TATASTEELNSE31 October 2022

Tata Steel Limited has informed the Exchange about Investor Presentation

Tata Steel Limited

The Secretary, Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001. Maharashtra, India. Scrip Code: 500470/890144*

Dear Sir, Madam,

October 31, 2022

The Manager, Listing Department National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051. Maharashtra, India. Symbol: TATASTEEL/TATASTLPP*

Sub: Submission of Investor Presentation to be made to Analysts/Investors

Please find enclosed herewith the investor presentation to be made to Analysts/Investors on the Financial Results of Tata Steel Limited for the quarter and half year ended September 30, 2022.

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

The same is 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

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

Encl: As above

*Securities in scrip code 890144 and symbol TATASTLPP stand suspended from trading effective February 17, 2021

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

Tata Steel Results Presentation 2022

Financial quarter ended September 30, 2022

October 31, 2022

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

Index

FY23 Results

Performance Update 2QFY23

Bara pond, Jamshedpur (India)

Focused on creating sustainable value

Sustainability at our core

Leadership in India

Global technology & digital benchmark

Consolidate position as global cost leader

Robust financial health

Become culturally future ready

Net Zero by 2045 Pursuing sustainability through multiple pathways Targets

2025

▪ Achieve <2 tCO2 per ton of crude steel in India ▪ Gradually phase out BFs in Netherlands and replace with DRI, REF and IF

▪ Finalisation of roadmap in UK focused on utilising local scrap in

consultation with government

2030

▪ Achieve <1.8 tCO2 per ton of crude steel in India ▪ Achieve 30% lower specific emissions vs. 2020 in Europe

2045

▪ Net Zero

Initiatives

Higher scrap charge

Reducing ash in Coke

Cleaner fuel like gas

Progress on Hydrogen

Adoption of HIsarna

Multilocation EAF

Alumina in Iron ore

Renewable energy

Upscaling CCU pilots

Partnering with Academia

New smelting technology

Note : BF – Blast Furnace, DRI – Direct Reduced Iron, REF - Reducing Electric Furnace, IF – Induction Furnace, CCU – Carbon Capture & Utilisation, EAF – Electric Arc Furnace

Underpinned by Commitment towards Safety & Health of our employees

Safety remains a top priority

73%

LTIFR1

In the last 15 years

8 0 Y F

9 0 Y F

0 1 Y F

1 1 Y F

2 1 Y F

3 1 Y F

4 1 Y F

5 1 Y F

6 1 Y F

7 1 Y F

8 1 Y F

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F H 1

Undertook behavioural based programs to improve perception about safety. TSJ recognised by CII for ‘SHE Excellence in Eastern Region’ for FY22

Theme based health awareness programs organised ‘World Heart day’ / ‘Monsoon diseases & prevention’ for >5,000 employees across India operations

1 Lost Time Injury Frequency Rate per million-man hours worked for Tata Steel Group

Improving quality of life of our communities

Rural & Urban Education

Household Health & Nutrition

Tribal Cultural Heritage

Grassroots Rural Governance

Women & Youth Empowerment

Dignity for the Disabled

Household Livelihoods

Water Resources

Grassroots Sports

Public Infrastructure

9.8 Lakh+ Lives Impacted1

~Rs 1,300 crores spent2 since FY19

406

315

193

222

153

FY19

FY20

FY21

FY22

1HFY23

1 Cumulative as on 1HFY23 2 CSR Spending by Tata Steel Standalone

Tata Steel provides specialized training & supervision to Accredited Social Health Activist (ASHA) workers in rural India, who provide support to women during pregnancies and childbirth

Leadership in India

India Crude Steel production by 2030

Growth in India to consolidate market leadership with future investments set to drive sector leading returns

Upstream

Flats

Longs

From ~7 MTPA to

~13 MTPA

From ~16 MTPA to

From ~5 MTPA to

~25 MTPA

~15 MTPA

Crude steel production

Pellet capacity (TSK Ph II)

