CEO & MD - Tata Steel Limited Thanks, Samita, and hello, everyone. I'll make a few comments and then pass it on to Koushik. FY 2025 has been an important year for Tata Steel, and it demonstrates our ability to navigate a challenging operating environment and progress on our stated objectives across geographies. For most of the year, steel fundamentals diverged across regions with increasing exports from China weighing on price sentiment. Since January, evolution of US policy and different nations focusing on protecting local industry has led to varied price momentum across India, Europe and UK . At the same time, China continues to struggle with declining steel consumption. Regions like UK which are yet to review their quotas, have struggled a little bit more . As you may be aware, in Europe, they have refined the quotas that are available for imports, which has acted to limit the imports. In India, also, there's a safeguard duty, which has helped us. Amongst the operating geographies, India remains a structurally attractive market, and we are committed to leadership in chosen segments. Our annual performance has been aided by the commissioning of India's largest blast furnace at Kalinganagar, coupled with initiatives to enhance the cost competitiveness and product mix. We achieved highest ever crude steel production of ~21.7 million tons and deliveries of ~20.9 million tons for the full year. Across our sites, excluding Kalinganagar which is ramping up, we operated close to 100% capacity utili sation. That is an outcome of the way we design our plants, our best - in - class maintenance practices and our superior marketing and sales network, which helps us maximise our deliveries across cycles in the domestic market . Coming to the segments, deliveries to the automotive segment were aided b y focus on new product development, especially hi-strength steels and enhanced capabilities on account of the new continuous annealing line at Kalinganagar. We became the first company to localise select automotive product grades i.e. CP780 and through our joint venture JCAPCPL, commenced supply of DP780 grade to aid automotive OEMs in their lightweighting initiatives. We also cater to the growing requirements of high - quality wire rods for the auto industry, and these deliveries were also positively impacted by the successful commissioning of the world's longest Stelmor conveyor line [inaudible] in Jamshedpur. We expect further progress in product mix with the 0.5 MTPA Combi mill, which is being set up in Jamshedpur and will use steel that is made out of the erstwhile Usha Martin plant, which is called Tata Steel Gamharia. The furnace has already been commissioned and trials are underway. O ver the next few months, the other facilities will also be commissioned. Our Branded Products and Retail vertical achieved volumes of around 7 million tons aided by best ever sales of Tata Tiscon, Tata Astrum and Tata Steelium. Tata Tiscon volumes grew by about 19% YoY. It is second year in succession that they've had double - digit growth, and it has reached 2.4 million tons, while our hot-rolled brand, Tata Astrum, and our cold-rolled brand, Tata Steelium, together achieved record sales of 3.8 million tons. Our e-commerce platform, Aashiyana served more than 1 lac unique customers during the year with a gross merchandise value of over Rs. 3,500 crores. Moving to Industrial Products & Projects, Engineering witnessed double digit growth and contributed to construction of around 2,500 kilometres of oil & gas pipelines. Once the Kalinganagar plant was commissioned, we had said that we will focus on oil & gas because that's also a high - end approval based business, just like the automotive business. In line with our focus to grow in chosen segments, we have now also forayed into commercial shipbuilding, supplying grades to various shipbuilders in India, including Mazagon Dock Shipbuilders, Garden Reach Shipbuilders and Cochin Shipyard [inaudible]. Our capacity investments are also progressing well across sites. At Kalinganagar, the 5 MTPA blast furnace continues to ramp up, and the civil work is in progress for the EAF in Ludhiana, which we hope to commission in the next 12 months. Specific to downstream, the Continuous Galvanising Lines are expected to be commissioned in the coming months, while the ramp up is in progress for the 100,000 ton per annum tubular structural mill that we have set up in Jamshedpur. In UK, we have safely decommissioned both the blast furnaces at Port Talbot and smoothly transitioned to serving customers via downstream processing of purchase substrate. Our annual deliveries stood at 2.5 million tons and were lower on YoY basis. UK steel prices are still 8% below the levels that we saw last year due to import pressures and subdued demand situation. As such, we focused on transforming operations towards a sustainable model, and the shift in the operating model, coupled with our focus on controllable costs, has led to improvement in fixed cost base by about £230 million on an annual basis. Unfortunately, this is not visible yet in the