Year End :2025-03

The Board of Directors ('Board') of Tata Steel Limited ('Tata Steel' or 'Company') expresses profound grief on the demise
of Padma Vibhushan Ratan N. Tata. The Board places on record its deep respect and enduring gratitude to Mr. Tata for his
unparalleled contributions that have profoundly shaped the Company. The visionary leadership of Mr. Tata and his unwavering
commitment have been pivotal in transforming Tata Steel into a global steel company. Mr. Tata's legacy of innovation,
philanthropy, and commitment to excellence will continue to inspire us in times to come.

The Directors take pleasure in presenting the 10^th Integrated Report prepared as per Integrated Reporting <IR> framework of
the IFRS Foundation and the 118^th Annual Accounts on the business and operations of Tata Steel, along with the summary of
standalone and consolidated financial statements for the financial year ended March 31, 2025.

A. Financial Results

(H crore)

Tata Steel Standalone    Tata Steel Group

	2024-25	2023-24	2024-25	2023-24
Revenue from operations	1,32,516.66	1,40,932.65	2,18,542.51	2,29,170.78
Total expenditure before finance cost, depreciation (net of expenditure transferred to capital)	1,04,651.17	1,10,943.94	1,93,244.06	2,06,864.88
Operating Profit	27,865.49	29,988.71	25,298.45	22,305.90
Add: Other income	2,246.90	3,113.49	1,540.53	1,808.85
Profit before finance cost, depreciation, exceptional items and tax	30,112.39	33,102.20	26,838.98	24,114.75
Less: Finance costs	4,238.35	4,100.52	7,340.95	7,507.57
Profit before depreciation, exceptional items and tax	25,874.04	29,001.68	19,498.03	16,607.18
Less: Depreciation and amortisation expenses	6,253.16	6,008.95	10,421.33	9,882.16
Profit/(Loss) before share of profit/(loss) of joint ventures & associates, exceptional items & tax	19,620.88	22,992.73	9,076.70	6,725.02
Share of profit/(loss) of Joint Ventures & Associates	-	-	190.81	(57.98)
Profit/(Loss) before exceptional items & tax	19,620.88	22,992.73	9,267.51	6,667.04
Add/(Less): Exceptional Items	(902.04)	(3,488.02)	(854.64)	(7,814.08)
Profit before tax	18,718.84	19,504.71	8,412.87	(1,147.04)
Less: Tax Expense	4,749.14	3,842.86	5,239.09	3,762.57
(A) Profit/(Loss) after tax	13,969.70	15,661.85	3,173.78	(4,909.61)
Total Profit/(Loss) for the period attributable to:
Owners of the Company	-	-	3,420.51	(4,437.44)
Non controlling interests	-	-	(246.73)	(472.17)
(B) Total other comprehensive income	(23,973.16)	(9,028.37)	273.30	(3,227.90)
(C) Total comprehensive income for the period [ A + B ]	(10,003.46)	6,633.48	3,447.08	(8,137.51)
Retained Earnings: Balance brought forward from the previous year	1,00,380.17	89,292.09	34,815.73	48,166.32
Add: Profit for the period	13,969.70	15,661.85	3,420.51	(4,437.44)
Add: Other Comprehensive Income recognised in Retained Earnings	(126.41)	(159.77)	(50.49)	(4,671.57)
Add: Other movements within equity		-	2.65	168.21
Balance	1,14,223.46	1,04,794.17	38,188.40	39,225.52
Which the Directors have apportioned as under to:-
(i) Dividend on Ordinary Shares	4,494.07	4,414.00	4,489.87	4,409.79
Total Appropriations	4,494.07	4,414.00	4,489.87	4,409.79
Retained Earnings: Balance to be carried forward	1,09,729.39	1,00,380.17	33,698.53	34,815.73

Notes:

i.    Scheme of amalgamation of The Indian Steel & Wire
Products Limited ('ISWP') with the Company was
approved and sanctioned by the Hon'ble National
Company Law Tribunal ('Hon'ble NCLT'), Kolkata bench
on May 24, 2024 and the Hon'ble NCLT, Mumbai bench
on August 6, 2024.

ii. Scheme of amalgamation of Angul Energy Limited ('AEL')
with the Company was approved and sanctioned by the
Hon'ble NCLT, Delhi bench on April 18, 2024 and the
Hon'ble NCLT, Mumbai bench on July 3, 2024.

iii.    Scheme of amalgamation of Bhubaneshwar Power
Private Limited ('BPPL') with the Company was approved
and sanctioned by the Hon'ble NCLT, Hyderabad bench
on June 6, 2024.

iv.    The Company has voluntarily changed its accounting
policy in keeping with the provisions of Ind AS 8
'Accounting Policies, Changes in Accounting Estimates
and Errors' to measure its equity investments in
subsidiaries in the Standalone financial results/
statements from cost less impairment as per Ind AS 27
'Separate Financial Statements' to fair value through
other comprehensive income as per Ind AS 109 'Financial
instruments' with retrospective effect. The Company's
Management believes that this change in accounting
policy provides reliable and more relevant information
about the effects of transactions, other events or
conditions on the entity's financial position and financial
performance to the users of financial results/statements.

v.    During the year under review, exceptional items
(Consolidated Accounts) primarily represent:

a)    Provision for impairment of non-current assets
H119 crore, which primarily includes impairment
of Property, plant and equipment, intangibles
(including capital work-in-progress) at Tata Steel
Europe ('TSE').

b)    Net Provision for Employee Separation Scheme
('ESS') amounting to H692 crore under Sunehere
Bhavishya Ki Yojana ('SBKY') and other scheme
at Tata Steel Limited (Standalone), Tata Steel
Downstream Products Limited and at Neelachal
Ispat Nigam Limited ('NINL').

c)    Contribution to electoral trusts H173 crore Tata Steel
Limited (Standalone).

d)    Loss on sale of subsidiaries and non-current
investments (net) H7 crore at TSE.

Partly offset by,

e)    Gain on sale of non-current assets at Tata Steel
(Thailand) Public Company Limited ('TSTH')
amounting to H62 crore on sale of land.

f)    Fair valuation gain on non-current investments
amounting to H17 crore at Tata Steel Limited
(Standalone).

g)    Credit of H58 crore under restructuring and other
provisions mainly at TSE due to reversal of provision
in respect of heavy-end restructuring.

The exceptional items (Consolidated Accounts) in

Financial Year 2023-24 primarily include:

a)    Provision for impairment of non-current assets
H3,516 crore, which primarily includes impairment
of property, plant and equipment, intangibles
(including capital work-in-progress) at TSE due to
heavy end restructuring along with impairment
for Sukinda mines and impairment of port project
in India.

b)    Net Provision for ESS amounting to H130 crore
under SBKY and other scheme at Tata Steel Limited
(Standalone) and at NINL.

c)    Charge of H4,263 crore under restructuring and
other provisions mainly at TSE and at Tata Steel
Limited (Standalone) for Sukinda mines.

Partly offset by,

d)    Gain on sale of non-current investments in an
associate at TSE amounting to H5 crore.

e)    Gain on sale of non-current assets at TSTH
amounting to H52 crore on disposal of Mini Blast
Furnace asset.

f)    Impairment reversal H20 crore at TSE on deferred
consideration of Speciality Business.

g)    Fair valuation gain on non-current investments
amounting to H18 crore at Tata Steel Limited
(Standalone).

1.    Dividend Distribution Policy

In terms of Regulation 43A of the Securities and Exchange
Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, ('SEBI Listing
Regulations'), the Board of Directors of the Company
(the 'Board') formulated and adopted the Dividend
Distribution Policy (the 'Policy').

The Policy is available on the website of the Company
at https://www.tatasteel.com/media/6086/dividend-
policy-final.pdf

2.    Dividend

For the Financial Year 2024-25, the Board has
recommended a dividend of H3.60 per Ordinary (equity)
Share of face value of HI/- each (previous year: H3.60 per
fully paid-up Ordinary (equity) Share of face value of H1/-
each).

The Board has recommended dividend based on the
parameters laid down in the Dividend Distribution Policy.
The dividend will be paid out of the profits for the year.

The dividend on Ordinary (equity) Shares is subject
to the approval of the Shareholders at the Annual
General Meeting ('AGM') scheduled to be held on
Wednesday, July 2, 2025 and will be paid on and from
Friday, July 4, 2025.

The Record Date fixed for determining entitlement
of Members to final dividend for the financial year
ended March 31, 2025, if approved at the AGM, is
Friday, June 6, 2025.

Based on the number of Ordinary (equity) Shares as on
the date of this Report, the dividend, if approved would
result in a cash outflow of ~H4,494.07 crore. The dividend
on Ordinary (equity) Shares is 360% of the paid-up value
of each share. The total dividend pay-out works out to
32% of the net profits of H13,970 crore (on standalone
basis).

Pursuant to the Finance Act, 2020, dividend income
is taxable in the hands of the shareholders effective
April 1, 2020 and the Company is required to deduct
tax at source from dividend paid to the Members at
prescribed rates as per the Income Tax Act, 1961.

3.    Transfer to Reserves

The Board of Directors has decided to retain the entire
amount of profit for the Financial Year 2024-25 in the
statement of profit and loss.

4.    Capex and Liquidity

During the year under review, the Company, on a
consolidated basis spent H15,671 crore on capital projects
primarily across India and Europe largely towards
ongoing growth projects in India, essential sustenance
and replacement schemes.

The Company's liquidity position, on a consolidated
basis, is H38,791 crore as on March 31, 2025, comprising
H12,222 crore in cash and cash equivalent and balance in
undrawn credit lines.

5.    Management Discussion and Analysis

The Management Discussion and Analysis as required in
terms of the SEBI Listing Regulations forms part of this
Report and is enclosed as Annexure 1.

B.    Integrated Report and Business
Responsibility and Sustainability Report

I n keeping with the Company's valued tradition of
'thinking about society and not just the business', in 2016,
Tata Steel Limited transitioned from compliance based
reporting to governance based reporting by adopting
the <IR> framework of the IFRS Foundation. The 10^th
Integrated Report highlights the measures taken by the
Company that contributes to long-term sustainability
and value creation, while embracing different skills,
continuous innovation, sustainable growth and a better
quality of life.

In accordance with Regulation 34(2)(f) of the SEBI Listing
Regulations, the Company is glad to present to you it's
3^rd Business Responsibility and Sustainability Report for
FY2024-25.

C.    Operations and Performance

1. Tata Steel Group

During the year under review, the consolidated crude
steel production for Tata Steel Group ('TSG') was
30.92 MT which was higher by 3% (FY2023-24: 29.94 MT).
The production increased at Tata Steel (Standalone)
to 20.72 MT, higher by 3% over the previous year
(FY2023-24: 20.12 MT), primarily due to commissioning
of 5 MTPA BF#2 at Kalinganagar and debottlenecking
and ramp-up of production at Neelachal Ispat Nigam
Limited ('NINL'). NINL produced 0.95 MT, higher by
44% over the previous year (FY2023-24: 0.66 MT). Tata
Steel UK's liquid steel production was ~1.07 MT with the
closure of both the blast furnaces in September 2024

while Tata Steel Netherlands operated at rated capacity
leading to liquid steel production of 6.75 MT, higher
by 40% Y-o-Y. Production at South-East Asia ('SEA') at
1.43 MT (FY2023-24: 1.36 MT) was higher by 5% due to
higher exports sales.

The consolidated steel deliveries of TSG was at
30.96 MT in FY2024-25 showing an increase of 5% over
the previous year (FY2023-24: 29.39 MT). This increase was
primarily at Tata Steel (Standalone) by 1.03 MT on account
of commissioning of BF#2 at Tata Steel Kalinganagar.
Deliveries increased at the European operations by
0.29 MT, as the previous year's deliveries were impacted
by the reline of Blast Furnace 6 in the Netherlands.

The turnover of TSG in FY2024-25 was lower than that of
FY2023-24 by H10,628 crore (5%) on account of decline
in steel realisations across geographies due to prevalent
market dynamics partly offset by increase in deliveries at
the Indian and the European operations, attributable to
increase in production.

The EBITDA of TSG in FY2024-25 was H25,802 crore, higher
over FY2023-24 by H2,400 crore (10%), primarily due to
significant reduction in EBITDA loss at the Netherlands
which was adversely impacted in the previous year due
to Blast Furnace 6 reline. The improved operational
performance at NINL is due to significant reduction in
costs owing to ramp up of production. Operating profit
in the Indian operations decreased due to decline in steel
prices, partly offset by higher sales volume (1.03 MT) and
lower raw material costs due to decrease in prices mainly
of coking coal along with improvement initiatives.

