TSIL/SE/2019-20/11

April18, 2019

The Secretary, Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001

Scrip Code: 513010

Dear Sir/ Madam,

.,. TATA

The Manager - Listing Department National Stock Exchange of India Ltd "Exchange Plaza", 5th Floor, Plot No. C/1, G Block, Bandra-Kurla Complex, Sandra (East) , Mumbai 400 051

Symbol: TATASPONGE

Sub: Outcome of the meeting of the Board of Directors of Tata Sponge Iron Limited ("Company") held on April 18, 2019

The Board of Directors at its meeting held today, i.e. April18, 2019, inter-alia, transacted the following business:

1. Financial Results and Dividend:

a) Approved the Audited Standalone and Consolidated Financial Results of the Company, for the quarter ended March 31, 2019.

b) Approved the Audited Standalone and Consolidated Financial Results of the Company, for the year ended March 31, 2019.

c) Recommended a dividend of Rs. 12.50 per Equity Share of Rs . 10/- each to the shareholders for the financial year ended March 31, 2019.

Messrs. Price Waterhouse & Co. Chartered Accountants LLP, the Statutory Auditors of the Company have issued auditors' reports with unmodified opinion on the financial statements. The said results along with the Auditor's Report thereon are enclosed herewith.

2. Annual General Meeting and Book Closure:

a) The 361h Annual General Meeting of the Members of the Company will be held on

Monday, July 15,2019, at "Lake View Officers' Recreation Centre", TSIL Township, Joda, Dist- Keonjhar, Odisha- 758 034.

b) The Register of Members and Share Transfer Books of the Company will be closed from Monday, July 08, 2019 to Monday, July 15, 2019 (both days inclusive) for the purpose of Annual General Meeting and payment of dividend.

c) The dividend, if approved by the shareholders at the Annual General Meeting, will be paid on and from Wednesday, July 17, 2019.

3. Approved the change in name of the Company from "Tata Sponge Iron Limited" to "Tata Steel Long Products Limited" or such other name, as may be approved by the Registrar of Companies, subject to the approval of the members of the Company and other regulatory authorities, as may be applicable and consequent amendment in name clause of Memorandum of Association .

Tata Sponge Iron Limited PO Joda Dist Keonjhar Odisha 758 034 India

Tel +91 6767 278178 Fax 278159 Email info@tatasponge.com CIN No.l271020Rl982PLC001091

.,. TATA

4. Approved the shifting of the Registered Office of the Company from the State of Odisha to the State of West Bengal, subject to the approval of the members of the Company and other regulatory authorities, as may be applicable and consequent amendment in the Registered Office clause of the Memorandum of Association.

The Board Meeting commenced at 10:30 a.m. and concluded at 03:00p.m.

A copy of the said results together with the Auditors' Report is enclosed herewith. These are also being made available on the website of the Company at www.tatasponge.com.

This is for your information and record.

Thanking you,

Yours faithfully,

For Tata Sponge Iron Limited

Sanjay Kasture Chief Risk & Compliance Officer and Company Secretary

Encl. as above

Tata Sponge Iron Limited PO Joda Dist Keonjhar Odisha 758 034 India

Tel +91 6767 278178 Fax 278159 Email info@tatasponge.com CIN No. L271 020R1982PLC001091

Price Waterhouse & Co Chartered Accountants LLP

The Board of Directors Tata Sponge Iron Limited Regd. Office: Joda, Post- Joda Dist.- Keonjhar, Odisha- 758034

Independent Auditor's Report on the Statement of standalone financial results

1. We have audited the accompanying Statement containing the annual audited standalone financial results ofTata Sponge Iron Limited (the "Company") for the year ended March 31, 2019 together with the notes thereon (hereinafter referred to as the "Statement"), which we have signed under reference to this report.

2. Management is responsible for the preparation of the accompanying Statement. The Management is also responsible for the preparation of the annual statutory financial statements in accordance with the Accounting Standards specified under Section 133 of the Companies Act, 2013 (the "accounting principles generally accepted in India"), basis which the above Statement containing the annual audited standalone financial results has been prepared. The responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the Statement that is free from material misstatement, whether due to fraud or error.

3. Our responsibility is to express an opinion on the Statement based on our audit. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 ("the Act") and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4· An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Statement. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the Statement.

5· We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

6. In our opinion and to the best of our information and according to the explanations given to us:

(i) the Statement, together with the notes thereon are presented in the format prescribed under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and

(ii) the Annual audited standalone financial results for the year ended March 31, 2019 as set out in the Statement gives a true and fair view ofthe total comprehensive income (comprising of profit and other comprehensive income), and other financial information of the Company for the year ended March 31, 2019 in accordance with the accounting principles generally accepted in India.

Registered office and Head office: Plot No. Y-14, Block EP, Sector V, Salt Lake Electron ic Complex, Bidhan Nagar, Kolkata 700 091

Price Waterhouse & Co. (a Partnership Firm) converted into Price Waterhouse & Co Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-4362) with effect from July 7, 2014. Post its conversion to Price Waterhouse & Co Chartered Accountants LLP, 1ts ICAI reg1strat1on number IS

304026E/E-300009 (I CAl registration number before conversion was 304026E)

Price Waterhouse & Co Chartered Accountants LLP

7· We draw your attention to Note 6 of the Statement regarding the figures for the quarter ended March 31, 2019, which are the balancing figures between audited figures in respect of the full financial year and the published audited year-to-date figures upto the third quarter of the current financial year. Our opinion is not qualified in respect of this matter.

