July 24, 2023

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 Sir, Madam,

Sub: Submission of Press Release and Investor Presentation to be made to

Analysts/Investors

Please find enclosed herewith the press release titled “Tata Steel reports Consolidated
EBITDA of Rs 6,122 crores for the quarter ended June 30, 2023” and investor presentation
to be made to Analysts/Investors on the Financial Results of Tata Steel Limited for the quarter
ended June 30, 2023

This presentation is being submitted in compliance with Regulation 30(6) of the SEBI (Listing
Obligations and Disclosure Requirements), Regulations, 2015, as amended.

These are also being made available on the Company’s website www.tatasteel.com

This is for your information and records.

Thanking you.

Yours faithfully,
Tata Steel Limited
Digitally signed by PARVATHEESAM
PARVATHEESA KANCHINADHAM
DN: cn=PARVATHEESAM
M KANCHINADHAM c=IN l=BANGALORE
o=Personal
e=P.KANCHI@TATASTEEL.COM
KANCHINADHAM Reason: I am the author of this document
Location:
Date: 2023-07-24 18:03+05:30

Parvatheesam Kanchinadham
Company Secretary &
Chief Legal Officer (Corporate & Compliance)

Encl: As above

Registered Office Bombay House 24 Homi Mody Street Fort Mumbai 400 001 India
Tel 91 22 6665 8282 Fax 91 22 6665 7724 Website www.tatasteel.com
Corporate Identity Number L27100MH1907PLC000260
Mumbai, July 24, 2023

Tata Steel reports Consolidated EBITDA of Rs 6,122 crores

for the quarter ended June 30, 2023

Highlights:

▪ Consolidated Revenues for the quarter stood at Rs 59,490 crores. EBITDA was Rs 6,122 crores and
EBITDA margin was 10%.
▪ Consolidated Profit after Tax stood at Rs 525 crores. Profitability was affected by non-cash deferred tax
charge on account of buy-in transaction at British Steel Pension Scheme. With this, the insurance buy-in
of BSPS has been completed, successfully derisking Tata Steel UK.
▪ The company has spent Rs 4,089 crores on capital expenditure during the quarter. Work on 5 MTPA
expansion at Kalinganagar and EAF mill of 0.75 MTPA in Punjab is progressing.
▪ Net debt stands at Rs. 71,397 crores. Our group liquidity remains strong at Rs 30,569 crores.
▪ India1 revenues were Rs 34,901 crores and EBITDA was Rs 7,514 crores
o Crude steel production was around 5 million tons and was up 2% YoY primarily driven by ramp up at
Neelachal Ispat Nigam Limited.
o Deliveries at 4.8 million tons were higher by 18% on YoY basis, driven by rise in domestic deliveries.
Broad based improvement was witnessed across key end use segments.
o EBITDA was Rs.7,514 crores which translates into EBITDA per ton of Rs 15,651 and EBITDA margin
of 22%

▪ Europe revenues were £2,083 million and EBITDA loss stood at £153 million.
o The planned relining of BF6 at Tata Steel Netherlands commenced in April and this has led to drop in
crude steel production.
o Liquid steel production was 1.79 million tons while deliveries stood at 1.99 million tons.

Financial Highlights:
Key Profit & Loss account items (All India1 Consolidated
figures are in Rs. Crores unless stated otherwise) 1QFY24 4QFY23 1QFY23 1QFY24 4QFY23 1QFY23
Production (mn ton)2 5.02 5.15 4.92 7.13 7.80 7.74
Deliveries (mn ton) 4.80 5.15 4.07 7.20 7.78 6.62
Turnover 34,901 36,576 34,015 59,490 62,962 63,430
Reported EBITDA 7,514 8,091 9,582 6,122 7,225 15,047
Reported EBITDA per ton (Rs. Per ton) 15,651 15,715 23,557 8,503 9,289 22,717
Adjusted EBITDA3 7,569 8,320 8,270 6,238 7,225 14,348
Adjusted EBITDA per ton (Rs. Per ton) 15,765 16,160 20,332 8,664 9,288 21,661
PBT before exceptional items 5,424 5,851 7,903 1,842 3,309 11,945
Exceptional Items (gain)/loss 11 699 55 (13) (12) 39
Reported Profit after Tax 4,017 3,497 5,783 525 1,566 7,714
1. India includes Tata Steel Standalone and Tata Steel Long Products on proforma basis adjusted for intercompany purchase and sale;
2. Production numbers for consolidated financials are calculated using crude steel for India, liquid steel for Europe and saleable steel for SEA;
3. Adjusted for changes on account of FX movement on intercompany debt / receivables

Page 1 of 3
Management Comments:
Mr. T V Narendran, Chief Executive Officer & Managing Director:
“During the quarter, global economic recovery continued to face headwinds affecting commodity prices including
steel. In India, domestic steel demand continued to grow and was up around 10% on YoY basis but steel spot prices
moderated in line with global cues. Tata Steel delivered steady performance, with India crude steel production of
around 5 million tons. Domestic deliveries were up >20% and grew at a faster pace than India’s apparent steel
consumption. We saw strong growth in key segments such as Branded Products & Retail and Industrial Products &
Projects. which grew by 37% and 24% respectively, on YoY basis. Our retail sales majorly to individual home builders
crossed 3 million tons in the last 12 months and we now service 8,000+ out of ~19,100 pin codes in India. I am happy
to share that Neelachal Ispat Nigam Limited has begun to stabilise and is operating close to rated capacity within
just 9 months of acquisition. The 5 MTPA expansion at Kalinganagar is underway with facilities getting commissioned
in a phased manner. This is an important milestone in our journey to grow to 40 million tons and will aid in further
consolidating our market position in India. We continue to progress on our sustainability journey and multiple
initiatives are underway, calibrated to each operating location. In Netherlands, we are pursuing Roadmap+ program
to bring about a significant reduction in emissions, dust, odour and noise. We are also engaged in discussions with
technology providers and the government for transitioning to greener steel.”

