Tata Steel Results

Presentation
Financial quarter ended December 31, 2022

February 06, 2023

Safe harbour statement
Statements in this presentation describing
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 incl., among others, economic
conditions affecting demand / supply and
price conditions in 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.
Tata Steel, West Bokaro, In2dia
3QFY23

Performance
Update
Tata Steel Jamshedpur, India
 Focused on creating sustainable value

Leadership in Leadership Leadership Consolidate Robust Become

Sustainability in India position in position as financial future
technology global health ready
& digital cost leader

4
Net Zero by 2045
Pursuing sustainability through multiple pathways
Targets
Initiatives Higher scrap charge Alumina in Iron ore
 Achieve <2 tCO2 per ton of crude steel in India
2025
 Gradually phase out BFs in Netherlands and replace with
Multilocation EAF Renewable energy
DRI, REF and IF
 Finalisation of roadmap in UK focused on utilising local
scrap in consultation with government Reducing ash in Coke Upscaling CCU pilots
2030
 Achieve <1.8 tCO2 per ton of crude steel in India Cleaner fuel Partnering with Academia
 Achieve 30% lower specific emissions vs. 2020 in Europe
HIsarna New smelting technology
2045
 Net Zero

Note : BF – Blast Furnace, DRI – Direct Reduced Iron, REF - Reducing Electric Furnace, IF – Induction Furnace, CCU – Carbon Capture & Utilisation, EAF – Electric Arc Furnace 5
Focus on ‘Zero harm’
Committed towards excellence in Safety & Health of our
employees
Safety remains a top priority
Safety Line Walks
Focus on Zero harm
Tata Main Hospital, Jamshedpur
~1,000 beds + state-of-the-art facilities

71% LTIFR1 7
In the last 15 years 4 4 4
3
Fatalities

FY19 FY20 FY21 FY22 9MFY23

 ‘FELT Leadership’ for workforce  ‘Industrial hygiene’ assessment

incl. NINL to improve awareness to minimise health hazards

 Leveraging digital to minimise man –  Organised awareness programs in

FY08

FY09

FY10

9MFY23
FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

machine interface India; covering 4,200+ employees

1 Lost Time Injury Frequency Rate per million-man hours worked, for Tata Steel Group, NINL - Neelachal Ispat Nigam Limited 6
Improving quality of life of our communities
Social capital and scalable change models to enable deep societal
impact
Rural & Urban Education
14.2 Lakh+
Household Health & Nutrition Lives Impacted1

Tribal Cultural Heritage

~Rs 1,380 crores
Grassroots Rural Governance spent2 since FY19
Women & Youth Empowerment
406
Dignity for the Disabled 315

222 242
Household Livelihoods 193

Water Resources

Grassroots Sports
FY19 FY21 9MFY23
1 Cumulative as of Dec 31, 2022
Public Infrastructure 2 CSR Spending by Tata Steel Standalone
Reached out to 4.8 lakh+ children via signature education programs and
>48,000 children brought back to school
7
 Growth in India to consolidate market leadership
Future investments set to drive sector leading returns
Leadership in India
From ~30 MTPA to

Mining
2x 60-65 MTPA
India Crude Steel Iron ore mining
EAF, Punjab production by 2030

From ~21 MTPA to From ~16 MTPA to From ~5 MTPA to

Crude Steel

Production
~40 MTPA ~27 MTP ~13 MTPA

Longs
Jamshedpur

Flats
TSLP

Meramandali

By 2030, option to Crude steel

A Crude steel
Kalinganagar
NINL grow beyond production production

Tubes Wires Tinplate Ductile Iron

Downstream

Pipes
From 1 MTPA to From 0.45 MTPA to From 0.38 MTPA to From 0.2
MTPA to

2 MTPA 1 MTPA 1 MTPA 1

Key Steelmaking sites Mining and Ongoing growth
(Flats and Longs) Downstream projects
Note: Map not to scale EAF – Electric Arc Furnace, TSLP – Tata Steel Long Products, NINL – Neelachal Ispat Nigam Ltd 8
 Value accretive consolidation with multiple benefits

Unlisted Listed

TS Mining S&T Mining Indian Steel & TSLP TCIL Tata Metalliks TRF Ltd.
Wire Swap ratio 6.7 Swap ratio 3.3 Swap ratio 7.9 Swap ratio 1.7
Products