2. India

During the year under review, the crude steel production
at Tata Steel Limited increased by 3% to 20.72 MT
(previous year 20.12 MT) on account of commissioning
of BF#2 at Tata Steel Kalinganagar. Total deliveries at Tata
Steel Limited stood at 20.94 MT (previous year: 19.91 MT),
higher by 1.03 MT post commissioning of BF#2 at Tata
Steel Kalinganagar. Turnover (Standalone) was H1,32,517
crore (previous year: H1,40,933 crore), which was lower
against the previous year by 6% mainly due to decline in
steel prices due to cheap imports in the market, partly
offset by higher deliveries. EBITDA was at H28,217 crore
(previous year: H31,167 crore), lower by 9% than that of
the previous year, primarily on account of decrease in
steel prices, partly offset by increase in deliveries and
lower raw material cost, mainly coking coal prices.

NINL achieved crude steel production of 0.95 MT,
while deliveries stood at 0.90 MT, both higher than
previous year by 0.29 MT and 0.25 MT respectively.

The turnover at H5,701 crore was higher on account of
higher deliveries partly offset by decline in steel prices.
EBITDA at H1,067 crore was significantly higher against
H53 crore in the previous year primarily on account of
decrease in raw material prices, operational efficiencies
and debottlenecking.

Total deliveries of Tata Steel - India operations, stood at
20.94 MT which is higher than the previous year by 5%
due to higher production. The turnover at H1,33,444 crore
was lower by ~7% against the previous year's turnover
primarily due to falling steel prices, partly offset by higher
volumes. EBITDA (excluding intercompany eliminations
and adjustments) was H29,285 crore, lower by 6% over
the previous year, due to decline in steel realisations,
partly offset by decrease in raw material cost in imported
coking coal prices and other cost saving initiatives along
with higher deliveries.

3. Europe

During the year under review, liquid steel production
from European operations was 7.82 MT (previous year:
7.80 MT), which was at par against the previous year.
Deliveries from European operations increased by
around 4% to 7.97 MT. The turnover at H76,416 crore
(previous year: H78,144 crore) was marginally lower than
FY2023-24 owing to reduction in average revenue per
tonne partly offset by increase in deliveries.

EBITDA from European operations stood at negative
H3,327 crore (previous year: negative H7,612 crore) which
was lower over the previous year's operating loss. This
significant improvement in EBITDA was seen primarily
in the Netherlands as the previous year was impacted
by Blast Furnace 6 reline till the later part of the year and
other restructuring measures.

D. Key Developments

1. Business Developments
Tata Steel India

On September 20, 2024, the Company successfully
commissioned India's largest blast furnace at
Kalinganagar, Odisha with a total investment of
H27,000 crore, expanding Company's crude steel capacity
at Kalinganagar from 3 MTPA to 8 MTPA. Kalinganagar
expansion is an important milestone in the Company's
journey to scale up the high margin India business.
The new blast furnace along with the cold rolling mill
complex will significantly boost the plant's overall
production capabilities, allowing Tata Steel to meet
the growing demands of various industries, including

automotive, infrastructure, power and shipbuilding and
to strengthen position as a market leader in the value-
added steel segments.

Tata Steel UK ('TSUK')

The Company is undergoing a significant transformation
in its UK operations and is in the process of setting up
a state-of-the-art Electric Arc Furnace ('EAF') in Port
Talbot, targeted to be commissioned in FY2027-28. This
transformation will reduce approximately 5 MT of direct
CO₂ emissions per annum or 50 MT of emissions over a
decade, recycle scrap and benefit green steel production
in the future.

The transition plan involves setting up of EAF as well
as closure of ageing heavy end assets of TSUK such
as its blast furnaces and coke oven plants which are
reaching the end of their operational life. The Company
commenced closure of heavy end assets with shutdown
of Blast Furnace#5 during early July 2024 followed
by closure of operations at Blast Furnace#4 during
September 2024 along with closure of other associated
iron and steelmaking assets and energy systems at Port
Talbot, bringing an end to ironmaking at the site by
September 2024.

The transition plan involves an investment of
£1.25 billion. The Company was in active discussions
with the UK Government seeking grant funding support
for its EAF project. On September 11, 2024, Tata Steel
signed a £500 million Grant Funding Agreement with
the UK Government to install the EAF at the Port Talbot
steelworks in Wales. During the project phase, TSUK will
work intensively to ensure uninterrupted and reliable
supply of products to fulfil customer and market
commitments including through import of additional
steel substrate from stable and responsible supply chains
to feed its downstream units.

Tata Steel Nederland ('TSN')

As part of the Company's decarbonisation journey, TSN
has announced major transformation programme to
enhance competitiveness for a sustainable future. The
decarbonisation plan will be implemented in two phases.
In the first phase, TSN has outlined a plan to transition
to green steel production by replacing one of its two
blast furnaces with a Direct Reduced Iron (DRI) plant
and an Electric Arc Furnace by 2030 and the second one
thereafter. The Company has been in active discussions
with the Dutch Government for a financial and
policy-level support. On April 9, 2025, TSN announced
that it has submitted a Request for Advice to the Central
Works Council, initiating the consultation phase for a

wide-ranging transformation programme. The plan
focuses on increasing production efficiency, reducing
fixed costs and aligning the product portfolio with
market demand to enhance profitability and resilience.

2. Amalgamation

a)    Amalgamation of Bhubaneshwar Power Private
Limited into and with Tata Steel Limited

The Board of Directors of the Company ('Board'), at
its meeting held on November 1, 2023, approved the
scheme of amalgamation of Bhubaneshwar Power
Private Limited ('BPPL'), a wholly-owned subsidiary
of Tata Steel, into and with the Company ('BPPL
Scheme'). The Hon'ble National Company Law Tribunal
('Hon'ble NCLT'), Hyderabad Bench vide its order dated
June 6, 2024 sanctioned the BPPL Scheme. The effective
date of the BPPL Scheme is July 1, 2024. As per the terms
of the BPPL Scheme, the entire shareholding of the
Company in BPPL stands cancelled.

b)    Amalgamation of Angul Energy Limited into and
with Tata Steel Limited

The Board, at its meeting held on February 6, 2023,
approved the scheme of amalgamation of Angul Energy
Limited ('AEL'), a subsidiary of Tata Steel, into and with
the Company ('AEL Scheme'). Subsequently, the Hon'ble
NCLT, New Delhi Bench and the Hon'ble NCLT, Mumbai
Bench, vide their respective orders dated April 18,
2024 and July 3, 2024, sanctioned the AEL Scheme. The
effective date of the AEL Scheme is August 1, 2024.

As per the terms of the AEL Scheme, the Board, on
July 31,2024 approved the payment of cash consideration
of H1,045/- for every 1 equity share of AEL of face value
H10/- each, to the public shareholders of AEL (excluding
the Company), as on the Record Date i.e., August 9, 2024.
Further, the equity shares held by the Company in AEL
stands cancelled.

c)    Amalgamation of The Indian Steel & Wire Products
Limited into and with Tata Steel Limited

The Board, at its meeting held on September 22, 2022,
approved the scheme of amalgamation of The Indian
Steel & Wire Products Limited ('ISWP') into and with
the Company ('ISWP Scheme'). The ISWP Scheme was
approved by the shareholders of the Company and the
shareholders of ISWP with requisite majority, at their
respective meetings held on January 25, 2024 and
March 11, 2024. The Hon'ble NCLT, Kolkata Bench, and the
Hon'ble NCLT, Mumbai Bench vide their respective orders
dated May 24, 2024 and August 6, 2024, sanctioned the

ISWP Scheme. The effective date of the ISWP Scheme is
September 1, 2024.

As per the terms of the ISWP Scheme, the Board,
on August 24, 2024 approved the payment of cash
consideration of H426/- for every 1 equity share of ISWP
having face value H10/- each, to the public shareholders
of ISWP (excluding the Company) as on the Record Date
of i.e., September 6, 2024. Further, the equity shares held
by the Company in ISWP stand cancelled.

d) Amalgamation of Rujuvalika Investments Limited
into and with Tata Steel Limited

The Board, at its meeting held on July 31,2024, approved
the scheme of amalgamation of Rujuvalika Investments
Limited, a wholly-owned subsidiary of Tata Steel, into
and with the Company. The process of amalgamation is
currently underway and the same is subject to approval
from judicial/regulatory authorities.

3. Acquisitions and Investments

a)    Acquisition of stake in T Steel Holdings Pte. Ltd.

On June 28, 2024, the debt instruments aggregating to
USD 564,750,000 (~H4,713.03 crore), held by the Company
in T Steel Holdings Pte. Ltd. ('TSH'), wholly-owned foreign
subsidiary of Tata Steel, were converted into 359,71,33,758
equity shares of face value USD 0.157 each aggregating to
USD 564,750,000 (~H4,713.03 crore).

Further, during the year, the Company also acquired
1831,21,01,910 equity shares of TSH of face value USD

0.157 each for an aggregate consideration of USD 2,875
million (approximately H24,530 crore, calculated as per
the foreign exchange conversion rates applicable during
the reporting period), in multiple tranches.

b)    Acquisition of stake in TP Parivart Limited

On July 31, 2024, the Company executed a Share
Purchase and Shareholders' Agreement ('SPSHA') with
Tata Power Renewable Energy Limited and its wholly-
owned subsidiary, TP Parivart Limited ('TPPL') and
acquired 13,000 equity shares of TPPL, of face value
of H10/- each, at par, for an aggregate consideration of
H1.30 lakh constituting 26% of the equity shareholding of
TPPL. The purpose of the acquisition is to optimise Tata
Steel's power cost and carbon footprint by replacing grid
power with cost effective renewable power. Consequent
to this acquisition, TPPL has become an associate of
the Company.

c) Acquisition of stake in Indian Foundation for Quality
Management

During the year, the Company acquired 1,25,00,000
equity shares aggregating to 14.28% in Indian
Foundation for Quality Management ('IFQM'), a
company registered under Section 8 of the Companies
Act, 2013, that aims to empower and encourage the
Indian organisations in diverse sectors to embrace and
integrate quality values, principles and practices in all
aspects of management. On April 1, 2025, the Company
further acquired 1,24,90,000 equity shares in IFQM. Post
the acquisition, the Company's aggregate shareholding
in IFQM increased to 16.66%.

4.    Financing and Debt Redemption

a)    Issue of Non-Convertible Debentures

During FY2024-25, the Company issued and allotted
3,00,000 - 7.65% Fixed Rate, Unsecured, Redeemable,
Rated, Listed, Non-Convertible Debentures ('NCDs') of
face value H1,00,000 each aggregating to H3,000 crore
to identified investors on a private placement basis.

The NCDs are listed on the wholesale debt market
segment of BSE Limited.

There has been no deviation or variation in utilisation
of proceeds of non-convertible debt securities issued
during the year.

b)    Redemption of Non-Convertible Debentures

On March 13, 2025, the Company redeemed 7.70%
Fixed Rate, Unsecured, Redeemable, Rated, Listed NCDs
(ISIN: INE081A08231) aggregating to H670 crore.

5.    Credit Rating

During the year under review, international credit
rating agencies, S&P Global Ratings placed the issuer
credit rating of Tata Steel Limited from 'BBB-' with
'Positive' Outlook to 'BBB-' with 'Credit Watch Positive'.
Subsequently, S&P Global upgraded the issuer credit
rating of Tata Steel Limited to 'BBB' with 'Stable' Outlook.
Further, Moody's reaffirmed Tata Steel's issuer credit
rating at 'Baa3' with 'Stable' Outlook.

With respect to the domestic credit rating agency, India
Ratings upgraded the debt instrument rating of Tata
Steel Limited to 'AAA' with 'Stable' outlook from 'AA+'
with 'Positive' outlook. The upgrade has been primarily
driven by strengthening of the business and credit profile
on account of increased share of domestic operations
along with the expectation that European operations
will achieve break even by H2FY2025-26. CARE Ratings
reaffirmed Tata Steel's debt instrument rating at 'AA+'
with 'Stable' outlook.

6. Material Litigation

a)    The State of Odisha had enacted the Orissa Rural
Infrastructure and Socio-Economic Development Act,

2004    ('ORISED Act') with effect from February 1, 2005,
levying tax on mineral bearing land. The Company during
FY2006 had received various demands amounting to
H129 crore pertaining to the period FY2005 and FY2006 in
respect of its mines in the State of Odisha. The Company
had filed writ petition in the Hon'ble High Court of Orissa
challenging the constitutional validity of the ORISED
Act. The Hon'ble High Court of Orissa in December

2005    held that the State does not have the legislative
authority to levy tax on minerals. This was challenged
before the Hon'ble Supreme Court. Subsequently, the
matter relating to legislative authority of the States to
tax minerals, was referred to the Constitutional Bench
of the Hon'ble Supreme Court.

