Particulars

Quarter

ended on

31-12-2008

Quarter

ended on

31-12-2007

Nine months

ended on

31-12-2008

Nine months

ended on

31-12-2007

Financial Year

ended on

31-03-2008

(1) (2) (3) (4) (5)

(A)

1 Tonnes 1,234,764 1,245,926 3,751,202 3,590,430 4,858,401

2 " 1,071,805 1,243,500 3,451,350 3,502,789 4,781,847

3 Rs. Crores 404.30 596.04 2,388.42 1,555.25 2,123.41

US $ Mns 79.89 150.32 539.87 384.93 527.17

(B)

1 a) Net Sales / Income from Operations Rs. Crores 4,735.68 4,928.23 17,595.43 13,806.86 19,483.28

b) Other Operating Income " 66.46 45.69 219.90 149.73 210.00

2 " 4,802.14 4,973.92 17,815.33 13,956.59 19,693.28

3 "

a) (Increase) / decrease in stock-in-trade " (636.02) (61.43) (1,222.21) (154.41) (38.73)

b) Purchases of finished, semi-finished steel & other products " 93.12 93.32 330.07 258.22 387.83

c) Raw materials consumed " 1,611.17 902.32 3,962.57 2,410.12 3,345.66

d) Staff Cost " 568.86 429.67 1,639.26 1,294.06 1,815.95

e) Purchase of Power " 263.54 239.51 803.53 710.97 932.78

f) Freight and handling " 262.23 298.35 897.79 845.29 1,140.63

g) Depreciation " 251.31 209.21 716.93 625.46 834.61

h) Other Expenditure " 1,161.29 1,040.60 3,721.33 2,947.02 4,111.80

i) Total Expenditure (2a to 2h) " 3,575.50 3,151.55 10,849.27 8,936.73 12,530.53

4 " 1,226.64 1,822.37 6,966.06 5,019.86 7,162.75

5 " 8.49 47.05 261.59 236.12 242.80

6 " 1,235.13 1,869.42 7,227.65 5,255.98 7,405.55

7 " 348.20 342.69 844.75 573.46 786.50

8 "

a) Exchange Gain / (Loss) [Refer Note 2] " (126.80) 47.92 (775.64) 691.25 597.31

b) Contribution for Sports Infrastructure " - - - (150.00) (150.00)

" (126.80) 47.92 (775.64) 541.25 447.31

9 " 760.13 1,574.65 5,607.26 5,223.77 7,066.36

10 " 293.89 506.07 1,864.81 1,742.25 2,379.33

11 " 466.24 1,068.58 3,742.45 3,481.52 4,687.03

12 " 730.78 609.17 730.78 609.17 730.78

13 " 21,097.43

14 Rupees 5.94 15.53 49.90 50.73 67.17

15 Rupees 5.67 13.86 45.53 47.17 61.63

16

Nos. 482,487,356 403,502,773 482,487,356 403,502,773 482,587,357

% 66.04% 66.26% 66.04% 66.26% 66.06%

Aggregate of public shareholding

Number of shares

% of shareholding

Steel Production

Steel Sales

Export turnover (F.O.B. Value)

Total Exceptional Items

Profit from Operations before Other Income, Net Finance

Charges, Exceptional Items & Tax (2 - 3)

Net Finance Charges

Basic Earnings per share (not annualised)

(after Exceptional items)

Diluted Earnings per share (not annualised)

(after Exceptional items)

Paid-up Equity Share Capital

[Face value Rs.10 per share]

Total Income [ 1(a) + 1(b) ]

Total Expenditure

Exceptional Items

Profit before Tax [ 6 - 7 + 8 ]

Profit from Operations before Net Finance Charges, Exceptional

Items & Tax (4 + 5)

Other Income

TATA STEEL LTD

Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI - 400 001

Audited Financial Results for the Quarter / Nine months ended on 31st December 2008

Reserves excluding revaluation reserves

Tax Expense

Net Profit (+) / Loss (-) [ 9 - 10]

