TATASTEELNSE24 July 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,

July 24, 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 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

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 figures are in Rs. Crores unless stated otherwise) Production (mn ton)2 Deliveries (mn ton) Turnover Reported EBITDA Reported EBITDA per ton (Rs. Per ton) Adjusted EBITDA3 Adjusted EBITDA per ton (Rs. Per ton) PBT before exceptional items Exceptional Items (gain)/loss Reported Profit after Tax

1QFY24 5.02 4.80 34,901 7,514 15,651 7,569 15,765 5,424 11 4,017

India1 4QFY23 5.15 5.15 36,576 8,091 15,715 8,320 16,160 5,851 699 3,497

1QFY23 4.92 4.07 34,015 9,582 23,557 8,270 20,332 7,903 55 5,783

1QFY24 7.13 7.20 59,490 6,122 8,503 6,238 8,664 1,842 (13) 525

Consolidated 4QFY23 7.80 7.78 62,962 7,225 9,289 7,225 9,288 3,309 (12) 1,566

1QFY23 7.74 6.62 63,430 15,047 22,717 14,348 21,661 11,945 39 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

Tata Steel | @TataSteeLtd |

Tata Steel |

tatasteelltd

Page 3 of 3

Preferred option

Annual General Tata Steel Results Meeting 2023 Presentation

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

May 02 2023

July 05, 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 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

Business Update

Water harvesting, India

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

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

Safety remains a top priority

67% LTIFR*

In the last 15 years

s e i t i l

a t a F

FY20

FY21

FY22

FY23 1QFY24

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

4 2 Y F Q 1

*Lost Time Injury Frequency Rate per million-man hours worked, for Tata Steel Group, Fatalities covers Tata Steel Standalone, Tata Steel Long products, SE Asia and Europe

Integrated Command Center Exposition on Human – Machine interface

Integrated Command Center Focus on health 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

and enable proactive interventions

o Awareness sessions on ‘Heat Stress’ and ‘Hypertension’ were

organised apart from industrial hygenie assessments

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

11.2 Lakh+

Lives Impacted1

Tribal Cultural Heritage

Grassroots Rural Governance

>Rs 1,700 crores spent2 since FY19

Women & Youth Empowerment

Dignity for the Disabled

Household Livelihoods

Water Resources

315

222

193

481

406

108

Strengthening tomorrow : Through our initiative SABAL, >9,000 persons with disabilities were supported in capability building and provided platform for expression

Grassroots Sports

Public Infrastructure

FY19

FY21

FY23

1 Cumulative as on 1QFY24 2 CSR Spending by Tata Steel Standalone

Net Zero by 2045 Pursuing sustainability through multiple pathways

New smelting technology

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.

Improving share of renewable energy

Scrap recycled at Rohtak plant, India

Note : CCU – Carbon Capture & Utilisation, EAF – Electric Arc Furnace, TSE – Tata Steel Europe

Progressing on decarbonisation journey in Netherlands Committed to achieve 35 – 40% CO2 emission reduction by 2030

Programs underway to remain amongst most cost competitive sites in EU while becoming “green” and “clean”

Roadmap+ (2019 – 2025)

Transition to Green steel

▪ Investment across installations to bring about significant reduction in emissions, dust, odour and noise

o De-NOx unit for the pellet plant

(largest environment installation in a pellet plant in the world)

o Emission reduction installation for

cold strip mill

o Installation of dust screens and slag

pits with mobile covering

o Soundproofing measures on trains

and conveyor belts

▪ Discussions with government and technology partners are already underway

35 - 40% 1st Blast Furnace (BF) replacement by 2030

CO2 emission reduction

Further drop in emissions on 2nd BF replacement

Carbon neutrality by 2045

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

Demonstrating transparency through enhanced sustainability disclosures Actively involved in development of global & national standards

