Responsive.

Integrated
Annual Report
Resilient.
2020-21
82nd Year Responsible.
 Responsive.
Basis of Reporting Materiality Assurance Engagements (ISAE) 3000 Revised Our six capitals
We cover key material aspects, identified through and Type 1 “Moderate level” of Assurance
We have based our annual report on the principles
of Integrated Reporting <IR>, a global benchmark
ongoing stakeholder engagement and addressed under AA1000 Assurance Standard (AA1000AS Financial Capital
by various programmes or action points with V3) in respect of the Principles of inclusivity,

Resilient.
for best practices in corporate reporting with our A balanced cost-effective funding mix
measurable targets. materiality, responsiveness and impact
philosophy of making disclosures beyond statutory
norms. With each passing year, we continue to as defined in the AA1000 Accountability (debt and equity) and deployed for
Responsiveness Principles Standard (2018) (the “AA1000 sustaining and creating value across
enrich our report with additional disclosures to This Report, amongst one of our interaction and

Responsible.
provide relevant information to all our stakeholders Accountability Principles”). The assurance all capitals
communication elements, reflects our ability to criteria, methodology and conclusion are
on our value creation process using the multiple manage our operations while accounting and
capitals which helps them make informed presented in the assurance report. The
responding to stakeholders' concerns. assurance report is available on the Company’s Manufactured Capital
decisions.
Impact website at: https://www.tatachemicals.com/ Infrastructure such as plants, warehousing
This Report is prepared in accordance IRAssurance2021.htm. With eight decades of customer-centric approach, we
We are accountable to the larger ecosystem and and logistics facilities and physical assets that
with the: we continuously monitor and evaluate our impact respond with agility to all stakeholders’ needs to create
enable us to ensure efficient operations and
Companies Act, 2013 (and the Rules made across our value chain. The Report covers the Forward-looking statements value and being resilient during the most challenging
generate long-term returns
thereunder) information that is material to our stakeholders
Certain statements in this Report regarding
periods. Sustainability forms the very basis of our business
and the Company and presents an overview of growth aspirations in line with our commitments to
Indian Accounting Standards our business operations may constitute Intellectual Capital
the Company's operations along with associated
SEBI (Listing Obligations and Disclosure
activities that help in short, medium and long-
forward-looking statements. These include all corporate responsibility.
Requirements) Regulations, 2015 statements other than statements of historical Science knowledge, research & development
term value creation. These issues have significant
Secretarial Standards business impact and are key to the Company’s
fact, including those regarding the financial (R&D) capabilities, information technology
position, business strategy, management plans infrastructure and digitalisation which
value-creation process.
Internationally recognised and objectives for future operations. Forward-
enables us to develop competitive products
frameworks and guidelines followed looking statements can be identified by words
Accountability such as 'believes', 'estimates', 'anticipates', and win market share
include:
The Management of the Company under the 'expects', 'intends', 'may', 'will', 'plans', 'outlook'
United Nations Global Compact and other words of similar meaning in Social & Relationship Capital
supervision of the Managing Director has reviewed
Global Reporting Initiative (GRI) Standards the Report content. connection with a discussion of future operating
The collaborative relationships with the
AA1000 Accountability Principles 2018 or financial performance.
<IR> framework of the International Integrated communities, supply chain partners and
Reporting period, scope and Forward-looking statements are necessarily
Reporting Council (IIRC) dependent on assumptions, data or methods
customers led by our welfare initiatives to
assurance that may be incorrect or imprecise and that strengthen our reputation of long-term
The following principles of AA1000 This Report covers financial and non-financial may be incapable of being realised and as such, partner of choice and secure licence
Accountability Principles 2018 have information and activities of Tata Chemicals Limited are not intended to be a guarantee of future
At Tata Chemicals Limited, we Our business model integrates
to operate
been applied: (‘the Company’ or ‘TCL’) for the period April 1, 2020 results, but constitute our current expectations have drawn strength from our core all these advantages to retain a
Inclusivity to March 31, 2021. While the financial information based on reasonable assumptions. Actual results competencies; science expertise of sustainable competitive edge.
has been audited by B S R & Co. LLP, Chartered could differ materially from those projected
Human Capital
We commit accountability to stakeholders directly 80+ years; differentiated products Alongside, we make continuous efforts
or indirectly impacted by our organisation. We Accountants, the non-financial information as in any forward-looking statements due to The knowledge, skills, experience and and solutions for businesses across to simplify our business and scale our
have mapped them and have processes to ensure referred to in the assurance report has been assured various events, risks, uncertainties and other motivation of our employees who enable us
by Price Waterhouse Chartered Accountants LLP factors. We neither assume any obligation several key sectors; manufacturing and portfolio across new, value-added
inclusion of their concerns and expectations. We to create value
continue to develop our stakeholder engagement (PWCALLP). nor intend to update or revise any forward- operational excellence; international chemistries. Each business decision,
and sustainability capacity at corporate and The assurance is in accordance with the limited looking statements, whether as a result of new distribution capabilities; committed followed by action, has the principles
manufacturing levels. assurance criteria of the International Standards on information, future events or otherwise. Natural Capital
and highly skilled teams and corporate of sustainability embedded in it.
The renewable and non-renewable natural governance benchmarked to the
resources such as raw materials, land, water highest standards.
United Nations Sustainable Development Goals (SDGs) prioritised and energy which we use in our operations
to generate social and economic value and
the resultant environmental impacts

Contents
Integrated Report Statutory Reports Financial Statements
02 Delivering Science-led Solutions for a Better 12 Strategy to Unlock Potential and Deliver Value 34 
Intellectual Capital: Building Competitive 46 Natural Capital: Addressing Environmental 60 Board’s Report 148 Standalone Financial Statements
Tomorrow Sustainably Edge with Innovation Challenges for a Sustainable World 87 Management Discussion and Analysis 216 Consolidated Financial Statements
04 FY 2020-21 Operational and Strategic 16 Material Issues Impacting Value Creation 36 Digitalisation 50 Basic Chemistry Products 109 Corporate Governance Report 299 Form AOC-1
Highlights 19 Engaging with Our Stakeholders 37 
Strengthening our People, Assets and 54 Performance Materials 133 Business Responsibility Report
05 
Responding to Covid-19 with Resilience 20 Risk Management Environmental Safety Practices 55 Nutrition Sciences
06 Ensuring Good Governance 26 
Financial Capital: Managing Finances 40 
Human Capital: Building a Diverse, Future- 57 
Agri Sciences
08 Corporate Information Prudently Ready Workforce 301 Notice
59 Results at Glance
09 MD & CEO’s Message 28 Manufactured Capital: Focussing on Operational 42 
Social and Relationship Capital: Contributing 317 Financial Statistics
Excellence and Quality Leadership to a Thriving Society 319 Abbreviations
10 Our Business Model
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Delivering Science-led 60-146 147-300
Solutions for a Better Tomorrow

Delivering Tata Chemicals Limited is a Science-led

chemistry solutions company and is a part
of the Tata Group. With US$ 106 billion*
Basic Chemistry Products

Science-led turnover, the Tata Group operates in more

than 100 countries across six continents,
Business enablers
• Global Presence
• World-class
• Strong corporate • Operational
Solutions
brand and a partner excellence and cost
with a mission "To improve the quality of manufacturing of choice to glass, competitiveness
life of the communities we serve globally, Manufactures Soda Ash, Sodium
facilities detergent, food,
Bicarbonate, Salt and other
•
for a Better
through long-term stakeholder value products Efficient in feed and pharma
creation based on leadership with trust". distribution with companies
lean supply chain

Tomorrow
We develop science-led innovative and depot network
products and solutions based on
deep knowledge of chemistry, for a Specialty Products
better tomorrow. With our world-class
manufacturing facilities, we provide Business enablers
distinct value to our customers. Deep understanding Green patented Strong R&D
We develop technologies to provide of high-performance technology for Silica capabilities and
nutrition solutions for human & animal Performance Materials innovative chemistries operational
health and agricultural solutions to Develops Specialty Silica products for
excellence

improve farm yield and income. industrial applications

*As on March 31, 2020

Business enablers
Differentiated and Expertise in Knowledge
patented products human nutrition, partnerships with
Nutrition Sciences microbiome and Indian and global
Develops nutrition ingredients and fermentation academia
formulations for food, feed and technology
pharma industries

Mission Ownership Structure

Serving Society through Science as on March 31, 2021 (%)
Business enablers
Vision World-class
portfolio of
Deep connect and
Brand Equity among
Advanced
technology
Be a leading sustainable Chemistry safe, superior farmers solutions –
Solutions Company, serving customers Agri Sciences
27.19 37.98 and sustainable Wide domestic reach predictive advisory
based on innovative, science-led Promoter and Develops and manufactures Crop products through dealer and service and
differentiated products and solutions promoter group Protection Chemicals, Crop Nutrition, analytics-based
Low-cost contract retail network
Seeds and other agricultural inputs manufacturing planning
Institutional
Values 34.83 for farmers through its subsidiary capabilities of
Non- Rallis India Limited ('Rallis') diverse chemicals
institutional

Safety Passion Integrity Care Excellence

02 03
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Responding to Covid-19 60-146 147-300
with Resilience

FY 2020-21 Operational and Strategic Highlights Responding to Covid-19 with Resilience

Covid-19 took the entire world by surprise. With serious health concerns, governments across the globe
implemented measures such as lockdown and reduced economic activity to curb the virus spread. A black
swan event, it led to severe global financial market turmoil and increased volatility. Though in India, the
markets have shown some resilience and are recovering sharply. At Tata Chemicals Limited, we responded
to the emergency with agility. Business continuity plan was brought into action and measures were
Continued focus on customer-
1.
undertaken to ensure protection of all stakeholder groups.
centricity and delivering on
customer promise
Initiatives to support our stakeholders

Employee safety and well-being Community support

Work from home, employee engagement, Distributed dry ration and food kits to ~10,700 families and
digital training and social collaboration hygiene kits to ~8,500 families
Safety and well-being protocols for medical Awareness campaigns across villages within the vicinity of our
infrastructure manufacturing plants
All units operating with social distancing A digital push in all our community development

2.
and safe practices with minimal strength programmes included online education classes for students,
Maximising Operating Free required digital financial training to SHGs members – Hu Pan Digital,
online training programme for farmers' awareness, online
Cash Flows Emotional and mental wellness support,
skill training for youth, etc.
access to counselling, wellness coaching,
etc. were offered Community engagement was ensured through virtual
connects and celebrations, small group meetings, phone calls,
WhatsApp calls, etc.
Healthcare assistance Donated ` 3 crore towards Covid-19 relief initiatives including
Established 100-bed isolation ward at financial assistance to Gujarat and Tamil Nadu CM Relief Fund;
Mithapur Hospital the District Collectors of Jamnagar, Nellore and Tata Memorial
Centre and other agencies/institutions

3.
Distributed 1.7 million litres of sodium
Prioritised Capex hypochlorite and 1.7 lakh litres of hand Awareness campaigns including demonstration of social
programme in Mithapur sanitisers manufactured at Mithapur and distancing and washing hands, distribution of posters and
soap, mentorship and empowerment, set-up medical camp to
Rallis respectively
and Dahej to drive growth Support to government hospitals with
provide medical checks and distributed medicines (Kenya)
various supplies Distributed food, Vitamin A & de-wormers to over 5,000 Magadi
community members (Kenya)
Donated £10,000 and 1,000 surgical masks to
St. Luke‘s Hospice (in UK)

4. Focussed delivery teams to

drive operational excellence in
Performance Materials (Soda
Livelihood opportunities
1.3 lakh masks produced by local SHGs
1 lakh masks sold through Okhai

Ash, Silica and others), Nutrition Provided livelihood support to 275 rural women
Direct farm to home process set up to connect
Sciences (Salt, Sodium Bicarbonate and help sell the produce from 325 farmers to
and FOS) and Agri Sciences consumers through mobile app
(Crop Care and Seeds)

04 05
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Ensuring Good Governance 60-146 147-300

Ensuring Good Governance Strong Governance Practices

Good governance is a way of life at Tata Chemicals. We are committed to and guided by the
Tata Code of Conduct (TCoC) built around the core values of Integrity, Excellence, Unity,
Responsibility and Pioneering.

Governance & Ethics:

The TCoC articulates values and ideals that guide and Ethics and compliance are embedded in the TCoC,
govern all employees and business matters of Tata further facilitated by our systems, policies, processes
Mr. Ratan N. Tata companies and practices
Chairman Emeritus
Governance framework, systems and processes reflect With a view to uphold and respect human rights while
and support our Mission, Vision and Values conducting its business, the Board adopted the ‘Tata
Our Board of Directors The Board of Directors are committed to the best Business and Human Rights Policy’ during the year
Board Committees practices for effective Corporate Governance Quarterly reviews by Audit Committee on ethics
related matters
A Audit Committee

B Stakeholders’ Relationship Board Diversity

Committee
Active, experienced, diverse and well-informed Board
C Nomination and High degree of diversity by age, gender, qualifications, professional background, sector expertise and skills
Remuneration Committee

D Corporate Social Board composition for effective Board diversity by age Tenure on Board
Responsibility Committee governance (as on March 31, 2021)
Mr. N. Chandrasekaran Ms. Vibha Paul Rishi Mr. S. Padmanabhan
Chairman, Non-Executive, Non-Executive, Independent Non-Executive, Non-Independent 2
Non-Independent
E Safety, Health, 2
Environment and 3
C B A C D E A B C F 22% 22% 33% 22%
Sustainability Committee
45% 4
F Risk Management 56%
Committee
22%
33%
45%
Chairperson 3
4
Member 5 Independent Directors 54-58 years 59-63 years 64-67 years < 3 years 3-6 years > 6 years
(including 2 Women Directors)
The above pie charts denote the number of Directors
Ms. Padmini Khare Kaicker Dr. C. V. Natraj Mr. K. B. S. Anand 2 Non-Executive Directors
Non-Executive, Independent Non-Executive, Independent Non-Executive, Independent 2 Executive Directors
A F C D E F A

Board skills and expertise

(Number of Board members)

Leadership 9
Industry experience 8
Science and Technology 4
IT and Digitalisation 6
Strategy 8 For more information, please refer the
Finance and Governance Corporate Governance Report which forms
Mr. Rajiv Dube Mr. R. Mukundan Mr. Zarir Langrana You can read the detailed profiles of our 4
part of this Integrated Annual Report.
Non-Executive, Independent Managing Director & CEO Executive Director Board of Directors at HR and Communication 7
B D E F B E F
https://www.tatachemicals.com/about- Safety and Sustainability 8
us/leadership-team/board-of-directors
Multiple geography experience 8

06 07
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 MD & CEO’s Message 60-146 147-300

Corporate Information MD & CEO’s Message

Dear Shareholders,
Chief Financial Officer General Counsel & Company Secretary At the outset, I hope you and your family In the Nutrition Sciences vertical, Sodium oriented and data-driven organisation
Nandakumar S. Tirumalai Rajiv Chandan are safe. This has been a very challenging Bicarbonate and Salt saw stable demand which will enable us to create more
year for all of us and our resilience has while the fermentation platform has a resource-efficient, safer and smart
been tested like never before. I must promising outlook, gaining customer factories alongside modernising our ERP
Statutory Auditors 82nd Annual General Meeting begin by thanking all our stakeholders, i.e. traction with our prebiotic products and data analytics platform. Our Nellore
B S R & Co. LLP Friday, July 2, 2021 at 3.00 p.m. (IST) employees, customers, business partners and customised solutions, which we Fermentation Prebiotics unit leverages
Chartered Accountants Through Video Conference facility and investors for their continued support. expect to expand further by adding both these elements of sustainability
The Covid-19 pandemic has given rise new customers. The Agri Sciences and digitalisation.
Registered Office to newer ways of doing business and vertical under Rallis delivered an
Bombay House,
Dividend Recommended for FY 2020-21 accelerated the pace of digitalisation, encouraging performance and growth. Outlook
24 Homi Mody Street, Fort, ₹ 10 per ordinary share with an increased focus on sustainability Prioritising safety of teams and agility With the business environment steadily
Mumbai - 400 001 (100% on face value of ₹ 10 each) and resilience. In this context, keeping in fulfilling customer demand despite improving and an expectation of recovery
CIN: L24239MH1939PLC002893 employees safe, ensuring agile servicing of supply chain bottlenecks were the key by the last quarter of CY 2021 to pre-
Telephone: +91 22 6665 8282 customer demand and robust operating elements of resilience in this challenging Covid levels, we remain watchful of any
Book Closure Date
E-mail address: [email protected] cash flows were the three key priorities we environment. Overall, the outlook is surges of Covid-19. Our three verticals
Wednesday, June 16, 2021 to Monday, June 21, 2021
Website: www.tatachemicals.com set for ourselves for FY 2020-21. positive with markets recovering and of Performance Materials, Nutrition
investments being made across our Sciences and Agri Sciences are well
Guided by Tata Group’s values, we businesses. positioned to deliver robust performance
Registrar & Transfer Agent
increased our efforts to support the and accelerate the transformation of
TSR Darashaw Consultants Private Limited
communities we serve through an Our financial performance reflected the Company along the vectors of
C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg,
isolation ward at Mithapur Hospital, the challenging market conditions. The sustainability and good health.
Vikhroli West, Mumbai – 400 083
providing livelihood opportunities at consolidated revenue for the year was
Tel. No.: +91 22 6656 8484
our manufacturing facilities, distributing ` 10,200 crore, EBITDA ` 1,501 crore I thank all our shareholders for continued
E-mail address: [email protected]
essentials and food kits, producing and PAT ` 436 crore. Our focus was guidance and support on our way forward
Website: www.tcplindia.co.in
and distributing sanitisers and sodium on ensuring robust cash flows from as a focussed science based chemistry
hypochlorite as part of our relief operations which were ` 2,037 crore on a solutions enterprise.
programme. consolidated basis.
Warm regards,

Resilience in a challenging Responsibility for a better world

R. Mukundan
environment In line with our commitment towards Managing Director & CEO
In the Performance Materials vertical, sustainability, we are committed to
Soda Ash witnessed lower demand Science Based Targets initiative (SBTi) to
across key application sectors in reduce our CO2 emissions. Our Carbon
FY 2020-21. The US business was most Capture Unit in the UK is nearing
affected, with reduced exports and a completion and is one of the notable
sharp decline in prices. Demand revival is examples of pathways to ensure we
anticipated across all units in meet our sustainability targets. Another
FY 2021-22, which will allow us to area of focus is digitalisation to become
improve our financial performance. a more customer-centric, service-

Mithapur Saltworks

08 09
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Our Business Model 60-146 147-300

Our Business Model

The resources we use How we create value Outputs Outcomes

Financial Capital We produce a wide range of bulk Financial Capital

We ensure prudent financial management practices and and value-added products including Proposed Dividend: ` 10 per share ( )
leverage our cash generating business model to strengthen Soda Ash, Sodium Bicarbonate, Salt, Cash generated from operations: ` 2,037 crore ( )
balance sheet position and sustain business growth.
Cash and cash equivalents: ` 2,975 crore ( ) Specialty Silica, Prebiotics, Crop Care EBITDA: ` 1,501 crore ( )
Networth: ` 15,143 crore ( ) (Rallis), Seeds (Rallis) EBITDA/Revenue from operations: 15% ( )
Capital employed: ` 25,418 crore ( ) Strengthened balance sheet as gross debt : equity improved to 0.46 ( )
Net debt to EBITDA at 2.6 ( )
Manufactured Capital
We invest in new capacities and maintaining existing ones Performance Nutrition Agri
to manufacture quality products and in building inbound/ Materials Sciences Sciences Manufactured Capital
Basic Sales volume of key products
outbound logistics to ensure efficient supply chain. These Chemistry Soda Ash Salt Enhancement in manufactured assets and capex progressing well
investments also help manage our environmental footprint. Products Sodium Sodium Bicarbonate are as follows: Prebiotics plant at Nellore stabilised
Capex incurred: ` 1,242 crore ( ) Bicarbonate (Food, Feed, Pharma)
(Industrial)
Decline in sale of Soda Ash to 3,023 KT
Soda Ash Increase in sale of Sodium Bicarbonate to 221 KT; Salt to 1,581 KT
Intellectual Capital
We are strengthening our competitive edge by making sustained
Specialty
Products
Silica Prebiotics
(FOS / GOS)
Active Ingredients (AI)
Agri Formulations 3,023 KT
Formulations Seeds
R&D investments at our innovation centres, collaborating with Intellectual Capital
scientific institutes and investing in digital technologies to enhance
operational efficiency.
Sodium Bicarbonate Robust new product launches and registrations
Technology (R&D) Digitisation Sustainability
Investment in R&D (including Rallis): ` 70 crore ( )
Technically skilled people in R&D: 220 ( ) 221 KT Enhancement in intellectual property
Total No. of Patents filed: 163
Sustainability and good health for a better tomorrow

Human Capital Salt Human Capital

We provide training and skills to create a pool of high performing,
innovative people with diverse skillset to operate business 1,581 KT High employee productivity, job satisfaction, engagement and retention
Total Recordable Injury Frequency Rate decreased to 1.46 from 1.69
efficiently. We also undertake initiatives around inclusivity, safety
and leadership development. Operational Excellence Zero incident of labour unrest
Customer-Centricity
Training days per employee: 2.25 man-days ( )
Leadership training provided: 270+ man-days ( )
Safety training per employee: 0.95 man-days ( ) Social and Relationship Capital
Raw Product Logistics End use CSR beneficiaries: 2 lakh beneficiaries (increase from 1.5 lakh)
Social and Relationship Capital Material High customer satisfaction index
We integrate the needs of our stakeholders (customers, Multiple new customers added
suppliers, contractors, community) and invest in various Support to all stakeholders during Covid-19 pandemic
welfare initiatives, processes and technologies to Enhancement in global supply chain network
strengthen relations and build trust. Customer
Processing Packaging Distribution
CSR spending* (standalone) – ` 21 crore ( ) (through partners)

Listening and Engagement Process Natural Capital

Natural Capital Emergent Needs Buying Patterns VoC KAM Customer Complaint Management CSAT
No serious environmental incidents or material impact to biodiversity / habitats
We sustainably use resources and actively invest in
sustainable technologies to promote circular economy and Inputs to SPP / LTSP Opportunities for New Product Development/Variants Responsible manufacturing index (global) changed from 0.31 to -0.08 and for
Innovation opportunities in Customer/Operating Processes Indian operations changed from 1.29 to 2.82
reduce our environment footprint.
Resources used: Reduction in CO2 emission (4.48 to 4.13 million MT)
Trona 46,05,233 MT ( ) Reduction in fresh water withdrawal (27,728 to 26,143 Megalitres)
Solar Salt 24,02,580 MT ( ) Refer page 50-58
Sustainable use of resources Positive outcome
Limestone 18,88,378 MT ( ) to view the detailed value chain for each business
Negative outcome
Neutral outcome
*Higher than our 2% commitment
( ) Increase (over past financial year)
( ) Decrease (over past financial year)
10 11
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Strategy to Unlock Potential 60-146 147-300
and Deliver Value Sustainably

Strategy to Unlock Potential and Deliver Strategic

objective 1 Excel
Value Sustainably
Maintain leadership and cost competitiveness in Basic Chemistry Products

Enabler Priorities for Risks associated

We have a robust strategic framework that enables business transformation along the vectors of Expand capacities FY 2021-22 Slow demand recovery
sustainability and good health. They help us respond effectively to the changes in operating environment Excellence in cost Maximise Rising input cost
and needs and expectations of our stakeholders to ensure sustained value creation for all. management production and (Energy & Material)
and operational sales
efficiency Efficient cash flow KPIs tracked
Progress management Sales:
in FY 2020-21 Expand value- Soda Ash: 3,023 KT
Capacity expansion added portfolio Sodium Bicarbonate:
of Soda Ash, Sodium (Sodium 221 KT
Bicarbonate and Salt Bicarbonate
grades for Animal Salt : 1,581 KT
on track
Nutrition, Pharma
Ongoing cost and Industrial
improvement applications)
programmes
Refer page 03 for more enablers on Basic Chemistry Products

Our strategic framework

Explore & Expand
Strategic Choice Key elements Strategic
objective 2 Specialty Products based on science-led differentiation
Basic Chemistry Products
Leadership & Competitiveness Enabler Progress in Priorities for Risks KPIs
FY 2020-21 FY 2021-22 associated tracked

Excel Specialty Products

Performance
Materials
Differentiated
portfolio of
Increased capacity
utilisation at Cuddalore
Expanding
customer base for
Long gestation
period of HDS
3 Customer
approvals in
On core competencies Specialty plant HDS among tyre progress
Performance Materials
Silica based Successful trials of HDS Maximise capacity manufacturers Capacity utilisation:
Expand adjacencies on patented (Highly Dispersible Silica); utilisation of the Slow automobile 49%
technology commercialisation to Cuddalore plant demand recovery (Cuddalore plant)
Explore & Expand Nutrition Sciences follow
Adjacencies, new business, business Establish – New Products India’s only FOS Nellore plant operational Enhance global Long product Capacity utilisation:
Nutrition
models, customer segments Technology – Fermentation Sciences manufacturer and running product registration gestation period, 43%
Expertise in Obtained USFDA / acceptance for especially in No. of product/
Agri Sciences fermentation registration for exports FOS pharma plant acceptance
NPD pipeline – Active Ingredients & technology Increase Nellore registrations:
Formulations plant capacity 3 countries
utilisation (Approved)
Market Access
2 (Approval in
process)
Agri Diversified Launched new Crop Care Drive capacity Regulatory No. of new
Sciences portfolio and formulations utilisation of newly changes / formulations
brand loyalty Capacity expansion commissioned restrictions launched:
Functional level focus Wide projects on track plants at Ankleshwar on Active 10 (Crop Care)
Enable • Innovation
distribution
network in India
and Dahej
Launch new
Ingredients (AIs)
High monsoon
4 (Seeds)
Structure, systems, Average capacity
processes, people • Technology R&D capabilities formulations dependency utilisation:
• Sustainability Enhance domestic 83%
distribution

Refer page 03 for more enablers on Performance Materials, Nutrition Sciences and Agri Sciences

12 13
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Strategy to Unlock Potential 60-146 147-300
and Deliver Value Sustainably

Enable
Strategic
objective 3 Focus on Innovation, Digitisation & Sustainability as transformation platforms

Enabler Progress in Priorities for Risks KPIs Enabler Progress in Priorities for Risks KPIs
FY 2020-21 FY 2021-22 associated tracked FY 2020-21 FY 2021-22 associated tracked
Innovation Modern Innovation Developed multiple Commercialise new Product / Cumulative Digital Set up a unified IT Modernise the ERP, Technologies / Digital Maturity
Digital
Centres new products and launches technology patents filed: infrastructure / organisation for adopt cloud-first strategy platforms Assessment
formulations obsolescence 163 platform for better cyber security and step-up security obsolescence Score: 2.68 (on
Scientific Advisory Improve yield for FOS
automation and support Implement Warehouse the scale of 5)
Board (SAB) Strengthened Regulatory No. of
Enhance customer analytics
platform and legal Registrations: Started multiple and Transportation
connect and market
technologies environment 47 Organisation-wide digital initiatives to Management Systems
penetration in HDS
for customised usability of digital enhance efficiency
Long gestation R&D
formulations Develop natural rubber assets and drive analytics
period Investments:
grade Silica Initiated Industrial
` 70 crore
Enhance revenue (including Rallis) Internet of Things
contribution of new (IIoT) systems
products in Crop journey
Nutrition
Enhance presence in Sustainability Corporate Measuring CO2 SBTi action plan for Non- Absolute Scope
Specialty Fertilisers sustainability policy emission based on carbon abatement compliance 1+2 GHG
Science Based SBTi Climate change risk risk Emission (CO2e):
Targets Initiative Initiated unit-wise assessment & adaptation Climate 4,125 kt
(SBTi) commitment CO2 reduction target strategy change (FY 2019-20:
to reducing and execution 4,446 kt) ( )
Develop path to carbon
absolute carbon planning neutrality % Water
footprint Circular Economy: Recycled:
Assessment of Impact 90
UN SDG alignment 100% fly ash and Dependency on (FY 2019-20:
Product consumption Biodiversity 86) ( )
stewardship Consumed ~ 372.52 Human rights gap % Waste
Following CDP, MT of plastic waste assessment and (Limestone)
UNGC and <IR> in FY 2020-21 in mitigation recycled
framework cement kiln
in Indian
Active member of Completed Operations:
ICC, IMA, CII, CIA, sustainability 90.10
ESAPA assessment for India (FY 2019-20:
operations 86.69) ( )
Business &
Biodiversity Policy
Business & Human
Rights Policy

Refer page 34-35 for more details on Innovation, page 36 for Digitalisation and page 46-49 for Sustainability

14 15
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Material Issues Impacting Value 60-146 147-300
Creation

Material Issues Impacting Value Creation Material topics

Highly Critical Areas Medium Critical Areas Low Critical Areas
We analyse various environmental, social and governance issues impacting our businesses, value creation M1 Circular Economy (water & waste) M6 Customer Engagement M10 Spills M14 Logistics
and stakeholders. These help us define strategic priorities, mitigate actions and better understand our M2 Biodiversity M7 Community Engagement M11 Diversity M15 Employee Benefits
effect on the environment and the stakeholders’ impact on our value-creation. M3 Climate Change M8 Product Stewardship M12 Ethics and Governance
M4 Health & Safety M9 Performance Standards for M13 Employee Engagement
Materiality analysis M5 Energy Contractors / Suppliers
We conduct a thorough analysis of the external and internal In FY 2020-21, we conducted product value chain analysis for TCL
environment through a quadrennial materiality exercise involving India and Rallis operations in a phase-wise manner which includes
all internal and external stakeholders. The position of material issues extraction, inbound logistics, production, outbound logistics and Importance of material issues in business context and how we address them
are updated in the materiality matrix basis these findings along with customer. Each part of this value chain was assessed on multiple
Highly Critical Material Aspects
continuous status analysis by the Management Review Committee parameters with the relevant team members. Based on this,
(MRC). A structured roadmap and increased engagement with criticality screening was conducted to understand the degree Material aspects and its context Impact on our value creation Mitigating actions
respective stakeholders helps address critical aspects. (high, medium, low) of economic, environment, social impact and
M1 Inefficient production Emphasis on continuously enhancing
identify actionables to strengthen the value chain.
processes can increase recycling of water and waste
our costs and carbon materials
Identifying Circular Economy footprint, diminishing our
Identifying Evaluating Mapping Soda Ash transported in bulker to
critical and key A valuable economical
material issues current status ambitions competitive advantages reduce plastic packaging
action areas model to maximise
natural materials usage Using plastic waste as fuel in Cement
Study of internal and Engaging with internal Prioritising actionable Prioritising the key areas by recycling them Kiln
external factors cross function team themes for now and into short, medium and during the value chain Watershed management and
Product value chain Evaluating the long-term for 2030 long-term needs as per processes rainwater harvesting
and SWOT (all group strategy plan for SBTi Revamping the internal and external
companies) analysis strategy to align with stakeholders’ relevance
Progressing to net Zero
all geographies M2 Biodiversity loss may Biodiversity policy launched
Carbon emission
lead to irregular water in June 2020 to strengthen
Biodiversity supply, food availability, commitment and link it across the
Approach to finalise material matters Low Critical Areas Medium Critical Areas Highly Critical Areas
Biodiversity reduced natural resources, value chain
and ecosystem temperature rise, etc. which Biodiversity Conservation and
Internal Strategy workshop
preservation directly may impact business Restoration programmes
Team calls / meetings M1
contribute to primary operations and life on earth
to analyse progress of development and
M3
material issues community well-being
M5
M4
External Relevance

M2

Discussion M3 Climate change can directly Committed SBTi to reduce absolute

Prioritising and indirectly impact the carbon emission and progress to Net
M12 M6
M11 M9 Climate Change operations across the value Zero Carbon emission
M7 Rising focus on chain right from operational Completed climate adaptation study
by Leadership team M10
climate change and efficiencies to logistics for Mithapur
M13
M8 Nationally Determined TCE (UK) to commission carbon
Targets and a shift capture plant to become a net
Global trends from disaster recovery zero carbon Sodium Bicarbonate
M14 to climate resilience manufacturer
Local environment
Sector M15
Social
Analysis
Internal Relevance

16 17
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Engaging with Our 60-146 147-300
Stakeholders

Material aspects and its context Impact on our value creation Mitigating actions Engaging with Our Stakeholders
M4 Adverse incidents (loss Continual improvement in responsible
of life, lost days, damage manufacturing and lead indicator tracking
to assets, environment) We ensure an open dialogue with all stakeholders to understand and consider their needs when
Health & Safety Felt leadership and stakeholder engagement to
Our employees face risks of due to safety gaps may promote safety culture
making strategic and operational decisions. This helps us build long-term relationships, deliver
working with hazardous chemicals impact business operations, sustainable performance and create value for all.
Digitalisation and data analytics
at power plants, occupational reputation, relationships and
lead to increase in insurance Safety risk assessment and audit
health & safety (OHS) and Topics Relevant Material Various Platforms/
complacent individual behaviour premium Discussed Issues Forums of Engagement
M5
Inefficient production Constantly transitioning Annual General Meeting (AGM) and other shareholder
processes can increase our to cleaner fuels Shareholder/Investors M3 M4 M12 meets, Periodic email communications and Stock
Energy costs and carbon footprint, Energy audits Growth in share price and dividends, profitability, Exchange intimations, investor/analysts meet/conference
Being energy-intensive, chemical industry diminishing our competitive sustainability practices, climate change risks, robust calls, annual report, quarterly results, media releases,
Energy efficiency governance, financial stability, growth prospects Company/Stock Exchanges website
is impacted by volatility in energy prices advantages
projects across sites
and availability and the growing concern
for the environment (cleaner fuels) Website ECRM, distributor / retailer / direct customer meets,
Customers M1 M2 M3 senior leaders customer meets / visits, customer plant visits,
Addressing Medium Critical Material Aspects Consistent quality and availability, responsiveness to COO club, achievers meet, Key Account Management
M6 systems to track and assess incidents related to product spills, needs, aftersales service, sustainability, responsible M4 M5 M6 workshops, focus group discussion, membership in trade
transport accidents and product and packaging quality. This guidelines, climate change disclosures, responsible bodies, complaints management, helpdesk, conferences,
Customer Engagement manufacturing, life cycle assessment joint business development plans, information on packaging,
prevents serious incidents and protects our reputation. M7
We constantly engage with customers to meet their needs of customer surveys, Net Promoter Score
value-added products and responsive services. This ensures high M11

customer satisfaction and retention. Diversity

M7 We undertake programmes such as Tata LEAD and Tata Suppliers/Partners M4 M8 M9
Supplier prequalification/vetting, communication
Affirmative Action alongside employment, entrepreneurship and meets, supplier plant visits, partnership meetings, MoU
Community Engagement Quality, timely delivery and payments, sustainability
agreements, trade association meets/seminars, professional
We undertake social initiatives globally to drive socio-economic education initiatives to drive diversity across race, sex and age. performance, safety checks, compliances, ethical M12 M14 networks, Bhagidhari Sabha, contract management/review,
development, protecting the environment and biodiversity and Presence of diverse perspectives is enabling problem-solving behaviour, ISO and OHSAS standards, collaboration
product workshops/on site presentations, framework
and innovation across the organisation, positioning us to grow opportunities, digitalisation opportunities
towards supporting the community during emergencies. This agreements, satisfaction surveys, Pro Care helpdesk
ensures business and societal growth and adherence to regulatory global operations.
requirements, thereby enhancing our reputation among M12
global investors.
Government M1 M2 M3
Advocacy meetings with local/state/national government
Ethics and Governance and ministries, seminars, media releases, conferences,
Climate change roadmap, sustainability frameworks,
M8 membership in local enterprise partnership, industry body
As a Tata Group company, we have high standards of ethical policy advocacy, plastic waste management, M7 M10 M11 memberships (ICC, IMA, CII, CIA, ESAPA)
Product Stewardship practices. We ensure integrity and ethical practices across all our developing of framework beyond compliance and
We, along with our supply chain, are undertaking initiatives to dealings as well as those involving our supply chain partners responsible care (RC), timely contribution to exchequer/
M12
make our operations safer and more sustainable across the value local infrastructure, proactive engagement, skill and
who are required to follow practices on human rights, anti-
chain (manufacturing, storage, transport, consumption, disposal capacity building, sustainable livelihood, clean and
bribery and anti-corruption. We are constantly improving our
and recycling). This enhances our competitiveness and enables us safe environment
governance framework and policies by benchmarking to best
to meet the growing expectations for sustainable products from practices and creating awareness of the Tata Code of Conduct.
regulators and customers.
M13
Employees M4 M9
Senior leaders’ communication/talk /forum, town hall
M9 briefing, goal setting and performance appraisal meetings/
Responsible Care, innovation, operational efficiencies,
Employee Engagement review, exit interviews, arbitration/union meetings,
Performance Standards for Contractors / Suppliers improvement areas, employee engagements / M13 M15
wellness initiatives, focus on workplace safety, employee
Our people focus on nurturing their passion and commitment benefits, long-term strategy plans, training, awareness,
We have robust processes (conducting audits and sustainability engagement survey, email updates, intranet, flat screens,
through multiple wellness, learning and development, responsible marketing, brand communication, health
assessments) to onboard contractors, suppliers and partners websites, poster campaigns, house magazines, confluence,
engagement, building team management skills, reward and and safety
having appropriate skills and following robust practices. Further, we circulars, quarterly publication, intranet, newsletters
support them in building robust systems. This enables us to execute recognition initiatives. We encourage cross-geography and cross-
operations efficiently and ensures win-win relationships. functional deputations to rejuvenate enthusiasm. These initiatives
make us a great place to work with high level of employee M1 M2 M3
M10
engagement and satisfaction index, resulting in higher work Community/Society Community meetings/visits, local authority and town
council/committee meetings, location head’s meet, SWOT
Spills productivity to achieve desired goals together. Responsible Care, waste management issues, self-
M4 M7 M8 council meets, community projects, partnership working
We follow global best practices for product handling, storage, sustainability, integrated water management plans,
with local charities, volunteerism, seminars/ conferences
transportation and distribution. We also encourage and train our Roadmaps for Cleanwater Initiative Community
Development agreement, Livelihood support, M10 M12
distribution value chain to adopt similar practices. We have put
Disaster relief

18 19
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Risk Management 60-146 147-300

Risk Management Highlights of Enterprise Risk Management

for FY 2020-21
Safety, sustainability, climate change, operational continuity,
cash preservation, securing cash flow, cost improvement and
Over a year ago, in March 2020, the WHO (World Health wastage reduction, digital infrastructure, cyber security, evolving
Organisation) declared Covid-19 a global pandemic. The regulations, legal issues, contracts etc.

The risk-related information outlined in this section is not unprecedented Covid-19 crisis stress-tested our Risk Management Deployment of best global practices on risk management post
exhaustive and is for information purposes only. This section framework. The Company developed a resilient and adaptive Risk benchmarking with global companies
lists forward-looking statements that may involve risks and Management strategy. Key highlights of ERM are as follows:
An ingrained process of learning while managing the
uncertainties. Our actual results including business’ operational The Risk Management team, in close co-ordination with the unprecedented scenario supported the identification of risks
performance could differ materially on account of risks and Strategy team, developed an online “MRC Covid-19 model”, and barriers
uncertainties not currently envisaged or by risks that we which would be updated in real-time, capturing pain points,
currently believe are not material. Readers are also advised to concerns, short-term action plans, progress on those plans, Stress-testing and market intelligence of key commercial
exercise their own judgement in assessing the risks associated process prone to fraud
evolving norms/situations etc.
with the Company.
Reviews would be held frequently with the leadership team / Control awareness sessions on Internal Controls Framework,
business leaders on critical aspects related to safety, operations, Anti-Fraud and Cyber Security

Risk mapping sustainability, evolving government regulations, working capital Organising and celebrating Risk Awareness Week across
management, cyber-incidents, HR initiatives and more. India and global subsidiaries, a first in the history of Tata
Approach to Risk We recalibrated our Risk Registers with continuous inputs Chemicals to enhance risk understanding and promote Risk
4 Management culture all across
Management from operation teams, business leaders and Risk Management
1
Over a number of years, the Company Committee members prioritising on following aspects i.e.
6
has matured its Risk Management
framework which identifies, prioritises,
manages, monitor and reports both, the
key risks as well as the emerging risks
- that can impact achievement of the Information regarding the Company's key risks and their mitigation strategies are as follows:
2 organisation objectives. The Company's
Impact

7 Risk Management framework is

8 Sustainability Risks
founded on sound organisation design
3
principles and is enabled by effective
Mitigation
review mechanism.
Climate adaptation study done for Mithapur
Our integrated ERM framework Signed SBTi and taken absolute carbon emission reduction target
implemented across the organisation 1. Sustainability Risks
Emphasis on Biodiversity, Climate Change and Circular Economy
is developed based on the COSO and Failure to respond to sustainability
Dedicated investment to appropriately balance environmental targets and
5 ISO 31000 standards and then suitably and climate change related risks
long-term, sustainable business growth
customised to address our unique
business requirements. Regular monitoring of sustainability risks against business unit sustainability
targets
Linkage to Capital Board Level quarterly review of Sustainability Roadmap and Environmental
Low Medium High Natural Capital Compliance Status
Probability Social and Relationship Capital The Company is a signatory to Responsible Care as well as CORE which guides
the Company
1. Sustainability Risk
Committed to EPR compliance on plastic waste as per EPR action plan
2. Digitalisation Risk
Engaging with regulatory authorities, assisting the community on various
3. Product Portfolio Risk
Covid-related initiatives including funding support to government,
4. Cyber Risk
manufacture and distribution of hand sanitisers and Sodium Hypochlorite,
5. Capital Allocation Risk
production and distribution of masks, earmarking isolation ward at Mithapur
6. Debt & Unfunded Pension Risk
7. Regulatory Risk
with around 100 beds
8. Safety Risk

20 21
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Risk Management 60-146 147-300

Strategic Risks Operational Risks

Mitigation
IT strategy and IT roadmap has been created with clear timelines Mitigation
Architecture board setup to drive cohesive enterprise level IT/Digital Best-in-class cyber-security managed services. Under this programme, we will have
4. Cyber Risk
2. Digitalisation Risks decision-making and solution design 24x7 monitoring of security logs of IT assets and highlighting of key risks
Loss of data & compromised
Failure to embrace digitalisation IT team has been restructured to achieve harmonisation and standardisation in terms We conduct regular third party VAPT assessments to check for vulnerabilities
of global digital landscape operations resulting from Cyber
as a key lever of Business Growth
attacks IT policies have been updated based on ISO & ITIL standards
Various digital initiatives are undertaken to improve operations, serve the customers in
a better way & collaborate with suppliers, transporters, external business partners Cyber security awareness sessions for employees
Linkage to Capital
All projects and initiatives are reviewed in different forums like weekly, monthly,
Linkage to Capital Cyber insurance policy at corporate level
Intellectual Capital
quarterly governance reviews to ensure that timelines are met Manufactured Capital
Cyber security risks are periodically reviewed by the Risk Management Committee of
Annual assessment is done to assess the digital maturity level of the Company and the Board
actions are taken to improve the score

Mitigation
Soda Ash & Silica
Introduction of new variants and brands with differentiated offerings
3. Product Portfolio Risk Identification and introduction of new value-added products as downstream of
Failure to develop a portfolio of existing product lines
high value products thus eroding Identification and introduction of new high value products to substitute imports and
for targeting export markets
competitive position
Salt, Sodium Bicarbonate & Prebiotics
Creation of a common customer-facing team across all product categories in
Nutrition across food, pharma and feed customer segments
Development of new value-added products through application development and
Linkage to Capital formulations
Manufactured Capital, Expanding current product with new ingredients
Intellectual Capital Entry into new segments for growth in inorganic chemistry and extraction /
fermentation technology platforms
Enhancing scientific capabilities in areas of growth and supporting customers with
scientific data and claims
Financial Risks
Crop Care and Seeds
Enrich portfolio with new off-patent active ingredients
Mitigation
Optimising product registration cycle time by fast tracking pilot plant level scale-up Continuous monitoring of cash flows with focus on the safety & liquidity of the
Adopting emerging technologies in breeding for optimal cycle time and outcomes investments
5. Capital Allocation Risk
Appropriate resourcing for tapping contract manufacturing opportunities by Rigorous capital investment programme, focussing adding economic value and
Failure to utilise capital efficiently and
leveraging chemistry strength improving ROCE
cost effectively due to indisciplined
Innovation To evaluate and refinance the applicable loan facilities proactively by proactive
capital allocation leading to
Ensuring high quality innovation pipeline that fuels growth for new & existing unfavourable returns to stakeholders use of debt and capital markets towards reducing refinance risks and to support a
business on continuous basis healthy cash flow
Ensure progress on the R&D long-term plan Linkage to Capital Preserving cash through host of new initiatives including further focus and
Encourage synergies between all the R&D streams, including external Collaborations Financial Capital balanced efforts towards containment of fixed cost across plant and non-plant
with Leading Indian and Global R&D Centres
activities, working capital
Ensure R&D focus balancing between Business-led Science differentiation and Next
Generation projects
Build Centre of Excellence to cater the computational and analytical requirements of
R&D centres and enhance their effectiveness
Shorten registration time for Agro Chemicals and improve the robustness of traits
development in Hybrid Seeds

22 23
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Risk Management 60-146 147-300

Financial Risks Reputational Risks

Mitigation
Mitigation Safety risk mitigation plans are regularly reviewed by the Risk Management Committee of
Managing Debt the Board
6. Debt & Unfunded Maintenance of up to date medium-term financial forecasts, to ensure early
Pension Risk 8. Safety Risk Achieve Zero Harm by following world-class standards of SHE management systems,
intervention and remediation of any covenant compliance risk responsible care initiatives, good maintenance practices, enhancement strategies for the
Managing debt and unfunded Failure to ensure containment of
Regular review of the Company debt profile and plans to manage it effectively environment and prevention of pollution
pension liabilities of overseas safety hazards
subsidiaries Unfunded pension liabilities On-site and Off-site emergency plans are in place in case of failure to localise containment
The pension schemes are closed to new hires (in the US) and further accruals (in the UK) E mployee Safety (Behaviour issues), of hazards
Linkage to Capital Utilising hedging and investment strategies, as appropriate, to manage economic
Workplace Safety (Fire Safety, Member of Nicer Globe initiative for addressing transportation-related hazards
Financial Capital Asset Integrity), Process Safety &
risks including inflation Various safety improvement initiatives covering Behavioural Safety, Structural Safety,
Product Safety Hazard Chemicals
Long-term Asset Management Plan (LAMP), Mine Safety and Process Safety & Risk
–Transportation
Management (PSRM), Management of hazardous chemicals, workplace environment
improvement, preventive maintenance, aspects are continuously evaluated
for effectiveness
Hazards identified using techniques such as Job Safety Analysis (JSA), Hazard and
Linkage to Capital
Operability Study (HAZOP), Hazard Identification and Risk Analysis (HIRA), What-if-Analysis,
Human Capital
Failure Mode Effect Analysis, etc. and addressed by following hierarchy of risk control.
E-enabled portal ‘WSO’ is implemented across the operations to capture near-misses and
unsafe conditions
Migrated to ISO tankers with the GPS system for transporting bromine; for product safety
and transportation of hazardous chemicals
Support to customers by conducting safety audits in their premises (chlorine handling)
Provision of safety kits and awareness sessions for farmers through the "You are Safe"
initiative focussed on the safe use of the products
Regulatory and Compliance Risks
In relation to Covid-19 situation, various actions including following are undertaken to
Mitigation ensure safe operations:
Ongoing dialogue, liaison meetings and conversations with regulatory authorities Relevant SOPs with do’s and don’ts ensuring safety of employees and continuity of
7. Government & and the Indian public affairs, attendance at seminars, memberships with Government operations have been prepared, dedicated 24/7 helpline number to address medical
Regulatory Risk and Industry Bodies related queries

Government policy changes which In relation to current Covid-19 situation, Plants working with minimal workforce
could impact the Company’s active monitoring and adhering to various Close monitoring on Government regulations
operations at large regulatory authorities’ guidelines is ensured; and ensuring its adherence
notifications are monitored for All non-site offices are closed. Employees
future adherence are working from home

Linkage to Capital
Social and Relationship Capital,
Manufacturing Capital, Intellectual
Capital and Natural Capital

24 25
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Managing Finances Prudently 60-146 147-300

Strategic performance

Financial Capital

Managing Finances Prudently Revenues (` in Cr.) EBITDA and EBITDA margin PAT and PAT margin*

10,337 10,357 10,200 1,949 1,163

1,780
Our goal is to maximise value for our shareholders and ensure long-term business sustainability with 1,028
optimal capital allocation strategy. Our business and balance sheet position, defined by strong cash flows 1,501
and manageable debt levels, protect our financial capital and support our growth. 19%
11% 10%
17%
SDGs impacted Financial Capital management 15% 436
FCF generation is essential to fund our growth operations (existing
4%
and newly seeded ventures) and pay dividends to shareholders.
We have a robust internal strategic planning process, for maximising
financial returns and FCF. Surplus funds are held in a basket of FY 2018-19 FY 2019-20 FY 2020-21 FY 2018-19 FY 2019-20 FY 2020-21 FY 2018-19 FY 2019-20 FY 2020-21
investments, including highly rated fixed deposits for immediate
Financial Capital access to cash and in businesses that deliver maximum returns on
EBITDA (` in Cr.) EBITDA margin (%) PAT (` in Cr.) PAT margin (%)
priorities invested capital. Our investment plan is aligned to strategy and *Continuing operations only
Ensure higher free cash market conditions.
flows (FCF) to fund
growth, reduce debt and Cash from operations (` in Cr.) Net debt: equity Net debt: EBITDA
pay dividends
2,037 0.29 2.6
Strategic focus
Financial Capital 1,780 0.26 2.1
We are witnessing a recovery in the chemical sector and 1,581
goals
customer demand. Plant operations are near to, or have
To maximise
even surpassed, pre-Covid levels.
shareholders value
0.13 1.1
Invest in high margin and We aim to grow our business verticals with a sustained
high value products and focus on improving cash returns through efficiency and productivity and strengthening balance
business sheet through minimising financial leverage. Our robust financial planning process enables right
Maintain optimum balance between cash conservation and business investments leading to optimal debt reduction.
level of liquidity with Existing loans are being retired or refinanced to maintain a flexible capital structure.
sustainable growth FY 2018-19 FY 2019-20 FY 2020-21 FY 2018-19 FY 2019-20 FY 2020-21 FY 2018-19 FY 2019-20 FY 2020-21

Operating working capital (` in Cr.) Earnings Per Share* (`) Market capitalisation (` in Cr.)

Focus on growth opportunities 1,818 37 19,153

1,703
We are undertaking expansion at the Mithapur 32
plant, towards de-bottlenecking and brownfield 1,401 15,000

expansion of Salt, Soda Ash and Sodium

Bicarbonate. Increase in Salt production will
support our agreement with Tata Consumer
Respective businesses responsible Products Limited. We are on track with UK’s 5,695
for their own cash flow largest carbon capture and usage plant (CCU),
10

We make each business unit responsible for along with a new power plant for the UK
generating cash to fund its own operations. Salt operation. This will significantly reduce
This ensures each BU takes optimal steps to TCE’s carbon footprint and enhance its export FY 2018-19 FY 2019-20 FY 2020-21 FY 2018-19 FY 2019-20 FY 2020-21 FY 2018-19 FY 2019-20 FY 2020-21
reduce expenses and enhance efficiency. competitiveness. Operating Working Capital = Inventories plus *Continuing operations Market Capitalisation Based on Closing Price as
Receivables minus Payables on March 31

26 27
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Focussing on Operational 60-146 147-300
Excellence and Quality
Leadership

Manufactured Capital

Focussing on Operational Excellence

Revenue EBITDA
and Quality Leadership
We continually invest in best-in-class technologies across our plants to ensure optimum operational and
America ` 2,878 crore ` 351 crore
supply chain efficiency, quality excellence and highest health and environmental safety standards. This is Manufacturing facilities: No. of depots: 17
strengthening our reputation as reliable supplier and enhancing cash generation. Green River Basin, Wyoming, USA No. of distributors: 8
Customer satisfaction index: 95%
Markets:
SDGs impacted Americas, South East Asia, Oceania / Australasia

Operational subsidiary:
Revenue EBITDA Tata Chemicals North America Inc. (TCNA) - Amongst the world's leading

Asia
producers of high-quality natural Soda Ash
` 5,423 crore ` 936 crore
Manufacturing Manufacturing facilities: Basic Chemistry Products
priorities TCL India Revenue EBITDA
Mithapur - Gujarat, Cuddalore - Tamil Nadu,
TCL
Continuing enhancement
of Process Safety and
Nellore - Andhra Pradesh, Ankleshwar - Gujarat, Dahej
- Gujarat, Lote - Maharashtra, Akola - Maharashtra, Seed
No. of depots: 17
No. of distributors: 50
No. of customers: 765+
Europe ` 1,409 crore ` 138 crore
Risk Management processing plants Telangana and Chhattisgarh Customer satisfaction index: 86%
recommendations Manufacturing facilities: No. of depots: 11
Achieve operational Specialty Products Winnington - UK, Lostock - UK, Middlewich - UK No. of distributors: 269
excellence through cost TCL India (Performance Materials) No. of customers: 700+
optimisation and throughput No. of distributors: 11 Markets: Customer satisfaction index: 89%
increase initiatives supported No. of customers: 80+ Europe and the UK (Sodium Bicarbonate marketed globally)
by Project ACE (Agile,
Competitive, Excellence) Customer satisfaction index: 88%
Digitisation/IIoT of plant Operational subsidiary:
TCL India (Nutrition Sciences)
operations No. of depots: 4 Tata Chemicals Europe (TCE) – Amongst Europe's leading producers of Sodium
Fast tracking project ‘Pragati’ No. of distributors: 15+ Bicarbonate, Salt, Soda Ash
focussed on capacity
expansion
No. of customers: 250+
Head Office: Customer satisfaction index: 79%
Saltwork augmentation
projects Mumbai
Rallis India (Agri Sciences)
TCNA
No. of depots:
Innovation Centre: Crop Care - 28, Seeds - 19 Revenue EBITDA
Africa
Maximise operations to meet
TCL Innovation Centre, Pune
` 413 crore ` 62 crore
encouraging demand revival No. of distributors:
Rallis Innovation Chemistry Hub (RICH), Crop Care - 3,879,
TCE
Bengaluru, Karnataka Seeds - 2,881
Continue to reduce carbon
footprint of operations Number of contacts with Manufacturing facilities: No. of depots: 4
Agri-Biotech R&D Facility (Seeds), Bengaluru, Karnataka
farmers - 26 million Magadi-Kenya, Jorf Lasfar- Morocco (JV), North Africa No. of distributors: 5
Goals Markets: Customer Satisfaction No. of customers: 300+
Net Promoter Score - 60 Markets: Customer satisfaction index: 79%
Run safe and sustainable India, South East Asia, Middle East, Africa,
operations profitably Africa, Middle East, Indian sub continent, South East Asia
EU and the Americas
Optimum utilisation of all
assets and plants Operational subsidiary:
Cost efficient manufacturing
Tata Chemicals Magadi Limited (TCML) – Africa's largest Soda Ash manufacturers and among
Kenya's top three exporters
Tata Chemicals South Africa (Pty) Limited (TCSA) – Operates a bulk handling terminal in Durban
serving the South and central African Soda Ash markets and also handling third party cargo

28 29
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Focussing on Operational 60-146 147-300
Excellence and Quality
Leadership

Operational excellence initiatives in FY 2020-21

Basic Chemistry Products

Focussed cost and Cost improvement ideas Carbon capture and usage Improvement of train Ongoing Capex projects
productivity programmes arising out of a programme plant at combined heat safety and operations by Basic Chemistry Products Specialty Products
resulted in substantial facilitated by external and power (CHP) plant commissioning the Trains
India Agri Sciences
savings in both Capex and consultant yielding which will reduce carbon Management System
New CoGen Plant India
Opex continuous savings emissions by 10% or (Magadi)
N
 ew Vacuum Evaporated Salt Plant and associated supply New formulation unit at Dahej (CZ)
Supply chain efficiency 40,000 tonnes (expected
completion Q1 FY 2021-22) chain investments Multi Purpose Plant at Dahej
and increased customer
service levels by stepping (UK) Expansion of Sodium Bicarbonate capacity
up usage of container rake New boiler plant at British
USA
movement Salt Limited with lower
Projects underway to reduce environmental load, increase
Continuing lean six sigma energy consumption and
safety and increase automation and digitisation
and other continuous carbon emissions (UK)
improvement programmes UK
Modernised Caustic plant Carbon Capture and Usage project in final stages
to yield increased volumes New high efficiency boiler at Salt Plant
and efficiencies (Mithapur)
Power plant and Soda
Ash (Carbonating Towers)
Industrial Internet of Things
(IIoT) projects implemented Way forward
(Mithapur)

Specialty Products

Basic Chemistry Products Specialty Products Nutrition Sciences

Increase salt and brine production for increased feedstock to Performance Materials Complete ongoing
support growth (India) Enhance operational projects around operation
Performance Materials Nutrition Sciences Agri Sciences efficiency and excellence, process
Undertake digitisation and automation projects for efficiency,
quality and cost benefits (India) environmental performance automation and energy
Ongoing plant upgrades to Successfully commercialised Nellore plant alongside Deployed technologies across manufacturing,
with further upgradation of reduction
increase plant efficiencies undertaking optimisation projects focussed on: R&D, human resources, supply chain and sales & Increase the use of IIoT, AI, data analytics and technology to
distribution functions to drive automation and improve manufacturing practices and business processes (India) plant and technology Undertake initiatives
and reliability at Silica plant, Automation: Leading to better safety, efficient
Cuddalore efficiency to further agenda of
operations and enhanced hygiene Further increase plant reliability and OEE at TCNA
Diversified vendor base and explored efficient and responsible
Operation excellence: Projects undertaken Expand recovery of Soda Ash from waste streams (TCNA) manufacturing
opportunities for backward integration to
enabled increase in plant throughput, while Invest further in new technologies to move towards lowering
secure raw material supplies
improving quality and hygiene requirements environmental footprint and increasing circularity (TCE)
Exploring new Seeds production locations,
Energy optimisation: Increased solar power Reconfigure supply chain network at TCML, Kenya
automation possibilities and engaging with
generation capacity by 65% and reduced growers for information / solutions to maximise
maximum grid power demand by 20% Seed yields
30 31
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Focussing on Operational 60-146 147-300
Excellence and Quality
Leadership

Meeting the needs of

customer with white Silica Improvement
Agri Sciences IIoT application in equipment
Silicone rubber companies demand Plans underway to expand product portfolio predictability and
IIoT application is being implemented in carbonation towers
pure white products due to application productivity
demand. TCL team collaborated with Continue with digital interventions for better access to production and boilers. This comprises creating digital twin of the
a potential customer. With sustained information, upgrading MIS and reporting process using AI/ML techniques.
efforts, a new grade of Silica – TAVERSIL dashboards, digitising Seeds production Benefit: Prescriptive analytics and generation of online
management and supply
120F – was introduced. Having optimal
chain forecasting
advisories to run the operations more efficiently Digital Real-time
granulometry and being much whiter
than existing products, it meets the
Enterprise visibility of KPIs
Develop upcoming Dahej
need of the industry. We have placed manufacturing plant at Gujarat
it as a premium grade product. We as a Digital Smart Factory
continue to further improve the product Predictive analytics Reduction
alongside approaching similar Silicone Benefit: Better equipment health by reducing unplanned in costs and
compound manufacturers for horizontal downtime and enabling a shift to predictive maintenance environmental
business growth. footprint

Status:
Automation of all major critical operations in Soda Ash and Salt
Satellite image analytics
manufacturing and power plant operations is either completed or
Benefit: Improving predictability and efficiency of solar Salt
Digitalising manufacturing at Mithapur plant under different stages of implementation.
operations

The Mithapur plant has embarked on a journey

to become a world-class, smart factory. It is
implementing the Digital Enterprise – the Delivering industrial scale carbon capture and utilisation
connected plant concept – in collaboration with a
Tata Chemicals Europe is nearing completion of its Industrial Scale Carbon Capture
globally reputed organisation. With this, systems,
and Utilisation (CCU) Plant. Already having one of the most efficient CHP plants in the
processes and functions are being connected
UK, the CCU plant will significantly reduce carbon footprint of its Northwich unit. It
using ‘data’ as an enabler by employing world-
will be first industrial CCU plant in UK capturing and utilising CO2, a key raw material to
class technologies such as Analytics, IIoT, AI/ML
produce Sodium Bicarbonate
algorithms, etc.

On completion, TCE will be making a net zero carbon footprint Sodium Bicarbonate
The system integrates data from multiple
and Sodium Carbonate products.
applications (distributed control / production
systems / ERP / supply chain management /
Plant highlights
customer relationship management systems)
into integrated analytics dashboards for real-
time monitoring of plant operations, supply
First industrial scale CCU 40,000 tonnes
CO2 capture and production capacity
chain optimisation and inventory control. in the UK
capturing and purifying CO2 from CHP
emissions for using it as a key raw material in
manufacturing high purity Sodium Bicarbonate

1,20,000 tonnes 99.99%

annual production of over 1,20,000 pure CO2 meeting EIG (European
tonnes of high purity Sodium Industrial Gases) standards
Bicarbonate

32 33
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Building Competitive Edge 60-146 147-300
with Innovation

Agri Sciences
Intellectual Capital Innovation Centre – Bengaluru RICH (Crop Care)
Key developments in FY 2020-21 Way forward
Building Competitive Edge with Innovation Gap analysis exercise to strengthen innovation funnel
Strengthen platform technologies for customised water soluble
Strengthening pipelines for Formulations, Reverse Engineering and
Contract Manufacturing
fertiliser (WSF) formulations for foliar and fertigation applications New herbicide formulations with differentiated weed control and
Our innovation leadership stems from rich eight decades of science knowledge. Our expert team of scientists devoid of phytotoxicity
Launches
are continually undertaking research and collaborating with global institutions and academia to develop better New Product concepts for Crop Nutrition and biopesticides
Kriman: A fungicide combination formulation for Chilli and Tomato
products for delivering value to customers and focussing on Next Gen cutting-edge technologies. These innovations Flow chemistry capability
Eevee: An Insecticide and fungicide combination formulation for
are ensuring our business are science-differentiated and sustainable in the long run. Rice and Tomato Enhance revenue contribution of new products in Crop Nutrition
Water Soluble Fertilisers: Aquafert Foliar – Vegetables & Aquafert business to 20%+
Fertigation – Grapes Enhance presence across all segments of Specialty Fertilisers,
Micronutrients: Boron ethanolamine (Flowbor) especially WSF
Plant Growth Regulator: GroSmart Collaborations and alliances to build differentiated products
[Gibberellic acid 0.001%] Innovative approaches to formulation by leveraging internal
capabilities

Agri Sciences
Innovation Centre – Bengaluru (Seeds)
Key developments in FY 2020-21 Way forward
SDGs impacted Our R&D centres and their progress GMS marker development and deployment in Cotton & Chilli RGA technologies across crops
TCL Innovation Centre (IC) – Pune Artificial blast nursery for pearl millet Building capabilities for ML tools by leveraging the CoE for data
Innovative Field Rapid Generation Advancement (RGA) in Rice analytics and ML
Key developments in FY 2020-21 Way forward
In Planta GOT using markers-innovation Initiate product-driven projects and develop microbial Crop
Basic Chemistry Products Basic Chemistry Products
Care solution
Development of iron premix Development of new Salt category Launches
technology for double fortified Salt (i.e. pharmaceutical grade Salt) for MM9344 in maize full maturity segment
consumer and industry needs MP7111 in pearl millet early maturity segment
Specialty Products
Performance Materials Commercialise iron premix technology MP7366 pearl millet hybrid got notified by ICAR and has high
Delivering peace of Qualification of HDS with leading tyre
levels of Zn & Fe
Specialty Products
mind to farmers manufacturers Performance Materials
Development of new grade of Silica Continuing application support of
In FY 2020-21, RICH launched for oral care and elastomeric garment current HDS grade Silica for better
two new products for application customer connect and market
Crop Protection that have New Initiative at the
Nutrition Sciences
penetration Cotton: GMS Forward
gained popularity among Innovation Centre
farmers. Kriman, a fungicidal
Development of synergistically acting Development of Specialty Silica
163 Capability building in synthetic biology
breeding (FB) strategies
and methods
symbiotics for immunity (human clinical Nutrition Sciences Cumulative patents filed
combination formulation for – simulation, gene synthesis and
trial done); long-chain oligofructose; Improve yield and reduce the variable
effective disease and resistance and enzyme encapsulation technology cost for FOS overexpression for enzymes Developed for rapid line
management in grape and with better thermo-stability to enhance development. FB method successfully
Developing technical capabilities Established applied computational biology
tomato crops and provided feed shelf life validated in F2 and F3 breeding
in spray drying, protein and Centre of Excellence (CoE) to leverage the
yields improvement of about
10% in both the crops. Eevee,
Development of cosmetic application enzyme extraction, purification and 47 data analytics across the R&D centres to cycles using ~9,000 segregants from
multiple pedigree crosses (close
of FOS for healthy skin characterisation Plant Variety Protection (PVP) in the expedite R&D process
a combination insecticide and to 100% selection accuracy was
Development of natural extracts with process of registration under PPV & FRA Established an IPR (CoE) to leverage the IPR
fungicide formulation, is a first identified). This integrated marker
high bioactives for food and pharma
of its kind product in India for function across business and R&D centres breeding method can reduce ~50%
industry
rice and tomato for both insect of the time for GMS line development
Seeding of synthetic biology, creating Formed Champions of Change teams
pest and disease management. and save huge cost for commercial
a framework and identification of to drive transformation in the areas of
It gave an improved yield of
about 10% in both. potential products 4 happiness at work, collaboration, safety hybrid Seed production through GMS
every year.
Publications in peer-reviewed journals and sustainability

34 35
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Strengthening our People, 60-146 147-300
Assets and Environmental
Safety Practices

Digitalisation Strengthening our People, Assets and

Environmental Safety Practices

The safety of our people at all levels of operations is at the core of our human capital and it is closely
Digital initiatives undertaken in Began exploring the use of advanced analytics
tied to our sustainability and strong operational performance. Guided and governed by the Tata Code of
FY 2020-21 priorities FY 2020-21 through remote-sensing technology for Salt
pans to remotely handle the operations and Conduct, we have best practices and technologies that create a world-class workplace.
Simplifying system and Established IT strategy and roadmap across all
business units and functions predict Salt production
creating synergistic
platforms Set-up a unified IT organisation to deliver Stepped up cyber security for secure
operations SDGs impacted Safety approach, governance and working structure
Standardising and enterprise-wide IT and digital services. Synergy
rationalising applications achieved through the consolidation of ERP
support and cyber-security support
FY 2021-22 digital priorities Zero Harm to People
Setting-up of Smart The ERP system is being modernised, along with Reduces injuries to employees
Factories and Smart Labs Initiated implementation of key digital
programmes – Transportation Management the data and analytics platform. We have adopted
Focussing on solutions System (TMS), Human Resource Management a cloud-first strategy for a scalable and agile IT
around work safety, System (HRMS) and payroll on a new infrastructure. Completion of LIMS, modernisation
health and environment modern platform; Laboratory Information of HRMS and payroll platforms and system
(SHE) enhancements for SHE will remain priority. IIoT Safety Priorities and Zero Harm to Assets
Management System (LIMS); and system
and advanced analytics will be leveraged across Goals Ensures assets reliability and longevity
Establishing a connected enhancement for work SHE
workforce and manufacturing units to improve operational Reinforce safety
Extension of Industrial Internet of Things to productivity. We plan to implement transportation
strengthening cyber leadership for achieving
key areas of Mithapur plant and start of IIoT management and warehouse management to
security Target Zero Harm
adoption at other plants make the supply chain more efficient.
Process automation and Improved asset integrity Zero Harm to Environment
supply chain optimisation programmes for safe Environment-friendly business practices
work environment
Goals Strengthen the safety
Creating a customer- risk assessment, audit Achieved through robust governance
centric, service-oriented, and process safety
digital-first and data- management Board Level Management Level Working Committees &
and insights-driven (Board, SHESC, RMC, AC) (MRC; Global Chemical Line Functions
organisation Focus on lead indicators Council; Risk Management (Joint Safety; Departmental
Providing direction and
Building resilience to tackle Covid-19 Group; Business Council; Safety and Office Safety
Digitalisation of safety guidance to the management
We initiated BRACE (Build Resilient Approach in Response to Covid-19 Epidemic), whereby our IT process and reporting for for addressing safety Site Apex and Steering Committees; all Line function
function played a critical role in overcoming the challenges of the contagion. Secure and productive real-time adherence implications and risks Committees) including individual employees)
work-from-home IT solutions were devised for employees. Our robust IT infrastructure ensured
Reviewing safety performance, Implementation and adherence
seamless and remote operations of key systems and transactions. Market intelligence and sales
risks and their mitigation plans, to safety requirement as per
dashboards were provided to the sales teams to track the impact of the pandemic. Continued
digitalisation will make us still more shock-resistant and also bring in agility in the operations. audit closure and improvement Management and Board
plans and key safety priorities guidance

36 37
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Strengthening our People, 60-146 147-300
Assets and Environmental
Safety Practices

FY 2020-21 occupational health and safety (OHS) initiatives

Initiatives Impact Vulnerability Tracking safety

Progressive Safety Renewed focus on OHS Global implementation assessment through performance with
Index (PSI) performance through 60% baseline for the Indian
Data Analytics Progressive Safety
identified lead indicators Index (PSI) Total Recordable Injury Frequency Rate Loss Time Injury Frequency Rate
operations
We have developed a (No. of TRI / million man-hours worked) (1-day away from work)
Data Analytics Platform We are tracking 11 lead
to gain organisation-wide FY 2020-21 1.46 FY 2020-21 1.08
indicators under 5 PSI
safety insights for tracking elements to determine FY 2019-20 1.69 FY 2019-20 0.95
Focus on Employee Training and focussed 1.55 near-miss reported / various safety lead and lag the safety progress.
FY 2018-19 1.61 FY 2018-19 0.87
Engagement interventions employee with 86% indicators. The platform uses Annual targets are set for
Cross-Functional Teams closure ( ) analytical tools like Natural each element, based on
Number of fatalities: 1
(CFTs) for deploying 221 people trained in Language Processing (NLP) organisational requirement
safety initiatives process safety ( ) for generating word clouds and past performance of
and historic data analysis the locations, focussed on
Joint management-
for forecasting vulnerable achieving 60% as baseline 5 PSI elements and KPIs tracked
workmen committees at
areas and activities to performance. On-track PSI

1.
sites to focus on OHS
avoid incidents. Real-time performance assures the
dashboards communicate management of system
Operational Safety Long-term asset 89.90% - closure of audit results to the management. efficacy; it also helps sustain
(Safety Management management plan action points ( ) The platform also updates all our strategies, initiatives Leadership
System, Asset and structural safety 100% Indian operations data automatically from the Engagement
and processes to control
Integrity, Risk programmes Adherence to personal
undergone BAA WSO portal for employees. safety risks
Assessment, Audit safety action plan by
Internal / external audits,
and Inspection)

2.
inspections, surprise checks senior leadership
and expert engagement
Gap analysis and
Workplace Safety Sustenance
implementation of Way forward
new safety process and Safety risk reduction projects
Sustaining on-going
checklists (benchmarked Adequacy and updation of
safety improvement
with Tata Health & Safety SOPs / HIRA / JSA / checklist /
programmes
Management System & inspection etc.
ISO 45001) Standardisation and
% Closure of audits and inspection
certification of health
Business Assurance Audit
& safety systems

3.
(BAA) for high-risk areas
Enhancing focus Employee Engagement and
Safety Competency
on lead indicators
Digitalisations and Implementation of Successful completion of Number of near-miss and
through PSI
Data analytics safety analytics for pilot for safety wearables unsafe conditions / employee
Strengthening
global operations Audit and training module Number of BSO / employee
of training and
Enhancing scope of and permit to work, certification modules Safety training
WSO (Work Safe Online) change management,

5.
Enhancing the scope Safety Review
for digitalisation of medical modules under
of digitalisation, IoT

4.
safety process design Number of safety risks exceptions
and AI for safety Incident Management
raised and approved
IoT solutions for workers’ management Closure of near-miss and
health & safety Review Number of action taken
unsafe conditions
consequence management
Cycle time for closure of
Improvements through learning
investigation
( ) Increase (over past financial year) from other sites/incident
( ) Decrease (over past financial year)
Repetitive incidents investigation

38 39
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Building a Diverse, Future-Ready 60-146 147-300
Workforce

FY 2020-21 Key Building resilience and focussing on with various academia and premium research
performing indicators well-being institutions to deepen our R&D capabilities. We
human Capital Tremendous efforts of our people with speed are further strengthening the training hours

Building a Diverse, Future-Ready Workforce 7% and agility across various manufacturing sites, recording mechanism with focus on different
employee segments.
(FY 2019-20: 7%) home offices, in the market and in our R&D labs
of women enabled us to respond to the unexpected events
We are infusing our human capital with the best talents across generations, nationalities, cultures, this year. We quickly scaled up to new work
Engaging multi-generational
employees
workforce
ethnicities, skills and capabilities. Alongside, we are re-engineering learning and development and protocols by introducing more flexible and agile
talent management to have a future-ready workforce. This advantage drives our long-term growth and ways of working. We seamlessly transitioned to Our biannual employee survey “X-press" enables
maximises value creation in a transformed business landscape.
220 100% remote working for all our office-based us to constantly listen to our employees and
(FY 2019-20: 228) employees. enhance our people-friendly workplace policies
Number of and other engagement drivers based on the
SDGs impacted Employees in R&D We supported our people and their families insights. Our quarterly rewards and recognition
(Intellectual Capital) through the year with a range of tools to help programmes, Walk & Talks, Town Halls, Leadership
them to focus on their wellbeing like employee Connect, knowledge sharing sessions,
78% assistance programme under ”We Care”, mobile celebrating employee achievements and Fun@
(FY 2019-20: 72%) app “Be Safe” for self-declaration and tracking Work ensure active engagement. Our Internal
Functional training of health etc. TCL has always had a best-in-class job posting SHINE+ platform helps employees
coverage (Unique medical policy that includes medical cover for to move laterally across organisation functions
employees trained) our employees and their dependents, extensive and aids inclusivity. Digitalised campus hiring
Human resource HR focus areas in FY 2020-21 tie-ups with hospitals and doctors in all locations sustained our capacity-building even during the
priorities Building resilience and focussing 2.25 and cashless facilities. pandemic.

Restructuring in line on well-being (FY 2019-20: 2.9)

Future-ready capabilities Digitalising HR operations
with organisational Work from home (WFH) for 100% employees Training days per
transformation to drive (non-manufacturing excluding R&D Team) in We ensured continuous learning to enable our We are migrating in a phased manner to an
employee
operational synergies lockdown people to upskill and reskill for their roles by integrated HRMS solution under the ‘One Tata
New work protocols imparting future-ready contemporary concepts Operating Network’ OTON. It will help drive
Building capacities to 7% through digital learning platforms like edX, employee experience and enhance operational
scale up new business (FY 2019-20: 10%) Global Gyan, Tata Tomorrow University (TTU). efficiency thus embracing the workplace of the
through new hiring future as digitalisation of many processes gets
Voluntary attrition Our leadership development includes specific
and internal capability Engaging multi-generational workforce introduced enabling employees and managers
interventions for women managers, immersive
development 72% ( ; 73%: FY 2019-20): X-prESS employee
programmes on diversity & inclusions, future get the best out of their teams.
Higher investments in
engagement score covering ` 2.2 crore leaders program, capability building for people
digital initiatives and A diverse 2,754 employees (FY 2019-20: managers -‘INVEST’ (Increase Value, Enhance
niche / specialist skills workforce to 600+ appreciations and 300+ monetary
awards to employee through ‘Kudos’ online
` 2.2 crore) Skills for Tomorrow). We have also collaborated
execute platform in TCL India
Revenue per employee
long-term
strategy 7:1 Diversity and inclusion (as on March 31, 2021)
Future-ready capabilities On-roll employees On-roll employees as per gender
1,610 hours of learning as part of Enrich (FY 2019-20: 8:1)
platform Engaged: Female Female
2020-21 2019-20 2020-21 2019-20
185+ certifications from best universities Disengaged
TCL India 1,699 1,820 TCL India 7% 8%
through edX platform employee ratio
TCE 405 407 TCE 11% 12%
We are further strengthening the training TCNA 564 573 TCNA 7% 6%
hours recording mechanism with focus on
different employee segments
11% TCML 221 221 TCML 18% 19%
(FY 2019-20: 8%) TCSA (South Africa) 22 24 TCSA 36% 33%
% Employees TCIPL (Singapore) 4 4 TCIPL 50% 50%
Digitalising HR operations Rallis 1,700 1,610 Rallis 3% 3%
trained under
Migrating to an integrated HRMS (human Ncourage 19 19 Ncourage 16% 16%
Manager/ Leadership
resource management system) solution Total 7% 7%
programmes Total on-roll 4,634 4,678

40 41
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Contributing to a 60-146 147-300
Thriving Society

Our CSR impact - FY 2020-21

Ensuring Enablers for social, economic
social and relationship capital Building environmental and environmental Building

Contributing to a Thriving Society economic capital integrity development social capital

6,878 6,084 5,369 11,011

We actively engage with the communities in our regions of operation to create sustainable social and economic Farmers covered under People covered through Nutrition programme - Hb test Women covered
development. Our integrated approach is underpinned by the Tata ethos and aligned with UN SDGs, making an various programmes environment projects for women and adolescent girls under empowerment
impact in all areas ranging from nutrition to farm excellence and gender equality to livelihood. programmes
53,000+ 1.15 lakh 8,585
Cattle covered under livestock Mangroves planted Nutrition programme - 80,000+
management programmes Malnutrition Screening for children People covered under
Development that enables Sustainability and Community Empowerment 34 (till date 813)
CSR priorities various AA programmes
1,627 Whale Sharks rescued 23,827
Enriching the quality Youth provided skill training Students supported - Online classes,
Goal:
of life by creating 550.45 till date Scholarships, quality of education
sustainable livelihoods 45 (till date 255) Jal Dhan : Total water
Artisans impacted - Cluster harvested capacity 6,012
Building Ensuring Environmental
Maintaining and (million cubic feet litres) Students supported - Learning
Economic Capital Integrity 25,190
conserving environment and Migration Programme (LAMP)
and biodiversity No Poverty Climate Action Artisans impacted - Okhai
Life below water
711
Zero Hunger ` 1,038 lakh Number of families supported
Enabling better health, Life on Land Sales of traditional handicrafts
sanitation, nutrition and with drinking water and toilets
Renewable/Sustainable at Okhai
education
Energy 5,580
` 15.51 lakh People supported with
Building Social Capital Sales of traditional handicrafts drinking water - Swachh Tarang
for long-term progress at Cluster
on all fronts

Building economic capital

Enablers for Social, Economic & Environmental Development Supporting rural women artisans, we
Farm-based livelihoods
Good Health & Wellbeing | Education | Clean Water & Sanitation transformed Okhai into a marketplace in
Enhancing farmer income: Non-farm based livelihoods
We assisted 6,878 farmers in FY 2020-21 FY 2020-21, connecting 25,190 artisans
Creating livelihood opportunities:
with capacity building, field demonstration across India to customers. Okhai also
We run skill development programmes
and livestock management through digital launched its first flagship store in the art
in fashion technology, welder, fitter,
and physical interactions. They were hub of Kala Ghoda, Mumbai. Ncourage
domestic electrician, beauty and wellness,
provided seeds and agri-equipment for Social Enterprise Foundation, through its
etc. to prepare youths for employment or
Cross-cutting Themes: Building Social Capital enhancing farm productivity. Okhamandal brands Spirit of the Tribe and Samuday, is
entrepreneurship. During the pandemic,
Gender Equality | Reduced Inequality | Partnerships for achieving the Farmer Producer Company, in its second actively creating rural livelihood.
our skill training programmes at
goals | Sustainable social enterprise models year, grew its operations and launched a
Mithapur, Dhasai (Rallis Training Centre), TCSRD provided entrepreneurship training
mobile app to directly connect farmers
Community Cuddalore and Mambattu initiated digital to women members of self-help groups
with consumers.
Development & programmes to ensure continuity. We also (SHGs). In Mithapur, it has helped form
Our partner entities
CSR Policy We ran pilot programmes and established support Tata Strive Centre at Aligarh; ITI at six clusters / group enterprises that make
T ata Chemicals Society for Rural Development (TCSRD) models for driving value, safe environment Dwarka and Vaghra; Leslie Swahney Centre products in bandhani (tie and dye), rexine
Okhai Centre for Empowerment (Okhai) and safe food for all with a special focus and Akola Girls ITI. In TCML, 200 local and leather, bead work, jute, block print
Ncourage Social Enterprise Foundation (Ncourage) on small and marginal farmers and farmer youth were trained on basic financial skills and coconut fibre, sold through Okhai and
producer organisations. training and starting small businesses. two retail outlets.

42 43
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Contributing to a 60-146 147-300
Thriving Society

from online classes, scholarships, videos

and WhatsApp groups set for education Bringing back confidence
continuity. Our Learning & Migration and happiness
Ensuring environmental Enablers for social, economic Programme helped 6,012 children by Building social capital Other initiatives
integrity and environmental enhancing their learning capabilities and Rameshbhai was working as a casual
Our inclusion and empowerment We supported the communities labourer. Under the Tata Affirmative
We run biodiversity conservation development strengthening the community school initiatives aid vulnerable sections including during the Covid-19 pandemic (refer Action Programme (TAAP), he completed
programmes relating to coral reef, whale Ensuring health and well-being of management system. women and scheduled castes and to page 05). We also provided relief the Rural Entrepreneurship Development
sharks, mangroves and indigenous flora communities Programme (REDP) along with electrician
tribes. Under the Tata Affirmative Action to disaster-hit people in West Bengal,
and fauna, along with environmental We implemented a ‘Holistic Nutrition’ TCML provided scholarships to 224 training. With renewed confidence and
programme, we are working with tribals Maharashtra, Gujarat and Tamil Nadu.
education initiatives at Mithapur. These are project in Amrawati and Barwani, university and high school students. better skills after the training, he got a
to create Model Tribal Villages. Our social Ample opportunities (through both digital
aided by our partnership with eco-clubs in targeting child health in the first 1,000 TCE provided career information with job as an electrician in the Okhamandal
enterprise Okhai is facilitating sustainable and physical modes) were provided to
local schools. days. Health and nutrition camps were emphasis on STEM (Science, Technology, Nagarpalika (municipality). Today, apart
livelihood for artisans; and Ncourage is employees and their family members to
organised covering about 14,000 women Engineering and Maths) to Y12 students from his monthly job income of ` 8,500,
Our 'Save the Whale Shark' project promoting animal health and nutrition, volunteer for causes.
and children. In Kenya, Magadi Hospital with focus on girl students. TCE also he earns additional income through
included studies of its habitat, migratory rural livelihood and access to safe
helped run school enrichment clubs taking up work as an independent
supported by TCML extended healthcare drinking water. Magadi Soda Foundation
pattern and breeding biology. Under our by providing resource access to entrepreneur. Higher income has
services to local people. In the UK, TCE has launched a participatory strategy
greening programme we have planted improved his family’s standard of living;
raised ~£2,000 through fund-raising disadvantaged students.
1.15 lakh mangroves across various sites development process to set community Rameshbhai now sends his four children
volunteering activities for supporting development priorities. to school. He is now an active advocate
along with conservation of local plant Facilitating safe water and better
St Luke’s Hospice. of the TCSRD programmes, encouraging
biodiversity at Mithapur. sanitation
people from AA communities to join
In Gujarat and Maharashtra, we have Encouraging education Under our Swachh Tarang project, during the programmes.
carried out land development and We run educational programmes across the year, 1,116 households got access
Jal Dhan (water management and locations to ensure zero drop-out and to clean water. Rural sanitation was
conservation) programmes, with a focus improve school lessons. During the improved through our behaviour change
on water recharging, harvesting by check pandemic, 23,000 children benefitted programme, Swachh Bharat Mission
dam and reviving community ponds. Cleanliness Drives and construction of
TCSRD has formed SHGs to operate the toilets and sanitation units.
dry waste processing plant at Mithapur.

Picture credit:
OKHAI

44 45
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Addressing Environmental 60-146 147-300
Challenges for a Sustainable
World

Natural Capital Our sustainability framework

Addressing Environmental Challenges for a

Sustainable World
With sustainability at the core of our strategy, we are strengthening our long-term resilience by undertaking Sustainability strategy Underpinned by our Oversight and E-enablement to digitally track
pioneering initiatives that contribute to a thriving world, communities and enterprise. We have aligned our and policies to guide corporate strategy: ultimate responsibility sustainability KPIs which is
sustainability goals with Responsible Care, CORE and UN SDGs guidelines to ensure maximum impact. areas of intervention, Integrate undertaken by Safety, reviewed on an annual basis
support best practices sustainability across Health, Environment
Our sustainability focus areas and drive encouraging business and Sustainability and
Sustainability business change Risk Management
Maintain robust
priorities systems and
Committees. They
are updated on
Carbon abatement: processes
Growing shared values performance across
Fuel change, renewable Focus on operational
energy & carbon capture all internally defined
Long-term inclusive growth and relationship efficiencies and sustainability-related
Circular economy: Waste with shareholders carbon abatement material issues
management, recycle Enhancing portfolio of value-added, green and patented plans
and reuse products (i.e. Sodium Bicarbonate, Highly Dispersible Silica)
Biodiversity: Accelerated digital adoption and use of data analytics to enhance operational efficiency
Preserve natural Shifting from solvent-based to more sustainable water-based formulations Key sustainability initiatives undertaken in FY 2020-21 Managing waste sustainably
capital, conservation
and restoration of Energy conservation UK
biodiversity Cement kiln is an environment-friendly place
India Founding member of the NetZero to dispose of waste where temperatures of
11,53,371 kWh of total power savings Northwest initiative that focusses on up to 2,000 degrees celsius destroys organic
Promoting low-carbon economy driven by implementation of IIoT, usage advanced use of Hydrogen and CO2 and compounds while enabling safe recycling of
Carbon abatement study to reduce absolute carbon of LED lights and VFD conversion for HRT, Hydrogen storage inorganic compounds into clinker chemistry.
reduction and achieve net zero carbon HCT and slurry feed pump Installed efficient new boilers at the Implementation of co-processing technology
Undertaking IIoT implementation in Middlewich site producing the same makes it even more efficient by facilitating use of
Energy management through energy audits,
other key areas steam output with 15% lower natural gas wastes as alternate fuels, which leads to reduction
improvement in operational efficiency and shift to
consumption in carbon emission. A Plastic feeding double
renewable energy (Mambattu plant added solar Double effect evaporator in MUW3
plant converted to quadruple effect Reduced carbon footprint at Lostock valve with a consumption capacity of 3 tonnes
power capacity)
evaporator resulting into 14,976 MCal/hr site by replacing increased electricity per day (TPD) of shredded plastic manually has
Initiating carbon capture and conversion to usable generation from steam turbine with that been installed in the Mithapur Cement plant
energy saving equivalent to 47,641 TPA
liquid form at TCE to produce carbon neutral CO2 emission reduction from natural gas kiln which is enabling a 0.5 MT reduction in fuel
Sodium Bicarbonate Integrated local counties sustainability
consumption for every 1 MT of plastic processed.
USA
agenda for all future projects (i.e.
Achieved a total power reduction of
renewable energy from hydropower
450 kWh in C and D Boilers’ electrostatic
Minimising environment footprint precipitator (ESP) post implementing
from the local weir, district heating from Sustainability at Rallis
piping at the plant etc.), potentially
SBTi commitment findings of energy study, which indicated
kickstarting the use of renewables Rallis is continuously working to improve its
Conducted climate change risk assessment and waste mapping study potential to lower operating powers and
comply with the boilers’ environmental long-term sustainability. It is implementing
Promoting smart agriculture programmes and processes to improve its
limits in its current Title V permit
Emphasis on continuous improvement in the recycle of water and waste environmental performance. In FY 2020-21,
materials Creating sustainable societies its total absolute emission was 69.26 million
Transitioning to clean fuels and technology and higher use of alternate Extensive tree planation drive across 500 acres tonnes CO2e, fresh water withdrawal was 329.59
materials (i.e. plastic waste for cement) (target of 3 million tree plantation by 2030) megalitres, treated water discharged was 72.13
‘Prakriti’ Mitra-Sakhi Mandals megaliters and energy utilisation from renewable
Continuous performance monitoring with air emissions monitoring systems
(solar) source was 3,464 Mwh.
and pilot concentrator Promoting species conservation and strengthening
Responsible Care and CORE certified operations (India) biodiversity: restoration and conservation of coral
For more information, you can refer to pages
reefs (2,000 m2 area coverage)
34-35 of Rallis' Annual Report 2020-21.

46 47
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Addressing Environmental 60-146 147-300
Challenges for a Sustainable
World

Emission management Initiated building one of UK’s largest,

greenest energy from waste plants on
India the Lostock site (schedule commissioning
Double effect evaporator in MUW3 plant is 2023) to neutralise flue gas emissions from
converted into quadruple effect evaporator Briskarb manufacturing with zero addition Organisational level
resulting into 26,257 TPA Coal saving to Scope 3 emissions Addressing Climate commitment
equivalent to 47,641 TPA CO2 emission Change challenge
reduction Investigating in-house warehousing We have embedded sustainability
solutions (to be initiated in 2022) for large Climate change is a major global
concern and is also a very important in our organisation, strategy making
USA scale reduction of Scope 3 emission relating
Undertook multiple initiatives at C and D material issue for Tata Chemicals. and all decisions we make, including:
to offsite movements of products to
Boilers: external warehouses We are committed to transition to Active involvement of the Board
Voluntarily reduced PM (particulate a low-carbon economy and have Our response and senior leadership
Kenya strengthened this journey through
matter) emission limits from 0.039 lb/ Review and monitoring of
Focussed initiative to reduce dust emission commitment to SBTi and setting of Climate Change Strategy for 2030
MMBtu to 0.030 lb/MMBtu to create a UK sustainability and climate change
at Kajidao by installing chutes and internal carbon reduction target aligned to well We have developed a strategy to achieve the
bank of PM emission offsets for pending Commissioned state-of-the-art boiler dust meter to track dust levels following objectives: initiatives by Safety Health
and future permitting plant at the British Salt plant, having ~94% below 2 degrees.
Commissioned CEMS (Continuous Emission Reducing carbon emissions by 30% Environment & Sustainability
Replaced CEMS for all regulated efficiency resulting in a 8,500 TPA reduction We have conducted a climate change
pollutants in CO2 Monitoring System) project at ESP plant Committee of the Board
risk assessment for our Mithapur plant Becoming water neutral
Exploring the elimination of coal by Commissioned Carbon Capture and The Automatic Weather Station (AWS) and its neighbourhood along with and Board guidance and support to
replacing it with efficient natural gas units Utilisation scheme for capturing food and provide daily Weather data adaptation strategy and action plan. the management
Installed Dry Sobert Injection system with pharmaceutical grade CO2 for use in the Started programme to plant 22,000 trees
continuous SO2 reductions Sodium Bicarbonate plant, contributing to within Magadi environs Sustainability performance overview
Replaced six continuous opacity monitors a 40,000 TPA reduction in CO2 emissions
and enabling production of carbon neutral Sustainability area Performance indicator FY 2020-21 FY 2019-20
(COMS) in the GR2 and GR3 calciners for all
Sodium Bicarbonate
regulated pollutants Climate change Scope 1 CO2 emissions (kilo tonnes) 4,062 4,446
performance Scope 2 CO2 emissions (kilo tonnes) 63 43
Scope 3 CO2 emissions (kilo tonnes) 123 119
Waste management UK
Re-utilisation of brownfield site: Winnington Energy Direct energy (TJ) 46,257 47,736
India performance
land scheme to return 5 km of prime Indirect energy (TJ) 516 315
Used plastic waste (~373 tonnes) as
alternative fuel for Cement plant Cheshire river frontage to public access
use, other investment in public open space
Bulk transportation of products through Water Fresh water withdrawal (megalitres) 26,143 27,728
and flood attenuation and bio-diversity
railway, bulkers and containers to eliminate management Sea water withdrawal (megalitres) 62,070 70,535
measures
plastic packaging
Kenya % water recycled and reused 90% 86%
Ensured 100% fly ash utilisation and 92.31% Treated water discharged (megalitres) 67,184 79,770
Disposed asbestos containing roof sheets as
of recycle of waste
per regulations
USA Waste generated Hazardous waste (MT)* 6,523* 4,832
Sold fused ash waste to a customer as input
Ongoing project to upgrade paste plant raw material resulting in waste recycle ratio and disposed Non-hazardous waste (MT) 8,10,562 9,03,517
improving to 99% Solid waste utilisation (MT) (India operations) 4,66,524 5,49,815

Raw material Limestone (MT) 18,88,378 20,86,088

Water conservation/management consumption patterns and lower the
consumption
water withdraw from the Green River Trona (MT) 46,05,233 51,87,160
India
TCSRD implemented water conservation Solar Salt (MT) 24,02,580 21,03,068
UK
and water management work in 45 villages The British Salt Middlewich site reduced freshwater
of Okhamandal and Kalyanpur taluka Recycled material % Limestone recycled at India operations 90.10% 86.69%
consumption by harvesting rainwater for use within
Supported construction of community and the plant consumed
individual water harvesting structures and Sites having large state-of-the-art recycle and
promotion of Micro Irrigation Systems - Drip reuse system (for raising, condensing and Air emissions SOx (MT) 3,797 3,471
and Sprinkler re-raising steam or using it in the Sodium
NOx (MT) 6,342 5,601
Water harvesting capacity added till date is Bicarbonate manufacturing process),
441 MCFT minimising additional consumption SPM (MT)** 5,491 1,478

USA Kenya *Excludes Fused Ash of 14,119 MT which is now being sold as a byproduct.
Installed flow meters throughout the Awareness creation on water conservation **Not comparable to previous year as method of measurement has been refined at TCNA
water loop to better track water completed with water rationing
For detailed information on sustainability performance, please refer to our website at https://www.tatachemicals.com/SustainabilityPerf.htm

48 49
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Basic Chemistry Products 60-146 147-300

Product portfolio and end users

Basic Chemistry Products
A responsive and long-standing partner
Soda Ash Sodium Bicarbonate Salt Halogen Products
A leading essential chemical input manufacturer, we are an important part of
End-user segments and End-user segments and End-user segments and End-user segments and
the value chain for global companies. Our ability to deliver world-class quality, applications applications applications applications
supported by service reliability and cost competitiveness makes us a trusted Detergent, Sodium Pharma (US/British/Indian Food processing, industrial Agri-chemicals, pesticides,
player with a strong corporate brand and high image score. We deliver seamless Bicarbonate, Textiles, Tanneries, Pharmacopoeia), animal and Salt, de-icing, dairy products, pharma intermediaries, fire
other chemicals, dyes and poultry feed, food grade, flue gas water softening and industrial retardants, textile processing
connectivity and unmatched experience to our customers through a robust intermediaries treatment, explosion suppressant, applications
distribution and best-in-class technology platform. Float glass – construction and haemodialysis, dyes, intermediates
Brands/Products
housing, automobile, silicates and textiles
Brands/Products Liquid Bromine, Caustic Soda,
Container Glass - soft drinks, Glacia, Granulite (British Salt), Chlorine
spirits, pharmaceuticals, Brands/Products Magadi Moore, Nyama, Edible
tableware, glass Pharmakarb, Medikarb, Sodakarb, salt
3,023 KT Business Overview solutions and a focus on safety. We cement our
status as preferred supplier by building and
Detergents
Sodium Silicates
Alkakarb, Hemokarb, Briskarb,
Speckarb
Soda Ash Basic Chemistry Products business is engaged
in the manufacturing of inorganic chemistry consolidating relationships and providing a
Brands/Products
differentiated, value-added portfolio.
221 KT products. We are global leaders in the
segment, standing tall on the key pillars of
Light Soda Ash, Dense Soda Ash,
Granplus, Detmate
Sodium Bicarbonate
customer-centricity, operational excellence
and sustainability. We achieve this through
36,000 acres continuous improvement programmes, cost
Refer to page 03 for business enablers and page 28
and 29 for information on geographic presence and
Salt works area coverage optimisation, lean and innovative supply chain operational subsidiaries
Value chain
Raw materials
India/UK Distribution (through
Solar Salt, limestone, coke/ partners)
natural gas is procured in Processing Direct 73% and Channel
bulk from suppliers India/UK Partners 27%
Brine from captive salt works Synthetic: Soda Ammonia Process, Logistics (through Salt (India) 100% TCPL
USA/Kenya Salt - Vacuum evaporation partners)
via Sea, Rail, Road End use
Coal and natural gas are USA/Kenya
procured in bulk from Global Detergents and
Natural: Mining and Processing Glass Brands, Food, Animal
suppliers and Trona Ore from of Ore
mining Feed, Pharma and Chemical
intermediates.
Products
India/UK
Soda Ash, Sodium Bicarbonate
Salt
USA/Kenya
Packaging
Soda Ash, Crushed Refined
Soda Bags, Bulkers

50 51
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Basic Chemistry Products 60-146 147-300

Operational and Strategic Developments Way forward

TCL, India
TCNA, USA TCE, UK
TCL, India TCNA, USA TCML, Kenya Focus on execution of capex
Focus on improving customer connect Building upon our industry leading
Resilience in demand for products in Continuity in operations despite De-bottlenecking the plant to realise programmes under Project Pragati
in developing, high-growth export carbon footprint by building UK’s
essential, health and hygiene segments Covid-19 and the global demand SAM and CRS capacities
Maximising production volumes of markets, where we intend to grow first major CCU (nearing completion),
resulted in demand consistency for Salt, destruction
Product transhipment and loading all products business after exit from ANSAC new power plant (completed) for Salt
Sodium Bicarbonate and Soda Ash
Leveraged lower demand to implement facility construction of containerisation
Enhancing market leadership and value- Implement new projects to reduce
operation and an energy from waste
Resurgence in cement demand towards critical maintenance jobs, leading to at Magadi
addition in Sodium Bicarbonate environmental load of site
plant (expected completion 2023/24) at
the end of FY 2020-21 higher reliability and output of GR2 Lostock site
Solar power project to reduce energy
Focus on safety, process safety and risk Conceptual agreement on resolution
Enhancement in caustic soda Ensured highest customer satisfaction cost and greening optimisation
management and sustainable operations of long-standing Department
Enhance manufacturing capabilities
production led by commissioning of scores with new investments, technologies
of Environmental Quality (DEQ)
higher efficiency UDHE - caustic cell Optimising outbound logistics and and continuous improvement
Refinanced US$ 375 million of long-term modes to enhance customer service and
regulatory issue
Efficiency in product evacuation through debt
reduce freight cost Modernising payroll and time-keeping
Utilise electrical generation capacity
container rakes and rail movement to decarbonise UK National Grid and
Lower production and sales volumes Optimising realisation through product
systems and processes to a centralised
support intermittency challenges
for meeting market demand amidst
due to lower demand ADP HRIS system
constraint in availability of trucks and market mix rework
Aggressively develop strong export
Levying of anti-dumping duty by
Adoption of new work systems, South Africa resulted in cancellation of
Intensifying R&D to develop new capability in high grade and high-end
additional health and well-being products, new applications and process applications
shipments TCML, Kenya
measures for employees and staggered improvements
shifts to keep plant operations on Increase market presence by targeting
TCE, UK Increasing the use of IIoT (Industrial
growing regions like East and Central
Covid-19 led to partial closure of Nearing completion of building UK’s Internet of Things), AI (Artificial
Africa
markets, restrictions in supply chain and first Industrial Scale Carbon Capture and Intelligence), data analytics and
Soda Ash market contraction Utilisation Plant. It will enable TCE to be the technology to improve manufacturing Focus on increasing capacities for SAM
first in the world: practices and business processes and CRS
Increase in procurement of high-
cost raw Salt, as flooding disrupted To make a net zero carbon footprint
Mithapur plant operations and damaged Sodium Bicarbonate and Sodium
harvested Salt Carbonate products
Brine and bittern dilution due to To capture, purify and use CO2 emitted
excessive rains, leading to higher from power plant as a raw material for
operational and input costs for Salt, Soda manufacturing high purity Sodium
Ash and Bromine Bicarbonate
Lower import prices from Russia and Iran
impacted Soda Ash realisation
Restricted physical market access and
customer connects for sales team
Rescheduling of capex to conserve
cash and align with force majeures of
partners in early part of the year

Refer to page 87 in Management, Discussion

and Analysis for more information on our
operational performance

Mithapur Complex, Gujarat

52 53
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Nutrition Sciences 60-146 147-300

Nutrition Sciences
Specialty Products Improving the Health Quotient

We have made significant progress in FY 2020-21 by taking our expertise in nutrition and
food technology to the global markets. Our high-quality, scientifically-proven ingredients
Performance Materials are finding greater traction among consumers worldwide for their proven benefits in
Delivering superior performance products improving health, while delivering a positive eating experience. Collaborative product
and application development and better relationship management are supporting our
Business Overview customer-facing operations.
Performance materials business manufactures range of Specialty Silica products focussed on high
value high performance applications like tyres, medical grade rubbers and oral care. The manufacturing
facility is based in Cuddalore in Tamil Nadu capable of producing speciality grades of Precipitated Silica.
The Highly Dispersible Silica (HDS) grade is being manufactured based on the patented technology Business overview
developed by the Innovation Centre of the Tata Chemicals. These specialty grade products are customised The Nutrition Sciences business offers specialised, nature-inspired We use patented in-house technology to manufacture prebiotics.
for specific requirements of the large customers with the support from innovation centre. The products and science-backed ingredients and formulations for human and Our multi-disciplinary team of scientists works on microbiome
are sold in domestic and exports markets through a combination of direct supply and distributors. animal nutrition. FOSSENCE® and GOSSENCE® are our flagship science (the core science platform) and fermentation technology
products; they are prebiotic dietary fibres that stimulate gut (the manufacturing platform). We hold numerous publication &
microbiome growth, thus enhancing digestive and immune patents and actively spread knowledge of this science.
Our product portfolio health. Sweet-tasting with a low glycaemic response, FOSSENCE®
is an ideal ingredient for sugar replacement/reduction. Our Our products are manufactured at the state-of-the-art greenfield
HDS Functional Silica Conventional Silica
formulations are used by F&B (food & beverages), animal nutrition facility in Mambattu, Nellore. It is FSSC22000-certified (can
End user: End user: End user:
and pharma companies for flavouring, fortification and essential produce ingredients for infant nutrition) and IGBC gold-rated for
Passenger car, truck and bus radial for Technical rubber goods applications Tyre and other rubber goods, food,
nutrients applications. its responsible manufacturing practices.
high-performance and fuel-efficient feed, detergents, oral care and
green tyres agro-chemicals applications
Product portfolio
Value Chain Prebiotics
End-user segment End-user segment
Raw materials Processing Products Packaging Logistics Distribution End Use B2B: Wellness food and beverage B2B: Infant and dairy
Sodium Silicate Synthetic route Precipitated Bags: 15, 20 Transports Direct Tyres & Rubbers Fructooligosaccharide (FOS) (F&B), nutraceutical formulations food companies
(Manufactured – Sodium Silicate Silica having & 25 Kgs via road engagement Application like and animal feed companies Galactooligosaccharide (GOS)
from Soda Ash & from Sand & Soda varied Jumbo (domestic), with Key Oral Care Formulations
Sand) Ash followed by chemical Bags: 350, sea and Global Cocoa | Vitamins | Multiple
Sulfuric Acid Silica Precipitation and physical 850 Kgs (exports) accounts across
parameters segments
Alternative Green
Raw Material: Rice
based on Network of Value Chain
applications distributors and
Husk Ash (RHA)
• HDS warehouses
• Functional
Silica
• Speciality
Silica
Raw materials Processing Products Packaging Logistics Distribution End Use
Operational and strategic Way forward Cane sugar, Biotransformation FOSSENCE® Bags Through 50% domestic, Food &
developments Continue to focus on current and next generation HDS products.
 Cultures of Sugar to fructo - short chain Jerry cans road, air & 50% export Beverage
10,000 TPA Cuddalore plant ran at
 (Microorganisms), oligosaccharides, FOS in liquid IBCs sea 30% direct, Nutraceuticals
Deeper engagement with all Indian and global customers.
 growth media for more than and powder 70% through Infant Nutrition
49% capacity utilisation despite
Leveraging technology for quality, cost and productivity improvement
 95% purity form channel Animal Feed
challenging scenario
Focus on significant growth on capacity expansion
 partners
Successfully completed HDS trials

Develop new high value specialty silica products based on new technologies

(IPs) and green route through Rice Husk Ash (RHA)
54 55
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Agri Sciences 60-146 147-300

Operational and Strategic Developments

Agri Sciences
Responding responsibly to farm needs
Ensured first full-year operations of Mambattu facility, with Launched formulations for poultry industry that have been
stable supplies globally despite Covid-19 pandemic readily accepted and are witnessing sustained volume growth
100% revenue growth over FY 2019-20 Qualification from global customers on-going and expected to Rallis is addressing the changing dynamics of agriculture by engaging with
be favourably concluded soon farmers to understand and meet their needs with innovation-driven products
First year of international sales, resulting in volume ramp-up.
and technology-led agronomy services that can optimise their yield and
Nearly 50% of FOSSENCE® supplied to customers outside India Capacity utilisation of Mambattu plant: 43%
profitability. These solutions, being environmentally sustainable, are also
NPS increased to 61 (45 in FY 2019-20) led by build-up Travel restrictions impacted outreach to prospective customers; facilitating safety and reliability of farm produce.
of loyal customers through high-quality products and partially mitigated by TATA NQ webinar series
exceptional service
Received all certifications, such as FSSC22000, FAMI-QS, Halal,
Kosher, etc.
Business Overview Product portfolio
Rallis is one of India's leading Agrochemicals companies engaged Crop Protection (fungicides, Active ingredients, formulation
in manufacturing of Crop Protection, Crop Nutrition / Specialty insecticides, herbicides), Crop and contract manufacturing
Nutrient Solutions and Seeds. With a deep knowledge of Nutrition (Organic / bio / (Insecticides, Herbicides,
Way forward agriculture across geographies and agrochemicals, supported by water soluble fertilisers, Bio- Fungicides and Specialty
Expand domestic sales through NPD (new product Commercialise skin care application for prebiotics, backed by the Rallis Innovation Chemistry Hub (RICH), Rallis is developing stimulants, Nutrients), Seeds Chemicals)
development) projects with customers in nutraceuticals, encouraging clinical studies results superior products that are solving agricultural needs of farmers.
herbals, health formulations and confectionary sectors Millions of farmers, trade channel and international customers trust End user: End user:
Obtain additional regulatory clearances across Europe, Farmers Global agrochemical companies
Rallis for its capabilities and responsiveness to meet their needs.
Continue qualification process to win global key accounts for China, Australia and New Zealand to promote FOSSENCE®
replacement opportunity and NPD consumption
Enhance prebiotics portfolio Grow and leverage the global distribution network for
Refer to page 03 for business enablers and page 28 and 29 for
customer engagements and application-based sales in F&B information on geographic presence and operational subsidiaries
and nutrition segments

Value Chain

Raw materials Processing Products Packaging Logistics Distribution End use

(through (through
Organic and Formulation Insecticides, 10 gms to partners) partners) Farm/agri
inorganic chemicals and process Fungicides, 625 kgs solutions
including derivatives chemistry Herbicides, Sea, Rail, 74% Dealers
50 ml to
of petrochemicals, and others Plant Growth Road 26% Retailers
200 ltrs
Seeds, Organic Nutrients, Seeds,
compost Soil Conditioners

56 57
 Integrated Report Statutory Reports Financial Statements
Integrated Annual Report 2020-21 Results at Glance 60-146 147-300

Operational and Strategic Developments

Results at Glance
` in crore (except for no. of shares)
Ran operations successfully to serve domestic and overseas Enhanced reach in Crop Care through dealer network Particulars Standalone Consolidated
customers in timely manner and delivered stable performance realignment FY 2020-21 FY 2019-20 FY 2020-21 FY 2019-20
despite challenges backed by rejuvenated strategy, new Revenue from Operations 2,999 2,920 10,200 10,357
Aligned CSR strategy and operations with Tata Chemicals
product launches and initiatives to enhance brand visibility
Society for Rural Development (TCSRD) for better impact EBITDA 611 718 1,501 1,949
Enhanced active ingredients manufacturing capacities,
Progressed on sustainability commitment by launching Profit Before Tax after exceptional gain 614 834 634 1,248
completed new formulation plant and progressed on
water-based formulations and a range of fertigation and foliar
construction of the multi-purpose plant Profit After Tax 479 672 436 1,028
nutrition products.
Initiated steps to accelerate innovation by investing in a new Profit After Tax including discontinued operations 479 6,840 436 7,228
integrated R&D centre, shifting to data-driven R&D and working
on cutting-edge technologies Refer to page 87 in Management, Discussion and Analysis Total Comprehensive Income 1,560 6,298 1,853 6,822
for more information on our operational performance
Share Capital 255 255 255 255

Other Equities 13,002 11,722 14,035 12,642

Way forward Non-controlling Interest - - 853 764

Capitalise on post-pandemic emerging opportunities Continue sustainability commitment by emphasising on green Networth / Shareholders Equity 13,257 11,977 15,143 13,661
by making right investments in manufacturing and R&D, and blue triangle (less toxic) products
Borrowings and lease liabilities 9 15 6,933 7,702
strengthening brands and improving internal processes
Continue leveraging digital technologies to convert data into
through digitalisation Non-Current 5 11 5,388 3,661
knowledge, insights and wisdom to ensure future plans and
Sustained R&D to improve performance of existing products deliver benefits to growers Current - - 278 1,913
and launch newer ones
Created a dedicated business development and research team Current Maturities 4 4 1,267 2,128
Focus on adding formulation and active ingredients to expand contract manufacturing base; plans for capacity
Cash and Cash Equivalents (including Deposits with < 12 1,967 2,181 2,975 3,681
manufacturing plants to strengthen capabilities across expansion to meet growing demand also on anvil
months maturity & Current Investments)
business segments
Capital Employed1 9,689 8,284 25,418 24,705

Borrowings : Networth (Equity) * * 0.46 0.56

Networth per share (`) 520 470 561 506

Earnings Per Share - Basic & Diluted 18.81 26.37 10.06 31.66
(for continuing operations) (`)

Dividend per share paid (proposed for FY 2020-21) (`) 10.00 11.00 10.00 11.00

No. of Shares 25,47,56,278 25,47,56,278 25,47,56,278 25,47,56,278

* less than 0.00

Note:
1. Capital Employed = Total Assets less Total Current Liabilities plus Current Borrowings plus Current Maturities from Non-Current
Borrowings and Lease Liabilities less Investment in Subsidiaries (Other than Rallis India Limited)

58 59
 Integrated Annual Report 2020-21

Board‘s Report

TO THE MEMBERS OF TATA CHEMICALS LIMITED

The Directors hereby present their Eighty-Second (82nd) Annual Report on the performance of the Company together with the Audited
Financial Statements for the Financial Year (‘FY’) ended March 31, 2021.

