Results Presentation: Fourth Quarter and Financial Year Ended March 31, 2022 May 03, 2022

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RESULTS

PRESENTATION
Fourth quarter and Financial year
Ended March 31, 2022

May 03, 2022

Sir Dorabji Tata Park, Jamshedpur, India


Safe harbour statement
Statements in this presentation describing the Company’s performance may be “forward looking
statements” within the meaning of applicable securities laws and regulations. Actual results may differ
materially from those directly or indirectly expressed, inferred or implied. Important factors that could
make a difference to the Company’s operations include, among others, economic conditions affecting
demand/supply and price conditions in the domestic and overseas markets in which the Company
operates, changes in or due to the environment, Government regulations, laws, statutes, judicial
pronouncements and/or other incidental factors

2
Overview

1 Performance update

2 4QFY22 Results

3
A year of record performance and strategic progress

Sustainability at its core Increasing India footprint India1 constitutes 62% of


FY22 deliveries (mn tons)

▪ Best in Class CO2 footprint in all ▪ Highest ever annual delivery volumes at
geographies 18.27 mn tons
Others:
▪ 100% solid waste utilisation, Best ever ▪ 5 MTPA Expansion on track, NINL 38%
India:
specific water consumption acquisition to close in 1QFY23 62%

▪ Steel sustainability champion2 ▪ Expanding Downstream portfolio

Robust performance Capital Returns Europe generates


~£1.2 billion EBITDA

▪ Highest ever annual EBITDA of Rs ▪ Dividend recommended3 of Rs 51 431


63,830 crores per fully paid equity share and Rs 328
290
12.75 for partly paid equity shares
▪ Generated free cash flow of Rs 27,185
150
crs., 32% net debt reduction in FY22 ▪ 10:1 Stock split recommended3
▪ Investment grade credit metrices
Q1 Q2 Q3 Q4

Note : 1. India includes Tata Steel Standalone and Tata Steel Long Products. Deliveries on proforma basis without intercompany eliminations. 2. Awarded by WorldSteel, fifth time in a row. 3. Subject
to shareholder approval. MTPA – million tons per annum and NINL is Neelachal Ispat Nigam Limited 4
Some milestones we are proud of

29.4 million tons of Inland shipping to drive 3 sites included in WEF’s Best manufacturing company
Iron ore mined supply chain efficiencies Lighthouse network to work for in 2021

Dream Click Build


A Tata Steel Constructions Initiative

50+ transgender employees Pan India dealers & Rs 1,468 crores sales, >100% 16.75 Lac+ Sq. ft
onboarded Distributor - 15,800+ YoY growth construction

125 new products >120 patents filed and Expanding high value Improvement savings of
developed granted API sales Rs 5,486 crores

Note: API is grade of steel used in Oil & Gas segment


5
Committed towards excellence in Safety & Health of our employees

Safety remains a top priority Health is a key focus area

2.35 LTIFR1 reduction by


2.10
69% in the last 15 years
1.31
Health check ups
0.95
0.780.68 0.690.720.73
0.600.56 0.58
0.440.39 0.460.47
Safety Leadership Development
Centre

FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
Awareness First Aid
Campaigns refreshers

▪ Trained 36,400+ workforce on ▪ Campaign on ‘Lower your risk


Worker safety various safety standards at for Heart attack’ and awareness
Safety Leadership Development session on ‘Mental Wellbeing’
Centre organised for all employees

▪ New initiative “Ghar se Ghar tak” ▪ 97% of employees (including


to drive safety consciousness contract employees) have been
among contractor employees and fully vaccinated2
their families across locations

1. Lost Time Injury Frequency Rate per million-man hours worked, for Tata Steel Group; 2. Cumulative till 31 st Mar 2022 6
Improving quality of life of our communities

28 lakh+ 51,000+ Key areas for CSR initiatives


Lives reached out1 Hours of volunteering1

Rural & Urban Dignity for the


Education Disabled
▪ Spent more than Rs.1,350 crores2 since FY18 on
Signature programmes at regional scale as well as
programmes for Communities proximate to our Household Health & Household
operations Nutrition Livelihoods

