Tata Steel Crushes Records with Best-Ever Q3 Sales and 6% Steel Production Surge

8 Jan 2024 , 10:21 AM

In its business report given on January 5, domestic steel firm Tata Steel stated that crude steel production in its India unit was at 5.32 million tonnes, up 6% both year over year (YoY) and quarter over quarter (QoQ). The country produced 4% more crude steel year over year during the first nine months of FY24.

With 4.88 million tonnes delivered, Tata Steel India’s sales were ‘best ever 3Q.’ According to the company, the rise in domestic deliveries (+3% QoQ and +10 YoY) was the main cause of the gain on a quarterly and annual basis, given the ongoing strength of the Indian steel market. Tata Steel India recorded its highest deliveries to date for 9MFY24, up 6% year over year.

Deliveries to the company’s ‘Automotive & Special Products’ sector increased by about 8% QoQ and 22% YoY. Despite a little decrease in car manufacturing, the third quarter saw best-ever sales, which contributed to the QoQ gain.

Also, Tata Steel’s automobile flat steel products have earned them the ‘GreenPro Ecolabel’ certification.

Deliveries to its ‘Branded Products & Retail’ division were up 11% year over year due to higher sales of well-known brands like Tata Tiscon, Tata Steelium, and Tata Astrum, but were largely consistent on a quarter over quarter basis. Tata Tiscon had volume growth of 10% QoQ and 18% YoY during the quarter.

Deliveries rose by roughly 6% YoY and 5% QoQ for the ‘Industrial Products & Projects’ segment. Engineering posted the highest quarterly revenues of any subsegment.

With strong sales for the September to December quarter, Tata Steel Aashiyana, an e-commerce platform for individual home builders, saw revenues rise by 38% year over year to Rs 572 crore in the third quarter of FY24. Revenues during the first nine months of FY24 exceeded Rs 1,600 crore, a YoY increase of 13%.

For feedback and suggestions, write to us at [e-mail]