FINANCIAL REPORTING STATEMENT ANALYSIS

PROJECT REPORT

Name of the Company : Tata Steel

Submitted by : Karthick.A
Register Number :
Academic Year : 2021-22
 CERTIFICATE

This is to certify that the Project report done in for the company Tata Steel

submitted in partial fulfilment of the requirements for the course Financial Reporting

Statement Analysis, is a record of original work done by Mr. Karthick.A A.B during First

Trimester in Firebird Institute of Research in Management, Coimbatore under my supervision

and guidance.

Date: 15.11.2021

Course Coordinator Director

Viva Voce Examination held on _____________

Internal Examiner External Examiner

S No Contents Page No

1 Industry Profile

2 Company Profile and Product Profile

Annual Report
3.1 Chairman Message
3.2 Financial highlights
3.3 Directors Report
3 3.4 Management Discussion & Analysis
3.5 Financial Statement
a. Income Statement
b. Balance Sheet
c. Cash flow Statement
4.1 Compound Annual Growth Rate
4 4.2 Horizontal Analysis
4.3 Vertical Analysis
Ratio Analysis & Interpretation
5.1 Profitability ratio
5.2 Return ratio
5.3 Turnover ratio
5 5.4 Liquidity ratio
5.5 Solvency ratio
5.6 Coverage ratio
5.7 Efficiency ratio
5.8 DuPont analysis
Findings, Suggestion & Conclusion
6.1 Findings
6
6.2 Suggestions
6.3 Conclusion
7 Bibliography

INDUSTRY PROFILE
INDUSTRY PROFILE:
Tata Steel was established in India as Asia’s first integrated private steel company in
1907. With this, we also developed India’s first industrial city at Jamshedpur. Today, we are
among the leading global steel companies. Our annual crude steel capacity across Indian
operations is nearly 20 MnTPA and we registered a turnover of INR 91,037 crore in FY21.
We also set up our second greenfield steel plant of 3 MnTPA in the eastern state of Odisha in
2016; the expansion to 8 MnTPA in currently underway. We possess and operate captive
mines that help us maintain cost- competitiveness and production efficiencies through an
uninterrupted supply of raw material. This is how we ensure that we remain the lowest cost
producer of steel in Asia.

The Indian product portfolio is divided into four segments – Automotive and Special
Products; Industrial Products, Projects and Exports; Branded Products and Retail; and
Services and Solutions. The Company supplies hot-rolled, cold-rolled, galvanised, branded
solution offerings and more.
COMPANY PROFILE
&
PRODUCT PROFILE
Company Profile
2.1. Introduction to Tata steel

At Tata Steel, innovation and responsibility have been at the core of building a sustainable
enterprise and exploring possibilities towards creating a better future. Whether by developing
high-strength steel or offering new solutions for construction and mobility, we relentlessly
focus on delivering world-class products that are synonymous with quality and durability. We
also deploy best available technologies and processes to drive resource efficiency and
develop materials of the future which are superior, sustainable and affordable.

The ebbs and flows of business cycles notwithstanding, we have focussed on strengthening
our balance sheet, upholding the highest standards in ethical and responsible business
practices and striving towards a shared future of prosperity. Even when faced with a once-in-
a-century global crisis that tested our resilience, we stayed true to our core values and worked
together with our stakeholders to embrace a new normal.

About Tata Steel

Established in India as Asia’s first integrated private steel company in 1907, Tata
Steel today is one of the most profitable and lowest cost producers of steel in the world, with
captive iron ore mines and collieries located near our manufacturing facilities in Jamshedpur
and Kalinganagar. Our comprehensive portfolio of products and brands caters to multiple
industries and segments, making the steel we produce an integral part of everyday life.

Our approach to reporting

This is the sixth Integrated Report of Tata Steel Limited (Tata Steel). Our Integrated
Report provides quantitative and qualitative disclosures on our relationships with the
stakeholders and how our leadership, culture and strategy are aligned to deliver value while
managing risks and changes to the external environment. Our Report continues to evolve
towards enhanced disclosures to meet the requirements of our investors and other
stakeholders.
Management responsibility
To optimise governance oversight, risk management and controls, the contents of
this Report have been reviewed by the senior executives of the Company, including the Chief
Executive Officer and Managing Director; Executive Director and Chief Financial Officer;
Vice President (Safety, Health and Sustainability); and the Company Secretary and Chief
Legal Officer (Corporate and Compliance).

Independent assurance
Assurance on financial statements has been provided by independent auditors Price
Waterhouse & Co. Chartered Accountants LLP and on non-financial statements by Ernst &
Young Associates LLP. The certificate issued by Ernst & Young Associates LLP is available
on our website at www.tatasteel.com or can be accessed at https://bit.ly/3ppjwr3.

2.2. OBJECTIVE OF Tata Steel

Vision
We aspire to be the global steel industry benchmark for Value Creation and Corporate
Citizenship.

Mission
Consistent with the vision and values of the founder Jamsetji Tata, Tata Steel strives to
strengthen India’s industrial base through effective utilisation of staff and materials. The
means envisaged to achieve this are cutting-edge technology and high productivity, consistent
with modern management practices. Tata Steel recognises that while honesty and integrity
are essential ingredients of a strong and stable enterprise, profitability provides the main
spark for economic activity. Overall, the Company seeks to scale the heights of excellence in
all it does in an atmosphere free from fear, and thereby reaffirms its faith in democratic
values.
INNOVATION
Creating solutions that make a positive difference to the society with patents,

new products and materials and developing in-house technologies.

SUSTAINABILITY
Remaining committed to conserving natural resources while ensuring

sustainable growth and fostering strong relationships with communities.

2.3. Major units of Tata Steel

The Tata Group of Companies has business operations (114 companies and subsidiaries) in
seven defined sectors –

1. Materials,
2. Engineering,
3. Information Technology and Communications,
4. Energy,
5. Services,
6. Consumer Products and Chemicals.

2.4.Organisation Structure Of Tata Steel

2.5 Major Competitors of Sail.

1. Jindal Steel and Power.

2. BHEL.
3. Nucor.
4. Alcoa.
5. Commercial Metals.
6. Magnitogorsk Iron and Steel Works.
2.6 Product profile:

Agriculture

Automotive Steels

Construction

Consumer Goods
 Energy and Power

Engineering

Material Handling

3.1 Chairman Message

Dear shareholder,
It is my privilege to write to you and present the Integrated Reportfor FY 2020-
21. I hope this letter finds you safe and in good health.
The past 18 months have been dramatic in a way we have not experiencedbefore. On one
hand we have collectively faced overwhelming challenges and hardships. Thehuman toll
alone is difficult to accept and vulnerabilities in healthcare and socialsafety nets across the
world have been laid bare.

