61

TATA
Standalone Statement of Profit and Loss for the quarter/nine months ended on 31st December 2024
Crore
Nine months Nine months Financial year
Quarter ended Quarter ended Quarter ended
Particulars ended on ended on ended on
on 31.12.2024 on 30.09.2024 on 31.12.2023
31.12.2024 31.12.2023 31.03.2024

Audited Audited
Audited Audited (refer note Audited (refer note Audited
2,3&4) 2,3&4)
Revenue from operations
a) Gross sales/ income from operations 32,306.10 32,013.76 34,197.60 96,934.57 1,03,127.78 1,39,085.93
b) Other operating revenues 454.35 385.72 487.90 1,183.25 1,263.39 1,846.72
Total revenue from operations [ l(a) + l(b)] 32,760.45 32,399.48 34,685.50 98,117.82 1,04,391.17 1,40,932.65
2 Other income 456 02 851.46 325.92 1,681.91 2,632.62 3,113.49
3 Total income I 1 + 2 1 33,216.47 33,250.94 35,011.42 99,799.73 1,07,023.79 1,44,046.14
4 Expenses
a) Cost of materials consumed 11,785.98 11,270.37 11,309.36 33,500.05 36,598.19 48,516.26
b) Purchases of stock-in-trade 2,142.50 2,537.18 2,283.94 7,540.61 7,413.98 9,699.77
Changes in inventories of finished and semi-finished goods, stock-in-
c) (220.13) 106.61 (920.52) (649.51) (808.63) 379.91
trade and work-in-progress
d) Employee benefits expense 1,955.96 1,940.13 1,884.25 6,034.89 5,499.73 7,472.52
e) Finance costs 1,080.20 1,132.85 1,038.43 3,137.82 3,174.97 4,100.52
n Depreciation and amortisation expense 1,555.51 1,556.36 1,519.39 4,635.63 4,487.16 6,008.95
g) Other expenses 9,595.66 9,935.42 11,835 25 30,805.58 33,778.67 44,875.48
Total expenses [4(a) to 4(g) I 27,895.68 28,478.92 28,950.10 85,005.07 90,144.07 1,21,053.41
5 Profit/ (Loss) before exceptional items & tax I 3-4 J 5,320.79 4,772.02 6,061.32 14,794.66 16,879.72 22,992.73
6 Exceptional items :
Provision for impainnent of investments/ doubtful loans and
a) (1.96) (9.00) (69.91) (12,960.96) (12,971.36)
advances/ other financial assets
b) Provision for impairment of non-current assets (178.91)
c) Employee separation compensation (net) (155.12) 21.67 7.38 (138.44) (47.82) (98.83)
d) Restructuring and other provisions (0.02) (404.67)
e) Contribution to electoral trusts 1.89 (173.11)
Gain/(loss) on non-current investments classified as fair value
n through profit and loss (net)
8.94 1.15 2.67 12.46 14.84 18.09

Total exceptional items [6(a) to 6(f) ] (146.25) 13.82 10.05 (369.00) (12,993.96) (13,635.68)
7 Profit/ (Loss) before tax [5 + 6 ] 5,174.54 4,785.84 6,071.37 14,425.66 3,885.76 9,357.05
8 Tax Expense
a) Current tax 380.03 1,105.83 1,674.22 2,569.75 3,106.80 4,383.47
b) Deferred tax 915.94 89.02 (301.39) 1,055.40 (644.00) (540.61)
Total tax expense [8(a)+ 8(b)] 1,295.97 1,194.85 1,372.83 3,625.15 2,462.80 3,842.86
9 Net Profit/ (Loss) for the period [7-8] 3,878.57 3,590.99 4,698.54 10,800.51 1,422.96 5,514.19
10 Other comprehensive income
A (i) Items that will not be reclassified to profit or loss (481.13) 83.20 228.63 (208.82) 604.56 792.65
Income tax relating to items that will not be reclassified to profit
(ii) 88.61 (55.41) (18.58) 11.27 (47.45) (59.42)
or loss
B (i) Items that will be reclassified to profit or loss 22.92 (26.72) (57.45) (21.54) (55.54) (58.83)
Income tax relating to items that will be reclassified to profit or
(ii) (5.77) 6.72 14.42 5.42 13.98 15.14
loss
Total other comprehensive income (375.37) 7.79 167.02 (213.67) 515.55 689.54
11 Total Comprehensive Income for the period[9 + 10] 3,503.20 3,598.78 4,865.56 10,586.84 1,938.51 6,203.73
12 Paid-up equity share capital [Face value ? I per share] 1,248.60 1,248.60 1,229.98 1,248.60 1,229.98 1,248.60
13 Paid-up debt capital 12,825.48 12,824.69 10,126.53 12,825.48 10.126.53 12,823.10
14 Reserves excluding revaluation reserves 1,38,380.17
15 Securities premium reserve 31,290.24 31,290.24 31,290.24 31,290.24 31,290.24 31,290.24
16 Earnings per equity share
Basic earnings per share (not annualised)- in Rupees
3.11 2.88 3.76 8.65 1.14 4.42
(after exceptional items)
Diluted earnings per share (not annualised) - in Rupees
3.11 2.88 3.76 8.65 1.14 4.42
(after exceptional items)
(a) Paid up debt capital represents debentures