(Figures in Rs. Crores) Tribal Cultural Water


Heritage Resources
406

315
Grassroots Rural Grassroots
232 222 Governance Sports
193

Women & Youth Public


FY18 FY19 FY20 FY21 FY22 Empowerment Infrastructure

1. Cumulative till 31st Mar 2022 2. Spending by Tata Steel Standalone


7
Sustainability is deeply embedded in our ecosystem
Current 2025 goals 2030 goals
Group
3.12 ▪ TSI: Achieve <1.8 tCO2/tcs
Best in class CO2
▪ TSI: Achieve <2 tCO2/tcs carbon carbon emission
2.2 footprint in all
Climate geographies emission ▪ TSE: 30% reduction in specific
change FY05 FY22 emissions over 2020

India
▪ TSI: Achieve specific fresh-water
6.7
consumption of <1.5 m3/tcs, aim
Progress despite ▪ TSI: Achieve specific freshwater for water neutrality
2.8 steady growth in
capacity
consumption of 2 m3/tcs
Water ▪ TSE: EU benchmark for water
FY05 FY22 intensity
India
100% Solid waste ▪ TSI : Achieve material efficiency
Circular utilisation at TSJ ▪ Build 5 MTPA recycling business
and TSK of 99%
economy
India
Developed
Biodiversity mgmt.
▪ Develop / Implement Biodiversity ▪ Aspire for no net loss of
plan Management Plan for operations biodiversity
Biodiversity
TSI – Tata Steel India (Tata Steel standalone and Tata Steel Long products); TSJ: Tata Steel Jamshedpur, TSK – Tata Steel Kalinganagar, TSE – Tata Steel Europe; material efficiency is defined as
percentage of crude steel and co-products (by-products) material out of total output material 8
Leadership in India on the back of value accretive growth

Crude steel production (MTPA) Upstream › Pellet capacity to increase from 7 to 13 MTPA (TSK Ph II)

› Iron ore mining to expand from 30 to 60-65 MTPA

Flats › 2.2 MTPA CRM complex close to commissioning (TSK Ph II)

› 5 MTPA expansion on track (TSK Ph II)

› NINL acquisition to facilitate rapid growth


Longs
› EAF to drive scale through multilocational expansion

› Tubes – From 1.0 MTPA to 2 MTPA


Downstream › Wires – From 0.45 MTPA to 1 MTPA

2018 TSM TSLP 2021 Flats Longs 2030 › Tinplate – From 0.38 MTPA to 1.0 MTPA
› Ductile Iron Pipes – From 0.2 MTPA to 1 MTPA

Note : TSM – Tata Steel Meramandali, TSLP – Tata Steel Long Products, TSK – Tata Steel Kalinganagar, MTPA – million tons per annum, NINL is Neelachal Ispat Nigam Limited
9
Optimised portfolio : 2.2 MTPA CRM & 5 MTPA expansion to drive product mix enrichment

2.2 MTPA CRM complex to be commenced in 4QFY23 High end Products for Automotive & Engineering

Width Thickness Capacity ▪ Meeting customer requirement on lightweighting and


CRM complex capability
(in mm) (in mm) (in MTPA) safety standards HR HT Sales (in kt)
CR & Coated HT Sales (in kt)
Pickling Line and Tandem Axle
1,870 0.3 - 2.3 2.2
Cold rolling Mill
Continuous Annealing Line 1,870 0.3 - 2.3 0.9 Wheel

Continuous Galvanizing
1,560 0.3 - 2.3 0.53
Line (non-auto) 2x

Continuous Galvanizing Reinforcement


1,870 0.3 - 2.3 0.47
Line (auto) FY20 FY21 FY22 LT

▪ Market share in Engineering segment to grow

Sales (in kt)

Oil & Gas Solar

27%

L&E PEB
FY20 FY21 FY22 LT

Note : HR HT – Hot rolled HI tensile (>540 MPa), CR & Coated HT – Cold rolled & Coated Hi-Tensile (>440 Mpa), PEB – Pre-engineered buildings, L&E – Lifting and Excavation 10
Optimised product portfolio : Ramp up long products to drive high margin retail business