1. Financial Results
` in crore
Standalone Consolidated

Particulars Year ended Year ended Year ended Year ended

March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
Revenue from continuing operations 2,999 2,920 10,200 10,357
Profit before depreciation and finance costs 830 1,027 1,735 2,260
Depreciation and amortisation expense 197 150 760 666
Profit before finance costs 633 877 975 1,594
Finance costs 19 43 367 342
Profit before share of profit of joint ventures and tax 614 834 608 1,252
Share of profit/(loss) of joint ventures - - 26 (4)
Profit before tax 614 834 634 1,248
Tax expense 135 162 198 220
Profit from continuing operations after tax 479 672 436 1,028
Profit from discontinued operations after tax - 6,168 - 6,200
Profit for the year 479 6,840 436 7,228
Attributable to:
- Equity shareholders of the Company 479 6,840 256 7,006
- Non-controlling interests - - 180 222
Other comprehensive income (‘OCI’) 1,081 (542) 1,417 (406)
Total comprehensive income 1,560 6,298 1,853 6,822
Balance in retained earnings at the beginning of the year 5,860 5,742 6,186 5,193
Profit for the year 479 6,840 256 7,006
(attributable to equity shareholders of the Company)
Remeasurement of defined employee benefit plans (net of tax) 21 (38) 93 (27)
Dividends including tax on dividend #
(280) (379) (280) (384)
Deemed dividend on demerger - (6,308) - (6,308)
Acquisition of non-controlling interests - - - 718
Others (2) 3 (1) (12)
Balance in retained earnings at the end of the year 6,078 5,860 6,254 6,186
Dividend declared in the previous year and paid during the respective reporting year
#

60
 Integrated Report Statutory Reports Financial Statements
1-59 Board's Report 147-300

2. Dividend for Feed, Food and Pharma customers, Specialty Silica for
For FY 2020-21, the Board of Directors has recommended a Rubber/Tyre industry and Crop Care and Seeds for the Farm
dividend of ` 10 per share i.e. 100% (previous year ` 11 per sector through its subsidiary, Rallis India Limited.
share i.e. 110%) on the Ordinary Shares of the Company. The Company is on a transformation journey with a focus
If declared by the Members at the ensuing Annual General to grow along the vectors promoting sustainability and
Meeting (‘AGM’), the total dividend outgo during FY 2021-22 good health. In line with this, growth will increasingly be in
would amount to ` 255 crore (previous year ` 280 crore). food ingredients such as bicarbonate, iodised and fortified
salt, prebiotics and other formulations in nutrition area and
3. Performance Review & State of Company’s silica for rubber and tyre industry in line with sustainability-
Affairs led changes in this area. Soda ash also is a key ingredient in
3.1 Consolidated: container glass (which is a substitute for plastic packaging),
On a consolidated basis, the revenue from operations solar PV glass panels, lithium extraction and detergents
decreased from ` 10,357 crore in FY 2019-20 to ` 10,200 (for wash). Crop Care and Seeds play a key role in food and
crore for FY 2020-21. This was mainly on account of the nutrition security and the Company is focussed on products
impact on soda ash business due to drop in the global which are sustainable.
demand during the first quarter of FY 2020-21 (sale
5.1 Basic Chemistry Products
volume down by approximately 11% in FY 2020-21). The
profit before tax from continuing operations decreased Standalone (India)
from ` 1,248 crore in FY 2019-20 to ` 634 crore in For FY 2020-21, the revenues from the Basic Chemistry
FY 2020-21, down 49% due to a drop in volumes and prices, Products business stood at ` 2,845 crore, marginally up as
both of which affected the profitability. For more details, against ` 2,837 crore in the previous year. Profit before tax
please refer to Management Discussion and Analysis. for FY 2020-21 was ` 645 crore as against ` 819 crore in the
previous year, lower by 21%.
3.2 Standalone:
On a standalone basis, the revenue from operations was Soda Ash
` 2,999 crore for FY 2020-21 as against ` 2,920 crore for The supply of soda ash exceeded the demand throughout
FY 2019-20. Profit before tax from continuing operations the year. Lower demand due to Covid-19, higher pipeline
decreased from ` 834 crore in FY 2019-20 to ` 614 crore in inventories and imports at low prices kept the realisations
FY 2020-21, down 26%, mainly due to the drop in prices of under pressure. Sales of soda ash for FY 2020-21 stood
soda ash during the year. For more details, please refer to at 6,21,299 metric tonne ('MT'), marginally lower by 2%
Management Discussion and Analysis. compared to the previous year. Operations were impacted
due to flooding caused by cyclonic conditions over the
4. Management Discussion and Analysis Arabian Sea during part of the year which led to increase
The Management Discussion and Analysis, as required in in cost of raw materials like salt.
terms of the Securities and Exchange Board of India (Listing
Sodium Bicarbonate
Obligations and Disclosure Requirements) Regulations, 2015
(‘SEBI Listing Regulations’), forms part of this Integrated Sales of sodium bicarbonate witnessed a marginal drop of
2%. Production volumes also witnessed a drop of 6% over
Annual Report.
the previous year. The Company markets three value added
grades of Bicarb – Sodakarb (food grade), Alkakarb (feed
5. Business Overview grade) and Medikarb (pharma grade).
The Company has two business segments viz. Basic
Chemistry Products and Specialty Products catering to Salt
varied customer segments such as Industrial, Food and The demand for salt from our key customer, Tata Consumer
Farm customers. Basic Chemistry Products mainly consist Products Limited was higher during the year and the
of soda ash, salt, sodium bicarbonate, etc. The operations plant was successful in increasing the output to meet
in this segment are spread across India, the United States the requirement even amid the pandemic. The Company
of America ('USA' or 'US'), the United Kingdom ('UK') and recorded highest ever production of salt at 12.22 lakh MT
Kenya. It caters to customers in Glass, Detergent, Feed, during FY 2020-21 compared to FY 2019-20 of 10.78 lakh MT.
Food and Pharma industry. Specialty products consists of In addition, the project to expand salt capacity further to
specialty food ingredients such as Prebiotics, Formulations meet with projected demand increase is on schedule.

61
 Integrated Annual Report 2020-21

Other Products of 18%. For FY 2020-21, TCML registered an EBITDA of US$ 9.6
Sale of other products like bromine, cement, etc. was close million (` 71 crore) as against the EBITDA of US$ 8.3 million
to the previous year’s figures. Bromine production was (` 59 crore) in the previous year, higher by 16%. The increase
impacted due to the extended monsoon and resultant in EBITDA was due to better cost control and lower sea
dilution of bittern. The Company’s cement production freights to markets.
volumes recovered by 8% during the year and stood at
TCML recorded a net profit of US$ 2.8 million (` 21 crore) in
3.91 lakh MT. Cement pricing and margin were under pressure.
FY 2020-21 against a net loss of US$ 0.1 million (` 1 crore) in
FY 2019-20.
Subsidiaries
Tata Chemicals North America Inc., USA (‘TCNA’) The county government had issued a demand during
(as per USGAAP) FY 2018-19 for an arbitrary increase in land rates, which was
During FY 2020-21, the production volumes at TCNA were struck down subsequently by Hon’ble High Court. TCML has
lower by 18% compared to the previous year, mainly on filed an appeal for reconsideration of the other related issues
account of reduced demand owing to Covid-19 pandemic. raised in the petition before the Hon’ble High Court and
During FY 2020-21, overall sales volumes were down by 15% the appeal is pending. TCML is working with Kenya national
compared to the previous year. This was driven primarily by authorities and government to arrive at a fair and transparent
resolution of the issues.
volumes decreasing in the export markets.

TCNA posted a revenue of US$ 388 million (` 2,878 crore) 5.2 Specialty Products
for FY 2020-21 compared to US$ 480 million (` 3,403 crore) Standalone
in the previous year. For FY 2020-21, EBITDA at TCNA was Performance Materials
US$ 48.1 million (` 357 crore) against US$ 104.8 million
The Company manufactures and sells Specialty Silica
(` 743 crore) in FY 2019-20.
Products to food, rubber and tyre industry. Silica is a
This sharp reduction in volumes led to TCNA posting a loss versatile material with varied applications and with changes
after tax and non-controlling interest of US$ 12.8 million in regulations, its use in the tyre industry is expected to
(` 95 crore) during FY 2020-21 compared to the profit accelerate. FY 2020-21 was also the first year of steady
after tax and non-controlling interest of US$ 36.0 million operations at the Silica plant at Cuddalore, Tamil Nadu
(` 251 crore) in FY 2019-20. which the Company had acquired few years ago. Several
improvements in facilities were done to make it compliant
TCE Group Limited, UK ('TCE group') (as per IFRS) with requisite standards. The Company’s food grade silica has
TCE Group Limited’s business consists of soda ash, sodium received customer approvals. Trials with customers for other
bicarbonate and salt (referred as ‘UK Operations’). The applications in rubber and tyre industry are underway and
are in different stages of acceptance.
revenue from the UK Operations for FY 2020-21 was
£ 145.2 million (` 1,409 crore) compared to £ 150.4 million Nutrition Sciences
(` 1,356 crore) in FY 2019-20.
The Company manufactures and sells Specialty Nutrition
Soda ash and salt sales volumes were down by 7% and 5% Products under the brand 'Tata NQ' which primarily
respectively compared to the previous year on account of consists of Fructooligosaccharide (‘FOS’) a prebiotic dietary
reduced demand caused by lockdowns in relation to the fibre that promotes the growth of gut microbiome which
Covid-19 pandemic, leading to reduction in EBITDA for in turn has been known to positively impact digestive
FY 2020-21 for the UK Operations to £ 14.2 million (` 138 crore) and immune health. FY 2020-21 was the first full year of
from £ 17.4 million (` 157 crore) in FY 2019-20. UK Operations commercial operations of newly set-up greenfield unit in
posted a loss after tax of £ 5.8 million (` 56 crore) compared to Nellore, Andhra Pradesh that produces prebiotic fibre, FOS.
a profit after tax of £ 1.5 million (` 13 crore) in the previous year. The Company received key certifications viz. Food Safety
System Certification - FSSC 22000 and FDA registration which
Tata Chemicals Magadi Limited, Kenya ('TCML') enabled it to service new markets and provide assurance to
(as per IFRS) the customers of quality standards. The FOS volumes grew
During FY 2020-21, sales volumes were lower by 7% by 143% over the previous year mainly owing to the growth
over FY 2019-20. TCML achieved revenue of US$ 55.4 from International markets that the Company serviced for
million (` 411 crore) for FY 2020-21 as against revenue of the first time. The Company is focussed on further improving
US$ 67.9 million (` 481 crore) in the previous year, a decrease the utilisation rates.

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Subsidiary and ` 26 crore (FY 2019-20: ` 72 crore) respectively to the

Agri Sciences - Rallis India Limited (‘Rallis’) Company. Valley Holdings Inc., the Company's step-down
(as per TCL consolidated books) overseas subsidiary, which holds investments in the US
operations, paid a dividend of US$ 20.9 million (` 155 crore)
Rallis is the Company’s listed subsidiary focussed on specialty
[FY 2019-20: US$ 30.1 million (` 214 crore)], which was utilised
products for the farm and agriculture sector consisting
for operational requirements, external finance costs and
mainly of Crop Care and Seeds. During FY 2020-21, Rallis
capital funding requirements at Tata Chemicals International
achieved a consolidated revenue from operations of ` 2,424
Pte. Ltd., Singapore and other group companies.
crore in FY 2020-21 compared to ` 2,248 crore in FY 2019-20,
an increase of 8%. The net profit after tax stood at ` 229 crore, There being no change in the credit ratings during the year,
higher by 24% as against a net profit after tax of ` 185 crore the Company as on March 31, 2021 had the following credit
in FY 2019-20. ratings:
During FY 2020-21, the Domestic business of Rallis achieved – Long Term Corporate Family Rating – Foreign Currency
a revenue of ` 1,287 crore as against ` 1,165 crore in of Ba1/Stable from Moody’s Investors Service
FY 2019-20, an increase of 10% on account of robust farm
demand. Key crops which have shown major growth are – Long Term Issuer Default Rating (IDR) of BB+ with
Paddy, Cotton, Sugarcane, Soybean, Pulses, Chilli, Tea, Stable outlook from Fitch Ratings
Tomato and Grapes. Due to Covid-19 and labour shortage,
the demand for herbicide products also increased. – Long Term bank facilities (fund-based limits) of
` 1,897 crore and short term bank facilities (non-fund
During the year under review, the International business of based limits) of ` 2,448 crore are rated at CARE AA+
Rallis achieved a revenue growth of 3% over the previous year (Outlook: Stable) and CARE A1+ respectively, by CARE
at ` 741 crore as against ` 722 crore in FY 2019-20. During Ratings and
the year under review, Rallis secured new registrations in
strategic overseas markets. – Commercial Paper of ` 600 crore is rated at CRISIL A1+
by CRISIL Ratings
During FY 2020-21, the Seeds division of Rallis delivered
a revenue of ` 401 crore as against ` 364 crore during Upon refinancing of the loan facility at Tata Chemicals North
FY 2019-20, an increase of 10% driven by volume growth in America, Inc. during June 2020, the existing credit ratings
Maize & Vegetables and price increase across the categories. being no longer needed were discontinued.
Overall, the focus remains to deliver growth through new
product introductions, deepening customer reach and 7. Dividend Distribution Policy
increasing international registrations.
In accordance with Regulation 43A of the SEBI Listing
Regulations, the Board of Directors of the Company has
6. Finance and Credit Ratings adopted a Dividend Distribution Policy (‘Policy’) which
During the year under review, the liquidity and cash endeavours for fairness, consistency and sustainability while
positions were monitored with reinforced focus and close distributing profits to the shareholders. The Policy is attached
controls over the working capital and discretionary capital to this Report as Annexure 1 and the same is available on
expenditures. Earnings from the cash surplus investments, the Company’s website at https://www.tatachemicals.com/
comprising mutual funds/bank fixed deposits/debentures DividendDistPolicy.htm.
(bonds) during the year saw a reduction due to the drop in
the market interest rates. Nevertheless, utmost importance 8. Transfer to Reserves
was given to ensure the safety and liquidity of surplus cash.
The Board of Directors has decided to retain the entire
Amid a particularly volatile global financial market in amount of profits for FY 2020-21 in the retained earnings.
FY 2020-21, the overseas subsidiaries of the Company
concluded refinancing agreements of US$ 100 million in 9. Responding to an unprecedented challenge:
Valley Holdings Inc., US$ 275 million in Tata Chemicals The Covid-19 pandemic
North America, US$ 45.5 million in Homefield Pvt. UK Limited FY 2020-21 was an unprecedented year with Covid-19
and £ 55 million in British Salt Limited. pandemic impacting the globe and global supply chains,
During FY 2020-21, Rallis, a subsidiary and IMACID, a joint amidst biggest global health crisis ever faced by the world.
venture paid dividends of ` 24 crore (FY 2019-20: ` 24 crore) The uncertainty around the resurgence of second wave

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 Integrated Annual Report 2020-21

across India towards the end of March 2021 is being closely All transactions with related parties were reviewed and
monitored and all necessary actions are underway. approved by the Audit Committee. Omnibus approval is
obtained for related party transactions which are of repetitive
In order to respond to the pandemic effectively, the nature and entered in the ordinary course of business and on
Company navigated through these difficult times by an arm’s length basis. A statement giving details of all related
developing and adopting a multi-pronged strategy. The party transactions entered pursuant to omnibus approval so
Company practised extreme care and caution towards granted is placed before the Audit Committee on a quarterly
the health and well-being of its employees and partners basis for its review. The related party transactions entered
while ensuring this care and caution was extended to the into pursuant to the omnibus approval so granted are also
community at large. The Company’s operations and assets reviewed by the internal audit team on a half-yearly basis.
were managed to ensure prioritisation of products that
The details of the transactions with related parties are
were part of essential needs of the masses and markets by
provided in the accompanying Financial Statements.
optimising on available manpower, raw materials and supply
chain support. The Company regularly adhered to various
guidelines and advisories issued by the authorities from 13. Risk Management
time to time including maintaining social distancing at all Risk Management at Tata Chemicals forms an integral part of
its plant operations. Reduced manpower in shift working, Management focus.
working from home, staggering of breaks and postponing
The Risk Management Policy of the Company provides
non-critical projects were some of the actions taken in
the framework of Enterprise Risk Management (‘ERM’) by
conjunction with provision of all facilities such as sanitation,
describing mechanisms for the proactive identification and
temperature checks, masks, etc. The Company maintained
prioritisation of risks based on the scanning of the external
strict vigilance over cash conservation and working capital
environment and continuous monitoring of internal risk
optimisation besides initiating digital interventions to move factors. The ERM framework identifies, evaluates, manages
to touchless and remote operations. and reports risks arising from the Company’s operations and
exogenous factors.
10. Deposits from Public
The Company has deployed bottom-up and top-down
The Company has not accepted any deposits from
approaches to drive enterprise wide risk management.
public and as such, no amount on account of principal or
The bottom-up process includes identification and
interest on deposits from public was outstanding as on
regular assessment of risks by the respective business
March 31, 2021.
units and implementation of mitigation strategies. This is
complemented by a top-down approach where the senior
11. Business Responsibility Report management as well as the Board level Risk Management
Pursuant to Regulation 34(2)(f ) of the SEBI Listing Regulations, Committee (‘RMC’) identifies and assesses long-term,
the Business Responsibility Report initiatives taken from strategic and macro risks for the Company.
an environmental, social and governance perspective in
the prescribed format forms part of this Integrated Annual The RMC oversees the risk management process in the
Report. Company. The RMC is chaired by an Independent Director
and the Chairperson of the Audit Committee is also a
12. Related Party Transactions member of the RMC. This robust governance structure has
also helped in the integration of the ERM with the Company’s
The Company has formulated a Policy on Related
strategy and planning processes where emerging risks
Party Transactions which is available on the Company’s
are used as inputs in the strategy and planning process.
website at https://www.tatachemicals.com/RPTPolicy.htm.
Identified risks are used as one of the key inputs in the
All related party transactions entered into during FY 2020-21
strategy and business plan.
were on arm’s length basis and in the ordinary course
of business. No material related party transactions were A systematic review of risks identified is subject to a series
entered into during the year under review by the Company. of focussed meetings of the empowered Risk Management
Accordingly, the disclosure of related party transactions Group (Senior Leadership Team), respective Business level/
as required under Section 134(3)(h) of the Companies Act, Subsidiary level Committee and the RMC of the Board.
2013 (‘the Act’) in Form No. AOC-2 is not applicable to the The RMC meets periodically to review key strategic and
Company for FY 2020-21 and hence the same is not provided. operational risks and assess the status of mitigation measures.

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Based on benchmarking and inputs from global standards Building social capital: Building the social capital for
on ERM, the Risk Management process has been deployed long-term sustainability is a key cross-cutting theme in all
across geographies and businesses. these programmes.

Some of the risks identified are set out in the Management Women empowerment, reducing inequality of marginalised
Discussion and Analysis which forms part of this Integrated communities (through Affirmative Action), partnerships for
Annual Report.
achieving goals and setting up sustainable social enterprise
models (Okhai and Ncourage Social Enterprise Foundation)
14. Corporate Social Responsibility are key initiatives for achieving the same.
The Corporate Social Responsibility (‘CSR’) activities of
the Company are governed through the Corporate Social The Company also responds to disasters that hit any part
Responsibility Policy (‘CSR Policy’) approved by the Board. of India and in the neighbourhood of all its manufacturing
The CSR Policy guides in designing CSR activities for plants.
improving quality of life of society and conserving the
environment and biodiversity in a sustainable manner. The Annual Report on CSR activities for FY 2020-21 is
The CSR Committee of the Board oversees the enclosed as Annexure 2 to this Report.
implementation of CSR Projects in line with the Company’s
CSR Policy. 15. Whistleblower Policy and Vigil Mechanism
The Company has adopted a participatory approach The Company has devised an effective whistleblower
in designing need-based CSR programmes which are mechanism enabling stakeholders, including individual
implemented through Tata Chemicals Society for Rural employees and their representative bodies, to communicate
Development (‘TCSRD’), the Tata Trusts and with various their concerns about illegal or unethical practices freely.
government and non-government institutions. The Company has also established a vigil mechanism
for stakeholders to report concerns about any unethical
Building economic capital: The Company focusses on
behaviour, actual or suspected fraud or violation of the
poverty alleviation and creating livelihoods, both linked to
Company’s code of conduct. Protected disclosures can be
farm and non-farm based activities.
made by a whistleblower through several channels. The
Ensuring environmental integrity: The Company’s Whistleblower Policy of the Company ('the Policy') provides
main focus is on management of natural resources and for adequate safeguards against victimisation of employees
conservation of environment. The key programmes include who avail of the mechanism. No personnel of the Company
land and water management activities, waste management, has been denied access to the Chairperson of the Audit
preservation of biodiversity and mitigation of climate change Committee. The Policy also facilitates all employees of the
impacts. Under the Swachh Bharat Abhiyan, the Company Company to report any instance of leak of unpublished price
through TCSRD set up a dry waste processing plant at sensitive information.
Mithapur.
A dedicated Ethics Helpline has been setup which is
Enablers for social, economic and environmental
managed by an independent professional organisation for
development: The Company’s key programme is the
confidentially raising any ethical concerns or practices that
Holistic Nutrition Programme which targets the first 1,000
violate the Tata Code of Conduct.
days of a child. Additionally in the neighbourhood, the
Company conducts regular health and nutrition camp.
The Policy is also posted on the website of the Company at:
The education programme focusses on students starting https://www.tatachemicals.com/WhistleblowerPolicy.htm.
from primary to the post-graduation level. Educational
support is provided for 100% enrolment of children and 16. Prevention of Sexual Harassment (‘POSH’)
improving quality of education.
As per the requirement of the Sexual Harassment of Women
The Company helps to provide clean water through roof at Workplace (Prevention, Prohibition & Redressal) Act, 2013
rainwater harvesting structures, repair of hand pumps, (‘POSH Act’) and Rules made thereunder, the Company
supporting households with water purifier systems through has formed an Internal Committee (‘IC’) for its workplaces
Samriddhi and Swach Tarang Project. to address complaints pertaining to sexual harassment in

65
 Integrated Annual Report 2020-21

accordance with the POSH Act. The Company has a detailed Pursuant to the provisions of Section 136 of the Act, the
policy for prevention of sexual harassment at workplace Financial Statements of the Company, Consolidated Financial
which ensures a free and fair enquiry process with clear Statements along with relevant documents and separate
timelines for resolution. annual accounts in respect of subsidiaries are available on
the website of the Company.
No complaints were pending at the beginning of the year.
During the year under review, two concerns were reported The annual accounts of the subsidiaries and related
which were investigated and appropriate action was taken. detailed information will be made available to investors
No complaint was pending as at the end of the financial year. seeking information till the date of the AGM. They are
also available on the website of the Company at
To build awareness in this area, the Company has been https://www.tatachemicals.com/Investors/ AGM-documents.
conducting awareness sessions during induction,
periodically through online modules and webinars (no 19. Subsidiary Companies and Joint Ventures
classroom trainings were conducted due to Covid-19).
As on March 31, 2021, the Company had 33 (direct and
Awareness sessions were conducted with permanent
indirect) subsidiaries (2 in India and 31 overseas) and 4 joint
employees, third-party employees and contract workmen.
ventures. There has been no material change in the nature of
A special virtual awareness programme was organised for
the business of the subsidiaries.
all the employees of the Company through webinar on
POSH in July 2020. There were following changes pertaining to subsidiaries
during the year under review:
17. Particulars of Loans, Guarantees and
Investments • The Hon’ble National Company Law Tribunal (‘NCLT’),
Mumbai Bench on April 23, 2020 approved the
The Company has not given any loans during the year under
Scheme of Merger by Absorption of Bio Energy
review. The Company has made an investment of ` 150 crore Venture-1 (Mauritius) Pvt. Ltd. ('Bio-1'), a wholly owned
in Non-Convertible Debentures (NCDs) and ` 40 crore in subsidiary, with the Company with an Appointed
equity shares through rights issue of Tata International Date of April 1, 2019. The Registrar of Companies at
Limited. Mauritius removed the name of Bio-1 from the register
The Company also invested ` 9 crore in Tata Steel Limited of companies w.e.f. June 1, 2020 and accordingly,
Bio-1 has ceased to be a subsidiary of the Company
(‘Tata Steel’) wherein the partly paid shares of Tata Steel
with effect from the said date
were converted to fully paid shares. The Company sold
12,85,110 shares in Tata Teleservices Limited (book value: • The NCLT, Mumbai Bench also approved the
Nil). During the year under review, the Company has Scheme of Arrangement between Zero Waste
provided additional corporate guarantee of US$ 34.2 million Agro-Organics Limited, a wholly-owned subsidiary
to Homefield Private UK Limited, £ 96 million to Natrium of Rallis (‘Zero Waste’) and Rallis (‘Scheme’) on
Holdings Limited and £ 9.6 million to Tata Chemicals February 22, 2020 from the Appointed Date of
Europe Limited, subsidiaries of the Company. April 1, 2017. The Effective Date of the Scheme is
July 9, 2020. Accordingly, Zero Waste has ceased to be a
Details of loans, guarantees and investments covered under subsidiary of the Company with effect from the said date
the provisions of Section 186 of the Act are given in the notes
to the Financial Statements. • Rallis Chemistry Exports Limited, a wholly owned
subsidiary of Rallis (‘RCEL’) has been struck-off
from the register of companies with effect from
18. Consolidated Financial Statements
March 29, 2021 consequent to the voluntary
The Consolidated Financial Statements of the Company and striking-off application filed by it with the Registrar
its subsidiaries for FY 2020-21 are prepared in compliance of Companies, Maharashtra, Mumbai. Accordingly,
with the applicable provisions of the Act and as stipulated RCEL has ceased to be a subsidiary of the Company
under Regulation 33 of the SEBI Listing Regulations as well as with effect from the said date
in accordance with the Indian Accounting Standards notified
under the Companies (Indian Accounting Standards) Rules, • PT Metahelix LifeSciences Indonesia, a subsidiary
2015. The Audited Consolidated Financial Statements of Rallis received approval for the cancellation of its
together with the Auditor’s Report thereon forms part of this Company Registration Number and revocation of
Integrated Annual Report. its business licence with effect from March 19, 2021.

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Further, an application for cancellation of its Tax Company, work performed by the internal, statutory, cost
Identification Number has been made and the approval and secretarial auditors and external consultant(s), including
for the same is awaited audit of internal financial controls over financial reporting
by the statutory auditors and the reviews performed by the
The Company’s Policy on determining material
Management and the relevant Board Committees, including
subsidiaries, as approved by the Board, is uploaded on the
the Audit Committee, the Board is of the opinion that the
Company’s website at https://www.tatachemicals.com/
Company’s internal financial controls were adequate and
MaterialSubsPolicy.htm.
effective during FY 2020-21.
A report on the financial position of each of the
subsidiaries and joint ventures as per the Act is provided Accordingly, pursuant to Section 134(5) of the Act, the Board
in Form No. AOC-1 attached to the Financial Statements. of Directors, to the best of their knowledge and ability,
confirm that for the year ended March 31, 2021:
20. Details of Significant and Material Orders a) in the preparation of the annual accounts, the
No significant and material orders were passed by the applicable accounting standards have been followed
regulators or the courts or tribunals impacting the going and that there are no material departures;
concern status and the Company’s operations in future.
b) they have selected such accounting policies and
21. Internal Financial Controls applied them consistently and made judgements and
estimates that are reasonable and prudent so as to
Internal financial control systems of the Company are
give a true and fair view of the state of affairs of the
commensurate with its size and the nature of its operations.
These have been designed to provide reasonable assurance Company at the end of the financial year and of the
with regard to recording and providing reliable financial profit of the Company for that period;
and operational information, complying with applicable
c) they have taken proper and sufficient care for the
accounting standards and relevant statutes, safeguarding
maintenance of adequate accounting records
assets from unauthorised use, executing transactions with
in accordance with the provisions of the Act for
proper authorisation and ensuring compliance of corporate
safeguarding the assets of the Company and for
policies. The Company has a well-defined delegation of
preventing and detecting fraud and other irregularities;
authority with specified limits for approval of expenditure,
both capital and revenue. The Company uses an established d) they have prepared the annual accounts on a going
Enterprise Resource Planning (ERP) system to record concern basis;
day-to-day transactions for accounting and financial
reporting. e) they have laid down internal financial controls to
be followed by the Company and that such internal
The Audit Committee deliberated with the members of the
financial controls are adequate and are operating
management, considered the systems as laid down and met
effectively; and
the internal audit team and statutory auditors to ascertain,
their views on the internal financial control systems. f ) they have devised proper systems to ensure compliance
The Audit Committee satisfied itself as to the adequacy
with the provisions of all applicable laws and that such
and effectiveness of the internal financial control system
systems are adequate and operating effectively.
as laid down and kept the Board of Directors informed.
However, the Company recognises that no matter how the
internal control framework is, it has inherent limitations and
23. Corporate Governance and Compliance
accordingly, periodic audits and reviews ensure that such The Company strives to evolve and follow the best
systems are updated on regular intervals. governance practices, not just to boost long-term
shareholder value, but also to respect minority rights.
Details of internal control system are given in the
The Company considers the same as its inherent
Management Discussion and Analysis which forms part of
responsibility to disclose timely and accurate information to
this Integrated Annual Report.
its stakeholders regarding its operations and performance,
as well as the leadership and governance of the Company.
22. Directors’ Responsibility Statement The Company is committed to the Tata Code of Conduct
Based on the framework of internal financial controls and which articulates values and ideals that guide and govern
compliance systems established and maintained by the the conduct of the Tata companies as well as its employees

67
 Integrated Annual Report 2020-21

in all matters relating to business. The Company’s overall of the Company with effect from November 24, 2020, at
governance framework, systems and processes reflect and Item Nos. 5 and 6 respectively, of the Notice convening
support its Mission, Vision and Values. the AGM.

The Company’s governance guidelines cover aspects mainly During the year under review, at the 81st AGM of the
relating to composition and role of the Board, Chairman and Company held on July 7, 2020, the Members of the
Directors, Board diversity and Committees of the Board. Company appointed Dr. C. V. Natraj and Mr. K. B. S. Anand
as Indpendent Directors of the Company with effect from
With a view to uphold human rights as an integral aspect August 8, 2019 and October 15, 2019 respectively.
of doing business, being committed to respect and protect
human rights and remediate adverse human rights impacts Re-appointment
resulting from or caused by the Company’s businesses,
In accordance with the provisions of Section 152 of the
the Board adopted ‘The Tata Business and Human Rights
Act and the Articles of Association of the Company,
Policy’ during the year under review.
Mr. Zarir Langrana, Executive Director of the Company,
The Company has in place an online compliance retires by rotation at the ensuing AGM and being eligible,
management system for monitoring the compliances across has offered himself for re-appointment.
its various plants and offices. A compliance certificate is also
placed before the Board of Directors every quarter. Cessation
During the year under review, Mr. Bhaskar Bhat
In compliance with the SEBI Listing Regulations, resigned as a Director of the Company with effect from
the Corporate Governance Report and the Auditor’s
November 24, 2020. The Board places on record its deep
Certificates form part of this Integrated Annual Report.
appreciation for the invaluable contribution and guidance
rendered by Mr. Bhat.
24. Directors and Key Managerial Personnel
Directors Independent Directors
Appointment In terms of Section 149 of the Act, Ms. Vibha Paul Rishi,
Pursuant to the recommendations of the Nomination and Ms. Padmini Khare Kaicker, Dr. C. V. Natraj, Mr. K. B. S. Anand
Remuneration Committee (‘NRC’), the Board of Directors and Mr. Rajiv Dube are the Independent Directors of the
made the following appointments during the year under Company. The Company has received declarations from
review in accordance with the Company’s Articles of all the Independent Directors confirming that they meet
Association and Section 161(1) of the Act, subject to the criteria of independence as prescribed under Section
approval of the Members at the forthcoming AGM: 149(6) of the Act and Regulation 16(1)(b) of the SEBI Listing
Regulations and are independent of the management.
i. Appointed Mr. Rajiv Dube as an Additional Director in In terms of Regulation 25(8) of the SEBI Listing Regulations,
an independent capacity not liable to retire by rotation, they have confirmed that they are not aware of any
for a period of 5 years commencing from September circumstance or situation, which exist or may be reasonably
18, 2020 to September 17, 2025 anticipated, that could impair or impact their ability to
discharge their duties with an objective independent
ii. Appointed Mr. N. Chandrasekaran as an Additional
judgement and without any external influence. The Board
Director (Non-Executive Non-Independent) and
of Directors of the Company has taken on record the
Chairman of the Board of Directors of the Company
declaration and confirmation submitted by the Independent
with effect from November 24, 2020
Directors after undertaking due assessment of the veracity of
They hold office up to the date of the forthcoming AGM and the same. They are not liable to retire by rotation in terms of
the Company has received requisite Notices from Members Section 149(13) of the Act.
in writing proposing their appointment as Directors of the
The Board is of the opinion that the Independent Directors
Company.
of the Company possess requisite qualifications, experience
The Board recommends for the approval of the Members and expertise in the fields of science and technology,
by way of an Ordinary Resolution, the appointment of digitalisation, strategy, finance, governance, human
Mr. Dube as an Independent Director effective September resources, safety, sustainability, etc. and that they hold
18, 2020 and Mr. Chandrasekaran as a Director on the Board highest standards of integrity.

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The Independent Directors of the Company have confirmed potential candidates, prior to making recommendations of
that they have enrolled themselves in the Independent their nomination to the Board. At the time of appointment,
Directors’ Databank maintained with the Indian Institute specific requirements for the position including expert
of Corporate Affairs (‘IICA’) in terms of Section 150 of the knowledge expected is communicated to the appointee.
Act read with Rule 6 of the Companies (Appointment &
The list of core skills, expertise and competencies of the Board
Qualification of Directors) Rules, 2014. They are exempt
of Directors as are required in the context of the businesses
from the requirement to undertake the online proficiency
and sectors applicable to the Company are identified by the
self-assessment test conducted by IICA.
Board and are available with the Board. The Company has
Details of Familiarisation Programme for the Independent also mapped each of the skills, expertise and competencies
Directors are provided separately in the Corporate against the names of the Board Members possessing the
Governance Report which forms a part of this Integrated same. The same is disclosed in the Corporate Governance
Annual Report. Report forming part of this Integrated Annual Report.

Key Managerial Personnel (‘KMP’) Scientific Advisory Board

Mr. John Mulhall ceased as the Chief Financial Officer (CFO) The Board has constituted a Scientific Advisory Board
of the Company with effect from March 31, 2021 upon consisting of scientists with relevant domain expertise under
his transfer as Managing Director & CEO of Tata Chemicals the Chairmanship of Dr. C. V. Natraj, Independent Director
North America Inc., a wholly owned subsidiary of the of the Company with a view to synergise the Research &
Company. Development initiatives at the Company’s Innovation Centre
and Research & Development Centres (Crop Care and Seeds
Pursuant to the recommendations of the Nomination & respectively) of Rallis India Limited. Further details in this
Remuneration Committee and Audit Committee, the Board regard are provided in the Corporate Governance Report.
appointed Mr. Nandakumar S. Tirumalai as the Chief Financial
Officer and Key Managerial Personnel of the Company with Criteria for determining Qualifications, Positive
effect from April 1, 2021. Attributes and Independence of a Director
The NRC has formulated the criteria for determining
In terms of the provisions of Section 2(51) and Section 203 of qualifications, positive attributes and independence of
the Act, the following are the KMP of the Company: Directors in terms of provisions of Section 178(3) of the Act
• Mr. R. Mukundan, Managing Director & CEO and the SEBI Listing Regulations. The relevant information
has been given in Annexure 3 which forms part of this
• Mr. Zarir Langrana, Executive Director Report.

• Mr. Nandakumar S. Tirumalai, Chief Financial Officer Board Evaluation

(w.e.f. April 1, 2021) The Board has carried out the annual evaluation of its own
performance and that of its Committees and individual
• 
Mr. Rajiv Chandan, General Counsel & Company
Directors for the year pursuant to the provisions of the Act
Secretary
and the SEBI Listing Regulations. The exercise of performance
Procedure for Nomination and Appointment of evaluation was carried out electronically through a secure
Directors application. This resulted in saving paper, reducing the cycle
The NRC is responsible for developing competency time to make documents available to the Board/Committee
requirements for the Board based on the industry and Members and in increasing confidentiality and accuracy.
strategy of the Company. The Board composition analysis
The performance of the Board and individual Directors was
reflects in-depth understanding of the Company, including
evaluated by the Board after seeking inputs from all the
its strategies, environment, operations, financial condition
Directors. The criteria for performance evaluation of the
and compliance requirements.
Board included aspects such as Board composition and
The NRC conducts a gap analysis to refresh the Board on a structure, effectiveness of Board processes, contribution in
periodic basis, including each time a Director’s appointment the long-term strategic planning, etc. The performance of the
or re-appointment is required. The Committee is also Committees was evaluated by the Board after seeking inputs
responsible for reviewing the profiles of potential candidates from the Committee Members. The criteria for performance
vis-à-vis the required competencies and meeting the evaluation are broadly based on the Guidance Note issued

69
 Integrated Annual Report 2020-21

by SEBI on Board Evaluation which included aspects such as The statement containing particulars of employees as
structure and composition of Committees, effectiveness of required under Section 197(12) of the Act read with Rule
Committee Meetings, etc. 5(2) and 5(3) of the Rules forms part of this Report. Further,
the Report and the Accounts are being sent to the Members
The Chairman of the Board had one-on-one meetings excluding the aforesaid statement. In terms of Section 136
with each Independent Director and the Chairman of the of the Act, the said statement will be open for inspection
NRC had one-on-one meetings with each Executive and upon request by the Members. Any Member interested
Non-Executive, Non-Independent Directors. in obtaining such particulars may write to the Company
Secretary at [email protected].
In a separate meeting, the Independent Directors evaluated
the performance of Non-Independent Directors and
performance of the Board as a whole including the Chairman
28. Auditors
of the Board taking into account the views of Executive I. Statutory Auditors
Directors and Non-Executive Directors. The NRC reviewed At the AGM held on August 9, 2017, B S R & Co. LLP, Chartered
the performance of the Board, its Committees and of the Accountants (Firm Registration No. 101248W/W-100022)
Individual Directors. The same was discussed in the Board were appointed as Statutory Auditors of the Company for a
Meeting that followed the meeting of the Independent period of five (5) consecutive years.
Directors and the NRC, at which the feedback received
Further, the report of the Statutory Auditors along with notes
from the Directors on the performance of the Board and its
to Schedules is a part of this Integrated Annual Report. There
Committees was also discussed.
has been no qualification, reservation, adverse remark or
The Company follows a practice of addressing each of the disclaimer given by the Auditors in their Report.
observations and suggestions by drawing up an action plan II. Cost Auditors
and monitoring its implementation through the Action
As per Section 148 of the Act read with the Companies (Cost
Taken Report which is reviewed by the Board of Directors
Records and Audit) Rules, 2014, the Company is required
from time to time.
to prepare, maintain as well as have the audit of its cost
records conducted by a Cost Accountant and accordingly, it
25. Remuneration Policy has made and maintained such cost accounts and records.
The Company has in place a Remuneration Policy for The Board on the recommendation of the Audit Committee
the Directors, KMP and other employees pursuant to the has appointed D. C. Dave & Co., Cost Accountants (Firm
provisions of the Act and the SEBI Listing Regulations which Registration No. 000611) as the Cost Auditors of the Company
is set out in Annexure 4 forming part of this Report. for FY 2021-22 under Section 148 and all other applicable
provisions of the Act.
26. Conservation of Energy, Technology D. C. Dave & Co. have confirmed that they are free from
Absorption, Foreign Exchange Earnings and disqualification specified under Section 141(3) and proviso to
Outgo
Section 148(3) read with Section 141(4) of the Act and that the
The particulars relating to conservation of energy, technology appointment meets the requirements of Section 141(3)(g)
absorption, foreign exchange earnings and outgo, as required of the Act. They have further confirmed their independent
to be disclosed pursuant to the provisions of Section 134 of status and an arm’s length relationship with the Company.
the Act read with the Companies (Accounts) Rules, 2014, are
The remuneration payable to the Cost Auditors is required to
provided in Annexure 5 forming part of this Report.
be placed before the Members in a General Meeting for their
ratification. Accordingly, a resolution for seeking Members’
27. Particulars of Employees
ratification for the remuneration payable to D. C. Dave & Co.
Disclosures pertaining to remuneration and other details is included at Item No. 7 of the Notice convening the AGM.
as required under Section 197(12) of the Act read with
Rule 5(1) of the Companies (Appointment and III. Secretarial Auditor
Remuneration of Managerial Personnel) Rules, 2014 (‘Rules’) In terms of Section 204 of the Act and Rules made thereunder,
are enclosed as Annexure 6 forming part of this Report. Parikh & Associates, Practicing Company Secretaries

70
 Integrated Report Statutory Reports Financial Statements
1-59 Board's Report 147-300

(Firm Registration No. P1988MH009800), have been review, three (3) meetings of the CSR Committee were held,
appointed as Secretarial Auditors of the Company to details of which are provided in the Corporate Governance
carry out the secretarial audit for FY 2021-22. The report Report. The Company has revised the CSR Policy and the
of the Secretarial Auditors for FY 2020-21 is enclosed as Charter pursuant to the Companies (Corporate Social
Annexure 7 forming part of this Report. Responsibility) Amendment Rules, 2021. The revised
CSR Policy is available on the website of the Company at
There has been no qualification, reservation, adverse remark
https://www.tatachemicals.com/CSRPolicy2021.htm. During
or disclaimer given by the Secretarial Auditor in their Report.
the year under review, there were no instances when the
recommendations of the CSR Committee were not accepted
29. Reporting of Fraud
by the Board.
During the year under review, the Statutory Auditors, Cost
Auditors and Secretarial Auditors have not reported any IV. Secretarial Standards
instances of frauds committed in the Company by its officers
The Directors have devised proper systems and processes for
or employees, to the Audit Committee under Section 143(12)
complying with the requirements of applicable Secretarial
of the Act details of which needs to be mentioned in this
Standards issued by the Institute of Company Secretaries
Report.
of India and such systems were adequate and operating
effectively.
30. Other Disclosures
I. Details of Board Meetings 31. Annual Return
During the year under review, nine (9) Board Meetings
Pursuant to Section 92(3) read with Section 134(3)(a) of the
were held, details of which are provided in the Corporate
Act, the Annual Return as on March 31, 2021 is available on
Governance Report.
the Company’s website at https://www.tatachemicals.com/
II. Composition of Audit Committee MGT2021.htm.
The Audit Committee comprised four (4) Members out of
which three (3) are Independent Directors and one (1) is 32. Acknowledgements
a Non-Executive Director. During the year under review, The Directors acknowledge the support extended by the
eleven (11) Audit Committee meetings were held, details Company’s Unions and all the employees for their dedicated
of which are provided in the Corporate Governance Report. service.
During the year under review, there were no instances when
the recommendations of the Audit Committee were not The Directors would also like to thank the financial
accepted by the Board. institutions, banks, government authorities, customers,
vendors and other stakeholders for the continued support
III. Composition of CSR Committee and co-operation.
The CSR Committee comprised four (4) Members out of
which one (1) is an Independent Director. The Committee The Directors deeply regret the loss of lives on account of
was reconstituted effective September 1, 2020 after which the Covid-19 pandemic and place on record their sincere
the Committee comprised three (3) Members out of which appreciation to all those who have gone beyond their duties
one (1) is an Independent Director. During the year under in this fight against the pandemic.

On behalf of the Board of Directors

N. Chandrasekaran
Chairman
DIN: 00121863
Mumbai, May 3, 2021

71
 Integrated Annual Report 2020-21

Annexure 1 to Board’s Report

Dividend Distribution Policy

Scope and Purpose Financial As in the past, subject to the provisions of the
Tata Chemicals Limited (‘the Company’) shares are listed on the Parameters applicable law, the Company’s dividend payout
BSE Limited and the National Stock Exchange of India Limited. will be determined based on available financial
The Securities and Exchange Board of India (‘SEBI’) vide its resources, investment requirements and taking
notification dated July 8, 2016, has inserted Regulation 43A in SEBI into account optimal shareholder return
(Listing Obligations and Disclosure Requirements) Regulations, Based on the above, the Company will endeavour
2015 and has made it mandatory for the top 500 listed entities, to maintain the steady level of dividend per share
based on market capitalisation, as on March 31 of every financial over the medium term
year to formulate a Dividend Distribution Policy (‘Policy’). Utilisation of • Capital expenditure
retained earnings
The Board of Directors of the Company has adopted the Policy • Organic/Inorganic growth
which endeavours for fairness, consistency and sustainability while • General corporate purposes, including
distributing profits to the shareholders. contingencies
• Investments in the new/existing business
Objective
• Any other permitted use under the Companies
The Policy defines the conditions for paying a dividend. Act, 2013
The Board of Directors will recommend any annual dividend Dividend Range As in the past, subject to the provisions of
based on this Policy as well as any specific financial or market applicable laws, the Company’s dividend payout
conditions prevailing at the time. The intention of the Policy is will be determined based on availability of
to set out the broad criteria to be considered when determining financial resources, investment requirements and
what dividend to declare or not declare to the shareholders of also take into account optimal shareholder return.
the Company. The Company would endeavour to target a total
dividend payout ratio in the range of 30% to 50%
The Company has had a consistent dividend policy that balances of the Annual Standalone Profits after Tax (PAT) of
the objective of appropriately rewarding shareholders through the Company
dividends and to support the future growth.

Parameters The Company has one class of equity share and no Disclosure
adopted with preference share capital. Any declared dividend The Board of Directors will review the Policy annually. Any revisions
regards to various will be divided equally among all shareholders, on in the Policy will be communicated to shareholders in a timely
classes of shares the record date manner. The Policy shall be disclosed in the Annual Report and on
Frequency Dividends will generally be declared once a year the website of the Company at https://www.tatachemicals.com/
after the announcement of full year results but DividendDistPolicy.htm.
before the Annual General Meeting
In years of exceptional gains or other events a Disclaimer
special dividend may be declared The Policy does not constitute a commitment regarding the future
Internal and When determining the annual dividend, the dividends of the Company, but only represents a general guidance
External Factors Company will consider, amongst other matters: regarding dividend policy. The statement of the Policy does not in
• The level of dividends paid historically any way restrict the right of the Board to use its discretion in the
• Actual results for the year and the outlook recommendation of the Dividend to be distributed in the year and
for business operations the Board reserves the right to depart from the Policy as and when
•  Providing for anticipated capital circumstances so warrant.
expenditures or acquisitions, to further
enhance shareholder value or meet On behalf of the Board of Directors
strategic objectives
• Setting aside cash to meet debt repayments N. Chandrasekaran
•  Retaining earnings to provide for Chairman
contingencies or unforeseeable events DIN: 00121863
• The overall economic environment
• Changes in the cost and availability of Mumbai, May 3, 2021
external financing
• Changes in government policy, industry
rulings and regulatory provisions

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Annexure 2 to Board’s Report

Annual Report on CSR Activities

[Pursuant to Section 135 of the Companies Act, 2013 (‘the Act’) & Rules made thereunder]

1. Brief outline on CSR Policy of the Company: 4. Provide the details of Impact assessment of CSR
Tata Chemicals Limited (‘the Company’) is committed projects carried out in pursuance of sub-rule (3)
to upholding the highest standards of Corporate Social of Rule 8 of the Companies (Corporate Social
Responsibility ('CSR'). The Company endorses the
Responsibility Policy) Rules, 2014, if applicable
(attach the report):
Tata Group’s purpose of improving the quality of life of the
communities it serves through long-term stakeholder value In terms of the Companies (Corporate Social Responsibility
creation. The Company believes in positively impacting the Policy) Amendment Rules, 2021, there are no projects
undertaken or completed after January 22, 2021, for which
environment and supporting the communities it operates
undertaking impact assessment is applicable. However,
in, focussing on sustainability of its programmes and
the Company has been conducting impact assessments to
empowerment of its communities.
monitor and evaluate its strategic CSR programmes from
The Company has framed a CSR Policy in compliance time to time.
with the provisions of the Act, which is available on In FY 2020-21, the Company had voluntarily undertaken an
the Company’s website at https://www.tatachemicals.com/ impact assessment study of its Community Development
CSRPolicy2021.htm. projects linked to Agriculture and Livestock management
programme which was undertaken a few years ago.
The study has been conducted by an agency viz.
2. Composition of CSR Committee as on March 31, 'Change Alliance'. The study not only details the impacts
2021: and the benefits accrued by the community, it also
Number of proposes future development model for Agriculture and
Number of Livestock management programmes.
meetings
meetings
Designation/ of CSR The Impact Assessment Report of the study
Sl. Name of of CSR
Nature of Committee undertaken voluntarily is uploaded on the website at:
No. Director Committee
Directorship attended https://www.tatachemicals.com/CSR.htm
held during
during the
the year
year 5. 
Details of the amount available for set-off in
1. Mr. S. Non-Executive 3 3 pursuance of sub-rule (3) of Rule 7 of the Companies
Padmanabhan Non-Independent (Corporate Social Responsibility Policy) Rules, 2014
(Chairman) Director and amount required for set-off for the financial
year, if any –
2. Dr. C. V. Natraj* Independent 2 2
Director Amount available Amount required
Sl. Financial for set-off from to be set-off for
3. Mr. R. Mukundan Managing Director 3 3
No. Year preceding financial the financial year,
& CEO
years (in `) if any (in `)
*Appointed as a Member of the Committee w.e.f. September 1, 2020 NOT APPLICABLE
Note: Ms. Vibha Paul Rishi, Independent Director and
Mr. Zarir Langrana, Executive Director ceased to be Members of the
6. Average net profit of the Company as per Section
135(5):
Committee w.e.f. September 1, 2020
` 925.27 crore for the preceding three Financial Years
3. 
Provide the web-link where Composition of CSR 7. (a) 
Two percent of average net profit of the
committee, CSR Policy and CSR projects approved Company as per Section 135(5): ` 18.51 crore
by the board are disclosed on the website of the
(b) 
Surplus arising out of the CSR projects or
company:
programmes or activities of the previous
https://www.tatachemicals.com/CSR.htm financial years: N.A.

73
 Integrated Annual Report 2020-21

(c) Amount required to be set-off for the financial year, if any: N.A.
(d) Total CSR obligation for the financial year (7a+7b-7c): ` 18.51 crore
8. (a) CSR amount spent or unspent for the financial year:
Amount Unspent (` in crore)
Total Amount transferred to Amount transferred to any fund specified under
Total Amount Spent for the
Unspent CSR Account as per Schedule VII as per second proviso to Section
Financial Year (` in crore)
Section 135(6) 135(5)
Date of Name of the Date of
Amount Amount
transfer Fund transfer
20.92 Nil N.A. N.A. N.A. N.A.

(b) Details of CSR amount spent against ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Amount Mode of Implementation-
Location of Amount
Item from transferred Through Implementation
the project Amount spent
the list of to Unspent Agency
Local Project allocated in the
activities CSR Account Mode of
Sl. Name of the area duration for the current
in for the Implementation
No. Project (Yes/ (no. of project financial CSR
Schedule District/ project as - Direct (Yes/No)
No) State years) (` in year Name Registration
VII to the Area per Section
crore) (` in number
Act 135(6)
crore)
(in `)
1. Agriculture IV Yes Gujarat Devbhumi 3 1.00 1.00 NIL No
& Livestock Dwarka
Development Uttar Pradesh Farrukhabad
2. Handicrafts V Yes Gujarat Devbhumi 3 1.25 1.25 NIL No
& Cluster Dwarka
Development
3. Skill II Yes Gujarat, Mithapur 3 5.65 6.12 NIL Yes*
Development Maharashtra Mumbai/
Pune
Andhra Pradesh Mambattu
Tamil Nadu Cuddalore
Uttar Pradesh Aligarh
4. Natural IV Yes Gujarat Mithapur 3 1.35 1.37 NIL No
Resource Andhra Pradesh Mambattu
Management Tamil Nadu Cuddalore
Tata
&
Chemicals
Environment
Society
Conservation CSR00002564
for Rural
5. Health Care, I Yes Gujarat Mithapur 3 2.13 2.02 NIL No Development
Nutrition, Porbandar (TCSRD)
Safe drinking Madhya Barwani
water & Pradesh
Sanitation Maharashtra Amravati
Mumbai
Andhra Pradesh Mambattu
Tamil Nadu Cuddalore
6. Education II Yes Gujarat Mithapur 3 1.40 1.40 NIL No
Porbandar
Maharashtra Mumbai
Andhra Pradesh Mambattu
Tamil Nadu Cuddalore
7. Inclusive III Yes Gujarat Mithapur 3 1.45 1.40 NIL No
Growth Andhra Pradesh Mambattu
Tamil Nadu Cuddalore
Maharashtra Mumbai
Total 14.23 14.56
*Part of the funds were also spent through the implementing agency

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 Integrated Report Statutory Reports Financial Statements
1-59 Board's Report 147-300

(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8)
Item from Mode of Implementation -
Location of the project Amount
the list of Local Mode of Through Implementing Agency
Sl. spent for
Name of the Project activities in area implementation
No. the project CSR registration
Schedule VII (Yes/No) State District/Area - Direct (Yes/No) Name
(in ` crore) number
to the Act
1. Disaster Relief activity XII Yes Gujarat Mithapur 0.27 No
Tamil Nadu Cuddalore
2. Covid-19 Relief I Yes Gujarat Mithapur 3.07 Yes*
Maharashtra Mumbai
Tamil Nadu Cuddalore Tata
3. Animal Health Care IV Yes New Delhi 0.01 No Chemicals
Society
4. Environment Conservation IV Yes Gujarat Ahmedabad 0.01 No CSR00002564
for Rural
5. Health Care - Tata Memorial I No West Bengal Kolkata 0.20 No Development
Hospital/Cancer Care (TCSRD)
6. Infrastructure Programme II Yes Gujarat Mithapur 2.01 No
Porbandar
Andhra Pradesh Mambattu
Tamil Nadu Cuddalore
Total 5.57
*Part of the funds were also spent through the implementing agency

(d) Amount spent in Administrative Overheads: ` 0.79 crore

(e) Amount spent on Impact Assessment: N.A.
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): ` 20.92 crore
(g) Excess amount for set-off, if any: ` 2.41 crore
Sl. No. Particular Amount (in ` crore)
(i) Two percent of average net profit of the Company as per Section 135(5) 18.51
(ii) Total amount spent for the financial year 20.92
(iii) Excess amount spent for the financial year [(ii)-(i)] 2.41
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous N.A.
financial years, if any
(v) Amount available for set-off in succeeding financial years [(iii)-(iv)] 2.41

9. (a) Details of Unspent CSR amount for the preceding three financial years:
Amount Amount transferred to any fund specified Amount
Amount
transferred to under Schedule VII as per Section 135(6), remaining to
Preceding spent in the
Sl. Unspent CSR if any be spent in
Financial reporting
No. Account under succeeding
Year Financial Name of the Amount Date of
Section 135(6) financial years
Year (in `) Fund (in `) transfer
(in `) (in `)
NOT APPLICABLE

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Financial Total Amount spent Cumulative Status
Name Year in amount on the project amount spent of the
Sl. Project Project
of the which the allocated for in the reporting at the end of project -
No. ID duration
Project project was the project Financial Year reporting Financial Completed/
commenced (in `) (in `) Year (in `) Ongoing
NOT APPLICABLE

75
 Integrated Annual Report 2020-21

10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created
or acquired through CSR spent in the financial year (asset-wise details).
(a) Date of creation or acquisition of the capital asset(s): As per table below in (d)
(b) Amount of CSR spent for creation or acquisition of capital asset: ` 89,370
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered,
their address, etc: TCSRD, Near Town Office, TCL Township, Mithapur - 361345
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the
capital asset): As per table below
Assets Description Date of Creation Amount (`) Address
Infrastructure for training centre:
a) Angle Racks October 16, 2020 28,910 TCSRD, Near Town Office, TCL
b) LED TV May 15, 2020 33,920 Township, Mithapur – 361345
c) Vending Machine January 18, 2021 26,540
Total 89,370

11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per
Section 135(5):
Not Applicable

R. Mukundan S. Padmanabhan
Managing Director & CEO Chairman-CSR Committee 
DIN: 00778253 DIN: 00306299

Mumbai, May 3, 2021 Mumbai, May 3, 2021

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 Integrated Report Statutory Reports Financial Statements
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Annexure 3 to Board’s Report

Criteria for Determining Qualifications, Positive

Attributes and Independence of Directors
1. Definition of Independence 5. Not achieve or attempt to achieve any undue gain or
• 
A director will be considered as an ‘Independent advantage either to himself or to his relatives, partners,
Director’ (‘ID’) if the person meets with the criteria for or associates.
‘Independent Director’ as laid down in the Companies 6. Not assign his office.
Act, 2013 (‘the Act’) and SEBI (Listing Obligations and Additionally, the Directors on the Board of a Tata company
Disclosure Requirements) Regulations, 2015 (‘Listing are also expected to demonstrate high standards of ethical
Regulations’). behaviour, strong interpersonal and communication skills
• 
The definition of Independent Director is as provided in and soundness of judgement.
the Act and Listing Regulations. IDs are also expected to abide by the ‘Code for Independent
• 
Current and ex-employees of a Tata company1 may be Directors’ as outlined in Schedule IV to Section 149(8) of
considered as independent only if he/she has or had the Act and adopted by the Board. The Code specifies
no pecuniary relationship with any Tata company (due the guidelines of professional conduct, role and function
to employment/receipt of monthly pension by way and duties of Independent Directors. The guidelines of
of Special Retirement Benefits/holding consultant professional conduct specified in the Code are as follows:
or advisor positions) during the two immediately An Independent Director shall:
preceding financial years or during the current financial 1. uphold ethical standards of integrity and probity;
year. 2. act objectively and constructively while exercising his
2. Qualifications of Directors duties;
• 
Boards will ensure that a transparent board nomination 3. exercise his responsibilities in a bona fide manner in the
process is in place that encourages diversity of thought, interest of the company;
experience, knowledge, perspective, age and gender. 4. devote sufficient time and attention to his professional
• 
It is expected that boards have an appropriate blend of obligations for informed and balanced decision
functional and industry expertise. making;
• 
While recommending appointment of a director, 5. not allow any extraneous considerations that will vitiate
it is expected that the Nomination and Remuneration his exercise of objective independent judgement in
Committee (‘NRC’) consider the manner in which the paramount interest of the company as a whole,
the function and domain expertise of the individual while concurring in or dissenting from the collective
contributes to the overall skill-domain mix of the Board. judgement of the Board in its decision making;
• 
IDs ideally should be thought/practice leaders in their 6. not abuse his position to the detriment of the company
respective functions/domains. or its shareholders or for the purpose of gaining direct
or indirect personal advantage or advantage for any
3. Positive attributes of Directors associated person;
Directors are expected to comply with duties as provided in 7. refrain from any action that would lead to loss of his
the Act. For reference, the duties of the Directors as provided independence;
by the Act are as follows:
8.  where circumstances arise which make an
1. Act in accordance with the articles of the company. independent director lose his independence, the
2. Act in good faith in order to promote the objects of independent director must immediately inform the
the company for the benefit of its members as a whole Board accordingly;
and in the best interests of the company, its employees, 9. assist the company in implementing the best corporate
the shareholders, the community and for the protection governance practices.
of environment.
On behalf of the Board of Directors
3. Exercise duties with due and reasonable care, skill and
diligence and exercise independent judgement. N. Chandrasekaran
4. Not be involved in a situation in which he may have a Chairman
direct or indirect interest that conflicts, or possibly may DIN: 00121863
conflict, with the interest of the company. Mumbai, May 3, 2021
1
‘Tata company’ shall mean every company in which Tata Sons Private Limited or Tata Industries Limited or any company promoted by Tata Sons Private Limited or Tata Industries
Limited is promoter or a company in which such companies whether singly or collectively hold directly or indirectly 26% or more of the paid-up equity share capital OR in which
the shareholding of such companies represents the largest Indian holding apart from holdings of financial institutions/mutual funds OR a company which is permitted by Tata
Sons Private Limited to use the Tata brand name.

77
 Integrated Annual Report 2020-21

Annexure 4 to Board’s Report

Remuneration Policy for Directors, Key Managerial

Personnel and other Employees
The philosophy for remuneration of Directors, Key Managerial and motivate directors aligned to the requirements of
Personnel (‘KMP’) and all other employees of Tata Chemicals the Company (taking into consideration the challenges
Limited (‘Company’) is based on the commitment of fostering a faced by the Company and its future growth
culture of leadership with trust. The remuneration policy is aligned imperatives).
to this philosophy.
• Overall remuneration should be reflective of size of
This remuneration policy has been prepared pursuant to the the Company, complexity of the sector/industry/
provisions of Section 178(3) of the Companies Act, 2013 (‘Act’) and Company’s operations and the Company’s capacity to
Listing Regulations, 2015. In case of any inconsistency between pay the remuneration.
the provisions of law and this remuneration policy, the provisions
• Overall remuneration practices should be consistent
of the law shall prevail and the Company shall abide by the
with recognised best practices.
applicable law. While formulating this policy, the Nomination and
Remuneration Committee (‘NRC’) has considered the factors laid • Quantum of sitting fees may be subject to review on a
down under Section 178(4) of the Act, which are as under: periodic basis, as required.

(a) the level and composition of remuneration is reasonable • The aggregate commission payable to all the NEDs
and sufficient to attract, retain and motivate directors of the and IDs will be recommended by the NRC to the
quality required to run the company successfully; Board based on company performance, profits, return
to investors, shareholder value creation and any other
(b) relationship of remuneration to performance is clear and
significant qualitative parameters as may be decided by
meets appropriate performance benchmarks; and
the Board.
(c) remuneration to directors, key managerial personnel and
• The NRC will recommend to the Board the quantum
senior management involves a balance between fixed and
of commission for each director based upon the
incentive pay reflecting short and long-term performance
outcome of the evaluation process which is driven by
objectives appropriate to the working of the company and
various factors including attendance and time spent
its goals.
in the Board and Committee meetings, individual
Key principles governing this remuneration contributions at the meetings and contributions made
policy are as follows: by directors other than in meetings.
u Remuneration for Independent Directors and • 
In addition to the sitting fees and commission,
Non-Independent Non-Executive Directors the company may pay to any director such fair
• Independent Directors (‘ID’) and Non-Independent and reasonable expenditure, as may have been
Non-Executive Directors (‘NED’) may be paid sitting incurred by the director while performing his/
fees (for attending the meetings of the Board and of her role as a director of the Company. This could
Committees of which they may be members) and include reasonable expenditure incurred by the
commission within regulatory limits. director for attending Board/Board Committee
meetings, general meetings, court convened meetings,
• Within the parameters prescribed by law, the payment
meetings with shareholders/creditors/management,
of sitting fees and commission will be recommended
site visits, induction and training (organised by the
by the NRC and approved by the Board.
Company for directors) and in obtaining professional
• Overall remuneration (sitting fees and commission) advice from independent advisors in the furtherance
should be reasonable and sufficient to attract, retain of his/her duties as a director.

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 Integrated Report Statutory Reports Financial Statements
1-59 Board's Report 147-300

u Remuneration for Managing Director (‘MD’)/ • 

In addition to the basic/fixed salary, benefits,
Executive Directors (‘ED’)/KMP/rest of the perquisites and allowances as provided above,
employees1 the Company provides MD/EDs such remuneration
The extent of overall remuneration should be sufficient to by way of commission, calculated with reference to
attract and retain talented and qualified individuals suitable the net profits of the Company in a particular financial
for every role. Hence remuneration should be - year, as may be determined by the Board, subject to
the overall ceilings stipulated in Section 197 of the Act.
• Market competitive (market for every role is defined as
The specific amount payable to the MD/EDs would
companies from which the company attracts talent or
be based on performance as evaluated by the Board or
companies to which the company loses talent)
the NRC and approved by the Board.
• Driven by the role played by the individual
• The Company provides the rest of the employees a
• 
Reflective of size of the company, complexity of performance linked bonus. The performance linked
the sector/industry/company’s operations and the bonus would be driven by the outcome of the
company’s capacity to pay performance appraisal process and the performance of
• Consistent with recognised best practices and the Company.

• Aligned to any regulatory requirements.

u Remuneration payable to Directors for services
In terms of remuneration mix or composition, rendered in other capacity
• The remuneration mix for the MD/EDs is as per the The remuneration payable to the Directors shall be inclusive
contract approved by the shareholders. In case of any of any remuneration payable for services rendered by such
change, the same would require the approval of the Director in any other capacity unless:
shareholders.
(a) The services rendered are of a professional nature; and
• Basic/fixed salary is provided to all employees to ensure
that there is a steady income in line with their skills and (b) The NRC is of the opinion that the Director possesses
experience. requisite qualification for the practice of the profession.

• In addition to the basic/fixed salary, the Company

Policy implementation
provides employees with certain perquisites,
allowances and benefits to enable a certain level The NRC is responsible for recommending the remuneration
of lifestyle and to offer scope for savings and tax policy to the Board. The Board is responsible for approving and
optimisation, where possible. The Company also overseeing implementation of the remuneration policy.
provides all employees with a social security net
(subject to limits) by covering medical expenses and On behalf of the Board of Directors
hospitalisation through re-imbursements or insurance
cover and accidental death and dismemberment N. Chandrasekaran
through personal accident insurance. Chairman
DIN: 00121863
• 
The Company provides retirement benefits as
applicable. Mumbai, May 3, 2021

1
Excludes employees covered by any long term settlements or specific term contracts. The remuneration for these employees would be driven by the respective long
term settlements or contracts.

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 Integrated Annual Report 2020-21

Annexure 5 to Board’s Report

Conservation of Energy, Technology Absorption

and Foreign Exchange Earnings and Outgo
[Pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014]

A. Conservation of Energy In the Cement Plant at Mithapur:

(i) The steps taken or Impact on Conservation of • Replacement of Cement mill outlet diaphragm
Energy: screen segments to improve throughput of the
Following Lean Six Sigma (‘LSS’) and non-LSS projects mill
were undertaken during FY 2020-21: • Wet fly ash system revival to improve fly ash
consumption in Masonry Cement
In Soda Ash Plant at Mithapur:
• Fuel mix with Low calorific value (CV) Indonesian
• Replacement of Ammonia Still preheater no. 6
coal
and WLDS (Weak Liquor Distillation System) stack
cooler to reduce efficiency loss • Replacement of conventional lamps/tubes with
• Replacement of Hydrator no. 1 to improve lime efficient LEDs
hydration and temperature loss • Ball mills grinding media regrading to improve
• Replacement of CO2 compressor no. 6 to reduce specific power
steam and water consumption • Replacement of Coal mill diaphragm
• Insulation of major equipment like Ammonia Still • Commissioning of Kakkati vacuum pumps for
no. 6, Prelimer no. 6, Steam Tube Dryer nos. 1 and pumping of CO2 for carbonation of Effluent Solid
9 to reduce heat loss Filtration ('ESF') filter feed slurry
• Trial of various fuels at Soda ash kiln like Siberian
Anthracite and coke breeze briquettes Energy efficiency projects in Power Plant at Mithapur:
• High Pressure Boiler: HPB-3 with Pet coke and
In Make-Up Water ('MUW') Plants at Mithapur:
South African coal – exhaust flue gas temperature
• Replacement of preheater higher area heat reduced from 150°C to 145°C
exchanger to improve energy efficiency in
MUW-1 plant • HPB-4 with Indonesian coal – exhaust flue gas
temperature reduced from 150°C to 140°C
• Replacement of evaporator body-101 with new
evaporator body having increased height and
Measures undertaken in Electrical Systems at
volume in MUW-3 plant
Mithapur:
• Optimisation of 120 psig steam consumption by
• 
New capital projects being undertaken with
providing a small diameter jumper in the 6-inch
energy efficient motors, energy efficient lighting,
diameter vacuum line in MUW-3 plant
high efficiency distribution transformers and
• Reduction of steam consumption by 25 Metric Intelligent Motor Control Centres
Tonne ('MT") per hour by converting unit-1 and
• Replacement of conventional lamps/tubes with
unit-2 double effect evaporator to quadruple
effect evaporator by using 50 psig steam in 4,835 efficient LEDs
MUW-3 plant
In the Plant at Mambattu:
• Flowmeter provided in magma draw line to
maintain continuity in MUW-4 plant • ressure Reduction  Turbine [PRT] (4 Tonne
P
Per Hour 160 KW): PRT installed with Pressure
• Reduction of magma draw auto valve size from 4 Reducing Valve (PRV - 4 TPH) helps to generate
inch to 3 inch for better control in MUW-4 plant
2,400 units per day and simultaneously reduce the
• Flash steam from first effect condensate recycled steam pressure from 16 bar to 1 bar for process
to second effect to improve energy efficiency in evaporator requirement. The generation of PRT is
MUW-4 plant 7.2 lakh units annually with 300 days operation

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• ptimisation of unloading time for Air

O • Reduction of water specific consumption by
Compressor: Minimised low load compressor implementing mechanical seal water recirculation
operations by diverting load to partially loaded system and installation of new filter plates
compressor and optimised total unloading • 
Reduction of acid specific consumption by
time which helped in reducing  10% of
replacement of filter plates, installation of strainers
energy consumption of air compressors. Savings
at different process lines and streamlining the
from modification of compressor system is 20,500
reaction process
units per month and ` 15 lakh annually
• 
Reduction in specific power consumption
• 
Optimisation of Air Handling Unit ('AHU') running
by installation of capacitor banks, 6 Variable
hours by Building Management System ('BMS'):
By using BMS, running hours of AHU have been Frequency Drives (VFDs), 160 KVA Uninterrupted
optimised which helped in monthly savings Power Supply (UPS) and continuous monitoring
of 15,500 units. Annual savings would be of energy
` 10.88 lakh At the Innovation Centre, Pune:
•  eduction of Maximum Demand ('MD') from 3,000
R • 
Installation of solar panels for street lights
KVA to 2,400 KVA: By reducing MD from 3,000 KVA resulting in a saving of 3,185.13 kWh
to 2,400 KVA helps in reducing MD fixed cost from
` 11.5 lakh per month to ` 9.2 lakh per month. (ii) The steps taken by the Company for utilising
It helped in reducing overall total per unit cost
alternate sources of energy:
by ` 7.4 per unit to ` 7.0 per unit
• Use of alternate fuels at Mithapur:
In the Silica Plant at Cuddalore:
Ø Consumed 358 MT of shredded plastic in
• Reduction of sodium silicate specific consumption Cement kiln (supplied from TCSRD facility)
by modification of agitator blades, installation of
Ø Applied to Gujarat Pollution Control Board
better pump seals and auto packing machine
and replacement of filter press skirt boards and (GPCB) for 31 types of alternate fuels and are
scrapper in receipt of 2 samples for trial
• 
Reduction of coal specific consumption by • 
Solar capacity increased from 1.15 MW to
installation of dip pipes at hot water tanks, 1.9 MW at Mambattu by installation of Floating
equaliser plate at spray dryer and strainers at Solar Pond-2 (760 KW). It has increased annual
different process lines and by automation of dryer solar generation capacity from 16.8 lakh units to
operation using PLC 28 lakh units

(iii) Capital Investment on Energy Conservation Equipments: ` in crore

Sl. No. Project description Capex cost
In the Plant at Mithapur:
1. Power House: Topper Turbine-7 major overhauling 0.71
2. Topper Turbine-9 overhauling 0.01
3. Power House: Topper Turbine-12 major overhauling and oil cooler 0.04
4. Ammonia still pre-heater no. 6 & WLDS stack cooler 2.29
5. Ball Mill no. 2 liner & grinding media 0.27
6. Replacement of E-501 (Vacuum Dechlorination System Condenser) & E-601 (Chlorine Cooler) 0.57
7. Vacuum Ejector, Pre-Heater & Air-Heater at MUW 0.19
8. Power House: Ignifluid Boiler India Limited bed coil and bed super heater tube 0.26
9. Soda Ash: Replacement of IR (Ingersoll Rand)-1 complete set with GHH 5.95
10. Vacuum salt: Upgradation of MUW-3 11.18
11. Chloro Caustic & Marine: upgradation of Electrolyser technology gradation 12.88
12. Power House: Installation of Topper Turbine-1 13.97
In the Silica Plant at Cuddalore:
13. 160 KVA UPS Installation 0.38
14. Instrumentation upgrade of the entire process plant 1.75
15. Auto packing system installation at tyre grade and food grade stream 2.50
16. Motor Control Centre (MCC) panel upgrade 0.18
17. Deck plate installation to arrest the silicate spillage 0.25
18. Mechanical seal water recirculation setup 0.11
Total 53.49

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 Integrated Annual Report 2020-21

B. Technology Absorption • Installed duct collection for sugar dissolution

(i) 
The efforts made towards Technology system to avoid dust generation during charging
Absorption of sugar into system
At Mithapur: • Installed dedicated chiller system to achieve the
• Nano seawater technology for brine purification design throughput of spray dryer
in soda ash plant-project is under execution • Installed auto ash handling system for boiler to
• Solar salt washery project is under execution mechanise the manual operation and maintain
clean environment inside the plant
• Implementation of IoT-based decision support
system for soda ash carbonating tower efficiency • Installed fine filters in product feed line and airline
improvements of spray dryer to control extraneous matter and
improve the quality of finished goods
• Upgradation of soda ash laboratory with Metrom
automatic potentiometric titration machine At Cuddalore:
• Commissioning of latest 6th generation UHDE • Installed auto packing system by Haver and
Electrolyser-1 in caustic soda plant. This is Boecker at tyre grade and food grade production
upgradation from Denora technology. It enables line to reduce the packing time
operating electrolyser at higher current density
• Installed auto plate shifters at tyre grade filter
resulting in lower power consumption
presses to minimise human contamination
• Addition of anthracite filtration unit enabling low
load on brine filtration system and reducing alpha (ii) 
The benefits derived like product
cellulose consumption improvement, cost reduction, product
development or import substitution
• Chlorine storage equipped with remote operated
valves and content measurement redundancy • 
R&D efforts to attain objectives of cost
for safe operation and handling of liquid reduction, energy conservation, waste
chlorine minimisation/recycling & reuse, related value
added products, reduction in carbon footprint
At Mambattu:
and environmental improvement
Production of FOS products:
• Successfully developed oral grade silica
• Created ISO class 8 standard cleanrooms for
powder packing room and VFB and sifter area of • Developed battery separator silica using RO water
spray dryer with targeted requirement by customers

• Installed auto cake disposal system for carbon • 

By installing net metering system, exported
filter press to avoid the manual operation and 1 lakh units of solar power to Grid and saved
spillages on floor and maintain hygiene inside the ` 6 lakh in FY 2020-21 by reducing power
plant consumption

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(iii) In case of imported technology (imported during the last three years reckoned from the beginning of the
financial year)
(a) The details of technology imported Coromax SSMB# for Spray dryer for converting TKIS* electrolyser
for emission purification liquid into powder for caustic soda,
reduction in of FOS (Mambattu) circulator for MUW
boilers (Mambattu) evaporator, Concetti
(Mithapur) packing machine
(Mithapur)
(b) The year of import 2018-19 2019-20 2019-20 2020-21
(c) Whether the technology has been Yes Yes No Yes
fully absorbed
(d) If not fully absorbed, areas where N.A. N.A. 50% is absorbed. The reason N.A.
absorption has not taken place for not fully absorbing the
and the reasons thereof technology is travel restriction
of vendor due to Covid-19
crisis
#SSMB - Sequential Simulated Moving Bed
*TKIS - ThyssenKrupp Industrial Solutions

(iv) The expenditure incurred on Research & Development (Standalone)

` in crore
Particulars 2020-21 2019-20
Capital expenditure 5.36 2.13
Revenue expenditure 22.88 28.37
Total R&D expenditure 28.24 30.50
Total R&D expenditure as a percentage of revenue from operations 0.94% 1.04%

C. Foreign Exchange Earnings and Outgo (Standalone)

The foreign exchange earned in terms of actual inflows during the year and the foreign exchange outgo during the year in terms of
actual outflows:
` in crore
Particulars 2020-21 2019-20
Foreign exchange earned 80.56 115.80
Outgo of foreign exchange 460.50 360.23

On behalf of the Board of Directors

N. Chandrasekaran
Chairman
DIN: 00121863

Mumbai, May 3, 2021

83
 Integrated Annual Report 2020-21

Annexure 6 to Board’s Report

Disclosure of Managerial Remuneration

[Pursuant to Section 197 of the Companies Act, 2013 and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014]

A. Ratio of remuneration of each Director to the median remuneration of the employees of the
Company for FY 2020-21 as well as the percentage increase in remuneration of each Director,
Chief Financial Officer (CFO) and Company Secretary are as under:
% increase in
Ratio to median
Name of Director/Key Managerial Personnel remuneration over
remuneration
previous year
Non-Executive Directors
Mr. N. Chandrasekaran* (appointed w.e.f. November 24, 2020) N.A. N.A.
Ms. Vibha Paul Rishi 7.39:1 (4.54)
Mr. S. Padmanabhan** N.A. N.A.
Ms. Padmini Khare Kaicker 7.23:1 (6.88)
Dr. C. V. Natraj 7.03:1 ^
Mr. K. B. S. Anand 5.36:1 ^
Mr. Rajiv Dube# (appointed w.e.f. September 18, 2020) - ^
Mr. Bhaskar Bhat (resigned w.e.f. November 24, 2020) 4.99:1 ^
Executive Directors
Mr. R. Mukundan, Managing Director & CEO 98.37:1 (3.75)
Mr. Zarir Langrana 48:1 (2.52)
Key Managerial Personnel
Mr. John Mulhall, Chief Financial Officer (ceased w.e.f. March 31, 2021) - 14.62
Mr. Rajiv Chandan, General Counsel & Company Secretary - 6.42
Note: Remuneration includes commission which relates to FY 2020-21 and which will be paid during FY 2021-22
*As a policy, Mr. N. Chandrasekaran, Chairman of the Board has abstained from receiving commission from the Company
**In line with the internal guidelines, no payment is made towards commission to Mr. S. Padmanabhan, Non-Executive Director of the Company, who is in
full-time employment with other Tata company
^
Increase in remuneration is not reported as the concerned directors were only for a part of the year under review or previous year
#
Mr. Rajiv Dube was appointed during the year and hence the ratio to median remuneration is not reported
B. Percentage increase in the median remuneration of employees in FY 2020-21: 6.54%
C. Number of permanent employees on the rolls of the Company as on March 31, 2021: 1,699
D. Comparison of average percentile increase in salary of employees other than the managerial
personnel and the percentile increase in the managerial remuneration:
Particulars % change in remuneration
Average increase in salary of employees (other than managerial personnel) 6.34
Average increase in remuneration of managerial personnel (3.35)
E. Affirmation:
It is affirmed that the remuneration paid to the Directors, Key Managerial Personnel and other employees is as per the Remuneration
Policy of the Company.
On behalf of the Board of Directors

N. Chandrasekaran
Chairman
DIN: 00121863
Mumbai, May 3, 2021

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1-59 Board's Report 147-300

Annexure 7 to Board’s Report

Form No. MR-3

Secretarial Audit Report for the Financial Year ended

March 31, 2021
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule no. 9 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014]

To, (v) The following Regulations and Guidelines prescribed under

The Members, the Securities and Exchange Board of India Act, 1992 (‘SEBI
Tata Chemicals Limited Act’):
We have conducted the secretarial audit of the compliance (a) The Securities and Exchange Board of India (Substantial
of applicable statutory provisions and the adherence to good Acquisition of Shares and Takeovers) Regulations, 2011;
corporate practices by Tata Chemicals Limited (hereinafter called (b) The Securities and Exchange Board of India (Prohibition
the Company). Secretarial Audit was conducted in a manner of Insider Trading) Regulations, 2015;
that provided us a reasonable basis for evaluating the corporate
(c) The Securities and Exchange Board of India (Issue of
conducts/statutory compliances and expressing our opinion
Capital and Disclosure Requirements) Regulations, 2018
thereon.
and amendments from time to time; (Not applicable
Based on our verification of the Company’s books, papers, minute to the Company during the audit period)
books, forms and returns filed and other records maintained by (d) The Securities and Exchange Board of India (Share Based
the Company, to the extent the information provided by the Employee Benefits) Regulations, 2014; (Not applicable
Company, its officers, agents and authorised representatives to the Company during the audit period)
during the conduct of secretarial audit, the explanations and
(e) The Securities and Exchange Board of India (Issue and
clarifications given to us and the representations made by the
Listing of Debt Securities) Regulations, 2008; (Not
Management and considering the relaxations granted by the
applicable to the Company during the audit period)
Ministry of Corporate Affairs and Securities and Exchange Board
of India warranted due to the spread of the Covid-19 pandemic, (f ) The Securities and Exchange Board of India (Registrars
we hereby report that in our opinion, the Company has, during to an Issue and Share Transfer Agents) Regulations,
the audit period covering the financial year ended on March 31, 1993 regarding the Companies Act and dealing with
2021, generally complied with the statutory provisions listed client; (Not applicable to the Company during the
hereunder and also that the Company has proper Board processes audit period)
and compliance mechanism in place to the extent, in the manner (g) The Securities and Exchange Board of India (Delisting
and subject to the reporting made hereinafter: of Equity Shares) Regulations, 2009; (Not applicable to
the Company during the audit period) and
We have examined the books, papers, minute books, forms
and returns filed and other records made available to us and (h) The Securities and Exchange Board of India (Buyback of
maintained by the Company for the financial year ended on March Securities) Regulations, 2018; (Not applicable to the
31, 2021 according to the provisions of: Company during the audit period)

(i) The Companies Act, 2013 (the Act) and the rules made (vi) Other laws applicable specifically to the Company namely :
thereunder; 1. 
Food Safety and Standards Act, 2006, rules and
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and regulations thereunder;
the rules made thereunder; 2. Legal Metrology Act, 2009 and rules and regulations
thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws
framed thereunder; We have also examined compliance with the applicable clauses of
(iv) Foreign Exchange Management Act, 1999 and the rules the following:
and regulations made thereunder to the extent of Foreign (i) Secretarial Standards issued by The Institute of Company
Direct Investment, Overseas Direct Investment and External Secretaries of India with respect to Board and General
Commercial Borrowings; Meetings.

85
 Integrated Annual Report 2020-21

(ii) 
The Listing Agreements entered into by the Company Decisions at the Board Meetings were taken unanimously.
with BSE Limited and The National Stock Exchange of India
We further report that there are adequate systems and processes
Limited read with the SEBI (Listing Obligations and Disclosure
in the Company commensurate with the size and operations of
Requirements) Regulations, 2015.
the Company to monitor and ensure compliance with applicable
During the period under review, the Company has complied with laws, rules, regulations, guidelines etc.
the provisions of the Act, Rules, Regulations, Guidelines, Standards
We further report that during the audit period there were no
etc. mentioned above.
events occurred which had bearing on the Company’s affairs in
We further report that: pursuance of the above referred laws, rules, regulations, guidelines
etc.
The Board of Directors of the Company is duly constituted with
proper balance of Executive Directors, Non-Executive Directors For Parikh & Associates
and Independent Directors. The changes in the composition of the Company Secretaries
Board of Directors that took place during the period under review
were carried out in compliance with the provisions of the Act.
P. N. Parikh
Adequate notice was given to all directors to schedule the Board Partner
Meetings, agenda and detailed notes on agenda were sent at FCS No: 327 CP No: 1228
least seven days in advance for meetings other than those held Mumbai, May 3, 2021 UDIN: F000327C000226047
at shorter notice, and a system exists for seeking and obtaining
further information and clarifications on the agenda items before This Report is to be read with our below letter of even date which is annexed as
the meeting and for meaningful participation at the meeting. Annexure A and forms an integral part of this report.

‘Annexure A’
To,
The Members
Tata Chemicals Limited
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion
on these secretarial records based on our audit.
2. We have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness of
the contents of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial
records. We believe that the process and practices, we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Wherever required, we have obtained the Management Representation about the compliance of laws, rules and regulations and
happening of events etc.
5. The compliance of the provisions of corporate and other applicable laws, rules, regulations, standards is the responsibility of
management. Our examination was limited to the verification of procedure on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with
which the management has conducted the affairs of the Company.
For Parikh & Associates
Company Secretaries

P. N. Parikh
Partner
FCS No: 327 CP No: 1228
Mumbai, May 3, 2021 UDIN: F000327C000226047

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Management Discussion and Analysis

1. Business Environment b. India Economic Outlook

a. Global Economic Outlook India was one of the most severely affected countries
The Covid-19 pandemic led to an economic contraction among the emerging economies. Its Gross Domestic
in the Calendar Year (‘CY’) 2020 that was both sudden and Product ('GDP') contracted by 8% in CY 2021. While
deep compared to the previous global crises. Government consumption was almost stable at (0.8)%,
private consumption declined by 9.1%. Exports and
The global economy contracted 3.3%, advanced economies
imports of goods and services contracted by 9.3% and
contracted 4.7% whereas the emerging economies and
17% respectively. The agriculture sector was resilient to the
developing markets contracted by 2.2%. China was the
effects of Covid-19. The industrial production contracted
only major economy that grew (by 2.3%) in CY 2020.
by 11%.
World trade volume (goods and services) declined by 8.5%
and oil prices saw a sharp decline of 33% followed by a India’s recovery in FY 2021-22, with estimated GDP growth
recovery in the second half of the year. Consumer prices in of 11.5% at the beginning of CY 2021, has seen a downward
emerging economies increased by 5.1% whereas they were revision between 9.6% and 10.5% due to rising Covid-19
stable in the advanced economies. Global manufacturing infections at the beginning of FY 2021-22. Increasing
contracted sharply in mid-2020 however, sharply recovered unemployment, as reported by the Centre for Monitoring
in the latter part of the year. Lingering uncertainties around Indian Economy (CMIE) (7.9% in April 2021 against 6.9%
the pandemic hindered the recovery of private investment. in February 2021) and inflation (Wholesale Price Index –
With the consideration of broad vaccine availability in 7.4% highest in last 103 months) signal a risk to the
advanced economies and some emerging economies, the recovery. However, the outlook is expected to become
global economy is projected to grow at 6% in CY 2021. more positive by the middle of the year as vaccines
Growth in the advanced economies is projected at 5.1% become more widely available.
in CY 2021, whereas that in the Emerging Markets &
The Government spending is estimated to be higher than
Developing Economies (‘EMDE’) is expected to be 6.7%.
the previous financial year with fiscal deficit at 7.2% of GDP
Growth in the United States (‘US’) is expected to be as against a budgeted 6.8%, mainly due to a higher food
4.3% in CY 2021, regaining the pre-covid activity levels. subsidy bill and lower asset sale revenue. The export outlook
The European Union and the United Kingdom (‘UK’) is cautious as exporters are focussing on domestic issues.
economies are expected to grow by 4.5% and 4.2% Monetary conditions are expected to remain accommodative
respectively in CY 2021. Among the EMDE, China is as inflation increases with an upside risk caused by rising
expected to grow by 8.5%, Russia and Brazil by 3% and global commodity prices.
3.6% respectively in CY 2021. Source: Various reports – IMF World Economic Outlook, Oxford
Downside risks to the outlook include resurgence of the Economics, RBI State of Economy
pandemic and vaccine delays, withdrawal of policy support
before recovery takes firm root and bankruptcies due to 2. Chemical Industry
illiquidity & high debt and geopolitical trade risks such as a. Global Chemical Industry
ongoing tensions between the US and China. Demand for chemical products hit a trough in Asia around
Source: IMF World Economic Outlook (WEO), January and April 2021, February/March 2020, in Europe around April 2020 and
OECD Interim Economic Assessment, March 2021 the Americas in May 2020, reflecting the peak of Covid-19

The agriculture sector was resilient to the effects of Covid-19

87
 Integrated Annual Report 2020-21

lockdowns. Demand gradually recovered in the US and the lowest per capita consumption of chemicals, offering
Europe following the fall in Covid-19 infection rates. adequate headroom for the sector to grow. Its vantage
The recovery in Asia has been more robust and is expected to location provides opportunities in servicing export demand.
continue in CY 2021. Increase in Government and consumer
spending has boosted demand for many chemicals. Basic Chemistry Products such as Alkali chemicals are the
primary growth drivers for inorganic chemicals having a
Commodity chemicals producers will see recovery and stable outlook. Specialty chemicals account for a major
Specialty chemicals producers with more diverse and share of chemical exports, dominated by agrochemicals,
resilient end markets will continue to see growth in CY 2021. dyes and pigments. Consumer trend towards good
health to drive demand for home and personal care
b. Key Global Trends items such as nutraceuticals, food ingredients and
Sustainability has increasingly become a focus for many packaged food & beverages. The Government of India
chemical companies globally and the trend will gain further aims to transform India into a manufacturing hub for
momentum in CY 2021. Large companies are leading the crop-protection chemicals. The Indian market is estimated
way to net-zero greenhouse gas emission commitments. at ` 43,000 crore, of which exports are ` 23,000 crore.
Initiatives such as European plastic tax and green hydrogen The sector is expected to grow more than 9% over the next
stimulus packages in the US, Canada and Europe are 5 years with exports growing faster than the domestic
accelerating the adoption of sustainable practices and goals. market.

The centre-of-gravity of the economic world will further Source: Various reports – Federation of Indian Chamber of Commerce &
re-balance with by simultaneous shifts, from west to east, Industry (FICCI) Report, Internal Assessment, Moody’s Report
from rural to urban, ageing to young economies. Asia's role
in global chemicals demand and trade will be even greater 3. Company Overview
over the next decade. A part of the US$ 106 billion (revenue as on March 31, 2020)
Tata Group, Tata Chemicals Limited (‘the Company’ or ‘TCL’)
The changing composition and expectations of
is a Science-led chemistry solutions company.
hyper-connected consumers will trigger structural industry
and consumption shifts towards good health, personal Having espoused the corporate purpose of ‘Serving Society
wellness, ‘green’ products and plant-based nutrients. through Science’, the Company has come a long way
from laying its roots in Mithapur, Gujarat with its soda
c. Indian Chemical Industry
ash and salt operations. Its operations span continents,
While the Indian chemical industry was adversely affected serving a diverse set of customers across the globe. The
due to Covid-19 in the first half of CY 2020 resulting in diverse portfolio is divided into Basic Chemistry Products
disrupted supply chains and reduced demand, it witnessed and Specialty Products comprising Performance Materials,
a recovery in the second half of CY 2020. As seen in Nutrition Sciences and Agri Sciences.
the Index of Industrial Production (IIP) for Chemical
Manufacturing, the demand recovery is expected to Performance Materials, Nutrition Sciences and Agri
continue in FY 2021-22 and will achieve pre-Covid levels. Sciences are poised for robust growth along the vectors of
sustainability and good health.
The Indian Chemical Industry has a structural and
locational advantage to rapidly grow from its current size of The Company is a global major in soda ash and sodium
US$ 178 billion to US$ 300 billion over next 5 to 7 years. bicarbonate (market position of 3rd and 6th respectively)
In addition to its demographic dividends, India has one of with manufacturing facilities in India, US, UK and Kenya.

Consumer trend towards good health to drive demand for home and personal care
items such as nutraceuticals, food ingredients and packaged food & beverages

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The emerging Performance Materials division includes high The Company believes in ‘Science-led Differentiation’ that
performance silica products based on patented technology creates value for its customers. The Company has made
for the rubber applications, food, feed, detergents and oral consistent and significant investments in innovation, be it
care. in process innovation, product innovation or those that have
led to a great customer experience. It has two world-class
The Company has a domestic market leadership position Research and Development (R&D) facilities in Pune and
in the Nutrition Sciences. It offers edible salt, sodium Bengaluru from where products such as Highly Dispersible
bicarbonate (food, feed and pharma grade) and prebiotics Silica (‘HDS’), FOS and Ayaan (fungicide), amongst others
(fructooligosaccharides [‘FOS’]). have emerged.
The Company in recent years has built a robust and Operational excellence permeates every aspect of the
high-growth fermentation platform that provides attractive Company’s operations and its people. On-going initiatives
future growth opportunities. Currently, the platform of cost reduction, faster resolution of customer issues,
supports the prebiotics category with its FOSSENCE® and go-to-market approach for new products and world-class
GOSSENCE® brands targeted at food and nutraceutical manufacturing facilities are a few of how this pillar manifests
applications. itself.
Rallis India Limited, a subsidiary of the Company (‘Rallis’) is Investments in digitisation have enabled the Company
a leading Agri Sciences Company with product portfolio to implement several initiatives that have accelerated the
in Crop Care and Seed categories. It connects with farmers Company’s journey towards excellence. Several analytics, IoT,
through 4,000+ dealers and has a presence in the export remote sensing and automation-based initiatives have been
Business-to-Business (B2B) market with formulations and implemented across the Company’s operations leading to
actives. Its key products are acephate, hexaconazole, substantial gains.
pendimethalin and metribuzin in which it holds a leadership
position in the domestic market. Rallis is expected to drive 4. Operational Performance
its growth with a robust product innovation pipeline and
a. Tata Chemicals Overview
manufacturing capacity expansion.
I. Impact of Covid–19
The Company’s businesses are supported by pillars of FY 2020-21 has been a challenging year which tested
safety, sustainability, operational excellence, customer focus, the Company’s intrinsic strength in the face of the global
innovation and digitisation. The Company has committed Covid-19 pandemic. After initial operational hiccups, the
to Science Based Targets initiative (‘SBTi’), with a target of Company was able to adapt to the changed circumstances
2 degrees reduction for its operations. Its Carbon Capture and operations normalised relatively quickly.
and Usage plant in the UK is one of the first of its kind
globally. It captures CO2 emitted by the gas-powered energy The Company responded swiftly to support its key asset,
system and uses it as a feedstock to manufacture high purity its people, by deploying a slew of initiatives related to
sodium bicarbonate for the pharma and food industries. employee well-being. These included remote working,
medical support for the affected, rigorous safety protocols,
The Company supports key communities with development amending human resource (HR) processes and the launch
models that are sustainable, replicable and scalable. It of an assistance program ‘We Care’ to support its people’s
also promoted biodiversity in a significant way through physical and emotional well-being. Frequent updates,
plantation, ecosystem creation, species conservation, water advisories, notifications, virtual town halls reinforced
and resource conservation around its plants. the connection and belongingness to the Organisation.

The Company has committed to Science Based Targets initiative (‘SBTi’), with a target
of 2 degrees reduction for its operations

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In India, there have been no layoffs, retrenchment or wage challenging demand environment, the Company was able
reductions in the permanent and contract workforce. to maintain its market position across businesses. Operations
were impacted due to lockdown restrictions to varying
The Company fulfilled all its contractual obligations and degrees across the Company. The soda ash business was
agreements and continues to do so and does not foresee impacted the most (sale volume down by approximately
any material impact due to non-fulfilment of obligation by 11% in FY 2020-21) with global demand dropping sharply
any party in existing contracts or agreements. in the first quarter of FY 2020-21. The India and UK
businesses normalised sales in the third quarter of
As part of the Corporate Social Responsibility (CSR) activities,
FY 2020-21, however, the US and Kenya operations were
the Company was able to extend support to the surrounding
able to recoup historical baseline sales only in the fourth
and extended communities through multiple initiatives. The
quarter of FY 2020-21. Pricing remained under pressure
key initiatives were:
especially in the export markets served by Tata Chemicals
1. The Company manufactured and distributed North America Inc., USA (‘TCNA’) and Tata Chemicals Magadi
approximately 1.17 million litres of sodium Limited, Kenya (‘TCML’), subsidiaries of the Company and
hypochlorite in Gujarat and approximately 0.6 million also in the Indian domestic market.
litres to Brihanmumbai Municipal Corporation,
Mumbai. Nutrition products demand proved to be resilient in
FY 2020-21. Sale volume of salt in India grew approximately
2. Financial assistance was provided to various by 15% and volume of sodium bicarbonate was sustained
organisations including Chief Minister's fund, District despite reduced demand. The agri market continued with
Collector forums, hospitals and rural sector of India. resilient demand and was able to meet its targets. It faced a
3. The Company supported Government hospitals supply disruption due to a shortage of key raw materials but
with PPE kits for frontline medical workers near was able to counter it by building strategic partnerships to
factory locations. 1.07 lakh litres of hand sanitiser was mitigate the risk in the short to medium term. The business
manufactured by Akola and Ankleshwar units of Rallis also witnessed opportunity losses in the export markets due
and distributed freely across Telangana, Maharashtra, to the impact of Covid-19 in the USA, Latin America and
Gujarat and Karnataka. A 100-bed isolation ward Europe.
at Mithapur, Gujarat was built to supplement There has been no material change in the Company’s
Government structure. liquidity position after the year ended March 31, 2021, with
The pandemic led the Company to further build resilience a positive liquidity position in India with no borrowings
in its operations and systems and in many cases accelerate and sufficient credit lines available. The Company has also
the implementation of digital initiatives. This includes instituted, across all its operations, aggressive and focussed
effective work from home policies, digital product launches cost control programmes and an even more disciplined
by Rallis, digital customer connects through virtual meeting and prudent capital expenditure program to build up and
platforms, virtual operational initiatives such as virtual conserve its already healthy cash position. Further, there is
crop tour and remote salt pan monitoring. Zero incidents no impact on internal financial controls due to Covid-19.
of breach of information security were recorded despite
remote working. b. Basic Chemistry Products
Industry Structure & Developments
II. Annual Performance Overview The Company serves customers across five continents
The Company achieved a consolidated revenue of through its Basic Chemistry Products (‘BCP’) business
` 10,200 crore (2% decline over FY 2019-20) and EBITDA (soda ash, salt, sodium bicarbonate, cement and marine
of ` 1,501 crore (23% decline over FY 2019-20). Despite chemicals). The Company’s global supply chain gives it

The Company manufactured and distributed approximately 1.17 million litres of

sodium hypochlorite in Gujarat and approximately 0.6 million litres to Brihanmumbai
Municipal Corporation, Mumbai

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the unique advantage of maintaining assured supply and ii. Sodium Bicarbonate
efficient service at competitive prices. Sodium bicarbonate is a versatile product with a wide
range of applications, including food, food additives,
The Company has a soda ash capacity of 4.1 million tonnes.
animal feed, pharmaceuticals, dyes, textiles and air
More than two-thirds of this is natural soda ash-based,
pollution control. The Company believes that given its
located in Green River Basin, Wyoming, USA, where world’s
wide range of current and emerging new applications,
largest deposits of Trona occur and Lake Magadi in Kenya.
sodium bicarbonate will sustain consistent growth
In addition to having lower manufacturing costs, natural soda
along with offering significant value addition potential
ash has lower energy and environmental footprint. Synthetic
in the future. The Company has a total annual capacity
soda ash and sodium bicarbonate are manufactured at
of 240 kilo tonnes per annum (KTPA) in India and the
Mithapur, India and Northwich, UK to cater to their respective
UK.
domestic and export markets. This process uses raw salt/
brine (saltwater) and limestone as key raw materials. During FY 2020-21, the Sodium Bicarbonate market
remained resilient despite demand contraction in
i. Soda Ash
the first quarter. Stable demand from Food and Feed
As a result of the pandemic, world demand in CY 2020 segments coupled with industrial demand in later
fell by 5.4%, equivalent to a loss of 3.3 million Metric quarters supported growth. Supplies were largely
Tonnes (‘MT’) over CY 2019. World operating rates balanced with imports reducing by 30% during the year.
outside China averaged 75% this year, down from 85%
in CY 2019. Trade shrunk from a total of 16.6 million iii. Salt
MT in CY 2019 to 15 million MT due to Covid-19 and Being an essential food ingredient, edible salt did not
its impact on demand and supply chains. A large experience demand challenges in India, even when
portion of the demand decline was accounted for by Covid-19 affected demand for most of the sectors.
a reduction in consumption of flat glass, the largest However, in the UK market, the demand for both
application segment for soda ash across key markets of edible and non-edible applications was affected due to
Europe, North America and South-East Asia (‘SEA’). decline in leisure and hospitality sectors.
Global soda ash prices declined with demand slowdown c. Specialty Products
and supply overhang and recovered slowly as demand
I. Performance Materials
began to recover led by China. In other regions, pricing
recovery was delayed and more modest as incumbents TCL’s wide range of conventional silica and HDS products
pushed to sell out available volumes. allows it to participate in markets poised for growth driven
by a push for sustainability across application sectors. While
Demand in India was severely affected in the first FY 2020-21 witnessed some short-term challenges in select
few months of the lockdown primarily from lower application segments, the overall market demand growth
consumption from glass and chemical sectors though remained healthy. The Company believes that long-term
the detergent sector remained resilient. On the supply trends, like tightening automotive emission standards
side, higher pipeline inventories, domestic operating and an increase in electric vehicles will drive demand for
rates and imports kept the market imbalanced. high-performance, low noise and fuel-efficient green tyres,
This coupled with lower import prices kept domestic which need superior materials like HDS.
pricing under pressure for a major part of the year.
The demand, however, continued to recover II. Nutrition Sciences
sequentially across all application sectors and by The Nutrition Sciences business of the Company under the
year-end had reached close to normalcy. brand Tata NQ, offers solutions for human and animal health.

