TATASTEELNSE2 May 2023

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

Dear Sir, Madam,

May 2, 2023

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

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 32,698 crores for FY2023; Net debt stands at Rs 67,810 crores” and investor presentation to be made to Analysts/Investors on the Financial Results of Tata Steel Limited for the quarter and financial year ended March 31, 2023.

This 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

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, May 02, 2023

Tata Steel reports Consolidated EBITDA of Rs 32,698 crores for FY2023; Net debt stands at Rs 67,810 crores

Highlights:

▪ Consolidated Revenues for FY2023 stood at Rs 2,43,353 crores and were broadly similar on YoY basis despite

volatile operating environment across geographies.

▪ Consolidated EBITDA stood at Rs 32,698 crores, with an EBITDA margin of ~13%. Consolidated Profit after

Tax stood at Rs 8,075 crores.

▪ During the quarter, Consolidated Revenues stood at Rs 62,962 crores and EBITDA was at Rs 7,225 crores,

with an EBITDA margin of ~11%. Profitability improved primarily on India performance.

▪ Neelachal Ispat Nigam Limited has steadily ramped up during the last two quarters and is presently operating

with a run rate of ~1 million tons (crude steel plus pig iron) on annualised basis.

▪ The company has spent Rs 4,396 crores on capital expenditure during the quarter and Rs 14,142 crores for the full year. Work on 5 MTPA expansion at Kalinganagar and setting up an EAF mill of 0.75 MTPA in Punjab is progressing.

▪ Net debt decreased by ~Rs.3,900 crores to Rs.67,810 crores. Our liquidity remains strong at Rs 28,688 crores.

Net debt to EBITDA was 2.07x.

▪

India1 achieved highest ever annual crude steel production of 19.88 million tons and highest ever deliveries of 18.87 mn tons.

o Automotive was up 5% YoY, Branded Products and Retail was up 11% YoY while Industrial products &

projects was up 14% YoY.

o EBITDA stood at Rs.27,561 crores, translates to an EBITDA per ton of Rs 14,606

▪ Europe revenues were £9,293 million and EBITDA was £477 million, translating to an EBITDA per ton of £58. Product mix has been affected due to ongoing upgradation of Cold Mill in Ijmuiden (CM21). The relining of one of the blast furnaces at Ijmuiden has commenced in early April.

▪ The Board of Directors recommends a dividend of Rs. 3.60 per fully paid-up equity share of face value of Re 1/-

each.

FY22

FY23

India1

5.15 5.15

Consolidated

4QFY23 3QFY23 4QFY22

Financial Highlights: Key profit & Loss account items (All figures in Rs. Crores unless specified) Production (mn tons)2 31.03 29.52 Deliveries (mn tons) 2,43,959 Turnover 63,830 Reported EBITDA 21,626 Reported EBITDA (Rs. per ton) Adjusted EBITDA3 65,483 22,186 Adjusted EBITDA (Rs. per ton) 50,361 PBT before exceptional items 134 Exceptional Items (gain)/loss Reported Profit after Tax 41,749 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

7.56 7.15 38,480 1,37,030 1,35,823 62,962 57,084 4,154 52,745 12,539 5,806 28,863 24,469 2,727 51,848 11,942 3,812 28,372 23,305 243 45,211 10,800 (160) 263 76 (2,502) 33,641 7,899

30.65 28.79 69,324 2,43,353 32,698 15,174 11,358 18,937 30,117 15,891 10,462 19,832 18,122 12,139 (113) 274 8,075 9,835

5.00 4.74 36,576 32,325 4,982 15,715 10,510 4,412 9,305 2,732 7 1,918

27,561 14,606 24,931 13,212 19,264 780 13,191

7,225 9,289 7,225 9,288 3,309 (12) 1,566

8,320 16,160 5,851 699 3,497

19.88 18.87

19.06 18.27

7.80 7.78

7.62 8.01

4.90 5.12

8,091

FY22

FY23

Page 1 of 3

Management Comments:

Mr. T V Narendran, Chief Executive Officer & Managing Director:

“FY2023 saw our India crude steel production growing to around 19.9 million tons, with a 65% share of our overall volumes. Deliveries were in line with production with domestic deliveries growing 11% YoY and driving product mix improvement. The quarter also saw strong momentum with deliveries growing by 9% QoQ to 5.15 million tons. We have multiple projects ongoing at various locations in India as we work towards 40 MTPA by 2030. The phased commissioning of our expansion at Kalinganagar continues with FHCR coils now being produced at the CRM complex. Within 9 months of acquisition, we have successfully ramped up Neelachal Ispat Nigam Limited to ~1 million tons on annualised basis. We have also progressed on our plans to set up our first EAF mill in Punjab. During the quarter, Europe deliveries were up 9% QoQ. The Cold Mill upgrade at Ijmuiden is progressing and we have commenced the relining of BF6 in early April.

