Report Profile
Tata Steel’s ninth integrated report outlines its financial and non-financial performance, operations summary and stakeholder value creation.
Reporting principles
Statutory section
The financial and statutory data, presented in the Integrated Report & Annual Accounts 2023-24 is in line with the requirements of the Companies Act, 2013 (including the rules made thereunder), Indian Accounting Standards, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations) read with all applicable SEBI Circulars, and the Secretarial Standard(s) 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). It 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 SEBI
- World Steel Association (worldsteel)
- The Greenhouse Gas Protoco
- Task Force on Climate Related Financial Disclosures
- The United Nations Sustainable Development Goals
Solar panels installed at the cooling pond, Tata Steel Jamshedpur
Independent Assurance
Statutory section
Assurance on financial statements has been provided by statutory 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, Practising Company Secretaries, giving assurance on compliance with the secretarial and governance requirements under the Companies Act, 2013, the SEBI Listing Regulations and other applicable SEBI Regulations.
ESG parameters
Reasonable and limited assurance on the agreed indicators in the Integrated Report including the Business Responsibility and Sustainability Report on a Standalone basis (unless otherwise stated), has been provided by Price Waterhouse & Co Chartered Accountants LLP, in accordance with the Standard on Sustainability Assurance Engagements (SSAE) 3000, “Assurance Engagements on Sustainability Information” & the Standard on Assurance Engagements (SAE) 3410, “Assurance Engagements on Greenhouse Gas Statements”, both issued by the Sustainability Reporting Standards Board of the ICAI; and the International Standards on Assurance Engagements (ISAE) 3000 (revised) “Assurance Engagements other than Audits or Reviews of Historical Financial Information” & ISAE 3410, "Assurance Engagements on Greenhouse Gas Statements issued by the International Auditing and Assurance Standard Board (IAASB). The subject matter, criteria, procedures performed and opinion/conclusion are presented in the assurance reports are available on our website at www.tatasteel.com or can be accessed at https://bit.ly/3KSmzn4.
Scope and boundary for ESG parameters
The report on ESG parameters describes Tata Steel’s 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 its material subsidiary companies in India and overseas.
1Management responsibility
This report has been reviewed by the Senior Leadership of Tata Steel, including the Chief Executive Officer & Managing Director, Executive Director & Chief Financial Officer, and the Company Secretary & Chief Legal Officer (Corporate & Compliance).
2Reporting period
This report covers the performance of Tata Steel Limited and its subsidiaries and associates (including joint ventures) for FY2023-24. Comparative figures, as applicable, for the last three to five years have been incorporated in this report to provide a holistic view.
3Approach to materiality
This report focuses on material issues, i.e. factors that have the potential to significantly affect Tata Steel’s ability to create value in the short, medium, and long-term and which are of most interest to investors and other stakeholders. Material issues are gathered from multiple channels and engagement forums across the organisation and external stakeholders. In FY2022-23, Tata Steel updated its Environmental, Social and Governance (ESG) material issues and incorporated them in its long-term plans.
4Our stakeholders
Investors and Lenders
Customers
Vendor Partners
Government and Regulatory Bodies
Employees
Community
Media
Industry Bodies
6Our capitals
Forward-looking statements
Certain statements in this report regarding Tata Steel’s 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 the Company’s 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.
Tata Steel neither assumes any obligation nor intends to update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise.
Greenery at Noamundi Mine