Mr. Koushik Chatterjee, Executive Director and Chief Financial Officer:

“Tata Steel Consolidated revenues for the quarter stood at Rs 59,490 crores and consolidated EBITDA stood at Rs
6,122 crores, which translates to an EBITDA per ton of Rs 8,503. Despite a moderation in global steel spreads, our
margin was broadly stable at around 10%. India business generated higher margin of around 22% and EBITDA
stood at Rs 7,514 crores. Standalone revenues stood at Rs 32,342 crores and EBITDA was Rs 7,348 crores, which
translates to an EBITDA per ton of ~Rs 15,895. In Europe, margins were broadly similar on QoQ basis as rise in
revenue per ton was offset by lower volumes and elevated input costs. In UK, the buy-in transaction for the residual
liabilities of British Steel Pension Scheme has been completed, successfully derisking Tata Steel UK. Volatility in
steel markets have impacted working capital and cash flows but we continue to commit to growth in India and spent
Rs 4,089 crores on capital expenditure during the quarter. This has led to a Net debt of Rs 71,397 crores. Group
liquidity position remains strong at Rs 30,569 crores, which includes Rs 19,043 crores of cash and cash equivalents.
We remain focused on cost optimisation, operational improvements and working capital management to maximise
cashflows. Sustainability is at the core of our strategy which includes providing comprehensive disclosures. We
recently published our first Business Responsibility and Sustainability Report and are actively involved in the
development of global and national standards with respect to sustainability disclosures.”

Disclaimer
Statements in this press release 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.

For queries and information

Sarvesh Kumar, Chief Corporate Communications, Tata Steel, sarvesh.kumar@tatasteel.com

Page 2 of 3
About Tata Steel

• Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 million
tonnes per annum.
• It is one of the world's most geographically diversified steel producers, with operations and commercial
presence across the world.
• The group recorded a consolidated turnover of ~US$30.3 billion in the financial year ending March 31, 2023.
• A Great Place to Work-CertifiedTM organisation, Tata Steel Limited, together with its subsidiaries,
associates, and joint ventures, is spread across five continents with an employee base of over 77,000.
• Tata Steel has announced its major sustainability objectives including Net Zero Carbon by 2045, Net Zero
Water consumption by 2030, improving Ambient Air Quality and No Net loss in Biodiversity by 2030.
• The Company has been on a multi-year digital-enabled business transformation journey intending to be the
leader in ‘Digital Steel making by 2025’. The Company has received the World Economic Forum’s Global
Lighthouse recognition for its Jamshedpur, Kalinganagar and IJmuiden Plants.
• Tata Steel aspires to have 25% diverse workforce by 2025. The Company has been recognised with the
World Economic Forum’s Global Diversity Equity & Inclusion Lighthouse 2023.
• The Company has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently
ranked amongst top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016.
• Tata Steel’s Jamshedpur Plant is India’s first site to receive ResponsibleSteelTM Certification.
• Received Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17, 2023 Steel
Sustainability Champion recognition from worldsteel for six years in a row, 2022 ‘Supplier Engagement
Leader’ recognition by CDP, Top performer in Iron and Steel sector in Dun & Bradstreet's India's top 500
companies 2022, Ranked as the 2023 most valuable Mining and Metals brand in India by Brand Finance,
and ‘Most Ethical Company’ award 2021 from Ethisphere Institute.
• Received 2022 ERM Global Award of Distinction, ‘Masters of Risk’ - Metals & Mining Sector recognition at
The India Risk Management Awards for the seventh consecutive year, and Award for Excellence in Financial
Reporting FY20 from ICAI, among several others.

Photographs: Management and Plant facilities | Logos: Files and usage guidelines

Website: www.tatasteel.com and www.wealsomaketomorrow.com

Follow us on: Tata Steel | @TataSteeLtd | Tata Steel | Tata Steel | tatasteelltd

Page 3 of 3
 Preferred option

Annual
Tata Steel
General
Results
Presentation
Meeting 2023 Fourth quarter and Financial year
Ended March 31, 2023
Presentation to shareholders

Tata Steel Results Presentation

Financial quarter ended June 30, 2023

July 24, 2023

Steel - Born of Fire, the equation is visually represented

in ‘Agni’ sculpture and demonstrates the strength and
flexibility of Tata Structura circular hollow sections
Jubilee Park, Jamshedpur

May 02 2023
July 05, 2023
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
Business
Update

Water harvesting, India

 Focused on creating sustainable value

Leadership Consolidate Become future

in India position as ready
global
cost leader

Leadership
position in
Leadership in technology Robust financial
Sustainability & digital health

4
Focus on ‘Zero harm’
Committed towards excellence in Safety & Health of employees1
Safety remains a top priority

67%
Fatalities

7
LTIFR*
5
In the last 15 years 4 4
1
FY20 FY21 FY22 FY23 1QFY24

Integrated
Exposition Command
on Human Center
– Machine interface Integrated
Focus Command
on health Center
of employees