The Hon'ble Supreme Court of India vide its judgement
dated July 25, 2024, ruled that the Mines and Minerals
(Development & Regulation) Act, 1957, will not denude
the States of the power to levy tax on mineral rights.
Further, the Constitutional Bench vide its order dated
August 14, 2024, clarified certain matters in respect of its
judgement dated July 25, 2024. Thereafter, the Supreme
Court dismissed a batch of review petitions in the above
matter vide its order dated September 24, 2024.

On January 17, 2025, the Company filed Curative
Petitions before the Hon'ble Supreme Court invoking
extraordinary jurisdiction of the Hon'ble Supreme Court
in respect of the order dated September 24, 2024 passed
by the Constitutional Bench of the Supreme Court,
dismissing review petition against the judgement dated
July 25, 2024 and August 14, 2024.

b)    In May 2018, the Company, through its wholly-owned
subsidiary - Bamnipal Steel Limited, had acquired
erstwhile Bhushan Steel Limited (renamed as Tata
Steel BSL Limited) under the resolution process of The
Insolvency and Bankruptcy Code, 2016. Consequent to
this acquisition, a debt of H25,185.51 crore was waived
off in favour of Tata Steel BSL Limited ('TSBSL'). TSBSL
and Bamnipal Steel Limited amalgamated into and with
Tata Steel Limited effective November 11, 2021 and the
appointed date for the amalgamation was April 1, 2019.

On March 13, 2025, the Company had received a show
cause notice for reassessment of taxable income for
AY 2019-20 by the Assessing Officer, Office of the Deputy
Commissioner of Income Tax, Mumbai ('Assessing
Officer'). Subsequently, the Company has received an
Assessment Order from the Assessing Officer, increasing
the taxable income for AY 2019-20 by H25,185.51 crore.

The Company has filed a writ petition before the Hon'ble
High Court of Bombay in this matter and is also seeking
appropriate legal remedies before the relevant judicial/
quasi-judicial forums.

c) On April 2, 2024, the Company had filed a writ petition
before the Hon'ble High Court of Calcutta in the matter
of rejection of a representation made by the Company in
respect of waiver of loans availed by the Company from the
Steel Development Fund ('SDF'). After multiple hearings,
on May 24, 2024 the High Court at Calcutta dismissed
the writ petition filed by the Company, with a liberty to
the Company to approach the Joint Plant Committee.
Subsequently, the Company has engaged with the Joint
Plant Committee to arrive at a conclusion for the matter.
On April 25, 2025, the Company made a payment of
H2,824.15 crore to the Joint Plant Committee towards
discharge of its loan obligations. The closure of the matter
including execution of final settlement agreement with
the Ministry of Steel is in progress.

E. Sustainability

Tata Steel is committed to sustainability, aligning with
the Tata Group's 2045 net-zero emissions goal through a
multi-faceted strategy focussed on emissions reduction,
resource efficiency and social responsibility.

A core initiative in Tata Steel's sustainability strategy
is transitioning to cleaner steel production which
includes constructing a 0.75 MTPA scrap-based Electric
Arc Furnace (EAF) plant in Ludhiana and continuously
augmenting existing steelmaking sites for higher
scrap injection.

Tata Steel pioneered the use of alternative reductants
by replacing 30 KT of fossil fuel with biochar in its
Jamshedpur blast furnace and initiating biochar use in
the Athagarh ferrochrome plant, a first in India.

Additionally, through its 965.8 MW RE Hybrid captive
Project (to deliver 379 MW @68.6% PLF) with Tata
Power Renewable Energy Limited (TPREL), Tata Steel is
set to receive over 2.8 lakh MWh and 4.2 lakh MWh at
Jamshedpur and Kalinganagar respectively in FY2025-
26. Further, partnering with The Tata Power Company
Limited to establish a 70 MW solar plant in Maharashtra,
the Company has increased its solar capacities in
Jamshedpur and Kalinganagar to over 29 MW and 14
MW, respectively.

To promote eco-friendly transportation, the Company
launched 20 electric buses for employee transit at
Meramandali, utilised a mix of B24 biofuel and ultra¬
low-sulphur diesel for shipments from Australia, and

introduced LNG-powered trailers for transporting
products from its Khopoli plant.

Tata Steel launched India's first Carbon Bank after
receiving Det Norske Veritas verification certificate for
achieving carbon savings of over 50 KT through energy
recovery and renewable fuel projects at its Jamshedpur
facility. This allows Tata Steel to allocate carbon credits to
its customers based on their requirements and thereby
enable them to procure lower emission steel products
for their usage.

Tata Steel published India's first Environment Product
Disclosure for ferrochrome products and collaborated
with its customer, Tata Projects to conduct a life
cycle assessment of a Photovoltaic facility in Tamil
Nadu that identified steel as a primary contributor
to environmental impacts, leading to plans for more
sustainable alternatives.

Beyond environmental considerations, Tata Steel is
committed to social responsibility. It conducted human
rights audits across 20 sites, addressed identified gaps
through dedicated Business and Human Rights (BHR)
committees, and trained employees on BHR principles.
These efforts earned global recognition, including
ranking in the top 10 of Dow Jones Sustainability
Indices and top 15 percentile in EcoVadis evaluation. The
Company also received the 'Resilient' category award at
CAP 2.0 and the Steele award for Life Cycle Assessment
from World Steel Association.

Demonstrating its commitment to natural capital, Tata
Steel launched a Biodiversity Strategy webpage and
conducted Brahmani River basin study for ensuring
water security at key steelmaking sites. Collaborating
with Terracon, the Company assessed biodiversity at 13
locations to create site-specific Biodiversity Management
Plans and developed Nature-Based Solutions assessment
tool in accordance with the International Union for
Conservation of Nature framework to validate existing
projects and evaluate new proposals.

Furthermore, being actively involved in the Task Force on
Nature-Related Disclosures (TNFD), Tata Steel registered
for TNFD adoption, and is preparing to publish its
inaugural TNFD report.

Across Europe, steelmakers need government support to
decarbonise, and Tata Steel is engaging with the Dutch,
UK, and Welsh Governments on these complex themes.
As markets for low emission products have grown in
FY2024-25, Tata Steel has played a leading role with
worldsteel and steel companies across the globe
and also strived to further develop robust guidelines

alongwith an understanding on effective capturing of
CO₂ reductions through chain of custody approaches.
This supports customers in reducing their Scope 3
emissions and ensures alignment with recognised and
credible reporting practices.

TSN has defined a comprehensive 'green, clean, and
circular' sustainability strategy, appointing a dedicated
director to oversee implementation. The key focus is to
transform the IJmuiden site to achieve carbon neutrality
by 2045, marking one of the largest industrial transitions
at TSN. Recent environmental initiatives include an
18-meter wind barrier, covered slag pits, and enhanced
dust extraction systems. The circularity efforts aim to
increase scrap steel usage from 17% to 30% by 2030,
requiring 2 MT of scrap annually.

TSN's product innovations feature lightweighting
through thinner steel, lifespan-extending coatings,
and eco-friendly food container materials. TSN has also
launched commercial offerings like Zeremis Carbon
Lite® and Zeremis Recycled, allowing customers to
contribute in decarbonisation efforts with verified
emissions reductions.

Although TSN needs to be compliant with the EU
Corporate Sustainability Reporting Directive by
FY2027-28, TSN strives to be compliant by FY2025-26.

In FY2024-25, TSUK launched its CSR and Sustainability
vision to support its ambition of becoming a sustainable
business while transitioning to EAF steelmaking.
The vision comprises 5 key pillars: planet, product
sustainability, communities, responsible employer
and responsible business, which is backed by a 5 year
roadmap with each pillar sponsored by the senior
management team and senior leaders responsible for
implementing the plan across the organisation.

TSUK has developed commercial propositions based on
carbon 'insetting', under the brand name Optemis Carbon
Lite allowing customers to contribute in the Company's
decarbonisation journey, whilst demonstrating their own
contribution to societal CO₂ emission reductions.

1. Environment

Tata Steel strives for environmental excellence, aiming to
set industry benchmarks in environmental performance.
The Company pursues zero harm, resource efficiency,
circular economy, minimal ecological footprint
while caring for community and workforce. Tata
Steel is committed to environmental protection and
responsible use of natural resources and its corporate
policies for climate change, environment, energy and

biodiversity which drives the Company's aspirations to
be the benchmark for environmental stewardship in the
steel industry.

The Company has a robust governance system. The
Safety, Health and Environment Committee of the Board
provides necessary guidance on the environmental
matters globally. The Company integrates prioritised
goals into its annual business plan thereby aligning with
Sustainability Development Goals. The Company aims
to become Net Zero by 2045, no harm to biodiversity,
replenishing used water and 'zero waste to landfill'
by 2030.

The Company continues to adopt eco-friendly processes,
advanced technologies and global best practices for
growth. At the CRM Bara complex, the Zero Effluent
Discharge project has been commissioned while similar
projects are underway at the steel plants in Jamshedpur
and Meramandali. Tata Steel has commissioned India's
largest blast furnace (5,800 m³) at Kalinganagar, Odisha,
and expanded the site's capacity from 3 to 8 million
tonnes per annum (MTPA) with eco-friendly features.
Additionally, at Meramandali, a de-NOx facility has been
installed at the Blast Furnace Power Plants to reduce
NOx emissions.

TSN continues implementing its Roadmap+ programme
to reduce environmental impact around the IJmuiden site.
Major dust reduction initiatives include commissioning
the largest ever environmental installation at the Pellet
Plant, targeting a 70% reduction in lead emissions,
completing 18-meter-high windbreaker screens around
coal stockpiles, and adding a third dust extraction
installation at the steel factory. As part of its transition
to low emission steelmaking, and discussions with
the Dutch government seeking support, TSN has also
announced environmental measures focusing on
reducing fine dust.

Odour reduction measures at TSN include completion
of mechanical sealing of coke oven plants and installing
a new dry stand at the Steel Plant, with preparations for
reducing emissions at Pickle Line 22 starting 2025. Noise
reduction efforts include designing new silencers for the
primary extraction system.

Environmental enhancements at TSN will continue with
nitrogen oxide reduction technology at the Pellet Plant
till late 2025, and additional measures focused on fine
dust reduction as part of the transition plan.

TSN has intensified community engagement through
multiple channels, including phone, email, website

forms, and a public information desk in Wijk aan Zee.
All complaints are investigated thoroughly to promptly
identify and address potential sources of nuisance.

In the UK, Tata Steel re-certified its main sites to ISO 14001:
2015 and secured BES6001 sustainability certification for
its products. The Company started transition to Electric Arc
Furnace technology by decommissioning the Port Talbot
coke ovens in March 2024, shutting down Blast Furnace
5 in July 2024, and Blast Furnace 4 in September 2024,
resulting in significant reduction in environmental
emissions and community complaints. The future
plans include, improving air quality, reducing carbon
emissions, water consumption, and enhancing circularity
at Port Talbot alongwith biodiversity enhancements.
TSUK continues to focus on maintaining strong
environmental performance and positive relationships
with its communities.

2. Climate Change

Tata Steel is committed to mitigating climate change
with an aim to decarbonise its business by 2045 for
supporting the climate goals of the countries, where
it operates. The Company is also upgrading its future
asset configurations to meet evolving adaptation needs
with the greenfield steel plant at Kalinganagar and Ferro
chrome plant at Gopalpur exemplifying designs that
align with these requirements.

The Company is testing various ideas for sustainability
such as usage of hydrogen gas, charcoal, colemanite,
Direct Reduction Iron ('DRI') in blast furnaces, while
collaborating with stakeholders to address transition
risk. In India, the Company is focussing to reduce CO₂
intensity by improving process efficiency. While India
rolls out its emission intensity targets and carbon credit
trading scheme, Tata Steel completed eight years of
shadow pricing emissions through Internal Carbon
Pricing Policy while evaluating new capital investment
proposals. This transition has created internal awareness
and helped the Company to build assets for the future as
Indian businesses faces the financial impact of emissions.

