April 21, 2025

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 Sir/Madam,

Sub: Audited Financial Results for the quarter and year ended March 31, 2025 and
Recommendation of Final Dividend

A. Audited Standalone and Consolidated Financial Results:

In terms of the provisions of Regulation 33 of the SEBI Listing Regulations, 2015, we

enclose the following statements for the quarter and year ended March 31, 2025, which
were approved and taken on record at the meeting of the Board of Directors held today, i.e.,
on April 21, 2025:

(i) The Audited Standalone & Consolidated Financial Results for the year ended March
31, 2025, approved at the meeting along with Audit Report; and

(ii) We would like to confirm that M/s. Gokhale & Sathe, Chartered Accountants and
M/s. Chokshi & Chokshi LLP, Chartered Accountants, the Joint Statutory Auditors of
the Company has issued the Audit Report with unmodified opinion (free from any
qualifications) and a declaration to that effect are enclosed herewith.

B. Dividend:

The Board of Directors have recommended a dividend of Rs. 27/- (270%) per Ordinary
share of Rs. 10 each, which shall be paid after the Annual General Meeting, subject to
approval of the Shareholders of the Company at the ensuing Annual General Meeting.

The meeting commenced at 5:00 p.m. and concluded at 6:45 p.m.

These are also being made available on the website of the Company at
www.tatainvestment.com.

This is for your information and records.

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=eda17d17ad74a58d39ca00a5292fff2
c81a81b4c604306c8b7736b693415d859,

Sam Patel
postalCode=400016, st=Maharashtra,
serialNumber=ac143b896bec057771a2fa977
70d8aedacf90482e62d502fcc5d6bd9399bc84
8, cn=Jamshed Sam Patel
Date: 2025.04.21 20:06:58 +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, Raghavji Road, Gowalia Tank,
Mahim (W), Off Kemps Corner, Mumbai-400036
Mumbai- 400 016, India. LLP Regn No: AAC-8909

Independent Auditors' Report on Annual Audited Standalone Financial Results of Tata

Corporation Investment Limited for the quarter and year ended March 31, 2025 pursuant to
the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 as amended.

To
The Board of Directors of
TATA Investment Corporation Limited

Report on the Audit of the Standalone Financial Results

Opinion

We have audited the accompanying Statement of Audited Standalone Financial Results for the
Quarter and Year Ended March 31, 2025 ("the Statement") of Tata Investment Corporation
Limited ("the Company"), attached herewith, being submitted by the Company pursuant to the
requirements of R~gulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the
Statement:

a) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations;

and

b) gives a true and fair view in conformity with the recognition and measurement principles laid
down in the applicable Indian Accounting Standards and other accounting principles generally
accepted in India, of the net profit and other comprehensive income and other financial
information of the Company for the year ended March 31, 2025.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
Section 143(10) of the Companies Act, 2013 (the "Act"). Our responsibilities under those
Standards are further described in the 'Auditors' Responsibility for the Audit of the Standalone
Financial Results' section of our report; We are independent of the Company in accordance with
the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with
the ethical requirements that are relevant to our audit of the standalone financial results under the
provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe that the

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Gokhale & Sathe Chokshi & Chokshi LLP
Chartered Accountants Chartered Accountants

audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the standalone financial results.

Responsibilities of the Management and Those Charged with Governance for the
Standalone Financial Results

This St~tement which is the responsibility of the Company's Management and approved by Board
of Directors, has be~n prepared on the basis of the standalone annual financial statements. The
Company's Board of Directors are responsible for the preparation and presentation of the
standalone financial results that give a true and fair view of the net profit and other comprehensive
income and other financial information in accordance with the recognition and measurement
principles laid down in the applicable Indian Accounting Standards prescribed under Section 133 of
the Act, read with relevant rules issued thereunder and other accounting principles generally
accepted in India and in compliance with Regulation 33 of the Listing Regulations. This
responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for the safeguarding the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting
·policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the standalone financial results that give a true and fair view and
are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company's
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the Board of Directors either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting
process.

Auditors' Responsibility for the audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

2
Gokhale & Sathe Chokshi & Chokshi LLP
Chartered Accountants Chartered Accountants

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we
are also responsible for expressing our opinion on whether the Company has adequate internal
financial controls with reference to financial statements in place and the operating effectiveness
of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Director's use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company's ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor's report to the related disclosures in the standalone financial
results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor's report. However, future events or
conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the
disclosures, and whether the Statement represents the underlying transactions and events in a
manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial results that, individually or
in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user
of the standalone financial results may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our
work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial
results.