At the same time we have experienced advancement that we could nothave imagined - from
scientific breakthroughs to new ways of learning living and working.

The spread of the COVID-19 pandemic brought economic activity to anear-standstill in the
first half of FY 2020-21. Global growth plunged 3.5% Y-o-Y in 2020- the deepest global
recession since the Great Depression. India's (FY 2020-21) GDP isestimated to have
contracted by 7.7% Y-o-Y. Yet despite the dramatic toll on lives andlivelihoods resurgent
demand in China and a better-than- expected post-lockdown recoveryin H2 meant the effect
on the global steel industry was relatively benign.

Tata Steel's Four Pillars of Transformation

Tata Steel Group has pursued four broad dimensions of transformationthat position us
strongly and boldly for the future. This strategy reflects in the stepswe have taken during this
difficult pandemic-disrupted year.

Resilience and Agility

One of the keys to our agility and resilience was a robust riskframework which raised early
red flags related to the pandemic giving the organisationan important head start - on the order
of a month - for preparations which proved crucial.

In FY 2020-21 your Company achieved its highest ever consolidatedEBITDA of Rs.30892

crore with 71% Y-o-Y growth translating to an EBITDA per tonne ofRs.10838 and an
EBITDA margin of ~20%. This was driven by higher prices a better productmix and
operating efficiency initiatives. Your Company also recorded its highest-everfree cash flow
of Rs.23748 crore driven by efficient management of working capital and astrong focus on
cash.

In 2021 the global economy is poised to grow 6% Y-o-Y driven bypolicy support and
improving consumer sentiment. The outlook for the global steel industryin 2021 is positive
benefiting from the substantial fiscal stimulus - especiallyinfrastructure-supportive spending -
by governments in the developed world and China aswell as the global manufacturing
recovery.

Beyond the near-term uncertainty it is clear that the post-pandemicworld will be unavoidably
different.

Recent years have been marked for example by elevated geo-politicalvolatility accelerated
technology disruption and greater action to mitigate climaterisks among other important
global trends. The pandemic has accelerated many of theseshifts while underscoring the pace
at which we need to act to remain ahead of the curve.

Two notable examples of resilience stand out.

Despite challenging market conditions (India's FY 2020-21 GDPcontracted 7.7% Y-o-Y)

deliveries at Tata Steel India increased 2% over FY 2019-20enabled by a seamless shift to
exports in the first half of the year. Tata Steel India wascash positive in Q1FY2021 a
significant achievement given the pandemic. Your Company hasreclassified Tata Steel South
East Asia operations to 'Continuing Operations' from 'Heldfor Sale' on the back of a 50%
increase in EBITDA to Rs.549 crore. This was enabled byhigher prices and a focus on raw
material cost reduction.

2 Simplification and Scale

Riding the steel cycle to deleverage far beyond targets andsuccessfully integrating key
acquisitions are key indicators of your Company beingwell-positioned for both inorganic and
organic growth opportunities. As part of theenterprise deleveraging plan Tata Steel Group
completed deleveraging of net debt byRs.29390 crore (~$4 billion) in FY 2020-21 surpassing
the annual deleveraging target of$1 billion. As a result its net debt-to-EBITDA ratio has
dropped to a healthy 2.4 in FY2020-21 from 5.8 in FY 2019-20 and 3.2 in FY 2018-19.
This success has enabled us to continue critical capital expenditurefocussed on India
including the ongoing Pellet plant and Cold Roll Mill commissioning atTata Steel
Kalinganagar. Once completed these investments will help expand margins byboosting value-
added products into the existing mix.

We progressed further on simplifying the India business to create fourclusters: Long Products
Mining Downstream and Utilities & Infrastructure Services.Most notably progress was made
on the Scheme to amalgamate Tata Steel BSL and Tata Steelwith both companies'
shareholders approving the Scheme at a March 2021 meeting.

3 Technology and Digital Leadership

Tata Steel plants have been recognised widely for the pioneering use ofadvanced analytics to
optimise the way raw materials are used as well as embedding -through capability building
and worker training - the ability to continue drivingimprovements over time. In turn this
digital analytics effort has helped raise margins byseveral percentage points making Tata
Steel plants among the most advanced steel plantsglobally.

This year the Tata Steel Jamshedpur plant was recognised as part ofthe World Economic
Forum (WEF) Global Lighthouse Network in addition to our IJmuiden andKalinganagar
plants.

4 Enabling Planet Resilience

Leadership in mitigating emissions in accessing low-cost clean energyand in providing

circular economy solutions will define our sector's journey goingforward. Tata Steel India
and Tata Steel Europe are already recognised as 'SustainabilityChampions' by the World
Steel Association (WSA). Tata Steel's IJmuiden plant is among themost
Operational integration focussed on improved efficiencies has reflectedin the robust financial
performance of Tata Steel BSL and Tata Steel Long Products whichdelivered FY 2020-21
EBITDA of Rs.5481 crore and Rs.1154 crore respectively a markedimprovement on FY
2019-20 EBITDA of Rs.2370 crore and Rs.184 crore respectively.

Tata Steel BSL's performance is particularly commendable.

Its EBITDA grew 131% from FY 2019-20 to FY 2020-21 as a result ofincreasing use of
captive raw material combined cargo planning (inbound and outbound)and manufacturing of
Tata Steel branded products at Tata Steel BSL plants at arm's length.This rapid business
transformation experience will be invaluable as the steel industry'sconsolidation continues
over the next decade.

In Europe the pandemic-induced economic contraction saw a 11%reduction in 2020 steel

demand over 2019 and created considerable challenges for TataSteel Europe. Following the
termination of the discussions with SSAB on Tata SteelNetherlands the Company is focussed
on performance and cash flows in the immediate term.The process to separate Tata Steel
Netherlands and Tata Steel UK is currently underway.Tata Steel remains committed to arrive
at a strategic and sustainable resolution for itsEuropean portfolio.

Beyond core technology innovation your Company will pursue its digitalsales channel.
Revenue through Tata Steel India's e-commerce portal Aashiyana increased toRs.726 crore -
growing 130% over FY 2019-20 - enabled by more consumer touchpoints andhigher adoption
by ecosystem partners.

Going forward we will focus on six areas of technology leadership:utilising low-quality raw
material; coatings of the future; mobility; carbon capture andusage; hydrogen and water.
environmentally efficient and cost competitive steel producers inEurope and as a result Tata
Steel Netherlands is ranked in top 5 lowest CO2emitting heavy industries by WSA.