▪ Theme based safety & health awareness campaigns and focus on

leveraging digital to minimise man – machine interface
o Video analytics solutions help us capture potential safety hazards
FY21
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20

FY22
FY23
1QFY24

and enable proactive interventions

o Awareness sessions on ‘Heat Stress’ and ‘Hypertension’ were
*Lost Time Injury Frequency Rate per million-man hours worked, for Tata organised apart from industrial hygenie assessments
Steel Group, Fatalities covers Tata Steel Standalone, Tata Steel Long
products, SE Asia and Europe

Note : 1. Employees refers to Permanent and Contract workforce 5

Improving quality of life of our communities
Social capital and scalable change models to enable deep societal impact

Rural & Urban

Education
Household Health &
Nutrition
11.2 Lakh+
Lives Impacted1

Tribal Cultural Grassroots Rural >Rs 1,700 crores

Heritage Governance
spent2 since FY19

Women & Youth Dignity for the 481

Empowerment Disabled
406
315
222
Household Water 193
Livelihoods Resources 108

FY19 FY21 FY23

Strengthening tomorrow : Through our initiative SABAL, >9,000 persons Grassroots Public 1 Cumulative as on 1QFY24
with disabilities were supported in capability building and provided platform Sports Infrastructure 2 CSR Spending by Tata Steel Standalone
for expression
6
Net Zero by 2045
Pursuing sustainability through multiple pathways​
Multilocation
New EAF Lower
smelting
Alumina in
technology
Iron ore​
Progress on Higher
Hydrogen Renewable
usage​ energy​ use

Cleaner fuel
i.e., Natural Upscaling
gas​ etc. CCU pilots​

Initiatives​
Reducing Partnering with
ash in Coal​ Academia​

Higher scrap Nature based Improving share of Scrap recycled at Rohtak

charge​ solutions – renewable energy plant, India
biomass etc.

Note : CCU – Carbon Capture & Utilisation, EAF – Electric Arc Furnace, TSE – Tata Steel Europe 7
Progressing on decarbonisation journey in Netherlands
Committed to achieve 35 – 40% CO2 emission reduction by 2030
Programs underway to remain Roadmap+ (2019 – 2025) Transition to Green steel
amongst most cost competitive
sites in EU while becoming
▪ Investment across installations to ▪ Discussions with government and
“green” and “clean”
bring about significant reduction in technology partners are already
emissions, dust, odour and noise underway
o De-NOx unit for the pellet plant 1st Blast Furnace (BF)
35 - 40% replacement by 2030
(largest environment installation in
a pellet plant in the world) CO2 emission
reduction
o Emission reduction installation for
cold strip mill Further drop in emissions
on 2nd BF replacement
o Installation of dust screens and slag
pits with mobile covering

o Soundproofing measures on trains

Carbon neutrality by 2045
and conveyor belts

Note : EU – European Union, BF – Blast Furnace and NOx – Nitrogen Oxides 8

Demonstrating transparency through enhanced sustainability disclosures
Actively involved in development of global & national standards
Adopted and reporting
1st Sustainability report published
2001
based on GRI framework Contribution to
UN SDGs

1st CDP Climate reporting, expanded

2006 Sustainability champion since inception in 2018
to supply chain in 2012

Voluntary shift from compliance to

2016 <IR> governance-based Integrated report

Annual comprehensive ESG

2022 factsheet for all key group entities Actively involved in global developments

1st BRSR report covering 14 entities

2023 BRSR that make up 98% of Revenues
Net Zero Steel
Initiative

Note : GRI – Global Reporting Initiative, BRSR – Business Responsibility and Sustainability Report, SDG – Sustainable Development Goals, CDP – Carbon Disclosure Project, ISSB – International
Sustainability Standards Board (ISSB) 9
Business Responsibility and Sustainability report
Providing comprehensive non-financial inputs
Key highlights

▪ Consolidated report covering 14 major

entities of Tata Steel Group

▪ Best – in – Class disclosure going beyond

mandated requirements
18.9% Workforce 75 Affirmative 23% of capex for environmental
▪ Active communication of Tata Steel’s diversity action suppliers & social initiatives
approach and strategy on ESG issues

▪ Comprehensive materiality assessment by

an independent 3rd party

▪ Expanded assurance of reported ESG

disclosure to key subsidiaries LCA of products 11,782 hectares
across geographies covered by BMP

Note : LCA – Life cycle assessment, BMP - Biodiversity Management Plans 10

Tata Steel is scaling up to capitalise on India growth opportunity
Investments set to drive sector leading returns
2x capacity growth 50% 62% >75%
in India by 2030
India
Europe
Dominant
manufacturing base 2017 2023 2030

Flats Flats ~16 MTPA

2023 ~27 MTPA
2030
40
NINL /
EAF Longs
Longs ~5 MTPA ~13 MTPA
0.75
~21
TSK /
MTPA 5 CrudeSteel
Steel
EAF TSM / Crude ~21 MTPA 40 MTPA
5 NINL
TSK
Ph 2 Upstream 36 MTPA Iron ore ~60 - 65 MTPA