2001

2006

1st Sustainability report published based on GRI framework

Adopted and reporting

Contribution to UN SDGs

1st CDP Climate reporting, expanded to supply chain in 2012

Sustainability champion since inception in 2018

2016

<IR>

Voluntary shift from compliance to governance-based Integrated report

2022

Annual comprehensive ESG factsheet for all key group entities

Actively involved in global developments

2023

BRSR

1st BRSR report covering 14 entities 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)

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

▪ Active communication of Tata Steel’s approach and strategy on ESG issues

▪ Comprehensive materiality assessment by

an independent 3rd party

▪ Expanded assurance of reported ESG

disclosure to key subsidiaries

18.9% Workforce diversity

75 Affirmative action suppliers

23% of capex for environmental & social initiatives

LCA of products across geographies

11,782 hectares covered by BMP

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

Tata Steel is scaling up to capitalise on India growth opportunity Investments set to drive sector leading returns

2x capacity growth in India by 2030

Dominant manufacturing base

Europe

India

2017

NINL / EAF

0.75

EAF

TSK / TSM / NINL

~21 MTPA

TSK Ph 2

2023

TSK Ph 2

EAF

TSK / TML / NINL Ph 1

NINL Ph 2 / EAF

2030

50%

62%

>75%

2023

2030

Flats

~16 MTPA 2023

~27 MTPA

2030

Longs

~5 MTPA

~13 MTPA

Crude Steel

~21 MTPA

40 MTPA

Upstream

36 MTPA

Iron ore

~60 - 65 MTPA

Downstream

Tubes

Wires

Tinplate

DI Pipe

1 MTPA to ~4 MTPA

0.45 MTPA to ~1 MTPA

0.38 MTPA to ~1 MTPA

0.20 MTPA to ~1 MTPA

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

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 lightweighting & safety needs

Advanced steel to serve Infra and Energy segments

Eco-friendly design

*1st in India

▪ Top combustion stoves* → Optimal fuel consumption

▪ Dry gas cleaning plant → Maximise energy recovery

▪ Evaporative cooling system* → lower water intake

▪ Top gas recovery turbine → Energy recovery

Tata Steel Kalinganagar 5 MTPA expansion

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

Tata Steel Kalinganagar 2.2 MTPA CRM complex

▪ 6 MTPA pellet plant to drive cost savings and

drive self sufficiency in pellets

Note: CRM – Cold Rolling Mill, CAL – Continuous Annealing Line, CGL – Continuous Galvanising Line

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 up well & EAF work underway

o Serving Individual Homebuilders

via Superbrand ‘Tata Tiscon’

186kt

500K+ Consumers

3QFY23

4QFY23

1QFY24

o 9,000+ dealers and digital

o Developing strong ecosystem to

platform Aashiyana

deliver superior experience

Neelachal Ispat Nigam Limited has ramped up well (Near Kalinganagar plant, Odisha)

8,000+ Pin codes

30,000+ Influencers

Note: EAF – Electric Arc Furnace, Influencers refers to Architect, Contractors & Engineers

Downstream: Value added growth for product mix enrichment Tubes, Wires, Tinplate and Ductile Iron Pipe

Tubes

Wires

Tinplate

Ductile Iron Pipes

Wide product portfolio incl. HAR & ERW tubes

Application of tubes in a structure at Kolkata

Our LRPC strands are widely used in India

Application in growing packaging industry

Tata Ductura, Tata Ductura, designed to last transportation of for years water and other uses

Leading manufacturer of pipes and tubes

80% share of business in bullet train projects

Market leadership in domestic tinplate industry

Increasing share of Ductile Iron Pipe of total deliveries

Note : HAR – High Aspect Ratio, ERW – Electrical Resistance Welded, LRPC - Low Relaxation Pre-stressed steel strands

Value accretive consolidation with multiple benefits

Unlisted

Listed

Tata Steel Mining (TSML)

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

Filing of scheme with Stock Exchanges (Reg. 37)

Filing of 1st motion application with National Company Law Tribunal (NCLT)