But we know there is much more to be done. This year we created thelong term
decarbonisation plan for Tata Steel

India Tata Steel Netherlands and Tata Steel UK. In India we venturedinto the Steel Recycling
business a definitive step towards a lower footprint productionprocess across emissions
resource-use and energy consumption. During the year thecompany sent out its first raw
material consignment of ferrous scrap for trials from itsScrap Processing Plant (0.5 MnTPA
capacity) at Rohtak Haryana.

We are working to push our sustainability ambitions even furtherexploring new

manufacturing processes such as scrap-based electric arc furnaces andgas-based direct
reduced iron; investing ahead on promising green technologies like CarbonCapture Use and
Storage (CCUS); assessing the long-term supply of key inputs such as cleanelectricity and
biomass for hydrogen production; and securing supply of carbon offsets.

Tata Steel's COVID-19 response

In this pandemic-defined year Tata Steel has made considerable effortsto support our
employees families and communities in a number of ways. The second wave ofthe COVID-
19 pandemic in India has seen a five to seven-fold increase in the demand formedical oxygen.
As of May 2021 Tata Steel India has cumulatively supplied 55000 tonnesof liquid medical
oxygen from our 9 installations. We also helped debottleneck oxygentransportation in the
country by importing 40 cryogenic tanks and more tanks are in thepipeline.
Over the entire pandemic period your Company's #CombatCovid19 Uprogramme and direct
COVID-Care support has reached the lives of over 5 1 millionbeneficiaries providing medical
and sustenance supplies treatment

counselling and livelihood support. Across the Company's operatinglocations in Jharkhand

and Odisha over 1600 COVID treatment beds were set up and 50000vaccinations
administered. Over 2 million cooked meals were provided across variouslocations. In keeping
with the ethos of the Tata Steel Group we are continuing to deepenand broaden our efforts in
timely response to the evolving nature of the pandemic.

In conclusion

As the Indian economy recovers from the pandemic ongoing reformmeasures and forward-
looking policies such as 'Atmanirbhar Bharat' have the potential toboost the growth
trajectory. The steel industry is also entering a phase which will seebetter spreads enabled by
robust demand and geo-political factors. The strategic movesyour Company has made over
the last few years has given it the structural and financialstrength to capture the opportunities
that arise going forward while ensuring itsresilience in the face of uncertainty and a dynamic
operating environment. As we continueto position ourselves to capitalise on the opportunities

of the coming decade we will strive to be a leader in the transitionto a greener economy -
aiming to create a virtuous cycle of growth and returns for ourshareholders.

This is the challenge ahead of us and a new frontier in an excitingjourney for the Tata group.
As a large and diverse conglomerate based in India but with aglobal footprint we are uniquely
positioned for this leadership. Our companies arepresent in 150 countries we employ over
750000 people and touch the lives of 650million consumers. I will be the first to say that we
have a long journey ahead of us. Butwe are clear that this is the right journey we
must undertake and have begun with pushing targets and ambitionsforward.

Before I end I would like to take this opportunity to thank all ouremployees and their families
for their profound contributions in these trying times. Iwould also like to thank you
shareholders for your continued trust confidence andsupport in the coming years.

3.2. Financial highlights

1. EBITDA/Turnover
(EBITDA: 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. Return on Average Net worth: PAT/Average Net worth (Net worth: Total
equity)
5. Asset Turnover: Turnover/(Total Assets - Investments - Advance Against
Equity.

Management Discussion and Analysis

The following operating and financial review is intended to convey the

Management’s perspective on the financial and operating performance of the

Company at the end of Financial Year 2017-18. This Report should be read in

conjunction with the Company’s financial statements, the schedules and notes
thereto and other information included elsewhere in the Integrated Report. The

Company’s financial statements have been prepared in accordance with Indian

Accounting Standards (‘Ind AS’) complying with the requirements of the Companies

Act, 2013 and guidelines issued by the Securities and Exchange Board of India

(‘SEBI’).

b) Marketing and Sales Initiatives

During Financial Year 2017-18, our Steel Business Unit (‘SBU’) has achieved a
growth in sales of ~11% over previous year, outperforming the market growth.

Branded Products, Retail and Solutions: Sales of branded products grew by

~10% in Financial Year 2017-18 over the previous year. The Company
maintained market leadership in B2C sales of Tata Tiscon and Tata Shaktee.
Further, there was an increase in B2C sales of new products and brands like
Tata Kosh, Tata Shaktee Long Lengths. In Financial Year 2017-18, the
Company achieved best ever Emerging Corporate Account (‘ECA’) sales of
2,145 kilo tonnes. Channel capability enhancement and Augmentation of
service centres resulted in enhancing our presence in key micro segments (e.g.
Solar, Transmission & Distribution, etc) of ECA business. The Company also
augmented digital tools for covering entire Tata Tiscon eco-system in order to
enhance consumer engagement. Tata Tiscon won ‘Asia’s most admired Brand’
award in construction category, Tata Shaktee received the ‘Flame leadership
award’ from the Rural Marketing Association of India (‘RMAI’) for innovative
marketing campaign and recognition from one of its Key customers as part of
customer centricity for localisation & stabilisation of Enameling process.
c) Ferro Alloys and Minerals Division
Our Ferro Alloy and Minerals Division (‘FAMD’) is amongst the top
six chrome alloy producers in the world with operations spanning across two
continents. In India, it is the largest producer of ferro chrome and one of the
leading manganese alloy producer.
During the year, there was softening of Ferro Chrome prices in the international
market. As market inclination is towards alloys business, the Company has
shifted its business model from sale of minerals to Value Addition (to alloys)
through Ferro Processing Centres.

d) Tubes Division:
Our Tubes Strategic Business Unit is a leading manufacturer of pipes
and tubes in India having its manufacturing facility situated at Jamshedpur with
an annual production capacity of ~500 kilo tonnes. The three main lines of
businesses are conveyance tubes (Tata Pipes), structural tubes (Tata Structura),
precision tubes for auto and boiler segments.

e) Industrial By-products and Management Division

Our Industrial By-products and Management Division (‘IBMD’) handles variety
of by-products in the entire value chain. The business operates on the principle
of 3Rs (Reduce, Reuse, Recycle), thereby ensuring contribution towards the
green journey of the Company. The product portfolio comprises of steel by-
products such as metallic scrap, slag, coal tar, flat product scrap and coal by-
products like middlings tailings and rejects. Product branding has been done to
create recognition among peers and customers’ brands.