Sustainability is at the core of our strategy and Tata Steel has committed to Net Zero by 2045. Our route and pace of decarbonisation across geographies will be calibrated for each location based on the local regulatory framework, government support and willingness of customers to pay for higher cost green steel. We continue to pursue multiple initiatives to reduce our emissions including a recently initiated trial for injecting large quantity of hydrogen into one of our blast furnaces at Jamshedpur, a global first. I am also happy to share that Tata Steel has been recognised by worldsteel as Sustainability champion for the sixth time in a row and by World Economic Forum as Global Diversity, Equity & Inclusion Lighthouse.”

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

“Our Consolidated revenues for the financial year were ~$30 billion. Revenues were broadly stable on YoY basis despite the heightened volatility in the operating environment. Consolidated EBITDA stood at Rs 32,698 crores, which translates to an EBITDA margin of 13% and EBITDA per ton of Rs 11,358. The India business generated a margin of 20% while Europe was at 5% with higher input costs affecting margins. The consolidated ROIC was 15% for the full year.

During the quarter, our consolidated revenues stood at Rs 62,962 crores while EBITDA was Rs 7,225 crores. India business witnessed a margin improvement from 15% to 22% driven by improved realisations QoQ. In Europe, margins were broadly similar on QoQ basis as improvement in costs was offset by drop in revenues, in part due to delay in ramp up of cold mill at Ijmuiden. Cash flow from operations before interest stood at Rs 11,260 crores driven by favourable working capital movement. Our capital expenditure was Rs 4,396 crores for the quarter as we prioritise completion of the 5 MTPA Kalinganagar expansion and free cash flow was Rs 4,809 crores. We reduced our leverage by ~Rs 3,900 crores this quarter and our Net debt stands at Rs 67,810 crores. We were successful in maintaining our interest cost despite the 250bps increase in benchmark interest rates. Our financial metrices continue to be within our medium-term targets, with Net debt to EBITDA at 2.07x and Net debt to equity at 0.61x. We remain focused on cost optimisation, operational improvements and working capital management to maximise cashflows and will aim to resume our deleveraging journey in FY2024. The Board has recommended dividend of Rs 3.60 per share.”

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.

Page 2 of 3

For queries and information

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

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 65,000

• 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, No. 1 brand in India in the Mining and Metals industry in Top 100 brand rankings for 2022 by Brand Finance, and ‘Most Ethical Company’ award 2021 from Ethisphere Institute

• Recognised with 2022 ERM Global Award of Distinction, ‘Masters of Risk’ - Metals & Mining Sector recognition at The India Risk Management Awards for the sixth 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

Tata Steel |

@TataSteeLtd |

Tata Steel |

tatasteelltd

Page 3 of 3

Preferred option

Tata Steel Results Tata Steel Results Presentation Presentation

Fourth quarter and Financial year Ended March 31, 2023

Fourth quarter and Financial year ended March 31, 2023 Fourth quarter and Financial year Ended March 31, 2023

May 02 2023

May 02, 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

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 inferred or indirectly expressed, implied. Important factors that could make a difference 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 regulations, the environment, Government laws, statutes, judicial pronouncements and/or other incidental factors.

the Company’s

Fibre Reinforced Polymer for poles / structures at a park in Jamshedpur, India

Performance Update

Steel that drives sustainability

Steel prices and spot spreads were volatile on global uncertainties and policy dynamics ▪ Global steel prices have been recovering on improved

expectations about economic activity in western markets and China

▪ However, uncertainty abounds driven by confluence of

factors ranging from geopolitics to concerns about global financial markets

▪ Coking coal and Iron ore prices were up while energy costs moderated. Coking coal prices were close to $300/t levels on tight supply and since have moderated

▪ Steel spot spreads improved in 4QFY23. Currently, China and EU spreads are above FY2023 but below FY2022 levels

China Steel spot spreads (Domestic, Export)

EU Steel spread including energy, carbon costs

HRC spot gross spreads ($/t)

500

375

250

125

0 Mar-21

China domestic Spreads

China export Spread

750 1,000

500

250

EU Steel spot spread

EU spread (w Energy, Carbon)

Sep-21

Mar-22

Sep-22

Mar-23

0 Mar-21

Sep-21

Mar-22

Sep-22

Mar-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)

India steel demand grew on government spending; Inflationary pressures weighed on fundamentals in EU

