BALANCE SHEET

as at March 31, 2023

(I crore)
As at As at
Note Page
March 31, 2023 March 31, 2022
Assets
I Non-current assets
(a) Property, plant and equipment 3 F41 84,942.31 87,946.22
(b) Capital work-in-progress 3 F41 21,091.92 14,159.32
(c) Right-of-use assets 4 F46 5,480.11 5,538.18
(d) Goodwill 3.22 -
(e) Other intangible assets 5 F48 760.65 806.03
(f ) Intangible assets under development 5 F48 514.96 382.64
(g) Financial assets
(i) Investments 6 F50 44,138.90 43,401.43
(ii) Loans 7 F60 32,779.08 30,195.27
(iii) Derivative assets 403.40 133.21
(iv) Other financial assets 8 F62 2,263.36 1,211.81
(h) Non-curent tax assets (net) 4,145.27 3,620.76
(i) Other assets 10 F65 3,318.72 3,301.78
Total non-current assets 1,99,841.90 1,90,696.65
II Current assets
(a) Inventories 11 F66 20,795.56 19,942.94
(b) Financial assets
(i) Investments 6 F50 2,050.40 96.11
(ii) Trade receivables 12 F66 3,351.72 3,280.30
(iii) Cash and cash equivalents 13 F68 858.98 2,671.59
(iv) Other balances with banks 14 F68 218.35 183.70
(v) Loans 7 F60 3,191.21 2,368.01
(vi) Derivative assets 82.21 89.54
(vii) Other financial assets 8 F62 760.96 718.30
(c) Other assets 10 F65 2,640.13 1,939.08
Total current assets 33,949.52 31,289.57
Total assets 2,33,791.42 2,21,986.22
Equity and liabilities
III Equity
(a) Equity share capital 15 F69 1,222.40 1,222.37
(b) Other equity 17 F73 1,33,575.11 1,24,211.39
Total equity 1,34,797.51 1,25,433.76
IV Non-current liabilities
(a) Financial liabilities
(i) Borrowings 18 F78 30,880.89 20,290.81
(ii) Lease liabilities 3,649.33 3,726.90
(iii) Derivative liabilities - 10.18
(iv) Other financial liabilities 19 F83 928.81 883.23
(b) Provisions 20 F83 2,555.25 2,685.00
(c) Retirement benefit obligations 21 F84 1,979.33 2,315.91
(d) Deferred income 22 F85 0.35 0.74
(e) Deferred tax liabilities (net) 9 F63 8,684.15 8,087.57
(f ) Other liabilities 23 F85 3,878.50 4,887.29
Total non-current liabilities 52,556.61 42,887.63
V Current liabilities
(a) Financial liabilities
(i) Borrowings 18 F78 7,298.12 11,984.66
(ii) Lease liabilities 544.05 522.14
(iii) Trade payables 24 F86
(a) Total outstanding dues of micro and small enterprises 791.87 678.20
(b) Total outstanding dues of creditors other than micro and small enterprises 17,290.53 20,412.94
(iv) Derivative liabilities 65.58 81.48
(v) Other financial liabilities 19 F83 5,806.15 5,137.54
(b) Provisions 20 F83 1,080.94 1,082.42
(c) Retirement benefit obligations 21 F84 109.51 114.99
(d) Deferred income 22 F85 9.81 67.84
(e) Current tax liabilities (net) 1,714.98 1,079.69
(f ) Other liabilities 23 F85 11,725.76 12,502.93
Total current liabilities 46,437.30 53,664.83
Total equity and liabilities 2,33,791.42 2,21,986.22
Notes forming part of the financial statements 1 - 49
In terms of our report attached For and on behalf of the Board of Directors
sd/- sd/- sd/- sd/- sd/- sd/-
For Price Waterhouse & Co Chartered Accountants LLP N. Chandrasekaran Noel Naval Tata O. P. Bhatt Deepak Kapoor Farida Khambata V. K. Sharma
Firm Registration Number: 304026E/E-300009 Chairman Vice-Chairman Independent Director Independent Director Independent Director Independent Director
DIN: 00121863 DIN: 00024713 DIN: 00548091 DIN: 00162957 DIN: 06954123 DIN: 02449088
sd/- sd/- sd/- sd/- sd/- sd/-
Subramanian Vivek Bharti Gupta Ramola Saurabh Agrawal T. V. Narendran Koushik Chatterjee Parvatheesam Kanchinadham
Partner Independent Non-Executive Chief Executive Officer Executive Director Company Secretary &
Membership Number 100332 Director Director & Managing Director & Chief Financial Officer Chief Legal Officer
DIN: 00356188 DIN: 02144558 DIN: 03083605 DIN: 00004989 (Corporate & Compliance)
ACS: 15921
Mumbai, May 2, 2023