8. The Statement dealt with by this report has been prepared for the express purpose of filing with Stock Exchanges. This Statement is based on and should be read with the audited financial statements of the Company for the year ended March 31, 2019 on which we issued an unmodified audit opinion vide our report dated April18, 2019.

9. This report is addressed to the Board of Directors ofthe Company and has been prepared for and only for the purposes set out in paragraph 8 above. This report should not be otherwise used by any other party for any other purpose.

Place: Kolkata Date: April18, 2019

For Price Waterhouse & Co Chartered Accountants LLP Firm Registration No. 304026E/E-300009 Chartered Accountants

Pinaki Chowdhury Partner Membership No. 057572

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TATASPONGE IRONLIMIITED

Regd. Office: Joda, Post- Joda

Dist.· Keonjhar, Odisha, Pin Code 758 034

CIN: L271oaOR1982PLCoo1091

PART 1: STATEMENT OF AUDITED STANDAWNE FINANCIAL RESULTS FOR THE OUARTER AND YEAR ENDED :u MARCH 2019 (Rs. in Lacs)

Particulars a Months Preceding :i Corresponding 3 Year ended Previous year ended ended months ended months ended in

31.03.2019 31.12.2018 the previous year 31.03.2019 31.03.2018 31.03.2018

(Audited) (Audited) (Audited) (Audited) (Audited)

I Revenue from operations 25.407 26,01!3 24,350 99,205 81,665

II Other income 1,496 1,596 1,166 5.767 4,301

III Total income (1+11) 26,903 27,679 25,516 104,972 85,966

IV Expenses:

Cost of materials consumed 18,794 19,204 14.405 70,869 so,o58 Chang"" in inventoritlS of finished goods 448 305 221 14 (473:

Excise duty on ..Ue of goods - - - 1,648

Employee benefits expense 1,187 1,223 1,130 4.486 4,180

Finance costs 30 ~11 33 302 325

Depreciation and amortisation expense 291 291 297 1,15R 1,230

Other expenses 2,550 2,316 2,433 9,366 7.979

Total expenses (IV) li.J,JOO 23,550 18,519 86,195 64.947

v Profit before tax (III • IV) 3,603 4,129 6.997 18,777 21,019

VI Tax expenses:

(I) Current tax 1,193 1,518 2,271! 6,575 7.099

(2) · DefetTed tax charge I (credit) (27) (69) 49 (232) (166)

Total tax expense (VI) 1,166 1,449 2,327 6,343 6,933

VII Profit for the period /year (V-VI) 2.437. 2,680 4,670 12,434 14,086

VIII Other comprehensive Income

(A)(!) Itenu that will not be reclassified to proftt or lots

(a) Reme&iurementa gaillB I (lo...,..) of the defined benefit (164) (10) plans 107 203 170

(b1 Income tax relating to above ite!llB cas 57 (70 3 (.~g:

(c) Galnal (lossea) on changes in Calr value ofFVOCl t4uity 1,1148 Instruments 140 . . .

(d) Income tax relating to above Item.• (32) . - 2!!7) -Total other comprehensive Income (VIII) lf1 (107) 133 984 111 Total comprehensive income for the period 1 year (VII +VIII)

IX (CompriJing profit and other comprehensive Income for a,614 2,573 4,803 13,418 14,197 the period I year)

X Paid up equity share capital (Face value : Ra. 10 per ~hare) 1,/140 1,540 1,540 1,540 1,540

Xl Other equity 106,807 97,103

Xll Earninss per share 1

(1) Basic (In Ro.) 15.82 '7·40 30.33 80.73 91·47 (2) Diluted fin Ra.) 15.82 17-40 30·33 80.73 91.47

Sec accompanying note>~ lo Ute Slllnt!alunt financial r~• ullll

PART II: STANDALONE SEGMENT INFORMATION

Particulars

Segment revenue :

Sponge iron Power Total Less: IntersOIOilent sales Total Income from operations

Segment results

Sponge iron Power Unallocated income/ (expenditure)

Profit before finance costs and tax

Less: Finance costs

Profit before tax

· Less : Tax expenses

Profit for the period f ye~tr Other comprehensive income

Total comprehensive income for the period I year

Particulars

Segment assets :

Sponge iron

Power

Unallocated

Segment liabilities :

Sponge iron

Power

Unallocated

TAT A SPONGE IRON LIMIITED

Regd. Office: Joda, Post- Joda

Dist.- Keonjhar, Odisha, Pin Code 758 034

CIN : L271020R1982PLCoo1091

3Months Preceding3 Corresponding 3 ended months ended months ended in

31.03.2019 31.12.2018 the previous year 31.03.201!1

(Audited) (Audited) (Audited)

23,980 24,797 22,964 1,869 1,702 1,798

25,849 26,499 24,762 (442) (416 (412

25,407 26,083 24.350

1,577 1,513 4,286

709 1,274 1,672

1,347 1,553 1,072

3,633 4,340 7,030

30 211 33 3,603 4,129 6,997 1,166 1.449 2,327

2,437 2,680 4.670

177 (107) 133

2,614 2,573 4,803

As at 31.03.2019

(Audited)

66,012

4,262

62,154

1$.&,4'18

13,932

603

9,546

24,081

Rs.lnLacs) Year ended Previous year ended

31.03.2019 31.03.~018

(Audited) (Audited)