16 Tubes Wires Tinplate DI Pipe

1 MTPA 0.45 MTPA 0.38 MTPA 0.20 MTPA
Downstream to to to to
2023 TSK Ph 2 EAF TSK / TML / NINL Ph 2 / 2030
NINL Ph 1 EAF ~4 MTPA ~1 MTPA ~1 MTPA ~1 MTPA
Note : TSK – Tata Steel Kalinganagar, EAF – Electric Arc Furnace, TSM – Tata Steel Meramandali, NINL – Neelachal Ispat Nigam Limited and DI – Ductile Iron
11
5 MTPA expansion progressing at Kalinganagar
Value added product mix to enable future ready portfolio
The largest ‘Blast furnace’ in India
5,870 cubic metres

Future
ready
portfolio High Tensile steel to meet Advanced steel to serve
lightweighting & safety Infra and Energy
needs segments

▪ Top combustion stoves* → Optimal fuel consumption

Eco-friendly
design ▪ Dry gas cleaning plant → Maximise energy recovery

▪ Evaporative cooling system* → lower water intake

*1st in India
Tata Steel Kalinganagar ▪ Top gas recovery turbine → Energy recovery
5 MTPA expansion
12
5 MTPA expansion progressing at Kalinganagar
2.2 MTPA CRM complex to drive product mix and Pellet plant to drive savings

▪ Volumes to consolidate leadership position in

chosen segments & drive benefits of scale

▪ 2.2 MTPA CRM complex to further the product

portfolio, CAL & CGL lines work underway

▪ 6 MTPA pellet plant to drive cost savings and

drive self sufficiency in pellets
Tata Steel Kalinganagar
2.2 MTPA CRM complex
Note: CRM – Cold Rolling Mill, CAL – Continuous Annealing Line, CGL – Continuous Galvanising Line 13
 Retail: Capacity investments to drive high margin business
Well placed to leverage pan India growth
▪ Poised to double presence in retail segment driven by
o Capacity growth - NINL ramped o Serving Individual Homebuilders
up well & EAF work underway via Superbrand ‘Tata Tiscon’

500K+
186kt Consumers

3QFY23 4QFY23 1QFY24

o 9,000+ dealers and digital o Developing strong ecosystem to

platform Aashiyana deliver superior experience

8,000+ 30,000+
Neelachal Ispat Nigam Limited has ramped up well Pin codes Influencers
(Near Kalinganagar plant, Odisha)
Note: EAF – Electric Arc Furnace, Influencers refers to Architect, Contractors & Engineers 14
Downstream: Value added growth for product mix enrichment
Tubes, Wires, Tinplate and Ductile Iron Pipe

Tubes Wires Tinplate Ductile Iron Pipes

Wide product Our LRPC strands Application in Tata Ductura,

portfolio incl. HAR & are widely used in growing packaging designed to last
transportation of
ApplicationERW
of tubes India industry for years
water and other uses
tubes in a
structure at
Kolkata

Leading manufacturer of pipes 80% share of business in bullet Market leadership in domestic Increasing share of Ductile Iron
and tubes train projects tinplate industry Pipe of total deliveries

Note : HAR – High Aspect Ratio, ERW – Electrical Resistance Welded, LRPC - Low Relaxation Pre-stressed steel strands 15
 Value accretive consolidation with multiple benefits

Unlisted Listed

Tata Steel S&T Mining Indian Steel & TSLP TCIL Tata Metalliks TRF Ltd.
Mining (TSML) Wire Products Swap ratio 6.7 Swap ratio 3.3 Swap ratio 7.9 Swap ratio 1.7

Filing of scheme Filing of 1st Shareholders Final order of

with Stock motion application meetings and NCLT
Exchanges with National creditor meetings
(Reg. 37) Company Law ( if any)
Tribunal (NCLT)

TRF TSLP
ISWP TCIL TML TSML S&T

No objection Order of NCLT Filing of the Filing with

letter from on first motion second motion Registrar to
Stock application application make scheme
Exchanges with NCLT effective

Note : TSLP – Tata Steel Long Products, TCIL – Tinplate Company of India Ltd, S&T Mining – JV between SAIL & Tata Steel, Swap ratio is number of Tata Steel’s shares offered in exchange for one share of merging entity 16
Performance
update

Solar panels at Tata Steel Kalinganagar

Slowdown in global economy has weighed on steel prices and spot spreads
across regions
▪ Global steel prices moderated in the May – June period on ▪ Raw material prices also moved lower during this period.
sustained concerns about global recovery, esp. relating to Coking coal prices declined >25% to $220/t levels while
China Iron ore prices were down around 10% to $110/t
▪ In China, stable production and subdued demand led to ▪ Overall, Steel spot spreads moderated across the regions
steel exports in June being >7.5 mn tons. May exports especially on demand dynamics. EU steel spot spreads
were the highest monthly figure since Sep 2016 were above $250/t levels
China Steel spot spreads (Domestic, Export) EU Steel spread including energy, carbon costs
HRC spot gross spreads ($/t) HRC spot gross spreads ($/t)
China domestic Spreads China export Spread 1,000 EU Steel spot spread EU spread (w Energy, Carbon)
450

750

300
500

150
250

0 0
Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23

Sources: World Steel Association, IMF, Bloomberg, Steelmint; China HRC export spread = China HRC export FOB – 1.65x Iron Ore (62% Fe CFR) - 1x Coal (Premium HCC CFR); China HRC domestic spot spread is with China HRC domestic prices; EU
HRC spot spreads = HRC (Germany) - 1.6x iron ore (fines 65%, R’dam) - 0.8x premium hard coking coal (Aus) - 0.1x scrap (HMS, R’dam) ; EU spot spread incl. energy = EU HRC spot spread – Carbon cost – 0.5 x NG ($/Mwh) – 0.15 x Electricity ($/Mwh)
18
India steel demand continued to grow; European steel demand weighed
down by economic slowdown
India Europe

