concerned or flakes, tin, etc., receipt of business auxiliary and other services,
interested either directly or indirectly, financially or otherwise, rendering of training, consultancy and other transactions for
in the Resolution mentioned at Item No. 7 of the Notice. business purposes. These transactions not only help continue
business operations for the Company without interruptions,
Basis the consideration and approval of the Audit Committee, but also help in generating revenue for each other. Along with
the Board of Directors recommends the Ordinary Resolution relevant business expertise, TIL being a part of the Tata group

Notice
is also aligned with the values and underlying Code of Conduct of its steel products (billets, TMT, wire rods, etc.) and other
that governs the Company and the quality of product(s)/ related materials through TIL. Accordingly, it is proposed
service(s) provided by TIL meets the expectations of the to amend/modify the terms and conditions of the already
Company. Further, as per the review process of the Company, approved material RPTs with TIL and enhance the value of
TIL enjoys sound financial health and there have been no audit proposed RPTs with TIL by ₹2,000 crore primarily towards
qualifications reported by the statutory auditors of TIL as per purchase of products, thereby aggregating to ₹6,210 crore,
the latest audited financial statements of TIL. for purchase and sale of goods, receiving and rendering of
services, and other transactions of business, to be entered
On April 27, 2024, the shareholders of Tata Steel, through
during FY2024-25. All the related party transactions proposed
postal ballot, approved the related party transaction(s) with
to be entered with TIL are in the ordinary course of business
TIL on such terms and conditions as may be agreed between
and at arm’s length.
the Company and TIL, for an aggregate value up to ₹4,210
crore, for purchase and sale of goods, receiving and rendering The Management has provided the relevant details of
of services, and other transactions of business to be entered proposed RPTs including rationale, material terms and basis
during FY2024-25, subject to such contract(s)/arrangement(s)/ of pricing to the Audit Committee. The Audit Committee
transaction(s) being carried out at arm’s length and in the has followed due process and after reviewing all necessary
ordinary course of business of the Company and TIL. information, has granted approval to modify/amend the terms
and conditions of the approved RPTs with TIL and increase
Tata Steel intends to increase its market share in long products
the aggregate value of proposed RPTs with TIL from ₹4,210
segment, expand its customer base and geographical reach
crore to ₹6,210 crore, to be entered during FY2024-25. The
and create competitive value proposition for its customers.
Committee has noted that the said transactions will be on an
Tata Steel proposes to cater to the demand of customers
arm’s length basis and in the ordinary course of business of
from its own production as well as sourcing products from
the Company.
the market. For this, Tata Steel will increase the purchase
Details of the proposed transactions with TIL, being a related party of the Company, including the information pursuant to the
SEBI Master Circular no. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, are as follows:
a. Name of the related party and its relationship with the Tata International Limited (‘TIL’) is a subsidiary company of Tata Sons Private
listed entity or its subsidiary, including nature of its concern Limited (Promoter of Tata Steel) and consequently a related party of Tata Steel.
or interest (financial or otherwise)
b. Name of the director or key managerial personnel who is Mr. Noel Naval Tata is the Non-Executive Vice Chairman of the Company and
related, if any and nature of relationship is also the Non-Executive Chairman of TIL. His interest or concern or that of his
relatives is limited only to the extent of his holding Directorship/Shareholding
in TIL and in the Company.
c. Nature, material terms, monetary value and particulars of The Company enters into various sale and purchase transactions with TIL such
contracts or arrangement as sale of direct reduced iron, steel products (coils, sheets, slab, etc.) purchase
of coal, manganese metal flakes, tin, etc., rendering and receipt of services and
other transactions for business purposes to/from TIL.
The shareholders of the Company have on April 27, 2024, through postal ballot,
approved RPTs with TIL for an aggregate amount of up to ₹4,210 crore. It is now
proposed to increase the value of already approved RPTs by ₹2,000 crore mainly
due to increase in purchase transactions with TIL. With this, the related party
transactions between Tata Steel Limited and TIL aggregates up to ₹6,210 crore
to be entered during FY2024-25.