Crude steel production

From ~30 MTPA to

2.2 MTPA CRM and

Multilocational

60-65 MTPA

Iron ore mining

5 MTPA

Expansion at TSK

EAF, NINL

expansion

From ~21 MTPA to

40 MTPA

By 2030 with options to grow beyond

Downstream

From 1 MTPA to

From 0.45 MTPA to

From 0.38 MTPA to

2 MTPA

Tubes

1 MTPA

Wires

1 MTPA

Tinplate

From 0.2 MTPA to

1 MTPA

Ductile Iron Pipes

TSK – Tata Steel Kalinganagar, CRM – Cold Rolling Mill, EAF – Electric Arc Furnace, NINL – Neelachal Ispat Nigam Ltd

5MTPA Expansion

Flats: TSK 5 MTPA expansion on track, CRM complex to drive product mix enrichment while pellet plant enables cost savings

2QFY23

FY23

FY24

Pellet plant

CRM : PLTCM

CRM : CAL / CGL

5 MTPA

Pellet plant control room

Outer shell of Blast Furnace has been erected

Note : TSK – Kalinganagar, CRM – Cold Rolling Mill, PLTCM – Pickling Line & Tandem Cold mill, CAL / CGL – Continuous Annealing / Galvanising lines

Longs: Poised to grow 2x in high margin retail business

Pan India

Distribution network

Tata Steel has a strong portfolio of 11 retail brands

2x growth in retail

FY22

FY27

Leveraging retail housing growth in semi urban India

Driven by capacity growth at NINL and EAFs

Enhanced physical and digital reach

Consolidate market share with innovative solutions

Note : B2C – Business to Consumer, NINL – Neelachal Ispat Nigam Limited, EAF – Electric Arc Furnace

Product portfolio that can cater to end to end requirements of key project segments

Metro example

Cut and bend

Lattice Trusses

Roofing Solutions

Bore Pile Cages

Welded Wire Mesh/Fabric

AAC Blocks

Toilet Blocks

Steel Fibre

LRPC Strands

Structural Tubes

Couplers

Diaphragm Wall

Doors

Charging Stations

LGSF Buildings

Note : LGSF: Light Gauge Steel Framed Structures, AAC: Autoclaved Aerated Concrete Blocks, LRPC: Low Relaxation Prestressed Concrete steel strand

Value accretive consolidation with

multiple benefits

Unlisted

Listed

TS Mining

S&T Mining

Indian Steel & Wire Products

TSLP Swap ratio 6.7

TCIL Swap ratio 3.3

Tata Metalliks Swap ratio 7.9

TRF Ltd. Swap ratio 1.7

Reduced corporate and compliance costs

Optimal resource use, lower royalty

Faster growth, stronger balance sheet

Provide greater liquidity to shareholders

Note : TSLP – Tata Steel Long Products, TCIL – Tinplate Company of India Limited, Swap ratio is the number of Tata Steel’s shares that will be offered in exchange for one share of merging entity

Tata Steel Europe embarking on green journey with Zeremis in TSN & Optemis in TSUK, customers across segments

Supplier for leading Auto OEMs

Supplier for a leading global tank storage manufacturer

Supplied steel for tubes of Hyperloop

Note : Green steel offerings - Zeremis = Zero Emissions (Tata Steel Netherlands), Optemis = 0% Port Talbot Emissions (Tata Steel UK), OEM – Original Equipment Manufacturer

Digital ecosystem to empower business and drive cultural readiness

Digital ready culture

Digital leader in Global steel

$2bn Digitally enabled savings

Belief System 2015 - 17

Digital Acceleration 2018 - 21

Digital Best-in-class 2022 - 25

• Reverse Mentoring • Go-and-see visits • Analytics

• Integrated One-IT • Customer-centric • Business-first, KPI-

driven

• Hyper-personalization • Remote operations • Data-driven, Phygital

business

Connected Operations

Connected Assets

• Integrated Sinter plant • 1st in India to operate from

• Predictive model for asset health • 750 hrs. potential delay

6 kms

prevented

6.4x return in investment, ~$0.5bn accrued till date

200+ models and 1,300+ Dashboards

Data democratization through Single version of truth

99.99% System availability

Templatized M&A capability

Connected Workforce

Connected Platforms

• Apps to aid employees • Crowd sensing, Social

distancing

• Connected transactions,

processes

• Personalise for customers etc.