93.873 76,123 ,,oos 7,243

100,878 83.366 16731 (1,701

99,205 8!,665

9.428 1:1,471

4,121 4.751 5.530 4,1:22

19,079 21,344 302 325

18,77/ ~1,019

6,343 6,933

12,434 14,086

984 111

13,418 14,197

As at As at 31.12.2018 31.03.2018

(A\Idlted) (Audited)

53,293 44.572

4,229 4.573

77,429 72,279

134.951 121,424

19,411 12,766

714 711

9.092 9,304

29,217 22,781

TATASPONGE IRONLIJ\UITED

Regd.Office:Joda,Po~-Joda

Dist.- Keonjhar, Odisha, Pin Code 758 034

CIN : L271020RJ.q82PLCoot091 PARTin: AUDITED STANDALONE STATEMENT OF ASSETS AND LTARTT.rrTR<:

• Assets (1) Non-current assets (a) Property, plant and equipment

(b) Capital work-in-progress

(c) Intanr,ible assets (d) Financial assets

(i) Investments (ii) Loans (iii) Other finnncinl assets

(e) Non current tax assets (net) (0 Other non-current assets Total non-current assets

(2) Current assets (a) Inventories (b) Financial assets

(i) Investments (ii) Traue recdvabl"" (Ill) Cash and cash equivalents (iv) Other Bank balances (v) Loans (vi) Other financial assel•

(c) Other current assets Total current assets Total asset>;

EQUity and llabllltles (1) EQuity (a) ECJuitv share capital (b) Other equity Total equity (a) Uabllltles Non-current llabllltles (a) Provisions (b) Deferred tax liabilities (net) Total non-cur..ent llabilitlea

Current Jlabllltleti (a) Pinancialllabilltiea

(I) Trade payablua (A) total outstandin.R dues of micro enterprises and small enterori&ea (B) total oulitandin.R dues of creditors other than micro enterprises and smallenterorlses

(II) Other financialllabilitles (b) Other eurrent llabllltieo (c) ProvisioJU (d) Current tax llobllitlea (net) Total C\trrent llabUlllu TotalllabUitlew Tntalt>m•Jtv ROll Jlahllltles

A$ at As at 31 March, 2019 31 March, 2018

(Audited: IAnrl;t.rl'

21,973 14,667

739 582

59 233

12.262 7.278 11 lfi 87 6,413

2,974 2,81:1 24822 17.470 62,927 49.480

11,528 8.409

12,096 12,68!; ·7,846 1),881 16,319 11,249 18,420 30,()11

227 2fi2 1.2()4

1-~~~ 1,?71 ~01 71.Qd4

132,428 121,424

1,540 1,!;40 106 807 o71oq 108,347 q8,64:l

1,190 1,16() 1.8:u 1,7Q8 ::1,011 2,967

107 176 7.403 6514

42!1 42~

2,248 2,166 5.497 5,145

..fi.tag_O !l.~QO

21.070 J08JA

:14.081 22-'>111 1~2.428 ,, to.

Nl!res:

TATASPONGE IRONUMIITED

Regd. Office: Joda , Post- Joda

Dlst.- Keonjhar, Odlsha, Pin Code 758 034

CIN: L27l0201U982PLCOOl09l

(1) The above results have been reviewed by the Audit Committee and approve~ by the Board of Directors at its meeting held on 18 April, 2019.

(2) The Company is engaged in production of sponge iron and generation of power from waste heat. lnfom1ation reported to the chief operating decision maker (CODM) for the purposes of resource allocation and assessment of segment performance focuses on manufacture of sponge iron and generation of power, and accordingly sponge iron and generation of power are the reportable operating segments for standalone results in accordance with lnd AS 108.

(3) Pursuant to the Business Transfer Agreement ('BTA') entered Into between Tata Steel Umited (Company's holding company) and Usha Martin Umlted ('UML') on September 22, 2018, its subsequent novation in favour of the Company and approval by the Company's shareholders, the acquisition of steel business of UML has been completen on April 9, 20t9 ('Acquisition date') inter-alia with payment of cash consideration of Rs. 346,863.36lacs (after adjustments for negative working capital and hold backs of Rs. 64,ooo.oo lacs pending transfer of some of the assets including mines and certain land parcels) and compliance with other relevant conditions precedents specified in the BTA by respective parties. TSIL will get back R.s.1456.53 lacs for steel business BGs. The acquisition would help the Company to diversify beyond sponge iron business and enter into steel business with a focus on specialty long products portfolio.

The acquisition date being subsequent to the balance sheet date, no adjustments have been made in the standalone financial statements for the year ended March ~1. 2019. The Company inter-alia is in the process of determining the fair values of acquired assets and liabilities and accordingly the initial accounting for the business combination is not complete and therefore, no further disclosures are applicsble.