▪ Indian apparent steel consumption was up around 10% on ▪ Eurozone manufacturing PMI was at 43 in June, indicating
YoY basis in 1QFY24 the persistent concerns about economic activity
▪ Infrastructure / Construction continued to improve while ▪ ECB has hiked rates by 400 bps in the last twelve months.
auto production was up 3% YoY during 1QFY24 Inflation is presently at around 5.5%
Key steel consuming sectors* Key steel consuming sectors (%, YoY growth)

Capital Goods Infrastructure/ construction goods Automotive Machinery Construction Vehicles (units)
100%

150

50%
100

0%
50

0 -50%
Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23

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 based19
Noteweights;
sector : All data is on
number consolidated
of units basis;
produced as 1. FY20
per SIAM; growthand FY21
of key steelincl. Southeast
consuming Asia
sector is Operations
calculated which
by removing is reclassified
sub-segments whichas
do continuing
not consume operations; 2. Interest
steel, ECB – European Coverage
Central Bank Ratio: EBITDA / Interest, LTM basis 19 19
 Steady increase in India sales to chosen segments
Domestic deliveries up >20% YoY on improving demand
Business Verticals End use sectors
Auto and Retail : Individual
mn tons ancillaries housebuilders Packaging

1.0 1.1 1.1 0.8 0.8

0.6 0.1 0.1
0.1
5.15 1QFY23 4QFY23 1QFY24 1QFY234QFY231QFY24 1QFY23 4QFY23 1QFY24
4.80
Construction & Consumer
4.07 0.69 Energy Durables
0.68 Infrastructure

0.69 1.71 1.3

1.57 1.2
1.0 0.2 0.2 0.2 0.2
0.1 0.1
1.15
1QFY234QFY231QFY24 1QFY234QFY231QFY24 1QFY234QFY231QFY24

2.06 Engineering Trade &

1.52 1.89 Exports
goods Commercial

0.33 0.38 0.41 0.6 0.5 0.6 0.5

0.38 0.32 0.25 0.4 0.4
0.4 0.3 0.3
1QFY23 4QFY23 1QFY24
1QFY234QFY231QFY24 1QFY234QFY231QFY24 1QFY234QFY231QFY24

Note : 1QFY23 and 4QFY23 are estimates based on FY23 breakup, Auto and ancillaries incl. B2B and ECA sales, Wire & Specialty
Automotive BPR IPP Downstream Exports steel sales; Retail is B2C includes Tiscon, Shaktee, Galvanised Plain Retail, Tubes and Wires; Packaging incl. Tinplate, High Tensile
steel strapping ,LPG, Drums & Barrels, Construction & Infra is B2B sales to construction companies; Energy incl. Oil & Gas, Wind,
Solar etc.; Consumer Durables is sales to Furniture, Appliances; Engineering incl. Shipbuilding, Railways and Capital Goods etc.;
Note: 1 India incl. Tata Steel Standalone and Tata Steel Long Products, BPR – Branded and Trade & Commercial is sales to rerollers, fabrication etc., B2B – Business to Business, ECA – Emerging Corp. accounts, B2C –
Products and Retail, IPP – Industrial Products and Projects Business to Consumer and LPG – Liquefied Petroleum Gas 20
Focused on staying cost competitive through business cycles
Cost improvement initiatives to optimise cash flows
5-year cost savings at Tata Steel India1
In Rs crores
6,545 6,309
5,369 5,463 Scaling up Iron ore mining capacity 6 MTPA pellet plant commissioned at
in India Tata Steel Kalinganagar
3,556

FY19 FY20 FY21 FY22 FY23

Conversion cost per ton of deliveries

50000 8.0

Conversion cost per ton

45000

7%
40000 CPI Headline (%, YoY) 7.0

35000

6.0

30000

23,373 22,491
25000 5.0

Improving logistics - Slurry pipeline,

20000

4.0
Inland waterways
15000

10000

3.0

5000
3%
0 2.0

FY19 FY20 FY21 FY22 FY23

Note : 1 India incl. Tata Steel Standalone and Tata Steel Long Products, CPI – Consumer Price Index 21
 Tata Steel Consolidated
(All figures are in Rs. Crores Key drivers for QoQ change:
1QFY24 4QFY23 1QFY23
unless stated otherwise)
Production (mn tons)1 7.13 7.80 7.74 ▪ Revenues: decreased by 6% due to lower volumes,
Deliveries (mn tons)
partly offset by higher realisations across geographies
7.20 7.78 6.62
Total revenue from operations 59,490 62,962 63,430
▪ Raw Material cost: was broadly similar as increase in
Raw material cost2 25,961 25,988 31,319 India was mostly offset by decline at Europe due to
Change in inventories 1,515 2,668 (8,099) relining of one of the blast furnaces
Employee benefits expenses 5,925 5,795 5,963
Other expenses 20,915 21,291 19,273 ▪ Change in inventories: primarily due to drawdown in
EBITDA 6,122 7,225 15,047 Europe
Adjusted EBITDA3 6,238 7,225 14,348
Adjusted EBITDA per ton (Rs.)
▪ Other expenses: decreased on lower emission rights
8,664 9,288 21,661
costs and repairs, which were partly offset by higher
Other income 1,177 170 268 royalty and power related expenses
Finance cost 1,825 1,794 1,218
Pre exceptional PBT 1,842 3,309 11,945 ▪ Other Income: primarily increased on execution of
Exceptional items (gain)/loss (13) (12) 39 long-term lease agreement with Tata BlueScope with
Tax expenses 1,331 1,755 4,192 respect to color coated lines at Angul and Khopoli
Reported PAT 525 1,566 7,714
Other comprehensive income
▪ Other comprehensive income: primarily relates to
(3,173) (195) (6,611)
remeasurement loss on defined benefit plans
2
1. Production Numbers: Standalone & Tata Steel Long Products - Crude Steel Production, Europe - Liquid Steel Production; SEA - Saleable Steel Production. 2. Raw material cost includes raw material
2
consumed, and purchases of finished and semi-finished products. 3. Adjusted for changes on account of FX movement on intercompany debt / receivables. BSPS - British Steel Pension Scheme 22
Consolidated 1QFY24 EBITDA1 stood at Rs 6,238 crores
EBITDA margin was broadly stable at 10%