Tightening automotive emission standards and an increase in electric vehicles will

drive demand for high-performance, low noise and fuel-efficient green tyres, which
need superior materials like HDS

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 Integrated Annual Report 2020-21

The flagship product - FOSSENCE® is a prebiotic dietary fibre Indian crop protection business is estimated to be
that promotes the growth of the gut microbiome which US$ 6 billion with exports at a higher growth rate
in turn has been known to positively impact digestive and than domestic business. Insecticides is the largest
immune health. segment in the domestic market and is equal to the
combined share of fungicide and herbicide. Cereals
The Company’s partnership with Indian and global academic
and fruit & vegetables have a significant share of crop
institutions and research bodies, to further understand
protection usage in the domestic market.
the gut microbiota and related health effects, is helping
the Company build a leadership position in this space. It
Others
is gathering deep insights by using bio-informatics in gut
microbiota, with the development of accurate Proprietary Oilseeds 8%
Predictive (patent applied) models of microbiome response 6%
32% Cereals
to interventions.

The Company’s expertise in fermentation technology, Pulses 12%

enabling production using the whole-cell route, is also Indian
Crop Protection
opening up opportunities in other human nutrition Industry
segments. Strong application support, which enables
close coordination with the customer on new product Fibres 12%
development projects, provides a deep understanding of a
customer’s requirements.
30%
III. Agri Sciences
A World Bank research study estimated the impact of Fruits & Vegetables
Covid-19 on agriculture as (3.04)% and (1.29)% [Output
implications as % deviations from the benchmark]. The India market size of specialty fertilisers segment is
The report also estimates a modest growth of the crop estimated to be ` 10,000 crore consisting of organic
protection market compared to the previous year led by fertilisers, biostimulants, biofertilisers, watersoluble
Asia and North America. The agriculture inputs industry fertilisers, secondary and micronutrients. The segment
is gaining popularity in India mainly on account of the
is being shaped by digital solutions to bring efficiency to
need to balance the distorted soil nutrient ratio and the
operations and help farmers make informed decisions,
greater focus on the quality of agri-produce.
supported by big data and analytics.
ii. Seeds
i. Crop Care
Genetically Modified seeds and conventional seeds
The global crop protection industry is estimated to be have almost an equal share in the global seeds market
US$ 60 billion with a Compounded Annual Growth which is estimated to be US$ 40 billion. Maize, Soy
Rate (‘CAGR’) of (0.9)% during FY 2015-19 depicting and Vegetables form approximately 75% of the global
the recovery cycle after hitting the peak in CY 2014. seeds market. Globally, the seeds industry is highly R&D
Major trends shaping the agrochemicals industry intensive with nearly 15% spend of the sales revenue,
are consolidation of players in crop protection space, but low in India due to lesser number of companies
stringent regulations and climate change. These that undertake biotechnology-supported research
trends are providing opportunities to develop activities. In India, the organised seeds market is
innovative solutions for sustainable agriculture estimated to be US$ 2.5 billion. Cotton supported by
involving the biological crop protection segment, BG II traits is the biggest crop, followed by hybrid maize
which is currently estimated at around US$ 1 billion. and hybrid paddy.

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d. Entity-wise Performance to meet growing demand of its key customer, Tata

TCL India (Standalone) Consumer Products Limited (‘TCPL’).

i. Operations For sodium bicarbonate, the Company managed to

Sales trend of Basic Chemistry Products is as follows: sustain the sales volume despite reduced demand,
however, prices during the year remained under
TCL India- Basic Chemistry Products Sales Volume in
stress. Continuing with our strategy of focussing on
'000 MT
high value branded sodium bicarbonate sales, there
1,214 were some noticeable wins. The Company’s feed
1,057 and food brands ‘Alkakarb’ and ‘Sodakarb’ registered
1,055
33% volume growth due to focussed efforts of
market development. Its newest product, specialty
pharma-grade - ‘Medikarb’ (India’s first branded
694
634 621 pharma-grade sodium bicarbonate) showed a volume
increase of 12%.

‘ChemConnect’, the Company’s online customer portal

and mobile application, added new functionalities and
109 107 dashboards for ease of customer support, engagement
103
and navigation. Customer engagement activities
such as senior leader connect, annual reward and
FY 2018-19 FY 2019-20 FY 2020-21
recognition events for channel partners, town hall
Soda Ash Sodium Bicarbonate Salt
meetings and knowledge-sharing sessions, ‘Web pe
Charcha’, were the hallmarks of staying connected with

TCL India’s basic chemistry products business
the partners.
witnessed marginal compression in FY 2020-21
mainly due to the reduced demand and prices of Sales trend of Specialty products is as follows:
soda ash and sodium bicarbonate amidst sequential
TCL India-Specialty Products Sales Volume (in MT)
drops in quarterly GDP growth. Proactive planning,
strong customer relationships, robust processes and 5,130
product configuration changes helped to withstand
the downturn. Unprecedented heavy rainfall caused
flooding and damage to the Company's salt works
leading to washing away of raw salt and dilution of
brine with a consequential increase in cost of this key
raw material. However, strict cost control measures 2,195
and rapid digitisation coupled with a lower cost of fuel 2,052
kept the total cost of production in control.
949
762
TCL India is the largest manufacturer of edible iodised
salt in the country. The Company recorded the highest
ever sale of salt at 12.14 lakh MT during the year, up
FY 2018-19 FY 2019-20 FY 2020-21
from 10.57 lakh MT in FY 2019-20. The Company is
Silica FOS
investing to increase the salt production capacity

TCL India is the largest manufacturer of edible iodised salt in the country.
The Company recorded the highest ever sale of salt at 12.14 lakh MT during the year

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 Integrated Annual Report 2020-21

Performance Materials (Silica & Highly Dispersible Silica) Subsidiaries

FY 2019-20 marked the start of commercial production a. Basic Chemistry Products
and subsequent ramp-up of sales volume that was Tata Chemicals North America Inc., USA (‘TCNA’)
driven by the launch of several new product grades and
i. Operations
expansion of customer base and distribution network.
 Sales trend of Basic Chemistry Products is as
The Company accelerated growth momentum in
follows:
FY 2020-21 and plans to further improve volumes by
broadening and deepening its customer base and TCNA Sales Volume in '000 MT
delivering on supplies to the high value tyre and rubber 2,222 2,229
customers. 1,903

Nutrition Sciences
The Company stabilised its operations at its newly
commissioned, state-of-the-art greenfield facility in
Nellore, Andhra Pradesh. All important food safety
certifications like FSSAI, FSSC 22000, FAMI QS, Halal,
Kosher, etc. were achieved and it was awarded a Gold
rating in the IGBC green rating system for factories.

With the growth of the distribution network, the

FY 2018-19 FY 2019-20 FY 2020-21
Company served customers across the globe, with Soda Ash
encouraging response from South East Asia and North
America. It was qualified by a few global accounts; few In FY 2020-21, the sales volumes of TCNA were
others are in the last stages of qualification and will be lower than the previous year by approximately
favourably concluded soon with this, the Company 15%, primarily on account of reduced demand
expects to increase its capacity utilisation. in the majority of its export markets.

ii. Financials ` in crore A part of the margin erosion due to this was
FY FY compensated by tight control on costs in order to
TCL India hold them at historical levels. This was
2020-21 2019-20
obviated by unusual extreme freeze which led
Revenue from operations 2,999 2,920
the sudden spike in gas prices from US$ 2
EBITDA 611 718
Dekatherm (‘DTHM’) to US$ 150 - US$ 175 DTHM
Profit before tax (PBT) 614 834 which impacted the Company by approximately
Profit after tax (PAT) 479 672 US$ 6 million.

The revenue grew 3% compared to the previous year ii. Financials ` in crore
led by higher salt volumes and pricing. Profit before FY FY
TCNA
tax reduced by 26% compared to FY 2019-20 mainly 2020-21 2019-20
on account of the impact of drop in sales realisation in Revenue from operations 2,878 3,403
soda ash and sodium bicarbonate impacting the profit. EBITDA 351 762
Other reasons for lower PAT include (a) lower income PBT (170) 348
due to drop in yield on surplus investments and Profit after tax and
(b) higher depreciation on account of ongoing capex. non-controlling interest (197) 212

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The revenue declined by 15% compared to the and production volumes hitting records during
previous year due to lower soda ash volumes the year. FY 2021-22 will be the year that the new
against the previous year. In particular, export carbon capture plant takes centre stage in the
market volumes and pricing were impacted. next phase of high-grade sodium bicarbonate.
Negative PAT is led by lower operating ii. Financials ` in crore
performance coupled with one-off expenses on
FY FY
energy price spike and refinancing costs. TCE Group
2020-21 2019-20
Revenue from operations 1,409 1,356
TCE Group Limited, UK (‘TCE Group’)
EBITDA 138 157
i. Operations PBT (39) 13
 Sales trend of Basic Chemistry Products is as PAT (55) 14
follows:
The revenue grew 4% compared to the previous
TCE Group Sales Volume in '000 MT year led by higher salt and sodium bicarbonate
408 revenue along with steady soda ash revenues.
385 PAT reduced due to higher fixed costs, higher
367
324 depreciation and certain one-off tax related
287
charges.
266
Tata Chemicals Magadi Limited, Kenya (‘TCML’)
i. Operations
 Sales trend of Basic Chemistry Products is as
107 108 114
follows:
TCML Sales Volume in '000 MT
286
FY 2018-19 FY 2019-20 FY 2020-21
251
Soda Ash Sodium Bicarbonate Salt
233

TCE is the leader in the UK’s soda ash market.

The plant operated continuously throughout the
year and in line with the expectations. Prices in
the market came under some pressure as new
contracts were negotiated for CY 2021. Energy
costs generally tightened as the year progressed.
The associated energy business had a robust
year, generating good income and contributing
FY 2018-19 FY 2019-20 FY 2020-21
strongly to the soda ash and energy business
Soda Ash
performance.
Soda ash is the key product in TCML portfolio,
The UK salt market volumes were down on
mainly servicing container glass and silicate
account of the Covid-19 pandemic with leisure
sectors in the East African domestic market and
and hospitality closures weakening the market
export markets in SEA and Indian subcontinent.
demand. It is expected this demand will return
as the UK heads out of the Covid-19 pandemic in Sales volumes were lower primarily due to slack
summer 2021. Despite some delays caused by the export demand caused by the pandemic with the
pandemic, the new boiler at the salt plant is now corresponding decline in pricing.
operational which will increase energy efficiency
A tight control on costs and especially lowering of
and lower carbon emissions by 10% or more.
fixed cost coupled with lower sea freight helped
The UK sodium bicarbonate market had a strong mitigate some of the margin pressure caused by
year both domestically and in exports with sales lower volumes and prices.

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 Integrated Annual Report 2020-21

ii. Financials ` in crore ii. Financials ` in crore

FY FY FY FY
TCML Rallis
2020-21 2019-20 2020-21 2019-20
Revenue from operations 413 474
EBITDA 62 49 Revenue from operations 2,424 2,248
PBT 20 1 EBITDA 325 257
PAT 20 1
PBT 303 237
The revenue declined 13% compared to the
PAT 229 185
previous year due to lower soda ash volumes and
prices. However, PAT improved by ` 19 crore on Note: The figures are as per TCL's consolidated books
account of tight control on fixed costs.
 The revenue grew 8% compared to the previous
b. Specialty Products year on account of growth in both Crop Care
and Seeds division. In particular, the Domestic
Rallis India Limited ('Rallis')
Formulations business performed well during
i. Operations: the year. PAT grew 24% compared to the previous
Rallis Revenue ` in crore year led by higher operating margins and tight
2,028 control on fixed costs.
1,881
1,672 5. Business Outlook
The Company continues to focus on driving its
transformation agenda to grow businesses and products
that serve customer needs along the vectors of sustainability
and good health. These megatrends would drive demand
growth in sectors such as food, feed and pharma and also
364 401 in sustainability driven applications like solar glass, lithium
336
carbonate, new generation of tyres and a shift from plastic
to glass containers. In turn, these would continue to drive
the Company's current and future investments especially
FY 2018-19 FY 2019-20 FY 2020-21
in its specialty products portfolio as ingredient supplier of
Crop Care Seeds
choice to these sectors.
Note: Excluding inter-company transactions
Globally, soda ash demand is increasing after the dip in
Value growth across Domestic and International
FY 2019-20 with spot prices beginning to move upward
business was satisfactory. Rallis’ Crop Care division
registered an increase of 7.9% in revenues at as a lag-effect of demand recovery. Much of this recovery
` 2,028 crore. While the outbreak of Covid-19 has again been driven by application sectors driven by
posed challenges, it led to customers having sustainability trends like solar glass, lithium carbonate and
better faith in the ability of established brands the move from plastic to glass containers. With no immediate
to meet the requirements. This led to growth capacity additions, operating rates have moved up to fulfil
in several of Rallis’ products. The Seeds division this demand. China’s production will be consumed by
recorded a growth of 10% despite decline in domestic demand leading to a fall in its export. With supplies
cotton business. Satisfactory volume growth and from Turkey already absorbed in Europe, North Africa, few
better price realisation was registered in maize, markets in SEA and India, USA could step in to meet the
millet and vegetables. global demand growth.

The Company continues to focus on driving its transformation agenda to grow

businesses and products that serve customer needs along the vectors of sustainability
and good health

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Buoyant Indian rural demand, improving urban demand sodium bicarbonate and salt will continue as part of the
and ongoing vaccination programmes are the key overall strategy to focus on the higher value application
positives which will play in the medium term. Although sectors.
the GDP has registered growth in the third and the fourth
For TCML, Kenya, demand recovery in export markets and
quarter of FY 2020-21, uncertainty related to the near-term
a consequent revival in pricing together with a focus on
outlook has risen since April 2021, following the spate of
the domestic East African market to maximise overall price
new Covid-19 infections which have necessitated localised
realisation through strategic market mix would be an area of
restrictions.
focus. In addition, ensuring plant reliability and driving down
In India, recovery in soda ash demand across application costs would continue to be key result areas.
sectors and an anticipated reduction in imports are likely to For the crop protection sector, India is projected to be a
bring demand and supply into balance with corresponding key beneficiary of the global move towards ‘China plus
easing of pressure on pricing. Increasing energy costs and one’ sourcing strategy of companies, which is expected to
freight costs need to be monitored as possible drags on provide further momentum. Industry is collaborating with
performance, however, ongoing programmes on driving the Government in building an enabling ecosystem to make
cost reductions and efficiencies are likely to yield benefits in India an agrochemical powerhouse. As part of its strategy,
margins. ‘Repositioning Rallis for Leadership’, Rallis is focussing
Continuing push on growing value-added sodium on investment in research and development, flexible
bicarbonate sales into the growing food, feed and pharma manufacturing capacities, digital initiatives to enhance
sectors in line with the Company's transformation strategy internal efficiencies and further leveraging its branding
and offering customers in these sectors a portfolio of power. These initiatives will help in attracting partnerships
products including its NQ range of prebiotics will be a focus across the value chain, including contract manufacturing.
area. This would also further ramp up capacity utilisation of
the new prebiotics plant. Similarly, ongoing project to
6. Risk and Opportunities
increase salt capacity in order to service long term growth The key short to medium term risk for the Company would
in demand from the key customer, TCPL will continue. be a slow post-pandemic price recovery in key export
Sustainability driven trends in the rubber and tyre industry markets serviced by the USA and Kenya. The Company, across
calling for incorporation of specialty grades of silica augers units, plans aggressive cost control and cash conservation
well for the growth of the specialty silica business in terms of measures through prudent capital expenditure spends and
customer acquisition and capacity growth. disciplined working capital management to counter this
phase. In addition, the focus on more resilient products and
The outlook for TCNA, USA remains positive with soda ash markets would moderate this impact.
operating rates moving up close to normal levels driven
primarily by ongoing recovery in export markets. Pricing In India, with increasing demand, defending the Company’s
is likely to lag demand recovery but with positive trends market position is a prime focus area. The Company will
emerging, that would be leveraged as contracts permit. pursue the execution of its capacity addition plans at
At TCNA, continuous improvement, cost reduction and Mithapur for key products i.e. salt, soda ash and sodium
sustainability in operations will remain areas of focus to drive bicarbonate under ‘Project Pragati’.
margin improvement. The Company’s value-driven growth opportunity in the
sodium bicarbonate space with brands in food, animal
In the UK, soda ash demand, which was not significantly
feed, pharma and specialty segments will ensure scale and
impacted during the pandemic, continues to remain
consolidation. Strategic partnerships around themes of
firm. However, pricing which is primarily contractual has
innovation and sustainability will continue to offer better
come under pressure from January 2021 and will persist at
customer value.
these levels till at least the year end. Sodium bicarbonate
demand would continue to remain strong and with the Leveraging technology with an increased focus on
commissioning of Carbon Capture and Usage (CCU) plant, automation and digitisation using Industrial Internet of
as part of the Company's overall sustainability push towards Things (IIoT), digital twins, data analytics and satellite imaging
net zero, the Company expects to see benefits flowing will help the Company make its processes more robust for
through. The salt business which was affected by the closure customers and internal efficiencies. Multiple projects around
of the hospitality and leisure sector is likely to see normalcy plant and supply chain automation, customer engagement
return as the UK begins to ease lockdown restrictions. Both and digital imaging are being implemented.

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 Integrated Annual Report 2020-21

Higher energy costs and volatility in exchange rates are CY 2021 will also witness the introduction of the UK Emissions
significant risks to the Company’s business performance. Trading Scheme following the UK’s exit from the European
The Company continues to remain focussed on keeping Union and at this moment, how this operates, remains to be
fixed costs low and controlling variable costs through seen.
securitisation of the key raw materials, including fuel
In Kenya, the focus is largely on quality and capacity
and limestone along with continuous improvement
utilisation. In addition to Standard Ash Magadi (SAM),
programmes and a dynamic hedging strategy to help opportunities exist in Crushed Refined Soda (CRS).
mitigate the adverse impact of these risks. Utilisation of lean six sigma and lean manufacturing tools
TCNA will ensure the continued safety of employees, while and techniques, continuous process improvement and
increasing reliability and stabilisation of production through enhanced global sourcing will help reduce costs and
debottlenecking. Cost reduction programmes will be improve efficiency. Creating a talent pool is another focus
another focus area, specifically to reduce the maintenance, area identified by TCML for the coming year. It is working
material, labour and medical benefit costs. To address the on more engagement with local and national stakeholders
environmental non-compliance risk, TCNA will be investing and supports concerted efforts, including technical
in technologies to reduce greenhouse gas and other collaboration with third parties, to mitigate risks affected
emissions. It continues to investigate alternative energy by increased siltation in the northern part of Lake Magadi.
sources to coal to reduce emission and energy costs. TCNA For Agri Sciences, climate change can disrupt operations
is well prepared to address the short term export risks due and/or reduce demand for products. This can lead to
to the ANSAC exit in December 2022. water shortages and decrease sales. Uncertainty in timing
and severity of monsoon can impact overall business.
Adherence to more stringent environmental and regulatory
Geographic spread of business and a wide portfolio
norms and sustainably improving safety performance are
dampens the impact of climate-related issues. Rallis
other key issues for the business. A focus on these initiatives
is focussed on developing new products to deal with
including investment and resource prioritisation form a
climate change issues. The Seeds R&D team of Rallis is
mitigation strategy to systematically address them.
working on hybrids that address stress conditions.
In the UK, there is a significant investment pipeline of Proliferation or instability in regulatory policies may lead to
projects across the Company's business particularly in adverse impact on growth and profitability and increased
high-end product growth. Developing sales opportunities exposure to civil and/or criminal actions leading to damages,
overseas for sodium bicarbonate and salt will continue to be fines with possible consequences for corporate reputation.
a focus. Major threats are likely to be a form of sluggish pick Our endeavour is to keep track of emerging regulations,
up in global growth by a slow exit from the pandemic, but including Environmental, Social and Governance (ESG) risks.
UK’s progress on vaccinations means the domestic market These are analysed to assess how they can impact business
should strengthen considerably. and mitigation plans are put in place.

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 Integrated Report Statutory Reports Financial Statements
1-59 Management Discussion and Analysis 147-300

7. Financial Performance
(a) Standalone performance for the year ended March 31, 2021
` in crore
FY FY %
Particulars Change Remarks
2020-21 2019-20 Change

Revenue from operations 2,999 2,920 79 3 Basic Chemistry Products:

Lower volumes of soda ash and lower realisation was
compensated by higher volumes of salt. Revenue
from sale of new cement variant contributed to higher
revenue for the Company.
Specialty Products:
Due to increase in volume of products related to
Nutrition Sciences and Silica.

Other income 219 309 (90) (29) Other income has decreased mainly on account of
lower interest on investments and lower dividend
income from non-current investments.

Cost of materials consumed 600 542 58 11 Cost of materials is higher due to higher input costs of
raw materials and higher salt volumes.

Purchases of stock-in-trade 153 94 59 63 Purchases of stock-in-trade increased mainly on

account of higher demand for Basic Chemistry
Products and Nutrition Science related business.

Power & fuel 489 555 (66) (12) The decrease in power and fuel cost is mainly on
account of decrease in price of coal and other variants.

Employee benefit expenses 250 250 - - Employee costs have remained constant and no change
compared to FY 2019-20.

Freight and forwarding charges 423 390 33 8 Freight and forwarding charges have increased majorly
due to higher sales volumes of salt, nutrition business
and silica products.

Finance cost 19 43 (24) (56) Finance costs decreased due to repayment of External
Commercial Borrowings (ECB) and Non-Convertible
Debentures (NCD) in FY 2019-20.

(b) Standalone Balance Sheet Analysis

i. Investments ` in crore
FY FY %
Particulars Change
2020-21 2019-20 Change
Investments in equity instruments in subsidiaries 3,606 3,606 - -
Investment in joint venture 336 336 - -
Investment in preference shares in subsidiaries 815 815 - -
Investment in other companies 3,147 1,904 1,243 65
Investments in NCDs 150 - 150 100
Investment in mutual funds 1,282 1,301 (19) (1)
Total 9,336 7,962 1,374 17
Increase in the value of investments in other companies is mainly due to changes in fair value of investments.

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ii. Inventories ` in crore Borrowings decreased mainly due to repayment of lease

FY FY % liabilities and cash and cash equivalent have been used in
Particulars Change investing and financing activities.
2020-21 2019-20 Change
Inventories 522 701 (179) (26)
vi. 
Trade payables, Other financial liabilities, other
Inventories are lower primarily due to tighter control on working liabilities, provisions, current tax liabilities (net) and
capital. deferred tax liabilities (net)
` in crore
iii. Trade Receivables ` in crore FY FY %
Particulars Change
FY FY % 2020-21 2019-20 Change
Particulars Change
2020-21 2019-20 Change Trade payables 482 575 (93) (16)
Trade Receivables 145 140 5 4 Other financial
liabilities 170 187 (17) (9)
There is no significant change during the year.
Other liabilities 58 57 1 2
Provisions 356 363 (7) (2)
iv. Loans, other financial assets, advance tax assets (net)
Current tax
and other assets
liabilities (net) 135 166 (31) (19)
` in crore
Deferred tax
FY FY % liabilities (net) 202 60 142 237
Particulars Change
2020-21 2019-20 Change Total 1,403 1,408 (5) -
Loans 1 1 - -
Other financial Increase in deferred tax liabilities (net) is mainly due to increase
assets 119 138 (19) (14) in fair value of non-current investments. Decrease in trade
Advance tax assets payable is mainly due to regular payment as per terms of the
(net) 575 589 (14) (2) business.
Other assets 415 328 87 27
(c) Standalone Cash flow analysis ` in crore
Total 1,110 1,056 54 5
FY FY
Particulars
Decrease in other financial assets is mainly due to realisation of 2020-21 2019-20
subsidy receivable and lower exposure on derivatives. Increase Cash from operating activities 672 427
in Other assets is mainly due to higher advances given for capital Cash from investing activities (403) (293)
goods procurement. Cash from financing activities (291) (1,101)

Net cash flow from operating activities: Higher operating cash

v. Cash & Cash Equivalent (net) ` in crore
flows in FY 2020-21 as against FY 2019-20 is mainly on account
FY FY %
Particulars Change of favourable change in working capital despite lower operating
2020-21 2019-20 Change
income.
Cash and cash
equivalent Net cash flow from investing activities: Higher investing cash
(including Bank outflows in FY 2020-21 as against FY 2019-20 is mainly on account
balances) 685 880 (195) (22) of purchase of property, plant and equipment (including capital
Borrowings work-in-progress) and on account of purchase of non-current
Non-current investments.
borrowings (5) (10) 5 50 Net cash flow from financing activities: Higher cash outflow in
Current maturities FY 2019-20 was mainly on account of repayment of borrowings.
of non-current
borrowings and (d) Details of significant changes in key Standalone
finance lease Financial ratios:
obligations (4) (4) - - 1. Interest coverage ratio of the Company has improved to
Total Borrowings (9) (14) 5 36 33.8 times (FY 2019-20: 20.2 times) due to lower finance cost
Cash and cash on account of repayment of borrowings during the previous
equivalent (Net) 676 866 (190) (22) year.

10 0
 Integrated Report Statutory Reports Financial Statements
1-59 Management Discussion and Analysis 147-300

Net Profit Margin (%) of the Company has reduced to

2.  iii. Purchases of stock-in-trade ` in crore
16% (FY 2019-20: 23%) due to lower price realisation, FY FY %
Particulars Change
lower other income, higher depreciation and amortisation 2020-21 2019-20 Change
expense and higher cost of goods sold. TCL 153 94 59 63
TCE Group 1 22 (21) (95)
3.  eturn on Net Worth (%) of the Company has reduced
R
TCNA 22 20 2 10
to 4% (FY 2019-20: 6%) due to lower price realisation,
Rallis 137 141 (4) (3)
lower other income, higher depreciation and amortisation
Others and
expense and higher cost of goods sold.
Eliminations 10 (25) 35 140
Total 323 252 71 28
(e) Consolidated performance for the year ended
March 31, 2021 Higher purchase of stock in trade is due to higher volumes in
i. Revenue from operations ` in crore Nutrition Science business and soda ash imports in India.

FY FY % iv. Power and fuel ` in crore

Particulars Change
2020-21 2019-20 Change FY FY %
Tata Chemicals Particulars Change
2020-21 2019-20 Change
Limited, India (‘TCL’) 2,999 2,920 79 3 TCL 489 555 (66) (12)
TCE Group Limited, TCE Group 459 415 44 11
UK - consolidated TCML 94 98 (4) (4)
('TCE Group') 1,409 1,356 53 4 TCNA 341 324 17 5
Tata Chemicals Rallis 54 58 (4) (7)
Magadi Limited, Total 1,437 1,450 (13) (1)
Kenya ('TCML') 413 474 (61) (13)
Lower costs in TCL and TCML offset by increase in TCE Group and
Tata Chemicals
TCNA.
North America Inc.,
USA - consolidated v. Employee benefit expenses ` in crore
(‘TCNA’) 2,878 3,403 (525) (15) FY FY %
Rallis India Limited, Particulars Change
2020-21 2019-20 Change
India (‘Rallis’) 2,424 2,248 176 8 TCL 250 250 - -
Others and TCE Group 193 183 10 5
Eliminations 77 (44) 121 275 TCML 80 88 (8) (9)
Total 10,200 10,357 (157) (2) TCNA 654 646 8 1
a. Basic Chemistry Products: Lower volumes of soda ash from Rallis 216 198 18 9
TCNA and TCML and higher volumes of salt in India, higher Others 7 10 (3) (30)
revenues across products in TCE Group. Total 1,400 1,375 25 2
Employee costs have remained largely constant and no major
b. Specialty Products: Higher volumes at Rallis.
change compared to FY 2019-20.
ii. Cost of materials consumed ` in crore
vi. Freight and forwarding charges ` in crore
FY FY %
Particulars Change FY FY %
2020-21 2019-20 Change Particulars Change
2020-21 2019-20 Change
TCL 600 542 58 11
TCL 423 390 33 8
TCE Group 174 181 (7) (4)
TCE Group 140 128 12 9
Rallis 1,329 1,217 112 9 TCML 76 90 (14) (16)
Others and TCNA 727 856 (129) (15)
Eliminations (22) (96) 74 77 Rallis 86 78 8 10
Total 2,081 1,844 237 13 Others 5 9 (4) (44)
Cost of Materials consumed increased primarily at Rallis due Total 1,457 1,551 (94) (6)
to higher volumes and price mix. In case of TCNA and TCML, Freight and forwarding charges have decreased primarily due to
raw materials are primarily mined and do not involve external lower volumes in TCNA and TCML offset by higher salt volumes in
purchases and hence not reflected in cost of materials consumed. TCL and TCE Group.

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 Integrated Annual Report 2020-21

vii. Finance costs ` in crore (f) Details of significant changes in key Consolidated
FY FY % Financial ratios:
Particulars Change
2020-21 2019-20 Change
1. Interest coverage ratio of the group has been reduced to
TCL 19 43 (24) (56)
2.7 times (FY 2019-20: 4.7 times) due to lower-earning during
TCE Group 55 53 2 4
the current year compared to the previous year.
TCML 17 22 (5) (23)
TCNA 201 131 70 53 2. Current ratio of the group has been improved to 1.5 times
Rallis 5 6 (1) (17) (FY 2019-20: 1.1 times) mainly due to refinancing of loan
Others and which has moved from current to non-current in FY 2020-21.
Eliminations 70 87 (17) (20)
Total 367 342 25 7 3. Net Profit Margin (%)  of the Company has reduced to
4.3% (FY 2019-20: 9.9%) due to higher cost of goods sold,
Higher interest costs on account of increase in TCNA and TCE lower other income, higher depreciation and amortisation
Group mainly on account of one time refinance cost, partly offset expense.
by lower interest cost in TCL due to repayment of ECB and NCD in
the previous year. 4. Return on Net Worth (%) of the Company has reduced to
3.0% (FY 2019-20: 7.1%) due to higher cost of goods sold,
viii. Other expenses ` in crore
lower other income, higher depreciation and amortisation
FY FY % expense.
Particulars Change
2020-21 2019-20 Change
TCL 461 447 14 3 (g) Total Debt and Amortisation Schedule
TCE Group 321 289 32 11
TCML 119 151 (32) (21) Repayment schedule of existing debt ` in crore
TCNA 719 808 (89) (11) 8,000 TCL consolidated
Rallis 347 329 18 5 6,933
7,000
Others and
Eliminations 41 38 3 8 6,000

Total 2,008 2,062 (54) (3) 5,000

4,000
Other expenses represent the following ` in crore
2,984
3,000
FY FY %
Particulars Change
2020-21 2019-20 Change 2,000 1,544
Stores and spares 1,034
1,000 713 657
consumed 279 258 21 8
Packing materials –
March 2021 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26
consumed 227 196 31 16 Gross Debt Repayments
Repairs 421 445 (24) (5)
Rent 52 59 (7) (12)
Royalty, rates and Notes:
taxes 283 340 (57) (17) 1. Gross debt of ` 6,933 crore includes ` 278 crore of working
Distributor's service capital loans/current borrowings.
charges and sales
2. The repayment schedule for term loans has been prepared
promotion 84 91 (7) (8)
considering the existing repayment terms. Some of these
Others* 662 673 (11) (2)
loans/facilities may be refinanced, in full or in part, from
Total 2,008 2,062 (54) (3)
time to time in future depending on the requirement and
*Others include insurance charges, Distributor’s service
the business plans. Non-current portion of finance leases has
charges, professional fees, foreign exchange loss, travelling
been included in FY 2022-23 repayment.
expense, provision for doubtful debts and advances, directors’
fees/commission, subcontracting cost, outsourcing cost and 3. The repayments falling due after FY 2025-26 aggregate to
other expenses. ` 1 crore.

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1-59 Management Discussion and Analysis 147-300

8. Innovation and Technology for Rallis' Seeds division, Sales Force Automation and Dealer
Innovation Centre Management System implementation for Rallis, Rebate
Management System automation.
The Innovation Centre (‘IC’) at Pune is the Company’s
science and technology hub for seeding new Various advanced analytics initiatives are being leveraged for
businesses and accelerating the Company’s businesses. improved insight and productivity gains such as the Drishti
IC supports the Company’s businesses by providing platform for monitoring over 6,000 acres of Seed production,
cutting-edge technology solutions and a customer-centric, remote sensing technology for salt pans to remotely handle
multi-disciplinary problem-solving approach for sustainable operations and predict salt production, Market Intelligence
differentiation. The Company has filed a total of 129 patents, Dashboard – Sales and Marketing, Covid-19 impact analysis
out of which 45 have been granted till date. In FY 2020-21, IC dashboard, Global Safety Analytics project on text mining
published 4 research papers in international peer-reviewed and pattern recognition, Hybrid Advance Trails analytics for
journals. Seeds division.
During the year, IC significantly supported Nutrition
IIoT was utilised in the implementation of Boiler efficiency
Sciences division by building expertise in fermentation
and Carbonation Tower applications with further
technology for the prebiotics. Its Performance Materials
applications being developed. Steps have been taken
division developed customised grades of Silica for
towards implementing a common Enterprise Resource
rubber and garment applications. The Company won the
Planning (ERP) system across all Group companies, including
prestigious CSIR Diamond Jubilee Technology Award 2019
Customer Relationship Management (CRM) and Distributor
for technological innovation in prebiotics and the
Management System (DMS) modules in the Basic Chemistry
ICC Acharya P. C. Ray Award for Development of
business.
Indigenous Technology under Performance Materials
division. The Company was recognised amongst India’s Information security is a critical function and TCL continually
top 25 Most Innovative Companies in 2020 by CII for the strengthens it through the implementation of relevant
second time in a row. solutions, processes and training employees. The Company
has signed up a competitive third party to manage, monitor
9. Digitalisation and Information Technology and improve the overall cyber-security posture of the
The Company is on the Industry 4.0 journey where organisation. It is also focussing on strengthening its core IT
businesses are increasingly adopting digital technologies. for availability, reliability, security of the information assets
It has realigned its internal teams, re-baselined the IT and optimising the costs in the current economic situation.
Strategy and Digital Transformation roadmap with an
enterprise focus. The IT and Digital function has played 10. Human Resources
a major role in tackling the challenges of Covid-19.
FY 2020-21 started as the Company was completing
It enabled secure and productive work from home options
post-closing activities related to the exit of the
for employees, provided seamless remote operations of
Consumer Products business. Safety of employees,
key systems and transactions, provided market intelligence
contract/migrant labour, their families and the community
and sales dashboards.
around us, medical care and supply of essentials were some
The Company embarked on many transformational of the immediate concerns of the Company. A slew of
initiatives such as Transportation Management System (TMS) initiatives such as work-from-home, workplace protocols
for Mithapur and Rallis' Crop Care and Seeds division, HRMS at factories, advisories educating employees, regular team
and payroll on a new modern platform for the Company, meets, remote mentoring, adoption of digital processes
Laboratory Information Management System (LIMS) for IC and online capability building was launched to keep
Pune (R&D), Rallis QA Labs and RICH, SAP Implementation employees engaged and productive.

The Company won the prestigious CSIR Diamond Jubilee Technology Award 2019
for technological innovation in prebiotics and the ICC Acharya P. C. Ray Award for
Development of Indigenous Technology under Performance Materials division

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 Integrated Annual Report 2020-21

In line with its commitment to increase diversity in the There is an unwavering commitment to the continuous
workforce, the Company has increased the hiring of women improvement of the organisation’s safety performance.
across its plants at Cuddalore, Tamil Nadu, Mambattu,
Andhra Pradesh and Mithapur, Gujarat. The new batch of The Company is committed to continuously employing
Graduate Engineer Trainees (GETs) that was absorbed during world-class Safety, Health and Environment (‘SHE’) practices
the year on completion of their training stint had the largest through benchmarking with the companies that are best in
proportion of women engineers ever in any batch so far. the business. The Company has a Board level Safety, Health,
Environment and Sustainability (‘SHES’) Committee, chaired
Covid-19 has not only reinforced the importance of by a Non-Executive Director. This Committee provides
up-skilling and reskilling, but it has also accelerated the valuable direction and guidance to the Management to
adoption of digital learning solutions to make this happen. ensure that Safety and Sustainability implications are duly
Plants continued their functional capability programmes addressed in all-new strategic initiatives, budgets, audit
supplemented with the centrally-run virtual training on actions and improvement plans.
POSH, ABAC, Ethics, D&I, etc. The pandemic reprioritised the
drivers of employee engagement in FY 2020-21. Employee The Company’s Corporate SHE policy is the overarching
well-being, employee connect & communication attained policy, with the subsidiaries fine-tuning it to align with the
high importance. Frequent communication by leaders and local regulatory and safety directorates, as per their location
team meetings, advisories and policy/process changes were and legal jurisdiction. To ensure steady improvement in
in place to overcome the operational issues. the SHE performance, the Company is adopting voluntary
standards such as Process Safety and Risk Management
In July 2020, the Company launched ‘We Care’, an umbrella (PSRM), ISO 45001, Responsible Care and the British Safety
of wellness programmes providing psychological, physical, Council guidelines. The Company’s commitment towards
emotional and financial wellness to help employees cope its safety management programmes follows a top-down
with these stressful times. The well-being of every employee approach, with the senior management persistently
was monitored with assistance provided as necessary. working towards establishing, demonstrating, sustaining
At Mithapur, the Workmen Union provided support and and improving the safety culture and incorporating the
worked closely with the Management in implementing steps Company’s core value of safety in their daily responsibilities.
necessary to combat the virus and help deploy control and The employees are specially trained to tackle any potential
relief measures on the ground. hazards that may arise in the course of their work. Additionally,
tailored periodic medical check-ups are administered to the
Its digital transformation journey continues under the
Company’s employees, based on the risk profile of their work
OTON (One Tata One Network) program as a part of its
area, to identify risks to human health. Adequate medical
migration to a new cloud-based portal to be completed in
facilities are present at all manufacturing sites and specialised
CY 2021. The migration will increase the efficiency of the
medical facilities are provided through tie-ups with other
people processes that are being designed keeping the
hospitals, nursing homes, etc.
needs and aspirations of our emerging multigenerational
workforce in mind. The Progressive Safety Index ('PSI') was launched in
FY 2020-21 to provide a renewed focus on health and safety
The details of number of employees as on March 31, 2021 are
performance by tracking a group of identified lead indicators.
given on page no. 41 of this Integrated Annual Report.
It is designed to help in the sustenance of the identified
strategies, initiatives and processes to control safety risks and
11. Safety and Health overall performance. The elements of PSI have been selected
Driven by ‘Target Zero Harm’ – Zero Harm to People, Zero through prevalent legislative requirements of the respective
Harm to Asset and Zero Harm to Environment – Health locations as well as the world-class frameworks for Safety
and Safety, forms one of the core values at the Company. Management Systems like ISO 45001, HSG 65, etc.

In July 2020, the Company launched 'We Care', an umbrella of wellness programmes
providing psychological, physical, emotional and financial wellness to help employees
cope with these stressful times

10 4
 Integrated Report Statutory Reports Financial Statements
1-59 Management Discussion and Analysis 147-300

To assist individual units, the Company is working on cement kiln as a fuel, reuse/recycling of solid waste, 100%
digitisation and data analytics to forecast key vulnerable fly ash utilisation, solid waste filtration, use of soda ash solids
areas. Over the past 11 years, the Company has reduced to minimise solid waste, watershed, natural capital, waste
its Recordable Injury Frequency rate by 69%. In supply composting, biodiversity conservation measures, drinking
chain safety, the Company’s safety requirements are water for the community are some of the sustainability
communicated to third parties. Periodic audits are measures that are followed.
conducted and the Company is handholding the third
parties to improve their safety practices and align their TCL uses frameworks such as ISO 14001, OHSAS 18001,
performance to the Company’s Target Zero Harm. Global Reporting Initiative (‘GRI’), Carbon Disclosure
Project (‘CDP’), International Integrated Reporting Council
At Rallis, a culture of safety is encouraged across hierarchies (‘IIRC’), United Nations Global Compact (‘UNGC’), SBTi,
by promoting behaviour-based safety, process safety and India Business & Biodiversity Initiative (IBBI) reporting, etc.
road safety as key focus areas among its workforce. To further to share its performance with stakeholders. This allows
strengthen Process Safety Management, a gap assessment the Company to get feedback from the stakeholders
has been carried out at three technical manufacturing units and engage with the key customers under supply chain
last year. With the help of an external competent agency, programmes.
PSRM implementation started at the Dahej unit. To enhance
electrical safety, different electrical studies were done by an Integrated Report
agency in all four units. Work Safe Online (WSO), the e-portal, The Company has adopted IIRC framework to establish
has also been implemented to record safety performance integrated reporting within the mainstream business.
and take action on deviations. Rallis is taking various In accordance with the IIRC Framework, the Company
measures to further strengthen its process safety through has included an Integrated Report <IR> as part of this
enhancing automation in chemical processes and unit Annual Report. The <IR> seeks to provide a concise and
operations. All units re-emphasised on daily behaviour safety integrated account of how the Company’s Strategy,
observation rounds with 100% coverage and associate Governance, Performance and Prospects are delivering
employees. on its core purpose – being a global company. The <IR>
encompasses all key non-financial performance indicators
12. Sustainability which are material to the Company as per GRI, UNGC
At the Company, sustainability is aligned with the UN and CDP. It plays a crucial role in establishing the linkages
Sustainable Development Goals. It works towards ‘inclusive between environmental and social sustainability as well as
growth’ to achieve a robust triple bottom line encompassing the financial growth of the organisation. The <IR> contains
economic, social and environmental aspects. assured sustainability data for FY 2020-21 for entities
across the enterprise. All additional information from all
Aligned to the Tata Group’s Sustainability Policy, the geographies, not covered under the <IR>, will also be
Company’s sustainability policy encompasses actions available in the public domain shortly and can be viewed
towards responsible manufacturing, supporting climate in the Sustainability section of the Company’s website at
change mitigation and adaptation, circular economy, www.tatachemicals.com.
biodiversity conservation and being a neighbour of choice
for its key communities. It has adopted an innovative
13. Business Excellence
business approach to balance social, environmental and
economic gain by embedding sustainability in the respective The Company remains committed to continually raising
businesses’ strategy. Key sustainability indicators monitored the bar on performance in all aspects of its business. The
by the Company regularly include the internally developed Tata Business Excellence Model (‘TBEM’) serves as a pivotal
tools - Responsible Manufacturing Index (RMI) and the framework that allows the Company to gain insights into
Sustainability Assessment Framework (SAF). its performance and establish continuous improvement
initiatives for attaining superior business results and
Efficient energy and waste management, zero groundwater maximising satisfaction and value to the customers. The
withdrawal for plant operations, emphasis on recycling of TBEM framework comprises six core areas of business
water, recyclable packaging, commitment towards Extended excellence: Leadership, Strategic Planning, Customer Focus,
Producer's Responsibility (EPR), plastic waste consumption in Analysis and Knowledge Management, Workforce Focus

105
 Integrated Annual Report 2020-21

and Process Management. For the Company, a global Overview

organisation that has its manufacturing operations spread The Company has a well-defined Enterprise Risk Management
across four continents, with diverse business segments and (‘ERM’) framework in place. The ERM framework has matured
employees from different cultures, TBEM serves as a platform over several years. It is founded on sound organisation design
to establish a common standard of excellence. The Company principles and is enabled by an effective review mechanism.
participated in the Tata Group level TBEM assessments in
2019, which provided valuable inputs into the strengths and Risks are identified proactively considering a balanced
areas of focus for the Company. This helps the Company to ‘bottom-up’ and ‘top-down’ approach considering inputs
strengthen the culture of excellence and progress towards from exogenous as well as internal factors. Risk mitigation
becoming a world-class organisation. plans are devised to mitigate the identified risks. Mitigation
plans with identified owners are set against target dates
14. Internal Controls and the progress of mitigation actions are monitored and
reviewed.
The Company has an independent Internal Audit function
with a well-established risk management framework. The The ERM process framework is based on international
scope and authority of the Internal Audit function are derived standards including ISO 31000 and the Committee of
from the Internal Audit Charter approved by the Audit Sponsoring Organisations of the Treadway Commission, with
Committee. The Company has engaged a reputable external inputs drawn from the best practices of leading companies
firm to support the Internal Audit function for carrying out across industries but tailored to suit the Company's business
the Internal Audit reviews. needs. Risk Management and Internal Audit functions
complement each other at the Company. The Company
Reviews are conducted on an ongoing basis, based on a developed a resilient and adaptive Risk Management
comprehensive risk-based audit plan, which is approved strategy to address the unprecedented Covid-19 scenario.
by the Audit Committee at the beginning of each year.
Considering the Covid-19 challenges, the internal audit plan Risk Management: Governance Structure
was refreshed to cover and focus on emerging risks in the The Company has constituted a robust governance structure
area of cyber security, business continuity, stress testing of consisting of 5 levels thereby ensuring both bottom-up and
processes prone to fraud, etc. Considering the new normal, top-down approaches.
the reviews were conducted remotely leveraging on
technology. It constituted the Risk Management Committee (‘RMC’)
to oversee the risk efforts in the Company. The RMC meets
The Audit Committee meets every quarter to review quarterly to review key risks and assess the status of mitigation
and discuss the various Internal Audit reports and follow measures. The Company's approach to risk management is
up action plans of past significant audit issues and designed to provide reasonable assurance that its assets are
compliance with the audit plan. The Chairperson of the safeguarded; the risks facing the business are being assessed
Audit Committee has periodic one-on-one meetings and mitigated.
with the Internal Auditor & Controller – Risk to discuss any
key concerns. The risk management framework is described below:

Board of Directors
15. Risk Management Framework
The following section discusses various dimensions of the
Risk Management Committee
Company’s ERM system. The risk-related information outlined of the Board
in this section is not exhaustive and is for information
purposes only. The discussion may contain statements that
Risk Management Group (RMG)
may be forward-looking in nature. at Senior Leadership Level

The Company’s business model is subject to uncertainties

RMG at Business Unit Level/
that may cause actual results to differ materially from those
Subsidiary Level
reflected in any forward-looking statements.

Risk Owners

10 6
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1-59 Management Discussion and Analysis 147-300

The key roles and responsibilities regarding risk management Identification and review of risk appetite and risk trigger
in the Company are summarised as follows: (at Enterprise Level)
1. Board of Directors Implementation of Risk reduction strategies
Reviewing and guiding risk policy of the Company Formulating and deploying Risk Management Policy
Ensuring the integrity of the systems for risk management Deploying practices for identification, assessment,
monitoring, mitigation and reporting of risks
2. Risk Management Committee of the Board Providing updates to RMC from time to time on the
Overseeing the Company’s risk management process and enterprise risks and actions taken
controls
Setting strategic plans and objectives for risk management, 4. Risk Management Group at Business Unit (BU) Level/
risk philosophy and risk minimisation Subsidiary Level
Reviewing compliance with policies implemented by the Reviewing respective BU/Subsidiary risks from time to
Company time, initiating mitigation actions, identifying owners and
Reviewing risk assessment of the Company periodically reviewing progress
and exercising oversight of various risks including Strategic Identification and review of risk appetite and risk trigger
Risk, Operational Risk, Financial Risk, Regulatory Risk, Cyber (at BU/Subsidiary Level)
Security Risk, etc. Implementation of risk reduction strategies
Oversight of the Company’s risk tolerance and risk appetite Deploying Risk Management Policy
Report and update to the Board periodically on various Deploying practices for identification, assessment,
matters it has considered monitoring, mitigation and reporting of risks
Reviewing and analysing risk exposure related to specific Providing updates to RMG and RMC level from time to time
issues, concentrations and limit excesses and provide on the respective SBU risks and actions taken
oversight of risk across the organisation
5. Risk Owners
3. Risk Management Group at Senior Leadership Level Responsible for developing and acting on the risk
Identification and review of enterprise risks from time to mitigation plan
time, initiating mitigation actions, identifying owners and Providing periodic updates to RMC on risks with the
reviewing progress mitigation plan

Risk Categories
The following categories of risks have been considered in the Risk Management Framework:

Strategic Reputational Operational Regulatory and Financial

Risk Risk Risk Compliance Risk Risk

• Strategic Risks includes the range of external events • Reputational Risks includes a range of events that
and trends (like Government policy) that can adversely creates a mismatch between stakeholders’ expectations
impact the Company’s strategic growth trajectory and and their perceptions of the Company’s performance
destroy stakeholder value. It also includes the risks around those expectations.
arising out of the choices the Company has made in
defining its strategy.

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 Integrated Annual Report 2020-21

• Operational Risks are those risks that are associated account of inadequate compliance of regulations,
with operational uncertainties including failure in contractual obligations and intellectual property
critical equipment, attrition, loss of data from cyber- violations leading to litigation and loss of reputation.
attacks, etc.
• Financial Risks are risks faced by the organisation in
• Regulatory and Compliance Risks are risks on terms of internal systems, planning and reporting.

Cautionary Statement
Statements in the Management Discussion and Analysis describing the objectives, projections, estimates and expectations of the Company, its
direct and indirect subsidiaries and its associates, may be ‘forward-looking statements’ within the meaning of applicable laws and regulations.
Actual results might differ substantially or materially from those expressed or implied. Important factors that could make a difference to the
Company’s operations include, among others, economic conditions affecting demand/supply, price conditions in the domestic and overseas
markets in which the Company operates, changes in the Government regulations, tax laws and other statutes and incidental factors.

10 8
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Corporate Governance Report

In a free enterprise, the community is not just another stakeholder in business, but is in fact the very
purpose of its existence
- Jamsetji Tata

1. Company’s Philosophy on Corporate 2. Board of Directors

Governance Composition of the Board
The Company has a strong legacy of fair, transparent The Company has an active, experienced, diverse and a
and ethical governance practices and it believes that well-informed Board. The Board along with its Committees
good Corporate Governance is essential for achieving undertakes its fiduciary duties keeping in mind the interests
long-term corporate goals and enhancing stakeholders’ of all its stakeholders and the Company’s Corporate
value. The Company is committed to the Tata Code of Governance philosophy. The Company has an optimum
Conduct (‘TCoC’) which articulates values and ideals that combination of Executive and Non-Executive Directors
guide and govern the conduct of the Tata companies as which is in conformity with Regulation 17 of the SEBI Listing
well as its employees in all matters relating to business.
Regulations read with Sections 149 and 152 of the Act.
The Company’s overall governance framework, systems and
The Board periodically evaluates the need for change in its
processes reflect and support its Mission, Vision and Values.
composition and size.
The Company’s philosophy on Corporate Governance
oversees business strategies and ensures fiscal accountability, In terms of Regulation 17 of the SEBI Listing Regulations,
ethical corporate behaviour and fairness to all stakeholders at least 50% of the Board should comprise Non-Executive
comprising regulators, employees, customers, vendors, Independent Directors with at least one Woman Director.
investors and the society at large. Out of total 9 Directors as on March 31, 2021, the
Non-Executive Independent Directors constitute 55.56%
The Company has adopted a Code of Conduct for of the Board. The Company has 2 Women Directors on the
its employees, Executive Directors as well as for its
Board as on the said date who are holding their office as
Non-Executive Directors including Independent Directors
Non-Executive Independent Directors.
which suitably incorporates the duties of Independent
Directors as laid down in the Companies Act, 2013 Detailed profile of the Directors is available on the Company’s
(‘the Act’). The Company’s governance guidelines cover website at https://www.tatachemicals.com/DirectorsProfile.
aspects mainly relating to composition and role of the Board, htm.
Chairman and Directors, Board diversity and Committees of
the Board. The Board met nine (9) times during FY 2020-21 on the
following dates:
The Company’s Corporate Governance philosophy has been
further strengthened through the Tata Business Excellence • April 30, 2020 • May 15, 2020
Model, the Tata Code of Conduct for Prevention of Insider
Trading and the Code of Corporate Disclosure Practices and • July 31, 2020 • September 18, 2020
adoption of Anti-Bribery & Anti-Corruption and Anti-Money • October 1, 2020 • October 29, 2020
Laundering Policies.
• January 28, 2021 • February 26, 2021
The Company has adhered to the requirements stipulated
under Regulations 17 to 27 read with Para C and D of • March 23, 2021
Schedule V and clauses (b) to (i) of sub-regulation (2)
of Regulation 46 of the SEBI (Listing Obligations and The gap between two Meetings did not exceed 120 days
Disclosure Requirements) Regulations, 2015 (‘SEBI Listing and the Meetings were conducted in compliance with all
Regulations’) as applicable with regard to Corporate applicable laws. The necessary quorum was present for all
Governance. the Board Meetings.

10 9
 Integrated Annual Report 2020-21

Category and Attendance of Directors:

The category of Directors, attendance at Board Meetings held during the financial year under review, the number of
Directorships and Committee Chairpersonships/Memberships held by them in other public limited companies and
Directorships held by them in other listed entities as on March 31, 2021 are as follows:
No. of Board Number of directorships Number of committee
Directorship in other listed entities
Meetings in other public limited positions held in other
Sr. (including debt listed)
Name of the Director attended companies* public limited companies**
No.
during the Category of
Chairperson Member Chairperson Member Name of the listed entity
year Directorship
Non-Executive Non-Independent Directors
1. Mr. N. Chandrasekaran 3 6 - - - Tata Motors Limited NE-NID
– Chairman@ Tata Steel Limited NE-NID
(DIN: 00121863) The Tata Power Company Limited NE-NID
The Indian Hotels Company Limited NE-NID
Tata Consumer Products Limited NE-NID
Tata Consultancy Services Limited NE-NID
2. Mr. Bhaskar Bhat# 6 N.A. N.A. N.A. N.A. N.A. N.A.
(DIN: 00148778)
3. Mr. S. Padmanabhan 9 - 2 - - - -
(DIN: 00306299)
Non-Executive Independent Directors
4. Ms. Vibha Paul Rishi 9 - 7 1 5 Asian Paints Limited ID
(DIN: 05180796) The Indian Hotels Company Limited ID
Escorts Limited ID
ICICI Prudential Life Insurance Company ID
Limited
5. Ms. Padmini Khare Kaicker 9 - 4 4 - Tata Cleantech Capital Limited^ ID
(DIN: 00296388) Rallis India Limited ID
Kotak Mahindra Investments Limited^ ID
J B Chemicals and Pharmaceuticals ID
Limited
6. Dr. C. V. Natraj 9 - 1 - 1 Rallis India Limited ID
(DIN: 07132764)
7. Mr. K. B. S. Anand 9 - 3 1 - Marico Limited ID
(DIN: 03518282) Borosil Limited ID
Lupin Limited ID
8. Mr. Rajiv Dube& 5 - 2 - 1 Tata International Limited^ ID
(DIN: 00021796) Tata Investment Corporation Limited ID
Executive Directors
9. Mr. R. Mukundan 9 - 2 - 2 Rallis India Limited NE-NID
– MD & CEO Tata International Limited^ NE-NID
(DIN: 00778253)
10. Mr. Zarir Langrana – ED 9 - - - - - -
(DIN: 06362438)
MD & CEO – Managing Director & Chief Executive Officer; ED – Executive Director; NE-NID – Non-Executive Non-Independent Director; ID – Independent
Director
*E xcludes directorships in private limited companies, foreign companies, companies registered under Section 8 of the Act, Government Bodies and Alternate
Directorships
**Represents Chairpersonships/Memberships of Audit and Stakeholders Relationship Committees in all public limited companies as required under
Regulation 26(1)(b) of the SEBI Listing Regulations
@
Appointed as an Additional, Non-Executive Non-Independent Director and Chairman of the Board w.e.f. November 24, 2020
#
Resigned as a Non-Executive Non-Independent Director w.e.f. November 24, 2020. Mr. Bhat was elected to chair each of the Meetings of the Board held till the
date of his resignation
&
Appointed as an Additional, Non-Executive Independent Director of the Company w.e.f. September 18, 2020
^
Debt listed company

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The Eighty-First (81st) Annual General Meeting (‘e-AGM’) of None of the Directors of the Company is related to each
the Company for the Financial Year (‘FY’) 2019-20 was held other and there are no inter se relationships between the
on July 7, 2020 through video conferencing (‘VC’) / other Directors.
audio visual means (‘OAVM’) in accordance with the relevant
circulars issued by the Ministry of Corporate Affairs (‘MCA’) None of the Directors on the Board is a Member of more than
and the Securities and Exchange Board of India (‘SEBI’). All the 10 Committees and Chairperson of more than 5 Committees
Directors of the Company were present at the 81st AGM. (Committees being Audit Committee and Stakeholders
Relationship Committee as per Regulation 26(1) of the SEBI
Shareholding of Directors as on March 31, 2021: Listing Regulations) across all the public companies in which
No. of he/she is a Director. All the Directors have made the requisite
Name of Director Category disclosures regarding committee positions held by them in
Ordinary Shares
other companies.
Mr. N. Chandrasekaran NED 1,00,000
Dr. C. V. Natraj ID 209 None of the Directors hold office in more than 10 public
Mr. R. Mukundan MD & CEO 500 limited companies as prescribed under Section 165(1)
Mr. Zarir Langrana ED 3,666* of the Act. No Director holds directorships in more than
NED - Non-Executive Director; ID - Independent Director; MD & CEO - 7 listed companies. None of the Non-Executive Directors is
Managing Director & Chief Executive Officer; ED - Executive Director an Independent Director in more than 7 listed companies
*includes shares jointly held with relative as required under the SEBI Listing Regulations. Further, the
Managing Director & CEO and the Executive Director do not
Apart from the above, no Director holds any shares in the
serve as Independent Directors in any listed company.
Company. The Company has not issued any convertible
instruments.

Key Skills, Expertise and Competencies of the Board of Directors

The Board of the Company is highly structured to ensure a high degree of diversity by age, education/qualifications, professional
background, sector expertise, special skills and geography. The Board of Directors have, based on the recommendations of the
Nomination & Remuneration Committee, identified the following core skills/expertise/competencies as required in the context of
the businesses and sectors of the Company for its effective functioning and the same is mapped against each of the Directors:

Sr. Mr. N. Ms. Vibha Ms. Padmini Dr. C. V. Mr. K. B. S. Mr. S. Mr. Rajiv Mr. R. Mr. Zarir
Skills & Expertise
No. Chandrasekaran Paul Rishi Khare Kaicker Natraj Anand Padmanabhan Dube Mukundan Langrana

  Leadership
1.                 

  Industry experience
2.            –       

  Science and
3.           – –  – –   –
Technology

  IT and Digitalisation
4.            –  – –    

  Strategy
5.             –     

  Finance and
6.            –  –  –  – –
Governance

  HR and
7.                 – – 
Communication

  Safety
8.            –       
and Sustainability

  Multiple geography
9.            –       
experience

The current composition of the Board meets the requirements of skills, expertise and competencies as identified above.

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 Integrated Annual Report 2020-21

Board Procedure In compliance with the relaxations granted by the MCA

For seamless scheduling of Meetings, the calendar of due to the outbreak of Covid-19, the Company has also
Meetings of the Board and Committees is circulated and conducted its Board and Committee Meetings through
agreed upon at the beginning of the year. video conferencing during the year.
Independent Directors
The Company Secretary tracks and monitors the Board
and Committee proceedings to ensure that the terms of The Company currently has 5 Non-Executive Independent
reference/charters are adhered to, decisions are properly Directors (including 2 Women Directors) which comprise
recorded in the minutes and actions on the decisions are 55.56% of the total strength of the Board of Directors.
tracked. The terms of reference/charters are amended and During the year under review, the Board of Directors
updated from time to time in order to keep the functions and based on the recommendations made by the Nomination
role of the Board and Committees at par with the changing and Remuneration Committee appointed Mr. Rajiv Dube
as Non-Executive Independent Director with effect from
statutes. Meeting effectiveness is ensured through clear
September 18, 2020 subject to approval of the shareholders.
agenda, circulation of material in advance and as per statutory
timelines, detailed presentations at the Meetings and tracking During the year under review, none of the Independent
of action taken reports at every Meeting. Additionally, based Director(s) of the Company resigned.
on the agenda, Meetings are attended by Members of the
senior leadership as invitees, which brings in the requisite Independence of Directors
accountability and also provides developmental inputs. The Company has received a declaration from the
Independent Directors confirming that they meet the
The Board plays a critical role in the strategy development
criteria of independence as prescribed under Section 149(6)
of the Company. To enable the Board to discharge its
of the Act read with Regulation 16(1)(b) of the SEBI Listing
responsibilities effectively and take informed decisions, the
Regulations. In terms of Regulation 25(8) of the SEBI Listing
Managing Director & CEO apprises the Board on the overall
Regulations, the Independent Directors have confirmed that
performance of the Company every quarter including the they are not aware of any circumstances or situations which
performance of the overseas operating subsidiaries. exist or may be reasonably anticipated that could impair or
The Board periodically reviews the strategy, annual business impact their ability to discharge their duties.
plan, business performance of the Company and its key In the opinion of the Board, the Independent Directors fulfil
subsidiaries, technology and innovation, quality, customer the conditions of independence specified in the Act and
centricity, capital expenditure budgets and risk management, the SEBI Listing Regulations and are independent of the
safety and environment matters. Amongst other things, management.
the Board also reviews the compliance reports of the laws
Further, the Independent Directors have in terms of
applicable to the Company, internal financial controls and
Section 150 of the Act read with Rule 6 of the Companies
financial reporting systems, minutes of the Board Meetings
(Appointment & Qualification of Directors) Rules, 2014,
of the Company’s subsidiary companies, adoption of
confirmed that they have enrolled themselves in the
quarterly/half-yearly/annual results, corporate restructuring,
Independent Directors’ Databank maintained with the
transactions pertaining to purchase/disposal of property,
Indian Institute of Corporate Affairs (‘IICA’). They are exempt
minutes of the Meetings of the Audit and other Committees
from the requirement to undertake the online proficiency
of the Board.
self-assessment test conducted by IICA.
In addition to the information required under Regulation
17(7) read with Part A of Schedule II of the SEBI Listing Meeting of Independent Directors
Regulations which is required to be placed before the Board, During the year under review, one (1) meeting of the
the Directors are also kept informed of major events. Independent Directors of the Company was held on March
23, 2021 as required under Schedule IV to the Act (Code of
All the Board and Committee Meetings conducted are Independent Directors) and Regulation 25(3) of the SEBI
paperless with documents securely uploaded on the Listing Regulations. At their Meeting, the Independent
Board Application and accessed online. This has resulted in Directors reviewed the performance of Non-Independent
saving paper, reducing the cycle time to make documents Directors and the Board as a whole including the Chairman
available to the Board/Committee Members and increasing of the Board after taking the views of Executive Directors
confidentiality. and Non-Executive Directors and also assessed the quality,

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quantity and timeliness of flow of information between the Independent Directors are also Members. The Directors
Company’s management and the Board that is necessary for are also regularly updated by sharing various useful
the Board to effectively and reasonably perform their duties. reading material/newsletters relating to the Company’s
performance, operations, business highlights, developments
The Meeting was attended by all the Independent Directors in the industry, sustainability initiatives, customer-centric
as on that date and Dr. C. V. Natraj chaired the said Meeting. initiatives, its market and competitive position on the Board
Application.
Terms and Conditions of appointment of Independent
A Board Meeting to discuss the Company’s strategy across
Directors
its businesses, future growth, including strategy of key
All the Independent Directors of the Company have been operating subsidiaries, etc. was held during the year.
appointed as per the provisions of the Act and the SEBI During the year, as part of the induction programme,
Listing Regulations. Formal letters of appointment are issued Mr. Rajiv Dube, Independent Director was familiarised about
to the Independent Directors after their appointment by the the business, Company’s strategy, organisation structure,
Members. As required by Regulation 46 of the SEBI Listing subsidiaries, functions like Human Resource, Digital, Finance
Regulations, the terms and conditions of their appointment and Legal.
have been disclosed on the website of the Company at
https://www.tatachemicals.com/TCAID.htm. The Directors from time to time get an opportunity to visit
the Company's plants where plant heads apprise them
Induction and Familiarisation Programme for of the operational and sustainability aspects to enable
Directors them to have full understanding on the activities of the
The Company has a familiarisation programme for its Company and initiatives undertaken on safety, quality,
Independent Directors. The objective of the programme is CSR, Sustainability, etc. Visits to the Company’s Innovation
to familiarise the Independent Directors to enable them to Centre are arranged to familiarise the Independent Directors
understand the Company, its operations, strategies, business, with research and development activities of the Company.
functions, policies, industry and environment in which it However, in view of the restrictions due to the ongoing
functions and the regulatory environment applicable to it Covid-19 pandemic, physical visit to the Company’s
plants/other locations was deferred. Pursuant to Regulation
and operations of its subsidiaries. These include orientation
46 of the SEBI Listing Regulations, the details of such
programme upon induction of new Directors as well as other
familiarisation programme during FY 2020-21 are available on
initiatives to update the Directors on a continuous basis.
the website of the Company at https://www.tatachemicals.
An induction kit is provided to new Directors which includes
com/directors-familiarisation-fy-21.htm
the Annual Report, overview of the Company and its
operating subsidiaries, charters of the Committees, annual
Appointment/Re-appointment of Directors
Board/Committee Meeting calendar, TCoC, Code of Conduct
for Non-Executive Directors including Independent Directors, As required under Regulation 26(4) and Regulation 36(3) of
Company’s Code of Conduct for Prevention of Insider Trading the SEBI Listing Regulations and Secretarial Standards - 2
on General Meetings issued by the Institute of Company
and Code of Corporate Disclosure Practices, etc. Meetings
Secretaries of India, particulars of Directors seeking
with Business/Functional Heads are organised to provide a
appointment/re-appointment at this AGM are given in
brief on the businesses/functions.
the Notice of the AGM which forms part of this Integrated
Pursuant to Regulation 25(7) of the SEBI Listing Regulations, Annual Report.
the Company imparted various familiarisation programmes
to its Directors including review of long-term strategy, Code of Conduct
industry outlook, regulatory updates at the Board and
The Company has adopted the TCoC for its Whole-time
Audit Committee Meetings, Cyber Security, Information
Directors, Senior Management Personnel and other
Technology, Tax, Digital Strategy and Litigation updates.
Executives which is available on the website of the
Besides the above, presentation on Risk Management,
Company at https://www.tatachemicals.com/TCOC.htm.
update on initiatives undertaken by the Company towards
the community during Covid-19, Science Based Target The Board has also adopted a Code of Conduct for
Initiatives, Safety and Sustainability initiatives, Talent pipeline, Non-Executive Directors, which incorporates the duties of
HR Strategy and Succession planning, etc. are made at Independent Directors as laid down in Schedule IV to the Act
the respective Committee Meetings where some of the (‘Code for Independent Directors’) and Regulation 17(5) of

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 Integrated Annual Report 2020-21

the SEBI Listing Regulations and the same is available on the • Review the functioning of Whistleblower Mechanism of
website of the Company at https://www.tatachemicals.com/ the Company which shall include the Vigil Mechanism
TCOCNED.htm. for Directors and employees to report genuine
concerns in the prescribed manner;
As on March 31, 2021, all the Board Members and Senior
Management of the Company have affirmed compliance • Discuss and review, with the management and auditors,
with their respective Codes of Conduct. A declaration to this the annual/half-yearly/quarterly financial statements
effect duly signed by the Managing Director & CEO forms before submission to the Board for approval;
part of this Report. • Hold timely discussions with external auditors
regarding critical accounting policies and practices,
Apart from reimbursement of expenses incurred in significant reporting issues and judgements made,
discharging their duties and the remuneration that the nature and scope of audit;
Directors would be entitled under the Act as Non-Executive
Directors, none of the Directors have any other material • Evaluate auditors’ performance, qualification,
pecuniary relationships or transactions with the Company, independence and effectiveness of audit process;
its Promoters, its Directors, its Senior Management or its • Recommend to the Board, the appointment,
Subsidiaries during the two immediately preceding financial re-appointment, removal of the external auditors,
years. fixation of audit fees and also approval for payment of
audit and non-audit services;
Senior Management of the Company have made disclosures
to the Board confirming that there are no material, financial • Reviewing the adequacy of internal control system,
internal audit function and risk management function;
and/or commercial transactions between them and the
Company which could have potential conflict of interest • Review the significant related party transactions;
with the Company at large. • Valuation of undertakings or assets of the listed entity,
wherever it is necessary;
3. Audit Committee
• Approve the appointment of the Chief Financial Officer
The Audit Committee’s role is to assist the Board fulfil its
after assessing the qualifications, experience and
Corporate Governance and overseeing responsibilities
background of the candidate;
in relation to the Company’s financial reporting process
carried out by the Management, internal control system, • Carrying out any other function as is mentioned in the
risk management system and internal and external audit terms of reference of the Audit Committee.
functions. The Audit Committee functions according to its
Further, pursuant to Regulation 18(2)(c) of the SEBI Listing
charter/terms of reference that defines its composition,
Regulations, the Audit Committee is empowered to
authority, responsibilities and reporting functions. The
investigate any activity within its terms of reference, seek
Board has adopted a charter of the Audit Committee for its
information it requires from any employee, obtain outside
functioning. All the items listed in Section 177 of the Act and
legal or other Independent professional advice and secure
Regulation 18(3) read with Part C of Schedule II of the SEBI attendance of outsiders with relevant expertise, if considered
Listing Regulations are covered in its terms of reference. necessary. Apart from the above, the Audit Committee also
Terms of Reference exercises the role and powers entrusted upon it by the Board
of Directors from time to time.
The Audit Committee of the Company is responsible for
supervising the Company’s internal controls and financial
Meetings Held
reporting process and inter alia, performs the following
functions: During FY 2020-21, eleven (11) Meetings of the Audit
Committee were held on the following dates:
• Oversight of the Company’s financial reporting process
and disclosure of its financial information to ensure
• May 15, 2020 • July 9, 2020
that the financial statements are materially correct, • July 31, 2020 • August 25, 2020
sufficient and credible; • October 29, 2020 • November 12, 2020
• Review of the Company’s accounting policies, internal
• November 26, 2020 • January 28, 2021
accounting controls, financial and such other matters • February 9, 2021 • March 1, 2021
and the changes thereon; • March 20, 2021

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The gap between two Meetings did not exceed 120 days. The Chairperson of the Audit Committee briefs the Board
Necessary quorum was present for all the Meetings of the at each Board Meeting about the significant discussions
Committee. at the Audit Committee Meetings including the internal
audit matters. The minutes of each of the Audit Committee
Composition and Attendance
Meetings are placed in the next Meeting of the Board
No. of after they are confirmed by the Committee.
No. of
Name of the Meetings
Category Meetings
Member held during Ms. Padmini Khare Kaicker, Chairperson of the Audit
attended
tenure Committee, was present at the last e-AGM held on
July 7, 2020.
Ms. Padmini Khare ID 11 11
Kaicker (Chairperson)
4. Nomination and Remuneration Committee
Ms. Vibha Paul Rishi ID 11 11 The role of the Nomination and Remuneration Committee
Mr. S. Padmanabhan NED 11 11 (‘NRC’) is to oversee the selection of Directors and Senior
Management Personnel based on criteria related to the
Dr. C. V. Natraj $ ID 4 4
specific requirement of expertise and independence.
Mr. K. B. S. Anand @ ID 7 6 The NRC evaluates the performance of Directors and
Senior Management Personnel based on the expected
ID - Independent Director; NED - Non-Executive Director
$
performance criteria. The NRC also recommends to the
Ceased to be a Member of the Committee w.e.f. September 1, 2020
@
Board the remuneration payable to Directors and Senior
Appointed as a Member of the Committee w.e.f. September 1, 2020
Management Personnel of the Company.
The Company Secretary acts as the Secretary to the Audit
Committee. The composition of the Committee is in Terms of Reference
conformity with Section 177 of the Act and Regulation 18(1) The Board has adopted a charter of the NRC for its smooth
of the SEBI Listing Regulations. functioning covering aspects relating to composition,
responsibilities, evaluation process, remuneration, Board
The Chairperson of the Audit Committee has one-on-one
development and reviewing HR strategy. The key terms of
meetings both with the Internal Audit Team and the Statutory
reference of the NRC, inter alia, are:
Auditors on a periodic basis to discuss key concerns, if any.
• Make recommendations to the Board regarding the
The Managing Director & CEO, Executive Director, setup and composition of the Board;
Chief Financial Officer, Statutory Auditor and Controller -
Risk & Internal Auditor attend and participate in all the • Identify persons who are qualified to become directors
Meetings of the Committee. The Chief Operating Officers and who may be appointed in senior management in
and Chief Human Resources Officer attend the Meetings accordance with the criteria laid down and recommend
where Internal Audit Reports are discussed. The Committee, to the Board of Directors their appointment and removal;
from time to time, also invites such executives, as it considers
• Support the Board and Independent Directors, as may
appropriate, to be present at the Meetings. During the
be required, in evaluation of the performance of the
year under review, the Committee reviewed the key audit
Board, its Committees and Individual Directors;
findings covering operational, financial and compliance
areas, internal financial controls and financial reporting • Whether to extend or continue the term of appointment
systems. The Audit Committee also reviewed the reports of the Independent Director, on the basis of the report
on leadership of business ethics, reports on dealings under of performance evaluation of Independent Directors;
Prohibition of Insider Trading Regulations and Related
• On an annual basis, recommend to the Board the
Party Transactions. During the year under review, the Audit
remuneration payable to Directors, KMP and executive
Committee reviewed the process and controls for Insider
team members of the Company;
Trading and also adopted a framework for levying penalties
in case of any violation under the Insider Trading Code. • Devise a policy on Board diversity;

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 Integrated Annual Report 2020-21

• Review HR and people strategy and its alignment with Board and Director Evaluation
the business strategy periodically or when a change is In terms of the requirement of the Act and the SEBI Listing
made to either; Regulations, during the year under review, the Board has
carried out an annual performance evaluation of its own
• Provide guidelines for remuneration of Directors on
performance, performance of the Directors as well as the
material subsidiaries.
evaluation of the working of its Committees. The exercise
Meetings Held was led by the Chairman of the NRC along with the Chairman
of the Board.
During FY 2020-21, four (4) Meetings of the NRC were held
on the following dates: Criteria for Evaluation
• May 15, 2020 • August 25, 2020 The performance evaluation criteria for Independent
• September 18, 2020 • March 23, 2021 Directors is determined by the Nomination and
Remuneration Committee. An indicative list of factors on
The necessary quorum was present for all the Meetings of
which evaluation was carried out includes participation
the Committee.
and contribution by a director, commitment, effective
Composition and Attendance deployment of knowledge and expertise, integrity and
No. of maintenance of confidentiality and independence of
No. of behaviour and judgement.
Name of the Meetings
Category Meetings
Member held during The procedure followed for the performance evaluation of
attended
tenure the Board, Committees and Individual Directors is detailed in
Dr. C. V. Natraj ID 4 4 the Board’s Report.
(Chairman)
Mr. Bhaskar Bhat@ NED 3 3
Remuneration of Directors
Mr. N. NED 1 1
The Company’s philosophy for remuneration of Directors,
Chandrasekaran^
Key Managerial Personnel ('KMP') and all other employees
Ms. Vibha Paul Rishi ID 4 4
is based on the commitment of fostering a culture of
Ms. Padmini Khare ID 2 2
leadership with trust. The Company has adopted a Policy for
Kaicker$
remuneration of Directors, KMP and other employees, which
Mr. S. Padmanabhan# NED 2 2
is aligned to this philosophy.
ID - Independent Director; NED - Non-Executive Director
@
R esigned as a Director of the Company w.e.f. November 24, 2020 and The principles governing the Company’s Remuneration
consequently ceased to be a Member of the Committee Policy is provided in the Board’s Report. The said Policy
^
is also uploaded on the website of the Company at
Appointed as a Member of the Committee w.e.f. January 28, 2021
https://www.tatachemicals.com/RemPolicy.htm.
$
Ceased to be a Member of the Committee w.e.f. September 1, 2020
#
Appointed as a Member of the Committee w.e.f. September 1, 2020 Executive Directors
The Company pays remuneration by way of salary, benefits,
Dr. C. V. Natraj, Chairman of the NRC, was present at the last
perquisites and allowances (fixed component) and
e-AGM held on July 7, 2020. commission (variable component) to its Executive Directors.
The composition and terms of reference of the NRC are in Annual increments are recommended by the NRC within
compliance with the provisions of Section 178(1) of the Act the salary scale approved by the Members of the Company
and Regulation 19 of the SEBI Listing Regulations. and are effective April 1 each year. The NRC recommends
on the commission payable to the Executive Directors out
The Chairman of the NRC briefs the Board at each Board of the profits for the financial year and within the ceilings
Meeting about the significant discussions at the NRC prescribed under the Act based on the performance of the
Meetings. Company as well as that of the Executive Directors.

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Details of Remuneration of Executive Directors for FY 2020-21

(`)
Perquisites and Total
Name of the Director Salary Commission*
Allowance Remuneration
Mr. R. Mukundan – Managing Director & CEO 1,19,34,000 2,00,31,185 3,25,00,000 6,44,65,185
Mr. Zarir Langrana – Executive Director 66,15,000 1,13,37,932 1,35,00,000 3,14,52,932
*Commission relates to FY 2020-21, which will be paid during FY 2021-22

Non-Executive Directors the Company held on July 25, 2018 approved the payment
During FY 2020-21, the Company paid sitting fees of of commission to the Non-Executive Directors within the
` 30,000 per Meeting to the Non-Executive Directors for ceiling of 1% per annum of the net profits of the Company
attending each Meeting of the Board; Audit Committee and as computed under the applicable provisions of the Act.
Nomination and Remuneration Committee; and ` 20,000 The said commission is decided each year by the Board
per Meeting for attending each Meeting of Stakeholders of Directors and distributed amongst the Non-Executive
Relationship Committee; Meeting of Independent Directors; Directors based on their attendance and contribution at
Corporate Social Responsibility Committee; Safety, Health, the Board and Committee Meetings. The Company also
Environment and Sustainability Committee and Risk reimburses out-of-pocket expenses incurred by the Directors
Management Committee. The Members had, at the AGM of for attending the Meetings.

Details of sitting fees paid and commission payable to the Non-Executive Directors for FY ended March 31, 2021 is given below:
(`)
Sitting Fees paid Commission (for FY 2020-21
Name of the Director
during FY 2020-21 payable in FY 2021-22)
Mr. N. Chandrasekaran @ 1,20,000 N.A.
Mr. Bhaskar Bhat # 2,70,000 30,00,000
Ms. Vibha Paul Rishi 8,40,000 40,00,000
Mr. S. Padmanabhan * 9,00,000 N.A.
Ms. Padmini Khare Kaicker 7,40,000 40,00,000
Dr. C. V. Natraj 6,10,000 40,00,000
Mr. K. B. S. Anand 5,10,000 30,00,000
Mr. Rajiv Dube & 1,70,000 20,00,000
Total 41,60,000 2,00,00,000
@
 Appointed as an Additional, Non-Executive Non-Independent Director and Chairman of the Board w.e.f. November 24, 2020. As a policy, Mr. Chandrasekaran
has abstained from receiving commission from the Company
#
Resigned as a Non-Executive Non-Independent Director w.e.f. November 24, 2020
*In line with the internal guidelines, no payment is made towards commission to Mr. S. Padmanabhan, Non-Executive Director of the Company, who is in
full-time employment with other Tata company
&
Appointed as an Additional, Non-Executive Independent Director of the Company w.e.f. September 18, 2020

As per the practice, commission to the Directors is paid after the annual accounts are adopted by the Members at the AGM.
The Company has not granted any stock options to its Directors.

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 Integrated Annual Report 2020-21

Service Contract, Severance Fees and Notice Period

Mr. R. Mukundan, Mr. Zarir Langrana,
Terms of Agreement
Managing Director & CEO Executive Director
Period of Contract 5 years up to November 25, 2023 5 years up to March 31, 2023
Severance fees/notice period The Agreement may be terminated earlier, without any cause, by either Party by giving to the other
Party six months’ notice of such termination or the Company paying six months’ remuneration
which shall be limited to provision of Salary, Benefits, Perquisites, Allowances and any pro-rated
lncentive Remuneration (paid at the discretion of the Board, in lieu of such notice).
There is no separate provision for payment of severance fees.

Succession Plan Meetings Held

The Company believes that sound succession plans for the During FY 2020-21, two (2) Meetings of the SRC were held on
senior leadership are very important for creating a robust the following dates:
future for the Company. The Nomination and Remuneration
• November 12, 2020 • February 11, 2021
Committee works along with the Human Resource team of
the Company for a structured leadership succession plan. The necessary quorum was present for all the Meetings of
the Committee.
Retirement Policy for Directors
Composition and Attendance
As per the Company’s policy, the Managing and Executive
Directors retire at the age of 65 years, Non-Independent No. of
No. of
Non-Executive Directors retire at the age of 70 years and the Name of the Meetings
Category Meetings
retirement age for Independent Directors is 75 years. Member held during
attended
tenure
5. Stakeholders Relationship Committee Ms. Vibha Paul Rishi ID 2 2
(Chairperson)
The Stakeholders Relationship Committee (‘SRC’) looks into
various aspects of interest of shareholders. The Committee Mr. S. Padmanabhan NED 2 2
ensures cordial investor relations and oversees the Mr. R. Mukundan MD & 2 2
mechanism for redressal of investors’ grievances. CEO
Terms of Reference Mr. Zarir Langrana ED 2 2
The terms of reference of the SRC, inter alia, are as under: ID - Independent Director; NED - Non-Executive Director; MD & CEO -
Managing Director & Chief Executive Officer; ED - Executive Director
• Resolving the grievances of the security holders;
• Reviewing details of transfer of unclaimed dividend/ Status of Investor Complaints
securities to the Investor Education and Protection Fund; The status of investor complaints as on March 31, 2021
• Reviewing the transfer, transmission, dematerialisation as reported under Regulation 13(3) of the SEBI Listing
of securities; Regulations is as under:
• Reviewing measures taken for effective exercise of Complaints as on April 1, 2020 2
voting rights by shareholders; Received during the year 17
• Reviewing adherence to the service standards in Resolved during the year 18
respect of various services being rendered by the
Pending as on March 31, 2021 1*
Registrar & Share Transfer Agent;
*Complaint has been closed by SEBI on April 16, 2021
• Reviewing various measures and initiatives taken for
reducing the quantum of unclaimed dividends; and The complaints have been resolved to the satisfaction of
• Ensuring timely receipt of dividend warrants/annual the shareholders. The correspondence identified as investor
reports/statutory notices by the shareholders of the complaints are letters received through statutory/regulatory
Company. bodies.

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Name, designation and address of the Compliance • Review and monitor the Company’s CSR policy and
Officer activities of the Company on behalf of the Board
Mr. Rajiv Chandan to ensure that the Company is in compliance with
General Counsel & Company Secretary appropriate laws and legislations;
Tata Chemicals Limited • Provide guidance to management to evaluate long
Bombay House, 24 Homi Mody Street term strategic proposals (including technologies
Fort, Mumbai - 400 001 adopted) with respect to CSR implications;
Tel. No.: +91 22 6665 8282 • Formulate and recommend to the Board (including any
Email: [email protected] revisions thereto), an annual action plan in pursuance
The Company has taken various investor-friendly activities of the CSR policy and have an oversight over its
like encouraging investors to register their email ids, facility implementation;
for registration of email ids for the limited purpose of • Review the impact assessment carried out for the
receiving Annual Report and e-Voting at the Annual General projects of the Company as per the requirements of the
Meeting in view of the Covid-19 pandemic, activities and law.
initiatives during the e-AGM and preparation of the Digital
The Board has adopted a charter for the CSR Committee
Annual Report for FY 2019-20 to enable a live feel of the
for its smooth functioning. The Company has revised the
Annual Report. Encouraging the corporate shareholders
CSR Policy and the Charter pursuant to the Companies
for converting their holdings in dematerialised form,
(Corporate Social Responsibility) Amendment Rules, 2021.
communication to shareholders for updating their bank
The same is displayed on the website of the Company at
account details and other details for payment of dividend and
https://www.tatachemicals.com/CSRPolicy2021.htm. A CSR
tax deducted at source related activity and communication
Report giving details of the CSR activities undertaken by
of quarterly financial results to the shareholders via email are
the Company during the year under review, along with the
some of the other investor-friendly initiatives undertaken by
amount spent forms part of the Board’s Report.
the Company.
The Chairperson of the SRC briefs the Board at each Board Meetings Held
Meeting about the significant discussions at the SRC During FY 2020-21, three (3) Meetings of the CSR Committee
Meetings. were held on the following dates:
Ms. Vibha Paul Rishi, Chairperson of the SRC, was present at • July 30, 2020 • November 17, 2020
the e-AGM of the Company held on July 7, 2020. • February 11, 2021
6. Corporate Social Responsibility Committee The necessary quorum was present for all the Meetings of
the Committee.
The Corporate Social Responsibility (‘CSR’) Committee of
the Board is constituted in accordance with the provisions Composition and Attendance
of Section 135 of the Act. The CSR Committee has been
No. of
entrusted with the specific responsibility of reviewing No. of
Name of Meetings
corporate social responsibility programmes. The scope of Category Meetings
the Member held during
the CSR Committee also includes approving the budget of attended
tenure
CSR activities, reviewing the CSR programmes, formulation
Mr. S. Padmanabhan NED 3 3
of annual action plan and monitoring the CSR spends.
(Chairman)
Terms of Reference Ms. Vibha Paul Rishi @ ID 1 1
The terms of reference of the CSR Committee, inter alia, are as Dr. C. V. Natraj # ID 2 2
under: Mr. R. Mukundan MD & 3 3
• Formulate and recommend to the Board the CSR CEO
policy containing guiding principles for selection, Mr. Zarir Langrana @ ED 1 1
implementation and monitoring of CSR activities as ID - Independent Director; NED - Non-Executive Director; MD & CEO -
specified under Schedule VII of the Act; Managing Director & Chief Executive Officer; ED - Executive Director
• Recommend the amount to be spent on CSR activities @
Ceased to be Members of the Committee w.e.f. September 1, 2020
and review reports on performance of CSR; #
Appointed as a Member of the Committee w.e.f. September 1, 2020

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 Integrated Annual Report 2020-21

Chief - CSR & Sustainability was an invitee to the Meetings The necessary quorum was present for all the Meetings of
of the CSR Committee. The General Counsel & Company the Committee.
Secretary also attended the meetings.
Composition and Attendance
The Chairman of the CSR Committee briefs the Board at each No. of
Board Meeting about the significant discussions at the CSR No. of
Name of Meetings
Meetings. Category Meetings
the Member held during
attended
tenure
Mr. S. Padmanabhan, Chairman of the CSR Committee, was
Mr. K. B. S. Anand ID 2 2
present at the last e-AGM held on July 7, 2020.
(Chairman) @
Mr. S. Padmanabhan NED 3 3
7. Risk Management Committee
Ms. Padmini Khare ID 3 3
Regulation 21 of the SEBI Listing Regulations mandate Kaicker
top 500 listed entities, determined on the basis of market Mr. R. Mukundan MD & 3 3
capitalisation as at the end of the immediate previous CEO
financial year, to constitute a Risk Management Committee Mr. Zarir Langrana ED 3 3
(‘RMC’) with effect from April 1, 2019. However, the
Mr. John Mulhall ^ CFO 3 3
Company had voluntarily constituted a RMC in February
ID - Independent Director; NED - Non-Executive Director; MD & CEO -
2015. The primary role of the RMC is that of assisting the
Managing Director & Chief Executive Officer; ED - Executive Director;
Board of Directors in overseeing the Company’s risk
CFO - Chief Financial Officer
management processes and controls. The RMC, through @
Appointed as a Member and Chairman of the Committee

the Enterprise Risk Management in the Company, seeks
w.e.f. September 1, 2020. In the absence of a permanent Chairman,
to minimise adverse impact on the business objectives
Mr. S. Padmanabhan was elected as the Chairman for the Meeting held
and enhance stakeholder value. The Board has adopted a
on August 25, 2020
charter for the functioning of the RMC covering the
^
composition, meetings, quorum, responsibilities, etc.  eased to be a Member of the Committee w.e.f. March 31, 2021
C
upon cessation as CFO of the Company. Subsequently,
Terms of Reference Mr. Nandakumar S. Tirumalai was appointed as CFO of the
The terms of reference of the RMC, inter alia, are as under: Company and Member of the Committee w.e.f. April 1, 2021
• Review the Company’s risk governance structure, The Chairman of the RMC briefs the Board at each Board
risk assessment and risk management practices and Meeting about the significant discussions at the RMC
guidelines, policies and procedures for risk assessment Meetings. The Company has a well-defined risk management
and risk management; framework in place. The risk management framework
• Review and approve the Enterprise Risk Management adopted by the Company is discussed in detail in the
(ERM) framework; Management Discussion and Analysis which forms part of
this Integrated Annual Report.
• Review the Company’s risk appetite and strategy
relating to key risks, including market risk, cyber
8. Safety, Health, Environment and
security risk, product risk and reputational risk, as well
Sustainability Committee
as the guidelines, policies and processes for monitoring
and mitigating such risks; The Safety, Health, Environment and Sustainability ('SHES')
Committee is entrusted with the specific responsibility of
• Review and analyse risk exposure related to specific reviewing and monitoring the health, environment and
issues and provide oversight of risk across organisation; safety framework and sustainable development. The overall
• Nurture a healthy and independent risk management roadmap as well as specific issues of concern including those
function in the Company. related to safety and climate change is reviewed in detail.

Meetings Held Terms of Reference

During FY 2020-21, three (3) Meetings were held on the The terms of reference of the SHES Committee, inter alia, are
following dates: as under:
• August 25, 2020 • November 12, 2020 • Review and monitor the sustainability, environmental,
• February 9, 2021 safety and health policies and activities across the

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Company to ensure compliance with appropriate laws 9. Scientific Advisory Board

and legislation;
The Board of Directors has constituted a Scientific Advisory
• Encourage, assist, support and counsel management in Board with the objective of synergising the Research &
developing short and long-term policies and standards Development (‘R&D’) initiatives at the Company’s Innovation
to ensure that the principles set out in the sustainability, Centre and R&D Centres (for crop care and seeds division) of
safety, health and environmental policies are being Rallis India Limited, subsidiary of the Company. The Scientific
adhered to and achieved; Advisory Board is instrumental in providing guidance and
direction to R&D Centres and report progress to the Board.
• Investigate or cause to be investigated any extraordinary
negative sustainability, environment, health and safety The Scientific Advisory Board consists of senior employees
performance or issues of asset integrity which can from the Company and Rallis India Limited with background
impact safety, health, environment and sustainability in R&D, Science and Technology and is chaired by
where appropriate. Dr. C. V. Natraj, Independent Director of the Company.

Meetings Held The terms of reference of the Scientific Advisory Board,

inter alia, are - alignment of the R&D Centres’ priorities
During FY 2020-21, four (4) Meetings were held on the
to the Business priorities; recommending the right skills
following dates:
and competencies necessary for the teams; ensuring that
• July 20, 2020 • August 13, 2020 the right R&D metrics are derived from business targets;
• November 17, 2020 • February 11, 2021 maintaining a balance between short-term and long-term
projects; ensuring open innovation to support internal R&D
The necessary quorum was present for all the Meetings of activities; and give directions for ensuring the right balance
the Committee. between inputs and outputs for the centres. An update on
Composition and Attendance the Scientific Advisory Board is given to the Board of Directors
quarterly.
No. of
No. of
Name of the Meetings
Member
Category
held during
Meetings 10. Subsidiary Companies
attended Regulation 16 of the SEBI Listing Regulations defines a
tenure
Mr. S. Padmanabhan NED 4 4 ‘material subsidiary’ to mean a subsidiary, whose income or
(Chairman) # net worth exceeds 10% of the consolidated income or net
Ms. Vibha Paul Rishi @ ID 2 2 worth respectively, of the listed entity and its subsidiaries in
Dr. C. V. Natraj $ ID 2 2 the immediately preceding accounting year.
Mr. R. Mukundan MD & 4 4
In addition to the above, Regulation 24 of the SEBI Listing
CEO
Regulations requires that at least one Independent Director
Mr. Zarir Langrana ED 4 3
on the Board of Directors of the listed entity shall be a
ID - Independent Director; NED - Non-Executive Director; MD & CEO -
Director on the Board of Directors of an unlisted material
Managing Director & Chief Executive Officer; ED - Executive Director
#
subsidiary, whether incorporated in India or not. For the
Appointed as a Chairman of the Committee w.e.f. September 1, 2020
purpose of this provision, material subsidiary means a
@
 eased to be a Member and Chairperson of the Committee w.e.f.
C subsidiary, whose income or net worth exceeds 20% of the
September 1, 2020 consolidated income or net worth respectively, of the listed
$
Appointed as a Member of the Committee w.e.f. September 1, 2020 entity and its subsidiaries in the immediately preceding
accounting year.
The Chairman of the SHES Committee briefs the Board at
each Board Meeting about the significant discussions at the Accordingly, Independent Directors have been appointed on
SHES Committee Meetings. the Board of unlisted material subsidiaries. For more effective
governance, the Independent Directors appointed in such
Chief - Safety and Chief - CSR & Sustainability were invitees to subsidiaries brief the Board of Directors of the Company
the Meetings of the SHES Committee. The General Counsel & at each Board Meeting on any significant issues of these
Company Secretary also attended the Meetings. unlisted material subsidiaries.

121
 Integrated Annual Report 2020-21

The subsidiaries of the Company function independently Regulation 16(1)(c) of the SEBI Listing Regulations, the
with an adequately empowered Board of Directors and Company has formulated a Policy for determining material
adequate resources. The minutes of Board Meetings of subsidiaries which is disclosed on the Company’s website at
subsidiaries are placed before the Board of the Company https://www.tatachemicals.com/MaterialSubsPolicy.htm.
for its review on a quarterly basis and a statement of all The other requirements of Regulation 24 of the SEBI
significant transactions and arrangements entered into Listing Regulations with regard to Corporate Governance
by the unlisted subsidiary companies are also placed requirements for subsidiary companies have been complied
before the Board. Pursuant to the explanation under with.

11. General Body Meetings

Annual General Meetings held and Special Resolution(s) passed:
Day, date, time and venue of AGMs held during the last 3 years and Special Resolutions passed are given as below:
Year Day, Date and Time Venue Special Resolution(s)
2019-20 Tuesday, July 7, 2020 VC/OAVM There was no matter that required passing of
at 3:00 p.m. Deemed Venue: Bombay House, 24 Homi Special Resolution
Mody Street, Fort, Mumbai - 400 001
2018-19 Monday, July 8, 2019 Birla Matushri Sabhagar, 19, Vithaldas Re-appointment of Ms. Vibha Paul Rishi
at 3:00 p.m. Thackersey Marg, Mumbai - 400 020 (DIN: 05180796) as an Independent Director
of the Company, not liable to retire by
rotation, to hold office for a second term of
five consecutive years commencing from
September 1, 2019 up to August 31, 2024
2017-18 Wednesday, July 25, 2018 Birla Matushri Sabhagar, 19, Vithaldas There was no matter that required passing of
at 3:00 p.m. Thackersey Marg, Mumbai - 400 020 Special Resolution
All resolutions moved at the last AGM were passed by the requisite majority of Members.
No Extraordinary General Meeting of the Members was held during the year. During the year under review, no resolution was put
through by Postal Ballot. Further, no special resolution is being proposed to be passed through Postal Ballot.

12. Means of Communication Company’s website viz. www.tatachemicals.com. They are

Stock Exchange Intimations also filed with the NSE through NEAPS and with BSE through
BSE Online Portal.
All submissions to the Stock Exchanges are made through
the respective electronic filing systems. All unpublished To benefit the shareholders, after the results were approved
price sensitive information, material events or information by the Board of Directors, the Company voluntarily
as detailed in Regulation 30 of the SEBI Listing Regulations sent quarterly financial results through e-mail to those
are disseminated to the Stock Exchanges by filing them with shareholders whose e-mail addresses are registered with the
the National Stock Exchange of India Limited (‘NSE’) through Company/Depositories.
NEAPS and with BSE Limited (‘BSE’) through BSE Online
Portal. Analyst/Investor Meets
The Managing Director & CEO and Chief Financial Officer
They are also displayed on the Company’s website at
hold quarterly briefs with analysts, shareholders and
https://www.tatachemicals.com/SEIntimations.htm.
major stakeholders where the Company’s performance
is discussed. The official press releases, presentation
Financial Results made to the Members at the AGM, the presentation
The quarterly/half-yearly/annual financial results are made to the institutional investors and analysts and the
published in the Business Standard (English), The transcripts of the call with analysts for quarterly/half-yearly/
Free Press Journal (English) and Navshakti (Marathi). annual results are available on the Company’s website at
They are displayed under ‘Investors’ section of the www.tatachemicals.com.

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Communication to Shareholders: Transfer to Investor Education and Protection

Fund (IEPF):
• Unclaimed shares/dividend: In addition to the
(i) Transfer of unclaimed dividend
statutory requirement, a voluntary reminder for
unclaimed shares/dividends is also sent to the Members are hereby informed that under the Act, the
shareholders as per records every year. Company is required to transfer the dividend which
remains unpaid or unclaimed for a period of seven
• Steps to capture email address of the shareholders: consecutive years or more to the credit of the Investor
In order to capture email addresses of a larger Education and Protection Fund (‘the IEPF’). In view
shareholder base and send all intimations electronically, of the same, dividend of ` 1,74,61,240 pertaining to
especially during the lockdown period, the Company FY 2012-13 which remained unpaid or unclaimed was
appointed National Securities Depository Limited transferred to the IEPF Authority on October 14, 2020.
('NSDL') and Central Depository Services (India) Limited
('CDSL') to send SMS to those shareholders whose Members are requested to note the following due
email addresses were not registered with the Company. date(s) for claiming the unpaid or unclaimed dividend
declared by the Company for FY 2013-14 and
• Registration of e-mail address for the limited
thereafter–
purpose of receiving Annual Report and
e-Voting at the AGM: The Company made special Dividend Last date for
Financial Date of
arrangements with the help of its Registrar & Transfer per share claiming unpaid
Year Declaration
Agent for registration of e-mail addresses of those (`) dividend(s)
Members whose email addresses were not registered 2013-14 August 21, 2014 10 September 20, 2021
and who wished to receive the Notice of AGM 2014-15 August 11, 2015 12.50 September 10, 2022
along with the Annual Report including e-Voting 2015-16 August 11, 2016 10 September 10, 2023
credentials electronically. 2016-17 August 9, 2017 11 September 8, 2024
2017-18 July 25, 2018 22 August 24, 2025
• Updation of bank account and other details for
2018-19 July 8, 2019 12.50 August 7, 2026
dividend payment and TDS: The Company voluntarily
2019-20 July 7, 2020 11 August 6, 2027
sent a communication to all those shareholders whose
email addresses were registered with the Company Members who have not encashed the dividend
regarding tax on dividend requesting them to update warrants so far in respect of the aforesaid period(s)
their bank account details and other detailed process. are requested to make their claim to TSR Darashaw
Consultants Private Limited, RTA well in advance of the
• Conversion of holdings in dematerialised form:
above due dates.
The Company also voluntarily sent communication
to corporate shareholders encouraging them to 
As per the Investor Education and Protection Fund
dematerialise their shareholding in the Company. Authority (Accounting, Audit, Transfer and Refund)
Rules, 2016, as amended (‘IEPF Rules’), the Company has
Company’s Website uploaded the information in respect of the unclaimed
The Company’s website is in line with the requirements laid dividends as on the date of the previous AGM i.e.
down under Regulation 46 of the SEBI Listing Regulations. It is July 7, 2020 (81st AGM) on the website of the IEPF viz.
a comprehensive reference of the Company's management, www.iepf.gov.in and on the website of the Company at
vision, mission, policies, corporate governance, corporate https://www.tatachemicals.com/UnclaimedDividends.htm.
sustainability, disclosures to investors, updates and news.
(ii) Transfer of shares to IEPF
The section on ‘Investors’ serves to inform the Members
by giving complete financial details, annual reports, Pursuant to the provisions of Section 124 of the
shareholding patterns, presentation made to institutional Act read with the IEPF Rules, all the shares on which
investors and analysts, corporate benefits, information dividends remain unpaid or unclaimed for a period of
relating to stock exchange intimations, Company policies, seven consecutive years or more shall be transferred to
Registrar and Transfer Agent (‘RTA’), etc. The website also the demat account of the IEPF Authority as notified by
has details of press releases, awards and campaigns. the Ministry of Corporate Affairs. Accordingly, the
Company has transferred 80,742 Ordinary Shares of
The proceedings of the 81st AGM held on July 7, 2020 are face value ` 10 per share to the demat account of the
also available under the 'Investors' section. IEPF Authority during FY 2020-21.

12 3
 Integrated Annual Report 2020-21


The Company had sent individual notice to all the dividends have been transferred to the IEPF Authority
Members whose shares were due to be transferred to can claim the same by making an application
the IEPF Authority and had also published newspaper to the IEPF Authority in e-Form IEPF-5 (available
advertisements in this regard. at www.iepf.gov.in) and sending duly signed physical
copy of the same to the Company at its Registered
The details of such shares transferred to IEPF are Office along with requisite documents as prescribed
uploaded on the website of the Company at in the instruction kit of e-Form IEPF-5. Link to e-Form
https://www.tatachemicals.com/UnclaimedDividends.htm. IEPF-5 is also available on the website of the Company at
https://www.tatachemicals.com/UnclaimedDividends.htm.
(iii) Claim from IEPF Authority No claims shall lie against the Company in respect of
Members/Claimants whose shares and unclaimed the dividends/shares so transferred.

13. General Shareholder Information

The Company is registered with the Registrar of Companies, Maharashtra, Mumbai. The Corporate Identity Number (CIN) allotted to
the Company by the MCA is L24239MH1939PLC002893.