ii. where any financial indebtedness is incurred to make
investments
- cost of funds; and Not Applicable
- tenure
iii. applicable terms, including covenants, tenure, interest rate
and repayment schedule, whether secured or unsecured; if
secured, the nature of security
this Notice.
pursuant to Section 102(1) of the Companies Act, 2013, forming part of this
Notice.
Arm’s length pricing: Basis the consideration and approval of the Audit Committee,
The related party contract(s)/arrangement(s)/transaction(s) the Board of Directors recommends the Ordinary Resolution
mentioned in this proposal has been evaluated by a forming part of Item No. 8 of the accompanying Notice to the
reputed external independent consulting firm and the firm shareholders for approval.
has confirmed that the proposed terms of the contract(s)/
agreement(s) meet the arm’s length testing criteria. The Item No. 9:
related party contract(s)/arrangement(s)/transaction(s) also Background, details, and benefits of the transaction
qualifies as contract(s) under ordinary course of business. Tata Steel UK Limited (‘TSUK’) is a wholly owned foreign
The RPTs will be entered based on the market price of the subsidiary of Tata Steel Limited located in Europe. It is primarily
relevant materials and services not exceeding in aggregate engaged in the manufacturing of steel.
₹6,210 crore. Where market price is not available, alternative Tata International West Asia DMCC (‘TIWA’) is a foreign
method including reimbursement of actual cost incurred or subsidiary company of Tata Sons Private Limited [Promoter
cost-plus mark-up as applicable at the sole discretion of the company of Tata Steel Limited (‘Company’/’Tata Steel’)] and
independent consulting firm has been considered as per arm’s accordingly a related party under Regulation 2(1)(zb) of the
length pricing criteria. SEBI Listing Regulations. TIWA is in the business of trading
Members may note that in terms of the provisions of the SEBI steel, minerals and agri products and has a global footprint.
Listing Regulations, the related parties as defined thereunder As part of its restructuring and transformation plan, TSUK
(whether such related party(ies) is a party to the aforesaid is transitioning from the legacy of blast furnaces towards
transactions or not), shall not vote to approve resolution under building a state-of-the-art electric arc furnace in Port Talbot.
Item No. 8. This is a major step of TSUK towards sustainable green steel
Except as mentioned above, none of the Directors and/ making. The restructuring and transition plan will lead
or Key Managerial Personnel of the Company and/or their to closure of coke oven and TSUK’s heavy end assets, in
respective relatives are concerned or interested either directly phases. However, during the transformation phase, TSUK
or indirectly, financially, or otherwise, in the Resolution intends to keep its downstream and steel processing centers
mentioned at Item No. 8 of the Notice. operational. To service its downstream facility, it will require

Notice
seamless supply of steel products such as slab, coil substrate, FY2024-25. The proposed transactions are on arm’s length
etc. Therefore, TSUK intends to source such materials or get basis and in the ordinary course of business.
its inventory managed from market participants having
The Management has provided the relevant details of
wide geographical presence. TIWA is a global trading and
proposed RPTs including rationale, material terms and basis
distribution company having strong market presence in
of pricing to the Audit Committee. The Audit Committee, after
Europe, Asia and Africa. For business synergy, TSUK intends to
reviewing all necessary information, has granted approval for
leverage market knowledge and supply chain management
entering into RPTs between TSUK and TIWA for an aggregate
of TIWA and proposes to enter into various transactions with
value up to ₹10,500 crore to be entered during FY2024-25. The
TIWA such as purchase of steel products including coils,
Committee has noted that the said transactions will be on an
sheets, slab, etc., and other business transactions, for an
arm’s length basis and in the ordinary course of business of
amount aggregating to ₹10,500 crore to be entered during
TSUK and TIWA.
Details of the proposed transactions between TSUK and TIWA, being related parties of the Company, including the Information
pursuant to the SEBI Master Circular no. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, are as follows:
a. Name of the related party and its relationship with the Tata Steel UK Limited (‘TSUK’) is a wholly owned subsidiary of Tata Steel Limited
listed entity or its subsidiary, including nature of its (‘Company’/’Tata Steel’).
concern or interest (financial or otherwise) Tata International West Asia DMCC (‘TIWA’) is a subsidiary company of Tata Sons
Private Limited (Promoter Company of Tata Steel Limited).
Consequently, both TSUK and TIWA are related parties of Tata Steel.
b. Name of the director or key managerial personnel who Mr. Noel Naval Tata is the Non-Executive Vice-Chairman of the Company. He is also
is related, if any and nature of relationship a Director on the Board of TIWA.
Mr. T. V. Narendran, Chief Executive Officer & Managing Director and Mr. Koushik
Chatterjee, Executive Director & Chief Financial Officer of the Company serve as
directors the Board of TSUK.
Their interest or concern or that of their relatives is limited only to the extent of their
directorship/shareholding in the Company, TIWA and TSUK. They do not have any
interest in the proposed RPTs.
c. Nature, material terms, monetary value and particulars The transaction(s) aggregating up to ₹10,500 crore, involve(s) purchase of steel
of contracts or arrangement and related products and other business transactions between TSUK and TIWA
during FY2024-25.
e. Percentage of annual consolidated turnover of
Tata Steel Limited considering FY2023-24 as the 4.58%
immediately preceding financial year
f. Percentage of annual turnover of TSUK on standalone
basis considering FY2023-24 as the immediately 37.68%
forms part of the Statement to the resolution no. 9
ii. where any financial indebtedness is incurred to make
investments Not Applicable
- cost of funds; and
- tenure

