October 31, 2024

Corporate Relations Department National Stock Exchange of India Ltd.

BSE Limited Exchange Plaza
Phiroze Jeejeebhoy Towers Bandra-Kurla Complex
Dalal Street Bandra (E)
Mumbai – 400 001 Mumbai 400 051
Scrip Code: 501301 Symbol: TATAINVEST

Dear Sirs/Madam,

Sub: Unaudited Financial Results for the quarter/half year ended September 30, 2024

Pursuant to Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015, we forward herewith the Unaudited (Standalone and
Consolidated) Financial Results for the quarter/half year ended September 30, 2024, taken
on record at the meeting of the Board of Directors held today i.e. October 31, 2024 along with
a copy of the Limited Review Report issued by the Auditors of the Company.

The Board meeting commenced at 3-30 p.m. and concluded at 5-00 p.m.

The above information is being made available on the Company’s website at

https://www.tatainvestment.com/.

Thanking you,

Yours faithfully,

For Tata Investment Corporation Limited

Digitally signed by Jamshed Sam Patel

Jamshed
DN: c=IN, o=Personal, title=0746,
pseudonym=50aad962473a421f9b068cc072
840629,
2.5.4.20=eda17d17ad74a58d39ca00a5292fff
2c81a81b4c604306c8b7736b693415d859,

Sam Patel
postalCode=400016, st=Maharashtra,
serialNumber=ac143b896bec057771a2fa977
70d8aedacf90482e62d502fcc5d6bd9399bc8
48, cn=Jamshed Sam Patel
Date: 2024.10.31 17:11:31 +05'30'

Jamshed Patel
Company Secretary and Chief Compliance Officer

Encl: as above

INVESTMENT CORPORATION LIMITED

Elphinstone Building 10 Veer Nariman Road Mumbai 400 001
Tel 91 22 6665 8282 Fax 91 22 6665 7917 e-mail [email protected]
website www.tatainvestment.com CIN L67200MH1937PLC002622
 Gokhale & Sathe Chokshi & Chokshi LLP
Chartered Accountants Chartered Accountants
304/308/309, Udyog Mandir No. 1, 15/17, Raghavji 'B' Bldg., Ground Floor,
7-c, Bhagoji Keer Marg, Mahim, Raghavji Road, Gowalia Tank,
Mumbai -400 016, India Off Kemps Corner, Mumbai-400036
LLP Regn No: AAC-8909

Independent Auditors' Review Report on the Unaudited Standalone Financial Results for
the Quarter and Half Year ended September 30. 2024 of Tata Investment Corporation
Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended.

To The Board of Directors of

Tata Investment Corporation Limited

1. We have reviewed the accompanying statement of unaudited standalone financial results of

Tata Investment Corporation Limited ("the Company") for the quarter and half year ended
September 30, 2024 attached herewith ("the Statement") being submitted by the Company
pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations 2015, as amended ("the Listing Regulations").

2. This Statement which is the responsibility of the Company's management and approved by
the Company's Board of Directors in its meeting held on October 31, 2024 has been prepared
in accordance with the recognition and measurement principles laid down in Indian
Accounting Standard 34 ("lnd AS 34") "Interim Financial Reporting" prescribed under Section
133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder
and other accounting principles generally accepted in India. Our responsibility is to express
a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India.
This Standard requires that we plan and perform the review to obtain moderate assurance
as to whether the Statements are free of material misstatement. A review is limited primarily
to inquiries primarily of persons responsible for financial and accountin~ matters and analytical
procedures applied to financial data and thus provides less assurance than an audit. A review
is substantially less in scope than an audit conducted in accordance with Standards on
Auditing and consequently does not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit. We have not performed
an audit and accordingly, we do not express an audit opinion. .

4. Based on our review conducted and procedures performed as stated in paragraph 3 above,
nothing has come to our attention that causes us to believe that the accompanying Statement
of unaudited financial results, prepared in accordance with the recognition and measurement
principles laid down in the aforesaid Indian Accounting Standard specified under Section 133
of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and
other accounting principles generally accepted in India, has not disclosed the information
required to be disclosed in terms of Regul~tion 33 of the Listing Regulations, as amended
 Gokhale & Sathe Chokshi & Chokshi LLP
Chartered Accountants Chartered Accountants
304/308/309, Udyog Mandir No. 1, 15/17, Raghavji '8' Bldg., Ground Floor,
7-c, Bhagoji Keer Marg, Mahim, Raghavji Road, Gowalia Tank,
Mumbai- 400 016, India Off Kemps Corner, Mumbai-400036
LLP Regn No: AAC-8909

including the manner in which it is to be disclosed, or that it contains any material

misstatement.