Annual General Meeting and other details

Day, Date and Time : Friday, July 2, 2021 at 3.00 p.m. (IST)

Venue : In accordance with the General Circular issued by the MCA on May 5, 2020 read with
General Circulars dated April 8, 2020, April 13, 2020 and January 13, 2021, the AGM
will be held through VC/OAVM only

Financial Year : April 1 to March 31

Book Closure Date : Wednesday, June 16, 2021 to Monday, June 21, 2021 (both days inclusive for the
purpose of AGM and Dividend)

Dividend payment date : On or after Tuesday, July 6, 2021, if declared by the Members at the AGM

Last date for receipt of Proxy Forms : In terms of the relaxations granted by MCA and SEBI, the facility for appointment of
proxies by Members will not be available at the ensuing e-AGM

Listing on Stock Exchanges : The Company’s Ordinary Shares are listed on the following Stock Exchanges:
(1) BSE Limited
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001
(2) The National Stock Exchange of India Limited
Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051
The Company has paid the listing fees to these Stock Exchanges for FY 2020-21 and
FY 2021-22

Stock Code : BSE Limited : 500770

The National Stock Exchange of India Limited : TATACHEM

International Securities Identification : INE092A01019 (Ordinary Shares)

Number (ISIN) in NSDL and CDSL

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Market Price Data

Market price data - monthly high/low, number of shares traded and number of trades of BSE/NSE depicting liquidity of the
Company’s Ordinary Shares on the said exchanges is given hereunder:
BSE NSE
Month No. of No. of No. of No. of
High (`) Low (`) High (`) Low (`)
shares traded trades shares traded trades
April 2020 296.35 216.20 17,57,540 55,605 296.60 216.20 4,56,54,772 7,07,598
May 2020 315.75 272.35 14,64,881 40,375 316.20 272.20 3,95,64,547 5,48,388
June 2020 324.30 295.85 19,42,504 49,996 324.20 293.00 3,24,01,797 4,38,854
July 2020 320.70 289.50 22,68,401 62,578 321.00 289.25 4,69,00,449 6,29,443
August 2020 345.80 291.05 44,80,072 89,145 345.90 291.50 7,22,54,514 8,01,587
September 2020 317.85 273.55 40,07,168 1,03,199 317.90 273.45 7,31,37,979 9,07,080
October 2020 331.40 298.45 25,12,758 63,148 331.45 298.50 5,70,90,521 5,91,724
November 2020 396.95 303.20 32,54,175 84,194 396.95 303.00 6,55,44,102 6,96,595
December 2020 526.80 387.50 86,33,217 2,10,117 527.00 386.95 18,47,95,277 18,62,863
January 2021 554.30 471.80 64,10,185 1,56,723 554.00 471.60 11,88,03,335 14,67,494
February 2021 757.00 466.40 1,27,54,815 2,53,978 757.50 466.00 20,00,30,453 25,81,922
March 2021 795.00 690.10 90,40,879 1,77,716 795.00 690.20 14,92,35,068 21,62,692
[Source: This information is compiled from the data available on the websites of BSE and NSE]
Performance of the Company’s average monthly share price data in comparison to broad-based indices like BSE Sensex
and Nifty in FY 2020-21

60,000 800 16,000 800

700 14,000 700

50,000
600 12,000 600
40,000
500 10,000 500
TCL Share Price

TCL Share Price

BSE Sensex

NIFTY

30,000 400 8,000 400

300 6,000 300

20,000
200 4,000 200
10,000
100 2,000 100

- 0 - 0
0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 1
r-2 y-2 n-2 l-2 g-2 p-2 t-2 v-2 c-2 n-2 b-2 r-2 r-2 y-2 n-2 l-2 g-2 p-2 t-2 v-2 c-2 n-2 b-2 r-2
Ap Ma Ju Ju Au Se Oc No De Ja Fe Ma Ap Ma Ju Ju Au Se Oc No De Ja Fe Ma

BSE Sensex Close Price BSE (in `) NIFTY Close Price NSE (in `)

[Source: This information is compiled from the data available on the websites of BSE and NSE]

Registrar and Transfer Agent

Members are requested to correspond with the Company’s Registrar and Transfer Agent - TSR Darashaw Consultants Private Limited,
quoting their folio no./DP ID and Client ID at the following addresses:
(i) For transmission, transposition and other correspondence:
TSR Darashaw Consultants Private Limited
Unit: Tata Chemicals Limited
C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg,
Vikhroli West, Mumbai – 400 083
Tel.: +91 22 6656 8484
Fax: + 91 22 6656 8494
Email: [email protected]
Website: www.tcplindia.co.in
Business Hours: 10.00 a.m. to 3.30 p.m. (Monday to Friday)

12 5
 Integrated Annual Report 2020-21

(ii) For the convenience of Members based in the following cities, documents and letters will also be accepted at the following
branch offices of TSR Darashaw Consultants Private Limited:
1. Bengaluru 2. Kolkata 3. New Delhi
TSR Darashaw Consultants TSR Darashaw Consultants Private TSR Darashaw Consultants Private
Private Limited Limited Limited
C/o. Mr. D. Nagendra Rao C/o. Link Intime India Private Limited C/o. Link Intime India Private Limited
"Vaghdevi" 543/A, 7th Main, Vaishno Chamber, Flat No. 502 & 503, Noble Heights, 1st Floor, Plot No. NH-2,
3rd Cross, Hanumanthnagar, 5th Floor, 6, Brabourne Road, C-1 Block, LSC, Near Savitri Market,
Bengaluru - 560 019. Kolkata - 700 001. Janakpuri, New Delhi - 110 058.
Tel.: +91 80 2650 9004 Tel.: +91 33 4008 1986 Tel.: +91 11 4941 1030
Email: [email protected] Email: [email protected] Email: [email protected]

4. Jamshedpur 5. Ahmedabad
TSR Darashaw Consultants Private TSR Darashaw Consultants Private
Limited Limited
Bungalow No. 1, C/o. Link Intime India Private Limited
“E” Road, Northern Town, Amarnath Business Centre-1 (ABC-1)
Bistupur, Beside Gala Business Centre
Jamshedpur - 831 001. Near St. Xavier's College Corner
Tel.: +91 657 242 6937 Off C.G. Road, Ellisbridge,
Email: [email protected] Ahmedabad - 380 006.
Tel.: +91 79 2646 5179
Email: [email protected]

Share Transfer Process In accordance with the SEBI Circular dated February 8, 2019
Effective April 1, 2019, requests for effecting the transfer read with Regulation 24A of the SEBI Listing Regulations,
of listed securities were required to be processed only in the Company has obtained an Annual Secretarial
dematerialised form with a Depository. Compliance Report from Mr. P. N. Parikh of M/s. Parikh &
Associates, Practising Company Secretaries, confirming
The Company had stopped accepting any fresh transfer compliances with all applicable SEBI Regulations, Circulars
requests for securities held in physical form with effect from and Guidelines for the year ended March 31, 2021.
the said date. In order to address the issue of transfer requests
filed prior to April 1, 2019 but rejected due to deficiency in Pursuant to Regulation 40(9) of the SEBI Listing Regulations,
documents, etc., the Company accepted transfer requests certificates have been issued, on a half-yearly basis, by a
up to March 31, 2021 in accordance with SEBI Circular dated Company Secretary in practice, certifying due compliance of
September 7, 2020. After March 31, 2021, the Company has share transfer formalities by the Company.
stopped accepting any transfer requests.
A Company Secretary in practice has carried out a quarterly
Dematerialisation of holdings will, inter alia, curb fraud in
Reconciliation of Share Capital Audit, to reconcile the total
physical transfer of securities by unscrupulous entities and
admitted capital with NSDL & CDSL and the total issued
improve ease, convenience and safety of transactions for
and listed capital. The audit confirms that the total issued/
investors. In view of the aforesaid, Members who are holding
paid-up capital is in agreement with the aggregate of
shares in physical form are hereby requested to dematerialise
the total number of shares in physical form and the total
their holdings.
number of shares in dematerialised form (held with NSDL
Secretarial Audit and CDSL).

M/s. Parikh & Associates, Practicing Company Secretaries

(Firm Registration No. P1988MH009800), has conducted
Certificate from Practising Company Secretary
a Secretarial Audit of the Company for FY 2020-21. M/s. Parikh & Associates, Practising Company Secretaries,
Their Audit Report confirms that the Company has has issued a certificate confirming that none of the Directors
complied with the applicable provisions of the Act and on the Board of the Company has been debarred or
the Rules made thereunder, its Memorandum and Articles disqualified from being appointed or continuing as Directors
of Association, SEBI Listing Regulations and the applicable of companies by SEBI/MCA or any such statutory authority.
SEBI Regulations. The Secretarial Audit Report forms part of The said Certificate is annexed to this Report on Corporate
the Board’s Report. Governance.

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Distribution of Shareholding as on March 31, 2021

Number Number of % to total
Range Amount (`) % to Capital
of Shares Shareholders Shareholders
1 to 500 2,60,43,576 26,04,35,760 10.22 3,88,703 94.71
501 to 1,000 90,24,995 9,02,49,950 3.54 11,905 2.90
1,001 to 2,000 81,47,259 8,14,72,590 3.20 5,586 1.36
2,001 to 3,000 40,37,806 4,03,78,060 1.58 1,617 0.39
3,001 to 4,000 26,36,651 2,63,66,510 1.03 744 0.18
4,001 to 5,000 22,97,183 2,29,71,830 0.90 498 0.13
5,001 to 10,000 55,57,993 5,55,79,930 2.19 771 0.19
Above 10,000 19,70,10,815 1,97,01,08,150 77.34 580 0.14
Total 25,47,56,278 2,54,75,62,780 100.00 4,10,404 100.00

Category of Shareholding as on March 31, 2021

Category Number of Shares Percentage (%)
Promoter and Promoter Group 9,67,48,953 37.98
Resident Individuals 6,00,41,636 23.57
Foreign Holdings 3,84,58,403 15.10
Public Financial Institutions 3,04,37,988 11.95
Government/Government Companies 71,948 0.02
Other Companies, Mutual Funds 2,74,97,187 10.79
Nationalised Banks 75,271 0.03
Alternative Investment Fund 1,28,121 0.05
Bodies Corporate - Non Banking Financial Companies 18,788 0.01
IEPF 12,77,983 0.50
Total 25,47,56,278 100.00

Dematerialisation of shares and liquidity

The Company’s shares are compulsorily traded in dematerialised form and are available for trading on both the depositories viz. NSDL
and CDSL.
(%)
As on As on As on
Shares held in
March 31, 2021 March 31, 2020 March 31, 2019
Physical form 1.76 1.82 2.05
Electronic form with NSDL 90.83 92.72 93.61
Electronic form with CDSL 7.41 5.46 4.34
The Company’s Ordinary Shares are regularly traded on BSE and NSE.

Outstanding Global Depository Receipts (GDRs) or and finished products for trading. The Company manages
American Depository Receipts (ADRs) or warrants the associated commodity price risks through commercial
or any convertible instruments, conversion date negotiation with customers and suppliers.
and likely impact on equity
Foreign Exchange risk and hedging activities – The Company
The Company has not issued any GDRs or ADRs or warrants is exposed to foreign exchange risks on its imports of
or any convertible instruments during the year under review. raw materials/trading goods/capital items purchases
and payables denominated in foreign exchange. The
Commodity price risk/foreign exchange risk and
Company has a robust internal policy approved by its
hedging activities Audit Committee to manage foreign exchange risks.
Commodity price risk and hedging activities – The Company The hedging activity is regularly carried out to mitigate
procures a variety of commodities related to raw materials the risks in line with the approved policy.

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Manufacturing Plant Locations Statutory Compliance, Penalties and Strictures

Indian Locations: The Company has complied with the requirements of the
Chemicals Plant Mithapur - 361 345, Stock Exchanges, SEBI and Statutory Authority on all matters
Okhamandal, Gujarat related to capital markets. During the last three years, no
Nutraceuticals Plant Block 3 & 3A, APIIC Industrial Park, penalties or strictures have been imposed on the Company
Phase II, Tada Mandal, Mambattu, by these authorities. None of the Company’s listed securities
Nellore, District - 524 401, is suspended from trading.
Andhra Pradesh
Silica Plant Plot No. 10, 13 and 14, Whistleblower Policy and Vigil Mechanism
SIPCOT Industrial Complex, The Company has adopted a Whistleblower Policy and
Phase II, Semmankuppam Village,
Vigil Mechanism to provide a formal mechanism to the
Cuddalore - 607 005, Tamil Nadu
Directors, employees and other external stakeholders to
Overseas Locations:
USA - Soda Ash Tata Chemicals North America Inc., report their concerns about unethical behaviour, actual
Green River Basin, Wyoming or suspected fraud or violation of the Company’s Code
UK - Soda Ash, Sodium (i) Lostock of Conduct. The Policy provides for adequate safeguards
Bicarbonate and Salt (Tata Chemicals Europe Limited) against victimisation of employees who avail of the
(ii) Winnington mechanism. No personnel of the Company has been denied
(Tata Chemicals Europe Limited) access to the Chairperson of the Audit Committee.
(iii) Middlewich
The Whistleblower Policy and Vigil Mechanism ensures that
(British Salt Limited)
strict confidentiality is maintained in such cases and no unfair
Kenya - Soda Ash Tata Chemicals Magadi Limited,
Magadi, Kenya treatment is meted out to a Whistleblower. The Company, as
a Policy, condemns any kind of discrimination, harassment,
Address for Correspondence victimisation or any other unfair employment practice
Tata Chemicals Limited being adopted against Whistleblowers. A dedicated
Bombay House, Ethics Helpline has been setup which is managed by an
24 Homi Mody Street, independent professional organisation for confidentially
Fort, Mumbai - 400 001 raising any ethical concerns or practices that violate the
Tel. No.: +91 22 6665 8282 Tata Code of Conduct. The Ethics Helpline can be contacted
Email: [email protected] to report any suspected or confirmed incident of fraud/
Website: www.tatachemicals.com misconduct on:

Credit Ratings obtained by the Company E-mail :

[email protected] or
The details of Credit Ratings obtained by the Company [email protected]
have been disclosed in the Board’s Report which forms part
Address
:
Principal Ethics Counsellor, Tata Chemicals
of this Integrated Annual Report.
Limited, Bombay House, 24 Homi Mody Street,
Fort, Mumbai - 400 001
14. Other Disclosures
Related Party Transactions The Whistleblower Policy as adopted by the
All related party transactions that were entered into Company is available on the Company’s website at
during FY 2020-21 were on arm’s length basis, in the https://www.tatachemicals.com/WhistleblowerPolicy.htm.
ordinary course of business and were in compliance with
the applicable provisions of the Act and the SEBI Listing Tata Code of Conduct for Prevention of Insider
Regulations. There were no material significant related party Trading
transactions entered into by the Company with Promoters, The Company has adopted the Tata Code of Conduct
Directors, KMPs or other designated persons which may for Prevention of Insider Trading and Code of Corporate
have a potential conflict with the interest of the Company at Disclosure Practices under the SEBI (Prohibition of Insider
large. The Policy on Related Party Transactions as approved Trading) Regulations, 2015 (‘Code’). The Code lays down
by the Board is uploaded on the Company’s website at guidelines for procedures to be followed and disclosures to
https://www.tatachemicals.com/RPTPolicy.htm. be made while trading in securities of the Company.

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The Company has also adopted Policy on inquiry in Policy on Determination of Materiality for Disclosures of
case of leak or suspected leak of Unpublished Price Events or Information as per Regulation 30 of the SEBI Listing
Sensitive Information ('UPSI') and Policy for Determination Regulations is available on the website of the Company at
of Legitimate Purposes. The Code of Corporate Disclosure https://www.tatachemicals.com/MaterialityPolicy.htm.
Practices along with the Policy for Determination of
Legitimate Purposes is also available on the website of the Dividend Distribution Policy as adopted by the
Company at https://www.tatachemicals.com/CoCDP.htm. Company pursuant to Regulation 43A of the SEBI Listing
Regulations is available on the website of the Company
Mr. Rajiv Chandan, General Counsel & Company Secretary, is at https://www.tatachemicals.com/DividendDistPolicy.htm.
the Compliance Officer for ensuring the compliance with and
for the effective implementation of the SEBI PIT Regulations Accounting Treatment in preparation of Financial
Statements
and the Code across the Company.
The Company has prepared the Financial Statements in
Mr. John Mulhall ceased to be the Chief Financial Officer of accordance with the Indian Accounting Standards (Ind AS)
the Company with effect from the end of March 31, 2021 specified under Section 133 of the Act, read with Rule 3 of
and subsequently the Company appointed Mr. Nandakumar the Companies (Indian Accounting Standards) Rules, 2015
S. Tirumalai as the Chief Financial Officer of the Company and the relevant provisions of the Act, as applicable.
with effect from April 1, 2021. Mr. Tirumalai has also been
designated as the Chief Investor Relations Officer under CEO/CFO Certification
the Code of Corporate Disclosure Practices to ensure The Managing Director & CEO and the Chief Financial Officer
timely, adequate, uniform and universal dissemination of have certified to the Board in accordance with Regulation
information and disclosure of UPSI. 17(8) read with Part B of Schedule II to the SEBI Listing
Regulations pertaining to CEO/CFO certification for the year
The Company has in place a digital platform for ensuring ended March 31, 2021.
compliance with the provisions of the SEBI PIT Regulations
and the Tata Code of Conduct for Prevention of Insider Details of utilisation of funds raised through
Trading. During the year under review, the Company also preferential allotment or qualified institutional
took various steps to sensitise the Designated Persons by placement
sending mailers and creating awareness. The Company has not raised any funds through preferential
allotment or qualified institutional placement during the
Anti-Bribery and Anti-Money Laundering Policy year under review.
The Company has, from time to time, taken important
steps for establishing and reinforcing a culture of business Acceptance of recommendations of Committees
ethics. In view of our increasing global footprint and to align by the Board of Directors
our work practices with regulations mandated for such In terms of the SEBI Listing Regulations, there have been
multi-geography operations, the Board has adopted the no instances during the year under review, when the
Anti-Bribery and Anti-Corruption Policy along with the recommendations of any of the Committees were not
Anti-Money Laundering Policy. accepted by the Board.

The above Policies require the Company to appoint a senior Fees paid to B S R & Co. LLP, Statutory Auditors
official as the Compliance Officer who shall be responsible and all entities in the network firm of the
for implementation of the Policies. Under the above Policies, Statutory Auditors
Compliance Officers have a functional reporting about any During FY 2020-21, a total fee of ` 14.19 crore was paid by
violation of the Policies to the Chairperson of the Audit the Company and its subsidiaries, on a consolidated basis,
Committee. Aggravated cases of breach of the said Policies for all services to B S R & Co. LLP, Statutory Auditors and all
shall be escalated to the Board of Directors of the Company. entities in the network firm/entity of which they are a part.
Other Policies under the SEBI Listing Regulations Disclosures in relation to the Sexual Harassment
Policy on Archival and Preservation of Documents of Women at Workplace (Prevention, Prohibition
as required under Regulation 9 of the SEBI Listing and Redressal) Act, 2013
Regulations is available on the website of the Company at As per the requirement of the Sexual Harassment of Women
https://www.tatachemicals.com/ArchivalPolicy.htm. at Workplace (Prevention, Prohibition & Redressal) Act, 2013

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 Integrated Annual Report 2020-21

(‘POSH Act’) and Rules made thereunder, the Company electronic delivery of documents including the Annual
has formed an Internal Committee (‘IC’) for its workplaces Report, quarterly/half-yearly/annual results, amongst others,
to address complaints pertaining to sexual harassment in to the Members at their e-mail addresses previously
accordance with the POSH Act. The Company has a detailed registered with the Depository Participants (‘DPs’) and RTA.
policy for prevention of Sexual Harassment at Workplace, Members who have not registered their e-mail addresses
which ensures a free and fair enquiry process with clear so far are requested to do the same. Those holding shares
timelines for resolution. in demat form can register their e-mail address with their
concerned DPs. Members who hold shares in physical form
The Company has in place a Policy on Prevention of
are requested to register their e-mail addresses with the
Sexual Harassment at Workplace (‘POSH’) and the
RTA by sending a letter duly signed by the first/sole holder
same is uploaded on the website of the Company at
quoting details of folio number.
https://www.tatachemicals.com/POSHPolicy.htm.

No complaints were pending at the beginning of the year. Mandatory Requirements

During the year under review, two concerns were reported The Company has complied with all the mandatory
which were investigated and appropriate action was taken. requirements of the SEBI Listing Regulations relating to
No complaint was pending as at the end of the financial year. Corporate Governance.

To build awareness in this area, the Company has been Compliance with Discretionary Requirements
conducting awareness sessions during induction,
The status of compliance with the discretionary requirements
periodically through online modules and webinars
as stated under Part E of Schedule II to the SEBI Listing
(no classroom trainings conducted due to Covid-19). The IC
Regulations are as under:
has periodical meetings for review. The awareness sessions
were conducted with permanent employees, third- The Board: The Non-Executive Chairman has a separate
party employees and contract workmen. A special virtual office which is not maintained by the Company.
awareness programme was organised for the Company Shareholder Rights: The quarterly/half-yearly/financial
through webinar on POSH in July 2020. performance of the Company is sent to all the Members
whose e-mail addresses are registered with the Company/
Legal Compliance Management Tool
Depositories. The results are also available on the Company’s
The Company has in place an online legal compliance website at:
management tool which monitors compliance with all laws https://www.tatachemicals.com/Investors/Financial-reports/
which are applicable to the Company. The Board periodically Quarterly-results
reviews the compliance reports of all the laws applicable to
the Company. Modified opinion(s) in Audit Report: During the year under
review, there was no audit qualification in the Company’s
Green Initiative Financial Statements. The Company continues to adopt best
As a responsible corporate citizen, the Company welcomes practices to ensure regime of unmodified audit opinion.
and supports the ‘Green Initiative’ undertaken by the Reporting of Internal Auditor: The Internal Auditor reports
Ministry of Corporate Affairs, Government of India, enabling to the Audit Committee.

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DECLARATION BY THE MANAGING DIRECTOR & CEO

TO THE MEMBERS OF
TATA CHEMICALS LIMITED

I, R. Mukundan, Managing Director & CEO of Tata Chemicals Limited, hereby declare that all the members of the Board of Directors and
the Senior Management personnel have affirmed compliance with the Code of Conduct, applicable to them as laid down by the Board of
Directors in terms of Regulation 26(3) of the SEBI Listing Regulations for the year ended March 31, 2021.

For Tata Chemicals Limited

R. Mukundan
Managing Director & CEO
Mumbai, May 3, 2021 DIN: 00778253

PRACTISING COMPANY SECRETARIES’ CERTIFICATE ON CORPORATE GOVERNANCE

TO THE MEMBERS OF
TATA CHEMICALS LIMITED

We have examined the compliance of the conditions of Corporate Governance by Tata Chemicals Limited (‘the Company’) for the year
ended on March 31, 2021, as stipulated under Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of Regulation 46 and para C, D
and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(‘SEBI Listing Regulations’).

The compliance of the conditions of Corporate Governance is the responsibility of the management. Our examination was limited to the
review of procedures and implementation thereof, as adopted by the Company for ensuring compliance with conditions of Corporate
Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.

In our opinion and to the best of our information and according to the explanations given to us, and the representations made by the
Directors and the management and considering the relaxations granted by the Ministry of Corporate Affairs and Securities and Exchange
Board of India warranted due to the spread of the COVID-19 pandemic, we certify that the Company has complied with the conditions of
Corporate Governance as stipulated in the SEBI Listing Regulations for the year ended on March 31, 2021.

We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness
with which the management has conducted the affairs of the Company.

For Parikh & Associates

Practising Company Secretaries

P. N. Parikh
FCS: 327 CP: 1228
Mumbai, May 3, 2021 UDIN: F000327C000226102

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 Integrated Annual Report 2020-21

PRACTISING COMPANY SECRETARIES’ CERTIFICATE ON NON-DISQUALIFICATION OF DIRECTORS

[Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]

To,
The Members
Tata Chemicals Limited
Bombay House, 24 Homi Mody Street,
Fort, Mumbai - 400 001

We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Tata Chemicals Limited
having CIN L24239MH1939PLC002893 and having registered office at Bombay House, 24 Homi Mody Street, Fort, Mumbai - 400 001
(hereinafter referred to as ‘the Company’), produced before me/us by the Company for the purpose of issuing this Certificate, in accordance
with Regulation 34(3) read with Schedule V Para C Sub-clause 10(i) of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015.

In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status
at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers and considering
the relaxations granted by the Ministry of Corporate Affairs and Securities and Exchange Board of India warranted due to the spread of
the COVID-19 pandemic, we hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year
ending on March 31, 2021 have been debarred or disqualified from being appointed or continuing as Directors of companies by the
Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.

S. No. Name of Director DIN Date of Appointment in Company *

1. Mr. N. Chandrasekaran 00121863 24/11/2020
2. Ms. Vibha Paul Rishi 05180796 01/09/2014
3. Mr. S. Padmanabhan 00306299 23/12/2016
4. Ms. Padmini Khare Kaicker 00296388 01/04/2018
5. Dr. C. V. Natraj 07132764 08/08/2019
6. Mr. Rajiv Dube 00021796 18/09/2020
7. Mr. K. B. S. Anand 03518282 15/10/2019
8. Mr. R. Mukundan 00778253 26/11/2008
9. Mr. Zarir Langrana 06362438 01/04/2018
*the date of appointment is as per the MCA Portal.

Ensuring the eligibility, for the appointment/continuity of every Director on the Board is the responsibility of the management of the
Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to
the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the
Company.

For Parikh & Associates

Practising Company Secretaries

P. N. Parikh
Partner
FCS: 327 CP: 1228
Mumbai, May 3, 2021 UDIN: F000327C000226135

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Business Responsibility Report

Section A: General Information about the Section B: Financial Details of the Company as on
Company March 31, 2021
1. Corporate Identity Number (CIN) of the Company: ` in crore
L24239MH1939PLC002893 Sr.
Particulars Standalone Consolidated
No.
2. Name of the Company: Tata Chemicals Limited 1. Paid-up capital 255 255
2. Revenue from 2,999 10,200
3. Registered address: Bombay House, 24 Homi Mody Street,
operations
Fort, Mumbai - 400 001 3. Total profit after taxes, 479 256
4. Website: www.tatachemicals.com share of loss of joint
ventures and non-
5. E-mail id: [email protected] controlling interest
(Continuing operations)
6. Financial Year reported: April 1, 2020 – March 31, 2021 4. Total spending on The Company’s total spending
7. Sector(s) that the Company is engaged in (industrial Corporate Social on CSR is ` 21 crore which is
activity code-wise): Responsibility (CSR) as 2.26% of the average profit
percentage of profit after taxes of the previous
Group Description after tax (%) three financial years. For more
107 Processing of salt into food grade salt, details, please refer the Annual
manufacture of food ingredients and Report on CSR annexed to the
sweeteners Board's Report.
201 Manufacture of chemicals and silica 5. List of activities in which expenditure in 4 above has
239 Manufacture of clinkers and cement been incurred: as per Schedule VII of the Companies
Act, 2013.
089 Salt production by evaporation of sea water
(I) Total Social & Community Development
081 Quarrying/mining of limestone
• Eradicating hunger, poverty and malnutrition
As per National Industrial Classification – Ministry of Statistics and
Programme Implementation • 
Promoting health care including preventive
health care
8. List three key products/services that the Company
• Sanitation and making available clean drinking
manufactures/provides (as in balance sheet):
water
• Basic Chemistry Products: Soda Ash, Sodium
• Promoting education including special education
Bicarbonate and Edible Salt
especially amongst children, women, elderly and
• Specialty Products: Prebiotic and complementary food the differently abled
ingredients • Employment enhancing vocational skills
9. Total number of locations where business activity is • Livelihood enhancement projects
undertaken by the Company:
• Promoting gender equality, empowering women,
• Number of International Locations: 4 (The United States setting up homes and hostels for women and
of America, United Kingdom, Kenya and Singapore) orphans
• 
Number of Key National Locations: 6 (Mithapur, • Measures for reducing inequalities faced by
Mumbai, Ahmedabad, Pune, Cuddalore and Mambattu) socially and economically backward groups

10. Markets served by the Company - Local/State/National/ • Protection of natural heritage, art and culture
International: India, US, Europe, Africa, South-East Asia, • Promotion and development of traditional arts
Canada, Latin America and handicrafts

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 Integrated Annual Report 2020-21

• Contribution to the Prime Minister’s Relief Section D: BR Information

Fund and any other fund set up by the Central 1. Details of Director/Directors responsible for BR:
Government for socio-economic development
a) Details of the Director/Directors responsible for
and relief and welfare of the Scheduled Castes
implementation of the BR policy/policies:
('SC'), Scheduled Tribes ('ST'), other backward
castes, minorities and women • DIN: 00778253

• Contribution of funds provided to technology • Name: Mr. R. Mukundan

incubators located within academic institutions • Designation: Managing Director & CEO
which are approved by the Central Government
b) Details of the BR head:
• Rural development projects
Sr.
Particulars Details
(II) Environmental & Conservation of Natural Resource No.
projects 1. DIN (if applicable) N.A.

Ensuring environmental sustainability, ecological
2. Name Ms. Alka Talwar
balance, protection of flora and fauna, animal welfare,
agroforestry, conservation of natural resources and 3. Designation Chief CSR and Sustainability Officer
maintaining the quality of soil, air and water.
4. Telephone Number 022-66437530
(III) Donations exempt under Section 80G, 35AC of 5. E-mail id [email protected]
the Income Tax Act, 1961 in areas other than the
above 2. Principle-wise (as per NVGs) BR policy/policies:
Donation to other institutions including for disaster The National Voluntary Guidelines on Social, Environmental
relief work and other activities. and Economic Responsibilities of Business (‘NVGs’) released
by the Ministry of Corporate Affairs (MCA) has adopted nine
Section C: Other Details areas of Business Responsibility. These are briefly as under:
1. Does the Company have any Subsidiary company/
companies? Businesses should conduct and govern themselves with
P1
Ethics, Transparency and Accountability
Yes, the number of subsidiary companies of Tata Chemicals
Limited ('the Company') as on March 31, 2021 are 33. Businesses should provide goods and services that are safe
P2
and contribute to sustainability throughout their life cycle
2. Do the Subsidiary company/companies participate in
the BR Initiatives of the parent company? If yes, then P3 Businesses should promote the well-being of all employees
indicate the number of such subsidiary company(ies)
Businesses should respect the interests of and be
Yes, the Company encourages its subsidiary companies to
P4 responsive towards all stakeholders, especially those who
participate in its group-wide Business Responsibility (‘BR’)
are disadvantaged, vulnerable and marginalised
initiatives on a wide range of topics. All subsidiaries are
aligned to the activities under the aegis of Tata Group. P5 Businesses should respect and promote human rights

3. Do any other entity/entities (e.g. suppliers, distributors Businesses should respect, protect and make efforts to
P6
etc.) that the Company does business with, participate restore the environment
in the BR initiatives of the Company? If yes, then
Businesses, when engaged in influencing public and
indicate the percentage of such entity/entities? [Less P7
regulatory policy, should do so in a responsible manner
than 30%, 30-60%, More than 60%]
The Company does not mandate its suppliers and partners to Businesses should support inclusive growth and equitable
P8
participate in the Company’s BR initiatives. However, they are development
encouraged to do so.
Businesses should engage with and provide value to their
Less than 30%. P9
customers and consumers in a responsible manner

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a) Details of Compliance:
Sr.
Question P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
1. Do you have a policy / Y Y Y Y Y Y Y Y Y
policies for
2. Has the policy been Y Y Y Y Y Y Y Y Y
formulated in
consultation with the
relevant stakeholders?
3. Does the policy conform to Y Y Y Y Y Y Y Y Y
any national/international (UN (RC/ISO- (OHSAS – (UN (SA- (ISO- (Tata (UN (Responsible
standards? If Yes, Specify Global 14001) 18001) Global 8000, UN 14001) Code of Global Care)
(50 words)* Compact, Compact, Guiding Conduct Compact,
GRI) GRI) Principles conforms GRI)
on to NVG)
Business
and
Human
Rights)
4. Has the policy been approved Y Y Y Y Y Y Y Y Y
by the Board. If yes, has it
been signed by MD/Owner/
CEO/appropriate Board
Director?
5. Does the Company have a Y Y Y Y Y Y Y Y Y
specified committee of the
Board/Director/Official to
oversee the implementation
of the policy?
6. Indicate the link for the policy http://sustainability.tatachemicals.com/vision.htm
to be viewed online? https://www.tatachemicals.com/
7. Has the policy been formally Y Y Y Y Y Y Y Y Y
communicated to all
relevant internal and external
stakeholders?
8. Does the Company have Y Y Y Y Y Y Y Y Y
in-house structure to
implement the policy/
policies?
9. Does the Company have Y Y Y Y Y Y Y Y Y
a grievance redressal
mechanism related to the
policy/policies to address
stakeholders’ grievances
related to the policy/policies?
10. Has the Company carried Y Y Y Y Y Y Y Y Y
out independent audit/
evaluation of the working of
this policy by an internal or
external agency?
*Note – The Company’s Policies are linked to the following National/International Standards:-
International Organisation for Standardisation (ISO-9001, ISO-14001), Occupation Health and Safety Assessment Series (OHSAS-18001),
Responsible Care (RC-14001), Social Accountability (SA-8000), Global Reporting Initiative (GRI-G4) and United Nations Global Compact (UNGC).

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b) If answer to Sr. No. 1 against any principle is ‘No’, please explain why: (Tick up to 2 options)
Sr.
Question P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
1. The Company has not understood the Principles
2. The Company is not at a stage where it finds itself in a position to formulate
and implement the policies on specified Principles
3. The Company does not have financial or manpower resources available
for the task N.A.

4. It is planned to be done within next six months

5. It is planned to be done within next one year
6. Any other reason (please specify)

3. Governance related to BR: The Company has structured systems and processes
• Indicate the frequency with which the Board of for management of business ethics. All employees and
Directors, Committee of the Board or CEO assesses suppliers sign to abide the TCoC. The Company has a
the BR performance of the Company. Within 3 Principal Ethics Counsellor at the corporate office with
months, 3-6 months, annually, more than 1 year: Location Ethics Counsellor at each major site. Various
mechanisms including third-party helpline are made
3-6 months
available to internal and external stakeholders to raise
• Does the Company publish a BR or a Sustainability actual/potential concerns.
Report? What is the hyperlink for viewing this report?
b) The TCoC is sent to all suppliers with the contract, for
How frequently it is published?
their perusal, in respect of relevant clauses. Awareness
Yes, the Company publishes BR and Sustainability programmes are conducted on TCoC for all employees
performance, both, as a part of its Integrated Annual across the locations, corporate and marketing offices. It
Report on an annual basis. The Company has adopted is reinforced during annual national sales conferences,
International Integrated Reporting Council's (IIRC) distributor meets, ethics month celebrations, etc.
framework.
3. How many stakeholder complaints have been received

The link to view this report is: https://www. in the past financial year and what percentage was
tatachemicals.com/investors/financial-reports/Yearly- satisfactorily resolved by the management? If so, provide
reports. details thereof, in about 50 words or so.
The Company also prepares Carbon Disclosure Project A total of 16 ethics-related concerns were received from
(CDP), climate change, water and supply chain reports stakeholders. Of these, 15 were satisfactorily resolved by
every year. March 31, 2021. Balance one concern is under investigation
and will be closed shortly. 
Section E: Principle-wise Performance
Principle 1: Businesses should conduct and Principle 2: Businesses should provide goods and
govern themselves with Ethics, Transparency and services that are safe and contribute to sustainability
Accountability throughout their life cycle
1. Does the policy relating to ethics, bribery and corruption 1. List up to 3 of your products or services whose design
cover only the Company? has incorporated social or environmental concerns, risks
and/or opportunities.
It applies not only to our Company but to our partners and
contractors. (i) Sodium Bicarbonate: Sodium Bicarbonate is a
versatile product having a myriad of applications such
2. Does it extend to the Group/Joint Ventures/Suppliers/ as a leavening agent in food, feed manufacturing and
Contractors/NGOs/Others? several industrial applications. One segment of its use
a) Yes, the Tata Code of Conduct ('TCoC') defines the in India is as absorbent in treating flue gases emitted
commitment on ethical behaviour by the Company. from power plants which use coal as fuels.

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Medikarb (IP grade): Medikarb is Sodium Bicarbonate

(ii)  are not yet fully aware of all the benefits associated with
developed for pharmaceutical applications which it such as lower rolling resistance (better fuel efficiency),
is manufactured by further processing of Sodium improved wet grip (safer tyres) and improved abrasion
Bicarbonate to reduce Sulphate, Chloride and other resistance (durable tyres).
heavy metals. This product complies to specifications
as prescribed by Indian and British pharmacopeial 3. 
Does the Company have procedures in place for
requirements. sustainable sourcing (including transportation)? If yes,
what percentage of your inputs was sourced sustainably?
Highly Dispersible Silica (HDS): HDS is produced
(iii) 
Also, provide details thereof, in about 50 words or so.
through a green patented technology. It improves
performance of tyres and reduces consumption of fuel. Yes, the Company has developed a supplier sustainability
code and has established process for vendor selection.
2. F or each such product, provide the following details in This includes various principles and guidelines such as
respect of resource use (energy, water, raw material, etc.) Safety, Health and Environment Policy, Legal Compliance,
per unit of product (optional): Adherence to TCoC,  ISO Certification, etc. The Company
has started carrying out a Sustainability Assessment of its
(i) Reduction during sourcing/production/distribution
Key Suppliers and communicates areas of further
achieved since the previous year throughout the
improvements to reinforce sustainability principles.   
value chain

The Company has taken initiatives like waste  
Around 60% of coal used by the Company is  ultra-low
management by recycling them within the premises pollutant content coal branded as “Envirocoal”. “Envirocoal”
to add value and produce finished product. Recycling has low ash (2.5%), sulphur (0.2%) and nitrogen (0.9%)
of waste in Mithapur Plant is improving year on year content.
basis. It also helps in preserving the natural capital
and reduces the fuel consumption due to recycling 68% of product volumes (approximately 2.3 million metric
of materials. Recycling of water is also improving year tonnes ['MT']) evacuated from Mithapur complex is through
on year basis which not only saves the water but also rail mode, which has significantly lower carbon emissions
reduces the energy consumption as well. The initiatives compared to other modes. 
undertaken by the Company for conservation of energy
also form part of the Board's Report. 4. 
Has the Company taken any steps to procure goods
and services from local and small producers, including
(ii) 
Reduction during usage by consumers (energy, communities surrounding their place of work? If yes,
water) has been achieved since the previous year? what steps have been taken to improve the capacity and
Sodium Bicarbonate: Sodium Bicarbonate is a low capability of local and small vendors?
carbon product which helps in the reduction of Yes, the Company has a vendor development programme.
carbon emission and thus reduces the impact on the Over the years, the Company has promoted local contractors
environment. National Thermal Power Corporation and service providers by providing them opportunities.
(‘NTPC’) was the first customer where after several
Additionally, the Company has also promoted skills and
discussions with technology providers, the Company
livelihood development in the neighbouring community
received trial orders to supply Sodium Bicarbonate to its
through various training and community development
Dadri Unit in National Capital Region. NTPC has plans to
programmes. The Company has also established an
adopt dry sorbent injection technology using Bicarb at
apprentice training centre to improve capacity and skills of
multiple units. It is expected that use of Bicarbonate in
more than 100 apprentices every year. The Company provides
Flue Gas treatment for addressing flue gas emissions has
support to people from socially backward community.
a promising potential for environmental sustainability
once it’s adopted by the national power producer. It can The Company also keeps exploring development of suppliers
be adopted by small power producers as the regulations from socially and economically backward communities.
tighten and are mandated by enforcement agencies. The Company initiated a sponsored Professional
Highly Dispersible Silica (HDS): HDS is gaining
 Training programme for developing functional skills and
significant attention as functional filler in energy competencies of SC/ST and other socially and economically
efficient green tyres to improve mileage of automotive backward candidates to make them capable of being
vehicles. Green tyre is a new product and consumers employed in sales and marketing field.

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5. Does the Company have a mechanism to recycle products 7. 

Please indicate the number of complaints relating to
and waste? If yes, what is the percentage of recycling of child labour, forced labour, involuntary labour, sexual
products and waste? (Separately as <5%, 5-10%, >10%). harassment in the last financial year and pending, as on
Also, provide details thereof, in about 50 words or so. the end of the financial year.
The Company’s Cement Plant at Mithapur is a unique No. of No. of
‘waste to wealth’ initiative. In FY 2020-21, the Company complaints complaints
replaced 92.31% of virgin limestone with undersized Sr.
Category filed during pending as
limestone fines and effluent solids from soda ash plant and No.
the financial on end of the
Fly ash from Captive Power Plant. year financial year

Disposal of Hazardous and Plastic Waste through 1. Child labour/forced Nil Nil
Central/State Pollution Control Board approved Recyclers, labour/involuntary
Common Disposal Facility and also Co-Processed labour
approximately 372.52 MT of plastic waste in FY 2020-21 in 2. Sexual harassment 2 Nil
the Company's Cement Plant. 3. Discriminatory Nil Nil
employment
Principle 3: Businesses should promote the well-being
of all employees 8. What percentage of your under mentioned employees
1. Please indicate the total number of employees: were given safety and skill upgradation training in the last
year?
1,699 employees in Tata Chemicals India operations as on
March 31, 2021. i) 70%  of the Company's employees have undergone
training for safety, compliances and skill upgradation.
2. Please indicate the total number of employees hired on
temporary/contractual/casual basis: ii) It is mandatory for all employees to go through the
safety training at sites. Refresher session on safety is
3,872 in Tata Chemicals India operations as on March 31,
also conducted on regular basis. E-learning courses
2021.
on defensive driving are periodically rolled out to
3. 
Please indicate the number of permanent women employees.
employees:
127 in Tata Chemicals India operations as on March 31, 2021.
Principle 4: Businesses should respect the interests of
and be responsive towards all stakeholders, especially
4. Please indicate the number of permanent employees with those who are disadvantaged, vulnerable and
disabilities: marginalised
7 as on March 31, 2021 1. 
Has the Company mapped its internal and external
stakeholders?
5. Do you have an employee association that is recognised Yes, the Company has mapped its stakeholders as a part of its
by management? stakeholder engagement strategy development process.
Yes
2. 
Out of the above, has the Company identified the
6. 
What percentage of your permanent employees are disadvantaged, vulnerable and marginalised stakeholders?
members of this recognised employee association? Yes, the Company has identified the communities which are
Approximately 26% vulnerable and need focussed intervention.

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The Company has a defined process for identifying key The Company’s entry level recruitments like Diploma
communities, their needs and prioritising interventions. Engineer Trainees, Graduate Engineer Trainees and
The key communities consist of areas in and around the Management Trainees focus on colleges with areas dominant
Company’s manufacturing sites. Criteria for selection of key by SC/ST. The internal job posting initiative Seamlessly
communities are based on the Mission, Vision and Values Harnessing Internal Expertise ('SHINE') is further enhanced
(‘MVV’), neighbourhood of the area where the Company to include referrals for candidates from the economically
operates, impact on society and benefits to underprivileged and socially backward communities. Seamlessly Harnessing
people. The needs are identified through various listening Internal Expertise (‘SHINE+’) was launched as a corporate
and learning methods, participatory rural appraisal, initiative, which has more reward for recruitment consultants
need assessment, etc. The needs are prioritised based for shortlisting of candidates that helps improve the
on parameters that help balance both the needs of the Company’s employee diversity especially for gender
community and the Company’s long-term strategic growth. diversity, social and economically backward regions and
communities and for persons with disability. The Company
3. Are there any special initiatives taken by the Company
has a formal policy on Diversity and Inclusion (‘D&I’) which
to engage with the disadvantaged, vulnerable and
articulates and defines our commitment to this cause. From
marginalised stakeholders? If so, provide details thereof, in
last year onwards, February is celebrated as the month of
about 50 words or so.
Diversity and Inclusion. During this month, sensitisation
Yes, the Company follows an integrated development
training is conducted for the senior leadership team and
approach, which specifically targets the disadvantaged,
along with various activities conducted across the Company
vulnerable and marginalised stakeholders.
such as group discussions, panel discussions, expert speaker
It has been the Company’s constant endeavour to focus on sessions on Business and Human Rights, Affirmative Action,
inclusive and collaborative growth. The Company began its play shops, quizzes, D&I room, communication through
journey a few years ago by focussing on Affirmative Action emailers, standees, placard, batches, etc. which helped
i.e. disadvantaged communities and while the Company sensitising employees on D&I, unconscious bias, inclusive
continues to progress on this roadmap, it has expanded behaviour, etc.
its focus on diversity to additionally cover gender diversity,
disadvantaged regions and person with disability, LGBTQ Principle 5: Businesses should respect and promote
all of which are important segments that can help create human rights
a more sustainable organisation for the future. Towards
1. Does the policy of the Company on human rights cover
this objective, the Company has reconstituted its current
only the Company or extend to the Group/Joint Ventures/
Affirmative Action Council into a Diversity Council (‘DC’).
Suppliers/Contractors/NGOs/others?
The organisation has instituted DC led by the Managing
Director & CEO and Senior Leaders to focus on 
The Company follows Principles of the International
these identified areas of Affirmative Action agenda. Declaration of Human Rights. The Company has released
The Company’s leadership drives the Affirmative Action a formal policy on Business and Human Rights. The Policy
agenda across the organisation with passion and supports, respects and protects the human rights of its direct
commitment. as well as indirect employees. The Sustainability Policy and
the TCoC also addresses these aspects.

The Company’s integrated development interventions
are based on the framework linked to the United Nations 2. How many stakeholder complaints have been received in
Sustainable Development Goals ('UN SDGs') and has the the past financial year and what percent was satisfactorily
following elements: building economic capital, ensuring resolved by the Management?
environmental integrity, enablers for social, economic and The Company did not receive any complaint with respect to
environmental development and building social capital. human rights violation.
All social initiatives under these elements are conducted
Principle 6: Businesses should respect, protect and
around Company’s areas of operations. It follows an
make efforts to restore the environment
integrated development approach to improve the quality of
life, especially in their neighbourhoods and for the farmers. 1. 
Does the policy related to Principle 6 cover only the
As per the need assessment, the SC/ST community in Company or extends to the Group/Joint Ventures/
the Company's neighbourhood regions aspires for better Suppliers/Contractors/NGOs/others?
education, health care, agriculture/animal husbandry The Company has made Supplier Sustainability Guidelines
extension, better livelihood skills and employment. to extend the reach for capturing the sustainability aspect

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 Integrated Annual Report 2020-21

data from its suppliers. The Company also works with the volunteers, seeks to preserve indigenous vegetation.
Government, NGOs on different projects for environmental Under the project, a total of 150 acres have been
protection. afforested with 133 native species of vegetation
The Company’s Policies - Safety, Health and Environment • The Company’s salt works provide a safe habitat for a
(SHE), Corporate Sustainability and Community number of migratory aquatic birds, who use this space
Development; extend support to all stakeholders to roost and breed. The Company continues to be good
influencing the entire value chain. This also helps in hosts to them
sustaining environmental impacts beyond the prescribed
limits and address social responsibility. • The Company has also adopted Tata Group initiative on
valuation of natural capital programme for chemicals
2. Does the Company have strategies/initiatives to address business to pilot the protocol developed by Natural
global environmental issues such as climate change, Capital Coalition
global warming, etc.? If yes, please give hyperlink for
webpage etc. 
Water Management, Water Footprinting, Carbon
Yes, the Company has adopted the Tata Group’s Climate Footprinting
Change Policy which is an integral part of the Company’s • Life Cycle Assessment (‘LCA’) Study for key products,
strategy to help the organisation's growth in a carbon Carbon Footprint (CFP) and Water Footprint (WFP)
conscious manner. assessment for all sites were taken up. Based on
The Company has signed up for the Science Based Target these assessments, the Company derived targets and
initiatives (SBTi) and has set for itself an absolute carbon strategy for climate change and water management.
reduction goal in line with Well Below 2 Degrees (WB2D). The Company’s Mission Jal programme is the strategy
It has identified abatement levers, low carbon growth for addressing water footprint outcomes through the
opportunities and carbon offset opportunities towards that value chain.
end. • CDP’s carbon action initiative facilitates in the
implementation of cost-effective greenhouse gas
The detailed strategy is being further enhanced with the help emission reduction initiatives in line with emerging
of a consultant along with techno-commercial feasibility of best practices. It is becoming increasingly important
implementation, maturity and availability of technologies and that they are able to evaluate exposure of a specific
magnitude of emission reductions. The Company has adopted company to the material risks and opportunities
shadow carbon pricing for reviewing its capital expenditure presented by climate change, both in its direct
and ensure a carbon conscious growth. operations and in its value chain. The Company uses
the power of measurement and information disclosure
Biodiversity to improve the management of environmental risk.
• The Company conducted Environmental Impact The Company is responding to CDP since FY 2008-09.
Assessment studies to assess the impact of its The Company has also started CDP water reporting in
operations on nearby biodiversity and surrounding FY 2012-13. CDP’s supply chain programme enables
environment periodically the Company to implement successful supplier
engagement strategies, reduce upstream emissions,
• While operating in harsh ecological
control water impact and manage risk in a changing
conditions/semi-arid conditions at Mithapur site, the
climate. The Company has also decided to use
Company has restored the ecological balance in the
Carbon price as another tool to assess projects before
surrounding habitats by converting waste lands into
implementing them.
greenbelt
For more information, visit:
• The Company’s commitment towards continual http://sustainability.tatachemicals.com/SOAOP.htm
improvement has triggered programmes such as
mangrove conservation and regeneration at West 3. 
Does the Company identify and assess potential
Coast near Mithapur environmental risks?
• For preserving biodiversity of Okhamandal, the Yes, the Company has a formal process for Enterprise
Company conducted biodiversity reserve plantation Risk Management (‘ERM’). Through ERM process and
project, implemented with the support of employee Strength Weakness Opportunity Threat (‘SWOT’)

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analysis, potential environmental risks are identified business to pilot the protocol developed by Natural
at business level. The identified risks are assessed Capital Coalition
and thereafter relevant action plans are prepared for • Mangrove plantation and biodiversity plantation
the mitigation of risks and it is periodically reviewed.
Waste Management
The Company has also adopted ISO-14001 and is a
signatory to Responsible Care which guides the Company • Well integrated mechanism to maximise the waste
as and when required. Aspect-Impact analysis with rating utilisation within the operations
system is in place for assessing operational environmental • Emphasising development of value-added products
impacts at site. Impact register is periodically reviewed out of waste such as developed Green Bricks out of
for keeping it updated and for improving environmental Sulphur Rich Fly Ash
performance. Environmental Management Plan (‘EMP’)
• Unique set-up of Cement plant to absorb waste
is in place for mitigating the environmental impact, thus
generated out of other plants within the Mithapur
reducing operational environmental risks. The Company
operations
has also initiated LCA for its major products to estimate
environmental impact over its life cycle. The Company had • Collecting back and disposing post-consumer plastic
conducted environment impact assessment by third-party waste under Extended Producer Responsibility
for Mithapur plant in FY 2018-19. framework of Plastic Waste Management Rules, 2016
Green Packaging application
4. Does the Company have any project related to Clean
Development Mechanism? If so, provide details thereof • Reusing secondary packaging in most products to
in about 50 words or so. Also, if Yes, whether any reduce Carbon Footprint
environmental compliance report is filed? Green Supply Chain
Yes. Clean Development Mechanism (‘CDM’) is an integral • Maximising rail transportation
part of the Company’s strategy for carbon conscious growth • Full load basis transportation and preference to bulker
of the organisation. The Company got 2 CDM projects movement
registered in 2004 and 1 CDM project in 2005. As on date,
Besides this, the Company also endeavours to reduce
the Company does not have any CDM projects but it has
indirect energy consumptions. Some of the initiatives
become an unsaid practice to assess CDM potential in each
are as follows:
and every project and to address the same in the feasibility
report of the project. In the new facilities, the Company is • Preventive and reliability centred maintenance, etc. to
actively promoting solar power systems. reduce downtime and ensure smooth operations
• On-off timer system has been implanted in all street

5. Has the Company undertaken any other initiatives on -
lights. Used fluorescent bulb in place of mercury light.
clean technology, energy efficiency, renewable energy,
etc.? Yes / No. If Yes, please give hyperlink to web page etc. • Low voltage variable frequency drives for throttled and
recirculation applications
Yes. As per Tata Chemicals’ strategy of Carbon conscious
growth, the Company has taken various initiatives to address • Premium efficiency motors to replace rewound motors
clean technology, renewable energy and energy efficiency • Thermograph audits and actions for steam distribution
etc. Abatement levers have been identified during carbon network
footprint base line study which is an integral part of the Long
For more information, visit:
Term Sustainability Planning (‘LTSP’) to identify key projects in
http://sustainability.tatachemicals.com/SOAOP.htm
the journey of responsible operations. Some of the initiatives
taken by the Company are as follows: 6. 
Are the Emissions/Waste generated by the Company
Renewable Source of Energy within the permissible limits given by CPCB/SPCB for the
financial year being reported?
• Use of solar energy to produce solar salt and in turn
Soda Ash at Mithapur The Company has installed online monitoring systems as per
the guidelines of the Central Pollution Control Board (‘CPCB’).
• Use of solar energy in the new plant at Mambattu
Online monitoring data is regularly updated in CPCB server
Natural Capital Accounting & Biodiversity Ecosystem as per prescribed parameters. Emissions/waste generated
• The Company has also adopted Tata Group initiative on reports are regularly submitted to CPCB/SPCB as per the
valuation of natural capital programme for Chemistry prescribed norms for FY 2020-21.

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7. Number of show cause/legal notices received from CPCB/ Building economic capital: Promoting livelihood

SPCB which are pending (i.e. not resolved to satisfaction) opportunities and enhancing the quality of life from farm
as on end of Financial Year. and non-farm based livelihoods:
Observations were received through Site Visits/Directions/ 1. 
Farm-based livelihood - Agriculture development
Important Notices/Show Cause Notices by the regulatory initiatives and livestock management systems.
authorities during FY 2020-21. The Company has taken
adequate measures and submitted compliance reports to 2. 
Non-Farm based livelihood - Skill Development
the regulatory authorities well within timelines. initiatives, Promotion and development of traditional
handicrafts - Okhai and Cluster Development - Rural
Principle 7: Businesses, when engaged in influencing BPO
public and regulatory policy, should do so in a Ensuring environmental integrity: Maintain ecological

responsible manner
balance and conserve natural resources through
1. Is your Company a member of any trade and chambers or participatory approach for environmental sustainability:
association? If Yes, name only those major ones that your
business deals with. 1. Nature Conservation - Whale Shark Conservation, Coral
Reef Restoration, Mangrove Plantation, Biodiversity
Yes, the Company has a stewardship role in the sectors in
Reserve Plantation, Marine Turtle Monitoring,
which it operates. It is represented in Confederation of Indian
Community Conserved Wetland, monitoring of Birdlife
Industry (CII) and Indian Chemical Council.
and Eco Clubs
2. Have you advocated/lobbied through above associations 2. 
Land Development, Water Management and
for the advancement or improvement of public good? Conservation
If yes, specify the broad areas (drop box: Governance and
Administration, Economic Reforms, Inclusive Development 
Enablers for social, economic and environmental
Polices, Energy Security, Water, Food Security, Sustainable development:
Business Principles, Others) 1. 
Good Health & Well-being - Health Care Camps,
Yes, the Company has participated in industry body Awareness and Training Programmes, Counselling
consultations in the following areas: Drives, Malnourishment, Homestead and Kitchen
Garden.
• Governance and administration
2. 
Education - Entry level, Primary, Secondary and
• Inclusive development and affirmative action Higher Secondary – for children, adults, migrating
• Principles for sustainable business communities.
• Economic/sector reform 3. Clean Water & Sanitation – Roof Rainwater Harvesting
• Skill development and skill building Structures, Repair of hand pumps, supporting
households with water purifier systems through
The TCoC is the guide that the Company uses for advocacy. Samridhhi and Swach Tarang Project and for
Sanitation - Behaviour change programmes, Swachh
Principle 8: Businesses should support inclusive growth Bharat Mission Cleanliness Drives, Construction of
and equitable development toilets and sanitation units.
1. Does the Company have specified programmes/initiatives/
projects in pursuit of the policy related to Principle 8? Building social capital: Inclusion of the socially backward

If yes, details thereof. population especially the women and SC and ST population
Yes, the Company follows an integrated approach towards is done in all programmes. To create self-sustaining
development programmes and follows the policy of models, we have set up social enterprises, Okhai and
Sustainable Development, participatory approach and Ncourage Social Enterprise Foundation, a wholly owned
transparency. subsidiary of the Company ('Ncourage'). The Company
is supporting Community Based Organisations (CBOs),
The Company’s inter-related development interventions Self-help Groups ('SHG'), Accredited Social Health Activist
are based on the framework linked to UN SDGs and has the (ASHA) workers, School Management Committees (SMC),
following elements: building economic capital, ensuring village volunteers, entrepreneurs etc., in planning and
environmental integrity, enablers for social, economic and monitoring of the CSR projects and to reach out to the
environmental development and building social capital. community.

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Relief Programmes: The Company continues its support to

 3. Have you done any impact assessment of your initiative?
any disaster, which hits the country. Yes. Impact of activities is measured on a regular basis by
Programmes during Covid-19: Throughout the year,
 doing impact assessment, social audit by third-party and by
the Company took various initiatives to support the assessment as per Tata Sustainability Framework Analysis.
government and local communities in the fight against A community satisfaction survey is carried out yearly to
Covid-19. This included financial support towards the understand the perception of the community, reach of
relief funds of state governments, providing sodium programmes and the satisfaction level of the community.
hydrochloride, hand sanitisers, medical infrastructure, supply The Company has carried out a detailed Impact assessment
of dry ration, driver kit, hygiene kit, distribution of masks, and process documentation of the Babrala agriculture and
awareness drives, etc. In addition to this, the Company Livestock Management Programmes.
supported community livelihood through SHGs making There are various types of annual social assessment that
masks and providing a platform to the farmers to reach are being conducted for the impact of the programme,
the consumers in Mithapur and Dwarka through a mobile community satisfaction, need identification and future
application. A digital push in all our interventions included planning.
online education classes for students, Digital training to
Details of assessments are mentioned below:
137 SHGs members – Hu Pan Digital, Online training or
programme for farmers awareness on various agriculture Sr. Name of the
Beneficiaries Remark
information, online skill training for youth, etc. Community No. Assessment
engagement was ensured through virtual connects and 1. Community a) Community Internal
Satisfaction members assessment done
celebrations, small group meetings, phone calls, whatsapp
Index b) Beneficiaries of annually and
calls, etc. external impact
project
For further information on projects and achievements, please c) Panchayat Leaders assessment
visit www.tcsrd.org and www.okhai.org. done every 3rd
d) Vendors
year
2. Tata Affirmative People from backward Through external
2. 
Are the programmes/projects undertaken through Action Program classes on Education, assessors
in-house team/own foundation/external NGO/ Assessment Employment,
government structures/any other organisation? Entrepreneurship and

The Company’s Corporate Social Responsibility (‘CSR’) Employability
projects are implemented through the Tata Chemicals 3. External Beneficiaries of the Through external
Society for Rural Development (‘TCSRD’) which was set up in Assessment programme assessors
1980 to protect and nurture rural populations. Since then, the
4. What is the Company’s direct contribution to community
Company has set up other focussed organisations such as
development projects - Amount in INR and the details of
the Tata Chemicals Golden Jubilee Foundation and Okhai –
the projects undertaken?
Centre for empowerment. The Governing Board of TCSRD and
Okhai comprises eminent personalities from the academia, 
For FY 2020-21, the amount spent for community
industry and civil society. In 2018, the Company incorporated development projects: ` 21 crore.
a new organisation – ‘Ncourage Social Enterprise Foundation’ The programme framework linked to UN SDGs 1, 2, 3, 4, 5,
to promote social enterprise development in the rural areas 6, 7, 10, 13, 14, 15 & 17 has the following elements: building
of India. The Company works with partners who respect economic capital, ensuring environmental integrity, enablers
and agree to the organisations’ core CSR values. TCSRD has for social, economic and environmental development and
always worked in partnership with government agencies, building social capital.
voluntary bodies and local authorities in implementing
CSR initiatives. The Company has partnered with various Building economic capital
government and non-government organisation such as Farm-based livelihoods
Sir Ratan Tata Trust, WASMO (Water and Sanitation 
The Company is promoting livelihood of farmers
Management Organisation), NABARD (National Bank through its agriculture and livestock development
for Agriculture and Rural Development), American India programmes. Under the agriculture development
Foundation, WTI (Wildlife Trust of India), HP, Schneider and programme, the Company organised capacity building
GRIMCO (Gujarat Rural Industries Marketing Corporation of farmers (online and offline modes) exposure visits,
Limited). field demonstration and supported with seeds and

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agri-equipment for enhancing the productivity. During 

Cluster Development programme strives to develop
the year, more than 6,800 farmers were directly benefitted entrepreneurship qualities in rural women and guide
from various interventions. The Company facilitated them adeptly to engage in productive enterprises.
registration of a Farmers Producer Company, under the The Company organised training on entrepreneurship
name of Okhamandal Farmer Producer Company Limited development for all the women members of SHG cluster,
(OFPCL) which would benefit approximately 1,200 farmers. so that they are equipped with entrepreneurial skills and
Animal husbandry is secondary source of livelihood for can establish their respective production unit. At Mithapur,
the farmers, for which activities like Foot & Mouth disease six clusters/group enterprises have been formed. They are
vaccination, Haemorrhagic septicaemia (HS) vaccination, Bandhani, Rexene and Leather, Bead work, Jute, Block print
deworming camps and animal health camps were and Coconut Fibre products, which are also linked to Okhai
undertaken. In FY 2020-21, more than 53,000 cattle were for providing a marketing platform for the same.
covered under the cattle health and breed improvement
Ensuring Environmental Integrity
initiatives.
The Company is working on maintaining ecological balance
and conserving natural resources through participatory
Non-Farm based livelihoods
approach for environmental sustainability. Biodiversity
Skill development conservation programmes continued at Mithapur with
The Company is running skill development programmes in projects such as recovery of coral reef, conservation of whale
different locations to train unemployed youth and facilitate shark, mangrove plantation, rejuvenating indigenous flora
in their employment or entrepreneurship development. and fauna and environmental education initiatives.
The vocational skill training includes Fashion & Technology,
The Whale Shark project at Mithapur focusses on habitat
Welder technician, Fitter technician, Domestic electrician,
study and research on migratory pattern and breeding
Beauty & Wellness, Attendant Operator Chemical Plant,
biology of this fish.
Nursing Assistant, Electronics technician, Bar bending,
Formwork carpenter, Diploma in fire & safety, Mechanic During the year, 34 whale sharks caught accidentally in the
diesel, Automation, etc. The Company has set up technical fishing nets along the Saurashtra coast were rescued and
skill training institute at Mithapur which has affiliation with released taking the total rescue figure since the inception
National Skill Development Corporation (NSDC). This year, of the campaign to 813. The Company is also working with
due to Covid-19, many courses were conducted online. the Eco Clubs in schools at Mithapur to raise awareness on
The Company is also supporting Tata Strive Centre for environment conservation.
running skill development centre at Aligarh and Industrial Under the Greening programme, the Company planted
Training Institute (ITI) at Dwarka. During the year, more 1.15 lakh mangroves in Dwarka, Gujarat and Sundarbans,
than 1,600 youth were trained on different vocational skills West Bengal.
which would help them get employment or start their own
enterprises. Land development programme, water management and
conservation programmes like recharging by well recharge
Promotion and development of traditional handicrafts structures, water harvesting by check dam, community pond
structures, etc. were carried out at Gujarat.
Okhai: With the objective to create livelihood opportunities
for rural women artisans, Okhai has been able to impact The Company has established a dry waste processing plant
25,190 artisans across India. Okhai provided support to the at Mithapur, launched under the Swachh Bharat Abhiyan.
artisans through training, design development and online
retail of the crafts. Okhai worked as a bridge between the 
Enablers for social, economic and environmental
artisans and the customers for scaling up the sale of their development
handicraft products by understanding customer needs, Good health & well-being
manufacturing the products with the help of the artisans and Improving the health of the rural community is an important
facilitating in sale through the Okhai website and its sales part of the Company’s overall strategy. In Cuddalore
outlets. During the pandemic, to ensure livelihood for rural (Tamil Nadu), kitchen gardens were promoted. In Mambattu,
women artisans across the country, Okhai transformed to a nutrition project has been initiated with baseline anaemia
marketplace, Okhai’s sales has increased by 67%, impacting and malnutrition tests and also creating awareness through
many more artisan groups and increase in their income. 12 Nutrition clubs, followed by recipe demonstrations for VLC
The first flagship store was launched in Mumbai. volunteers, nutritional club and community members.

14 4
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1-59 Business Responsibility Report 147-300

The Company is implementing a ‘Holistic Nutrition’ project provide drinking water facilities to the rural households of
in Amravati, Maharashtra and Barwani, Madhya Pradesh Okhamandal with the help of village institutions. During
which aims at holistic improvement of community health the year, 711 households were provided tap connection for
by improving the nutritional intake of women and children supply of water and supported with construction of toilets.
(0 to 2 years). This year, nutrition project was also started
at Mithapur and Mambattu. Under this project, activities Under Samriddhi project with Ncourage, the Company
such as screening of women for anaemia, identification of focusses on ensuring safe drinking water for the rural
Severely Acute Malnourished (SAM) and Moderately Acute households in different parts of India through generating
Malnourished (MAM) children and facilitating treatment of awareness and supporting them with water purifiers.
anaemic women and malnourished children were taken up. With the launch of the Swach Tarang project, the Company
During the year, more than 5,300 women and adolescent is targeting reaching to the poorest of the poor families in
girls and 8,585 children benefitted through this. some of the remote parts of India which are higher number
of people from the Affirmative Action Communities.
Education The Company has implemented the programme across
Education programmes at all locations have been taken India and have supported 1,116 families with community
up based on the need of the area with a target of zero level water purifiers.
drop-out of students at all levels of education starting from
pre-primary education. The focus has been on improving Building social capital
quality of education in schools, providing scholarship support The Company is reaching out to the socially backward
to meritorious students, providing basic infrastructure population of the community, especially the women,
support to schools, imparting bridge courses and providing SC and ST. The objective is to mainstream them by
required coaching support to youth for their academic and inclusion in all the developmental programmes.
professional growth. During the year, education programmes
The Company undertakes Affirmative Action programme,
such as Learning Enhancement programme, Teacher
which focusses on improving the lives of the marginalised
Training, Scholarships, Child Learning and Improvement
population through its Employment, Employability,
Programme, Shreemati Nathibai Damodar Thackersey
Entrepreneurship Development, Education and Essential
Women’s University (SNDT) Centre, Career Resource Centre,
Amenities initiatives.
Shala Pravesh Utsav, Adult Literacy classes on Spoken English
and Personality Development project for primary school To create self-sustaining models, the Company has set up
children with Sir Ratan Tata Trust were implemented. This social enterprises, Okhai Centre for Empowerment and
year, online education classes were conducted for students Ncourage.
to ensure continuity of education.
Okhai Centre for Empowerment focusses on sustainable
A separate initiative Learning And Migration Program (LAMP) is social business targeting artisans livelihood.
being carried out in seven districts of Gujarat for the migration Ncourage focusses on promoting affordable clean and safe
affected villages. The programme is run in partnership drinking water through Tata Swach range of household
with American India Foundation which with the help of and community water purification systems and this year
implementing NGOs is working closely with community and has initiated intervention on animal health and nutrition.
government schools to strengthen the school governance Ncourage has started engaging with grassroot level
system and quality of education. Learning Enrichment organisations especially those engaged in activities related
Program (LEP) and Learning Resource Centre (LRC) are to agri produce or value-added products. The objective is
two important components of the LAMP programme in to create suitable linkages for making the products reach
which innovative models of teachings have been adopted. markets as mainstream commercial activity and help getting
More than 6,000 children were benefitted by the programme. them equitable returns.

Clean Water and Sanitation The Kasturi initiative is helping develop women farmers in
self-leadership, family management and ability to serve as
The Company has partnered with Water and Sanitation
community catalyst in Agripreneurship.
Management Organisation (WASMO) for undertaking
drinking water and sanitation activities under Coastal Infrastructure Development Program is the key to rural
Area Development Projects (CADP). The project aims to development as it helps improve rural economy and quality

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 Integrated Annual Report 2020-21

of life. The Company has always given importance to this Principle 9: Businesses should engage with and provide
programme as it is essential for the overall development value to their customers and consumers in a responsible
of the community. Projects such as infrastructure support manner
to schools and construction of individual toilets were 1. 
What percentages of customer complaints/consumer
taken up. Employee volunteers play an important role cases are pending as on the end of financial year?
in the Company's community development initiatives. Customer complaints
In FY 2020-21, about 4,068 volunteering hours were Products /Cases pending as on
contributed by the volunteers and their family members. March 31, 2021 (%)
Chemicals 1.7
Relief Programme Nutraceuticals 0.7
The Company continues its support to any disaster, which Silica Nil
hits our country. During Covid-19 pandemic, the Company
2. Does the Company display product information on the
focussed on supporting the Government and the local
product label, over and above what is mandated as per
communities. The Company has manufactured and supplied
local laws? Yes/No/N.A./Remarks (additional information)
disinfectant for the Mithapur factory. The Company has
produced masks for Mithapur and Cuddalore through SHG 
Yes, product information about the physical
and artisans associated with the Company’s Okhai initiative. dimensions and/or chemical compositions/nutritional
The Company has been creating awareness about the information/nutrient content is provided through the
pandemic and safety measures in the local communities product labels/pack declaration and/or catalogues.
using posters and videos. Relief support was also provided in Information of the products is available round-the-clock
flood affected areas of Gujarat, Tamil Nadu, Maharashtra and on the Company's website and at the call centres,
West Bengal. during specific hours of the working day.
All packages retail/bulk contain product information
For further information on projects and achievements, please
including Product Manager’s address/Customer
refer the Annual Report of TCSRD at www.tcsrd.org and
Relationship Manager’s contact number to enable
www.okhai.org.
consumers to correspond. All the Company’s information
is voluntary with various branding elements, with no
5. 
Have you taken steps to ensure that this community
comment on competitors or regional bias statements.
development initiative is successfully adopted by the
Wherever applicable, specific certification requirements of
community? Please explain in 50 words, or so.
regulatory authorities and some marks such as ISI (Indian
Yes. Community is our key stakeholder and the Company
Standards Institute), FSSAI (Food Safety and Standards
believes that development of the community is only
Authority of India), etc. are provided on the product labels
possible through engagement and partnership from all the
and/or catalogues.
stakeholders. The guiding principles for the engagement
with the community are enshrined in the ‘Community 3. Is there any case filed by any stakeholder against the
Development Policy’. These principles are sustainability, Company regarding unfair trade practices, irresponsible
participatory approach, transparency, networking and advertising and/or anti-competitive behaviour during the
partnership, creating a resource centre and volunteering. last five years and pending as on end of financial year? If
so, provide details thereof, in about 50 words or so.
The process of engagement with the community starts
with identification of the key community, their needs and There is no anti-competitive, abuse of dominant position or
prioritisation. The needs are identified through various unfair trade practices case pending against the Company.
listening and learning methods, participatory rural appraisals, 4. 
Did your Company carry out any consumer survey/
household survey and focussed group discussion. consumer satisfaction trends?
The participation of the stakeholders is vital to the success Yes, customer satisfaction survey is carried out by the
of all programmes and forms the basis of all programme Company every year.
designs. The projects are continuously monitored and
Overall customer satisfaction for FY 2020-21 is given below:
evaluated to measure impact. Stakeholder Engagement
Surveys and Social Impact Audits are conducted to assess Products Consumer Satisfaction (%)
project outcomes. The Company develops exit strategy for Chemicals 86
projects which have matured and withdraws after handing Nutraceuticals 79
over the project to the community. Silica 88

14 6
 Standalone
Financial
Statements

` `
 Integrated Annual Report 2020-21

Independent Auditors’ Report

To the Members of Tata Chemicals Limited Basis for Opinion
We conducted our audit in accordance with the Standards on
Report on the Audit of the Standalone Financial Auditing (SAs) specified under Section 143(10) of the Act. Our
Statements responsibilities under those SAs are further described in the
Opinion Auditor’s Responsibilities for the Audit of the Standalone Financial
We have audited the Standalone Financial Statements of Statements section of our report. We are independent of the
Tata Chemicals Limited (“the Company”), which comprise the Company in accordance with the Code of Ethics issued by the
Standalone Balance Sheet as at March 31 2021, and the Standalone Institute of Chartered Accountants of India together with the
Statement of Profit and Loss (including other comprehensive ethical requirements that are relevant to our audit of the Standalone
income), standalone statement of changes in equity and standalone Financial Statements under the provisions of the Act and the Rules
statement of cash flows for the year then ended, and notes to the thereunder, and we have fulfilled our other ethical responsibilities
Standalone Financial Statements, including a summary of the in accordance with these requirements and the Code of Ethics. We
significant accounting policies and other explanatory information believe that the audit evidence we have obtained is sufficient and
(hereinafter referred to as “Standalone Financial Statements”). appropriate to provide a basis for our opinion.
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid Standalone Financial Key Audit Matters
Statements give the information required by the Companies Act, Key audit matters are those matters that, in our professional
2013 (“Act”) in the manner so required and give a true and fair view judgment, were of most significance in our audit of the Standalone
in conformity with the accounting principles generally accepted Financial Statements of the current period. These matters were
in India, of the state of affairs of the Company as at March 31 2021, addressed in the context of our audit of the Standalone Financial
and profit and other comprehensive income, changes in equity Statements as a whole, and in forming our opinion thereon, and
and its cash flows for the year ended on that date. we do not provide a separate opinion on these matters.

14 8
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1-59 60-146 Standalone

Description of Key Audit Matter

Revenue recognition (refer notes 2.14 and 25 to the Standalone Financial Statements)
The Key Audit Matter How the matter was addressed in our audit
Revenue is recognised when the control over the underlying Our audit procedures included:
products has been transferred to the customer. • 
Assessing the Company’s revenue recognition for
Due to the Company’s sales under various contractual terms and compliance with Ind AS;
across the country, delivery to customers in different regions • 
Testing the design, implementation and operating
might take different time periods and may result in undelivered effectiveness of the Company’s manual and automated
goods at the period end. We consider a risk of misstatement of (Information Technology - IT) controls on recording revenue.
the Financial Statements related to transactions occurring close We involved our IT specialists for IT testing. We focussed on
to the year end, as these transactions could be recorded in the controls around the timely and accurate recording of sales
incorrect financial period (cut-off risk). transactions which included evaluating the Company’s lead
There is also a risk of revenue being overstated due to fraud time assessment and quantification of any sales reversals for
resulting from pressure on the Company to achieve performance undelivered goods based on the terms and conditions set
targets at the reporting period end. Accordingly, fraud and cut-off out in the sales contracts and the transit time required to
risks in revenue recognition are considered as a key audit matter. deliver the goods;
• Performing testing on selected statistical samples of revenue
transactions recorded during the year end;
• Assessing high risk manual journals posted to revenue to
identify any unusual items.

Impairment evaluation of Investments in unlisted subsidiaries (refer notes 2.3.5, 2.12 and 8 to the Standalone Financial
Statements)
The Key Audit Matter How the matter was addressed in our audit
The carrying amount of the investments in unlisted subsidiaries Our audit procedures included:
(held at cost less impairment) represents 32% of the Company’s • Evaluating design and implementation and testing
total assets. operating effectiveness of controls over the Company’s
The investments are assessed for impairment when an indicator process of impairment assessment and approval of forecasts;
of impairment exists. With the spread of COVID-19 in India and • Assessing the indicators for impairment of the unlisted
globally, demand loss is expected for the products of unlisted subsidiaries and understanding the Company’s assessment
subsidiaries. of those indicators;
The impairment assessment involves use of estimates and • Assessing the valuation methods used for determining
judgements. The identification of an impairment event and the recoverable amount, financial position of the unlisted
determination of impairment charge also requires the application subsidiaries and assessing historical financial performance
of significant judgement by the Company. The judgement, in of those subsidiaries;
particular, is with respect to the timing, quantity and estimation
• Understanding the basis and assumptions used for the
of future discounted cash flows of the underlying entities. It
financial forecasts;
involves significant estimates and judgment, due to the inherent
uncertainty involved in forecasting and discounting future cash • Testing the key assumptions associated with significant
flows. estimation uncertainty and subjectivity used in the
discounted cash flow forecast analysis based on our
In view of the significance of these investments and estimates
knowledge of the Company and the markets in which
and judgments involved, we consider impairment evaluation of
the unlisted subsidiaries operate. We challenged these
investments in unlisted subsidiaries to be a key audit matter.
assumptions including applying sensitivity analysis, with the
assistance of our valuations team;
• Comparing the carrying amount of investments with
recoverable amount based on discounted cash flow analysis.

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Litigations and claims (refer notes 2.3.4, 2.22, 19 and 45.1 to the Standalone Financial Statements)
The Key Audit Matter How the matter was addressed in our audit
The Company operates in various States within India, exposing Our audit procedures included:
it to a variety of different Central and State laws, regulations and • Obtaining an understanding of actual and potential
interpretations thereof. The provisions and contingent liabilities outstanding litigations and claims against the Company
relate to ongoing litigations and claims with various authorities. from the Company’s in-house Legal Counsel and other
Litigations and claims may arise from direct and indirect tax senior personnel of the Company and assessing their
proceedings, legal proceedings, including regulatory and other responses;
government/department proceedings, as well as investigations
• Assessing status of the litigations and claims based on
by authorities and commercial claims.
correspondence between the Company and the various
Resolution of litigations and claims proceedings may span over tax/legal authorities and legal opinions obtained by the
multiple years beyond March 31 2021 due to the complexity Company;
and magnitude of the legal matters involved and may involve
• Testing completeness of litigations and claims recorded by
protracted negotiation or litigation.
verifying the Company’s legal expenses and the minutes of
The determination of a provision or contingent liability requires the board meetings;
significant judgement by the Company because of the inherent
• Assessing and challenging the Company’s estimate of the
complexity in estimating future costs. The amount recognised
possible outcome of litigations and claims. This is based on
as a provision is the best estimate of the possible expenditure.
applicable tax laws and legal precedence by involving our
The provisions and contingent liabilities are subject to changes
tax specialists in taxation related matters and discussing
in the outcomes of litigations and claims over time as new facts
with the Company’s internal legal counsel;
emerge as each legal case progresses and positions taken by the
Company. • Evaluating the Company’s internal control and judgements
made by comparing the estimates of prior year to the actual
There is an inherent complexity and magnitude of potential
outcome;
exposures is significant across the Company. Significant judgment
is necessary to estimate the likelihood, timing and amount of the • Assessing and testing the adequacy and completeness
cash outflows, interpretations of the legal aspects, legislations and of the Company’s disclosures in respect of litigations and
judgements previously made by the authorities. Accordingly, this claims.
is identified as a key audit matter.

Information Other than the Standalone Financial Management’s and Board of Directors’
Statements and Auditors’ Report Thereon Responsibility for the Standalone Financial
The Company’s management and Board of Directors are Statements
responsible for the other information. The other information The Company’s Management and Board of Directors are
comprises the information included in the Company’s annual responsible for the matters stated in Section 134(5) of the Act
report, but does not include the Standalone Financial Statements with respect to the preparation of these Standalone Financial
and our auditors’ report thereon. Statements that give a true and fair view of the state of affairs,
profit/loss and other comprehensive income, changes in
Our opinion on the Standalone Financial Statements does not
equity and cash flows of the Company in accordance with the
cover the other information and we do not express any form of
accounting principles generally accepted in India, including the
assurance conclusion thereon.
Indian Accounting Standards (Ind AS) specified under Section
In connection with our audit of the Standalone Financial 133 of the Act. This responsibility also includes maintenance of
Statements, our responsibility is to read the other information and, adequate accounting records in accordance with the provisions
in doing so, consider whether the other information is materially of the Act for safeguarding of the assets of the Company and for
inconsistent with the Standalone Financial Statements or our preventing and detecting frauds and other irregularities; selection
knowledge obtained in the audit or otherwise appears to be and application of appropriate accounting policies; making
materially misstated. If, based on the work we have performed, judgments and estimates that are reasonable and prudent; and
we conclude that there is a material misstatement of this other design, implementation and maintenance of adequate internal
information, we are required to report that fact. We have nothing financial controls that were operating effectively for ensuring the
to report in this regard. accuracy and completeness of the accounting records, relevant

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to the preparation and presentation of the Standalone Financial disclosures in the Standalone Financial Statements made by
Statements that give a true and fair view and are free from material the Management and Board of Directors.
misstatement, whether due to fraud or error. • Conclude on the appropriateness of the Management’s
In preparing the Standalone Financial Statements, management and Board of Directors use of the going concern basis of
and Board of Directors are responsible for assessing the Company’s accounting and, based on the audit evidence obtained,
ability to continue as a going concern, disclosing, as applicable, whether a material uncertainty exists related to events or
matters related to going concern and using the going concern conditions that may cast significant doubt on the Company’s
basis of accounting unless management either intends to liquidate ability to continue as a going concern. If we conclude
the Company or to cease operations, or has no realistic alternative that a material uncertainty exists, we are required to draw
but to do so. attention in our auditor’s report to the related disclosures in
the Standalone Financial Statements or, if such disclosures
The Board of Directors is also responsible for overseeing the are inadequate, to modify our opinion. Our conclusions are
Company’s financial reporting process. based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may
Auditor’s Responsibilities for the Audit of the cause the Company to cease to continue as a going concern.
Standalone Financial Statements
• Evaluate the overall presentation, structure and content of the
Our objectives are to obtain reasonable assurance about whether
Standalone Financial Statements, including the disclosures,
the Standalone Financial Statements as a whole are free from
and whether the Standalone Financial Statements represent
material misstatement, whether due to fraud or error, and to
the underlying transactions and events in a manner that
issue an auditor’s report that includes our opinion. Reasonable
achieves fair presentation.
assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a We communicate with those charged with governance regarding,
material misstatement when it exists. Misstatements can arise among other matters, the planned scope and timing of the audit
from fraud or error and are considered material if, individually or and significant audit findings, including any significant deficiencies
in the aggregate, they could reasonably be expected to influence in internal control that we identify during our audit.
the economic decisions of users taken on the basis of these
We also provide those charged with governance with a statement
Standalone Financial Statements.
that we have complied with relevant ethical requirements
As part of an audit in accordance with SAs, we exercise professional regarding independence, and to communicate with them all
judgment and maintain professional skepticism throughout the relationships and other matters that may reasonably be thought
audit. We also: to bear on our independence, and where applicable, related
safeguards.
• Identify and assess the risks of material misstatement of the
Standalone Financial Statements, whether due to fraud or From the matters communicated with those charged with
error, design and perform audit procedures responsive to governance, we determine those matters that were of most
those risks, and obtain audit evidence that is sufficient and significance in the audit of the Standalone Financial Statements
appropriate to provide a basis for our opinion. The risk of not of the current period and are therefore the key audit matters.
detecting a material misstatement resulting from fraud is We describe these matters in our auditors’ report unless law or
higher than for one resulting from error, as fraud may involve regulation precludes public disclosure about the matter or when,
collusion, forgery, intentional omissions, misrepresentations, in extremely rare circumstances, we determine that a matter
or the override of internal control. should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
• Obtain an understanding of internal control relevant to the
outweigh the public interest benefits of such communication.
audit in order to design audit procedures that are appropriate
in the circumstances. Under Section 143(3)(i) of the Act, we Report on Other Legal and Regulatory
are also responsible for expressing our opinion on whether Requirements
the Company has adequate internal financial controls with
1. As required by the Companies (Auditors’ Report) Order, 2016
reference to Standalone Financial Statements in place and
(“the Order”) issued by the Central Government in terms of
the operating effectiveness of such controls.
Section 143 (11) of the Act, we give in the “Annexure A” a
• Evaluate the appropriateness of accounting policies used statement on the matters specified in paragraphs 3 and 4 of
and the reasonableness of accounting estimates and related the Order, to the extent applicable.

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 Integrated Annual Report 2020-21

(A) As required by Section 143(3) of the Act, we report that: in its Standalone Financial Statements - Refer Notes 19
and 45.1 to the Standalone Financial Statements;
a) We have sought and obtained all the information and
explanations which to the best of our knowledge and ii. The Company did not have any long-term contracts
belief were necessary for the purposes of our audit. including derivative contracts for which there were any
material foreseeable losses.
b) In our opinion, proper books of account as required by
iii. There has been no delay in transferring amounts,
law have been kept by the Company so far as it appears
required to be transferred, to the Investor Education
from our examination of those books.
and Protection Fund by the Company, except for ` 0.55
c) The Standalone Balance Sheet, the Standalone crores, due to legal disputes with regard to ownership
Statement of Profit and Loss (including other that have remained unresolved.
comprehensive income), the standalone statement of iv. The disclosures in the Standalone Financial Statements
changes in equity and the standalone statement of regarding holdings as well as dealings in specified
cash flows dealt with by this Report are in agreement bank notes during the period from November 8 2016
with the books of account. to December 30  2016 have not been made in these
d) In our opinion, the aforesaid Standalone Financial Standalone Financial Statements since they do not
Statements comply with the Ind AS specified under pertain to the financial year ended March 31 2021.
Section 133 of the Act. (C) With respect to the matter to be included in the Auditors’
e) On the basis of the written representations received Report under Section 197(16) of the Act:
from the directors and taken on record by the Board In our opinion and according to the information and
of Directors, none of the directors is disqualified as on explanations given to us, the remuneration paid by the
March 31 2021 from being appointed as a director in Company to its directors during the current year is in
terms of Section 164(2) of the Act. accordance with the provisions of Section 197 of the Act.
f ) With respect to the adequacy of the internal financial The remuneration paid to any director is not in excess
controls with reference to Standalone Financial of the limit laid down under Section 197 of the Act. The
Statements of the Company and the operating Ministry of Corporate Affairs has not prescribed other details
effectiveness of such controls, refer to our separate under Section 197(16) of the Act which are required to be
Report in “Annexure B”. commented upon by us.

(B) With respect to the other matters to be included in the For B S R & Co. LLP
Auditors’ Report in accordance with Rule 11 of the Companies Chartered Accountants
(Audit and Auditors) Rules, 2014, in our opinion and to the Firm’s Registration No. 101248W/W-100022
best of our information and according to the explanations
given to us: Vijay Mathur
Partner
i. The Company has disclosed the impact of pending Mumbai Membership No: 046476
litigations as at March 31 2021 on its financial position May 03, 2021 UDIN: 21046476AAAACR4608

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Annexure A to the Independent Auditors’ Report-

March 31 2021
With reference to the Annexure A referred to in the Independent unsecured, to companies, firms, limited liability partnerships
Auditors’ Report to the members of the Company on the or other parties covered in the register maintained under
Standalone Financial Statements for the year ended March 31 Section 189 of the Companies Act, 2013 (‘the Act’).
2021, we report the following: Accordingly, paragraphs 3 (iii) (a), (b) and (c) of the Order are
not applicable to the Company.
(i) (a) The Company has maintained proper records showing
full particulars, including quantitative details and (iv) In our opinion and according to the information and
situation of property, plant and equipment and explanations given to us, the Company has complied with
investment properties. the provisions of Sections 185 and 186 of the Companies Act,
2013 in respect of grant of loans, making investments and
(b) The Company has a programme of physical verification
providing guarantees and securities, as applicable.
of its property, plant and equipment and investment
properties by which the property, plant and (v) In our opinion, and according to the information and
equipment and investment properties are verified by explanations given to us, the Company has not accepted
the management according to a phased programme deposits as per the directives issued by the Reserve Bank
designed to cover all the items over a period of three of India and the provisions of Sections 73 to 76 or any
years. In our opinion, this periodicity of physical other relevant provisions of the Act and the rules framed
verification is reasonable having regard to the size of thereunder. Accordingly, paragraph 3 (v) of the Order is not
the Company and the nature of its assets. In accordance applicable to the Company.
with the policy, the Company has physically verified
(vi) We have broadly reviewed the books of account maintained
certain property, plant and equipment and investment
by the Company pursuant to the rules prescribed by the
properties during the year, and we are informed that
Central Government for the maintenance of cost records
the discrepancies were not material and have been
under Section 148(1) of the Act for soda ash, caustic soda lye,
properly dealt with in the books of account.
sodium bicarbonate, clinker, cement and liquid bromine, and
(c) According to the information and explanations given to are of the opinion that prima facie, the prescribed accounts
us and on the basis of our examination of the records of and records have been made and maintained. However, we
the Company, the title deeds of immovable properties have not made a detailed examination of the cost records
of land and buildings as disclosed in Note 4 and Note with a view to determine whether they are accurate or
5 to the Standalone Financial Statements, are held in complete.
the name of the Company, except for freehold land in
(vii) (a) According to the information and explanations given
Mambattu, Nellore admeasuring 1,62,095.63 sq. meters
to us and on the basis of our examination of the
and amounting to ` 15.05 crores, where the Company
records of the Company, amounts deducted/accrued
is in the process of entering into a Land Sale Agreement
in the books of account in respect of undisputed
with the Government of Andhra Pradesh.
statutory dues including Provident fund, Income-tax,
(ii) The inventory, except for goods-in-transit and stocks Duty of customs, Employees’ State Insurance, Goods
lying with third parties, has been physically verified by the and Service tax, Cess and other material statutory dues
management during the year. In our opinion, the frequency have been regularly deposited during the year with the
of such verification is reasonable. In respect of stocks lying appropriate authorities.
with third parties at the year-end, written confirmations have According to the information and explanations given
been obtained. The discrepancies noticed on verification to us, there are no dues in respect of Sales-tax, Value
between the physical stocks and the book records were not added tax, Duty of excise and Service tax payable by
material and have been properly dealt with in the books of the Company.
account.
According to the information and explanations given
(iii) According to the information and explanations given to to us, no undisputed amounts payable in respect of
us, the Company has not granted any loans, secured or Provident fund, Profession tax, Income-tax, Employees’

153
 Integrated Annual Report 2020-21

State Insurance, Duty of customs, Goods and Service tax, Cess and other material statutory dues were in arrears as at March 31
2021 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no dues of Income-tax, Sales tax, Service tax, Duty of
customs, Duty of excise, Goods and Service tax and Value added tax as at 31 March 2021, which have not been deposited with
the appropriate authorities on account of any dispute, except as stated below:

Sr Amounts* Period to which the Forum where Dispute

Name of Statute Nature of Dues
No (` In crore) amount relates is pending
1 Customs Act, 1962 Custom Duty 23.53 2012-13,2015-16 Tribunal (CESTAT)
1.14 1987-88, 1992-93, 2001- Appellate Authority upto
02, 2011-12, 2014-16 Commissioner’s level
2 Central Excise Act, 1944 Excise Duty 49.93 2005-06 High Court
45.96 2008-09, 2010-12, Tribunal (CESTAT)
2014-16
16.44 2016-17, 2017-18 Appellate Authority upto
Commissioner’s level
3 Central Sales Tax, 1956 and Sales Tax 32.61 2006-10, 2012-13, High Court
Sales Tax Act of Various state (Central and 2015-16
State) and Value 2.51 2004-06, 2011-14, Tribunal (CESTAT)
Added Tax 2016-17
7.70 1997-2000, 2003-06, Appellate Authority upto
2009-17 Commissioner’s level
4 The West Bengal tax on entry Entry Tax 119.62 2012-13 to 2015-16 High Court
of Goods into Local Areas Act,
2012
5 The Finance Act 1994 Service Tax 11.67 2010-11, 2011-12 Tribunal (CESTAT)
(Service Tax)
6 Income Tax Act, 1961 Income Tax 0.33 AY 2012-13 Commissioner of
Income Tax (Appeals)
81.91 AY 2015-16 Tribunal (ITAT)
0.78 AY 2016-17 Commissioner of
Income Tax (Appeals)
3.17 AY 2018-19 Assessing Officer
*net of amounts paid under protest.

(viii) In our opinion and according to the information and Company or on the Company by its officers and employees
explanations given to us, the Company has not defaulted in has been noticed or reported during the year.
repayment of loans or borrowings to banks. The Company (xi) According to the information and explanations given to
does not have any outstanding dues to financial institutions, us and based on our examination of the records of the
debenture holders and Government. Company, the Company has paid/provided for managerial
(ix) According to the information and explanations given to remuneration in accordance with the requisite approvals
us and based on our examination of the records of the mandated by the provisions of Section 197 read with
Company, the Company has not raised any moneys by way Schedule V to the Act.
of initial public offer or further public offer (including debt (xii) In our opinion and according to the information and
instruments) and has not obtained any term loans during explanations given to us, the Company is not a Nidhi
the year. Accordingly, paragraph 3 (ix) of the Order is not company. Accordingly, paragraph 3 (xii) of the Order is not
applicable to the Company. applicable to the Company.
(x) According to the information and explanations given to us (xiii) According to the information and explanations given to us
by the management, we report that no material fraud by the and based on our examination of the records of the Company,

15 4
 Integrated Report Statutory Reports Financial Statements
1-59 60-146 Standalone

transactions with the related parties are in compliance with Accordingly, paragraph 3 (xv) of the Order is not applicable to
Sections 177 and 188 of the Act where applicable and details the Company.
of such transactions have been disclosed in the Standalone
(xvi) In our opinion and according to the information and
Financial Statements as required by applicable Ind AS.
explanations given to us, the Company is not required to be
(xiv) According to the information and explanations given to us registered under Section 45-IA of the Reserve Bank of India
and based on our examination of the records of the Company, Act, 1934. Accordingly, paragraph 3 (xvi) of the Order is not
the Company has not made any preferential allotment or applicable to the Company.
private placement of shares or fully or partly convertible For B S R & Co. LLP
debentures during the year. Accordingly, paragraph 3 (xiv) of Chartered Accountants
the Order is not applicable to the Company. Firm’s Registration No. 101248W/W-100022
(xv) According to the information and explanations given to Vijay Mathur
us and based on our examination of the records of the Partner
Company, the Company has not entered into any non-cash Mumbai Membership No: 046476
transactions with directors or persons connected with them. May 03, 2021 UDIN: 21046476AAAACR4608

155
 Integrated Annual Report 2020-21

Annexure B to the Independent Auditors’ Report

on the Standalone Financial Statements of Tata
Chemicals Limited for the year ended March 31 2021
Report on the internal financial controls with Auditors’ Responsibility
reference to the aforesaid Standalone Financial Our responsibility is to express an opinion on the Company’s
Statements under Clause (i) of Sub-section 3 of internal financial controls with reference to Standalone Financial
Section 143 of the Companies Act, 2013 Statements based on our audit. We conducted our audit in
(Referred to in paragraph 1(A) (f ) under ‘Report on Other Legal and accordance with the Guidance Note and the Standards on
Regulatory Requirements’ section of our report of even date) Auditing, prescribed under Section 143(10) of the Act, to the
extent applicable to an audit of internal financial controls with
Opinion reference to Standalone Financial Statements. Those Standards
We have audited the internal financial controls with reference to and the Guidance Note require that we comply with ethical
Standalone Financial Statements of Tata Chemicals Limited (“the requirements and plan and perform the audit to obtain reasonable
Company”) as of March 31 2021 in conjunction with our audit of assurance about whether adequate internal financial controls with
the Standalone Financial Statements of the Company for the year reference to Standalone Financial Statements were established
ended on that date. and maintained and whether such controls operated effectively in
all material respects.
In our opinion, the Company has, in all material respects, adequate
internal financial controls with reference to Standalone Financial Our audit involves performing procedures to obtain audit
Statements and such internal financial controls were operating evidence about the adequacy of the internal financial controls
effectively as at March 31 2021, based on the internal financial with reference to Standalone Financial Statements and their
controls with reference to Standalone Financial Statements operating effectiveness. Our audit of internal financial controls with
criteria established by the Company considering the essential reference to Standalone Financial Statements included obtaining
components of internal control stated in the Guidance Note on an understanding of such internal financial controls, assessing the
Audit of Internal Financial Controls Over Financial Reporting issued risk that a material weakness exists, and testing and evaluating the
by the Institute of Chartered Accountants of India (the “Guidance design and operating effectiveness of internal control based on
Note”). the assessed risk. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material
Management’s Responsibility for Internal misstatement of the Standalone Financial Statements, whether
Financial Controls due to fraud or error.
The Company’s management and the Board of Directors are We believe that the audit evidence we have obtained is sufficient
responsible for establishing and maintaining internal financial and appropriate to provide a basis for our audit opinion on the
controls based on the internal financial controls with reference Company’s internal financial controls with reference to Standalone
to Standalone Financial Statements criteria established by the Financial Statements.
Company considering the essential components of internal
control stated in the Guidance Note. These responsibilities include Meaning of Internal Financial controls with
the design, implementation and maintenance of adequate internal Reference to Standalone Financial Statements
financial controls that were operating effectively for ensuring the
A company’s internal financial controls with reference to
orderly and efficient conduct of its business, including adherence
Standalone Financial Statements is a process designed to provide
to Company’s policies, the safeguarding of its assets, the prevention
reasonable assurance regarding the reliability of financial reporting
and detection of frauds and errors, the accuracy and completeness
and the preparation of Standalone Financial Statements for external
of the accounting records, and the timely preparation of reliable
purposes in accordance with generally accepted accounting
financial information, as required under the Companies Act, 2013
principles. A company’s internal financial controls with reference
(hereinafter referred to as “the Act”).

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to Standalone Financial Statements include those policies and Inherent Limitations of Internal Financial
procedures that (1) pertain to the maintenance of records that, in controls with Reference to Standalone Financial
reasonable detail, accurately and fairly reflect the transactions and Statements
dispositions of the assets of the company; (2) provide reasonable Because of the inherent limitations of internal financial controls with
assurance that transactions are recorded as necessary to permit reference to Standalone Financial Statements, including the possibility
preparation of Standalone Financial Statements in accordance with of collusion or improper management override of controls, material
generally accepted accounting principles, and that receipts and misstatements due to error or fraud may occur and not be detected.
expenditures of the company are being made only in accordance Also, projections of any evaluation of the internal financial controls
with authorizations of management and directors of the company; with reference to Standalone Financial Statements to future periods
and (3) provide reasonable assurance regarding prevention or are subject to the risk that the internal financial controls with reference
timely detection of unauthorized acquisition, use, or disposition to Standalone Financial Statements may become inadequate because
of the company’s assets that could have a material effect on the of changes in conditions, or that the degree of compliance with the
Standalone Financial Statements. policies or procedures may deteriorate.
For B S R & Co. LLP
Chartered Accountants
Firm’s Registration No. 101248W/W-100022
Vijay Mathur
Partner
Mumbai Membership No: 046476
May 03, 2021 UDIN: 21046476AAAACR4608

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 Integrated Annual Report 2020-21

Standalone Balance Sheet as at March 31, 2021

` in crore
As at As at
Note
March 31, 2021 March 31, 2020
I. ASSETS
(1) Non-current assets
(a) Property, plant and equipment 4 2,313.79 2,156.39
(b) Capital work-in-progress 420.62 402.13
(c) Investment property 5 54.74 21.11
(d) Right-of-use assets 6 23.68 23.04
(e) Goodwill 45.53 45.53
(f ) Other intangible assets 7 8.34 7.22
(g) Intangible assets under development 0.02 0.27
(h) Financial assets
(i) Investments in subsidiaries and joint ventures 8(a) 4,758.06 4,758.06
(ii) Other investments 8(b) 3,297.27 1,904.23
(iii) Loans 9 0.62 0.92
(iv) Other financial assets 10 0.26 0.26
(i) Advance tax assets (net) 23 574.90 588.94
(j) Other non-current assets 11 291.54 184.23
Total non-current assets 11,789.37 10,092.33
(2) Current assets
(a) Inventories 12 521.64 701.17
(b) Financial assets
(i) Investments 8(c) 1,281.81 1,301.33
(ii) Trade receivables 13 144.92 139.84
(iii) Cash and cash equivalents 14 61.41 83.72
(iv) Bank balances other than (iii) above 14 623.91 795.86
(v) Loans 9 0.17 0.23
(vi) Other financial assets 10 118.72 137.31
(c) Other current assets 11 123.33 143.96
Total current assets 2,875.91 3,303.42
Total assets 14,665.28 13,395.75
II. EQUITY AND LIABILITIES
Equity
(a) Equity share capital 15 254.82 254.82
(b) Other equity 16 13,002.35 11,722.50
Total equity 13,257.17 11,977.32
Liabilities
(1) Non-current liabilities
(a) Financial liabilities
(i) Lease liabilities 17 4.85 10.41
(ii) Other financial liabilities 18 0.11 0.17
(b) Provisions 19 151.85 163.37
(c) Deferred tax liabilities (net) 20 201.93 59.55
(d) Other non-current liabilities 21 10.50 10.50
Total non-current liabilities 369.24 244.00
(2) Current liabilities
(a) Financial liabilities
(i) Trade payables 22
- Outstanding dues of micro enterprises and small enterprises 3.73 3.83
- Outstanding dues of creditors other than above 477.92 571.16
(ii) Other financial liabilities 18 169.87 187.04
(b) Other current liabilities 21 47.76 46.74
(c) Provisions 19 204.18 199.64
(d) Current tax liabilities (net) 24 135.41 166.02
Total current liabilities 1,038.87 1,174.43
Total liabilities 1,408.11 1,418.43
Total equity and liabilities 14,665.28 13,395.75
Notes forming part of the Standalone Financial Statements 1-46
As per our report of even date attached For and on behalf of the Board
For B S R & Co. LLP N. Chandrasekaran Chairman
(DIN: 00121863)
Chartered Accountants
Padmini Khare Kaicker Director
Firm's Registration No: 101248W/W - 100022 (DIN: 00296388)
R. Mukundan Managing Director and CEO
Vijay Mathur (DIN: 00778253)
Partner Nandakumar S. Tirumalai Chief Financial Officer
(ICAI M. No.: 203896)
Membership No. 046476 Rajiv Chandan General Counsel & Company Secretary
Mumbai, May 3, 2021 (ICSI M. No.: FCS 4312)

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Standalone Statement of Profit and Loss for the year ended March 31, 2021
` in crore
Year ended Year ended
Note
March 31, 2021 March 31, 2020
I. Incomes
a) Revenue from operations 25 2,998.88 2,920.29
b) Other income 26 219.15 309.15
Total income (a+b) 3,218.03 3,229.44
II. Expenses
a) Cost of materials consumed 600.33 541.90
b) Purchases of stock-in-trade 152.56 94.41
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 27 11.59 (76.41)
d) Employee benefits expense 28 250.42 250.28
e) Finance costs 29 18.74 43.37
f ) Depreciation and amortisation expense 30 197.32 149.50
g) Other expenses 31 1,373.10 1,392.07
Total expenses (a to g) 2,604.06 2,395.12
III. Profit before tax ( I - II ) 613.97 834.32
IV. Tax expense
(a) Current tax 33 134.49 194.37
(b) Deferred tax 33 0.37 (31.87)
Total tax expense (a+b) 134.86 162.50
V. Profit for the year from continuing operations ( III-IV) 479.11 671.82
VI. Exceptional gain from discontinued operations (net) 34 - 6,128.08
VII. Tax expense of discontinued operations 34 - (40.32)
VIII. Profit for the year from discontinued operations ( VI-VII) - 6,168.40
IX. Profit for the year (V+VIII) 479.11 6,840.22
X. Other comprehensive income (net of tax) ("OCI") - gain/(loss)
(A) Items that will not be reclassified to the Statement of Profit and Loss
- Changes in fair value of investments in equities carried at fair value through OCI 1,194.26 (557.31)
- Remeasurement of defined employee benefit plans (note 38) 28.72 (50.55)
(B) Income tax relating to items that will not be reclassified to the Statement of Profit and Loss 142.01 (65.42)
Total other comprehensive income - gain/(loss) (net of tax) (A-B) 1,080.97 (542.44)
XI. Total comprehensive income for the year (IX+X) 1,560.08 6,297.78
XII. Earnings per share for continuing operations (in `)
- Basic and Diluted 35 18.81 26.37
XIII. Earnings per share for discontinued operations (in `)
- Basic and Diluted 35 - 242.13
XIV. Earnings per share (for continuing and discontinued operations) (in `)
- Basic and Diluted 35 18.81 268.50
Notes forming part of the Standalone Financial Statements 1-46
As per our report of even date attached For and on behalf of the Board
For B S R & Co. LLP N. Chandrasekaran Chairman
(DIN: 00121863)
Chartered Accountants
Padmini Khare Kaicker Director
Firm's Registration No: 101248W/W - 100022 (DIN: 00296388)
R. Mukundan Managing Director and CEO
Vijay Mathur (DIN: 00778253)
Partner Nandakumar S. Tirumalai Chief Financial Officer
(ICAI M. No.: 203896)
Membership No. 046476 Rajiv Chandan General Counsel & Company Secretary
Mumbai, May 3, 2021 (ICSI M. No.: FCS 4312)

159
16 0
Standalone Statement of Changes in Equity for the year ended March 31, 2021
a Equity share capital (note 15)
` in crore
Balance as at March 31, 2021 254.82
Balance as at March 31, 2020 254.82

b Other equity (note 16) ` in crore

Reserves and surplus Items of other
comprehensive
Capital
income
reserve Capital Debenture
Securities General Retained Equity instruments Total
and other redemption redemption
premium reserve earnings * through other
reserves from reserve reserve
comprehensive
amalgamation
income
Balance as at April 1, 2019 1,522.74 1,258.21 0.10 240.00 1,171.94 5,742.38 2,174.78 12,110.15
Transition impact of Ind AS 116 - - - - - (0.21) - (0.21)
Restated balance as at April 1, 2019 1,522.74 1,258.21 0.10 240.00 1,171.94 5,742.17 2,174.78 12,109.94
Profit for the year - - - - - 6,840.22 - 6,840.22
Other comprehensive income (net of tax) - - - - - (37.59) (504.85) (542.44)
Total Comprehensive Income for the year - - - - - 6,802.63 (504.85) 6,297.78
Dividends including tax on dividend - - - - - (378.90) - (378.90)
Deemed dividend on demerger (note 34) - - - - - (6,307.97) - (6,307.97)
Refund of tax on dividend - - - - - 1.65 - 1.65
Transfer to retained earnings - sale of non-current
investment - - - (240.00) 240.00 - - -
Balance as at March 31, 2020 1,522.74 1,258.21 0.10 - 1,411.94 5,859.58 1,669.93 11,722.50
Profit for the year - - - - - 479.11 - 479.11
Other comprehensive income (net of tax) - - - - - 21.36 1,059.61 1,080.97
Total Comprehensive Income for the year - - - - - 500.47 1,059.61 1,560.08
Dividends - - - - - (280.23) - (280.23)
Transfer to retained earnings - sale of non-current
investment - - - - - (1.51) 1.51 -
Balance as at March 31, 2021 1,522.74 1,258.21 0.10 - 1,411.94 6,078.31 2,731.05 13,002.35
*including remeasurement of defined employee benefit plans
Notes forming part of the Standalone Financial Statements 1-46
As per our report of even date attached For and on behalf of the Board
For B S R & Co. LLP N. Chandrasekaran Chairman
(DIN: 00121863)
Chartered Accountants
Padmini Khare Kaicker Director
Firm's Registration No: 101248W/W - 100022 (DIN: 00296388)
R. Mukundan Managing Director and CEO
Vijay Mathur (DIN: 00778253)
Partner Nandakumar S. Tirumalai Chief Financial Officer
(ICAI M. No.: 203896)
Membership No. 046476 Rajiv Chandan General Counsel & Company Secretary
Mumbai, May 3, 2021
Integrated Annual Report 2020-21

(ICSI M. No.: FCS 4312)

Integrated Report Statutory Reports Financial Statements
1-59 60-146 Standalone

Standalone Statement of Cash Flows for the year ended March 31, 2021
` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
A Cash flows from operating activities
Profit before tax from continuing operations 613.97 834.32
Profit before tax from discontinued operations - 6,128.08
613.97 6,962.40
Adjustments for :
Depreciation and amortisation expense 197.32 149.50
Finance costs 18.74 43.37
Interest income (47.34) (40.99)
Dividend income (72.91) (123.22)
Gain on demerger of discontinued operation (net) (note 34) - (6,220.15)
Net gain on sale of current investments (45.82) (121.27)
Provision for employee benefits expense 30.05 28.39
Provision for doubtful debts and advances/bad debts written off (net) 0.18 9.40
Provision for contingencies (net) 7.12 (5.33)
Liabilities no longer required written back (3.25) -
Provision for exceptional item (note 34) - 92.07
Foreign exchange gain/(loss) (net) 4.15 (2.74)
Loss/(profit) on assets sold or discarded (net) 2.78 (8.34)
Operating profit before working capital changes 704.99 763.09
Adjustments for :
Trade receivables, other financial assets and other assets 58.38 (66.07)
Inventories 179.53 (73.49)
Trade payables, other financial liabilities and other liabilities (120.09) 22.11
Cash generated from operations 822.81 645.64
Taxes paid (net of refund) (151.06) (218.27)
Net cash generated from operating activities 671.75 427.37
B Cash flows from investing activities
Acquisition of property, plant and equipment (including capital work-in-progress) (546.87) (698.29)
Acquisition of intangible assets (including intangible asset under development) (3.77) (3.02)
Proceeds from sale of property, plant and equipment 0.54 11.88
Proceeds from sale of current investments 3,335.53 8,330.19
Purchase of non-current investments (198.90) -
Purchase of current investments (3,269.99) (7,354.00)
Bank balances not considered as cash and cash equivalents 169.99 (737.41)
Payment on sale of discontinued operations (net) (note 34) - (8.00)
Interest received 37.76 42.79
Dividend received
- From subsidiaries 26.33 25.93
- From joint venture 26.49 72.24
- From others 20.09 25.05
Net cash used in investing activities (402.80) (292.64)

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Standalone Statement of Cash Flows for the year ended March 31, 2021
` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
C Cash flows from financing activities
Repayment of borrowings - (640.16)
Repayment towards lease liabilities (3.08) (8.43)
Finance costs paid (9.95) (73.48)
Bank balances in dividend and restricted account 1.96 (1.99)
Dividends paid including distribution tax (280.19) (377.26)
Net cash used in financing activities (291.26) (1,101.32)
Net decrease in cash and cash equivalents (22.31) (966.59)
Cash and cash equivalents as at April 1 83.72 1,049.75
Exchange difference on translation of foreign currency cash and cash equivalents - 0.56
Cash and cash equivalents as at March 31 (note 14) 61.41 83.72

Footnote:
Reconciliation of borrowings and lease liabilities ` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
Lease liabilities (note 37) 4.85 10.41
Current maturities of finance lease obligations (note 18) 4.10 4.35
8.95 14.76
Repayment of borrowings of continuing operations - (640.16)
Repayment towards lease liabilities (3.08) (8.43)
Realised foreign exchange loss due to financing activities (net) - (48.92)
Transition impact of Ind AS 116 (note 37) - 4.35
Derecognition of lease (2.73) -
Fair value changes (net) - 39.56
Movement of borrowings and lease liabilities (net) (5.81) (653.60)

The Statement of Cash Flow is prepared using indirect method as prescribed under Ind AS 7.
Notes forming part of the Standalone Financial Statements 1-46

As per our report of even date attached For and on behalf of the Board
For B S R & Co. LLP N. Chandrasekaran Chairman
(DIN: 00121863)
Chartered Accountants
Padmini Khare Kaicker Director
Firm's Registration No: 101248W/W - 100022 (DIN: 00296388)
R. Mukundan Managing Director and CEO
Vijay Mathur (DIN: 00778253)
Partner Nandakumar S. Tirumalai Chief Financial Officer
(ICAI M. No.: 203896)
Membership No. 046476 Rajiv Chandan General Counsel & Company Secretary
Mumbai, May 3, 2021 (ICSI M. No.: FCS 4312)

162
 Integrated Report Statutory Reports Financial Statements
1-59 60-146 Standalone

Notes forming part of the Standalone Financial Statements

1. Corporate information 2.3 Critical accounting estimates, assumptions
Tata Chemicals Limited (the ‘Company’) is a public limited
and judgements
company domiciled in India. Its shares are listed on two The preparation of the Standalone Financial
stock exchanges in India; the Bombay Stock Exchange (‘BSE’) Statements requires management to make
and the National Stock Exchange (‘NSE’). The Company is estimates, assumptions and judgments that affect
a diversified business dealing in basic chemistry products the reported balances of assets and liabilities
and specialty products. The Company has a global and disclosures as at the date of the Standalone
presence with key subsidiaries in United States of America Financial Statements and the reported amounts of
(‘USA’), United Kingdom (‘UK’) and Kenya that are engaged income and expense for the periods presented.
in the manufacture and sale of soda ash, industrial salt and The estimates and associated assumptions are
related products. During the previous year, the Company based on historical experience and other factors
had demerged consumer product business as per Scheme that are considered to be relevant. Actual results
of Arrangement amongst Tata Consumer Products Limited may differ from these estimates considering
(formerly Tata Global Beverages Limited) (“TCPL”) and the different assumptions and conditions.
Company and their respective shareholders and creditors
(note 34). Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to
2. 
Summary of basis of compliance, basis accounting estimates are recognised in the period
of preparation and presentation, critical in which the estimates are revised and future
accounting estimates, assumptions and periods are affected.
judgements and significant accounting
The estimates and assumptions that have a
policies
significant risk of causing a material adjustment to
2.1 Basis of compliance the carrying values of assets and liabilities within
the next financial year are discussed below.
The Standalone Financial Statements comply,
in all material aspects, with Indian Accounting
2.3.1. Deferred income tax assets and liabilities
Standards (‘Ind AS’) notified under Section 133
Significant management judgment is required to
of the Companies Act, 2013 (‘the Act’ or 'the
determine the amount of deferred tax assets that
2013 Act') read with Rule 3 of the Companies
can be recognised, based upon the likely timing
(Indian Accounting Standards) Rules, 2015 and
and the level of future taxable profits.
other relevant provisions of the Act.
2.2 Basis of preparation and presentation The amount of total deferred tax assets could
change if management estimates of projected
The Standalone Financial Statements have been
future taxable income or if tax regulations undergo
prepared on the historical cost basis, except for
a change.
certain financial instruments and defined benefit
plans which are measured at fair value at the end
2.3.2 Useful lives of property, plant and equipment
of each reporting period. Historical cost is generally
(‘PPE’) and intangible assets
based on the fair value of the consideration given
in exchange for goods and services. Fair value is Management reviews the estimated useful lives
the price that would be received to sell an asset or and residual value of PPE and Intangibles at the end
paid to transfer a liability in an orderly transaction of each reporting period. Factors such as changes
between market participants at the measurement in the expected level of usage, technological
date. developments and product life-cycle, could
significantly impact the economic useful lives and
All assets and liabilities have been classified as the residual values of these assets. Consequently,
current or non-current as per the Company’s the future depreciation charge could be revised
normal operating cycle and other criteria set out and may have an impact on the profit of the future
in the Schedule III to the Act. years.