Tata Steel aims to maintain benchmark positions in
CO₂ intensity globally at IJmuiden and at Jamshedpur
among Blast Furnace-Basic Oxygen Furnace (BF-BOF)
steelmaking operations. Key enablers include increased
use of renewable electricity, using higher scrap charge
in steelmaking, reduction in use of coal by utilising
lower emission fuels such as biochar, enhancing
energy-efficiency of production processes, and multiple
improvement initiatives in logistics, suppliers and the
Steel Recycling Business in India.

TSN has established ambitious targets to reduce the
Scope 1 CO₂ emissions by 40% by 2030 (compared to
2019 levels) and achieve carbon neutrality by 2045. The
transformation involves transitioning from blast furnace
operations to direct reduced iron technology and electric
smelting, with plans to incorporate green hydrogen as
availability and economics improve.

This shift will enable low emission steel production,
reduce environmental impact and increase circularity
through greater use of recycled materials. TSN has
engaged multiple technology and engineering
partners to develop detailed specifications and
implementation plans.

TSN operates within the EU Emissions Trading System,
facing decreasing free allowances and potential
carbon price volatility. TSN's transition relies on direct
government support, having signed an Expression of
Principles with the Dutch Government whereas the
ongoing discussions is aimed at finalising a Joint Letter
of Intent by end of the year.

Achieving carbon neutrality at four additional sites
(Gelsenkirchen, Geldermalsen, Feijen, Multisteel) is a
significant milestone, bringing the total to six carbon-
neutral sites. The €8M investment in a new energy
efficient furnace at Maubeuge, France, has yielded
a 16.4% reduction in energy consumption and 24%
reduction in carbon emissions compared to 2018.

The Company has begun implementation of its
decarbonisation plans at Port Talbot in the UK. In
2023 plans were announced for a £1.25bn investment
to transition from blast furnace to EAF technology.
During the year under review, planning permission was
approved and key contracts were awarded including
Tenova, the main technology provider, to supply the
3.2 million tonne capacity EAF and two ladle metallurgy
furnaces. This transition will reduce the overall carbon
footprint by more than 50% and reduce TSUK domestic
CO₂ emissions by ~90%. It will also ensure a significant
increase in the recycled content in steel products and
reduce the amount of scrap exported from the UK.

Energy and carbon reduction implementation is
progressing and is complimented by the roll out of
ISO 50001: 2018 with certification now achieved at four
manufacturing sites. Improvement projects include
installing new efficient compressed air equipment at
Hartlepool site and optimising the steam network and
hot mill reheat furnace at Port Talbot site.

TSUK supports regional decarbonisation clusters
including engagement with the South Wales Industrial

Cluster, Net Zero Industry Wales and project Hyline, a
120km hydrogen pipeline project led, by Wales & West
Utilities, to connect hydrogen users and producers
across South Wales as well as linking-up with UK-wide
hydrogen infrastructure.

3. Health and Safety

Tata Steel remains committed to fostering a strong health
and safety culture, aiming for zero harm and setting
industry benchmarks. Safety and Health Management
are integrated into the Company's annual business
plan, ensuring accountability at all levels. Governance
is driven by the Safety, Health and Environment ('SHE')
Committee of the Board, with oversight from the Apex
Safety Council, chaired by the Chief Executive Officer &
Managing Director.

To strengthen safety leadership capabilities, Tata Steel
has integrated digital innovations, reinforced contractor
safety management and strengthened risk sensitivity
across operations. Initiatives such as hazard identification,
process safety management, occupational health and
industrial hygiene continue to elevate safety standards.

To strengthen risk perception and compliance, Tata Steel
conducted audits on 'Risk Perception & Deployment of
Safety Standards' at key locations and quarterly audits of
Operation & Maintenance vendors. Safety leadership and
workforce competency development programmes have
been conducted at all levels, to ensure the workforce is
equipped to uphold the highest standards of health
and safety.

Tata Steel has been recognised by World Steel Association
for Safety & Health Excellence in Process Safety
Management particularly acknowledging its efforts to
prevent explosions in gas cleaning plants. Tata Steel
continues to enhance safety through project hazard
studies and pre-startup safety reviews. Health and well¬
being initiatives such as periodic medical checkups,
mental well-being programmes and ergonomic
improvements have also been rolled out.

Further, a '5 Safe Steps Forward' campaign was
launched to prevent fatalities and red-risk incidents,
and a Consequence Management Policy is in place to
enforce compliance with Life-Saving Rules. At Indian
operations, Tata Steel has achieved a 17% reduction in
Lost Time Injuries as against previous year, including a
65% reduction in a high-risk area such as mining. Despite
our robust safety measures and dedicated efforts to
ensure zero harm to our workforce, it is with deep regret
that we report five fatal incidents that occurred during

the year at our operational sites. However, the Company
remains dedicated to continuous safety improvements
to protect its workforce and positively impact
the community.

To promote positive safety culture, Tata Steel also
recognises and rewards the efforts of employees,
contractors and departments in the field of
Safety, Health, Environment, and 5S & Visual
Workplace Management.

At TSN the 'True Safe' program has been developed
to foster a proactive safety culture preventing unsafe
behaviour and working conditions at workplace. It
focuses on organisational safety aspects and developing
staff competency for shop floor safety. TSN is transitioning
to certified health and safety management systems, with
17 units achieving ISO 45001 certification. TSN recorded
a total of 35 LTIs during FY2024-25 (30% higher than the
previous year).

Progress has been made in contractor management
through optimising work permit processes and
conducting supervisor training. TSN is also developing a
new incident reporting and follow-up system to improve
data collection, analysis and sharing of lessons learned. In
process safety, the Company is advancing Process Hazard
Analysis studies for high-hazard facilities to implement
effective barrier management.

TSN is implementing a health roadmap with the vision:
'We work in optimal conditions to be able to live and
work in a healthy and vital way', to emphasise the
importance of sustainable employability and preventive
sickness absence, integrated with safety management in
a continuous improvement model.

At TSUK, Health and Safety is given paramount
importance particularly due to the decommissioning
of heavy end and other major assets. TSUK witnessed
zero fatality and achieved 32% reduction in LTI cases
as compared to the previous year. Total accident
performance across TSUK positively reduced by 20% in
FY2024-25 as compared to the previous year, and Lost
Workday Cases reduced by 30% in the same time period.
A similar positive reduction of 25% has been observed
in relation to Potential Serious Injury or Fatality events
in last 12 months.

TSUK continues to operate an internal 15-Principle health
and safety management system and plans to transition
to ISO 45001:2018 with 3 business units already having
obtained the certification. Both these follow the 'Plan, Do,
Check, Act' management model to promote continuous
improvement in health and safety standards.

During FY2024-25, TSUK deployed a health and safety
annual plan focusing on occupational safety, process
safety and occupational health & well-being. Key
objectives included safe decommissioning across
relevant business units, development and deployment of
various health and safety standards, and improvements
in managing significant hazards. These initiatives
encompass isolation and immobilisation, cranes and
lifting, functional testing, and continued planned
migration to a single digital permit IT platform across
TSUK business units.

In Process Safety, a hazard study has been undertaken
to enable safe cessation and decommissioning of high
hazard facilities across South Wales, whilst downstream
businesses concentrate on undertaking various risk
assessments across the units.

The Occupational Health focus at TSUK has been on
strengthening alignment across the organisation,
effectively managing organisational changes, and
efficiently supporting absences. Over the past few
years, physical and psychological health & well-being
awareness has improved, with ongoing efforts to boost
communication and education on key topics.

Safety leadership continues to be demonstrated
across the business with leadership across each TSUK
unit undertaking standardised health, safety and
environment leadership audits and tours and continuing
to migrate to a single IT platform for Health & Safety
reporting, investigation and recording of inspections
and safety tours.

4. Research and Development

The Research and Development ('R&D') division of Tata
Steel plays a crucial role in supporting the Company's
sustainability and commercial success through a culture
of ongoing enhancement in products and processes. As a
prolific collaborator within India's innovation landscape,
we have taken notable strides this year to deepen our
engagement with external partners. The Company has
embarked on collaborative projects with prestigious
institutions such as the Imperial College London, the
Henry Royce Institute UK, and IIT-ISM Dhanbad.

A notable focus this year has been our commitment
to sustainability, with Tata Steel's goal of Net Zero.
Among several decarbonisation initiatives, our green
hydrogen project explores the production of syngas and
char from biomass and municipal solid waste through
thermocatalytic gasification at temperatures of 400-
450°c. A demonstration plant with a capacity of 10 tons
per hour is being piloted in Kalinganagar, where the

produced syngas and char can potentially substitute coke
in the iron-making process, showcasing a CO₂ abatement
potential of 3 tons of CO₂ per ton of feed material.

I n the efforts to reduce emissions associated with
conventional ferro manganese production, the
Company's Ferro Alloy Minerals Research Group has
developed a two-step alternative technology that
utilises sulphur as a reductant, cutting CO₂ emissions
by approximately 40%. This innovative process not only
converts manganese ore to high carbon ferro manganese
but also produces sulfuric acid as a valuable by-product.

The Company has introduced a chromate-free coating
solution for Tata Structura GP tubes, addressing
concerns related to inadequate corrosion resistance
and poor surface finishes associated with traditional
chromate passivation.

The Company has developed a novel steel composition
and processing parameters for manufacturing hydrogen-
compliant API X65 grade steel. The API X65 Electric
Resistance Welded ('ERW') pipes produced by the
Company have met all critical performance standards for
hydrogen transport, successfully undergoing rigorous
qualification tests for transporting 100% pure gaseous
hydrogen at pressures of 100 bar.

TSN's R&D program allocates resources precisely viz. 89%
to Research Portfolio Committees overseeing process and
product market sector advancements, 6% to Strategic
Thrust programmes for long-term, fundamental research
like HIsarna Technology and 5% to Direct Support for
short-term technical inquiries.

FY2024-25 process technology program focused on
stability and cost reduction for operations that will
remain active after decarbonisation. Key achievements
include developing simulations for future DRI/scrap-
EAF processes, conducting de-nitrogenation and
desulphurisation plant trials, and creating a gas model
for automating on-site energy flows, generating annual
savings of up to €10 mn.

Product development continues across automotive,
engineering, construction and packaging sectors.
Notable innovations include Protact Trivalent
Chromium-Coating Technology for draw and wall ironed
cans and improved bend performance for abrasion-
resistant hot-rolled Valast®, creating significant market
expansion opportunities.

TSN is redesigning its new product development process
to support greener steel production while continuing to
collaborate with customers on innovative products. The

Company is building knowledge through both internal
and external projects to prepare for its green future.

With the transition of the TSUK business into a 're-roller'
in the interim before the EAF furnace are switched on in
2027, the Research and Development Team also aligned
its efforts to support the business. Strategic Technology
Roadmaps have been developed focussing on: (a) Scrap,
Slag and Steelmaking Technologies, (b) EAF Recipes
and Grade Simplification, (c) Coatings and (d) Product
Applications in Mobility, Packaging and Renewables.

I n FY2024-25, there was ~80% reduction in the R&D
headcount at TSUK. This shift required the team to focus
on the critical projects with medium to longer term
impact. To leverage the best in research and innovation,
Tata Steel has closely collaborated with universities and
Research and Technology Organisations (RTOs) in the UK,
prominent examples being:

(a)    Continuation & implementation of new packaging
steel concepts & improved products with
consideration of residuals.

(b)    Development of Annealing Digital Twins

(c)    New High Strength Packaging Steel (Patent filing
pending) with potential benefits to revenue per ton
and increase in market share

(d)    Investigations into adhesions of low tin coatings

(e)    Development of can lid tools that enable quick
assessment of formability and polymer coating
adhesion. This is a unique capability developed in
the UK for the first time.

(f)    Research into the potential of multifunctional
polymer barrier systems for the renewables sector
(particularly the Hydrogen economy).

(g)    Facilitated the adoption/homologation of steels for
the automotive sector.

(h)    Development of a predictive tool to study the
laser-weldability of simulated EAF grades,
metallic coating type/thickness, part-to-part gap
& laser beam shape on weldability & mechanical
performance.

(i)    Studies on the effects of trapped elements in EAF
Steelmaking on weldability.

The Company continues to participate in the
collaborative research programmes with strategic
university partners viz. Swansea, Warwick, Imperial,
Cambridge and Royce. One of the prominent research
programmes being Flue2Chem in which, the Company

has demonstrated the use of captured CO₂ in the
formulation of paints using surfactants. The paints are
being pilot trialled at the Shotton Plant of the Company
as potential sustainable paint systems. In addition, the
Company continues to participate in the 'SUSTAIN'
consortia through the sponsorship of PhD students.