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.

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Gokhale & Sathe Chokshi & Chokshi LLP
Chartered Accountants Chartered Accountants

Other matter

a. Attention is drawn to the fact that the amounts for the quarter ended March 31, 2025, as
reported in the Statement are the balancing amounts between the annual audited amounts for
the year ended March 31, 2025 and the published year to date amounts for the nine-month
period ended December 31, 2024 which were subjected to limited review by us, as required
under the Listing Regulations.

b. The comparative audited financial results for the year ended March 31, 2024 included in the
accompanying Statement have been audited by one of the current Joint Auditors i.e. Gokhale &
Sathe jointly with predecessor Joint Auditor Suresh Surana & Associates LLP, whose audit
report dated May 23, 2024 expressed an unmodified opinion.

Our opinion on the Statement is not modified in respect of the above matters.

For Gokhale & Sathe For Chokshi & Chokshi LLP

Chartered Accountants Chartered Accountants
Firm Regn. No 103264W Firm Regn. No. 1 01872WIW1 00045

Rahul Joglekar Kiran Bhoir

Partner -
Membership No.: 129389
UDIN:2.512.'t38CJSMJ~PY912.2-

Place: Mumbai Place: Mumbai

Date: April21, 2025 Date: April 21, 2025

4
 Statement of Audited Standalone Financial Results for the Quarter and Year Ended 31st March, 2025
(Rs in crores)
Quarter ended Year ended
31-Mar-25 31-Mar-24 31-Dec-24 31-Mar-25 31-Mar-24
Refer Note 7 Unaudited Audited
PART 1- Statement of audited standalone financial results
for the quarter and year ended 31-Mar-2025
Revenue from operations
i) Dividend income 27.79 23.35 11.24 271.71 226.36
ii) Interest income 8.23 14.78 9.54 39.73 53.65
iii) Net gain on fair value changes 14.27 17.41 22.89 55.66 42.47
iv) Rental Income from investment property 1.25 - - 1.25 -
Total Revenue from operations 51.54 55.54 43.67 368.35 322.48
Other income 0.17 0.35 0.09 1.13 2.83
Total Income 51.71 55.89 43.76 369.48 325.31
Expenses
i) Employee benefits expense 3.61 4.09 4.16 15.85 14.83
ii) Finance cost 0.04 0.02 0.04 0.10 0.07
iii) Depreciation, amortisation and impairment 0.87 0.23 0.27 1.61 0.93
iv) Corporate social responsibility expenses 2.18 2.10 2.93 9.55 8.41
v) Other expenses 2.42 1.23 1.80 11.69 8.36
Total Expenses 9.12 7.67 9.20 38.80 32.60
Profit Before Tax 42.59 48.22 34.56 330.68 292.71
Less: Tax expense
i) Current tax 3.60 11.46 1.66 43.85 21.23
ii) (Excess) I Short provision of tax relating to earlier years - 0.09 - - (12.38)
iii) Deferred tax 3.79 1.41 (1.43) 4.31 (0.05)
Profit After Tax (A) 35.20 35.26 34.33 282.52 283.91
Other Comprehensive Income
(a) (i) items that will not be reclassified to the grofit or loss
- Changes in fair valuation of equity instruments (3,391.44) 2,401.73 (3, 192.65) 1,842.39 11,898.48
- Remeasurement (loss) I gain on defined benefits plans (1 .79) 0.89 (0.17) (2.31) 0.59
(ii) Tax impacts on above 483.59 (455.40) 373.26 (884.50) (1,650.87)
(b) (i) items that will be reclassified to the grofit or loss
- Changes in fair value of bonds I debentures (0.79) 0.67 0.67 1.57 0.85
(ii) Tax impacts on above 0.09 (0.31) (0.11) (0.24) (0.36)
Other Comprehensive Income (B) (2,910.34) 1,947.58 (2,819.00) 956.91 10,248.69
Total Comprehensive Income (A+ B) (2,875.14) 1,982.84 (2,784.67) 1,239.43 10,532.60
Paid-up equity share capital (Face Value per Share: Rs.1 01-) 50.60 50.60 50.60 50.60 50 .60
Earnings per Share (of Rs.1 0/- each) (not annualised)
Basic I Diluted (in Rs.) 6.96 6.97 6.79 55.84 56.11
Part II- Total Equity (post tax) 30,789.77 29,692.00 33,664.91 30,789.77 29,692.00
Total Equity per share (post tax) 6,086 5,869 6,654 6,086 5,869

