Adani Breaks Records with Unprecedented $16B Expansion Drive

Adani Portfolio has reported a record-breaking capital expenditure of ₹1.53 lakh crore ($16.1 billion) in FY26 — the highest ever by any Indian corporate — marking a historic inflection point in India’s infrastructure growth. The group also posted its all-time high EBITDA of ₹94,834 crore, with 87% of earnings coming from core infrastructure.

Key Highlights of FY26 Performance

• Record Capex: ₹1,52,967 crore invested, surpassing all previous benchmarks in Indian corporate history.
• Asset Base: Expanded to ₹7,85,098 crore, reflecting accelerated infrastructure development.
• EBITDA: ₹94,834 crore, up 5.6% year-on-year.
• Core Infrastructure Contribution: 87% of earnings came from energy, utilities, transport, and logistics.
• Liquidity: Cash balance of ₹55,852 crore, covering debt servicing for at least 17 months.

Major Projects Commissioned

• Navi Mumbai International Airport: Began operations in Dec 2025.
• Guwahati Terminal: Operational since Feb 2026.
• Ganga Expressway: Commissioned in April 2026.
• Renewable Energy: 5.1 GW added, total capacity now 19.3 GW.
• Battery Energy Storage: Expanded to 3.37 GWh at Khavda.
• Copper Smelter: Commissioned as part of primary industries diversification.

Strategic Significance

• Scale of Investment: FY26 capex alone equals the group’s first 25 years of asset creation.
• Infrastructure Push: Aligns with India’s national growth priorities in transport, energy, and utilities.
• Competitive Positioning: Strengthens Adani’s dominance against rivals like UltraTech and Shree Cement in eastern India.
• Future Earnings Visibility: Newly commissioned projects expected to drive stronger cash flows from FY27 onwards.

Risks & Challenges

• Regulatory Approvals: Large projects remain vulnerable to delays in clearances.
• Debt Management: Despite strong liquidity, high leverage requires careful monitoring.
• Market Competition: Cement and energy sectors remain highly competitive.
• Execution Risks: Timely completion of mega projects is critical to sustaining momentum.

This milestone is a landmark corporate story showcasing India’s largest-ever private investment cycle. It ties into themes of national infrastructure growth, industrial diversification, and global competitiveness.

IEX Reports Record 141 BU Power Trade, 15% Profit Growth, Strong REC & Gas Market Gains

Indian Energy Exchange (IEX) ('Company') announces audited financial results for the financial year and fourth quarter ending March 31, 2026. 

Key highlights of the audited financial results for the financial year and fourth quarter ending March 31, 2026, as declared by the Company on 23rd April 2026, are listed below:

FY’26

• IEX Culminates Fy’26 With Highest Ever Traded Electricity Volume of 141 Bu, Increase of 17% YoY. 
• Consolidated PAT at Inr 492.9 Crore in Fy’26, Up 15% YoY.
• Board of Directors Announce Final Dividend of Inr 2/- Equivalent to 200% of Face Value of the Equity Share.

Q4FY’26

• Achieves Highest Ever Quarterly Traded Electricity Volume of 39.4 Bu in Q4fy’26, Increase of 24% YoY. 
• Consolidated PAT at Inr 129.8 Crore in Q4fy’26, Up 11% YoY.

POWER SECTOR UPDATE

On the power sector front, India’s electricity demand reached approximately 1,709 BUs, reflecting around 1% growth over the previous year. On the fuel side, ample fuel has been available at competitive prices. India's coal production recorded 1,041 million tonnes in FY’26. Coal inventory as of 31st March 2026 stood at 25 days.

During FY’26, enhanced wind, hydro, solar generation along with sustained supply from coal-based generation resulted in higher supply liquidity on the exchange platform, leading to a substantial decline in DAM and RTM prices. For FY’26, the Market Clearing Price in the Day-Ahead Market at INR 3.86/unit declined 13.7% compared to FY’25. Similarly, the Market Clearing Price in the Real-Time Market at INR 3.59/unit during FY’26 declined 16% compared to FY’25.

On the gas market front, IGX traded highest ever gas volumes of 76.8 million MMBtu in FY’26, a growth of 28% YoY. IGX recorded a profit after tax of INR. 41.9 Crore in FY’26, higher by 35% compared with INR. 30.9 Crore in FY’25.

During FY’26, ICX issued 179 lakh I-REC, recording a growth of over 200% compared with FY’25. ICX made revenue of INR 7.7 crore in FY’26, as compared to INR 3.4 crore in FY’25, achieving growth of 126% YoY.

TCS Set for 9-Quarter High Revenue Growth as Rupee Depreciation Boosts IT Earnings

Tata Consultancy Services (TCS) is expected to post its strongest revenue growth in nine quarters for Q4 FY26, largely driven by the weaker rupee against the US dollar. Analysts project a sequential revenue rise of about 4% to ₹69,912 crore, with net profit estimated to grow 2.7% to ₹13,801 crore.

The basis of the report is analyst consensus ahead of TCS’s Q4 FY26 earnings, with brokerages highlighting that revenue growth will be the strongest in nine quarters, largely due to rupee depreciation boosting dollar-denominated revenues. Estimates peg sequential revenue growth between 2.6–4% and net profit growth around 2–3%.

The weaker rupee against the US dollar is the single biggest driver of revenue growth, as TCS earns most of its revenues in foreign currency.

Brokerage estimates project TCS’s highest revenue growth in nine quarters, driven by rupee depreciation and modest sectoral recovery, though analysts warn growth is forex-led rather than demand-led. Analysts caution that while headline growth looks strong, underlying demand remains mixed due to AI adoption risks, geopolitical uncertainty, and cautious client spending.

Key Highlights of TCS Q4 FY26 Outlook

• Revenue Growth: Projected at ₹69,912 crore, up 4% sequentially.
• Net Profit: Estimated at ₹13,801 crore, a 2.7% increase.
• Currency Impact: The weaker rupee has boosted export-heavy IT earnings, making dollar revenues more valuable when converted to INR.
• Quarter Context: This marks the highest revenue growth in nine quarters, signaling a rebound after muted performance in earlier quarters.

Why the Weaker Rupee Matters

• Export Advantage: TCS earns a majority of its revenue in dollars. A weaker rupee increases the INR value of these earnings.
• Margin Support: Currency depreciation cushions operating margins, especially when global demand is steady.
• Investor Sentiment: While revenue growth looks strong, analysts caution that quality of growth—driven by forex rather than volume expansion—remains a concern.