TATA STEEL LTD

Segment Revenue, Results and Capital Employed

Rs. Crores

Particulars

Quarter

ended on

31-12-2008

Quarter

ended on

31-12-2007

Nine months

ended on

31-12-2008

Nine months

ended on

31-12-2007

Financial Year

ended on

31-03-2008

(1) (2) (3) (4) (5)

Revenue by Business Segment:

Steel business 4,465.77 4,377.19 15,657.65 12,492.19 17,500.65

Ferro Alloys and Minerals 377.04 573.01 2,169.98 1,325.66 2,005.78

Others 315.47 315.37 1,227.02 960.10 1,360.02

Total 5,158.28 5,265.57 19,054.65 14,777.95 20,866.45

Less: Inter segment revenue 356.14 291.65 1,239.32 821.36 1,173.17

Net sales/ income from operations 4,802.14 4,973.92 17,815.33 13,956.59 19,693.28

Segment results before net finance charges, exceptional items and tax:

Steel business 1,284.64 1,702.72 6,071.55 4,802.84 6,728.41

Ferro Alloys and Minerals 143.47 233.65 1,178.20 531.21 840.58

Others (61.72) (0.14) 5.00 (7.11) 6.10

Unallocated income / (expenditure) (131.26) (66.81) (27.10) (70.96) (169.54)

Total Segment results before net finance charges, exceptional items and tax: 1,235.13 1,869.42 7,227.65 5,255.98 7,405.55

Less: Net Finance Charges 348.20 342.69 844.75 573.46 786.50

Profit before exceptional items & tax 886.93 1,526.73 6,382.90 4,682.52 6,619.05

Exceptional Items:

Exchange Gain / (Loss) (126.80) 47.92 (775.64) 691.25 597.31

Contribution for Sports Infrastructure - - - (150.00) (150.00)

Profit before tax 760.13 1,574.65 5,607.26 5,223.77 7,066.36

Less: Tax Expense 293.89 506.07 1,864.81 1,742.25 2,379.33

Profit after tax 466.24 1,068.58 3,742.45 3,481.52 4,687.03

Segment Capital Employed:

Steel business 13,840.58 11,623.09 13,840.58 11,623.09 11,893.15

Ferro Alloys and Minerals 545.97 338.85 545.97 338.85 296.69

Others 325.33 301.70 325.33 301.70 278.35

Unallocated 4,689.72 291.81 4,689.72 291.81 (547.13)

Total 19,401.60 12,555.45 19,401.60 12,555.45 11,921.06

Notes:

1. The above financial results do not include the consolidated financial performance of the Company. The consolidated financial results of the Company including Tata Steel Europe Ltd. (Corus) for the quarter / nine months ended December 31, 2008 would be published by the end of February 2009.

2. Notional exchange loss during the period includes an unrealized translation loss of Rs.753.38 crores (Rs. 153.56 crores for the quarter) on Convertible Alternate Reference Securities (CARS) issued in September 2007. The liability has been translated at the exchange rate as on 31st December 2008. CARS are convertible into equity shares only between 4th September 2011 to 6th Aug 2012 and are redeemable in foreign currency only in September 2012, if not converted into equity, and are neither convertible nor redeemable till 4th September 2011.

3. During the quarter the Company subscribed to 35, 88,022 Rights Shares of Tayo

Rolls Ltd. Consequently, Tayo Rolls Ltd has become a subsidiary of the Company with effect from 1st December 2008.

4. Information on investor complaints pursuant to clause 41 of the listing agreement

for the quarter ended December 31, 2008:

Complaints Opening Balance

Received during the

quarter

Resolved during the

quarter

Closing balance

Rights Issue related

28 339 365 2

Others 20 311 331 -

5. Figures for the previous period have been regrouped and reclassified to conform

to the classification of the current period, wherever necessary.

6. The above results have been reviewed by the Audit Committee and were approved by the Board of Directors in their meeting of date.

Tata Steel Limited

Ratan N.Tata

Mumbai: January 28, 2009 Chairman