India

▪ Apparent steel consumption in India was up 14% on YoY

basis in 4QFY23 and was up 13% on YoY basis for FY2023

Europe ▪ Inflationary pressures and sustained volatility weighed on

steel fundamentals during the year. Concerns about banking sector in Jan – Mar quarter added to the mix

▪ Infrastructure / Construction continued to improve while auto production was down 4% QoQ during 4QFY23

▪ ECB has hiked rates by 350 bps between June – March

2023. Inflation is presently around 7%

Key steel consuming sectors*

Key steel consuming sectors (%, YoY growth)

Capital Goods

Infrastructure/ construction goods

Automotive

150

100

0 Jan-20

Machinery

Construction

Vehicles (units)

100%

50%

-50%

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 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, ECB – European Central Bank

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

555 5 5

FY23 : A year of strategic progress

Sustainability at core

Portfolio alignment with India growth story

▪ Best in Class CO2 footprint in all

geographies

▪ Multiple initiatives underway to

reduce emissions

▪ Net Zero by 2045

▪ Highest annual crude steel production of ~19.9 mn tons

▪ Ongoing capacity expansion at

multiple locations

▪ Amalgamation progressing

65%

India production as % of total

Financial performance

Capital Returns

▪ Consolidated EBITDA of

Rs 32,698 crores

▪ Cash flow from operations of

Rs 21,683 crores

▪ Net debt to EBITDA at 2.07x

Note : Dividend Payout ratio = Dividend / Profit After Tax

▪ Dividend recommended of

Rs 3.60 per fully paid-up equity share

▪ Dividend payout ratio at 54%

Some milestones we are proud of

36 million tons of Iron ore mined

500+ kt slag used for road construction

1st in India with Responsible Steel certification

1st in India to receive license for weather resistant steel

Global Diversity, Equity & Inclusion lighthouse

60 transgender employees onboarded

Dream Click Build

Rs 1,730 crores sales, >18% YoY growth

Fibre reinforced composites for Vande Bharat coaches

68 new products developed

130+ patents filed and granted

Rs 275 crores spent on R&D

Improvement savings of Rs 6,500+ crores

Note : World Economic Forum recognised Tata Steel as Global Diversity, Equity & Inclusion lighthouse, R&D - Research and Development, Slag is a by-product in steel making process

Focused on creating sustainable value

Leadership in India

Consolidate position as global cost leader

Become future ready

Leadership in Sustainability

Leadership position in technology & digital

Robust financial health

Net Zero by 2045 Pursuing sustainability through multiple pathways

Adoption of HIsarna

Multilocation EAF

Lower Alumina in Iron ore

Progress on Hydrogen usage

Cleaner fuel i.e., Natural gas etc.

Reducing ash in Coal

Higher scrap charge

Initiatives

Higher Renewable energy use

Upscaling CCU pilots

Partnering with Academia

Nature based solutions – biomass etc.

FY23 progress

Various pilots by R&D

▪ Improvement in Blast

furnace fuel rates esp. at Jamshedpur and TSLP

▪ Trial for injecting H2 into blast furnace to reduce coke usage

▪ Increase in steel scrap usage across locations

▪ Pilot to convert captured CO2 to polycarbonate

▪ Reduced dependence on

▪ Trial of 1 kWh TEG to

coal at TSLP

▪ Super Absorbent Polymer

to reduce moisture in coke

convert low grade waste to Electricity

▪ 10 tons per day pilot plant to produce methanol from blast furnace flue gases

Note : CCU – Carbon Capture & Utilisation, EAF – Electric Arc Furnace, TSLP – Tata Steel Long Products, TEG - Thermo-Electric Generator , CO2 – Carbon dioxide, H2 - Hydrogen

Focus on ‘Zero harm’ Committed towards excellence in Safety & Health of employees1

Safety remains a top priority

71% LTIFR*

In the last 15 years

s e i t i l

a t a F

FY19

FY20

FY21

FY22

FY23

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

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

Integrated Command Center Integrated Command Center to monitor

Integrated Command Center Safety Leadership Development Center

Integrated Command Center “FELT Leadership” to drive risk perception

Integrated Command Center Focus on Health of employees

Note : 1. Employees refers to Permanent and Contract workforce

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

Rural & Urban Education

Household Health & Nutrition

31.5 Lakh+

Lives Impacted1

Tribal Cultural Heritage

Grassroots Rural Governance

~Rs 1,600 crores spent2 since FY19

Women & Youth Empowerment

Dignity for the Disabled

Household Livelihoods

Water Resources

481

406

315

222

193

Strengthening tomorrow : Reached out to 6.7 lakh + children via signature education programs and >56,000 brought back to school

