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Independent Auditors’ Report

To the Members of Tata Chemicals Limited responsibilities under those Sas are further described in the
Auditor’s Responsibilities for the Audit of the Consolidated Financial
Report on the Audit of Consolidated Financial Statements section of our report. We are independent of the group
Statements and its joint ventures in accordance with the ethical requirements
Opinion that are relevant to our audit of the Consolidated Financial Statements
in terms of the Code of ethics issued by the Institute of Chartered
We have audited the Consolidated Financial Statements
of tata Chemicals limited (hereinafter referred to as the accountants of India and the relevant provisions of the act, and we
“Holding Company”) and its subsidiaries (Holding Company and have fulfilled our other ethical responsibilities in accordance with
its subsidiaries together referred to as “the group”) and its joint these requirements. We believe that the audit evidence obtained by
ventures , which comprise the Consolidated Balance Sheet as at us along with the consideration of audit reports of the other auditors
March 31, 2020, and the Consolidated Statement of profit and loss referred to in sub paragraph (a) of the “other Matters” paragraph
(including other comprehensive income), Consolidated Statement below, is sufficient and appropriate to provide a basis for our opinion
of Changes in equity and Consolidated Statement of Cash Flows on the Consolidated Financial Statements.
for the year then ended, and notes to the Consolidated Financial
Statements, including a summary of significant accounting We draw attention to note 36 of the Consolidated Financial
policies and other explanatory information (hereinafter referred Statements in respect of a Scheme of arrangement amongst tata
to as “the Consolidated Financial Statements”). Chemicals limited and tata Consumer products limited (previously
tata global Beverages limited) and their respective shareholders
and creditors (the ‘Scheme’) for demerger of Consumer products
In our opinion and to the best of our information and according Business of the Company. the Scheme has been given effect to
to the explanations given to us, and based on the consideration from the appointed date of april 1, 2019 as approved by the
of reports of other auditors on separate Financial Statements of national Company law tribunal and which is deemed to be the
such subsidiaries and joint ventures as were audited by the other demerger date for the purpose of accounting and consequently
auditors, the aforesaid Consolidated Financial Statements give the financial information in the Consolidated Statement of profit and
information required by the Companies act, 2013 (“act”) in the loss for the year ended March 31, 2019 has been restated.
manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of the our opinion is not modified in respect of this matter.
consolidated state of affairs of the group and its joint ventures as at
March 31, 2020, of its consolidated profit and other comprehensive Key Audit Matters
income, consolidated changes in equity and consolidated cash Key audit matters are those matters that, in our professional
flows for the year then ended.
judgment, were of most significance in our audit of the Consolidated
Financial Statements of the current period. these matters were
Basis for Opinion addressed in the context of our audit of the Consolidated Financial
We conducted our audit in accordance with the Standards on Statements as a whole, and in forming our opinion thereon, and
auditing (Sas) specified under section 143(10) of the act. our we do not provide a separate opinion on these matters.

234 I Integrated annual report 2019-20