Tata Steel Long Products logs 6% yoy growth in crude oil production in FY22; stock adds ~1.5%

6 Apr 2022 , 03:18 PM

Tata Steel Long Products Limited informed investors that it has witnessed a growth of 6% yoy in crude steel production during the financial year ended March 2022. Company was able to log this growth despite the disruption caused by the second wave of a covid pandemic due to which one of the blast furnaces was kept shut for a few weeks during Q4FY22.

It reported crude steel production of 684 thousand tons in FY22 as against 648 tonnes in FY21. Saleable steel reported a volume of 652 thousand tons in FY22 as compared to 639 thousand in FY21.

The company’s steel sales volume jumped 2% yoy in FY22, on the back of a higher share of rolled product sales enabled by customer approval and continued mix enrichment. FY21 deliveries witnessed a higher opening inventory due to a nationwide lockdown in March 2022.

During the year, TSLP DRI production increased by 5% yoy while the sales volume witnessed a 6% yoy drop due to higher captive consumption. In Q4FY22, DRI production witnessed a gain of 16% QoQ which in turn drove 21% QoQ growth in sales volume.

Tata Steel Long’s stock jumped 1.43% so far in today’s trade at Rs800.65 against its previous close of Rs789.35 on NSE. It touched intraday high and low of Rs809 and Rs781.15 respectively.