5. The comparative unaudited financial results for quarter and half year ended September 30,
2023 and audited financial results for year ended March 31, 2024 included in the
accompanying Statement have been reviewed/audited by one of the current Joint Auditors
i.e. Gokhale & Sathe jointly with predecessor Joint Auditor Suresh Surana & Associates LLP,
whose review report dated November 08, 2023 and audit report dated May, 23, 2024
expressed an unmodified conclusion/opinion.

Our conclusion on the Statement is not modified in respect of this matter.

For Gokhale & Sathe For Chokshi & Chokshi LLP

Chartered Accountants Chartered Accountants
Firm Regn. o.103264W Firm Regn. No. 101872W/W1 00045

Rahul Joglekar Kiran Bhoir

Partner Partner
Membership No.: 129389 Membership No.: 159960 t)
001
UDIN: 2.412.") ~rt6JC.AS'teC~7l UDIN: L4-15<'l4 bOB Kt-\ Bf I~1° 1

Place: Mumbai Place: Mumbai

Date: October 31, 2024 Date: October 31, 2024
 G
TATA
Statement of Unaudited Standalone Financial Results for the Quarter and Half Year ended 30th September, 2024

(Rs.in crores
Standalone
Quarter ended Half Year ended Year ended
30-Sep-24 30-Jun-24 30-Sep-23 30-Sep-24 30-Sep-23 31-Mar-24
Unaudited Audited
PART I -Statement of standalone unaudited financial results
for the quarter and half year ended 30-Sep-2024
Revenue from operations
i) Dividend Income 124.26 108.42 89.72 232.68 193.69 226.36
ii) Interest Income 9.06 12.90 11.34 21.96 24.59 53.65
iii) Net gain on fair value changes (1 .13) 19.63 12.65 18.50 18.05 42.47
Total Revenue from operations 132.19 140.95 113.71 273.14 236.33 322.48
Other Income 0.14 0.73 1.15 0.87 1.41 2.83
Total Income 132.33 141.68 114.86 274.01 237.74 325.31
Expenses
i) Employee benefits expense 3.94 4.1 4 3.47 8,08 7.28 14.83
ii) Finance Cost 0.01 0.01 0.02 0,02 0.04 0.07
iii) Depreciation I amortisation 0,24 0.23 0.23 0.47 0.46 0.93
iv) Corporate Social Responsibility expenses 2.14 2.30 3.53 4.44 5.53 8.41
v) Other Expenditure 2.79 4,68 2.68 7.47 5.33 8.36
Total Expenses 9.12 11.36 9.93 20.48 18.64 32.60
Profit Before Tax 123.21 130.32 104.93 253.53 219.10 292.71
Less: Tax expense
(i) Current Tax 20.83 17.76 4.27 38.59 6.99 21 .23
(ii) Excess provision of lax relating to earlier years . - (11.95) - (11 .95) (12.38)
(iii) Deferred Tax 2.15 (0.20) (0.63) 1.95 (0.51) (0,05)
Profit After Tax (A) 100.23 112.76 113.24 212.99 224.57 283.91

Other Comprehensive Income

(a) (i) items lh5!t will not be res;IS!~ifieg to lhe [!rofit or loss
- Changes in fair valuation of equity instruments 5,703.91 2,722.57 1,490.60 8,426.48 4,716 ,87 11,898.48
- Remeasurement gain I (loss) on define benefits plans (0.50) 0.15 (0.05) (0.35) (0 .20) 0.59
(ii) Tax impacts on above (1,421 .55) (319.80) (212.50) (1 ,741 .35) (587.19) (1 ,650,87)
(b) (i) items that will be reclassified !2 !he profit or loss
- Changes in fair value of bonds I debentures 1.50 019 (1 .52) 1.69 0,98 0.85
(ii) Tax impacts on above (0 ,20) (0.02) 0.30 (0.22) (0.16) (0.36)
Total Other Comprehensive Income (B) 4,283.16 2,403.09 1,276.83 6,686.25 4,130.30 10,248.69
Total Comprehensive Income (A+ B) 4,383.39 2,515.85 1,390.07 6,899.24 4,354.87 10,532.60