Note : KPI – Key Performance Indicator and M&A – Mergers & Acquisitions

Financial management to enable returns across cycle

Balance sheet management

Maximising ROIC

Investment grade metrices

Portfolio restructuring

Future readiness

Cost optimisation

Green finance framework

Margin management

Medium-term (Across cycle targets)

Target Leverage

Net Debt/EBITDA

Interest Cover

Target RoIC1

Dividend Policy

15%

Progressive dividend policy; robust pay-out

Note : 1. ROIC – Return on Invested Capital

2QFY23 Results

Butterfly park, Noamundi mines (India)

Steel industry adversely impacted by decline in spreads and high energy prices, especially in Europe

▪ Global steel prices continued to moderate in July – Sep

period amidst concerns about global recovery & seasonal dynamics

▪ Iron ore and Coking coal prices have declined by around 15 -20%. Energy costs remain elevated especially natural gas prices in Europe

▪ In China, economic slowdown has weighed on domestic

demand despite announced stimulus measures

▪ In Europe, steel spot spread is still above $300/t level but spread incl. natural gas, electricity & carbon costs is lower

EU Steel spread and incl. energy, carbon costs

China Steel spot spreads (Domestic, Export)

HRC spot gross spreads ($/t)

EU Steel spot spread

EU spread (w Energy, Carbon)

1,000

750

500

250

China domestic Spreads

China export Spread

600

450

300

150

0 Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

0 Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

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)

India demand stable though export ban affected equilibrium; Inflationary pressures affected EU demand

India

▪ Economic activity in India remained stable despite the global cues. Apparent steel consumption was broadly stable on QoQ basis. Exports were down ~36% QoQ

▪ Automotive continues to recover while Infra / Construction and Capital goods were impacted by seasonal factors

Key steel consuming sectors*

Europe ▪ Inflation – rate hike dynamics and Russia – Ukraine crisis have raised concerns about EU economic activity and weighed on demand dynamics

▪ Higher energy costs have led to pressure on margins. UK & European Union, have proposed / implemented select interventions to address elevated energy costs

Key steel consuming sectors (%, YoY growth)

Capital Goods

Infrastructure/ construction goods

Automotive

150

100

Machinery

Construction

Vehicles (units)

61%

16%

100%

50%

-50%

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-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 produced as per SIAM; growth of key steel consuming sector is calculated by removing sub-segments which do not consume steel

India1

Record domestic deliveries

Steel domestic deliveries Mn tons

aid in retaining market leadership across segments

Catering to ~87% of domestic market

Brands across segments

3.86

0.66

1.28

1.57

0.35

2QFY22

3.68

0.69

1.15

1.52

0.33

1QFY23

4.37

0.67

1.53

1.81

0.36

2QFY23

Automotive

BPR

IPP

Downstream

1 India includes Tata Steel Standalone and Tata Steel Long Products on proforma basis without inter-company eliminations, BPR – Branded Products & Retail, IPP – Industrial Products & Projects 19 2TOC – Theory of Constraints,

50+Product Application EngineersService centresFor last point processing95%Districts across India being covered100%Fleet covered by vehicle tracking system250+Distributors250+Distributors14,600+Dealers6Hubs14spokesTOCEnabled supply chain2India1

Record quarterly sales in Industrial Products & Projects driven by rise in value added products to target segments

Oil & Gas

1400+ km

Pre-Engineered Buildings

9.3 million sq ft

Solar

130+ MW

of Oil and Gas pipeline infrastructure developed using Tata Steel’s HR products

of Pre-Engineered buildings constructed with steel

Power generation infrastructure developed using steel

Railways

Lifting & Excavation

Water pipeline

Tata Steel to supply HR for Mega Wagons of Indian Railways

1 in every 5

Construction equipment has steel supplied by Tata Steel

440+ km

Of water pipelines laid using Hot Rolled Steel

Note : 1 India includes Tata Steel Standalone and Tata Steel Long Products on proforma basis without inter-company eliminations, HR – Hot Rolled , MW – Mega Watt

Tata Steel Consolidated

(All figures are in Rs. Crores unless stated otherwise)

Production (mn tons)1

Deliveries (mn tons)

Total revenue from operations

Raw material cost2

Change in inventories

Employee benefits expenses

Other expenses

EBITDA

Adjusted EBITDA3

Adjusted EBITDA per ton (Rs.)