Grassroots Sports

Public Infrastructure

FY19 FY20 FY21 FY22 FY23

1 Cumulative as on FY23 2 CSR Spending by Tata Steel Standalone

Growth in India to consolidate market leadership Future investments set to drive sector leading returns Leadership in India

India Crude Steel production by 2030

0.75

EAF

TSK / TSM / NINL

TSK Ph 2

~21 MTPA

Flats

2023 ~16 MTPA

2030 ~27 MTPA

40 MTPA

NINL / EAF

Longs

~5 MTPA

~13 MTPA

Crude Steel

~21 MTPA

40 MTPA

Upstream

36 MTPA

Iron ore

~60 - 65 MTPA

Downstream

1 MTPA

Tubes

~4 MTPA

0.45 MTPA

Wires

~1 MTPA

0.38 MTPA

Tinplate

~1 MTPA

2023

TSK Ph 2

EAF

TSK / TML / NINL Ph 1

NINL Ph 2 / EAF

2030

Note : TSK – Tata Steel Kalinganagar, EAF – Electric Arc Furnace, TSM – Tata Steel Meramandali, NINL – Neelachal Ispat Nigam Limited and DI – Ductile Iron

0.20 MTPA

DI Pipe

~1 MTPA

Flats: 5 MTPA expansion progressing at Kalinganagar Value added growth to maintain a future ready portfolio 1st FHCR coil produced from PLTCM TSK 5 MTPA expansion progressing

2.2 MTPA CRM complex : CAL & CGL to be progressively commissioned

Pellets being produced from 6 MTPA plant

Note: PLTCM – Pickling Line and Tandem Cold Mill, CAL – Continuous Annealing Line, CGL – Continuous Galvanising Line, TSK – Tata Steel Kalinganagar, FHCR – Full Hard Cold Rolled

Longs: Well-placed to more than double the market share Multilocational growth plans under execution

NINL, a strategic acquisition, ramping up well

Business model innovation through EAF based Mini Mill

State-of-the-art facility to deepen play in Specialty steel

Augmenting downstream capacity

Existing capacity ~1 MTPA

EAF of 0.75 MTPA in Punjab

Combi Mill of

0.5 MTPA

Wire capacity expansion by 0.1 MTPA

▪ NINL operating at 1 MTPA

▪ Land acquisition done, site

▪ Combi → Special bar and

on annualised basis

work under progress

Wire rod mill

▪ De-bottlenecking and new LRPC line being added

▪ Detailed Project Report for Ph1 expansion to around 5 MTPA under progress

▪ Key components and main technology ordered from leading global supplier

▪ Order placement & Detail engineering completed. Utilities work has started

▪ Addition of thick MTB and new GI lines is under progress

Note : NINL - Neelachal Ispat Nigam Limited: EAF - Electric Arc Furnace; LRPC: Low Relaxation Pre-Stressed concrete; MTB: Motor Tyre Bead ; GI : Galvanised Iron

Downstream: Value added growth for product mix enrichment Tubes, Tinplate and Tata Metaliks

Application of tubes in a structure at Kolkata

100 years of leading tinplate revolution

Tata Ductura, designed to last for years

▪ Tubes capacity to reach 4 million

▪ Tinplate capacity to reach ~0.7

▪ Ductile Iron Pipe expansion

tons by FY30

million tons by 2025

underway

o Asset light growth along with Tube

o Tinplate demand is less cyclic than

Manufacturing Partners

that for hot rolled coils

o Progressing towards ~0.4 MTPA

finished product capacity by FY24

o Investment in technology to further

o Application in growing packaging

o End use demand to grow at 1.5x

market share

industry

GDP

o Scaling up of services & solutions

offerings

o One of the higher value-added product in downstream portfolio

o Application in pipes for drinking

water, irrigation etc.

India1 Tata Steel caters to ~87% of domestic market

Domestic deliveries up 11% on record sales across our chosen segments Business Verticals

mn tons

Auto and ancillaries

17.3

2.00

4.77

5.71

1.17

3.66

FY21

18.3

2.56

5.29

6.38

1.41

2.64

FY22

18.9

2.69

5.85

7.25

1.46 1.61

FY23

End use sectors Retail : Individual housebuilders

3.8

4.2

3.3

2.5

2.8

2.2

Packaging

0.4

0.5

FY21 FY22 FY23

Construction & Infrastructure

4.2

4.6

3.7

Energy

Consumer Durables

0.5

0.6

0.5

0.6

FY21 FY22 FY23

Engineering goods

1.8

2.0

1.6

Trade & Commercial

1.7

1.9

1.5

FY21 FY22 FY23

Exports

3.7

2.6

1.6

FY21 FY22 FY23

Automotive

BPR

IPP

Downstream

Exports

Note: 1 India incl. Tata Steel Standalone and Tata Steel Long Products, BPR – Branded

Products and Retail, IPP – Industrial Products and Projects

Note : FY2021 and FY2022 are estimates, Auto and ancillaries includes B2B and ECA sales, Wire and Specialty 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.; and Trade & Commercial is sales to rerollers, fabrication etc. B2B – Business to Business, ECA – Emerging Corp. accounts, B2C – Business 16 to Consumer and LPG – Liquefied Petroleum Gas

Financial Results

Solar Dome In Kolkata made with Tata Structura

30+ Product Application Engineers

Financial management to enable returns across cycle

Balance sheet mgmt.