Paid-up equity share capital (Face Value per Share: Rs.101-) 50.60 50.60 50,60 50 60 50,60 50.60
Earnings per Share (of Rs.10/- each) (not annualised except for year
ended 31-Mar-24) -
Basic I Diluted (in Rs.) 19.81 22.29 22.38 42.10 44.39 56 .11
Part II - Total Equity (post tax) 36,449 .58 32,207.85 23,514.27 36,449 58 23,514.27 29,692.00
Total Equity per share (post tax) 7,204.00 6,366.00 4,648.00 7,204.00 4,648.00 5,869.00

TATA INVESTMENT CORPORATION LIMITED

Elphinstone Building 10 Veer Narimi!ln Road Mumbai 400 001
Tel 91 22 6665 8282 Fax 91 22 6665 7917 e- mail ticl @tata .com
website www tatainvestment com CIN L6 7200MH1937PLC002622
 .,..
TATA
-: 2 :-
Standalone Statement of Assets and Liabilities
(Rs.in crores)
As at
30-Sep-24 31-Mar-24
Unaudited Audited

ASSETS

(1) Financial Assets

{a) Cash and cash equivalents 13.71 11 .36
{b) Bank Balance other than cash and cash equivalents 10.52 2.67
(c) Receivables
(I) Trade receivables 83.47 0.04
(d) Loan 0.01 0.01
(e) Investments 40,954.12 32,557.44
(f) Other Financial assets 1.98 2.21

(2) Non-financial Assets

(a) Current tax assets (Net) 18.75 18.75
(b) Property, Plant and Equipment 0.47 0.31
(c)' Other intangible assets 0.05 0.04
(d) Right of use assets 0.02 0.39
(e) Other non financial assets 1.19 1.02

Total assets 41,084.29 32;594.24

LIABILITIES AND EQUITY

Liabilities
(1) Financial Liabilities
(a) Derivative financial instruments 0.64 0.13
(b) Payables
(I) Trade Payables
(i) total outstanding dues of micro enterprises and small enterprises - 0.22
(ii) total outstanding dues of creditors other than micro enterprises and small
enterprises 7.84 7.88
(c) Other financial liabilities 8.15 8.14
16.63 16.37
(2) Non-financial liabilities
(a) Current tax liabilities (Net) 38.77 10.82
(b) Provisions 7.64 7.56
(c) Deferred tax liabilities (Net) 4,571.63 2,866 .90
(d) Other non-financial liabilities 0.04 0.59
4,618.08 2,885.87

(3) Equity
(a) Equity share capital 50.60 50 .60
(b) Other equity 36,398.98 29 ,641.40
Total equity 36,449.58 29,692.00

Total liabilities and equity 41 ,084.29 32,594.24

TATA INVESTMENT CORPORATION LIMITED

Elph instone Budding 10 Veer Nariman Road Mumbai 400 001
Tel91 22 6665 8282 Fax 91 22 6665 7917 e-mail ticl@tata com
webs•te www tatamvestment com CIN L672 00MH1937PLC002622
 G
TATA
-: 3 :-
Standalone Statement of Cash Flow

(Rs.in crores)
For Half Year ended
Unaudited
30-Sep-24 30-Sep-23
A. CASH FLOW FROM OPERATING ACTIVITIES:
Net profit before tax 253.53 219.10
Adjustments for :
Depreciation and amortisation 0.47 0.46
Net gain on fair value changes (12.52) (10.14)
Finance Cost on Right of Use assets 0.02 0.04
Reclassification of Actuarial loss (0.35) (0.20)
Effective interest rates on Bonds & Debentures 0.05 0.17
Operating profit before working capital changes 241.20 209.43
Adjustments for:
Other Financial and non financial assets 7.17 (3.15)
Payables (0.35) (0.64)
Derivative financial instruments 0.51
Other Financial and non financial liabilities (0.50) (2.12)
Provisions 0.08 (0.41)
Cash generated from operations 248.11 203.11
Direct taxes paid - (Net of refunds) (49.34) (24.97)
Net cash from operating activities 198.77 178.14
B. CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of property, plant and equipment (0.25) (0.07)
Sale of property, plant and equipment 0.01
Purchase of investments (5,375.60) (1 ,760.08)
Sale proceeds of investments 5,329.02 1,889.81
Application money towards issue of shares in subsidiary (60.00)
Deposits placed (net) (7.50)
Net cash (used in) I from investing activities (54.32) 69.66
C. CASH FLOW FROM FINANCING ACTIVITIES :
Cash payments for the principal portion of the lease liability (0.41) (0.37)
Cash payments for the interest portion of the lease liability (0.02) (0.04)
Dividend paid (141.67) (242.86)
Net cash used in financing activities (142.10) (243.27)
Net increase I (decrease) in cash and cash equivalents (A+B+C) 2.35 4.53
Cash and cash equivalents at the beginning of the period [See Note (iv) below] 11.36 3.89
Cash and cash equivalents at the end of the period [See Note (iv) below] 13.71 8.42

