CHAPTER III

ANALYSIS OF FINANCIAL PERFORMANCE

INTRODUCTION

Financial Performance in broader sense refers to the degree to which financial

objectives being or has been accomplished and is an important aspect of finance risk
management. It is the process of measuring the results of a company's policies and operations
in monetary terms. It is used to measure company's overall financial health over a given
period of time and can also be used to compare similar companies across the same industry or
to compare industries or sectors in aggregation.

Financial performance analysis includes analysis and interpretation of financial statements in

such a way that it undertakes full diagnosis of the profitability and financial soundness of the
business. The financial analyst program provides vital methodologies of financial analysis.

NATURE OF RATIO ANALYSIS

In this project, I have taken the following three ratios to study and find suggestions.

 Liquidity ratios
 Profitability ratios
 Solvency ratios

ANALYSIS OF FINANCIAL PERFORMANCE& RATIOS

RATIO ANALYSIS – MEANING

A sustainable business and mission requires effective planning and financial

management. Ratio analysis is a useful management tool that will improve your
understanding of financial results and trends over time, and provide key indicators of
organizational performance. Managers will use ratio analysis to pinpoint strengths and
weaknesses from which strategies and initiatives can be formed. Funders may use ratio
analysis to measure your results against other organizations or make judgments concerning
management effectiveness and mission impact. In this project, we are undergoing three ratio
analysis, namely, liquidity, solvency and profitability analysis.

Simple average

The arithmetic mean is the simple average, or sum of a series of numbers divided by the
count of that series of numbers. In the world of finance, the arithmetic mean is not usually an
appropriate method for calculating an average, especially when a single outlier can skew the
mean by a large amount.

Formula for simple average is

Simple average = summation of respective ratios from 2016- 2020 / total number
of years

In this project, I have used simple average method to elucidate the averages for all the ratios
that are analysed during the period of study. Hence, simple average method is explained
above.

I .LIQUIDITY ANALYSIS
 To meet its commitments, business needs liquid funds. The ability of the business
to pay the amount due to stakeholders as and when it is due is known as liquidity, and the
ratios calculated to measure it are known as ‘liquidity ratios’. These are essentially short-term
in nature.

When it comes to financing, liquidity is a crucial aspect to consider. And liquidity ratio is

an essential accounting tool that is used to determine the current debt repaying ability of a

borrower. Simply, this ratio reflects whether an individual or business can pay off the short

term dues without any external financial assistance.

Considering the liquid assets, present financial obligations are analysed to validate the

safety limit of a company.

Liquidity ratio may refer to:

 Reserve requirement, a bank regulation that sets the minimum reserves each bank must
hold.
 Quick ratio (also known as an acid test) or current ratio, accounting ratios used to
determine the liquidity of a business entity

In accounting, the liquidity ratio expresses a company's ability to repay short-term creditors
out of its total cash. It is the result of dividing the total cash by short-term borrowings.

In this project, I have analysed three following liquidity ratios.

They are

 Current ratio
 Quick ratio or liquid ratio
 Cash ratio or absolute liquid ratio

Note: The entire amounts used in all the ratio analysis are to be taken as they are in
crore values.

CURRENT RATIO
 Current ratio refers to a technique that measures the capability of a business to meet
its short-term obligations that are due within a year. The current ratio considers the weight of
the total current assets versus the total current liabilities. A generally acceptable current ratio
is 2:1.

Current assets = Inventories +Sundry debtors+ cash and cash equivalents + cash and bank
balances + loans and advances + disposalInvestments + accruals + prepaid expenses + bills
receivables
Current liabilities = Creditors for goods and services +short term loans + Bank overdraft +
cash credit + outstanding expenses+ Provision for taxation + dividend payable

Formula:Current ratio = Current assets / Current liability.

TABLE 3.1 CURRENT RATIOS

CURRENT CURRENT CURRENT RATIO = CURRENT

YEARS
ASSETS(Rs) LIABILITIES(Rs) ASSET/ CURRENT LIABILITY
2017
20110.40 23056.33 0.87
2018
34643.91 25607.34 1.35
2019
17035.58 25593.65 0.67
2020
20009.19 30871.30 0.65
2021
23756.30 29313.32 0.81
AVERAGE 0.87:1

Sources: Secondary data

Simple average of current ratio = (0.87+1.35+0.67+0.65+0.81) / 5 =0.87:1

INTERPRETATION

In the above table, current ratio fluctuates from year to year. Highest level of current ratio is
satisfied during the year 2018(1.35:1). And the average current ratio maintained during the
year 2017, 2020 and 2021 is 0.87:1 and all the current ratios for respective years are above
the ideal ratio standard. Hence the company maintains good liquidity position.

