Tata Steel logs production volume of 4.92 million tons in Q1FY23; stock skids ~2%

6 Jul 2022 , 11:34 AM

Tata Steel India Limited reported crude steel production of 4.92 million tons in Q1FY23, registering a growth of 6% yoy.

Deliveries stood at 4.06 million tons, declining by 2% yoy due to moderation in exports following the imposition of 15% export duty. However, Domestic deliveries were ramped up leveraging the company’s strong marketing network & agile business model and clocked growth of 5% yoy.

Tata Steel Europe steel production jumped 5% QoQ but was marginally lower on yoy basis. Total deliveries stood at 2.16 million tons and declined on yoy basis trailing the production.

Tata Steel Aashiyana’s revenue during the quarter, an e-commerce platform for Individual Home builders, registered a growth of 77% yoy to Rs457 crore.

Automotive & Special Products’ segment deliveries witnessed a growth of 22% yoy on a broad-based recovery across all sub-segments.

Tata Steel will continue to closely monitor the resurgence of COVID-19 cases and will take appropriate actions in accordance with the regulatory authorities while keeping in mind the health and safety of its employees and the community, as well as the interests of its customers and other stakeholders.

At around 11.38 AM, Tata Steel was trading at Rs841 down by Rs19.3 or 2.24% from its previous closing of Rs860.30 on the BSE. The scrip opened at Rs860.30 and has touched intraday high and low of Rs860.60 and Rs838.30 respectively.