Price Waterhouse & Co Chartered Accountants LLP

INDEPENDENT AUDITOR'S REPORT

To
The Board of Directors
Tata Steel Limited
Bombay House,
24, Homi Mody Street,
Fort, Mumbai - 400001

Report on the Audit of the Standalone Financial Results

Opinion

1. We have audited the accompanying standalone quarterly financial results of Tata Steel Limited
(hereinafter referred to as "the Company") for the quarter ended June 30, 2024,attached herewith (the
"Standalone Financial Results") which are included in the accompanying Standalone Statement of Profit
and Loss for the quarter ended on 3oth June 2o24' (the Statement), being submitted by the Company
pursuant to the requirement of Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing
Regulations, 2015").

2. In our opinion and to the best of our information and according to the explanations given to us, the
Standalone Financial Results:

(i) are presented in accordance with the requirements of Regulation 33 and Regulation 52 read with
Regulation 63 of the Listing Regulations, 2o15 in this regard; and

(ii) give a true and fair view in conformity with the recognition and measurement principles laid down
in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2o13 and
other accounting principles generally accepted in India, of the net profit and other comprehensive
income and other financial information for the quarter ended June 30, 2024.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Aet, 2o13 (the Act). Our responsibilities under those Standards are further
described in the 'Auditor's Responsibilities for the Audit of the Standalone Financial Results' section of
our report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are relevant to
our audit of the Standalone Financial Results under the provisions of the Act and the Rules thereunder,
and we have fulfilled our other ethical responsibilities in accordance with these requirements and the
Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.

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Registered office and Head office Plot No. 56& 57, Block DN, Sector-V, Salt Lake. Kolata - 700 09

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Emphasis of Matter

4. We draw attention to Notes 3 and 4 to the Statement in respect of Schemes of Amalgamation between
the Company and its subsidiaries, namely Bhubaneshwar Power Private Limited (BPPL) and Angul
Energy Limited (AEL) with effect from the appointed date of April 1, 2023 and April 1, 2022 respectively
("the Schemes") as approved by the National Company Law Tribunal. These Schemes have been
accounted for in the Statement in accordance with the accounting treatment specified in the Schemes,
that is Ind AS 103 - Business Combinations, which is the beginning of the preceding period. Accordingly,
figures for the quarters ended March 31, 2024 and June 30, 2023 and year ended March 31, 2024, have
been restated to give effect to the aforesaid amalgamations.

Our opinion is not modified in respect of this matter.

Management's Responsibilities for the Standalone Financial Results

5. These quarterly Standalone Financial Results have been prepared on the basis of the interim financial
statements. The Company's Board of Directors are responsible for the preparation of these Standalone
Financial Results that give a true and fair view of the net profit and other comprehensive income and
other financial information in accordance with the recognition and measurement principles laid down
in Indian Accounting Standard (Ind AS) 34, 'Interim Financial Reporting' prescribed under Section 133
of the Act read with relevant rules issued thereunder and other accounting principles generally accepted
in India and in compliance with Regulation 33 and Regulation 52 read with Regulation 63 of the Listing
Regulations, 2015. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls that were operating effectively
for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the Standalone Financial Results that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

6. In preparing the Standalone Financial Results, the Board of Directors are responsible for assessing the
Company's ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Board of Directors either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.

7. The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

8. Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these Standalone Financial Results.

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9.As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone Financial Results, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related
to events or conditions that may cast significant doubt on the Company's ability to continue as a
going concern. Ifwe conclude that a material uncertainty exists, we are required to draw attention
in our auditor's report to the related disclosures in the Standalone Financial Results or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor's report. However, future events or conditions may cause the
Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Standalone Financial Results,
including the disclosures, and whether the Standalone Financial Results represent the underlying
transactions and events in a manner that achieves fair presentation.

10. We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

11. We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.

Other Matter

12. We did not audit the special purpose financial information of AEL included in the Standalone Financial
Results of the Company, which constitute total revenue of Rs. 255.99 crores, net profit of Rs 19.13 crores
/total comprehensive income (comprising of profit and other comprehensive income) of Rs 19.11 crores
for the quarter ended June 30, 2024. These special purpose financial information and other financial
information have been audited by other auditors whose report has been furnished to us, and our opinion
on the Standalone Financial Results to the extent they have been derived from such special purpose
financial information is based solely on the report of such other auditors.