Maximising ROIC

Investment grade metrices

Portfolio restructuring

Future readiness

Cost optimisation

Green finance framework

Margin management

Medium-term targets (Across cycles)

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

18 18 18

Maintained strong financial credit metrices EBITDA Margin (%)1

EBITDA / ton (Rs.)1

Interest Coverage Ratio (x)1,2

26.2%

21,626

11.7

19.8%

18.9%

17.2%

12.2%

9,337

11,110

6,267

13.4%

10,838

11,358

3.9

4.1

Gross & Net Debt (Rs. crore)

1,16,328

1,00,816

92,147

1,04,779

94,879

5.2

69,215

88,501

84,893

75,561

75,389

67,810

51,049

FY 18

FY 19

FY 20

FY 21

FY22

FY23

FY18

FY19

FY20

FY21

FY22

FY23

FY18

FY19

FY20

FY21

FY22

FY23

FY18

FY19

FY20

FY21

FY22

FY23

Net Debt / EBITDA (x)

Net Debt / Equity (x)

Credit Rating

2.4

Net

Gross

5.91

3.20

3.19

1.37

1.42

1.43

0.98

2.44

2.07

0.61

0.52

FY18

FY19

FY20

FY21

0.80 FY22

FY23

FY18

FY19

FY20

FY21

FY22

FY23

7 BBB-/ Baa3

6 BB+/ Ba1

BB/ Ba2 5

BB-/ Ba3 4

3 B+/ B1

2 B/ B2 1

B-/ B3 0 Apr-17

Investment Grade

S&P

Moody's

FY18 FY19 FY20 FY21 FY22 FY23 Apr-20

Apr-22

Apr-21

Apr-18

Apr-19

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

191919 19

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, TS Mining – Tata Steel Mining, S&T Mining – Joint Venture between SAIL & Tata Steel, Swap ratio is the number of Tata Steel’s shares that will be offered in exchange for one share of merging entity

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

Other comprehensive income

4QFY23

3QFY23

4QFY22

Key drivers for QoQ change:

7.80

7.78

62,962

25,988

2,668

5,795

21,291

7,225

9,288

170

1,794

3,309

(12)

1,755

1,566

(195)

7.56

7.15

57,084

28,231

1,791

5,342

17,671

4,154

2,727

3,812

271

1,768

243

(160)

2,905

(2,502)

(3,629)

7.62

8.01

69,324

24,873

2,757

6,056

20,607

15,174

15,891

19,832

292

1,099

12,139

274

2,030

9,835

519

▪ Revenues: increased by 10% primarily driven by India performance. Higher deliveries in Europe were partly offset by drop in realisations

▪ Raw Material cost: decreased across geographies

including India and Europe

▪ Change in inventories: primarily driven by drawdown

in India. In 3Q, there was NRV loss at Europe

▪ Other expenses: increased on higher consumables,

royalty, repairs and maintenance across entities

▪ Tax expenses: decreased upon lower deferred tax component. In 3Q, there was £186 million non-cash deferred tax charge relating to BSPS

▪ Other comprehensive income: increased mainly due

to remeasurement gains on defined benefit plans

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

2 1

Consolidated 4QFY23 EBITDA1 stood at Rs 7,225 crores EBITDA margin improved from 5% in 3Q to 11% in 4Q primarily driven by India

in Rs crores

279

7,225

710

1,088

▪ Selling Result: Drop in realisation in Europe

partly offset by rise in India

▪ Cost Changes: due to decline in raw material costs especially coking coal and operating efficiencies

▪ Volume/Mix: primarily driven by higher

deliveries in India

▪ Indian subsidiaries: stronger operating

performance incl. NINL

3,753

1,332

2,727

Adjusted EBITDA 3QFY23

Selling Result

Cost Changes

Volume/Mix

Indian subsidiaries

Others

Adjusted EBITDA 4QFY23

1 EBITDA adjusted for changes on account of FX movement on intercompany debt / receivables, NINL – Neelachal Ispat Nigam Limited