F22 116th Year Integrated Report & Annual Accounts 2022-23

 PERFORMANCE ABOUT OUR OUR STAKEHOLDERS VALUE STATUTORY FINANCIAL
SNAPSHOT TATA STEEL LEADERSHIP STRATEGY AND MATERIALITY CREATION REPORTS STATEMENTS

STATEMENT OF PROFIT AND LOSS

for the year ended March 31, 2023

(I crore)
Year ended March Year ended March
Note Page
31, 2023 31, 2022
I Revenue from operations 25 F87 1,29,006.62 1,29,021.35
II Other income 26 F88 3,325.48 1,452.02
III Total income 1,32,332.10 1,30,473.37
IV Expenses:
(a) Cost of materials consumed 54,011.50 35,256.98
(b) Purchases of stock-in-trade 7,467.30 4,089.03
(c) Changes in inventories of finished and semi-finished goods, stock-in-trade and 27 F88
(1,142.06) (1,820.87)
work- in-progress
(d) Employee benefits expense 28 F89 6,616.29 6,365.80
(e) Finance costs 29 F89 3,792.14 2,792.08
(f ) Depreciation and amortisation expense 30 F89 5,434.61 5,463.69
(g) Other expenses 31 F90 38,870.96 36,458.65
1,15,050.74 88,605.36
Less: Expenditure (other than finance cost) transferred to capital account 4,519.34 2,458.09
Total expenses 1,10,531.40 86,147.27
V Profit before exceptional items and tax (III-IV) 21,800.70 44,326.10
VI Exceptional items: 32 F91
(a) Profit/(loss) on sale of non-current investments 338.56 343.68
(b) Provision for impairment of investments/doubtful advances (net) (1,056.39) (93.22)
(c) Employee separation compensation (91.94) (330.81)
(d) Restructuring and other provisions - (204.84)
(e) Gain/(loss) on non-current investments classified as fair value through profit and loss (net) 30.99 49.74
Total exceptional items (778.78) (235.45)
VII Profit before tax (V+VI) 21,021.92 44,090.65
VIII Tax expense:
(a) Current tax 4,928.05 11,611.94
(b) Deferred tax 598.76 (532.47)
Total tax expense 5,526.81 11,079.47
IX Profit for the year(VII-VIII) 15,495.11 33,011.18
X Other comprehensive income/(loss)
A (i) Items that will not be reclassified subsequently to profit and loss
(a) Remeasurement gain/(loss) on post-employment defined benefit plans 281.04 7.57
(b) Fair value changes of investments in equity shares (193.59) 654.92
(ii) Income tax on items that will not be reclassified subsesquently to profit
(48.05) (69.79)
and loss
B (i) Items that will be reclassified subsequently to profit and loss
(a) Fair value changes of cash flow hedges 81.47 136.57
(ii) Income tax on items that will be reclassified subsesquently to profit and loss (20.50) (34.37)
Total other comprehensive income/(loss) for the year 100.37 694.90
XI Total comprehensive income/(loss) for the year (IX+X) 15,595.48 33,706.08
XII Earnings per share 33 F92
Basic (I) 12.68 27.03
Diluted (I) 12.67 27.01
Notes forming part of the financial statements 1 - 49
In terms of our report attached For and on behalf of the Board of Directors
sd/- sd/- sd/- sd/- sd/- sd/-
For Price Waterhouse & Co Chartered Accountants LLP N. Chandrasekaran Noel Naval Tata O. P. Bhatt Deepak Kapoor Farida Khambata V. K. Sharma
Firm Registration Number: 304026E/E-300009 Chairman Vice-Chairman Independent Director Independent Director Independent Director Independent Director
DIN: 00121863 DIN: 00024713 DIN: 00548091 DIN: 00162957 DIN: 06954123 DIN: 02449088
sd/- sd/- sd/- sd/- sd/- sd/-
Subramanian Vivek Bharti Gupta Ramola Saurabh Agrawal T. V. Narendran Koushik Chatterjee Parvatheesam Kanchinadham
Partner Independent Non-Executive Chief Executive Officer Executive Director Company Secretary &
Membership Number 100332 Director Director & Managing Director & Chief Financial Officer Chief Legal Officer
DIN: 00356188 DIN: 02144558 DIN: 03083605 DIN: 00004989 (Corporate & Compliance)
ACS: 15921
Mumbai, May 2, 2023

