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Company Information

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TATA STEEL LTD.

27 June 2025 | 12:00

Industry >> Steel

Select Another Company

ISIN No INE081A01020 BSE Code / NSE Code 500470 / TATASTEEL Book Value (Rs.) 72.21 Face Value 1.00
Bookclosure 06/06/2025 52Week High 178 EPS 2.74 P/E 58.92
Market Cap. 201546.62 Cr. 52Week Low 123 P/BV / Div Yield (%) 2.24 / 2.23 Market Lot 1.00
Security Type Other

AUDITOR'S REPORT

You can view full text of the latest Director's Report for the company.
Year End :2025-03 

1. We have audited the accompanying standalone financial
statements of Tata Steel Limited ("the Company"), which
comprise the Balance Sheet as at March 31, 2025 and
the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in
Equity and the Statement of Cash Flows for the year then
ended, and notes to the standalone financial statements,
including material accounting policy information and
other explanatory information.

2. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
required by the Companies Act, 2013 ("the Act") in the
manner so required and give a true and fair view in
conformity with the accounting principles generally

accepted in India, of the state of affairs of the Company
as at March 31, 2025, and total comprehensive income
(comprising of profit and other comprehensive income),
changes in equity and its cash flows for the year
then ended.

Basis for Opinion

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

Key audit matters

4. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
standalone financial statements of the current period. These matters were addressed in the context of our audit of the
standalone financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.

Key audit matter

How our audit addressed the key audit matter

Fair value measurement of investments in equity shares of

Our audit procedures included the following:

subsidiaries

• Obtained an understanding from the management,

[Refer to Note 2(c) to the standalone financial statements

assessed and tested the design and operating effectiveness

- "Use of estimates and critical accounting judgements -

of the Company's key controls over the fair valuation of

Fair value measurements of financial instruments", Note

equity investment in subsidiaries.

2(l) to the standalone financial statements - "Investments
in subsidiaries, associates and joint ventures", Note 6 to the
standalone financial statements -"Investments", Note 6(iii)
and 6(iv) to the standalone financial statements]

• Discussed with those charged with governance the change
in accounting policy and compliance with the applicable
accounting standards.

During the year ended March 31, 2025, 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 from cost less impairment as

• Evaluated the Company's process regarding fair value
assessment by involving auditor's valuation experts,
where considered necessary, to assist in assessing the
appropriateness of the fair value models, underlying
assumptions relating to discount rate, terminal value, etc.

per Ind AS 27 "Separate Financial Statements" to fair value

• Evaluated the cash flow forecasts with the latest budgets,

through other comprehensive income as per Ind AS 109

actual past results, other supporting documents, as

"Financial instruments" with retrospective effect.

applicable, and our understanding of the internal and

The basis for the aforesaid change in accounting policy,

external factors.

considered by the Company, is set out in Note 48.

• Checked the mathematical accuracy of the fair value

In accordance with the new accounting policy, the total

models.

carrying amount of equity investments in subsidiaries as on

• Assessed the sensitivity analysis and evaluated whether

March 31,2025 is 163,320.74 crores.

any reasonably foreseeable change in assumptions could

The determination of fair value of the Company's material

lead to change in fair value.

equity investments in subsidiaries is based on management's

• Discussed the key assumptions and sensitivities with those

estimates and key assumptions that include:

charged with governance.

• Cash flow forecast including assumptions on capacity

• Evaluated the adequacy of the disclosures made in the

expansion and plan for decarbonisation

standalone financial statements.

• Discount rates

• Terminal growth rate

• Economic and entity specific factors incorporated in the

fair value models.

Significant judgements are involved in the aforesaid
assumptions used in the discounted cash flow models. The
accounting for investments in equity shares of subsidiaries
is a key audit matter due to the uncertainty of forecasts and
discounting future cash flows, being inherently subjective,
and the level of management's judgement and estimation
involved .