▪ NINL Share purchase agreement completed; ▪ Leverage strong portfolio of retail brands and extensive
Transaction to close in 1QFY23 distribution network to drive scale and profitability
Neelachal Ispat Nigam Limited

▪ Capacity to be expanded to 10 MTPA ▪ Will benefit from significant pan India growth in infra &
retail housing growth in semi urban India
Steelmaking capacity Land Bank of
of >1 million ton 2,500 acres Pan India distribution
network

Captive Iron ore mine Proximity to TSK


~100 mt reserves to drive synergies

▪ First 0.75 MTPA EAF to be setup in the north,


close to the scrap generating auto hub
EAF

▪ Modular expansion to South and West (India) 1st GreenPro certified


rebar brand in India

Note : EAF - Electric Arc Furnace, TSK – Tata Steel Kalinganagar


11
Overview

1 Performance update

2 4QFY22 Results

12
Geopolitical tensions in Europe and COVID in China have weighed on steel operating landscape

▪ Steel prices in western markets rose steeply Steel prices moved higher esp. in west Heightened volatility in raw material prices
in the January – March period on tight supply HRC prices ($/t) Prices ($/t)
US Domestic
and recovering demand 2,500
Germany domestic
Premium Low Vol HCC CFR China
China export FOB Premium HCC, Australia FoB
600
2,000 China domestic Iron Ore-62% Fe, China CFR

▪ China steel prices were relatively more stable 1,500 400


as COVID restrictions dampened demand
1,000
200
500
▪ Coking coal prices witnessed renewed
0 0
volatility, with a steep rise being followed by a Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22
sharp decline

Divergent steel spot spreads China Steel production continued to decline


▪ Overall, this has led to divergent steel spot HRC spot gross spreads ($/t) (mn tons)
spreads. Western spot spreads are up while 1,000
EU Spreads
120 China exports (RHS) 12
World ex-China Steel Production
Chinese steel spreads have softened China export Spread China Steel Production
China domestic Spreads China Apperant Steel demand
750 100
8

▪ China steel exports continue to be in the 4 to 500 80

5 million ton range despite export spreads 4


250 60
moving slightly above domestic spreads
0 40 -
Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22
Sources: World Steel Association, IMF, Bloomberg, Steelmint, and Tata Steel; China HRC exports spot spreads = China HRC exports FOB – 1.65x Iron Ore (62% Fe China CFR) - 1x Coal (Premium
HCC China CFR); China HRC domestic spot spreads = China HRC domestic prices – 1.65x Iron Ore (62% Fe China CFR) - 1x Coal (Premium HCC China CFR); EU HRC spot spreads = HRC 13
(Germany) - 1.6x iron ore (fines 65%, China spot, R’dam) - 0.8x premium hard coking coal (Australia spot, R’dam) - 0.1x scrap (HMS, R’dam)
Steel demand continued to recover in India; Renewed supply – demand imbalance in Europe

India Europe

▪ Apparent steel consumption improved by ~4% QoQ driven ▪ Steady growth in steel consuming sectors; Automotive
by ongoing economic recovery. Consumers though remain sector recovering but continues to face shortages related
watchful after price increases towards end of the quarter to semiconductors

▪ Automotive production especially in passenger and ▪ Ongoing Russia – Ukraine crisis has constrained
commercial vehicles improved while Infrastructure / traditional steel supply into Europe leading to renewed
Construction goods witnessed steady growth supply – demand imbalances
Key steel consuming sectors* Key steel consuming sectors (%, YoY growth)
1500%
100%
Machinery Construction
Capital Goods Infrastructure/ construction goods Automotive
Vehicles (units)
150 61%
50%

100
0%

50 -39%
-50%

0 -100%
Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Sep-21
Jan-22 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22
Sources: Bloomberg, SIAM, Joint Plant Committee, MOSPI, CMIE, Eurostat and Tata Steel
*Figures of Industrial Production for Capital Goods, Infrastructure/Construction, consumer durables and railways are rebased to Nov'18=100 using FY12 index based sector weights; number of units 14
produced as per SIAM; growth of key steel consuming sector is calculated by removing sub-segments which do not consume steel
Highest ever annual production and deliveries in India1
Crude Steel Production (mn tons)
Highest ever
4.90 4.81 4.75
▪ Production crossed 19 million tons for FY21 16.92

the first time, 13% YoY increase


FY22 19.06

4QFY22 3QFY22 4QFY21

Steel deliveries (mn tons)