Other income

Finance cost

Pre exceptional PBT

Exceptional items (gain)/loss

Tax expenses

Reported PAT

2QFY23

1QFY23

2QFY22

Key drivers for QoQ change:

7.56

7.23

59,878

31,246

281

5,318

16,972

6,271

5,817

8,045

329

1,519

2,625

1,308

1,297

7.74

6.62

63,430

31,319

(8,099)

5,963

19,273

15,047

14,348

21,661

268

1,218

11,945

4,192

7,714

7.77

7.39

60,387

22,162

(3,103)

5,862

19,011

16,618

17,810

24,112

271

1,020

13,604

(516)

1,572

12,548

(715)

▪ Revenues: decreased primarily driven by drop in

realisations across geographies and lower volumes in Europe

▪ Raw Material cost: broadly flat as decline in India was

offset by rise at Europe

▪ Other expenses: Decreased on lower royalty in Tata

Steel India including subsidiaries

▪ EBITDA: moderation in NR across geographies and utilisation of high-cost inventory led to drop in margins

▪ Tax expenses: current tax in line with profitability at

India and Netherlands, Deferred tax driven by movement in BSPS

▪ Other Comprehensive Income: primarily relates to

foreign currency translation differences

Other comprehensive income

(3,414)

(6,611)

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 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

Consolidated EBITDA1 stood at Rs 5,817 crores Drop in realisations in India, lower volumes in Europe coinciding with consumption of high-cost inventory led to margin compression

14,348

7,235

in Rs crores

▪ Selling Result: Primarily due to drop in steel

realisations in India

3,243

879

5,817

1,068

▪ Cost Changes: Primarily due to utilisation of

high cost inventory across geographies

▪ Volume/Mix: Higher deliveries in India

partially offset by lower deliveries in Europe

▪ Others: reflecting lower royalty and higher

dividend income

Adjusted EBITDA 1QFY23

Selling Result

Cost Changes

Volume/Mix

Others

Adjusted EBITDA 2QFY23

1 EBITDA adjusted for foreign currency revaluation gain/loss on offshore liabilities / assets

Net debt stood at Rs 71,753 crores Bunching up of large cash payouts ~ Rs 19,000 crores in Q2 - on account of NINL acquistion, FY22 dividend payout and growth capex drives increase in gross debt

82,597

4,340 -

511

87,516

15,763

in Rs crores

71,753

Gross Debt Jun'22

Addition of new leases

Loan movement

FX Impact and Others

Gross Debt Sep'22

NINL – Neelachal Ispat Nigam Limited

Cash, Bank & Current Investments

Net Debt Sep'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

19.8%

18.9%

17.2%

12.2%

17.3%

9,337

11,110

6,267

10,838

15,387

11.7

9.8

1,16,328

1,00,816

92,147

1,04,779

94,879

3.9

4.1

69,215

88,501

87,516

75,561

75,389

71,753

2.4

51,049

Net

Gross

FY 18

FY 19

FY 20

FY 21

FY22

1HFY23

FY18

FY19

FY20

FY21

FY22

1HFY23

FY18

FY19

FY20

FY21

FY22

1HFY23

FY18

FY19

FY20

FY21

FY22 1HFY23

Net Debt / EBITDA (x)

Net Debt / Equity (x)

Credit Rating

5.91

3.20

3.19

2.44

1.37

1.42

1.43

0.98

0.63

0.52

FY18

FY19

FY20

FY21

0.80 FY22

1HFY23

FY18

FY19

FY20

FY21

FY22

1HFY23

BBB-/ Baa3

BB+/ Ba1

BB/ Ba2

BB-/ Ba3

B+/ B1

B/ B2

B-/ B3

0 Apr-17

Investment Grade

S&P

Moody's

Positive

May 2022

July 2022

FY18 FY19 FY20 FY21 FY22

Apr-21

Apr-20

Apr-19

Apr-18

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, LTM basis

Apr-22

Outlook

Steel demand

Steel prices

Raw material prices

China steel output to moderate on winter cuts even as demand finds support from stimulus measures by the government

