Mr. T.V. Narendran
(India and South East Asia)
Despite extremely challenging economic conditions, we
achieved our highest ever sales at 9.5 MnT. This resulted
in us successfully consolidating our market share in
India. We witnessed a strong growth in our key segments
viz. automotive and branded products. Our investments
towards growing our markets and building our equity
continue. We have made a good beginning on the
digital journey and notable progress in productivity and
work process improvements. Productivity, Safety and
Profitability have been built into the union agreements
in place of metrics like production and profits.
Our Kalinganagar plant has picked up pace and is
expected to aid in further consolidating our presence
in existing high-end market segments. We are wellpositioned
to leverage the demand arising out of India's
Our South East Asia operations had encouraging
performance. Our interventions on cost rationalisation
and portfolio optimisation have started delivering
We continue our commitment to industry-leading CSR
practices. A safety and environment conscious culture
has been successfully imbibed across the organisation.
This is reflected in many of our metrics. We continue to
balance business goals and sustainability in all aspects.
Going forward, we will continue to focus on cost
improvement initiatives and downstream value-addition
across our products and market segments.
Mr. Koushik Chatterjee
Group Executive Director (F&C) and
Executive Director – Europe
We continue to make efforts to deliver sustainable
value to stakeholders, even during testing times.
During the year, we have managed our liquidity and
financial exposure carefully with adequate balance to
create long-term assets including capital expenditure
of ₹11,486 crore, largely towards completion of our
greenfield project in Kalinganagar and capability
enhancement projects in IJmuiden. Despite this,
our net debt increase is not sharp and our liquidity
position remains strong. During the year, we took
steps to continue our operational excellence initiatives,
undertook portfolio actions and monetised investments to sustain our business performance amidst very volatile market conditions. Most of our subsidiaries and joint ventures in India and South East Asia also improved their performance and helped the overall performance of the Company.
In the near-term, our focus would be on ramping up our operations in our Kalinganagar Plant, restructuring of the European portfolio and strengthening our financial position.
From this year we are formally migrating from
compliance based reporting to governance based
reporting. Our Integrated Report will give you,
the owners of financial capital, visibility into our
sustainability and people practices. We believe
that fundamental to comprehensive value creation
is integrated planning and execution of business
strategy across all the capital sources available to the
organisation. We will endeavour to expand the coverage
of the Integrated Report and disclosures in phases in the
coming years to cover the wider Tata Steel Group.