in Rs crores

▪ Selling Result: driven by higher realisations

in India and Europe
1,116
2,398

2,543 ▪ Cost Changes: due to increase in raw

material costs especially coking coal
274

▪ Volume/Mix: primarily driven by lower

deliveries in India and Europe
7,225
6,238

▪ Others: majorly relates to lower emission

rights costs at Europe

Adjusted Selling Cost Volume/Mix Others Adjusted

EBITDA Result Changes EBITDA
4QFY23 1QFY24
1 EBITDA adjusted for changes on account of FX movement on intercompany debt / receivables 23
Net debt stood at Rs 71,397 crores
Group liquidity remains strong at Rs 30,5691 crores
in Rs crores

5,336 145
66 90,440
84,893 19,043

71,397

Gross Debt Addition of Loan FX Impact Gross Debt Cash, Bank & Net Debt
Mar'23 new leases movement and Others Jun'23 Current Jun'23
Investments
1
Note Group liquidity
: All data is on includes cashbasis;
consolidated & cash1. equivalents and undrawn
FY20 and FY21 fund-based
incl. Southeast lines
Asia Operations which is reclassified as continuing operations; 2. Interest Coverage Ratio: EBITDA / Interest, LTM basis 24
24
24
Key financial credit metrices
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
1,00,816
19.8% 88,501 90,440
18.9% 84,893
1,04,779 75,561
94,879
11,358
11,110 5.2
8,503 75,389
12.2%
13.4% 10,838 3.9 4.1 67,810 71,397
6,267 3.4
10.3% 51,049

2.4 Net Gross

FY 19 FY 20 FY 21 FY22 FY23 1QFY24 FY19 FY20 FY21 FY22 FY23 1QFY24 FY19 FY20 FY21 FY22 FY23 1QFY24 FY19 FY20 FY21 FY22 FY23 1QFY24

Net Debt / EBITDA (x) Net Debt / Equity (x) Credit Rating
Investment Grade
5.91 7
BBB-/ Baa3

1.42 6
BB+/ Ba1 S&P Moody's
1.43 BB/ Ba2
5

Axis Title
0.98 BB-/ Ba3
4

3.19 0.69 B+/ 3B1

2.92 0.61
2.44 0.52 2
2.07 B/ B2
1
0.80 B-/ 0B3
FY19 FY20 FY21 FY22 FY23 1QFY24 FY19 FY20 FY21 FY22 FY23 1QFY24 FY19
Jun-19 FY20
Jun-20 FY21 Jun-21 FY22 Jun-22 FY23 1QFY24
Jun-23

Note : All data is on consolidated basis; 1. FY20 and FY21 incl. Southeast Asia Operations which is reclassified as continuing operations; 2. Interest Coverage Ratio: EBITDA / Interest 25
25
Annexures

Road made of Steel slag, India

 Tata Steel Standalone

Continued focus
on operational efficiencies and minimizing environmental impact
Coke Rate (kg/thm) Specific Energy Consumption (Gcal/tcs) Specific Fresh
Specific Water
Fresh Consumption (m3/tcs)
Water
Good Good 3
Consumption (m /tcs) Good

3.10
5.80

5.79

5.78
356
355

5.67
353

5.58
344

334

2.73
2.71
2.70

2.62
FY20 FY21 FY22 FY23 1QFY24 FY20 FY21 FY22 FY23 1QFY24 FY20 FY21 FY22 FY23 1QFY24

CO2 Emission Intensity (tCO2/tcs) Specific Dust Emission (kg/tcs) Solid Waste Utilisation (%)
Good Good Good
2.43