TI\T.I\ INVESTMENT CORPORATION LIMITED

Elphinstone Budding 10 Veer Na r~ ma n Road Mum ba : 400 001
Tel9l 22 6665 8282 Fax 9122 6665 7917 e ·ma d !1 cl @tata com
webs 1te www tatamvestment com CIN L672.00MH 193 7PLC002622
 G
1\TA
-: 2 :-
Statement of Audited Standalone Assets and Liabilities
(Rs.in crores)
As at As at
Particulars 31-Mar-25 31-Mar-24
Audited

ASSETS

(1) Financial Assets

(a) Cash and cash equivalents 4.86 11.36
(b) Bank balance other than cash and cash equivalents 2.57 2.67
(c) Receivables
(I) Trade receivables - 0.04
(d) Loans 0.04 0.01
(e) Investments 34,342.94 32,557.44
(f) Other financial assets 2.02 2.21

(2) Non-financial Assets

(a) Current tax assets (Net) 20.21 18.75
(b) Investment Property 157.51 -
(c) Property, plant and equipment 0.48 0.31
(d) Other intangible assets 0.36 0.04
(e) Right of use assets 1.99 0.39
(f) Other non-financial assets 1.46 1.02

Total assets 34,534.44 32,594.24

LIABILITIES AND EQUITY

Liabilities
(1) Financial Liabilities
(a) Derivative financial instruments - 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 3.24 7.88
(c) Other financial liabilities 15.22 8.14
18.46 16.37
(2) Non-financial liabilities
(a) Current tax liabilities (Net) 8.75 10.82
(b) Provisions 9.58 7.56
(c) Deferred tax liabilities (Net) 3,707.70 2,866.90
(d) Other non-financial liabilities 0.18 0.59
3,726.21 2,885.87
(3) Equity
(a) Equity share capital 50.60 50.60
(b) Other equity 30,739.17 29,641.40
Total equity 30,789.77 29,692.00

Total liabilities and equity 34,534.44 32,594.24

TI\TI\ INVESTMENT CORPORATION LIMITED

E l ph t n~ton~ Butld ing 10 Veer Nanman Road Mumba t 400 001
Te l 91 22 666 5 8282 Fax 91 22 6665 7917 e - ma d ttc l@tata com
webs ote www tata•nvestment com CI N L6 7 200MH193'7PLC002622
 -: 3 :-
Audited Standalone Statement of Cash Flows

(Rs.in crores)
For the Year ended
31-Mar-25 31-Mar-24
A. CASH FLOW FROM OPERATING ACTIVITIES :
Net profit before tax 330.68 292.71
Adjustments for :
Depreciation, amortisation and impairment 1.61 0.93
Net gain on fair value changes (48.23) (33.40)
Finance Cost on Lease Liability 0.10 0.07
Interest income calculated using effective interest rates (0.27) (0.73)
Loss on derecognition of property, plant and equipment 0.01 0.00
Operating profit before working capital changes 283.90 259.58
Adjustments for:
Trade Receivables 0.04 0.01
Loans (0.03) 0.01
Other financial assets 15.89 (7.96)
Other non-financial assets (0.45) 0.10
Payables (4.86) 4.25
Derivative financial instruments (0.13) 0.13
Other financial liabilities 5.53 0.37
Provisions (0.28) 0.12
Other non-financial liabilities (0.41) 0.33
Cash generated from operations 299.20 256.94
Direct taxes paid - (Net of refunds) (95.63) (42.29)
Net cash from operating activities 203.57 214.65
B. CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of property, plant and equipment (including capital advances) (0.70) (0.18)
Sale proceeds of property, plant ancfequipment 0.01
Purchase of investments (9,770.89) (3,281 .73)
Purchase of Investment Property (158.09)
Sale proceeds of investments 9,862.14 3,536.41
Investment made towards Cumulative Compulsorily Convertible Preference shares in subsidiary (249.48)
Deposits (placed) I matured 31 .50
Net cash (used in) I from investing activities (67.53) 36 .52
C. CASH FLOW FROM FINANCING ACTIVITIES :
Cash payments for the principal portion of the lease liability (0.77) (0.77)
Cash payments for the interest portion of the lease liability (0.10) (0.07)
Dividend paid (141.67) (242.86)
Net cash used in financing activities (142.54) (243.70)
Net (decrease) I increase in cash and cash equivalents (A+B+C) (6.50) 7.47
Cash and cash equivalents at the beginning of the year 11.36 3.89
Cash and cash equivalents at the end of the year 4.86 11 .36