performance due to the market dynamics. With respect to the proposed transition to green steelmaking, we have received planning permission for the EAF and are gearing up for the civil work and construction activity to begin by July. In Netherlands, liquid steel production was near capacity at 6.75 million tons, the highest in many years. This in part has led to a 17% YoY increase in deliveries to 6.25 million tons for the full year. EBITDA remain ed positive on full year basis and deliveries for the quarter at 1.75 million tons were the highest quarterly volumes in the last six years. We recently launched a cost competitiveness program targeting €500 million savings in FY2026. The transformation is a building block to ensure that Tata Steel Netherlands becomes one of the most efficient and sustainable sites in Europe. We are engaged with the government team to support our integrated decarbonisation and environmental measures projects. I am happy to share that Tata Steel has been recogni sed by worldsteel as a Sustainability Champion for the eighth year in a row. With that, I hand over to Koushik for his comments. Thank you.
Koushik Chatterjee: ED & CFO – Tata Steel Limited
Thank you, Naren, Good afternoon, good evening to all those who have joined in. I will cover three themes: firstly, the performance; secondly, our cost transformation program across geographies, what we have done so far and what we are targeting in the next 12 - 18 months. Thirdly, an update on decarbonisation strategy and actions in UK and Netherlands. Let me start with our production performance for the quarter and the year FY 2025. While you would have seen the production filings, I wanted to highlight that for the full year in India, we have increased our production from Tata Steel Kalinganagar by 1 million tons. For the India business, our production increased by about 0.9 million tons, taking into account the shutdown that we have taken for our G - blast furnace relining, which is currently on, and we hope to complete it by July 2025. In Netherlands, crude steel production for the year was 6.75 million tons, which is almost at full capacity. As you know, in the UK, our business model has changed, and we are now operating as a finishing facility with purchased substrate, including from India, Netherlands and external sources. Moving to the financial performance for the quarter and full year , our consolidated performance for the quarter has been provided in slide 23 of the presentation. Consolidated revenues for the Jan to March quarter stood at about Rs. 56,218 crores, up 5% QoQ primarily driven by seasonally strong volumes in India and Netherlands. Steel realisations improved in India by around Rs. 600 per ton, but revenue per ton was down by about £53 per ton in UK and €79 per ton in Netherlands on QoQ basis. Consolidated EBITDA for the quarter was about Rs. 6,762 crores, which translates to a margin of 12%, up by about 100 basis points QoQ. India EBITDA margin was higher at 21% and translate d to Rs. 7,418 crores, and Netherlands was about Rs. 125 crores, which was partly offset by the EBITDA loss in Tata Steel UK. Tata Steel Standalone EBITDA for the quarter was Rs. 7,105 crores, which translates to around Rs. 12,700 per ton. As I mentioned during the 3QFY25 earnings call, there was a non - cash credit of Rs. 1,413 crores or Rs. 2,670 per ton. Excluding this, standalone EBITDA has actually improved by close to Rs. 1,000 per ton on QoQ basis. I want t o make a special mention about the NINL performance. It has consistently improved across the quarters and recorded an increase in EBITDA of 9% QoQ to Rs. 323 crores, which is a margin of about 23%. The most heartening part in NINL is that it has achieved Rs. 1,000 crore EBITDA in the year, reflecting an EBITDA margin of 19% and cashflow of Rs. 1,000 crores even in these challenging market conditions. NINL will remain as one of Tata Steel's most promising growth prospects in the coming years as we are working on its expansion plans. At our overseas operations, efforts towards cost reduction, operational KPI improvements and product mix optimi sation are showing visible benefits despite spreads moving to a multi -year low. In Netherlands, fourth quarter EBITDA improved to €14 million and coupled with working capital release of ~€300 million, led to free cashflow over €200 million. In UK, our fixed cost improved by £69 per ton QoQ, but this was more than offset by the drop in the revenue per ton and the higher substrate prices leading to an EBITDA loss of £80 million in 4Q. UK underlying EBITDA loss in 4Q has trended down vs. 3Q. When I speak about our cost transformation program in a short while, I will cover further efforts in UK. Our consolidated operating cashflow after interest & adjustments for the quarter stood at Rs. 7,700 crores, aided by EBITDA performance and sharp focus on working capital that ensured a cash release of Rs. 4,300 crores. Let me now move to the full year performance, which has been provided in slide 25 of the presentation. There are four big headlines I would like to highlight - Firstly, in spite of our multi -year low in steel prices and reduced steel raw material spreads, our consolidated EBITDA for the year was Rs. 25,802 crores vs. Rs. 23,402 crores in FY2024, which is a growth of 10% YoY. This reflects 200 basis point increase in consolidated EBITDA vs . FY2024. Secondly, the structural cost takeout across all entities of Tata Steel during FY2025 was about Rs. 6,600 crores focusing on fixed cost takeout, efficiencies in manufacturing, procurement, raw material optimisation with leaner coal blends and fixed overheads. This is a companywide program, and I'll talk shortly on what we aim to do in the next 12 - 18 months. Thirdly, and even more important, is to demonstrate the cashflow orientation of the entire company. Our operating cash flows after interest & adjustments for the year increased by 37% YoY from Rs. 12,941 crores to Rs. 17,700 crores despite challenging market conditions. Fourthly, our Netherlands operation s marked a significant turnaround in EBITDA during the year from a -ve EBITDA of €426 million in FY2024 to generation of €90 million in FY2025, an improvement of more than €500 million. If I consider the operating turnaround at the FY2024 prices and spreads, it would actually be a €900 million turnaround. While there is lots to do, the direction of the movement is very clear, and we will continue on this path. India EBITDA for the full year stood at Rs. 29,285 crores with Standalone EBITDA of Rs. 28,217 crores. Standalone EBITDA stood at Rs. 13,500 per ton. The EBITDA performance was aided by a 5% increase in volumes, lower raw material and operating costs and special actions that I talked earlier. Total costs improved by more than Rs. 5,700 per ton. Our UK operations too are progressing as per stated plan, while the full year EBITDA was -ve £385 million. It is a tale of two halves with EBITDA in second half improving by £90 million vs . the first half. The closure of the heavy end steelmaking by September 2024 and concerted efforts to optimise costs led to reduction in fixed costs by around £160 million in the second half and £230 million for the full year. Now let me provide some details on our cost transformation program. The structural cost takeouts in FY2025, as I mentioned earlier, w ere about Rs. 6,600 crores vs . FY2024. Looking ahead to FY2026, our focus continues to be on controllable factors, and we are targeting further cost takeouts of almost Rs. 11,500 crores, roughly about $1.3 billion across geographies by focusing on controllable costs. Let me outline some specifics. Firstly, in India, we intend to deliver savings of Rs. 4,000 crores by focusing on operating KPIs, employee productivity, supply chain optimisation, coupled with investment in projects with low payback period. There is a specific focus on conversion cost, and our aim is to optimi se conversion costs by about Rs. 1,000 - 1,200 per ton. We have identified a pipeline of low capex, high IRR projects totalling less than Rs. 500 crores, that will improve operational cost and be completed in a short span of time. In the UK, we intend to continue progressing on achieving a lean structure by further reduction in fixed costs of 29% YoY of around £220 million. Key levers range from optimising the cost of substrate and upgradation of IT infrastructure to reduce corporate overheads and rationalisation of downstream operations to improve the profitability. Our total fixed cost in FY 2024 was about £995 million, which reduced to about £762 million in FY2025, and we target to bring it to around £540 million in the next financial year. In Netherlands, we intend to achieve savings of around £500 million, and the program encompasses multiple areas such as volume maximi sation, product mix, repair and maintenance, employee productivity and others. We are also in discussions with the unions on the transformation project. Let me now touch upon capital allocation before moving to decarbonisation update. Of the generated cashflows in FY2025, we spent about Rs. 15,671 crores on capex. Our net debt stands at about Rs. 82,579 crores, which has come down from Rs. 88,870 crores in September 2024, by about Rs. 6,200 crores in the last six months. We plan to spend about Rs. 15,000 crores of capex in the next financial year, and of this close to 75% is [inaudible] in India, including the last part of Tata Steel Kalinganagar spend on the third caster and related facilities. The EAF project in Ludhiana is being focused and there are several smaller projects, which are also meant for asset reliability and performance efficiency. Our work on engineering for the next phase of expansion in NI NL is ongoing and the regulatory clearance process on environment are also underway. Our capital allocation will continue to be prioriti sed towards capacity growth and downstream facilities in structurally attractive Indian markets. In UK and Europe, the focus is largely on decarbonisation with material support from the government. As you are aware, we have secured £500 million support from the UK government for the transition to scrap - based electric arc