Key audit matter

How our audit addressed the key audit matter

Business Combination under Common Control

Our audit procedures included the following:

Amalgamation of Bhubaneshwar Power Private Limited

• Understood from the management, assessed and tested

(BPPL), Angul Energy Limited (AEL) and The Indian Steel &

the design and operating effectiveness of the Company's

Wire Products Limited (ISWP)

key controls over the accounting for business combinations.

[Refer to Note 2(d) to the standalone financial statements

• Traced the assets and liabilities as at April 1, 2023 and

"Business combination under common control" and Notes

results for the financial year ended March 31,2024 of BPPL,

43, 44 and 45 to the standalone financial statements]

AEL and ISWP as appearing in the consolidated financial

Pursuant to the National Company Law Tribunal (NCLT)

statements of the Company before the merger.

Orders received during the year, three subsidiaries of

• Recomputed the consideration paid in cash with reference

the Company, viz., BPPL (wholly owned), AEL and ISWP

to the NCLT Orders.

("Transferor Companies") were merged with the Company.
The 'appointed date' as per the respective Schemes of
Amalgamation is April 1,2022 for AEL and ISWP and April 1,
2023 for BPPL.

• Evaluated the Company's accounting for the business
combinations in accordance with the 'pooling of interests'
method in Appendix C "Business combinations of

entities under common control" of Ind AS 103 "Business

The Company has accounted for the business combinations

Combinations" in accordance with the NCLT Orders.

using the pooling of interest method in accordance with
Appendix C "Business combinations of entities under
common control" of Ind AS 103 "Business Combinations"

• Tested the management's computation of determining the
amount recorded in the capital reserve.

in accordance with the NCLT Orders. The carrying value of

• Assessed the adequacy of the disclosures made in the

the assets and liabilities of the subsidiaries as at April 1,2023
(being the beginning of the previous period presented), as
appearing in the consolidated financial statements of the
Company before the merger have been incorporated in the
books with merger adjustments, as applicable.

standalone financial statements.

The Company has paid consideration in cash to the eligible
shareholders of the erstwhile subsidiaries, AEL and ISWP, in
accordance with the respective Schemes.

The Company has recognised capital reserve in "Other
Equity".

Considering the complexities involved, the aforesaid
business combinations impact on the standalone financial
statements has been considered to be a key audit matter.

Key audit matter

How our audit addressed the key audit matter

Assessment of litigations and related disclosures of

Our audit procedures included the following:

contingent liabilities

• We understood from the management, assessed and tested

[Refer to Note 2(c) to the standalone financial statements

the design and operating effectiveness of the Company's

-"Use of estimates and critical accounting judgements-

key controls surrounding assessment of litigations relating

Provisions and contingent liabilities", Note 34A to the

to the relevant laws and regulations.

standalone financial statements "Contingencies" and Note

• We have reviewed the legal and other professional

35 to the standalone financial statements-"Other significant

expenses and enquired with the management for recent

litigations"]

developments and the status of the material litigations
which were reviewed.

As at March 31, 2025, the Company has exposures towards

• We performed our assessment on a test basis on the

litigations relating to various matters as set out in the

underlying calculations supporting the contingent

aforesaid Notes. Significant management judgement is

liabilities /other significant litigations disclosed in the

required to assess such matters to determine the probability

standalone financial statements.

of occurrence of material outflow of economic resources and

• We used auditor's experts/specialists to gain an

whether a provision should be recognised or a disclosure

understanding and to evaluate the disputed tax matters.

should be made. The management judgement is also

• We considered external legal opinions, where relevant,

supported with legal advice in certain cases, as considered
appropriate. As the ultimate outcome of the matters are

obtained by management.

uncertain and the positions taken by the management are

• We evaluated management's assessments by

based on the application of their best judgement, related

understanding precedents set in similar cases and assessed

legal advice including those relating to interpretation of

the reliability of the management's past estimates/
judgements.