Balance Sheet
STATEMENT OF PROFIT AND LOSS
CAGR
PROFIT & LOSS Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-18 Mar-19 Mar-20 Mar-21
ACCOUNT OF
BHARTI AIRTEL (in
Rs. Cr.)
INCOME          
       
REVENUE FROM 95,468.30 83,687.90 80,780.20 87,539.00 1,00,615.80 - - -
OPERATIONS
[GROSS] 0.0324 0.0409 0.0214 0.0132
Less: Excise/Sevice 0 0 0 0 0
Tax/Other Levies        
REVENUE FROM 95,468.30 83,687.90 80,780.20 87,539.00 1,00,615.80 - - -
OPERATIONS [NET]
0.0324 0.0409 0.0214 0.0132
TOTAL OPERATING 95,468.30 83,687.90 80,780.20 87,539.00 1,00,615.80 - - -
REVENUES
0.0324 0.0409 0.0214 0.0132
Other Income 120.6 248.8 1,379.10 1,934.60 642.8
0.1985 0.8389 1.0013 0.5194
TOTAL REVENUE 95,588.90 83,936.70 82,159.30 89,473.60 1,01,258.60 - - -
0.0320 0.0371 0.0164 0.0145
EXPENSES          
       
Cost Of Materials 0 0 0 0 0
Consumed        
GROSS PROFIT 95,588.90 83,936.70 82,159.30 89,473.60 1,01,258.60 - - -
0.0320 0.0371 0.0164 0.0145
Operating And Direct 40,470.00 36,352.40 38,807.90 37,764.10 31,090.30 - - -
Expenses
0.0265 0.0104 0.0172 -0.0638
Employee Benefit 4,303.20 3,977.10 3,797.50 3,807.20 4,114.60 - - -
Expenses
0.0195 0.0308 0.0302 -0.0111
Other Expenses 15,497.20 13,293.40 12,600.40 9,485.40 20,039.20 - - -
0.0376 0.0504 0.1155 0.0664
OPERATING 35,318.50 30,313.80 26,953.50 38,416.90 46,014.50 - -
PROFIT/EBITA
0.0375 0.0653 0.0212 0.0684
Depreciation And 19,773.00 19,243.10 21,347.50 27,689.60 29,404.40 -
Amortisation Expenses
0.0068 0.0193 0.0878 0.1043
EBIT 15,545.50 11,070.70 5,606.00 10,727.30 16,610.10 - - -
0.0814 0.2251 0.0886 0.0167
Finance Costs 7,697.40 8,071.50 10,622.20 13,991.80 15,091.00
0.0119 0.0838 0.1611 0.1833
EBT 7,848.10 2,999.20 -5,016.20 -3,264.50 1,519.10 -
0.2138 0.0000 0.0000 -0.3367
PROFIT/LOSS 6,678.40 2,206.10 -2,087.40 -43,498.90 -14,395.40 -
BEFORE TAX
0.2419 0.0000 0.0000 0.0000
TAX EXPENSES-          
CONTINUED
OPERATIONS        
Current Tax 2,124.00 1,823.00 1,939.10 2,373.80 2,058.40 - -
0.0375 0.0225 0.0282 -0.0078
Less: MAT Credit 0 0 0 0 0
Entitlement        
Deferred Tax 1,357.90 -739.5 -5,358.40 -14,556.10 6,874.10
0.0000 0.0000 0.0000 0.0000
Other Direct Taxes 0 0 0 0 0
       
TOTAL TAX 3,481.90 1,083.50 -3,419.30 -12,182.30 8,932.50 -
EXPENSES
0.2531 0.0000 0.0000 0.2656
PROFIT/LOSS AFTER 3,196.50 1,122.60 1,331.90 -31,316.60 -23,327.90
TAX AND BEFORE - -
EXTRAORDINARY
ITEMS 0.2302 0.1966 0.0000 0.0000
PROFIT/LOSS FROM 3,196.50 1,122.60 1,331.90 -31,316.60 -23,327.90 - -
CONTINUING
OPERATIONS 0.2302 0.1966 0.0000 0.0000
PROFIT/LOSS FOR 3,196.50 1,122.60 1,331.90 -31,316.60 -12,271.20 - -
THE PERIOD
0.2302 0.1966 0.0000 0.0000
HORIZONTAL
PROFIT & LOSS ACCOUNT Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-18 Mar-19 Mar-20 Mar-21
OF BHARTI AIRTEL (in Rs.
Cr.)
INCOME          
       
REVENUE FROM 95,468.30 83,687.90 80,780.2 87,539.00 1,00,615.8
OPERATIONS [GROSS] 0 0 83,587.9 80,680.2 87,439.0 1,00,515.8
Less: Excise/Sevice Tax/Other 0 0 0 0 0
Levies        
REVENUE FROM 95,468.30 83,687.90 80,780.2 87,539.00 1,00,615.8
OPERATIONS [NET] 0 0 83,587.9 80,680.2 87,439.0 1,00,515.8
TOTAL OPERATING 95,468.30 83,687.90 80,780.2 87,539.00 1,00,615.8
REVENUES 0 0 83,587.9 80,680.2 87,439.0 1,00,515.8
Other Income 120.6 248.8 1,379.10 1,934.60 642.8
148.8 1,279.1 1,834.6 542.8
TOTAL REVENUE 95,588.90 83,936.70 82,159.3 89,473.60 1,01,258.6
0 0 83,836.7 82,059.3 89,373.6 1,01,158.6
EXPENSES          
       
Cost Of Materials Consumed 0 0 0 0 0
       
GROSS PROFIT 95,588.90 83,936.70 82,159.3 89,473.60 1,01,258.6

0 0 83,836.7 82,059.3 89,373.6 1,01,158.6

Operating And Direct 40,470.00 36,352.40 38,807.9 37,764.10 31,090.30

Expenses 0 36,252.4 38,707.9 37,664.1 30,990.3
Employee Benefit Expenses 4,303.20 3,977.10 3,797.50 3,807.20 4,114.60
3,877.1 3,697.5 3,707.2 4,014.6
Other Expenses 15,497.20 13,293.40 12,600.4 9,485.40 20,039.20
0 13,193.4 12,500.4 9,385.4 19,939.2
OPERATING PROFIT/EBITA 35,318.50 30,313.80 26,953.5 38,416.90 46,014.50

0 30,213.8 26,853.5 38,316.9 45,914.5

Depreciation And Amortisation 19,773.00 19,243.10 21,347.5 27,689.60 29,404.40

Expenses 0 19,143.1 21,247.5 27,589.6 29,304.4
EBIT 15,545.50 11,070.70 5,606.00 10,727.30 16,610.10 10,970.7 5,506.0 10,627.3 16,510.1

Finance Costs 7,697.40 8,071.50 10,622.2 13,991.80 15,091.00

0 7,971.5 10,522.2 13,891.8 14,991.0
EBT 7,848.10 2,999.20 -5,016.20 -3,264.50 1,519.10 2,899.2 -5,116.2 -3,364.5 1,419.1

