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Tata Steel India reports 4.88 million tons delivery in Q3FY24; notes sustained growth in Indian steel demand
Photo courtesy: Tata Steel

Tata Steel India reports 4.88 million tons delivery in Q3FY24; notes sustained growth in Indian steel demand

| @indiablooms | 05 Jan 2024, 11:41 pm

Mumbai: Tata Steel India on Friday said that its crude steel production reached 5.32 million tons, up 6% on QoQ as well as YoY basis.

Its crude steel production increased by 4% YoY during the first nine months of FY24 (9MFY24).

Tata Steel India deliveries stood at 4.88 million tons and were ‘best-ever 3Q’ sales.

The increase on QoQ and YoY basis was primarily driven by the rise in domestic deliveries (+3% QoQ and +10% YoY) given the continued strength in Indian steel demand.

For 9MFY24, Tata Steel India registered the best-ever deliveries, which were higher by 6% on a YoY basis.

Highlighting the key segment highlights of domestic deliveries for the quarter, Tata Steel said that its ‘Automotive & Special Products’ segment deliveries increased by around 8% QoQ and 22% YoY.

“The QoQ increase was driven by best-ever 3Q sales despite a marginal decline in vehicle production. Tata Steel has received the “GreenPro Ecolabel” certification for its automotive flat steel products,” the company said in the press release.

Branded Products and retail segment deliveries were broadly stable QoQ but up 11% YoY. This was driven by the best-ever 3Q sales of well-established brands - Tata Tiscon, Tata Steelium and Tata Astrum.

During the quarter, Tata Tiscon volumes grew by 10% QoQ and 18% YoY.

Further, the Industrial Products & Projects segment deliveries increased by around 5% QoQ and 6% YoY. Among sub-segments, engineering registered the best-ever quarterly sales.

Revenues from Tata Steel Aashiyana, an e-commerce platform for Individual Home Builders, stood at  Rs. 572 crores in 3QFY24 and were up 38% YoY driven by best-ever 3Q sales. For the 9MFY24, revenues crossed Rs 1,600 crores and were up 13% YoY.

Tata Steel Netherlands liquid steel production for the quarter stood at 1.17 million tons and deliveries were at 1.29 mn tons, up 5% QoQ.

On a YoY basis, production and deliveries were lower due to the relining of one of the blast furnaces.

Tata Steel UK liquid steel production for the quarter stood at 0.73 million tons and was marginally lower on a QoQ basis due to operational issues. Deliveries stood at 0.63 million tons and were lower on QoQ and YoY basis due to subdued demand dynamics.

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