ISWP

TRF TCIL TML

No objection letter from Stock Exchanges

Order of NCLT on first motion application

Shareholders meetings and creditor meetings ( if any)

Final order of NCLT

TSLP

TSML S&T

Filing of the second motion application with NCLT

Filing with Registrar to make scheme 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

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 sustained concerns about global recovery, esp. relating to China

▪ Raw material prices also moved lower during this period. Coking coal prices declined >25% to $220/t levels while Iron ore prices were down around 10% to $110/t

▪ In China, stable production and subdued demand led to steel exports in June being >7.5 mn tons. May exports were the highest monthly figure since Sep 2016

▪ Overall, Steel spot spreads moderated across the regions especially on demand dynamics. EU steel spot spreads were above $250/t levels

China Steel spot spreads (Domestic, Export)

EU Steel spread including energy, carbon costs

HRC spot gross spreads ($/t)

China domestic Spreads

China export Spread

450

300

150

1,000

750

500

250

EU Steel spot spread

EU spread (w Energy, Carbon)

0 Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

Jun-23

0 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)

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

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

191919 19 19

Steady increase in India sales to chosen segments Domestic deliveries up >20% YoY on improving demand

Business Verticals

mn tons

4.07

0.69

1.15

1.52

0.33 0.38

5.15

0.69

1.71

2.06

0.38 0.32

1QFY23

4QFY23

4.80

0.68

1.57

1.89

0.41 0.25 1QFY24

Auto and ancillaries

1.0

1.1

End use sectors Retail : Individual housebuilders

0.8

0.6

Packaging

0.1

1QFY23 4QFY23 1QFY24

1QFY234QFY231QFY24

1QFY23 4QFY23 1QFY24

Construction & Infrastructure

1.3

1.2

1.0

Energy

Consumer Durables

0.1

0.2

0.1

1QFY234QFY231QFY24

Engineering goods

0.6

0.5

0.4

Trade & Commercial

0.6

0.5

0.4

1QFY234QFY231QFY24

Exports

0.4

0.3

1QFY234QFY231QFY24

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 : 1QFY23 and 4QFY23 are estimates based on FY23 breakup, Auto and ancillaries incl. B2B and ECA sales, Wire & 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 – 20 Business to Consumer and LPG – Liquefied Petroleum Gas

Focused on staying cost competitive through business cycles Cost improvement initiatives to optimise cash flows

5-year cost savings at Tata Steel India1

6,545

5,369

5,463

In Rs crores

6,309

3,556

FY19

FY20

FY21

FY22

FY23

Conversion cost per ton of deliveries

Conversion cost per ton

CPI Headline (%, YoY)

23,373

50000

45000

40000

35000

30000

25000

20000

15000

10000

5000

22,491

8.0

7.0

6.0

5.0

4.0

3.0

2.0

Scaling up Iron ore mining capacity in India

6 MTPA pellet plant commissioned at Tata Steel Kalinganagar

Improving logistics - Slurry pipeline, Inland waterways

FY19

FY20

FY21

FY22

FY23

Note : 1 India incl. Tata Steel Standalone and Tata Steel Long Products, CPI – Consumer Price Index

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

1QFY24

4QFY23

1QFY23

Key drivers for QoQ change:

7.13

7.20

59,490

25,961

1,515

5,925

20,915

6,122

6,238

8,664

1,177

1,825

1,842

(13)

1,331

525

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)

7.74

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

(6,611)

▪ Revenues: decreased by 6% due to lower volumes,

partly offset by higher realisations across geographies

▪ Raw Material cost: was broadly similar as increase in India was mostly offset by decline at Europe due to relining of one of the blast furnaces

▪ Change in inventories: primarily due to drawdown in

Europe

▪ Other expenses: decreased on lower emission rights costs and repairs, which were partly offset by higher royalty and power related expenses