PROFIT/LOSS BEFORE TAX 6,678.40 2,206.10 -2,087.40 - -14,395.40

43,498.90 2,106.1 -2,187.4 -43,598.9 -14,495.4
TAX EXPENSES-          
CONTINUED OPERATIONS
       
Current Tax 2,124.00 1,823.00 1,939.10 2,373.80 2,058.40
1,723.0 1,839.1 2,273.8 1,958.4
Less: MAT Credit Entitlement 0 0 0 0 0
       
Deferred Tax 1,357.90 -739.5 -5,358.40 - 6,874.10
14,556.10 -839.5 -5,458.4 -14,656.1 6,774.1
Other Direct Taxes 0 0 0 0 0
       
TOTAL TAX EXPENSES 3,481.90 1,083.50 -3,419.30 - 8,932.50
12,182.30 983.5 -3,519.3 -12,282.3 8,832.5
PROFIT/LOSS AFTER TAX 3,196.50 1,122.60 1,331.90 - -23,327.90
AND BEFORE 31,316.60
EXTRAORDINARY ITEMS 1,022.6 1,231.9 -31,416.6 -23,427.9
PROFIT/LOSS FROM 3,196.50 1,122.60 1,331.90 - -23,327.90
CONTINUING OPERATIONS 31,316.60
1,022.6 1,231.9 -31,416.6 -23,427.9
PROFIT/LOSS FOR THE 3,196.50 1,122.60 1,331.90 - -12,271.20
PERIOD 31,316.60 1,022.6 1,231.9 -31,416.6 -12,371.2
VERTICAL
PROFIT & LOSS Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-18 Mar-19 Mar-20 Mar-21
ACCOUNT OF
BHARTI AIRTEL (in
Rs. Cr.)
INCOME          
       
REVENUE FROM 95,468.3 83,687.9 80,780.2 87,539.0 1,00,615.8
OPERATIONS 0 0 0 0 0
[GROSS] 99.704 98.321 97.838 99.365
Less: Excise/Service 0 0 0 0 0
Tax/Other Levies        
REVENUE FROM 95,468.3 83,687.9 80,780.2 87,539.0 1,00,615.8
OPERATIONS 0 0 0 0 0
[NET] 99.704 98.321 97.838 99.365
TOTAL 95,468.3 83,687.9 80,780.2 87,539.0 1,00,615.8
OPERATING 0 0 0 0 0
REVENUES 99.704 98.321 97.838 99.365
Other Income 120.6 248.8 1,379.10 1,934.60 642.8
0.296 1.679 2.162 0.635
TOTAL REVENUE 95,588.9 83,936.7 82,159.3 89,473.6 1,01,258.6 100.00 100.00 100.00
0 0 0 0 0 0 0 100.000 0
EXPENSES          
       
Cost Of Materials 0 0 0 0 0
Consumed        
GROSS PROFIT 95,588.9 83,936.7 82,159.3 89,473.6 1,01,258.6 100.00 100.00 100.00

0 0 0 0 0 0 0 100.000 0

Operating And 40,470.0 36,352.4 38,807.9 37,764.1 31,090.30

Direct Expenses 0 0 0 0 43.309 47.235 42.207 30.704
Employee Benefit 4,303.20 3,977.10 3,797.50 3,807.20 4,114.60
Expenses 4.738 4.622 4.255 4.063
Other Expenses 15,497.2 13,293.4 12,600.4 9,485.40 20,039.20
0 0 0 15.837 15.337 10.601 19.790
OPERATING 35,318.5 30,313.8 26,953.5 38,416.9 46,014.50
PROFIT/EBITA 0 0 0 0 36.115 32.806 42.937 45.443
Depreciation And 19,773.0 19,243.1 21,347.5 27,689.6 29,404.40
Amortisation 0 0 0 0
Expenses 22.926 25.983 30.947 29.039
EBIT 15,545.5 11,070.7 5,606.00 10,727.3 16,610.10
0 0 0 13.189 6.823 11.989 16.404
Finance Costs 7,697.40 8,071.50 10,622.2 13,991.8 15,091.00
0 0 9.616 12.929 15.638 14.903
EBT 7,848.10 2,999.20 -5,016.20 -3,264.50 1,519.10 3.573 -6.105 -3.649 1.500
PROFIT/LOSS 6,678.40 2,206.10 -2,087.40 - -14,395.40
BEFORE TAX 43,498.9
0 2.628 -2.541 -48.616 -14.216
TAX EXPENSES-          
CONTINUED
OPERATIONS        
Current Tax 2,124.00 1,823.00 1,939.10 2,373.80 2,058.40
2.172 2.360 2.653 2.033
Less: MAT Credit 0 0 0 0 0
Entitlement        
Deferred Tax 1,357.90 -739.5 -5,358.40 - 6,874.10
14,556.1
0 -0.881 -6.522 -16.269 6.789
Other Direct Taxes 0 0 0 0 0
       
TOTAL TAX 3,481.90 1,083.50 -3,419.30 - 8,932.50
EXPENSES 12,182.3
0 1.291 -4.162 -13.616 8.821
 PROFIT/LOSS 3,196.50 1,122.60 1,331.90 - -23,327.90
AFTER TAX AND 31,316.6
BEFORE 0
EXTRAORDINARY
ITEMS 1.337 1.621 -35.001 -23.038
PROFIT/LOSS 3,196.50 1,122.60 1,331.90 - -23,327.90
FROM 31,316.6
CONTINUING 0
OPERATIONS 1.337 1.621 -35.001 -23.038
PROFIT/LOSS FOR 3,196.50 1,122.60 1,331.90 - -12,271.20
THE PERIOD 31,316.6
0 1.337 1.621 -35.001 -12.119