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2.3.3 Employee benefit obligations Monetary assets and liabilities, denominated in a

Employee benefit obligations are determined foreign currency, are translated at the exchange
using actuarial valuations. An actuarial valuation rate prevailing on the Balance Sheet date and the
involves making various assumptions that may resultant exchange gains or losses are recognised
differ from actual developments. These include in the Standalone Statement of Profit and Loss.
the estimation of the appropriate discount rate,
future salary increases and mortality rates. Due 2.5 Property, plant and equipment
to the complexities involved in the valuation An item of property, plant and equipment (‘PPE’)
and its long-term nature, the employee benefit is recognised as an asset if it is probable that the
obligation is highly sensitive to changes in these future economic benefits associated with the
assumptions. All assumptions are reviewed at each item will flow to the Company and its cost can be
reporting date. measured reliably. These recognition principles are
applied to the costs incurred initially to acquire
2.3.4 Provisions and contingencies
an item of PPE, to the pre-operative and trial run
From time to time, the Company is subject to costs incurred (net of sales), if any and also to the
legal proceedings, the ultimate outcome of costs incurred subsequently to add to, replace part
each being subject to uncertainties inherent in of, or service it and subsequently carried at cost
litigation. A provision for litigation is made when less accumulated depreciation and accumulated
it is considered probable that a payment will impairment losses, if any. 
be made and the amount can be reasonably
estimated. Significant judgement is required when The cost of PPE includes interest on borrowings
evaluating the provision including, the probability directly attributable to the acquisition,
of an unfavorable outcome and the ability to make construction or production of a qualifying asset. A
a reasonable estimate of the amount of potential qualifying asset is an asset that necessarily takes
loss. Litigation provisions are reviewed at each a substantial period of time to be made ready for
accounting period and revisions made for the its intended use or sale. Borrowing costs and other
changes in facts and circumstances. Contingent directly attributable cost are added to the cost
liabilities are disclosed in the notes forming part of of those assets until such time as the assets are
the Standalone Financial Statements. Contingent substantially ready for their intended use, which
assets are not disclosed in the Standalone Financial generally coincides with the commissioning date
Statements unless an inflow of economic benefits of those assets.
is probable. The present value of the expected cost for the
2.3.5 Impairment of investment in subsidiaries and decommissioning of an asset after its use is
goodwill included in the cost of the respective asset if the
recognition criteria for a provision is met.
The Company reviews its carrying value of
investment in subsidiaries and goodwill carried at Machinery spares that meet the definition of PPE
cost (net of impairment, if any) annually, or more are capitalised and depreciated over the useful life
frequently when there is indication for impairment. of the principal item of an asset.
If the recoverable amount is less than its carrying
All other repair and maintenance costs, including
amount, the impairment loss is accounted for in
regular servicing, are recognised in the Standalone
the Standalone Statement of Profit and Loss.
Statement of Profit and Loss as incurred. When
a replacement occurs, the carrying value of the
2.4 Foreign currency translation
replaced part is de-recognised. Where an item of
The functional currency of the Company (i.e. the property, plant and equipment comprises major
currency of the primary economic environment in components having different useful lives, these
which the Company operates) is the Indian Rupee components are accounted for as separate items.
(`).
PPE acquired and put to use for projects are
On initial recognition, all foreign currency capitalised and depreciation thereon is included
transactions are recorded at exchange rates in the project cost till the project is ready for
prevailing on the date of the transaction. commissioning.

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Depreciation methods, estimated useful lives The intangible assets with a finite useful life
and residual value are amortised using straight line method over
their estimated useful lives. The management’s
Depreciation on PPE (except leasehold
estimates of the useful lives for various class of
improvements) is calculated using the straight-line
Intangibles are as given below:
method to allocate their cost, net of their residual
values, over their estimated useful lives. However, Asset Useful life
leasehold improvements are depreciated on a Computer software 5 years
straight-line method over the shorter of their Other intangible assets 4-20 years
respective useful lives or the tenure of the lease
The estimated useful life is reviewed annually by
arrangement. Freehold land is not depreciated.
the management.
Schedule II to the Act prescribes the useful lives for
Gains or losses arising from the retirement or
various class of assets. For certain class of assets,
disposal of an intangible asset are determined
based on technical evaluation and assessment,
as the difference between the net disposal
Management believes that the useful lives
proceeds and the carrying amount of the asset
adopted by it reflect the periods over which these
and recognised as income or expense in the
assets are expected to be used. Accordingly for
Standalone Statement of Profit and Loss.
those assets, the useful lives estimated by the
management are different from those prescribed
2.7 Capital work-in-progress (‘CWIP’) and
in the Schedule. Management’s estimates of the
intangible assets under development
useful lives for various class of PPE are as given
below: Projects under commissioning and other CWIP/
intangible assets under development are carried
Asset Useful life
at cost, comprising direct cost, related incidental
Salt Works, Water works, Reservoirs 1-30 years
expenses and attributable borrowing cost.
and Pans
Plant and Machinery 1-60 years Subsequent expenditures relating to property,
Traction Lines and Railway Sidings 15 years plant and equipment are capitalised only when it is
Factory Buildings 5-60 years probable that future economic benefit associated
Other Buildings 5-60 years with these will flow to the Company and the cost
Furniture and Fittings and Office 1-10 years of the item can be measured reliably.
Equipment (including Computers
Advances given to acquire property, plant and
and Data Processing Equipment)
equipment are recorded as non-current assets and
Vehicles 4-10 years
subsequently transferred to CWIP on acquisition of
Useful lives and residual values of assets are related assets.
reviewed at the end of each reporting period.
2.8 Investment property
Losses arising from the retirement of, and gains or
losses arising from disposal/adjustments of PPE Investment properties are land and buildings that
are recognised in the Standalone Statement of are held for long term lease rental yields and/ or
Profit and Loss. for capital appreciation. Investment properties are
initially recognised at cost including transaction
2.6 Intangible assets costs. Subsequently investment properties
comprising buildings are carried at cost less
Intangible assets comprise software licenses,
accumulated depreciation and accumulated
product registration fees and rights to use railway
impairment losses, if any.
wagon.
Intangible assets are measured on initial Depreciation on buildings is provided over the
recognition at cost and subsequently are carried estimated useful lives as specified in note 2.5
at cost less accumulated amortisation and above. The residual values, estimated useful lives
accumulated impairment losses, if any. and depreciation method of investment properties

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are reviewed, and adjusted on prospective basis as 2.10 Non-current assets held for sale and
appropriate, at each reporting date. The effects discontinued operations
of any revision are included in the Standalone Non-current assets (including disposal groups) are
Statement of Profit and Loss when the changes classified as held for sale if their carrying amount
arise. will be recovered principally through a sale
An investment property is de-recognised when transaction rather than through continuing use
either the investment property has been disposed and a sale is considered highly probable.
of or do not meet the criteria of investment Non-current assets classified as held for sale are
property i.e. when the investment property is measured at lower of their carrying amount and
permanently withdrawn from use and no future fair value less cost to sell.
economic benefit is expected from its disposal.
The difference between the net disposal proceeds Non-current assets classified as held for sale are
and the carrying amount of the asset is recognised not depreciated or amortised from the date when
in the Standalone Statement of Profit and Loss in they are classified as held for sale.
the period of de-recognition. Non-current assets classified as held for sale
and the assets and liabilities of a disposal group
2.9 Research and development expenses classified as held for sale are presented separately
Research expenses are charged to the Standalone from the other assets and liabilities in the
Statement of Profit and Loss as expenses in the Standalone Balance Sheet.
year in which they are incurred. Development
A discontinued operation is a component of the
costs are capitalised as an intangible asset under
entity that has been disposed off or is classified as
development when the following criteria are met:
held for sale and:
• the project is clearly defined, and the
• represents a separate major line of business
costs are separately identified and reliably
or geographical area of operations and;
measured;
• is part of a single co-ordinated plan to
• the technical feasibility of the project is
dispose of such a line of business or area
demonstrated;
of operations.
• the ability to use or sell the products created
The results of discontinued operations are
during the project is demonstrated;
presented separately in the Standalone Statement
• the intention to complete the project exists of Profit and Loss.
and use or sale of output manufactured
during the project; 2.11 Financial instruments
• a potential market for the products 2.11.1 Investments and other financial assets:
created during the project exists or Classification
their usefulness, in case of internal use,
The Company classifies its financial assets in the
is demonstrated, such that the project
following measurement categories:
will generate probable future economic
benefits; and • those to be measured subsequently at
fair value (either through OCI, or through
• adequate resources are available to
profit or loss), and
complete the project.
• those measured at amortised cost.
 These development costs are amortised over the
estimated useful life of the projects or the products • those measured at carrying cost for
they are incorporated within. The amortisation of equity instruments subsidiaries and joint
capitalised development costs begins as soon as ventures.
the related product is released to production.

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The classification depends on the Company’s • 

Fair value through other
business model for managing the financial comprehensive income (‘FVTOCI’)
assets and the contractual terms of the cash
Assets that are held for collection of
flows. For assets measured at fair value, gains and
contractual cash flows and for selling
losses will either be recorded in the Standalone
the financial assets, where the assets’
Statement of Profit and Loss or through OCI. For
cash flows represent solely payments
investments in debt instruments, this will depend
of principal and interest, are measured
on the business model in which the investment
at FVTOCI. Movements in the carrying
is held. For investments in equity instruments,
amount are recorded through OCI, except
this will depend on whether the Company has
for the recognition of impairment gains
made an irrevocable election at the time of initial
or losses, interest revenue and foreign
recognition to account for the equity investment
exchange gains or losses which are
at fair value through OCI.
recognised in the Standalone Statement of
The Company reclassifies debt investments when Profit and Loss. When the financial asset is
and only when its business model for managing derecognised, the cumulative gain or loss
those assets changes. previously recognised in OCI is reclassified
from equity to the Standalone Statement
Debt instruments
of Profit and Loss. Interest income from
Measurement these financial assets is included in other
income using the EIR method.
A financial asset or financial liability is initially
measured at fair value plus, for an item not at fair • Fair value through profit or loss
value through profit and loss (FVTPL), transaction (‘FVTPL’)
costs that are directly attributable to its acquisition
Assets that do not meet the criteria for
or issue. Transaction costs of financial assets carried
amortised cost or FVTOCI are measured at
at fair value through profit or loss are expensed in
FVTPL. A gain or loss on a debt investment
the Standalone Statement of Profit and Loss.
(including current investments) that
Subsequent measurement of debt instruments is subsequently measured at FVTPL
depends on the Company’s business model (unhedged) is recognised net in the
for managing the asset and the cash flow Standalone Statement of Profit and Loss
characteristics of the asset. There are three in the period in which it arises. Interest
measurement categories into which the Company income from these financial assets is
classifies its debt instruments: included in other income.
• Amortised cost Equity instruments
Assets that are held for collection of The Company subsequently measures all equity
contractual cash flows, where those investments at fair value, except investment
cash flows represent solely payments in subsidiaries and joint ventures. Where the
of principal and interest, are measured Company’s management has elected to present
at amortised cost. A gain or loss on a fair value gains and losses on equity investments
debt investment (unhedged) that is in OCI, there is no subsequent reclassification
subsequently measured at amortised cost of fair value gains and losses to the Standalone
is recognised in the Standalone Statement Statement of Profit and Loss. When the financial
of Profit and Loss when the asset is asset is derecognised, the cumulative gain or loss
derecognised or impaired. Interest income previously recognised in OCI is reclassified to equity.
from these financial assets is included in Dividends from such investments are recognised
other income using the effective interest in the Standalone Statement of Profit and Loss
rate (‘EIR’) method. within other income when the Company’s right

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to receive payments is established. Impairment instruments issued by the Company are recorded
losses (and reversal of impairment losses) on at the proceeds received, net of direct issue costs.
equity investments measured at FVTOCI are not
reported separately from other changes in fair 2.11.3 Financial liabilities
value. The Company’s financial liabilities comprise
borrowings, trade payables and other liabilities.
Cash and cash equivalents
These are initially measured at fair value, net of
The Company considers all highly liquid financial transaction costs, and are subsequently measured
instruments, which are readily convertible into at amortised cost using the EIR method. The EIR
known amounts of cash, that are subject to an is a method of calculating the amortised cost of a
insignificant risk of change in value with a maturity financial liability and of allocating interest expense
within three months or less from the date of over the relevant period at effective interest rate.
purchase, to be cash equivalents. Cash and cash The effective interest rate is the rate that exactly
equivalents consist of balances with banks which discounts estimated future cash payments
are unrestricted for withdrawal and usage. through the expected life of the financial liability,
Derecognition of financial assets or, where appropriate, a shorter period.

A financial asset is derecognised only when the Changes to the carrying amount of a financial
Company liability as a result of renegotiation or modification
of terms that do not result in derecognition of the
• has transferred the rights to receive cash financial liability, is recognised in the Standalone
flows from the financial asset; or Statement of Profit and Loss.
• retains the contractual rights to receive Derecognition of financial liabilities
the cash flows of the financial asset, but
The Company derecognises financial liabilities
assumes a contractual obligation to pay
when, and only when, its obligations are
the cash flows to one or more recipients.
discharged, cancelled or they expire.
Where the Company transfers an asset, it evaluates
Presentation
whether it has transferred substantially all risks
and rewards of ownership of the financial asset. Borrowings are classified as current liabilities
Where the Company has transferred substantially unless the Company has an unconditional right
all risks and rewards of ownership, the financial to defer settlement of the liability for at least 12
asset is derecognised. Where the Company has months after the reporting period.
not transferred substantially all risks and rewards Trade and other payables are presented as current
of ownership of the financial asset, the financial liabilities unless payment is not due within 12
asset is not derecognised. Where the Company months after the reporting period.
has neither transferred a financial asset nor
retained substantially all risks and rewards of 2.11.4 Derivatives and hedging activities
ownership of the financial asset, the financial asset In the ordinary course of business, the Company
is derecognised if the Company has not retained uses certain derivative financial instruments
control of the financial asset. Where the Company to reduce business risks which arise from its
retains control of the financial asset, the asset exposure to foreign exchange and interest
is continued to be recognised to the extent of rate fluctuations associated with borrowings
continuing involvement in the financial asset. (cash flow hedges).  When the Company opts
2.11.2 Debt and equity instruments to undertake hedge accounting, the Company
documents, at the inception of the hedging
Debt and equity instruments are classified as either
transaction, the economic relationship between
financial liabilities or as equity in accordance with
hedging instruments and hedged items including
the substance of the contractual arrangement.
whether the hedging instrument is expected
An equity instrument is any contract that to offset changes in cash flows or fair values of
evidences a residual interest in the assets of an hedged items. The Company documents its
entity after deducting all of its liabilities. Equity risk management objective and strategy for

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undertaking various hedge transactions at the Derivatives that are not designated as hedges
inception of each hedge relationship. When derivative contracts to hedge risks are
Derivatives are initially recognised at fair value on not designated as hedges, such contracts are
the date the derivative contract is entered into and accounted through FVTPL.
are subsequently remeasured to their fair value at As at the year end, there were no designated
the end of each reporting period. The accounting accounting hedges.
for subsequent changes in fair value depends on
whether the derivative is designated as a hedging The entire fair value of a hedging derivative is
instrument, and if so, the nature of the item classified as a Non-current asset or liability when
being hedged and the type of hedge relationship the remaining maturity of the hedged item
designated. exceeds 12 months; it is classified as a current
asset or liability when the remaining maturity of
Cash flow hedges that qualify for hedge the hedged item does not exceed 12 months.
accounting
2.11.5 Financial guarantee contracts
The effective portion of changes in the fair value
Financial guarantee contracts are recognised
of derivatives that are designated and qualify
as a financial liability at the time of issuance of
as cash flow hedges, is recognised through OCI
guarantee. The liability is initially measured at fair
and as cash flow hedging reserve within equity,
value and is subsequently measured at the higher
limited to the cumulative change in fair value of
of the amount of loss allowance determined, or the
the hedged item on a present value basis from the
amount initially recognised less, the cumulative
inception of the hedge. The gain or loss relating to
amount of income recognised.
the ineffective portion is recognised immediately
in the Standalone Statement of Profit and Loss. 2.11.6 Offsetting of financial instruments

Amounts accumulated in equity are reclassified Financial assets and financial liabilities are offset
to the Standalone Statement of Profit and Loss on when the Company has a legally enforceable right
settlement. When the hedged forecast transaction (not contingent on future events) to off-set the
results in the recognition of a non-financial asset, recognised amounts either to settle on a net basis,
the amounts accumulated in equity with respect or to realise the assets and settle the liabilities
to gain or loss relating to the effective portion of simultaneously.
the spot component of forward contracts, both 2.11.7 Fair value of financial instruments
the deferred hedging gains and losses and the
In determining the fair value of its financial
deferred aligned forward points are included
instruments, the Company uses a variety of
within the initial cost of the asset. The deferred
methods and assumptions that are based on
amounts are ultimately recognised in the
market conditions and risks existing at each
Standalone Statement of Profit and Loss as the
reporting date. The methods used to determine
hedged item affects profit or loss.
fair value include discounted cash flow analysis,
When a hedging instrument expires, is sold or available quoted market prices and dealer quotes.
terminated, or when a hedge no longer meets All methods of assessing fair value result in general
the criteria for hedge accounting, then hedge approximation of value.
accounting is discontinued prospectively and
any cumulative deferred gain or loss and deferred 2.12 Impairment
costs of hedging in equity at that time remains in Investments in subsidiaries and joint ventures
equity until the forecast transaction occurs. When The Company reviews its carrying value of
the forecast transaction is no longer expected to investment in subsidiaries carried at cost (net
occur, the cumulative gain or loss and deferred of impairment, if any) when there is indication
costs of hedging that were reported in equity for impairment. If the recoverable amount is less
are immediately transferred to the Standalone than its carrying amount, the impairment loss
Statement of Profit and Loss. is accounted for in the Standalone Statement of

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Profit and Loss. The recoverable amount requires accounting periods no longer exists or may have
estimates of operating margin, discount rate, decreased, consequent to which such reversal of
future growth rate, terminal values, etc. based on impairment loss is recognised in the Standalone
management’s best estimate. Statement of Profit and Loss.
Other financial assets (other than at fair value) The Company reviews its carrying value of
The Company assesses on a forward looking basis goodwill annually, or more frequently when there
the expected credit losses associated with its assets is indication for impairment.  If the recoverable
carried at amortised cost and debt instruments amount is less than its carrying amount, the
carried at FVTOCI. The impairment methodology impairment loss is accounted for in the Standalone
applied depends on whether there has been a Statement of Profit and Loss. An impairment
significant increase in credit risk. In respect of trade loss recognised for goodwill is not reversed in a
receivables the Company applies the simplified subsequent period.
approach permitted by Ind AS 109 - Financial
Instruments, which requires expected lifetime 2.13 Inventories
losses to be recognised upon initial recognition Inventories are valued at lower of cost (on
of the receivables. For all other financial assets, weighted average basis) and net realisable
expected credit losses are measured at an amount value after providing for obsolescence and
equal to the 12-months expected credit losses or other losses, where considered necessary on an
at an amount equal to the life time expected credit item-by-item basis. Cost includes all charges in
losses if the credit risk on the financial asset has bringing the goods to their present location and
increased significantly since initial recognition. The condition, including other levies, transit insurance
gross carrying amount of a financial asset is written and receiving charges. Work-in-progress and
off (either partially or in full) to the extent that finished goods include appropriate proportion
there is no realistic prospect of recovery. Financial of overheads and, where applicable, taxes and
assets that are written off could still be subject to duties. Net realisable value is the estimated selling
enforcement activities in order to comply with the price in the ordinary course of business, less the
Company’s procedures. estimated costs of completion and the estimated
costs necessary to make the sale.
PPE, CWIP, intangible assets and goodwill
For the purpose of assessing impairment, 2.14 Revenue recognition
the smallest identifiable group of assets that
2.14.1 Sale of goods
generates cash inflows from continuing use that
are largely independent of the cash inflows from Revenue is recognised upon transfer of control of
other assets or groups of assets is considered promised goods to customers in an amount that
as a cash generating unit (“CGU”). The carrying reflects the consideration which the Company
values of assets / CGU at each Balance Sheet expects to receive in exchange for those goods.
date are reviewed to determine whether there
Revenue from the sale of goods is recognised at
is any indication that an asset may be impaired.
the point in time when control is transferred to the
If any indication of such impairment exists, the
customer which is usually on dispatch / delivery of
recoverable amount of such assets / CGU is
goods, based on contracts with the customers.
estimated and in case the carrying amount of
these assets exceeds their recoverable amount, an Revenue is measured based on the transaction
impairment loss is recognised in the Standalone price, which is the consideration, adjusted for
Statement of Profit and Loss. The recoverable volume discounts, price concessions, incentives,
amount is the higher of the net selling price and and returns, if any, as specified in the contracts with
their value in use. Value in use is arrived at by the customers. Revenue excludes taxes collected
discounting the future cash flows to their present from customers on behalf of the government.
value based on an appropriate discount factor. Accruals for discounts/incentives and returns are
Assessment is also done at each Balance Sheet estimated (using the most likely method) based on
date as to whether there is indication that an accumulated experience and underlying schemes
impairment loss recognised for an asset in prior and agreements with customers. Due to the short

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nature of credit period given to customers, there is The lease liability is initially measured at the
no financing component in the contract. present value of the lease payments that are not
paid at the commencement date, discounted
2.14.2 Interest income
using the interest rate implicit in the lease or, if that
For all debt instruments measured either at rate cannot be readily determined, the Company’s
amortised cost or at FVTOCI, interest income is incremental borrowing rate. For leases with
recorded using the EIR method. reasonably similar characteristics, the Company,
2.14.3 Dividend income on a lease by lease basis, may adopt either the
incremental borrowing rate specific to the lease or
Dividend income is accounted for when Company’s
the incremental borrowing rate for the portfolio as
right to receive the income is established.
a whole.
2.14.4 Insurance claims
Lease payments included in the measurement of
Insurance claims are accounted for on the basis of the lease liability comprise the fixed payments,
claims admitted and to the extent that there is no including in-substance fixed payments and lease
uncertainty in receiving the claims. payments in an optional renewal period if the
2.15 Leases Company is reasonably certain to exercise an
extension option;
The Company assesses whether a contract
contains a lease, at inception of a contract. A The lease liability is measured at amortised cost
contract is, or contains, a lease if the contract using the effective interest method.
conveys the right to control the use of an
The Company has elected not to recognise right-
identified asset for a define period of time in
of-use assets and lease liabilities for short-term
exchange for consideration. To assess whether a
leases that have a lease term of 12 months or
contract conveys the right to control the use of an
less and leases of low-value assets. The Company
identified assets, the Company assesses whether:
recognises the lease payments associated with
(i) the contact involves the use of an identified
these leases as an expense on a straight-line basis
asset (ii) the Company has substantially all of the
over the lease term. The Company applied a single
economic benefits from use of the asset through
discount rate to a portfolio of leases of similar
the period of the lease and (iii) the Company has
assets in similar economic environment with a
the right to direct the use of the asset.
similar end date.
As a lessee, The Company recognises a right-
of-use asset and a lease liability at the lease 2.16 Employee benefits plans
commencement date. The right-of-use asset Employee benefits consist of provident fund,
is initially measured at cost, which comprises superannuation fund, gratuity fund, compensated
the initial amount of the lease liability adjusted absences, long service awards, post-retirement
for any lease payments made at or before the medical benefits, directors’ retirement obligations
commencement date, plus any initial direct costs and family benefit scheme.
incurred and an estimate of costs to dismantle
and remove the underlying asset or to restore the 2.16.1 Post-employment benefit plans
underlying asset or the site on which it is located, Defined contribution plans
less any lease incentives received. Payments to a defined contribution retirement
The right-of-use asset is subsequently depreciated benefit scheme for eligible employees in the form
using the straight-line method from the of superannuation fund are charged as an expense
commencement date to the earlier of the end of as they fall due. Such benefits are classified as
the useful life of the right-of-use asset or the end of Defined Contribution Schemes as the Company
the lease term. The estimated useful lives of right- does not carry any further obligations, apart from
of-use assets are determined on the same basis the contributions made.
as those of property and equipment. In addition,
Defined benefit plans
the right-of-use asset is periodically reduced by
impairment losses, if any, and adjusted for certain Contributions to a Provident Fund are made to
remeasurements of the lease liability. Tata Chemicals Limited Employees’ Provident

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Fund Trust, administered by the Company, and 2.16.2 Short-term employee benefits
are charged to the Standalone Statement of The short-term employee benefits expected to
Profit and Loss as incurred. The Trust invests in be paid in exchange for the services rendered by
specific designated instruments as permitted by employees is recognised during the period when
Indian law. The remaining portion is contributed the employee renders the service. These benefits
to the government administered pension fund. include compensated absences such as paid
The Company is liable for the contribution and annual leave and performance incentives which
any shortfall in interest between the amount are expected to occur within twelve months after
of interest realised by the investments and the the end of the period in which the employee
interest payable to members at the rate declared renders the related services.
by the Government of India in respect of the Trust
administered by the Company. The cost of compensated absences is accounted
as under:
For defined benefit schemes in the form of
(a) In case of accumulating compensated
gratuity fund, provident fund, post-retirement
absences, when employees render service
medical benefits, pension liabilities (including
that increase their entitlement of future
directors’) and family benefit scheme, the cost of
compensated absences; and
providing benefits is actuarially determined using
the projected unit credit method, with actuarial (b) In case of non - accumulating compensated
valuations being carried out at each Balance Sheet absence, when the absences occur.
date. 2.16.3 Other long-term employee benefits
The retirement benefit obligation recognised Compensated absences which are not expected
in the Standalone Balance Sheet represents the to occur within twelve months after the end of the
present value of the defined benefit obligation as period in which the employee renders the related
reduced by the fair value of scheme assets. services are recognised as a liability. The cost of
providing benefits is actuarially determined using
The present value of the said obligation is
the projected unit credit method, with actuarial
determined by discounting the estimated future
valuations being carried out at each Balance
cash outflows, using market yields of government
Sheet date. Long Service Awards are recognised
bonds of equivalent term and currency to the
as a liability at the present value of the obligation
liability.
at the Balance Sheet date. All gains/losses due to
The interest income / (expense) are calculated actuarial valuations are immediately recognised in
by applying the discount rate to the net defined the Standalone Statement of Profit and Loss.
benefit liability or asset. The net interest income
/ (expense) on the net defined benefit liability is 2.17 Employee separation compensation
recognised in the Standalone Statement of Profit Compensation paid / payable to employees who
and Loss. have opted for retirement under a Voluntary
Remeasurements, comprising of actuarial gains Retirement Scheme including ex-gratia is charged
and losses, the effect of the asset ceiling (if any), are to the Standalone Statement of Profit and Loss in
recognised immediately in the Standalone Balance the year of separation.
Sheet with a corresponding charge or credit
to retained earnings through OCI in the period
2.18 Borrowing costs
in which they occur. Remeasurements are not Borrowing costs are interest and ancillary costs
reclassified to the Standalone Statement of Profit incurred in connection with the arrangement of
and Loss in subsequent periods. borrowings. General and specific borrowing costs
attributable to acquisition and construction of
Changes in the present value of the defined benefit qualifying assets is added to the cost of the assets
obligation resulting from plan amendments or upto the date the asset is ready for its intended
curtailments are recognised immediately in the use. Capitalisation of borrowing costs is suspended
Standalone Statement of Profit and Loss as past and charged to the Standalone Statement of
service cost. Profit and Loss during extended periods when

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active development activity on the qualifying items that are never taxable or deductible. The
assets is interrupted. All other borrowing costs are Company’s liability for current tax is calculated
recognised in the Standalone Statement of Profit using tax rates and tax laws that have been
and Loss in the period in which they are incurred. enacted or substantively enacted by the end of
the reporting period.
2.19 Government grants Current tax assets and current tax liabilities are
Government grants and subsidies are recognised offset when there is a legally enforceable right to
when there is reasonable assurance that the set off the recognised amounts and there is an
Company will comply with the conditions intention to realise the asset or to settle the liability
attached to them and the grants and subsidies on a net basis.
will be received. Government grants whose Deferred tax is the tax expected to be payable or
primary condition is that the Company should recoverable on differences between the carrying
purchase, construct or otherwise acquire non- values of assets and liabilities in the Standalone
current assets are recognised as deferred revenue Financial Statements and the corresponding tax
in the Standalone Balance Sheet and transferred bases used in the computation of taxable profit
to the Standalone Statement of Profit and Loss on and is accounted for using the Standalone Balance
systematic and rational basis over the useful lives Sheet liability method. Deferred tax liabilities are
of the related asset. generally recognised for all taxable temporary
differences arising between the tax base of
2.20 Segment reporting assets and liabilities and their carrying amount,
The operating segments are the segments for except when the deferred income tax arises from
which separate financial information is available the initial recognition of an asset or liability in a
and for which operating profit/loss amounts are transaction that is not a business combination and
evaluated regularly by the Managing Director and affects neither accounting nor taxable profit or loss
Chief Executive Officer (who is the Company’s at the time of the transaction. In contrast, deferred
chief operating decision maker) in deciding how to tax assets are only recognised to the extent that
allocate resources and in assessing performance. it is probable that future taxable profits will be
available against which the temporary differences
The accounting policies adopted for segment
can be utilised.
reporting are in conformity with the accounting
policies of the Company. Segment revenue, The carrying value of deferred tax assets is
segment expenses, segment assets and segment reviewed at the end of each reporting period and
liabilities have been identified to segments on reduced to the extent that it is no longer probable
the basis of their relationship to the operating that sufficient taxable profits will be available to
activities of the segment. Inter segment revenue is allow all or part of the asset to be recovered.
accounted on the basis of transactions which are Deferred tax is calculated at the tax rates that are
primarily determined based on market / fair value expected to apply in the period when the liability
factors. Revenue, expenses, assets and liabilities is settled or the asset is realised based on the
which relate to the Company as a whole and are tax rates and tax laws that have been enacted or
not allocable to segments on a reasonable basis substantially enacted by the end of the reporting
have been included under ‘unallocated revenue / period. The measurement of deferred tax liabilities
expenses / assets / liabilities’. and assets reflects the tax consequences that
would follow from the manner in which the
2.21 Income tax Company expects, at the end of the reporting
Tax expense for the year comprises current and period, to cover or settle the carrying value of its
deferred tax. The tax currently payable is based assets and liabilities.
on taxable profit for the year. Taxable profit differs Deferred tax assets and liabilities are offset to the
from net profit as reported in the Standalone extent that they relate to taxes levied by the same
Statement of Profit and Loss because it excludes tax authority and there are legally enforceable
items of income or expense that are taxable or rights to set off current tax assets and current tax
deductible in other years and it further excludes liabilities within that jurisdiction.

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 Integrated Annual Report 2020-21

Current and deferred tax are recognised as an 2.23 Dividend

expense or income in the Standalone Statement Final dividend on shares is recorded as a liability
of Profit and Loss, except when they relate to items on the date of approval by the shareholders and
credited or debited either in other comprehensive interim dividends are recorded as a liability on the
income or directly in equity, in which case the tax date of declaration by the Company’s Board of
is also recognised in OCI or directly in equity. Directors.

2.22 Provisions and contingencies 2.24 Business combinations

A provision is recognised when the Company has The Company accounts for the common control
a present obligation as a result of past events and transactions in accordance with the ‘pooling of
it is probable that an outflow of resources will interest’ method prescribed under Ind AS 103
be required to settle the obligation, in respect - Business Combination for common control
of which a reliable estimate of the amount can transactions and as per the provisions of respective
be made. Provisions are determined based on schemes approved by the regulators, where all the
best estimate required to settle the obligation assets and liabilities of transferor companies would
at the Balance Sheet date. When a provision is be recorded at the book value as at the Appointed
measured using the cash flows estimated to settle date.
the present obligation, its carrying amount is the
present value of those cash flows (when the effect 3. Recent Indian Accounting Standard (Ind AS)
of the time value of the money is material). The and note on COVID-19
increase in the provisions due to passage of time 3.1 Recent accounting pronouncements
is recognised as interest expense. Provisions are which are not yet effective
reviewed as at each reporting date and adjusted Ministry of Corporate Affairs (“MCA”) notifies new
to reflect the current estimate. standard or amendments to the existing standards.
Provisions are reviewed at each Balance Sheet There is no such notification which would have
been applicable from April 1, 2021.
date and adjusted to reflect the current best
estimate. If it is no longer probable that the
3.2 Note on COVID-19
outflow of resources would be required to settle
the obligation, the provision is reversed. The production of soda ash, sodium bicarbonate
and specialty products operations has recovered
Contingent liabilities are disclosed when there is after the initial phases of the lockdown as
a possible obligation arising from past events, the customers’ own operations recommenced.
existence of which will be confirmed only by the
occurrence or non-occurrence of one or more The Company has taken into account potential
uncertain future events not wholly within the impacts of COVID-19 in the preparation of the
control of the Company or a present obligation Standalone Financial Statements. Based on the
that arises from past events where it is either information currently available there is no material
not probable that an outflow of resources will impact on carrying amounts of inventories,
be required to settle or a reliable estimate of the goodwill, intangible assets, trade receivables,
amount cannot be made. investments and other financial assets though
management continues to monitor changes
Contingent assets are not disclosed in the in future economic conditions. The impact of
Standalone Financial Statements unless an inflow COVID-19 on the Standalone Financial Statements
of economic benefits is probable. may differ from that estimated as at the date of
approval of these Standalone Financial Statements.

174
 4 Property, plant and equipment
1-59

` in crore
Salt works,
Traction
Furniture Water
Factory Other Plant and Office Lines and
Land * and Vehicles works, Total
Buildings Buildings Machinery Equipment Railway
Integrated Report

Fittings Reservoirs
Sidings
and Pans
Gross Block
Balance as at April 1, 2019 42.67 176.15 144.33 1,518.78 22.24 7.04 43.82 50.17 9.12 2,014.32
60-146

Additions/adjustments ** 15.05 157.07 27.22 579.89 4.48 1.44 6.41 10.51 0.01 802.08
Disposals - (0.07) (0.16) (12.12) (0.04) (0.40) (0.42) - - (13.21)
Transferred to Right-of-use assets (note 6) - - (0.17) (28.35) - (0.74) - - - (29.26)
Statutory Reports

Transferred to discontinued operations

(note 34) - - - (5.63) - - (0.73) - - (6.36)
Balance as at March 31, 2020 57.72 333.15 171.22 2,052.57 26.68 7.34 49.08 60.68 9.13 2,767.57
Additions/adjustments ** (0.27) 84.93 21.10 249.92 13.71 1.14 5.28 9.73 0.18 385.72
Disposals/adjustments - (2.48) - (64.21) (0.71) (2.19) (0.51) (15.90) (1.60) (87.60)
Standalone

Transferred to Investment property (note 5) (15.47) (11.47) (12.87) - - - - - - (39.81)

Balance as at March 31, 2021 41.98 404.13 179.45 2,238.28 39.68 6.29 53.85 54.51 7.71 3,025.88
Accumulated Depreciation
Financial Statements

Balance as at April 1, 2019 - 25.85 23.55 380.44 7.36 3.66 35.79 16.76 2.77 496.18
Depreciation for the year - 10.12 4.16 112.47 2.74 1.39 3.82 7.22 0.67 142.59
Disposals/adjustments - (0.06) (0.11) (8.59) (0.04) (0.38) (0.48) - - (9.66)
Transferred to Right-of-use assets (note 6) - - - (14.63) - (0.61) - - - (15.24)
Transferred to discontinued operations
(note 34) - - - (2.13) - - (0.56) - - (2.69)
Balance as at March 31, 2020 - 35.91 27.60 467.56 10.06 4.06 38.57 23.98 3.44 611.18
Depreciation for the year - 18.21 5.46 152.54 3.91 0.84 3.20 5.94 0.67 190.77
Disposals/adjustments - (2.43) - (61.43) (0.50) (2.15) (0.48) (15.71) (1.58) (84.28)
Transferred to Investment property (note 5) - (2.46) (3.12) - - - - - - (5.58)
Balance as at March 31, 2021 - 49.23 29.94 558.67 13.47 2.75 41.29 14.21 2.53 712.09
Net Block as at March 31, 2020 57.72 297.24 143.62 1,585.01 16.62 3.28 10.51 36.70 5.69 2,156.39
Net Block as at March 31, 2021 41.98 354.90 149.51 1,679.61 26.21 3.54 12.56 40.30 5.18 2,313.79
*Land ` 15.05 crore (2020 : ` 15.05 crore) for which legal formalities relating to transfer of title are pending.
**Includes ` Nil (2020 : ` 0.32 crore) preoperative depreciation Capitalised.

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 Integrated Annual Report 2020-21

5 Investment property
` in crore
Land Building Total
Gross Block
Balance as at April 1, 2019 1.13 23.15 24.28
Disposals * - -
Balance as at March 31, 2020 1.13 23.15 24.28
Transferred from Property, plant and equipment (note 4) 15.47 24.34 39.81
Balance as at March 31, 2021 16.60 47.49 64.09
Accumulated Depreciation
Balance as at April 1, 2019 - 2.56 2.56
Depreciation for the year - 0.61 0.61
Balance as at March 31, 2020 - 3.17 3.17
Depreciation for the year - 0.60 0.60
Transferred from Property, plant and equipment (note 4) - 5.58 5.58
Balance as at March 31, 2021 - 9.35 9.35
Net Block as at March 31, 2020 1.13 19.98 21.11
Net Block as at March 31, 2021 16.60 38.14 54.74
*value below ` 50,000
Footnotes:
a) Disclosures relating to fair valuation of investment property
Fair value of the above investment property as at March 31, 2021 is ` 273.39 crore (2020: 133.46 crore) based on external
valuation.
Fair Value Hierarchy
The fair value of investment property has been determined by external independent property valuers, having appropriate recognised
professional qualification and recent experience in the location and category of the property being valued.
The fair value measurement for all of the investment property has been categorised as a level 3 fair value based on the inputs to the
valuation techniques used.
Description of valuation technique used
The Company obtains independent valuations of its investment property after every three years. The fair value of the investment
property have been derived using the Direct Comparison Method. The direct comparison approach involves a comparison of
the investment property to similar properties that have actually been sold in arms-length distance from investment property or
are offered for sale in the same region. This approach demonstrates what buyers have historically been willing to pay (and sellers
willing to accept) for similar properties in an open and competitive market, and is particularly useful in estimating the value of the
land and properties that are typically traded on a unit basis. This approach leads to a reasonable estimation of the prevailing price.
Given that the comparable instances are located in close proximity to the investment property; these instances have been assessed
for their locational comparative advantages and disadvantages while arriving at the indicative price assessment for investment
property.
b) The Company has not earned any material rental income on the above properties.

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6 Right-of-use assets
` in crore
Plant and
Land Building Vehicles Total
Machinery
Gross Block
Balance as at April 1, 2019 - - - - -
Transferred from Property, plant and equipment (note 4) - 0.17 28.35 0.74 29.26
Transferred from prepaid expenses 1.87 - - - 1.87
Transition impact of Ind AS 116 (note 37) - 4.03 - - 4.03
Additions 7.74 - - - 7.74
Balance as at March 31, 2020 9.61 4.20 28.35 0.74 42.90
Additions 5.92 - - - 5.92
Deletion - (2.91) - - (2.91)
Balance as at March 31, 2021 15.53 1.29 28.35 0.74 45.91
Accumulated amortisation
Balance as at April 1, 2019 - - - - -
Transferred from Property, plant and equipment (note 4) - - 14.63 0.61 15.24
Amortisation for the year 0.06 0.75 3.68 0.13 4.62
Balance as at March 31, 2020 0.06 0.75 18.31 0.74 19.86
Amortisation for the year 0.10 0.70 2.25 - 3.05
Disposals - (0.68) - - (0.68)
Balance as at March 31, 2021 0.16 0.77 20.56 0.74 22.23
Net Block as at March 31, 2020 9.55 3.45 10.04 - 23.04
Net Block as at March 31, 2021 15.37 0.52 7.79 - 23.68
(Refer note 37 for lease liabilities related disclosures)

7 Other intangible assets

` in crore
Computer
Others* Total
software
Gross Block
Balance as at April 1, 2019 6.04 6.78 12.82
Additions 1.09 1.82 2.91
Transferred to discontinued operations (note 34) (0.48) - (0.48)
Balance as at March 31, 2020 6.65 8.60 15.25
Additions/Adjustments 1.32 2.70 4.02
Disposals (0.03) - (0.03)
Balance as at March 31, 2021 7.94 11.30 19.24
Accumulated amortisation
Balance as at April 1, 2019 2.99 3.06 6.05
Amortisation for the year 1.15 0.85 2.00
Transferred to discontinued operations (note 34) (0.02) - (0.02)
Balance as at March 31, 2020 4.12 3.91 8.03
Amortisation for the year 1.25 1.65 2.90
Disposals (0.03) - (0.03)
Balance as at March 31, 2021 5.34 5.56 10.90
Net Block as at March 31, 2020 2.53 4.69 7.22
Net Block as at March 31, 2021 2.60 5.74 8.34
*Others include product registration fees and the wagon rights provided by the Ministry of Railways to carry goods at concessional
freight.

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 Integrated Annual Report 2020-21

8 Investments
As at March 31, 2021 As at March 31, 2020
Holdings Holdings
Amount Amount
No. of No. of
` in crore ` in crore
securities securities
(a) Investments in equity instruments in subsidiaries and
joint ventures (fully paid up) (footnote "ii")
(i) Subsidiaries (at cost)
Quoted
Rallis India Ltd. 9,73,41,610 479.97 9,73,41,610 479.97
Unquoted
Tata Chemicals International Pte. Limited 48,53,07,852 3,123.75 48,53,07,852 3,123.75
Ncourage Social Enterprise Foundation 25,50,000 2.55 25,50,000 2.55
(ii) Investments in preference shares (fully paid up)
Unquoted (at cost)
Direct Subsidiary
 Non Cumulative Redeemable Preference Shares of 1,61,00,000 750.16 1,61,00,000 750.16
Tata Chemicals International Pte. Limited
Indirect Subsidiaries
 Non Cumulative Redeemable Preference Shares of 1,00,00,000 65.18 1,00,00,000 65.18
Gusiute Holdings (UK) Limited
 Non Cumulative Redeemable Preference Shares of 1,78,50,000 116.34 1,78,50,000 116.34
Homefield Pvt UK Limited
Less: Impairment # (116.34) (116.34)
(iii) Joint ventures (at cost)
Unquoted
Indo Maroc Phosphore, S.A. , Morocco 2,06,666 166.26 2,06,666 166.26
Tata Industries Ltd. 98,61,303 170.19 98,61,303 170.19
Total investments 4,758.06 4,758.06
(b) Other investments
(i) Investments in equity instruments (Fair value
through other comprehensive income)
Quoted
The Indian Hotels Co. Ltd. 1,06,89,348 118.49 1,06,89,348 80.17
Oriental Hotels Ltd. 25,23,000 5.75 25,23,000 4.35
Tata Investment Corporation Ltd. 4,41,015 45.67 4,41,015 29.25
Tata Steel Ltd. 30,90,051 250.87 28,90,693 77.93
Tata Steel Ltd. (Partly Paid) - - 1,99,358 0.59
Tata Motors Ltd. 19,66,294 59.34 19,66,294 13.97
Titan Company Ltd. 1,38,26,180 2,154.19 1,38,26,180 1,290.97
Unquoted
The Associated Building Co. Ltd. 550.00 0.02 550.00 0.02
Taj Air Ltd. 40,00,000 - 40,00,000 -
Tata Capital Ltd. 32,30,859 13.02 32,30,859 16.48
Tata International Ltd. 72,000 151.43 48,000 108.48
Tata Projects Ltd. 1,93,500 289.32 1,93,500 222.85
Tata Services Ltd. 1,260 0.13 1,260 0.13
Tata Sons Private Ltd. 10,237 56.86 10,237 56.86
Tata Teleservices Ltd. (footnote 'i') # - - 12,85,110 -

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As at March 31, 2021 As at March 31, 2020

Holdings Holdings
Amount Amount
No. of No. of
` in crore ` in crore
securities securities
Unquoted (contd...)
IFCI Venture Capital Funds Ltd. 2,50,000 0.67 2,50,000 0.67
Kowa Spinning Ltd. 60,000 * 60,000 *
Global Innovation And Technology Alliance (GITA) 15,000 1.50 15,000 1.50
Water Quality India Association 7,100 0.01 7,100 0.01
Total investments (b (i)) 3,147.27 1,904.23
(ii) Investments in non convertible debentures (Fair
value through profit and loss)
Tata International Ltd. (Quoted) 1,500 150.00 - -
Total investments (b (i+ii)) 3,297.27 1,904.23
Aggregate amount of quoted investments 3,264.28 1,977.20
Aggregate market value of quoted investments 5,245.11 3,207.52
Aggregate carrying value of unquoted investments 4,791.05 4,685.09
# Aggregate amount of impairment in value of unquoted
Investments 116.34 117.85
Footnote:
(i) Details of country of incorporation, nature of business and % equity interest have been disclosed in note 38 of the Consolidated
Financial Statements for the year ended March 31, 2021.
*value below ` 50,000/-

(c) Current investments (Fair value through profit and loss) ` in crore
As at As at
March 31, 2021 March 31, 2020
Unquoted
Investment in mutual funds 1,281.81 1,301.33
Total current investments 1,281.81 1,301.33

9. Loans
` in crore
As at As at
March 31, 2021 March 31, 2020
Non-Current
(a) Other loans (Unsecured, considered good)
(i) Loans to employees (footnote 'i') 0.62 0.92
0.62 0.92
Current
(a) Other loans (Unsecured, considered good)
(i) Loans to employees (footnote 'i') 0.17 0.23
(ii) Loans to related parties (note 43 (b)) 676.40 700.03
Less : Impairment (note 43 (b)) (676.40) (700.03)
- -
0.17 0.23
Footnote:
(i) Loans to employees includes ` Nil (2020: ` Nil) due from officer of the Company. Maximum balance outstanding during the year is
` Nil (2020: ` Nil).

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10. Other financial assets

` in crore
As at As at
March 31, 2021 March 31, 2020
Non-Current
(a) Fixed deposits with banks 0.26 0.26
0.26 0.26
Current
(a) Claim receivable - Related party (note 43 (b)) 9.56 4.92
(b) Derivatives (note 40) - 1.64
(c) Accrued interest income 11.91 2.22
(d) Advance recoverable - Related party (footnote 'i') (note 43 (b)) 60.39 65.38
(e) Subsidy receivable (net) (footnote 'ii') 35.22 60.08
(f ) Others 1.64 3.07
118.72 137.31
Footnotes:
(i) Advance recoverable from related party is short term in nature and receivable on demand.
(ii) Subsidy receivable from the Government relates to Phosphatic Fertiliser business and Trading business.

11. Other assets

` in crore
As at As at
March 31, 2021 March 31, 2020
Non-Current
(a) Capital advances 237.19 115.52
(b) Deposit with public bodies and others 51.13 62.53
(c) Prepaid expenses 3.22 6.18
291.54 184.23
Current
(a) Prepaid expenses 6.76 6.20
(b) Advance to suppliers 21.85 30.01
Less: Allowances for bad and doubtful advances (0.05) (0.08)
21.80 29.93
(c) Statutory receivables 94.77 107.24
(d) Others - 0.59
123.33 143.96

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12. Inventories
` in crore
As at As at
March 31, 2021 March 31, 2020
(a) Raw materials 326.30 502.67
(b) Work-in-progress 29.55 40.49
(c) Finished goods 56.20 86.99
(d) Stock in trade 42.57 12.43
(e) Stores, spare parts and packing materials (net) 67.02 58.59
521.64 701.17
Footnotes:
(i) Inventories includes goods in transit:
- Raw materials 35.69 47.05
- Stock in trade 8.91 5.66
- Stores and spare parts and packing materials 0.36 0.62
(ii) The cost of inventories recognised as an expense includes ` 7.29 crore (2020: ` 0.60 crore) in respect of write-down of inventories to
net realisable value.
(iii) Inventories have been offered as security against the working capital facilities provided by the bank.

13. Trade receivables

` in crore
As at As at
March 31, 2021 March 31, 2020
Current
(a) Secured, considered good 6.30 3.99
(b) Unsecured, considered good 138.62 135.85
(c) Unsecured, credit impaired 56.93 56.81
Less: Impairment loss allowance (56.93) (56.81)
144.92 139.84
Footnotes:
(i) The Company has appropriate levels of control procedures for new customers which ensures the potential customer's credit quality.
Credit limits attributed to customers are reviewed periodically by the Management.
(ii) Movement in credit impaired ` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
Balance at the beginning of the year 56.81 68.36
Credit impaired pertaining to discontinued operations (note 34) - (11.43)
Provision during the year 0.30 0.17
Reversal during the year (0.18) (0.29)
Balance at the end of the year 56.93 56.81
(iii) Trade receivables have been offered as security against the working capital facilities provided by the bank.

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14. Cash and cash equivalents and other bank balances

` in crore
As at As at
March 31, 2021 March 31, 2020
Cash and cash equivalents:
(a) Balance with banks 61.41 83.70
(b) Cash on hand - 0.02
Cash and cash equivalents as per Statement of Cash Flow 61.41 83.72
Other bank balances:
(a) Earmarked balances with banks 18.74 20.70
(b) Deposit accounts (with original maturity less than 12 months from the Balance Sheet date) 605.17 775.16
623.91 795.86
Footnote:
(i) Non cash transactions
The Company has not entered into any non cash investing and financing activities.

15 Equity share capital

As at March 31, 2021 As at March 31, 2020
No of shares ` in crore No of shares ` in crore
(a) Authorised:
Ordinary shares of ` 10 each 27,00,00,000 270.00 27,00,00,000 270.00
(b) Issued :
Ordinary shares of ` 10 each 25,48,42,598 254.84 25,48,42,598 254.84
(c) Subscribed and fully paid up:
Ordinary shares of ` 10 each 25,47,56,278 254.76 25,47,56,278 254.76
(d) Forfeited shares:
Amount originally paid-up on forfeited shares 86,320 0.06 86,320 0.06
254.82 254.82
Footnotes:
(i) The movement in number of shares and amount outstanding at the beginning and at the year end
Year ended March 31, 2021 Year ended March 31, 2020
No of shares ` in crore No of shares ` in crore
Issued share capital:
Ordinary shares :
Balance as at April 1, 25,48,42,598 254.84 25,48,42,598 254.84
Balance as at March 31 25,48,42,598 254.84 25,48,42,598 254.84
Subscribed and paid up:
Ordinary shares :
Balance as at April 1, 25,47,56,278 254.76 25,47,56,278 254.76
Balance as at March 31 25,47,56,278 254.76 25,47,56,278 254.76

(ii) Terms/ rights attached to equity shares

The Company has issued one class of ordinary shares at par value of ` 10 per share. Each shareholder is eligible for one vote per
share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting except in the case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company, after distribution of all preferential accounts, in proportion to their shareholding.

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(iii) Details of shares held by each shareholder holding more than 5% shares.
As at March 31, 2021 As at March 31, 2020
No of shares % No of shares %
Ordinary shares with voting rights
(i) Tata Sons Private Ltd. 8,12,60,095 31.90 7,26,25,673 28.51
(ii) Life Insurance Corporation of India 1,86,10,802 7.31 1,68,84,036 6.63
(iii) Tata Investment Corporation Ltd. 1,52,00,001 5.97 1,52,00,001 5.97
(iv) ICICI Prudential Mutual fund * * 1,60,79,641 6.31
*Not holding more than 5% shares

16. Other equity

` in crore
As at As at
March 31, 2021 March 31, 2020
1 Capital reserve and other reserves from amalgamation 1,522.74 1,522.74
2 Securities premium 1,258.21 1,258.21
3 Capital redemption reserve 0.10 0.10
4 Debenture redemption reserve - -
5 General reserve 1,411.94 1,411.94
6 Retained earnings 6,078.31 5,859.58
7 Equity instruments through other comprehensive income 2,731.05 1,669.93
Total other equity 13,002.35 11,722.50

The movement in other equity ` in crore

Year ended Year ended
March 31, 2021 March 31, 2020
16.1 Capital reserve and other reserves from amalgamation
Balance at the beginning of the year 1,522.74 1,522.74
Balance at the end of the year 1,522.74 1,522.74
Footnote:
Capital reserve represents the difference between the consideration paid and net assets received under common control business
combination transaction. It can be utilised in accordance with the provisions of the 2013 Act.
16.2 Securities premium
Balance at the beginning of the year 1,258.21 1,258.21
Balance at the end of the year 1,258.21 1,258.21
Footnote:
Securities premium is used to record the premium on issue of shares. The reserve is eligible for utilisation in accordance with the
provisions of the 2013 Act.
16.3 Capital redemption reserve
Balance at the beginning of the year 0.10 0.10
Balance at the end of the year 0.10 0.10
16.4 Debenture redemption reserve
Balance at the beginning of the year - 240.00
Transferred to General reseve - (240.00)
Balance at the end of the year - -
Footnote:
The Company is required to create a debenture redemption reserve out of the profits which is available for the purpose of
redemption of debentures, which has been redeemed during the previous year.

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` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
16.5 General reserve
Balance at the beginning of the year 1,411.94 1,171.94
Transferred from Debenture redemption reserve - 240.00
Balance at the end of the year 1,411.94 1,411.94
Footnote:
The general reserve represents amounts appropriated out of retained earnings based on the provisions of the Act prior to its
amendment.
16.6 Retained earnings
Balance at the beginning of the year 5,859.58 5,742.38
Transition impact of Ind AS 116 - (0.21)
Restated balance 5,859.58 5,742.17
Profit for the year 479.11 6,840.22
Remeasurement of defined employee benefit plans (net of tax) 21.36 (37.59)
Dividend (including tax on dividend ` Nil (2020: ` 60.45 crore)) (280.23) (378.90)
Deemed dividend on demerger (note 34) - (6,307.97)
Refund of tax on dividend - 1.65
Transfer from equity instruments through other comprehensive income (1.51) -
Balance at the end of the year (footnote 'ii') 6,078.31 5,859.58
Footnotes:
(i) The Board of Directors has recommended a final dividend of 100 % (2020: 110 %) for the financial year 2020-21 `10.00 per
share (2020: ` 11.00 per share) which is subject to approval of shareholders.
(ii) Includes balance of remeasurement of net defined benefit plans loss of ` 45.84 crore (2020: ` 67.20 crore).
(iii) Retained earnings represents net profits after distributions and transfers to other reserves.
16.7 Equity instruments through other comprehensive income
Balance at the beginning of the year 1,669.93 2,174.78
Changes in fair value of equity instruments at FVTOCI (net of tax) 1,059.61 (504.85)
Transfer to retained earnings 1.51 -
Balance at the end of the year 2,731.05 1,669.93
Footnote:
This reserve represents the cumulative gains and losses arising on the revaluation of equity instruments measured at fair value
through other comprehensive income, net of amounts reclassified to retained earnings when those assets have been disposed off.

17. Lease liabilities

` in crore
As at As at
March 31, 2021 March 31, 2020
Non-Current
Lease liabilities (note 37) 4.85 10.41
4.85 10.41

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18. Other financial liabilities

` in crore
As at As at
March 31, 2021 March 31, 2020
Non-Current
(a) Pension payable on employee separation scheme 0.11 0.17
0.11 0.17
Current
(a) Current maturities of lease liabilities (note 37) 4.10 4.35
(b) Creditors for capital goods 65.64 80.21
(c) Unclaimed dividend (footnote 'i') 18.77 18.73
(d) Unclaimed debenture interest 0.01 0.01
(e) Derivatives (note 40) 1.09 -
(f ) Security deposit from customers 22.19 22.86
(g) Accrued expenses 57.32 52.59
(h) Others 0.75 8.29
169.87 187.04
Footnote:
(i) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the
Company except for ` 0.55 crore (2020: ` 0.57 crore), wherein legal disputes with regards to ownership have remained unresolved.

19. Provisions
` in crore
As at As at
March 31, 2021 March 31, 2020
Non-Current
(a) Provision for employee benefits
(i) Pension and other post retirement benefits (note 38) 147.58 158.84
(ii) Long service awards 2.15 2.42
149.73 161.26
(b) Other provisions (footnote 'i') 2.12 2.11
151.85 163.37
Current
(a) Provision for employee benefits
(i) Pension and other post retirement benefits (note 38) 6.01 5.66
(ii) Compensated absences and long service awards 43.65 46.57
49.66 52.23
(b) Other provisions (footnote 'i') 154.52 147.41
204.18 199.64

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Footnote:
(i) Other provisions include: ` in crore
Asset Provision for
retirement litigations and Total
obligation (1) others (2)
Balance as at March 31, 2019 15.30 139.55 154.85
Provisions pertaining to discontinued operation (refer note 34) - 7.84 7.84
Provisions recognised during the year 0.06 4.12 4.18
Payments / utilisation during the year - (17.35) (17.35)
Balance as at March 31, 2020 15.36 134.16 149.52
Provisions pertaining to discontinued operation (Phosphatic Fertilisers business) - 7.84 7.84
Provisions recognised during the year 0.01 3.21 3.22
Payments during the year - (3.94) (3.94)
Balance as at March 31, 2021 15.37 141.27 156.64
Balance as at March 31, 2020
Non-Current 2.11 - 2.11
Current 13.25 134.16 147.41
Total 15.36 134.16 149.52
Balance as at March 31, 2021
Non-Current 2.12 - 2.12
Current 13.25 141.27 154.52
Total 15.37 141.27 156.64
Nature of provisions :
1) Provision for asset retirement obligation includes provision towards site restoration expense and decomissioning charges. The timing
of the outflows is expected to be within a period of one to thirty years from the date of Balance Sheet.
2) Provision for litigations and others represents management's best estimate of outflow of economic resources in respect of water
charges, entry tax, land revenue and other disputed items including direct taxes, indirect taxes and other claims. The timing of
outflows is uncertain and will depend on the cessation of the respective cases.

20. Deferred tax assets and liabilities

` in crore
As at As at
March 31, 2021 March 31, 2020
(a) Deferred tax assets (61.92) (151.88)
(b) Deferred tax liabilities 263.85 211.43
Deferred tax liabilities (net) 201.93 59.55

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2020-21 ` in crore
Recognised
Recognised in
in the Transferred
the Statement Recognised Transition
Statement to As at
As at April of Profit in other impact of
of Profit Discontinued March 31,
1, 2020 and Loss comprehensive Ind AS 116
and Loss operation 2021
(discontinued income (note 37)
(continuing (note 34)
operation)
operations)
Deferred tax (assets)/liabilities in
relation to:
Allowance for doubtful debts and
advances (25.40) - - - - - (25.40)
Accrued expenses allowed in the year of
payment and on fair value of investments (86.68) (11.30) - 142.01 - - 44.03
Mark to market gains on mutual funds
and derivatives 24.46 0.84 - - - - 25.30
Depreciation and amortisation 186.97 7.55 - - - - 194.52
Right-of-use assets and lease liability (9.49) 1.46 - - - - (8.03)
Expenses disallowed
(including other payables) (30.31) 1.82 - - - - (28.49)
59.55 0.37 - 142.01 - - 201.93
Deferred tax (assets)/liabilities in
relation to: Assets Liabilities Net
Allowance for doubtful debts and
advances (25.40) - (25.40)
Accrued expenses allowed in the year of
payment and on fair value of investments - 44.03 44.03
Mark to market gains on mutual funds
and derivatives - 25.30 25.30
Depreciation and amortisation - 194.52 194.52
Right-of-use assets and lease liability (8.03) - (8.03)
Expenses disallowed
(including other payables) (28.49) - (28.49)
(61.92) 263.85 201.93

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2019-20 ` in crore
Recognised
Recognised in
in the Transferred
the Statement Recognised Transition
Statement to As at
As at April of Profit in other impact of
of Profit Discontinued March 31,
1, 2019 and Loss comprehensive Ind AS 116
and Loss operation 2020
(discontinued income (note 37)
(continuing (note 34)
operation)
operations)
Deferred tax (assets)/liabilities in
relation to:
Allowance for doubtful debts and
advances (44.07) 14.68 - - 3.99 - (25.40)
Accrued expenses allowed in the year of
payment and on fair value of investments (28.40) 13.91 (6.77) (65.42) - - (86.68)
Mark to market gains on mutual funds
and derivatives 19.94 4.52 - - - - 24.46
Depreciation and amortisation 242.74 (55.77) - - - - 186.97
Right-of-use assets and lease liability - (9.21) - - (0.17) (0.11) (9.49)
Expenses disallowed
(including other payables) (0.42) - (31.86) - 1.97 - (30.31)
189.79 (31.87) (38.63) (65.42) 5.79 (0.11) 59.55
Deferred tax (assets)/liabilities in
relation to: Assets Liabilities Net
Allowance for doubtful debts and
advances (25.40) - (25.40)
Accrued expenses allowed in the year of
payment and on fair value of investments (86.68) - (86.68)
Mark to market gains on mutual funds
and derivatives - 24.46 24.46
Depreciation and amortisation - 186.97 186.97
Right-of-use assets and lease liability (9.49) - (9.49)
Expenses disallowed
(including other payables) (30.31) - (30.31)
(151.88) 211.43 59.55

21. Other liabilities

` in crore
As at As at
March 31, 2021 March 31, 2020
Non-current
(a) Deferred income 10.50 10.50
10.50 10.50
Current
(a) Statutory dues 43.57 41.90
(b) Advance received from customers 4.07 4.84
(c) Others 0.12 -
47.76 46.74

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22. Trade payables

` in crore
As at As at
March 31, 2021 March 31, 2020
(a) Trade payables (footnote 'i') 477.92 571.16
(b) Amount due to Micro Small and Medium Enterprises (footnote 'ii') 3.73 3.83
481.65 574.99
Footnotes:
(i) Trade payables are non-interest bearing and are normally settled within 60 days.
(ii) According to information available with the Management, on the basis of intimation received from suppliers regarding their status
under the Micro, Small and Medium Enterprises Development Act, 2006 ('MSMED Act'), the Company has amounts due to Micro,
Small and Medium Enterprises under the said Act as follows :
` in crore
As at As at
March 31, 2021 March 31, 2020
1 (a) Principal overdue amount remaining unpaid to any supplier 0.11 0.23
(b) Interest on 1(a) above * -
2 (a) The amount of principal paid beyond the appointed date 5.30 23.40
(b) The amount of interest paid beyond the appointed date - 0.01
3 Amount of interest due and payable on delayed payments 0.01 0.02
4 Amount of interest accrued and remaining unpaid as at year end 0.01 0.02
5 The amount of further interest due and payable even in the succeeding year - -
*value below ` 50,000

23. Tax assets

` in crore
As at As at
March 31, 2021 March 31, 2020
(a) Tax assets
Non-current - Advance tax assets (net) 574.90 588.94

24. Tax liabilities

` in crore
As at As at
March 31, 2021 March 31, 2020
(a) Current tax liabilities (net) 135.41 166.02

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25. Revenue from operations

` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
(a) Sales of products (footnote 'i' and 'ii') 2,984.26 2,894.02
(b) Other operating revenues
(i) Sale of scrap 14.02 17.29
(ii) Others 0.60 8.98
14.62 26.27
2,998.88 2,920.29
Footnotes:
(i) Reconciliation of sales of products
Revenue from contracts with customer 3,121.62 2,994.29
Adjustments made to contract price on account of:
(a) Discounts / rebates / incentives (137.36) (100.27)
2,984.26 2,894.02
(ii) For operating segments revenue, geographical segments revenue, revenue from major products and revenue from major customers
refer note 39.1.

26. Other income

` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
(a) Dividend income from
(i) Non-current investments in
- Subsidiaries 26.33 25.93
- Joint venture 26.49 72.24
- Other non-current investments 20.09 25.05
72.91 123.22
(b) Interest income
(i) On bank deposits (financial assets at amortised cost) 29.49 40.92
(ii) On loans and advances (financial assets at amortised cost) 0.03 0.05
(iii) Other interest (financial assets at FVTPL) 17.82 0.02
47.34 40.99
(c) Interest on refund of taxes 18.42 0.33
(d) Others
(i) Corporate guarantee commission 6.00 1.98
(ii) Profit on sale of assets (net) - 8.34
(iii) Gain on sale/redemption of investments (net) 45.82 121.27
(iv) Foreign exchange gain (net) - 2.74
(v) Miscellaneous income (footnote 'i') 28.66 10.28
80.48 144.61
219.15 309.15
Footnote:
(i) Miscellaneous income primarily includes town income, rent income and liabilities written back.

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27. Changes in inventories of finished goods, work-in-progress and stock-in-trade

` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
Opening stock
Work-in-progress 40.49 14.64
Finished goods 86.99 89.84
Stock in trade 12.43 51.85
139.91 156.33
Closing stock
Work-in-progress 29.55 40.49
Finished goods 56.20 86.99
Stock in trade 42.57 12.43
128.32 139.91
Less : Inventory on account of Discontinued operation (note 34) - 92.83
11.59 (76.41)

28. Employee benefits expense

` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
(a) Salaries, wages and bonus 183.50 191.33
(b) Contribution to provident and other funds 30.95 15.56
(c) Staff welfare expense 35.97 43.39
250.42 250.28
Footnote:
The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards
Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on
November 13, 2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry. The Company
will assess the impact and its evaluation once the subject rules are notified and will give appropriate impact in its Financial Statements in
the period in which, the Code becomes effective and the related rules to determine the financial impact are published.

29. Finance costs

` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
(a) Interest costs
(i) Interest on loans at amortised cost 0.01 24.88
(ii) Interest on obligations under leases (note 37) 0.79 1.57
(b) Translation differences (footnote 'i') - 0.51
(c) Discount and other charges 17.94 16.41
18.74 43.37
Footnote:
(i) Translation differences on foreign currency loans regarded as borrowing cost net of changes in fair value of derivative contracts.

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30. Depreciation and amortisation expense

` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
(a) Depreciation of property, plant and equipment 190.77 142.27
(b) Depreciation of investment property 0.60 0.61
(c) Amortisation of right-of-use assets 3.05 4.62
(d) Amortisation of intangible assets 2.90 2.00
197.32 149.50

31. Other Expenses

` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
(a) Stores and spare parts consumed 96.03 70.02
(b) Packing materials consumed 90.63 76.49
(c) Power and fuel 488.75 555.18
(d) Repairs - Buildings 6.97 6.77
- Machinery 62.00 62.82
- Others 1.23 0.72
(e) Rent 7.43 5.94
(f ) Royalty, rates and taxes 40.99 29.51
(g) Foreign exchange loss (net) 4.15 -
(h) Distributors' service charges 0.87 2.49
(i) Sales promotion expenses 1.97 12.13
(j) Insurance charges 13.98 6.04
(k) Freight and forwarding charges 423.16 390.06
(l) Loss on assets sold, discarded or written off (net) 2.78 -
(m) Bad debts written off 0.13 4.11
(n) Provision for doubtful debts, advances and other receivables (net) 0.05 5.29
(o) Directors' fees and commission 7.02 7.44
(p) Auditors' remuneration (footnote 'i') 3.04 2.48
(q) Expenditure towards Corporate Social Responsibility (CSR) (footnote 'ii') 20.92 37.81
(r) Donations and contributions 2.40 5.23
(s) Others 98.60 111.54
1,373.10 1,392.07
Footnotes:
(i) Auditors' remuneration
Statutory Auditors
a) For services as auditor 2.67 1.97
b) For other services (including certification) 0.23 0.31
c) for reimbursement of expenses 0.06 0.11
Cost Auditors
a) For services as auditor 0.08 0.09
3.04 2.48

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` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
(ii) Amount required to be spent by the Company during the year on CSR is ` 18.51 crore (2020: ` 21.39 crore) whereas the Company
has spent ` 20.92 crore (2020: ` 37.81 crore). The Company has spent the following amounts during the year on the activities other
than construction/acquisition of any asset.
1) Health care, nutrition, sanitation and safe drinking water 5.29 7.02
2) Environmental sustainability 2.39 20.39
3) Poverty alleviation, livelihood enhancement and infrastructure support 2.00 1.24
4) Education and vocational skill development 7.53 4.50
5) Inclusive growth and empowerment 1.40 0.20
6) Promotion and development of traditional arts and handicrafts 1.25 2.46
7) Contribution to Prime Minister's National Relief fund/other relief funds 0.27 0.77
8) Other approved activities 0.79 1.23
20.92 37.81

32. Expenditure incurred on Scientific Research and Development activities@

` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
(i) Revenue Expenditure
(note 28 and 31 of Standalone Statement of Profit and Loss includes) :
(a) Innovation Centre, Pune 21.96 26.82
(b) Mithapur, Okhalamandal 0.07 0.07
(c) Nellore - Andhra Pradesh 0.85 1.48
(ii) Capital expenditure
(a) Innovation Centre, Pune 5.30 1.26
(b) Nellore - Andhra Pradesh 0.06 0.87
@
The above figure are based on the separate account for the research, and development (R&D) centres of the Company. The centres
at Innovation Centre, Pune and Mithapur, Okhamandal are recognised by Department of Scientific and Industrial Research, Ministry of
Science and Technology ('DSIR') for in-house research.

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33. Income tax expense relating to continuing operations

` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
(a) Tax expense
Current tax
In respect of the current year 134.49 194.37
134.49 194.37
Deferred tax
In respect of the current year (note 20) 0.37 (31.87)
0.37 (31.87)
Total tax expense 134.86 162.50
(b) T
 he income tax expenses for the year can be reconciled to the accounting profit as
follows:
Profit before tax from continuing operations 613.97 834.32
Income tax expenses calculated at 25.168 % (2020 : 25.6256 %) 154.52 213.80
Effect of income that is deductible/exempt from taxation (18.35) (18.67)
Effect of expenses not deductible for tax computation 5.87 11.07
Effect of other permanent differences (goodwill) - (2.19)
Effect of rate change adjustments in deferred tax (footnote 'i') - (39.20)
Others (including actuarial impact on OCI) (7.18) (2.31)
134.86 162.50
Footnote:
(i) During the quarter ended September 30, 2019, the Company decided to exercise the option permitted under Section 115BAA
of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019 from the previous financial year.
Accordingly, the provision for income tax and deferred tax balances have been recorded/ remeasured using the new tax rate and the
Company had reversed deferred tax liabilities amounting to ` 39.20 crore.

34. Discontinued operations

Disposal of consumer products business
The National Company Law Tribunal (“NCLT”), Mumbai and NCLT Kolkata, on January 10, 2020 and January 8, 2020 respectively,
sanctioned the Scheme of Arrangement amongst Tata Consumer Products Limited (formerly Tata Global Beverages Limited) ("TCPL")
and the Company and their respective shareholders and creditors (“the Scheme”) for the demerger of the Consumer Products
Business Unit ("CPB") of the Company to TCPL. The Scheme became effective on February 7, 2020 upon filing of the certified copies
of the NCLT Orders sanctioning the Scheme with the respective jurisdictional Registrar of Companies. Pursuant to the Scheme
becoming effective, the CPB is demerged from the Company and transferred to and vested in TCPL with effect from April 1, 2019 i.e.
the Appointed Date.
As per the clarification issued by Ministry of Corporate Affairs vide Circular no. 09/2019 dated August 21, 2019 (MCA Circular), the
Company has recognised the effect of the demerger on April 1, 2019 and debited the fair value as at April 1, 2019 of Demerged
Undertaking i.e. fair value of net assets of CPB to be distributed to the shareholders of the Company, amounting to ` 6,307,97 crore to
the retained earnings in the Statement of Changes in Equity as dividend distribution. The difference in the fair value and the carrying
amount of net assets of CPB as at April 1, 2019 is recognised as gain on demerger of CPB in the Statement of Profit and Loss as an
exceptional item, amounting to ` 6,220.15 crore (net of transaction cost) during the year ended March 31, 2020.

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The financial performance and cash flows for discontinued operations till the effective date of sale:
(a) Analysis of profit from discontinued operations ` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
Exceptional gain/(loss)
Gain on disposal of discontinued operations (note 34 (b)) - 6,220.15
Pertaining to Phosphatic Fertilisers business and Trading business (footnote 'i') - (26.71)
Pertaining to urea and customised fertilisers business (footnote 'i') - (65.36)
Profit before tax - 6,128.08
Current tax - (1.69)
Deferred tax - (38.63)
Profit after tax - 6,168.40
Footnote:
(i) Includes provisions made, relating to the erstwhile fertilizer businesses, as per revised notifications issued by the concerned
department for change in rate of subsidy for previous years.

(b) Gain on disposal of discontinued operations: ` in crore

Year ended Year ended
March 31, 2021 March 31, 2020
Consideration (Deemed dividend to shareholders) - 6,307.97
Transaction costs (demerger expenses) - (33.00)
Other adjustments - 22.57
Net assets transferred(footnote i) - (77.39)
Gain on disposal - 6,220.15

Footnote:
(i) Information of assets and liabilities transferred as per the Scheme on the appointed date ` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
Property, plant and equipment and intangible assets (including CWIP) - 4.13
Deferred tax assets (net) - 5.79
Other non-current assets - 0.95
Inventories - 154.00
Trade receivables and other financial receivables - 81.43
Other current assets - 20.70
Total Assets (A) - 267.00
Other non-current liabilities - 2.39
Other current liabilities - 187.22
Total Liabilities (B) - 189.61
Net assets (A - B) - 77.39

35 Earnings per share

Year ended Year ended
March 31, 2021 March 31, 2020
Basic and Diluted earnings per share (`)
From continuing operations (`) 18.81 26.37
From discontinued operations (`) - 242.13
Total Basic and Diluted earnings per share (`) 18.81 268.50

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Footnotes:
The earnings and weighted average numbers of equity shares used in the calculation of basic and diluted earnings per share are as follows.
(a) Earnings used in the calculation of basic and diluted earnings per share: ` in crore ` in crore
Profit for the year from continuing operations 479.11 671.82
Profit for the year from discontinued operations - 6,168.40
479.11 6,840.22

(b) Weighted average number of equity shares used in the calculation of basic and diluted
No. of Shares No. of Shares
earnings per share:
Weighted average number of equity shares used in the calculation of basic and diluted 25,47,56,278 25,47,56,278
earnings per share from continuing operations and from discontinued operations

36 Business combination
During the previous year, The Hon'ble National Company Law Tribunal ('NCLT'), Mumbai Bench on April 23, 2020 approved the
Scheme of Merger by Absorption of Bio Energy Venture-1 (Mauritius) Pvt. Ltd. ('Bio'), a wholly owned subsidiary of the Company, by
the Company ('Scheme'), with an Appointed Date of April 1, 2019.

37 Leases
` in crore
As at As at
March 31, 2021 March 31, 2020
Maturity analysis – contractual undiscounted cash flows
Less than one year 4.92 5.49
One to five years 5.02 11.24
More than five years - 0.56
Total undiscounted lease liabilities 9.94 17.29
Discounted Cash flows
Current 4.10 4.35
Non-Current 4.85 10.41
Lease liabilities 8.95 14.76
Expenses relating to short-term leases and low value assets have been disclosed under rent in note 31(e).
The incremental borrowing rate of 8.00% per annum to 9.00% per annum (2020: 8.00% per annum to 9.50% per annum) has been applied
to lease liabilities recognised in the Standalone Balance Sheet.

38 Employee benefits obligations

(a) 
The Company makes contributions towards provident fund, in substance a defined benefit retirement plan and towards pension
fund and superannuation fund which are defined contribution retirement plans for qualifying employees. The provident fund is
administered by the Trustees of the Tata Chemicals Limited Provident Fund and the superannuation fund is administered by the
Trustees of the Tata Chemicals Limited Superannuation Fund. The Company is liable to pay to the provident fund to the extent of the
amount contributed and any shortfall in the fund assets based on Government specified minimum rates of return relating to current
services. The Company recognises such contribution and shortfall if any as an expense in the year incurred.
On account of the above contribution plans, a sum of ` 10.11 crore (2020: ` 10.00 crore) has been charged to the Standalone
Statement of Profit and Loss.

(b) The Company makes annual contributions to the Tata Chemicals Employees' Gratuity Trust and to the Employees' Group Gratuity-
cum-Life Assurance Scheme of the Life Insurance Corporation of India, for funding the defined benefit plans for qualifying employees.
The scheme provides for lump sum payment to vested employees at retirement or death while in employment or on termination of
employment. Employees, upon completion of the vesting period, are entitled to a benefit equivalent to either half month, three fourth
month and full month salary last drawn for each completed year of service depending upon the completed years of continuous

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service in case of retirement or death while in employment. In case of termination, the benefit is equivalent to fifteen days salary last
drawn for each completed year of service in line with the Payment of Gratuity Act, 1972. Vesting occurs upon completion of five years
of continuous service.
The trustees of the trust fund are responsible for the overall governance of the plan and to act in accordance with the provisions of
the trust deed and rules in the best interests of the plan participants. They are tasked with periodic reviews of the solvency of the
fund and play a role in the long-term investment, risk management and funding strategy.
The Company also provides post retirement medical benefits to eligible employees under which employees at Mithapur who
have retired from service of the Company are entitled for free medical facility at the Company hospital during their lifetime. Other
employees are entitled to domiciliary treatment exceeding the entitled limits for the treatments covered under the Health Insurance
Scheme upto slabs defined in the scheme. The floater mediclaim policy also covers retired employees based on eligibility, for such
benefit.
The Company provides pension, housing / house rent allowance and medical benefits to retired Managing and Executive Directors
who have completed ten years of continuous service in Tata Group and three years of continuous service as Managing Director/
Executive Director or five years of continuous service as Managing Director/Executive Director. The directors are entitled upto seventy
five percent of last drawn salary for life and on death 50% of the pension is payable to the spouse for the rest of his/her life.
Family benefit scheme is applicable to all permanent employees in management, officers and workmen who have completed one
year of continuous service. In case of untimely death of the employee, nominated beneficiary is entitled to an amount equal to the
last drawn salary (Basic Salary, DA and FDA) till the normal retirement date of the deceased employee.
The most recent actuarial valuations of plan assets and the present values of the defined benefit obligations were carried out at
March 31, 2021. The present value of the defined benefit obligations and the related current service cost and past service cost, were
measured using the Projected Unit Credit Method.
(c) The following tables set out the funded status and amounts recognised in the Company's Standalone Financial Statements
as at March 31, 2021 for the Defined Benefit Plans.
1 Changes in the defined benefit obligation: ` in crore
As at March 31, 2021 As at March 31, 2020
Post Post
Directors' Family Directors' Family
retirement retirement
Gratuity retirement benefit Gratuity retirement benefit
medical medical
obligations scheme obligations scheme
benefits benefits
At the beginning of the year 84.97 78.27 55.08 11.66 75.41 48.93 43.12 11.51
Current service cost 4.38 2.28 0.69 1.18 3.38 1.19 0.45 0.99
Past service cost 14.14 - - - - 7.55 - -
Interest cost 4.80 4.68 3.25 0.68 5.07 3.55 3.22 0.76
Remeasurement (gain)/loss
Actuarial (gain) / loss arising from:
- Change in financial assumptions (2.80) (6.26) (3.05) (0.34) 9.21 18.19 10.18 1.17
- Experience adjustments (4.58) 3.14 (0.99) (1.27) 3.14 2.63 0.42 (0.76)
Transfer out * - - - - (3.77) - - -
Benefits paid (9.16) (1.73) (2.41) (1.03) (7.47) (1.69) (2.31) (0.95)
91.75 80.38 52.57 10.88 84.97 80.35 55.08 12.72
Extinguishment to discontinued
operations - - - - - (2.08) - (1.06)
At the end of the year 91.75 80.38 52.57 10.88 84.97 78.27 55.08 11.66
*Pertaining to consumer product business.

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2 Changes in the fair value of plan assets: ` in crore

As at March 31, 2021 As at March 31, 2020
Post Post
Directors' Family Directors' Family
retirement retirement
Gratuity retirement benefit Gratuity retirement benefit
medical medical
obligations scheme obligations scheme
benefits benefits
At the beginning of the year 79.19 - - - 81.37 - - -
Interest on plan assets 4.62 - - - 5.81 - - -
Employer's contributions 9.12 - - - (0.38) - - -
Remeasurement gain/(loss) -
Annual return on plan assets less interest
on plan assets 0.57 - - - (0.14) - - -
Benefits paid (9.16) - - - (7.47) - - -
Value of plan assets at the end of the
year 84.34 - - - 79.19 - - -
(Asset)/liability (net) 7.41 80.38 52.57 10.88 5.78 78.27 55.08 11.66

3 Net employee benefit expense for the year: ` in crore

As at March 31, 2021 As at March 31, 2020
Post Post
Directors' Family Directors' Family
retirement retirement
Gratuity retirement benefit Gratuity retirement benefit
medical medical
obligations scheme obligations scheme
benefits benefits
Current service cost 4.38 2.28 0.69 1.18 3.38 1.19 0.45 0.99
Past service cost 14.14 - - - - 7.55 - -
Interest on defined benefit obligation
(net) 0.18 4.68 3.25 0.68 (0.74) 3.55 3.22 0.76
Extinguishment to discontinued
operations - - - - - (2.08) - (1.06)
Components of defined
benefits costs recognised in the
Standalone Statement of Profit
and Loss 18.70 6.96 3.94 1.86 2.64 10.21 3.67 0.69
Remeasurement
Actuarial (gain) / loss arising from:
- Change in financial assumptions (2.80) (6.26) (3.05) (0.34) 9.21 18.19 10.18 1.17
- Experience changes (4.58) 3.14 (0.99) (1.27) 3.14 2.63 0.42 (0.76)
Impact of asset ceiling - - - - (0.17) - - -
Return on plan assets less interest on
plan assets (0.57) - - - 0.14 - - -
Components of defined benefits
costs recognised in other
comprehensive income (7.95) (3.12) (4.04) (1.61) 12.32 20.82 10.60 0.41
Net benefit expense 10.75 3.84 (0.10) 0.25 14.96 31.03 14.27 1.10

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4 Categories of the fair value of total plan assets : ` in crore

As at As at
March 31, 2021 March 31, 2020
Gratuity Gratuity
Government of India Securities (Quoted) 6.97 7.10
Corporate Bonds (Quoted) 0.66 3.52
Fund Managed by Life Insurance Corporation of India (Unquoted) 76.70 68.55
Others 0.01 0.02
Total 84.34 79.19
Each year an Asset-Liability-Matching study is performed in which the consequences of the strategic investment policies are analysed in
terms of risk-and-return profiles. Investment and contribution policies are integrated within this study.

5 Risk Exposure :
Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below :
Investment risk : If future investment returns on assets are lower than assumed in valuation, the scheme's assets will be lower,
and the funding level higher than expected.
Changes in bond yields : A decrease in yields will increase plan liabilities, although this will be partially offset by an increase in the
value of the plans' bond holdings.
Longevity risk : If improvements in life expectancy are greater than assumed, the cost of benefits will increase because
pensions are paid for longer than expected. This will mean the funding level will be higher than expected.
Inflation risk : If inflation is greater than assumed, the cost of benefits will increase as pension increases and deferred
revaluations are linked to inflation.

6 Assumptions used in accounting for gratuity, post retirement medical benefits, directors' retirement obligations and family
benefit scheme:
Gratuity and Directors'
Post retirement Family benefit
Compensated retirement
medical benefits scheme
absences obligations
Discount rate As at March 31, 2021 6.50% 6.50% 6.50% 6.50%
As at March 31, 2020 6.05% 6.05% 6.05% 6.05%
Increase in Compensation cost As at March 31, 2021 7.50% NA 7.50% 7.50%
As at March 31, 2020 7.50% NA 7.50% 7.50%
Healthcare cost increase rate As at March 31, 2021 NA 10.00% 8.00% NA
As at March 31, 2020 NA 10.00% 8.00% NA
Pension increase rate As at March 31, 2021 NA NA 6.00% NA
As at March 31, 2020 NA NA 6.00% NA
(a) Discount rate is based on the prevailing market yields of Indian Government securities as at the Balance Sheet date for the estimated
term of the obligations.
(b) The estimates of future salary increases considered in actuarial valuation take into account the inflation, seniority, promotion and
other relevant factors.

19 9
 7 Sensitivity Analysis

20 0
Impact on defined benefit obligation due to change in assumptions
` in crore
As at March 31, 2021
Post retirement medical Directors' retirement Directors' post retirement
Gratuity Family benefit scheme
benefits obligations medical benefits
Increase Decrease Increase Decrease Increase Decrease Increase Decrease Increase Decrease
Discount rate
0.50% change (2.90) 3.10 (6.19) 7.00 (2.63) 2.91 (0.45) 0.51 (0.35) 0.38
Compensation rate
0.50% change 3.04 (2.87) - - - - - - - -
Pension rate
1% change - - - - 4.38 (3.83) - - - -
Healthcare costs
1% change - - 14.27 (11.43) - - 1.05 (0.86) - -
Life expectancy
Change by 1 year - - 5.57 (5.43) 1.86 (1.86) 0.30 (0.30) - -
` in crore
As at March 31, 2020
Post retirement medical Directors' retirement Directors' post retirement
Gratuity Family benefit scheme
benefits obligations medical benefits
Increase Decrease Increase Decrease Increase Decrease Increase Decrease Increase Decrease
Discount rate
0.50% change (2.98) 3.19 (6.31) 7.17 (2.95) 3.28 (0.51) 0.57 (0.38) 0.40
Compensation rate
0.50% change 3.12 (2.95) - - - - - - - -
Pension rate
1% change - - - - 4.81 (4.18) - - - -
Healthcare costs
1% change - - 14.57 (11.59) - - 1.17 (1.01) - -
Life expectancy
Change by 1 year - - 5.53 (5.38) 1.98 (1.97) 0.32 (0.32) - -
The sensitivity analysis above has been determined based on reasonably possible changes of the respective key assumptions occurring at the end of the reporting period,
while holding all other assumptions constant.
Integrated Annual Report 2020-21
 Integrated Report Statutory Reports Financial Statements
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8 Maturity profile of defined benefit obligation is as follows; ` in crore

As at March 31, 2021 As at March 31, 2020
Post Post
Directors' Family Directors' Family
Expected payments retirement retirement
Gratuity retirement benefit Gratuity retirement benefit
medical medical
obligations scheme obligations scheme
benefits benefits
Within the next 12 months 17.22 2.16 2.80 1.06 12.15 1.90 2.58 1.18
(next annual reporting period)
Later than 1 year and not later than 5 years 41.43 10.82 11.39 4.14 36.60 9.57 10.87 4.51
Later than 5 year and not later than 9 years 24.73 15.09 11.66 3.99 24.78 13.37 11.33 3.93
10 years and above 74.67 302.56 123.86 9.65 73.16 277.34 129.08 9.69
Total expected payments 158.05 330.63 149.71 18.84 146.69 302.18 153.86 19.31
Weighted average duration to the payment of 6.53 16.35 13.98 6.73 7.27 17.16 13.92 6.71
cash flows (in Year)

9 
The details of the Company's post-retirement and other benefit plans for its employees given above are certified by the actuary and
relied upon by the Auditors.

10 Average longevity at retirement age for current beneficiaries of the plan (years)*
As at As at
March 31, 2021 March 31, 2020
Males 21.73 21.73
Females 24.38 24.38
*Based on India's standard mortality table with modification to reflect expected changes in mortality.

(d) Provident Fund

The Company operates Provident Fund Schemes and the contributions are made to recognised funds maintained by the Company.
The Company is required to offer a defined benefit interest rate guarantee on provident fund balances of employees. The interest
rate guarantee is payable to the employees for the year when the exempt fund declares a return on provident fund investments
which is less than the rate declared by the Regional Provident Fund Commissioner (RPFC) on the provident fund corpus for their own
subscribers. The Actuary has provided a valuation for provident fund liabilities on the basis of guidance issued by Actuarial Society of
India and based on the below provided assumptions, shortfall between plan assets as the end of the year and the present value of
funded obligation has been recognised in the Standalone Balance Sheet and Other Comprehensive Income.

The details of fund and plan assets position are given below: ` in crore
As at As at
March 31, 2021 March 31, 2020
Plan assets at the end of the year 328.00 326.37
Less: Present value of funded obligation 330.35 340.08
Amount recognised in the Standalone Balance Sheet (2.35) (13.71)

Assumptions used in determining present value of obligation of interest rate guarantee under a deterministic approach:
As at As at
March 31, 2021 March 31, 2020
Guaranteed rate of return 8.50% 8.50%
Discount rate for remaining term to maturity of investments 6.45% 6.35%
Discount rate 6.50% 6.05%
Expected rate of return on investments 8.57% 7.86%

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39 Segment information
39.1 Continuing operations
(a) Information about operating segment
The Company has 2 reportable segments which are the Company's strategic business units. These business units offer different
products and are managed separately. Reportable Segments approved by Board of Directors are as under:
- Basic chemistry products : Soda Ash, Salt and other bulk chemicals
- Specialty products : Nutrition solutions, agri Solutions and advance materials
` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
1. Segment revenue (Revenue from operations)
(i) Basic chemistry products 2,845.05 2,836.91
(ii) Speciality products 153.01 74.39
2,998.06 2,911.30
Unallocated 0.82 8.99
2,998.88 2,920.29
2. Segment result (Reconciliation with profit from continuing operations)
(i) Basic chemistry products 645.49 819.20
(ii) Speciality products (55.85) (31.99)
Total Segment results 589.64 787.21
Net unallocated income 43.07 90.48
Finance costs (18.74) (43.37)
Profit before tax 613.97 834.32
Tax expense (134.86) (162.50)
Profit for the year from continuing operations 479.11 671.82

3. Segment assets and segment liabilities ` in crore

Segment assets Segment liabilities
As at As at As at As at
March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
(i) Basic chemistry products 2,935.70 2,808.67 598.64 650.64
(ii) Speciality products 587.91 587.30 54.77 39.19
3,523.61 3,395.97 653.41 689.83
Unallocated 11,141.67 9,999.78 754.70 728.60
14,665.28 13,395.75 1,408.11 1,418.43

4. Other information ` in crore

Addition to non-current Depreciation and Other non-cash
assets * amortisation expenses**
Year ended Year ended Year ended Year ended Year ended Year ended
March 31, March 31, March 31, March 31, March 31, March 31,
2021 2020 2021 2020 2021 2020
(i) Basic chemistry products 360.29 512.82 151.69 130.27 25.62 (5.44)
(ii) Speciality products 3.60 103.89 35.32 8.27 0.49 0.82
363.89 616.71 187.01 138.54 26.11 (4.62)
Unallocated 50.01 75.13 10.31 10.96 18.17 34.34
413.90 691.84 197.32 149.50 44.28 29.72
*Comprises additions to Property, plant and equipment, Capital work-in-progress, Goodwill, Right-of-use assets, Other intangible
assets and Intangible assets under development.
**Comprises of Provision for employee benefits expense, Provision for doubtful debts and advances/bad debts written off, Provision
for contingencies, Foreign exchange gain/(loss) and (Profit)/ loss on assets sold or discarded.

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(b) Information about geographical areas

The Company sells its products mainly within India where the conditions prevailing are uniform. Since the sales outside India
are below threshold limit, no separate geographical segment disclosure is considered necessary.
All non-current assets in the nature of property, plant and equipment (including capital work in progress) and intangible assets
(including those under development) are domiciled in India.

(c) Revenue from major products

The following is an analysis of the Company's segment revenue from continuing operations from its major
products
` in crore
Year ended Year ended
March 31, 2021* March 31, 2020*
(i) Basic chemistry products
- Soda Ash 1,332.08 1,485.34
- Salt 990.07 816.19
- Bicarb 224.46 248.73
- Others 298.44 286.65
(ii) Speciality products 153.01 74.39
(iii) Unallocated 0.82 8.99
2,998.88 2,920.29
*Including operating revenues.

(d) Major Customer

 The Company has one customer whose revenue represents 33% (2020: 28%) of the Company’s total revenue and trade
receivable represents 28% (2020: 27%) of the Company's total trade receivables.

(e) Other note

 Segment revenue, results, assets and liabilities include the respective amounts identifiable to each of the segments and
amounts allocated on a reasonable basis.

39.2 Discontinued operations (note 34)

(a) Information about operating segment ` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
Result :
Segment result (note 34) - 6,128.08
Profit before tax - 6,128.08
Tax expenses - 40.32
Profit from discontinued operations after tax - 6,168.40

(b) Information about geographical area

Discontinued operations sells its products within India where the conditions prevailing are uniform.
(c) Revenue from major products
Discontinued operations segment includes consumer product business.
(d) Major Customer
No single customer contributed 10% or more to the Company's revenue for the year ended March 31, 2021 and March 31,
2020.

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39.3 Reconciliation of information on reportable segment to Standalone Balance Sheet and Standalone Statement
of Profit and Loss
(a) Reconciliation of profit for the year as per Standalone Statement of Profit and Loss ` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
Profit for the year from continuing operations (note 39.1 (a) (2)) 479.11 671.82
Profit for the year from discontinued operations (note 39.2 (a)) - 6,168.40
Profit for the year as per Standalone Statement of Profit and Loss 479.11 6,840.22

(b) Reconciliation of total assets as per Standalone Balance Sheet ` in crore

As at As at
March 31, 2021 March 31, 2020
Total assets as per continuing operations (note 39.1 (a) (3)) 14,665.28 13,395.75
Total assets as per discontinued operations - -
Total assets as per Standalone Balance Sheet 14,665.28 13,395.75

(c) Reconciliation of total liabilities as per Standalone Balance Sheet ` in crore

As at As at
March 31, 2021 March 31, 2020
Total liabilities as per continuing operations (note 39.1 (a) (3)) 1,408.11 1,418.43
Total liabilities as per discontinued operations - -
Total liabilities as per Standalone Balance Sheet 1,408.11 1,418.43

40 Derivative financial instruments

(a) The details of the various outstanding derivative financial instruments are given below:
` in crore
As at March 31, 2021 As at March 31, 2020
Assets Liabilities Assets Liabilities
Current portion
Derivatives not designated in a hedge relationship
- Forward contracts - 1.09 1.64 -
Total - 1.09 1.64 -
Although these contracts are effective as hedges from an economic perspective, these are not designated for hedge accounting.

(b) The details of the gross notional amounts of derivative financial instruments outstanding are given in the
table below:
Underlying
As at As at
Derivative instruments (Receivables /
March 31, 2021 March 31, 2020
payables)
Forward contracts USD/INR $ 1.7 million W 1.8 million
Forward contracts EUR/INR € 4.1 million € 6.3 million
Forward contracts JYP/INR ¥ 232.5 million ¥ 232.5 million

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41 Disclosures on financial instruments

(a) Financial instruments by category
The following table presents the carrying amounts of each category of financial assets and liabilities as at March 31 2021.
` in crore
Investments - Investments - Derivatives - Amortised Total carrying
FVTOCI FVTPL FVTPL cost value
Financial assets
(a) Investments - non-current
Equity instrument at fair value 3,147.27 - - - 3,147.27
Debt instrument at fair value - 150.00 - - 150.00
(b) Investments - current
Investment in mutual funds - 1,281.81 - - 1,281.81
(c) Trade receivables - - - 144.92 144.92
(d) Cash and cash equivalents - - - 61.41 61.41
(e) Other bank balances - - - 623.91 623.91
(f ) Loans - non-current - - - 0.62 0.62
(g) Loans - current - - - 0.17 0.17
(h) Other financial assets - non-current - - - 0.26 0.26
(i) Other financial assets - current - - - 118.72 118.72
Total 3,147.27 1,431.81 - 950.01 5,529.09
Financial liabilities
(a) Lease liabilities - non-current - 4.85 4.85
(b) Trade payables - 481.65 481.65
(c) Other financial liabilities - non-current - 0.11 0.11
(d) Other financial liabilities - current 1.09 168.78 169.87
Total 1.09 655.39 656.48

The following table presents the carrying amounts of each category of financial assets and liabilities as at March 31 2020.
` in crore
Investments - Investments - Derivatives - Amortised Total carrying
FVTOCI FVTPL FVTPL cost value
Financial assets
(a) Investments - non-current
Equity instrument at fair value 1,904.23 - - - 1,904.23
(b) Investments - current
Investment in mutual funds - 1,301.33 - - 1,301.33
(c) Trade receivables - - - 139.84 139.84
(d) Cash and cash equivalents - - - 83.72 83.72
(e) Other bank balances - - - 795.86 795.86
(f ) Loans - non-current - - - 0.92 0.92
(g) Loans - current - - - 0.23 0.23
(h) Other financial assets - non-current - - - 0.26 0.26
(i) Other financial assets - current - - 1.64 135.67 137.31
Total 1,904.23 1,301.33 1.64 1,156.50 4,363.70
Financial liabilities
(a) Lease liabilities - non-current - 10.41 10.41
(B) Trade payables - 574.99 574.99
(c) Other financial liabilities - non-current - 0.17 0.17
(d) Other financial liabilities - current - 187.04 187.04
Total - 772.61 772.61

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 Integrated Annual Report 2020-21

(b) Fair value hierarchy

All assets and liabilities for which fair value is measured or disclosed in the Standalone Financial Statements are categorised within
the fair value hierarchy, described as follows:
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly
observable
Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.

The following tables provides the fair value measurement hierarchy of the Company’s financial assets and liabilities that are measured
at fair value or where fair value disclosure is required.
` in crore
As at March 31, 2021
Fair value measurement using
Quoted prices in Significant Significant
Total active markets observable unobservable
(Level 1) inputs (Level 2) inputs (Level 3)
Assets measured at fair value:
Derivative financial Liabilities
Foreign exchange forward contracts 1.09 - 1.09 -
FVTOCI financial investments
Quoted equity instruments 2,634.31 2,634.31 - -
Unquoted equity instruments 512.96 - - 512.96
FVTPL financial investments
Investment in mutual funds 1,281.81 - 1,281.81 -
Quoted debt instruments 150.00 150.00 -
There have been no transfers between levels during the period.
` in crore
As at March 31, 2020
Fair value measurement using
Quoted prices in Significant Significant
Total active markets observable unobservable
(Level 1) inputs (Level 2) inputs (Level 3)
Assets measured at fair value:
Derivative financial assets
Foreign exchange forward contracts 1.64 - 1.64 -
FVTOCI financial investments
Quoted equity instruments 1,497.23 1,497.23 - -
Unquoted equity instruments 407.00 - - 407.00
FVTPL financial investments
Investment in mutual funds 1,301.33 - 1,301.33 -
There have been no transfers between levels during the period.

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(c) The following tables shows a reconciliation from the opening balance to the closing balance for level 3 fair
values.
` in crore
FVTOCI financial
investments
Balance as at April 1, 2019 482.71
Add / (less): fair value changes through Other comprehensive income (75.71)
Balance as at March 31, 2020 407.00
Addition / (deletion) during the year 39.60
Add / (less): fair value changes through Other comprehensive income 66.36
Balance as at March 31, 2021 512.96

(d) Valuation technique to determine fair value

The following methods and assumptions were used to estimate the fair values of financial instruments:
(i) The management assessed that fair value of cash and cash equivalents, trade receivables, trade payables, bank overdrafts and
other current financial assets and liabilities approximate their carrying amounts largely due to the short-term maturities of
these instruments.
(ii) The fair values of the equity investment which are quoted, are derived from quoted market prices in active markets. The
Investments measured at fair value (FVTOCI) and falling under fair value hierarchy Level 3 are valued on the basis of valuation
reports provided by external valuers with the exception of certain investments, where cost has been considered as an
appropriate estimate of fair value because of a wide range of possible fair value measurements and cost represents the best
estimate of fair values within that range.
The Company considers Comparable Companies Method (CCM) method and the illiquidity discount based on its assessment
of the judgement that market participants would apply for measurement of fair value of unquoted investments. In the CCM
method, the Company would find comparable listed entities in the market and use the same PE multiple (ranging from 8.8 to
19.4) for determining the fair value of the investment.
(iii) The fair values of investments in mutual fund units is based on the net asset value (‘NAV’) as stated by the issuers of these
mutual fund units in the published statements as at Balance Sheet date. NAV represents the price at which the issuer will issue
further units of mutual fund and the price at which issuers will redeem such units from the investors.
(iv) The Company enters into derivative financial instruments with various counterparties, principally banks. The fair value of
derivative financial instruments is based on observable market inputs including currency spot and forward rate, yield curves,
currency volatility, credit quality of counterparties, interest rate and forward rate curves of the underlying instruments etc. and
use of appropriate valuation models.
(v) The fair value of non-current borrowings carrying floating-rate of interest is not impacted due to interest rate changes, and will
not be significantly different from their carrying amounts as there is no significant change in the under-lying credit risk of the
Company (since the date of inception of the loans).