Notes:
i) The above statement of cash flow has been prepared under the 'Indirect Method' as set out in lndAS 7- 'Statement of Cash Flows'.
ii) Since the Company is an investment company, purchase and sale of investments have been considered as part of "Cash flow from investing
activities" and interest earned (net) of Rs. 21.96 crores (Previous period Rs.24.59 crores) and dividend earned of Rs. 232.68 crores (Previous period
Rs. 193.69 crores) have been considered as part of "Cash flow from operating activities".
iii) Direct taxes paid is treated as arising from operating activities and is not bifurcated between investing and financing activities.
iv) Cash and cash equivalents included in the Cash Flow Statement comprises the following balance sheet items :-

As at As at
30-Sep-24 30-Sep-23
---------(Rupees in crores)----------
1.Cash and cash equivalents as per Balance Sheet 13.71 8.42

v) Previous year's figures have been regrou ped, wherever necessary.

TATA INVESTMENT CORPORATION LIMITED

Elphinstone Buolding 10 Veer Nariman Road Mumbai 400 001
Tel91 22 6665 8282 Fax 91 22 6665 7917 e-mail ticl@tata com
website www tatainvestment .com CIN L67200MH1937PLC002622
 G
l\TA
-: 4 :-
Notes:
1. The above unaudited standalone financial results were reviewed and recommended by the Audit Committee and subsequently approved
by the Board of Directors at their respective meetings held on October 31, 2024. The joint statutory auditors of the Company have carried
out a limited review of the aforesaid results.
2. The above unaudited standalone financial results have been prepared in accordance with the recognition and measurement principles laid
down in the Indian Accounting Standards, notified under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting
Standards) Rules, 2015, as amended from time to time, and other accounting principles generally accepted in India and in compliance with
the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended .

3. In addition to the Profit After Tax as disclosed above, the Company has realised profits on sale of equity investments credited to Retained
Earnings in the Balance Sheet as under:
(Rs in crores)
Quarter ended Half Year ended Year ended
30-Sep-24 30-Jun-24 30-Sep-23 30-Sep-24 30-Sep-23 31-Mar-24
Unaudited Audited
-Profit After Tax as disclosed in (A) of Part I 100.23 112.76 113.24 212 .99 224.57 283 .91
- Realised Profit on sale of investment credited 235.31 70.93 175.55 306 .24 241 .98 332.13
to Retained Earnings (Net of Taxes)
Total 335.54 183.69 288.79 519.23 466.55 616.04

4. The Company, a Systemically Important Non Banking Financial Company (NBFC), has been classified by the Reserve Bank of India as a
middle layer NBFC.

5. Since the Company has no activities other than those of an investment company, there are no separate reporting segments as per lnd AS
108 "Operating Segment".

6. Previous periods' figures have been regrouped I reclassified , wherever necessary, to confirm to the current period presentation .

Tata Investment Corporation Limited

( Noel N. Tata )
Chairman
Mumbai, October 31, 2024 Din No. 00024713

TATA INVESTMENT CORPORATION LIMITED

Elphinstone Building 10 Veer Nariman Road Mumbai 400 001
Tel91 22 6665 8282 Fax 91 22 6665 7917 e-mail ticl@tata .com
website www.tatainvestment.com CIN L67200MH1937PLC002622
 Gokhale & Sathe Chokshi & Chokshi LLP
Chartered Accountants Chartered Accountants
304/308/309, Udyog Mandir No. 1, 15/17, Raghavji 'B' Bldg., Ground Floor,
7-c, Bhagoji Keer Marg, Mahim, Raghavji Road, Gowalia Tank,
Mumbai -400 016, India Off Kemps Corner, Mumbai-400036
LLP Regn No: AAC-8909

Independent Auditors' Review Report on Unaudited Consolidated Financial Results for

Quarter and Half Year ended September 30, 2024 of Tata Investment Corporation Limited
pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended.

To The Board of Directors of

Tata Investment Corporation Limited

1. We have reviewed the accompanying statement of u~audited consolidated financial results

of Tata Investment Corporation Limited (the "Holding Company") and its subsidiary (the
Holding Company and its subsidiary together referred to as the "Group") and its share of the
net profit after tax and total comprehensive income of its associates for the quarter and half
year ended September 30, 2024, (the "Statement") attached herewith, being submitted by
the Holding Company pursuant to the requirements of Regulation 33 of SEBI (Listing
Obligation and Disclosure Requirements) Regulations, 2015, as amended (the "Listing
Regulations") read with SEBI Circular No. CIRICFD/CMD1/44/2019 dated March 29, 2019
(the "Circular'').