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TATA STEEL LIMITED
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# 2
Registered Offce Bombay House 24 Homi Mody Street Fort Mumbai 400 001 India £29=°
Tel 91 22 6665 8282 Fax 91 22 6665 7724
Corporate Identification Number L27100MH1907PLC000260 Website www.tatasteel.com
 67%
TATA
Additional information pursuant to Regulation 52(4) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015, for Standalone financial
results as at and for the quarter/nine months ended on 31st December 2024:

Quarter Nine months

Quarter Quarter ended on Nine months ended on Financial year
Particulars ended on ended on 31.12.2023 ended on 31.12.2023 ended on
31.12.2024 30.09.2024 (refer note 31.12.2024 (refer note 31.03.2024
2, 3&4) 2,3 &4)
Net debt equity ratio
(Net debt Average equity)

[Net debt: Non-current borrowings + Current borrowings Non-current and current lease liabilities-
0.34 0.37 0.28 0.34 0.28 0.27
Current investments - Cash and cash equivalents - Other balances with banks (including non-current
earmarked balances)]

[Equity: Equty share capital - Other equity/

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 period))
? 5.93 3.51 4.49 3.95 2.03 256
[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]

Interest service coverage ratio

(EBIT (Net finance charges Interest income from group companies)

[EBIT : Profit before taxes + (-) Exceptional items • Net finance charges] 8.81 17.41 9.40 10.36 9.36 10.33

[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]

Current ratio
(Total current assets Current liabilities)
0.75 0.71 0.79 0.75 0.79 0.81
[Current liabilities: Total current liabilities - Current maturities of non-current borrowings and lease
obligations]
Long term debt to working capital ratio
(@Non-current borrowings + Non-current lease liabilities + Current maturities of non-current borrowings
and lease obligations) (Total current assets - Current liabilities))

[Current liabilities: Total current liabilities - Current maturities of non-current borrowings and lease
obligations/
Bad debts to account receivable ratio
6 0.18 0.22
(Bad debts Average trade receivables)
Current liability ratio
0.45 0.45 0.49 0.45 0.49 0.47
(Total current liabilities Total liabilities)
Total debts to total assets ratio
(@Non-current borrowings + Current borrowings Non-current and current lease liabilities) Total 0.21 0.22 0.18 0.21 0.18 0.18
assets)
Debtors turnover ratio (in days)
(Average trade receivables Turnover in days)

[Turnover: Revenue from operations]

Inventory turnover ratio (in days)

10 72 74 69 71 70 67
(Average inventory Sale ofproducts in days)

Operating EBIDTA margin(%)

(EBIDTA Turnover)

[EBIDTA: Profit before taxes + (-) Exceptional items • Net finance charges Depreciation and
, amortisation] 23.27 20.79 23.93 21.52 21.97 22.11
[(Net finance charges: Finance costs - Interest income - Dividend income from current investments - Net
gain (loss) on sale of current investments)]

[Turnover: Revenue from operations]

Net profit margin (%)

(Net profit after tax Turnover)
11.84 11.08 13.55 I 1.01 1.36 3.91
[Turnover: Revenue from operations]

13 Debenture redemption reserve (in < Crore) 1,328.75 1,328.75 1,328.75 1,328.75 1,328.75 1,328.75

,, Net worth (in ? Crore) 1,42,535.06 1,39,031.87 1,32,200.44 1,42,535.06

(Equty share capital + Other equity - Capital reserve - Amalgamation reserve) 1,32,200.44 1,36,440.83

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

+ Net working capital is negative

 61
TATA
Consolidated Statement of Profit and Loss for the quarter/nine months ended on 31st December 2024
Crore

Nine months Nine months Financial year

Quarter ended Quarter ended Quarter ended
Particulars ended on ended on ended on
on 31.12.2024 on 30.09.2024 on 31.12.2023
31.12.2024 31.12.2023 31.03.2024