Market & Strategic Context

• Global Demand: Despite forex gains, IT demand remains mixed due to AI adoption risks, Middle East crisis impacts, and cautious client spending.
• Dividend & Guidance: Investors are watching for final dividend announcements and FY27 guidance, which will indicate whether growth is sustainable beyond currency effects.
• Competitive Landscape: Infosys, Wipro, and HCL Tech will also benefit from rupee weakness, but TCS’s scale positions it to capture the largest gains.

Risks & Trade-offs

• Dependence on Forex: Heavy reliance on rupee depreciation raises concerns about long-term growth sustainability.
• Macro Uncertainty: Global IT budgets are under pressure from geopolitical risks and AI-driven restructuring, which could limit deal flow.
• Investor Hesitation: Markets remain cautious, focusing not just on headline growth but on deal pipeline strength and margin quality.

Takeaway for Analysts & Investors

TCS rides weaker rupee to strongest revenue growth in nine quarters. However, the deeper narrative should highlight that this growth is currency-driven rather than demand-led, raising questions about sustainability.

Nykaa Sees Fastest Quarterly Revenue Growth in 3 Years

Nykaa, India’s leading fashion-to-beauty retailer, has signaled a strong rebound in its growth trajectory. The company announced that it expects net revenue to grow in the “late-20% range” in the fourth quarter of fiscal 2026, marking its fastest pace in three years. This guidance reflects renewed momentum across its core beauty and fashion segments, supported by its omni-channel strategy that blends online strength with an expanding offline presence.

FSN E‑Commerce Ventures Ltd. (Nykaa’s parent) filed a provisional update with the exchanges, stating that consolidated net revenue growth is expected in the late‑20% range year‑on‑year. Gross Merchandise Value (GMV) growth is projected in the late‑20s, while Net Sales Value (NSV) growth is tracking higher, in the early‑30s.

Nykaa’s journey on the public markets has been closely watched since its blockbuster IPO in November 2021. The company, formally known as FSN E‑Commerce Ventures Ltd., went public at a price band of ₹1,085–₹1,125 per share, raising about ₹5,350 crore. Investor enthusiasm was extraordinary: Nykaa debuted at nearly ₹2,018 per share, an 80% premium over its issue price, making it one of the most successful listings of that year.

The initial hype reflected Nykaa’s unique positioning as India’s first major beauty and fashion e‑commerce IPO. However, the stock’s trajectory since then has been far from smooth. By late 2022, Nykaa’s share price had fallen below ₹1,000, as investors reassessed its stretched valuations and profitability challenges. Rising competition from quick-commerce platforms like Blinkit and Zepto also weighed on sentiment, alongside margin pressures from heavy marketing spends.

From 2024 onward, Nykaa began to stabilize. The company leaned into its omni-channel strategy, expanding aggressively into offline stores while strengthening its digital platform. This helped restore investor confidence, with the stock trading in the ₹1,200–₹1,400 range through much of 2024. By 2025–2026, Nykaa’s shares were hovering between ₹1,400–₹1,600, supported by renewed growth momentum. The latest guidance of late‑20% revenue growth in Q4 FY2026 underscores this recovery, suggesting that both its beauty and fashion segments are firing again.

Performance Since Listing

Period	Price Trend	Key Drivers
Nov 2021 (Listing)	Listed at ~₹2,018 (nearly 80% premium over issue price).	Strong investor demand, excitement around India’s first major beauty/fashion e‑commerce IPO.
2022–2023	Sharp correction; stock fell below ₹1,000 by late 2022.	Profit-taking, high valuations, margin pressures, competition from quick-commerce players.
2024	Stabilization around ₹1,200–₹1,400.	Expansion of offline stores, improved revenue growth, focus on profitability.
2025–2026 (latest)	Trading in the ₹1,400–₹1,600 range, with renewed investor confidence.	Guidance of late‑20% revenue growth in Q4 FY2026, strongest in three years.

Competitive Comparison

Nykaa’s performance since IPO can be understood as a three-phase story: the euphoric debut, the sobering correction, and the gradual recovery. The initial surge was driven by excitement around consumer-tech and e‑commerce, but the correction highlighted the risks of high valuations and competitive pressures. The recovery phase now reflects Nykaa’s ability to adapt—balancing expansion with profitability, and leveraging its brand strength in premium beauty and fashion.

When compared to peers, Nykaa’s trajectory stands out. Zomato, which went public in July 2021 at ₹76 per share, listed at ₹115 but later fell below its issue price in 2022. It has since recovered, trading in the ₹120–₹140 range, driven by food delivery scale and its Blinkit acquisition, though profitability remains thin. Mamaearth (Honasa Consumer Ltd.), which listed in November 2023 at ₹324 per share, saw a modest premium on debut and has since delivered steady gains, trading in the ₹350–₹400 range. Unlike Nykaa’s volatility or Zomato’s scale-first approach, Mamaearth has positioned itself as a niche consumer brand with more modest upside.

Takeaway

For investors, Nykaa remains a case study in how India’s new-age consumer-tech companies navigate the public markets. The risks are clear: competition is intense, and profitability must be carefully managed. Yet the company’s latest guidance shows that it is capable of reigniting growth, making it one of the more resilient players in India’s digital retail landscape.

»» In comparison, Nykaa offers growth potential with volatility, Zomato offers scale with risk, and Mamaearth offers stability with modest upside. Together, these three companies highlight the diverse paths India’s consumer-tech IPOs have taken—and why Nykaa’s renewed momentum is particularly noteworthy. 

Nykaa Official Q4 FY2026 Announcement

Nykaa’s official announcement of its Q4 FY2026 performance came through a filing with the stock exchanges on April 6, 2026. FSN E‑Commerce Ventures Ltd. stated consolidated net revenue growth is expected in the late‑20% range year‑on‑year, marking its fastest quarterly growth in three years.

Highlights from the Filing

• Revenue Growth: Late‑20% range, strongest in 12 quarters.
• GMV Growth: Late‑20% range.
• NSV Growth: Early‑30% range.
• Segment Drivers:
  • Fashion vertical — NSV growth in early‑40% range.
  • Beauty vertical — Revenue growth in late‑20% range.
• Retail Expansion: Record store additions in Q4 FY2026, including Kiehl’s integration.

Market Reaction

Following the announcement, Nykaa’s shares rose nearly 4% on April 6, 2026, closing around ₹255.50. Analysts noted Nykaa balanced offline expansion with digital growth while regaining momentum in fashion.