Notes:
i) The above standalone statement of cash flows has been prepared under the 'Indirect Method' as set out in lnd AS 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. 39.73 crores (Previous year Rs. 53.65 crores) and dividend earned of Rs. 271 .71
crores (Previous year Rs. 226.36 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 Statement of Cash Flows comprises the following balance sheet items :-

As at As at
31-Mar-25 31-Mar-24
---------( Rs. in crores )----------
Cash and cash equivalents as per Balance Sheet 4.86 11 .36

ures have been re rou ed, wherever necessa

TATA INVESTMENT CORPORATION LIMITED

Elphinstone Budding 10 Veer N<mman Road Mumbai 400 001
Te19! 22 6665 8282 Fax 91 22 6665 7917 e mall tic l@tata com
websrte www tatarnvestrnent com C!N L572:00MH1937PLC002622
 .,.
TATA
-: 4 :-
Notes:
1. The above audited standalone financial results were reviewed by the Audit Committee and subsequently approved by the
Board of Directors at their meeting held on 21st April, 2025. The statutory auditors of the Company have carried out the
audit of the aforesaid results.

2. The above standalone financial results have been prepared in accordance with the recognition and measurement principles
laid down in Indian Accounting Standard, 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 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 Year ended
31-Mar-25 31-Mar-24 31-Dec-24 31-Mar-25 31-Mar-24
Audited Unaudited Audited
-Profit After Tax as disclosed in (A) of Part I 35.20 35.26 34.33 282.52 283.91
- Realised Profit on sale of investment credited
to Retained Earnings (Net of Taxes) 16.88 25.49 65.06 388.18 332.13

Total 52.08 60.75 99.39 670.70 616.04

4. The Company, a Systemically Important Non Banking Financial Company (NBFC), has been classified by 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 in lnd AS 108 "Operating Segment".

6. The Board of Directors at its meeting held on 21st April, 2025, has recommended a dividend of Rs. 27.00 (270%) per
Ordinary share of Rs.10.00 each.

7. The figures for the quarters ended 31st March are the balancing figures between the audited figures in respect of the full
financial year and published year to date figures up to the third quarter of the relevant financial year.
8. Previous periods' figures have been regrouped wherever necessary.

Tata Investment Corporation Limited

( Noel N. Tata )
Chairman
Mumbai, 21st April, 2025 Din No. 00024713

TATA INVESTMENT CORPORATION LIMITED

Elphinstone Building 10 Veer Nariman Road Mumbai 400 001
Tel 91 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 '8' Bldg., Ground Floor,
7-c, Bhagoji Keer Marg, Raghavji Road, Gowalia Tank,
Mahim (W), Off Kemps Comer, Mumbai-400036
Mumbai- 400 016, India. LLP Regn No: AAC-8909

Independent Auditors' Report on Annual Audited Consolidated Financial Results of Tata

Investment Corporation Limited for the quarter and year ended March 31, 2025 pursuant to
the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended.

To
The Board of Directors of
TA TA Investment Corporation Limited

Report on the Audit of the Consolidated Financial Results

Opinion

We have audited the accompanying Statement of Audited Consolidated Financial Results for the
Quarter and Year ended March 31, 2025 ("the Statement") of Tata Investment Corporation
Limited ("the Holding Company" or "the Company") and its subsidiary (Holding Company and its
subsidiary together referred to as "the Group"), and its associates, attached herewith, being
submitted by the Company pursuant to the requirements of Regulation 33 of SEBI (Listing
Obligation and Disclosure Requirements) Regulation, 2015, as amended (the "Listing
Regulations").

In our opinion and to the best of our information and according to the explanations given to us and
based on the consideration of the reports of other auditors on separate audited financial
statements/financial information of the subsidiary and its associates, the Statement:

a) includes the results of the following entities:

Parent:
i) Tata Investment Corporation Limited

Subsidiary:
i) Simto Investment Company Limited

Associate:
ii) Tata Asset Management Private Limited (Consolidated)
iii) Tata Trustee Company Private Limited
iv) Amalgamated Plantations Private Limited

b) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations;

and

c) gives a true and fair view in conformity with the applicable accounting standards and other
accounting principles generally accepted in India, of the consolidated net profit and

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Gokhale & Sathe Chokshi & Chokshi LLP
Chartered Accountants Chartered Accountants

consolidated other comprehensive income and other financial information of the Group for the
year ended March 31, 2025.