▪ Other Income: primarily increased on execution of

long-term lease agreement with Tata BlueScope with respect to color coated lines at Angul and Khopoli

▪ Other comprehensive income: primarily relates to

remeasurement loss on defined benefit plans

Other comprehensive income

(3,173)

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 2

Consolidated 1QFY24 EBITDA1 stood at Rs 6,238 crores EBITDA margin was broadly stable at 10%

2,398

1,116

2,543

274

7,225

Adjusted EBITDA 4QFY23

Selling Result

Cost Changes

Volume/Mix

Others

▪ Selling Result: driven by higher realisations

in India and Europe

▪ Cost Changes: due to increase in raw material costs especially coking coal

▪ Volume/Mix: primarily driven by lower

deliveries in India and Europe

▪ Others: majorly relates to lower emission

rights costs at Europe

in Rs crores

6,238

Adjusted EBITDA 1QFY24

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

Net debt stood at Rs 71,397 crores Group liquidity remains strong at Rs 30,5691 crores

84,893

5,336

145

90,440

19,043

in Rs crores

71,397

Net Debt Jun'23

Gross Debt Mar'23

Addition of new leases

Loan movement

FX Impact and Others

Gross Debt Jun'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

1 Group liquidity includes cash & cash equivalents and undrawn fund-based lines

242424 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

18.9%

19.8%

12.2%

13.4%

10.3%

11,110

6,267

10,838

11,358

8,503

1,16,328

1,00,816

88,501

1,04,779

75,561

84,893

90,440

94,879

75,389

67,810 71,397

51,049

Net

Gross

5.2

3.4

3.9

4.1

2.4

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

5.91

1.42

1.43

0.98

3.19

2.44

2.92

2.07

0.69

0.61

0.52

FY19

FY20

FY21

0.80 FY22

FY23

1QFY24

FY19

FY20

FY21

FY22

FY23

1QFY24

Investment Grade

S&P

Moody's

BBB-/ Baa3

BB+/ Ba1

BB/ Ba2

e BB-/ Ba3 l t i T s 3 i x B+/ B1 A

2 B/ B2 1

B-/ B3 0 Jun-19

FY19 FY20 FY21 FY22 FY23

Jun-21

Jun-20

Jun-22

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

1QFY24 Jun-23

252525 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)

5 5 3

6 5 3

3 5 3

4 4 3

Good

4 3 3

0 8 . 5

9 7 . 5

7 6 . 5

8 5 . 5

Good

8 7 . 5

Specific Fresh Water Consumption (m3/tcs)

Good

0 1 . 3

0 7 . 2

1 7 . 2

3 7 . 2

2 6 . 2

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 (%)

1 3 . 2

2 3 . 2

3 4 . 2

8 3 . 2

Good

8 3 . 2

8 3 . 0

4 3 . 0

9 3 . 0

4 3 . 0

Good

2 3 . 0

0 0 1

9 9

0 0 1

Good

0 0 1

FY20

FY21

FY22

FY23

1QFY24

FY20

FY21

FY22

FY23

1QFY24

FY20

FY21

FY22

FY23

1QFY24

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

2 7

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

1QFY24

4QFY23

1QFY23

Key drivers for QoQ change:

4.65

4.62

32,342

14,710

(520)

1,565

10,127

7,348

7,403

16,014

1,642

1,016

5,753

1,471

4,271

159

4.82

4.98

34,275

13,209

1,471

1,820

9,646

8,089

8,318

4.73

3.89

32,021

17,336

(4,562)

1,540

8,139

9,616

8,304

16,719

21,326

665

1,038

6,386

699

1,666

4,021

736

722

8,237

2,068

6,114

▪ Revenues: decreased on lower volumes, partly offset

by higher net realisations

▪ Raw Material cost: primarily increased due to higher coking coal consumption cost and purchase of scrap

▪ Other expenses: increased on higher royalty and rates

& taxes, partly offset by lower repairs to machinery

▪ Other Income: was higher on on execution of long-term lease agreement with Tata BlueScope with respect to color coated lines at Angul and Khopoli