100

100

100

100
2.38

2.38

99
0.39
2.32
2.31

0.38

0.34

0.34

0.32
FY20 FY21 FY22 FY23 1QFY24 FY20 FY21 FY22 FY23 1QFY24 FY20 FY21 FY22 FY23 1QFY24
2
Note : CO2 emission intensity calculated as per worldsteel methodology, From FY22, Standalone figures include performance of the amalgamated erstwhile business of Tata Steel BSL Limited 7 27
 Tata Steel Standalone
(All figures are in Rs. Crores Key drivers for QoQ change:
1QFY24 4QFY23 1QFY23
unless stated otherwise)
Production (mn tons) 4.65 4.82 4.73 ▪ Revenues: decreased on lower volumes, partly offset
Deliveries (mn tons)
by higher net realisations
4.62 4.98 3.89
Total revenue from operations 32,342 34,275 32,021 ▪ Raw Material cost: primarily increased due to higher
Raw material cost1 14,710 13,209 17,336 coking coal consumption cost and purchase of scrap
Change in inventories (520) 1,471 (4,562)
Employee benefits expenses 1,565 1,820 1,540 ▪ Other expenses: increased on higher royalty and rates
Other expenses 10,127 9,646 8,139 & taxes, partly offset by lower repairs to machinery
EBITDA 7,348 8,089 9,616
Adjusted EBITDA2 ▪ Other Income: was higher on on execution of long-term
7,403 8,318 8,304
lease agreement with Tata BlueScope with respect to
Adjusted EBITDA per ton (Rs.) 16,014 16,719 21,326 color coated lines at Angul and Khopoli
Other income 1,642 665 736
Finance cost 1,016 1,038 722 ▪ Exceptional items: primarily reflects charge relating to
Pre exceptional PBT 5,753 6,386 8,237 Employee Separation Scheme
Exceptional items (gain)/loss 11 699 55
Tax expenses 1,471 1,666 2,068 ▪ Tax expenses: decreased inline with profitability
Reported PAT 4,271 4,021 6,114
Other comprehensive income 159 66 4
2
8 28
1. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products 2. Adjusted for changes on account of FX movement on intercompany debt / receivables
 TSUK TSN

Key operating parameters

Coke Rate (kg/thm) Specific Energy Consumption (GJ/tcs) CO2 Emission Intensity (tCO2/tcs)
Good Good Good
337

331
324
317

23.9
311

23.3
23.1
22.8

22.6

2.25
22.1

2.18
2.16
300

2.14
297

2.08
20.4
20.2

2.02
19.8

19.5
291

1.78
1.77
1.76

1.76
279
275

FY20 FY21 FY22 FY23 1QFY24 FY20 FY21 FY22 FY23 1QFY24 FY20 FY21 FY22 FY23 1QFY24

Specific Fresh Water Consumption (m3/tcs) Specific Dust Emission (kg/tcs) Solid Waste Utilisation (%)
Good Good Good

0.4
16.2

99

99

99

99

99
0.3

79
78
0.3

0.3

75

74
0.3

72
0.3

0.3
9.8

0.2

0.2

0.2
8.7

8.7
6.5

6.0
4.9

5.2

4.8

5.2

CY19 CY20 CY21 CY22 CY23YTD* CY19 CY20 CY21 CY22 CY23YTD* CY19 CY20 CY21 CY22 CY23YTD*
2
Note : TSUK and TSN report KPIs on a calendar basis aligned to regulatory requirements in their geographies, TSN parameters have been affected by ongoing reline of one of the blast furnaces, CO2
emission intensity as per worldsteel methodology, *CY23YTD is an estimate 9 29
 Tata Steel Europe

(All figures are in Rs. Crores Key drivers for QoQ change:
1QFY24 4QFY23 1QFY23
unless stated otherwise)
▪ Revenues: were lower on reduction in volumes, this
Liquid Steel production (mn tons) 1.79 2.27 2.44 was partly offset by increase in realisations

Deliveries (mn tons) 1.99 2.16 2.14 ▪ Raw Material cost: was lower QoQ due to drop in
Total revenue from operations 21,335 22,036 25,961 production on reline of one of the blast furnaces at
Ijmuiden
Raw material cost1 9,014 10,132 11,162

Change in inventories 2,043 1,148 (2,563) ▪ Change in Inventories: charge was on consumption of
slab stock inventory
Employee benefits expenses 3,820 3,448 3,929

Other expenses 8,063 8,942 7,415 ▪ Other Expenses: decreased on lower emission rights
costs, consumables and repairs on QoQ basis
EBITDA (1,569) (1,641) 6,037

EBITDA per ton (Rs.) (7,890) (7,610) 28,220 ▪ Employee benefits expenses: increased due to higher
social security costs
1. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products

3
0 30
 Tata Steel Long Products

Key operating parameters

Coke rate (kg/thm) PCI rate (kg/thm) Carbon Emission (tCO2/tcs)

Good Good Good

4.4

4.3
4.3
128

4.0
120
116

114
503

503
500
474
FY21

FY22

FY23

FY21

FY22

FY23

FY21

FY22

FY23
1QFY24

1QFY24

1QFY24
Power consumption (kVAh/tcs) Electrode consumption (kg/tcs) Crude Steel Yield (%)
Good Good Good

2.9

83.3
83.0
82.9
82.6
2.5
2.4
698
671

1.5
643
601
FY21

FY22

FY23

FY21

FY22

FY23

FY21

FY22

FY23
1QFY24

1QFY24

1QFY24
3
Note : CO2 emission intensity calculated as per worldsteel methodology, PCI - Pulverised Coal Injection
1 31
 Tata Steel Long Products (Consolidated with NINL)

(All figures are in Rs. Crores Key drivers for QoQ change:
1QFY241 4QFY231 1QFY23
unless stated otherwise)
▪ Revenues: increased driven by ramp up at NINL, which
Total revenue from operations 3,568 3,016 1,994 is presently operating at run rate of around 1 MTPA
(crude steel + pig iron on annualised basis)
Raw material cost2 2,194 1,922 1,665

Change in inventories 154 25 (147) ▪ Raw Material cost: was higher due to higher production
and rise in coking coal consumption cost
Employee benefits expenses 107 117 61