Unaudited Unaudited Unaudited Unaudited Unaudited Audited

Revenue from operations

a) Gross sales/ income from operations 53.231 28 53,489.73 54,727 30 1.61.133.36 1.68,850.31 2.27.296.20
b) Other operating revenues 417.02 414.98 584.58 1.191.04 1.633.16 1,874.58
Total revenue from operations [ I (a)+ I (b)] 53.648.30 53.904.71 55,311 88 1.62.324 40 1.70.483.47 2,29.170.78
Other income 221.03 598 59 227.89 1,079.53 1.632.94 1,808 85
3 Total income [1+2] 53,869.33 54,503.30 55,539.77 1,63,403.93 1,72,116.41 2,30,979.63
4 Expenses
a) Cost of materials consumed 19.403.99 20.186. 87 19.114.60 60.233.03 61,855.97 82,533.60
b) Purchases of stock-in-trade 4.025 00 4.502.78 3.011.21 12.878.65 11.377 38 14,972.79
Changes in inventories of finished and semi-finished goods. stock-in-
c) 501 45 (746.59) 320.70 (2,815 21) 2,591.46 4,409.35
trade and work-in-progress
d) Employee benefits expense 6.07247 6.326 57 6.527 07 18.865.97 18.368.98 24.509 58
e) Finance costs 1,804.09 1.971.40 1.880.78 5.552.20 5.665 32 7.507.57
f) Depreciation and amortisation expense 2.56919 2.596.74 2.422.04 7.701 .36 7.31421 9.882.16
g) Other expenses 17.741.90 17.493 81 20.074.73 54.422.73 60.584 41 80.439.56
Total expenses I 4(a) to 4(g) I 52,118.09 52,331.58 53,351.13 1,56,838. 73 1,67,757.73 2,24,254.61
Profit/ (Loss) before share ofprofit/(loss) of joint ventures & associates.
1.751.24 2.171 .72 2.188.64 6.565.20 4.358.68 6.725.02
exceptional items & tax [ 3-4 ]
6 Share of profit/ (loss) of joint ventures & associates 46.98 (25 48) 73 40 114.01 (94 98) (57 98)
7 Profit/ (Loss) before exceptional items & tax I 5 + 6 I 1,798.22 2,146.24 2,262.04 6,679.21 4,263.70 6,667.04
8 Exceptional items .
Profit/ (loss) on sale of subsidiaries and non-current
a) (4.73) (7 05) 4.68 4.68
investments (net)
b) Profit on sale of non current assets 61.89 61.89 51.77
Provision for impairment of investments / doubtful loans and
c) 19.98 19 98
advances/ other financial assets (net)
d) Provision for impairment of non-current assets ( 18 60) (18.60) (3.,25511) (3.515.99)
e) Employee separation compensation (net) (155 12) 21.67 (23.65) (139.18) (78.85) (129 86)
f) Restructuring and other provisions (net) (25 19) (313 15) (202.44) (3.925 15) (4.262.75)
g) Contribution to electoral trusts L.89 (173.11)
Gain/(loss) on non-current investments classified as fair value
h) 8.94 1.15 267 1246 14.84 1809
through profit and loss (net)
Total exceptional items [ 8(a) to 8(h)] (126 19) 18.09 (334 13) (466.03) (7.219.61) (7,814.08)
9 Profit/ (Loss) before tax I 7+8 I 1,672.03 2,164.33 1,927.91 6,213.18 (2,955.91) (1,147.04)
10 Tax Expense
a) Current tax 453.04 1.142.00 1.,797.29 2.165 54 4.054.36 5.368.91
b) Current tax in relation to earlier years 3 86 0.04 7.89 4.14 (117 69) (78.77
c) Deferred tax 919.64 263.45 (399.41) 2.070.60 (1,428.41) (1,527.57)
Total tax expense [ 1 0(a) to I 0(c)] 1,376 54 1.405.49 1,405.77 4,240.28 2.508.26 3,762.57
II Net Profit/ (Loss) for the period I 9-10 I 295.49 758.84 522.14 1,972.90 (5,464.17) (4,909.61)
12 Profit/ (Loss) for the penod attributable to:
Owners of the Company 326 64 833.45 5 13 37 2.119.70 (5,048 92) (4.437.44)
Non controlling interests (3115) (74.61) 8.77 (146.80) (41525) (47217)
13 Other comprehensive income
A () Items that will not be reclassified to profit or loss (468 85) 97.97 250.75 (15690) (5,362 15) (5,208.94)
Income tax relating to items that will not be reclassified to profit
(ii) 85.32 (52.40) (21.07) (1.93) 1,448.17 1.43223
or loss
B () Items that will be reclassified to profit or loss (437.74) 643.31 792 26 25224 1,284.74 87262
(in) Income tax on items that will be reclassified to profit or loss (35 25) 43.52 19.52 (41.60) (276 20) (323.81)
Total other comprehensive income (856 52) 73240 1.041 46 51.81 (2,905 44) (3,227 90)
14 Total Comprehensive Income for the period I 11 + 13] (561.03) 1,491.24 1,563.60 2,024.71 (8,369.61) (8,137.51)
15 Total comprehensive income for the period attributable to:
Owners of the Company (485.43) 1,474.51 1.511.17 2.124 27 (7.957 48) (7.624.39)
Non controlling interests (75 60) 16.73 5243 (99 56) (412.13) (513 12)
16 Paid-up equity share capital [Face value ? I per share] 1.247.44 1.247 44 1,228. 82 1.247 44 1.228 82 1,247 44
17 Reserves (excluding revaluation reserves) and Non controlling interest 91.185.30
18 Earnings per equity share:
Basic earnings per share (not annualised)- in Rupees
0.26 0.67 0.42 1.70 (4.13) (362)
(after exceptional items)
Diluted earnings per share (not annualised)- in Rupees
0.26 0.67 0.42 1.70 (4.13) (3.62)
(after exceptional items)