Themes of environment and broader sustainability
continue to be a key element in many research and
development activities. TSUK's Sustainability Policy
& Assessment team have continued to play an active
role in influencing the development of assessment
methodologies, including for product carbon
footprinting, work that was recognised with the team
winning worldsteel's Excellence in LCA Steelie Award
in 2024.

5. New Product Development

In FY2024-25, Tata Steel developed 123 new products
across various segments, supported by product quality
assurance, proactive customer engagement, and
extended technical assistance, all aimed at enhancing
customer satisfaction and operational excellence.

Automotive Sector: The introduction of the complex
phase 780 MPa (CP780) steel grade for control arm
applications marks a significant first for India, featuring
a whole expansion ratio of >50% and total elongation
exceeding 15%. Other notable developments include
Tisten 52 and Tisten 55, which provide low-temperature
impact toughness of 30J at -20°c while retaining strength
post-hot forming. Additionally, SPFH590 (low Si) steel
for disc applications enhances fatigue life and surface
quality, while BSK46 and E46 grades from Tata Steel
Meramandali expand the options for automotive long
member applications.

Oil & Gas and Energy: The Company became the first
Indian steelmaker to produce hot-rolled steel for 100%
pure gaseous hydrogen transport. In collaboration
with Welspun Corp, Tata Steel has engineered 14"
Electric Resistance Welded ('ERW') pipes with stringent
guarantees on impact toughness and resistance to
hydrogen-induced cracking.

Lifting & Excavation and Structural Applications:

Tata Steel developed a new HR substrate of C15 grade for
ammunition. Further, high-strength ERW tubes STK500
and STK540 were produced for the Ahmedabad-Mumbai
Bullet Train project.

Cold Rolled and Coated Products: 17 new products
were developed, primarily focusing on Dual Phase steels
with UTS > 590 MPa and Interstitial Free steels with UTS
> 440 MPa to meet automotive requirements.

In the long products segment, the Company has
developed high-strength, high-ductility 36-40mm 550D
rebar, specifically designed for coupler applications. To
facilitate faster construction, Tata Steel has also launched
high-strength, high-ductility air-cooled corrosion-
resistant rebars in coil form. Additionally, the 550D
Super-ductile corrosion resistant ('SDCR') grade rebar,
distinguished by its seismic and corrosion resistance,
targets the retail segment in coastal regions.

To meet customer demands for high-speed direct
drawing wire, Tata Steel has created the HC78ACr wire
rod. In the Special Bar Quality segment, Grade 236 has
been developed for producing bearing races and rings
specifically for railway applications, while SAE 52100 has
been tailored for taper roller bearings in the automotive
sector. The Company has also gained approval from
customers for grades 16MnCr5LSi and SCM435H, for gear
and crankshaft applications in two-wheelers. Moreover,
grades SAE1141 and SAE4124 have been developed for
propeller shaft and crown wheel applications in the
automotive commercial vehicle segment.

To support the agricultural sector, Tata Steel has
developed Grade 47CrMo4 for housing assemblies used
in power energy systems like windmills, alongside Grade
SAE4140 for kingpin and spindle applications.

In FY2024-25, TSN successfully launched and
commercialised 17 new products across multiple sectors.
Automotive innovations include HR-CP800 HyperFlange,
an advanced high-strength steel offering optimal balance
between lightweighting and strength and improved full
finish low waviness for enhanced paint appearance.

For engineering applications, TSN introduced S550GD
ZM310, designed for durable, lightweight solar panel
structures, and inner weld bead trimmed High Strength
Steel Tubes for agriculture and excavation equipment.
The Company also launched three color-coated products,
including PE25 HC and MATT on ZM120 with reduced
zinc weight for lower environmental impact.

In the construction sector, TSN developed a new
offering for lower carbon embodied steel to support
environmental product declarations requiring CO₂
reduction content.

The Company's product development focus is broadening
to accommodate future asset configurations, combining
EAF redevelopment projects with blast furnace route
developments to confirm and expand the existing and
target market portfolio.

In FY2024-25, TSUK launched five new products across
packaging, infrastructure, and construction sectors,

enhancing its product portfolio for both UK and export
markets. These launches emphasise TSUK's commitment
to sustainability, in-service performance guarantees, and
rigorous product assessments.

A key launch was a chrome-free passivation system for
tinplate products, to comply with upcoming REACH
legislation set for 2027. The construction products
division introduced a 'High Containment Barrier System'
for the highways sector, incorporating two new patents
and meeting demanding customer requirements, which
opens new business opportunities.

Additionally, Building Systems launched Trimapanel
Fire Wall, offering superior fire performance for internal
applications, and ComFlor® FD+, a floor decking
product featuring Prisma organic-coated steel. ComFlor
FD+ provides 20-year in-service guarantees due to its
corrosion resistance and has been used on high-profile
projects like Neom in Saudi Arabia, strengthening TSUK's
global presence.

6. Customer Relationship

In FY2024-25, the Company's customer-centric initiatives
have strengthened relationships and improved value
delivery. Additionally, the Company has adopted AI and
digital technologies to enhance customer experiences,
boost brand awareness, and streamline operations.

Investments in advanced facilities

To stay ahead of evolving market needs, Tata Steel
inaugurated a state-of-the-art Continuous Annealing
Line ('CAL') at Kalinganagar, producing a diverse range
of Cold Rolled products, including Advanced High
Strength Steels ('AHSS'), tailored for crucial sectors like
automotive, energy and consumer goods.

Additionally, the Company is at the advanced stage of
commissioning the new Galvanising line at Kalinganagar
and a best-in-class Combi-Mill facility in Jamshedpur to
produce high-end specialty steel.

Building customer value through innovation

Tata Steel has emerged as a product innovation leader
by aligning with evolving customer needs. In FY2024-25,
it became the first Indian steelmaker to develop
Hydrogen-compliant API X65 H grade steel and pipes,
demonstrating end-to-end capabilities in hydrogen
transportation, thus supporting India's National
Hydrogen Mission.

Tata Steel introduced a range of automotive-grade steels
in FY2024-25 and became the first domestic supplier to

localise Hot Rolled CP780 and also, began supplying
Cold Rolled AHSS DP780, supporting OEMs in their
lightweighting efforts.

The Company has initiated supplies of shipbuilding-
grade Hot Rolled plates that meet American Bureau
of Shipping (ABS) compliance and are certified by Det
Norske Veritas (DNV) and the Indian Register of Shipping
(IRS). Tata Steel also secured approval for high-strength
X65 sour grade steel, enabling entry into global oil and
gas markets. Collaborations with wagon manufacturers
led to the supply of E450 copper for lightweight wagons,
facilitating shift from stainless to carbon steel.

The Company developed Poly-Coated steel for
refrigerator doors, improving formability and
surface finish.

Strengthening Customer Relationships

Tata Steel fosters strong relationships across sectors
like automotive, appliances, railways, construction, and
engineering. To enhance Just-in-Time services for B2B
automotive clients, it expanded service centres in key
hubs and conducted technical workshops aimed at Value
Analysis and Value Engineering (VAVE) and Early Vendor
Involvement (EVI).

In B2B construction segment, the Company launched
the 'One Construction Customer Service Team' and
expanded its network to 31 digitally connected service
centres, offering ready-to-use reinforcement solutions. It
also entered the Plate Fabricated Sections ('PFS') market,
securing orders across five projects.

Effective customer engagement

Over 1,500 ECAs and Fabricators benefited from
16 'Skilling India' and technical training events, in
collaboration with IIT Bombay. Also, initiatives like
'Converse to Construct' and the 'Wagon Way' forum
fostered deeper engagement among channel partners
and wagon manufacturers respectively.

I n the B2C segment, Tata Tiscon connected with 1.5
lakh consumers through the 'Golden Home Consumer'
initiative and onboarded 5,000 new Architects,
Contractors, and Engineers, achieving highest-ever sales.

Driving Digital Transformation for Customer
Experience

Tata Steel Aashiyana has established itself as a prominent
platform for driving digital adoption in the Individual
Home Building market. Leveraging Tata Steel's robust,
pan Indian retailer network, the platform has expanded
its reach among individual homebuilders in a sizable

number of PIN codes across all regions. Its user-friendly
tools such as a Building Material Estimator and a Design
Library help Aashiyana engage its consumers well, while
its omnichannel features such as chatbot & WhatsApp
ensure that information and assistance are easily
accessible. This focus on customer experience combined
with people's trust in brand Tata has led to a fast scale-
up of customer acquisition, despite significantly high
average order value. Tata Steel Aashiyana is not only
facilitating digital reach but reshaping how homes are
built in India, as evidenced by the substantial growth in
its gross merchandise value over the years.

Tata Steel has evolved DigECA into a robust digital
platform connecting directly with over 1,000 MSMEs,
offering best practices, streamlined inquiries, flexible
payment options, and order tracking. Enhancements
to the COMPASS platform have improved supply
chain visibility and customer satisfaction. Nest-In has
implemented QR-code-based tracking and a digital time
compliance dashboard for projects while launching a
customer complaint management system.

TSN continued strengthening its focus on sustainable
steelmaking and customer relations in FY2024-25.
The presentation of the Green Steel Plan to the Dutch
government represents a significant milestone towards
low emission steel production, demonstrating the
Company's commitment towards environment.

Stakeholder engagement remains central to operations,
with emphasis on maintaining enduring relationships
with customers, suppliers, and communities through
established and evolving forums. This collaborative
approach drives sustainability and shared progress.

A customer satisfaction score of 88% reflects TSN's
customer-centric approach and technology-led
innovation. The Company has enhanced engagement
through a new CRM system, impactful social media
presence, and innovative digital campaigns that enable
personalised interactions.

TSN has also introduced intelligent products and services,
including the Data on Demand Platform, Aurora Live
for R&D, and the Arising E-commerce Platform. These
initiatives provide customers with cutting-edge solutions
while setting new standards for customer relations.

The Company's transformation initiatives in green steel
production and digital technologies, position TSN as an
industry leader committed to sustainable steelmaking
and exceptional customer service.

During 2024, TSUK made substantial progress in
advancing sustainability and operational efficiency across

its key sectors. A significant MoU supply agreement was
reached with JCB for the provision of low CO₂ steel.

Packaging UK launched its sustainability commitment
alongside the Electrifying Packaging Steels campaign,
aligning with TSUK's broader transition to greener
steelmaking. The Construction Tube and line pipe
making sector marked a historic milestone with Corby's
90^th anniversary and the commissioning of a new
£7 million steel coil slitter at the Hartlepool site.

Building Systems UK has made significant progress in
product innovation and sustainability, securing capital
investment to integrate solar technology into its Catnic
Urban roofing range through the launch of the SolarSeam
system. This advancement, alongside the publication of
over 70 environmental product declarations, reinforces
TSUK's leadership in providing sustainable construction
solutions. Additionally, the division successfully
secured three major projects in London for the supply
of lowcarbon ComFlor® structural steel decking and
played a key role in the award-winning Port of Leith
Distillery project. Building Systems UK also received
notable industry recognition, including a Silver award for
Refurbishment of the Year and a Gold Well-being Quality
Mark for its leadership in mental health initiatives.

7. Digital Transformation

Tata Steel has significantly invested in cloud, data, and AI
Digital and AI as strategic enablers within a framework
driven by value and clear impact on Business KPIs. The
fundamental part of the strategy is data quality, and to
be able to capture and curate data needs Compute.

At Tata Steel we laid the foundation of the transformation
with front-ended investments to create a secure,
multitenanted cloud and connectivity that enables
'always-on' business, consolidating enterprise
systems and standardising business processes across
geographies providing for global cost competence and
organisational agility.

With investments in sensors and systems, the Company
has curated around 11.2Pb of data globally. With data
quality management and automation of key operational
metrics such as cost and wage KPIs, the Company is
driving towards a 'single version of truth' enabling agility
and reliability in decision-making.

Over the past 5-6 years, the Company has developed
over 588 AI models investing significantly in cutting-
edge generative AI platforms which are now powering
automated insights, conversational interfaces, and
addressing hard-to-solve use cases by combining the

abilities of conventional (mathematical) AI with the
creative capacities of Generative AI:

» Around 75% of them drive Manufacturing
excellence - yield, energy efficiency, throughput,
quality, productivity (YETQP) as well as safety using
science-based models, machine learning and deep
learning models, vision intelligence and generative AI.
The Company has developed remote and intelligent
operations for manufacturing, maintenance
and mining.

» The Company is also enabling Functional Excellence
in areas such as HR, Procurement, Finance. Tata
Steel's investments in supply chain and logistics have
modernised backend processes. Initiatives such as
the smart indenting system under our spares, repairs
and maintenance program are enabling notable
cost savings.