2. This Statement, which is the responsibility of the Holding Company's Management and
approved by the Holding Company's Board of Directors in its meeting held on October 31,
2024, has been prepared in accordance with the recognition and measurement principles
laid down in Indian Accounting Standard 34 ("lnd AS 34") "Interim Financial Reporting"
prescribed under Section 133 of the Companies Act 2013 (the "Act") as amended, read with
relevant rules issued thereunder and other accounting principles generally accepted in India.
Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India.
This Standard requires that we plan and perform the review to obtain moderate assurance
as to whether the Statements are free of material misstatement. A review is limited primarily
to inquiries primarily of persons responsible for financial and accounting matters and analytical
procedures applied to financial data and thus provides less assurance than an audit. A review
is substantially less in scope than an audit conducted in accordance with Standards on
Auditing and consequently does not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit. We have not performed
an audit and accordingly, we do not express an audit opinion.

We also performed the procedures in accordance with Circular No. CIRI CFD/ CMD1/ 44/
2019 dated 29 March 2019 issued by Securities and Exchange Board of India under
Regulation 33(8) of the Listing Regulations, to the extent applicable.
 Gokhale & Sathe Chokshi & Chokshi LLP
Chartered Accountants Chartered Accountants
304/308/309, Udyog Mandir No. 1, 15/17, Raghavji 'B' Bldg., Ground Floor,
7-c, Bhagoji Keer Marg, Mahim, Raghavji Road, Gowalia Tank,
Mumbai - 400 016, India Off Kemps Corner, Mumbai-400036
LLP Regn No: AAC-8909

The Statement includes the unaudited financial results of the following entities:

Sr. No. Name of the Entity Relationship

1. Tata Investment Corporation Limited Holding Company
2. Simto Investment Company Limited Subsidiary Company
3. Tata Asset Management Private Limited Associate Company
(Consolidated)
4. Tata Trustee Company Private Limited Associate Company
5. Amalgamated Plantations Private Limited Associate Company

4. Based on our review conducted and procedures performed as stated in paragraph 3 above
and based on the consideration of review reports of other auditors referred to in paragraph 5
below, nothing has come to our attention that causes us to believe that the accompanying
Statement, prepared in accordance with recognition and measurement principles laid down
in the aforesaid Indian Accounting Standards specified under Section 133 of the Act, as
amended read with relevant rules issued thereunder and other recognised accounting
principles generally accepted in India, has not disclosed the information required to be
disclosed in terms of the Listing Regulations, read with the Circular, including the manner in
which it is to be disclosed, or that it contains any material misstatement.

Other Matters

5. We did not review the unaudited interim financial results of one subsidiary included in the
Statement, whose unaudited financial results excluding consolidation eliminations, reflect
Group's share of total assets of Rs. 593.45 crores as on September 30, 2024, total revenue
of Rs.18. 79 crores and Rs. 54.51 crores, total profrt after tax of Rs. 0.27 crores and Rs. 20.10
crores and total comprehensive income of Rs. 0.18 crores and Rs. 19.99 crores, for the
quarter and half year ended September 30, 2024, as considered in the Statement. The
Statement also includes the Group's share ·of profit after tax of Rs. 23.19 crores and Rs.
47.48 crores, and total comprehensive income of Rs. 23.13 crores and Rs. 47.41 crores for
the quarter and half year ended September 30, 2024, as considered in the Statement, in
respect of three associates whose unaudited interim financial results have not been reviewed
by us. These unaudited interim financial results of one subsidiary and three associates have
been reviewed by other auditors, whose reports have been furnished to us by the
management and our conclusion on the Statement in so far as it relates to the amounts and
disclosures included in respect of that one subsidiary and three associates is based solely
on the reports of the other auditors and the procedures performed by us as stated in
paragraph 3 above. Our conclusion on the Statement is not modified with respect to our
reliance on the work done and the reports of the other auditors.