(e) Financial risk management objectives

The Company is exposed to market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.
The Company’s risk management strategies focus on the un-predictability of these elements and seek to minimise the potential
adverse effects on its financial performance. The Company’s senior management which is supported by a Treasury Risk Management
Group ('TRMG') manages these risks. TRMG advises on financial risks and the appropriate financial risk governance framework for the
Company and provides assurance to the Company’s senior management that the Company’s financial risk activities are governed by
appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s
policies and risk objectives.
All hedging activities are carried out by specialist teams that have the appropriate skills, experience and supervision. The Company’s
policy is not to trade in derivatives for speculative purposes.

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 Integrated Annual Report 2020-21

Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk, such as equity price risk and
commodity risk. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange
rates, equity price fluctuations, liquidity and other market changes. Financial instruments affected by market risk include loans and
borrowings, deposits, investments and derivative financial instruments.

Foreign currency risk management

Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities, which are
denominated in a currency other than the functional currency of the Company. The Company’s management has set a policy
wherein exposure is identified, a benchmark is set and monitored closely, and accordingly suitable hedges are undertaken. The
policy also includes mandatory initial hedging requirements for exposure above a threshold.

The Company's foreign currency exposure arises mainly from foreign exchange imports, exports and foreign currency borrowings,
primarily with respect to USD.

As at the end of the reporting period , the carrying amounts of the Company's foreign currency denominated monetary assets and
liabilities in respect of the primary foreign currency i.e. USD and derivative to hedge the exposure, are as follows:
` in crore
As at As at
March 31, 2021 March 31, 2020
USD exposure
Assets 67.38 87.86
Liabilities (26.99) (44.06)
Net 40.39 43.80
Derivatives to hedge USD exposure
Forward contracts - (USD/ INR) 12.17 13.31
12.17 13.31
Net exposure 52.56 57.11

The Company’s exposure to foreign currency changes for all other currencies is not material.

Foreign currency sensitivity analysis

The following table demonstrate the sensitivity to a reasonable possible change in USD exchange rate, with all other variables held
constant. The impact on the Company’s profit before tax due to changes in the fair value of monetary assets and liabilities and
derivatives is as follows:
` in crore
As at As at
March 31, 2021 March 31, 2020
If INR had (strengthened) / weakened against USD by 2.63 2.86
5% (Decrease) / increase in profit for the year
Based on the movements in the foreign exchange rates historically and the prevailing market conditions as at the reporting date, the
Company’s Management has concluded that the above mentioned rates used for sensitivity are reasonable benchmarks.

Interest rate risk management

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
rates. The Company’s exposure to the risk of changes in market rates relates primarily to the Company’s non-current debt obligations
with floating interest rates.
The Company’s policy is generally to undertake non-current borrowings using facilities that carry floating-interest rate. The Company
manages its interest rate risk by entering into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference
between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount.

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Moreover, the short-term borrowings of the Company do not have a significant fair value or cash flow interest rate risk due to their
short tenure.
As the Company does not have exposure to any floating-interest bearing assets, or any significant long-term fixed-interest bearing
assets, its interest income and related cash inflows are not affected by changes in market interest rates.

Interest rate sensitivity

No sensitivity analysis is prepared as the Company does not expect any material effect on the Company’s results arising from
the effects of reasonably possible changes to interest rates on interest bearing financial instruments at the end of the reporting
period.

Equity price risk management

The Company's exposure to equity price risk arises from investment held by the Company and classified as FVTOCI. In general, these
investments are strategic investments and are not held for trading purposes. Reports on the equity portfolio are submitted to the
Company’s senior management on a regular basis.

Equity price sensitivity analysis

If prices of quoted equity securities had been 5% higher / (lower), the OCI for the year ended March 31, 2021 and 2020 would increase
/ (decrease) by ` 131.71 crore and ` 74.86 crore respectively.

Credit risk management

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Company is exposed to credit risk from its operating activities, primarily trade and other receivables and
from its financing activities, including deposits with banks and financial institutions, investment in mutual funds, foreign exchange
transactions and other financial instruments.
The carrying amount of financial assets represents the maximum credit exposure, being the total of the carrying amount of balances
with banks, short term deposits with banks, short term investment, trade and other receivables and other financial assets excluding
equity investments.

The Company considers a financial asset to be in default when:

- the debtor is unlikely to pay its credit obligations to the Company in full, without recourse actions such as security realisations,
etc.
- the financial asset is 120 days past due.
The financial guarantee disclosed under note 45.1 (b) represents the maximum exposure to credit risk under such contracts.

Trade and other receivables

Trade and other receivables of the Company are typically unsecured and derived from sales made to a large number of independent
customers. Customer credit risk is managed by each business unit subject to established policies, procedures and control relating
to customer credit risk management. Before accepting new customer, the Company has appropriate level of control procedures to
assess the potential customer's credit quality. The credit-worthiness of its customers are reviewed based on their financial position,
past experience and other relevant factors. The credit period provided by the Company to its customers generally ranges from
0-60 days. Outstanding customer receivables are reviewed periodically. Provision is made based on expected credit loss method or
specific identification method.
The credit risk related to the trade receivables is mitigated by taking security deposits / bank guarantee / letter of credit - as and
where considered necessary, setting appropriate credit terms and by setting and monitoring internal limits on exposure to individual
customers.
There is no substantial concentration of credit risk as the revenue and trade receivables from any of the single customer do not
exceed 10% of Company revenue and trade receivables, except as disclosed in note 39.1.
For certain other receivables, where recoveries are expected beyond twelve months of the Balance Sheet date, the time value of
money is appropriately considered in determining the carrying amount of such receivables.

20 9
 Integrated Annual Report 2020-21

Financial instruments and cash deposits

Credit risk from balances/investments with banks and financial institutions is managed in accordance with the Company’s treasury
risk management policy. Investments of surplus funds are made only with approved counterparties and within limits assigned to
each counterparty. The limits are assigned based on corpus of investable surplus and corpus of the investment avenue. The limits
are set to minimize the concentration of risks and therefore mitigate financial loss through counterparty’s potential failure to make
payments.

Financial guarantees
Financial guarantees disclosed in note 45.1(b) have been provided as corporate guarantees to financial institutions and banks that
have extended credit facilities to the Company's subsidiaries. In this regard, the Company does not foresee any significant credit risk
exposure.

Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The objective of
liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as and when required.
The Treasury Risk Management Policy includes an appropriate liquidity risk management framework for the management of the
short-term, medium-term and long term funding and cash management requirements. The Company manages the liquidity risk
by maintaining adequate cash reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and
actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Company invests its surplus funds in
bank fixed deposit and liquid schemes of mutual funds, which carry no/negligible mark to market risks.
The below table analyses the Company’s non-derivative financial liabilities as at the reporting date, into relevant maturity groupings
based on the remaining period (as at that date) to the contractual maturity date. The amounts disclosed in the below table are the
contractual undiscounted cash flows.
` in crore
Carrying Above 5
Up-to 1 year 1-5 years Total
amount years
As at March 31, 2021
Lease liability 8.95 4.92 5.02 - 9.94
Trade and other payables 646.44 646.33 0.11 - 646.44
Total 655.39 651.25 5.13 - 656.38
As at March 31, 2020
Lease liability 14.76 5.49 11.24 0.56 17.29
Trade and other payables 757.85 757.68 0.17 - 757.85
Total 772.61 763.17 11.41 0.56 775.14

42 Capital management
The capital structure of the Company consists of net debt and total equity of the Company. The Company manages its capital
to ensure that the Company will be able to continue as going concern while maximising the return to stakeholders through an
optimum mix of debt and equity within the overall capital structure. The Company's risk management committee reviews the capital
structure of the Company considering the cost of capital and the risks associated with each class of capital.

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43 Related Party Disclosure:

(a) Related parties and their relationship (as defined under IndAS-24 Related Party Disclosures)
Subsidiaries Other related parties
Direct 1 Tata Chemicals Ltd Provident Fund
1 Rallis India Limited, India 2 Tata Chemicals Ltd. Employee Pension Fund 
2 Tata Chemicals International Pte. Limited ('TCIPL') 3 Tata Chemicals Superannuation Fund 
3 Ncourage Social Enterprise Foundation 4 Tata Chemicals Employees Gratuity Trust
Indirect 5 TCL Employees Gratuity Fund
1 PT Metahelix Lifesciences Indonesia (PTLI), Indonesia 6 Rallis India Limited Management Staff Gratuity Fund
2 Valley Holdings Inc., United States of America Key Management Personnel
3 Tata Chemicals North America Inc., United States of America 1 Mr. R. Mukundan, Managing Director and CEO
4 General Chemical International Inc., United States of America 2 Mr. Zarir Langrana, Executive Director
5 NHO Canada Holdings Inc., United States of America Promoter
6 Tata Chemicals (Soda Ash) Partners (TCSAP), United States of America ** 1 Tata Sons Private Limited, India
7 Tata Chemicals (Soda Ash) Partners Holdings(TCSAPH), United States List of subsidiaries and joint ventures of Tata Sons Private Limited @@
of America **
8 TCSAP LLC,United States of America 1 TATA AIG General Insurance Company Limited
9 Homefield Pvt UK Limited, United Kingdom 2 Tata Autocomp Systems Limited
10 TCE Group Limited 3 Tata International Limited
11 Tata Chemicals Africa Holdings Limited, United Kingdom 4 Tata Consultancy Services Limited
12 Natrium Holdings Limited 5 TATA AIA Life Insurance Company Limited
13 Tata Chemicals Europe Limited, United Kingdom 6 Tata Consulting Engineers Limited
14 Winnington CHP Limited,United Kingdom 7 Infiniti Retail Limited
15 Brunner Mond Group Limited, United Kingdom 8 Tata Medical and Diagnostics Limited
16 Tata Chemicals Magadi Limited, United Kingdom 9 Tata Teleservices Limited
17 Northwich Resource Management Limited, United Kingdom 10 Ecofirst Services Limited
18 Gusiute Holdings (UK) Limited, United Kingdom 11 Tata Realty and Infrastructure Limited
19 TCNA (UK) Limited, United Kingdom 12 Tata Investment Corporation Limited
20 British Salt Limited, United Kingdom 13 Ewart Investments Limited
21 Cheshire Salt Holdings Limited, United Kingdom 14 Simto Investment Company Limited
22 Cheshire Salt Limited, United Kingdom 15 Tata Autocomp Hendrickson Suspensions Private Limited
23 Brinefield Storage Limited, United Kingdom 16 Tata SmartFoodz Limited
24 Cheshire Cavity Storage 2 Limited, United Kingdom 17 Tata SIA Airlines Limited
25 Cheshire Compressor Limited, United Kingdom 18 Tata Communications Limited
26 Irish Feeds Limited,United Kingdom 19 Tata Communications Collaboration Services Private Limited
27 New Cheshire Salt Works Limited, United Kingdom 20 Tata Teleservices (Maharashtra) Limited
28 Tata Chemicals (South Africa) Proprietary Limited, South Africa 21 Tata Digital Ltd.
29 Magadi Railway Company Limited, Kenya 22 Tata International Singapore PTE Ltd
30 Alcad, United States of America ** 23 Tata Elxsi Limited
Joint Ventures 24 Carbon Disclosure Project India
Direct 25 AirAsia India Limited
1 Indo Maroc Phosphore S.A., Morocco @@The above list includes the Companies with whom the Company has
2 Tata Industries Limited entered into the transactions during the course of the year.
Indirect **a general partnership formed under the laws of the State of Delaware
1 The Block Salt Company Limited, United Kingdom (USA).
(Holding by British Salt Limited)
2 JOil (S) Pte. Ltd and its subsidiaries
(Holding by Tata Chemicals International Pte. Limited)

211
 (b) Transactions with Related parties (as defined under Ind AS 24) during the year ended March 31, 2021 and balances outstanding as at

212
March 31, 2021
Joint Venture of Tata Tata Sons Private Ltd. Its
Subsidiaries of Tata Chemicals Limited Promoter
Chemicals Limited Subsidiaries and Joint Ventures
Rallis India Ncourage Social Gusiute Tata Chemicals North Tata Chemicals Tata Chemicals Homefield Natrium British Salt Indo Maroc Tata Tata Sons Tata Other Key
Tata Chemicals Other
Limited, Enterprise Holdings (UK) America Inc, United Magadi Limited, International Pte. UK Private Holdings Limited, Phosphore Industries Private Consultancy related Management Total
Europe Limited Entities
India Foundation Limited States of America U.K Limited, Singapore Limited, U.K. Limited  U.K S.A. Morocco Limited Ltd. Services Limited parties Personnel (KMP)
Transactions with related parties
- - - - - - - - - - - - - - 39.60 - - 39.60
Investments - - - - - - - - - - - - - - - - - -
Purchase of goods (includes 0.02 0.16 - - 14.14 285.29 - - - 0.18 - - - - - - - 299.79
stock in transit) - (net of returns) - - - 78.04 - 480.52 - - - 0.10 - - - - - - - 558.66
12.54 - - - - - - - - - - - - - - - - 12.54
Sales ( Net ) 11.11 - - - - - - - - - - - - - - - - 11.11
Other services - expenses & (2.17) (0.01) - (2.25) (1.56) (0.06) - (3.24) - - - 4.70 9.17 10.28 5.32 - - 20.18
Reimbursement of Expenses (1.00) (1.14) - (1.91) (1.44) (0.05) - (2.44) - - - 0.71 7.82 10.98 5.21 - - 16.74
0.43 0.51 - - 2.01 - 1.31 0.36 2.32 - - - - - 11.34 - - 18.28
Other services - Income 0.08 0.02 - - 0.26 - 1.61 0.12 - - - 0.16 0.10 - 0.16 - - 2.51
24.34 - 1.99 - - - - - - - 26.49 - 10.24 - 0.79 - - 63.85
Dividend received 24.34 - 1.59 - - - - - - - 72.24 - 10.24 - 1.48 - - 109.89
Miscellaneous purchases/ - - - - - - - - - - - - - - 7.96 - - 7.96
Services - - - - - - - - - - - - - - 5.22 - - 5.22
- - - - - - - - - - - 0.09 79.89 - 16.72 - - 96.70
Dividend paid - - - - - - - - - - - 0.10 74.73 - 21.36 - - 96.19
- - - - - - - - - - - - - - - - - -
Interest paid - - - - - - - - - - - - - - 0.10 - - 0.10
- - - - - - - - - - - - - - 13.13 - - 13.13
Interest Received
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
Redemption of Debentures - - - - - - - - - - - - - - 4.00 - - 4.00
- - - - - - - - - - - - - - 0.83 - - 0.83
Deposit Received 0.04 - - - - - - - - - - - - - - - - 0.04
Contributions to employee - - - - - - - - - - - - - - - 24.95 - 24.95
benefit trusts - - - - - - - - - - - - - - - 37.91 - 37.91
Other employees' related 0.11 - - - - - - - - - - 0.03 - - - - - 0.14
expenses 0.61 - - - - - - - - - - - - - 0.08 - - 0.69
Compensation to key Managerial Person
- - - - - - - - - - - - - - - - 9.59 9.59
Short-term employee benefits - - - - - - - - - - - - - - - - 9.92 9.92
- - - - - - - - - - - - - - - - (1.31) (1.31)
Post-employment benefits - - - - - - - - - - - - - - - - 7.38 7.38
Balances due from /to related parties
Amount receivables/advances/balances/Loans
As at March 31, 2021 0.17 - - - - 59.97 676.40 - - - - - - - 0.67 0.42 - 737.63
As at March 31, 2020 0.27 - 2.27 0.32 - 62.07 700.03 - - - - 0.03 - - 0.42 1.04 - 766.45
Impairment of loans
As at March 31, 2021 - - - - - - (676.40) - - - - - - - - - - (676.40)
As at March 31, 2020 - - - - - - (700.03) - - - - - - - - - - (700.03)
Refundable Deposit
As at March 31, 2021 0.12 - - - - - - - - - - - - - 0.83 - - 0.95
As at March 31, 2020 0.04 - - - - - - - - - - - - - - - - 0.04
Amount payables ( in respect of goods purchased and other services)
As at March 31, 2021 - - - - - 185.74 - - - 0.04 - 0.77 0.03 2.45 1.63 2.20 - 192.86
As at March 31, 2020 0.01 - - - - 236.29 - - - 0.05 - 0.28 7.30 1.18 2.36 2.23 - 249.70
Amount receivable on account of any management contracts
As at March 31, 2021 0.58 - - 0.82 1.00 0.02 0.17 1.15 0.66 - - 0.02 0.16 - 4.98 - - 9.56
As at March 31, 2020 0.67 0.76 - 0.63 0.69 0.02 0.85 0.97 - - - 0.06 0.18 - 0.09 - - 4.92
Footnotes:
1. For Investment in related parties refer note 8.
2. For Guarantee to third parties on behalf of subsidiaries in related parties as at March 31 2021 refer 45.1(b).
3. The above figures do not include provision for Compensated absences and contribution to gratuity fund, as separate figures are not available for the Managing Director and Whole-time Director.
4. Disclosures that related party transactions were made on terms equivalent to those that prevail in arm’s length transactions are made only if such terms can be substantiated.
5. *value below ` 50,000
Integrated Annual Report 2020-21

The figures in light print are for previous year

 Integrated Report Statutory Reports Financial Statements
1-59 60-146 Standalone

44 Commitments
` in crore
As at As at
March 31, 2021 March 31, 2020
Estimated amount of contracts remaining to be executed on capital account and not provided
for 383.96 289.57
Commitment towards partly paid investment - 9.19

45. Contingent liabilities and assets

45.1 Contingent liabilities
(a) Claims not acknowledged by the Company relating to the cases contested by the Company and which, in the opinion of the
Management, are not likely to devolve on the Company relating to the following areas:
` in crore
As at As at
March 31, 2021 March 31, 2020
(i) Excise, Customs and Service Tax @ 104.32 86.41
(ii) Sales Tax @ 37.92 43.89
(iii) Labour and other claims against the Company not acknowledged as debt 26.11 24.60
(iv) Income Tax
(pending before Appellate authorities in respect of which the Company is in appeal) ** 529.81 551.39
(v) Income Tax
(decided in Company's favor by Appellate authorities and Department is in further appeal) 15.54 15.54
(vi) Contractual obligation upto 34.75 34.75

Item (vi)) above includes ` 34.75 crore (2020: ` 34.75 crore) relating to discontinued operations.

(b) Guarantees provided by the Company to third parties on behalf of subsidiaries aggregates USD 91.8 million & GBP 105.6 million
(` 1,735.10 crore) (2020: USD 111.60 million & GBP 2.76 million (` 870.19 crore)).

**The Company has on-going disputes with income tax authorities mainly pertaining to disallowance of expenses and the
computation of, or eligibility of the Company’s availment of certain tax incentives or allowances. Most of these disputes and/
or disallowances are repetitive in nature spanning across multiple years. All the Tax demands are being contested by the
company.


@
Excise Duty cases include disputes pertaining to reversal of input tax credit on common input, refund of duty paid under protest.
Custom Duty cases include disputes pertaining to import of capital equipment against scripts, tariff classification issues, denial
of FTA benefit. VAT/CST/Entry Tax cases include disputes pertaining to Way Bill, reversal/disallowance of input tax credit, pending
declaration forms. All the Tax demands are being contested by the company.

It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of
the respective proceedings as it is determinable only on receipt of judgments / decisions pending with various forums/authorities.

The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required
and disclosed as contingent liabilities where applicable, in the Standalone Financial Statements.

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 Integrated Annual Report 2020-21

45.2 Contingent assets ` in crore

As at As at
March 31, 2021 March 31, 2020
(i) Income Tax
(pending before Appellate authorities in respect of which the Company is in appeal) 78.94 78.40

46. Approval of Standalone Financial Statements

The Standalone Financial Statements were approved for issue by the Board of Directors on May 3, 2021.

Signatures to notes forming part of the Standalone Financial Statements 1 - 46

As per our report of even date attached For and on behalf of the Board
For B S R & Co. LLP N. Chandrasekaran Chairman
(DIN: 00121863)
Chartered Accountants
Padmini Khare Kaicker Director
Firm's Registration No: 101248W/W - 100022 (DIN: 00296388)
R. Mukundan Managing Director and CEO
Vijay Mathur (DIN: 00778253)
Partner Nandakumar S. Tirumalai Chief Financial Officer
(ICAI M. No.: 203896)
Membership No. 046476 Rajiv Chandan General Counsel & Company Secretary
Mumbai, May 3, 2021 (ICSI M. No.: FCS 4312)

214
 Consolidated
Financial
Statements

` `
 Integrated Annual Report 2020-21

Independent Auditors’ Report

To the Members of Tata Chemicals Limited income, consolidated changes in equity and consolidated cash
flows for the year then ended.
Report on the Audit of Consolidated Financial
Statements Basis for Opinion
Opinion We conducted our audit in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Act. Our
We have audited the Consolidated Financial Statements of
responsibilities under those SAs are further described in the
Tata Chemicals Limited (hereinafter referred to as the ‘Holding
Auditor’s Responsibilities for the Audit of the Consolidated Financial
Company”) and its subsidiaries (Holding Company and its
Statements section of our report. We are independent of the Group
subsidiaries together referred to as “the Group”) and its joint
and its joint ventures in accordance with the ethical requirements
ventures, which comprise the Consolidated Balance Sheet as at
that are relevant to our audit of the Consolidated Financial
March 31, 2021, and the consolidated statement of profit and loss
Statements in terms of the Code of Ethics issued by the Institute
(including other comprehensive income), consolidated statement
of Chartered Accountants of India and the relevant provisions of
of changes in equity and consolidated statement of cash flows
the Act, and we have fulfilled our other ethical responsibilities in
for the year then ended, and notes to the Consolidated Financial
accordance with these requirements. We believe that the audit
Statements, including a summary of significant accounting policies
evidence obtained by us along with the consideration of audit
and other explanatory information (hereinafter referred to as “the
reports of the other auditors referred to in sub paragraph (a) of
Consolidated Financial Statements”).
the “Other Matters” paragraph below, is sufficient and appropriate
In our opinion and to the best of our information and according to provide a basis for our opinion on the Consolidated Financial
to the explanations given to us, and based on the consideration Statements.
of reports of other auditors on separate Financial Statements of
such subsidiaries and joint ventures as were audited by the other Key Audit Matters
auditors, the aforesaid Consolidated Financial Statements give the Key audit matters are those matters that, in our professional
information required by the Companies Act, 2013 (“Act”) in the judgment, were of most significance in our audit of the Consolidated
manner so required and give a true and fair view in conformity Financial Statements of the current period. These matters were
with the accounting principles generally accepted in India, of the addressed in the context of our audit of the Consolidated Financial
consolidated state of affairs of the Group and its joint ventures as at Statements as a whole, and in forming our opinion thereon, and we
March 31, 2021, of its consolidated profit and other comprehensive do not provide a separate opinion on these matters.

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Description of Key Audit Matter

Revenue recognition (refer notes 2.18 and 27 to the Consolidated Financial Statements)
The Key Audit Matter How the matter was addressed in our audit
Revenue is recognised when the control of the underlying Our audit procedures included:
products has been transferred to the customer. Ÿ Assessing the revenue recognition policies of the Group
Revenue is measured based on transaction price, which is the including accounting for sales returns and discounts for
consideration, after deduction of estimated accruals for sales compliance with Ind AS;
returns and discounts (including rebates and incentives). Ÿ The Group has manual and automated (information
Due to the Group’s sales under various contractual terms and technology – IT) controls on recording revenue and
across geographies, delivery to customers in different regions accruals for sales returns and discounts. We tested the
might take different time periods and may result in undelivered design, implementation and operating effectiveness of
goods at the period end. We consider there to be a risk of these controls. We involved our IT specialists for IT testing.
misstatement of the Financial Statements related to transactions In respect of cut-off and fraud risk, we focussed on controls
occurring close to the year end, as transactions could be recorded around the timely and accurate recording of year end sales
in the wrong financial period (cut-off risk). transactions. For auditing assumptions of discounts and
There is also a risk of revenue being overstated due to fraud estimates of sales returns, we focussed on controls around
resulting from pressure on the Group to achieve performance the accurate recording of accruals for sales returns and
targets at the reporting period end. discounts.
The recognition and measurement of discounts involves Fraud and cut-off risk
significant assumptions and estimates, particularly the expected Ÿ Performing testing on selected statistical samples of revenue
level of claims of each customer. transactions recorded during the year end.
Estimation of sales returns also involves significant judgement and Ÿ We verified contractual terms of the invoice and tested the
estimates. These factors include, for example, climatic conditions transit time to deliver the goods;
and the length of time between sales and sales returns, some of Ÿ Assessing high risk manual journals posted to revenue to
which are beyond the control of the Group. identify unusual items.
Accordingly, fraud and cut-off risks in revenue recognition Accrual for sales returns and discounts
including accruals for sales returns and discounts is a key audit
Ÿ Selecting samples of revenue transactions and verifying
matter.
accruals for discounts in accordance with the eligibility
criteria mentioned in the marketing circulars;
Ÿ Evaluating the Group’s ability to accurately estimate
the accrual for sales returns and discounts. Comparing
historically recorded accruals to the actual amount of sales
returns and discounts.

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 Integrated Annual Report 2020-21

Litigations and claims (refer notes 2.3.5, 2.27, 21 and 47.1 to the Consolidated Financial Statements)
The Key Audit Matter How the matter was addressed in our audit
The Group operates in various countries exposing it to a variety Our audit procedures included:
of different laws, regulations and interpretations thereof. The
Ÿ Obtaining an understanding of actual and potential
provisions and contingent liabilities relate to ongoing litigations
outstanding litigations and claims against the Group from
and claims with various authorities. Litigations and claims may
the respective entity’s in-house Legal Counsel and other
arise from direct and indirect tax proceedings, legal proceedings,
senior personnel of the Group and assessing their responses;
including regulatory and other government/department
proceedings, as well as investigations by authorities and Ÿ Assessing status of the litigations and claims based on
commercial claims. correspondence between the Group and the various tax/
legal authorities and legal opinions obtained by the Group;
Resolution of litigations and claims proceedings may span over
multiple years beyond March 31, 2021 due to the complexity Ÿ Testing completeness of litigations and claims recorded by
and magnitude of the legal matters involved and may involve assessing the Group’s legal expenses and the minutes of the
protracted negotiation or litigation. Board meetings;

The computation of a provision or contingent liability requires Ÿ Assessing and challenging the Group’s estimate of the
significant judgement by the Group because of the inherent possible outcome of litigations and claims. This is based on
complexity in estimating future costs. The amount recognised as the applicable tax laws and legal precedence by involving
a provision is the best estimate of the expenditure. The provisions our tax specialists in taxation related matters and internal/
and contingent liabilities are subject to changes in the outcomes external legal counsel;
of litigations and claims over time as new facts emerge as each
Ÿ Evaluating the Company’s internal control and judgements
legal case progresses and positions taken by the Group.
made by comparing the estimates of prior year to the actual
There is inherent complexity and magnitude of potential outcome;
exposures is significant across the Group. Significant judgment is
Ÿ Assessing and testing the adequacy and completeness of
necessary to estimate the likelihood, timing and amount of the
the Group’s disclosures in respect of litigations and claims.
cash outflows, interpretations of the legal aspects, legislations and
judgements previously made by the authorities. Accordingly, this
is identified as a key audit matter.

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 Integrated Report Statutory Reports Financial Statements
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Impairment evaluation of goodwill and mining rights (refer notes 2.3.1, 2.16, 7 and 8 to the Consolidated Financial
Statements)
The Key Audit Matter How the matter was addressed in our audit
The carrying amount of goodwill and mining rights represents Our audit procedures included the following:
33% of the Group’s total assets. Ÿ Assessing the identification of relevant Cash Generating
The Group tests goodwill for impairment annually, or more Units (CGU) to which goodwill is allocated and to which
frequently when there is an indication that the cash generating mining rights belong that are being tested;
unit to which goodwill has been allocated may be impaired. Ÿ Assessing the accuracy of prior period forecasts of the CGU
Mining rights are tested for impairment when there is an with the actual financial performance of the CGU;
indication that these may be impaired.
Ÿ Challenging the assumptions used in impairment analysis,
With the spread of COVID-19 in India and globally, demand such as growth rate, discount rate, forecasted gross margins
loss is expected for the products of the Group. We consider the and forecasted revenue. This was based on our knowledge
impairment testing of goodwill and mining rights by the Group of the Group and the markets in which the CGU operates.
to involve significant estimates and judgment. We took assistance of our valuation specialists for the above
We identified the impairment assessment of goodwill and mining testing;
rights as a key audit matter since the assessment process is Ÿ Performing sensitivity analysis of the key assumptions, such
complex and judgmental by nature and is based on assumptions as growth rates, discount rate, forecasted gross margins and
relating to: forecast revenue used in determining the recoverable value;
- Identifying Cash Generating Unit (‘CGU’) for allocation of Ÿ Evaluating the adequacy of disclosures of key assumptions,
goodwill; judgements and sensitivities in respect of goodwill and
- projected future cash inflows; mining rights.
- expected growth rate and profitability;
- discount rate;
- perpetuity value based on long term growth rate;
- sensitivity analyses; and
- macro-economic growth factors.

Employee benefits provision (refer notes 2.20, 21 and 40 to the Consolidated Financial Statements)
The Key Audit Matter How the matter was addressed in our audit
The valuation of employee benefits by the Group’s UK and US Our audit procedures included:
subsidiaries is performed annually with the assistance of external Ÿ Involving our actuarial specialists to assist us in evaluating all
independent actuaries. pension plans;
This involves significant estimates and judgment. There are Ÿ Assessing and testing the valuation methodology used by
inherent uncertainties involved in estimating salary increase, the actuary;
mortality rate, return on plan assets, discount rate and changes in
Ÿ Evaluating the competency of the experts appointed by the
provisions of pension laws.
Group;
These estimates of the Group and our related skeptical judgements
Ÿ Challenging assumptions used by the Group based on
are considered to be significant to our overall audit strategy and
externally derived data in relation to key inputs such as
planning. Accordingly, we have considered employee benefits
inflationary expectations, discount rates and mortality rates
provision for certain components of the Group as a key audit
with the assistance of our subject matter experts;
matter.
Ÿ Identifying any changes in actuarial assumptions resulting
into actuarial gain or loss;
Ÿ Performing sensitivity analysis on the assumptions with the
assistance of our subject matter experts;
Ÿ Assessing and testing the adequacy of disclosures of key
assumptions and sensitivities in respect of the employee
benefits provision.

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 Integrated Annual Report 2020-21

Information Other than the Consolidated In preparing the Consolidated Financial Statements, the respective
Financial Statements and Auditors’ Report Management and Board of Directors of the companies included
Thereon in the Group and of its joint ventures are responsible for assessing
The Holding Company’s management and Board of Directors the ability of each company to continue as a going concern,
are responsible for the other information. The other information disclosing, as applicable, matters related to going concern and
comprises the information included in the Holding Company’s using the going concern basis of accounting unless the respective
annual report, but does not include the Consolidated Financial Board of Directors either intends to liquidate the company or to
Statements and our auditors’ report thereon. cease operations, or has no realistic alternative but to do so.

Our opinion on the Consolidated Financial Statements does not The respective Board of Directors of the companies included in
cover the other information and we do not express any form of the Group and its joint ventures is responsible for overseeing the
assurance conclusion thereon. financial reporting process of each company.

In connection with our audit of the Consolidated Financial Auditor’s Responsibilities for the Audit of the
Statements, our responsibility is to read the other information and, Consolidated Financial Statements
in doing so, consider whether the other information is materially Our objectives are to obtain reasonable assurance about whether
inconsistent with the Consolidated Financial Statements or our the Consolidated Financial Statements as a whole are free from
knowledge obtained in the audit or otherwise appears to be material misstatement, whether due to fraud or error, and to
materially misstated. If, based on the work we have performed issue an auditor’s report that includes our opinion. Reasonable
and based on the work done/ audit reports of other auditors, assurance is a high level of assurance, but is not a guarantee that
we conclude that there is a material misstatement of this other an audit conducted in accordance with SAs will always detect a
information, we are required to report that fact. We have nothing material misstatement when it exists. Misstatements can arise
to report in this regard. from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence
Management’s and Board of Directors’ the economic decisions of users taken on the basis of these
Responsibilities for the Consolidated Financial
Consolidated Financial Statements.
Statements
The Holding Company’s Management and Board of Directors As part of an audit in accordance with SAs, we exercise professional
are responsible for the preparation and presentation of these judgment and maintain professional skepticism throughout the
Consolidated Financial Statements in terms of the requirements audit. We also:
of the Act that give a true and fair view of the consolidated state Ÿ Identify and assess the risks of material misstatement of the
of affairs, consolidated profit and other comprehensive income, Consolidated Financial Statements, whether due to fraud or
consolidated statement of changes in equity and consolidated cash error, design and perform audit procedures responsive to
flows of the Group including its joint ventures in accordance with those risks, and obtain audit evidence that is sufficient and
the accounting principles generally accepted in India, including appropriate to provide a basis for our opinion. The risk of not
the Indian Accounting Standards (Ind AS) specified under section detecting a material misstatement resulting from fraud is
133 of the Act. The respective Management and Board of Directors higher than for one resulting from error, as fraud may involve
of the companies included in the Group and of its joint ventures collusion, forgery, intentional omissions, misrepresentations,
are responsible for maintenance of adequate accounting records or the override of internal control.
in accordance with the provisions of the Act for safeguarding the
Ÿ Obtain an understanding of internal control relevant to the
assets of each company and for preventing and detecting frauds
audit in order to design audit procedures that are appropriate
and other irregularities; the selection and application of appropriate
in the circumstances. Under section 143(3)(i) of the Act,
accounting policies; making judgments and estimates that are
we are also responsible for expressing our opinion on the
reasonable and prudent; and the design, implementation and
internal financial controls with reference to the Consolidated
maintenance of adequate internal financial controls, that were
Financial Statements and the operating effectiveness of such
operating effectively for ensuring accuracy and completeness of the
controls based on our audit.
accounting records, relevant to the preparation and presentation
of the Consolidated Financial Statements that give a true and fair Ÿ Evaluate the appropriateness of accounting policies used
view and are free from material misstatement, whether due to fraud and the reasonableness of accounting estimates and related
or error, which have been used for the purpose of preparation of disclosures made by the Management and Board of Directors.
the Consolidated Financial Statements by the Management and Ÿ Conclude on the appropriateness of Management and Board
Directors of the Holding Company, as aforesaid. of Directors use of the going concern basis of accounting

220
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in preparation of Consolidated Financial Statements and, From the matters communicated with those charged with
based on the audit evidence obtained, whether a material governance, we determine those matters that were of most
uncertainty exists related to events or conditions that significance in the audit of the Consolidated Financial Statements
may cast significant doubt on the appropriateness of this of the current period and are therefore the key audit matters.
assumption. If we conclude that a material uncertainty exists, We describe these matters in our auditors’ report unless law or
we are required to draw attention in our auditor’s report to the regulation precludes public disclosure about the matter or when,
related disclosures in the Consolidated Financial Statements in extremely rare circumstances, we determine that a matter
or, if such disclosures are inadequate, to modify our opinion. should not be communicated in our report because the adverse
Our conclusions are based on the audit evidence obtained consequences of doing so would reasonably be expected to
up to the date of our auditor’s report. However, future events outweigh the public interest benefits of such communication.
or conditions may cause the Group and its joint ventures to
Other Matters
cease to continue as a going concern.
(a) 
We did not audit the Financial Statements/financial
Ÿ Evaluate the overall presentation, structure and content
information of 28 subsidiaries, whose Financial Statements/
of the Consolidated Financial Statements, including the
financial information reflect total assets of ` 14,884.41 crores
disclosures, and whether the Consolidated Financial
as at March 31, 2021, total revenues of ` 4,622.66 crores
Statements represent the underlying transactions and events
and net cash flows amounting to ` 486.43 crores for the
in a manner that achieves fair presentation.
year ended on that date, as considered in the Consolidated
Ÿ Obtain sufficient appropriate audit evidence regarding the Financial Statements. The Consolidated Financial Statements
financial information of such entities or business activities also include the Group’s share of net profit (and other
within the Group and its joint ventures to express an comprehensive income) of ` 83.50 crores for the year ended
opinion on the Consolidated Financial Statements. We are March 31, 2021, in respect of 2 joint ventures, whose Financial
responsible for the direction, supervision and performance Statements/financial information have not been audited by
of the audit of financial information of such entities included us. These Financial Statements/financial information have
in the Consolidated Financial Statements of which we are the been audited by other auditors whose reports have been
independent auditors. For the other entities included in the furnished to us by the Management and our opinion on the
Consolidated Financial Statements, which have been audited Consolidated Financial Statements, in so far as it relates to
by other auditors, such other auditors remain responsible for the amounts and disclosures included in respect of these
the direction, supervision and performance of the audits subsidiaries and joint ventures, and our report in terms of
carried out by them. We remain solely responsible for our sub-section (3) of Section 143 of the Act, in so far as it relates
audit opinion. Our responsibilities in this regard are further to the aforesaid subsidiaries and joint ventures is based solely
described in para (a) of the section titled ‘Other Matters’ in on the audit reports of the other auditors.
this audit report.
Certain of these subsidiaries and joint ventures are located
We believe that the audit evidence obtained by us along with outside India whose Financial Statements and other financial
the consideration of audit reports of the other auditors referred information have been prepared in accordance with
to in sub-paragraph (a) of the Other Matters paragraph below, is accounting principles generally accepted in their respective
sufficient and appropriate to provide a basis for our audit opinion countries and which have been audited by other auditors
on the Consolidated Financial Statements. under generally accepted auditing standards applicable
We communicate with those charged with governance of in their respective countries. The Company’s management
the Holding Company and such other entities included in has converted the Financial Statements of such subsidiaries
the Consolidated Financial Statements of which we are the and joint ventures located outside India from accounting
independent auditors regarding, among other matters, the principles generally accepted in their respective countries
planned scope and timing of the audit and significant audit to accounting principles generally accepted in India. We
findings, including any significant deficiencies in internal control have audited these conversion adjustments made by the
that we identify during our audit. Company’s management. Our opinion in so far as it relates
to the balances and affairs of such subsidiaries and joint
We also provide those charged with governance with a statement
ventures located outside India is based on the reports of
that we have complied with relevant ethical requirements
other auditors and the conversion adjustments prepared by
regarding independence, and to communicate with them all
the management of the Company and audited by us.
relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related (b) 
The Consolidated Financial Statements also include the
safeguards. Group’s share of net loss (and other comprehensive income)

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 Integrated Annual Report 2020-21

of ` Nil for the year ended March 31, 2021, as considered in e) On the basis of the written representations received from the
the Consolidated Financial Statements, in respect of one joint directors of the Holding Company and taken on record by the
venture, whose Financial Statements/financial information Board of Directors of the Holding Company and the reports
have not been audited by us or by other auditors. These of the statutory auditors of its subsidiary companies and joint
unaudited Financial Statements/financial information have ventures incorporated in India, none of the directors of the
been furnished to us by the Management and our opinion Group companies and joint ventures incorporated in India is
on the Consolidated Financial Statements, in so far as it disqualified as on March 31, 2021 from being appointed as a
relates to the amounts and disclosures included in respect of director in terms of Section 164(2) of the Act.
this joint venture and our report in terms of sub-section (3)
f ) With respect to the adequacy of the internal financial
of Section 143 of the Act in so far as it relates to the aforesaid
controls with reference to Consolidated Financial Statements
joint venture is based solely on such unaudited Financial
of the Holding Company, its subsidiary companies and
Statements/financial information. In our opinion and
joint ventures incorporated in India and the operating
according to the information and explanations given to us
effectiveness of such controls, refer to our separate Report in
by the Management, these unaudited Financial Statements/
“Annexure A”.
financial information are not material to the Group.
A. With respect to the other matters to be included in the
Our opinion on the Consolidated Financial Statements, and our
Auditor’s Report in accordance with Rule 11 of the Companies
report on Other Legal and Regulatory Requirements below, is
(Audit and Auditor’s) Rules, 2014, in our opinion and to the
not modified in respect of the above matters with respect to our
best of our information and according to the explanations
reliance on the work done and the reports of the other auditors
given to us and based on the consideration of the reports of
and the Financial Statements/financial information certified by the
the other auditors on separate Financial Statements of the
Management.
subsidiaries and joint ventures, as noted in the ‘Other Matters’
Report on Other Legal and Regulatory Requirements paragraph:

As required by Section 143(3) of the Act, based on our audit and i. The Consolidated Financial Statements disclose the
on the consideration of reports of the other auditors on separate impact of pending litigations as at March 31, 2021
Financial Statements of such subsidiaries and joint ventures as on the consolidated financial position of the Group
were audited by other auditors, as noted in the ‘Other Matters’ and its joint ventures. Refer Notes 21 and 47.1 to the
paragraph, we report, to the extent applicable, that: Consolidated Financial Statements.

a) We have sought and obtained all the information and ii. Provision has been made in the Consolidated Financial
explanations which to the best of our knowledge and belief Statements, as required under the applicable law or
were necessary for the purposes of our audit of the aforesaid Ind AS, for material foreseeable losses, on long-term
Consolidated Financial Statements. contracts including derivative contracts. Refer Note 20
to the Consolidated Financial Statements in respect
b) In our opinion, proper books of account as required by
of such items as it relates to the Group and its joint
law relating to preparation of the aforesaid Consolidated
ventures.
Financial Statements have been kept so far as it appears from
our examination of those books and the reports of the other iii. There has been no delay in transferring amounts to
auditors. the Investor Education and Protection Fund by the
Holding Company or its subsidiary companies and
c) The Consolidated Balance Sheet, the consolidated statement
joint ventures incorporated in India, except for Rs 0.55
of profit and loss (including other comprehensive income),
crores, due to legal disputes with regard to ownership
the consolidated statement of changes in equity and
that have remained unresolved.
the consolidated statement of cash flows dealt with by
this Report are in agreement with the relevant books of iv. The disclosures in the Consolidated Financial
account maintained for the purpose of preparation of the Statements regarding holdings as well as dealings in
Consolidated Financial Statements. specified bank notes during the period from November
8 2016 to December 30 2016 have not been made in
d) In our opinion, the aforesaid Consolidated Financial
the Consolidated Financial Statements since they do
Statements comply with the Ind AS specified under section
not pertain to the financial year ended March 31, 2021.
133 of the Act.

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B. With respect to the matter to be included in the Auditor’s excess of the limit laid down under Section 197 of the Act.
report under Section 197(16) of the Act: The Ministry of Corporate Affairs has not prescribed other
In our opinion and according to the information and details under Section 197(16) of the Act which are required
explanations given to us and based on the reports of the to be commented upon by us.
statutory auditors of such subsidiary companies and joint For B S R & Co. LLP
ventures incorporated in India which were not audited by us, Chartered Accountants
the remuneration paid during the current year by the Holding Firm’s Registration No. 101248W/W-100022
Company, its subsidiary companies and joint ventures
incorporated in India to its directors is in accordance with Vijay Mathur
the provisions of Section 197 of the Act. The remuneration Partner
paid to any director by the Holding Company, its subsidiary Mumbai Membership No: 046476
companies and joint ventures incorporated in India is not in May 3, 2021 UDIN: 21046476AAAACT2360

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 Integrated Annual Report 2020-21

Annexure A to the Independent Auditors’ report

on the Consolidated Financial Statements of Tata
Chemicals Limited for the year ended March 31, 2021
Report on the internal financial controls with timely preparation of reliable financial information, as required
reference to the aforesaid Consolidated Financial under the Companies Act, 2013 (hereinafter referred to as “the
Statements under Clause (i) of Sub-section 3 of Act”).
Section 143 of the Companies Act, 2013
(Referred to in paragraph (f ) under ‘Report on Other Legal and Auditors’ Responsibility
Regulatory Requirements’ section of our report of even date) Our responsibility is to express an opinion on the internal financial
controls with reference to Consolidated Financial Statements
Opinion based on our audit. We conducted our audit in accordance with the
Guidance Note and the Standards on Auditing, prescribed under
We have audited the internal financial controls with reference
Section 143(10) of the Act, to the extent applicable to an audit of
to Consolidated Financial Statements of Tata Chemicals Limited
internal financial controls with reference to Consolidated Financial
(hereinafter referred to as “the Holding Company”) and such
Statements. Those Standards and the Guidance Note require that
companies incorporated in India under the Companies Act, 2013
we comply with ethical requirements and plan and perform the
which are its subsidiary companies and its joint ventures as of
audit to obtain reasonable assurance about whether adequate
March 31, 2021 in conjunction with our audit of the Consolidated
internal financial controls with reference to Consolidated Financial
Financial Statements of the Holding Company for the year ended
Statements were established and maintained and whether such
on that date.
controls operated effectively in all material respects.
In our opinion, the Holding Company and such companies
Our audit involves performing procedures to obtain audit
incorporated in India which are its subsidiary companies and joint
evidence about the adequacy of the internal financial controls
ventures have, in all material respects, adequate internal financial
with reference to Consolidated Financial Statements and their
controls with reference to Consolidated Financial Statements
operating effectiveness. Our audit of internal financial controls
and such internal financial controls were operating effectively as
with reference to Consolidated Financial Statements included
at March 31, 2021, based on the internal financial controls with
obtaining an understanding of such internal financial controls,
reference to Consolidated Financial Statements criteria established
assessing the risk that a material weakness exists, and testing
by such companies considering the essential components of
and evaluating the design and operating effectiveness of internal
internal control stated in the Guidance Note on Audit of Internal
control based on the assessed risk. The procedures selected
Financial Controls Over Financial Reporting issued by the Institute
depend on the auditor’s judgment, including the assessment of
of Chartered Accountants of India (the “Guidance Note”).
the risks of material misstatement of the Consolidated Financial
Statements, whether due to fraud or error.
Management’s Responsibility for Internal
Financial Controls We believe that the audit evidence we have obtained is sufficient
The respective company’s management and the Board of Directors and appropriate to provide a basis for our audit opinion on the
are responsible for establishing and maintaining internal financial internal financial controls with reference to Consolidated Financial
controls based on the internal financial controls with reference Statements.
to Consolidated Financial Statements criteria established by the
respective companies considering the essential components of Meaning of Internal Financial controls with
internal control stated in the Guidance Note. These responsibilities Reference to Consolidated Financial Statements
include the design, implementation and maintenance of adequate A company’s internal financial controls with reference to
internal financial controls that were operating effectively for Consolidated Financial Statements is a process designed
ensuring the orderly and efficient conduct of its business, including to provide reasonable assurance regarding the reliability of
adherence to respective company’s policies, the safeguarding of financial reporting and the preparation of Consolidated Financial
its assets, the prevention and detection of frauds and errors, the Statements for external purposes in accordance with generally
accuracy and completeness of the accounting records, and the accepted accounting principles. A company’s internal financial

224
 Integrated Report Statutory Reports Financial Statements
1-59 60-146 Consolidated

controls with reference to Consolidated Financial Statements Inherent Limitations of Internal Financial controls
include those policies and procedures that (1) pertain to the with Reference to Consolidated Financial
maintenance of records that, in reasonable detail, accurately and Statements
fairly reflect the transactions and dispositions of the assets of the Because of the inherent limitations of internal financial controls
company; (2) provide reasonable assurance that transactions are with reference to Consolidated Financial Statements, including
recorded as necessary to permit preparation of Consolidated the possibility of collusion or improper management override of
Financial Statements in accordance with generally accepted controls, material misstatements due to error or fraud may occur
accounting principles, and that receipts and expenditures of the and not be detected. Also, projections of any evaluation of the
company are being made only in accordance with authorizations internal financial controls with reference to Consolidated Financial
of management and directors of the company; and (3) provide Statements to future periods are subject to the risk that the
reasonable assurance regarding prevention or timely detection internal financial controls with reference to Consolidated Financial
of unauthorized acquisition, use, or disposition of the company’s Statements may become inadequate because of changes in
assets that could have a material effect on the Consolidated conditions, or that the degree of compliance with the policies or
Financial Statements. procedures may deteriorate.
For B S R & Co. LLP
Chartered Accountants
Firm’s Registration No. 101248W/W-100022

Vijay Mathur
Partner
Mumbai Membership No: 046476
May 3, 2021 UDIN: 21046476AAAACT2360

22 5
 Integrated Annual Report 2020-21

Consolidated Balance Sheet as at March 31, 2021

` in crore
As at As at
Note
March 31, 2021 March 31, 2020
I. ASSETS
(1) Non-current assets
(a) Property, plant and equipment 4 5,372.90 5,121.45
(b) Capital work-in-progress 1,034.71 787.80
(c) Investment property 5 54.86 21.24
(d) Right-of-use assets 6 271.60 260.68
(e) Goodwill on consolidation 7 1,917.74 1,954.23
(f ) Goodwill 45.53 45.53
(g) Other intangible assets 8 7,598.40 7,952.48
(h) Intangible assets under development 58.80 47.22
(i) Investments in joint ventures 9(a) 951.89 770.31
(j) Financial assets
(i) Other investments 9(b) 3,300.44 1,913.47
(ii) Loans 10 10.70 9.99
(iii) Other financial assets 11 24.66 4.93
(k) Deferred tax assets (net) 22 - 15.31
(l) Advance tax assets (net) 25(a) 663.86 699.92
(m) Other non-current assets 12 385.40 285.32
Total non-current assets 21,691.49 19,889.88
(2) Current assets
(a) Inventories 13 1,686.56 1,869.16
(b) Financial assets
(i) Investments 9(c) 1,563.49 1,601.02
(ii) Trade receivables 14 1,396.99 1,579.92
(iii) Cash and cash equivalents 15 689.34 1,254.26
(iv) Bank balances other than (iii) above 15 721.67 825.26
(v) Loans 10 0.17 0.23
(vi) Other financial assets 11 153.34 139.01
(c) Current tax assets (net) 25(a) 2.59 137.00
(d) Other current assets 12 427.42 388.74
6,641.57 7,794.60
Assets classified as held for sale 26(a) 4.14 4.27
Total current assets 6,645.71 7,798.87
Total assets 28,337.20 27,688.75
II. EQUITY AND LIABILITIES
Equity
(a) Equity share capital 16 254.82 254.82
(b) Other equity 17 14,035.15 12,642.84
Equity attributable to equity share holders 14,289.97 12,897.66
Non-controlling interests 18 852.60 763.77
Total equity 15,142.57 13,661.43
Liabilities
(1) Non-current liabilities
(a) Financial liabilities
(i) Borrowings 19 5,199.48 3,473.36
(ii) Lease liabilities 39 188.60 188.00
(iii) Other financial liabilities 20 46.77 151.53
(b) Provisions 21 1,598.09 1,653.52
(c) Deferred tax liabilities (net) 22 1,572.11 1,437.94
(d) Other non-current liabilities 23 126.22 98.07
Total non-current liabilities 8,731.27 7,002.42
(2) Current liabilities
(a) Financial liabilities
(i) Borrowings 19 277.58 1,912.94
(ii) Trade payables
- Outstanding dues of micro enterprises and small enterprises 24 21.43 7.52
- Outstanding dues of creditors other than above 24 1,661.44 1,623.40
(ii) Other financial liabilities 20 1,717.46 2,687.23
(b) Other current liabilities 23 265.39 320.97
(c) Provisions 21 365.13 276.90
(d) Current tax liabilities (net) 25(b) 154.93 195.94
Total current liabilities 4,463.36 7,024.90
Total liabilities 13,194.63 14,027.32
Total equity and liabilities 28,337.20 27,688.75
Notes forming part of the Consolidated Financial Statements 1-49
As per our report of even date attached For and on behalf of the Board
For B S R & Co. LLP N. Chandrasekaran Chairman
(DIN: 00121863)
Chartered Accountants
Padmini Khare Kaicker Director
Firm's Registration No: 101248W/W - 100022 (DIN: 00296388)
R. Mukundan Managing Director and CEO
Vijay Mathur (DIN: 00778253)
Partner Nandakumar S. Tirumalai Chief Financial Officer
(ICAI M. No.: 203896)
Membership No. 046476 Rajiv Chandan General Counsel & Company Secretary
Mumbai, May 3, 2021 (ICSI M. No.: FCS 4312)

226
 Integrated Report Statutory Reports Financial Statements
1-59 60-146 Consolidated

Consolidated Statement of Profit and Loss for the year ended March 31, 2021
` in crore
Year ended Year ended
Note
March 31, 2021 March 31, 2020
I. Incomes
a) Revenue from operations 27 10,199.80 10,356.75
b) Other income 28 234.42 311.12
Total income (a+b) 10,434.22 10,667.87
II. Expenses
a) Cost of materials consumed 2,081.16 1,844.23
b) Purchases of stock-in-trade 322.85 252.44
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 29 (7.09) (128.27)
d) Employee benefits expense 30 1,399.74 1,375.37
e) Finance costs 31 367.37 341.91
f ) Depreciation and amortisation expense 32 759.32 666.47
g) Other expenses 33 4,902.50 5,063.81
Total expenses (a to g) 9,825.85 9,415.96
III. Profit before share of profit of joint ventures and tax (I-II) 608.37 1,251.91
IV. Share of profit/(loss) of joint ventures (net of tax) 9(a) 25.62 (3.85)
V. Profit before tax (III+IV) 633.99 1,248.06
VI. Tax expense
(a) Current tax 35 225.79 266.33
(b) Deferred tax 35 (28.02) (46.68)
Total tax expense (a+b) 197.77 219.65
VII. Profit for the year from continuing operations (V-VI) 436.22 1,028.41
VIII. Exceptional gain from discontinued operations (net) 36 - 6,128.08
IX. Share of profit of joint ventures (net of tax) 9(a), 36 - 31.34
X. Tax expense of discontinued operations 36 - (40.32)
XI. Profit for the year from discontinued operations (VIII+IX-X) - 6,199.74
XII. Profit for the year (VII+XI) 436.22 7,228.15
XIII. Other comprehensive income (net of tax) ('OCI') - gain/(loss)
A (i) Items that will not be reclassified to the Consolidated Statement of Profit and Loss
- Changes in fair value of investments in equities carried at fair value through OCI 1,188.93 (579.88)
- Remeasurement of defined employee benefit plans (note 40) 175.12 (68.58)
(ii) Income tax relating to items that will not be reclassified to the Consolidated Statement of Profit 215.82 (95.79)
and Loss
(iii) Share of other comprehensive income in joint ventures (net of tax) 167.29 (76.39)
B (i) Items that will be reclassified to the Consolidated Statement of Profit and Loss
- Effective portion of gain/(loss) on cash flow hedges 291.06 (230.77)
- Changes in foreign currency translation reserve (178.47) 439.14
(ii) Income tax relating to items that will be reclassified to the Consolidated Statement of Profit and 8.63 (4.20)
Loss
(iii) Share of other comprehensive income in joint ventures (net of tax) (3.12) 10.19
Total other comprehensive income - gain/(loss) (net of tax) (A (i-ii+iii) +B (i-ii+iii)) 1,416.36 (406.30)
XIV. Total comprehensive income for the year (XII+XIII) 1,852.58 6,821.85
XV. Profit for the year from continuing operations (VII)
Attributable to:
(i) Equity shareholders of the Company 256.37 806.59
(ii) Non-controlling interests 179.85 221.82
436.22 1,028.41
XVI. Profit for the year from discontinued operations (XI)
Attributable to:
(i) Equity shareholders of the Company - 6,199.74
(ii) Non-controlling interests - -
- 6,199.74
XVII. Profit for the year (XII)
Attributable to:
(i) Equity shareholders of the Company 256.37 7,006.33
(ii) Non-controlling interests 179.85 221.82
436.22 7,228.15
XVIII. Other comprehensive income (net of tax) (XIII)
Attributable to:
(i) Equity shareholders of the Company 1,415.66 (456.88)
(ii) Non-controlling interests 0.70 50.58
1,416.36 (406.30)
XIX. Total comprehensive income for the year (XIV)
Attributable to:
(i) Equity shareholders of the Company 1,672.03 6,549.45
(ii) Non-controlling interests 180.55 272.40
1,852.58 6,821.85
XX. Earnings per share for continuing operations (in `)
- Basic and Diluted 37 10.06 31.66
XXI. Earnings per share for discontinued operations (in `)
- Basic and Diluted 37 - 243.36
XXII. Earnings per share for continuing and discontinued operations (in `)
- Basic and Diluted 37 10.06 275.02
Notes forming part of the Consolidated Financial Statements 1-49
As per our report of even date attached For and on behalf of the Board
For B S R & Co. LLP N. Chandrasekaran Chairman
(DIN: 00121863)
Chartered Accountants
Padmini Khare Kaicker Director
Firm's Registration No: 101248W/W - 100022 (DIN: 00296388)
R. Mukundan Managing Director and CEO
Vijay Mathur (DIN: 00778253)
Partner Nandakumar S. Tirumalai Chief Financial Officer
(ICAI M. No.: 203896)
Membership No. 046476 Rajiv Chandan General Counsel & Company Secretary
Mumbai, May 3, 2021 (ICSI M. No.: FCS 4312)

227
228
Consolidated Statement of Changes in Equity for the year ended March 31, 2021
a Equity share capital (note 16)
` in crore
Balance as at March 31, 2021 254.82
Balance as at March 31, 2020 254.82

b. Other equity (note 17) and non-controlling interests (note 18) ` in crore
Reserves and surplus Items of other comprehensive income Total
Capital reserve Equity instruments Effective Foreign attributable Non-
Capital Debenture
and other Securities General Retained through other portion of currency to the equity controlling
redemption redemption
reserves from premium reserve earnings * comprehensive cash flow translation shareholders interests
reserve reserve
amalgamation income hedges reserve of the parent
Balance as at April 1, 2019 326.64 1,258.89 0.10 240.00 1,282.47 5,192.86 2,171.68 (54.46) 1,668.27 12,086.45 2,912.48
Transition impact of Ind AS 116 - - - - - (14.95) - - - (14.95) -
Restated balance as at April 1, 2019 326.64 1,258.89 0.10 240.00 1,282.47 5,177.91 2,171.68 (54.46) 1,668.27 12,071.50 2,912.48
Profit for the year 7,006.33 - - - 7,006.33 221.82
Other comprehensive income (net of tax) - - - - - (26.97) (603.66) (220.53) 394.28 (456.88) 50.58
Total comprehensive income for the year - - - - - 6,979.36 (603.66) (220.53) 394.28 6,549.45 272.40
Transferred from Debenture redemption reserve - - - (240.00) 240.00 - - - - - -
Dividends including tax on dividend - - - - - (383.89) - - - (383.89) (171.18)
Deemed dividend on demerger (note 36) - - - - - (6,307.97) - - - (6,307.97) -
Refund of tax on dividend - - - - - 1.65 - - - 1.65 -
Impact on Merger of Zero Waste to Rallis - - - - - 0.14 - - - 0.14 0.14
Joint venture Reserve movement - - - - - 0.30 - - - 0.30 -
Changes in ownership interests in subsidiaries
Acquisition of non-controlling interests (note 38) - - - - - 718.30 - (6.64) - 711.66 (2,250.07)
Balance as at March 31, 2020 326.64 1,258.89 0.10 - 1,522.47 6,185.80 1,568.02 (281.63) 2,062.55 12,642.84 763.77
Profit for the year - - - - - 256.37 - - - 256.37 179.85
Other comprehensive income (net of tax) - - - - - 93.14 1,221.72 282.43 (181.63) 1,415.66 0.70
Total comprehensive income for the year - - - - - 349.51 1,221.72 282.43 (181.63) 1,672.03 180.55
Transfer to retained earnings - sale of non-current
investment - - - - - (1.51) 1.51 - - - -
Dividends - - - - - (280.23) - - - (280.23) (91.72)
Joint venture Reserve movement - - - - - 0.51 - - - 0.51 -
Balance as at March 31, 2021 326.64 1,258.89 0.10 - 1,522.47 6,254.08 2,791.25 0.80 1,880.92 14,035.15 852.60
*including remeasurement of defined employee benefit plans
Notes forming part of the Consolidated Financial Statements 1 - 49
As per our report of even date attached For and on behalf of the Board
For B S R & Co. LLP N. Chandrasekaran Chairman
(DIN: 00121863)
Chartered Accountants
Padmini Khare Kaicker Director
Firm's Registration No: 101248W/W - 100022 (DIN: 00296388)
R. Mukundan Managing Director and CEO
Vijay Mathur (DIN: 00778253)
Partner Nandakumar S. Tirumalai Chief Financial Officer
(ICAI M. No.: 203896)
Membership No. 046476 Rajiv Chandan General Counsel & Company Secretary
Mumbai, May 3, 2021
Integrated Annual Report 2020-21

(ICSI M. No.: FCS 4312)

Integrated Report Statutory Reports Financial Statements
1-59 60-146 Consolidated

Consolidated Statement of Cash Flows for the year ended March 31, 2021
` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
A Cash flows from operating activities
Profit before tax from continuing operations 633.99 1,248.06
Profit before tax from discontinued operations - 6,159.42
633.99 7,407.48
Adjustments for :
Depreciation and amortisation expense 759.32 666.47
Provision for exceptional items (note 36) - 92.07
Finance costs 367.37 341.91
Interest income (56.25) (59.81)
Dividend income (20.12) (27.31)
Gain on demerger of discontinued operation (net) (note 36) - (6,220.15)
Share of profit of joint ventures (25.62) (27.49)
Net gain on sale of current investments (61.00) (128.70)
Provision for employee benefits expense 80.15 32.92
Provision for doubtful debts and advances/bad debts written off (net) 8.29 21.24
Provision for contingencies (net) 105.21 154.25
Liabilities no longer required written back (10.69) (18.18)
Foreign exchange loss (net) 23.88 22.25
Loss/(Profit) on assets sold or discarded (net) 5.79 (15.06)
Operating profit before working capital changes 1,810.32 2,241.89
Adjustments for :
Trade receivables, loans, other financial assets and other assets 116.25 (190.96)
Inventories 182.60 (275.01)
Trade payables, other financial liabilities and other liabilities 24.46 151.96
Cash generated from operations 2,133.63 1,927.88
Taxes paid (net of refund) (96.33) (147.79)
Net cash generated from operating activities 2,037.30 1,780.09
B Cash flows from investing activities
Acquisition of property, plant and equipment (including capital work-in-progress, intangible (1,241.93) (1,199.42)
assets and intangible assets under development)
Proceeds from sale of property, plant and equipment 8.45 29.93
Proceeds from sale of current investments 4,023.73 8,875.68
Purchase of non-current investments (198.90) -
Purchase of current investments (3,925.01) (8,085.67)
Bank balances not considered as cash and cash equivalents 101.47 (759.59)
Payment on sale of discontinued operations (net) (note 36) - (8.00)
Acquisition of non-controlling interests by the group - (1,382.12)
Interest received 55.22 60.13
Dividend received 46.66 100.83
Net cash used in investing activities (1,130.31) (2,368.23)

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 Integrated Annual Report 2020-21

Consolidated Statement of Cash Flows for the year ended March 31, 2021
` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
C Cash flows from financing activities
Proceeds from borrowings 4,239.29 2,951.73
Repayment of borrowings (4,873.41) (2,129.23)
Repayment towards lease liabilities (105.70) (87.39)
Finance costs paid (345.87) (308.96)
Payment of Dividend to non-controlling interests (91.72) (171.18)
Bank balances in dividend and restricted account 2.12 (1.86)
Dividends paid including distribution tax (280.36) (382.37)
Net cash used in financing activities (1,455.65) (129.26)
Net decrease in cash and cash equivalents (548.66) (717.40)
Cash and cash equivalents as at April 1 1,254.26 1,888.38
Exchange difference on translation of foreign currency cash and cash equivalents (16.26) 83.28
Cash and cash equivalents as at March 31 (note 15) 689.34 1,254.26

Footnote:
Reconciliation of borrowings and lease liabilities ` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
Non-current borrowings (note 19) 5,199.48 3,473.36
Non-current lease liabilities (note 39) 188.60 188.00
Current borrowings (note 19) 277.58 1,912.94
Current maturities of non-current borrowings (note 20) 1,174.89 2,040.65
Current maturities of lease liabilities (note 20 and 39) 91.98 87.42
Liabilities held to hedge non-current borrowings (net) (note 42) 62.81 96.84
6,995.34 7,799.21
Proceeds from borrowings 4,239.29 2,951.73
Repayment of borrowings of continuing operations (4,873.41) (2,129.23)
Repayment towards lease liabilities (105.70) (87.39)
Transition impact of Ind AS 116 - 298.31
Addition to lease liabilities pertaining to Right-of-use assets 110.10 32.27
Realised foreign exchange loss due to financing activities (net) - (48.92)
Unrealised foreign exchange (loss)/gain (net) (85.05) 522.74
Derecognition of lease (2.73) -
Fair value changes (net) (34.03) 117.21
Unamortised finance cost (52.34) 19.43
Movement of borrowings and lease liabilities (net) (803.87) 1,676.15
The Statement of Cash Flow is prepared using indirect method as prescribed under Ind AS 7.
Notes forming part of the Consolidated Financial Statements 1-49

As per our report of even date attached For and on behalf of the Board
For B S R & Co. LLP N. Chandrasekaran Chairman
(DIN: 00121863)
Chartered Accountants
Padmini Khare Kaicker Director
Firm's Registration No: 101248W/W - 100022 (DIN: 00296388)
R. Mukundan Managing Director and CEO
Vijay Mathur (DIN: 00778253)
Partner Nandakumar S. Tirumalai Chief Financial Officer
(ICAI M. No.: 203896)
Membership No. 046476 Rajiv Chandan General Counsel & Company Secretary
Mumbai, May 3, 2021 (ICSI M. No.: FCS 4312)

2 30
 Integrated Report Statutory Reports Financial Statements
1-59 60-146 Consolidated

Notes forming part of the Consolidated Financial Statements

1 Corporate Information 2.3 Critical accounting estimates, assumptions
Tata Chemicals Limited (the ‘Company’ ) is a public limited
and judgements
company domiciled in India. Its shares are listed on two The preparation of the CFS requires management
stock exchanges in India; the Bombay Stock Exchange to make estimates, assumptions and judgments
(‘BSE’) and the National Stock Exchange (‘NSE’). The that affect the reported balances of assets and
Company and its subsidiaries (collectively the ‘Group’) is a liabilities and disclosures as at the date of the
diversified businesses dealing in basic chemistry products Consolidated Financial Statements and the
and specialty products. The Group has a global presence reported amounts of income and expense for the
with key subsidiaries in United States of America (USA), periods presented.
United Kingdom (UK) and Kenya that are engaged in The estimates and associated assumptions are
the manufacture and sale of soda ash, industrial salt and based on historical experience and other factors
related products. During the previous year, the Company that are considered to be relevant. Actual results
had demerged consumer product business as per Scheme may differ from these estimates under different
of Arrangement amongst Tata Consumer Products Limited assumptions and conditions.
(formerly Tata Global Beverages Limited) ("TCPL") and the
Company and their respective shareholders and creditors Estimates and underlying assumptions are
(note 36).  reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period
2 Summary of basis of compliance, basis in which the estimates are revised and future
of preparation and presentation, critical periods are affected.
accounting estimates, assumptions and The estimates and assumptions that have a
judgements and significant accounting
significant risk of causing a material adjustment to
policies
the carrying values of assets and liabilities within
2.1 Basis of compliance the next financial year are discussed below.
The Consolidated Financial Statements (‘CFS’)
2.3.1 
Impairment of goodwill, goodwill on
comply, in all material aspects, with Indian
consolidation and intangible assets
Accounting Standards (‘Ind AS’) notified under
Section 133 of the Companies Act, 2013 (‘the Act’ Goodwill and Intangible assets are tested for
or 'the 2013 Act') read with Rule 3 of Companies impairment at least on an annual basis or more
(Indian Accounting Standards) Rules, 2015 and frequently, whenever circumstances indicate that
other relevant provisions of the Act. the recoverable amount of the cash generating
unit (‘CGU’) is less than its carrying value. The
2.2 Basis of preparation and presentation
impairment indicators, the estimation of expected
The Consolidated Financial Statements have been future cash flows and the determination of the fair
prepared on the historical cost basis, except for value of CGU require the Management to make
certain financial instruments and defined benefit significant estimates, assumptions and judgments.
plans which are measured at fair value at the end These are in respect of revenue growth rates and
of each reporting period. Historical cost is generally operating margins used to calculate projected
based on the fair value of the consideration given future cash flows, relevant risk-adjusted discount
in exchange for goods and services. Fair value is rate, future economic and market conditions, etc.
the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction 2.3.2 Deferred income tax assets and liabilities
between market participants at the measurement Significant management judgment is required to
date. determine the amount of deferred tax assets that
All assets and liabilities have been classified as can be recognised, based upon the likely timing
current or noncurrent as per the Group’s normal and the level of future taxable profits.
operating cycle and other criteria set out in the The amount of total deferred tax assets could
Schedule III to the Act. change if management estimates of projected

2 31
 Integrated Annual Report 2020-21

future taxable income or if tax regulations undergo Financial Statements unless an inflow of economic
a change. benefits is probable.
Similarly, the identification of temporary 2.4 Functional and presentation currency
differences pertaining to subsidiaries that are Items included in the Consolidated Financial
expected to reverse in the foreseeable future and Statements of each of the Group’s entities are
the determination of the related deferred income measured using the currency of the primary
tax liabilities, require the Management to make economic environment in which the entity
significant judgments, estimates and assumptions. operates (the ‘Functional Currency’). The CFS
2.3.3 Useful lives of property, plant and equipment are presented in Indian Rupees (`), which is the
(‘PPE’) and intangible assets Group’s presentation currency.

Management reviews the estimated useful lives 2.5 Basis of Consolidation:

and residual value of PPE and Intangibles at the end
The CFS comprise the Financial Statements of the
of each reporting period. Factors such as changes
Company, its subsidiaries and the Group’s interest
in the expected level of usage, technological
in joint ventures as at the reporting date.
developments, units-of-production and product
life-cycle, could significantly impact the economic Subsidiaries
useful lives and the residual values of these
Subsidiaries include all the entities over which the
assets. Consequently, the future depreciation and
Group has control. The Group controls an entity
amortisation charge could be revised and may
when the Group is exposed to, or has rights to,
have an impact on the profit of the future years.
variable returns through its involvement in the
2.3.4 Employee Benefit obligations entity and has the ability to affect those returns
Employee benefit obligations are determined through its power to direct the relevant activities
using actuarial valuations. An actuarial valuation of the entity. Subsidiaries are consolidated from
involves making various assumptions that may the date control commences until the date control
differ from actual developments. These include ceases.
the estimation of the appropriate discount rate,
Joint venture
future salary increases and mortality rates. Due
to the complexities involved in the valuation A joint venture is a joint arrangement whereby the
and its long-term nature, the employee benefit parties that have joint control of the arrangement
obligation is highly sensitive to changes in these have rights to the net assets of the arrangement.
assumptions. All assumptions are reviewed at each Interests in joint venture are accounted for using
reporting date. the equity method of accounting (see (III) below).

2.3.5 Provisions and contingencies The CFS have been prepared on the following
From time to time, the Group is subject to legal basis:
proceedings, the ultimate outcome of each being I The Financial Statements of the Company
subject to uncertainties inherent in litigation. and its subsidiary companies have been
A provision for litigation is made when it is consolidated on a line by- line basis by
considered probable that a payment will be made adding together of like items of assets,
and the amount can be reasonably estimated. liabilities, income and expenses, after
Significant judgment is required when evaluating fully eliminating intra-group balances and
the provision including, the probability of an intra-group transactions and resulting
unfavorable outcome and the ability to make a unrealised profit or losses, unless cost
reasonable estimate of the amount of potential cannot be recovered, as per the applicable
loss. Litigation provisions are reviewed at each Accounting Standard. Accounting policies
accounting period and revisions made for the of the respective subsidiaries are aligned
changes in facts and circumstances. Contingent wherever necessary, so as to ensure
liabilities are disclosed in the notes forming part of consistency with the accounting policies
the Consolidated Financial Statements. Contingent that are adopted by the Group under Ind
assets are not disclosed in the Consolidated AS.

2 32
Integrated Report Statutory Reports Financial Statements
1-59 60-146 Consolidated

II The results of subsidiaries acquired or 2.6 Foreign currency translation

disposed of during the year are included (i) Foreign currency transactions and
in the CFS from the effective date of balances
acquisition and up to the effective date of
On initial recognition, all foreign currency
disposal, as appropriate.
transactions are recorded at exchange
III The CFS include the share of profit / loss of rates prevailing on the date of the
the joint ventures which are accounted as transaction. Monetary assets and liabilities,
per the ‘equity method’. denominated in a foreign currency, are
translated at the exchange rate prevailing
Under the equity method of accounting,
on the Consolidated Balance Sheet date
the investments are initially recognised at
and the resultant exchange gains or
cost and adjusted thereafter to recognise
losses are recognised in the Consolidated
the Group’s share of the post-acquisition
Statement of Profit and Loss. Non-
profits or losses of the investee in profit or
monetary items, which are carried in terms
loss, and the Group’s share of movements
of historical cost, denominated in a foreign
in OCI of the investee in OCI. Dividends
currency are reported using the exchange
received or receivable from joint ventures
rate at the date of the transaction.
are recognised as a reduction in the
carrying amount of the investment. Foreign exchange differences regarded as
an adjustment to the borrowing cost are
When the Group’s share of losses in an
presented in the Consolidated Statement
equity accounted investment equals
of Profit and Loss within finance cost.
or exceeds its interest in the entity, the
Exchange differences arising from the
Group does not recognise further losses,
translation of equity investments at Fair
unless it has incurred obligations or made
value through other comprehensive
payments on behalf of the other entity.
income (‘FVTOCI’) are recognised in OCI.
IV The CFS are presented, to the extent All other foreign exchange gains and
applicable, in accordance with the losses are presented on a net basis within
requirements of Schedule III of the 2013 other income or other expense.
Act as applicable to the Company's
separate Financial Statements. (ii) Foreign operations
Assets and liabilities of entities with
V Non-controlling interests (‘NCI’) in the
functional currencies other than
net assets of the subsidiaries that are
presentation currency have been
consolidated consists of the amount of
translated to the presentation currency
equity attributable to non-controlling
using exchange rates prevailing on the
shareholders at the date of acquisition.
Consolidated Balance Sheet date. The
VI Goodwill on consolidation is measured as Statement of Profit and Loss has been
the excess of the sum of the consideration translated using the average exchange
transferred, the amount of NCI in the rates. The net impact of such translation
aquiree, and the fair value of acquirer’s are recognised in OCI and held in foreign
previously held equity instrument in the currency translation reserve (‘FCTR’), a
aquiree (if any) over the net of acquisition component of Equity.
date fair value of identifiable assets
On the disposal of a foreign operation (i.e.
acquired and liabilities assumed.
a disposal of the Group’s entire interest in a
Profit or loss and each component of OCI foreign operation, a disposal involving loss
are attributed to the equity holders of the of control, over a subsidiary that includes
parent and to the NCI, even if this results in a foreign operation, or a partial disposal
the NCI having a deficit balance. of an interest in a joint arrangement

2 33
 Integrated Annual Report 2020-21

that includes a foreign operation of proportionate share of the acquiree’s identifiable

which the retained interest becomes a net assets. The choice of measurement basis is
financial asset), the exchange differences made on an acquisition-by-acquisition basis.
accumulated in equity in respect of that
When the consideration transferred by the Group
operation attributable to the owners of the
in a business combination includes assets or
Group are reclassified to the Consolidated
liabilities resulting in a contingent consideration
Statement of Profit and Loss as part of the
arrangement, such contingent consideration, on
gain or loss on disposal.
the acquisition date, is measured at fair value and
In case of a partial disposal of interests included as a part of the consideration transferred
in a subsidiary that includes a foreign in a business combination. Changes in the fair
operation that does not result in the value of the contingent consideration that qualify
Group losing control over the subsidiary, as measurement period adjustments, are adjusted
the proportionate share of accumulated retrospectively, with corresponding adjustments
exchange differences are re-attributed against goodwill or capital reserve as the case may
to NCI and are not recognised in the be.
Consolidated Statement of Profit and
Measurement period adjustments are adjustments
Loss. For all other partial disposal (i.e.
that arise from additional information during the
partial disposals of joint arrangements
‘measurement period’ (which cannot exceed one
that do not result in the Group losing
year from the acquisition date) about facts and
significant influence or joint control), the
circumstances that existed at the acquisition date.
proportionate share of the accumulated
exchange differences is reclassified to the The subsequent accounting for changes in the fair
Consolidated Statement of Profit and Loss. value of the contingent consideration that do not
qualify as the measurement period adjustments
2.7 Business combinations depends on how the contingent consideration
The Group accounts for its business combinations is classified. Contingent consideration that is
under acquisition method of accounting. classified as equity is not remeasured at subsequent
Acquisition related costs are recognised in reporting dates and its subsequent settlement
the Consolidated Statement of Profit and Loss is accounted for within equity. Contingent
as incurred. The acquiree’s identifiable assets, consideration that is classified as an asset or a
liabilities and contingent liabilities that meet the liability is remeasured at fair value at subsequent
condition for recognition are recognised at their reporting dates with the corresponding gain or
fair values at the acquisition date except deferred loss being recognised in profit or loss.
tax assets or liabilities, and assets or liabilities When a business combination is achieved in
related to employee benefit arrangements, which stages, the Group’s previously held equity interest
are recognised and measured in accordance with in the acquiree is remeasured to its acquisition-
Ind AS 12- Income taxes and Ind AS 19-Employee date fair value and the resulting gain or loss, if any,
benefits, respectively. is recognised in profit or loss. Amounts arising from
Goodwill is measured as the excess of the sum of the interests in the acquiree prior to the acquisition
consideration transferred, the amount of NCI in the date that have previously been recognised in other
aquiree, and the fair value of acquirer’s previously comprehensive income are reclassified to profit or
held equity instrument in the aquiree (if any) over loss where such treatment would be appropriate if
the net of acquisition date fair value of identifiable that interest were disposed off.
assets acquired and liabilities assumed. Where the If the initial accounting for a business combination
fair value of identifiable assets and liabilities exceed is incomplete by the end of the reporting period
the cost of acquisition, after reassessing the fair in which the combination occurs, the Group
values of the net assets and contingent liabilities, reports provisional amount for the items for which
the excess is recognised as capital reserve. the accounting is incomplete. Those provisional
The interest of non-controlling shareholders is amount are adjusted during the measurement
initially measured either at fair value or at the NCI’s period, or additional assets or liabilities are

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recognised, to reflect new information obtained value of the replaced part is de-recognised.
about facts and circumstances that existed at Where an item of property, plant and equipment
the acquisition date that, if known, would have comprises major components having different
affected the amount recognised at that date. useful lives, these components are accounted for
as separate items.
2.8 Changes in the proportion held by NCI
Changes in the proportion of the equity held by PPE acquired and put to use for projects are
NCI are accounted for as equity transactions. The capitalised and depreciation thereon is included
carrying amount of the controlling interests and in the project cost till the project is ready for
NCI are adjusted to reflect the changes in their commissioning.
relative interests in the subsidiaries. Any difference Depreciation methods, estimated useful lives
between the amount by which the NCI are and residual value
adjusted and the fair value of the consideration
Depreciation on PPE (except leasehold
paid or received is recognised directly in equity
improvements) is calculated using the straight-line
and attributed to owners of the Group.
method to allocate their cost, net of their residual
2.9 Property, plant and equipment values, over their estimated useful lives. However,
An item of property, plant and equipment (‘PPE’) leasehold improvements are depreciated on a
is recognised as an asset if it is probable that the straight-line method over the shorter of their
future economic benefits associated with the respective useful lives or the tenure of the lease
item will flow to the Group and its cost can be arrangement. Freehold land is not depreciated.
measured reliably. These recognition principles Schedule II to the Act prescribes the useful lives for
are applied to the costs incurred initially to acquire various class of assets. For certain class of assets,
an item of PPE, to the pre-operative and trial run based on technical evaluation and assessment,
costs incurred (net of sales), if any and also to the Management believes that, the useful lives
costs incurred subsequently to add to, replace part adopted by it reflect the periods over which these
of, or service it and subsequently carried at cost assets are expected to be used. Accordingly for
less accumulated depreciation and accumulated those assets, the useful lives estimated by the
impairment losses, if any. management are different from those prescribed
The cost of PPE includes interest on borrowings in the Schedule. Management’s estimates of the
directly attributable to the acquisition, useful lives for various class of PPE are as given
construction or production of a qualifying asset. A below:
qualifying asset is an asset that necessarily takes Asset Useful life
a substantial period of time to be made ready for Salt Works, Reservoirs and Pans 1-30 years
its intended use or sale. Borrowing costs and other Plant and Machinery** 1-60 years
directly attributable cost are added to the cost Traction Lines and Railway Sidings 15 years
of those assets until such time as the assets are Factory Buildings 5-60 years
substantially ready for their intended use, which Other Buildings 5-60 years
generally coincides with the commissioning date Water Works 15 years
of those assets. Furniture and Fittings and Office 1-10 years
The present value of the expected cost for the Equipment (including Computers
decommissioning of an asset after its use is and Data Processing Equipment)
included in the cost of the respective asset if the Vehicles 4-10 years
recognition criteria for a provision is met. Mines and Quarries** 140 years
Machinery spares that meet the definition of PPE **Mines and quarries and certain plant and
are capitalised and depreciated over the useful life machinery which are in relation to the USA
of the principal item of an asset. subsidiaries mine are depreciated using the
units-of-production method. Approximately 1%
All other repair and maintenance costs, (previous year 2%) of plant and machinery and
including regular servicing, are recognised in 100% (previous year 100%) of mines and quarries
the Consolidated Statement of Profit and Loss as are depreciated using the units-of-production
incurred. When a replacement occurs, the carrying method.

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Useful lives and residual values of assets are between the net disposal proceeds and the
reviewed at the end of each reporting period. carrying amount of the asset and recognised as
income or expense in the Consolidated Statement
Losses arising from the retirement of, and gains or
of Profit and Loss.
losses arising from disposal/adjustments of PPE
are recognised in the Consolidated Statement of
2.11 
Capital work-in-progress (‘CWIP’) and
Profit and Loss. intangible assets under development
2.10 Intangible assets Projects under commissioning and other CWIP/
intangible assets under development are carried
Goodwill
at cost, comprising direct cost, related incidental
Goodwill represents the cost of the acquired expenses and attributable borrowing cost.
businesses in excess of the fair value of identifiable
tangible and intangible net assets purchased. Subsequent expenditures relating to property,
Goodwill is not amortised; however it is tested plant and equipment are capitalised only when it is
annually for impairment and carried at cost less probable that future economic benefit associated
accumulated impairment losses, if any. The gains with these will flow to the Group and the cost of
/ (losses) on the disposal of an entity include the the item can be measured reliably.
carrying amount of Goodwill relating to the entity
Advances given to acquire property, plant and
disposed.
equipment are recorded as non-current assets and
Other Intangible assets subsequently transferred to CWIP on acquisition of
Computer software, technical knowhow, product related assets.  
registration, contractual rights, rights to use railway
2.12 Investment property
wagons and mining rights of similar nature are
initially recognised at cost. The intangible assets Investment properties are land and buildings that
acquired in a business combination are measured are held for long term lease rental yields and/ or
at their fair value as at the date of acquisition. for capital appreciation. Investment properties are
Following initial recognition, intangible assets are initially recognised at cost including transaction
carried at cost less accumulated amortisation and costs. Subsequently investment properties
accumulated impairment losses, if any. comprising building are carried at cost less
accumulated depreciation and accumulated
The intangible assets with a finite useful life impairment losses, if any.
are amortised using straight line method over
their estimated useful lives. The management’s Depreciation on buildings is provided over the
estimates of the useful lives for various class of estimated useful lives as specified in note 2.9
intangibles are as given below: above. The residual values, estimated useful lives
and depreciation method of investment properties
Asset Useful life are reviewed, and adjusted on prospective basis as
Mining rights** 140 years
appropriate, at each reporting date. The effects
Computer software 3-8 years
Product registration, contractual 4-20 years of any revision are included in the Consolidated
rights and rights to use railway Statement of Profit and Loss when the changes
wagons arise.
Technical knowhow 3 years
An investment property is de-recognised when
**Mining rights which are in relation to the USA
either the investment property has been disposed
subsidiaries mine are amortised using the units-of-
of or does not meet the criteria of investment
production method. Approximately 99% (previous
year 99%) of mining rights are amortised using the property i.e. when the investment property is
units-of-production method. permanently withdrawn from use and no future
economic benefit is expected from its disposal.
The estimated useful life is reviewed annually by
The difference between the net disposal proceeds
the management.
and the carrying amount of the asset is recognised
Losses arising from the retirement or disposal of an in the Consolidated Statement of Profit and Loss in
intangible asset are determined as the difference the period of de-recognition.

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2.13 Research and Development Expenses A discontinued operation is a component of the

Research expenses are charged to the Consolidated entity that has been disposed off or is classified as
Statement of Profit and Loss as expenses in the held for sale and:
year in which they are incurred. Development • represents a separate major line of business
costs are capitalised as an intangible asset under or geographical area of operations and;
development when the following criteria are met:
• is part of a single co-ordinated plan to
• the project is clearly defined, and the
dispose of such a line of business or area
costs are separately identified and reliably
of operations.
measured;
• the technical feasibility of the project is The results of discontinued operation are presented
demonstrated; separately in the Consolidated Statement of Profit
and Loss.
• the ability to use or sell the products created
during the project is demonstrated; 2.15 Financial instruments
• the intention to complete the project exists 2.15.1 Investments and other financial assets:
and use or sale of output manufactured Classification
during the project; The Group classifies its financial assets in
• a potential market for the products the following measurement categories:
created during the project exists or
• 
those to be measured
their usefulness, in case of internal use,
subsequently at fair value (either
is demonstrated, such that the project
through OCI, or through profit or
will generate probable future economic
loss), and
benefits; and
• adequate resources are available to • those measured at amortised cost.
complete the project. The classification depends on the Group’s
These development costs are amortised over the business model for managing the financial
estimated useful life of the projects or the products assets and the contractual terms of the
they are incorporated within. The amortisation of cash flows. For assets measured at fair
capitalised development costs begins as soon as value, gains and losses will either be
the related product is released to production. recorded in the Consolidated Statement
of Profit and Loss or through OCI. For
2.14 
Non-current assets held for sale and investments in debt instruments, this will
discontinued operations depend on the business model in which
Non-current assets (including disposal groups) are the investment is held. For investments
classified as held for sale if their carrying amount in equity instruments, this will depend
will be recovered principally through a sale on whether the Group has made an
transaction rather than through continuing use irrevocable election at the time of initial
and a sale is considered highly probable. recognition to account for the equity
investment at fair value through OCI. The
Non-current assets classified as held for sale are Group has elected to consider the carrying
measured at lower of their carrying amount and cost of equity investments in joint venture
fair value less cost to sell. at cost.
Non-current assets classified as held for sale are The Group reclassifies debt investments
not depreciated or amortised from the date when when and only when its business model
they are classified as held for sale. for managing those assets changes.
Non-current assets classified as held for sale Debt instruments
and the assets and liabilities of a disposal group
Measurement
classified as held for sale are presented separately
from the other assets and liabilities in the A financial asset or financial liability is
Consolidated Balance Sheet. initially measured at fair value plus, for

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an item not at fair value through profit • Fair value through profit or loss
and loss (FVTPL), transaction costs that (“FVTPL”)
are directly attributable to its acquisition  Assets that do not meet the criteria for
or issue. Transaction costs of financial amortised cost or FVTOCI are measured at
assets carried at fair value through profit FVTPL. A gain or loss on a debt investment
or loss are expensed in the Consolidated (including current investments) that
Statement of Profit and Loss. is subsequently measured at FVTPL
Subsequent measurement of debt (unhedged) is recognised net in the
instruments depends on the Group’s Consolidated Statement of Profit and Loss
business model for managing the asset in the period in which it arises. Interest
and the cash flow characteristics of the income from these financial assets is
asset. There are three measurement included in other income.
categories into which the Group classifies Equity instruments
its debt instruments:
 The Group subsequently measures all equity
• Amortised cost investments at fair value. Where the Group’s
Assets that are held for collection of management has elected to present fair value
contractual cash flows, where those gains and losses on equity investments in OCI, there
cash flows represent solely payments is no subsequent reclassification of fair value gains
of principal and interest, are measured and losses to the Consolidated Statement of Profit
at amortised cost. A gain or loss on a and Loss. When the financial asset is derecognised,
debt investment (unhedged) that is the cumulative gain or loss previously recognised
subsequently measured at amortised in OCI is reclassified to equity. Dividends from such
cost is recognised in the Consolidated investments are recognised in the Consolidated
Statement of Profit and Loss when the Statement of Profit and Loss within other income
asset is derecognised or impaired. Interest when the Group’s right to receive payments is
income from these financial assets is established. Impairment losses (and reversal
included in other income using the of impairment losses) on equity investments
effective interest rate (‘EIR’) method. measured at FVTOCI are not reported separately
from other changes in fair value.
• Fair value through other comprehensive
income (‘FVTOCI’) Cash and cash equivalents
 Assets that are held for collection of The Group considers all highly liquid financial
contractual cash flows and for selling instruments, which are readily convertible into
the financial assets, where the asset’s known amounts of cash, that are subject to an
cash flows represent solely payments insignificant risk of change in value with a maturity
of principal and interest, are measured within three months or less from the date of
at FVTOCI. Movements in the carrying purchase, to be cash equivalents. Cash and cash
amount are recorded through OCI, except equivalents consist of balances with banks which
for the recognition of impairment gains are unrestricted for withdrawal and usage.
or losses, interest revenue and foreign Derecognition of financial assets
exchange gains and losses which are
A financial asset is derecognised only when the
recognised in the Consolidated Statement
Group
of Profit and Loss. When the financial
asset is derecognised, the cumulative • has transferred the rights to receive cash
gain or loss previously recognised in flows from the financial asset; or
OCI is reclassified from equity to the • retains the contractual rights to receive
Consolidated Statement of Profit and Loss. the cash flows of the financial asset, but
Interest income from these financial assets assumes a contractual obligation to pay
is included in other income using the EIR. the cash flows to one or more recipients.

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Where the Group transfers an asset, it evaluates Presentation

whether it has transferred substantially all risks Borrowings are classified as current liabilities
and rewards of ownership of the financial asset. unless the Group has an unconditional right
Where the Group has transferred substantially to defer settlement of the liability for at least 12
all risks and rewards of ownership, the financial months after the reporting period.
asset is derecognised. Where the Group has not
transferred substantially all risks and rewards of Trade and other payables are presented as current
ownership of the financial asset, the financial liabilities unless payment is not due within 12
asset is not derecognised. Where the Group has months after the reporting period.
neither transferred a financial asset nor retained
substantially all risks and rewards of ownership 2.15.4 Derivatives and hedging activities
of the financial asset, the financial asset is In the ordinary course of business, the Group
derecognised if the Group has not retained control uses certain derivative financial instruments
of the financial asset. Where the Group retains to reduce business risks which arise from its
control of the financial asset, the asset is continued exposure to foreign exchange, fuel and interest
to be recognised to the extent of continuing rate fluctuations associated with borrowings (cash
involvement in the financial asset. flow hedges). When the Group opts to undertake
hedge accounting, the Group documents,
2.15.2 Debt and equity instruments
at the inception of the hedging transaction,
Debt and equity instruments are classified as either the economic relationship between hedging
financial liabilities or as equity in accordance with instruments and hedged items including whether
the substance of the contractual arrangement. the hedging instrument is expected to offset
An equity instrument is any contract that changes in cash flows or fair values of hedged
evidences a residual interest in the assets of an items. The Group documents its risk management
entity after deducting all of its liabilities. Equity objective and strategy for undertaking various
instruments issued by the Group are recorded at hedge transactions at the inception of each hedge
the proceeds received, net of direct issue costs. relationship.
Derivatives are initially recognised at fair value on
2.15.3 Financial liabilities
the date the derivative contract is entered into and
The Group’s financial liabilities comprise are subsequently remeasured to their fair value at
borrowings, trade payables and other liabilities. the end of each reporting period. The accounting
These are initially measured at fair value, net of for subsequent changes in fair value depends on
transaction costs, and are subsequently measured whether the derivative is designated as a hedging
at amortised cost using the EIR method. The EIR instrument, and if so, the nature of the item
is a method of calculating the amortised cost of a being hedged and the type of hedge relationship
financial liability and of allocating interest expense designated.
over the relevant period at effective interest rate.
The effective interest rate is the rate that exactly Cash flow hedges that qualify for hedge
discounts estimated future cash payments accounting
through the expected life of the financial liability, The effective portion of changes in the fair value
or, where appropriate, a shorter period. of derivatives that are designated and qualify
as cash flow hedges, is recognised through OCI
Changes to the carrying amount of a financial
and as cash flow hedging reserve within equity,
liability as a result of renegotiation or modification
limited to the cumulative change in fair value of
of terms that do not result in derecognition of the
the hedged item on a present value basis from the
financial liability, is recognised in the Consolidated
inception of the hedge. The gain or loss relating to
Statement of Profit and Loss.
the ineffective portion is recognised immediately
Derecognition of financial liabilities in the Consolidated Statement of Profit and Loss.
The Group derecognises financial liabilities when, Amounts accumulated in equity are reclassified to
and only when, its obligations are discharged, the Consolidated Statement of Profit and Loss on
cancelled or they expire. settlement. When the hedged forecast transaction

2 39
 Integrated Annual Report 2020-21

results in the recognition of a non-financial asset, 2.15.7 Fair value of financial instruments
the amounts accumulated in equity with respect In determining the fair value of its financial
to gain or loss relating to the effective portion of instruments, the Group uses a variety of methods
the spot component of forward contracts, both and assumptions that are based on market
the deferred hedging gains and losses and the conditions and risks existing at each reporting
deferred aligned forward points are included date. The methods used to determine fair value
within the initial cost of the asset. The deferred include discounted cash flow analysis, available
amounts are ultimately recognised in the quoted market prices and dealer quotes. All
Consolidated Statement of Profit and Loss as the methods of assessing fair value result in general
hedged item affects profit or loss. approximation of value.
When a hedging instrument expires, is sold or 2.16 Impairment
terminated, or when a hedge no longer meets
Financial assets (other than at fair value)
the criteria for hedge accounting, then hedge
accounting is discontinued prospectively and The Group assesses on a forward looking basis the
any cumulative deferred gain or loss and deferred expected credit losses associated with its assets
costs of hedging in equity at that time remains in carried at amortised cost and debt instruments
equity until the forecast transaction occurs. When carried at FVTOCI. The impairment methodology
the forecast transaction is no longer expected to applied depends on whether there has been a
occur, the cumulative gain or loss and deferred significant increase in credit risk. In respect of
costs of hedging that were reported in equity trade receivables the Group applies the simplified
are immediately transferred to the Consolidated approach permitted by Ind AS 109 - Financial
Statement of Profit and Loss. Instruments, which requires expected lifetime
losses to be recognised upon initial recognition
Derivatives that are not designated as hedges of the receivables. For all other financial assets,
When derivative contracts to hedge risks are expected credit losses are measured at an amount
not designated as hedges, such contracts are equal to the 12-months expected credit losses or
accounted through FVTPL. at an amount equal to the life time expected credit
losses if the credit risk on the financial asset has
The entire fair value of a hedging derivative is
increased significantly since initial recognition.
classified as a non-current asset or liability when
the remaining maturity of the hedged item The gross carrying amount of a financial asset is
exceeds 12 months; it is classified as a current written off (either partially or in full) to the extent
asset or liability when the remaining maturity of that there is no realistic prospect of recovery.
the hedged item does not exceed 12 months. Financial assets that are written off could still
be subject to enforcement activities in order to
2.15.5 Financial guarantee contracts comply with the Group's procedures.
Financial guarantee contracts are recognised
PPE, CWIP and intangible assets
as a financial liability at the time of issuance of
guarantee. The liability is initially measured at fair For the purpose of assessing impairment,
value and is subsequently measured at the higher the smallest identifiable group of assets that
of the amount of loss allowance determined, or the generates cash inflows from continuing use that
amount initially recognised less, the cumulative are largely independent of the cash inflows from
amount of income recognised. other assets or groups of assets is considered
as a cash generating unit (“CGU”). The carrying
2.15.6 Offsetting of financial instruments values of assets / CGUs at each Balance Sheet
Financial assets and financial liabilities are offset date are reviewed to determine whether there
when the Group has a legally enforceable right is any indication that an asset may be impaired.
(not contingent on future events) to off-set the If any indication of such impairment exists, the
recognised amounts either to settle on a net basis, recoverable amount of such assets / CGU is
or to realise the assets and settle the liabilities estimated and in case the carrying amount of
simultaneously. these assets exceeds their recoverable amount, an

24 0
Integrated Report Statutory Reports Financial Statements
1-59 60-146 Consolidated

impairment loss is recognised in the Consolidated and receiving charges. Work-in-progress and
Statement of Profit and Loss. The recoverable finished goods include appropriate proportion
amount is the higher of the net selling price and of overheads and, where applicable, taxes and
their value in use. Value in use is arrived at by duties. Net realisable value is the estimated selling
discounting the future cash flows to their present price in the ordinary course of business, less the
value based on an appropriate discount factor. estimated costs of completion and the estimated
Assessment is also done at each Balance Sheet costs necessary to make the sale.
date as to whether there is indication that an
2.18 Revenue recognition
impairment loss recognised for an asset in prior
accounting periods no longer exists or may have 2.18.1 Sale of goods
decreased, consequent to which such reversal of Revenue is recognised upon transfer of control
impairment loss is recognised in the Consolidated of promised goods to customers in an amount
Statement of Profit and Loss. that reflects the consideration which the Group
expects to receive in exchange for those goods.
Goodwill
Goodwill is tested for impairment, at least annually Revenue from the sale of goods is recognised at
and whenever circumstances indicate that it the point in time when control is transferred to the
may be impaired. For the purpose of impairment customer which is usually on dispatch / delivery of
testing, the Goodwill is allocated to a CGU or group goods, based on contracts with the customers.
of CGUs, which are expected to benefit from the Revenue is measured based on the transaction
synergies arising from the business combination price, which is the consideration, adjusted for
in which the said Goodwill arose. volume discounts, price concessions, incentives,
and returns, if any, as specified in the contracts with
If the estimated recoverable amount of the CGU
the customers. Revenue excludes taxes collected
including the Goodwill is less than its carrying
from customers on behalf of the government.
amount, the impairment loss is allocated first
Accruals for discounts/incentives and returns are
to reduce the carrying amount of any goodwill
estimated (using the most likely method) based on
allocated to the CGU and then to the other assets
accumulated experience and underlying schemes
of the CGU on a pro-rata basis of the carrying
and agreements with customers. Due to the short
amount of each asset in the unit.
nature of credit period given to customers, there is
An impairment loss in respect of goodwill is not no financing component in the contract.
subsequently reversed, In respect of other assets
for which impairment loss has been recognised in 2.18.2 Interest income
prior periods, the Group reviews at each reporting For all debt instruments measured either at
date whether there is any indication that the loss amortised cost or at FVTOCI, interest income is
has decreased or no longer exists. An impairment recorded using the EIR Method.
loss is reversed if there has been a change in the 2.18.3 Dividend income
estimated used to determine the recoverable
Dividend income is accounted for when Group’s
amount. Such a reversal is made only to the extent
right to receive the income is established.
that the asset’s carrying amount does not exceed
the carrying amount that would have been 2.18.4 Insurance claims
determined, net of depreciation or amortisation, if Insurance claims are accounted for on the basis of
no impairment loss had been recognised. claims admitted and to the extent that there is no
2.17 Inventories uncertainty in receiving the claims.

Inventories are valued at lower of cost (on 2.19 Leases

weighted average basis) and net realisable The Group assesses whether a contract contains
value after providing for obsolescence and a lease, at inception of a contract. A contract is, or
other losses, where considered necessary on an contains, a lease if the contract conveys the right
item-by-item basis. Cost includes all charges in to control the use of an identified asset for a define
bringing the goods to their present location and period of time in exchange for consideration. To
condition, including other levies, transit insurance assess whether a contract conveys the right to

241
 Integrated Annual Report 2020-21

control the use of an identified assets, the Group term. The Group applied a single discount rate
assesses whether: (i) the contact involves the use to a portfolio of leases of similar assets in similar
of an identified asset (ii) the Group has substantially economic environment with a similar end date.
all of the economic benefits from use of the asset
2.20 Employee benefits plans
through the period of the lease and (iii) the Group
has the right to direct the use of the asset. 2.20.1 
In respect of the Company and domestic
subsidiaries
As a lessee, The Group recognises a right-
Employee benefits consist of provident fund,
of-use asset and a lease liability at the lease
superannuation fund, gratuity fund, compensated
commencement date. The right-of-use asset
absences, long service awards, post-retirement
is initially measured at cost, which comprises
medical benefits, directors’ retirement obligations
the initial amount of the lease liability adjusted
and family benefit scheme.
for any lease payments made at or before the
commencement date, plus any initial direct costs (i) Post-employment benefit plans
incurred and an estimate of costs to dismantle Defined contribution plans
and remove the underlying asset or to restore the
Payments to a defined contribution
underlying asset or the site on which it is located,
retirement benefit scheme for eligible
less any lease incentives received.
employees in the form of superannuation
The right-of-use asset is subsequently depreciated fund are charged as an expense as they fall
using the straight-line method from the due. Such benefits are classified as Defined
commencement date to the earlier of the end of Contribution Schemes as the Group does
the useful life of the right-of-use asset or the end of not carry any further obligations, apart
the lease term. The estimated useful lives of right- from the contributions made.
of-use assets are determined on the same basis
as those of property and equipment. In addition, Defined benefit plans
the right-of-use asset is periodically reduced by Contributions to a Provident Fund are
impairment losses, if any, and adjusted for certain made to Trusts administered by the Group/
remeasurements of the lease liability. Regional Provident Fund Commissioners
and are charged to the Consolidated
The lease liability is initially measured at the present
Statement of Profit and Loss as incurred.
value of the lease payments that are not paid
The Group is liable for the contribution
at the commencement date, discounted using
and any shortfall in interest between
the interest . For leases with reasonably similar
the amount of interest realised by the
characteristics, the Group, on a lease by lease basis,
may adopt either the incremental borrowing rate investments and the interest payable
specific to the lease or the incremental borrowing to members at the rate declared by the
rate for the portfolio as a whole. Government of India in respect of the Trust
administered by the Group companies.
Lease payments included in the measurement of
For defined benefit schemes in the form
the lease liability comprise the fixed payments,
of gratuity fund, provident fund, post-
including in-substance fixed payments and
retirement medical benefits, pension
lease payments in an optional renewal period
liabilities (including directors) and family
if the Group is reasonably certain to exercise an
benefit scheme, the cost of providing
extension option;
benefits is actuarially determined using
The lease liability is measured at amortised cost the projected unit credit method, with
using the effective interest method. actuarial valuations being carried out at
The Group has elected not to recognise right-of- each Balance Sheet date.
use assets and lease liabilities for short-term leases 
The retirement benefit obligation
that have a lease term of 12 months or less and recognised in the Consolidated Balance
leases of low-value assets. The Group recognises Sheet represents the present value of the
the lease payments associated with these leases as defined benefit obligation as reduced by
an expense on a straight-line basis over the lease the fair value of scheme assets.