iii. applicable terms, including covenants, tenure, interest
rate and repayment schedule, whether secured or
unsecured; if secured, the nature of security Not Applicable
address of the shareholder for inspection by the Members of the Company and will be made available through
the registered e-mail of the shareholder. They may follow the process for inspection
of document(s) as mentioned in ‘Notes’ section forming part of this Notice.
pursuant to Section 102(1) of the Companies Act, 2013, forming part of this Notice.
Arm’s length pricing: Basis the consideration and approval of the Audit Committee,
The related party contract(s)/arrangement(s)/transaction(s) the Board of Directors recommends the Ordinary Resolution
mentioned in this proposal has been evaluated by a forming part of Item No. 9 of the accompanying Notice to the
reputed external independent consulting firm and the firm shareholders for approval.
has confirmed that the proposed terms of the contract(s)/
By Order of the Board of Directors
agreement(s) meet the arm’s length testing criteria. The
related party contract(s)/arrangement(s)/transaction(s) also
qualifies as contract under ordinary course of business. Sd/-
Parvatheesam Kanchinadham
The RPTs will be entered based on the market price of the Company Secretary & Chief Legal Officer
relevant material and service not exceeding in aggregate (Corporate & Compliance)
₹10,500 crore. Where market price is not available, alternative
Membership No. ACS: 15921
method including reimbursement of actual cost incurred or
Mumbai
cost-plus mark-up as applicable at the sole discretion of the
independent consulting firm has been considered as per arm’s May 29, 2024
length pricing criteria.
Registered Office:
Members may note that in terms of the provisions of the SEBI
Bombay House, 24, Homi Mody Street
Listing Regulations, the related parties as defined thereunder
(whether such related party(ies) is a party to the aforesaid Fort, Mumbai - 400 001.
transactions or not), shall not vote to approve the resolution Tel: +91 22 6665 8282
under Item No. 9. CIN: L27100MH1907PLC000260
Website: www.tatasteel.com
Except as mentioned above, none of the Directors and/
or Key Managerial Personnel of the Company and/or their Email: [email protected]
respective relatives are concerned or interested either directly
or indirectly, financially, or otherwise, in the Resolution
mentioned at Item No. 9 of the Notice.

Notice
Annexure to the Notice

Details of the Director seeking re-appointment at the 117th Annual General Meeting
[Pursuant to Regulation 36(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and Secretarial Standard on General Meetings (SS-2)]
Profile of Mr. Saurabh Agrawal Terms and conditions of re-appointment

(Non-Executive, Non-Independent Director) Mr. Agrawal has been appointed as a Non - Executive Director
of the Company and is liable to retire by rotation.
Board Meeting Attendance and Remuneration

During FY2023-24, Mr. Agrawal attended all six Board Meetings
that were held.
Mr. Agrawal was paid sitting fees for attending the Board/
Committees meetings. Details of total remuneration for
FY2023-24 of Mr. Agrawal are provided in the Corporate
Governance Report forming part of the Integrated Report &
Annual Accounts for FY2023-24.
Disclosure of Relationship inter se between Directors,

Mr. Saurabh Agrawal (54) was appointed as a Member of the Manager and other Key Managerial Personnel:
Board, effective August 10, 2017. Mr. Agrawal joined Tata Sons There is no inter se relationship between Mr. Saurabh Agrawal
Private Limited (Promoter of Tata Steel Limited) in June 2017 and other Members of the Board and Key Managerial
as the Group Chief Financial Officer and was appointed as Personnel of the Company.
an Executive Director of Tata Sons in November 2017. Prior
to joining the Tata Group, he was the Head of Strategy at Shareholding in the Company
Aditya Birla Group. In a career spanning over two decades, Mr. Agrawal does not hold any Ordinary (Equity) Shares of
Mr. Agrawal has also been the head of investment banking the Company.
in India for Bank of America Merrill Lynch and also head
of corporate finance business in India and South Asia for Bodies Corporate (other than Tata Steel Limited) in
Standard Chartered Bank. which Mr. Agrawal holds Directorships and Committee
Mr. Agrawal holds a graduate degree in chemical engineering, positions:
with honours, from the Indian Institute of Technology, Roorkee
Directorships
and holds a Post-Graduate Management Degree from Indian
Tata Sons Private Limited
Institute of Management, Calcutta.
Tata Capital Limited
Tata AIA Life Insurance Company Limited
Particulars of experience, attributes or skills that
Tata AIG General Insurance Company Limited
qualify Mr. Agrawal for Board membership
Tata Play Limited
Mr. Agrawal has a wide-ranging experience in strategy Voltas Limited
and capital markets covering a wide range of industries. The Tata Power Company Limited
Mr. Agrawal’s leadership capabilities, his rich experience in Tata Power Renewable Energy Limited
portfolio optimisation, investment management and capital Talace Private Limited
allocation and his deep understanding of the complex Gradis Trading Private Limited
strategic and financial issues faced by large corporates Supermarket Grocery Supplies Private Limited
will strengthen the Board’s collective vision, knowledge, Tata 1MG Technologies Private Limited
capabilities and experience.