6.
Gokhale & Sathe Chokshi & Chokshi LLP
Chartered Accountants Chartered Accountants
304/308/309, Udyog Mandir No. 1, 15/17, Raghavji 'B' Bldg., Ground Floor,
7-c, Bhagoji Keer Marg, Mahim, Raghavji Road, Gowalia Tank,
Mumbai - 400 016, India Off Kemps Corner, Mumbai-400036
LLP Regn No: AAC-8909

the accompanying Statement have been reviewed/audited by one of the current Joint
Auditors i.e. Gokhale & Sathe jointly with predecessor Joint Auditor Suresh Surana &
Associates LLP, whose review report dated November 08, 2023 and audit report dated May
23, 2024 expressed an unmodified conclusion/opinion.

Our conclusion is not modified in respect of this matter.

For Gokhale & Sathe For Chokshi & Chokshi LLP

Chartered Accountants
Firm Regn. No.1 03264W

Kiran Bhoir
Partner Partner
Membership No.: 129389 Membership No.: 159960
UDIN: 24 12"f~S4 ~I<.*'S 'IF l'2»CIJ UDIN : 2-Lt I5GlGibOBl<.HBF.534-2..'l

Place: Mumbai Place: Mumbai

Date: October 31, 2024 Date: October 31, 2024
 Statement of Unaudited Consolidated Financial Results for t/lo guartnr and Hall Year ended 30t!l Scptembor, 2024

IRs ,In crores

Consolidated
Quarter ended I Half Year ended Year ended
30-Sep-24 30-Jun-24 I 30-Sep-23 30-Sep-24 I 30-Sep-23 31-Mar-24
Unaudited Audited
PART I -Statement of unaudited consolidated financial
results for the quarter and six months ended 30-Sept-2024
Revenue from operations
i) Dividend Income 102.14 84,08 90,94 186.22 178.04 211.40
ii) Interest Income 9.14 14,88 11 .34 24.02 24.59 56,69
iii) Net gain on fair value changes 31.20 43,50 21 .58 74.70 72.83 115,03
Total Revenue from operations 142.48 142.46 123.86 284.94 275.46 383.12
Other Income 0.14 0.73 1.15 0.87 1.41 2.83
Total Income 142.62 143.19 125.01 285.81 276.87 385.95
Expenses
i) Employee benefits expense 4.24 4,31 3,55 8.55 7 44 15.11
ii)·Finance Cost 002 0,02 4.66 0.04 9.83 10.78
iii) Depreciation I amortisation 0.24 0.23 0 23 0.47 0.46 0.94
iv) Corporate Social Responsibility expenses 2 24 2.30 3.55 4.54 5.55 8.63
v) Other Expenditure 2.69 4.91 2,96 7.60 5.73 9.19
Total Expenses 9.43 11.77 14.95 21.20 29.01 44.65
Profit Before Share in Profit I (Loss ) of Associates 133.19 131 .42 110.06 264.61 247.86 341.30
Share in Profit of Associates 23.19 24.29 12.19 47.48 26.15 64.64
Profit Before Tax 156.38 155.71 122.25 312.09 274.01 405.94
Less: Tax expense
(i) Current tax 27.83 24.88 9.90 52.71 13.80 32.48
(ii) Excess provision of tax relating to earlier years 2.85 . (11 .24) 2.85 (11 .24) (11.63)
(iii) Deferred tax 2.01 (0.24) 0.08 1.77 0,20 0.13
Profit After Tax (A) 123.69 131.07 123.51 254.76 271 .25 384.96
Other Comprehensive In-c ome
(a) (i) Items !hat will ngt be redassifi~d to the aror.t gr IQ§l!
- Changes in fair valuation of equity instruments 5,703.82 2,722.55 1,490,81 8,426.37 4,718.12 11,901 .89
- Remeasurement loss on define benefits plans -0.50 • 0.15 (0,05) (0.35) (0.20) 0.59
(ii) Tax impacts on above (1 ,421.55) (319 .80) (212.50) (1,741 .35) (587.19) (1,650.86)
(iii) Share of Equity Accounted lnvestee (0,05) (0.02) 0.04 (0,07) (0.03) (0.03)
(b) (i) items that will be re!;ja~sjfied to the profit or loss
- Changes in fair value of bonds I debentures 1.50 0.19 (1 .52) 1.69 0.98 0.85
(ii) Tax impacts on above (0.20) (0,02) 0,30 (0.22) (0.16) (0.36)
Total Other Comprehensive Income (B) 4,283.02 2,403.05 1,277.08 6,686.07 4,131.52 10,252.08
Total Comprehensive Income (A+ B) 4,406.71 2,534.12 1,400.59 6,940.83 4,402.77 10,637.04

Profit attributable to:

(i) Owners of the Parent 123.69 131.07 124.44 254.76 271 25 384.96
(ii) Non Controlling Interest - . (0.93) - . -
Other Comprehensive Income attributable
(i} nu,m:ar'" nf thn g'lrnnl 1,DOQ ,OD I!,WU.Uu 1,cri'. W o.ooo.or ~- l:lt.:l! 10,!:1!.00
(ii) Non Controlling Interest - - (0.02) - .
Total Comprehensive tncome attributable
(i) Owners of the Parent 4,406.71 2,534.12 1,401 .54 6,940.83 4,402.77 10,637.04
(ii) Non Controlling Interest (0.95) .