Takeaway

The filing confirms Nykaa’s fastest revenue growth in three years, driven by fashion recovery, beauty strength, and offline expansion. Nykaa remains one of the more resilient players in India’s consumer-tech sector.

ICICI Lombard Q3 FY2026: Premiums Up 13.3% to ₹70.41B, Profit Impacted by Wage Code & CAT Losses

ICICI Lombard Q3 Results: Reports premium growth of 13.3% at ₹70.41 billion

Performance summary

• Gross Direct Premium Income (GDPI) on a 1/n basis: ₹213.72 billion in 9M FY2026 vs ₹206.23 billion in 9M FY2025 (growth 3.6%; industry 8.7%).
  
• Excluding Crop and Mass Health, GDPI growth (1/n): 7.5% in 9M FY2026 vs industry 13.3%.
  
• GDPI (Q3 FY2026, 1/n): ₹70.41 billion vs ₹62.14 billion in Q3 FY2025 (growth 13.3%; industry 11.5%).
  
• Excluding Crop and Mass Health (Q3), GDPI growth (1/n): 16.4% vs industry 20.1%.
  
• Combined ratio (9M FY2026): 104.2% (1/n) vs 102.9% (9M FY2025); 103.1% (n) vs 102.8%.
  
• Combined ratio (Q3 FY2026): 104.5% (1/n) vs 102.7% (Q3 FY2025); 103.1% (n) vs 102.3%.
  
• Ex-CAT losses: 9M FY2026 CoR (1/n) 103.7% vs 102.9% (9M FY2025); Q3 FY2026 CoR 104.3% (no CAT in Q3 FY2025).
  
• Wage Code impact (Q3 FY2026): ₹0.55 billion. Ex-impact CoR (1/n): 103.9% (9M) & 103.5% (Q3); CoR (n): 102.8% (9M) & 102.2% (Q3).
  
• PBT: ₹29.41 billion (9M, +10.8%); ₹8.70 billion (Q3, −9.4%). Capital gains: ₹9.33 billion (9M) vs ₹7.96 billion; ₹3.17 billion (Q3) vs ₹2.76 billion.
  
• PAT (1/n): ₹22.25 billion (9M, +11.3%); ₹6.59 billion (Q3, −9.1%). Ex-Wage Code: ₹22.67 billion (9M, +13.4%); ₹7.00 billion (Q3, −3.3%).
  
• PAT (n): ₹22.22 billion (9M, +13.8%); ₹6.80 billion (Q3, +0.2%). Ex-Wage Code: ₹22.64 billion (9M, +15.9%); ₹7.21 billion (Q3, +6.3%).
  
• ROAE (1/n): 19.5% (9M) vs 20.8%; 16.5% (Q3) vs 21.5%. Ex-Wage Code: 19.8% (9M) & 17.5% (Q3).
  
• Solvency ratio: 2.69x (Dec 31, 2025) vs 2.73x (Sep 30, 2025); minimum regulatory 1.50x. 2.69x as at March 31, 2025.
  

Operating performance (1/n basis)

(₹ billion)

Financial Indicators	Q3 FY2025	Q3 FY2026	Growth %	9M FY2025	9M FY2026	Growth %	FY2025
GDPI	62.14	70.41	13.3%	206.23	213.72	3.6%	268.33
PBT	9.60	8.70	-9.4%	26.53	29.41	10.8%	33.21
PAT *	7.24	6.59	-9.1%	19.99	22.25	11.3%	25.08

*Excluding the impact of Wage Code, on PAT in Q3 FY2026 and 9M FY2026 de-growth was 3.3% and growth was 13.4% respectively. Excluding the impact of Wage Code, on PAT, on n basis in Q3 FY2026 and 9M FY2026 growth was 6.3% and 15.9% respectively.

Ratios (1/n basis)

Financial Indicators	Q3 FY2025	Q3 FY2026	9M FY2025	9M FY2026	FY2025
ROAE – Annualised	21.5%	16.5%	20.8%	19.5%	19.1%
Combined Ratio (CoR)^	102.7%	104.5%	102.9%	104.2%	102.8%

^There were no CAT losses for Q3 FY2025. Excluding the impact of CAT losses of ₹ 0.11 billion in Q3 FY2026, the Combined ratio was 104.3%.

Excluding the impact of Wage Code in Q3 FY2026, ROAE was 17.5% and 19.8% for Q3 FY2026 and 9M FY2026 respectively; Combined ratio was at 103.5% and 103.9% respectively.

Excluding the impact of Wage Code on n basis CoR was 102.2% and 102.8% for Q3 FY2026 and 9M FY2026 respectively.

Excluding the impact of CAT losses of ₹ 0.84 billion in 9M FY2026 and ₹ 0.94 billion in 9M FY2025 the Combined ratio was 103.7% and 102.3% respectively.

Excluding the impact of CAT losses of ₹ 0.94 billion in FY2025, the Combined ratio was 102.4%.

Combined ratio on n basis was at 103.1% in Q3 FY2026 compared to 102.3% in Q3 FY2025. Combined ratio on n basis was at 103.1% in 9M FY2026 compared to 102.8% in 9M FY2025.

Notes

Combined Ratio = (Net Incurred Claims/ Net Earned Premium) + (Management Expenses – Commission on Reinsurance)/ Net Written Premium

Management Expenses = Commission Paid Direct + Commission Paid on Reinsurance inward + Operating expenses related to insurance business

Return on Average Equity (ROAE) = Profit After Tax / ((Opening Net Worth + Closing Net Worth)/2)

Net Worth = Share Capital + Reserves & Surplus

About ICICI Lombard General Insurance Company Limited

ICICI Lombard is the leading private general insurance company in the country. The Company offers a comprehensive and well-diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance.

With a legacy of over 2 decades, ICICI Lombard is committed to customer centricity with its brand philosophy of ‘Nibhaye Vaade’. The company has issued over 37.6 million policies, over 3.2 million claims processed and has a Gross Written Premium (GWP) of ₹ 282.58 billion for the year ended March 31, 2025. ICICI Lombard has 328 branches and 15,123 employees, as on March 31, 2025.