Reduced corporate and Optimal resource use, Faster growth, stronger Provide greater liquidity
compliance costs lower royalty balance sheet 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 9
5MTPA Expansion at Kalinganagar on track
Flats: ~25%1 market share driven by
value added growth across chosen
segments
Phased commissioning of 6 MTPA pellet plant at Kalinganagar has begun

Pellets

Note : 1. The 25% market share is in terms of domestic deliveries in India

10
Longs: Construction landscape in India being rapidly reshaped
due to a confluence of factors

India steel demand Longs to grow at higher Longs Industry structure

to grow with rate given government  Opportunity to grow
GDP focus and urbanisation on demand formalisation

Toda Future
y  Demand is project  Collaborative, Wide
based and discrete range of products and
solutions
 Manual / Labour
intensive / Cast-in-situ  Mechanised, Pre-cast &
Prefab steel structure
 Secondary players
have ~60% capacity  Opportunity to grow
share in Longs and consolidate

Note : 1. The 25% market share is in terms of domestic deliveries 11

Longs: Well-placed to more than double market share
Leveraging future growth in construction and infrastructure pan
India
~3x Longs capacity Established brands and Moving up the value
driven by BF + enhanced physical and chain by being a
EAF mix virtual reach solution partner

~~55 ~1~513MMTTPPAAii
 Long product facilities across three sites including  Long products capacity across 4+ sites, driven by NINL and
MMTTPPAAinin20 nn 22003300
Neelachal Ispat Nigam Limited modular EAFs
220222
 Retail business of Rs 10,500 crores on
 Doubling presence in retail by FY27
annualised basis

 Tata Tiscon’s pan India network – 40+ distributors and  Enhancing physical reach to 10,000+ pin codes (53%
8,600 dealers, serves 8,000 pin codes with 44% reach reach), complemented by virtual platform Aashiyana

 Product range including downstream products and  Moving up the value chain via ready to use solutions and
solutions capable to service end to end requirements setting up service centers closer to customer to drive pre-
sale design and site management
Note
Note : 1.: The
BF –25%
Blastmarket
Furnace, EAF
share is –
in Electric
terms ofArc Furnace,
domestic NINL – Neelachal Ispat Nigam Limited
deliveries 12
Flats + Longs: Focus on innovative solutions and operating
model to move up the value chain
45+ service centres by FY27 to drive pre-sale
Cut and design
and site management to enhance value addition
bend

MILL
LGSF
Home making Construction
solutions

Mesh and
Bore
piles

LGSF (Light Gauge Steel Frame) offers several benefits over the
traditional RCC (Reinforced Cement Concrete) construction 
Marquee Doors and
Lighter, greener and shorter construction time

Furniture 13
projects
 Tata Steel Europe : Product mix oriented towards evolving needs
Green steel offerings – Zeremis in Netherlands & Optemis in UK

Supplier for leading Auto OEMs Energy and Mobility Infrastructure and Construction

Note : Zeremis = Zero Emissions (Tata Steel Netherlands), Optemis = 0% Port Talbot Emissions (Tata Steel UK), OEM – Original Equipment Manufacturer 14
Financial management to enable
returns across cycle
Medium-term
(Across cycle targets)

Target Leverage

Balance sheet management

Investment grade metrices
Maximising ROIC
Portfolio
2x 4x
Net Debt/EBITDA Interest Cover
restructuring

Target RoIC1 Dividend Policy

Future readiness Cost optimisation 15% Progressive

dividend policy;
Green finance framework Margin management robust pay-out

Note : 1. ROIC – Return on Invested Capital 15

 3QFY23

Financial
Tata Steel Meramandali, India
Results
Global steel spreads have been subdued especially in Europe, partly due to inflated
energy cost
 Global steel prices continued to moderate till mid-Nov but  Iron ore prices rose from <$100/t to $120/t levels by end
since then have began to recover on inflation and China cues December. Coking coal prices continue to remain volatile and
are close to $300/t
 In China, reopening has led to a surge in COVID cases, but
has also sparked expectations of a demand rebound and led to  In Europe, steel spot spreads have moderated to around
improved sentiment $270/t level and the spread incl. natural gas, electricity &
carbon costs is <$200/t level
China Steel spot spreads (Domestic, Export) EU Steel spread including energy, carbon costs
HRC spot gross spreads ($/t) HRC spot gross spreads ($/t)
China domestic Spreads China export Spread EU Steel spot spread EU spread (w Energy, Carbon)
450
75
1,000
0

