Financial Statements

1 Financial StatementsHighlights Financial Highlights 236 Financial Ratios 237 Production Statistics 238 Financial Statistics 238 Dividend Statistics 239 Standalone Independent Auditor s Report 240 Balance Sheet 250 Statement of Profit and Loss 251 Statement of Changes in Equity 252 Statement of Cash Flows 254 Notes forming part of the Standalone Financial Statements 256 Consolidated Independent Auditor s Report 334 Consolidated Balance Sheet 342 Consolidated Statement of Profit and Loss 344 Consolidated Statement of Changes in Equity 346 Consolidated Statement of Cash Flows 348 Notes forming part of the Consolidated Financial Statements 350 ()

2 Crore)Tata Steel StandaloneTata Steel Group2020-212019-202020-212019-20 Revenue from operations 64, 60, 1,56, 1,48, Profit/(loss) before tax 17, 6, 13, (1, )Profit/(loss) after tax 13, 6, 8, 1, Dividends 1, 1, 1, 1, Retained earnings 44, 32, 16, 18, Capital employed1,25, ,24, ,75, ,01, worth 91, 76, 77, 76, Borrowings 28, 41, 88, 1,16, RatioRatioNet debt to Net worth per Share as at year end per Share:Basic Diluted Dividend per Ordinary Share Employees (Numbers) 31,189 32,364 73,962 70,212 Shareholders (Numbers) 8,73,198 8,96,919 Financial HIGHLIGHTSFINANCIAL RATIOSTata Steel StandaloneTata Steel on average capital on average net turnover (in days) turnover (in days) block to net debt to service coverage worth per share ( ) earnings per share ( ) payout22%17%37%98% EBITDA/Turnover (EBITDA.

3 PBT +/(-) Exceptional Items + Net Finance Charges + Depreciation and amortisation - Share of results of equity accounted investments) (Net Finance Charges: Finance costs - Interest income - Dividend income from current investments - Net gain/(loss) on sale of current investments) (Turnover: Revenue from Operations)2. PBET/Turnover Profit before exceptional items and tax/Turnover 3. Return on Average Capital Employed: EBIT/Average Capital Employed (Capital Employed: Total Equity + Non-current Borrowings + Current maturities of Non-current borrowings and Lease Obligations + Current Borrowings + Deferred tax liabilities) (EBIT: PBT +/(-) Exceptional Items + Net Finance Charges)4.

4 Return on Average Net worth: PAT/Average Net worth (Net worth: Total equity)5. Asset Turnover: Turnover/(Total Assets - Investments - Advance Against Equity)6. Inventory Turnover: Average Inventory/Sale of Products in days7. Debtors Turnover: Average Debtors/Turnover in days8. Gross Block to Net Block: Gross Block/Net Block (Gross Block: Cost of property, plant and equipment + Cost of right-of-use assets + Capital work-in-progress + Cost of intangible assets + Intangible assets under development) (Net Block: Gross Block - Accumulated depreciation and amortisation - Accumulated impairment)9.

5 Net Debt to Equity: Net Debt/Average Net Worth (Net debt: Non-current borrowings + Current borrowings + Current maturities of long-term borrowings and lease obligations - Current investments - Cash and cash equivalents - Other balances with banks (including non-current earmarked balances))10. Current Ratio: Current Assets including assets held for sale (excluding current investments)/Current Liabilities including liabilities held for sale (Current liabilities: Trade Payables + Short-term provisions + Other current liabilities - Current maturities of Non-current borrowings and Lease Obligations)11.