CAGR
BALANCE SHEET Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-18 Mar-19 Mar-20 Mar-21
OF BHARTI
AIRTEL (in Rs. Cr.)
EQUITIES AND          
LIABILITIES        
SHAREHOLDER'S          
FUNDS        
Equity Share Capital 1,998.70 1,998.70 1,998.70 2,727.80 2,746.00 0 0 0.168241 0.172132
TOTAL SHARE 1,998.70 1,998.70 1,998.70 2,727.80 2,746.00
CAPITAL 0 0 0.168241 0.172132
Reserves and Surplus 65,457.60 67,535.70 69,423.50 74,417.00 56,206.70
0.01575 0.029848 0.066243 -0.07335
TOTAL RESERVES 65,457.60 67,535.70 69,423.50 74,417.00 56,206.70
AND SURPLUS 0.01575 0.029848 0.066243 -0.07335
TOTAL 67,456.30 69,534.40 71,422.20 77,144.80 58,952.70
SHAREHOLDERS
FUNDS 0.015286 0.028976 0.069405 -0.06515
Minority Interest 6,875.00 8,813.90 13,525.80 24,984.70 22,273.90 0.132264 0.402636 0.906342 0.799956
NON-CURRENT          
LIABILITIES        
Long Term 89,637.30 84,942.00 82,490.10 91,079.20 1,10,560.30
Borrowings -0.02654 -0.0407 0.008011 0.110594
Deferred Tax 942.9 1,060.60 1,129.70 1,687.70 1,610.70
Liabilities [Net] 0.060579 0.094583 0.337873 0.306997
Other Long-Term 4,146.90 7,269.60 12,892.50 33,640.20 40,492.30
Liabilities 0.324017 0.763221 1.84818 2.124816
Long Term Provisions 747.1 721.2 682.3 754.8 502 -0.01749 -0.04435 0.00514 -0.18029
TOTAL NON- 95,474.20 93,993.40 97,194.60 1,27,161.90 1,53,165.30
CURRENT
LIABILITIES -0.00779 0.00897 0.154079 0.266593
CURRENT          
LIABILITIES        
Short Term 12,944.20 12,956.90 38,182.90 26,539.80 19,229.60
Borrowings 0.00049 0.7175 0.431895 0.218842
Trade Payables 26,853.70 27,767.50 26,313.80 25,019.90 27,872.10
0.016872 -0.0101 -0.03475 0.018786
Other Current 23,440.30 37,277.10 27,846.60 34,818.60 41,018.20
Liabilities 0.261071 0.089945 0.218776 0.322838
Short Term Provisions 221.5 238.4 670.1 45,109.30 23,516.00
0.037448 0.739334 13.27073 9.303739
TOTAL CURRENT 63,459.70 78,239.90 93,013.40 1,31,487.60 1,11,635.90
LIABILITIES 0.110363 0.210664 0.439439 0.326334
TOTAL CAPITAL 2,33,265.20 2,50,581.60 2,75,156.00 3,60,779.00 3,46,027.80
AND LIABILITIES 0.036453 0.086087 0.243643 0.217953
ASSETS                  
NON-CURRENT          
ASSETS        
Tangible Assets 62,008.80 70,607.90 81,522.80 1,13,662.20 1,14,616.30
0.067087 0.146602 0.353884 0.359554
Intangible Assets 82,418.10 83,785.50 86,052.50 80,974.10 75,956.90
0.008261 0.021811 -0.0088 -0.04
Capital Work-In- 2,394.20 5,208.90 8,843.30 3,997.20 4,366.50
Progress 0.475003 0.921883 0.292105 0.350475
FIXED ASSETS 1,55,265.40 1,64,144.60 1,77,209.50 1,98,918.60 1,96,299.70
0.028196 0.068332 0.13188 0.124404
Non-Current 12,646.40 9,260.80 11,087.80 11,708.60 23,472.30
Investments -0.14426 -0.06365 -0.03779 0.362368
Deferred Tax Assets 2,619.50 2,933.00 8,937.90 27,016.00 20,086.40
[Net] 0.058149 0.847177 2.211451 1.76912
Long Term Loans and 963 970.3 1,645.20 872.8 715.4
Advances 0.003783 0.307062 -0.04798 -0.13809
Other Non-Current 9,758.90 6,966.90 10,155.20 11,000.60 17,794.70 -0.15507 0.020102 0.061715 0.350345
 Assets
TOTAL NON- 2,15,061.40 2,17,082.60 2,42,291.80 2,84,135.80 2,91,274.90
CURRENT ASSETS 0.004688 0.061422 0.149428 0.163778
CURRENT ASSETS                  
Current Investments 1,692.30 6,897.80 4,623.20 13,767.90 4,078.10
1.018908 0.652847 1.8523 0.552352
Inventories 48.8 69.3 88.4 156.9 266
0.191672 0.345911 0.793088 1.334699
Trade Receivables 4,740.20 5,883.00 4,300.60 4,605.80 3,637.70
0.114041 -0.0475 -0.01428 -0.12398
Cash And Cash 5,098.30 6,670.60 8,064.00 15,892.70 13,466.10
Equivalents 0.143852 0.257658 0.765575 0.625205
Short Term Loans and 0 0 0 0 0
Advances        
OtherCurrentAssets 6,624.20 13,978.30 15,788.00 42,219.90 33,305.00
0.452648 0.543821 1.524596 1.24227
TOTAL CURRENT 18,203.80 33,499.00 32,864.20 76,643.20 54,752.90
ASSETS 0.356547 0.343633 1.051898 0.734293
TOTAL ASSETS 2,33,265.20 2,50,581.60 2,75,156.00 3,60,779.00 3,46,027.80
0.036453 0.086087 0.243643 0.217953

HORIZONTAL
BALANCE SHEET OF BHARTI Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-18 Mar-19 Mar-20 Mar-21
AIRTEL (in Rs. Cr.)

EQUITIES AND LIABILITIES                  

SHAREHOLDER'S FUNDS                  
Equity Share Capital 1,998.70 1,998.70 1,998.70 2,727.80 2,746.00
1898.7 1898.7 2627.8 2646
TOTAL SHARE CAPITAL 1,998.70 1,998.70 1,998.70 2,727.80 2,746.00
1898.7 1898.7 2627.8 2646
Reserves and Surplus 65,457.60 67,535.70 69,423.50 74,417.00 56,206.70
67435.7 69323.5 74317 56106.7
TOTAL RESERVES AND 65,457.60 67,535.70 69,423.50 74,417.00 56,206.70
SURPLUS 67435.7 69323.5 74317 56106.7
TOTAL SHAREHOLDERS FUNDS 67,456.30 69,534.40 71,422.20 77,144.80 58,952.70
69434.4 71322.2 77044.8 58852.7
Minority Interest 6,875.00 8,813.90 13,525.80 24,984.70 22,273.90 8713.9 13425.8 24884.7 22173.9
NON-CURRENT LIABILITIES          
       