Basis for Opinion

We conducted our audit of the audited consolidated financial results in accordance with the
Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the
"Act"). Our responsibilities under those Standards are further described in the 'Auditors'
Responsibility for the Audit of the Consolidated Financial Results' section of our report. We are
independent of the Group in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India (ICAI) together with the independence requirements that are
relevant to our audit of the consolidated financial statements under the provisions of the Act and
the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance
with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence
obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph
below, is sufficient and appropriate to provide a basis for our audit opinion on the consolidated
financial results.

Responsibilities of the Management and Those Charged with Governance for the
Consolidated Financial Results.

The Statement has been prepared on the basis of the consolidated annual financial statements.
The Holding Company's Board of Directors is responsible for the matters stated in section 134(5)
of the Act with respect to preparation of these consolidated financial results that give a true and fair
view uf the cummlluated net profit and consolidated other comprehensive lncome/(loss) and other
financial information of the Group and .its associates in accordance with the applicable accounting
standards prescribed under Section 133 of the Act, read with relevant rules issued thereunder, the
circulars, guidelines and directions issued by the Reserve Bank of India (RBI) from time to time
("RBI Guidelines") and other accounting principles generally accepted in India and in compliance
with Regulation 33 of the Listing Regulations.

The respective Board of Directors of the companies included in the Group and of its associates are
responsible for maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding the assets of the Group and its associates and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and the design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the consolidated financial results that give a true and fair view and
are free from material misstatement, whether due to fraud or error, which have been used for the
purpose of preparation of the consolidated financial results by the Directors of the Holding
Company, as aforesaid.

In preparing the consolidated financial results, the respective Board of Directors of the companies
included in the Group and its associates are responsible for assessing the ability of the Group and
its associates to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to

2
Gokhale & Sathe Chokshi & Chokshi LLP
Chartered Accountants Chartered Accountants

liquidate the Group and its associates or to cease operations, or has no realistic alternative but to
do so.

The respective Board of Directors of the companies included in the Group and of its associates is
responsible for overseeing the financial reporting process of the Group and of its associates.

Auditors' Responsibility for the audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not
a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Statement, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we
are also responsible for expressing our opinion on whether the Holding Company and its
subsidiary and associates which are companies incorporated in India, have adequate internal
financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of management's use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the ability of the Group and of
its associate to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor's report to the related disclosures in the
consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor's report.
However, future events or conditions may cause the Group and its associates to cease to
continue as a going concern.

3
Gokhale & Sathe Chokshi & Chokshi LLP
Chartered Accountants Chartered Accountants

• Evaluate the overall presentation, structure and content of the Statement, including the
disclosures, and whether the Statement represents the underlying transactions and events
in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group and its associates to express an opinion on the
consolidated financial results. We are responsible for the direction, supervision and
performance of the audit of the financial results of such entities included in the consolidated
financial statements of which we are the independent auditors. For the other entities included in
the consolidated financial results, which have been audited by other auditors, such other
auditors remain responsible for the direction, supervision and performance of the audits carried
out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the consolidated financial results that,

individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the consolidated financial results may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements
in the consolidated financial results.

We communicate with those charged with governance of the Holding Company of which we are
the independent auditors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.

We also performed procedures in accordance with the Circular No. CIRICFD/CMD 1/44/2019
dated March 29, 2019 issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 as amended, to the extent applicable.

Other Matters

a. We did not audit the financial statements of one subsidiary included in the consolidated
financial result, whose financial statement reflect total assets of Rs. 525.07 Crores as at March
31, 2025, total revenues of Rs. 0.27 Crores and Rs. 4.26 Crores for the quarter and year
ended March 31, 2025 respectively, total net loss after tax of Rs. 26.70 Crores and Rs. 47.57
Crores for the quarter and year ended March 31, 2025 respectively, and other comprehensive
income of Rs. (0.40) Crores and Rs. (1.90) Crores for the quarter and year ended March 31,
2025 respectively and net cash outflows of Rs. 95.91 Crores, as considered in the Statement.
The consolidated financial results also includes the Group's share of net profit after tax of Rs.
29.22 Crores and Rs. 102.95 Crores for the quarter and year ended March 31, 2025
respectively and other comprehensive income of Rs. 0.15 Crores and Rs. 0.22 Crores for the
quarter and year ended March 31, 2025 respectively, as considered in the Statement, in
.~-

4
Gokhale & Sathe Chokshi & Chokshi LLP
Chartered Accountants Chartered Accountants

respect of three associates, whose financial statements/results have not been audited by us.
These financial statements I results have been audited by other auditors whose reports have
been furnished to us by the Management and our opinion and conclusion on the Statement, in
so far as it relates to the amounts and disclosures included in respect of above associates is
based solely on the reports of the other auditors and procedures performed by us.