5.12

4.67
4.42 FY21 17.30
▪ Highest ever deliveries at 18.27 million
tons, up 6% YoY
FY22 18.27

4QFY22 3QFY22 4QFY21

0.76
0.50 0.51
0.68 0.78 FY21 1.17
0.66 5.71 4.77 2.00 3.66
▪ Domestic deliveries crossed 15.6 million 1.51
1.30 1.45
tons with broad based improvement
1.79 Tubes,
across segments 1.62 1.59 Wires etc.
FY22 1.41 6.38 5.29 2.56 2.64
0.38 0.35 0.35
4QFY22 3QFY22 4QFY21

1. India includes Tata Steel Standalone and Tata Steel Long Products on proforma basis without inter-company eliminations; Tata Steel Standalone numbers have been restated from April 1, 2019
to reflect Tata Steel BSL’s merger into Tata Steel 15
Tata Steel Europe : Transformation program and focus on product mix yielding results

Transformation programme Sustained focus on product mix

Automotive Engineering
Governance
& Structure

Functional Vs Value Delivery


Value Chain & Enablement

Overall benefits in FY22 (Rs Crores)

Packaging Construction
877
811

TSUK TSN

16
Tata Steel Long Products : Product mix enrichment to drive value maximisation

Enhancing presence in chosen segments ▪ Focus on high end products

Increase in Rolled product sales Wire rod sales mix enrichment


o Highest ever sales of rolled products, 22% YoY
growth in the year
High Carbon Alloy
Rolled products ▪ Market leadership in chosen segments
Billet
37% o Leading Market share in CV segment and
49% 51%
component exports
▪ Diversifying customer base
o Approvals from PV and 2W OEMs to expand
FY20 FY21 FY22 FY20 FY21 FY22 presence
o 40 new products developed during the year
o New automotive customers in high end bearing
and fasteners

▪ Cash rich DRI business

▪ Continued improvement journey to drive sustained


savings
Note : CV – Commercial Vehicles, PV – Passenger Vehicles, OEM – Original Equipment Manufacturer
17
Tata Steel Consolidated1: Steady EBITDA performance despite surge in coal costs

(All figures are in Rs. Crores unless stated otherwise) 4QFY22 3QFY22 4QFY21 Key drivers for QoQ change:
Production (mn tons)2 7.62 7.76 8.02
▪ Deliveries: were up 14% driven by increase in India
Deliveries (mn tons) 8.01 7.01 7.83 and Europe operations
Total revenue from operations 69,324 60,783 50,028
Raw material cost3 24,873 24,086 16,665 ▪ Revenues: increased driven by higher prices in
Europe and higher deliveries in India and Europe
Change in inventories 2,757 (3,960) (1,642)
Employee benefits expenses 6,056 5,683 5,391 ▪ Raw Material cost: increased primarily due to higher
Other expenses 20,607 19,080 15,430 Coking Coal prices across key entities. However, in
EBITDA 15,174 15,853 14,290 Europe the rise was offset by decline in Iron ore
Adjusted EBITDA4 15,891 15,890 13,933
▪ Change in inventories: inventory value decreased
Adjusted EBITDA per ton (Rs.) 19,832 22,663 17,797 due to liquidation across geographies
Other income 292 60 272
Finance cost 1,099 1,532 1,866 ▪ Other expenses: increased due to provision related to
Tata Steel Mining, rise in consumption of stores &
Pre exceptional PBT 12,139 12,359 10,348
spares and power and fuel
Exceptional items (gain)/loss 274 193 991
Tax expenses 2,030 2,567 2,195 ▪ Exceptional item: for the quarter primarily relate to
Reported PAT 9,835 9,598 7,162
provision for impairment of non current assets
Other comprehensive income 519 887 (1,031)