Other expenses 951 995 484 ▪ Other Expenses: decreased upon stabilisation of NINL
operations and lower consumables
EBITDA 166 2 (34)

EBITDA per ton (Rs.)3 4,689 46 (1,956) ▪ EBITDA: stood at Rs 166 crores vs. Rs 2 crores in
4QFY23
EBITDA Margin (%) 5% - -

Reported PAT (254) (524) (331)

1. Post acquistion of NINL, figures for 1QFY24 and 4QFY23 are on consolidated basis
2. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products
3. EBITDA/Steel deliveries

3
2 32
 Tinplate Company of India Limited

Key operating parameters

CO2 Emission Intensity (tCO2/tFP) Fresh Water Consumption (m3/tFP)

Good Good

13.7
13.0
0.71

12.4
12.2

11.6
0.67
0.66

0.65
0.62
FY20

FY21

FY22

FY23

FY20

FY21

FY22

FY23
1QFY24

1QFY24
Power consumption (kWh/tFP) CRM Material Yield (%)
Good Good
449

432

89
89
429

89

88

88
422
407

FY20

FY21

FY22

FY23

1QFY24
FY20

FY21

FY22

FY23

1QFY24

PaxelTM – India’s first branded tin can for

packaging
Note : CRM – Cold Rolled Mill, tFP – ton of finished product, CO2 emission intensity calculated as per worldsteel methodology 33
 Tinplate Company of India Limited

(All figures are in Rs. Crores Key drivers for QoQ change:
1QFY24 4QFY23 1QFY23
unless stated otherwise)
▪ Revenues: decreased primarily due to lower sales
Total revenue from operations 914 1,033 1,007 volumes on QoQ basis

Raw material cost1 708 672 884 ▪ Raw Material cost: was higher on QoQ basis
Change in inventories (19) 51 (225)
▪ Change in Inventories: decreased as usually there is a
Employee benefits expenses 38 38 39 drawdown in 4Q followed by built up in 1Q
Other expenses 180 190 188
▪ Other Expenses: were lower QoQ due to lower
EBITDA 14 88 125 maintenance related expenses
EBITDA per ton (Rs.)2 1,531 8,385 17,380
▪ EBITDA: stood at Rs 14 crores and Rs 1,531 on per ton
EBITDA Margin (%) 1% 9% 12% basis
Reported PAT 3 57 85

1. Raw material cost includes raw material consumed

2. EBITDA/Steel deliveries

3
4 34
 Tata Metaliks

Key operating parameters

Carbon Emission (tCO2/thm) Energy Consumption Intensity (GJ/thm)

Pig Iron business

Good Good

18.7
1.87

18.5
1.83

1.78
1.75

18.0
17.8
1.73

17.8
FY20

FY21

FY22

FY23

FY20

FY21

FY22

FY23
1QFY24

1QFY24
Ductile Iron Pipe business

Carbon Emission (tCO2/tFP) Energy Consumption Intensity (GJ/tFP)

Good Good
2.4

2.3

2.2
0.63

2.0
0.61

0.58

1.8
0.53

0.48
FY20

FY21

FY22

FY23

1QFY24

FY20

FY21

FY22

FY23

1QFY24
Ductile Iron Pipes,
Tata Metalliks
Note : tFP – ton of finished product, CO2 emission intensity calculated as per worldsteel methodology 35
 Tata Metaliks Limited

(All figures are in Rs. Crores Key drivers for QoQ change:
1QFY24 4QFY23 1QFY23
unless stated otherwise)
▪ Revenues: decreased mainly on account of lower
Total revenue from operations 654 930 669 deliveries. DIP4 share of total revenues increased QoQ

Raw material cost1 396 574 531

▪ Raw Material cost: was lower inline with production
Change in inventories 13 12 (73) and decline in coking coal consumption cost

Employee benefits expenses 42 47 38

▪ Employee benefit expenses: was marginally lower as
Other expenses 164 200 147 there were wage arrears in 4QFY23

EBITDA2 39 97 27
▪ Other Expenses: declined on lower consumables and
EBITDA per ton (Rs.)3 3,853 6,430 2,391 freight related costs

EBITDA Margin (%) 6% 10% 4%

▪ EBITDA: margin was at 6%, translating to Rs 39 crores
Reported PAT 5 56 1

1. Raw material cost includes raw material consumed

2. EBITDA = PBT + Interest + Depreciation
3. EBITDA/Total deliveries
4. DIP – Ductile Iron Pipe

3
6 36
 Tata Steel Thailand

(All figures are in Rs. Crores Key drivers for QoQ change:
1QFY24 4QFY23 1QFY23
unless stated otherwise)
▪ Deliveries: were lower on QoQ basis inline with
Saleable Steel production (mn tons) 0.26 0.31 0.31 production

Deliveries (mn tons) 0.27 0.31 0.31

▪ Revenues: decreased on lower volumes and steel
Total revenue from operations 1,472 1,786 1,966 realisations

Raw material cost1 878 1,171 1,591

▪ EBITDA: decreased on QoQ basis
Change in inventories 138 76 (189)

Employee benefits expenses 56 51 53

Other expenses 372 430 360

EBITDA 30 57 150

EBITDA per ton (Rs.) 1,146 1,827 4,891

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

3
7 37
Investor Relations
Contact

Investor enquiries

Hriday Nair
hnair@tatasteel.com

Pavan Kumar
pavan.kumar@tatasteel.com