6 Interest Service Coverage Ratio: EBIT/Net Finance Charges (excluding interest on short-term debts)12. Net worth per share: Net Worth/Number of Equity Shares13. Basic Earnings per share: Profit attributable to Ordinary Shareholders/Weighted average number of Ordinary Shares14. Dividend Payout: Proposed dividend for the year/Profit after tax15. P/E Ratio: Market Price per share/Basic Earnings per shareIntegrated Report & Annual Accounts 2020-21 | 114th Year236 Standalone237 StatutoryReportsStakeholders and MaterialityPerformance SnapshotAbout Tata SteelLeadershipCapitalsGovernanceStrateg yFinancialStatements 000 TonnesYearIron OreCoalIron (Hot metal)

7 Crude steelRolled/ Forged Bars and StructuralsPlatesSheets Hot Rolled Coils/ StripsCold Rolled CoilsRailway MaterialsSemi- Finished for SaleTot al Saleable Steel1991-923,9963,8482,4002,41559992123 170-91,0451,9781992-934,1263,7392,4352,4 7757578122163-71,1792,0841993-944,2013,9 222,5982,487561-124281-61,1822,1171994-9 54,7964,1562,9252,788620-137613-21,0742, 3911995-965,1814,8973,2413,019629-1331,0 70--8692,6601996-975,7665,2943,4403,1066 66-1141,228--8112,7831997-985,9845,2263, 5133,2266340601,210-01,1052,9711998-996, 0565,1373,6263,264622001,653-08353,05119 99-006,4565,1553,8883,434615002,057-0615 3,2622000-016,9895,2823,9293,566569001,8 5835606473,4132001-027,3355,6364,0413,74 9680001,65673405663,5962002-037,9855,915 4,4374,098705001,5631,11005633,9752003-0 48,4455,8424,4664,224694001,5781,2620555 4,0762004-059,8036,3754,3474,104706001,3 541,44506044,0742005-0610,8346,5215,1774 ,731821001,5561,49506794,5512006-079,776 7,0415,5525,0461,230001,6701,52305064,92 92007-0810,0227,2095,5075,0141,241001,69 71,53403864.

8 8582008-0910,4177,2826,2545,6461,350001, 7451,44708335,3752009-1012,0447,2107,231 6,5641,432002,0231,56401,4216,4392010-11 13,0877,0247,5036,8551,486002,1271,54401 ,5346,6912011-1213,1897,4607,7507,1321,5 77002,3271,55001,5146,9702012-1315,0057, 2958,8588,1301,638003,3411,44501,5187,94 12013-1417,3646,9729,8999,1551,676004,27 11,63801,3468,9312014-1513,6946,04410,16 39,3311,778004,2591,83601,2009,0732015-1 616,4316,22710,6559,9601,823004,7421,689 01,4439,6982016-1721,2846,31513,05111,68 31,882006,2951,83701,48111,3512017-1823, 0436,22413,85512,4821,882007,0931,85301, 48112,2372018-1923,3746,54614,23713,2281 ,959007,8011,85801,38612,9802019-2026,51 26,21014,09413,1521,984007,7931,71301,49 912,8782020-2128,6595,85313,23812,1921,6 42007,4691,39501,53812,041 PRODUCTION STATISTICSFINANCIAL STATISTICS( crore)

9 YearCapital^Reserves and SurplusBorrow-ingsGross Block Net BlockInvest-mentsTot al IncomeTot al Expen-diture*Depre-ciationProfit before Ta xTa xProfit after Ta xDividend#2018-193, , , , , , , , , , , , , , , , ,0, , , , , , , ( )6, , , , , ,03, , , , , , , , , , ^ Capital includes Equity share capital, Hybrid perpetual securities and Share application money pending allotment.* Expenditure includes excise duty recovered on sales, exceptional items and excludes depreciation.# paid during the year and includes tax on Preference ( 150) Second Preference ( 100) Ordinary ( 10)

10 Tot al lakhRate Dividend lakhRate Dividend@ lakhTax on dividend lakhRate* Dividend@ lakhTax on dividend lakh1991-92 , 8, , 6, , 9, , 11, , 15, , , , , , , , , , , , , 1, , , , , , 14, , , , , , , , , , , , , ,10, , ,10, , ,36, , ,39, , , ,36, , ,49, , , , , ,30, , ,30, ,34, , ,34, , , , ,03, , ,03, , , , , , , ,16, , ,16, ,38, , ,38, ,79, , ,79, 1,14, 1,14, 2020-21 ,99, 2,99, On the Capital as increased by Rights Issue of