ICICI Lombard has been a pioneer in the industry, being the first large-scale insurance company in India to migrate its entire core systems to the cloud. With a strong focus on being digitally-led and agile, the company has introduced multiple AI-powered insurance solutions. The company’s flagship insurance and wellness app, IL TakeCare, which has received over 18.4 million downloads, also offers the industry’s first Face Scan feature. The company has won several prestigious awards- including the Insurance Asia, ICC Emerging Asia Insurance, ET BFSI Exceller, ET Corporate Excellence, Golden Peacock, FICCI Insurance, Assocham, Stevie Asia Pacific, and National CSR in recognition of its various initiatives. For more details log on to https://www.icicilombard.com/

Disclaimer

Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'would', ‘indicating’, ‘expected to’ etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements.

These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion in business, the impact of any acquisitions, technological implementation and changes, the actual growth in demand for insurance products and services, investment income, cash flow projections, our exposure to market risks, policies and actions of regulatory authorities; impact of competition; the impact of changes in capital, solvency or accounting standards, tax and other legislations and regulations in the jurisdictions as well as other risks detailed in the reports filed by ICICI Bank Limited, our holding company with the United States Securities and Exchange Commission. ICICI Bank and we undertake no obligation to update forward-looking statements to reflect events or circumstances after the date there.
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Tata Elxsi Posts 3.9% QoQ Revenue Growth, Margins Expand in Q3 FY’26

• Revenue from operations grows 3.9% QoQ, with EBITDA margin increasing by 220 bps

Tata Elxsi (BSE: 500408 | NSE: TATAELXSI), amongst the world’s leading providers of design led technology services, announced its third quarter results for the period ending 31st December 2025.

For the third quarter of financial year 2025-26, the company reported operating revenue of Rs. 953.5 crores, up 3.9% QoQ.

Highlights of the Quarter Ended 31st December 2025:

• Revenues from operations at Rs. 953.5 crores, up 3.9% QoQ
• EBITDA at Rs. 222.2 crores, EBITDA Margin at 23.3%
• Profit Before Tax (PBT) at Rs. 242.0 crores, up 12.7% QoQ*
• Profit After Tax (PAT) at Rs. 179.1 crores, up 15.7% QoQ*

*Excluding one-time exceptional item due to new labour code

CEO Commentary

Mr. Manoj Raghavan, CEO and Managing Director, Tata Elxsi, commenting on the company’s performance in the third quarter of FY26, said:

• Growth led by transportation business, with accelerated ramp-ups in SDV-led OEM deals.
• New program win with a US off-highway OEM for operator information and control system.
• Regional growth led by Europe and US across key accounts and verticals.
• Healthcare business: Gen AI powered regulatory workflows secured multi-million, multi-year deal with European MedTech leader.
• Large deal win for next-gen drug delivery system for critical illness treatment.
• Chosen as strategic partner by major European Telco for 3-year autonomous network transformation using NEURON platform.
• Operational excellence improved margins: EBITDA grew to Rs. 222.2 crores, up 220 bps QoQ.
• Continued investments in Gen AI and AI for innovation and product engineering workflows.

About Tata Elxsi

Tata Elxsi is amongst the world’s leading providers of design and technology services across industries including Automotive, Broadcast, Communications, Healthcare and Transportation.

Helping customers reimagine products and services through design thinking and digital technologies such as IoT, Cloud, Mobility, Virtual Reality and Artificial Intelligence.

For more information, please visit www.tataelxsi.com

Starbucks Reports Steep Decline in Sales, Particularly in US (6%) & China (14%)

Starbucks has decided to suspend its financial guidance for 2025 after experiencing a significant decline in sales. The company reported a 7% drop in same-store sales for the fourth quarter ended September 29, 2024, which was twice as steep as analysts had expected.

The decline was particularly pronounced in the US, where transactions were down 10%, and in China, where comparable sales fell 14%.

Financial guidance is a company's forecast or projection of its future financial performance. It typically includes estimates of revenue, earnings, expenses, and other key financial metrics for a specific period, such as a quarter or a fiscal year. Financial guidance helps investors, analysts, and stakeholders understand the company's expectations and make informed decisions.

When a company like Starbucks withdraws its financial guidance, it indicates uncertainty about future performance, which can affect investor confidence and stock prices.

For the fourth quarter of fiscal year 2024, global comparable store sales declined 7%, and consolidated net revenues declined 3% to $9.1 billion, or a 3% decline on a constant currency basis. GAAP earnings per share is $0.80, down 25% over prior year. Non-GAAP earnings per share is also $0.80, declining 24% on a constant currency basis.

The company’s results were primarily driven by softness in North America’s revenues in the quarter, specifically a 6% decline in U.S. comparable store sales, driven by a 10% decline in comparable transactions, partially offset by a 4% increase in average ticket.

Starbucks' New CEO Brian Niccol has acknowledged the need for a fundamental change in strategy to return to growth. He plans to simplify the menu, adjust prices, enhance mobile ordering, and revamp marketing efforts. Starbucks will also focus on making its cafes more inviting and improving morning service.

Fourth Quarter 2024:

• Global Comparable Store Sales: Declined by 7%
• Consolidated Net Revenues: Fell by 3% to $9.1 billion
• GAAP Earnings Per Share: $0.80, down 25% over the prior year.
• Non-GAAP Earnings Per Share: Also $0.80, declining 24% on a constant currency basis. 
• US Sales: Declined by 6%, driven by a 10% drop in comparable transactions, partially offset by a 4% increase in average ticket.
• China Sales: Fell by 14%, with an 8% decline in average ticket and a 6% drop in comparable transactions.

Full Fiscal Year 2024:

• Global Comparable Store Sales: Declined by 2%.
• Consolidated Net Revenues: Increased by 1% to $36.2 billion.
• GAAP Earnings Per Share: $3.31, down 8% over the prior year. 
• Non-GAAP Earnings Per Share: Also $3.31, declining 6% on a constant currency basis

NTPC FY24 Audited Results: Recorded Its Highest-ever Annual Electricity Generation of 422 Billion Units

NTPC Ltd., India's largest integrated power utility, with an installed group capacity of 76,015 MW, has declared the audited financial results for the financial year 2023-24, on 24th May, 2024.

Here are the key highlights:

Electricity Generation: The NTPC Group recorded its highest-ever annual electricity generation of 422 Billion Units in FY24, marking an increase of approximately 6% from 399 Billion Units in FY23.

Profit After Tax (PAT): On a consolidated basis, the group's PAT for FY24 was ₹21,332 crores, which is a significant increase of about 24.60% compared to the previous year's PAT of ₹17,121 crores.