(4) (a) In the month of November 2012, Ministry of Coal ("MaC") issuerl notir.f'.• to th• C".omP"ny for invor.ation of bAnk guarantee of Ra. 3,250 lao_. submitled towarn• l"'rfurmance of conditions for allocation .of coal block against which the Company had filed a writ petition in the Hon'ble High Court of Delhi, which directed the Company to keep the bank guarantee valid till 30 November, 201S by which date the MaC was directed to take decision. The bank guarantee expired after 30 November 2015 and had not been renewed, since no rommuniCIItion han hP.en ref.eiverl from MoC. Snh.•eqnently, :\foC issuen • notice dated 28 Der.ember, 2015, stating that the bank guornntee be invoked and the aforesaid amount be deposited. Consequent to MaC's notice, the Company has moved to the Hon'ble High Court of Delhi, where tl1e Iualter is pending adjudication. The Company has been advised and has obtained a legal opinion that as the original allocation of coal block has been declared illegal and csncelled by the Hon'ble Supreme Court, the bank guarantee pertaining to such allocation (which is non-est and void ab initio) shall conoequently be deemed to be invalid and void ab initio. Pending finalisatlon of the matter, the amount continues to be disclosed as a contingent liability.

(b) (i) During pendency of the aforesaid matters in Hon'ble High Court of Delhi, the Hon'ble Supreme Court of India vide its order dated 24 September, 2014 had cancelled allocation of 214 coal blocks Including the Radhikapur (East) Coal Block which was allotted to the Company on 7 February, 2006. The amount incurred on the Radhlkapur (East) Coal Block upto 31 Marclt, 20111 aggregates toRs. 18,040.96lacs (31 March, 2018: Rs. 18,040.96lacs).

(li) Pun~uant to the jud~utnl of Hon'Uie Supreme Court of India, the Govennnent of India had promulgated Coal Mines (Special Provision) Rules, 2014 ("Rules") for allocation of the coal mines through auction and matters related thereto. In terms of the said Rules, the successful bidder will be called upon to pay to the prior allocattee the expenses incurred by the prior allocattee towards land and mine infrastructurt:. Pursuant to the judgement dated 9 March,2017 of the Hon'ble High ·Court of Delhi in W.P (c) 973/>015, the directives of :\foC vide It• letter dated 1 Fehruary,201R and aA per detail• prP.-crihP.d hy Nomlnatl!d Authority ,the Company has furnished the required statement of expenses and other details in the prescribed format on 22 February, 2018. Relying on the legal position and legal opinion obtained by the Company in re5pect of the recoverability of the amount, no provision is considered necessary.

(S) The lloard Of Directors, in Its meetlng held on 18 April, ~019, has proposed a fi nal dividend of R$.12.50 per equity share for the financial year ended 31 March, 2019.

(6) The results for the quarter ·ended 31 March, 20191& the balancing figures between the audited figures in respect of the year ended 31 March, 2019 and the audited published flnanclnl results for the nine months ended 31 December, 2018.

(7) Effective April 1. 2018, the Company hiiJ applied Ind AS 115 - Revenue !'rom Con tram with Customers, UB.ing the retrospective effect method. The adoption of lnd AS 115 did not have any 1ignif\cant impact on the overall re,ulu of the Company.

Price Waterhouse & Co Chartered Accountants LLP

The Board of Directors Tata Sponge Iron Limited Regd. Office: Joda, Post- Joda Dist. - Keonjhar, Odisha- 758034

Independent Auditor's Report on the Statement of consolidated financial results

1. We have audited the accompanying Statement containing the annual audited consolidated financial results of Tata Sponge Iron Limited ("hereinafter referred to as the Holding Company") and its subsidiary (the Holding Company and its subsidiary together referred to as "the Group") (refer Note 5 to the consolidated financial results) for the year ended March 31, 2019, together with the notes thereon (hereinafter referred to as the "Statement"), which we have signed under reference to this report.

2. Management of the Holding Company is responsible for the preparation of the accompanying Statement. The Management is also responsible for the preparation of the annual statutory consolidated financial statements in accordance with the Accounting Standards specified under Section133 of the Companies Act, 2013 (the "accounting principles generally accepted in India"), basis which the above Statement containing the annual audited consolidated financial results has been prepared. The responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the Statement that is free from material misstatement, whether due to fraud or error.

3. Our responsibility is to express an opinion on the Statement based on our audit. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 ("the Act") and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4- An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Statement. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the Statement.

5- We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

6. In our opinion and to the best of our information and according to the explanations given to us:

(i) the Statement, together with the notes thereon are presented in the format prescribed under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and

(ii) the Annual audited consolidated financial results for the year ended March 31, 2019 as set out in the Statement gives a true and fair view of the total consolidated comprehensive income (comprising of consolidated profit and consolidated other comprehensive income), and other financial information of the Group, for the year ended March 31, 2019 in accordance with the accounting principles generally accepted in India.

:··· ·· : .. ... .... .. ...... ..... .. ........... ....... .. ....... ....... .... ..... .............................. ..... .... ............................... ... ... .. .

Price Waterhouse & Co Chartered Accountants LLP, 56 & 57, Block DN, Groun Salt Lake, Kolkata - 700091, India T: +91 (33) 44001111 I 44662000, F: +91 (33) 44043065 Registered office and Head office: Plot No. Y-14, Block EP, Sector V, Salt Lake Electronic Complex, Bidhan Nagar, Kolkata 700 091

Price Waterhouse & Co. (a Partnership Firm) converted into Price Waterhouse & Co Chartered Accountants LLP (a Limited Liabi lity Partnership with LLP identity no: LLPIN AAC-4362) with effect from July 7, 2014. Post its conversion to Price Waterhouse & Co Chartered Accountants LLP, 1ts ICAI reg1strat1on number IS

304026E/E-300009 (ICAI registration number before conversion was 304026E) ·

Price Waterhouse & Co Chartered Accountants LLP

7. We draw your attention to Note 7 of the Statement regarding the figures for the quarter ended March 31, 2019, which are the balancing figures between audited figures in respect of the full financial year and the published year-to-date figures up to the third quarter of the current financial year. Our opinion is not qualified in respect of this matter.