1. Figures for previous periods have been regrouped and reclassified to conform to classification of current period, where necessary. 2. Production Numbers: Standalone & Tata Steel Long Products -
Crude Steel Production, Europe - Liquid Steel Production; SEA - Saleable Steel Production. 3. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products.
4. Adjusted for fair value changes on account of revaluation gain/loss on external/ internal company debts/ receivables at TS Global Holdings and FX rate movement on loan given to offshore entity
18
Consolidated EBITDA1 stood at Rs 15,891 crores

Rs. Crores

353 461 ▪ Selling Result: Primarily due to better steel


15,890 15,891 realisations in Europe
3,549 …
3,658

▪ Cost Changes: Primarily due to increase in


coking coal consumption cost across entities

▪ Volume/Mix: Primarily due to higher steel


deliveries in India and Europe

▪ Others: Primarily due to provision at Tata


Steel Mining Limited and higher consumption
of stores & spares

Adjusted Selling Cost Volume/Mix Others Adjusted


EBITDA Result Changes EBITDA
3QFY22 4QFY22

1. EBITDA adjusted for revaluation gain/loss on external/ internal company debts/ receivables at Tata Steel Global Holdings and FX rate movement on loans to T Steel Holdings
19
Generated free cash flows of Rs.13,971 crores in 4QFY22

Rs. Crores
1,425

4,589
2,696
1,637
3,308
15,174
13,971

Reported EBITDA Working capital Finance cost (net) Taxes paid Non-cash & Others Capex Free Cash Flow 4QFY22
4QFY22 movement

Note : In addition, ~Rs 1,210 crores of cash has been kept in escrow towards acquistion of Neelachal Ispat Nigam Limited
20
Generated free cash flows of Rs 27,185 crores for the year

Rs. Crores
63,830
9,618

4,348

11,902
2,809 3,064

10,522

27,185

Reported EBITDA Working capital Finance cost (net) Taxes paid Non-cash & Others Dividend Capex Free Cash Flow
FY22 movement FY22

Note : In addition, ~Rs 553 crores has been utilised to repay hybrid perpetual securities and investments offset by equity proceeds on partly paid shares
21
Debt repayment of ~Rs. 15,232 crores in the last 12 months, Net debt to EBITDA at 0.8x

Rs. Crores
88,501
387
13,113 15,232 75,561
1,905
75,389

24,513

51,049

Gross Debt Addition of Loan FX Impact Gross Debt Cash, Bank & Net Debt
Mar'21 new leases movement and Others Mar'22 Current Mar'22
Investments

22
Key metrices are at investment grade levels
EBITDA Margin (%)1 EBITDA / ton (Rs.)1 Interest Coverage Ratio (x)1,2 Gross & Net Debt (Rs. crore)

26.2% 21,626 11.7

1,16,328
19.8%
1,00,816
17.2% 92,147 88,501
18.9% 1,04,779 75,561
11,110
94,879
9,337 10,838
12.2%
3.9 3.9 75,389
6,267 69,215
4.1
2.4 51,049
Net Gross

FY 18 FY 19 FY 20 FY 21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22

Net Debt / EBITDA (x) Net Debt / Equity (x) Credit Rating

BBB-/ Baa3
7
5.91 Investment Grade
1.43 1.42 BB+/ Ba1
6 S&P
1.37
Moody's
BB/ Ba2
5
BB-/ Ba3
4
0.98
3.20 3.19 2.44 3
0.52 B+/ B1
0.80 2
B/ B2
1
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 B-/ B3
0
Apr-17 FY18 Apr-18 FY19
Apr-19 FY20
Apr-20 FY21
Apr-21 FY22
Apr-22

All data is on consolidated basis; 1. FY20 and FY21 includes Southeast Asia (SEA) Operations which is reclassified as continuing operations; 2. Interest Coverage Ratio: EBITDA / Interest
23
Business outlook for 1QFY23 : Strong underlying momentum despite short term volatility