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

Other comprehensive income

FY2023

FY2022

Key drivers for YoY change:

30.65

28.79

2,43,353

1,16,597

(3,359)

22,419

75,395

32,698

30,117

10,462

1,037

6,299

18,122

(113)

10,160

8,075

(13,849)

31.03

29.52

2,43,959

91,077

(7,598)

23,264

73,726

63,830

65,483

22,186

785

5,462

50,361

134

8,478

41,749

1,305

▪ Revenues: were broadly stable as increase at Tata Steel India was offset by lower revenues at SE Asia following divestment of NatSteel in FY2022

▪ Raw Material cost: increased due to higher costs

especially relating to coking coal

▪ Change in inventories: primarily driven by Europe,

where there was built up of slab inventory to be consumed during relining of one of the blast furnaces

▪ Other expenses: increased on higher consumables,

repairs & maintenance and power charges partly offset by lower royalty related expenses

▪ Tax expenses: were higher due to non-cash deferred

taxes, primarily relating to movement in BSPS

2 3

Consolidated FY23 EBITDA1 stood at Rs 30,117 crores Margin compression primarily due to higher material costs

65,483

2,633 -

in Rs crores

38,070

▪ Selling Result: Primarily due to elevated

steel realisations in Europe esp. in 1HFY23

▪ Cost Changes: increased due to higher material costs especially coking coal

656 -

208

377

30,117

▪ Volume/Mix: driven by higher deliveries in

India partly offset by Europe

Adjusted EBITDA FY22

Selling Result

Cost Changes

Volume/Mix

Indian subsidiaries

Others

Adjusted EBITDA FY23

1 EBITDA adjusted for changes on account of FX movement on intercompany debt / receivables

▪ Indian subsidiaries: primarily relates to

operating performance at NINL

Net debt stood at Rs 67,810 crores Decreased by ~Rs. 3,900 crores during the quarter

87,649

893

3,682

84,893

17,083

in Rs crores

67,810

Net Debt Mar'23

Gross Debt Dec'22

Addition of new leases

Loan movement

FX Impact and Others

Gross Debt Mar'23

Cash, Bank & Current Investments

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

252525 25 25

Annexures

Zinc Drossing Robot at Tata Steel Meramandali

Tata Steel Standalone 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

Good

4 4 3

4 8 . 5

0 8 . 5

9 7 . 5

Good

8 5 . 5

7 6 . 5

Specific Fresh Water Consumption (m3/tcs)

Good

0 5 . 3

0 1 . 3

0 7 . 2

1 7 . 2

2 6 . 2

FY19

FY20

FY21

FY22

FY23

FY19

FY20

FY21

FY22

FY23

FY19

FY20

FY21

FY22

FY23

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

Good

8 3 . 2

2 4 . 0

8 3 . 0

9 3 . 0

4 3 . 0

Good

4 3 . 0

0 0 1

9 9

Good

0 0 1

FY19

FY20

FY21

FY22

FY23

FY19

FY20

FY21

FY22

FY23

FY20

FY21

FY22

FY23

Note : CO2 emission intensity calculated as per worldsteel methodology, In FY22 and FY23 Standalone figures include performance of the amalgamated erstwhile business of Tata Steel BSL Limited

2 7

4QFY23

3QFY23

4QFY22

Key drivers for QoQ change:

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

4.82

4.98

34,275

13,209

1,471

1,820

9,646

8,089

8,318

4.77

4.59

30,465

14,598

451

1,610

8,647

5,334

4,763

Adjusted EBITDA per ton (Rs.)

16,719

10,379

Other income

Finance cost

Pre exceptional PBT

Exceptional items (gain)/loss

Tax expenses

Reported PAT

Other comprehensive income

665

1,038

6,386

699

1,666

4,021

907

1,073

3,623

912

2,705

(43)

4.73

4.97

36,681

12,647

1,826

1,723

8,251

12,363

11,766

23,690

506

646

10,715

2,799

7,839

348

▪ Revenues: increased on improved volumes and higher

net realisations

▪ Raw Material cost: primarily decreased due to lower

coking coal consumption cost, operating efficiencies and lower purchases at profit centers

▪ Other expenses: increased on FX impact, royalty and higher conversion charges partly offset by lower freight and handling charges

▪ Other Income: was lower on reduced dividend income

and mark to market movement

▪ Exceptional items: relates to impairment at TSUK

partly offset by gain on portfolio restructuring among wholly owned subsidiaries

▪ Tax expenses: increased inline with profitability

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

2 8

TSUK

TSN

Key operating parameters

Coke Rate (kg/thm)

Specific Energy Consumption (GJ/tcs)