manufacturing. We have now got the planning approvals, identif ied the technology providers, and the design engineering work is almost complete. We have spent about £35 million on the project in FY2025, and we will commence site activities in the next few months. In Netherlands, we are in intense discussion s with the Netherlands government to secure funding and policy support to enable the decarboni sation and environmental project. The Dutch government has completed the pre -notification filing with the European Commission regarding the project and all stakeholders are working on various subjects relating to the project. The Dutch government has updated its parliament, confirming talks with us and the European Commission relating to the project. I would now like to walk you through an accounting change that we have made in the standalone financial statements in order to have a clearer view of the underlying business performance going forward. The valuation of investments in subsidiaries is tested against the present value of the future cash flows over the long term. For this, it is necessary to take a view on the business landscape in the decade beyond 2030. Tata Steel UK has transitioned its business model to a downstream only play and is undertaking an investment to build the EAF in Port Talbot by FY2027-28 end. Tata Steel Netherlands is in discussions with the government for the project to replace one of the two blast furnaces and coke ovens with a DRI - EAF combination by around 2030. The primary drivers of the profitability for future businesses will, therefore, change from traditional steel price to iron ore and coal basket spread to the following: it will be influenced by the Carbon Border Adjustment Mechanism, infrastructure and availability of clean fuel and the carbon capture options, local availability and pricing of scrap, willingness and ability of customers to pay additional premium for low CO 2 steel and circularity and other regulatory costs, including fixed network costs for electricity, hydrogen and natural gas. These factors, which will be the primary drivers of the business in Europe, are all currently evolving with significant changes in market regulations being implemented. There are multiple risks and opportunities with relation to how they will play out over the next few years, impacting the current value of the business at this point of time. The company has, therefore, concluded that carrying these investments in UK and Netherlands at historical cost less impairment under Ind AS 27 is no longer appropriate. Tata Steel has, therefore, voluntarily changed its accounting policy to carry the equity investment in subsidiaries at fair value under Ind AS 109. This also addresses the reliability issues that Ind AS 8 talks about. The move to fair valuation more accurately reflects the underlying value of the business, including the potential upside in valuation in the coming years, as the uncertainty over the regulatory and market factor reduces. Having opted to account these investments at fair value under Ind AS 109, the company has also opted to route the fair value changes between accounting periods through the other comprehensive income. This allows the company to keep the movements in fair value of the long -term strategic assets distinct from the underlying financial performance of the company's regular business activities. Based on the fair value assessment, Tata Steel has recogni sed an adjustment in the fair value in the investmen t in subsidiaries only in the Standalone financial statements through OCI of around Rs. 24,829 crores in the quarter and Rs. 23,606 crores in the year ended 31st March 2025, respectively. This is a non-cash adjustment, and there is no impact on the consolidated financial statements. The losses sustained by Tata Steel UK and recently by Tata Steel Netherlands in the last few years have already been reflected in the consolidated financial statement s. As a result of the change in the accounting policy, there will be greater consistency between the consolidated and the standalone financial statements. As of 31st March 2025, the standalone net worth stands at Rs. 1,23,544 crores, whereas the consolidated net worth is at Rs. 87,770 crores. Finally, with relation to the US - UK trade deal, steel & aluminium tariffs on UK origin goods are now eliminated. This is a positive, although with limited impact on Tata Steel UK, which exports mostly packaging products of a small quantity. There is a larger positive indirect impact for our customers through the automotive tariffs, which have been reduced to 10% for defined quota of vehicles. The automotive sector in UK is also likely to be positively impacted wit h UK - India trade deal. After closure of the blast furnaces in the UK, Tata Steel UK is now servicing its customers on basis of imported slabs and HRC, especially from India, after processing them at local downstream facilities. We expect no material change or impact on our supply chain from the trade deals. With this, I’ll end my comments and open the floor for questions. Thank you.