• We evaluated management's assessment around those
matters that are not disclosed or not considered as
contingent liability, as the probability of material outflow is
considered to be remote by the management.

• We assessed the adequacy of the Company's disclosures.

laws/regulations, it is considered as a key audit matter.

Other Information

5. The Company's Board of Directors is responsible for the
other information. The other information comprises
the Management Discussion and Analysis and Board's
report (but does not include the standalone financial
statements and our auditor's report thereon), which we
obtained prior to the date of this auditor's report, and
additional information excluding those referred above
that would be included in the Integrated Report (titled as
'Tata Steel Integrated Report and Annual Accounts 2024¬
2025'), which is expected to be made available to us after
that date.

Our opinion on the standalone financial statements does
not cover the other information and we do not and will
not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information identified above and, in doing so, consider
whether the other information is materially inconsistent
with the standalone financial statements or our
knowledge obtained in the audit, or otherwise appears
to be materially misstated.

If, based on the work we have performed on the other
information that we obtained prior to the date of this
auditor's report, we conclude that there is a material
misstatement of this other information, we are required
to report that fact. We have nothing to report in
this regard.

When we read the additional information, as mentioned
above, that would be included in the Integrated Report, if
we conclude that there is a material misstatement therein,
we are required to communicate the matter to those
charged with governance and take appropriate action
as applicable under the relevant laws and regulations.

Responsibilities of management and those
charged with governance for the standalone
financial statements

6. The Company's Board of Directors is responsible for the
matters stated in Section 134(5) of the Act with respect to
the preparation of these standalone financial statements
that give a true and fair view of the financial position,
financial performance, changes in equity and cash flows
of the Company in accordance with the accounting

principles generally accepted in India, including the
Indian Accounting Standards specified under Section 133
of the Act. This responsibility also includes maintenance
of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds
and other irregularities; selection and application of
appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate
internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and
presentation of the standalone financial statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

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

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

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

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

10. As part of an audit in accordance with SAs, we exercise
professional judgement and maintain professional
scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement
of the standalone financial statements, whether due
to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence

that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or
the override of internal control.

• Obtain an understanding of internal control relevant
to the audit in order to design audit procedures
that are appropriate in the circumstances. Under
Section 143(3)(i) of the Act, we are also responsible
for expressing our opinion on whether the Company
has adequate internal financial controls with reference
to financial statements in place and the operating
effectiveness of such controls.

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

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

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

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

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

13. From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the standalone
financial statements of the current period and are
therefore the key audit matters. We describe these
matters in our auditor's report unless law or regulation
precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that
a matter should not be communicated in our report
because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest
benefits of such communication.

Other Matter

14. I n accordance with the Scheme of Amalgamation of
AEL and the Company referred to in Note 44 to the
standalone financial statements, the comparative figures
for the year ended March 31, 2024 have been restated
to include the financial statements of AEL, which reflect
total assets of 11,862.02 crores as at March 31, 2024, net
assets of 11,779.45 crores as at March 31, 2024, total
revenue of 1486.40 crores, net profit of 1844.64 crores
and total comprehensive income (comprising of profit
and other comprehensive income) of 1845.16 crores for
the year ended March 31, 2024 and cashflows (net) for
the period from April 1, 2023 to March 31, 2024 of 11.55
crores. These financial statements and other financial
information have been audited by other auditor whose
report has been furnished to us and has been relied upon
by us. We have audited the adjustments made by the
management consequent to the amalgamation of AEL
with the Company to arrive at the restated comparative
figures for year ended March 31, 2024.

Report on other legal and regulatory
requirements

15. As required by the Companies (Auditor's Report) Order,
2020 ("the Order"), issued by the Central Government
of India in terms of sub-section (11) of Section 143 of
the Act, we give in the Annexure B a statement on the
matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable.

16. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information
and explanations which to the best of our
knowledge and belief were necessary for the
purposes of our audit.