Dividends: The Board has recommended a final dividend of ₹3.25 per equity share, subject to shareholder approval at the upcoming Annual General Meeting. This, along with interim dividends totaling ₹4.50 per equity share paid during FY24, brings the total dividend for the year to ₹7.75 per equity share.

These results reflect NTPC's continued growth and operational efficiency, with the company achieving a Plant Load Factor of 77.25%, surpassing the national average of 69.49% during FY24.

Tata Steel Q4 2024 Update and FY'24 Production and Delivery Volumes (Provisional)

Tata Steel has reported its Q4 update for the fiscal year 2024. Tata Steel India has achieved highest ever annual crude steel production of ~20.8 million tons, with a growth of 4% YoY by debottlenecking across sites and achieving higher steel production at Neelachal Ispat Nigam Limited. In 4QFY24, crude steel production was broadly stable and stood at around 5.38 million tons.

Here are the key highlights:

Crude Steel Production: The production was stable at around 5.38 million tonnes.

India Deliveries: There was a 6% year-over-year (YoY) increase, surpassing the previous best in FY2023. The quarter saw the highest ever quarterly deliveries at 5.41 million tonnes.

Annual Production: Tata Steel achieved its highest-ever annual crude steel production of 20.8 million tonne, marking a 4% growth YoY.

The Netherlands and UK Subsidiary: Tata Steel Netherlands posted steel production of 4.80 million tonnes and deliveries of 5.30 million tonnes for FY24. Tata Steel UK produced 3.02 million tonnes and delivered 2.80 million tonnes.

Branded Products & Retail: Deliveries in this segment increased by 11% YoY in FY24, with Tata Tiscon crossing sales of 2 million tonnes.

Tata Steel Aashiyana: The e-commerce platform for individual home builders saw revenues of Rs. 2,240 crore, up 30% YoY.

Financial Performance: The company rebounded from a net loss of Rs 2,501.95 crore in the corresponding quarter of the previous year.

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Tech Mahindra Q3’24 revenue at ₹ 13,101 Crore; up 1.8% QoQ

Tech Mahindra Ltd., a specialist in digital transformation, consulting and business re-engineering services today announced the audited consolidated financial results for its quarter ended December 31, 2023.

Financial highlights for the quarter (USD)

• Revenue at USD 1573 Million; up 1.1% QoQ, down 5.7% YoY
• Revenue up by 1.1% QoQ, declined by 5.4% YoY in constant currency terms
• EBITDA at USD 138 Million; up 6.4% QoQ, down 47.1% YoY; Margin at 8.8%, up 40 bps QoQ
• Profit after tax (PAT) at USD 61 Million; up 3.0 % QoQ, down 61.0 % YoY
• Free cash flow at USD 228 Million

Financial highlights for the quarter (₹)

• Revenue at ₹ 13101 Crore; up 1.8% QoQ, down 4.6% YoY
• EBITDA at ₹ 1146 Crore; up 6.9% QoQ, down 46.5% YoY
• Consolidated PAT at ₹ 510 Crore; up 3.4% QoQ, down 60.6% YoY
• Earnings per share (EPS) at ₹ 5.8

Other Highlights

• Total headcount at 146250 down 4354 QoQ
• Cash and Cash Equivalent at ₹ 7012 Crore as of December 31, 2023

Mohit Joshi, Managing Director and Chief Executive Officer, Tech Mahindra, said,
“The quarter was a mixed outcome, with growth in the Manufacturing and Healthcare segments but muted spending in areas like Communications, BFSI, and Hi-tech. While this dichotomy in the markets will take its own time to settle, we are focusing internally on realigning under the new structure and strengthening the foundations of our organisation.”

Rohit Anand, Chief Financial Officer, Tech Mahindra, said, “This year has given us the opportunity to step back and review our portfolio. We are confident that these actions will help us correct our course and deliver value in the long term. We are encouraged by the robust cash conversions this year, and we hope to continue this rigor in other operational areas as well.”

Earlier in October last year, Tech Mahindra announced the audited consolidated financial results for its quarter ended September 30th, 2023, wherein it reported revenue at ₹ 12,864 crores that was down by 2.2% QoQ and down 2.0% YoY.

In the quarter ended December 31, Tech Mahindra launched a new business unit Navixus™, within Tech Mahindra Business Process Services (BPS), and acquired Eventus Solutions Group. The company also launched Populii, a crowdsourcing platform that enables gig workers to collaborate with leading organisations through micro jobs requiring human-in-the-loop services.

Consolidated financial for the third quarter ended December 31, 2023 drawn under Ind AS

Accenture Results Q1 FY24 – Revenues Increases 3% To USD 16.2 Bn

• Revenues of $16.2 billion, an increase of 3% in U.S. dollars and 1% in local currency
• GAAP operating margin of 15.8%, compared to 16.5% in the first quarter of fiscal 2023; adjusted¹ operating margin of 16.7%, an expansion of 20 basis points
• GAAP EPS of $3.10, an increase of 1% over the first quarter of fiscal 2023; adjusted EPS of $3.27, an increase of 6%
• New bookings of $18.4 billion, an increase of 14% in U.S. dollars and 12% in local currency
• Quarterly cash dividend of $1.29 per share, an increase of 15%
• Accenture confirms business outlook for fiscal 2024; continues to expect revenue growth of 2% to 5% in local currency; GAAP EPS of $11.41 to $11.76, a 6% to 9% increase; and adjusted EPS of $11.97 to $12.32, a 3% to 6% increase

Accenture (NYSE: ACN) reported financial results for the first quarter of fiscal 2024 ended November 30, 2023.

Julie Sweet, chair and CEO, Accenture, said, “I am pleased that we delivered on our commitments this quarter while strategically investing at scale for future growth. Our deep and trusted client relationships are again reflected in the 30 clients with quarterly bookings of more than $100 million. And we continue to lead our industry in Gen AI – the great accelerator of reinvention – with over $450 million in new bookings. I am incredibly grateful to the 743,000 people of Accenture, who are steadfastly dedicated to helping our clients achieve their ambition to grow and thrive in the years ahead.”

Revenues were $16.2 billion, an increase of 3% in U.S. dollars and 1% in local currency over the first quarter of fiscal 2023.

GAAP operating income was $2.56 billion, compared to $2.59 billion for the first quarter of fiscal 2023, and operating margin was 15.8% compared to 16.5% for the first quarter last year.

Adjusted operating income was $2.70 billion and adjusted operating margin was 16.7%, an expansion of 20 basis points from the first quarter of fiscal 2023.