8. The Statement dealt with by this report has been prepared for the express purpose of filing with Stock Exchanges. This Statement is based on and should be read with the audited consolidated financial statements of the Group, for the year ended March 31, 2019 on which we issued an unmodified audit opinion vide our report dated April18, 2019.

9. This report is addressed to the Board of Directors of the Holding Company and has been prepared for and only for the purposes set out in paragraph 8 above. This report should not be otherwise used by any other party for any other purpose.

Place: Kolkata Date: April18, 2019

For Price Waterhouse & Co Chartered Accountants LLP Firm Registration Number: 304026E/E-300009 Chartered Accountants

Pinaki Chowdhury Partner Membership No. 057572

T;\ 'fASf'flN'O'e fkON WMUl'F.Il

ltl!gd. om.., ' JoJa ' :t'oli1- Joda

Dl!rt.-· l(.,mljh8~, Odil!hll, l'in Code 7~ O:J4

CI:N 1 L~7!0~0RJ98a1'LC!)ol.tl!ll

f''ART It 1!'l'A'111.M1:lN1.' OfJ\UOO~t:F.D CONSOUfiAT.EU 1'1~.\N~IAL RP..St[t.TS fOil 'lUll I)UARTI'.lt AND \1!AJl HNJ)F.l) :lll M~RCI;I aot.9 - - ·· (lb. in~

3 M<:~nthi 1'.-.ecdin& 3 Ct>t;,~PoDdi!IK 3 :n or •ended Pre-'i'lo~s l'~Bh!l1i.led tuded ~>o~h!! oi>•l¢:1 rttfmllt~ ~lldc l,n

1hll pr:evilflll ,; yt~nr :J:t .(13. :10i9' l) l •0 3 :.KUB

Fi oaac&Q."H.il.li

V l' rollt bdO!ne tax (LU • IV)•

IX

X

( L) Oummttox

Tel!!!lllllX Upti\.lle (VI)

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(c) o"'m' /1'1.....,;;.) o~ cb n~~~~~ ·In ~I· '..tit~ or &1\'0CI aqt•iif lli , l' I'IH!litJ

- Total C()rqpnl>t~ah'C b>cnm.,·tor the J)enall / Yf:M ' (VU + \ 'lW ({.!amJ,rising PNH i!IICI <~tbar c@mp•dnmsl' ln~'ilmc (()• il1~ l!<'rlod I )•CW}

Pard ul' t!qllit •· olw "",plt.!!l .{Pilfc v•li<• 1 Ko. ·" ' por oh•re}

10-, (l&4)

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140

(W,

11'7 ( t f17)

m ~ ti't:6 !J.l)ll4

t,,'lliO !.5<lD

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(1.0) ~70

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!..~.4 :1111 .... 199

L, (I 1,5.4() l,e;40

1 0<6 , 8~1 9~·"3

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!lo.-n '.ll·-11!

Toliil

'l.'A:fAJ'lPO:).' IH\ IRON LIM.[I"'"ED

Rel(d. Offi<lC! ' J!ldu ' p"" Jod•

Olli•· K.,..nj11u, Odlsll~ .. l;>in Cucle n;9 034

C£N , [,,.7i.!r<.Oiti98aPl:.Cooiil~i

.. :a Months

1:mded

(Amlltecl)

11.~.980

t,869 __ il5 .8~9

(C4.~

2$_ ... 07

_11;<)

PNW!tinl!_:l . 111 ot.ltJe:ndc

(Au.q' tt<JJ

24,'lj)?_

1~702.

2.6;4~ o;t6

2ll.oll'3

i.S"I.3

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d<.c®pGn?ln.Ji :1 ml)mh$ eoow In tbc wnvk>us )'fl!lr

(Audit • .l)

2•,q64

1,7'./8 24,?62

.

4••i ~li,!jO

4.l'IB;!

1,6/2

I in4 , ,02\1 .

a~

6~\)i)f> :1.327

4.669 133

4,80~

At at 3o'l,O·tJaZ.Ot9

(Audited)

·66,o~ii

.4 a6~

6llol'7l. ;

1.3~.44$

%993 6Q:)

1),546

~+,otla .

(Audlt~

76,123 '

i 6'1tl 81,6&i;

\1,4,aK I 12.4~

" • '"' ' 11 +·751

lloS3$ 4..110;>

I!M'i84. ~.~;, a~ a· 301 3:t<i

sii,~a 2!1!:00.11

6;:~<~3 ·6.933

•a,439 14,0S8

9i4 Hl'

1:l r4~f ~~.·~

M&t A!al au.:t.w18 ll>.;)~t)>8

(Aodl!i'il) (Andilod)

t>OI.Ii9.'1 44,57:t

'4 .. 212'9 ·itJ5t?.a

7JM..1 . 'n·~~~ "34.96Ji ' 1~1.43~

I .f9,JJ1.l Ult~'

714 vn ·, 9,o9a ·~..30'i

l;'),3J!i ' ~.:.t .78J

TATA SJ'ONGil IliON l .!MII'IT-J l

Jtca;oi. ~ : .loda, l'<>•i · Jc:xt•

Oil; I.• :ket>rl)'litlr,, !Hliohft., I Code· '1~8 034

CIN: La110l()Rty8~1' 1'.Co.ooo'JI.