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13. In accordance with the Scheme of Amalgamation of AEL and the Company referred to in Note 3 to the
Statement, the comparative figures for all the periods presented have been restated to include the special
purpose financial information of AEL which reflect total revenue of Rs. 249.98 crores, Rs. 55.82 crores
and Rs. 486.40 crores, net profit of Rs. 23.27 crores, Rs. 780.10 crores and Rs. 844.64 crores and total
comprehensive income (comprising of profit and other comprehensive income) of Rs. 23.17 crores,
Rs. 780.16 crores and Rs. 845.16 crores for the quarters ended March 31, 2024 and June 3o, 2023 and
year ended March 31, 2024 respectively. These special purpose financial information and other financial
information have been audited by other auditors whose reports have been furnished to us and have been
relied upon by us. We have audited the adjustments made by the management consequent to the
amalgamation of AEL with the Company to arrive at the restated comparative figures for all periods
presented.

Our opinion is not modified in respect of the above matters.

For Price Waterhouse & Co Chartered Accountants LLP

Firm Registration Number: 304026E/E-300009

Subramanian Vivek
Partner
Membership Number: 100332
UDIN: 24100332BKGFNO4280
Mumbai
July 31, 2024
 Price Waterhouse & Co Chartered Accountants LLP

Review Report

To

The Board of Directors

Tata Steel Limited
Bombay House,
24, Homi Mody Street,
Fort, Mumbai-400001

1. We have reviewed the consolidated unaudited financial results of Tata Steel Limited (the "Parent"), its
subsidiaries (the parent and its subsidiaries hereinafter referred to as the "Group"), and its share of the net
profit after tax and total comprehensive income/ loss of its jointly controlled entities and associate
companies (refer paragraph 4 below) for the quarter ended June 30, 2024 which are included in the
accompanying 'Consolidated Statement of Profit and Loss for the quarter ended on 3oth June 2024' (the
"Statement"). The Statement is being submitted by the Parent pursuant to the requirement of Regulation
33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended (the "Listing Regulations, 2o15"), which has been initialled by us for
identification purposes.

2. This Statement, which is the responsibility of the Parent's Management and has been approved by the
Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid
down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under
Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our
responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE)
2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued
by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to
obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim
financial information consists of making inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit
conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance
that we would become aware of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the
extent applicable.

4. The Statement includes the results of the entities listed in Annexure A.

5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the
consideration of the audit/review reports of other auditors referred to in paragraphs 7 and 8 below, nothing
has come to our attention that causes us to believe that the accompanying Statement has not been prepared in
all material respects in accordance with the recognition and measurement principles laid down in the aforesaid
Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed
the information required to be disclosed in terms of Regulation 33 and Regulation 52 read with Regulation 63
of the Listing Regulations, 2o15 including the manner in which it is to be disc r that it contains any
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6. We refer to Note 7 to the consolidated unaudited financial results. Our conclusion is not modified in respect
of the following Emphasis of Matter that has been communicated to us by the auditors of Tata Steel Europe
Limited, a step-down subsidiary of the Parent, vie their review report dated July 29, 2024:

"Without modifying our conclusion on the special purpose interim financial information, we have considered
the adequacy of the disclosure made in the special purpose interim financial information concerning the
entity's ability to continue as a going concern. On 15 September 2023, Tata Steel UK Limited announced a
joint agreement with the UK Government on a proposal to invest in an Electric Arc Furnace in Tata Steel UK
Limited. As part of this agreement Tata Steel UK Limited will receive a government grant of up to £5oom
along with a commitment from Tata Steel Limited to inject equity of at least £1,00om. Whilst both Tata Steel
Limited and the UK Government have signed a term sheet setting out the details, the proposal is currently
non-binding until the time that the Grant Funding Agreement ('GFA') between Tata Steel UK Limited, Tata
Steel Limited and the UK Government, which captures all the key points contained in the term sheet, is
signed and the Final Investment Decision ('FIA') is made. The UK business has also received a letter of
support from TS Global Holdings Pte Ltd to either refinance or repay its uncommitted facilities and term
loans due to expire in the next 15 months. This letter states that it represents present policy, is given by way
of comfort only and is not to be construed as constituting a promise as to the future conduct of the entities
or Tata Steel Limited. These conditions, along with the other matters explained in the special purpose interim
financial information indicate the existence of a material uncertainty which may cast significant doubt about
the entity's ability to continue as a going concern. The special purpose interim financial information does not
include the adjustments that would result if the entity was unable to continue as a going concern."