Steel demand Steel prices Raw material prices

▪ Global steel demand to remain ▪ Asian steel prices are expected ▪ Coking coal prices to remain
broadly stable in CY22 driven by to be range bound as COVID volatile
stimulus measures focused on related restrictions weigh on
infrastructure projects especially China domestic demand as well
in World ex-China as output
▪ Seaborne iron ore prices to
remain range bound, lower china
▪ Indian steel prices to remain demand due to COVID vs.
▪ India steel demand to remain resilient, supported by strong impact of weather and labour
robust due to government push international prices and input shortages on major suppliers
on infrastructure spending and costs which remain elevated
gradual revival in auto production
▪ European steel prices are ▪ European power and energy
expected to be volatile driven by costs to remain high due to ban
▪ EU Steel demand to sustain supply demand imbalances. on Russian coal imports and
above pre-COVID levels. Russia Some moderation as reallocated moderate as renewable energy
– Ukraine and energy pose risk quotas partially offset supply picks up
constrained supply from Russia
and Ukraine

24
Annexures

Jubilee Park, Jamshedpur, India


Tata Steel Standalone: Continued focus on operational efficiencies and minimizing
environmental impact

Meramandali

Coke Rate (kg/thm) Specific Energy Consumption (Gcal/tcs) Specific Fresh Water Consumption (m3/tcs)

Good Good Good


434
420

7.29
399

5.55
386

6.83
376

6.8
367

367

365

6.61
364

354
353

6.39
352

349
348

348

6.31

6.27

6.24

4.76
4.76
6.01
5.76
5.68
5.67

5.63

4.29
5.61

4.16
4.15
5.43

4.14

4.02
3.68

3.42
3.35
3.27

2.80

2.25

2.18
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22

CO2 Emission Intensity (tCO2/tcs) Specific Dust Emission (kg/tcs) Solid Waste utilisation (%)

Good Good Good

0.97
2.99

0.94
2.93

100

100
100

100

100
100
99.7
99
2.84*

97
2.82*

96
2.76

0.84
2.65

2.54

87.2
84.4
2.45

2.44

2.38
2.30

2.29

2.29

0.72
2.27

78
2.26

0.66

68
0.62
0.60

0.57

0.26
0.49

0.48
0.41

0.37

0.33

0.29
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22

* CO2 Emission Intensity was higher mainly due to lower capacity utilization than FY20, however, total emission was lower.
Note : Tata Steel Meramandali solid waste utilisation restated for prior years as standards aligned 26
Tata Steel Long Products: Key operating parameters

(all figures are indexed; 1QFY20=100)

Coke rate1 PCI rate1 Crude Steel Yield2


100 96
160 106
Good 126 Good 101 Good
85 130 102

70 100 98

55 70 94

40 40 90

1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22
1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22

1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22
Power consumption3 Electrode consumption3 Oil consumption at Mill4
99 175
100 180 110
Good Good 89 Good
160
85 90
140
120 70
70
100 50
55 80
30
60
40 40 10
1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22

1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22
1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22

1. Increased due to lower hot metal production volume because of BF shutdown; 2. Maintained through smooth operation and more production despite BF disruption; 3. Increased due to higher
arcing; 4. Increased due to lower availability of Blast Furnace gas on account of BF maintenance shutdown 27
Tata Steel Standalone1: Operating performance

(All figures are in Rs. Crores unless stated otherwise) 4QFY22 3QFY22 4QFY21
Key drivers for QoQ change:
Production (mn tons) 4.73 4.64 4.56
▪ Revenues: increased by 15% driven by higher volumes
Deliveries (mn tons) 4.97 4.25 4.50
Total revenue from operations 36,681 31,964 27,355 ▪ Raw Material cost: increased primarily due to increase
Raw material cost2 12,647 11,030 6,406 in coking coal prices and consumption of higher
imported coal
Change in inventories 1,826 (1,693) (196)
Employee benefits expenses 1,723 1,553 1,503 ▪ Change in inventories: Finished & Semi-Finished
goods quantity decreased
Other expenses 8,251 8,906 7,954
EBITDA 12,363 12,167 11,722 ▪ Employee benefits expenses: higher on account of
Adjusted EBITDA3 11,766 12,179 11,722 increase in Salaries and wages incl. bonus
Adjusted EBITDA per ton (Rs.) 23,690 28,631 26,054 ▪ Other expenses: were lower due to decline in royalty
Other income 506 280 223 and favourable FX movement
Finance cost 646 644 914
▪ Finance cost: was broadly stable
Pre exceptional PBT from continuing operations 10,715 10,444 9,589
Exceptional items (gain)/loss 76 181 (949) ▪ Exceptional item: for the quarter primarily reflects
charge relating to Employee Separation Scheme and
Tax expenses 2,799 2,579 2,409 net impairment on ICD / investments
Reported PAT 7,839 7,683 8,130
Other comprehensive income 348 154 364