Long Term Borrowings 89,637.30 84,942.00 82,490.10 91,079.20 1,10,560.30 84842 82390.1 90979.2 110460.3
Deferred Tax Liabilities [Net] 942.9 1,060.60 1,129.70 1,687.70 1,610.70
960.6 1029.7 1587.7 1510.7
Other Long-Term Liabilities 4,146.90 7,269.60 12,892.50 33,640.20 40,492.30
7169.6 12792.5 33540.2 40392.3
Long Term Provisions 747.1 721.2 682.3 754.8 502 621.2 582.3 654.8 402
TOTAL NON-CURRENT 95,474.20 93,993.40 97,194.60 1,27,161.90 1,53,165.30 127061.
LIABILITIES
93893.4 97094.6 9 153065.3
CURRENT LIABILITIES                  
Short Term Borrowings 12,944.20 12,956.90 38,182.90 26,539.80 19,229.60
12856.9 38082.9 26439.8 19129.6
Trade Payables 26,853.70 27,767.50 26,313.80 25,019.90 27,872.10 27667.5 26213.8 24919.9 27772.1
Other Current Liabilities 23,440.30 37,277.10 27,846.60 34,818.60 41,018.20 37177.1 27746.6 34718.6 40918.2
Short Term Provisions 221.5 238.4 670.1 45,109.30 23,516.00
138.4 570.1 45009.3 23416
TOTAL CURRENT LIABILITIES 63,459.70 78,239.90 93,013.40 1,31,487.60 1,11,635.90 131387.
78139.9 92913.4 6 111535.9
TOTAL CAPITAL AND 2,33,265.20 2,50,581.60 2,75,156.0 3,60,779.00 3,46,027.80
LIABILITIES 0 250481.6 275056 360679 345927.8
ASSETS                  
NON-CURRENT ASSETS          
       
Tangible Assets 62,008.80 70,607.90 81,522.80 1,13,662.20 1,14,616.30 113562.
70507.9 81422.8 2 114516.3
Intangible Assets 82,418.10 83,785.50 86,052.50 80,974.10 75,956.90 83685.5 85952.5 80874.1 75856.9
Capital Work-In-Progress 2,394.20 5,208.90 8,843.30 3,997.20 4,366.50
5108.9 8743.3 3897.2 4266.5
FIXED ASSETS 1,55,265.40 1,64,144.60 1,77,209.5 1,98,918.60 1,96,299.70 198818.
0 164044.6 177109.5 6 196199.7
Non-Current Investments 12,646.40 9,260.80 11,087.80 11,708.60 23,472.30
9160.8 10987.8 11608.6 23372.3
Deferred Tax Assets [Net] 2,619.50 2,933.00 8,937.90 27,016.00 20,086.40
2833 8837.9 26916 19986.4
Long Term Loans and Advances 963 970.3 1,645.20 872.8 715.4
870.3 1545.2 772.8 615.4
Other Non-Current Assets 9,758.90 6,966.90 10,155.20 11,000.60 17,794.70
6866.9 10055.2 10900.6 17694.7
 TOTAL NON-CURRENT ASSETS 2,15,061.40 2,17,082.60 2,42,291.8 2,84,135.80 2,91,274.90 284035.
0 216982.6 242191.8 8 291174.9
CURRENT ASSETS          
       
Current Investments 1,692.30 6,897.80 4,623.20 13,767.90 4,078.10
6797.8 4523.2 13667.9 3978.1
Inventories 48.8 69.3 88.4 156.9 266 -30.7 -11.6 56.9 166
Trade Receivables 4,740.20 5,883.00 4,300.60 4,605.80 3,637.70 5783 4200.6 4505.8 3537.7
Cash And Cash Equivalents 5,098.30 6,670.60 8,064.00 15,892.70 13,466.10
6570.6 7964 15792.7 13366.1
Short Term Loans and Advances 0 0 0 0 0
       
OtherCurrentAssets 6,624.20 13,978.30 15,788.00 42,219.90 33,305.00
13878.3 15688 42119.9 33205
TOTAL CURRENT ASSETS 18,203.80 33,499.00 32,864.20 76,643.20 54,752.90
33399 32764.2 76543.2 54652.9
TOTAL ASSETS 2,33,265.20 2,50,581.60 2,75,156.0 3,60,779.00 3,46,027.80
0 250481.6 275056 360679 345927.8

VERTICAL
BALANCE SHEET Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-18 Mar-19 Mar-20 Mar-21
OF BHARTI
AIRTEL (in Rs. Cr.)