GAAP diluted earnings per share were $3.10, compared to $3.08 for the first quarter of fiscal 2023. Adjusted EPS were $3.27, an increase of 6% from the first quarter of fiscal 2023.

New bookings for the quarter were $18.4 billion, with consulting bookings of $8.6 billion and managed services bookings of $9.8 billion.

¹Adjusted financial measures presented in this release are non-GAAP financial measures that exclude business optimization costs, as further described in this release.

Financial Review

Revenues for the first quarter of fiscal 2024 were $16.22 billion, compared with $15.75 billion for the first quarter of fiscal 2023, an increase of 3% in U.S. dollars and 1% in local currency.

Revenues for the quarter reflect a foreign-exchange impact of approximately positive 1.5% compared with the positive 2.5% impact previously assumed. Adjusting for the actual foreign- exchange impact, the company’s guided range for quarterly revenues was approximately $15.70 billion to $16.30 billion. Accenture’s first quarter fiscal 2024 revenues were at the top end of this adjusted range.

• Consulting revenues for the quarter were $8.46 billion, flat in U.S. dollars and a decrease of 2% in local currency compared with the first quarter of fiscal 2023.
• Managed Services revenues for the quarter were $7.77 billion, an increase of 6% in U.S. dollars and 5% in local currency compared with the first quarter of fiscal 2023.

GAAP diluted EPS for the quarter were $3.10 compared with $3.08 for the first quarter of fiscal 2023. Excluding a $0.17 decrease for business optimization costs, adjusted EPS were $3.27, an increase of 6% from the first quarter of fiscal 2023. The $0.19 increase in EPS on an adjusted basis reflects:

• $0.14 increase from higher revenue and operating results;
• $0.05 increase from higher non-operating income; and
• $0.01 increase from lower share count;

partially offset by

• $0.01 decrease from higher noncontrolling interests.

Gross margin (gross profit as a percentage of revenues) for the quarter was 33.6% compared to 32.9% in the first quarter of fiscal 2023. Selling, general and administrative (SG&A) expenses for the quarter were $2.74 billion, or 16.9% of revenues, compared with $2.59 billion, or 16.5% of revenues, for the first quarter of fiscal 2023.

GAAP operating income for the quarter decreased 1%, to $2.56 billion, or 15.8% of revenues, compared with $2.59 billion, or 16.5% of revenues, for the first quarter of fiscal 2023. Adjusted operating income for the quarter was $2.70 billion, or 16.7% of revenues, an expansion of 20 basis points from the first quarter of fiscal 2023.

The company’s GAAP effective tax rate for the quarter was 23.2%, compared with 23.3% for the first quarter of fiscal 2023.

GAAP net income for the quarter was $2.01 billion, compared with $2.00 billion for the first quarter of fiscal 2023. Adjusted net income for the quarter was $2.12 billion.

Operating cash flow for the quarter was $499 million, and property and equipment additions were $69 million. Free cash flow, defined as operating cash flow net of property and equipment additions, was $430 million. For the same period last year, operating cash flow was $495 million; property and equipment additions were $99 million; and free cash flow was $397 million.

Days services outstanding, or DSOs, were 49 days at November 30, 2023, compared with 42 days at August 31, 2023 and 48 days at November 30, 2022.

Accenture’s total cash balance at November 30, 2023 was $7.1 billion, compared with $9.0 billion at August 31, 2023.

New Bookings

New bookings for the first quarter of fiscal 2024 were $18.45 billion, a 14% increase in U.S. dollars and a 12% increase in local currency over the first quarter of fiscal 2023.

Consulting new bookings were $8.62 billion, or 47% of total new bookings.

Managed Services new bookings were $9.83 billion, or 53% of total new bookings.

Revenues by Geographic Market²

Revenues by geographic market were as follows:

North America: $7.56 billion, a decrease of 1% in both U.S. dollars and local currency compared with the first quarter of fiscal 2023.

EMEA: $5.80 billion, an increase of 9% in U.S. dollars and 2% in local currency compared with the first quarter of fiscal 2023.

Growth Markets: $2.86 billion, an increase of 2% in U.S. dollars and 5% in local currency compared with the first quarter of fiscal 2023.

Revenues by Industry Group

Revenues by industry group were as follows:

Communications, Media & Technology: $2.67 billion, a decrease of 10% in U.S. dollars and 11% in local currency compared with the first quarter of fiscal 2023.

Financial Services: $3.03 billion, an increase of 2% in U.S. dollars and flat in local currency compared with the first quarter of fiscal 2023.

Health & Public Service: $3.38 billion, an increase of 13% in U.S. dollars and 12% in local currency compared with the first quarter of fiscal 2023.

Products: $4.86 billion, an increase of 4% in U.S. dollars and 1% in local currency compared with the first quarter of fiscal 2023.

Resources: $2.28 billion, an increase of 7% in U.S. dollars and 6% in local currency compared with the first quarter of fiscal 2023.

Returning Cash to Shareholders

Accenture continues to return cash to shareholders through cash dividends and share repurchases.

²Effective September 1, 2023, Accenture revised the reporting of its geographic markets for the movement of our Middle East and Africa market units from Growth Markets to Europe, and the Europe market is now referred to as Accenture’s EMEA (Europe, Middle East and Africa) geographic market.

Dividend

On November 15, 2023, a quarterly cash dividend of $1.29 per share was paid to shareholders of record at the close of business on October 12, 2023. These cash dividend payments totaled $810 million.

Accenture plc has declared another quarterly cash dividend of $1.29 per share for shareholders of record at the close of business on January 18, 2024. This dividend, which is payable on February 15, 2024, represents a 15% increase over the quarterly dividend rate of $1.12 per share in fiscal 2023.

Share Repurchase Activity

During the first quarter of fiscal 2024, Accenture repurchased or redeemed 3.8 million shares for a total of $1.2 billion, including approximately 3.4 million shares repurchased in the open market.

Accenture’s total remaining share repurchase authority at November 30, 2023 was approximately $5.4 billion.

At November 30, 2023, Accenture had approximately 628 million total shares outstanding.

Business Outlook

Second Quarter Fiscal 2024

Accenture expects revenues for the second quarter of fiscal 2024 to be in the range of $15.40 billion to $16.00 billion, or negative 2% to 2% in local currency, reflecting the company’s assumption of a negative 0.5% foreign-exchange impact compared with the second quarter of fiscal 2023.