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 61%
Consolidated Segment Revenue, Results, Assets and Liabilities
TATA
Crore
Nine months Nine months Financial year
Quarter ended Quarter ended Quarter ended
Particulars ended on ended on ended on
on 31.12.2024 on 30.09.2024 on 31.12.2023
31.12.2024 31.12.2023 31.03.2024
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Segment Revenue:
Tata Steel India 32,760.45 32,399.48 34.685.50 98,117.82 1,04,391.17 1,40,932.65
Neelachal [spat Nigam Limited 1.458.28 1.347.83 1.426.75 4,283.88 4.379.02 5,505.43
Other Indian Operations 2,479.83 2,377.34 2,559.29 7,405.26 7,647.88 10,381.98
Tata Steel Europe 18,491.24 19,038.42 18,141.97 57,104.72 58,323.50 78,144.00
Other Trade Related Operations 10.880.11 12.345.55 15,350.91 36,395.38 43,026.94 56.681.06
South East Asian Operations 1,777.23 1,766.83 1,637.08 5,408.92 5,314.92 7,227.88
Rest of the World 355.21 493.64 496.89 1,247.06 1,296.16 1,329.89
Total 68,202.35 69,769.09 74,298.39 2,09,963.04 2,24,379.59 3,00,202.89
Less: Inter Segment Revenue 14,554.05 15,864.38 18,986.51 47,638.64 53,896.12 71,032.11
Total Segment Revenue from operations 53,648.30 53,904.71 55,311.88 1,62,324.40 1,70,483.47 2,29,170. 78

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

Tata Steel India 7,623.68 6,734.48 8,300.74 21,112.43 22,939.21 31,166.78
Neelachal !spat Nigam Limited 296.87 177.73 45.31 753.99 (17.74) 52.88
Other Indian Operations 144.84 120.05 172.60 362.88 429.11 607.97
Tata Steel Europe (735. 73) (1,344.19) (2,871.62) (2,578.93) (6,953.18) (7,612.44)
Other Trade Related Operations (1,203.91) 1,034.10 600.79 (202.35) 1,337.56 1,144.08
South East Asian Operations 41.56 (31.73) 9.33 52.58 74.09 109.53
Rest of the World (83.43) (127.51) 6.66 (305.11) 90.05 (94.65)
Total 6,083.88 6,562.93 6,263.81 19,195.49 17,899.10 25,374.15
Less: Inter Segment Eliminations 90.26 338.78 (70.32) 155.52 1,128.24 1,972.49
Total Segment Results before exceptional items, interest, tax and depreciation 5,993.62 6,224.15 6,334.13 19,039.97 16,770.86 23,401.66
Add: Finance income 130.90 515.71 157.33 778. 79 567.35 713.09
Less: Finance costs 1,804.09 1,971.40 1,880.78 5,552.20 5,665.32 7,507.57
Less: Depreciation and Amortisation 2,569.19 2,596.74 2,422.04 7,701.36 7,314.21 9,882.16
Add: Share of profit/ (loss) of joint ventures and associates 46.98 (25.48) 73.40 114.01 (94.98) (57.98)
Profit/ (Loss) before exceptional items & tax 1,798.22 2,146.24 2,262.04 6,679.21 4,263.70 6,667.04
Add: Exceptional items (126.19) 18.09 (334.13) (466.03) (7,219.61) (7,814.08)
Profit/ (Loss) before tax 1,672.03 2,164.33 1,927.91 6,213.18 (2,955.91) (1,147.04)
Less: Tax expense 1,376.54 1,405.49 1,405.77 4,240.28 2,508.26 3,762.57
Net Profit/ (Loss) for the period 295.49 758.84 522.14 1,972.90 (5,464.17) (4,909.61)