» Enhancing Customer Experience is another vital
focus. The Company has registered ~H500 crore of
monthly online sales on the digital platforms. Around
20% of our AI models are focused on customer
experience, improving customer interactions,
complaint resolution and overall satisfaction.

Tata Steel's Digital and AI led business tranformation
has delivered value driven through the Shikhar Value
Framework. 80% of our steel production comes from
WEF Global Lighthouse sites, and Tata Steel has been
recognised as an Advanced Leader in Digital by Gartner
for the past 4 years consecutively. The future is expected
to be led by data and AI, and the early investments
provide Tata Steel with a strong foundation.

8. Corporate Social Responsibility

The objective of the Company's Corporate Social
Responsibility ('CSR') initiatives is to improve the quality
of life of communities through long-term value creation
for all stakeholders. The Company's CSR Policy provides
guidelines to conduct CSR activities of the Company. The
salient features of the CSR Policy forms part of the Annual
Report on CSR activities annexed to this Report. The
CSR policy is available on the website of the Company at
https://www.tatasteel.com/media/23872/tata-steel-csr-
policy.pdf

For decades, the Company has pioneered various CSR
initiatives. The Company continues to address societal
challenges through societal development programmes
and remains focused on improving the quality of life.
During the year, the Company spent H584.61 crore
towards its CSR activities and positively impacted over

5.77 million lives through its CSR programmes. The
Company implements its CSR programmes primarily
through the Tata Steel Foundation (a company
incorporated under Section 8 of the Companies Act,
2013) which works in close collaboration with public
systems and partners. Through its CSR, the Company
envisions an enlightened, equitable society in which
every individual realises her/his potential with dignity
through work with tribal and excluded communities to
co-create transformative, efficient and lasting solutions
to their development challenges.

Through large-scale, proven Signature Theme Models of
change, the Company addresses core development gaps
in India, while being replicable at global platform. These
include programmes on maternal and child mortalities,
access to school and learning enrichment for rural children,
PAN-India focus on key aspects of tribal identity and
comprehensive development through empowerment
of panchayats between the manufacturing locations at
Jamshedpur and Kalinganagar.

The Company also fosters Regional Change Models
enabling lasting betterment in the well-being of
communities, prioritising those who are excluded
and proximate to its operating areas. The Company
undertakes its CSR Programmes in areas of health,
nutrition, water, education, livelihoods, infrastructure,
sports, disabilities, grassroots governance and
empowering the voice of women within communities.

The Annual Report on CSR activities, in terms of Section
135 of the Companies Act, 2013 and the Rules framed
thereunder, is annexed to this Report as Annexure 2.

In the Netherlands, TSN maintains a close relationship
with its employees, customers, local residents, suppliers,
the local business community, NGOs and educational
institutions and provides guest lectures and workshops
to support the Company's strategy to become a green,
clean and circular steel company. The Company continues
to partner with organisations on various social causes
such as activities for schools, social well-being of its local
communities in the areas of education, environment as
well as health and well-being and coaching of children
with learning difficulties towards a healthy lifestyle. The
Company also focuses on gender diversity and equality,
inspiring young girls to pursue careers in technical fields.

TSN has a donation policy for supporting local activities
aligned with the theme 'Future generations,' focusing
on health and well-being, education and environment.
Donations are granted to initiatives with the broadest and
most sustainable regional impact, assessed quarterly by
a community committee comprising employees, former

employees and external stakeholders. The Company
actively communicates about supported projects both
internally and externally.

In the UK, TSUK prioritises the local community,
considering it the core of its operations. TSUK's
long-standing community engagement program
reaches tens of thousands of people annually.

In FY2024-25, TSUK sponsored the 42^nd Richard Burton
10K, raising over £60,000 for Neath Port Talbot causes
and also celebrated the 15^th anniversary of the Aberavon
Wizards League, an accessible football and netball
tournament for primary schools in Port Talbot, covering
kits and travel costs. The scheme reached 15 schools and
over 300 children.

Similar community schemes continue across all of the
UK businesses sites, encompassing the three core values
of health & well-being, environment and education. On
February 18, 2025, TSUK received approval to construct
a state-of-the-art electric arc furnace at Port Talbot. The
planning process included community engagement
sessions, allowing residents to interact with senior
leaders and understand the proposals.

The success of these engagement events, and TSUK's
ongoing community engagement, was evident when the
Neath Port Talbot Council Planning Committee approved
the planning. Counsellors highlighted the importance
of TSUK's significance to the local area and praised the
Company's dedication to serving the community. This
reflects Tata Steel values and importance of strong
relationships with the community and key stakeholders.

F. CORPORATE GOVERNANCE

The Company ensures that it evolves and follows the
corporate governance guidelines and best practices
diligently, not just to boost long-term shareholder value,
but also to respect rights of the minority. Tata Steel
considers its inherent responsibility to disclose timely
and accurate information regarding the operations
and performance, leadership and governance of
the Company.

In accordance with it's Vision, Tata Steel aspires to be
the global steel industry benchmark for value creation
and corporate citizenship. Tata Steel expects to realise
its Vision by taking such actions as may be necessary
in order to achieve its goals of value creation, safety,
environment and people.

Pursuant to the SEBI Listing Regulations, the Corporate
Governance Report along with the Certificate from a

Practicing Company Secretary, certifying compliance
with conditions of Corporate Governance, forms part of
this Report and is enclosed as Annexure 3.

The Board is pleased to inform that during the year, the
Company has won two awards for Corporate Governance,
viz. Golden Peacock Award for Excellence in Corporate
Governance - 2024 and the 24^th ICSI National Award for
Excellence in Corporate Governance (Listed Segment -
Large Category).

1.    Meetings of the Board and Committees of the
Board

The Board met six times during the year under review.
The intervening gap between the meetings was within
the period prescribed under the Companies Act, 2013
and the SEBI Listing Regulations. The Committees of
the Board usually meet the day before or on the day
of the Board meeting, or whenever the need arises
for transacting business. Details of composition of the
Board and its Committees as well as details of Board
and Committee meetings held during the year under
review and Directors attending the same are given in
the Corporate Governance Report forming part of this
Integrated Report & Annual Accounts 2024-25.

2.    Selection of New Directors and Board Membership
Criteria

The Nomination and Remuneration Committee ('NRC')
engages with the Board to evaluate the appropriate
characteristics, skills and experience for the Board as
a whole as well as for its individual members with the
objective of having a Board with diverse backgrounds and
experience in business, finance, governance, and public
service. The NRC, basis such evaluation, determines
the role and capabilities required for appointment of
Independent Directors. Thereafter, the NRC recommends
to the Board the selection of new Directors.

Characteristics expected of all Directors include
independence, integrity, high personal and professional
ethics, sound business judgement, ability to participate
constructively in deliberations and willingness to exercise
authority in a collective manner. The Company has in
place a Policy on Appointment & Removal of Directors.

The salient features of the Policy are:

» It acts as a guideline for matters relating to
appointment and re-appointment of Directors.

» It contains guidelines for determining qualifications,
positive attributes of Directors, and independence of
a Director.

» It lays down the criteria for Board Membership.

» It sets out the approach of the Company on
board diversity.

» It lays down the criteria for determining
independence of a director, in case of appointment
of an Independent Director.

The Policy is available on the website of the Company at
https://www.tatasteel.com/media/6816/policy-on-
appointment-and-removal-of-directors.pdf

3.    Familiarisation Programme for Directors

As a practice, all new Directors (including Independent
Directors) inducted to the Board go through a structured
orientation programme. Presentations are made
by Senior Management giving an overview of the
operations, to familiarise the new Directors with the
Company's business operations. The new Directors are
given an orientation on the products of the business,
group structure and subsidiaries, Board constitution
and procedures, matters reserved for the Board, and
the major risks and risk management strategy of the
Company. Visits to plant and mining locations are
organised for the new Directors to enable them to
understand the business better.

Details of orientation given to the new and existing
Independent Directors in the areas of strategy/industry
trends, operations & governance, and safety, health and
environment initiatives are available on the website of the
Company at https://www.tatasteel.com/media/23897/
familiarization-programme-ids-2025.pdf

4.    Evaluation

The Board evaluated the effectiveness of its functioning
of the Committees and of individual Directors, pursuant
to the provisions of the Companies Act, 2013 and the SEBI
Listing Regulations.

The Board sought the feedback of Directors on various
parameters including:

» Degree of fulfillment of key responsibilities towards
stakeholders (by way of monitoring corporate
governance practices, participation in the long-term
strategic planning, etc.);

» Structure, composition and role clarity of the Board
and Committees;

» Extent of co-ordination and cohesiveness between
the Board and its Committees;

» Effectiveness of the deliberations and process
management;

» Board/Committee culture and dynamics; and

» Quality of relationship between Board Members and
the Management.

The above criteria are broadly based on the Master
Circular issued by the Securities and Exchange Board of
India on November 11, 2024.

The Chairman of the Board had one-on-one meetings
with the Independent Directors ('IDs') and the Chairman
of NRC had one-on-one meetings with the Executive
and Non-Executive, Non-Independent Directors. These
meetings were intended to obtain Directors' inputs on
effectiveness of the Board/Committee processes.

In a separate meetings of the IDs, the performance of
the Non-Independent Directors, the Board as a whole
and Chairman of the Company were evaluated taking
into account the views of Executive Directors and other
Non-Executive Directors.

The NRC reviewed the performance of the individual
Directors and the Board as a whole.

In the Board meeting that followed the meeting of the
Independent Directors and the meeting of NRC, the
performance of the Board, its Committees, and individual
directors were discussed.

Outcome of Evaluation

The evaluation process endorsed the Board Members'
confidence in the ethical standards of the Company,
the resilience of the Board and the Management in
navigating the Company during challenging times,
cohesiveness amongst the Board Members, constructive
relationship between the Board and the Management
and the openness of the Management in sharing strategic
information to enable Board Members to discharge their
responsibilities and duties.

In the coming year, the Board intends to enhance focus
on (a) decarbonisation, biodiversity and aligning the
Company's goals and initiatives with that of Project
Aalingana; (b) business performance of European
subsidiaries; (c) research & development; and (d) capital
allocation strategy of the Company.

5. Remuneration Policy for the Board and Senior
Management

Based on the recommendations of the NRC, the Board
has approved the Remuneration Policy for Directors, Key
Managerial Personnel ('KMPs') and all other employees
of the Company. As part of the Policy, the Company
strives to ensure that:

» the level and composition of remuneration is
reasonable and sufficient to attract, retain and
motivate Directors of the quality required to run the
Company successfully;

» relationship between remuneration and performance
is clear and meets appropriate performance
benchmarks; and

» remuneration to Directors, KMPs and Senior
Management involves a balance between fixed and
incentive pay, reflecting short, medium and long-term
performance objectives appropriate to the working of
the Company and its goals.

The salient features of the Policy are that it lays down
the parameters:

» Based on which payment of remuneration (including
sitting fees and remuneration) should be made to
Independent Directors ('IDs') and Non-Executive
Directors ('NEDs').

» Based on which remuneration (including fixed salary,
benefits and perquisites, bonus/performance linked
incentive, commission, retirement benefits) should
be given to whole-time directors, KMPs and rest of
the employees.

» For remuneration payable to Directors for services
rendered in other capacity.

During the year under review, there has been no change
to the Policy. The Policy is available on the website of
the Company at https://www.tatasteel.com/media/6817/
remuneration-policy-of-directors-etc.pdf

6.    Particulars of Employees

Disclosures pertaining to remuneration and other details
as required under Section 197(12) of the Companies Act,
2013 read with Rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014
('Rules') are annexed to this Report as Annexure 4.

I n terms of the provisions of Section 197(12) of the
Companies Act, 2013 read with Rules 5(2) and 5(3) of
the Rules, a statement showing the names and other
particulars of employees drawing remuneration in excess
of the limits set out in the said Rules forms part of this
Report. Further, the Integrated Report and the Annual
Accounts are being sent to the Members excluding
the aforesaid statement. In terms of Section 136 of the
Companies Act, 2013, the said statement will be open for
inspection upon request by the Members. Any Member
interested in obtaining such particulars may write to the
Company Secretary at cosec@tatasteel.com

7.    Directors

The year under review saw the following changes to the
Board of Directors ('Board').

