CEO & MD - Tata Steel Limited Good afternoon, good morning, or good evening, depending on where you are. Thank you for joining the call. I'm going to make a few comments and then hand over to Koushik. Tata Steel, as you know, is focused on creating sustainable value and our strategic priorities embod ies our commitment to responsible growth while creating an equitable share and prosperous future for all. We continue to make steady progress on this value creation journey, leveraging digitisation and an agile business model. During the quarter, steel prices across regions moderated on slowdown in economic activity. In the US and EU, elevated interest rates to manage inflation adversely affected demand, while in China, persistent weakness in the property market continued to be an overhang on the prices. In India, the steel prices were impacted by the global sentiment, but given the resilient demand, it witnessed a lower drop in prices of 3% QoQ than the rest of the key markets. As a result, our net realisations in India declined by about Rs. 2,400 per ton on QoQ basis. We had guided about Rs. 3,000 per ton, so it is slightly better than that. Moving to our performance. India crude steel production was around 5 million tons. Production was broadly stable on QoQ basis, but up 5% on YoY basis. India deliveries grew by about 6% YoY and have been close to 5 million tons in the last 3 quarters. Amongst the segments, the Automotive segment had the best ever 2Q sales and was up 7% QoQ. We have started producing full hard cold rolled coils at the Kalinganagar cold rolling mill and have started receiving approvals from the automotive OEMs for cold rolled steel from Kalinganagar. Our retail sales primarily to homebuilders have continued to grow and have crossed 3 million tons in the last 12 months. Our we ll-established brands, such as Tata Tiscon, Tata Steelium and Tata Astrum, had best ever 2Q sales and revenues from Tata Steel Aashiyana, the e-commerce platform for individual homebuilders, witnessed an increase of more than 70% on QoQ basis. In the last 12 months, Tata Steel Aashiyana revenues have exceeded Rs. 1,700 crores. In Europe, steel deliveries were around 1.8 million tons in the second quarter on subdued demand and the revenue per ton was down about £50 - 60 per ton in UK and Netherlands on QoQ basis. This has weighed on performance in both the geographies. The ongoing reline of one of the blast furnaces at Ijmuiden in Netherlands, which accounts for 40% of our production there, has also impacted the Tata Steel Netherlands realisation because of the adverse product mix and other expenses. The relining is expected to be completed in the third quarter of FY24, which is this quarter. In terms of growth, multiple projects are underway across India, ranging from the 5 MTPA expansion at Kalinganagar as well as growth in the downstream portfolio. The downstream portfolio, which consists of our tubes business, our wires business, our packaging or tinplate business , and the DI pipes business is expected to grow from about 2 mill ion tons to 7 million tons, which enables better product mix enrichment. We recently had the ground-breaking ceremony for the 0.75 MTPA EAF project at Ludhiana and are targeting to start the plant in 2026. We are committed to achieve net zero by 2045 and are pursuing decarbonization of operations in a phased manner, calibrated to the regulatory framework, resources, government support and customers in each of the geographies that we are in. Accordingly, in September, we announced a proposed plan to invest in a state -of-the-art scrap based EAF at Port Talbot, UK at a cost of £1.25 billion with a government grant of £500 million. This is subject to relevant regulatory approvals, information and consultation process and finalization of detailed terms and conditions. The transition to EAF -based steelmaking will result in the reduction of about 50 million tons of direct carbon emissions over a decade. There will also be impairment and restructuring costs, which Koushik will explain in more detail. Tata Steel Netherlands has been working intensely with the Government of Netherlands on the contours of decarbonization project covering emissions and health standards. Tata Steel Netherlands will shortly be submitting the detailed decarbonization proposal to the Government of Netherlands seeking regulatory and financial support, which is critical to build a long -term and strong business case. The Board of Tata Steel will duly consider the project for approval at an appropriate time. In India, we are entering into an agreement to source about 379 MW of renewable power for our operations, which will enable a reduction of 50 million tons of carbon emissions over the next 25 years. This will significantly reduce our dependence on coal -based power plants. Looking ahead, in India, net realizations are expected to improve by about Rs. 2,200 per ton QoQ, aided by domestic demand, which has show n great resilience despite the renewed volatility in the global sentiment. The coking coal consumption cost is likely to increase by about $10 per ton QoQ. In UK and Netherlands, the improvement in costs is likely to offset the drop in NRs and drive an improvement in the performance on QoQ basis. I am happy to share that Tata Steel has received the Safety and Health Excellence recognition for 2023 by worldsteel. We were recognized for our innovative approach to real -time visualisation of risk movement that aims t o provide real -time insights and alerts. These initiatives display our commitment to achieve zero harm. Thank you. And over to Koushik. Thank you, Naren. Good morning, good afternoon, and good evening to all those who have joined in. I will begin with the quarterly performance provided on Slide 25. Our consolidated revenue stood at Rs. 55,682 crores, and the consolidated EBITDA was Rs. 4,315 crores, which translates to an EBITDA margin of about 8%. Standalone performance was broadly stable, but the UK and the Netherlands performance has been adversely impacted during this quarter . Before we get into the numbers, I