LIST OF CHARTS
 LIQUIDITY RATIOS

CHART 3.1 CURRENT RATIO

1.6

1.4

1.2

0.8

0.6

0.4

0.2

0
2017 2018 2019 2020 2021

QUICK RATIOS OR LIQUID RATIO

The quick ratio is an indicator of a company’s short-term liquidity position and measures a
company’s ability to meet its short-term obligations with its most liquid assets.

Since it indicates the company’s ability to instantly use its near-cash assets
(assets that can be converted quickly to cash) to pay down its current liabilities, it is also
called the acid test ratio. A generally acceptable quick ratio is 1:1.

Quick assets = current assets – inventories – prepaid expenses

Current liabilities = Creditors for goods and services +short term loans + Bank overdraft +
cash credit + outstanding expenses+ Provision for taxation + dividend payable

Formula: Quick ratio = Quick assets / Current liability

TABLE 3.2 QUICK RATIOS

QUICK CURRENT QUICK RATIO = QUICK

YEARS
ASSETS(Rs) LIABILITIES(Rs) ASSETS/ CURRENT LIABILITY

2017 9875.55 23056.33 0.43

2018 23620.50 25607.34 0.92
2019 5780.24 25593.65 0.23
2020 9292.53 30871.30 0.30
2021 1515.51 29313.32 0.05
AVERAGE 0.39:1

Sources: Secondary data

Simple average for quick ratio = (0.43+0.92+0.23+0.30+0.05) / 5 = 0.39:1

INTERPRETATION

In the above table, quick ratio is higher in 2018(0.9:1) and the ratio is consistently increasing
from year to year. And the simple average of 5 year’s quick ratio is 0.39:1. The agreed liquid
ratio is not 1:1. Hence the company is not maintaining optimum ratio.

CHART 3.2 QUICK RATIOS

 1

0.9

0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0
2017 2018 2019 2020 2021

CASH RATIO OR ABSOLUTE LIQUID RATIO

 The cash ratio is a measurement of a company's liquidity, specifically the ratio of a
company's total cash and cash equivalents to its current liabilities. The metric calculates a
company's ability to repay its short-term debt with cash or near-cash resources, such as
easily marketable securities. The cash ratio should be at least from 0.5 to 1.If they have above
1, they are in highly liquid position.

Current Assets = cash & bank balances, current investments

Current liabilities = Creditors for goods and services +short term loans + Bank overdraft +
cash credit + outstanding expenses+ Provision for taxation + dividend payable

Formula: Cash ratio = cash & bank balances + current investments / current liabilities

TABLE 3.3 CASH RATIOS

CURRENT CURRENT CASH RATIO = CASH BALANCES+CURRENT

YEARS
ASSETS(Rs) LIABILITIES(Rs) INVESTMENTS / CURRENT LIABILITY
2017 20110.40 23056.33 0.87
2018 34643.91 25607.34 1.35
2019 17035.58 25593.65 0.67
2020 20009.19 30871.30 0.65
2021 23756.30 29313.32 0.81
AVERAGE 0.87:1

Sources: Secondary data

Simple average for cash ratio = (0.893+1.502+1.129+1.317+1.951) / 5 = 1.3584:1

INTEERPRETATION

In the above table, a cash ratio fluctuates with small amount of changes from year
to year. But they are all above ideal ratio 0.5 and the average ratio for 5 years is 1.3584:1.
Hence the company maintains adequate cash ratio. The company has higher cash ratio during
the year 2020(1.951:1).
II. SOLVENCY RATIOS
Solvency ratios are a key component of the financial analysis which helps in determining
whether a company has sufficient cash flow to manage the debt obligations that are due.
Solvency ratios are also known as leverage ratios. It is believed that if a company has a low
solvency ratio, it is more at the risk of not being able to fulfil its debt obligation and is likely
to default in debt repayment.

Solvency ratios are used by prospective business lenders to determine the solvency state of a
business. Companies that have a higher solvency ratio are deemed more likely to meet the
debt obligations while companies with a lower solvency ratio are more likely to pose a risk
for the banks and creditors. Solvency ratios vary with the type of industry, but as a good
measure a solvency ratio of 0.5 is always considered as a good number to have.