2 2 3

7 1 3

5 7 2

1 1 3

9 7 2

4 2 3

1 9 2

7 3 3

Good

0 0 3

Good

CO2 Emission Intensity (tCO2/tcs)

Good

2 . 4 2

0 0 2

9 . 3 2

8 9 1

8 . 2 2

2 0 2

1 . 3 2

4 0 2

3 . 3 2

5 9 1

3 2 . 2

7 7 1

5 2 . 2

6 7 1

4 1 . 2

7 7 1

6 1 . 2

8 7 1

8 1 . 2

6 7 1

FY19

FY20

FY21

FY22

FY23

FY19

FY20

FY21

FY22

FY23

FY19

FY20

FY21

FY22

FY23

Specific Fresh Water Consumption (m3/tcs)

Specific Dust Emission (kg/tcs)

Solid Waste Utilisation (%)

Good

8 . 2 1

7 . 8

8 . 9

2 . 5

8 . 4

2 . 5

5 . 6

9 . 4

Good

4 . 0

3 . 0

3 0

3 . 0

3 0

2 0

3 . 0

2 0

3 . 0

2 0

9 9

8 7

9 7

5 7

4 7

2 7

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, CO2 emission intensity as per worldsteel methodology, TSUK over last 12 months has 9 engaged in an exercise to harmonize reporting methodology with broader group and this led to revision in Specific Fresh Water Consumption, Dust emission and Solid Waste, *CY23YTD is an estimate

4QFY23

3QFY23

4QFY22

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

Change in inventories

Employee benefits expenses

Other expenses

EBITDA

EBITDA per ton (Rs.)

2.27

2.16

22,036

10,132

1,148

3,448

8,942

(1,641)

(7,610)

2.24

1.99

20,745

10,025

1,455

3,196

7,629

(1,551)

(7,810)

2.31

2.40

26,389

9,364

902

3,855

7,939

4,349

18,135

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

▪ Revenues: were higher driven by improved volumes,

this was partly offset by drop in realisations

▪ Raw Material cost: was broadly stable as decline in

coking coal consumption cost was offset by rise in iron ore consumption cost

▪ Change in Inventories was driven by drawdown in inventories during the quarter. Lower QoQ given the NRV loss ~£55 million in 3Q

▪ Other Expenses: increased on rise in bulk gas related

costs and emission rights related costs

▪ Employee benefits expenses: increased at Tata Steel

Netherlands due to actuarial movement

3 0

Tata Steel Long Products Key operating parameters

Coke rate (kg/thm)

PCI rate (kg/thm)

Carbon Emission (tCO2/tcs)

6 8 4

0 2 Y F

4 7 4

1 2 Y F

Power consumption (kVAh/tcs)

5 5 6

0 2 Y F

1 0 6

1 2 Y F

0 0 5

2 2 Y F

1 7 6

2 2 Y F

Good

3 0 5

3 2 Y F

Good

3 4 6

3 2 Y F

1 1 1

0 2 Y F

8 2 1

1 2 Y F

Electrode consumption (kg/tcs)

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

Good

4 1 1

3 2 Y F

Good

5 . 2

3 2 Y F

Note : CO2 emission intensity calculated as per worldsteel methodology

5 . 4

0 2 Y F

3 . 4

1 2 Y F

Crude Steel Yield (%)

9 . 1 8

0 2 Y F

6 . 2 8

1 2 Y F

4 . 4

2 2 Y F

9 . 2 8

2 2 Y F

Good

0 . 4

3 2 Y F

Good

0 . 3 8

3 2 Y F

3 1

Tata Steel Long Products (Consolidated with NINL)

(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

EBITDA per ton (Rs.)3

EBITDA Margin (%)

Reported PAT

4QFY231

3QFY231

4QFY22

Key drivers for QoQ change:

3,016

1,922

117

995

(524)

2,113

1,908

(365)

107

835

(352)

1,799

1,132

(13)

462

177

(18,184)

11,186

(787)

9.8%

▪ Revenues: increased driven by ramp up at NINL during the quarter. NINL is presently operating at run rate of around 1 MTPA (incl. pig iron ) on annualised basis

▪ Raw Material cost: was broadly stable despite higher

production at NINL

▪ Employee benefit expenses: increased primarily at

NINL operations

▪ Other Expenses: increased due to rise in power and

fuel related expenses

▪ EBITDA: turned positive in 4Q vs. loss of Rs 352 crores

in 3QFY23

1. Post acquistion of NINL, figures for 4QFY23 and 3QFY23 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

Tinplate Company of India Limited

Key operating parameters

CO2 Emission Intensity (tCO2/tFP)

Fresh Water Consumption (m3/tFP)