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The present value of the said obligation is (b) In case of non - accumulating
determined by discounting the estimated compensated absence, when the
future cash outflows, using market yields absences occur.
of government bonds of equivalent term
(iii) Other long-term employee benefits
and currency to the liability.
Compensated absences which are
The interest income / (expense) are not expected to occur within twelve
calculated by applying the discount rate months after the end of the period in
to the net defined benefit liability or asset. which the employee renders the related
The net interest income / (expense) on the services are recognised as a liability. The
net defined benefit liability is recognised cost of providing benefits is actuarially
in the Consolidated Statement of Profit determined using the projected unit
and Loss. credit method, with actuarial valuations

Remeasurements, comprising of being carried out at each Balance Sheet
actuarial gains and losses, the effect of date. Long Service Awards are recognised
the asset ceiling (if any),  are recognised as a liability at the present value of the
immediately  in the Consolidated Balance obligation at the Balance Sheet date. All
Sheet with a corresponding charge gains/losses due to actuarial valuations
or credit to retained earnings through are immediately recognised in the
OCI in the period in which they occur. Consolidated Statement of Profit and Loss.
Remeasurements are not reclassified 2.20.2 
In respect of overseas subsidiaries, the
to the Consolidated Statement of Profit liabilities for employee benefits are determined
and Loss in subsequent periods. and accounted as per the regulations and
Changes in the present value of the principles followed in the respective countries.
defined benefit obligation resulting (i) Defined contribution schemes
from plan amendments or curtailments The USA subsidiaries sponsors defined
are recognised immediately in the contribution retirement savings plans.
Consolidated Statement Profit and Loss as Participation in one of these plans is
past service cost. available to substantially all represented
(ii) Short-term employee benefits and non-represented employees.
These subsidiaries match employee
The short-term employee benefits
contributions up to certain predefined
expected to be paid in exchange for
limits for non-represented employees
the services rendered by employees is
based upon eligible compensation
recognised during the period when the
and the employee’s contribution rate.
employee renders the service. These
Contributions are charged as expense as
benefits include compensated absences
they fall due.
such as paid annual leave and performance
incentives which are expected to occur For the UK and Kenyan subsidiaries, the
within twelve months after the end of the contributions payable during the period
period in which the employee renders the under defined contribution schemes are
related services. charged to the Consolidated Statement of
Profit and Loss.
The cost of compensated absences is
accounted as under: (ii) Defined benefit plans
(a) 
In case of accumulating The USA subsidiaries use standard actuarial
compensated absences, when methods and assumptions to account for
employees render service that pension and other post retirement benefit
increase their entitlement of plans. Pension and post retirement benefit
future compensated absences; obligations are actuarially calculated
and using best estimates of the rate used to

243
 Integrated Annual Report 2020-21

discount the future estimated liability, the Profit and Loss during extended periods when
long-term rate of return on plan assets, active development activity on the qualifying
and several assumptions related to the assets is interrupted. All other borrowing costs are
employee workforce (compensation recognised in the Consolidated Statement of Profit
increases, health care cost trend rates, and Loss in the period in which they are incurred.
expected service period, retirement
2.24 Government grants
age and mortality). Pension and post
retirement benefit expense includes the Government grants and subsidies are recognised
actuarially computed cost of benefits when there is reasonable assurance that the
earned during the current service period. Group will comply with the conditions attached
Actuarial gains and losses are recognised to them and the grants and subsidies will be
in OCI in the period in which they occur. received. Government grants whose primary
condition is that the Group should purchase,
For UK subsidiaries, the cost of providing construct or otherwise acquire non-current
pension benefits is actuarially determined assets are recognised as deferred revenue in the
using the projected unit credit method Consolidated Balance Sheet and transferred to
and discounted at the current rate of the Consolidated Statement of Profit and Loss on
return on a high quality corporate bond systematic and rational basis over the useful lives
of equivalent term and currency to the of the related asset.
liability, with actuarial valuations being
2.25 Segment reporting
carried out at each Balance Sheet date.
Actuarial gains and losses are recognised The operating segments are the segments for
in OCI in the period in which they occur. which separate financial information is available
and for which operating profit/loss amounts are
Changes in the present value of the evaluated regularly by the Managing Director and
defined benefit obligation resulting Chief Executive Officer (who is the Group’s chief
from plan amendments or curtailments operating decision maker) in deciding how to
are recognised immediately in the allocate resources and in assessing performance.
Consolidated Statement Profit and Loss as
past service cost. The accounting policies adopted for segment
reporting are in conformity with the accounting
2.21 Termination benefits policies of the Group. Segment revenue, segment
Termination benefits are expensed at the earlier of expenses, segment assets and segment liabilities
when the Group can no longer withdraw the offer have been identified to segments on the basis
of those benefits and when the Group recognises of their relationship to the operating activities of
cost for restructuring. the segment. Inter segment revenue is accounted
on the basis of transactions which are primarily
2.22 Employee separation compensation determined based on market / fair value factors.
Compensation paid / payable to employees who Revenue, expenses, assets and liabilities which
have opted for retirement under a Voluntary relate to the Group as a whole and are not allocable
Retirement Scheme including ex-gratia is charged to segments on a reasonable basis have been
to the Consolidated Statement of Profit and Loss in included under ‘unallocated revenue / expenses /
the year of separation. assets / liabilities’.

2.23 Borrowing costs 2.26 Income tax

Borrowing costs are interest and ancillary costs Tax expense for the year comprises current and
incurred in connection with the arrangement of deferred tax. The tax currently payable is based
borrowings. General and specific borrowing costs on taxable profit for the year. Taxable profit differs
attributable to acquisition and construction of from net profit as reported in the Statement
qualifying assets is added to the cost of the assets of Profit and Loss because it excludes items of
upto the date the asset is ready for its intended income or expense that are taxable or deductible
use. Capitalisation of borrowing costs is suspended in other years and it further excludes items that are
and charged to the Consolidated Statement of never taxable or deductible. The Group’s liability

24 4
Integrated Report Statutory Reports Financial Statements
1-59 60-146 Consolidated

for current tax is calculated using tax rates and Current and deferred tax are recognised as
tax laws that have been enacted or substantively an expense or income in the statement of
enacted by the end of the reporting period. consolidated Statement of Profit and Loss, except
when they relate to items credited or debited
Current tax assets and current tax liabilities are either in other comprehensive income or directly
offset when there is a legally enforceable right to in equity, in which case the tax is also recognised
set off the recognised amounts and there is an in OCI or directly in equity.
intention to realise the asset or to settle the liability Deferred tax assets include a credit for the Minimum
on a net basis. Alternate Tax (‘MAT’) paid in accordance with the
tax laws, which is likely to give future economic
Deferred tax is the tax expected to be payable or
benefits in the form of availability of set off against
recoverable on differences between the carrying
future income tax liability. MAT asset is recognised
values of assets and liabilities in the Financial
as deferred tax assets in the Consolidated Balance
Statements and the corresponding tax bases Sheet when the asset can be measured reliably,
used in the computation of taxable profit and is and it is probable that the future economic benefit
accounted for using the balance sheet liability associated with the asset will be realised.
method. Deferred tax liabilities are generally
Deferred tax liabilities are recognised for
recognised for all taxable temporary differences
taxable temporary differences associated with
arising between the tax base of assets and
investments in subsidiaries  and interests in joint
liabilities and their carrying amount, except when ventures, except where the Group is able to
the deferred income tax arises from the initial control the reversal of the temporary difference
recognition of an asset or liability in a transaction and it is probable that the temporary difference
that is not a business combination and affects will not reverse in the foreseeable future. Deferred
neither accounting nor taxable profit or loss at tax assets arising from deductible temporary
the time of the transaction. In contrast, deferred differences associated with such investments and
tax assets are only recognised to the extent that interests are only recognised to the extent that
it is probable that future taxable profits will be it is probable that there will be sufficient taxable
available against which the temporary differences profits against which to utilise the benefits of the
can be utilised. temporary differences and they are expected to
reverse in the foreseeable future.
The carrying value of deferred tax assets is
reviewed at the end of each reporting period and 2.27 Provisions and contingencies
reduced to the extent that it is no longer probable A provision is recognised when the Group has a
that sufficient taxable profits will be available to present obligation as a result of past events and
allow all or part of the asset to be recovered. it is probable that an outflow of resources will
be required to settle the obligation, in respect
Deferred tax is calculated at the tax rates that are of which a reliable estimate of the amount can
expected to apply in the period when the liability be made. Provisions are determined based on
is settled or the asset is realised based on the best estimate required to settle the obligation
tax rates and tax laws that have been enacted or at the Balance Sheet date. When a provision is
substantially enacted by the end of the reporting measured using the cash flows estimated to settle
period. The measurement of deferred tax liabilities the present obligation, its carrying amount is the
and assets reflects the tax consequences that present value of those cash flows (when the effect
would follow from the manner in which the Group of the time value of the money is material). The
expects, at the end of the reporting period, to increase in the provisions due to passage of time
cover or settle the carrying value of its assets and is recognised as interest expense. Provisions are
reviewed as at each reporting date and adjusted
liabilities.
to reflect the current estimate.
Deferred tax assets and liabilities are offset to the Provisions are reviewed at each Balance Sheet
extent that they relate to taxes levied by the same date and adjusted to reflect the current best
tax authority and there are legally enforceable estimate. If it is no longer probable that the
rights to set off current tax assets and current tax outflow of resources would be required to settle
liabilities within that jurisdiction. the obligation, the provision is reversed.

245
 Integrated Annual Report 2020-21

Contingent liabilities are disclosed when there is 3.2 Note on COVID-19

a possible obligation arising from past events, the The production of soda ash, sodium bicarbonate
existence of which will be confirmed only by the and specialty products operations in India has
occurrence or non-occurrence of one or more recovered after the initial phases of the lockdown
uncertain future events not wholly within the control as customers’ own operations recommenced.
of the Group or a present obligation that arises from
past events where it is either not probable that an International businesses operated as normal,
outflow of resources will be required to settle or a adhering to relevant guidelines and safe
reliable estimate of the amount cannot be made. operating practices. COVID-19 disruptions were
generally limited to H1 of FY2020-21, the Group
Contingent assets are not disclosed in the Financial had experienced volume reduction along with
Statements unless an inflow of economic benefits reduced prices in the domestic and export markets
is probable. serviced by its international operations.

2.28 Dividend The Group has taken into account potential

Final dividend on shares are recorded as a liability, impacts of COVID-19 in the preparation of the
on the date of approval by the shareholders and Consolidated Audited Financial Statements.
interim dividends are recorded as a liability on the Based on the information currently available
date of declaration by the Company’s Board of there is no material impact on carrying amounts
Directors. of inventories, goodwill, intangible assets, trade
receivables, investments and other financial
3. Recent Indian Accounting Standard (Ind AS) assets though management continue to
and Note on COVID-19 monitor changes in future economic conditions.
3.1 Recent accounting pronouncements The impact of COVID-19 on the Consolidated
which are not yet effective Audited Financial Statements may differ from
that estimated as at the date of approval of these
Ministry of Corporate Affairs ("MCA") notifies new
Consolidated Audited Financial Statements.
standard or amendments to the existing standards.
There is no such notification which would have
been applicable from April 1, 2021.

24 6
 4 Property, plant and equipment
1-59

` in crore
Salt works, Traction
Furniture
Water Lines,
Freehold Leasehold Factory Other Plant and and Fittings Mines and
Vehicles works Railway Total
Land* land Buildings Buildings Machinery and Office Quarries#
Integrated Report

Reservoirs Sidings and

Equipments
and Pans Wagons
Gross Block
Balance as at April 1, 2019 274.09 22.76 720.04 192.65 4,310.90 135.58 27.00 51.03 25.59 182.34 5,941.98
Additions / adjustments** 15.05 - 165.53 29.05 897.86 14.48 4.96 12.66 0.31 23.78 1,163.68
60-146

Disposals - - (0.13) (3.53) (30.19) (0.79) (0.89) - - - (35.53)

Reclassified to assets held for sale (note 26) - - (0.30) - - - - - - - (0.30)
Transferred to Right-of-use assets (note 6) - - - (0.17) (28.35) - (0.74) - - - (29.26)
Transferred to Discontinued operations - - - - (5.63) (0.73) - - - - (6.36)
Statutory Reports

(note 36)
Exchange fluctuations 4.44 - 29.89 1.37 187.12 5.48 2.03 0.18 1.56 18.77 250.84
Balance as at March 31, 2020 293.58 22.76 915.03 219.37 5,331.71 154.02 32.36 63.87 27.46 224.89 7,285.05
Additions / adjustments ** 15.38 - 93.24 23.68 633.07 20.94 1.36 9.96 3.21 17.70 818.54
Disposals - - (2.92) (6.00) (123.08) (3.49) (2.67) (15.90) (1.60) - (155.66)
Transferred to Investment property (note 5) (15.47) - (11.47) (12.87) - - - - - - (39.81)
Consolidated

Exchange fluctuations 9.73 - 0.26 (0.55) 27.01 (1.61) (0.82) (0.03) (0.64) (7.86) 25.49
Balance as at March 31, 2021 303.22 22.76 994.14 223.63 5,868.71 169.86 30.23 57.90 28.43 234.73 7,933.61
Accumulated Depreciation
Balance as at April 1, 2019 - 3.18 160.87 34.08 1,306.95 73.83 14.18 17.56 11.50 26.42 1,648.57
Financial Statements

Depreciation for the year - 0.24 47.75 7.20 380.25 15.07 5.72 7.30 2.40 6.97 472.90
Disposals / adjustments - - (0.21) (0.91) (24.84) (0.72) (0.78) - - - (27.46)
Reclassified to assets held for sale (note 26) - - (0.03) - - - - - - - (0.03)
Transferred to Right-of-use assets (note 6) - - - - (14.63) - (0.61) - - - (15.24)
Transferred to Discontinued operations - - - - (2.13) (0.56) - - - - (2.69)
(note 36)
Exchange fluctuations - - 10.44 0.67 68.46 2.79 1.25 0.04 0.94 2.96 87.55
Balance as at March 31, 2020 - 3.42 218.82 41.04 1,714.06 90.41 19.76 24.90 14.84 36.35 2,163.60
Depreciation for the year - 0.24 75.29 8.78 420.22 14.90 4.73 6.21 2.05 6.75 539.17
Disposals / adjustments - - (2.71) (1.74) (116.28) (3.03) (2.63) (15.71) (1.58) - (143.68)
Transferred to Investment property (note 5) - - (2.46) (3.12) - - - - - - (5.58)
Exchange fluctuations - - (0.70) (0.31) 11.52 (1.04) (0.58) 0.05 (0.41) (1.33) 7.20
Balance as at March 31, 2021 - 3.66 288.24 44.65 2,029.52 101.24 21.28 15.45 14.90 41.77 2,560.71
Net Block as at March 31, 2020 293.58 19.34 696.21 178.33 3,617.65 63.61 12.60 38.97 12.62 188.54 5,121.45
Net Block as at March 31, 2021 303.22 19.10 705.90 178.98 3,839.19 68.62 8.95 42.45 13.53 192.96 5,372.90
*Freehold land ` 15.05 crore (2020 : ` 15.05 crore) and other building ` 0.01 crore (2020: ` 0.01 crore) for which legal formalities relating to transfer of title are pending.
**Includes ` Nil (2020 : ` 0.32 crore) preoperative depreciation capitalised.
#
Pertaining to assets situated in mines and quarries.

247
 Integrated Annual Report 2020-21

5 Investment property
` in crore
Land Building Total
Gross Block
Balance as at April 1, 2019 3.58 26.52 30.10
Disposals * (3.22) (3.22)
Reclassified to assets held for sale (note 26) (2.45) - (2.45)
Balance as at March 31, 2020 1.13 23.30 24.43
Transferred from Property, plant and equipment (note 4) 15.47 24.34 39.81
Balance as at March 31, 2021 16.60 47.64 64.24
Accumulated depreciation
Balance as at April 1, 2019 - 2.89 2.89
Depreciation for the year - 0.66 0.66
Disposals - (0.36) (0.36)
Balance as at March 31, 2020 - 3.19 3.19
Depreciation for the year - 0.61 0.61
Transferred from Property, plant and equipment (note 4) - 5.58 5.58
Balance as at March 31, 2021 - 9.38 9.38
Net Block as at March 31, 2020 1.13 20.11 21.24
Net Block as at March 31, 2021 16.60 38.26 54.86
*value below ` 50,000
Footnotes:
a) Disclosures relating to fair valuation of investment property
Fair value of the above investment property as at March 31, 2021 is ` 279.74 crore (2020: ` 139.00 crore) based on external valuation.
Fair Value Hierarchy
The fair value of investment property has been determined by external independent property valuers, having appropriate recognised
professional qualification and recent experience in the location and category of the property being valued.
The fair value measurement for all of the investment property has been categorised as a level 3 fair value based on the inputs to the
valuation techniques used.
Description of valuation technique used
The Group obtains independent valuations of its investment property after every three years. The fair value of the investment
property have been derived using the Direct Comparison Method. The direct comparison approach involves a comparison of the
investment property to similar properties that have actually been sold in arms-length distance from investment property or are
offered for sale in the same region. This approach demonstrates what buyers have historically been willing to pay (and sellers willing
to accept) for similar properties in an open and competitive market, and is particularly useful in estimating the value of the land and
properties that are typically traded on a unit basis. This approach leads to a reasonable estimation of the prevailing price. Given that
the comparable instances are located in close proximity to the investment property; these instances have been assessed for their
locational comparative advantages and disadvantages while arriving at the indicative price assessment for investment property.
b) The Group has not earned any material rental income on the above properties.

24 8
 Integrated Report Statutory Reports Financial Statements
1-59 60-146 Consolidated

6 Right-of-use assets
` in crore
Other Plant and Rail Office
Land Vehicles Total
Buildings Machinery Equipment Equipments
Gross Block
Balance as at April 1, 2019 - - - - - - -
Transition impact of Ind AS 116 1.35 105.82 30.35 128.32 11.52 2.24 279.60
Transferred from prepaid expenses 1.87 - - - - - 1.87
Transferred from Property, plant and - 0.17 28.35 - 0.74 - 29.26
equipment (note 4)
Additions 7.74 18.35 0.09 9.21 3.64 0.98 40.01
Disposals - (0.07) - (4.84) - - (4.91)
Exchange fluctuations 0.13 5.63 2.35 12.37 0.07 0.10 20.65
Balance as at March 31, 2020 11.09 129.90 61.14 145.06 15.97 3.32 366.48
Additions 11.40 31.78 9.26 62.93 0.65 - 116.02
Disposals - (7.51) - (0.40) (0.48) (0.03) (8.42)
Exchange fluctuations (0.05) 2.75 0.01 (5.83) 0.16 0.22 (2.74)
Balance as at March 31, 2021 22.44 156.92 70.41 201.76 16.30 3.51 471.34
Accumulated depreciation
Balance as at April 1, 2019 - - - - - - -
Amortisation for the year 0.10 22.08 10.99 47.63 5.56 0.94 87.30
Disposals - (0.07) - (0.90) - - (0.97)
Transferred from Property, plant and - - 14.63 - 0.61 - 15.24
equipment (note 4)
Exchange fluctuations - 0.59 0.43 3.16 0.02 0.03 4.23
Balance as at March 31, 2020 0.10 22.60 26.05 49.89 6.19 0.97 105.80
Amortisation for the year 2.61 24.02 14.28 55.30 4.77 1.06 102.04
Disposals - (5.82) - (0.18) (0.48) (0.03) (6.51)
Exchange fluctuations - 0.79 (0.03) (2.50) 0.06 0.09 (1.59)
Balance as at March 31, 2021 2.71 41.59 40.30 102.51 10.54 2.09 199.74
Net Block as at March 31, 2020 10.99 107.30 35.09 95.17 9.78 2.35 260.68
Net Block as at March 31, 2021 19.73 115.33 30.11 99.25 5.76 1.42 271.60
(Refer note 39 for lease liabilities related disclosures)

7. Goodwill on consolidation
` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
Carrying value as at April 1 1,954.23 1,811.03
Exchange fluctuations (36.49) 143.20
Carrying value as at March 31 1,917.74 1,954.23
Goodwill of ` 1,529.95 crore (2020: ` 1,583.41 crore) and ` 235.86 crore (2020: ` 218.89 crore) relates to the CGUs - Tata Chemicals North
America Inc. and it's subsidiaries ('TCNA Group') and Cheshire Salt Holdings Limited Group and it's subsidiaries ('CSHL Group') respectively.
The estimated value in use of the CGUs are based on future cash flows assuming an terminal annual growth rate 2% to 3% for the period
subsequent to the forecast period of 5 years and discount rates in the range of 6% to 8%, which consider the operating and macro-
economic environment in which the entities operate.

249
 Integrated Annual Report 2020-21

An analysis of the sensitivity of the change in key parameters (operating margin, discount rates and long term average growth rate),
based on reasonably probable assumptions, did not result in any probable scenario in which the recoverable amount of the CGUs would
decrease below the carrying amount.
Goodwill of ` 151.93 crore (2020: ` 151.93 crore) has been allocated to three CGUs (Individually immaterial) within the specialty products,
and evaluated based on their recoverable amounts which exceeds their carrying amounts.

8 Other intangible assets

` in crore
Product
registration,
Computer Technical Mining
contractual Total
Software knowhow rights
rights and
others*
Gross Block
Balance as at April 1, 2019 19.59 20.89 23.07 7,724.07 7,787.62
Additions 2.69 2.98 4.25 0.32 10.24
Transferred to Discontinued operations (note 36) (0.48) - - - (0.48)
Exchange fluctuations 1.16 - - 718.04 719.20
Balance as at March 31, 2020 22.96 23.87 27.32 8,442.43 8,516.58
Additions 7.24 2.41 5.65 (0.16) 15.14
Disposals (0.03) (2.10) - - (2.13)
Exchange fluctuations (0.52) - - (268.78) (269.30)
Balance as at March 31, 2021 29.65 24.18 32.97 8,173.49 8,260.29
Accumulated Amortisation
Balance as at April 1, 2019 12.85 14.25 16.99 372.19 416.28
Amortisation for the year 2.08 4.51 1.84 97.50 105.93
Transferred to Discontinued operations (note 36) (0.02) - - - (0.02)
Exchange fluctuations 0.85 - - 41.06 41.91
Balance as at March 31, 2020 15.76 18.76 18.83 510.75 564.10
Amortisation for the year 3.11 4.16 3.30 106.93 117.50
Disposals (0.03) (1.75) - - (1.78)
Exchange fluctuations (0.35) - - (17.58) (17.93)
Balance as at March 31, 2021 18.49 21.17 22.13 600.10 661.89
Net Block as at March 31, 2020 7.20 5.11 8.49 7,931.68 7,952.48
Net Block as at March 31, 2021 11.16 3.01 10.84 7,573.39 7,598.40
*Others include wagon rights provided by the Ministry of Railways to carry goods at concessional freight.

9. (a) Investments in joint ventures

The Group’s interest in joint ventures are accounted for using the equity method in the Consolidated Financial Statements.
Percentage of ownership
Interest
Following are details of investments in Joint ventures:
Country of As at As at
incorporation March 31, 2021 March 31, 2020
Indo Maroc Phosphore S.A. ('IMACID') Morocco 33.33% 33.33%
JOil (S) Pte. Ltd. ('Joil') Singapore 33.78% 33.78%
Tata Industries Ltd. India 9.13% 9.13%
The Block Salt Company Ltd. United Kingdom 50.00% 50.00%
The Group had no contingent liabilities or capital commitments relating to its interest in joint ventures as at March 31, 2021 and 2020. The
joint ventures have no other contingent liabilities or capital commitments as at March 31, 2021 and 2020.

2 50
 Integrated Report Statutory Reports Financial Statements
1-59 60-146 Consolidated

Carrying amount of investment in joint ventures ` in crore

As at As at
March 31, 2021 March 31, 2020
Indo Maroc Phosphore S.A. 411.38 336.07
JOil (S) Pte. Ltd.* - -
Tata Industries Ltd. 538.77 431.97
The Block Salt Company Ltd. 1.74 2.27
Total 951.89 770.31
*The Group has impaired 100% investment during the year ended March 31, 2015.
` in crore
Year ended Year ended
Summary of movement of investment in joint ventures
March 31, 2021 March 31, 2020
Opening carrying value as at April 1 A 770.31 870.56
Add/(Less):
Ind-AS 116 Impact - Lease B - (0.27)
Joint venture reserve movement C 0.51 0.30
Add: Share of profit of joint ventures
Group’s share of profit for the year (net of tax)
- from continuing operation 25.62 (3.85)
- from discontinued operation ** - 31.34
D 25.62 27.49
Other comprehensive income (net of tax) E 164.17 (66.20)
Dividend received during the year F (26.54) (73.52)
Exchange fluctuations G 17.82 11.95
Closing carrying value as at March 31 A to G 951.89 770.31
**includes profit arising from sale of one of the subsidiaries of Tata Industries Limited (a joint venture of the Group).

9. (b) Other investments

As at March 31, 2021 As at March 31, 2020
Holdings Holdings
Amount Amount
No. of No. of
` in crore ` in crore
securities securities
(a) I nvestments in equity instruments
(Fair value through other comprehensive income)
(i) Quoted
Crystal Peak Minerals Inc. 2,90,55,612 - 2,90,55,612 5.45
The Indian Hotels Co. Ltd. 1,06,89,348 118.49 1,06,89,348 80.17
Oriental Hotels Ltd. 25,23,000 5.75 25,23,000 4.35
Tata Investment Corporation Ltd. 4,41,015 45.67 4,41,015 29.25
Tata Steel Ltd. 30,90,051 250.87 28,90,693 77.93
Tata Steel Ltd. (Partly Paid) - - 1,99,358 0.59
Tata Motors Ltd. 19,66,294 59.34 19,66,294 13.97
Titan Company Ltd. 1,38,26,180 2,154.19 1,38,26,180 1,290.97
Spartek Ceramics India Ltd. 7,226 - 7,226 -
Nagarjuna Finance Ltd. 400 - 400 -
Pharmaceuticals Products of India Limited 10,000 - 10,000 -
Balasore Alloys Ltd. 504 * 504 *
J.K.Cement Ltd. 44 * 44 *
Total quoted investment (i) 2,634.31 1,502.68

2 51
 Integrated Annual Report 2020-21

9. (b) Other investments (Cont...)

As at March 31, 2021 As at March 31, 2020
Holdings Holdings
Amount Amount
No. of No. of
` in crore ` in crore
securities securities
(ii) Unquoted
The Associated Building Co. Ltd. 550 0.02 550 0.02
Taj Air Ltd. 40,00,000 - 40,00,000 -
Tata Capital Ltd. 32,30,859 13.02 32,30,859 16.48
Tata International Ltd. 72,000 151.43 48,000 108.48
Tata Projects Ltd. 1,93,500 289.32 1,93,500 222.85
Tata Services Ltd. 1,260 0.13 1,260 0.13
Tata Sons Private Ltd. 10,237 56.86 10,237 56.86
Tata Teleservices Ltd. (footnote '1')# - - 12,85,110 -
IFCI Venture Capital Funds Ltd. 2,50,000 0.67 2,50,000 0.67
Kowa Spinning Ltd. 60,000 * 60,000 *
Global Innovation And Technology Alliance (GITA) 15,000 1.50 15,000 1.50
Water Quality India Association 7,100 0.01 7,100 0.01
Gk Chemicals And Fertilizers Limited 1,24,002 - 1,24,002 -
Biotech Consortium India Ltd. 50,000 0.05 50,000 0.05
Indian Potash Ltd. 1,08,000 0.02 1,08,000 0.01
Bharuch Enviro Infrastructure Ltd. 36,750 0.04 36,750 0.04
Narmada Clean Tech Ltd. 3,00,364 0.30 3,00,364 0.30
Cuddalore SIPCOT Industries Common Utilities Ltd. 113 * 113 *
Patancheru Enviro-Tech Ltd. 10,822 0.01 10,822 0.01
Amba Trading & Manufacturing Company Private Ltd. 1,30,000 * 1,30,000 *
Associated Inds. (Assam) Ltd. 30,000 * 30,000 *
Uniscans & Sonics Ltd. 96 * 96 *
Impetis Biosciences Ltd 5,68,414 2.75 5,68,414 3.38
Caps Rallis (Private) Ltd. 21,00,000 - 21,00,000 -
Total unquoted investment (ii) 516.13 410.79
Total Investments in equity instruments 3,150.44 1,913.47
(iii) Investments in non convertible debentures
(Fair value through profit and loss)
Tata International Ltd. (Quoted) 1,500 150.00 -
Total investments (iii) 150.00 -
Total investments (i + ii + iii) 3,300.44 1,913.47
Aggregate amount of quoted investments (i) 2,784.31 1,502.68
Aggregate market value of quoted investments (i) 2,784.31 1,502.68
Aggregate carrying value of unquoted investments (ii) 516.13 410.79
 Aggregate amount of impairment in value of unquoted
#
- 1.51
Investments
*value below ` 50,000/-

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9. (c) Current investments (Fair value through profit and loss)

` in crore
As at As at
March 31, 2021 March 31, 2020
Investment in mutual funds - unquoted 1,563.49 1,601.02
Total current investments 1,563.49 1,601.02

10. Loans
` in crore
As at As at
March 31, 2021 March 31, 2020
Non-Current
(Unsecured, considered good)
Loans to employees (footnote 'i') 0.62 0.92
Security Deposit 10.08 9.07
10.70 9.99
Current
(Unsecured, considered good)
Loans to employees (footnote 'i') 0.17 0.23
0.17 0.23
Footnote:
(i) Loans to employees includes ` Nil (2020: ` Nil) due from officer of the Group. Maximum balance outstanding during the year is ` Nil
(2020 : ` Nil).

11. Other financial assets

` in crore
As at As at
March 31, 2021 March 31, 2020
Non-Current
(a) Fixed deposits with banks 1.07 1.03
(b) Deposit with others 3.23 2.94
(c) Derivatives (note 42) 18.02 0.96
(d) Others 2.34 -
24.66 4.93
Current
(a) Claim receivable - Related party (note 45) 5.16 0.33
(b) Derivatives (note 42) 43.81 12.38
(c) Accrued income 61.97 59.59
(d) Subsidy Receivable (net) (footnote 'i') 35.22 60.08
(e) Others 7.18 6.63
153.34 139.01
Footnote:
(i) Subsidy receivable from the Government relates to Phosphatic Fertiliser business and Trading business.

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12. Other assets

` in crore
As at As at
March 31, 2021 March 31, 2020
Non-Current
(a) Capital advances 244.20 131.11
(b) Claim receivable 5.37 5.48
(c) Deposit with public bodies and others 53.23 64.86
(d) Prepaid expenses 24.40 28.41
(e) Net defined benefit assets (note 40) 45.71 45.00
(f ) Others 12.49 10.46
385.40 285.32
Current
(a) Prepaid expenses 71.96 43.28
(b) Advance to suppliers 56.37 55.50
(c) Statutory receivables 243.34 221.58
(d) Others 55.75 68.38
427.42 388.74

13. Inventories
` in crore
As at As at
March 31, 2021 March 31, 2020
(a) Raw materials (footnote 'i') 542.42 740.59
(b) Work-in-progress 115.12 129.41
(c) Finished goods 676.88 664.10
(d) Stock-in-trade (footnote 'i') 94.30 87.25
(e) Stores, spare parts and packing materials (footnote 'i') 257.84 247.81
1,686.56 1,869.16
Footnotes:
(i) Inventories includes goods in transit.
(ii) The cost of inventories recognised as an expense includes ` 19.89 crore (2020: ` 9.37 crore) in respect of write-down of inventories
to net realisable value, and has been reduced by ` 2.48 crore (2020: ` 3.66 crore) in respect of reversal of such write-down. Reversal
of previous write-downs have been largely as a result of increased selling prices of certain products.
(iii) Inventories have been offered as security against the working capital facilities provided by the bank.

14. Trade receivables

` in crore
As at As at
March 31, 2021 March 31, 2020
Current
(a) Secured, considered good 73.21 93.52
(b) Unsecured, considered good 1,323.78 1,486.40
(c) Unsecured, credit impaired 90.99 87.36
Less: Impairment loss allowance (90.99) (87.36)
1,396.99 1,579.92
Footnotes:
(i) Before accepting new customer, the Group has appropriate levels of control procedures which ensure the potential customer's credit
quality. Credit limits attributed to customers are reviewed periodically by the Management.

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(ii) Movement in credit impaired ` in crore

Year ended Year ended
March 31, 2021 March 31, 2020
Balance at the beginning of the year 87.36 91.43
Credit impaired pertaining to discontinued operations (note 36) - (11.43)
Provision during the year 5.77 11.24
Reversal during the year (2.12) (4.29)
Exchange fluctuation (0.02) 0.41
Balance at the end of the year 90.99 87.36
(iii) Trade receivables have been offered as security against working capital facilities provided by the bank.

15. Cash and cash equivalents and other bank balances

` in crore
As at As at
March 31, 2021 March 31, 2020
Cash and cash equivalents:
(a) Balance with banks 263.19 489.65
(b) Cash on hand 0.05 0.10
(c) Deposit accounts (with original maturity less than 3 months) 426.10 764.51
Cash and cash equivalents as per Statement of Cash Flow 689.34 1,254.26
Other bank balances:
(a) Earmarked balances with banks 20.20 22.32
(b) Deposit accounts
(other than (c) above, with maturity less than 12 months from the Balance Sheet date) 701.47 802.94
721.67 825.26
Footnote:
(i) Non cash transactions
The Group has not entered into non cash investing and financing activities.

16. Equity share capital

As at March 31, 2021 As at March 31, 2020
No of shares ` in crore No of shares ` in crore
(a) Authorised:
Ordinary shares of ` 10 each 27,00,00,000 270.00 27,00,00,000 270.00
(b) Issued :
Ordinary shares of ` 10 each 25,48,42,598 254.84 25,48,42,598 254.84
(c) Subscribed and fully paid up:
Ordinary shares of ` 10 each 25,47,56,278 254.76 25,47,56,278 254.76
(d) Forfeited shares:
Amount originally paid-up on forfeited shares 86,320 0.06 86,320 0.06
254.82 254.82

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Footnotes:
(i) The movement in number of shares and amount outstanding at the beginning and at the year end
Year ended March 31, 2021 Year ended March 31, 2020
No of shares ` in crore No of shares ` in crore
Issued share capital:
Ordinary shares :
Balance as at April 1, 25,48,42,598 254.84 25,48,42,598 254.84
Balance as at March 31 25,48,42,598 254.84 25,48,42,598 254.84
Subscribed and paid up:
Ordinary shares :
Balance as at April 1, 25,47,56,278 254.76 25,47,56,278 254.76
Balance as at March 31 25,47,56,278 254.76 25,47,56,278 254.76
(ii) Terms/ rights attached to equity shares
The Company has issued one class of ordinary shares at par value of ` 10 per share. Each shareholder is eligible for one vote per
share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting except in the case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company, after distribution of all preferential accounts, in proportion to their shareholding.
(iii) Details of shares held by each shareholder holding more than 5% shares.
As at March 31, 2021 As at March 31, 2020
No of shares % No of shares %
Ordinary shares with voting rights
(i) Tata Sons Private Ltd. 8,12,60,095 31.90 7,26,25,673 28.51
(ii) Life Insurance Corporation of India 1,86,10,802 7.31 1,68,84,036 6.63
(iii) Tata Investment Corporation Ltd. 1,52,00,001 5.97 1,52,00,001 5.97
(iv) ICICI Prudential Mutual fund * * 1,60,79,641 6.31
*Not holding more than 5% shares

17. Other equity

` in crore
As at As at
March 31, 2021 March 31, 2020
1. Capital reserve and other reserves from amalgamation 326.64 326.64
2. Securities premium 1,258.89 1,258.89
3. Capital redemption reserve 0.10 0.10
4. Debenture redemption reserve - -
5. General reserve 1,522.47 1,522.47
6. Foreign currency translation reserve 1,880.92 2,062.55
7. Retained earnings 6,254.08 6,185.80
8. Equity instruments through other comprehensive income 2,791.25 1,568.02
9. Effective portion of cash flow hedges 0.80 (281.63)
Total other equity 14,035.15 12,642.84

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The movement in other equity ` in crore

Year ended Year ended
March 31, 2021 March 31, 2020
17.1 Capital reserve and other reserves from amalgamation
Balance at the beginning of the year 326.64 326.64
Balance at the end of the year 326.64 326.64
Footnote:
Capital reserve represents the difference between the consideration paid and net assets received under common control business
combination transaction. It can be utilised in accordance with the provisions of the 2013 Act.
17.2 Securities premium
Balance at the beginning of the year 1,258.89 1,258.89
Balance at the end of the year 1,258.89 1,258.89
Footnote:
Securities premium is used to record the premium on issue of shares. The reserve is eligible for utilisation in accordance with the
provisions of the 2013 Act.
17.3 Capital redemption reserve
Balance at the beginning of the year 0.10 0.10
Balance at the end of the year 0.10 0.10
17.4 Debenture redemption reserve
Balance at the beginning of the year - 240.00
Transferred to General reseve - (240.00)
Balance at the end of the year - -
Footnote:
The Group is required to create a debenture redemption reserve out of the profits which is available for the purpose of redemption
of debentures, which has been redeemed during the previous year.
17.5 General reserve
Balance at the beginning of the year 1,522.47 1,282.47
Transferred from Debenture redemption reserve - 240.00
Balance at the end of the year 1,522.47 1,522.47
Footnote:
The general reserve represents amounts appropriated out of retained earnings based on the provisions of the Act prior to its
amendment.
17.6 Foreign currency translation reserve
Balance at the beginning of the year 2,062.55 1,668.27
Changes during the year (181.63) 394.28
Balance at the end of the year 1,880.92 2,062.55
Footnote:
The Foreign currency translation reserve represents all exchange differences arising from translation of Financial Statements of
foreign operations.

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` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
17.7 Retained earnings
Balance at the beginning of the year 6,185.80 5,192.86
Profit for the year 256.37 7,006.33
Remeasurement of defined employee benefit plans (net of tax) 93.14 (26.97)
Dividend (including tax on dividend ` Nil (2020: ` 60.45 crore)) (280.23) (383.89)
Deemed dividend on demerger (note 36) - (6,307.97)
Refund of tax on dividend - 1.65
Transition impact of Ind AS 116 - (14.95)
Impact on Merger of Zero Waste to Rallis - 0.14
Joint venture reserve movement 0.51 0.30
Acquisition of non-controlling interests (note 38) - 718.30
Transfer from equity instruments through other comprehensive income (1.51) -
Balance at the end of the year(note 'ii') 6,254.08 6,185.80
Footnotes:
(i) The amount that can be distributed by the holding company as dividends to its equity shareholders is determined based on
the Standalone Financial Statements of the holding company and also considering the requirements of the Companies Act,
2013. Thus, the amounts reported above are not distributable in entirety.
The Board of Directors has recommended a final dividend of 100 % (2020: 110%) for the financial year 2020-21 ` 10.00 per
share (2020: ` 11.00 per share) which is subject to the approval of shareholders.
(ii) Includes balance of remeasurement of net defined benefit plans loss of ` 640.95 crore (2020: ` 734.09 crore).
(iii) Retained earnings represents net profits after distributions and transfers to other reserves.
17.8 Equity instruments through other comprehensive income
Balance at the beginning of the year 1,568.02 2,171.68
Changes in fair value of equity instruments at FVTOCI (net of tax) 1,221.72 (603.66)
Transfer to Retained earnings 1.51 -
Balance at the end of the year 2,791.25 1,568.02
Footnote:
This reserve represents the cumulative gains and losses arising on the revaluation of equity instruments measured at fair value
through other comprehensive income, net of amounts reclassified to retained earnings when those assets have been disposed off.
17.9 Effective portion of cash flow hedges (note 42(c))
Balance at the beginning of the year (281.63) (54.46)
Acquisition of non-controlling interests (note 38) - (6.64)
Changes during the year 282.43 (220.53)
Balance at the end of the year 0.80 (281.63)
Footnote:
The effective portion of cash flow hedges represents the effective portion of the cumulative net change in the fair value of cash
flow hedging instruments related to hedged transactions that have not yet occurred.

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18. Non-controlling interests (‘NCI’)

Subsidiaries that have non-controlling interests are listed below: ` in crore
Non-controlling interests share
Country of incorporation
As at As at
and operation
March 31, 2021 March 31, 2020
Rallis India Limited ("Rallis") India 49.94% 49.94%
Tata Chemicals (Soda Ash) Partners Holdings** (note 38) United States of America - ^^
Tata Chemicals (Soda Ash) Partners ** (note 38) United States of America - ^^
PT Metahelix Lifesciences Indonesia Indonesia 34.23% 34.23%
Alcad** United States of America 50.00% 50.00%
**a general partnership formed under the laws of the State of Delaware (USA).
During the year ended March 31, 2020, the group has acquired balance 25% (note 38).
^^

Movement of non-controlling interests ` in crore

Year ended Year ended
March 31, 2021 March 31, 2020
Opening as at April 1 763.77 2,912.48
Add/(Less):
Profit for the year 179.85 221.82
Other comprehensive income for the year 0.70 50.58
Dividends including tax on dividend (91.72) (171.18)
Impact on Merger of Zero Waste to Rallis - 0.14
Acquisition of non-controlling interests by Group - (2,250.07)
Closing as at March 31 852.60 763.77

19. Borrowings
` in crore
As at As at
March 31, 2021 March 31, 2020
Non-current
Secured - at amortised cost
(a) Term loans - bank (footnote 'a') 3,370.68 1,402.54
(b) Term loans - others (footnote 'b') 0.10 0.27
Unsecured - at amortised cost
(a) Term loans - bank (footnote 'c') 1,907.52 2,098.59
(b) Term loans - others (footnote 'd') - 0.42
(c) Other loans (footnote 'e') 4.68 5.23
5,282.98 3,507.05
Less: Unamortised finance cost 83.50 33.69
5,199.48 3,473.36
Current
Loans repayable on demand
Secured - from banks
(a) Cash/packing credits/Bank overdraft (footnote 'f') 0.05 24.12
(b) Working capital demand loan (footnote 'g') 44.21 42.88
Unsecured - from banks
(a) Term loans - bank (footnote 'h') - 1,324.14
(b) Working capital demand loan (footnote 'i') 204.71 378.33
(c) Suppliers' credit (footnote 'j') 28.61 143.47
277.58 1,912.94

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Footnotes:
(a) (i) Secured term loans owed by Natrium Holdings and its subsidiaries ('Natrium Holdings Limited Group'):
Secured term loans of Natrium Holdings Limited Group comprise of an £ 80 million term loan ('Term loan') and a £ 20 million
revolving credit facility ('RCF'). As at March 31, 2021, the debt outstanding under the term loan amounts to ` 806.02 crore
(2020: ` 748.02 crore) (£ 80 million 2020: £ 80 million).
A maximum of £ 20 million can be drawn down under the RCF, of which ` 20.15 crore (2020: ` 187.01 crore) (2021: £ 2 million
and 2020: £ 20 million) had been drawn down as at March 31, 2021.
Interest on this facility is payable at LIBOR plus 1.15% per annum (2020: 1.15% per annum). The debt facilities are secured by
fixed and floating charges over the assets of the sub-group. Both the above loans are repayable in full in March 2023.
(ii) Secured term loans owed by Cheshire Salt Holdings Limited ('CSHL Group'):
Secured term loans of CSHL Group comprise of a £ 50 million term loan ('Term loan') and a £ 5 million revolving credit facility
('RCF'). As at March 31, 2021, the debt outstanding under the term loan amounts to ` 503.76 crore (2020 ` 467.51) (2021:
£ 50 million 2020: £ 50 million). The RCF is utilised/outstanding as at March 31, 2021 ` 30.23 crore(2020: ` Nil) (2021: £ 3 million
(2020: £ Nil))
Interest on these facilities is payable at RFR plus 2.45% per annum. The debt facilities are secured by fixed and floating charges
over the assets of the sub-group. The term loans is repayable in instalments commencing March 2024 and ending in March
2026.
(iii) Secured term loans owed by Tata Chemicals North America ('TCNA') Group:
Secured term loan of TCNA is a USD 275 million term loan ('Term loan')
The Term loan is secured by a first-priority interest in the TCNA’s 75% interest in TCSAPH, the TCNA’s assets, and equity interest in
foreign subsidiaries. As at March 31, 2021, the debt outstanding is ` 2,010.52 crore (2020: ` 1,704.73 crore) (USD 275.00 million
(2020: USD 225.30 million) of which an amount of ` Nil (2020: ` 1,704.73 crore) (USD Nil (2020: USD 225.30 million) disclosed in
note 20 within the heading current maturity of non-current borrowings under other financial liabilities (current)). The Term loan
is amortised in installments beginning December 19, 2022 and concluding June 19, 2025.
The borrowing under this facility bears interest at either LIBOR plus applicable margin or a fallback rate based upon (a) if no
LIBO Rate is available for the relevant Interest Period, the Reference Bank Rate as of the Specified Time before the date of
that Borrowing and for a period equal in length to the Interest Period of that Borrowing, or (b) if neither the LIBO Rate nor a
Reference Bank Rate is available for the relevant Interest Period, the Cost of Funds shall apply to that Borrowing for that Interest
Period. The applicable margin on the Term loan and Revolver is 4.00% per annum on LIBOR borrowings.
(b) Debt owed by Rallis:
Term loan from Biotechnology Industry Partnership Project is secured by hypothecation of all equipment, apparatus machineries,
machineries spares, tools and other accessories, goods and/or the other movable property of Rallis, present and future to a value
equivalent to the amount of loan and interest thereon and the royalty payable on grant-in-aid till the full and final settlement of
all dues. The balance payable as on March 31, 2021 is ` 0.25 crore (2020: ` 0.27 crore) of which ` 0.15 crore (2020: ` Nil) has been
disclosed in note 20 within the heading current maturity of long term debt under other financial liabilities (current). Rate of interest
on this loan is 2% per annum.
(c) (i) Debt owed by Homefield Pvt UK Limited:
Term Loan amounts outstanding were ` 332.65 crore (2020: ` 340.49 crore) (USD 45.50 million (2020: USD 45 Million). The
loan is repayable in full in February 2022 has been disclosed in note 20 within the heading current maturities of non-current
borrowings under Other financial liabilities (current). Interest on this loan is payable based on USD LIBOR plus a margin of 1.85%
per annum.
(ii) Debt owed by Homefield Pvt UK Limited:
Term Loan amount outstanding is ` 208.36 crore (2020: ` 215.65 crore) (USD 28.50 Million (2020: USD 28.50 Million). This loan
repayable in full in March 2023. Interest on this loan is payable based on USD LIBOR plus a margin of 1.15% per annum.
(iii) Debt owed by Rallis:

Loan of ` 15.00 crore is repayable in quarterly installments. The repayment began after a moratorium of 24 months from
February 2018. The balance outstanding as at March 31, 2021 is ` 6.00 crore (2020: ` 9.45 crore) of which ` 3.00 crore

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(2020: ` 3.00 crore) has been grouped in note 20 within current maturities of non-current borrowings under Other financial
liabilities (current), which are payable in next 12 months.
(iv) Debt owed by Tata Chemicals Magadi Limited ('TCML'):
The outstanding loan as at the year end is ` 350.94 crore (USD 48 million) (2020: ` 363.19 crore (USD 48 million)) of which
` 116.98 crore (2020: Nil) ((USD 16 million (2020: USD Nil) has been grouped in note 20 within current maturities of non-current
borrowings under Other financial liabilities (current). The loan is repayable in instalments commencing July 2021 and ending
January 2024. Interest on this loan is payable, every six months i.e. in January and July, based on 6 months USD LIBOR plus a
margin of 1.80% per annum.
(v) Debt owed by Tata Chemicals International Pte. Limited ('TCIPL'):
 The outstanding loan as at March 31, 2021 is ` 1,462.20 crore (2020: ` 1,513.30 crore) (USD 200 million (2020: USD 200 million)).
The loan bear an effective interest rate of 3.91% (2020: 3.81%). The loan is repayable in full on December 12, 2022.
(vi) Debt owed by Valley Holdings Inc. ('VHI'):
 The Bridge loan of ` 731.10 crore (2020: ` Nil) (USD 100 Million (2020: USD Nil) is unsecured and is repayable in full on December
19, 2021 and the same has been disclosed in note 20 within the heading current maturity of long term debt under other
financial liabilities (current). The applicable margin on the Bridge loan is 3.35% per annum on LIBOR borrowings.
(d) Debt owed by Rallis:
Term loan from Council of Scientific and Industrial Research: The balance payable as on March 31, 2021 is ` 0.08 crore (2020: ` 0.42
crore), out of which ` 0.08 crore (2020: ` Nil) has been disclosed in note 20 within the heading current maturity of long term debt
under other financial liabilities (current). The same is repayable alongwith interest in 7 annual installments. The loan bears interest of
3% per annum.
(e) Debt owed by Rallis:
Sales Tax Deferral Scheme: The loan is repayable in annual installments which range from a maximum of ` 1.13 crore to a minimum of
` 0.15 crore over the period stretching from April 1, 2020 to March 31, 2027. The amount outstanding is free of interest. The balance
outstanding as at March 31, 2021 is ` 5.31 crore (2020: ` 5.54 crore), out of which ` 0.63 crore (2020: ` 0.31 crore) has been disclosed
in note 20 within the heading current maturity of long term debt under other financial liabilities (current).
(f ) Debt owed by Rallis:
Bank overdrafts and cash credit facility ` 0.05 (2020: ` 24.12 crore) are secured by first pari passu charge on inventories (including raw
material, finished goods and work-in-progress) and book debts.
(g) (i) Debt owed by TCML:
Outstanding loan of ` 14.21 crore (2020: ` 17.38 crore)(2021: USD 1.94 million and 2020: USD 2.3 million). It is a secured overdraft
facility against dues receivable from Kenyan Revenue Authority. The rate of interest for this borrowing is 8.08% per annum.
(ii) Debt owed by Rallis India Limited:

Loan of ` 30.00 crore (2020: ` 25.50 crore) is secured by first pari passu charge on stock (including raw material, finished goods
and work-in-progress) and book debts and carries a weighted average interest of 7.12 % per annum (2020: 8.50% per annum).
(h) Term loan of VHI, comprised of a ` Nil (2020: ` 1,324.14 crore) (USD Nil (2020: USD 175 million) term loan ('Bridge loan')
The Bridge loan is unsecured and has been repaid in full in June 2020. The effective interest rate for the year ended March 31, 2020
was ranging from 2.94% to 3.19%.
(i) Debt owed by TCIPL:

` 204.71 crore (June 2020: ` 378.33 crore)(2021: USD 28 million and 2020: USD 50 million) is towards unsecured working capital
facility and is repayable within 90 days (2020: 90 days). Interest is charged at 0.80% to 2.62% (2020: 1.39% to 3.99%) per annum.
(j) Suppliers' credit:
Unsecured Supplier's credit repayable on demand bears interest ranging from 1.13 % to 2.49 % per annum (2020: 1.91 % to 3.14 %
per annum)

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20. Other financial liabilities

` in crore
As at As at
March 31, 2021 March 31, 2020
Non-Current
(a) Derivatives (note 42) 25.74 127.90
(b) Deposit payable - 6.45
(c) Others 21.03 17.18
46.77 151.53
Current
(a) Current maturities of non-current borrowings ( note 19)
(i) From Banks - Secured (note 19 - footnote 'a') - 1,704.73
(ii) From Others - Secured (note 19 - footnote 'b') 0.15 -
(iii) From Banks - Unsecured (note 19 - footnote 'c') 1,183.73 343.49
(iv) From Others - Unsecured (note 19 - footnote 'd' and 'e') 0.63 0.31
1,184.51 2,048.53
Less: Unamortised cost of borrowings 9.62 7.88
1,174.89 2,040.65
(b) Current maturities of lease liabilities (note 39) 91.98 87.42
(c) Interest accrued 34.49 10.42
(d) Creditors for capital goods 132.57 175.14
(e) Unclaimed dividend 20.23 20.36
(f ) Unclaimed debenture interest 0.01 0.01
(g) Derivatives (note 42) 41.14 166.68
(h) Security deposits from customers 45.42 38.32
(i) Others 176.73 148.23
1,717.46 2,687.23

21. Provisions
` in crore
As at As at
March 31, 2021 March 31, 2020
Non-Current
(a) Provision for employee benefits
(i) Pension and other post retirement benefits (note 40) 1,407.35 1,466.54
(ii) Compensated absences and long service awards 6.05 4.05
1,413.40 1,470.59
(b) Other provisions (footnote 'i') 184.69 182.93
1,598.09 1,653.52
Current
(a) Provision for employee benefits
(i) Pension and other post retirement benefits (note 40) 20.42 25.72
(ii) Compensated absences and long service awards 97.34 99.00
117.76 124.72
(b) Other provisions (footnote 'i') 247.37 152.18
365.13 276.90

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Footnotes:
(i) Other provisions include: ` in crore
Asset Provision Provision Provision for Provision for
retirement for emission for restructuring litigations
Total
obligation allowance warranty expenses and others
(1) (2) (3) (4) (5)
Balance as at April 1, 2019 182.12 8.18 0.39 11.63 142.42 344.74
Provisions pertaining to discontinued operation
(Phosphatic Fertilisers business) - - - - 7.84 7.84
Provisions recognised during the year 10.76 135.98 0.31 - 7.20 154.25
Payments/utilisations/surrenders during the year (12.30) (140.36) (0.29) (11.57) (22.86) (187.38)
Exchange fluctuations 15.60 0.12 - (0.06) - 15.66
Balance as at March 31, 2020 196.18 3.92 0.41 - 134.60 335.11
Provisions pertaining to discontinued operation
(Phosphatic Fertilisers business) - - - - 7.84 7.84
Provisions recognised during the year 9.26 84.67 0.24 - 3.20 97.37
Payments/utilisations/surrenders during the year (2.78) - (0.32) - (3.94) (7.04)
Exchange fluctuations (4.72) 3.50 - - - (1.22)
Balance as at March 31, 2021 197.94 92.09 0.33 - 141.70 432.06
Balance as at March 31, 2020
Non-Current 182.93 - - - - 182.93
Current 13.25 3.92 0.41 - 134.60 152.18
Total 196.18 3.92 0.41 - 134.60 335.11
Balance as at March 31, 2021
Non-Current 184.69 - - - - 184.69
Current 13.25 92.09 0.33 - 141.70 247.37
Total 197.94 92.09 0.33 - 141.70 432.06
Nature of provisions :
(1) Provision for asset retirement obligation represents site restoration expense and decommissioning charges in India and cost towards
reclamation of the mine and land upon the termination of the partnership in USA. The timing of the outflows is expected to be within
a period of 1 to 96 years from the date of Consolidated Balance Sheet.
(2) Provision for emission allowance represents obligations to surrender carbon emission allowances under the EU emissions trading
scheme. The timing of the outflows is expected to be within a period of one year from the date of Consolidated Balance Sheet.
(3) Provision for warranty relates to certain products that fail to perform satisfactorily during the warranty period. Provision made as
at respective year ends represents the amount of the expected cost of meeting such obligations of rectification/replacement. The
timing of the outflows is expected to be within a period of one year from the date of Consolidated Balance Sheet.
(4) Provision for restructuring expenses represents costs to be incurred following the closure of plant in UK and committed expenditure
to demolish redundant power facilities owned by the Group in UK.
(5) Provision for litigations and others represents management's best estimate of outflow of economic resources in respect of water
charges, entry tax, land revenue and other disputed items including direct taxes, indirect taxes and other claims. The timing of
outflows is uncertain and will depend on the cessation of the respective cases.

22. Deferred tax assets (net) and liabilities (net)

` in crore
As at As at
March 31, 2021 March 31, 2020
(a) Deferred tax assets (net) (footnote 'i') - 15.31
(b) Deferred tax liabilities (net) (footnote 'ii') (1,572.11) (1,437.94)

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Footnotes:
(i) Deferred tax assets (net) ` in crore
Recognised
Recognised in Recognised Ind-AS
As at in profit As at
profit or loss in other 116 Exchange
April 1, or loss Others March 31,
(discontinued comprehensive Transition fluctuations
2020 (continuing 2021
operations) income Impact
operations)
Deferred tax assets/(liabilities)
in relation to:
Property, plant and equipments
and intangible asset 15.38 (15.39) - - - - 0.01 -
Others (0.08) 0.08 - - - - - -
15.30 (15.31) - - - - 0.01 -
Tax losses 0.01 (0.01) - - - - - -
15.31 (15.32) - - - - 0.01 -

` in crore
Recognised
Recognised in Recognised Ind-AS
As at in profit As at
profit or loss in other 116 Exchange
April 1, or loss Others** March 31,
(discontinued comprehensive Transition fluctuations
2019 (continuing 2020
operations) income Impact
operations)
Deferred tax assets/(liabilities)
in relation to:
Property, plant and equipments
and intangible asset 1.10 0.33 - - - 13.37 0.58 15.38
Allowance for doubtful debts
and advances 4.35 - - - - (4.35) - -
Defined benefit obligation 0.65 - - - - (0.65) - -
Others 0.04 (0.54) - - - - 0.42 (0.08)
6.14 (0.21) - - - 8.37 1.00 15.30
Tax losses 2.10 - - - - (2.09) - 0.01
Unused Credits 28.00 - - - - (28.00) - -
36.24 (0.21) - - - (21.72) 1.00 15.31

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(ii) Deferred tax liabilities (net) ` in crore

Recognised in Recognised in Recognised
As at Ind-AS 116 As at
profit or loss profit or loss in other Exchange
April 1, Transition Others March 31,
(continuing (discontinued comprehensive fluctuations
2020 Impact 2021
operations) operations) income
Deferred tax assets/(liabilities) in
relation to:
Property, plant and equipments (PPE)
and intangible asset (1,410.43) 16.74 - - - - 39.04 (1,354.65)
Acquisition of non-controlling interest
(PPE and Intangible) (168.43) (19.69) - - - - 5.98 (182.14)
Allowance for doubtful debts and
Advances 35.64 1.33 - - - - - 36.97
Accrued expenses allowed in the
year of payment and on fair value of
investments 86.66 12.25 - (142.01) - - - (43.10)
Mark to market gains on mutual funds
and derivatives (24.46) (0.84) - - - - - (25.30)
Right-of-use assets and lease liability 11.11 (1.46) - - - - - 9.65
Financial assets at FVTOCI 5.64 (0.39) - - - - (0.04) 5.21
Partnership tax basis differences for
USA Subsidiaries (16.84) 3.26 - (48.29) - - 1.24 (60.63)
Defined benefit obligation 45.96 2.44 - (33.47) - - (1.05) 13.88
Others (including other payables) (2.79) 29.70 - (0.68) - - 1.77 28.00
(1,437.94) 43.34 - (224.45) - - 46.94 (1,572.11)

` in crore
Recognised in
Recognised in Recognised
As at profit or loss Ind-AS 116 As at
profit or loss in other Exchange
April 1, (discontinued Transition Others** March 31,
(continuing comprehensive fluctuations
2019 operations) Impact 2020
operations) income
(note 36)
Deferred tax assets/(liabilities) in
relation to:
Property, plant and equipments (PPE)
and intangible asset (1,390.22) 93.94 - - - (13.37) (100.78) (1,410.43)
Acquisition of non-controlling interest
(PPE and Intangible) - (1.47) - - - (156.30) (10.66) (168.43)
Allowance for doubtful debts and
Advances 51.54 (16.26) - - - 0.36 - 35.64
Accrued expenses allowed in the
year of payment and on fair value of
investments 28.41 (13.94) 6.77 65.42 - - - 86.66
Mark to market gains on mutual funds
and derivatives (19.94) (4.52) - - - - - (24.46)
Right-of-use assets and lease liability - 9.10 - - 1.84 0.17 - 11.11
Financial assets at FVTOCI 5.53 - - - - - 0.11 5.64
Partnership tax basis differences for
USA Subsidiaries (38.17) 4.53 - 18.82 - - (2.02) (16.84)
Defined benefit obligation 30.86 (1.84) - 14.77 - (1.32) 3.49 45.96
Alternative Minimum Tax ('AMT') Credit 64.09 (18.19) - - - (47.50) 1.60 -
Others (including other payables) (29.28) (4.46) 31.86 0.98 - 1.66 (3.55) (2.79)
(1,297.18) 46.89 38.63 99.99 1.84 (216.30) (111.81) (1,437.94)
**Includes Impact of Tax Receivables (on AMT), transfer to discontinued operation, Impact of Merger of Metahelix Life Sciences Limited
with Rallis India Limited and Impact due to acquisition of non-controlling interest on PPE and Intangible assets.

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(iii)
Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the following items, because it is not probable that future taxable profit
will be available against which the Group can use the benefits therefrom:
` in crore
As at March 31, 2021 As at March 31, 2020
Gross Gross
Tax effect Tax effect
amount amount
Deductible temporary differences 2,076.60 387.47 1,237.11 261.23
Unused tax losses 985.03 226.51 962.25 229.87
3,061.63 613.98 2,199.36 491.10
The Unused tax losses amounting to ` 1.50 crore (2020: ` 6.04 crore) for which no deferred tax asset was recognised expires between
FY 2021 - 2029.
The deductible temporary differences and others unused tax losses do not expire under current tax legislation i.e. ` 3,060.13 crore
(2020: ` 2,193.32 crore).

23. Other liabilities

` in crore
As at As at
March 31, 2021 March 31, 2020
Non-current
(a) Deferred income (including government grants) 94.05 56.41
(b) Others 32.17 41.66
126.22 98.07
Current
(a) Statutory dues 135.17 131.79
(b) Advance received from customers 113.63 114.64
(c) Deferred income (including government grants and emission trading allowance) 4.50 60.14
(d) Others 12.09 14.40
265.39 320.97

24. Trade payables

` in crore
As at As at
March 31, 2021 March 31, 2020
(a) Trade payables 1,661.44 1,623.40
(b) Amount due to Micro Small and Medium Enterprises 21.43 7.52
1,682.87 1,630.92

25. Tax assets and liabilities

` in crore
As at As at
March 31, 2021 March 31, 2020
(a) Tax assets
Non-current
(i) Advance tax assets (net) 663.86 699.92
Current
(i) Current tax assets (net) 2.59 137.00
(b) Current tax liabilities (net) 154.93 195.94

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26. Assets classified as held for sale ` in crore

As at As at
March 31, 2021 March 31, 2020
(a) Assets classified as held for sale
(i) Assets held for sale (footnote ‘i’) 4.14 4.27
4.14 4.27
Footnote:
(i) The Group intends to dispose off freehold land and buildings which it no longer utilises in the next 12 months. The Group is currently
in negotiation with some potential buyers. No impairment loss was recognised on reclassification of the assets as held for sale nor as
at reporting date as the management of the Group expect that the fair value (estimated based on the recent market prices of similar
assets in similar locations) less costs to sell is higher than the carrying amount.

27. Revenue from operations ` in crore

Year ended Year ended
March 31, 2021 March 31, 2020
(a) Sales of products (footnote 'ii' and 'iii') 10,088.79 10,252.37
(b) Other operating revenues
(i) Sale of scrap 54.69 56.86
(ii) Miscellaneous income (footnote ‘i’) 56.32 47.52
10,199.80 10,356.75
Footnotes:
(i) Miscellaneous income primarily includes income from supply agreement, Business Insurance claim and Terminalling Income.
(ii) Reconciliation of sales of products
Revenue from contract with customer 10,919.21 10,993.90
Adjustments made to contract price on account of:
(a) Discounts / rebates / incentives (369.61) (244.17)
(b) Sales returns /credits / reversals - agri business (460.81) (497.36)
10,088.79 10,252.37
(iii) For operating segments revenue, geographical segments revenue, revenue from major products and revenue from major customers
refer note 41.1.

28. Other income ` in crore

Year ended Year ended
March 31, 2021 March 31, 2020
(a) Dividend income from
(i) Non-current investments measured at FVTOCI 20.12 27.31
20.12 27.31
(b) Interest income from financial assets at amortised cost
(i) On bank deposits (financial assets at amortised cost) 34.09 43.37
(ii) Other interest (financial assets at FVTPL) 22.16 16.44
56.25 59.81
(c) Interest on refund of taxes 18.51 0.72
(d) Others
(i) Rental and Town income 40.56 16.07
(ii) Gain on sale/redemption of investments (net) 61.00 128.70
(iii) Profit on sale of assets (net) - 15.06
(iv) Insurance claim received 11.89 20.75
(v) Miscellaneous income (footnote 'i') 26.09 42.70
139.54 223.28
234.42 311.12
Footnote:
(i) Miscellaneous income primarily includes export benefits and liabilities written back.

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29. Changes in inventories of finished goods, work-in-progress and stock-in-trade

` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
Opening stock
Work-in-progress 129.41 112.43
Finished goods 664.10 594.62
Stock-in-trade (acquired for trading) 87.25 125.34
880.76 832.39
Closing stock
Work-in-progress 115.12 129.41
Finished goods 676.88 664.10
Stock-in-trade (acquired for trading) 94.30 87.25
886.30 880.76
Less: Inventory on account of Discontinued operation (note 36) - 92.83
Add: Exchange fluctuations (1.55) 12.93
(7.09) (128.27)

30. Employee benefits expense

` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
(a) Salaries, wages and bonus 1,097.58 1,107.12
(b) Contribution to provident and other funds 141.14 79.47
(c) Staff welfare expense 161.02 188.78
1,399.74 1,375.37

31. Finance costs

` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
(a) Interest costs
(i) Interest on loans at amortised cost 276.59 255.78
(ii) Interest on obligations under leases (note 39) 9.71 11.34
(b) Translation differences (footnote 'i') (0.42) 0.41
(c) Discount and other charges 81.49 74.38
367.37 341.91
Footnote:
(i) Translation differences on foreign currency loans regarded as borrowing cost net of changes in fair value of derivative contracts.

32. Depreciation and amortisation expense

` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
(a) Depreciation of property, plant and equipment 539.17 472.58
(b) Depreciation of Investment property 0.61 0.66
(c) Amortisation of right-of-use assets 102.04 87.30
(d) Amortisation of intangible assets 117.50 105.93
759.32 666.47

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33. Other Expenses

` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
(a) Stores and spare parts consumed 279.06 258.39
(b) Packing materials consumed 227.39 196.06
(c) Power and fuel 1,437.09 1,449.90
(d) Repairs - Buildings 18.47 18.52
- Machinery 392.88 417.65
- Others 9.70 8.81
(e) Rent 51.92 58.92
(f ) Royalty, rates and taxes 282.66 339.77
(g) Distributor's service charges 2.38 6.04
(h) Sales promotion expenses 81.22 84.69
(i) Insurance charges 63.17 45.42
(j) Freight and forwarding charges 1,457.18 1,551.42
(k) Loss on assets sold, discarded or written off (net) 5.79 -
(l) Bad debts written off 0.17 6.92
(m) Provision for doubtful debts, advances and other receivables (net) 8.12 14.32
(n) Foreign exchange loss (net) 23.88 22.25
(o) Director's fees and commission 11.08 11.12
(p) Others 550.34 573.61
4,902.50 5,063.81

34. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company
towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security,
2020 on November 13, 2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry.
The Company and its Indian subsidiaries will assess the impact and its evaluation once the subject rules are notified and will give
appropriate impact in its Financial Statements in the period in which, the Code becomes effective and the related rules to determine
the financial impact are published.

35. Income tax expense relating to continuing operations

` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
(a) Tax expense
Current tax
In respect of the current year 225.79 266.33
225.79 266.33
Deferred tax
In respect of the current year (note 22) (28.02) (46.68)
(28.02) (46.68)
Total tax expense 197.77 219.65

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` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
(b) T
 he income tax expense for the year can be reconciled to the accounting profit as
follows:
Profit before tax from continuing operations 633.99 1,248.06
Income tax expenses calculated at 25.168 % (2020: 25.6256 %) (Company's domestic tax rate) 159.56 319.82
Differences in tax rates in foreign jurisdictions 17.49 (13.08)
Share of profit of equity accounted investees (6.62) 0.85
Effect of income that is exempt from taxation (10.06) (17.97)
Effect of not deductible expenses for tax computation 8.61 21.07
Effect of concessions (research and development and other allowances) (12.81) (52.14)
Effect of rate change (footnote 'I') - (39.20)
Others 6.70 4.72
162.87 224.07
 djustments recognised in the current year in relation to the current tax of prior years on
A 1.39 (3.57)
account of completed assessments.
Alternative Minimum Tax - differential 19.37 2.01
Effect of unused tax losses and tax offsets not recognised as deferred tax assets / Utilisation 14.14 (2.86)
197.77 219.65
Footnote:
(i) During the quarter ended September 30, 2019, the Company decided to exercise the option permitted under Section 115BAA
of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019 from the previous financial year.
Accordingly, the provision for income tax and deferred tax balances have been recorded/ remeasured using the new tax rate and the
Company had reversed deferred tax liabilities amounting to ` 39.20 crore.

36. Discontinued operations

Disposal of consumer products business
The National Company Law Tribunal (“NCLT”), Mumbai and NCLT Kolkata, on January 10, 2020 and January 8, 2020 respectively,
sanctioned the Scheme of Arrangement amongst Tata Consumer Products Limited (formerly Tata Global Beverages Limited)
(""TCPL"") and the Company and their respective shareholders and creditors (“the Scheme”) for the demerger of the Consumer
Products Business Unit (""CPB"") of the Company to TCPL. The Scheme became effective on February 7, 2020 upon filing of the
certified copies of the NCLT Orders sanctioning the Scheme with the respective jurisdictional Registrar of Companies. Pursuant to the
Scheme becoming effective, the CPB is demerged from the Company and transferred to and vested in TCPL with effect from April 1,
2019 i.e. the Appointed Date.
As per the clarification issued by Ministry of Corporate Affairs vide Circular no. 09/2019 dated August 21, 2019 (MCA Circular), the
Company has recognised the effect of the demerger on April 1, 2019 and debited the fair value as at April 1, 2019 of Demerged
Undertaking i.e. fair value of net assets of CPB to be distributed to the shareholders of the Company, amounting to ` 6,307.97 crore
to the retained earnings in the Consolidated Statement of Changes in Equity as dividend distribution. The difference in the fair value
and the carrying amount of net assets of CPB as at April 1, 2019 is recognised as gain on demerger of CPB in the Consolidated
Statement of Profit and Loss as an exceptional item, amounting to ` 6,220.15 crore (net of transaction cost) during the year ended
March 31, 2020.

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The financial performance and cash flows for discontinued operations till the effective date of sale:
(a) Analysis of profit from discontinued operations ` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
Exceptional gain/(loss) (net)
Gain on disposal of discontinued operations (note 36 (b)) - 6,220.15
Pertaining to Phosphatic Fertilisers business and Trading business (footnote 'i') - (26.71)
Pertaining to urea and customised fertilisers business (footnote 'i') - (65.36)
- 6,128.08
Share of profit of joint ventures (net of tax) (note 9 (a)) - 31.34
Profit before tax - 6,159.42
Current tax - (1.69)
Deferred tax - (38.63)
Profit after tax - 6,199.74
Footnote:
(i) Includes provisions made, relating to the erstwhile fertilizer businesses, as per revised notifications issued by the concerned
department for change in rate of subsidy for previous years.

(b) Gain on disposal of discontinued operations: ` in crore

Year ended Year ended

March 31, 2021 March 31, 2020
Consideration (Deemed dividend to shareholders) - 6,307.97
Transaction costs (demerger expenses) - (33.00)
Other adjustments - 22.57
Net assets transferred (footnote 'i') - (77.39)
Gain on disposal - 6,220.15

Footnote:
(i) Information of assets and liabilities transferred as per the Scheme on the appointed date ` in crore
As at As at
March 31, 2021 March 31, 2020
Property, plant and equipment and intangible assets (Including CWIP) - 4.13
Deferred tax assets (net) - 5.79
Other non-current assets - 0.95
Inventories - 154.00
Trade receivables and other financial receivables - 81.43
Other current assets - 20.70
Total Assets (A) - 267.00
Other non-current liabilities - 2.39
Other current liabilities - 187.22
Total Liabilities (B) - 189.61
Net assets (A - B) - 77.39

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37. Earnings per share

As at As at
March 31, 2021 March 31, 2020
Basic and Diluted earnings per share (`)
From continuing operations (`) 10.06 31.66
From discontinued operations (`) - 243.36
Total Basic and Diluted earnings per share (`) 10.06 275.02

Footnotes:
The earnings and weighted average numbers of equity shares used in the calculation of basic and diluted earnings per share are as follows.
(a) Earnings used in the calculation of basic and diluted earnings per share: ` in crore ` in crore
Profit for the year from continuing operations attributable to equity shareholders of the Company 256.37 806.59
Profit for the year from discontinued operations attributable to equity shareholders of the Company - 6,199.74
256.37 7,006.33

(b) Weighted average number of equity shares used in the calculation of basic and diluted
No. of shares No. of shares
earnings per share:
Weighted average number of equity shares used in the calculation of basic and diluted earnings per 25,47,56,278 25,47,56,278
share from continuing operations and from discontinued operations

38. Group Informations:

Particulars of subsidiaries and joint ventures which have been considered in the preparation of the
Consolidated Financial Statements:
% Equity Interest
Nature of
Name of the Company Country of Incorporation As at As at
Business
March 31, 2021 March 31, 2020
Subsidiaries
Direct
Rallis India Limited ('Rallis') India Manufacturing 50.06% 50.06%
Bio Energy Venture - 1 ( Mauritius) Pvt. Ltd Mauritius Investment - (footnote 'vi')
Tata Chemicals International Pte. Limited ('TCIPL') Singapore Trading, 100.00% 100.00%
(footnote 'vi') Investment
Ncourage Social Enterprise Foundation (Under India Social Enterprise 100.00% 100.00%
Section 8 of the Companies Act, 2013)
Indirect
Rallis Chemistry Exports Limited India Manufacturing (footnote 'iii') 100.00%
Metahelix Life Sciences Limited India Manufacturing - (footnote 'iv')
Zero Waste Agro Organics Limited ('ZWAOL') India Manufacturing - (footnote 'v')
(footnote 'vi')
PT Metahelix Lifesciences Indonesia (footnote 'vii') Indonesia Manufacturing 65.77% 65.77%
Valley Holdings Inc. United States of America Investment 100.00% 100.00%
Tata Chemicals North America Inc. ('TCNA') United States of America Trading 100.00% 100.00%
General Chemical International Inc. United States of America Dormant 100.00% 100.00%
NHO Canada Holdings Inc. United States of America Dormant 100.00% 100.00%
Tata Chemicals (Soda Ash) Partners ('TCSAP') United States of America Manufacturing 100.00% 100.00%
(footnote 'I' and 'ii')
Tata Chemicals (Soda Ash) Partners Holdings United States of America Investment 100.00% 100.00%
('TCSAPH') (footnote 'I' and 'ii')

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% Equity Interest
Nature of
Name of the Company Country of Incorporation As at As at
Business
March 31, 2021 March 31, 2020
TCSAP LLC (footnote 'ii') United States of America Investment 100.00% 100.00%
Homefield Pvt UK Limited United Kingdom Investment 100.00% 100.00%
TCE Group Limited United Kingdom Investment 100.00% 100.00%
(formerly known as Homefield 2 UK Limited)
Tata Chemicals Africa Holdings Limited United Kingdom Investment 100.00% 100.00%
Natrium Holdings Limited (formerly known as Tata United Kingdom Investment 100.00% 100.00%
Chemicals Europe Holdings Limited)
Tata Chemicals Europe Limited United Kingdom Manufacturing 100.00% 100.00%
Winnington CHP Limited United Kingdom Manufacturing 100.00% 100.00%
Brunner Mond Group Limited United Kingdom Investment 100.00% 100.00%
Tata Chemicals Magadi Limited United Kingdom Manufacturing 100.00% 100.00%
Northwich Resource Management Limited United Kingdom Dormant 100.00% 100.00%
Gusiute Holdings (UK) Limited United Kingdom Investment 100.00% 100.00%
TCNA (UK) Limited United Kingdom Trading 100.00% 100.00%
British Salt Limited United Kingdom Manufacturing 100.00% 100.00%
Cheshire Salt Holdings Limited United Kingdom Investment 100.00% 100.00%
Cheshire Salt Limited United Kingdom Investment 100.00% 100.00%
Brinefield Storage Limited United Kingdom0 Dormant 100.00% 100.00%
Cheshire Cavity Storage 2 Limited United Kingdom Dormant 100.00% 100.00%
Cheshire Compressor Limited United Kingdom Dormant 100.00% 100.00%
Irish Feeds Limited United Kingdom Dormant 100.00% 100.00%
New Cheshire Salt Works Limited United Kingdom Investment 100.00% 100.00%
Tata Chemicals (South Africa) Proprietary Limited South Africa Trading 100.00% 100.00%
Magadi Railway Company Limited Kenya Dormant 100.00% 100.00%
Alcad (footnote 'i') United States of America Manufacturing 50.00% 50.00%
Joint Ventures
Direct
Indo Maroc Phosphore S. A Morocco Manufacturing 33.33% 33.33%
Tata Industries Ltd. India Diversified 9.13% 9.13%
Indirect
The Block Salt Company Limited United Kingdom Manufacturing 50.00% 50.00%
(Holding by British Salt Limited)
JOil (S) Pte. Ltd and its subsidiaries Singapore Manufacturing 33.78% 33.78%
(Holding by TCIPL)
Promoter
Tata Sons Private Limited India

Footnotes:
(i) A general partnership formed under the laws of the State of Delaware (USA).
(ii) During the previous year, Valley Holdings Inc., an indirect wholly owned subsidiary had acquired the remaining 25% partnership
interest from The Andover Group, Inc. in Tata Chemicals (Soda Ash) Partners Holdings for a consideration of ` 1,382.12 crore (USD
195 million). With this acquisition, the ownership in Tata Chemicals (Soda Ash) Partners, the soda ash producing operating entity
increased from 75% to 100%. The resultant difference between the consideration paid and book value of Non Controlling Interest
amounting to ` 718.30 crore (net of consequential deferred taxes) has been credited to the retained earnings.
(iii) Consequent to making an application to the Registrar of Companies, Maharashtra by Rallis Chemistry Exports Limited, a wholly-
owned subsidiary of the Rallis India Limited (RCEL) for removal of its name from the register of companies, MCA has issued a certificate

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for striking off its name from the register of companies w.e.f March 29, 2021. Accordingly, RCEL has ceased to be a subsidiary of the
Group effective the said date.
(iv) The Hon’ble National Company Law Tribunal (NCLT), Bengaluru Bench and the NCLT, Mumbai Bench have approved the Scheme
of Merger by Absorption of Metahelix Life Sciences Limited (WOS of Rallis) with Rallis India Limited (‘Scheme’) from the Appointed
Date of April 1, 2019. The Effective Date of the Scheme is February 1, 2020. Accordingly, Metahelix has ceased to be a subsidiary of
the Company with effect from February 1, 2020. There is no impact of this transaction on the Consolidated Financial Statements.
(v) The NCLT, Mumbai Bench also approved the Scheme of Amalgamation of Zero Waste Agro Organics Limited (WOS of Rallis) with
Rallis India Limited (‘Scheme’) on February 22, 2020 from the Appointed Date of April 1, 2017. The Effective Date of the Scheme is July
9, 2020. Accordingly, Zero Waste has ceased to be a subsidiary of the Company with effect from July 9, 2020. There is no impact of
this transaction on the Consolidated Financial Statements.
(vi) The Hon'ble National Company Law Tribunal ('NCLT'), Mumbai Bench on April 23, 2020 approved the Scheme of Merger by Absorption
of Bio Energy Venture-1 (Mauritius) Pvt. Ltd. ('Bio'), a wholly owned subsidiary of the Company, with the Company ('Scheme'), with an
Appointed Date of April 1 2019. The Registrar of Companies at Mauritius removed the name of Bio from the register of companies
w.e.f. June 1, 2020 and accordingly, Bio has ceased to be a subsidiary of the Company with effect from June 1, 2020. Consequent to
this, TCIPL has become a direct wholly owned subsidiary of the Company with effect from that date. There is no impact of the merger
in the Consolidated Financial Statements.
(vii) During the year, PT Metahelix Life Sciences Indonesia, a subsidiary of Rallis, received approval for the cancellation of its Company
Registration Number and revocation of its business license w.e.f March 19, 2021. Further, an application for cancellation of its Tax
Identification Number has been made and the approval for the same is awaited.

39. Leases
` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
Maturity analysis – contractual undiscounted cash flows
Less than one year 100.45 110.06
One to five years 142.31 184.71
More than five years 82.51 53.41
Total undiscounted lease liabilities 325.27 348.18
Discounted Cash flows
Current 91.98 87.42
Non-Current 188.60 188.00
Lease liabilities 280.58 275.42
Expenses relating to short-term leases and low value assets have been disclosed under rent in note 33(e).
The incremental borrowing rate of 1.20% per annum to 13.00% per annum (2020: 1.90% per annum to 13.00% per annum) has been
applied to lease liabilities recognised in the Consolidated Balance Sheet.

40. Employee benefits obligations

(a) In respect of the Company and domestic subsidiaries
The Company and its domestic subsidiaries make contributions towards provident fund, in substance a defined benefit retirement
plan and towards pension and superannuation funds which are defined contribution retirement plans for qualifying employees. The
provident fund is administered by the Trustees of the Provident Fund and the superannuation fund is administered by the Trustees
of the Superannuation Fund. The Company and its domestic subsidiaries are liable to pay to the provident fund to the extent of the
amount contributed and any shortfall in the fund assets based on Government specified minimum rates of return relating to current
services. Such contribution and shortfall if any, are recognised as an expense in the year in which these are incurred.
On account of the above contribution plans, a sum of ` 15.58 crore (2020: ` 14.78 crore) has been charged to the Consolidated
Statement of Profit and Loss.

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The Company and its domestic subsidiaries make annual contributions to the Employees' Gratuity Trust and to the Employees' Group
Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of India, for funding the defined benefit plans for qualifying
employees. The scheme provides for lump sum payment to vested employees at retirement or death while in employment or on
termination of employment. Employees, upon completion of the vesting period, are entitled to a benefit equivalent to either half
month, three fourth month and full month salary last drawn for each completed year of service depending upon the completed
years of continuous service in case of retirement or death while in employment. In case of termination, the benefit is equivalent to
fifteen days salary last drawn for each completed year of service in line with the Payment of Gratuity Act, 1972. Vesting occurs upon
completion of five years of continuous service.
The trustees of the trust fund are responsible for the overall governance of the plan and to act in accordance with the provisions of
the trust deed and rules in the best interests of the plan participants. They are tasked with periodic reviews of the solvency of the
fund and play a role in the long-term investment, risk management and funding strategy.
The Company also provides post retirement medical benefits to eligible employees under which employees at Mithapur who
have retired from service of the Company are entitled for free medical facility at the Company hospital during their lifetime. Other
employees are entitled to domiciliary treatment exceeding the entitled limits for the treatments covered under the Health Insurance
Scheme upto slabs defined in the scheme. The floater mediclaim policy also covers retired employees based on eligibility, for such
benefit.
The Company provides pension, housing/house rent allowance and medical benefits to retired Managing and Executive Directors
who have completed ten years of continuous service in Tata Group and three years of continuous service as Managing Director/
Executive Director or five years of continuous service as Managing Director/Executive Director. The directors are entitled upto
seventy five percent of last drawn salary for life and on death 50% of the pension is payable to the spouse for the rest of his/her life.
Domestic subsidiaries also include a supplemental pay scheme (a life long pension), an unfunded scheme, covering certain Executives.
Family benefit scheme is applicable to all permanent employees in management, officers and workmen who have completed one
year of continuous service. Incase, of untimely death of the employee, the nominated beneficiary is entitled to an amount equal to
the last drawn salary (Basic Salary, DA and FDA) till the normal retirement date of the deceased employee.
The most recent actuarial valuations of plan assets and the present values of the defined benefit obligations were carried out at
March 31, 2021. The present value of the defined benefit obligations and the related current service cost and past service cost, were
measured using the Projected Unit Credit Method.
(b) In respect of overseas subsidiaries, the liabilities for employee benefits are determined and accounted as per
the regulations and principles followed in the respective countries.
(i) UK and Kenyan subsidiaries

The Homefield UK Private Limited - Group operates defined contribution schemes, under which costs of ` 15.26 crore
(2020: ` 13.84 crore) are charged to the Consolidated Statement of Profit and Loss on the basis of contributions payable.
The Group also operates defined benefit schemes, the assets of which are held in separate trustee administered funds.
Defined benefit scheme - Tata Chemicals Europe Limited ('TCEL')

TCEL operates defined benefit pension arrangements in the UK, which were available to substantially all employees but are
now closed to new members and closed for further accruals from May 31, 2016.
The scheme is funded by the payment of contributions to a separately administered trust fund. The fund is valued every three
years using the projected unit method by an independent, professionally qualified actuary. The Trustees of the fund set the
contribution rates with agreement from TCEL after taking advice from the independent actuary.
The most recent triennial valuation was performed at December 31 2017, and a payment schedule was agreed between the
trustees of the pension scheme and TCEL whereby TCEL will make contributions towards the deficit in the fund from December
2017 to March 2041. TCEL will also continue to make contributions towards the expenses of the fund.
The present value of the defined benefit obligation was measured using the projected unit method. The projected unit method
is an accrued benefits valuation method in which the scheme liabilities make allowance for projected benefit increases for
employed members. The assumptions which had the most significant effect on the results of the valuation were those relating
to investment returns and price inflation.

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Defined benefit scheme - British Salt Limited ('BSL')


BSL operates defined benefit pension arrangements in the UK. Eligible employees of the salt business were members of the
British Salt Retirement Income and Life Assurance Plan ('RILA') which was closed to future accrual and new members on 31
January, 2008.
RILA is funded by the payment of contributions to a separately administered trust fund. The fund is valued every three
years using the projected unit method by an independent, professionally qualified actuary. The Trustees of the fund set the
contribution rates with agreement from the BSL after taking advice from the independent actuary.
The most recent triennial valuation was performed at December 31 2017 and a payment schedule was agreed between the
Trustees and BSL whereby BSL will make contributions which aim to cover the expenses of the scheme.
The present value of the defined benefit obligation was measured using the projected unit method. The assumptions which
had the most significant effect on the results of the valuation were those relating to investment returns and price inflation.
(ii) USA subsidiaries - Tata Chemicals North America and its subsidiaries ('TCNA')

TCNA also sponsor defined contribution retirement savings plans. Participation in one of these plans is available to
substantially all represented and non-represented employees. TCNA matches employee contributions up to certain
predefined limits for non-represented employees based upon eligible compensation and the employee’s contribution rate.
TCNA’s contribution to these plans was ` 6.55 crore (2020: ` 5.84 crore)
Pension plans and other post retirement benefit

TCNA maintains several defined benefit pension plans covering hourly employees hired/rehired on or before June 30, 2017
and salaried employees hired/rehired on or before September 6, 2016. A participating employee’s annual post retirement
pension benefit is determined by the employee’s credited service and, in most plans, final average annual earnings with the
TCNA. Vesting requirements are five years. TCNA’s funding policy is to annually contribute the statutorily required minimum
amount as actuarially determined. TCNA also maintains several plans providing non-pension post retirement benefits covering
substantially all hourly and certain salaried employees. TCNA funds these benefits on a pay-as-you-go basis.
Plan assets

The assets of TCNA’s defined benefit plans are managed on a co-mingled basis in a Master Trust. The investment policy and
allocation of the assets in the Master Trust were approved by TCNA’s Investment Committee, which has oversight responsibility
for the retirement plans.
The pension fund assets are invested in accordance with the statement of Investment Policies and Procedures adopted by
TCNA, which are reviewed annually. Pension fund assets are invested on a going-concern basis with the primary objective
of providing reasonable rates of return consistent with available market opportunities, a quality standard of investment, and
moderate levels of risk.

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(c) The following tables set out the funded status and amounts recognised in the Group's Consolidated Financial
Statements as at March 31, 2021 and March 31, 2020 for the Defined benefits plans:
i Changes in the defined benefit obligation: ` in crore
Year ended March 31, 2021 Year ended March 31, 2020
Funded Unfunded Funded Unfunded
At the beginning of the year 5,096.82 262.64 4,923.80 253.12
Current service cost 48.45 5.79 42.33 4.72
Interest cost 148.90 12.90 151.41 12.83
Remeasurements (gain)/loss
Actuarial (gain) / loss arising from:
- Changes in financial assumptions 420.46 (5.64) (40.98) 37.48
- Changes in demographic assumptions (17.03) 0.74 (14.65) (0.08)
- Experience adjustments (34.03) (3.30) (3.40) (8.29)
Benefits paid (233.95) (10.08) (227.33) (17.53)
Transfer in/(out)* 0.06 - (3.77) -
Past service cost 15.35 - 1.20 (25.00)
Exchange fluctuations 160.83 (3.15) 268.21 8.53
5,605.86 259.90 5,096.82 265.78
Extinguishment due to discontinued operations - - - (3.14)
At the end of the year 5,605.86 259.90 5,096.82 262.64

ii Changes in the fair value of plan assets: ` in crore

Year ended March 31, 2021 Year ended March 31, 2020
Funded Unfunded Funded Unfunded
At the beginning of the year 3,925.91 - 3,881.08 -
Interest on plan assets 112.03 - 119.89 -
Administrative expenses (10.56) - (12.81) -
Remeasurement (gain)/loss
Annual return on plan assets less interest on plan assets 524.32 - (92.27) -
Contributions 32.72 - 59.78 -
Benefits paid (233.95) - (227.33) -
Transfer in/(out)* 0.06 - - -
Exchange fluctuations 135.52 - 197.57 -
Value of plan assets at the end of the year 4,486.05 - 3,925.91 -
Liability (net) 1,119.81 259.90 1,170.91 262.64
*transfer out pertaining to consumer product business.

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iii Net employee benefit expense for the year: ` in crore

Year ended March 31, 2021 Year ended March 31, 2020
Funded Unfunded Funded Unfunded
Current service cost 48.45 5.79 42.33 4.72
Past service cost 15.35 - 1.20 (25.00)
Administrative expenses 10.56 - 12.81 -
Interest on defined benefit obligation (net) 36.87 12.90 31.52 12.83
Extinguishment due to discontinued operations - - - (3.14)
Components of defined benefits costs recognised in 111.23 18.69 87.86 (10.59)
Consolidated profit or loss
Remeasurements of the net defined benefit liability/(asset)
Actuarial (gain) / loss arising from:
- Changes in financial assumptions 420.46 (5.64) (40.98) 37.48
- Changes in demographic assumptions (17.03) 0.74 (14.65) (0.08)
- Experience adjustments (34.03) (3.30) (3.40) (8.29)
Impact of assets ceiling - - (0.17) -
Return on plan assets less interest on plan assets (524.32) - 92.27 -
Components of defined benefits costs recognised in other (154.92) (8.20) 33.07 29.11
comprehensive income
Net benefit expense (43.69) 10.49 120.93 18.52

iv Categories of the fair value of total plan assets : ` in crore

As at As at
March 31, 2021 March 31, 2020
Government Securities/Corporate Bonds (Quoted) 2,530.51 2,024.17
Government Securities/Corporate Bonds (Unquoted) 561.17 534.97
Equity Instruments (Quoted) 358.23 253.31
Equity Instruments (Unquoted) 800.61 635.75
Insurer Managed/Hedged Funds 107.60 96.66
Others (Quoted) 33.58 327.09
Others (Unquoted) 94.35 53.96
Total 4,486.05 3,925.91
Each year an Asset-Liability-Matching study is performed in which the consequences of the strategic investment policies are analysed in
terms of risk-and-return profiles. Investment and contribution policies are integrated within this study.

v Risk Exposure :
Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below :
Investment risk: If future investment returns on assets are lower than assumed in valuation, the scheme's assets will be
lower, and the funding level higher than expected.
Changes in bond yields: A decrease in yields will increase plan liabilities, although this will be partially offset by an increase in the
value of the plans' bond holdings.
Longevity risk: If improvements in life expectancy are greater than assumed, the cost of benefits will increase because
pensions are paid for longer than expected. This will mean that the funding level will be higher than
expected.
Inflation risk: If inflation is greater than assumed, the cost of benefits will increase as pension increases and deferred
revaluations are linked to inflation.

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vi (a) Assumptions used to determine net periodic benefit costs:

India USA Plans UK Plans
Funded Unfunded Funded Unfunded Funded
Discount rate 6.06 % to 6.06 % to 3.37% 3.26% p.a. 2.10% p.a.
As at March 31, 2021
6.85% p.a. 6.85% p.a.
As at March 31, 2020 6.05% to 6.05% to 3.64% 3.58% p.a. 2.35% p.a.
6.83% p.a. 6.83% p.a.
Increase in compensation cost 7.50% - 7.50% - 5.30% to NA NA
As at March 31, 2021
8.00% p.a. 8.00% p.a. 8.40% p.a.
As at March 31, 2020 7.50% - 7.50% - 5.30% to NA NA
8.00% p.a. 8.00% p.a. 8.40% p.a.
Healthcare cost increase rate NA 8.00%- NA NA NA
As at March 31, 2021
10.00% p.a.
As at March 31, 2020 NA 8.00%- NA 6.75% p.a. NA
10.00% p.a.
Pension increase rate As at March 31, 2021 NA 6.00% p.a. NA NA 3.10% p.a.
As at March 31, 2020 NA 6.00% p.a. NA NA 2.50% p.a.
(a) Discount rate for the domestic plans is based on the prevailing market yields of Indian Government securities as at the Balance
Sheet date for the estimated term of the obligations. Discount rate for USA Subsidiaries is based on high quality bonds and for UK
subsidiaries it is based on corporate bonds.
(b) The estimates of future salary increases considered in actuarial valuation take into account inflation, seniority, promotion and other
relevant factors.
(c) The details of post-retirement and other benefit plans for its employees given above are certified by the actuaries and relied upon by
the Auditors.

(vi) (b) Average longevity at retirement age for current beneficiaries of the plan (years)
India UK USA India UK USA
As at As at As at As at As at As at
March 31, 2021 March 31, 2021 March 31, 2021 March 31, 2020 March 31, 2020 March 31, 2020
Males 12 to 22 years 21 to 24 years 23 to 24 years 5 to 22 years 21 to 25 years 23 to 24 years
Females 12 to 25 years 24 to 27 years 25 to 26 years 5 to 25 years 24 to 27 years 25 to 26 years

vii Sensitivity Analysis

Impact on defined benefit obligation due to change in assumptions as at March 31, 2021 ` in crore
As at March 31, 2021
TCL Rallis USA UK
Increase Decrease Increase Decrease Increase Decrease Increase Decrease
Discount Rate
0.25% change - - - - - - (124.64) 134.60
0.5% change (12.53) 13.90 - - (141.25) 165.60 - -
1% change - - (3.89) 4.62 - - - -
Compensation rate
0.5% change 3.04 (2.87) - - 32.85 (40.52) - -
1% change - - 3.14 (2.78) - - - -
Pension rate
1% change 4.38 (3.83) - - - - - -
Healthcare costs
1% change 15.32 (12.29) - - - - - -

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Impact on defined benefit obligation due to change in assumptions as at March 31, 2020 ` in crore
As at March 31, 2020
TCL Rallis USA UK
Increase Decrease Increase Decrease Increase Decrease Increase Decrease
Discount Rate
0.25% change - - - - - - (107.74) 114.34
0.5% change (13.12) 14.61 - - (140.00) 164.06 - -
1% change - - (4.93) 3.89 - - - -
Compensation rate
0.5% change 3.12 (2.95) - - 31.29 (37.68) - -
1% change - - 2.78 (2.50) - - - -
Pension rate
1% change 4.81 (4.18) - - - - - -
Healthcare costs
1% change 15.74 (12.60) - - 0.01 (0.01) - -
The sensitivity analysis above has been determined based on reasonably possible changes of the respective key assumptions occurring
at the end of the reporting period, while holding all other assumptions constant.

viii Maturity profile of the defined benefit obligation as at March 31, 2021 is as follows: ` in crore
As at March 31, 201
Expected payments
India US UK
Within the next 12 months (next annual reporting period) 28.77 103.86 118.51
Later than 1 year and not later than 5 years 88.89 446.50 503.29
6 years and above 594.44 596.90 700.39
Weighted average duration of the payments (in no. of years) 6-17 years 13-15 years 15-16 years

Maturity profile of the defined benefit obligation as at March 31, 2020 is as follows: ` in crore
As at March 31, 2020
Expected payments
India US UK
Within the next 12 months (next annual reporting period) 23.70 105.80 115.29
Later than 1 year and not later than 5 years 79.67 451.80 484.56
6 years and above 567.25 614.06 661.97
Weighted average duration of the payments (in no. of years) 6-17 years 12-15 years 15-18 years

(d) Provident Fund

The Company and its domestic subsidiaries operate Provident Fund Schemes and the contributions are made to the recognised
funds maintained. The Company and its domestic subsidiaries are required to offer a defined benefit interest rate guarantee on
provident fund balances of employees. The interest rate guarantee is payable to the employees for the year when the exempt fund
declares a return on provident fund investments which is less than the rate declared by the Regional Provident Fund Commissioner
('RPFC') on the provident fund corpus for their own subscribers. The Actuary has provided a valuation for provident fund liabilities
on the basis of guidance issued by Actuarial Society of India and based on the below provided assumptions, shortfall between plan
assets as the end of the year and the present value of funded obligation has been recognised in the Consolidated Balance Sheet and
Other Comprehensive Income.

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The details of fund and plan assets position are given below: ` in crore
TCL RALLIS
Provident Fund As at As at As at As at
March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
Plan assets at the end of the year 328.00 326.37 104.07 91.99
Less: Present value of funded obligation 330.35 340.08 102.15 89.26
Amount recognised in the Consolidated Balance Sheet (2.35) (13.71) - -

Assumptions used in determining present value of obligation of interest rate guarantee under a deterministic approach:
As at As at
March 31, 2021 March 31, 2020
Guaranteed rate of return 8.50% 8.50%
Discount rate for remaining term to maturity of investments 6.41% - 6.45% 6.35% - 6.83%
Discount rate 6.50% 6.05%
Expected rate of return on investments 6.41% - 8.57% 7.69% - 7.86%

41. Segment information

41.1 Continuing operations
(a) Information about operating segments
The Company has 2 reportable segments which are the Company's strategic business units. These business units offer different
products and are managed separately. Reportable Segments approved by Board of Directors are as under:
- Basic chemistry products : Soda Ash, Salt and other bulk chemicals
- Specialty products : Nutrition solutions, agri Solutions and advance materials
` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
1. Segment revenue (Revenue from operations)
(i) Basic chemistry products 7,608.92 8,013.74
(ii) Speciality products 2,580.00 2,328.85
10,188.92 10,342.59
Inter segment revenue (11.54) (10.06)
10,177.38 10,332.53
Unallocated 22.42 24.22
10,199.80 10,356.75
2. Segment result (Reconciliation with profit from continuing operations)
(i) Basic chemistry products 728.50 1,355.51
(ii) Speciality products 209.33 166.90
Total segment results 937.83 1,522.41
Net unallocated income/(expenditure) 37.91 71.41
Finance costs (367.37) (341.91)
Profit before share of profit/loss from investment in joint ventures and tax 608.37 1,251.91
Share of profit\(loss) of joint ventures (net of tax) 25.62 (3.85)
Tax expense (197.77) (219.65)
Profit for the year from continuing operations 436.22 1,028.41

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3. Segment assets and segment liabilities* ` in crore

Segment assets Segment liabilities
As at As at As at As at
March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
(i) Basic chemistry products 17,010.57 17,150.00 3,014.05 2,893.42
(ii) Speciality products 2,884.62 2,804.05 943.75 930.13
19,895.19 19,954.05 3,957.80 3,823.55
Unallocated 8,442.01 7,734.70 9,236.83 10,203.77
28,337.20 27,688.75 13,194.63 14,027.32
*Including assets held for sale

4. Other information ` in crore

Addition to non-current Depreciation and
Other non-cash expenses**
assets * amortisation
Year ended Year ended Year ended Year ended Year ended Year ended
March 31, March 31, March 31, March 31, March 31, March 31,
2021 2020 2021 2020 2021 2020
(i) Basic chemistry products 947.61 1,252.05 648.28 584.39 206.65 178.90
(ii) Speciality products 195.98 208.50 100.39 70.86 (1.50) 17.42
1,143.59 1,460.55 748.67 655.25 205.15 196.32
Unallocated 50.06 75.13 10.65 11.22 18.17 34.34
1,193.65 1,535.68 759.32 666.47 223.32 230.66
*Comprises additions to Property, plant and equipment, Capital work-in-progress, Goodwill, Right-of-use assets, Other intangible
assets and Intangible assets under development.
**Comprises of Provision for employee benefits expense, Provision for doubtful debts and advances/bad debts written off, Provision
for contingencies, Foreign exchange gain/(loss) and (Profit)/ loss on assets sold or discarded.

(b) Information about geographical areas

The geographical segments revenue are disclosed on the basis of sales as follows:
- Asia (other than India): Comprising sales to customers located in Asia (other than India).
- Europe: Comprising sales to customers located in Europe.
- Africa: Comprising sales to customers located in Africa.
- America: Comprising sales to customers located in America.

1. Geographical Segment revenue* ` in crore

Year ended March 31, 2021
Basic chemistry Specialty
Unallocated Total
products products
(i) India 2,891.03 2,009.01 22.42 4,922.46
(ii) Asia (other than India) 219.62 102.27 - 321.89
(iii) Europe 1,353.33 52.93 - 1,406.26
(iv) Africa 234.15 13.51 - 247.66
(v) America 2,888.10 399.55 - 3,287.65
(vi) Others 11.15 2.73 - 13.88
7,597.38 2,580.00 22.42 10,199.80

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` in crore
Year ended March 31, 2020
Basic chemistry Specialty
Unallocated Total
products products
(i) India 2,746.83 1,823.54 24.22 4,594.59
(ii) Asia (other than India) 353.74 187.47 - 541.21
(iii) Europe 1,305.65 16.74 - 1,322.39
(iv) Africa 309.24 29.30 - 338.54
(v) America 3,278.25 271.04 - 3,549.29
(vi) Others 9.97 0.76 - 10.73
8,003.68 2,328.85 24.22 10,356.75
*Including operating revenues and net off inter segment revenue

2. Non-current assets* ` in crore

As at As at
March 31, 2021 March 31, 2020
(i) India 4,730.89 4,333.80
(ii) Asia (other than India) 0.71 1.17
(iii) Europe 1,793.15 1,513.89
(iv) Africa 117.91 149.22
(v) America 10,715.43 11,132.79
17,358.09 17,130.87
*Non-current assets other than investments in joint ventures, financial assets, deferred tax assets (net) and net defined benefit assets

(c) Revenue from major products

The following is an analysis of the Company's segment revenue from continuing operations from its major products.
` in crore
Year ended Year ended
March 31, 2021 * March 31, 2020 *
(i) Basic chemistry products
- Soda Ash 5,177.08 5,843.86
- Salt 1,341.80 1,167.62
- Bicarb 446.65 437.43
- Others 631.85 554.77
(ii) Speciality products
- Crop Protection (includes Fungicides, Herbicides and Insecticides) 1,884.72 1,723.45
- Seeds 398.90 364.27
- Others 296.38 241.13
(iii) Unallocated 22.42 24.22
10,199.80 10,356.75
*Including operating revenues and net off inter segment revenue

(d) Revenue from major customers

No single customer contributed 10% or more to the Group's revenue for the year ended March 31, 2021 and March 31, 2020.
(e) Other note
Segment revenue, results, assets and liabilities include the respective amounts identifiable to each of the segments and
amounts allocated on a reasonable basis.

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41.2 Discontinued operations (note 36)

(a) Information about operating segment ` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
Result :
Segment result (note 36) - 6,128.08
Share of profit of joint ventures (net of tax) - 31.34
Profit before tax - 6,159.42
Tax expenses - (40.32)
Profit from discontinued operations after tax - 6,199.74

(b) Information about geographical area

Discontinued operations sells its products mainly within India where the conditions prevailing are uniform.

(c) Revenue from major products

Discontinued operations segment includes consumer product business.

(d) Major Customer

No single customer contributed 10% or more to the discontinued operations of the Group's revenue for the year ended March
31, 2021 and March 31, 2020.

41.3 Reconciliation of information on reportable segment to Consolidated Balance Sheet and Consolidated
Statement of Profit and Loss
(a) Reconciliation of profit for the year as per Consolidated Statement of Profit and Loss ` in crore
Year ended Year ended
March 31, 2021 March 31, 2020
Profit for the year from continuing operations (note 41.1 (a) (2)) 436.22 1,028.41
Profit for the year from discontinued operations (note 41.2 (a)) - 6,199.74
Profit for the year as per Consolidated Statement of Profit and Loss 436.22 7,228.15

(b) Reconciliation of total assets as per Consolidated Balance Sheet ` in crore

As at As at
March 31, 2021 March 31, 2020
Total assets as per continuing operations (note 41.1 (a) (3)) 28,337.20 27,688.75
Total assets as per discontinued operations - -
Total assets as per Consolidated Balance Sheet 28,337.20 27,688.75

(c) Reconciliation of total liabilities as per Consolidated Balance Sheet ` in crore

As at As at
March 31, 2021 March 31, 2020
Total liabilities as per continuing operations (note 41.1 (a) (3)) 13,194.63 14,027.32
Total liabilities as per discontinued operations - -
Total liabilities as per Consolidated Balance Sheet 13,194.63 14,027.32

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42. Derivative financial instruments and hedging activities

(a) The details of the various outstanding derivative financial instruments are given below: ` in crore
As at March 31, 2021 As at March 31, 2020
Assets Liabilities Assets Liabilities
Current portion
Derivatives designated in cash flow hedges
- Forward contracts 6.05 - 0.14 4.03
- Interest rate swaps - 37.14 - 37.02
- Commodity swaps 37.76 1.58 1.17 125.60
Total designated derivatives 43.81 38.72 1.31 166.65
Derivatives not designated in a hedge relationship
- Forward contracts - 2.42 11.07 0.03
Total un-designated derivatives - 2.42 11.07 0.03
Total current portion 43.81 41.14 12.38 166.68
Non-current portion
Derivatives designated in cash flow hedges
- Forward contracts 1.15 - 0.23 -
- Interest rate swaps - 25.67 - 59.82
- Commodity swaps 16.87 0.07 0.73 68.08
Total designated derivatives 18.02 25.74 0.96 127.90
Total non-current portion 18.02 25.74 0.96 127.90
Total 61.83 66.88 13.34 294.58
Derivatives not designated in a hedge relationship are effective as hedges from an economic perspective, however these are not
considered for hedge accounting.