Solvency ratios should not be confused with liquidity ratios. They are totally different.
Liquidity ratios determine the capability of a business to manage its short-term liabilities
while the solvency ratios are used to measure a company’s ability to pay long-term debts.

In this project, I have discussed four types of solvency ratios

They are

 Equity ratios

 Debt to equity ratios

 Proprietary ratios

EQUITY RATIO
The equity ratio measures the amount of leverage that a business employs. It does so by
comparing the total investment in assets to the total amount of equity. If the outcome of
the calculation is high, this implies that management has minimized the use of debt to
fund its asset requirements, which represents a conservative way to run the entity.
Conversely, a low ratio indicates that a large amount of debt was used to pay for the
assets. Equity ratios that is higher than 0.50 are considered to be ideal ratio .

Shareholder’s equity = share capital+ reserves and surplus + retained earnings

Capital employed = Total assets – current liabilities.

The formula for equity ratio is Equity ratio=shareholder’s equity / capital employed.

TABLE 3.4 EQUITY RATIOS

CAPITAL
SHAREHOLDER EQUITY RATIOS = SHAREHOLDER
YEARS EMPLOYED
EQUITY(Rs) EQUITY/CAPITAL EMPLOYED
(Rs)
2017 49659.00 88409.08 0.56
2018 61514.82 99507.00 0.62
2019 70454.71 111904.71 0.63
2020 74563.12 119521.26 0.62
2021 90488.33 135722.67 0.67
AVERAGE 0.62:1

Sources: Secondary data

Simple average for equity ratio = (0.943+0.957+0.960+0.963+0.968) / 5 = 0.9582:1

INTERPRETATION

In the above table, all the equity ratios for the respective 5 years are greater
than 0.50 and the average equity ratio for 5 years is 0.9582.Hence Company maintains
adequate equity. Compared to other years of the study, company maintains higher equity
ratio in 2020 (0.968:1)
DEBTS TO EQUITY RATIO

The debt-to-equity ratio (D/E) is a financial ratio indicating the relative

proportion of shareholders' equity and debt used to finance a company's assets. Closely
related to leveraging, the ratio is also known asrisk, gearing or leverage. The ideal debt to
equity ratio should be below 1.0 and should not be above 2.0

Long term debts = long term borrowings+ long term debts + other long term loans

Shareholder’s equity = share capital+ reserves and surplus + retained earnings

Formula:Debt to equity ratio = long term debts / shareholder’s equity

TABLE 3.5 DEBTS TO EQUITY RATIOS

DEBT TO EQUITY RATIO=

LONG TERM SHAREHOLDER
YEARS LONG TERM DEBTS/
DEBTS(Rs) EQUITY(Rs)
SHAREHOLDER EQUITY
2017 24694.37 49659.00 0.50
2018 24568.95 61514.82 0.40
2019 26651.19 70454.71 0.38
2020 31381.96 74563.12 0.42
2021 27313.30 90488.33 0.30
AVERAGE 0.4:1

Sources: Secondary data

Simple average for debt to equity ratio = (0.001+0.0004+0.0002+0.0001+0.0001) / 5 =

0.00036:1

INTERPRETATION

In the above table, debt equity ratios for the years 2016 to 2020 stood below 1.0.Ideal
standard of ratio is attained during the year 2019 & 2020 (0.0001:1) and the company
has 0.00036:1 as average ratio during the period of the study. Hence the company have
optimum money to settle to shareholders of the company
PROPRIETORY RATIOS

The proprietary ratio (also known as net worth ratio) is used to evaluate the soundness of
the capital structure of a company. It is computed by dividing the stockholders’ equity by
total assets. The ideal proprietary ratio is 0.5 to 1

Proprietary funds = Equity share capital + preference share capital + Reserves & surplus.

Total assets = Total assets – fictitious assets – losses.

Formula: Proprietary ratio = proprietary funds / total assets

TABLE 3.6 PROPRIETARY RATIOS

PROPRIETARY RATIOS =
PROPRIETARY TOTAL
YEARS PROPRIETARY FUNDS /
FUNDS(Rs) ASSETS(Rs)
TOTAL ASSETS

2017 49659.00 110638.62 0.45

2018 61514.82 124296.41 0.49

2019 70454.71 136582.89 0.52
2020 74563.12 149488.20 0.50
2021 90488.33 163787.87 0.55
AVERAGE 0.50:1

Sources: Secondary data

Simple average for proprietary ratio = (0.671+0.843+0.830+0.837+0.857) / 5 = 0.8076:1