Segment Assets:
Tata Steel India 1,92,480.06 1,88, 754.33 1,88,910.81 1,92,480.06 1,88,910.81 1,90,964.91
Neelachal !spat Nigam Limited 13,343.34 12,899.96 13,399.82 13,343.34 13,399.82 12,809.41
Other Indian Operations 7,843.61 7,773.83 7,708.27 7,843.61 7,708.27 7,690.55
Tata Steel Europe 67,742.26 72,457.36 68,212.92 67,742.26 68,212.92 66,346.68
Other Trade Related Operations 29,354.35 29,018.49 28,739.71 29,354.35 28,739.71 28,681.72
South East Asian Operations 4,025.52 4.054.75 3,859.60 4,025.52 3,859.60 3,733.30
Rest of the World 7,105.68 6,959.63 6,904.94 7,105.68 6,904.94 6,824.85
Less: Inter Segment Eliminations 41,756.31 41,122.61 38,834.85 41,756.31 38,834.85 43,672.58
Total Segment Assets 2,80,138.51 2,80,795.74 2,78,901.22 2,80,138.51 2,78,901.22 2,73,378.84
Assets held for sale 44.95 46.52 46.52 44.66
Total Assets 2,80,138.51 2,80,840.69 2,78,947.74 2,80,138.51 2,78,947.74 2,73,423.50

Segment Liabilities:
Tata Steel India 1,21,718.64 1,21,493.64 1,12,549.10 1,21,718.64 1, 12,549.10 1,10,209.74
Neelachal !spat Nigam Limited 8,176.82 7,720.16 7,895.18 8,176.82 7,895.18 7,502.68
Other Indian Operations 2,189.19 2,098.08 2,195.30 2,189.19 2,195.30 2,076.16
Tata Steel Europe 60,793.55 64,141.96 57,493.03 60,793.55 57,493.03 56,822.11
Other Trade Related Operations 31,088.57 28,418.36 39,290.03 31,088.57 39,290.03 40,869.42
South East Asian Operations 806.04 769.97 859.58 806.04 859.58 807.27
Rest of the World 11,345.29 10,851.66 9,801.70 11,345.29 9,801.70 10111.1 9
Less: Inter Segment Eliminations 45,948.00 45,162.18 43,347.33 45,948.00 43,347.33 47,407.81
Total Segment Liabilities 1,90, 170.10 1,90,331.65 1,86,736.59 1,90,170.10 1,86,736.59 1,80,990.7 6
Total Liabilities 1,90,1 70. 10 1,90,331.65 1,86,736.59 1,90,170.10 1,86,736.59 1,80,990.76

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 1
TATA
Additional information pursuant to Regulation 52(4) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015, for Consolidated financial
results as at and for the quarter/nine months ended on 31st December 2024:

Quarter Quarter Quarter Nine months Nine months Financial year

Particulars ended on ended on ended on ended on ended on ended on
31.12.2024 30.09.2024 31.12.2023 31.12.2024 31.12.2023 31.03.2024
Net debt equity ratio
(Net debt Average equty)

[Net debt: Non-current borrowings + Current borrowings + Non-current and current lease liabilities -
0.94 0.97 0.78 0.94 0.78 0.78
Current investments - Cash and cash equivalents - Other balances with banks (including non-current
earmarked balances)]

[Equity: Equity share capital • Other equity Non controlling interest]

Debt service coverage ratio

(EBIT (Net finance charges + Scheduled principal repayments of non-current borrowings and lease
obligations (excluding prepayments) during the period))

2 1.82 0.29 1.62 0.69 0.51 0.68

[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]

Interest service coverage ratio

(EBIT Net finance charges)

[EBIT: Profit before taxes + (-) Exceptional items • Net finance charges] 253 3.40 2.88 3.02 231 2.47

[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]

Current ratio
(Total current assets Current liabilities)
4 0.83 0.84 0.79 0.83 0.79 0.87
[Current liabilities: Total current liabilities - Current maturities of non-current borrowings and lease
obligations]

Long term debt to working capital ratio

((Non-current borrowings + Non-current lease liabilities + Current maturities of non-current borrowings
and lease obligations) (Total current assets - Current liabilities))

[Current liabilities: Total current liabilities - Current maturities of non-current borrowings and lease
obligations]

Bad debts to account receivable ratio"

6 0.00 0.00 0.00 0.00 0.06 0.06
(Bad debts Average trade receivables)

Current liability ratio

0.48 0.48 0.58 0.48 0.58 0.54
(Total current liabilities Total liabilities)
Total debts to total assets ratio
0.35 0.35 0.32 0.35 0.32 0.32
((Non-current borrowings Current borrowings Non-current and current lease liabilities) Total assets)

Debtors turnover ratio (in days)

(Average trade receivables Turnover in days)
9 IO II II IO 12 12

[Turnover: Revenue from operations]

Inventory turnover ratio (in days)

0 86 89 86 84 88 84
' (Average inventory Sale ofproducts in days)

Operating EBIDTA margin(%)

(EBIDTA Turnover)

[EBIDTA: Profit before taxes (-) Exceptional items + Net finance charges Depreciation and
, amortisation - Share of results of equity accounted investments/ 11.17 11.55 11.45 11.73 9.84 10.21
[(Net finance charges: Finance costs - Interest income - Dividend income from current investments - Net
gain (loss) on sale of current investments)]