Paid-up equity share capital (Face Value per Share: Rs. 101-) 50.60 50,60 50.60 5060 50.60 50 60
Earnings per Share (of Rs.10/- each) (not annualised except for year
ended 31-Mar-24) -
Basic I Diluted (in Rs.-) 24.45 25.91 24.60 50.35 53.61 76.09

TI\TI\ INVESTMENT CORPORATION LIMITED

Elph instone Building 10 Veer Nariman Road Mumba i 400 001
Tel91 22 6665 8282 Fax 91 22 6665 7917 e-mail ticl@tata .com
website www tatainve stment.com CIN L67200MH1937PLC002622
 -: 2 :-
Consolidated Statement of Assets and Liabilities
(Rs.in crores)
As at
Particulars 30-Sep-24 31-Mar-24
Unaudited Audited

ASSETS
(1) Financial Assets
(a) Cash and cash equivalents 16.50 110.49
(b) Bank Balance other than cash and cash equivalents 16.84 231.35
(c) Receivables
(I) Trade receivables 138.85 5.72
(d) Loan 0.01 0.01
(e) Investments 41 ,212.73 32,485.04
(f) Other Financial assets 1.98 2.21

(2) Non-financial Assets

(a) Current tax assets (Net) 18.77 20.12
(b) Property, Plant and Equipment 0.50 0.32
(c) Goodwill on Consolidation 13.44 13.44
(d) Other intangible assets 0.05 0.04
(e) Right of use assets 0.02 0.39
(f) Other non financial assets 1.21 1.03

Total assets 41,420.90 32,870.16

LIABILITIES AND EQUITY

liabilities
(1) Financial Liabilities
(a) Derivative financial instruments 10.25 0.36
(b) Payables
(I) Trade Payables
(i) total outstanding dues of micro enterprises and small enterprises 0.22

(ii) totnl 01Jtstrmr1in{] r1rrAR nf r.rArlitnr:;; nthpr th;m mir.rn PntPrrri<:f"> <tnd
small enterprises 8.03 8.28
(c) Debt securities
(d) Other financial liabilities 10.00 10.08
28.28 18.94

(2) Non-financial liabilities

(a) Current tax liabilities (Net) 48.47 10.83
(b) Provisions 8.21 7.56
(c) Deferred tax liabilities (Net) 4,571 .63 2,867.09
(d) Other non-financial liabilities 0.04 0.63
4,628 .35 2,886.11
(3) Equity
(a) Equity share capital 50.60 50.60
(b) Other equity 36,713.67 29,914.51
Total equity 36,764.27 29,965.11

(4) Non-controlling interest - -

-=- Total liabilities and equity 41 ,420.90 32,870.16

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a . o
 .,.
l\TA
-: 3 :-
Consolidated Statement of Cash Flow

(Rs.in crores)
For Half Year ended
Unaudited
A. CASH FLOW FROM OPERATING ACTIVITIES : 30-Sep-24 30-Sep-23
Net profit before tax 312.09 274.01
Adjustments for •
Depreciation and amortisation 0 47 0.46
Net gain on fair value changes (45.03) (40.48)
Finance Cost 0.04 9.83
Reclassification of Actuarial gain Loss (0.35) (0 20)
Adjustment for Share of Profit from Associate Companies (47 48) (26.15)
Dividend received from associates 25,81 17.80
Effective interest rates on Bonds & Debentures 0.05 0. 17
Operating profit before working capital changes 245.60 235.44
Adjustments for:
' Other Financial and non financial assets 9.80 (3.89)
Payables (0.56) (0.49)
Derivative financial instruments 9.88 4.41
Other Financial and non financial liabilities (0.61) 0.69
Provisions 0.64 (0.41)1
Cash generated from operations 264.75 235.75
Direct taxes paid - (Net of refunds) (55 .26) (27. 18)
Net cash from operating activities 209.49 208.57
B. CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of property, plant and equipment (0 .28) (0,07)
Sale of property, plant and equipment 0.01
Purchase of investments (18,677.82) (5,457.61)
Sale proceeds of investments 18,304.26 5,623.98
Deposits placed (net) 212.50
Net cash from investing activities (161.33) 166.30