INTERPRETATION

In the above table, the proprietary ratios for the years 2016-2020 are between 0.5 and 1. And
the average ratio also stood as 0.8076:1.The company maintains higher ratio in 2020
(0.857:1). Hence the company’s proprietary ratio is ideal.
III. PROFITABILITY RATIOS

Financial ratios quantify many aspects of a business and are an integral part of the financial
statement analysis. Financial ratios are categorized according to the financial aspect of the
business which the ratio measures. Liquidity ratios measure the availability of cash to pay
debt. Activity ratios measure how quickly a firm converts non-cash assets to cash
assets. Debt ratios measure the firm's ability to repay long-term debt. Profitability
ratios measure the firm's use of its assets and control of its expenses to generate an
acceptable rate of return. Market ratios measure investor response to owning a company's
stock and also the cost of issuing stock.  These are concerned with the return on investment
for shareholders, and with the relationship between return and the value of an investment in
company's shares.

Financial ratios allow for comparisons

 Between companies
 Between industries
 Between different time periods for one company
 Between a single company and its industry average

In this project, I have analysed following 3 profitability ratios

 Cash profit ratio

 Net profit ratios

 Operating profit ratio

 Interest coverage ratios

CASH PROFIT RATIO

Cash profit is the profit recorded by a business that uses the cash basis of accounting.
Under this method, revenues are based on cash receipts and expenses are based on cash
payments. Consequently, cash profit is the net change in cash from these receipts and
payments during a reporting period.

Cash profit = profit after tax + depreciation

Sales = sales – sales return

Formula: Cash profit = (Profit after tax + depreciation) / sales * 100

TABLE 3.7 CASH PROFIT RATIOS

CASH CASH PROFIT RATIO= (PROFIT AFTER

YEARS SALES(Rs)
PROFIT(Rs) TAX+DEPRECIATION)/SALES*100

2017 37240.35 52564.93 70.85%

2018 42957.49 59453.23 72.25%
2019 53729.83 68923.36 77.96%
2020 43997.46 58815.57 74.81%
2021 50174.17 63743.40 78.71%
AVERAGE 74.92%

Sources: Secondary data

Simple average of cash profit ratios = (27.04 +26.22+28.64+28.12+33.49) / 5 = 28.702%

INTERPRETATION

In the above table, the cash profit of every year is constantly increasing. And
the average ratio for 5 years is 28.702 and the highest ratio is attained in 2020 (33.49%).
Hence the company is able to spend for operating activities in proper manner.
NET PROFIT RATIO

The net profit margin is a profitability ratio that expresses the profit from
business operations as a percentage of revenue or net sales. It accounts for all expenses a
business faces, not just the cost of goods sold. The ideal ratio for net profit ratio is between
10% and 20% or more.

Net profit = gross profit – all indirect expenses

Net sales = sales – sales return

Formula:Net profit ratio = (Net profit / sales)* 100

TABLE 3.8 NET PROFITS RATIO

NET NET PROFIT RATIO = (NET

YEARS SALES(Rs)
PROFIT(Rs) PROFIT / SALES)*100
2017 3444.55 52564.93 6.55%
2018 4169.55 59453.23 7.01%
2019 10533.19 68923.36 15.28%
2020 6743.80 58815.57 11.47%
2021 13606.62 63743.40 21.35%
AVERAGE 12.33%

Sources: Secondary data

Simple average of net profit ratio = (26.99+26.17+28.59+28.06+33.44) / 5 = 28.65%

INTERPRETATION

In the above table, the net profit for all years is above 20%. And the average ratio is 28.65 %
and high ratio is attained in 2020 (33.44%) among all the years. Hence the company may
expense net profits for financing operating expenses and may distribute dividends.
OPERATING PROFIT RATIO

Operating profit ratio establishes a relationship between operatingProfit

earned and net revenue generated from operations (net sales). Operating profit ratio is a type
of profitability ratio which is expressed as a percentage.

Net sales include both Cash and Credit Sales, on the other hand, Operating Profit is
the net operating profit i.e. the Operating Profit before interest and taxes. Operating Profit
ratio helps to find out Operating Profit earned in comparison to revenue earned from
operations. The ideal standard for operating profit ratio is 15% or more.