would like to me ntion that we have received sanctions for the amalgamation of Tata Steel Long Products (i.e. TSLP), and Tata Steel Mining with Tata Steel Limited. Accordingly, the Standalone financial statements have been restated from 1 st April 2022 to reflect the mer ger. With this, the merger process for 2 entities has been largely completed, and the other 5 are in progress as highlighted on Slide 20. This portfolio simplification process will drive efficiencies and prevent value leakages. For the quarter, Tata Steel Standalone EBITDA stood at about Rs. 6,917 crores, which translates to an EBITDA per ton of about Rs. 14,365. Excluding forex gain of about Rs. 464 crores, EBITDA margin was broadly stable at about 19% on QoQ basis. As provided on Slide 31, the drop in steel reali sations was offset by lower cost. Standalone NRs declined by about Rs. 2,400 per ton on QoQ basis due to market dynamics and seasonal factors. Within costs, the coking coal consumption cost was down by about $59 per ton on QoQ basis, and the conversion costs were down by about Rs 2,600 per ton QoQ. Our conversion costs have been fairly stable over the last 3 years despite the inflationa ry pressures in the economy. At Tata Steel UK, the EBITDA loss was about £132 million compared to a loss of £41 million tons in 1QFY2024. On a per ton basis, EBITDA moved lower by about £127 per ton QoQ. As shown on Slide 34, the steel production was lower due to operational issues and the shutdown of the sinter plant. This has weighed on the cost profile of the operations and led to elevated costs, which offset the decline in the coking coal consumption cost and natural gas spend . Coupled with drop in realisations, this has resulted in lower spreads on QoQ basis. In Tata Steel Netherlands, the EBITDA loss stood at about £110 million compared to £114 million in 1Q. As shown on the Slide 33. The drop in reali sations was offset by the improvement in costs. Revenue decreased by about £60 per ton on subdued demand but was fully offset by lower raw material cost s on decline of coking coal consumption cost and lower conversion costs primarily on decline in the natural gas spend, along with reduced repairs and maintenance costs. Looking ahead, the completion of BF6 in the third quarter, which is this quarter, should drive the liquid steel production and further improvements in the product mix and cost. As previously explained, we have hedges in place for energy at both UK and Netherlands and the drop in spot natural gas prices has reflected in the 2Q P&L with a lag. I would now like to brief you about Tata Steel UK developments to supplement what Naren has sa id. Subsequent to the announcement of the agreement with the UK government for the decarbon isation project in September , w e are in discussions and consultation with the union and the employee representatives in the UK in relation to the restructurin g of the business, its configuration within the transition time and the eventual investment towards decarboni sation. The restructuring and the transition would commence after this consultation . Given our proposed plan to change the business model and the route for steelmaking, the existing heavy end assets a t TSUK can only be used for a defined period. Accordingly, we have taken an impairment charge against the investments in the standalone financial statements in relation to the UK business. We have a lso recorded an impairment of assets and provisions for potential restructuring, closure, and redundancy costs in the consolidated financial statements in relation to the UK business. The impairment charge in Tata Steel Standalone is Rs. 12,961 crores and th e charge in the consolidated books is about Rs. 3,255 crores. Let me explain the difference. In standalone, the discounted cash flow value of every business is compared to the net carrying value of the investment made in that business. A deficit in that le ads to impairment. Such impairment in standalone gets reversed in the consolidated statement. In the consolidated financial statement, the discounted cash flow of the individual businesses is compared to the carrying value of the plant and equipment and th e fixed assets. In the above case, the carrying value in standalone was higher than the consolidated business, and that is why this difference. Moving to taxes, there was a sharp drop this quarter. The current tax was about Rs. 1,105 crores and broadly in line with the tax on the profitability of the India operations. The deferred tax credit of Rs. 1,333 crores has been driven by the merger and completion of the British Steel Pension Scheme. Taxes should get normalized post all these mergers. T he deferred tax includes credits on account of TSLP and the merger on mining. And there are other tax adjustments, which we can explain to you offline. Moving to the cash flows. The operating cash flow for the quarter stood at about Rs. 4,658 crores and in part w as driven by the favourable working capital movement. In the second quarter, there was a working capital release driven by the fall in the coking coal inventory volumes of around 200,000 tons and a drop in steel prices and reduction in debtors. We spent about Rs. 4,553 crores in capital expenditure during the quarter and about Rs. 8,642 crores in the first half, a s we keep prioritising growth in India, including expansion of the downstream portfolio across wires, tubes, ductile iron pipe and tinplate businesses. Overall, the operating performance at Tata Steel Netherlands and Tata Steel UK, higher capex and dividend payout have led to a decline in the cash and cash equivalent by about Rs. 6,352 crores. As a result, the gross debt has remained stable on QoQ basis, but the net debt has increased by about Rs. 5,600 crores. Our finance costs are broadly stable on a QoQ basis. The group liquidity remains strong at about Rs. 27,637 crores, including about Rs. 12,691 crores of cash and cash equivalent s. As you are aware, Moody's upgraded our credit trading to investment grade in the month of September 2023. Thank you, and over to the floor for Q&A.