300
500

150 250

0 0
Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22
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)
Steady improvement in India economic activity; Eurozone inflation has peaked but
remains elevated
India Europe
 Economic activity in India remained resilient despite global  Economic activity remains subdued. Industrial output has
cues. Apparent steel consumption rose 8% on QoQ basis. declined by around 1.3% QoQ basis due to sustained
Export duty was removed on 19th November inflationary pressures

 Infra / Construction and Capital goods continued to  Eurozone inflation stood at 9% YoY in December; energy
improve while automotive witnessed marginal drop prices have moderated but remain volatile
Key steel consuming sectors* Key steel consuming sectors (%, YoY growth)
100%

Capital Goods Infrastructure/ construction goods Automotive Machinery Construction Vehicles (units)

150

50%

100

0%
50

0 -50%
Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov- Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-
22 22Goods, Infrastructure/Construction, consumer durables and railways are rebased to Nov'18=100 using FY12 index
Sources: Bloomberg, SIAM, Joint Plant Committee, MOSPI, CMIE, Eurostat and Tata Steel, *Figures of Industrial Production for Capital
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
 India1 Deliveries grew by 7% on YoY basis during the quarter
Broad based growth in domestic deliveries

mn tons
4.91 4.74
4.42 0.67
0.64
0.66

1.53 1.46
1.30

1.81 1.86
1.62

0.35 0.36
0.39
0.50 0.54 0.38
3QFY22 2QFY23 3QFY23

Automotive BPR IPP Downstream Exports

Tata Steel has supplied 75% of rebar requirement of Bogibeel bridge, Assam - Only bridge Note: , 1 India incl. Tata Steel Standalone and Tata Steel Long Products, BPR
in India that has fully welded steel concrete composite girders. – Branded Products and Retail, IPP – Industrial Products and Projects 19
 India Industrial Products & Projects: Record sales for the quarter
Consistent growth driven by rise in value added products

 During the quarter, Industrial Products & Projects

registered 15% growth on YoY basis

 Active engagement and expanded product range has led to

17% YoY growth in
o Oil & Gas
o Lifting & Excavation
o Pre-Engineered buildings

 Value added products make up around 40% of IPP

volumes

 Supplier of steel for marquee government

infrastructure projects across India

20
Note : IPP – Industrial Products & Projects
India Branded Products & Retail : Micro-segmentation to drive
demand
in the face of market volatility

6
segments
28
TDCs
40
sub
140
TDCs
80
micro-
350+
TDCs
segments segments

General Washing Machine

Appliances Refrigerator
Engineering
Air Conditioner

Key Enablers

All-weather demand Partner MSMEs Market leader

Ability to shift within Consistent & growing Embedding into OEM
micro-segments sales to MSMEs (25 value chain at
based on demand – 30% in last 2 qtrs.) component level

Note : TDC – Technical Delivery Conditions, MSME – Micro, Small & Medium enterprises, OEM – Original Equipment Manufacturer 21
 India New products developed across customer segments
36 new products developed in nine months of the financial year
Auto: Fender & muffler cover Auto: Commercial Vehicle rim Appliances: Electrical Steel Grade for fan
(Bright Finish 0.7mm thickness) (4.5mm & 6.2 mm thickness) motor, armature etc.