Operating profit = Gross profit – operating expenses – depreciation & amortization

Net sales = sales – sales return

Formula: Operating profit ratio = (Profit before interest & taxes / sales) *100

TABLE 3.9 OPERATING PROFIT RATIO

OPERATING PROFIT RATIO =

OPERTING
YEARS SALES(Rs) PROFIT BEFORE INTEREST &
PROFIT(Rs)
TAXES/SALES)*100
2017 43387.89 52564.93 82.54%
2018 34590.19 59453.23 58.18%
2019 38037.95 68923.36 55.19%
2020 37183.08 58815.57 63.22%
2021 33885.44 63743.40 53.16%
AVERAGE 62.46%

Sources: Secondary data.

Simple average for operating profit ratio (41.14+39.83+43.15+41.60+42.47) / 5 = 41.638%

INTERPRETATION
In the above table, operating profit for all the yearis higher than 15%. And the average ratio is
41.638% and the highest ratio is attained in 2018 (43.15%) as compared to all the years
during the study. Hence the company has more liquidity position.
 INTEREST COVERAGE RATIOS

The interest coverage ratio is used to determine how easily a company can pay its interest
expenses on outstanding debt. The interest coverage ratio is used to determine how easily a
company can pay its interest expenses on outstanding debt.

Earnings before interest and taxes = Net income + interest + taxes

Interest = It is derived from statement of profit and loss of the tax of the company.

Formula: Interest coverage ratio = Earnings before interest and taxes / interest

TABLE 3.10 INTEREST COVERAGE RATIOS

EARNINGS INTEREST COVERAGE RATIO =

YEARS BEFORE INTEREST INTEREST(Rs) EARNINGS BEFORE INTEREST &
& TAXES(Rs) TAXES+INTEREST
2017 8045.48 2688.55 2.99 times
2018 9448.87 2810.62 3.36 times
2019 19050.83 2823.58 6.75 times
2020 9641.99 3031.01 3.18 times
2021 21188.97 3393.84 6.24 times
AVERAGE 4.51 times

Sources: Secondary data

Simple average for interest coverage ratio =

(305.47+676.51+195.48+540.46+344.98) / 5 = 412.58 times

INTERPRETATION
In the above table, the ratio fluctuates from year to year. Averagely, the company maintains
412.58 as interest coverage ratio. Highest ratio is achieved during the year 2017 (676.51:1),
compared to other 4 years. It is adequate for the company to pay off its interests.
ANALYSIS OF ANNUAL NET PROFIT

MEANING OF NET PROFIT

A company’s net profit is also known as its net income, net earnings or bottom line. It
represents the financial standing of a company after all its expenses have been paid off
from its total revenue.

Notably, it accounts for all financial transactions of a firm other than tax payment.
On the basis of this fundamental concept, business owners can avoid miscalculations and
develop sound financial strategies.

Typically, net profit in the balance sheet is registered at the financial statement’s

bottom line.

HOW IS NET PROFIT CALCULATED?

 It shows the sales amount after these following are deducted from the company’s
total revenue.

 Operating cost
 Tax
 Interest
 Preferred stock dividends

Notably, total revenue is described as the total sales minus discounts and
refunds. On the other hand, operational expenses and overhead expenses also include the
cost of selling and delivering the product.
 The net profit formula is expressed as –

Net Profit = Total Revenue – Total Expenses

TABLE3.11: NET PROFIT (2016 – 2020)

(In billions)
TOTAL
TOTAL NET PROFIT = TOTAL REVENUE –
YEARS EXPENSES
REVENUE(Rs) TOTAL EXPENSES(Rs)
+TAXES(Rs)
2017 48407.48 42347.17 6060.31
2018 60380.48 50375.94 10004.54
2019 73015.79 56674.31 16341.48
2020 60840.09 52525.53 8314.56
2021 65506.89 50484.81 15022.08
AVERAGE 11148.59

Sources: secondary data

Average net profit = 9,844.71+10,200.90+11,223.25+12,464.32+15,136.05

=Rs. 11,781.846 billion

ANALYSIS OF NET PFOFIT:

In the above table, the net profit is constantly increasing from year to year. The higher net
profit is achieved in 2020 (15,136.05) (in billions). Average net profit achieved in 5 years is
Rs.11, 781.846billion.
 ANALYSIS OF AMOUNT FINANCED FOR CORPORATE SOCIAL
RESPONSIBILITY (CSR) POLICY OF THE COMPANY

CSR can be defined as a Company’s sense of responsibility towards the community and

environment (both ecological and social) in which it operates. Companies can fulfil this
responsibility through waste and pollution reduction processes, by contributing educational
and social programs, by being environmentally friendly and by undertaking activities of
similar nature. CSR is not charity or mere donations. CSR is a way of conducting business,
by which corporate entities visibly contribute to the social good. Socially responsible
companies do not limit themselves to using resources to engage in activities that increase
only their profits. They use CSR to integrate economic, environmental and social objectives
with the company’s operations and growth. CSR is said to increase reputation of a company’s
brand among its customers and society.