Visible positive signs for India demand during festive season and expected to further improve on recovery in steel end use segments

Prices to stabilise as steel supply - demand dynamics improve sans seasonal factors

India steel prices are expected to be range bound; strong demand recovery in auto and buoyancy in rural & construction markets tempered by international prices

Coking coal to be range bound; demand from India and cyclone weather in Australia offset by reduction in thermal coal prices

Seaborne iron ore prices to remain subdued on China steel production dynamics

Geopolitics and inflation – rate hike dynamics raising uncertainty in EU, select steel end use sectors like automotive to gradually recover

European steel prices to be affected by seasonality and recessionary concerns; supply cuts should drive better market balance

European power and energy costs to remain volatile on supply vs. demand in winter and Russia – Ukraine war. EU / UK government measures a key watchpoint

Annexures

Jamshedpur, India

Tata Steel Standalone

Goodness Indicator

Continued focus on operational efficiencies and minimizing environmental impact

Coke Rate (kg/thm)

Specific Energy Consumption (Gcal/tcs)

3 6 3

5 5 3

6 5 3

3 5 3

7 4 3

4 8 . 5

0 8 . 5

9 7 . 5

Specific Fresh Water Consumption (m3/tcs)

0 5 . 3

0 1 . 3

0 7 . 2

1 7 . 2

6 7 . 2

7 6 . 5

6 6 . 5

FY19

FY20

FY21

FY22

1HFY23

FY19

FY20

FY21

FY22

1HFY23

FY19

FY20

FY21

FY22

1HFY23

CO2 Emission Intensity (tCO2/tcs)

Specific Dust Emission (kg/tcs)

Solid Waste Utilisation (%)

5 3 . 2

1 3 . 2

2 3 . 2

3 4 . 2

9 3 . 2

2 4 . 0

8 3 . 0

4 3 . 0

9 3 . 0

5 3 . 0

0 0 1

9 9

0 0 1

FY19

FY20

FY21

FY22

1HFY23

FY19

FY20

FY21

FY22

1HFY23

FY20

FY21

FY22

1HFY23

Tata Steel Long Products

Goodness Indicator

Key operating parameters

Coke rate (kg/thm)

PCI rate (kg/thm)

Crude Steel Yield (%)

2 4 5

9 1 Y F

6 8 4

0 2 Y F

4 7 4

1 2 Y F

Power consumption (KVAH/tcs)

5 5 6

9 1 Y F

5 5 6

0 2 Y F

1 0 6

1 2 Y F

Note : 1. ton of finished steel

0 0 5

2 2 Y F

1 7 6

2 2 Y F

8 9 4

3 2 Y F H 1

1 4 6

3 2 Y F H 1

9 9

9 1 Y F

1 1 1

0 2 Y F

8 2 1

1 2 Y F

Electrode consumption (kg/tcs)

6 . 1

9 1 Y F

3 . 1

0 2 Y F

5 . 1

1 2 Y F

6 1 1

2 2 Y F

4 . 2

2 2 Y F

6 1 1

3 2 Y F H 1

5 . 2

3 2 Y F H 1

0 . 1 8

9 1 Y F

9 . 1 8

0 2 Y F

6 . 2 8

1 2 Y F

Oil consumption at Mill (ltr/ton1)

5 . 5 2

9 1 Y F

5 . 5 2

0 2 Y F

0 . 7 1

1 2 Y F

9 . 2 8

2 2 Y F

1 . 2 2

2 2 Y F

8 . 2 8

3 2 Y F H 1

8 . 2 2

3 2 Y F H 1

Tata Steel Standalone

(All figures are in Rs. Crores unless stated otherwise)

Production (mn tons)

Deliveries (mn tons)

Total revenue from operations

Raw material cost1

Change in inventories

Employee benefits expenses

Other expenses

EBITDA

Adjusted EBITDA2

Adjusted EBITDA per ton (Rs.)