b. The Statement includes the consolidated financial results for the quarter ended March 31,
2025 being the balancing figures between audited figures in respect of the full financial year
ended March 31, 2025 and the published unaudited year to date consolidated figures upto
December 31, 2024, being the date of the end of the third quarter of the current financial year,
which were subject to limited review by us, as required under the Listing Regulations.

c. The comparative audited financial results for the year ended March 31, 2024 included in the
accompanying Statement have been audited by one of the current Joint Auditors i.e. Gokhale &
Sathe jointly with predecessor Joint Auditor Suresh Surana & Associates LLP, whose audit
report dated May 23, 2024 expressed an unmodified opinion.

Our opinion on the Statement is not modified in respect of the above matters.

For Gokhale & Sathe For Chokshi & Chokshi LLP

Chartered Accountants Chartered Accountants
Firm Regn . N .103264W Firm Regn. No. 1 01872W/W1 00045

Ra uiJ Kiran Bhoir

Partner
Membership No.: 129389
UDIN: .2.5 12 ~389 BMJl PZ2. 3 31

Place: Mumbai Place: Mumbai

Date: April21, 2025 Date: April21, 2025

5
 .,..
TATA
Statement of Audited Consolidated Financial Results for the Quarter and Year Ended 31st March, 2025
(Rs in crores)
Quarter ended Year ended
31-Mar-25 31-Mar-24 31-Dec-24 31-Mar-25 31-Mar-24
Refer Note 8 Unaudited Audited
PART I -Statement of audited consolidated financial
results for the quarter and year ended 31-Mar-2025
Revenue from operations
i) Dividend Income 27.98 23.47 11 .24 225.44 211.40
ii) Interest Income 8.31 17.78 9.63 41 .96 56.69
iii) Net gain on fair value changes (21 .11) 15 86 (17 16) 36.43 115 03
iv) Rental Income from investment property 1 25 - - 1.25 -
Total Revenue from operations 16.43 57.11 3.71 305.08 383.12
Other income 0.18 0.35 0.09 1.14 2.83
Total Income 16.61 57.46 3.80 306.22 385.95
Expenses
i) Employee benefits expense 4,06 4.14 4.40 17.01 15 11
ii) Finance cost 0 06 0.02 0.06 0.16 10 78
iii) Depreciation, amortisation and impairment 0.92 0.24 0.27 1.66 0.94
iv) Corporate social responsibility expenses 2.58 2.20 2.93 10.05 8.63
v) Other expenses 2.40 1.48 1 82 11 .82 9.19
Total Expenses 10.02 8.08 9.48 40.70 44.65
Profit Before Share in Profit I (Loss) of Associates 6.59 49.38 (5.68) 265.52 341.30
Share in Profit I (Loss) of Associates 29.22 22.83 26 25 102.95 64.64
Profit Before Tax 35.81 72.21 20.57 368.47 405.94
Less: Tax expense
(i) Current tax (5.79) 10.46 2.39 49.31 32.48
(ii) (Excess) I Short provision of tax relating to earlier years 0.09 0.13 - 2.94 (11 .63)
(iii) Deferred tax 3.79 1.15 (1.43) 4. 13 0.13
Profit After Tax (A) 37.72 60.47 19.61 312.09 384.96

Other Comprehensive Income

(a) (i) items that will not be recla§§ified to the Qrofit or lo~~
- Changes in fair valuation of equity instruments (3,391 84) 2,403.00 (3,194. 04) 1,840.49 11 ,901 .89
- Remeasurement gain I (loss) on defined benefits plans (1 .79) 0.89 (0.17) (2.31) 0.59
(ii) Tax impacts on above 483.59 (455.39) 373.26 (884 50) (1 ,650.86)
(iii) Share of Equity Accounted lnvestee 0.15 (0.01 ) 0.14 0 22 (0.03)
(b) (i) items thai will be reclassified to th~ QrofiLQr IQSS
- Changes in fair value of bonds I debentures (0.79) 0.67 0.67 1.57 0.85
(ii) Tax impacts on above 0.10 (0.31 ) (0.11) (0.23) (0.36)
Other Comprehensive Income (B) (2,910.58) 1,948.85 (2,820.25) 955.24 10,252.08
Total Comprehensive Income (A+ B) (2,872.86) 2,009.32 (2,800.64) 1,267.33 10,637.04
Profit I (Loss) attributable to:
(i) Equity Holder of Company 37.72 60 47 19 61 312.09 384.96
(ii) Non Controlling Interest - . - - -
Other Comprehensive Income attributable
(i) Equity Holder of Company {2,910.58) 1,948.85 {2 ,820.25) 955.24 10,252.08
(ii) Non Controlling Interest - - - - -
Total Comprehensive Income attributable
(i) Equity Holder of Company (2,872.86) 2,009.32 (2,800.64) 1,267.33 10,637.04
(ii) Non Controlling Interest - - - - -
Paid-up equity share capital (Face Value per Share: Rs.101-) 50.60 50 60 50.60 50.60 50 60
Earnings per Share (of Rs.101- each) (not annualised)-
Basic I Diluted (in Rs.) 7.46 11 .95 3.88 61 .68 76.09