7. We did not audit the interim financial statements/special purpose financial information of Angul Energy
Limited (the "Transferor Company") (Refer Note 3 to the Statement) included in the audited standalone
financial results of the Parent included in the Group, whose interim financial statements/special purpose
financial information reflect total revenues of Rs. 255.99 crores, total net profit after tax of Rs. 19.13 crores
and total comprehensive income of Rs. 19.11 crores for the quarter ended June 30, 2024, as considered in the
audited standalone financial results of the Parent. The interim financial statements/special purpose financial
information of the Transferor Company have been audited by other auditors whose report has been furnished
to us, and our conclusion in so far as it relates to the amounts and disclosures included in respect of this
Transferor Company, is based solely on the report of such auditors, who carried out their audit and issued
their unmodified opinion vide their report dated July 19, 2024 as provided to us by the Management and the
procedures performed by us as stated in paragraph 3 above.

8. We did not review the interim financial statements / special purpose financial information of four
subsidiaries included in the consolidated unaudited financial results, whose interim financial statements /
special purpose financial information reflect total revenues of Rs. 22,022.99 crores, total net loss after tax of
Rs. 2,286.88 crores and total comprehensive income / loss of Rs. (2,234.36) crores for the quarter ended
June 30, 2024, as considered in the consolidated unaudited financial results. The interim financial
statements/ special purpose financial information of these subsidiaries also include their step-down
associate companies and jointly controlled entities constituting Rs. 4.19 crores and Rs. 3.23 crores
respectively of the Group's share of total comprehensive income/loss for the quarter ended June 30, 2024.
These interim financial statements / special purpose financial information have been reviewed by other
auditors and their reports vide which they have issued an unmodified conclusion, have been furnished to us
by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures
included in respect of these subsidiaries, associate companies and jointly controlled entities, is based solely
on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

9. The consolidated unaudited financial results includes the interim financial statements/ special purpose
financial information of twenty five subsidiaries which have not been reviewed by their auditors,
whose interim financial statements/ special purpose financial information total revenue of Rs. 275.74
crores, total net profit after tax of Rs. 10.65 crores and total comprehensive income / loss of Rs. 29.37
crores for the quarter ended June 30, 2024, as considered in the consolidated unaudited financial results.
The consolidated unaudited financial results also includes the Group's share of net profit after tax of Rs.
14.61 crores and total comprehensive income / loss of Rs. 13.46 crores for the quarter ended June 30, 2024, as

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considered in the consolidated unaudited financial results, in respect of four associate companies and five
jointly controlled entities, based on their interim financial statements/ special purpose financial information
which have not been reviewed by their auditors. According to the information and explanations given to us by the
Management, these interim financial statements/ special purpose financial information are not material to the
Group.

10. In the case of one subsidiary, three associate companies and one jointly controlled entity, the interim
financial statements/ special purpose financial information for the quarter ended June 30, 2024 is not
available. In absence of the aforesaid interim financial statements/ special purpose financial information,
the interim financial statements/ special purpose financial information in respect of aforesaid subsidiary and
the Group's share of total comprehensive income of these associate companies and jointly controlled entity
for the quarter ended June 30, 2024 have not been included in the consolidated unaudited financial results.
In our opinion and according to the information and explanations given to us by the Management, these
interim financial statements/ special purpose financial information are not material to the Group.

Our conclusion on the consolidated unaudited financial results is not modified in respect of the matters set
out in paragraphs 7, 8, 9 and 1o above.

