Tata Steel logs 6% y-o-y growth in FY24 Sales; production up 4%

8 Apr 2024 , 02:16 PM

In FY24, Tata Steel India witnessed a 6% rise in deliveries, reaching 19.90 Million Tonnes, attributed to heightened demand from the retail, automotive, and railway sectors. A statement released on Saturday indicated that Tata Steel’s steel production in India for the preceding fiscal year 2022-23 amounted to 18.85 Million Tonnes (MT).

Automotive and special goods category deliveries climbed by 8% in FY24 to 2.9 MT, exceeding the previous high set in FY23. Branded product and retail category deliveries climbed by 11% in FY24 to 6.5 MT. Industrial products and projects category deliveries increased by 6% to 7.7 MT.

Engineering had the highest yearly sales of any sub-segment, headed by pre-engineered buildings and railroads, among others, according to the business.

The report mentioned that in FY24, revenue generated from Tata Steel Aashiyana, an e-commerce platform catering to Individual Home Builders, reached ₹2,240 Crore, marking a 30% increase, primarily propelled by record-breaking sales in the third and fourth quarters.

The firm in India produced a record 20.8 MT crude steel in 2023-24, 4% more than 19.88 MT in the previous fiscal year. Crude steel output in the fourth quarter of FY24 was around 5.38 MT, compared to 5.15 MT in the fourth quarter of FY23.

In FY23, output was 6.33 MT, with sales at 5.62 MT. Tata Steel UK’s liquid steel production in FY24 was 3.02 MT, with deliveries at 2.80 MT. In FY23, the output was 3.02 MT, with sales of 2.95 MT.

At around 2.03 PM, Tata Steel was trading 0.92% higher at ₹164.85, against the previous close of ₹163.35 on NSE. The counter touched an intraday high and low of ₹166.95, and ₹164.20, respectively.

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