1. Tata Steel Standalone numbers have been restated from April 1, 2019 to reflect Tata Steel BSL’s merger into Tata Steel; Figures for previous periods have been regrouped and reclassified to
conform to classification of current period, where necessary 2. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products 3. Adjusted for fair value
changes on account of FX rate movement on loan given to offshore entity 28
Tata Steel Europe: Operating performance

(All figures are in Rs. Crores unless stated


4QFY22 3QFY22 4QFY21
otherwise) Key drivers for QoQ change:
Liquid Steel production (mn tons) 2.31 2.57 2.66
▪ Volumes: increased on the back of inventory
Deliveries (mn tons) 2.40 2.16 2.47 liquidation despite lower production

Total revenue from operations 26,389 22,769 17,258 ▪ Revenues: increased with improved steel realisations
and sales mix
Raw material cost1 9,364 10,599 7,798

Change in inventories 902 (2,184) (579) ▪ Raw Material cost: declined as coal consumption cost
due to higher prices was more than offset by lower iron
Employee benefits expenses 3,855 3,673 3,360 ore prices
Other expenses 7,939 7,747 5,557
▪ Change in inventories: inventory value decreased on
EBITDA 4,349 2,942 1,194 liquidation

EBITDA per ton (Rs.) 18,135 13,642 4,841 ▪ Other expenses: increased primarily due to higher
1. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products energy costs

29
Tata Steel Long Products: Operating performance

Consolidated financial statements Key drivers for QoQ change:


4QFY22 3QFY22 4QFY21
(All figures are in Rs. Crores unless stated otherwise)
▪ Revenues: increase driven primarily by higher DRI
Total revenue from operations 1,799 1,677 1,547 realisations and volumes; slight rise in steel prices

Raw material cost1 1,132 1,013 672


▪ Raw material cost: was driven by higher coal prices
Change in inventories (13) (15) (33) and higher DRI production

Employee benefits expenses 54 58 50


▪ Change in inventories: inventory value increased
462 370
primarily with higher prices
Other expenses 359

EBITDA 177 255 506 ▪ Other expenses: increased due to higher


consumption of stores and spare parts and rise in fuel
EBITDA per ton (Rs.)2 11,186 15,526 29,439
and power costs
EBITDA Margin (%) 9.8% 15.2% 32.7%
▪ Net debt: increased to Rs.842 crores due to NCRPS.
Reported PAT 60 104 340
Excluding this, Net debt was nil by end of FY22

1. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products
2. EBITDA/Steel deliveries

30
Tata Steel Thailand : Operating performance

(All figures are in Rs. Crores unless stated


4QFY22 3QFY22 4QFY21
otherwise)
Key drivers for QoQ change:
Saleable Steel production (mn tons) 0.34 0.32 0.39

Deliveries (mn tons) 0.34 0.32 0.37


▪ Volumes: production and sales were slightly higher QoQ
Total revenue from operations 1,982 1,882 1,706 on account of improved market conditions

Raw material cost1 1,420 1,410 1,560


▪ Revenues: improved driven by steel prices and steady
Change in inventories (5) (144) (445) volumes
Employee benefits expenses 93 53 60

Other expenses 371 346 370


▪ EBITDA: was marginally lower due to higher raw material
costs
EBITDA 102 162 160

EBITDA per ton (Rs.) 3,004 5,042 4,372


1. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products

31
Investor relations contact

Investor enquiries :
Hriday Nair Pavan Kumar
Email: hnair@tatasteel.com Email: pavan.kumar@tatasteel.com

32

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