TI\TI\ INVESTMENT CORPORATION LIMITED

Elphinrtone Building 10 Veer Nariman Road Mumbai 400 001
Te l 91 22 6665 8282 Fax 91 22 6665 7917 e-mail ticl@tata .com
website www tatainvestme nt .com CIN L67200MH1937PLC002622
 &
TATA
-: 2 :-
Statement of Audited Consolidated Assets and Liabilities
(Rs.in crores)
As at As at
Particulars 31-Mar-25 31-Mar-24
Audited
ASSETS
(1) Financial Assets
(a) Cash and cash equivalents 8.08 110.49
(b) Bank balance other than cash and cash equivalents 8.88 231 .35
(c) Receivables
(I) Trade receivables - 5.72
(d) Loans 0.04 0.01
(e) Investments 34,626.44 32,485.04
(f) Other financial assets 2.03 2.21

(2) Non-financial Assets

(a) Current tax assets (net) 20.73 20.12
(b) Investment Property 157.51 -
(c) Property, plant and equipment 0.52 0.32
(d) Goodwill on consolidation 13.44 13.44
(e) Other intangible assets 0.36 0.04
(f) Right of use assets 2.13 0.39
(G) Other non-financial assets 1.49 1.03
Total assets 34,841.65 32,870.16

LIABILITIES AND EQUITY

Liabilities
(1) Financial Liabilities
(a) Derivative financial instruments 3.26 0.36
(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 3.58 8.28
enterprises
(c) Other financial liabilities 17.25 10.08
24.09 18.94
(2) Non-financial liabilities
(a) Current tax liabilities (Net) 8.75 10.83
(b) Provisions 10.15 7.56
(c) Deferred tax liabilities (Net) 3,707.70 2,867.09
(d) Other non-financial liabilities 0.19 0.63
3,726.79 2,886.11
(3) Equity
(a) Equity share capital 50.60 50.60
(b) Other equity 31 ,040.17 29,914.51
Total equity 31,090.77 29,965.11

(4) Non-controlling interest - -

Total liabilities and equity 34,841.65 32,870.16
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TATA INVESTMENT CORPORATION LIMITED
Elphmstone Building 10 Veer Na 11 man Road Mumba1 400 001
Tel91 22 6665 8282 Fax 91 22 6665 7917 e ·ma d t<c l @tata com
webstte www tatamvestment com CIN L5 72.00MH1937PLC002622
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-: 3 :-
Audited Consolidated Statement of Cash Flows

(Rs.in crores)