[Turnover: Revenue from operations]

Net profit margin(%)

, Net profit after tax Turnover) 0.55 1.41 0.94 1.22 (3.21 (2.14)
[urnover:
T Revenue from operations]

13 Debenture redemption reserve (in < Crore) 1,328.75 1,328.75 1,328.75 1,328.75 1,328.75 1,328.75
Net worth (in < Crore)
14 (Equity share capital Other equity - Capital reserve - Capital reserve on consolidation - Amalgamation 86,281.05 86,747.87 87,680.28 86,281.05 87,680.28 88,623.82
reserve)

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

Net working capital is negative

0.00 represents value less than 0.0 I
 67
TATA
Notes:

1. The results have been reviewed by the Audit Committee and were approved by the Board of
Directors in meetings on January 27, 2025.

2. 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"), 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.

Schemes of amalgamation of TSLP, TML, TCIL, TSML and S&T Mining were approved and
sanctioned by the relevant Benches of the Hon'ble National Company Law Tribunal ('NCLT)
during the year ended March 31, 2024. Accordingly, during the year ended March 31, 2024,
the Company had accounted for the aforesaid mergers sanctioned by the NCL T, using the
pooling of interest method retrospectively for all periods then presented in the standalone
financial results/statements as prescribed in Ind AS 103 -- "Business Combinations". The
previous periods' figures, where applicable, in the standalone financial results were accordingly
restated.

Consequent to the merger, TSLP, TML, TCIL, TSML and S&T Mining were reported as part of
Tata Steel India segment and Neelachal lspat Nigam Limited was presented as a separate
segment during the year ended March 31, 2024 with the then previous periods restated
accordingly.

Scheme of amalgamation of ISWP with the Company was approved and sanctioned by the
NCLT, Kolkata Bench on May 24, 2024 and the NCL T, Mumbai Bench on August 6, 2024.

Accordingly, during the quarter ended September 30, 2024 and nine months ended December
31, 2024, the Company has accounted for the aforesaid merger sanctioned by the NCL T, using
the pooling of interest method retrospectively for all periods presented in the standalone
financial results/statements as prescribed in Ind AS 103 -- "Business Combinations".

The Board of Directors of the Company at its meeting held on September 22, 2022 had
recommended a cash consideration of 426/- for every 1 fully paid-up equity share of 810/-
each held by the shareholders (except the Company) in ISWP. Upon the scheme coming into
effect, the entire paid-up share capital of ISWP stand cancelled in its entirety.

Consequent to the merger, ISWP is reported as part of Tata Steel India segment with previous
periods restated accordingly.

3. 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 t1 ,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 Scheme was approved and sanctioned by the NCL T, Delhi Bench on April 18, 2024 and
the NCL T, Mumbai Bench on July 3, 2024. Accordingly, during the nine months ended
December 31, 2024, the Company has accounted for the aforesaid merger sanctioned by the
NCL T, using the pooling of interest method retrospectively for all periods presented in the
standalone financial results/statements as prescribed in Ind AS 103 -- "Business
Combinations".

The figures in the consolidated financial results for the nine months ended December 31, 2024,
include the impact of the accounting adjustments in accordance with the applicable Ind AS.

Consequent to the merger, AEL is reported as part of Tata Steel India segment with previous
periods restated accordingly.
 61
TATA
4. 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"), a wholly
owned subsidiary, into and with the Company, by way of scheme of amalgamation. As part of
the Scheme, equity shares held by the Company in BPPL shall stand cancelled.

The Scheme was approved and sanctioned by the NCLT, Hyderabad Bench on June 6, 2024.
Accordingly, during the nine months ended December 31, 2024, the Company has accounted
for the aforesaid merger sanctioned by the NCLT, using the pooling of interest method
retrospectively for all periods presented in the standalone financial results/statements as
prescribed in Ind AS 103 - "Business Combinations".

The figures in the consolidated financial results for the nine months ended December 31, 2024,
include the impact of the accounting adjustments in accordance with the applicable Ind AS.
Consequent to the merger, BPPL is reported as part of Tata Steel India segment with previous
periods restated accordingly.

5. The Board of Directors of the Company at its meeting held on July 31, 2024, considered, and
approved the amalgamation of Rujuvalika Investments Limited ("RIL") into and with the
Company, by way of scheme of amalgamation (Scheme). RIL is an investment company having
investments in shares of listed and unlisted body corporates and in mutual funds. It is registered
under Section 45-IA of Reserve Bank of India Act, 1934 as Non-Banking Financial Company
('NBFC') holding certificate of registration as NBFC. RIL, however, does not have any active
operations as an NBFC.
As part of the Scheme, among other things, equity shares held by the Company in the RIL 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 RIL (being wholly owned
subsidiary). The Scheme is subject to certain conditions, including approval from regulatory
authorities and sanction of the Scheme by the relevant bench of the NCL T.
The amalgamation will ensure simplification of management structure, better administration
and reduction/rationalisation of administrative and operational costs over a period of time and
the elimination of duplication and multiplicity of compliance requirements.