Applicability of CSR Provisions: 

On every Company including its holding or subsidiary having:

 Net worth of Rs. 500 Crore or more, or

 Turnover of Rs. 1000 crore or more, or
 Net Profit of Rs. 5 crore or more
During the immediately preceding financial year.

ANNEXURE 3 – ANNUAL REPORT ON CORPORATE SOCIAL

RESPONSIBILITY ACTIVITIES

I. Brief outline of the Corporate Social Responsibility (CSR) Policy

The Board of Directors (Board) adopted the CSR Policy (Policy) on September 17, 2014
which is available on the Company's website. The Company's CSR is in alignment with the
Tata Group focus initiatives – Education, Health, Livelihood, Rural and Urban infrastructure.
Besides, it also undertakes interventions in the areas of sports, disaster relief, environment
and ethnicity all aimed at improving the quality of life of the communities.

II. Composition of CSR Committee of the Board

The CSR Committee of the Board comprises Mr. Ishaat Hussain (Chairman), Mr. O. P. Bhatt,
Mr. D. K. Mehrotra, Mr. Koushik Chatterjee and Mr. T. V. Narendran.

The Company has also set up a CSR Advisory Council. The council comprises 12 members,
all of whom are eminent personalities from academia and the development sector. The
members of the Advisory Council, with their years of experience and multi-functional
expertise, provide macro policy-level inputs to the CSR Committee and guide the Company's
approach towards CSR.

CSR activities, as per the Companies Act, 2013, may be undertaken by the Company through
a registered trust or a registered society. The Company undertakes the activities either
directly or in collaboration with the following delivery arms:

Tata Steel Rural Development Society (TSRDS), a registered society under Societies
Registration Act, 1860. The principal aim and objective of the society is to undertake,
promote, sponsor, assist or aid directly any activity/project/programme for the promotion and
growth of the rural economy, rural welfare, socio-economic development and upliftment of
the people in rural areas.

Tribal Cultural Society (TCS), a registered society under Societies Registration Act, 1860.
The main objective of the society is to promote and undertake cultural activities, cultural
education and training of the various tribes.

Tata Steel Skill Development Society (TSSDS), a registered society under Societies
Registration Act, 1860. The main aim and object of the society is to provide facilities for
technical and other skill enhancement trainings within the nation.

Tata Steel Family Initiatives Foundation (TSFIF), a registered trust under Indian Trusts Act,
1882. The objective of the trust is to undertake projects/programmes on reproductive health,
prevention of drug or alcohol addiction and empowerment of women through literacy and
income generation.

Sl. No CSR project or Sector in which the Location of project

 activity identified project is covered (District & State)

1 Eradicating hunger, Health & Drinking Jharkhand - Ramgarh

poverty Water Odisha - Jajpur
and malnutrition

2 Promoting health care Health & Drinking Jharkhand - East

including preventive Water Singhbhum, West
Healthcare Singhbhum, Ranchi,
Dhanbad, Ramgarh
Odisha - Ganjam,
Jajpur,
Kendujhar, Sundargarh
West Bengal - East
Midnapore
Chattisgarh -
Jagdalpur

3 Making Available safe Health & Drinking Jharkhand - East

Drinking Water Water Singhbhum, West
Singhbhum, Dhanbad,
Ramgarh, Ranchi
Odisha - Ganjam,
Jajpur,
Kendujhar, Sundargarh
West Bengal - East
Midnapore

4 Sanitation Health & Drinking Jharkhand - East

Water Singhbhum
Odisha - Jajpur

5 Promotion of education Education Jharkhand - East

including special Singhbhum, West
education Singhbhum, Dhanbad,
Ramgarh, Ranchi
Odisha - Jajpur,
Kendujhar, Khordha,
Sundargarh
West Bengal - East
Midnapore
Chattisgarh -
 Jagdalpur

6 Employment Jharkhand - East

enhancing Singhbhum, West
Vocational skills Singhbhum, Dhanbad,
especially to Ramgarh
Women, Children, Odisha - Jajpur,
Differently Mayurbhanj, Puri,
abled Ganjam,
Kendujhar
Chattisgarh -
Jagdalpur

https://www.tatasteel.com/investors/annual-report-2015-16/html/corporate-
social-responsibility-activities.html