Tata Steel Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2021

1. The results have been reviewed by the Audit Committee in its meeting held on February 03, 2022 and were approved by the Board of Directors in meeting on February 04, 2022.

2. The Group has assessed the possible impact of COVID-19 on its financial statements based on the internal and external information available up to the date of approval of these financial results and concluded that no adjustment is required in these results. The Group continues to monitor the future economic conditions.

3. Exceptional item 6(b) and 8(b) in the standalone and consolidated financial results represents impairment in respect of advances to an associate and a joint venture.

Exceptional item 6(d) and 8(e) in the standalone and consolidated financial results include provision recognised for benefits payable to the dependents of employees who lost their lives due to COVID-19.

4. The Board of Directors of the Company, at its meeting held on April 25, 2019, had approved the Composite Scheme of Amalgamation of Bamnipal Steel Limited and Tata Steel BSL Limited (formerly known as Bhushan Steel Limited) into and with the Company ('Scheme of Amalgamation'). The Hon’ble National Company Law Tribunal, Mumbai Bench had pronounced the order on October 29, 2021, approving the aforesaid Scheme of Amalgamation. The certified true copy of the said order was received on November 1, 2021 and the same was subsequently intimated to the stock exchanges. Pursuant to the Scheme of Amalgamation, the Company has allotted 1,82,23,805 fully paid-up equity shares to the eligible shareholders of erstwhile Tata Steel BSL Limited on November 23, 2021.

The Company in its standalone financial results for the quarter ended September 30, 2021 had accounted for the amalgamation using the pooling of interest method retrospectively for all periods presented as prescribed in Ind AS 103 - "Business Combinations". The previous periods’ figures in the standalone results have been accordingly restated from April 1, 2020. The equity shares issued have been considered in both basic and diluted EPS of standalone results for all periods presented.

The consolidated financial results include the impact of the amalgamation accounting adjustments in accordance with the applicable Ind AS.

Consequent to the amalgamation, Bamnipal Steel (including Tata Steel BSL) is no longer presented as a separate segment and its steel business is included in Tata Steel India segment with previous periods restated accordingly.

5. Consequent to the re-classification of South East Asian Operations from "Held for Sale" during the quarter ended 31 March 2021, results from "Continuing Operations" for the previous periods wherever applicable have been re-stated to include these businesses which were earlier presented as "Discontinued Operations".

6.. The consolidated financial results have been subjected to limited review and the standalone financial results have been audited by the statutory auditors.

7. On January 31, 2022, Tata Steel Long Products Limited, a subsidiary of the Company has been announced as the winner of the bidding process to acquire a 93.71% stake in Neelachal Ispat Nigam Limited (NINL) in accordance with the process being run by the Department of Disinvestment & Public Asset Management (DIPAM), Government of India for a total consideration of Rs.12,100 crore.

The transaction is scheduled for closure within the next couple of months as per the process timelines announced by DIPAM, Government of India.

8. Figures for the previous periods have been regrouped and reclassified to conform to the classification of the current period, where necessary.

T V Narendran
Chief Executive Officer & Managing Director

Koushik Chatterjee
Executive Director & Chief Financial Officer