For the Year ended

31-Mar-25 31-Mar-24
A. CASH FLOW FROM OPERATING ACTIVITIES :
Net profit before tax 368.47 405.94
Adjustments for :
Share in Profit of associates (102.95) (64.64)
Depreciation and amortisation expense 1.66 0.94
Net gain on fair value changes (10.22) (79.43)
Dividend received from associates 25.80 17.80
Expenditure towards issue of Cumulative Compulsorily Convertible Preference Shares (0.55)
Finance Cost 0.16 10.78
Interest income calculated using effective interest rates (0.27) (0.76)
Loss on de recognition of property, plant and equipment 0.01 0.01
Operating profit before working capital changes 282.66 290.09
Adjustments for :
Trade Receivables 5.72 4.67
Loans (0.03) 0.01
Other financial assets 20.16 (10.25)
Other non-financial assets (0.47) 0.11
Payables (4.92) 4.63
Derivative financial instruments 0.91 (0.09)
Other Financial liabilities 5.50 0.37
Provisions 0.27 0.09
Other non-financial liabilities (0.41) 0.33
Cash generated from operations 309.39 289.96
Direct taxes paid- (Net of refunds) (103.18) (55.10)
Net cash from operating activities 206.21 234.86
B. CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of property, plant and equipment (including capital advances) (0.74) (0.18)
Purchase of investments (29,711.13) (12,256.79)
Purchase of Investment Property (158.09)
Sale proceeds of investments 29,483.96 12,816.30
Deposits placed (4.99) (255.00)
Deposits matured 225.00 61 .50
Net cash (used in) I from investing activities (165.99) 365.83
C. CASH FLOW FROM FINANCING ACTIVITIES :
Cash payments for the principal portion of the lease liability (0.81) (0.78)
Cash payments for the interest portion of the lease liability (0.11) (0.07)
Proceeds from Commercial Papers received 58.92
Repayment of liability towards Commercial Papers (310.00)
Proceeds from issue of Compulsorily Cumulative Convertible Preference Shares in subsidiary company 0.52
Adjustments relating to consolidation of share capital (0.47)
Dividend paid (141.71) (242 .86)
Net cash used In financing activities (142.63) (494.74)
Net (decrease) I increase in cash and cash equivalents (A+B+C) (102.41) 105.95
Cash and cash equivalents at the beginning of the year 110.49 4.54
Cash and cash equivalents at the end of the year 8.08 110.49

Notes :
i) The above statement of cash flows 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. 41 .96 crores (Previous year Rs. 56.69 crores ) and dividend earned of Rs. 225.44 crores (Previous year Rs. 211.40
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 Statement of Cash Flows comprises the following balance sheet items :-

As at As at
31-Mar-25 31-Mar-24
---------(Rupees in crores)----------
Cash and cash equivalents as per Balance Sheet 8.08 110.49

ures have been re rou ed, wherever necessa

TATA INVESTMENT CORPORATION LIMITED

Elphinstone Building 10 Veer Nariman Road Mumbaf 400 001
Te l 91 22 6655 8282 Fax 91 22 5555 7917 e-mail ticl@tata .com
website www tatainvestment.com CIN L67200MH1937PLC002622
 .,..
TATA
-: 4 :-

1. The above audited consolidated financial results were reviewed by the Audit Committee and subsequently approved by the
Board of Directors at their meeting held on 21st April, 2025. The statutory auditors of the Company have carried out the
audit of the aforesaid results.
2. The above consolidated financial results have been prepared in accordance with the recognition and measurement
principles laid down in Indian Accounting Standard, 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 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 Balance Sheet as under:
(Rs.in crores)
Quarter ended Year ended
31-Mar-25 31-Mar-24 31-Dec-24 31-Mar-25 31-Mar-24
Audited Unaudited Audited
- Profit After Tax as disclosed in (A) of Part I 37.72 60.47 19.61 312.09 384.96
- Realised Profit on sale of investment credited
to Retained Earnings (Net of Taxes) 16.88 25.49 65.06 388.18 332.13

Total 54.60 85.96 84.67 700.27 717.09

4. The Company (including its wholly owned Subsidiary Company), is a Systemically Important Non Banking Financial
Company (NBFC), has been classified by 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 in lnd AS 108 "Operating Segment".
6. The Board of Directors at its meeting held on 21st April, 2025, has recommended a dividend of Rs. 27.00 (270%) per
Ordinary share of Rs.1 0.00 each.
7. 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.
8. The figures for the quarters ended 31st March are the balancing figures between the audited figures in respect of the full
financial year and published year to date figures up to the third quarter of the relevant financial year.
9. Previous periods' figures have been regrouped wherever necessary.

Tata Investment Corporation Limited

( Noel N. lata )
Chairman
Mumbai, 21st April, 2025 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
 G
l\TA
April 21 , 2025

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 Sir/Madam,

Sub: Declaration in terms of Regulation 33(3)(d) of SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015

In terms of the second proviso to Regulation 33(3)(d) of SEBI (Listing Obligations & disclosure
Requirements) Regulations 2015, as amended, we confirm that the Statutory Auditors of the
Company have given an Unmodified Opinion on the Annual Audited (Standalone and
Consolidated) Financial Results of the Company for the financial year ended March 31, 2025.

Yours faithfully,

For Tata Investment Corporation Limited

~;/;\
Manoj Gupta
Chief Financial Officer

TATA INVESTMENT CORPORATION LIMITED

Elphinstone Building 10 Veer Nariman Road Mumbai 400 001
Tel 91 22 6665 828 2 Fax 91 22 6665 7917 e-mail t ic\ @tata .com
website www.tatainvestment.com CIN L67200MH1937PLC002622