▪ Exceptional items: primarily reflects charge relating to

Employee Separation Scheme

▪ Tax expenses: decreased 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)

4 2 3

1 9 2

7 3 3

0 0 3

1 3 3

Good

7 9 2

7 1 3

5 7 2

1 1 3

9 7 2

Good

CO2 Emission Intensity (tCO2/tcs)

Good

9 . 3 2

8 9 1

8 . 2 2

2 0 2

1 . 3 2

4 0 2

3 . 3 2

5 9 1

1 . 2 2

6 2 2

5 2 . 2

6 7 1

4 1 . 2

7 7 1

6 1 . 2

8 7 1

8 1 . 2

6 7 1

8 0 . 2

2 0 2

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

2 . 6 1

5 . 6

9 . 4

7 . 8

2 . 5

7 . 8

8 . 4

8 . 9

2 . 5

0 . 6

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

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

2 9

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.)

1QFY24

4QFY23

1QFY23

Key drivers for QoQ change:

1.79

1.99

21,335

9,014

2,043

3,820

8,063

(1,569)

(7,890)

2.27

2.16

22,036

10,132

1,148

3,448

8,942

(1,641)

(7,610)

2.44

2.14

25,961

11,162

(2,563)

3,929

7,415

6,037

28,220

▪ Revenues: were lower on reduction in volumes, this

was partly offset by increase in realisations

▪ Raw Material cost: was lower QoQ due to drop in production on reline of one of the blast furnaces at Ijmuiden

▪ Change in Inventories: charge was on consumption of

slab stock inventory

▪ Other Expenses: decreased on lower emission rights

costs, consumables and repairs on QoQ basis

▪ 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

Tata Steel Long Products Key operating parameters

Coke rate (kg/thm)

PCI rate (kg/thm)

Carbon Emission (tCO2/tcs)

4 7 4

1 2 Y F

0 0 5

2 2 Y F

Power consumption (kVAh/tcs)

1 0 6

1 2 Y F

1 7 6

2 2 Y F

3 0 5

3 2 Y F

3 4 6

3 2 Y F

Good

3 0 5

4 2 Y F Q 1

Good

8 9 6

4 2 Y F Q 1

8 2 1

1 2 Y F

6 1 1

2 2 Y F

Electrode consumption (kg/tcs)

4 . 2

2 2 Y F

5 . 1

1 2 Y F

4 1 1

3 2 Y F

5 . 2

3 2 Y F

Good

0 2 1

4 2 Y F Q 1

Good

9 . 2

4 2 Y F Q 1

Note : CO2 emission intensity calculated as per worldsteel methodology, PCI - Pulverised Coal Injection

3 . 4

1 2 Y F

4 . 4

2 2 Y F

Crude Steel Yield (%)

6 . 2 8

1 2 Y F

9 . 2 8

2 2 Y F

0 . 4

3 2 Y F

0 . 3 8

3 2 Y F

Good

3 . 4

4 2 Y F Q 1

Good

3 . 3 8

4 2 Y F Q 1

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

1QFY241

4QFY231

1QFY23

Key drivers for QoQ change:

3,568

2,194

154

107

951

166

4,689

(254)

3,016

1,922

117

995

(524)

1,994

1,665

(147)

484

(34)

(1,956)

(331)

▪ Revenues: increased driven by ramp up at NINL, which

is presently operating at run rate of around 1 MTPA (crude steel + pig iron on annualised basis)

▪ Raw Material cost: was higher due to higher production

and rise in coking coal consumption cost

▪ Other Expenses: decreased upon stabilisation of NINL

operations and lower consumables

▪ EBITDA: stood at Rs 166 crores vs. Rs 2 crores in

4QFY23

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

Tinplate Company of India Limited

Key operating parameters

CO2 Emission Intensity (tCO2/tFP)