Committee Positions Member of Board Committees:
Chairperson of Board Committees: Tata Sons Private Limited
Group Risk Management Committee
Tata Sons Private Limited
Risk Management Committee
Asset Liability Management Committee
Nomination and Remuneration Committee
Risk Management Committee
Corporate Social Responsibility Committee Tata AIA Life Insurance Company Limited
Tata AIA Life Insurance Company Limited
Corporate Social Responsibility Committee Tata AIG General Insurance Company Limited
Investment Committee Nomination and Remuneration Committee
Corporate Social Responsibility Committee
Tata AIG General Insurance Company Limited
Investment Committee The Tata Power Company Limited
Audit Committee
Tata Play Limited
Corporate Social Responsibility Committee Tata Play Limited
Talace Private Limited
Corporate Social Responsibility Committee Tata Power Renewable Energy Limited
Tata 1MG Technologies Private Limited
Listed Entities from which Mr. Saurabh Agrawal has

resigned as Director in past 3 years: None

| [email protected]
Content and design consultants
/TataSteelLtd/
/TataSteelLtd/
Tata Steel Limited
/tatasteelltd/
Bombay House,
24 Homi Mody Street, /user/Thetatasteel/
Fort, Mumbai - 400 001
www.tatasteel.com /company/tatasteelltd/

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June 22, 2024

The Secretary, Listing Department The Manager, Listing Department

Dear Madam, Sirs,

PARVATHEESAM DN: cn=PARVATHEESAM KANCHINADHAM c=IN

Encl.: Integrated Report

Integrated Report and

With India standing at the cusp of multi-decade growth and Europe

empowering communities, and building

Tata Steel is leading the transformation Board of Directors 18

stakeholder value creation. 1 Management responsibility

FY2023-24 was a year of notable progress Tata Steel Standalone Consolidated

for Tata Steel. The Indian operations saw Production

volume growth and a focus on optimising Deliveries

in the UK and the Netherlands. EBITDA

Major highlights and milestones

Corporate Portrait 08 Introducing Our Capitals 12

Tata Steel is one of the most diversified

Tata Steel's continuous product and

The Company's offerings target

The Company’s strategic decisions enable

FINANCIAL M AN U FAC TU R E D INTELLECTUAL HUMAN SOCIAL AND N AT U R A L

I31,004 crore 19.91 MT 395 19.2% 1,341 0.32 m3/tcs

STEEL VALUE CHAIN

Mining Processing Iron-making Steelmaking

INTELLECTUAL CAPITAL INTELLECTUAL CAPITAL

SOCIAL AND RELATIONSHIP CAPITAL

Our visionary leaders guide us

N Noel Deepak Dr Shekhar Saurabh

Farida VK Bharti TV Koushik

Leading the path

as on May 29, 2024

TV Koushik Parvatheesam Dr Henrik Jayanta Peeyush Prabhat

Akshay Ashish Atrayee Chaitanya Probal Rajesh Rajiv Rajiv

Crafting a I hope this letter finds you and your

bold future In FY2023-24, Tata Steel's

relining, and high costs of operations The Board of Directors has

T V Narendran Koushik Chatterjee trend towards broad energy transition

Continuous Annealing Line, Tata Steel Kalinganagar

Training initiative for Tata Steel's transgender employees

Tata Steel’s long-term strategy is crafted by

Attain and retain leadership Enter new segments and S04

Tata Steel’s ESG goals underpin its

Climate Change Dust Emission Achieve 20% diversity in

operations and CSR with the 4/8 SE4

UN Sustainable Development Goals 2.1 Nutrition Garden

3/7 FY23 58%

Relevant targets IR Capital linkages TSL SO/SE linkages

8/10 S01 S02 SE4

8/8 S04 SE3 SE4 NRBC - Non-residential Bridge Course

367 Drinking water structures created

2/10 SE1 SE4

Relevant targets IR Capital linkages TSL SO/SE linkages

8/10 SE1 SE4 8/12 S04

The dynamic and complex external operating

Trends shaping India’s

590 million Tata Steel Jamshedpur,

Expected population to live in

Tata Main Hospital, Noamundi, constructed using Nest-In's prefabricated solutions

Tata Steel’s Enterprise Risk Management framework

management across the Company.