I" ART UI: Alll)l'f1l:D COI'iSOt Jl:l "fjl;l) S.TA.~fEYJ: 01' MS·IITS A.'i!D Llo\!Ui..nll:.S

Au~~~ hl N~nlau•o~ts (o\ Prqp~rtv. nlatl l and <Q•d~moot IN -·•PilnlllfWl:- -r;r,.;,ress (c') I t.•n•J'ht • a ,Iii'!• Fin:.-nrl_l\l .!8C~

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M P=-i5i '" (b) oo • ...-.d t !IJ( liobllil;.& ( n~l} Total noH...:ummtll.b~liJi« Current llabillll.u (,fl) Hnrut<ilil JWJi.l[tii'J

fi)1'tad~ PlV.WIH

( AH«•I ool>l!al!.!.i~ ·~l' s. of ml!r '"'""''ri;;~ 11t~ tt~l o:< : orf:-.cs ( B) tqlal o;ml.!lw<lln~ <lu c' cr<illuro otlcu tb~u mlcro <:Jrt<mrlJ ~ ntl<l .omnll •~t~mti QJ

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(:J) r ·umt<l>l' IJ> ttlq 8~irl~ll!l! 'fr.,Nfcr M;~c mt rBTA') e~Mt!tll.itW b•tw·· .. ~ lwt:. Sirel :r 5mi1.~d (Group's hi>hllog <:<!tnl'' '>¥) ~.1ld U!lm Mlll'ti~ 'l.iml~oo ('UML' ) u;:: ' · l.emb<r :<2, ~<.>•8, it. l\l ~.quent t1 'iitOoJI io f .. •.-m.!r ~j 1~ S . tlte I rrtfl l:imite~ ("fSil.1 ~>rnJ, ~~Pril\'.!tl "'f llto tStL'• • lnn..,\rQid•n, ill W\U' • !ll!l 0 R00€1 li~ af tiM!. hilli '"*' oomp _it<! un .<;~ · ~. ~<1 19 ('" ~ l!it tlo .!•~') lntcr-a!ip -.iltl l"}'lllO~I of· c•.lli OOi1s1dPiilllM nf Rt. 346.S&J.36 'ats (u.ftor adj)iitmo<1 :lot IWAull\fJ ><'o~'ldog cap\ial •.ml 'I rW b 'orR . -!,UOOi\Rl iA<o P • mlil>j; I:A!nsli-r ~~ lKI of l DJiJd• lmclt~dbig m~ ... ned ocrtnin i"l'U !JMOCIB) 8tld ecmplti.nte wilh llillllf' rtl:e•·;mt ~m~.d'l'ioru; p~edcJI5 sped!1a1 jg tb • IJT.~ by r~~\'il pnrne · IJ, w1.ll ~et back Ill to;,s6.,5:_ '""' lor &"..<oel blf'line·. liD,. 'ill! 9.cqu:isJUOn »tmld b<lp !bp Croup to di~mi)·IM·y rut "fi() Qli.<J roo b111 till..• Rnd

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made in tlt~. ei>i eill.d;J:tr;<J •n• r ci~l lWGr. ' ! Ia for the )>!.lr cod.td M-!!Itl\ i:ll• 2 11.111.

obUitle iirrd A• ,.)jngiy ~ illitial Q.O('OU:o.tl~ fo ilu; hillllJ•~ti oon • tatif!fi I~ M l

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(b}

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..

', ' ·

TAT A SPONGE IRON LIMUTED

Regd.Office:Joda,Po~·Joda

Dist.· Keo~har, Odisha, Pin Code 758 034

CIN : L2710liORt98aPLCoo1o91

PART I: STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2019 (Rs. In Lacs)

Particulars 3Months !'receding 3 Corresponding 3 Year ended Previous year ended ended months ended months ended in

the previous year 31 .03.2019 31.03.2018 31.03.2019 31.12.2018

31.03.2018 •

(Audited) (Audited) (Audited) (Audite d) (Audited)

I Revenue from operations 25,407 26,083 24.350 99,205 81,665

II Other income 1,498 1,597 1,167 5.773 4.306

JJI Total income (1+11) 26,905 27,680 25,517 104,978 85,971

IV Expenses•

Cost of materials consumed 18,794 19,204 14,405 70,869 5U,U58 Changes in inventories of finished goods 448 ~OS 201 14 (4731 Excise duty on sale of goods . 1,64R

Employee benefits expense 1,187 1,223 1,130 4,486 4,180

Finance costs 30 211 33 302 325

Depreciation and amortisation expense 291 291 297 1,158 1,230

Other expenses 2,550 2,316 2.435 9,367 7.982

Totul expenses (IV) 23,300 23.550 18,521 86,196 64.950

v Profit before tax (HI • IV) 3,605 4,130 6.996 18,782 21,021

VI Tax expenses:

(1) Current tax 1,193 1,518 2,278 6,575 7,099

(2) Deferred tax charge I (credit) (27) (69) 4Y (232) (166)

Total t ax expense (VI) 1,166 1.449 2,327 6,343 6,933

VII Profit for the period /year (V-VI ) 2.439 2,681 4,669 12,439 1.4.088

VIII Other comprehensive income

(A) (i) Items that will not he rec!H8slfted to proftt or loss

(a) Remeasurements gainR I (los.•e.<~) of th~ rlefined benefit 107 (164) 203 (10) 170 plans

(b; Income tax relating to above itema (38 57 7U 3 (SQ' (c) Goins/ (lusses) on changes In fair value of FVOC! equity

instruments 140 . 1,248 .

