Tata Steel India says annual deliveries up despite COVID-19 impact
Mumbai/IBNS: Tata Steel touched rupees one trillion in market capitalisation which helped the stock reach a record high on Tuesday.
Same day, the company released its provisional 4QFY21 production and delivery volumes.
According to the release, Tata Steel India achieved the highest ever quarterly crude steel production of 4.75 million tonnes with a three per cent quarter over quarter (QoQ) growth in 4QFY21.
However, full year FY21 production was lower by seven per cent year over year (YoY) primarily due to the disruption caused by COVID-19 pandemic in the first half of FY21 (1HFY21).
Tata Steel India delivery volume increased by 16 per cent YoY to 4.67 million tonnes in 4QFY21; domestic deliveries increased 22 per cent YoY to 4.17 million tonnes on the back of the company's robust marketing network and improved market conditions.
Exports were at 11 per cent of overall deliveries.
Tata Steel India said it achieved the highest ever annual delivery volume of 17.30 million tonnes in FY21, despite the COVID-19 pandemic induced disruption in 1HFY21.
Key segment highlights of the domestic deliveries are:
‘Automotive & Special Products’ segment deliveries grew by 13 per cent QoQ and 57 per cent YoY to 0.78 million tonnes in 4QFY21.
Full year FY21 sales volume crossed the two million tonnes mark, registering a seven per cent YoY growth.
‘Branded Products & Retail’ segment deliveries grew 3 per cent QoQ and 23 per cent YoY to 1.45 million tonnes in 4QFY21.
Gross revenue generated through ‘Aashiyana’, the online platform for individual home-builders, crossed the quarterly revenue milestone of Rs 300 crores in 4QFY21, registering a growth of 43 per cent QoQ and 200 per cent YoY.
‘Industrial Products & Projects’ segment deliveries grew by 11 per cent YoY to 1.59 million tonnes in 4QFY21.
During the quarter, steel production at Tata Steel Europe increased to 2.65 million tonnes.
Steel sales volume rose by 18 per cent QoQ and 4 per cent YoY; volumes improved across the segments amidst improved market conditions and seasonally stronger quarter.
Steel production and sales volume for FY21 were lower on YoY basis due to the impact of the pandemic.
The company said that it continues to closely monitor the resurgence of COVID-19 cases and take appropriate actions in line with the directions issued by the regulatory authorities keeping in view the health and safety of its employees and the community and the interests of its customers and other stakeholders.
The company also said that it remains focused on aggressively managing costs and cash flows while pursuing deleveraging.