Fresh Water Consumption (m3/tFP)

6 6 . 0

0 2 Y F

1 7 . 0

1 2 Y F

2 6 . 0

2 2 Y F

Power consumption (kWh/tFP)

9 2 4

0 2 Y F

9 4 4

1 2 Y F

7 0 4

2 2 Y F

Good

7 6 . 0

4 2 Y F Q 1

Good

2 3 4

4 2 Y F Q 1

5 6 . 0

3 2 Y F

2 2 4

3 2 Y F

0 . 3 1

0 2 Y F

7 . 3 1

1 2 Y F

2 . 2 1

2 2 Y F

4 . 2 1

3 2 Y F

CRM Material Yield (%)

9 8

8 8

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

Good

6 . 1 1

4 2 Y F Q 1

Good

8 8

4 2 Y F Q 1

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

Tinplate Company of India 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

EBITDA

1QFY24

4QFY23

1QFY23

Key drivers for QoQ change:

914

708

(19)

180

1,033

672

190

1,007

884

(225)

188

125

▪ Revenues: decreased primarily due to lower sales

volumes on QoQ basis

▪ Raw Material cost: was higher on QoQ basis

▪ Change in Inventories: decreased as usually there is a

drawdown in 4Q followed by built up in 1Q

▪ Other Expenses: were lower QoQ due to lower

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 (%)

Reported PAT

12%

basis

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

3 4

Tata Metaliks

Key operating parameters

Carbon Emission (tCO2/thm)

Energy Consumption Intensity (GJ/thm)

7 8 . 1

0 2 Y F

3 7 . 1

1 2 Y F

5 7 . 1

2 2 Y F

Carbon Emission (tCO2/tFP)

3 6 . 0

0 2 Y F

1 6 . 0

1 2 Y F

3 5 . 0

2 2 Y F

Good

8 7 . 1

4 2 Y F Q 1

Good

8 5 . 0

4 2 Y F Q 1

3 8 . 1

3 2 Y F

8 4 . 0

3 2 Y F

7 . 8 1

0 2 Y F

8 . 7 1

1 2 Y F

8 . 7 1

2 2 Y F

5 . 8 1

3 2 Y F

Energy Consumption Intensity (GJ/tFP)

4 . 2

0 2 Y F

3 . 2

1 2 Y F

0 . 2

2 2 Y F

8 . 1

3 2 Y F

Good

0 . 8 1

4 2 Y F Q 1

Good

2 . 2

4 2 Y F Q 1

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

1QFY24

4QFY23

1QFY23

Key drivers for QoQ change:

654

396

164

930

574

200

669

531

(73)

147

▪ Revenues: decreased mainly on account of lower

deliveries. DIP4 share of total revenues increased QoQ

▪ Raw Material cost: was lower inline with production

and decline in coking coal consumption cost

▪ Employee benefit expenses: was marginally lower as

there were wage arrears in 4QFY23

▪ Other Expenses: declined on lower consumables and

EBITDA per ton (Rs.)3

3,853

6,430

2,391

freight related costs

EBITDA Margin (%)

Reported PAT

10%

▪ EBITDA: margin was at 6%, translating to Rs 39 crores

1. Raw material cost includes raw material consumed 2. EBITDA = PBT + Interest + Depreciation 3. EBITDA/Total deliveries 4. DIP – Ductile Iron Pipe

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

1QFY24

4QFY23

1QFY23

Key drivers for QoQ change:

▪ Deliveries: were lower on QoQ basis inline with

production

▪ Revenues: decreased on lower volumes and steel

realisations

▪ EBITDA: decreased on QoQ basis

0.26

0.27

1,472

878

138

372

0.31

1,786

1,171

430

0.31

1,966

1,591

(189)

360

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

Investor Relations Contact

Investor enquiries

Hriday Nair hnair@tatasteel.com

Pavan Kumar pavan.kumar@tatasteel.com

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