Posted on 09 Apr 2024
Tata Steel’s Indian crude steel production, on a provisional basis, rose by 4% year-on-year, touching a record high of 20.76 million tonnes for the financial year ending on March 2024 (FY24).
The company attributes this rise to its de-bottlenecking efforts across sites and by achieving a higher steel production at Neelachal Ispat Nigam (NINL), Kallanish notes. Tata acquired NINL in July 2022, via its step-down subsidiary Tata Steel Long Products for a consideration of INR 120 billion ($1.44 billion).
Tata Steel India’s crude steel production for the quarter ending in March 2024 (Q4) was “broadly stable” at 5.38mt, up 0.56% on-quarter and up 4.47% on-year.
The company’s Indian FY24 deliveries rose nearly 6% y-o-y to 19.90mt, on a provisional basis, beating its previous record of 18.85mt in FY23. Its domestic deliveries were up by 9% y-o-y aided by Indian steel demand growth and the company’s agile business model.
Tata Steel India’s Q4 deliveries were up by 11% q-o-q and 5% y-o-y to 5.41mt, reaching a record high in its quarterly deliveries.
In FY24, the company’s domestic deliveries in the automotive and special products segment rose by 8% y-o-y to 2.9 mt. The company attributed its strong volumes in this segment to higher deliveries of hot rolled and cold rolled steel to automotive original equipment manufacturers (OEMs).
Its branded products and retail segment deliveries rose by 11% on-year to 6.5mt. This rise was due to record annual sales of its well-established retail brand Tata Tiscon, which crossed 2mt.
The industrial products and projects segment saw deliveries jump 6% y-o-y to 7.7mt. All of the above three segments saw deliveries beat their previous record high in FY23. The engineering sub-segment posted record annual sales due to pre-engineered building and railways among others.
The company’s e-commerce platform aimed at individual home builders, Tata Steel Aashiyana, said its FY24 revenues were higher by 30% y-o-y to INR 22.4 billion due to achieving record Q3 and Q4 sales.
Source:Kallanish