Fiscal Year 2024

Accenture’s business outlook for fiscal 2024 continues to assume that the foreign-exchange impact on its results in U.S. dollars will be flat compared with fiscal 2023.

For fiscal 2024, the company continues to expect revenue growth to be in the range of 2% to 5% in local currency.

Accenture continues to expect GAAP operating margin for fiscal 2024 to be in the range of 14.8% to 15.0%, an expansion of 110 to 130 basis points from fiscal 2023, and adjusted operating margin, which excludes an estimated $450 million for business optimization costs in fiscal 2024 and $1.1 billion in fiscal 2023, to be in the range of 15.5% to 15.7%, an expansion of 10 to 30 basis points from fiscal 2023.

The company continues to expect both its GAAP and adjusted annual effective tax rate, which excludes the tax impacts of business optimization costs, to be in the range of 23.5% to 25.5%.

The company continues to expect GAAP diluted EPS to be in the range of $11.41 to $11.76, an increase of 6% to 9% over fiscal 2023, and adjusted EPS to be in the range of $11.97 to $12.32, an increase of 3% to 6% over fiscal 2023. This excludes $0.56 for business optimization costs in fiscal 2024 and $1.28 for business optimization costs and $0.38 for a gain on an investment in fiscal 2023.

For fiscal 2024, the company continues to expect operating cash flow to be in the range of $9.3 billion to $9.9 billion; property and equipment additions to be $600 million; and free cash flow to be in the range of $8.7 billion to $9.3 billion.

The company continues to expect to return at least $7.7 billion in cash to shareholders through dividends and share repurchases.

360° Value Reporting

Accenture’s goal is to create 360° value for our clients, people, shareholders, partners and communities. Our reporting captures how we deliver unique value across six vital dimensions and offers a comprehensive view of our financial and environmental, social and governance (ESG) measures, and our goals, progress and performance for each. Our full 360° Value Report and online 360° Value Reporting Experience provide customizable reporting. To access, please visit the Accenture 360° Value Reporting Experience at www.accenture.com/ reportingexperience.

Conference Call and Webcast Details

Accenture will host a conference call at 8:00 a.m. EST today to discuss its first quarter fiscal 2024 financial results. To participate, please dial +1 (877) 692-8955 [or +1 (234) 720-6979 outside the U.S., Puerto Rico and Canada] and enter access code 4466414 approximately 15 minutes before the scheduled start of the call. The conference call will also be accessible live on the Investor Relations section of the Accenture website at www.accenture.com.

A replay of the conference call will be available at www.accenture.com, and at +1 (866) 207-1041 [or +1 (402) 970-0847 outside the U.S., Puerto Rico and Canada] with access code 2507165, from 11:00 a.m. EST today, through Wednesday, March 20, 2024.

Non-GAAP Financial Information

This news release includes certain non-GAAP financial information as defined by Securities and Exchange Commission Regulation G. Pursuant to the requirements of this regulation, reconciliations of this non-GAAP financial information to Accenture’s financial statements as prepared under generally accepted accounting principles (GAAP) are included in this press release. Financial results “in local currency” are calculated by restating current-period activity into U.S. dollars using the comparable prior-year period’s foreign-currency exchange rates. Accenture’s management believes providing investors with this information gives additional insights into Accenture’s results of operations. While Accenture’s management believes that the non-GAAP financial measures herein are useful in evaluating Accenture’s operations, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with GAAP. Accenture provides full-year revenue guidance on a local-currency basis and not in U.S. dollars because the impact of foreign exchange rate fluctuations could vary significantly from the company’s stated assumptions.

Accenture to Announce First-Quarter Fiscal 2024 Results

Accenture (NYSE: ACN) will host a conference call at 8:00 a.m. EST on Tuesday, Dec. 19, 2023 to discuss its first-quarter fiscal 2024 financial results. An earnings news release will be issued before the call.

To participate, please dial +1 (877) 692-8955 [+1 (234) 720-6979 outside the U.S., Puerto Rico and Canada] and enter access code 4466414 approximately 15 minutes before the scheduled start of the call. The conference call will also be accessible live on the Investor Relations section of the Accenture website at accenture.com.

A replay of the conference call will be available at accenture.com and at +1 (866) 207-1041 [+1 (402) 970-0847 outside the U.S., Puerto Rico and Canada] with access code 2507165, from 11:00 a.m. EST on Tuesday, Dec. 19, 2023 through Wednesday, March 20, 2024.

Accenture has forecasted a revenue growth of 2% to 5% in the 2024 fiscal signalling a subdued business environment as clients cut back on discretionary spending.

The Dublin-based IT services and consultancy company expects revenues for the first quarter of the 2024 fiscal to be in the range of $15.8 billion to $16.4 billion, translating into a growth of -2% to 2%. Accenture’s earnings underscore a softer outlook which will have a bearing on Indian IT companies' September quarter numbers.

For the 2023 fiscal, Accenture's revenues were $64.1 billion, a 4% growth in US dollars and 8% in local currency compared with the 2022 fiscal.

Tata Steel Reports Consolidated Revenues for H1 2023 at Rs 1,15,172 Crores

Tata Steel reports Consolidated EBITDA of Rs 4,315 crores for the quarter

Highlights:

• Consolidated Revenues for the half year stood at Rs 1,15,172 crores. EBITDA was Rs 10,437 crores and the EBITDA margin was 9%.
• Consolidated Revenues for the July – Sep quarter stood at Rs 55,682 crores. EBITDA was Rs 4,315 crores and the EBITDA margin was 8%.
• The company has spent Rs 4,553 crores on capital expenditure during the quarter and Rs 8,642 crores for the half year. The 5 MTPA expansion at Kalinganagar and 0.75 MTPA EAF project in Punjab are under implementation.
• Net debt stands at Rs. 77,032 crores. Our group liquidity remains strong at Rs 27,637 crores. We are now rated Investment grade by Standard & Poor’s and Moody’s.
• India revenues were Rs 33,922 crores and EBITDA was Rs 6,841 crores
• Crude steel production was around 5 million tons and was broadly similar on QoQ basis but up 5% on YoY basis.
• Deliveries at 4.82 million tons were marginally higher QoQ driven by rise in domestic deliveries. Broad based improvement was witnessed across key end use segments despite seasonal factors.
• EBITDA was Rs.6,841 crores which translates into an EBITDA margin of 20%.
• Europe revenues were £1,812 million and EBITDA loss stood at £242 million.
• Liquid steel production was 1.95 million tons and the QoQ improvement was primarily driven by better operating efficiency at Netherlands.
• Deliveries stood at 1.81 million tons and were marginally lower due to subdued demand and the ongoing reline of one of the blast furnaces at Ijmuiden, which will be completed in 3QFY2024.
• We have assessed the potential impact of the EAF based decarbonisation project and restructuring in UK. We have taken an impairment charge of Rs 12,560 crores in standalone financial statements and Rs 2,746 crores in consolidated financial statements. In addition, we have taken a charge towards restructuring & other provisions of Rs 3,612 crores in consolidated financial statements.