Induction to the Board

Based on the recommendations of the NRC, and in terms
of the provisions of the Companies Act, 2013 the Board,
on November 6, 2024, appointed Mr. Pramod Agrawal
(DIN: 00279727) as an Additional Director (Non-Executive,
Independent) effective November 6, 2024. Further, based
on the recommendations of the NRC and subject to the
approval of the Members, the Board, in accordance with
the provisions of Section 149 read with Schedule IV to
the Companies Act, 2013 and applicable SEBI Listing
Regulations, appointed Mr. Agrawal as an Independent
Director of the Company, not liable to retire by rotation,
for a term of 5 years commencing from November 6, 2024
through November 5, 2029.

Mr. Pramod Agrawal, former Chairman and Managing
Director of Coal India Limited, has about three decades
of administrative experience as an IAS Officer in varied
fields at State as well as Central level. As a business leader,
he has extensive experience and exposure to areas
such as strategy, operations, finance, risk management,
governance & compliance, sustainability, administration
and government affairs. Mr. Agrawal brings with him
core competencies in project management, strategic
alliances, tactical planning, and high-stake negotiations,
the attributes and skills which will be of immense benefit
to the Management and the Company. On December 26,
2024, the Shareholders of the Company approved the
appointment of Mr. Agrawal as an Independent Director
of the Company by way of a special resolution passed
through postal ballot for the above mentioned tenure.

Re-appointment of Director retiring by rotation

In terms of the provisions of the Companies Act, 2013,
Mr. Noel N. Tata (DIN: 00024713), Non-Executive Director
designated as Vice-Chairman, retires at the ensuing AGM
and being eligible, seeks re-appointment. The necessary
resolution for re-appointment of Mr. Noel N. Tata forms
part of the Notice convening the ensuing AGM scheduled
to be held on Wednesday, July 2, 2025.

The profile and particulars of experience, attributes and
skills that qualify Mr. Noel N. Tata for Board membership,
are disclosed in the said Notice.

Cessation

As per the terms of her appointment, Ms. Farida Khambata
(DIN: 06954123), completed her term as an Independent
Director on December 10, 2024 and accordingly, ceased
to be an Independent Director and Member of the Board
of Directors of the Company effective December 11,
2024. The Board of Directors place on record their deep
appreciation for the wisdom, knowledge and guidance
provided by Ms. Khambata during her tenure.

8.    Independent Directors' Declaration

The Company has received the necessary declaration from
each Independent Director in accordance with Section
149(7) of the Companies Act, 2013 read with Regulation
25(8) of the SEBI Listing Regulations, that he/she meets
the criteria of independence as laid out in Section 149(6)
of the Companies Act, 2013 and Regulation 16(1)(b)
of the SEBI Listing Regulations.

In the opinion of the Board, there has been no change
in the circumstances which may affect their status as
Independent Directors of the Company and the Board
is satisfied of the integrity, expertise, and experience
(including proficiency in terms of Section 150(1) of the
Companies Act, 2013 and applicable rules thereunder) of
all Independent Directors on the Board. Further, in terms
of Section 150 of the Companies Act, 2013 read with Rule
6 of the Companies (Appointment and Qualification
of Directors) Rules, 2014, as amended, Independent
Directors of the Company have included their names in
the data bank of Independent Directors maintained with
the Indian Institute of Corporate Affairs of Company.

9.    Key Managerial Personnel

I n terms of Section 203 of the Companies Act, 2013,
the Key Managerial Personnel of the Company are
Mr. T. V. Narendran, Chief Executive Officer & Managing
Director, Mr. Koushik Chatterjee, Executive Director
& Chief Financial Officer and Mr. Parvatheesam
Kanchinadham, Company Secretary and Chief Legal
Officer. During the year under review, there has been no
change in the Key Managerial Personnel of the Company.

10.    Audit Committee

The Audit Committee was constituted in the year 1986.
The Committee has adopted a Charter for its functioning.
The primary objective of the Committee is to monitor
and provide effective supervision of the Management's
financial reporting process, to ensure accurate and timely
disclosures, with the highest levels of transparency,
integrity and quality of financial reporting.

The Committee presently comprises Mr. Deepak Kapoor
(Chairman), Ms. Bharti Gupta Ramola, Mr. Pramod
Agrawal and Mr. Saurabh Agrawal. The Committee met
seven times during the year under review, the details of
which are given in the Corporate Governance Report.

During the year under review, there were no instances
when the recommendations of the Audit Committee
were not accepted by the Board.

11.    Internal Control Systems

The Company's internal control systems commensurate
with the nature of its business, the size, and complexity

of its operations and such internal financial controls with
reference to the Financial Statements are adequate.
Details on the Internal Financial Controls of the Company
forms part of Management Discussion and Analysis
forming part of Annexure 1 of this Report.

12. Risk Management

Tata Steel has established a robust Enterprise Risk
Management framework to effectively navigate the
evolving and volatile business environment with the
aim to create sustainable value for its stakeholders. The
Tata Steel ERM framework focuses on developing a risk
intelligent culture that facilitates risk informed decision
making and build business resilience. The ERM framework
has been developed by integrating best practices from
international standards including the Committee of
Sponsoring Organisations of the Treadway Commission
(COSO), ISO 31000:2018 and incorporating benchmark
global industry practices.

The Risk Management Committee ('RMC') of the Board
provides an oversight and guides Central ERM team on
risk management policy, risk management plan and
adequacy of risk management systems. It reviews the
status of key risks, progress of ERM implementation
across locations and any exceptions as flagged to it, on a
quarterly basis.

The risk appetite of the organisation, approved by the
RMC and the Board, has been developed by analysing
industry best practices and aligns to the vision of the
Company. This is an important metric and the guiding
principle for identification and management of risks. The
risk appetite is driven by the following:

» Health and safety of the employees and the
communities in which the Company operates are the
prime concern and the operating strategy is focused
on this objective.

» All business decisions are aligned to the Tata Code
of Conduct.

» Management actions are focused on continuous
improvement.

» Environment and Climate Change impacts are
assessed on a continuous basis and business decisions
support systems including capital allocation,
considers climate impact through the internal carbon
pricing framework.

» The long-term strategy of the Company is focused
on generating profitable growth and sustainable
cashflows that creates long-term stakeholder value.

Risk Owners may accept risk exposure to their annual and
long-term business plans, which after implementation

of mitigation strategies, is aligned to the Company's
risk appetite.

The Company has also constituted a Management
Committee called ARC (Apex Review Committee)
comprising CEO & Managing Director, Executive
Director & Chief Financial Officer, and Vice President
- Corporate Finance, Treasury & Risk Management
who is also the CRO (Chief Risk Officer). The ARC
reviews the business plan of ERM quarterly, engages
on the macro environment and deliberates on risks
that the Company faces. Additionally, it engages with
risk owners to understand the risks associated with
business strategy, and proposed mitigation plans to
get assurance that the risks are identified proactively
and being managed.

The ERM framework is deployed across the organisation
and is driven by a dedicated Central ERM team led
by the CRO of the Company. The CRO reports to ED
& CFO and to the RMC Chairperson. The ERM team
continuously engages in horizon scanning to track
the evolving external business landscape and assess
the macroeconomic factors to identify emerging risk
areas. Risk flags and risk insights are shared with the
organisation for evaluation by the Business Units (BUs)
to identify risks and mitigation strategies. 'Expert Lens'
sessions and webinars are organised for the leadership
team and Risk Community to discuss emerging risk
areas contextual for the Company. The bottom-up ERM
process is decentralised to keep the ownership of the
risks with the BUs to ensure agility in managing the
risks. The bottom-up process is complemented by a top-
down process, which helps in identification of strategic
enterprise level risks.

The Company follows coordinated risk assurance through
which the ERM process is integrated with Corporate
Audit, Strategy & Business Planning, Corporate Legal
& Compliance, and Security functions. There is a two¬
way communication established with these functions
to augment the robustness of the process and ensure
effective implementation throughout the organisation.
Corporate Audit team, led by Chief Audit Executive (who
reports to CEO & MD of the Company and Chairperson of
the Audit Committee), conducts an independent audit of
the ERM process deployment across the organisation, as
the third line of defense.

The Company has developed an In-house built IT
system to ensure management of risks through live
dashboards as well as maintain data repository for risk
analytics. An Artificial Intelligence enabled 'Horizon
Scanning' feature has been launched as part of the
IT system to scan external news and developments
related to steel and allied industry for identification
of potential risks.

The Company views ERM as an enabler to achieve
business objectives (BO) & aims at intelligent risk taking
for Business decisions. Capability development for
risk management has been a key focus area across the
organisation and various formats of communication
& training have been developed to create awareness
and ensure implementation of mitigation during
management of risk. The training programs are
customised for Risk Champions (Extended arm of Central
ERM Team at the BUs), risk owners, new joinees, senior
leadership and specific functions.

Risk culture is considered as an important lever for
assessing the overall effectiveness of risk management
and the risk maturity of the organisation. To strengthen
the Risk culture in the organisation, Risk has been
institutionalised as an additional metric in the
performance assessment of employees including for
senior Risk Owners. With the goal of continuously
improving the risk culture across the organisation, the
Company conducts an annual Risk Culture Survey (RCS)
through an independent partner. The survey benchmarks
risk culture practices with leading organisations, identifies
key areas of improvement and make enhancements in
the ERM framework to improve its overall effectiveness.
The Company has received a score of 4.25 on a scale of 5
in FY25.

The fiscal year 2024-25 presented considerable global
economic and geopolitical challenges including the
prolonged Russia - Ukraine conflict, the instability in the
Middle East, Trade and Tariff war, Elections in multiple
countries, volatile foreign exchange markets, and
slower-than-anticipated Chinese economic growth which
negatively impacted global steel prices. The Company
focused on proactive tracking and monitoring key 'Early
Warning Indicators', developing different risk impact
scenarios, and proactively implementing risk mitigation
strategies to effectively manage the risks arising out of
the volatile and evolving global business environment.

The Company has won the 'Masters of Risk Metals
Mining' in Large Cap Category at the CNBC TV 18 India
Risk Management Awards for the 8^th consecutive year.
The award recognises the exceptional achievements of
the Company in the field of risk management reinforced
by inventive strategies and forward-thinking initiatives.

13. Vigil Mechanism

The Company has a Vigil Mechanism that provides
a formal channel for all its Directors, employees and
business associates including customers to approach
the Chairman of the Audit Committee or Chief Ethics
Counsellor to make protected disclosures about any
ethical misconduct, actual or suspected fraud or violation
of the Tata Code of Conduct ('TCoC'). No person is denied

access to the Chairman of the Audit Committee. This vigil
mechanism fosters a culture of trust and transparency
among its stakeholders.

The Company has established various policies to govern
the vigilance procedures, such as the Whistle-Blower
Policy for Directors & Employees, the Whistle-Blower
Policy for Business Associates, the Whistle-Blower
Protection Policy for Business Associates (vendors/
customers), the Gift and Hospitality Policy ('G&H'), the
Conflict-of-Interest ('CoI') Policy for Employees, the
Anti-Bribery & Anti-Corruption ('ABAC') Policy, and the
Anti-Money Laundering ('AML') Policy.

The Whistleblower Policies for Directors & Employees
and Business Associates encourages Directors,
employees, and business associates to report any actual
or possible violation of the TCoC or any event that he/
she becomes aware of that could affect the business
or reputation of the Company. The policy safeguards
the whistle-blowers against any unfair practices,
such as retaliation, threats, intimidation, termination,
suspension, transfer, demotion, refusal of promotion or
any other disciplinary action. The whistleblower policy
also includes reporting of incidents of leak or suspected
leak of Unpublished Price Sensitive Information ('UPSI')
as required in terms of the provisions of the Securities
and Exchange Board of India (Prohibition of Insider
Trading) Regulations, 2015, as amended.

The Whistle-Blower Protection Policy for Business
Associates provides safeguard to the third parties such
as vendors, suppliers, distributors, customers, etc. from
retaliation or unjust treatment. This also helps to build
confidence among whistle-blowers to make protected
disclosures in good faith. The policy also outlines for
disqualification in case of raising false concerns with
malicious intent.

The ABAC and AML policies mainly focus on ethical risk
assessment, procedures and guidelines, third-party
due diligence, training and awareness, and audits
and reporting.

The G&H Policy offers guidance to employees or persons
working for or on behalf of the Company on appropriate,
acceptable, and deemed unacceptable gifts and
hospitality for offering, giving or accepting. The policy
is in consonance with ABAC and AML policies.

The CoI Policy of the Company requires employees to
disclose any actual or potential conflicts annually and as
and when it arises.

To incentivise employees to report misconduct
or unethical behaviour within the Company, the
Whistleblower Reward and Recognition Guidelines
have been implemented. The disclosures reported are

addressed in the manner and within the time frame
prescribed in the Whistleblower Policy.