(b) In our opinion, proper books of account as required
by law have been kept by the Company so far as
it appears from our examination of those books
except for the matters stated in paragraph 16(h)
(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended).

(c) The Balance Sheet, the Statement of Profit and
Loss (including other comprehensive income), the
Statement of Changes in Equity and the Statement
of Cash Flows dealt with by this Report are in
agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards specified under Section 133 of the Act.

(e) On the basis of the written representations received
from the directors, taken on record by the Board of
Directors, none of the directors is disqualified as on
March 31,2025 from being appointed as a director
in terms of Section 164(2) of the Act.

(f) With respect to the maintenance of accounts and
other matters connected therewith, reference is
made to our remarks in paragraph 16(b) above on
reporting under Section 143(3)(b) and paragraph
16(h)(vi) below on reporting under Rule 11(g) of
the Companies (Audit and Auditors) Rules, 2014 (as
amended).

(g) With respect to the adequacy of the internal
financial controls with reference to standalone
financial statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in "Annexure A".

(h) With respect to the other matters to be included
in the Auditor's Report in accordance with Rule 11
of the Companies (Audit and Auditors) Rules, 2014
(as amended), in our opinion and to the best of
our information and according to the explanations
given to us:

i. The Company has disclosed the impact of
pending litigations on its financial position
in its standalone financial statements -
Refer Note 34(A) and 35 to the standalone
financial statements;

ii. The Company did not have any long¬
term contracts including derivative
contracts for which there were any material
foreseeable losses.

iii. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by the
Company during the year.

iv. (a) The management has represented that, to

the best of its knowledge and belief, other
than as disclosed in Notes 6(x) and 7(v) to
the standalone financial statements, no
funds have been advanced or loaned or
invested (either from borrowed funds or
share premium or any other sources or
kind of funds) by the Company to or in any
other person(s) or entity(ies), including
foreign entities ("Intermediaries"), with
the understanding, whether recorded
in writing or otherwise, that the
Intermediary shall, whether directly or
indirectly, lend or invest in other persons
or entities identified in any manner
whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries;

(b) The management has represented that,
to the best of its knowledge and belief, as
disclosed in the Notes 6(xi) and 7(vi) to the
standalone financial statements, no funds
have been received by the Company from
any person(s) or entity(ies), including
foreign entities ("Funding Parties"), with
the understanding, whether recorded in
writing or otherwise, that the Company
shall, whether directly or indirectly, lend
or invest in other persons or entities
identified in any manner whatsoever
by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf
of the Ultimate Beneficiaries; and

(c) Based on such audit procedures that we
considered reasonable and appropriate
in the circumstances, nothing has
come to our notice that has caused
us to believe that the representations
under sub-clause (a) and (b) contain any
material misstatement.

v. The dividend declared / paid by the Company
during the year and until the date of this audit
report is in compliance with Section 123 of
the Act.

vi. Based on our examination, which included
test checks, the Company has used multiple
accounting software for maintaining its
books of account which have a feature of
recording audit trail (edit log) facility and
that has operated throughout the year for all
relevant transactions recorded in accounting
software, except for modifications if any, made
by certain users with specific access in five
applications and for direct database changes
for these accounting software. During the
course of performing our audit procedures,
except for the aforesaid instances of audit
trail not maintained where the question of our
commenting on whether the audit trail feature
has been tampered with does not arise, we did
not notice any instance of audit trail feature
being tampered with. Further, the audit trail,
to the extent maintained in the prior year, has
been preserved by the Company as per the
statutory requirements for record retention.

17. The Company has paid/ provided for managerial
remuneration in accordance with the requisite approvals
mandated by the provisions of Section 197 read with
Schedule V to the Act.

For Price Waterhouse & Co Chartered Accountants LLP

Firm Registration Number: 304026E/E-300009

Subramanian Vivek

Partner

Membership Number: 100332
UDIN: 25100332BMOSQM1758

Place: Mumbai
Date: May 12, 2025