Infrastructure: Low Relaxation Prestressed Construction: Cut and Bend Rebars (500D Furnishing: Holding Wire for Bonnel Spring
Concrete Strand (WR C82BCrX) in Coil, 16 mm thickness) (WR HC58A, Thickness: 5.5mm)

22
 Tata Steel Consolidated

(All figures are in Rs. Crores

3QFY23 2QFY23 3QFY22 Key drivers for QoQ change:
unless stated otherwise)
Production (mn tons)1 7.56 7.56 7.76  Revenues: decreased primarily driven by drop in
Deliveries (mn tons) 7.15 7.23 7.01 realisations across geographies
Total revenue from operations 57,084 59,878 60,783
Raw material cost 2  Raw Material cost: decreased primarily due to lower
28,231 31,058 24,086
coking coal consumption cost
Change in inventories 1,791 281 (3,960)
Employee benefits expenses 5,342 5,318 5,683
Other expenses 17,671 17,160 19,080  Change in inventories: primarily driven by drop in
EBITDA 4,154 6,271
value of slab inventory at Europe to be consumed
15,853
during relining of one of the blast furnaces
Adjusted EBITDA3 2,727 5,817 15,890
Adjusted EBITDA per ton (Rs.) 3,812 8,045 22,663  Other expenses: increased on higher consumables,
Other income 271 329 60 repairs and rise in freight and handling charges
Finance cost 1,768 1,519 1,532
Pre exceptional PBT 243 2,625 12,359
Exceptional items (gain)/loss
 EBITDA: decline was primarily driven by compression in
(160) 19 193
margins at European operations
Tax expenses 2,905 1,308 2,567
Reported PAT (2,502) 1,297 9,598  Tax expenses: include non-cash deferred tax of Rs
Other comprehensive income (3,629) (3,414) 887 2,150 crores, primarily relating to movement in BSPS

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 23
Consolidated EBITDA1 stood at Rs 2,727 crores
Margin compression in Europe offset the increased margin in India

in Rs crores

 Selling Result: Primarily due to drop in steel

5,817 realisations across geographies

 Cost Changes: due to decline in raw material

169 costs especially coking coal
4,043
1,190
2,312
 Volume/Mix: primarily driven by slightly lower
2,727 deliveries in India

 Others: relates to higher consumables,

power and energy costs

Adjusted Selling Cost Volume/Mix Others Adjusted

EBITDA Changes EBITDA
2QFY23 Result 3QFY23
1 EBITDA adjusted for foreign currency revaluation gain/loss on offshore liabilities / assets 24
Net debt stood at Rs 71,706 crores
Broadly stable on QoQ basis, liquidity remains strong at Rs 15,943 crores
in Rs crores
69 1,366
1,430
87,516 87,649
15,943

71,706

Gross Debt Addition of Loan FX Impact Gross Debt Cash, Bank & Net Debt
Sep'22 new leases movement and Others Dec'22 Current Dec'22
Investments
25
Key metrices are at investment grade levels
EBITDA Margin (%)1 EBITDA / ton (Rs.)1 Interest Coverage Ratio (x)1,2 Gross & Net Debt (Rs. crore)
26.2% 21,626 11.7
1,16,328
1,00,816
19.8% 92,147 88,501 87,649
18.9% 7.3 1,04,779 75,561
94,879
17.2%
9,337 11,110 75,389
12.2% 10,838 12,125 3.9 3.9 4.1 71,706
6,267 69,215
14.1%
51,049

2.4 Net Gross

FY 18 FY 19 FY 20 FY 21 FY22 9MFY23 FY18 FY19 FY20 FY21 FY22 9MFY23 FY18 FY19 FY20 FY21 FY22 9MFY23 FY18 FY19 FY20 FY21 FY22 9MFY23

Net Debt / EBITDA (x) Net Debt / Equity (x) Credit Rating
5.91 7
BBB-/ Baa3 Investment Grade
1.37 1.42 6
BB+/ Ba1
S&P Moody's
1.43 BB/ Ba2
5
3.20 0.98 BB-/ Ba3
4

3
B+/ B1
3.19 0.65
2.44 0.52 2
1.76 B/ B2 Positive Positive
1
May 2022 July 2022
0.80 B-/ B3
0
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 9MFY23 FY18 FY19 FY20 FY21 FY22 9MFY23
9MFY23
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
26
Outlook
Steel demand
Stable China steel output even as
demand gradually picks up on
reopening and stimulus measures by
the government
Visible pickup in India demand
across segments, export duty
removal and government focus on
infrastructure to drive supply –
demand fundamentals
Economic slowdown concerns,
Geopolitics and inflation – rate hike
dynamics raising uncertainty in EU,
select steel end use sectors like
automotive to gradually recover
Steel prices
Asia steel prices to gradually recover
on improving sentiment in China
and demand outlook
India steel prices to improve on
sustained improvement in
underlying demand and cost push
factors
European steel prices to be
affected by seasonality and
recessionary concerns; supply
cuts should drive better market
balance
Raw material prices
Coking coal prices to remain volatile
on resumption of China coal trade
with Australia & weather-related
supply disruptions
Seaborne iron ore prices to be
aided by China demand dynamics
and weather & labour shortages at
major suppliers
European power and energy costs to
remain elevated on tight natural gas
markets but likely to moderate as
alternate energy supply (coal,
renewables) picks up
27
Annexures