6. Tata Steel Europe Limited ('TSE"), a wholly owned step-down subsidiary of the Company, is
exposed to certain climate related risks which could affect its future cash flow projections. The
cashflow projections include the impact of decarbonisation given that both the TSUK and TSN
businesses within TSE have stated their plans to move away from the current production
process and transition to electric arc furnace 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 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 or 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.
Consequent to the announcement, TSUK during FY24 had assessed and concluded that it had
created a valid expectation among those affected and had accordingly recognised a provision
of 2,492 crore towards restructuring and closure costs including redundancy and employee
termination costs. TSUK had also recognised 2,601 crore towards impairment of Heavy End
assets which were not expected to be used for any significant period beyond March 31, 2024.
These provisions were also accordingly recognised in the consolidatedstatement
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During the quarter ended September 30, 2024, TSUK had re-assessed the estimate of
restructuring provisions in connection with the closure of the heavy end assets and associated
transformation activities and recognised an additional provision of 834.21 crore (for the half
year ended September 30, 2024: 3211.46 crore) which was included within Exceptional item
8(f) in the consolidated financial results.
During the quarter ended December 31, 2024, there is no change in the amount of restructuring
provisions recognised earlier in connection with the closure of the heavy end assets and
associated transformation activities for TSUK.

The Grant Funding Agreement (GFA) for the decarbonisation proposal was signed with the UK
Government on September 11, 2024. With the UK Government funding available under the
GFA and a commitment to infuse equity into TSUK through T Steel Global Holdings Pte. Ltd.
('TSGH"), a wholly owned subsidiary of the Company, TSUK now has the certainty that the
funding is available for its decarbonisation proposal from both the UK Government and the
Company. Accordingly, it was concluded during the quarter ended September 30, 2024 that
there does not exist any material uncertainty relating to going concern assessment of TSUK
and that TSUK has access to adequate liquidity to fund its operations.
With respect to Tata Steel Netherland ("TSN") operations which forms main part of the 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 decarbonisation of
TSN operations driven by regulatory changes in the Europe and the 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 under discussion between the Company,
TSN and the Dutch Government.
On December 19, 2024, the Environment Agency (EA) of the Netherlands imposed two orders
under penalty ("Orders") on Tata Steel ljmuiden (TSIJ), a wholly owned subsidiary of TSN, for
a maximum amount of -&239 crore stating non-compliance of emission thresholds for
operations of its Coke and Gas Plants (CGP 1 and CGP 2) with a period of 8 weeks for TSIJ to
reduce the emissions within the threshold limits.

In addition, the EA had also sent a Notice on non-compliances regarding certain state of
maintenance of its CGP2 plant. Further to the Notice, it has given TSIJ a period of 12 months
to remedy the non-compliances, failing which, the permit for operating CGP 2 can get revoked.

TSIJ is currently working on various actions in connection with the Orders and Notices received.
On the former, TSIJ has initiated actions related to verification of the data on emissions and
evaluating possible options for a technical solution. It is also evaluating the option to file an
Injunctive relief with the Administrative Court in the Netherlands to seek a suspension of the
impugned Orders, which for the later has already been filed with the Court. Further, it shall also
file objections against the Orders and Notice for non-compliance with the appropriate authority
in due course.
As a part of the decarbonisation roadmap for the steel operations in the Netherlands,
discussions are also ongoing between Tata Steel Limited, Tata Steel Netherlands and the
Government authorities on a composite plan to address the reduction of carbon emissions and
environmental concerns of the local community and authorities.

Considering the various actions which TSIJ plans to pursue within the remediation period, the
outcome of which is currently uncertain, and given the ongoing discussions to arrive at a
comprehensive solution for Co2 emissions and environmental concerns with the Dutch
Government, as aforesaid, the Company believes that the Orders and the Notice are unlikely
to lead to a closure of the Coke and Gas Plants and pose an impediment to its current business
operations.

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Based on the above, the latest available cash flow and liquidity forecasts and other available
measures, MLE business is expected to have adequate liquidity to meet its future business
requirements.

On such basis, the financial statements of TSE have accordingly been prepared on a going
concern basis. 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.
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 other underlying businesses.