For Price Waterhouse & Co Chartered Accountants LLP

Firm Registration Number: 304026E/ E-300009

Ate-
Subramanian Vivek
Partner
Membership Number: 100332
UDIN: 24100332BKGFNP9685
Mumbai
July 31, 2024
 Price Waterhouse & Co Chartered Accountants LLP

Annexure A
List of Entities Consolidated
«I No Name of the Companv
A. Subsidiaries (Direct)
I AB.JA Investment Co. Pte. Ltd.
2 Indian Steel & Wire Products Ltd.
3 Tata Steel Utilities and Infrastructure Services Limited
4 Mohar Export Services Pvt. Ltd
5 Ruiuvalika Investments Limited
6 Tata Korf Engineering Services Ltd.
7 Neelachal Ispat Nigam Limited
8 T Steel Holdings Pte. Ltd.
9 Tata Steel Downstream Products Limited
10 Tata Steel Advanced Materials Limited
11 Tata Steel Foundation
12 Jamshedpur Football and Sporting Private Limited
13 Bhubaneshwar Power Private Limited@
14 Angul Energy Limited@
15 Tata Steel Support Services Limited
16 Bhushan Steel (South) Ltd.
17 Tata Steel Technical Services Limited
18 Bhushan Steel (Australia) PTY Ltd.
19 Creative Port Development Private Limited
20 Medica TS Hospital Pvt. Ltd.

B. Subsidiaries (Indirect)
l Haldia Water Management Limited
2 Tata Steel Business Deliverv Centre Limited
3 Tata Steel Soecial Economic Zone Limited
4 Tata Pigments Limited
5 Adityapur Toll Bridge Company Limited
6 Ceramat Private Limited
7 Tata Steel TABB Limited
8 T S Global Holdings Pte Ltd.
9 Orchid Netherlands {No.1) B.V.
10 The Siam Industrial Wire Company Ltd.
11 TSN Wires Co., Ltd.
12 Tata Steel Europe Limited
13 Apollo Metals Limited
14 137050 Limited
15 British Steel Trading Limited
16 CV Benine
17 Catnic GmbH
18 Tata Steel Mexico SA de CV
19 Cogent Power Limited
20 Corbeil Les Rives SCI
21 Corby (Northants) & District Water Company Limited

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B. Subsidiaries (Indirect)
22 Corus CNBV Investments
2 Corus Engineering Steels (UK) Limited
24 Corus Engineering Steels Limited
25 Corus Group Limited
2o Corus Holdings Limite
27 Corus International (Overseas Holdings) Limited
28 Corus International Limited
29 Corus International Romania SRL
30 Corus Ireland Limited
31 Corus Probert
32 Corus UK Healthcare Trustee Limited
33 Crucible Insurance Company Limited
34 Degels GmbH
35 Demka B.V
36 00026466 Limited (Formerly known as Firsteel Group Limited)
37 Fischer Profil GmbH
38 Gamble Simms Metals Limited
39 Grijze Poort B.V.
40 HE Samson Limited
41 1-iadfields Holdings Limited
42 Halmstad Steel Service Centre AB
43 Hille & Muller GmbH
44 Hille & Muller USA Inc.
45 Hoogovens USA Inc.
46 Huizenbezit "Breesaap" B.V.
47 Lavde Steel S.L.
48 Montana Bausysteme AG
49 Naantali Steel Service Centre OY
50 Norsk Stal Tvnnolater AS
51 Norsk Stal Tvnnplater AB
52 Oremco Inc.
53 Raffertv-Brown Steel Co Inc Of Conn.
54 Runblast Limited
"" SABProfiel B.V.
56 SA B Profil GmbH
57 Service Center Gelsenkirchen GmbH
58 Service Centre Maastricht B.V
59 Societe Europeenne De Galvanisation (Segal) Sa
60 Surahammar Bruks AB
61 Tata Steel Belgium Packaging Steels N,V,
62 Tata Steel Belgium Services N.V.
63 Tata Steel France Holdings SAS
64 Tata Steel Germanv GmbH
65 Tata Steel IJmuidcn BV
66 Tata Steel International (Americas) Holdings Inc
67 Tata Steel International (Americas) Inc