Tata Steel Kalinganagar, India

 Tata Steel Standalone

Continued focus
on operational efficiencies and minimizing environmental impact
Coke Rate (kg/thm) Specific Energy Consumption (Gcal/tcs) Specific Fresh
Specific Water
Fresh Consumption (m3/tcs)
Water
Good Good Consumption (m3/tcs) Good
363

3.50
356
355

353

5.84

3.10
346

5.80

5.79

2.71
2.70

2.68
5.67

5.63
FY19 FY20 FY21 FY22 9MFY23 FY19 FY20 FY21 FY22 9MFY23 FY19 FY20 FY21 FY22 9MFY23

CO2 Emission Intensity (tCO2/tcs) Specific Dust Emission (kg/tcs) Solid Waste Utilisation (%)
Good 0.42 Good Good
2.43

2.39
2.35

0.39
2.32
2.31

0.38

10

10

10
9
9
0.35

0
0.34
FY19 FY20 FY21 FY22 9MFY23 FY19 FY20 FY21 FY22 9MFY23 FY20 FY21 FY22 9MFY23

29
 Tata Steel Standalone

(All figures are in Rs. Crores Key drivers for QoQ change:
3QFY23 2QFY23 3QFY22
unless stated otherwise)
Production (mn tons) 4.77 4.64 4.64  Revenues: marginal decline primarily driven by drop in
Deliveries (mn tons) net realisations
4.59 4.76 4.25
Total revenue from operations 30,465 32,245 31,964
 Raw Material cost: decreased due to lower coking coal
Raw material cost 1
14,598 16,336 11,030 consumption cost
Change in inventories 451 1,499 (1,693)
Employee benefits expenses 1,610 1,647 1,553
Other expenses 8,647 7,920 8,906  Other expenses: increased on higher consumables
EBITDA
and freight and handling charges, which were partly
5,334 5,135 12,167
offset by lower royalty related expenses
Adjusted EBITDA 2
4,763 4,158 12,179
Adjusted EBITDA per ton (Rs.) 10,379 8,741 28,631  EBITDA: margin improved as moderation in raw
Other income 907 1,018 280 material costs more than offset the drop in prices
Finance cost 1,073 958 644
Pre exceptional PBT 3,623 3,555 10,444
Exceptional items (gain)/loss  Other Income: was lower and driven by movement in
6 19 181
mark to market instruments & reduced dividend income
Tax expenses 912 880 2,579
Reported PAT 2,705 2,655 7,683  Finance cost: increased on higher debt and rise in
Other comprehensive income (43) 73 154 benchmark interest rates

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 30
 TSUK TSN

Key operating parameters

Coke Rate (kg/thm) Specific Energy Consumption (GJ/tcs) CO2 Emission Intensity (tCO2/tcs)
Good Good Good

340
324
322

317

24.2

23.8
311

23.20
23.10
22.8

2.22
2.21

2.18
2.16
2.14
20.38
20.22
19.99

19.79

19.62
30

1.78
0

1.77

1.77
29

1.77
1.76
1
27
27
27

9
5
5

FY19 FY20 FY21 FY22 9MFY23 FY19 FY20 FY21 FY22 9MFY23 FY19 FY20 FY22 9MFY23
FY21
Specific Fresh Water Consumption (m3/tcs) Specific Dust Emission (kg/tcs)
Good Good Solid Waste Utilisation (%) Good
8.7

