Report Profile

Our eighth annual integrated report provides a holistic analysis of our strategic vision, performance, governance and our ability to create value in the short, medium and long term, and on the future viability of our business.

About the report

Reporting principles

Statutory section

The financial and statutory data, presented in the Integrated Report & Annual Accounts 2022-23 is in line with the requirements of the Companies Act, 2013 (including the rules made thereunder), Indian Accounting Standards, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the Secretarial Standards issued by The Institute of Company Secretaries of India.

ESG parameters

The report on ESG parameters is prepared in accordance with the Integrated Reporting <IR> framework of the International Integrated Reporting Council (IIRC) (now consolidated into IFRS Foundation) and discloses performance against Key Performance Indicators (KPIs) relevant to Tata Steel, which are aligned with Global Reporting Initiative (GRI), the requirements of Business Responsibility & Sustainability Reporting issued by the Securities and Exchange Board of India (SEBI), World Steel Association (worldsteel), the Greenhouse Gas Protocol. Task Force on Climate Related Financial Disclosures, and the United Nations Sustainable Development Goals.

Independent Assurance

Statutory section

Assurance on financial statements has been provided by independent auditors Price Waterhouse & Co. Chartered Accountants LLP. Further, the Board's Report contains the secretarial audit report and report on Corporate Governance, provided by M/s Parikh & Associates, Practicing Company Secretaries, giving assurance on compliance with secretarial and governance requirements under the Companies Act, 2013 and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

ESG parameters

Reasonable and Limited Assurance on certain agreed/identified sustainability indicators (Refer assurance reports for indicators specific to reasonable and limited assurance) in this report has been provided by Price Waterhouse & Co. Chartered Accountants LLP, in accordance with International Standard on Assurance Engagements 3000 (Revised), Assurance Engagements other than Audits or Reviews of Historical Financial Information and ISAE 3410, Assurance Engagements on Greenhouse Gas Statements issued by the International Auditing and Assurance Standards Board (IAASB). The subject matter, criteria, procedures performed and conclusions are presented in the assurance reports available on our website at www.tatasteel.com or can be accessed at https://bit.ly/IR2023

Scope and boundary for ESG parameters

The report on ESG parameters describes our business model, strategy, significant risks, opportunities, overall performance, related outcomes and prospects for the year under review.

This Report predominantly covers information with respect to Tata Steel Limited as well as those of its subsidiary companies in India and overseas.

Approach to
materiality

This report focusses on factors that have the potential to significantly affect our ability to create value in the short, medium and long term and which are of most interest to investors, the primary audience. The report's content and presentation are based on issues material to Tata Steel and its stakeholders. Material issues are gathered from multiple channels and forums of engagement across the organisation and from external stakeholders. In FY2022-23, Tata Steel updated its Environmental, Social and Governance (ESG) material issues and incorporated them into its long-term plans.

  • Environment
  • Social
  • Governance

Management
responsibility

This report has been reviewed by the Senior Leaders of the Company, including the Chief Executive Officer & Managing Director; Executive Director & Chief Financial Officer; and the Company Secretary & Chief Legal Officer (Corporate & Compliance).

Reporting
period

This Report covers the performance of Tata Steel and its subsidiaries and associates (including joint ventures) for FY2022-23. Comparative figures, as applicable, for the last three to five years have been incorporated in this Report to provide a holistic view.

Our
Stakeholders

  • Investors and Lenders
  • Customers
  • Vendors & Partners
  • Government &
    Regulatory Bodies
  • Employees
  • Community
  • Media
  • Industry Bodies

Our
Capitals

  • Financial
    Capital
  • Manufactured
    Capital
  • Intellectual
    Capital
  • Human
    Capital
  • Natural
    Capital
  • Social and
    Relationship Capital

Forward-looking statements

Certain statements in this Report regarding our business operations may constitute forward-looking statements. These include all statements other than statements of historical facts, including those regarding the financial position, business strategy, management plans and objectives for future operations.

Forward-looking statements can be identified by words such as ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘intends’, ‘may’, ‘will’, ‘plans’, ‘outlook’ and other words of similar meaning in connection with a discussion of future operational or financial performance.

Forward-looking statements are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and that may be incapable of being realised, and as such, are not intended to be a guarantee of future results, but constitute our current expectations based on reasonable assumptions. Actual results could differ materially from those projected in any forward-looking statements due to various events, risks, uncertainties and other factors. We neither assume any obligation nor intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.