A Third-Party Whistleblowing helpline service is available
to stakeholders in Tata Steel and Tata Steel Group
companies for reporting concerns or disclosures. The
Ethics helpline services offer various communication
channels, including a toll-free number, web access,
postal services and email facilities.

The Company, during the year under review, conducted
a series of communication and training programmes
for internal and external stakeholders, with an aim to
create awareness amongst them about TCoC and other
ethical practices of the Company. Customised training
programmes on Prevention of Sexual Harassment,
Tata Code of Conduct, Respectful Workplace, Conflict
of Interest, Anti-Bribery & Anti-Corruption and
Third-Party Due Diligence are conducted online,
classrooms, and web-based mediums. Further, meets
were conducted with business associates with an
aim to provide them a platform to discuss their
issues and clarify their dilemmas if any on the above-
mentioned policies.

During the year under review, the Company received 548
Whistle-Blower Complaints ('WBCs') and 1,617 grievances
and other concerns. Out of these, 391 WBCs were
investigated and closed after taking appropriate actions,
1,440 grievances and other concerns were addressed
as appropriate. A total of 157 WBCs were open as of
March 31, 2025, for which investigations are underway.
The unaddressed 177 grievances and other concerns are
being reviewed and will be closed as appropriate.

14. Disclosure as per the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013

Tata Steel maintains a zero-tolerance policy towards
sexual harassment at the workplace. The Company
has adopted a policy on prevention, prohibition, and
redressal of sexual harassment at workplace in line with
the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act,
2013 and the Rules made thereunder, as amended from
time to time.

The Company has complied with the provisions relating
to the constitution of the Internal Complaints Committee
as per the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.

During the year under review, the Company received 47
complaints of sexual harassment, of which 33 complaints
have been resolved and appropriate actions taken, 14
complaints are under investigation.

15.    Subsidiaries, Joint Ventures and Associates

The Company has 126 subsidiaries and 41 associate
companies (including 23 joint ventures) as on
March 31, 2025. During the year under review, the Board
of Directors reviewed the affairs of material subsidiaries.
There has been no material change in the nature of the
business of the subsidiaries.

I n accordance with Section 129(3) of the Companies
Act, 2013, the Consolidated Financial Statements of
the Company and all its subsidiaries, associates and
joint ventures has been prepared and this forms part
of the Integrated Report. Further, the report on the
performance and financial position of each subsidiary,
associate and joint venture and salient features of their
Financial Statements in the prescribed Form AOC-1 is
annexed to this Report as Annexure 5.

In accordance with the provisions of Section 136 of the
Companies Act, 2013 and the amendments thereto, read
with the SEBI Listing Regulations the audited Financial
Statements, including the consolidated financial
statements and related information of the Company
and financial statements of the subsidiary companies
are available on the website of the Company at
www.tatasteel.com

The names of companies that have become or ceased to
be subsidiaries, joint ventures and associates during the
year under review are disclosed in an annexure to this
Report as Annexure 6.

16.    Related Party Transactions

I n line with the requirements of the Companies Act,
2013 and the SEBI Listing Regulations, the Company
has formulated a Policy on Related Party Transactions.
The Policy can be accessed on the Company's website
at https://www.tatasteel.com/media/5891/policy-on-
related-partv-transactions.pdf

During the year under review, all related party transactions
entered into by the Company, were approved by the
Audit Committee and were at arm's length and in the
ordinary course of business. Prior omnibus approval
is obtained for related party transactions which are of
repetitive nature and entered in the ordinary course of
business and on an arm's length basis. All material related
party transactions and their material modifications,
if any, were entered into after being approved by the
Company's shareholders. The Company did not have any
contracts or arrangements with related parties in terms
of Section 188(1) of the Companies Act, 2013.

Accordingly, the disclosure of related party
transactions as required under Section 134(3)(h) of the

Companies Act, 2013 in Form AOC-2 is not applicable to
the Company for FY2024-25 and hence, does not form
part of this Report.

Details of related party transactions entered into by the
Company, in terms of Ind AS-24 have been disclosed in
the notes to the standalone and consolidated financial
statements forming part of this Integrated Report &
Annual Accounts 2024-25.

17. Directors' Responsibility Statement

Based on the framework of internal financial controls
and compliance system established and maintained
by the Company, work performed by the internal,
statutory, cost, and secretarial auditors and external
agencies including audit of internal financial controls
over financial reporting by the statutory auditors and
the reviews performed by Management and the relevant
Board Committees, including the Audit Committee, the
Board is of the opinion that the Company's internal
financial controls were adequate and effective during
the FY2024-25.

Accordingly, pursuant to Section 134(5) of the Companies
Act, 2013, the Board of Directors, to the best of its
knowledge and ability confirms that:

a)    i n the preparation of the annual accounts, the
applicable accounting standards have been
followed and that there were no material
departures;

b)    it has selected such accounting policies and applied
them consistently and made judgements and
estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the
profit of the Company for that period;

c)    it has taken proper and sufficient care for the
maintenance of adequate accounting records in
accordance with the provisions of the Companies
Act, 2013 for safeguarding the assets of the
Company and for preventing and detecting fraud
and other irregularities;

d)    i t has prepared the annual accounts on a going
concern basis;

e)    it has laid down internal financial controls to
be followed by the Company and that such
internal financial controls are adequate and are
operating effectively;

f)    it has devised proper systems to ensure compliance
with the provisions of all applicable laws and that
such systems were in place, are adequate and
operating effectively.

18. Auditors

Statutory Auditors

Members of the Company at the AGM held on
August 8, 2017, approved the appointment of
Price Waterhouse & Co Chartered Accountants LLP
(Registration No.- 304026E/E300009) ('PW'), Chartered
Accountants, as the statutory auditors of the Company.
Further, the shareholders approved the re-appointment
of PW for a second term of five years commencing from
the conclusion of the 115^th AGM held on June 28, 2022
until the conclusion of 120^th AGM of the Company to be
held in the year 2027.

The report of the Statutory Auditor forms part of this
Integrated Report and Annual Accounts 2024-25. The said
report does not contain any qualification, reservation,
adverse remark or disclaimer.

Cost Auditors

I n terms of Section 148 of the Companies Act, 2013,
the Company is required to maintain cost records and
have the audit of its cost records conducted by a Cost
Accountant. Cost records are prepared and maintained
by the Company as required under Section 148(1) of the
Companies Act, 2013.

The Board of Directors of the Company has, on the
recommendation of the Audit Committee, approved
the appointment of M/s. Shome & Banerjee as the cost
auditors of the Company (Firm Registration No. 000001)
for the year ending March 31, 2026. M/s. Shome &
Banerjee have vast experience in the field of cost audit
and have been conducting the audit of the cost records
of the Company for the past several years.

I n accordance with the provisions of Section 148(3)
of the Companies Act, 2013 read with Rule 14 of the
Companies (Audit and Auditors) Rules, 2014, as amended,
the remuneration of H35 lakh plus applicable taxes and
reimbursement of out-of-pocket expenses payable to the
Cost Auditors for conducting cost audit of the Company for
FY2025-26 as recommended by the Audit Committee and
approved by the Board has to be ratified by the Members
of the Company. The same is placed for ratification of
Members and forms part of the Notice of the AGM.

Secretarial Auditors

In terms of Regulation 24A read with other applicable
provisions of the SEBI Listing Regulations and applicable
provisions of the Companies Act, 2013, the Company is
required to appoint Secretarial Auditors for a period of 5
years commencing FY2025-26, to conduct the secretarial
audit of the Company in terms of Section 204 and other
applicable provisions of the Companies Act, 2013 read
with Regulation 24A and other applicable provisions of
the SEBI Listing Regulations.

For identification of Secretarial Auditor, the Management
of the Company had initiated the process and had
detailed interactions with certain eligible audit firms
and assessed them against a defined eligibility and
evaluation criteria.

The following criteria inter alia were considered for
evaluation of Practicing Company Secretary firms
capable of conducting audit of Tata Steel Limited:

a)    background of the firm, their experience and past
associations in handling secretarial audit of large
listed companies;

b)    competence of the leadership and the audit team in
conducting secretarial audit of the Company in the
past as well as of other large listed companies; and

c)    ability of the firm to understand the business of Tata
Steel Limited and identify compliance of major laws
and regulations applicable to the Company.

As part of the assessment, the Management also
considered the eligibility and evaluated the background,
expertise and past performance of M/s Parikh &
Associates as the Secretarial Auditors of the Company
from 2014 till date.

The Management presented the outcome of the
assessment to the Audit Committee of the Board.

The Audit Committee considered the findings of
the Management and recommended to the Board,
the appointment of M/s. Parikh & Associates as the
secretarial auditors of the Company for a period of five
years commencing from the conclusion of the ensuing
118^th Annual General Meeting scheduled to be held on
July 2, 2025, through the conclusion of 123^rd Annual
General Meeting of the Company to be held in the year
2030, for conducting secretarial audit of the Company
for the period beginning from FY2025-26 through the
FY2029-30.

The Board considered the recommendation of the
Audit Committee with respect to the appointment of
M/s. Parikh & Associates as the Secretarial Auditors of
the Company. Based on due consideration, the Board
recommends for your approval, the appointment of
M/s. Parikh & Associates as the Secretarial Auditors of
the Company for a period of five years commencing
from the conclusion of the ensuing 118^th Annual General
Meeting scheduled to be held on July 2, 2025, through
the conclusion of 123^rd Annual General Meeting of the
Company to be held in the year 2030, for conducting
secretarial audit of the Company for the period beginning
from FY2025-26 through FY2029-30.

The above proposal and related information forms part
of the Notice of the AGM and is placed for your approval.

Secretarial Audit Report

The Company is required to annex to the Board's Report,
the Secretarial Audit Report, given in the prescribed
form, by a Company Secretary in practice.

The Report of the Company issued by M/s. Parikh &
Associates is annexed to this Report as Annexure 7.

There are no qualifications, observations, adverse remark
or disclaimer in the said Report.

Reporting of Fraud

During the year under review, the Statutory Auditors,
Cost Auditors and Secretarial Auditors have not reported
any instances of frauds committed in the Company by
its officers or employees to the Audit Committee under
Section 143(12) of the Act, details of which need to be
mentioned in this Report.

19.    Annual Return

The Annual Return for Financial Year 2024-25 as per
provisions of the Companies Act, 2013 and Rules thereto,
is available on the Company's website at https://www.
tatasteel.com/media/23905/annual-return-mgt-7.pdf.

20.    Significant and Material Orders passed by the
Regulators or Courts

There has been no significant and material order passed
by the regulators or courts or tribunals impacting
the going concern status and the Company's future
operations. However, Members' attention is drawn to
the statement on contingent liabilities, commitments in
the notes forming part of the Financial Statements.

21.    Particulars of Loans, Guarantees or Investments

Particulars of loans, guarantees given and investments
made during the year under review in accordance with
Section 186 of the Companies Act, 2013 is annexed to this
Report as Annexure 8.

22.    Energy Conservation, Technology Absorption and
Foreign Exchange Earnings and Outgo

Details of the energy conservation, technology
absorption and foreign exchange earnings and outgo
are annexed to this Report as Annexure 9.

23.    Deposits

During the year under review, the Company has not
accepted any deposits from public in terms of the

Companies Act, 2013. Further, no amount on account
of principal or interest on deposits from public was
outstanding as on the date of the balance sheet.

24.    Secretarial Standards

The Company has in place proper systems to ensure
compliance with the provisions of the applicable
secretarial standards issued by The Institute of the
Company Secretaries of India and such systems are
adequate and operating effectively.

25.    Other Disclosures

(a)    There has been no change in the nature of business
of the Company as on the date of this Report.

(b)    There were no material changes and commitments
affecting the financial position of the Company
between the end of the financial year and the date
of this Report.

(c)    There was no application made or proceeding
pending against the Company under the Insolvency
and Bankruptcy Code, 2016 during the year
under review.

G. Acknowledgements

The Board thanks the customers, vendors, dealers,
investors, business associates, bankers and communities
for their continued support during the year. The Board
places on record its appreciation of the contribution
made by employees at all levels (including Unions). The
Company's resilience to meet challenges was made
possible by their hard work, solidarity, co-operation
and support.

The Board thanks the Government of India, the State
Governments and the Governments in the countries
where Tata Steel has its operations and other regulatory
authorities and government agencies for their support
and look forward to their continued support in the future.

On behalf of the Board of Directors

sd/-

N. CHANDRASEKARAN

Mumbai    Chairman

May 12, 2025    DIN: 00121863