8.7

0.69
0.64

0.64

9
9
7.2

9
6
0.57

0.55
6.5

75
6.0

7
9
7
8

7
6

7
4
7
4
5.2
5.2
5.0

4.9

4.8

6
1
0.3
0.2

0.2

0.2
0.2

0
8
6

4
CY18 CY19 CY20 CY21 CY22 CY18 CY19 CY20 CY21 CY22* CY18 CY19 CY20 CY21 CY22*

Note : *CY22 is an estimate. TSUK and TSN report these KPIs on a calendar basis aligned to regulatory requirements in their respective geographies
31
 Tata Steel Europe

(All figures are in Rs. Crores Key drivers for QoQ change:
3QFY23 2QFY23 3QFY22
unless stated otherwise)
 Revenues: were lower due to drop in steel realisations,
Liquid Steel production (mn tons) 2.24 2.40 2.57 this was partly offset by 6% QoQ growth in deliveries

Deliveries (mn tons) 1.99 1.87 2.16  Raw Material cost: declined on lower coking coal and
Total revenue from operations 20,745 21,559 22,769 iron consumption cost

Raw material cost1 10,025 11,090 10,599

 Change in Inventories was driven by decline in
Change in inventories 1,455 (1,400) (2,184) weighted average cost of inventory and NRV loss on
steel inventory amounting to ~£55 million
Employee benefits expenses 3,196 3,114 3,673

Other expenses 7,629 6,972 7,747

 Other Expenses: increased as higher consumables,
EBITDA (1,551) 1,788 2,942 repairs and bulk gas related costs were partly offset by
decline in emission rights related costs
EBITDA per ton (Rs.) (7,810) 9,540 13,642
 EBITDA: witnessed margin compression as realisations
1. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products moved lower even as total costs remain elevated

32
 Tata Steel Long Products

Key operating parameters

Coke rate (kg/thm) PCI rate (kg/thm) Carbon Emission (tCO2/tcs)
Good Good Good

4.5

4.4
4.3
128

4.0
116

115
111
500

499
486

474

9MFY2

9MFY2

9MFY2
FY2

FY2

FY2

FY2

FY2

FY2

FY2
FY2

FY2
0

2
2

0
3

3
Power consumption (KVAH/tcs) Electrode consumption (kg/tcs) Crude Steel Yield (%)
Good Good Good

82.9

82.8
82.6
671

81.9
2.4

2.4
655

638

1.5
601

1.3
9MFY2

9MFY2

9MFY2
FY2

FY2

FY2

FY2

FY2

FY2

FY2

FY2
FY2
0

2
2

3
33
 Tata Steel Long Products (Consolidated with NINL)

(All figures are in Rs. Crores Key drivers for QoQ change:
3QFY231 2QFY231 3QFY22
unless stated otherwise)
 Revenues: increased on higher volumes as NINL has
Total revenue from operations 2,113 1,869 1,677 commenced operations. This was partly offset by lower
realisations relating to Steel and DRI
Raw material cost2 1,908 1,358 1,013

Change in inventories (365) 98 (15)  Raw Material cost: increased on higher production QoQ
at NINL. Excluding NINL, raw material costs were lower
Employee benefits expenses 107 106 58 due to decline in coal prices
Other expenses 835 562 370
 Employee benefit expenses: remained broadly stable
EBITDA (352) (229) 255 on QoQ basis
EBITDA per ton (Rs.)3 (18,184) (14,594) 15,526
 Other Expenses: increased due to rise in freight, power
EBITDA Margin (%) - - 15.2% and fuel related expenses. Royalty also witnessed an
increase due to higher usage of captive ore
Reported PAT (787) (662) 104

1. Post acquistion of NINL, figures for 3QFY23 and 2QFY23 are on consolidated basis
2. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products  EBITDA: TSLP standalone EBITDA in 3Q stood at
3. EBITDA/Steel deliveries Rs 87 crores vs. loss of Rs 52 crores in 2Q

34
 Tinplate Company of India Limited

Key operating parameters

CO2 Emission Intensity (tCO2/tFP) Fresh Water Consumption (m3/tFP)
Good Good

13.7
13.0

12.7
0.71

12.2
12.1
0.66

0.65
0.64

0.62

9MFY2

9MFY2
FY1

FY2

FY2

FY2

FY1

FY2

FY2

FY2
9

3
3

Power consumption (KWH/tFP) CRM Material Yield (%)