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-B. Subsidiaries (Indirect)

68 Tata Steel International (Czech Republic) S.R.O
69 Tata Steel International (France) SAS
70 Tata Steel International (Germany) GmbH
71 Tata Steel International (South America) Representa~~es LTDA
72 Tata Steel International (Italia) SRL
73 Tata Steel International (Middle East) FZE
74 Tata Steel International (Nigeria) Ltd.
75 Tata Steel International (Poland) sp Zoo
76 Tata Steel International (Sweden) AB
77 Tata Steel International (India) Limited
78 Tata Steel International Ibcrica SA
79 Tata Steel Istanbul Metal Sanayi ve Tiearet AS
80 Tata Steel Maubeuge SAS
81 Tata Steel Nederland BV
82 Tata Steel Nederland Consulting & Technical Services BV
83 Tata Steel Nederland Services BV
84 Tata Steel Nederland Technolouv BV
85 Tata Steel Nederland Tubes BV
86 Tata Steel Netherlands Holdings B.V.
87 Tata Steel Norway Byggsystemer A/S
88 Tata Steel UK Consulting Limited
89 Tata Steel UK Limited
90 Tata Steel USA Inc.
91 The Newport And South Wales Tube Company Limited
92 Thomas Processing Company
93 Thomas Steel Strip Corp.
94 TS South Africa Sales Office Proprietary Limited
95 U.E.S Bright Bar Limited
96 UES Cable Street Mills Limited
97 UK Steel Enterprise Limited
98 Unitol SAS
99 Fischer Profil Produktions -und-Vertriebs - GmbH
100 Al Rimal Mining LLC
101 TSMUK Limited
102 Tata Steel Minerals Canada Limited
103 TS Canada Capital Ltd
104 Tata Steel International (Shanghai) Ltd.
105 Tata Steel (Thailand) Public Companv Ltd.
106 Tata Steel Manufacturing (Thailand) Public Company Limited
107 The Siam Construction Steel Co. Ltd.
108 The Siam Iron And Steel (2001) Co. Ltd.
109 TS Global Procurement Company Pte. Ltd.
110 Bowen Energy PTY Ltd.
111 Bowen Coal PTY Ltd.
112 Subarnarekha Port Private Limited

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C. Jointly Controlled Entities (Direct)

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2 Tatu NIK Shipping Pte Ltd.
3 TM International Logisties Limited
4 Industrial Enersv Limited

D. Jointlv Controlled Entities (Indirect)

1 Tata BlueScone Steel Private Limited
2 Jamshedpur Continuous Annealing & Processing Company Private Limited
3 Naba Diganta Water Management Limited
4 Jamipol Limited
5 Nieco Jubilee Park Limited
6 Himalaya Steel Mills Services Private Limited
7 Laura Metaal Holding B.V.
8 ·Ravenscraig Limited
9 Tata Steel Tiearet AS
10 Texturing Technology Limited
11 Air Products Llanwern Limited
12 Hoogovens Court Roll Service Technologies VOF
13 Minas De Benga (Mauritius) Limited
14 Tata NYK Shipping (India) Pvt. Ltd.
15 International Shipping and Logistics FZE
16 TKM Global China Limited
17 TKM Global GmbH
18 TKM Global Logistics Limited

E. Associates (Direct)
l Strategic Energy Technologv Systems Private Limited
2 Kalinga Aquatic Ltd
3 TRF Limited
4 Malusha Travels Pvt Ltd.
5 Bhushan Capital & Credit Services Private Limited
6 Jawahar Credit & Holdings Private Limited
7 TP Vardhaman Surva Limited

F. Associates (Indirect)
1 European Profiles (M) Sdn. Bhd.
2 Giet WalsonderhoudCombinatie B.V.
3 Hoogovens Gan Multimedia S.A. De C.V.
4 Wupperman Staal Nederland B.V.
5 9336-0634 Qu~bec Inc
6 TRF Singapore Pte Limited
7 TRF Holding Pte Limited

@ Merged with the Parent. Refer Notes 3 and 4 to the Statement

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