_(d)_ Income tax rel~lin~: to ~tuov• il•mH (32) . {257] -Total other comprehensive Income (VIII) 177 (107) 133 984 Ill

Total comprehenaive income for the pedod I year (VII+ VIII)

IX (Comprising profit and other comprehensive Income for 2,616 2,574 4,8oa 13,4ll3 14,199 the period I year)

X Paid up equity share capilll.l (Face value : Ra. 10 per

1,540 1,640 1,540 1,540 1,540 6hare)

XI Other equity 106,823 97,113

XII Earnings per •h are :

(1) Jlasic (io Ra.) 115.83 '7·41 30.32 80.77 91-48 (a) Diluted (In Ra.J 1!;.8:i 17.41 30.32 80.77 91.48

See accompanying notea to the consolidated fin1111cio.l ro•ulto

PART II: CONSOLIDATED SEGMENT INFOIUlATION

Particulars

Segment revenue :

Sponge iron Power

To tal Less: Interseltlllent sales Total Income from operations

Segment """ul"' Sponge iron

Power

Unallocated income/ (expenditure) Proftt b efore ftnance costs and tiiX

r .e.~q: Finance costs P1·ofit before tax

Less : Tax expenses

Profit fo r the period / year

Other comprehensive income

Total comprebenoh-e income for the period j year

Particulars

Segment aoseto :

Sponge iron

Power

Unallocated

Segment Uabllitles :

Sponge iron

Power

Unallocated

TATA SPO:-JGE_ IRON LIMUTED

Regd. Office: Jodn, Post- Joda

Dlst.- Keonjb~~r, Odish a, Pin Code 758 0 34

CIN : L2710 20 R1982Pl.C0o10 91

. 3Months PrecedingJ Corresponding 3

ended months ended months ended in the previous year

3 1.03.20 19 31.12.2018 31.03.2018

(Audited) (Audited) (Audited)

23,980 24.797 22,964 1,869 1,702 1,798

25,849 26.499 24,762 (442 (416 _l..l12

25,407 26,083 24,350

t,S77 1.513 4,283

709 1,274 1,672

1,349 1,S~ 1,074

3,635 4.341 7,029

30 211 33 3,6os 4,130 6,996 1,166 1,449 2,327

2,439 2,681 4,669

177 (107) 133

2,616 2.574 4,802

As at 31.03 .2019

(Audited)

66,0 12

4,26 2

62,171

132,445

13,933

60 3

9.546

24,082

(Rs. In Lacs Year ended Previous year ended

31.03,2019 Jl.OJ.20l8

(Audited) (Audited)

93.873 76,123 7,005 7.243

100,878 83,366 ( t 673 1.701

'}'},20 5 81,665

9,428 12,468 4tl21 4.751 5.535 4,127

19 ,084 21,346 30 2 325

18,782 21,021

6 ,343 6,933

12,439 14,088

984 111

13,423 14,199

As at As at 31.12.2018 31.03.2018

(Anrlited) (Audited)

53,293 44,572

4,229 4,573

77.443 72,291

134.965 121,436

19,411 \2,768

714 711

9,093 9,304

29,218 22,783

...

TATASPONGE IRONT.rMmtm

Regd. Offi~e: Joda, Post- Joda

Dial.- Keonjhar, Odisha, Pin Code 758 034

CIN : L271020R1982PLCoo1091

PART Ill: AUDITED CONSOLIDATED STATEMENT OF ASSETS A."lD LIABILITIES

•

Assets {1) Non-current assets {a) Property, plant and equipment (b) Capital work-in-proxress {c) TntonRihle assets {d) Financial assets

{i) Investments (ii) Loans (iii) Other financial ru;sets

(e) Non current tax assets (net) {f) Other non-eurrent assets Total non-current assets

(2) Current assets {a) Inventories (b) Financial assets

{i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Other Bank balances (v) Loans (vi) Other financial assets

(c) Otber current assets Total current assets Total assets

Equity and liabilities (1) Equity (a) EQuity share capital (b) Other equity Total equity ( 2) Uabilities Non-current liabilities (a) Provisions (b) Deferred tax liabilities (net) Total non-current liabilities

Current llabllltlea (a) Financial liabilities

(i) Trade payable• (A) total outstandinR dues of micro enterprises and small entcrorli<!s (B) total outstandinR due.s of creditors other than micro enterprises and smnll enterpris..,

(!i) Other finJIDclalllabllltJe.s (b) Other current liabllit1es (c) Provisions {d) Current tax liabilities (net) Tots} current liabilities Totslllabllitie• Totnl ea.rltv and !labilities

(Rs. in Lacs) As at As at

31 March, 2019 31 March, 2018

(Audited) (Audited)

:U,97::1 14.667 739 S82

!19 2~~

12.156 7.172 u IS

87 6.41~ 2,974 2,81,1

24.822 17.478 62,821 49.~n

11,528 8.40Q

1~,217 12,80J

7.846 fi,881 16,321 11.2.~2

18,420 ~0.911

227 2.';2 1,294 929 1.?'11 1628

6<),624 72,06~

.... 2.44.'< 121.4'l.6

1.~40 l,f,40

106 82.'\ 97.11~

108,363 Q8,6S~

l,lQO 1,169 1 Sat 1.7Q8 3,011 2,967

107 176 7,404 6,fi16

4llli 42~

- 2,248 2,166 llo4'17 :),14~

!t.'tQO ~-~00

at 071 19.816 114.082 22.78 ..