Good Good
449

89
89

89
89

88
429

424
416

407

9MFY2
FY1

FY2

FY2

FY2
9MFY2
FY1

FY2

FY2

FY2

Tin products, TCIL

9

2
9

3
3

Note : TCIL – Tinplate Company of India Limited, CRM – Cold Rolled Mill, tFP – ton of finished product
35
 Tinplate Company of India Limited

(All figures are in Rs. Crores

3QFY23 2QFY23 3QFY22
Key drivers for QoQ change:
unless stated otherwise)
 Revenues: were broadly similar as higher tinplate
Total revenue from operations 960 960 1,180 volumes were fully offset by decline in net realisations

Raw material cost1 688 558 811  Raw Material cost: increased on higher production,
Change in inventories (18) 200 10 partly offset by decline in per unit raw material cost

Employee benefits expenses 40 38 35

 Employee benefit expenses: was broadly similar on
Other expenses 198 203 190 QoQ basis

EBITDA 59 (33) 140

 Other Expenses: were broadly similar compared to
EBITDA per ton (Rs.)2 6,202 (3,735) 14,240 2QFY23

EBITDA Margin (%) 6% n.a. 12%

 EBITDA: margin improved on lower costs
Reported PAT 36 (35) 95

1. Raw material cost includes raw material consumed

2. EBITDA/Steel deliveries

36
 Tata Metaliks

Key operating parameters

Carbon Emission (tCO2/thm) Energy Consumption Intensity (GJ/thm)
Good Good
Pig Iron business

1.95

19.6
1.87

1.82

18.7

18.5
1.75
1.73

17.8

17.8
9MFY2

9MFY2
FY1

FY2

FY2

FY2

FY1

FY2

FY2

FY2
9

2
3

3
Carbon Emission (tCO2/tFP) Energy Consumption Intensity (GJ/tFP)
Ductile Iron Pipe business

Good Good

2.4

2.3
2.2
0.63

1.97
0.61
0.6

1.8
0.53

0.46
9MFY2
FY1

FY2

FY2

FY2

9MFY2
FY1

FY2

FY2

FY2
Ductile Iron Pipes, Tata Metalliks
9

2
3

3
Note : tFP – ton of finished product
37
 Tata Metaliks Limited

(All figures are in Rs. Crores

3QFY23 2QFY23 3QFY22
Key drivers for QoQ change:
unless stated otherwise)
 Revenues: decreased driven by drop in realisations of
Total revenue from operations 792 882 693 Pig Iron and DIP (Ductile Iron Pipe)

Raw material cost1 536 634 437

 Raw Material cost: was lower driven by decline in
Change in inventories (1) (7) 19 coking coal and Iron ore consumption cost

Employee benefits expenses 41 38 36

 Employee benefit expenses: Increased upon
Other expenses 176 170 130 commissioning of DIP expansion

EBITDA2 41 46 71
 Other Expenses: Increased driven by rise in
EBITDA per ton (Rs.)3 2,921 2,985 4,995 fuel
costs and higher consumables
EBITDA Margin (%) 5% 5% 10%

Reported PAT 9 14 36  EBITDA: margin was broadly stable

1. Raw material cost includes raw material consumed

2. EBITDA = PBT + Interest + Depreciation
3. EBITDA/Steel deliveries

38
 Tata Steel Thailand

(All figures are in Rs. Crores Key drivers for QoQ change:
3QFY23 2QFY23 3QFY22
unless stated otherwise)
 Deliveries: were broadly stable on QoQ basis
Saleable Steel production (mn tons) 0.27 0.30 0.32
 Revenues: were slightly lower on drop in steel
Deliveries (mn tons) 0.29 0.30 0.32
realisations
Total revenue from operations 1,584 1,656 1,822
 EBITDA: decreased on QoQ basis due to drop in prices
Raw material cost1 1,138 1,004 1,410
even as input costs remain elevated
Change in inventories 1 215 (144)

Employee benefits expenses 56 51 53

Other expenses 393 355 346

EBITDA 1 30 162

EBITDA per ton (Rs.) 25 1,005 5,042

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

39
Investor relations
contact
Investor enquiries

Hriday Nair
hnair@tatasteel.com

Pavan Kumar
pavan.kumar@tatasteel.com

Tata Steel , Joda East Iron ore mines