Tata Steel production up 4% at 5 million tonnes during Q3FY23; Stock up 1%

9 Jan 2023 , 09:16 AM

Tata Steel has released its production data for October-December quarter of FY23.

According to the filing, for 9MFY23, Tata Steel India crude steel production and deliveries surged 4% on YoY basis while domestic deliveries soared ~10% YoY.

In 3QFY23, Tata Steel India crude steel production stood at 5 million tons and was up 4% on YoY and QoQ basis. Deliveries stood at 4.73 million tons and rose 7% YoY primarily driven by 11% growth in domestic deliveries, which also led to improvement in product mix, the company said.

The company recorded domestic deliveries across segments in 9MFY23:

• ‘Automotive & Special Products’ segment deliveries stood at ~2 million tons and jumped 7% yoy, surpassing the previous best recorded in 9MFY19. For the quarter, deliveries were marginally lower due to drop in automotive production.
• ‘Branded Products & Retail’ segment deliveries stood at ~4.1 million tons and were up 10% YoY, similar to the previous best in 9MFY20. For the quarter, deliveries were up 13% YoY. Tata Tiscon registered best ever quarterly sales enabled by expanded reach.
• ‘Industrial Products & Projects’ segment deliveries stood at ~5.2 million tons and were up 13% YoY, surpassing the previous best recorded in 9MFY20. For the quarter, deliveries were up 15% YoY and were the best ever quarterly sales driven by increase in value added products.
• Revenues from Tata Steel Aashiyana, an e-commerce platform for Individual Home builders, grew by around 49% YoY to Rs1,419 crore in 9MFY23.

Further, the company informed in a regulatory filing that Neelachal Ispat Nigam Limited (NINL) has begun operations within 3 months of completion of acquisition and is presently undergoing ramp up to rated capacity of ~1 million tons. Tata Tiscon rebars are being made from NINL billets.

During the quarter, Tata Steel Europe steel deliveries stood at 1.96 million tons and were lower on YoY basis but up 5% on QoQ basis. Production was lower on QoQ and YoY basis.

On Monday morning trade, Tata Steel was trading at Rs117.25 per share higher by 1.43% on the BSE.

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