F23 116th Year Integrated Report & Annual Accounts 2022-23

STATEMENT OF CASH FLOWS
for the year ended March 31, 2023

(I crore)
Year ended Year ended
March 31, 2023 March 31, 2022
(A) Cash flows from operating activities:
Profit before tax 21,021.92 44,090.65
Adjustments for:
Depreciation and amortisation expense 5,434.61 5,463.69
Dividend Income (285.38) (243.92)
(Gain)/loss on sale of property, plant and equipment including intangible 68.00 (17.28)
assets (net of loss on assets scrapped/written off )
Exceptional (income)/expenses 778.78 235.45
(Gain)/loss on cancellation of forwards, swaps and options 0.58 (39.05)
Interest income and income from current investments (2,852.86) (1,125.57)
Finance costs 3,792.14 2,792.08
Foreign exchange (gain)/loss (2,542.96) (851.60)
Other non-cash items (50.05) 2.25
4,342.86 6,216.05
Operating profit before changes in non-current/current assets and liabilities 25,364.78 50,306.70
Adjustments for:
Non-current/current financial and other assets (679.28) (1,119.44)
Inventories (1,011.54) (7,072.78)
Non-current/current financial and other liabilities/provisions (4,555.71) 11,111.87
(6,246.53) 2,919.65
Cash generated from operations 19,118.25 53,226.35
Income taxes paid (net of refund) (4,891.32) (11,240.23)
Net cash from/(used in) operating activities 14,226.93 41,986.12

(B) Cash flows from investing activities:

Purchase of capital assets (8,554.58) (6,288.29)
Sale of capital assets 19.08 132.61
Purchase of investments in subsidiaries (1,245.77) (12,897.00)
Purchase of other non-current investments (314.00) (55.39)
Purchase of business undertaking (130.00) -
Sale of investments in subsidiaries 1,112.42 -
Sale of other non-current investments - 9.99
(Purchase)/sale of current investments (net) (1,822.14) 7,183.31
Loans given (1,241.15) (23,104.83)
Repayment of loans given 564.65 483.74
Principal receipts under sublease - 1.43
Fixed/restricted deposits with banks (placed)/realised (net) (12.21) (21.60)
Interest received 277.71 144.32
Dividend received from subsidiaries 234.93 113.89
Dividend received from associates and joint ventures 26.83 109.64
Dividend received from others 23.62 20.39
Net cash from/(used in) investing activities (11,060.61) (34,167.79)

F26 116th Year Integrated Report & Annual Accounts 2022-23

 PERFORMANCE ABOUT OUR OUR STAKEHOLDERS VALUE STATUTORY FINANCIAL
SNAPSHOT TATA STEEL LEADERSHIP STRATEGY AND MATERIALITY CREATION REPORTS STATEMENTS

STATEMENT OF CASH FLOWS (CONTD.)

for the year ended March 31, 2023

(I crore)
Year ended Year ended
March 31, 2023 March 31, 2022
(C) Cash flows from financing activities:
Proceeds from issue of equity shares (net of issue expenses) 1.37 325.72
Proceeds from long-term borrowings (net of issue expenses) 16,628.55 36.88
Repayment of long-term borrowings (2,904.30) (9,380.72)
Proceeds/(repayments) of short-term borrowings (net) (8,106.56) 8,794.21
Payment of lease obligations (495.00) (483.03)
Amount received/(paid) on utilisation/cancellation of derivatives (13.85) 33.33
Repayment of hybrid perpetual securities - (775.00)
Distribution on hybrid perpetual securities - (44.19)
Interest paid (3,856.03) (2,868.17)
Dividend paid (6,233.11) (3,007.08)
Net cash from/(used in) financing activities (4,978.93) (7,368.05)
Net increase/(decrease) in cash and cash equivalents (1,812.61) 450.28
Opening cash and cash equivalents (refer note 13, page F68) 2,671.59 2,221.31
Closing cash and cash equivalents (refer note 13, page F68) 858.98 2,671.59

(i) Significant non-cash movements in borrowings during the year include:

(a) amortisation/effective interest rate adjustments of upfront fees I27.02 crore (2021-22: I138.99 crore).
(b) exchange loss I277.74 crore (2021-22: I137.10 crore).
(c) adjustments to lease obligations, increase I439.34 crore (2021-22: I196.68 crore).

(D) Notes forming part of the financial statements Note 1-49

In terms of our report attached For and on behalf of the Board of Directors
sd/- sd/- sd/- sd/- sd/- sd/-
For Price Waterhouse & Co Chartered Accountants LLP N. Chandrasekaran Noel Naval Tata O. P. Bhatt Deepak Kapoor Farida Khambata V. K. Sharma
Firm Registration Number: 304026E/E-300009 Chairman Vice-Chairman Independent Director Independent Director Independent Director Independent Director
DIN: 00121863 DIN: 00024713 DIN: 00548091 DIN: 00162957 DIN: 06954123 DIN: 02449088
sd/- sd/- sd/- sd/- sd/- sd/-
Subramanian Vivek Bharti Gupta Ramola Saurabh Agrawal T. V. Narendran Koushik Chatterjee Parvatheesam Kanchinadham
Partner Independent Non-Executive Chief Executive Officer Executive Director Company Secretary &
Membership Number 100332 Director Director & Managing Director & Chief Financial Officer Chief Legal Officer
DIN: 00356188 DIN: 02144558 DIN: 03083605 DIN: 00004989 (Corporate & Compliance)
ACS: 15921
Mumbai, May 2, 2023

F27 116th Year Integrated Report & Annual Accounts 2022-23