(b) The details of the gross notional amounts of derivative financial instruments outstanding are given in the
table below:
Underlying
As at As at
Derivative instruments (Receivables/ payables / Units
March 31, 2021 March 31, 2020
borrowings)
Forward contracts USD/INR $ million 9.9 1.8
Forward contracts EUR/INR € million 4.1 6.3
Forward contracts EUR/GBP € million 10.6 9.9
Forward contracts USD/GBP $ million 6.0 10.8
Forward contracts USD/ZAR $ million - 0.5
Forward contracts JPY/INR JPY million 232.5 300.2
Forward contracts JPY/USD JPY million 92.3 -
Forward contracts INR/USD ` crore 157.0 197.0
Forward contracts GBP/USD £ million 12.0 -
Commodity swaps Heavy fuel oil MT - 6,600.0
Commodity swaps Natural Gas (US) million MMBTU 5.0 9.2
Commodity swaps Natural Gas (UK) million therms 79.4 116.4
Interest rate swaps Floating to fixed $ million 200 252.0

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(c) The following table analyses the movement in the effective portion of Cash Flow Hedge Reserve (‘CFHR’) for
the year ended March 31, 2021 and 2020
` in crore
Forward Interest rate Commodity
Total
contracts swaps swaps
Balance as at April 1, 2019 3.15 (19.70) (37.91) (54.46)
Net (losses) / gains recognised in the CFHR (4.86) (59.45) (226.81) (291.12)
Amount re-classified from the CFHR and included
in the Consolidated Statement of Profit & Loss
(due to settlement of contracts) within:
Power and Fuel cost - - 80.74 80.74
Other expenses (2.03) - - (2.03)
Finance costs - (12.32) - (12.32)
Deferred income tax - - 4.20 4.20
Acquisition of non-controlling interests (note 38) - - (6.64) (6.64)
Balance as at March 31, 2020 (3.74) (91.47) (186.42) (281.63)
Net (losses) / gains recognised in the CFHR 8.26 (5.19) 146.64 149.71
Amount re-classified from the CFHR and included
in the Consolidated Statement of Profit & Loss
(due to settlement of contracts) within:
Power and Fuel cost - - 102.21 102.21
Other expenses 2.49 - - 2.49
Finance costs - 36.65 - 36.65
Deferred income tax - (0.29) (8.34) (8.63)
Balance as at March 31, 2021 7.01 (60.30) 54.09 0.80

43. Disclosures on financial instruments

(a) Financial instruments by category
The following table presents the carrying amounts of each category of financial assets and liabilities as at March 31, 2021.
` in crore
Total
Investments Investments Derivatives Derivatives Amortised
carrying
- FVTOCI - FVTPL - FVTPL - FVTOCI cost
value
Financial assets
(a) Investments - non current
Equity instrument at fair value 3,150.44 - - - - 3,150.44
Debt instrument at fair value - 150.00 - - - 150.00
(b) Investments - current
Investment in mutual funds - 1,563.49 - - - 1,563.49
(c) Trade receivables - - - - 1,396.99 1,396.99
(d) Cash and cash equivalents - - - - 689.34 689.34
(e) Other bank balances - - - - 721.67 721.67
(f ) Loans - non-current - - - - 10.70 10.70
(g) Loans - current - - - - 0.17 0.17
(h) Other financial assets - non-current - - - 18.02 6.64 24.66
(i) Other financial assets - current - - - 43.81 109.53 153.34
Total 3,150.44 1,713.49 - 61.83 2,935.04 7,860.80
Financial liabilities
(a) Borrowings - non-current - - 5,199.48 5,199.48
(b) Lease liabilities - non-current - - 188.60 188.60
(c) Borrowings - current - - 277.58 277.58
(d) Trade payables - - 1,682.87 1,682.87
(e) Other financial liabilities - non-current - 25.74 21.03 46.77
(f ) Other financial liabilities - current 2.42 38.72 1,676.32 1,717.46
Total 2.42 64.46 9,045.88 9,112.76

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The following table presents the carrying amounts of each category of financial assets and liabilities as at March 31, 2020.
` in crore
Total
Investments Investments Derivatives Derivatives Amortised
carrying
- FVTOCI - FVTPL - FVTPL - FVTOCI cost
value
Financial assets
(a) Investments - non-current
Equity instrument at fair value 1,913.47 - - - - 1,913.47
(b) Investments - current
Investment in mutual funds - 1,601.02 - - - 1,601.02
(c) Trade receivables - - - - 1,579.92 1,579.92
(d) Cash and cash equivalents - - - - 1,254.26 1,254.26
(e) Other bank balances - - - - 825.26 825.26
(f ) Loans - non-current - - - - 9.99 9.99
(g) Loans - current - - - - 0.23 0.23
(h) Other financial assets - non-current - - - 0.96 3.97 4.93
(i) Other financial assets - current - - 11.07 1.31 126.63 139.01
Total 1,913.47 1,601.02 11.07 2.27 3,800.26 7,328.09
Financial liabilities
(a) Borrowings - non-current - - 3,473.36 3,473.36
(b) Lease liabilities - non-current - - 188.00 188.00
(c) Borrowings - current - - 1,912.94 1,912.94
(d) Trade payables - - 1,630.92 1,630.92
(e) Other financial liabilities - non-current - 127.90 23.63 151.53
(f ) Other financial liabilities - current 0.03 166.65 2,520.55 2,687.23
Total 0.03 294.55 9,749.40 10,043.98

(b) Fair value hierarchy

All assets and liabilities for which fair value is measured or disclosed in the Consolidated Financial Statements are categorised within
the fair value hierarchy, described as follows:

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly
observable

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

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The following table provides the fair value measurement hierarchy of the Group’s financial assets and liabilities that are measured at fair
value or where fair value disclosure is required

` in crore
As at March 31, 2021
Fair value measurement using
Quoted prices in Significant Significant
Total active markets observable unobservable
(Level 1) inputs (Level 2) inputs (Level 3)
Assets measured at fair value:
Derivative financial assets
Commodity swaps 54.63 - 54.63 -
Forward contracts 7.20 - 7.20 -
FVTOCI financial investments
Quoted equity instruments 2,634.31 2,634.31 - -
Unquoted equity instruments 516.13 - - 516.13
FVTPL financial investments
Investment in mutual funds 1,563.49 - 1,563.49 -
Quoted debentures 150.00 150.00 -
Liabilities measured at fair value:
Derivative financial liabilities
Forward contracts 2.42 - 2.42 -
Interest rate swaps 62.81 - 62.81 -
Commodity swaps 1.65 - 1.65 -
There have been no transfers between levels during the period.
` in crore
As at March 31, 2020
Fair value measurement using
Quoted prices in Significant Significant
Total active markets observable unobservable
(Level 1) inputs (Level 2) inputs (Level 3)
Assets measured at fair value:
Derivative financial assets
Cross currency interest rate swaps - - - -
Commodity swaps 1.90 - 1.90 -
Forward contracts 11.44 - 11.44 -
FVTOCI financial investments
Quoted equity instruments 1,502.68 1,502.68 - -
Unquoted equity instruments 410.79 - - 410.79
FVTPL financial investments
Investment in mutual funds 1,601.02 - 1,601.02 -
Liabilities measured at fair value:
Derivative financial liabilities
Forward contracts 4.06 - 4.06 -
Interest rate swaps 96.84 - 96.84 -
Commodity swaps 193.68 - 193.68 -

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(c) The following tables shows a reconciliation from the opening balance to the closing balance for level 3 fair
values.
` in crore
FVTOCI financial
investments
Balance as at April 1, 2019 486.50
Add / (less): Fair value changes through Other comprehensive income (75.71)
Balance as at March 31, 2020 410.79
Addition / (deletion) during the year 39.60
Add / (less): Fair value changes through Other comprehensive income 65.74
Balance as at March 31, 2021 516.13

(d) Valuation technique to determine fair value

The following methods and assumptions were used to estimate the fair values of financial instruments:
(i) The management assessed that fair value of cash and cash equivalents, trade receivables, trade payables, bank overdrafts and
other current financial assets and liabilities approximate their carrying amounts largely due to the short-term maturities of
these instruments.
(ii) The fair values of the equity investment which are quoted, are derived from quoted market prices in active markets. The
Investments measured at fair value (FVTOCI) and falling under fair value hierarchy Level 3 are valued on the basis of valuation
reports provided by external valuers with the exception of certain investments, where cost has been considered as an
appropriate estimate of fair value because of a wide range of possible fair value measurements and cost represents the best
estimate of fair values within that range.
The Company considers Comparable Companies Method (CCM) method and the illiquidity discount based on its assessment
of the judgement that market participants would apply for measurement of fair value of unquoted investments. In the CCM
method, the Company would find comparable listed entities in the market and use the same PE multiple (ranging from 8.8 to
19.4) for determining the fair value of the investment.
(iii) The fair values of investments in mutual fund units is based on the net asset value (‘NAV’) as stated by the issuers of these
mutual fund units in the published statements as at Balance Sheet date. NAV represents the price at which the issuer will issue
further units of mutual fund and the price at which issuers will redeem such units from the investors.
(iv) The Group enters into derivative financial instruments with various counterparties, principally financial institutions with
investment grade credit ratings. The fair value of derivative financial instruments is based on observable market inputs including
currency spot and forward rate, yield curves, currency volatility, credit quality of counterparties, interest rate curves and forward
rate curves of the underlying commodity etc. and use of appropriate valuation models.
(v) The fair value of non-current borrowings carrying floating-rate of interest is not impacted due to interest rate changes, and will
not be significantly different from their carrying amounts as there is no significant change in the underlying credit risk of the
Group (since the date of inception of the loans).

(e) Financial risk management objectives

The Group is exposed to market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The
Group’s risk management strategies focus on the un-predictability of these elements and seek to minimise the potential adverse
effects on its financial performance. The Board of Directors/Committee of Board of the respective operating entities approve the risk
management policies. The implementation of these policies is the responsibility of the operating entities. The Board of Directors/
Committee of Board of the respective operating entities periodically review the exposures to financial risks, and the measures taken
for risk mitigation and the results thereof.

All hedging activities for risk management purposes are carried out by specialist teams that have the appropriate skills, experience
and supervision. The Group’s policy is not to trade in derivatives for speculative purposes.

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Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk, such as equity price risk and
commodity price risk. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency
exchange rates, equity price fluctuations, commodity price, liquidity and other market changes. Financial instruments affected by
market risk include borrowings, deposits, investments and derivative financial instruments.

Foreign currency risk management

Foreign exchange risk arises on future commercial transactions and all recognised monetary assets and liabilities which are
denominated in a currency other than the functional currency of the entities of the Group. The foreign exchange risk management
policy requires operating entities to manage their foreign exchange risk against their functional currency and to meet this objective
they enter into derivatives such as foreign currency forwards, option and swap contracts, as considered appropriate and whenever
necessary.

The Group has international operations and hence, it is exposed to foreign exchange risk arising from various currencies, primarily
with respect to USD. As at the end of the reporting period, the carrying amounts of the Group's foreign currency denominated
monetary assets and liabilities, in respect to the primary foreign currency exposure i.e. USD, and derivative to hedge the foreign
currency exposure are as follows:
` in crore
As at As at
March 31, 2021 March 31, 2020
USD exposure
Assets 227.53 194.48
Liabilities (193.97) (255.97)
Net 33.56 (61.49)
Derivatives to hedge USD exposure
Forward contracts - (USD/INR) 72.42 13.31
72.42 13.31
Net exposure 105.98 (48.18)
The Group’s exposure to foreign currency changes for all other currencies is not material.

Foreign currency sensitivity analysis

The following table demonstrates the sensitivity to a reasonable possible change in USD exchange rate, with all other variables held
constant. The impact on the Group’s profit before tax due to changes in the fair value of monetary assets and liabilities and derivatives
is as follows:
` in crore

As at As at
March 31, 2021 March 31, 2020
If INR had (strengthened) / weakened against USD by 5%
(Decrease) / increase in profit for the year 5.30 (2.41)
Based on the movements in the foreign exchange rates historically and the prevailing market conditions as at the reporting date, the
Group’s Management has concluded that the above mentioned rates used for sensitivity are reasonable benchmarks.

Interest rate risk management

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
rates. The Group’s exposure to the risk of changes in market rates relates primarily to the Group’s non-current debt obligations with
floating interest rates.

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The Group’s policy is generally to undertake non-current borrowings using facilities that carry floating-interest rate. The Group
manages its interest rate risk by entering into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference
between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount.
Moreover, the short-term borrowings of the Group do not have a significant fair value or cash flow interest rate risk due to their short
tenure.
As the Group does not have exposure to any floating-interest bearing assets, or any significant long-term fixed-interest bearing
assets, its interest income and related cash inflows are not affected by changes in market interest rates.
As at the end of reporting period, the Group had the following long term variable interest rate borrowings and derivative to hedge
the interest rate risk as follows:
` in crore
As at As at
March 31, 2021 March 31, 2020
Non-current variable interest rate borrowings 5,282.98 3,507.05
Derivatives to hedge interest rate risk
Interest rate swaps (designated in Cash flow hedges) 1,462.20 1,602.58
Total 1,462.20 1,602.58
Net exposure 3,820.78 1,904.47

Interest rate sensitivity

The following table demonstrates the impact to the Group’s profit before tax and other comprehensive income to a reasonably
possible change in interest rates on long term floating rate borrowings, with all other variables held constant:

Increase/decrease Effect on profit Effect on other

in before tax comprehensive income
basis points ` in crore ` in crore
March 31, 2021 +50/-50 (26.41)/26.41 7.31/(7.31)
March 31, 2020 +50/-50 (17.54)/17.54 8.01/(8.01)
The effect on other comprehensive income is calculated on change in fair of cash flow hedges entered to hedge the interest rate
risks.
Based on the movements in the interest rates historically and the prevailing market conditions as at the reporting date, the Group’s
Management has concluded that the above mentioned rates used for sensitivity are reasonable benchmarks.
Equity price risk management
The Group's exposure to equity price risk arises from investments held by the Group and classified in the Consolidated Balance Sheet
as FVTOCI. In general, these investments are strategic investments and are not held for trading purposes. Reports on the equity
portfolio are submitted to the Group’s senior management on a regular basis.
Equity price sensitivity analysis
If prices of equity instrument had been 5% higher/(lower), the OCI for the year ended March 31, 2021 and 2020 would increase/
(decrease) by ` 131,72 crore and ` 75.13 crore respectively.
Commodity price risk
Certain entities within the Group are affected by the volatility in the price of commodities. Its operating activities require the ongoing
production of steam and electricity and therefore require a continuous supply of fuels. Due to potential volatility in the price of fuels,
the Group has put in place a risk management strategy whereby the cost of fuels are hedged.

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Commodity price sensitivity

The following table shows the effect of price changes in commodities to OCI due to changes in fair value of cash flow hedges entered
to hedge commodity price risk.
` in crore
As at As at
If the price of the future contracts were higher / (lower) by 10% Commodity
March 31, 2021 March 31, 2020
Increase / (decrease) in OCI for the year Natural gas 48.12 46.89
Increase / (decrease) in OCI for the year HFO - 0.87

Credit risk management

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Group is exposed to credit risk from its operating activities, primarily trade and other receivables and from
its investing activities, including deposits with banks and financial institutions, investment in mutual funds and other financial
instruments.
The carrying amount of financial assets represents the maximum credit exposure, being the total of the carrying amount of balances
with banks, short term investment, trade receivables and other financial assets excluding equity investments.
The Group considers a financial asset to be in default when:
- the debtor is unlikely to pay its credit obligations to the Company in full, without recourse actions such as security realisations,
etc.
- the financial asset is 120 days past due.

Trade and other receivables

The Trade and other receivables of Group are majorly unsecured and derived from sales made to a large number of independent
customers. Customer credit risk is managed by each business unit subject to the established policy, procedures and control relating
to customer credit risk management. Before accepting any new customer, the Group has appropriate level of control procedures to
assess the potential customer's credit quality. The credit-worthiness of its customers are reviewed based on their financial position,
past experience and other factors. The credit period provided by the Group to its customers generally ranges from 0-60 days.
Outstanding customer receivables are regularly monitored. Provision is made based on expected credit loss method or specific
identification method.

The credit risk related to the trade receivables is mitigated by taking security deposits / bank guarantee / letter of credit - as and
where considered necessary, setting appropriate payment terms and credit period, and by setting and monitoring internal limits on
exposure to individual customers.

As the revenue and trade receivables from any of the single customer do not exceed 10% of Group revenue, there is no substantial
concentration of credit risk.

For certain other receivables, where recoveries are expected beyond twelve months of the Balance Sheet Date, the time value of
money is appropriately considered in determining the carrying amount of such receivables.

Financial instruments and cash deposits

Credit risk from balances/investments with banks and financial institutions is managed in accordance with the Risk management
policy. Investments of surplus funds are made only with approved counterparties and within limits assigned to each counterparty.
The limits are assigned based on corpus of investable surplus and corpus of the investment avenue. The limits are set to minimise the
concentration of risks and therefore mitigate financial loss through counterparty’s potential failure to make payments.

Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they become due. The objective of liquidity
risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.

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The Risk Management Policy includes an appropriate liquidity risk management framework for the management of the Group's
short-term, medium-term and long term funding and liquidity management requirements. The Group manages the liquidity risk by
maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual
cash flows, and by matching the maturity profiles of financial assets and liabilities. The Group invests its surplus funds in bank fixed
deposit and liquid schemes of mutual funds, which carry no/negligible mark to market risks.

The below table analyses the Group’s non-derivative financial liabilities as at the reporting date, into relevant maturity groupings
based on the remaining period (as at that date) to the contractual maturity date. The amounts disclosed in the below table are the
contractual undiscounted cash flows.

` in crore
Carrying Up-to Above
1-5 years Total
amount 1 year 5 years
As at March 31, 2021
Borrowings and future interest thereon 6,651.95 1,646.86 5,570.51 - 7,217.37
Lease liabilities 280.58 110.06 184.71 53.41 348.18
Trade and other payables 2,113.35 2,092.32 21.03 - 2,113.35
Total 9,045.88 3,849.24 5,776.25 53.41 9,678.90
As at March 31, 2020
Borrowings and future interest thereon 7,426.95 4,127.30 3,654.71 1.65 7,783.66
Lease liabilities 275.42 110.06 184.71 53.41 348.18
Trade and other payables 2,047.03 2,023.40 23.63 - 2,047.03
Total 9,749.40 6,260.76 3,863.05 55.06 10,178.87
The below table analyses the Group’s derivative financial liabilities into relevant maturity groupings based on the remaining period
(as at the reporting date) to the contractual maturity date.
` in crore
As at As at
March 31, 2021 March 31, 2020
Current portion 41.14 166.68
Non-current portion (within one - three years) 25.74 127.90
Total 66.88 294.58

All the derivative financial liabilities are included in the above analysis, as their contractual maturity dates are essential for the
understanding of the timing of the under-lying cash flows.

44. Capital management

The capital structure of the Group consists of net debt and total equity. The Group manages its capital to ensure that the Group will
be able to continue as going concern while maximising the return to stakeholders through an optimum mix of debt and equity
within the overall capital structure. The Group's risk management committee reviews the capital structure of the Group considering
the cost of capital and the risks associated with each class of capital.

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45. Related Party Disclosure:

(a) Related parties and their relationship (as defined under Ind AS 24 Related Party Disclosures)
Joint Ventures
Direct
Indo Maroc Phosphore S.A., Morocco
Tata Industries Limited
Indirect
The Block Salt Company Limited, United Kingdom (Holding by British Salt Limited)
JOil (S) Pte. Ltd and its subsidiaries (Holding by Tata Chemicals International Pte. Limited)
Key Management Personnel (‘KMP’)
Mr. R. Mukundan, Managing Director and CEO
Mr. Zarir Langrana, Executive Director
Promoter
Tata Sons Private Limited, India
@
Other Related Parties
TATA AIG General Insurance Company Limited Tata Teleservices (Maharashtra) Limited
Tata Autocomp Systems Limited Tata Digital Ltd.
Tata International Limited Tata International Singapore PTE Ltd
Tata Consultancy Services Limited Tata Elxsi Limited
TATA AIA Life Insurance Company Limited Carbon Disclosure Project India
Tata Consulting Engineers Limited Tata Medical and Diagnostics Limited
Infiniti Retail Limited Simto Investment Company Limited
AirAsia India Limited Tata Chemicals Ltd Provident Fund 
Tata Teleservices Limited Tata Chemicals Ltd Emp Pension Fund 
Ecofirst Services Limited Tata Chemicals Superannuation Fund 
Tata Realty and Infrastructure Limited Tata Chemicals Employees Gratuity Trust
Tata Investment Corporation Limited TCL Employees Gratuity Fund
Ewart Investments Limited Rallis India Limited Provident Fund
Tata Autocomp Hendrickson Suspensions Private Limited Rallis India Limited Management Staff Gratuity Fund
Tata SmartFoodz Limited Rallis India Limited Senior Assistants Super Annuation
Scheme
Tata SIA Airlines Limited Rallis Executive Staff Super Annuation Fund
Tata Communications Limited Rallis India Limited Non-Management Staff Gratuity Fund
Tata Communications Collaboration Services Private
Limited
@
T he above list includes the Companies with whom Tata Chemicals Limited has entered into the transactions during the course of
the year.

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(b) Transactions with Related parties (as defined under Ind AS 24) during the year ended March 31, 2021 and balances
outstanding as at March 31, 2021.
` in crore
Subsidiaries and Joint
Joint Ventures of Tata Chemicals Limited Promoter ventures of Tata Sons
Other
Private Limited
Related KMP Total
Indo Maroc Tata Tata Sons Tata
The Block Salt Other parties
Phosphore Industries Private Consultancy
Company Ltd. Entities
S. A. Ltd. Limited Services Ltd.
- - - - - 39.60 - - 39.60
Investments
- - - - - - - - -
Purchase of goods - - - - - 47.64 - - 47.64
(includes stock in transit) - net - - - - - 18.68 - - 18.68
- 7.54 - - - - - - 7.54
Sales
- 4.38 - - - - - - 4.38
Other Services - expenses - - 4.70 18.89 14.25 6.06 - - 43.90
(net of reimbursements) - - 0.71 16.93 15.11 6.21 - - 38.96
- - - - - 11.34 - - 11.34
Other Services - Income
- - 0.16 0.10 - 0.16 - - 0.42
26.49 - - 10.24 - 0.81 - - 37.54
Dividend received
72.24 - - 10.24 - 1.48 - - 83.96
- - - - - 7.96 - - 7.96
Miscellaneous purchases
- - - - - 5.22 - - 5.22
- - 0.09 79.89 - 16.72 - - 96.70
Dividend paid
- - 0.10 74.73 - 21.38 - - 96.21
- - - - - - - - -
Interest paid
- - - - - 0.10 - - 0.10
- - - - - 13.13 - - 13.13
Interest received
- - - - - - - - -
- - - - - - - - -
Redemption of Debentures
- - - - - 4.00 - - 4.00
- - - - - 0.83 - - 0.83
Deposit received
- - - - - - - - -
Contributions to employee benefit - - 0.03 - - - 40.04 - 40.07
trusts / Other Employees' Related
- - - - - 0.08 37.91 - 37.99
Expenses
Compensation to KMPs
- - - - - - - 9.59 9.59
Short-term employee benefits
- - - - - - - 9.92 9.92
- - - - - - - (1.31) (1.31)
Post-employment benefits
- - - - - - - 7.38 7.38
Amount receivables / advances /balances
As at March 31, 2021 - 1.58 - - - 0.84 0.42 - 2.84
As at March 31, 2020 - 2.61 0.03 - - 0.42 1.04 - 4.10
Refundable Deposit
As at March 31, 2021 - - - - - 0.83 - - 0.83
As at March 31, 2020 - - - - - - - - -
Amount payables (in respect of goods purchased and other services)
As at March 31, 2021 - - 0.77 6.08 2.56 1.74 2.20 - 13.35
As at March 31, 2020 - - 0.28 13.83 1.28 2.37 2.23 - 19.99
Amount receivable on account of any management contracts
As at March 31, 2021 - - 0.02 0.16 - 4.98 - - 5.16
As at March 31, 2020 - - 0.06 0.18 - 0.09 - - 0.33
Footnotes:
The figures in light print are for previous year.
1. For Investment in related parties as at March 31, 2021 refer Note 9 (a) and (b).
2. The above figures do not include provision for Compensated absences and contribution to gratuity fund, as separate figures are not
available for the Managing Director and Whole-time Director.
3. Disclosures that related party transactions were made on terms equivalent to those that prevail in arm’s length transactions are made
only if such terms can be substantiated.

295
 Integrated Annual Report 2020-21

46. Commitments ` in crore

As at As at
March 31, 2021 March 31, 2020
Estimated amount of contracts remaining to be executed on capital account and not provided
for 628.06 586.44
Commitment towards partly paid investments - 9.19

47. Contingent liabilities and assets

47.1 Contingent liabilities
(a) Claims not acknowledged by the Group relating to cases contested by the Group and which, in the opinion of the Management, are
not likely to devolve on the Group relating to the following areas:
` in crore
As at As at
March 31, 2021 March 31, 2020
(i) Excise, Customs and Service Tax @ 144.28 88.65
(ii) Sales Tax @ 49.97 53.37
(iii) Labour and other claims against the Group not acknowledged as debt 32.16 31.32
(iv) Income Tax
(pending before Appellate authorities in respect of which the Group is in appeal) ** 785.41 745.65
(v) Income Tax
(decided in Group's favour by Appellate authorities and Department is in further appeal) 15.54 15.54
(vi) Contractual obligation upto 34.75 34.75
Item (vi) above includes ` 34.75 crore (2020: ` 34.75 crore) relating to discontinued operations.

(b) Land rates Demand for ` 687.28 crore (KShs 10.28 Billion) (2020: ` 1,257.48 crore (KShs 17.45 Billion)

On May 3 2019, the High Court delivered its judgement in respect of the petition against a demand for land rates levied on the
Company by the Kajiado County Government during the year. The Court’s judgment quashed this demand in entirety. In its
judgement, the court also ordered that both parties submit themselves to a consultation process to be led by the Cabinet Secretary
for Mining, supervised by the Court in order to agree on the acreage to which land rates should be levied. Following the lapse of
period for negotiations as directed by the High Court, the company proceeded to the court of appeal to seek directions on the land
rates. On December 2 2020, the Kajiado County issued an adjusted demand of ` 687.28 crore (KShs 10.28 Billion) for outstanding
land rates. A similar demand was resent on March 24 2021 which has been objected. In the opinion of management, after taking
appropriate legal advice, the liability is not considered to be probable at this stage and hence it has been disclosed as a contingent
liability.

(c) Various claims pending before Industrial Tribunals and Labour Courts of which amounts are indeterminate.

**The Company has on-going disputes with income tax authorities mainly pertaining to disallowance of expenses and the computation
of, or eligibility of the Company’s availment of certain tax incentives or allowances. Most of these disputes and/or disallowances are
repetitive in nature spanning across multiple years. All the Tax demands are being contested by the company.
@
Excise Duty cases include disputes pertaining to reversal of input tax credit on common input, refund of duty paid under protest. Custom
Duty cases include disputes pertaining to import of capital equipment against scripts, tariff classification issues, denial of FTA benefit. VAT/
CST/Entry Tax cases include disputes pertaining to Way Bill, reversal/disallowance of input tax credit, pending declaration forms. All the Tax
demands are being contested by the company.

It is not practicable for the Group to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the
respective proceedings as it is determinable only on receipt of judgments/decisions pending with various forums/authorities.

The company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and
disclosed as contingent liabilities where applicable, in the Consolidated Financial Statements.

29 6
 Integrated Report Statutory Reports Financial Statements
1-59 60-146 Consolidated

47.2 Contingent assets ` in crore

As at As at
March 31, 2021 March 31, 2020
a) Income Tax (pending before Appellate authorities in respect of which the Group is in appeal) 78.94 78.40

48. Statement of Net Assets and Profit or Loss Attributable to Owners and Non-controlling Interests
Net Assets i.e. total assets Share in other Share in total
Share in Profit or Loss
minus total liabilities comprehensive income comprehensive income
Sr. As % of As % of
Name of the Company As % of As % of consolidated consolidated
No. ` in ` in ` in
consolidated ` in crore consolidated other total
crore crore crore
net assets profit or loss comprehensive comprehensive
income income
Parent
Tata Chemicals Limited 40.41 13,257.17 80.64 479.11 95.19 1,080.97 90.19 1,560.08
Subsidiaries
Indian Subsidiaries
1 Rallis India Limited 4.85 1,591.37 38.50 228.68 0.12 1.32 13.31 230.00
2 Ncourage Social Enterprise 0.00 0.04 (0.01) (0.04) 0.00 0.03 (0.00) (0.01)
Foundation
Foreign Subsidiaries
1 Tata Chemicals International Pte. 11.75 3,855.62 13.74 81.62 2.00 22.67 6.03 104.29
Limited
2 Homefield Pvt. UK Limited (3.93) (1,288.27) (2.38) (14.13) - - (0.82) (14.13)
3 TCE Group Limited 0.04 13.19 (25.46) (151.26) - - (8.74) (151.26)
(formerly known as Homefield 2 UK
Limited)
4 Natrium Holdings Limited (1.89) (618.71) (26.80) (159.22) - - (9.21) (159.22)
(formerly known as Tata Chemicals
Europe Holdings Limited)
5 Brunner Mond Group Limited 2.39 785.39 (24.04) (142.83) - - (8.26) (142.83)
6 Tata Chemicals Europe Limited (2.81) (923.43) (15.07) (89.52) (15.43) (175.27) (15.31) (264.79)
7 Tata Chemicals Magadi Limited (0.55) (181.85) 3.46 20.58 0.65 7.38 1.62 27.96
8 Tata Chemicals South Africa (Pty) 0.15 48.63 1.90 11.28 - - 0.65 11.28
Limited
9 Northwich Resource Management - - - - - - - -
Limited
10 Tata Chemicals Africa Holdings 0.00 1.51 (0.15) (0.87) - - (0.05) (0.87)
Limited
11 Magadi Railway Company Limited 0.00 0.01 - - - - - -
12 Winnington CHP Limited 0.73 240.19 8.50 50.48 17.76 201.74 14.59 252.22
13 Gusiute Holdings (UK) Limited 17.14 5,621.56 20.09 119.34 - - 6.90 119.34
14 Valley Holdings Inc. 22.56 7,397.98 19.79 117.51 - - 6.79 117.51
15 Tata Chemicals North America Inc. 3.43 1,125.10 (18.44) (109.54) - - (6.33) (109.54)
16 Tata Chemicals North America (UK) - - - - - - - -
Limited
17 General Chemical International Inc. 0.00 0.01 - - - - - -
18 NHO Canada Holdings Inc. - - - - - - - -
19 Tata Chemicals (Soda Ash) Partners 4.96 1,625.86 0.26 1.55 - - 0.09 1.55
20 TCSAP Holdings 0.00 1.18 (0.05) (0.27) - - (0.02) (0.27)
21 TCSAP LLC - - 0.50 2.97 - - 0.17 2.97
22 British Salt Limited 0.63 208.09 2.29 13.63 (0.29) (3.26) 0.60 10.37
23 Cheshire Salt Holdings Limited 0.01 4.06 - - - - - -
24 Cheshire Salt Limited 0.04 11.86 - - - - - -

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 Integrated Annual Report 2020-21

Net Assets i.e. total assets Share in other Share in total

Share in Profit or Loss
minus total liabilities comprehensive income comprehensive income
Sr. As % of As % of
Name of the Company As % of As % of consolidated consolidated
No. ` in ` in ` in
consolidated ` in crore consolidated other total
crore crore crore
net assets profit or loss comprehensive comprehensive
income income
25 Brinefield Storage Limited (0.00) (0.06) - - - - - -
26 Cheshire Cavity Storage 2 Limited - * - - - - - -
27 Cheshire Compressor Limited - * - - - - - -
28 Irish Feeds Limited - * - - - - - -
29 New Cheshire Salt Works Limited 0.06 19.78 0.04 0.25 - - 0.01 0.25
30 PT. Metahelix Lifesciences Indonesia 0.00 1.18 (0.02) (0.10) - - (0.01) (0.10)
31 ALCAD 0.03 9.84 22.71 134.88 - - 7.80 134.88
100.00 32,807.30 100.00 594.10 100.00 1,135.58 100.00 1,729.68
a) Non-controlling Interests
Indian Subsidiaries
Rallis India Limited (851.91) (112.42) (0.70) (113.12)
Foreign Subsidiaries
TCSAP Holdings - (67.43) - (67.43)
PT. Metahelix Lifesciences Indonesia (0.69) - - -
(852.60) (179.85) (0.70) (180.55)
b) Joint Ventures
(Investment as per the Equity
method)
JOil (S) Pte. Ltd. and its subsidiaries - - - -
The Block Salt Company Limited 1.74 (0.67) - (0.67)
Indo Maroc Phosphore S.A. 411.38 84.16 - 84.16
Tata Industries Ltd. 538.77 (57.87) 164.17 106.30
951.89 25.62 164.17 189.79
c) Adjustments arising out of (18,616.62) (183.50) 116.61 (66.89)
Consolidation
Consolidated 14,289.97 256.37 1,415.66 1,672.03

*value below ` 50,000/-

49. Approval of Consolidated Financial Statements

These Consolidated Financial Statements were approved for issue by the Board of Directors on May 3, 2021.

Signatures to notes forming part of the Consolidated Financial Statements 1 - 49

As per our report of even date attached For and on behalf of the Board
For B S R & Co. LLP N. Chandrasekaran Chairman
(DIN: 00121863)
Chartered Accountants
Padmini Khare Kaicker Director
Firm's Registration No: 101248W/W - 100022 (DIN: 00296388)
R. Mukundan Managing Director and CEO
Vijay Mathur (DIN: 00778253)
Partner Nandakumar S. Tirumalai Chief Financial Officer
(ICAI M. No.: 203896)
Membership No. 046476 Rajiv Chandan General Counsel & Company Secretary
Mumbai, May 3, 2021 (ICSI M. No.: FCS 4312)

29 8
 Statement pursuant to first proviso to sub-section (3) of section 129 of the Companies Act 2013, read with rule 5 of Companies
1-59

(Accounts) Rules, 2014 in the prescribed Form AOC-1 relating to subsidiary and joint venture companies as on March 31, 2021
` in crore
Profit Provision Profit
Sr. Date of acqusition Reporting Exchange Share Total Total %
Before for
No. Name of the Subsidiary Company / incorporation Currency rate Capital Reserves Assets Liabilities Investments Turnover After Dividend holding
Taxation Taxation Taxation
Integrated Report

1 Tata Chemicals International Pte. Limited October 23, 2005 USD 73.11 4,362.75 (507.13) 5,754.46 1,898.84 5,276.98 771.74 86.47 6.07 80.40 - 100.00
2 Homefield Pvt. UK Limited November 01, 2005 USD 73.11 987.93 (2,276.20) 49.07 1,337.34 43.87 - (13.92) - (13.92) - 100.00
3 TCE Group Limited December 14, 2010 GBP 100.75 412.25 (399.06) 490.01 476.82 490.01 - (156.96) - (156.96) - 100.00
4 Natrium Holdings Limited December 07, 2010 GBP 100.75 412.25 (1,030.96) 969.08 1,587.79 * - (165.22) - (165.22) - 100.00
5 Brunner Mond Group Limited October 22, 2005 GBP 100.75 842.46 (57.08) 785.38 - - - (141.52) 6.70 (148.22) - 100.00
6 Tata Chemicals Europe Limited October 22, 2005 GBP 100.75 373.18 (1,296.61) 942.69 1,866.12 - 922.20 (83.11) 9.79 (92.90) - 100.00
60-146

7 Tata Chemicals Magadi Limited February 28, 2005 USD 73.11 322.97 (504.81) 371.51 553.35 - 406.56 20.28 - 20.28 - 100.00
8 Tata Chemicals South Africa (Pty) Limited April 09, 1996 ZAR 4.95 0.84 47.79 55.38 6.75 - 102.66 16.91 4.68 12.23 - 100.00
9 Northwich Resource Management Limited October 22, 2005 GBP 100.75 * - * - - - - - - - 100.00
10 Tata Chemicals Africa Holdings Limited October 22, 2005 GBP 100.75 * 1.51 1.51 - - - (0.90) - (0.90) 23.17 100.00
11 Magadi Railway Company Limited February 28, 2005 KSH 0.67 0.01 - 0.01 - - - - - - - 100.00
Statutory Reports

12 Winnington CHP Limited June 13, 2013 GBP 100.75 - 240.19 520.55 280.36 - 468.49 52.39 - 52.39 - 100.00
13 Gusiute Holdings (UK) Limited December 04, 2007 USD 73.11 5,350.09 271.47 5,621.77 0.21 5,533.82 - 117.57 - 117.57 148.17 100.00
14 Valley Holdings Inc. January 30, 2008 USD 73.11 * 7,397.98 8,859.49 1,461.51 8,831.42 - 105.52 (10.24) 115.76 152.66 100.00
15 Tata Chemicals North America Inc. March 26, 2008 USD 73.11 * 1,125.10 3,221.67 2,096.57 1,700.12 23.58 (119.07) (11.16) (107.91) 95.04 100.00
16 Tata Chemicals North America (UK) Limited August 22, 2014 USD 73.11 * * - - - - - - - - 100.00
17 General Chemical International Inc. March 26, 2008 USD 73.11 0.01 - 0.01 - - - - - - - 100.00
18 NHO Canada Holdings Inc. March 26, 2008 USD 73.11 * - * - - - - - - - 100.00
Consolidated

19 Tata Chemicals (Soda Ash) Partners$ March 26, 2008 USD 73.11 - 1,625.86 2,717.70 1,091.84 - 2,648.46 1.53 - 1.53 292.44 100.00
20 TCSAP Holdings $ March 26, 2008 USD 73.11 - 1.18 1.18 - - - (0.26) - (0.26) - 100.00
21 TCSAP LLC March 26, 2008 USD 73.11 - - - - - - 2.92 - 2.92 2.92 100.00
22 Rallis India Limited November 09, 2009 INR 1.00 19.45 1,571.92 2,587.42 996.05 283.48 2,429.43 303.61 74.93 228.68 48.62 50.06
Financial Statements

23 PT. Metahelix Lifesciences Indonesia@ May 19, 2016 Rupiah 0.01 6.83 (5.64) 1.22 0.03 - - (0.10) - (0.10) - 65.77
24 British Salt Limited January 18, 2011 GBP 100.75 * 208.09 845.94 637.85 7.72 362.46 14.29 0.14 14.15 - 100.00
25 Cheshire Salt Holdings Limited January 18, 2011 GBP 100.75 1.41 2.65 4.06 - 4.03 - - - - - 100.00
26 Cheshire Salt Limited January 18, 2011 GBP 100.75 * 11.86 11.89 0.03 4.03 - - - - - 100.00
27 Brinefield Storage Limited January 18, 2011 GBP 100.75 0.01 (0.07) - 0.06 - - - - - - 100.00
28 Cheshire Cavity Storage 2 Limited January 18, 2011 GBP 100.75 * - * - - - - - - - 100.00
29 Cheshire Compressor Limited January 18, 2011 GBP 100.75 * - * - - - - - - - 100.00
30 Irish Feeds Limited January 18, 2011 GBP 100.75 * - * - - - - - - - 100.00
31 New Cheshire Salt Works Limited January 18, 2011 GBP 100.75 7.68 12.11 19.79 - 1.48 - 0.26 - 0.26 - 100.00
32 ALCAD March 26, 2008 USD 73.11 - 9.84 45.33 35.49 - 408.91 132.87 - 132.87 132.05 50.00
33 Ncourage Social Enterprise Foundation December 08, 2017 INR 1.00 2.55 (2.51) 6.63 6.59 1.38 21.60 (0.04) - (0.04) - 100.00
Notes:
1. The Financial Statements of subsidiaries are converted into Indian Rupees on the basis of exchange rate as on closing day of the financial year.
$
2. Partner's capital included as reserves
3. Items highlighted (Asterisk (*)) denotes figures below ` 50,000.
@
4.  During the year, PT Metahelix Life Sciences Indonesia, a subsidiary of the Company, received approval for the cancellation of its Company Registration Number and revocation of its business
license w.e.f March 19, 2021. Further, an application for cancellation of its Tax Identification Number has been made and the approval for the same is awaited.
5. Consequent to making an application to the Registrar of Companies, Maharashtra by Rallis Chemistry Exports Limited, a wholly-owned subsidiary of the Rallis India Limited for removal of its
name from the register of companies, MCA has issued a certificate for striking off its name from the register of companies w.e.f March 29, 2021. Accordingly, RCEL has ceased to be a subsidiary
of the Group effective the said date.

29 9
 Statement pursuant to first proviso to sub-section (3) of section 129 of the Companies Act 2013, read with rule 5 of Companies

30 0
(Accounts) Rules, 2014 in the prescribed Form AOC-1 relating to subsidiary and joint venture companies as on March 31, 2021 (contd.)
` in crore
Shares of Joint Ventures held by the Description Networth Profit / Loss
Latest company on the year end Reason why Profit / Loss
Date of of how attributable to for the year
Sr. audited the joint for the year
Name of Joint Venture Joint Ventures acqusition as Currency Amount of there is Shareholding as Not
No. Balance Number of venture is not Considered in
Joint Ventures Investment in
Extend of significant per latest audited Considered in
Sheet Date Shares Holding % influence consolidated Consolidation
Joint Venture Balance Sheet Consolidation
1 JOil (S) Pte. Limited Joint Ventures January 28, 2009 SGD December 2,50,00,000 143.18 33.78% Note 4 Note 5 - - Not Applicable
31, 2020 and
note 1
2 The Block Salt Company Joint Ventures January 18, 2011 GBP March 31, 15,00,00,000 1.51 50.00% Note 4 Not Applicable 1.74 (0.67) Not Applicable
Limited 2021
3 Indo Maroc Phosphore Joint Ventures May 02, 2005 MAD December 2,06,666 166.26 33.33% Note 4 Not Applicable 297.29 84.16 Not Applicable
S.A. 31, 2020 and
note 2
4 Tata Industries Ltd. Joint Ventures March 27, 2019 INR March 31, 98,61,303 170.19 9.13% Note 4 Not Applicable 488.51 (57.88) Not Applicable
2021

Notes:
1. Investment impaired during the year ended March 31, 2015
2. Local GAAP Financial Statement audited as on December 31, 2020 and figures are based on audited fit for consolidation statement as on March 31, 2021
3. There is significant influence due to interest in joint control over economic activities
4. There is significant influence due to shareholding and joint control over the economic activities
5. Since the Group has no further commitment to absorb losses in excess of its investment, it has not accounted for additional losses reported by JOil.

For and on behalf of the Board

N. Chandrasekaran Chairman
(DIN: 00121863)
Padmini Khare Kaicker Director
(DIN: 00296388)
R. Mukundan Managing Director and CEO
(DIN: 00778253)
Nandakumar S. Tirumalai Chief Financial Officer
(ICAI M. No.: 203896)
Rajiv Chandan General Counsel & Company Secretary
Mumbai, May 3, 2021 (ICSI M. No.: FCS 4312)
Integrated Annual Report 2020-21
Notice

NOTICE IS HEREBY GIVEN THAT THE EIGHTY-SECOND in force], the Companies (Appointment and Qualification of
(82ND) ANNUAL GENERAL MEETING OF THE MEMBERS OF Directors) Rules, 2014, as amended and Regulation 17 and
TATA CHEMICALS LIMITED WILL BE HELD ON FRIDAY, other applicable provisions of the SEBI (Listing Obligations
JULY 2, 2021 AT 3.00 P.M. (IST) VIA VIDEO CONFERENCING and Disclosure Requirements) Regulations, 2015 (‘SEBI
FACILITY OR OTHER AUDIO VISUAL MEANS TO TRANSACT Listing Regulations’), as amended and the Articles of
THE FOLLOWING BUSINESSES: Association of the Company, the appointment of Mr. Rajiv
Dube, who has submitted a declaration that he meets the
Ordinary Business criteria for independence as provided in Section 149(6)
1. To receive, consider and adopt the Audited Standalone of the Act and Rules framed thereunder and Regulation
Financial Statements of the Company for the financial year 16(1)(b) of the SEBI Listing Regulations, as amended and who
ended March 31, 2021, together with the Reports of the is eligible for appointment as an Independent Director of the
Board of Directors and Auditors thereon. Company, not liable to retire by rotation, for a term of 5 (five)
2. To receive, consider and adopt the Audited Consolidated consecutive years commencing from September 18, 2020 to
Financial Statements of the Company for the financial year September 17, 2025 (both days inclusive), be and is hereby
ended March 31, 2021, together with the Report of the approved.”
Auditors thereon.
6. Appointment of Mr. N. Chandrasekaran (DIN: 00121863)
3. To declare dividend on the Ordinary Shares for the financial as a Director of the Company
year ended March 31, 2021.
To consider and if thought fit, to pass the following resolution
4. To appoint a Director in place of Mr. Zarir Langrana as an Ordinary Resolution:
(DIN: 06362438), who retires by rotation and being eligible,
“RESOLVED THAT Mr. N. Chandrasekaran (DIN: 00121863),
offers himself for re-appointment.
who was appointed as an Additional Director of the
Special Business Company with effect from November 24, 2020 by the
Board of Directors and who holds office upto the date
5.  ppointment of Mr. Rajiv Dube (DIN: 00021796) as an
A
of the next Annual General Meeting in terms of Section
Independent Director of the Company
161(1) of the Companies Act, 2013 (‘the Act’) and the
To consider and if thought fit, to pass the following resolution Articles of Association of the Company, but who is eligible
as an Ordinary Resolution: for appointment and has consented to act as a Director
of the Company and in respect of whom the Company
“RESOLVED THAT Mr. Rajiv Dube (DIN: 00021796) who was
has received a notice in writing from a Member under
appointed as an Additional Director of the Company with
Section 160(1) of the Act proposing his candidature for the
effect from September 18, 2020 by the Board of Directors
office of Director, be and is hereby appointed as a Director
and who holds office up to the date of the next Annual
of the Company, liable to retire by rotation.”
General Meeting of the Company in terms of Section 161(1)
of the Companies Act, 2013 (‘the Act’), but who is eligible 7. Ratification of Remuneration of Cost Auditors
for appointment and has consented to act as a Director of
To consider and if thought fit, to pass the following resolution
the Company and in respect of whom the Company has
as an Ordinary Resolution:
received a notice in writing from a Member under Section
160(1) of the Act proposing his candidature for the office of “RESOLVED THAT pursuant to the provisions of Section
148(3) and other applicable provisions, if any, of the
a Director, be and is hereby appointed as a Director of the
Companies Act, 2013 [including any statutory modification(s)
Company.
or re-enactment(s) thereof for the time being in force] and
RESOLVED FURTHER THAT pursuant to the provisions of the Companies (Audit and Auditors) Rules, 2014, as amended,
Sections 149, 150 and 152 read with Schedule IV and other the Company hereby ratifies the remuneration of ` 7,50,000
applicable provisions of the Act [including any statutory (Rupees Seven lakh Fifty thousand) plus applicable taxes,
modification(s) or re-enactment(s) thereof for the time being travel and out-of-pocket expenses incurred in connection

301
 with the cost audit payable to D. C. Dave & Co., Cost 4. The Members can join the AGM in the VC/OAVM mode
Accountants (Firm Registration No. 000611), who are 30 minutes before and 15 minutes after the scheduled
appointed as Cost Auditors by the Board of Directors of time of the commencement of the Meeting by
the Company to conduct audit of the cost records of the following the procedure mentioned in the Notice.
Company for the financial year ending March 31, 2022." The Members will be able to view the live proceedings
on the National Securities Depository Limited’s
Notes: (‘NSDL’) e-Voting website at www.evoting.nsdl.com.
1. In view of the ongoing Covid-19 pandemic, the Ministry of The detailed instructions for joining the Meeting through
Corporate Affairs (‘MCA’) has vide its General Circular dated VC/OAVM form part of the Notes to this Notice.
January 13, 2021, May 5, 2020, April 8, 2020 and April 13, The attendance of the Members attending the AGM
2020 (collectively referred to as ‘MCA Circulars’) permitted through VC/OAVM will be counted for the purpose of
the holding of the Annual General Meeting (‘AGM’ or reckoning the quorum under Section 103 of the Act.
‘Meeting’) through Video Conferencing (‘VC’) facility or
5. Institutional Investors, who are Members of the
other audio visual means (‘OAVM’), without the physical
Company, are encouraged to attend the 82nd AGM
presence of the Members at a common venue. Further,
the Securities and Exchange Board of India through VC/OAVM mode and vote electronically.
(‘SEBI’) vide its Circulars dated January 15, 2021 and May 12, Corporate/Institutional Members intending to appoint
2020 (‘SEBI Circulars’) has also granted certain relaxations. their authorised representatives pursuant to Sections 112
In compliance with the provisions of the Companies Act, and 113 of the Act, as the case may be, to attend the
2013 (‘the Act’), SEBI (Listing Obligations and Disclosure AGM through VC/OAVM or to vote through remote
Requirements) Regulations, 2015 (‘SEBI Listing Regulations’) e-Voting are requested to send a certified copy of
and MCA Circulars, the 82nd AGM of the Company is the Board Resolution to the Scrutiniser by e-mail at
being held through VC/OAVM on Friday, July 2, 2021 at [email protected] with a copy marked to
3.00 p.m. (IST). The proceedings of the 82nd AGM shall [email protected].
be deemed to be conducted at the Registered Office of the
6. The Register of Directors and Key Managerial Personnel
Company at Bombay House, 24 Homi Mody Street, Fort,
and their shareholding, maintained under Section 170 of
Mumbai - 400 001.
the Act and the Register of Contracts or Arrangements
2. PURSUANT TO THE PROVISIONS OF THE ACT, A MEMBER in which the directors are interested, maintained under
ENTITLED TO ATTEND AND VOTE AT THE AGM IS Section 189 of the Act, will be available electronically for
ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE inspection by the Members during the AGM. Members
ON HIS/HER BEHALF AND THE PROXY NEED NOT BE A seeking to inspect such documents can send an email to
MEMBER OF THE COMPANY. SINCE THIS AGM IS BEING [email protected].
HELD PURSUANT TO THE MCA CIRCULARS AND SEBI
CIRCULARS THROUGH VC/OAVM, THE REQUIREMENT 7. In line with the MCA Circulars and SEBI Circulars, the Notice
OF PHYSICAL ATTENDANCE OF MEMBERS HAS BEEN of the AGM along with the Integrated Annual Report
DISPENSED WITH. ACCORDINGLY, THE FACILITY FOR 2020-21 is being sent only through electronic mode to
APPOINTMENT OF PROXIES BY THE MEMBERS WILL NOT those Members whose e-mail addresses are registered
BE AVAILABLE FOR THIS AGM AND HENCE THE PROXY with the Company/Depositories. The Notice convening the
FORM, ATTENDANCE SLIP AND ROUTE MAP OF THE AGM 82nd AGM has been uploaded on the website of
VENUE ARE NOT ANNEXED TO THIS NOTICE. the Company at www.tatachemicals.com and may
also be accessed from the relevant section of the
3. The Explanatory Statement pursuant to Section 102 of
websites of the Stock Exchanges i.e. BSE Limited
the Act setting out material facts concerning the business
and the National Stock Exchange of India Limited at
under Item Nos. 5 to 7 of the Notice is annexed hereto.
www.bseindia.com and www.nseindia.com respectively.
The Board of Directors have considered and decided to
The Notice is also available on the website of NSDL at
include Item Nos. 5 to 7 as given above, as Special Business
in the forthcoming AGM as they are unavoidable in nature. www.evoting.nsdl.com.

The relevant details pursuant to Regulations 26(4) and 36(3) 8. Book Closure and Dividend:
of the SEBI Listing Regulations and Secretarial Standards - 2 i. The Register of Members and the Share Transfer
on General Meetings issued by the Institute of Company Books of the Company will be closed from
Secretaries of India, in respect of Directors seeking Wednesday, June 16, 2021 to Monday, June 21,
appointment/re-appointment at this AGM are also annexed. 2021, both days inclusive. The dividend of ` 10 per

302
 equity share of ` 10 each (i.e. 100%), if declared by the b. original copy of cancelled cheque bearing the
Members at the AGM, will be paid subject to deduction name of the Member or first holder, in case shares
of income-tax at source (‘TDS’) on or after Tuesday, are held jointly;
July 6, 2021 as under:
c. self-attested photocopy of the PAN Card; and
For Shares held in electronic form: To all the

d. self-attested photocopy of any document (such
Beneficial Owners as at the end of the day on Tuesday,
as Aadhaar Card, Driving Licence, Election Identity
June 15, 2021 as per the list of beneficial owners to
Card, Passport) in support of the address of the
be furnished by NSDL and Central Depository Services
(India) Limited (‘CDSL’); and Member as registered with the Company.

For shares held in physical form: To all the Members Shares held in electronic form: Members may please
after giving effect to valid transmission and transposition note that their bank details as furnished by the respective
requests lodged with the Company as of the close of Depositories to the Company will be considered for
business hours on Tuesday, June 15, 2021. remittance of dividend as per the applicable regulations
of the Depositories and the Company will not be able
ii. Pursuant to the Finance Act, 2020, dividend income to accede to any direct request from such Members
is taxable in the hands of the Shareholders and the for change/addition/deletion in such bank details.
Company is required to deduct TDS from dividend Accordingly, the Members holding shares in demat form
paid to the Members at prescribed rates in the are requested to update their Electronic Bank Mandate
Income Tax Act, 1961 (‘the IT Act’). In general, to with their respective DPs.
enable compliance with TDS requirements, Members
are requested to complete and/or update their Further, please note that instructions, if any, already
Residential Status, PAN, Category as per the IT Act given by the Members in respect of shares held in
with their Depository Participants (‘DPs’) or in case physical form, will not be automatically applicable to
shares are held in physical form, with the Company/TSR the dividend paid on shares held in electronic form.
Darashaw Consultants Private Limited, Registrar
iv. 
The Members who are unable to receive the
and Transfer Agent (‘Registrar’ or ‘RTA’ or 'TSR')
dividend directly in their bank accounts through
by sending documents through e-mail. The
Electronic Clearing Service or any other means, due to
documents can also be uploaded on the link
non-registration of the Electronic Bank Mandate,
https://tcpl.linkintime.co.in/formsreg/submission-
the Company shall despatch the dividend
of-form-15g-15h.html. The detailed process is
warrant/Bankers’ cheque/demand draft to such
available on the website of the Company at:
Members, at the earliest once the normalcy is restored
https://www.tatachemicals.com/TDSInformation.htm.
in view of the ongoing Covid-19 pandemic.
Updation of mandate for receiving dividends
iii. 
directly in bank account through Electronic Clearing 9. Effective April 1, 2019, the Company had stopped accepting
System or any other means in a timely manner: any fresh transfer requests for securities held in physical
form. In view of this and to eliminate all risks associated with
Shares held in physical form: Members are requested
 physical shares, Members holding shares in physical form
to send the following documents in original to TSR are requested to dematerialise their holdings. Members
latest by Monday, June 14, 2021: may contact TSR at [email protected] for assistance
in this regard. Members may also refer to Frequently
a. a signed request letter mentioning their name,
Asked Questions (‘FAQs’) on the Company’s website at
folio number, complete address and following
https://www.tatachemicals.com/FAQsonDemat.htm.
details relating to bank account in which the
dividend is to be received: 10. The format of the Register of Members prescribed by the
i) Name and Branch of Bank and Bank Account MCA under the Act requires the Company/Registrar and
type; Transfer Agent to record additional details of Members,
including their PAN details, e-mail address, bank details for
ii) Bank Account Number & Type allotted by
payment of dividend, etc. A form for capturing additional
the Bank after implementation of Core
details is available on the Company’s website under the
Banking Solutions;
section ‘Investor Resources’ at https://www.tatachemicals.
iii) 11 digit IFSC Code. com/UpdationForm.htm and is also attached to this Annual

303
 Report. Members holding shares in physical form are for remote e-voting. Eligible Members whose e-mail
requested to submit the filled in form to the Company or to addresses are not registered with the Company/DPs
the Registrar in physical mode as per instructions mentioned are required to provide the same to TSR on or before
in the form. Members holding shares in electronic form are 5.00 p.m. (IST) on Friday, June 25, 2021.
requested to submit the details to their respective DPs only
Process for registration of e-mail address is as follows:
and not to the Company or TSR.
a. Visit the link:
Members are also requested to intimate changes, if any, https://tcpl.linkintime.co.in/EmailReg/Email_
pertaining to their name, postal address, e-mail address, Register.html
telephone/mobile numbers, PAN, registration of nomination, b. Select the name of the Company from the
power of attorney registration, Bank Mandate details, etc. to dropdown list: Tata Chemicals Limited
Registrar/their DPs. Further, Members may note that SEBI has c. Enter the Folio No./DP ID, Client ID, Shareholder
mandated the submission of PAN by every participant in the Name, PAN details, Mobile no. and e-mail address.
securities market. Members holding shares in physical form are
additionally required to enter one of their share
Nomination facility: As per the provisions of Section 72
11.  certificate numbers and upload a self-attested
of the Act, the facility for making nomination is available copy of the PAN Card and address proof viz.
for the Members in respect of the shares held by them. Aadhaar Card or Passport and front and backside
Members who have not yet registered their nomination of their share certificate
are requested to register the same by submitting d. The system will send OTP on the Mobile no. and
Form No. SH-13. If a Member desires to cancel the earlier e-mail address
nomination and record a fresh nomination, he may submit e. Enter OTP received on Mobile no. and e-mail
the same in Form SH-14. The said forms can be downloaded address
from the Company’s website at https://www.tatachemicals. f. The system will then confirm the e-mail address
com/Investors/Investor-resources/Other-forms. Members for the limited purpose of service of Notice
of AGM along with Integrated Annual Report
are requested to submit the said form to their DP in case the
2020-21 and e-voting credentials
shares are held in electronic form and to the Registrar in case
the shares are held in physical form, quoting their folio no. After successful submission of the e-mail address,
NSDL will e-mail a copy of this AGM Notice and
Consolidation of Physical Share Certificates: Members
12.  Integrated Annual Report for FY 2020-21 along with the
holding shares in physical form, in identical order of names, e-Voting User ID and Password. In case of any queries,
in more than one folio are requested to send to the Company Members may write to [email protected] or
or its Registrar, the details of such folios together with the [email protected].
share certificates for consolidating their holdings in one ii. Registration of e-mail address permanently with the
folio. A consolidated share certificate will be issued to such Company/DPs: Members are requested to register the
Members after making requisite changes. e-mail address with their concerned DPs in respect of
electronic holding and with TSR in respect of physical
13. To prevent fraudulent transactions, Members are advised
holding by writing to them. The request letter should
to exercise due diligence and notify the Company of any
be signed by the first named shareholder. Further,
change in address or demise of any Member as soon as
those Members who have already registered their
possible. Members are also advised not to leave their demat
e-mail addresses are requested to keep their e-mail
account(s) dormant for long. Periodic statement of holdings
addresses validated/updated with their DPs/TSR to
should be obtained from the concerned DPs and holdings
enable servicing of Notices/documents/Annual Reports
should be verified from time to time.
and other communications electronically to their e-mail
address in future.
Process for registering e-mail addresses to receive this
14. 
Notice along with credentials for remote e-Voting: 15. Remote e-Voting before/during the AGM:

Registration of e-mail addresses with TSR: The

i.  i. Pursuant to the provisions of Section 108 of the Act
Company has made special arrangements with TSR read with Rule 20 of the Companies (Management
for registration of e-mail addresses of those Members and Administration) Rules, 2014 (as amended)
(holding shares either in electronic or physical form) and Regulation 44 of the SEBI Listing Regulations
who wish to receive this Notice along with credentials (as amended) and the MCA Circulars, the Company is

30 4
 providing facility of remote e-Voting to its Members be in proportion to their share of the paid-up equity
in respect of the business to be transacted at the share capital of the Company as on the cut-off date i.e.
AGM. For this purpose, the Company has appointed Friday, June 25, 2021.
NSDL for facilitating voting through electronic means.
The facility for casting votes by a Member using remote iv. Members will be provided with the facility for voting
e-Voting system as well as remote e-Voting during the through remote electronic voting system during the
AGM will be provided by NSDL. VC proceedings at the AGM and Members participating
at the AGM, who have not already cast their vote by
ii. Members of the Company holding shares either remote e-Voting, will be eligible to exercise their right
in physical form or in electronic form as on the to vote at the end of discussion on such resolutions
cut-off date of Friday, June 25, 2021 may cast upon announcement by the Chairman. Members who
their vote by remote e-Voting. A person who is not a have cast their vote on resolution(s) by remote e-Voting
Member as on the cut-off date should treat this Notice prior to the AGM will also be eligible to participate at
for information purpose only. A person whose name is the AGM through VC/OAVM but shall not be entitled
recorded in the Register of Members or in the Register to cast their vote on such resolution(s) again. Subject
of Beneficial Owners maintained by the depositories as to the receipt of requisite votes, resolutions shall be
on the cut-off date only shall be entitled to avail the deemed to be passed on the date of the meeting i.e.
facility of remote e-Voting before the AGM as well as July 2, 2021.
remote e-Voting during the AGM. Any non individual
shareholder or shareholder holding securities in v. The remote e-Voting module on the day of the AGM
physical mode who acquires shares of the Company shall be disabled by NSDL for voting 15 minutes after
and becomes a Member of the Company after the the conclusion of the Meeting.
despatch of the Notice and holding shares as on the
cut-off date i.e. Friday, June 25, 2021, may obtain 16. Mr. P. N. Parikh (Membership No.: FCS 327) and failing him,
the User ID and Password by sending a request at Ms. Jigyasa Ved (Membership No.: FCS 6488) and failing
[email protected]. her, Mr. Mitesh Dhabliwala (Membership No.: FCS 8331) of
M/s. Parikh & Associates, Practicing Company Secretaries,
Individual shareholders holding securities in demat has been appointed as the Scrutiniser for providing facility
mode, who acquire shares of the Company and to the Members of the Company to scrutinise remote
become a Member of the Company after despatch of e-Voting process as well as voting at the AGM in a fair and
the Notice and holding shares as on the cut-off date transparent manner. The Scrutiniser will submit his/her
i.e. Friday, June 25, 2021 may follow the login process report to the Chairman or to any other person authorised
mentioned below in point 17(B)(i). by the Chairman after the completion of the scrutiny
iii. The remote e-Voting period commences on Monday, of the e-Voting (votes cast through remote e-Voting
June 28, 2021 at 9.00 a.m. (IST) and ends on before/during the AGM), within the time stipulated under
Thursday, July 1, 2021 at 5.00 p.m. (IST). The remote the applicable laws. The result declared along with the
e-Voting module shall be disabled by NSDL for voting Scrutiniser’s report shall be communicated to the Stock
thereafter. Once the vote on a resolution is cast by the Exchanges on which the Company’s shares are listed, NSDL
Member, the Member shall not be allowed to change and will also be displayed on the Company’s website at
it subsequently. The voting rights of the Members shall www.tatachemicals.com.

305
17. Instructions for attending the AGM through VC/OAVM and remote e-Voting (before and during the AGM) are given below:
A. INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM THROUGH VC/OAVM
i. Members will be provided with a facility to attend the AGM through VC/OAVM or view the live webcast through the NSDL
e-Voting system. Members may access by following the steps mentioned below for accessing NSDL e-Voting system.
After successful login, you can see link of “VC/OAVM” placed under “Join General Meeting” menu against the Company's
name. You are requested to click on VC/OAVM link placed under Join General Meeting menu. The link for VC/OAVM will
be available in Shareholder/Member login where the EVEN of Company i.e. 116011 will be displayed. Please note that
the Members who do not have the User ID and Password for e-Voting or have forgotten the User ID and Password may
retrieve the same by following the remote e-Voting instructions mentioned in the Notice to avoid last minute rush.

ii. Members may join the Meeting through laptops, smartphones, tablets and iPads for better experience. Further, Members will
be required to use Internet with a good speed to avoid any disturbance during the Meeting. Members will need the latest
version of Chrome, Safari, Internet Explorer 11, MS Edge or Firefox. Please note that participants connecting from Mobile
Devices or Tablets or through Laptops connecting via mobile hotspot might experience audio/video loss due to fluctuation
in their respective network. It is therefore recommended to use stable Wi-Fi or LAN connection to mitigate any glitches.

iii. Members are encouraged to submit their questions with regard to the financial statements or any other matter to be
placed at the 82nd AGM, from their registered e-mail address, mentioning their name, DP ID and Client ID/Folio number
and mobile number, in advance at [email protected] before 3.00 p.m. (IST) on Tuesday, June 29, 2021.
Such questions by the Members shall be suitably replied by the Company.

iv. Members who would like to express their views/ask questions as a speaker at the Meeting may pre-register themselves
by sending a request from their registered e-mail address mentioning their names, DP ID and Client ID/Folio number, PAN
and mobile number at [email protected] between Friday, June 25, 2021 (9.00 a.m. IST) and Monday, June 28,
2021 (5.00 p.m. IST). The Company reserves the right to restrict the number of speakers depending on the availability of
time for the AGM.

v. Members who need technical assistance before or during the AGM to access and participate in the Meeting may
contact NSDL on [email protected]/1800 1020 990 or 1800 224 430 or contact Mr. Amit Vishal, Senior Manager, NSDL at
[email protected].

B. INSTRUCTIONS FOR REMOTE E-VOTING BEFORE/DURING THE AGM

Step 1: Access to NSDL e-Voting system
i. LOGIN METHOD FOR E-VOTING AND JOINING VIRTUAL MEETING FOR INDIVIDUAL SHAREHOLDERS HOLDING
SECURITIES IN DEMAT MODE
In terms of SEBI Circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, individual
shareholders holding securities in demat mode are allowed to vote through their demat accounts maintained with
Depositories and Depository Participants. Shareholders are advised to update their mobile number and e-mail address
in their demat accounts in order to access the e-Voting facility.

30 6
 Login method for Individual shareholders holding securities in demat mode is given below:
Type of shareholders Login Method
Individual Shareholders holding 1. If you are already registered for NSDL IDeAS facility, please visit the e-Services
securities in demat mode with website of NSDL: https://eservices.nsdl.com/. Once the home page of
NSDL e-Services is launched, click on the “Beneficial Owner” icon under “Login”
which is available under “IDeAS” section. Please enter your User ID and
Password. After successful authentication, you will be able to see e-Voting
services. Click on “Access to e-Voting” under e-Voting services and you will
be able to see e-Voting page. Click on options available against the Company’s
name or e-Voting service provider - NSDL and you will be re-directed to
NSDL e-Voting website for casting your vote during the remote e-Voting
period or joining virtual meeting and voting during the Meeting.

2. If the user is not registered for IDeAS e-Services, option to register is available at
https://eservices.nsdl.com. Select “Register Online for IDeAS” on the Portal
or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp

3. Visit the e-Voting website of NSDL. Open web browser by typing the
following URL: https://www.evoting.nsdl.com/. Once the home page of
e-Voting system is launched, click on the icon “Login” which is available under
‘Shareholder/Member’ section. A new screen will open. You will have to
enter your User ID (i.e. your 16 digit demat account number held with NSDL),
Password/OTP and a verification code as shown on the screen. After successful
authentication, you will be redirected to NSDL Depository site wherein you
can see e-Voting page. Click on options available against the Company’s name
or e-Voting service provider - NSDL and you will be redirected to e-Voting
website of NSDL for casting your vote during the remote e-Voting period or
joining virtual meeting and voting during the meeting.

4. Shareholders/Members can also download NSDL Mobile App “NSDL Speede”

facility by scanning the QR code mentioned below for a seamless voting
experience.
NSDL Mobile App is available on:

Link: https://itunes.apple.com/us/app/nsdl/

id922834763?ls=1&mt=8

Link: https://play.google.com/store/apps/

details?id=com.msf.NSDL.Android

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 Type of shareholders Login Method
Individual Shareholders holding 1. Existing users who have opted for Easi/Easiest, they can login through their
securities in demat mode with User ID and Password. Option will be made available to reach e-Voting page
CDSL without any further authentication. The URL for users to login to Easi/Easiest
are https://web.cdslindia.com/myeasi/home/login or www.cdslindia.com and
then click on New System Myeasi.
2. After successful login of Easi/Easiest, the user will also be able to see the
e-Voting Menu. The menu will have links of e-Voting service provider i.e. NSDL.
Click on NSDL to cast your vote.
3. If the user is not registered for Easi/Easiest, option to register is available at
https://web.cdslindia.com/myeasi/Registration/EasiRegistration
4. Alternatively, the user can directly access e-Voting page by providing demat
Account Number and PAN from a link at www.cdslindia.com home page.
The system will authenticate the user by sending OTP on registered mobile
no. & e-mail address as recorded in the demat account. After successful
authentication, user will be provided links for the respective e-Voting service
provider i.e. NSDL where the e-Voting is in progress.
Individual Shareholders (holding You can also login using the login credentials of your demat account through your
securities in demat mode) Depository Participant registered with NSDL/CDSL for e-Voting facility. Once you
login through their depository login, you will be able to see e-Voting option. Once you click on e-Voting option,
participants you will be redirected to NSDL/CDSL Depository site after successful authentication,
wherein you can see e-Voting feature. Click on options available against the
Company's name or e-Voting service provider-NSDL and you will be redirected to
e-Voting website of NSDL for casting your vote during the remote e-Voting period or
joining virtual meeting and voting during the meeting.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forgot User ID and Forgot

Password option available at abovementioned websites.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login
through Depository i.e. NSDL and CDSL:
Login type Helpdesk details
Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk by
securities in demat mode with NSDL sending a request at [email protected] or call at toll free no.: 1800 1020 990 or
1800 224 430
Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk
securities in demat mode with CDSL by sending a request at [email protected]  or contact at
022-23058738 or 022-23058542/43
ii. LOGIN METHOD FOR E-VOTING AND JOINING VIRTUAL MEETING FOR SHAREHOLDERS OTHER THAN INDIVIDUAL
SHAREHOLDERS HOLDING SECURITIES IN DEMAT MODE AND SHAREHOLDERS HOLDING SECURITIES IN
PHYSICAL MODE
How to Log-in to NSDL e-Voting website?
A. Visit the e-Voting website of NSDL. Open web browser by typing the following:
https://www.evoting.nsdl.com/.
B. 
Once the home page of e-Voting system is launched, click on the icon ‘Login’ which is available under
‘Shareholders/Members’ section.
C. A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code as shown on
the screen.

30 8
 Alternatively, if you are registered for NSDL e-Services i.e. IDeAS, you can login at https://eservices.nsdl.com/ with
your existing IDeAS login. Once you login to NSDL e-Services after using your login credentials, click on e-Voting and
you can proceed to Step 2 i.e. Cast your vote electronically.
D. Details of User ID are given below:
Manner of holding shares i.e. Demat
Your User ID is:
(NSDL or CDSL) or Physical
i) For Members who hold shares in demat 8 Character DP ID followed by 8 Digit Client ID
account with NSDL For example, if your DP ID is IN300*** and Client ID is 12******,
then your User ID is IN300***12******
ii) For Members who hold shares in demat 16 Digit Beneficiary ID
account with CDSL For example, if your Beneficiary ID is 12**************, then your
User ID is 12**************
iii) For Members holding shares in Physical EVEN followed by Folio Number registered with the Company.
Form For example, if EVEN is 116011 and Folio Number is 001***, then
User ID is 116011001***

E. Details of Password are given below:

i) If you are already registered for e-Voting, then you can use your existing password to login and cast your vote.
ii) If you are using NSDL e-Voting system for the first time, you will need to retrieve the ‘initial password’ which
was communicated to you. Once you retrieve your ‘initial password’, you need to enter the ‘initial password’
and the system will prompt you to change your password.
iii) How to retrieve your ‘initial password’?
If your e-mail ID is registered in your demat account or with the Company, your ‘initial password’ is
communicated to you on your e-mail ID. Trace the e-mail sent to you from NSDL from your mailbox. Open the
e-mail and open the attachment i.e. a .pdf file. Open the .pdf file. The password to open the .pdf file is your
8 digit Client ID for NSDL account, last 8 digits of your beneficiary ID for CDSL account or Folio number for
shares held in physical form. The .pdf file contains your ‘User ID’ and your ‘initial password’. If your email ID is
not registered, please follow process mentioned in the notice for those shareholders whose e-mail IDs are not
registered.
F. If you are unable to retrieve or have not received the ‘initial password’ or have forgotten your password:
• Click on ‘Forgot User Details/Password?’ (If you are holding shares in your demat account with NSDL or CDSL)
option available on www.evoting.nsdl.com.
• ‘Physical User Reset Password?’ (If you are holding shares in physical mode) option available on
www.evoting.nsdl.com.
• If you are still unable to get the password by aforesaid two options, you can send a request at
[email protected] mentioning your demat account number/folio number, your PAN, your name and your
registered address.
• Members can also use the OTP (One Time Password) based login for casting the votes on the e-Voting system
of NSDL.
G. After entering your password, tick on Agree to ‘Terms and Conditions’ by selecting on the check box.
H. Now, you will have to click on ‘Login’ button.
I. After you click on the ‘Login’ button, home page of e-Voting will open.

30 9
 Step 2: Cast your vote electronically and join the AGM on NSDL e-Voting system
How to cast your vote electronically on NSDL e-Voting system?
A. After successful login at Step 1, you will be able to see EVEN of all the companies in which you are holding shares and
whose voting cycle and General Meeting is in active status.
B. Select “EVEN” of Company i.e. 116011 for which you wish to cast your vote during the remote e-Voting period and during
the AGM. For joining virtual meeting, you need to click on “VC/OAVM” link placed under “Join General Meeting”.
C. Now you are ready for e-Voting as the Voting page opens.
D. Cast your vote by selecting appropriate options i.e. assent or dissent, verify/modify the number of shares for which you
wish to cast your vote and click on ‘Submit’ and also ‘Confirm’ when prompted.
E. Upon confirmation, the message ‘Vote cast successfully’ will be displayed.
F. You can also take the printout of the votes cast by you by clicking on the print option on the confirmation page.
G. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.

The instructions for e-Voting during the AGM are as under:

i. The procedure for remote e-Voting during the AGM is same as the instructions mentioned above for remote e-Voting
since the Meeting is being held through VC/OAVM.
ii. Only those Members/Shareholders, who will be present in the AGM through VC/OAVM facility and have not cast their vote
on the Resolutions through remote e-Voting and are otherwise not barred from doing so shall be eligible to vote through
remote e-Voting system in the AGM.

General Guidelines for Members:

i. It is strongly recommended not to share your password with any other person and take utmost care to keep your
password confidential. Login to the e-Voting website will be disabled upon five unsuccessful attempts to key in the
correct password. In such an event, you will need to go through the ‘Forgot User Details/Password?’ or ‘Physical User Reset
Password?’ option available on www.evoting.nsdl.com to reset the password.
ii. In case of any queries/grievances pertaining to remote e-Voting (before the AGM and during the AGM), you may
refer to the Frequently Asked Questions (FAQs) for shareholders and e-Voting user manual for shareholders available
in the download section of www.evoting.nsdl.com or call on the toll-free number: 1800 1020 990/1800 224 430 or
send a request at [email protected] or contact Mr. Amit Vishal or Ms. Pallavi Mhatre from NSDL at the designated
e-mail IDs: [email protected] or [email protected] or [email protected]

By Order of the Board of Directors

Rajiv Chandan
General Counsel & Company Secretary
FCS 4312
Mumbai, May 3, 2021
Registered Office:
Tata Chemicals Limited
Bombay House,
24 Homi Mody Street,
Fort, Mumbai - 400 001
CIN: L24239MH1939PLC002893
Tel. No: + 91 22 6665 8282
Email: [email protected]
Website: www.tatachemicals.com

310
EXPLANATORY STATEMENT PURSUANT TO of Independent Directors would be made available for inspection
SECTION 102 OF THE COMPANIES ACT, 2013 to the Members by sending a request along with their DP/Client
Pursuant to Section 102 of the Companies Act, 2013 (‘the Act’), ID or Folio No. from their registered email address to the
the following Explanatory Statement sets out all material facts Company at [email protected].
relating to the business mentioned under Item Nos. 5 to 7 of the Mr. Dube is an Indian industry veteran with nearly 36 years of
accompanying Notice dated May 3, 2021: multi-sector experience, having served at the highest echelons of
two Indian conglomerates - Tata and Aditya Birla. An engineer and
Item No. 5 a post graduate in business management, he began his career on
The Board of Directors of the Company, based on the the shop floor of Tata Motors and rose to be President of its car
recommendations of the Nomination and Remuneration business before joining the Group Board of the Aditya Birla
Committee (‘NRC’), appointed Mr. Rajiv Dube (DIN: 00021796) conglomerate as an Executive Director, on which he remained for
as an Additional Director of the Company with effect from nearly 9 years. He has served on several other Indian and foreign
September 18, 2020. In terms of Section 161(1) of the Act, Mr. Dube Boards in various capacities over 22 years and brings deep insights
holds office upto the date of this Annual General Meeting (‘AGM’) in corporate governance, management and transformation
and is eligible for appointment as a Director. The Company has of businesses as varied as auto, metals, mining, power and
received a Notice from a Member in writing under Section 160(1) renewables, cement, trading, textiles, retail and financial services.
of the Act proposing his candidature for the office of Director. An avid sustainability champion, he was an alternate Council
Member of the World Business Council for Sustainable
Based on the recommendations of the NRC and subject to the Development (WBCSD) Geneva and has been active on several
approval of the Members, Mr. Dube was also appointed as an industry bodies. Currently, Mr. Dube is an independent director
Independent Director of the Company, not liable to retire by on Boards of other companies, Advisory Board Member &
rotation, for a period of 5 (five) consecutive years commencing Professor of Practice at the Deakin Business School, Melbourne
from September 18, 2020 to September 17, 2025, in accordance and a Senior Advisor to firms in India and Australia. He is also
with the provisions of Section 149 read with Schedule IV to the Act. the Honorary Consul of Morocco in Mumbai for the states of
Maharashtra, Gujarat and Goa in India.
Mr. Dube has consented to act as Director of the Company,
subject to appointment by the Members and has given In compliance with the provisions of Section 149 read
his declaration to the Board that he meets the criteria for with Schedule IV to the Act, Regulation 17 of the SEBI Listing
independence as provided under Section 149(6) of the Regulations and other applicable regulations, the appointment
Act and Regulation 16(1)(b) of the SEBI Listing Regulations. of Mr. Dube as an Independent Director for 5 (five) consecutive
In terms of Regulation 25(8) of the SEBI Listing Regulations, years commencing from September 18, 2020 is now placed for
Mr. Dube has confirmed that he is not aware of any circumstance the approval of the Members by an Ordinary Resolution.
or situation which exists or may be reasonably anticipated
that could impair or impact his ability to discharge his duties. Based on the qualifications, experience and knowledge,
He has also confirmed that he is not debarred from holding the Board considers that Mr. Dube's association would be of
the office of a Director by virtue of any SEBI Order or any such immense benefit to the Company and accordingly, the Board
Authority. Further, Mr. Dube is not disqualified from being commends the Ordinary Resolution set out in Item No. 5 of the
appointed as a Director in terms of Section 164 of the Act. accompanying Notice for approval of the Members.
Mr. Dube has confirmed that he is in compliance with Rules 6(1)
and 6(2) of the Companies (Appointment and Qualification of Except Mr. Dube and his relatives, none of the Directors or Key
Directors) Rules, 2014, with respect to his registration with the Managerial Personnel (KMP) of the Company and their respective
data bank of Independent Directors maintained by the Indian relatives are concerned or interested, financially or otherwise, in
Institute of Corporate Affairs (‘IICA’). Further, Mr. Dube is exempt the resolution set out at Item No. 5 of the accompanying Notice.
from the requirement to undertake the online proficiency
Item No. 6
self-assessment test conducted by IICA.
The Board of Directors of the Company, based on the
In the opinion of the Board, Mr. Dube fulfils the conditions recommendations of the NRC, appointed Mr. N. Chandrasekaran
specified under the Act read with Rules thereunder and the (DIN: 00121863) as an Additional Director and Chairman of the
SEBI Listing Regulations for his appointment as an Independent Board with effect from November 24, 2020. In terms of Section
Non-Executive Director of the Company and is independent of 161(1) of the Act, Mr. Chandrasekaran holds office upto the
the management. The terms and conditions of the appointment date of this Annual General Meeting (‘AGM’) and is eligible for

311
appointment as a Director. The Company has received a Notice respective relatives are concerned or interested, financially
from a Member in writing under Section 160(1) of the Act or otherwise, in the resolution set out at Item No. 6 of the
proposing his candidature for the office of Director. accompanying Notice.

Mr. Chandrasekaran is the Chairman of the Board at Tata Item No. 7

Sons Private Limited (‘Tata Sons’), promoter of the Company.
The Company is directed under the provisions of Section 148 of
Mr. Chandrasekaran joined the Board of Tata Sons in
the Act read with the Companies (Cost Records and Audit) Rules,
October 2016 and was appointed Chairman in January 2017.
2014, as amended, to have the audit of its cost records conducted
He also chairs the Boards of several group operating companies,
by a Cost Accountant. Further, in accordance with the provisions
including Tata Steel Limited, Tata Motors Limited, The Tata Power
of Section 148 of the Act read with the Companies (Audit and
Company Limited and Tata Consultancy Services Limited (‘TCS’) –
Auditors) Rules, 2014, the remuneration payable to the Cost
of which he was Chief Executive Officer from 2009-17. His
Auditors has to be ratified by the Members of the Company.
appointment as Chairman of Tata Sons followed a 30-year
business career at TCS, which he joined from university. The Board of Directors, on the recommendation of the Audit
Mr. Chandrasekaran rose through the ranks at TCS to become Committee, has approved the appointment of D. C. Dave & Co.,
the CEO and Managing Director of the leading global IT solution Cost Accountants (Firm Registration No. 000611), as the Cost
and consulting firm. Under his leadership, TCS generated total Auditors to conduct the audit of the cost records of the Company
revenues of US$ 16.5 billion in 2015-16 and consolidated its for the financial year ending March 31, 2022 at a remuneration
position as the largest private sector employer in India and the of ` 7,50,000 plus applicable taxes, travel and out-of-pocket
country’s most valuable company. In addition to his professional expenses.
career at Tata, Mr. Chandrasekaran is a Director on the Board Accordingly, consent of the Members is sought by way of an
of India’s central bank, the Reserve Bank of India, since 2016. Ordinary Resolution as set out at Item No. 7 of the accompanying
Mr. Chandrasekaran is on the International Advisory Council of Notice for ratification of the remuneration amounting to ` 7,50,000
Singapore’s Economic Development Board. He is the Chairman plus applicable taxes, travel and out-of-pocket expenses payable
of Indian Institute of Management (Lucknow) as well as the to the Cost Auditors for the financial year ending March 31, 2022.
President of the Court at Indian Institute of Science, Bengaluru.
He is the member of Bocconi’s International Advisory Council and The Board commends the Ordinary Resolution set out at
the Co-Chair India-US CEO Forum. Mr. Chandrasekaran has been Item No. 7 of the accompanying Notice for the approval of the
awarded several honorary doctorates by leading Universities in Members.
India and internationally, including an honorary Doctor of Letters None of the Directors or Key Managerial Personnel (KMP) of
from Macquarie University, Australia, Doctor of Letters from the Company and their respective relatives are concerned or
the Regional Engineering College, Trichy, Tamil Nadu, where he interested, financially or otherwise, in the resolution set out at Item
completed a Masters degree in Computer Applications before No. 7 of the accompanying Notice.
joining TCS in 1987. Mr. Chandrasekaran is also the author
of Bridgital Nation, a ground-breaking book on harnessing By Order of the Board of Directors
technological disruptions to bring Indians closer to their dreams.

Mr. Chandrasekaran is eligible to be appointed as a Director in Rajiv Chandan

terms of Section 164(2) of the Act. A declaration to this effect and General Counsel & Company Secretary
the consent to act as Director, subject to appointment by the FCS 4312
Members, has been received from Mr. Chandrasekaran. Further, he Mumbai, May 3, 2021
has also confirmed that he is not debarred from holding the office
Registered Office:
of a director pursuant to any SEBI Order or any such Authority.
Tata Chemicals Limited
The Board considers that the association of Mr. Chandrasekaran Bombay House,
would be of immense benefit to the Company and accordingly, 24 Homi Mody Street,
the Board commends the Ordinary Resolution set out in Item No. 6 Fort, Mumbai - 400 001
of the accompanying Notice for approval of the Members. CIN: L24239MH1939PLC002893
Tel. No: + 91 22 6665 8282
Except Mr. Chandrasekaran and his relatives, none of the Directors Email: [email protected]
or Key Managerial Personnel (KMP) of the Company and their Website: www.tatachemicals.com

312
DETAILS OF DIRECTORS SEEKING APPOINTMENT/RE-APPOINTMENT AT THE AGM
[PURSUANT TO REGULATIONS 26(4) AND 36(3) OF THE SEBI LISTING REGULATIONS AND SECRETARIAL STANDARD–2 ON GENERAL
MEETINGS]
Name of the Mr. Zarir Langrana Mr. Rajiv Dube Mr. N. Chandrasekaran
Director (Executive Director) (Non-Executive, (Non-Executive,
Independent Director) Non-Independent Director)
DIN 06362438 00021796 00121863
Date of Birth February 12, 1959 February 4, 1962 June 2, 1963
Age 62 years 59 years 58 years
Date of first April 1, 2018 September 18, 2020 November 24, 2020
appointment
Qualifications Economics graduate from the An engineer and a post graduate in Holds a Bachelor’s degree in
University of Madras and post business management. Applied Science and also
graduate qualification in business a Master’s degree in Computer
management from XLRI, Jamshedpur; Applications from Regional
Advanced Management Programme Engineering College, Trichy, Tamil
at Harvard Business School. Nadu, India.
Expertise in Mr. Langrana has over 35 years Mr. Dube has nearly 36 years of Mr. Chandrasekaran has a rich
specific of extensive experience in the multi-sector experience with deep experience in various areas of
functional areas field of sales and marketing, insights in corporate governance, business, technology, operations,
strategy, operations and general management and transformation of societal and governance matters.
management. businesses.
Please refer to the detailed profile Please refer to the detailed profile
provided in the explanatory provided in the explanatory
statement to Item no. 5 of the statement to Item no. 6 of the
Notice. Notice.
Terms and N.A. Appointment as an Independent Appointment as Director liable to
conditions of Director for a period of 5 (five) retire by rotation
appointment or years from September 18, 2020 to
re-appointment September 17, 2025
Details of ` 3,14,52,932 Sitting Fees: ` 1,70,000 Sitting Fees: ` 1,20,000
remuneration last (including commission of Commission: ` 20,00,000 #
Commission: Nil&
drawn ` 1,35,00,000#)
(FY 2020-21)
Details of As approved by the Members at the Sitting Fees and Commission, if Sitting Fees as approved by the
remuneration 79th AGM held on July 25, 2018 any, as approved by the Board of Board of Directors
sought to be paid Directors
Directorships in Nil 1. Tata International Limited* 1. Tata Sons Private Limited
other Companies 2. Tata Investment Corporation 2. Tata Consultancy Services
(excluding Limited* Limited*
foreign companies) 3. Tata Steel Limited*
4. Tata Motors Limited*
5. The Indian Hotels Company
Limited*
6. The Tata Power Company
Limited*
7. Tata Consumer Products
Limited*
8. TCS Foundation
(Section 8 Company)

313
Name of the Mr. Zarir Langrana Mr. Rajiv Dube Mr. N. Chandrasekaran
Director (Executive Director) (Non-Executive, (Non-Executive,
Independent Director) Non-Independent Director)
Membership/ NIL 1. Tata International Limited 1. Tata Sons Private Limited
Chairpersonship - Nomination and Remuneration - Corporate Social
of Committees in Committee (Member) Responsibility Committee
other companies (Chairman)
- Committee of Directors
(excluding foreign
(Member) - Nomination and
companies)
2. Tata Investment Corporation Remuneration Committee
Limited (Member)
- Audit Committee (Member) 2. Tata Consultancy Services
Limited
- Nomination and Remuneration
Committee (Member) - Corporate Social
Responsibility Committee
(Chairman)
- Nomination and
Remuneration Committee
(Member)
- Executive Committee of the
Board (Chairman)
3. Tata Steel Limited
- Nomination and
Remuneration Committee
(Member)
- Executive Committee of the
Board (Chairman)
4. Tata Motors Limited
- Nomination and
Remuneration Committee
(Member)
5. The Indian Hotels Company
Limited
- Nomination and
Remuneration Committee
(Member)
6. The Tata Power Company
Limited
- Nomination and
Remuneration Committee
(Member)
- Executive Committee of the
Board (Chairman)
7. Tata Consumer Products
Limited
- Nomination and
Remuneration Committee
(Member)

314
Name of the Mr. Zarir Langrana Mr. Rajiv Dube Mr. N. Chandrasekaran
Director (Executive Director) (Non-Executive, (Non-Executive,
Independent Director) Non-Independent Director)
No. of Board
Meetings during
the year:
(a) Total Meetings 9 5 3
during
respective
tenure:
(b) Attended: 9 5 3
Inter-se None None None
relationship
with other
Directors and
Key Managerial
Personnel
No. of shares held:
(a) Own 3,666 - 1,00,000
(b) For other - - -
persons on a
beneficial basis
*Listed Entities (including entities whose debt is listed on a Stock Exchange)
#
Commission is for FY 2020-21, which will be paid during FY 2021-22
&
As a policy, Mr. N. Chandrasekaran, Chairman of the Board has abstained from receiving commission from the Company

315
To,
TSR Darashaw Consultants Private Limited
Unit: Tata Chemicals Limited
C-101, 1st Floor, 247 Park,
Lal Bahadur Shastri Marg,
Vikhroli West, Mumbai - 400 083
E-mail: [email protected]

Updation of Shareholder Information

I/We request you to record the following information against my/our Folio No.:
General Information:

Folio No.:

Name of the first named Shareholder:

PAN:*

CIN/Registration No.:*
(applicable to Corporate Shareholders)

Tel. No. with STD Code:

Mobile No.:

E-mail Id:
*Self attested copy of the document(s) enclosed

Bank Details:
IFSC:
(11 digit)

MICR:
(9 digit)

Bank A/c Type:

Bank A/c No.:@

Name of the Bank:

Bank Branch Address:

@
A blank cancelled cheque is enclosed to enable verification of bank details

I/We hereby declare that the particulars given above are correct and complete. If the transaction is delayed because of incomplete
or incorrect information, I/We would not hold the Company/Registrar and Transfer Agent responsible. I/We undertake to inform any
subsequent changes in the above particulars as and when the changes take place. I/We understand that the above details shall be
maintained till I/We hold the securities under the above mentioned Folio No./Beneficiary account.

Place :

Date : Signature of sole/first holder

Note: Members holding shares in demat form are requested to submit the Updation Form to their respective Depository Participant.
 FINANCIAL STATISTICS - Standalone
CAPITAL ACCOUNTS REVENUE ACCOUNTS
Earnings per Net worth
Gross Dividend per
Share Capital Net Profit before Distributable Ordinary Share per Ordinary
Reserves Borrowings@ revenue Expenses Depreciation Taxes Ordinary Share
Year Capital Employed Block# taxes profit for the year (Basic) Share
***
` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` ` `
1944-45 152 8 69 229 179 16 29 — (13) — — — — 8.11
1949-50 152 10 126 288 223 116 107 9 — — — 0.07 — 7.83
1954-55 192 24 86 302 210 223 191 18 14 — 14 1.03 — 10.80
1959-60 312 64 325 701 501 351 303 21 27 1 12 0.90 0.60 11.68
1964-65 362 220 281 863 643 876 649 72 155 63 80 2.91 1.60 15.52
1974-75 994 906 1189 3089 2390 3464 2652 201 611 250 309 3.82 1.60 18.06
1979-80 994 2036 2848 5878 4432 5860 4421 513 926 364 434 5.97 2.00 31.80
1984-85 1594 6705 11987 20286 9715 13570 10429 968 2173 450 1204 12.34 2.50 53.70
1989-90 4917 25926 34129 64972 21293 30902 23172 2056 5674 1600 3612 8.29 3.00 62.73
1990-91 7375 26070 58398 91843 33942 35202 27354 2403 5445 1000 3945 6.03 2.50 45.35
1991-92 7375 29831 62262 99468 51179 41204 29580 2650 8974 3000 3974 8.10 3.00 50.45
1992-93 9262 41931 95966 147159 98308 48743 34754 2623 11366 3871 6495 8.91 3.50 54.84
1993-94 11268 71225 125245 207738 171930 64698 40424 2266 22008 500 16508 20.21 6.00 73.03
1994-95 11288 92630 152664 256582 183030 92443 59171 4601 28671 6 23165 25.38 6.50 92.00
1995-96 18069 113349 154892 286310 187603 155565 103420 10489 41656 2200 22231 21.83 6.50 72.72
1996-97 18070 125449 161606 305125 193962 162813 122372 11409 29032 3800 20487 13.96 6.50 79.42
1997-98 18070 141396 152755 312221 201843 166151 121432 11513 33205 4350 28863 15.97 6.50 88.28
1998-99 18070 149537 157023 324630 203479 150030 117432 11615 20983 2816 18167 10.06 5.00 92.79
1999-00 18070 151240 137023 306313 202244 165882 139190 12347 14345 2616 11729 6.50 5.00 93.73
2000-01 18070 176474 114627 309171 188436 173411 141518 13284 18609 2114 16495 9.13 5.00 105.36
2001-02 18070 137066 106071 307638 181467 151605 118278 13321 20006 7324 12682 7.02 5.00 84.35
2002-03 18070 145516 81626 289288 168441 170483 130588 13693 26202 6544 19658 10.88 5.50 89.81
2003-04 21516 (a) 182018 76554 324291 174145 272984 225961 14415 32608 10555 22053 10.25 5.50 94.48
2004-05 21516 178268 132422 367544 156239 322515 263451 13770 45294 11239 34055 15.83 6.50 92.80
2005-06 21516 195254 145449 394514 155097 373461 308481 13893 51087 15784 35303 16.41 7.00 100.45
2006-07 21516 217768 104177 372583 151474 426923 348504 15035 63384 18963 44421 20.65 8.00 111.07
2007-08 23406 333762 234384 619375 151258 484819 354233 14876 115710 20792 94918 42.82 9.00 152.64
2008-09 23523 362407 367610 763842 184375 872402 790072 16303 66027 20822 45205 19.25 9.00 164.11
2009-10 24332 403964 294651 741969 183009 576975 499443 18719 58813 15335 43478 18.38 9.00 176.07
2010-11 25482 448586 297594 771822 192763 656776 580460 20446 55870 15021 40849 16.32 10.00 186.09
2011-12 25482 468069 336709 839127 208104 846375 747472 22468 76435 17775 58660 23.03 10.00 193.73
2012-13 25482 505250 371640 914847 205984 897412 793447 21429 82536 18205 64331 25.25 10.00 208.33
2013-14 25482 544641 303469 895153 203713 911890 839120 15882 56888 13281 43607 17.12 10.00 223.79
2014-15 25482 578845 271588 895038 197529 1053087 948407 19271 85409 21612 63797 25.04 12.50 237.22
2015-16^ 25482 783143 352372 848385** 205270 1093794 985888 19879 88027 21407 66620 26.15 10.00 317.41
2016-17^ 25482 860063 241132 819678** 213340 863080 747132 16988 98960 29689 69271 27.19 11.00 347.60
2017-18^ 25482 1106932 140721 965720** 169824 908530 639087 13913 255530 78834 176696 69.36 22.00 444.51
2018-19^ 25482 1154139 70792 936950** 222718 516235 381060 14323 120852 29878 90974 35.71 12.50 463.04
2019-20^ 25482 1172250 1476 828403** 277121 935752 224562 14950 696240 12218 684022 268.50 11.00 470.15
2020-21^ 25482 1300235 895 968887** 310391 321803 240674 19732 61397 13486 47911 18.81 10.00 520.39
(a) Includes the balance lying in share capital suspense account amounting to ` 3446 lakh.
@ From year ended March 31, 2011 onwards borrowing include non-current (long-term) borrowing + non-current leases + current (short-term) borrowing + current maturity of non-current
(long-term) borrowing and leases
# From year ended March 31, 2011 onwards net block includes capital work-in-progress + capital advances
^ From year ended March 31, 2016 onwards, the Company has followed Ind AS
** Capital Employed: total assets minus current liabilities plus current (short-term) borrowing plus current maturities of non-current (long-term) borrowing and lease obligations minus
investment in subsidiary companies (other than Rallis India Limited)
*** including other income and exceptional gains

317
 FINANCIAL STATISTICS - Standalone

318
Equity Shares Issued on Rights Issue Bonus Issue
Conversion of Bonds/Debentures
` in lakh Premium ` in lakh ` in lakh
1982-83 116 ` 8/- per share 1954-55 1 for 2 at par 48 1966-67 1 for 10 30
1983-84 300 ` 10/- per share 1957-58 4 for 5 at par 112 1968-69 3 for 10 100
1984-85/1985-89 600 ` 30/- per share 1961-62 1 for 5 at Prem Re. 0.5 per share 50 1970-71 1 for 5 87
1987-88 725 ` 40/- per share 1972-73 1 for 5 at Prem Re. 0.5 per share 104 1974-75 1 for 2 311
1987-88 725 ` 60/- per share 1985-86 2 for 5 777
1992-93 1960 ` 40/- per share 1990-91 1 for 2 2458
1993-94 1960 ` 40/- per share 1995-96 3 for 5 6777
2007-08 1889 ` 220.78/- per share
2008-09 117 ` 220.78/- per share
2009-10 809 ` 220.78/- per share
9201 314 10540

FINANCIAL STATISTICS - Consolidated

CAPITAL ACCOUNTS REVENUE ACCOUNTS Earnings Net
Share of per Worth
Gross Profit Ordinary per
Share Minority Borrowings Capital Net Goodwill on Minority Profit/ Profit for
Year Reserves Revenue Expenses Depreciation before Taxes Share Ordinary
Capital Interest * Employed block# Consolidation Interest (Loss) in the Year
*** Taxes (Basic) Share
Associate
` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` in lakh ` `
2005-06 21516 200419 - 182769 430024 277941 70749 425315 346846 18404 60065 17231 - - 42834 19.91 103.11
2006-07 21516 235666 - 186420 469081 305605 76324 606283 504082 27388 74813 24009 - - 50804 23.62 119.52
2007-08 23406 348439 4234 480669 885172 337121 464924 677783 528813 31383 117587 21147 - - 96440 43.51 158.96
2008-09 23523 453455 15219 628381 1122734 376696 562128 1300712 1166716 42264 91732 15751 11171 - 64810 27.59 202.81
2009-10 24332 447310 35006 499372 1007837 383096 532470 983144 845176 44678 93290 20932 13114 1347 60591 25.61 193.89
2010-11 25482 519687 40645 569972 1161268 449047 563242 1136412 979211 45105 112096 27492 19257 - 65347 26.10 214.00
2011-12 25482 608145 44809 706073 1381258 495141 635874 1425027 1232095 50868 138343 34392 19946 (246) 83759 32.88 248.72
2012-13 25482 615874 53614 838400 1532813 468350 662702 1545211 1400520 53388 91303 30252 20703 (308) 40040 15.72 251.75
2013-14 25482 531069 65522 839306 1480479 476215 672261 1636983 1641748 47124 (51889) 28878 22100 (333) (103200) (40.51) 218.46
2014-15 25482 529689 67349 837884 1481024 460432 695699 1768873 1606708 46314 115851 35112 20553 (540) 59646 23.41 217.92
2015-16@ 25482 659950 259846 909042 2164099** 1202595 176193 1764956 1579960 57137 127859 28732 23558 1489 77058 30.25 269.05
2016-17@ 25482 765342 262389 744256 2109338** 1183144 169841 1546394 1327495 55244 163655 41807 24099 1562 99311 38.98 310.42
2017-18@ 25482 1084689 271716 641825 2320108** 1157090 173185 1593580 1218260 53059 322261 56935 26941 4923 243308 95.51 435.78
2018-19@ 25482 1208645 291467 614343 2431680** 1262173 181103 1240285 1020023 57139 163123 34359 23094 9921 115591 45.38 484.43
2019-20@ 25482 1264284 76377 770237 2470486** 1436751 195423 1679595 874949 66647 737999 17933 22182 2749 700633 275.02 506.27
2020-21@ 25482 1403515 85260 693293 2541829** 1468100 191774 1043422 906653 75932 60837 19777 17985 2,562 25637 10.06 560.93
* From year ended March 31, 2011 onwards, borrowing include non-current (long-term) borrowing + non-current leases+ current (short-term) borrowing + current maturity of non-current
(long-term) borrowing and leases
# From year ended March 31, 2011 onwards, net block includes capital work-in-progress + intangible assets held under development + capital advances
@ From year ended March 31, 2016 onwards, the Company has followed Ind AS
** Capital Employed: Total Assets minus current liabilities plus current (short-term) borrowing plus current maturities of non-current (long-term) borrowing and lease obligations
*** including other income and exceptional gains
Abbreviations

Active Ingredients  AI Electrostatic Precipitator  ESP

ADP - Human Resource Information System ADP HRIS  Enterprise Resource Planning ERP
Affirmative Action AA  Ethics Counsellor EC
Agile, Competitive, Excellence ACE European Industrial Gases EIG
American Natural Soda Ash Corporation ANSAC European Soda Ash Producers Association ESAPA
Annual General Meeting AGM Extended Producer Responsibility EPR
Anti-Bribery & Anti-Corruption ABAC Federation of Indian Chambers of Commerce & Industry FICCI
Anti-Money Laundering AML Feed Additive and Premixture System FAMI-QS
Audit Committee AC Food & Beverages F&B 
Automatic Weather Station AWS Forward Breeding   FB
Behaviour-based Safety Observations BSO Fraud Risk Assessment FRA
Board of Directors BOD Free Cash Flows FCF
Build Resilient Approach in Response to Covid-19 Epidemic BRACE Fructooligosaccharide FOS
Business Assurance Audit BAA Galactooligosaccharide GOS
Carbon Capture and Usage plant CCU Genetic Male Sterility GMS
Centre of Excellence  CoE Global Positioning System GPS
Chemical Industrial Association CIA Global Reporting Initiative GRI
Chief Executive Officer CEO Greenhouse Gas GHG
Chief Operating Officer COO Grow-out Test GOT
Code for Responsible Extraction CORE Hazard and Operability Study HAZOP
Combined Heat and Power CHP Hazard Identification and Risk Analysis HIRA
Committee of Sponsoring Organisations of the Treadway COSO High Compression Thickener HCT
Commission
High Rate Thickener HRT
Confederation of Indian Industry CII
Highly Dispersible Silica  HDS
Continuous Emission Monitoring System CEMS
Human Resource Management System  HRMS
Continuous Opacity Monitors COMS 
Increase Value, Enhance Skills for Tomorrow INVEST
Corporate Identity Number  CIN
Indian Chamber of Commerce ICC
Corporate Social Responsibility CSR
Indian Council of Agricultural Research ICAR
Council of Scientific & Industrial Research CSIR
Indian Green Building Council IGBC
Cross-Functional Team CFT
Industrial Internet of Things IIoT
Crushed Refined Soda CRS
Industrial Minerals Association IMA
Current Year CY
Innovation Centre IC
Customer Satisfaction Index CSAT
Integrated Reporting IR
Department of Environmental Quality DEQ
International Integrated Reporting Council IIRC
Doctor of Medicine MD
International Organisation for Standardisation ISO
Earnings before interest, taxes, depreciation and amortisation EBITDA
International Standards on Assurance Engagements ISAE
Effluent Treatment Plant ETP
IT Infrastructure Library  ITIL
Electronic Customer Relationship Management ECRM
Job Safety Analysis JSA

319
 Integrated Annual Report 2020-21

Key Performance Indicators KPIs Safety Health and Environment  SHE

Kilo-volt-ampere KVA Safety Health Environment & Sustainability Committee SHESC
Kilotonne KT Science Based Targets Initiative  SBTi
Key Account Management KAM Science, Technology, Engineering and Maths STEM

Laboratory Information Management System LIMS Scientific Advisory Board  SAB

Long-term Asset Management Plan  LAMP Seamlessly Harnessing Internal Expertise  SHINE+

Long-Term Sustainability Planning LTSP Securities and Exchange Board of India SEBI
Self-Help Groups SHG
Machine Learning ML
Standard Ash Magadi SAM
Make-up Water MUW
Standard Operating Procedures SOPs
Management Information System MIS
Strategic Planning Process SPP
Management Review Committee MRC
Strengths, Weaknesses, Opportunities and Threats SWOT
Memorandum of Understanding MoU
Sulfur Oxide SOx
Metric Million British Thermal Unit MMBtu
Suspended Particulate Matter SPM
Metric Tonnes MT
Sustainability Development Goals SDG
Million Cubic Feet MCFT
Tata Affirmative Action Programme TAAP
Natural Language Processing  NLP
Tata Chemical Society for Rural Development TCSRD
Net Promoter Score NPS
Tata Chemicals Europe TCE
New Product Development NPD Tata Chemicals International Pte. Ltd. TCIPL
Nitrogen Oxide NOx Tata Chemicals Limited TCL
Occupational Health and Safety Assessment Series OHSAS Tata Chemicals Magadi Limited TCML
Okhai Centre for Empowerment Okhai Tata Chemicals North America Inc.  TCNA
One Tata Operating Network OTON Tata Chemicals South Africa (Pty.) Limited  TCSA 
Operational Health and Safety OHS Tata Code of Conduct  TCoC
Particulate Matter PM Tata Consumer Products Limited TCPL
Plant Variety Protection PVP Tata Tomorrow University  TTU
Prevention of Sexual Harassment POSH  Terajoules TJ
Process Safety & Risk Management PSRM Tonnes Per Annum TPA
Profit After Tax PAT Tonnes Per Day  TPD

Profit Before Tax PBT Tonnes Per Month TPM

Programmable Logic Controller  PLC Transportation Management System  TMS

Progressive Safety Index PSI Uninterrupted Power Supply UPS

Rallis Innovation Chemistry Hub RICH United States Food and Drug Administration USFDA
Variable Frequency Drive VFD
Rapid Generation Advancement RGA
Voice of Consumer VoC
Research & Development R&D
Vulnerability Assessment and Penetration Testing VAPT
Responsible care  RC
Water Soluble Fertiliser WSF
Return on Capital Employed ROCE
Work from Home WFH
Rice Husk Ash RHA
Work Safe Online WSO
Risk Management Committee  RMC
World Health Organisation WHO
Rural Entrepreneurship Development Programme REDP

320
Integrated Report Statutory Reports Financial Statements

Awards and Recognitions

Tata Chemicals wins

‘Product Innovator Tata Chemicals wins ICC
of the Year Award’ Acharya P. C. Ray Award
at FICCI Chemicals
and Petrochemicals
Awards 2021 Tata Chemicals bags
3rd position and two
Gold level awards at
CII “Six Sigma National
Competition” Award 2020

Tata Chemicals
Tata Chemicals bags wins CSIR Diamond
3rd spot in Responsible Jubilee Technology
Business Ranking 2020 Award 2019

Tata Chemicals
recognised
amongst India's top
Tata Chemicals wins 25 most innovative
CII National Awards companies by CII
for Excellence in
Water Management
Registered Office
Bombay House,
24 Homi Mody Street, Fort,
Mumbai - 400001 India.
CIN: L24239MH1939PLC002893
Telephone: +91 22 6665 8282

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