Other income

Finance cost

Pre exceptional PBT

Exceptional items (gain)/loss

Tax expenses

Reported PAT

Other comprehensive income

2QFY23

1QFY23

2QFY22

Key drivers for QoQ change:

4.64

4.76

32,245

16,336

1,499

1,647

7,920

5,135

4,158

8,741

1,018

958

3,555

880

2,655

4.73

3.89

32,021

17,336

(4,562)

1,540

8,139

9,616

8,304

21,326

736

722

8,237

2,068

6,114

4.56

4.42

32,687

8,752

(628)

1,543

9,589

13,557

13,574

30,739

382

730

11,730

131

2,891

8,708

163

▪ Revenues: Broadly similar as higher volumes more

than offset the decline in steel realisations

▪ Raw Material cost: decreased due to decline in coking

coal and scrap consumption cost

▪ Other expenses: decreased primarily on lower royalty

payment related to Iron ore

▪ EBITDA: decreased primarily on moderation in steel realisations combined with utilisation of high-cost inventory

▪ Other Income: driven by Dividend Income

▪ Finance cost: increase on rise in benchmark interest

rates and movement in gross debt

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

2QFY23

1QFY23

2QFY22

Key drivers for QoQ change:

Tata Steel Europe

(All figures are in Rs. Crores unless stated otherwise)

Liquid Steel production (mn tons)

Deliveries (mn tons)

Total revenue from operations

Raw material cost1

2.40

1.87

21,559

11,090

2.44

2.14

25,961

11,162

2.56

2.14

21,424

10,441

Change in inventories

(1,400)

(2,563)

(2,301)

Employee benefits expenses

Other expenses

EBITDA

EBITDA per ton (Rs.)

3,114

6,972

1,788

9,540

3,929

7,415

6,037

3,762

6,222

3,340

28,220

15,609

▪ Revenues: decreased on absolute basis (in £) and per ton basis due to lower deliveries and steel realisations

▪ Raw Material cost: higher (in £) on higher coking coal

consumption partly offset by drop in Iron ore consumption cost

▪ Change in Inventories: reflects the build up in Inventory during the quarter, given the reline at Netherlands and lower sales

▪ Other Expenses: decreased primarily on lower power

and fuel costs, 1QFY23 included UK government rebate for electricity costs in prior periods

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

▪ EBITDA: Margin declined on drop in prices and

elevated costs

Tata Steel Long Products (Consolidated with NINL)

2QFY231

1QFY23

2QFY22

Key drivers for QoQ change:

(All figures are in Rs. Crores unless stated otherwise)

Total revenue from operations

Raw material cost2

Change in inventories

Employee benefits expenses

Other expenses

EBITDA

1,869

1,358

106

562

(229)

1,994

1,665

(147)

484

(34)

1,637

1,032

(47)

360

302

18,010

18.5%

135

EBITDA per ton (Rs.)3

(14,594)

(1,956)

EBITDA Margin (%)

Reported PAT

(662)

(331)

1. Figures for 2QFY23 are consolidated for NINL, post acquistion 2. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products 3. EBITDA/Steel deliveries

▪ Revenues: decreased on lower volumes and decline in

realisations in Steel and DRI business

▪ Raw Material cost: decreased on lower volumes and

decline in coking coal consumption cost

▪ Employee benefit expenses: Increased primarily due to consolidation of Neelachal Ispat Nigam Ltd. (NINL), excluding this was broadly stable

▪ Other Expenses: Increased due to consolidation of NINL, else declined on lower royalty, fuel and freight related expenses

▪ EBITDA: was loss of Rs 52 crores excluding movement

due to consolidation of NINL

Tata Steel Thailand

(All figures are in Rs. Crores unless stated otherwise)

Saleable Steel production (mn tons)

Deliveries (mn tons)

Total revenue from operations

Raw material cost1

Change in inventories

Employee benefits expenses

Other expenses

EBITDA

2QFY23

1QFY23

2QFY22

Key drivers for QoQ change:

▪ Volumes: broadly stable production and sales volumes

▪ Revenues: Decreased on drop in steel realisations

▪ EBITDA: decreased as movement in realisations more

than offset the reduction in material related costs

0.30

1,656

1,004

215

355

0.31

1,966

1,591

(189)

360

150

0.27

0.33

1,780

1,081

102

304

240

EBITDA per ton (Rs.)

1,005

4,891

7,361

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

Investor relations contact

Investor enquiries

Hriday Nair hnair@tatasteel.com

Pavan Kumar pavan.kumar@tatasteel.com

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