4 6 . 0

9 1 Y F

6 6 . 0

0 2 Y F

1 7 . 0

1 2 Y F

Power consumption (kWh/tFP)

6 1 4

9 1 Y F

9 2 4

0 2 Y F

9 4 4

1 2 Y F

Good

5 6 . 0

3 2 Y F

Good

2 2 4

3 2 Y F

2 6 . 0

2 2 Y F

7 0 4

2 2 Y F

1 . 2 1

9 1 Y F

0 . 3 1

0 2 Y F

7 . 3 1

1 2 Y F

2 . 2 1

2 2 Y F

CRM Material Yield (%)

9 8

Good

4 . 2 1

3 2 Y F

Good

8 8

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

Tinplate

Note : CRM – Cold Rolled Mill, tFP – ton of finished product, CO2 emission intensity calculated as per worldsteel methodology

Tinplate Company of India Limited

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

Total revenue from operations

1,033

Raw material cost1

Change in inventories

Employee benefits expenses

Other expenses

EBITDA

672

190

4QFY23

3QFY23

4QFY22

Key drivers for QoQ change:

960

688

(18)

198

▪ Revenues: increased on higher sales volumes on QoQ

1,227

basis

757

178

165

▪ Raw Material cost: were broadly stable

▪ Change in Inventories: increased due to drawdown of

inventories

▪ Other Expenses: were marginally lower on QoQ basis

due to lower duties

EBITDA per ton (Rs.)2

8,385

6,202

16,251

EBITDA Margin (%)

Reported PAT

13%

114

1. Raw material cost includes raw material consumed 2. EBITDA/Steel deliveries

▪ EBITDA: margin improved from 6% to 9% to stand at

Rs 88 crores

3 4

Tata Metaliks

Key operating parameters

Carbon Emission (tCO2/thm)

Energy Consumption Intensity (GJ/thm)

5 9 . 1

9 1 Y F

7 8 . 1

0 2 Y F

3 7 . 1

1 2 Y F

Carbon Emission (tCO2/tFP)

6 . 0

9 1 Y F

3 6 . 0

0 2 Y F

1 6 . 0

1 2 Y F

5 7 . 1

2 2 Y F

3 5 . 0

2 2 Y F

Good

3 8 . 1

3 2 Y F

Good

8 4 . 0

3 2 Y F

6 . 9 1

9 1 Y F

7 . 8 1

0 2 Y F

8 . 7 1

1 2 Y F

8 . 7 1

2 2 Y F

Energy Consumption Intensity (GJ/tFP)

2 . 2

9 1 Y F

4 . 2

0 2 Y F

3 . 2

1 2 Y F

7 9 . 1

2 2 Y F

Good

5 . 8 1

3 2 Y F

Good

8 . 1

3 2 Y F

Note : tFP – ton of finished product, CO2 emission intensity calculated as per worldsteel methodology

Ductile Iron Pipes, Tata Metalliks

s s e n s u b n o r I g P

s s e n s u b e p P n o r I e

l i t c u D

Tata Metaliks Limited Tata Metaliks Limited

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

Total revenue from operations

Raw material cost1

Change in inventories

Employee benefits expenses

Other expenses

EBITDA2

EBITDA per ton (Rs.)3

EBITDA Margin (%)

Reported PAT

1. Raw material cost includes raw material consumed 2. EBITDA = PBT + Interest + Depreciation 3. EBITDA/Steel deliveries

4QFY23

3QFY23

4QFY22

Key drivers for QoQ change:

930

574

200

6,430

10%

792

536

(1)

176

815

543

151

▪ Revenues: increased driven by higher deliveries of Ductile Iron Pipe (+33%) and improved realisations

▪ Raw Material cost: was higher inline with production

and rise in iron ore consumption cost

▪ Employee benefit expenses: Increased upon

recruitment and wage revision

▪ Other Expenses: Increased driven by rise in fuel costs

2,921

4,122

and higher consumables

▪ EBITDA: margin improved primarily driven by higher

realisations and improved product mix

3 6

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

EBITDA per ton (Rs.)

4QFY23

3QFY23

4QFY22

Key drivers for QoQ change:

▪ Deliveries: were slightly higher on QoQ basis

▪ Revenues: increased on higher volumes and improved

steel realisations

▪ EBITDA: increased on QoQ basis driven by margin

expansion

0.31

1,786

1,171

430

1,827

0.27

0.29

1,584

1,138

393

0.34

1,982

1,420

(5)

371

102

3,004

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

3 7

Investor Relations Contact

Investor enquiries

Hriday Nair hnair@tatasteel.com

Pavan Kumar pavan.kumar@tatasteel.com

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