EQUITIES AND          
LIABILITIES        
SHAREHOLDER'S          
FUNDS        
Equity Share Capital 1,998.70 1,998.70 1,998.70 2,727.80 2,746.00 0.79357
0.797624 0.726388 0.756086 8
TOTAL SHARE 1,998.70 1,998.70 1,998.70 2,727.80 2,746.00 0.79357
CAPITAL 0.797624 0.726388 0.756086 8
Reserves and Surplus 65,457.60 67,535.70 69,423.50 74,417.00 56,206.70 16.2434
26.95158 25.2306 20.62675 1
TOTAL RESERVES 65,457.60 67,535.70 69,423.50 74,417.00 56,206.70 16.2434
AND SURPLUS 26.95158 25.2306 20.62675 1
TOTAL 67,456.30 69,534.40 71,422.20 77,144.80 58,952.70
SHAREHOLDERS 17.0369
FUNDS 27.7492 25.95698 21.38284 8
Minority Interest 6,875.00 8,813.90 13,525.80 24,984.70 22,273.90 6.43702
3.517377 4.915684 6.925209 6
NON-CURRENT          
LIABILITIES        
Long Term 89,637.30 84,942.00 82,490.10 91,079.20 1,10,560.30 31.9512
Borrowings 33.89794 29.97939 25.24515 8
Deferred Tax 942.9 1,060.60 1,129.70 1,687.70 1,610.70 0.46548
Liabilities [Net] 0.423255 0.410567 0.467793 3
Other Long-Term 4,146.90 7,269.60 12,892.50 33,640.20 40,492.30 11.7020
Liabilities 2.901091 4.685524 9.324323 4
Long Term Provisions 747.1 721.2 682.3 754.8 502 0.14507
0.28781 0.247968 0.209214 5
TOTAL NON- 95,474.20 93,993.40 97,194.60 1,27,161.90 1,53,165.30
CURRENT 44.2638
LIABILITIES 37.5101 35.32345 35.24648 7
CURRENT          
LIABILITIES        
Short Term 12,944.20 12,956.90 38,182.90 26,539.80 19,229.60 5.55724
Borrowings 5.170731 13.87682 7.356249 1
Trade Payables 26,853.70 27,767.50 26,313.80 25,019.90 27,872.10 8.05487
11.08122 9.56323 6.934966 3
Other Current 23,440.30 37,277.10 27,846.60 34,818.60 41,018.20 11.8540
Liabilities 14.87623 10.1203 9.65095 2
Short Term 221.5 238.4 670.1 45,109.30 23,516.00 6.79598
Provisions 0.095139 0.243535 12.50331 6
TOTAL CURRENT 63,459.70 78,239.90 93,013.40 1,31,487.60 1,11,635.90 31.22332 33.80388 36.44547 32.2621
LIABILITIES 2
TOTAL CAPITAL 2,33,265.20 2,50,581.60 2,75,156.00 3,60,779.00 3,46,027.80
AND LIABILITIES 100 100 100 100
ASSETS                  
NON-CURRENT          
ASSETS        
Tangible Assets 62,008.80 70,607.90 81,522.80 1,13,662.20 1,14,616.30 33.1234
28.17761 29.62785 31.50466 4
Intangible Assets 82,418.10 83,785.50 86,052.50 80,974.10 75,956.90
33.43641 31.27408 22.44424 21.9511
Capital Work-In- 2,394.20 5,208.90 8,843.30 3,997.20 4,366.50 1.26189
Progress 2.078724 3.213922 1.107936 3
FIXED ASSETS 1,55,265.40 1,64,144.60 1,77,209.50 1,98,918.60 1,96,299.70 56.7294
65.50545 64.40328 55.13586 6
Non-Current 12,646.40 9,260.80 11,087.80 11,708.60 23,472.30 6.78335
Investments 3.695722 4.029641 3.245366 7
Deferred Tax Assets 2,619.50 2,933.00 8,937.90 27,016.00 20,086.40 5.80485
[Net] 1.170477 3.248303 7.488241 2
Long Term Loans and 963 970.3 1,645.20 872.8 715.4 0.20674
Advances 0.387219 0.597915 0.241921 6
Other Non-Current 9,758.90 6,966.90 10,155.20 11,000.60 17,794.70 5.14256
Assets 2.780292 3.690706 3.049124 4
TOTAL NON- 2,15,061.40 2,17,082.60 2,42,291.80 2,84,135.80 2,91,274.90 84.1767
CURRENT ASSETS 86.6315 88.05616 78.75619 3
CURRENT ASSETS                  
Current Investments 1,692.30 6,897.80 4,623.20 13,767.90 4,078.10 1.17854
2.752716 1.68021 3.816159 7
Inventories 48.8 69.3 88.4 156.9 266 0.07687
0.027656 0.032127 0.043489 2
Trade Receivables 4,740.20 5,883.00 4,300.60 4,605.80 3,637.70 1.05127
2.347738 1.562968 1.276626 4
Cash And Cash 5,098.30 6,670.60 8,064.00 15,892.70 13,466.10 3.89162
Equivalents 2.662047 2.930701 4.405107 4
Short Term Loans 0 0 0 0 0
and Advances        
OtherCurrentAssets 6,624.20 13,978.30 15,788.00 42,219.90 33,305.00 9.62494
5.578343 5.737836 11.70243 9
TOTAL CURRENT 18,203.80 33,499.00 32,864.20 76,643.20 54,752.90 15.8232
ASSETS 13.3685 11.94384 21.24381 7
TOTAL ASSETS 2,33,265.20 2,50,581.60 2,75,156.00 3,60,779.00 3,46,027.80
100 100 100 100

Ratios Mar-18 Mar-19 Mar-20 Mar-21

Profitability Ratios        

Operating Profit Margin -75.95% -78.90% -83.25% -75.60%

EBIT Margin -72.06% -68.11% -88.57% -85.01%

Net Profit Margin 13.39% 5.79% 0.67% 5.13%

         

Return Ratios        

Return on Equity -0.28% 13.17% 5.63% 0.65%

-
- 121.84 -
Return on Capital Employed -116.53% 113.57% % 131.62%

         

Coverage Ratio        

Interest Coverage Ratio -19.15 -16.89 -17.19 -16.45

         

Liquidity Ratios        
 2.30678 2.52788
Current Ratio 2.272828328 8 2.22406 7

Quick Ratio 0.71 0.45 0.45 0.38

         

Solvency Ratio        

Debt Equity Ratio -0.75 -0.77 -0.81 -0.74

Equity Multiplier ratio 4.88 3.58 3.50 3.51

         

Turnover Ratios        

Inventory Turnover Ratio 2.44 2.73 2.45 3.10

Receivables Turnover Ratio 21.41 16.96 13.74 17.24

Payables Turnover Ratio 4.78 4.41 3.58 3.48

Total Asset Turnover Ratio 1.54 1.48 1.46 1.45

Fixed Asset Turnover Ratio 9.66 8.64 7.92 7.81

         

In term of days        

Inventory 150 133 149 118

Receivables 17 22 27 21

Payables 76 83 102 105

         

Cash conversion cycle 90 72 73 34

(Inventorydays+Receivable days-
Payable days)        

         

Dupont analysis        

Net profit Margin 13.39% 5.79% 0.67% 5.13%

Equity multiplier approach 4.88 3.58 3.50 3.51

Asset turnover ration 1.54 1.48 1.46 1.45

Return of equity -0.28% 13.17% 5.63% 0.65%

         

Return on equity -0.28% 13.17% 5.63% 0.65%

INTERPUTATION:
 Operating income during the year fell 11.3% on a year-on-year (YoY) basis.
 The company's operating profit increased by 1.8% YoY during the fiscal. Operating
profit margins witnessed a fall and down at 21.7% in FY20 as against 18.9% in FY19.
 Depreciation charges increased by 15.0% and finance costs decreased by 1.7% YoY,
respectively.
 Other income grew by 29.8% YoY.
 Net profit for the year grew by 58.6% YoY.

 Net profit margins during the year grew from 6.0% in FY19 to 10.7% in FY20.

FINDING, SUGGESTION AND CONCLUSION

FINDINGS:

Continuous improvement in our product and service portfolio, along with success in value
creating initiatives for customers, allows us to serve global growth markets. Today, we have
our operations and commercial presence across the world. A Great Place to Work-
CertifiedTM organisation, Tata Steel, together with its subsidiaries, associates, and joint
ventures, is spread across five continents with an employee base of over 65,000. The group
recorded a consolidated turnover of INR 1,56,294 crore in the financial year ending March
31, 2021.

SUGGESSTIONS:
First a fall extern the market it help to develop the growth of the company

CONCLUSION
* TATA’S ACQUISITION OF CORUS IS NOTABLE NOT ONLY FOR
CREATING A NEW STEEL GIANT, BUT ALSO BECAUSE THIS DEAL WAS A
PRIVATE SECTOR VENTURE FAR FROM INDIAN GOVERNMENT INFLUENCE.

* TATA SHOULD BE ABLE TO MAKE THE MERGER WORK BY VIRTUE OF ITS

POSITION OF FINANCIAL STRENGTH AS WELL AS PREVIOUS CROSS-BORDER
EXPERIENCES. THE WEST SHOULD NOT UNDERESTIMATE THIS HERETOFORE
RELATIVELY UNKNOWN COMPETITOR