C. CASH FLOW FROM FINANCING ACTIVITIES :

Cash payments for the principal portion of the lease liability (0.41) (0.37)
Cash payments for the interest portion of the lease liability (0.02) (0 04)
Dividend paid (141 .72) (242 .86)
Commercial paper maturity proceeds (net) (121 .08)
Consolidation of share capital (0.48)
Other items 1.43
Net cash (used) in financing activities (142.15) (366.26)
Net (decrease)/. increase in cash and cash equivalents (A+B+C) (93.99) 8.61
Cash and cash equivalents at the beginning of the period [See Note (iv) below] 110.49 4.54
Cash and cash equivalents at the end of the period [See Note (iv) below] 16.50 13.15

Notes:
i) The above statement of cash flow has been prepared under the 'Indirect Method' as set out in lndAS 7- 'Statement of Cash Flows'.
ii) Since the Company is an investment company, purchase and sale of investments have been considered as part of "Cash flow from investing activities" and interest
earned (net) of Rs. 24,02 crores (Previous period Rs. 24.59 crores) and dividend earned of Rs. 186,22 crores (Previous period Rs. 178.04 crores) have been
considered as part of "Cash flow from operating activities".
iii) Direct taxes paid is treated as arising from operating activities and is not bifurcated between investing and financing activities.
iv) Cash and cash equivalents included in the Cash Flow Statement comprises the following balance sheet items :-
As at As at
30-Sep-24 30-Sep-23
---------(Rupees in crores)----------
Cash and cash equivalents as per Balance Sheet 16 50 13.15
v) Previous year's figures have been regrouped , wherever necessary.

TATI\ INVESTMENT CORPORATION LIMITED

Elphinstone Building 10 Veer Nariman Road Murnbai 400 001
Tel 91 22 6665 8282 Fax 91 22 6665 791 7 e- mail ticl@tata .com
webs ite www .tatainvestment.com CIN l 67200MH193 7 PlC002622
 G
TATA
-: 4 :-

1. The above unaudited consolidated financial results were reviewed and recommended by the Audit Committee and subsequently approved by the
Board of Directors at their respective meetings held on October 31 , 2024. The joint statutory auditors of the Company have carried out a limited
review of the aforesaid results.

2. The above unaudited consolidated financial results have been prepared in accordance with the recognition and measurement principles laid down
in the Indian Accounting Standards, notified under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards)
Rules, 2015, as amended from time to time, and other accounting principles generally accepted in India and in compliance with the Regulation 33
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 , as amended .

. 3. In addition to the Profit After Tax as disclosed above, the Holding Company has realised profits on sale of equity investments credited to Retained
Earnings in the B'alance Sheet as under:

(Rs.in crores'
Quarter ended Half Year ended Year ended
30-Sep-24 I 30-Jun-24 30-Sep-23 30-Sep-24 I 30-Sep-23 31-Mar-24
Unaudited Audited
-Profit After Tax as disclosed in (A) of Part I 123.69 131.07 123.51 254.76 271 .25 384.96
• Realised Profit on sale of investment credited 235.31 70.93 175.55 306.24 241.98 332.13
to Retained Earnings (Net of Taxes)
Total 359.00 202.00 299.06 561.00 513:23 717.09

4. The consolidated results are prepared in accordance with the principles set out in Indian Accounting Standard 110 'Consolidated Financial
Statements' and Indian Accounting Standard 28 'Investments in Associates and Joint Ventures' in Consolidated Financial Statements.

5. The Company (including its wholly owned Subsidiary Company), Systemically Important Non Banking Financial Company (NBFC), has been
classified by the Reserve Bank of India as a middle layer NBFC.

6. Since the Company has no activities other than those of an investment company, there are no separate reporting segments as per lnd AS 108
"Operating Segment".

7. Previous periods' figures have been regrouped I reclassified , wherever necessary, to confirm to the current period presentation.

Tata Investment Corporation Limited

( Noel N. Tata )
Chairman
Mumbai, October 31, 2024 Din No. 00024713

TATA INVESTMENT CORPORATION LIMITED

Elphinstone Building 10 Veer Nariman Road Mumbai 400 001
Tel91 22 6665 8282 Fax 91 22 6665 7917 e-mail ticl@tata .com
website www .tatainvestment.com CIN L67200MH1937PLC002622