1'<!1.44'< 121.4~6

~ · , .

~:

TATASPONGB IRONLIMIITED

Regd. Office : Joda, Post- Joda

Dist.- Keonjhar, Odisha, Pin Code 758 034

CIN : L271020IU982PLC001091

(1) The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 18 April, 2019.

(2) The Group is engaged in production of sponge iron and generalon ~f power from wa.<rte heat. Information .reported to the chief operating decision maker (CODM) for the purposes of resource allocation and assessment of segment perfonnance focuses on manufacture of sponge iron and generation of power,and accordingly sponge iron and generation of power are the reportable operating segments for conwlidated results in accordance with Ind AS 108.

(3) Pursuant to the Rminess Transfer Agreement ('BTA') entered into between Tata Steel Limited (Group's holding company) and Usha Martin Limited ('UML') on September 22, 2018, its subsequent novation in favour of Tata Sponge Imn Limited ('TSIL') and approval by the TSIL's shareholders, the acquisition of steel business of Uli<IL has been completed on April 9, 2019 ('Acquisition date') inter-alia with pa}ment of cash consiclerntion of Rs. 346,863.36 lacs (after adjustments for negative working capital and hold backs of Rs. 64,ooo.uo lacs pending transfer of some of the assets including mines and certain land parcels) and compliance with other relevant conditions precedents specified in the BTA by respective parties. TSIL will get back Rs.1456.53 lacs for steel business BGs. The acquisition would help the Group to diversify beyond sponge iron busin~.s.• And enter into steel business with a focus on specialty long products portfolio.

The acquisition date being subsequent to the balance sheet date, no adjustments have been made in the consolidated financial statements for the year ended March 31, 2019. The Group inter-alia is in the proooss of determining the fair values of acquired assets and liabilities and accordingly the initial accounting for the business combination is not complete and therefore, no further disclosures arc applicable.

(4) (a) In the month of November 2012. Ministry of Coal ("MoC") issued notices to the Group for invocation of bank guarantee of Rs. 3,250 lacs submitted towards performance of conditions for nlloeation of coal block against which the Group had filed a writ petition in the Hon'ble High Court of Delhi, which directed the Group to keep the bank guarantee valid till 30 November, 2015 by which date the MoC was directed to take decision. The b:mk guarantee expired after 30 November 2015 and had not been renewed, sinoe no communication had been received from MoC. Subsequently, MoC Issued a notice dated ~s December, 2015, stating that the bank guarantee be invoked and the aforesaid amount he depoRited. Consequent to MoC's notice, the Group has moved to the Hon'ble High Court of Delhi, where the matter is pending adjudication. The Croup has been advised and has obtained a legal opinion th•t •• the original allocation of coal block has been declared illegal and cancelled by the Hon'ble Supreme Court, tlte bank guarantee pertaining to such allocation (which is non-est and void ab initio) shall consequently he cleemed to be invalid and void ab initio. Pend~g finalisation of the matter, the amount continues to be disclosed as a contingent liability.

(b) (i) During pendency of the aforesaid mAtters in Hon'ble High Court of Delhi, the Hon'ble Supreme Court of India vide its order dated 24 September, 2014 had cancelled allocation of 214 coal blocks including the Radbikapur (East) ('.oal Block which was allotted to the Group on 7 February, 2006. The amount incurred un Ute Radbikapur (East) Coal Block upto 31 March, 2019 aggregates toRs. 18,040-96lacs (31 March, 2018: Rs. 1R,040.96lacs).

' (ii) Pursuant to the judgment of Hon'ble Supreme Court of India, the Government of Imlia had promulgated Coal Mines (Special Provision) Rules, 2014

("Rules") for allocation of the coal mines through auction and matters related thereto. In tenns of the said Rules, the successful bidder will be called upon to pay to the prior allocattee the expenses incurred by the prior allocattee towards land and mine infrastructure. l'ursuant to the judgement dated 9 Mnrch,2017 of the Hon'ble High Court of Delhi in W.P (r.) 973/2015, the directives of MoC vide its letter dated 1 February,2018 and as per details prescribed by Nominated Authority ,the Group has furnished the required statement of expenses and other ilotails in the prescribed format on 22 February, 2018. Relying on the legal position Wid legal opinion obtained by the Group in respect of the recoverability of the amount, no provision is considered necessary.

(5) The consolidated financial results includes the result• ofTSIL E-'IERCY LIMITED ("Subsidiary").

(6) The Board Of Directors, in its meeting lJeld on 18 April, 2019, has proposed a final dividend ofRs.12.50 per equity share for the financial year ended 31 March, 2019

(7) 1be results for the quarter ended 31 March, ~019 is the balancing figures between the audited figures in respect of the year ended 31 March, 2019 and the audited published financial re.•uliR for the nine months ended 31 December, 2018.

(8) Effective 1 April, 2018, the Group has applied lnd AS 115- Revenue from Contracts with CustomeJ:!l, using the retrospective effect method. The adoption of Ind AS 115 did not have any significant impact on the overell remit• of the Group.