The recoverable value of investments held by the Company in T Steel Holdings Pte. Ltd., which
in turn holds investments in TSE, has accordingly been primarily assessed based on fair value
less cost to sell (FVLCTS) models for the TSUK and TSN businesses, which, inter-alia,
considers impact of switching the heavy end and other relevant assets to a more "Green Steel"
capex base.
If any of the key assumptions in the aforesaid models change, there is a risk that the headroom
as per the model would reduce and a reduction in the headroom could lead to a possible
impairment of the carrying value of investments held in TSH. The Company, however, believes
that the key assumptions represent the most likely impact of the decarbonisation proposal at
this point in time. Going forward, the key assumptions would be kept under review for changes,
if any, based on the progress of discussions with the Government and other regulators on the
decarbonisation plan.

7. The State of Odisha enacted the "Orissa Rural Infrastructure and Socio-Economic
Development Act, 2004 (ORISED Act)" with effect from February 01, 2005, levying tax on
mineral bearing land.

The Company during FY06 had received various demands amounting to 129 crore pertaining
to the period FY05 and FY06 in respect of its mines in the State of Odisha. The Company had
filed a writ petition in the Hon'ble High Court of Orissa challenging the constitutional validity of
the Act on the ground that the State of Odisha lacks the legislative authority to enact ORISED
Act, 2004 and therefore the same is unconstitutional. The Hon'ble High Court of Orissa in
December 2005 held that the State does not have the legislative authority to levy tax on
minerals. The State of Odisha had challenged the Judgment of the Hon'ble High Court before
the Hon'ble Supreme Court. Subsequently, the matter relating to legislative authority of the
States to tax minerals, was referred to the Constitution Bench of the Hon'ble Supreme Court.
The Judgement of the Constitution Bench of the Hon'ble Supreme Court was pronounced on
July 25, 2024. The Hon'ble Supreme Court ruled that the Mines and Minerals (Development &
Regulation) Act will not denude the States of the power to levy tax on mineral rights. The
Constitution Bench further directed the listing of the pending matters before an appropriate
Regular Bench of the Hon'ble Supreme Court. This was followed by an Order dated August 14,
2024 of the Constitution Bench of the Hon'ble Supreme Court, directing/clarifying certain
matters in respect of its Judgement dated July 25, 2024.
Notwithstanding the recent Judgement dated July 25, 2024 and August 14, 2024 of the
Constitution Bench of the Hon'ble Supreme Court laying down the principle of law, pending
hearing of the Appeal filed by the State of Odisha before the appropriate Regular Bench of the
Hon'ble Supreme Court against the Judgement and Order of the Hon'ble High Court of Orissa
which had declared the ORISED Act, 2004 to be unconstitutional and inoperative, it is
unclear/uncertain as regards the form and manner in which the ORISED Act, 2004 may get
enacted once the decision of the Hon'ble High Court of Orissa is set aside by the Hon'ble
Supreme Court, which currently is pending.

The Company has filed a Curative petition before the Hon'ble Supreme Court of India on
January 17, 2025, invoking extraordinary jurisdiction of the Hon'ble Supreme Court of India
under Article 142 of the Constitution of India read with order XLVIII, Rule 1 of the Supreme
Court Rules, 2013 in respect of the Order dated September 24, 2024 passed by the
Constitutional Bench of the Hon'ble Supreme Court of India dismissing the e tition
against judgment dated July 25, 2024 and August 14, 2024, which is p �"\s�� cc 4-
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Accordingly, the Company would be able to assess the financial impact, if any, of the possible
obligation only on the occurrence or non-occurrence of uncertain future events, related to the
legal course, not entirely within the control of the Company, and the consequent actions of the
Union and the State Government.
While the Company had previously reported and disclosed an estimated contingent liability
towards possible obligation under the aforesaid ORISED matter, as on date, based on the
above uncertainty, along with an opinion from senior legal counsel obtained by the Company,
there is no present/legal obligation in respect of the levy related to the ORISED Act, 2004 and
its financial impact along with the possibility of outflow at this stage is unlikely.

The Company has, accordingly, not recognised any provision in its standalone and
consolidated financial results.

8. During the nine months ended December 31, 2024, the entire outstanding amount of loan to T
Steel Holdings Pte. Ltd. amounting to US$ 564.75 million has been converted into equity based
on the fair value of shares of T Steel Holdings Pte. Ltd. Accordingly, the carrying value of such
loans amounting to 84,709.17 crore as on June 28, 2024 has been recorded as investment in
equity shares.

9. Other expenses for the quarter and nine months ended December 31, 2024 is after considering
the impact of 81,412.89 crore and 81,860.39 crore respectively (quarter ended September 30,
2024: 3447.50 crore; quarter ended December 31, 2023: Nil; nine months ended December
31, 2023: Nil; financial year ended March 31, 2024: Nil) towards provision for claims made in
earlier periods no longer required written back.

10. The consolidated financial results have been subjected to limited review and the standalone
financial results have been audited by the statutory auditors.

TV Narendran Koushik Chatterjee

Chief Executive Officer & Executive Director &
Managing Director Chief Financial Officer

Mumbai: January 27, 2025