Tata Steel is committed to reaching net zero by 2045 and is pursuing decarbonisation of its operations in a phased manner calibrated to the regulatory framework and support from the government and customers in each country.

In September, Tata Steel announced plans to invest in a state-of-the-art scrap based EAF at Port Talbot, UK at a cost of £1.25 bn with a government grant of £500 million, subject to relevant regulatory approvals, information and consultation processes and finalization of detailed terms & conditions. The transition to EAF based steelmaking will result in reduction of 50 mn tons of direct carbon emissions over a decade.

Tata Steel Netherlands has been working intensely with the Government of Netherlands on the contours of the decarbonisation project covering emission and health standards and will shortly be submitting the detailed decarbonisation proposal to the Government of Netherlands seeking regulatory and financial support which is critical to build a strong business case for Tata Steel Netherlands. Both parties will discuss the detailed conditions of the project and based on the support indicated by the Government of Netherlands, the Board of Tata Steel will duly consider the project for approval at an appropriate time.

Tata Steel Limited to enter into an agreement to source 379 MW of renewable power for India operations, which will enable reduction of 50 million tons of carbon emissions over a period of 25 years.

Mr. T V Narendran, Chief Executive Officer & Managing Director, “Tata Steel India delivered steady performance, with crude steel production of around 5 million tons. Domestic deliveries were up 6% YoY, despite renewed volatility and seasonal factors during the quarter. Among the key segments, Auto and Branded Products & Retail had best ever 2Q sales. We have started producing FHCR coils at Kalinganagar CRM complex and have started receiving approvals from automotive OEMs for our cold rolled steel. Our retail sales to home builders continue to grow aided by our strong distribution network. Tata Steel Aashiyana, the e-commerce platform, services more than 10,000 unique customers per month. Moving to Sustainability, we remain committed to Net Zero by 2045 and have calibrated the decarbonisation of steelmaking as per the operating geography. In UK, we plan to invest in a state-of-the-art scrap based EAF with the government support and this will enable reduction of 50 million tons of direct carbon emissions over a decade. In Netherlands, we will shortly be submitting the detailed decarbonisation proposal to the Dutch government seeking regulatory and financial support. In India, we are committed to responsible growth and are undertaking multiple initiatives ranging from scrap charging in blast furnace to greening the power mix. We are entering into an agreement to secure 379 MW renewable power for our India operations. I am happy to share that Tata Steel has received Safety and Health Excellence recognition for 2023 by worldsteel.”

Mr. Koushik Chatterjee, Executive Director and Chief Financial Officer, “Tata Steel Consolidated revenues for the quarter stood at Rs 55,682 crores and consolidated EBITDA stood at Rs 4,315 crores, which translates to an EBITDA margin of 8%. India business generated higher margin of around 20% and EBITDA stood at Rs 6,841 crores. In Europe, margins moderated especially in UK business while Netherlands business was broadly stable on QoQ basis. Revenue per ton was lower in both geographies. However, improved costs in Netherlands led to broadly similar margins. Cash flow from operations before interest stood at Rs 4,658 crores driven by favourable working capital movement. Our capital expenditure was Rs 4,553 crores during the quarter and Rs 8,642 crores for the half year. This is broadly in line with our annual guidance of ~Rs 16,000 crores for FY2024 and we continue to prioritise completion of the 5 MTPA Kalinganagar expansion. Our Net debt stands at Rs 77,032 crores and the group liquidity position remains strong at Rs 27,637 crores. During the quarter, Moody’s upgraded our credit rating to investment grade. Given our plans to change the processed route for steelmaking, the existing heavy end assets at TSUK will only be used for a defined period. Accordingly, we have taken an impairment charge of Rs 12,560 crores in the standalone financial statements. We have also taken a charge of Rs 6,358 crores in consolidated financial statements in relation to the UK business. We continue to remain focused on cost optimisation, operational improvements and working capital management to maximise cashflows.”

Disclaimer

Statements in this press release describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred, or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/ supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/ or other incidental factors.

About Tata Steel

Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 million tonnes per annum.

It is one of the world's most geographically diversified steel producers, with operations and commercial presence across the world.

The group recorded a consolidated turnover of ~US$30.3 billion in the financial year ending March 31, 2023.

A Great Place to Work-CertifiedTM organisation, Tata Steel Limited, together with its subsidiaries, associates, and joint ventures, is spread across five continents with an employee base of over 77,000.

Tata Steel has announced its major sustainability objectives including Net Zero Carbon by 2045, Net Zero Water consumption by 2030, improving Ambient Air Quality and No Net loss in Biodiversity by 2030.


The Company has been on a multi-year digital-enabled business transformation journey intending to be the leader in ‘Digital Steel making by 2025’. The Company has received the World Economic Forum’s Global Lighthouse recognition for its Jamshedpur, Kalinganagar and IJmuiden Plants.


Tata Steel aspires to have 25% diverse workforce by 2025. The Company has been recognised with the World Economic Forum’s Global Diversity Equity & Inclusion Lighthouse 2023.


The Company has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked amongst top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016.


Tata Steel’s Jamshedpur Plant is India’s first site to receive ResponsibleSteelTM Certification.

Received Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17, 2023 Steel Sustainability Champion recognition from worldsteel for six years in a row, 2022 ‘Supplier Engagement Leader’ recognition by CDP, Top performer in Iron and Steel sector in Dun & Bradstreet's India's top 500 companies 2022, Ranked as the 2023 most valuable Mining and Metals brand in India by Brand Finance, and ‘Most Ethical Company’ award 2021 from Ethisphere Institute.

Received 2022 ERM Global Award of Distinction, ‘Masters of Risk’ - Metals & Mining Sector recognition at The India Risk Management Awards for the seventh consecutive year, and Award for Excellence in Financial Reporting FY20 from ICAI, among several others.