Tata Steel records 2% growth in Q2 steel production

7 Oct 2022 , 03:33 PM

On quarter on quarter basis, crude steel production declined 2.24% from 4.92 million tons in Q1 FY23. The company said the decrease in steel production was mainly due to planned maintenance shutdown. On half year basis, crude steel production was up 4% YoY. Deliveries stood at 4.91 million tons, a growth of 7% YoY and 21% QoQ despite seasonal weakness due to monsoons. Domestic deliveries stood at 4.37 million tons, surpassing the previous best recorded in Q4 FY22 and retaining market leadership across chosen segments, a testimony of companys strong franchise. Tata Steel caters to approximately 87% of the domestic market, the company stated. Tata Steel Europe steel production decreased to 2.40 million tons in Q2 FY23, down 6.25% YoY and down 1.64% QoQ. Total deliveries stood at 1.88 million tons in Q2 FY23, declining 12.15% YoY and QoQ. Total deliveries were lower in part due to seasonal factors, the company said. In Q2 FY23, Tata Steel Thailand registered a production volume of 0.30 million tons (up 11% YoY) and a delivery volume of 0.30 million tons (down 9% YoY) in Q2 FY23. Automotive & Special Products segment deliveries grew 3% YoY and broadly similar on QoQ basis. Continued recovery across sub-segments including passenger vehicles and two wheelers. Branded Products & Retail segment deliveries were up 19% YoY and 33% QoQ. Tata Tiscon and Tata Astrum registered best ever quarterly sales enabled by expanded reach. Industrial Products & Projects segment deliveries increased by 15% YoY and 19% QoQ. Record quarterly sales primarily driven by increase in value added products to targeted segments like infrastructure, oil & gas, construction etc. Revenues from Tata Steel Aashiyana, an e-commerce platform for Individual Home builders, grew by 60% YoY and 18% QoQ to Rs 540 crore. Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 34 million tons per annum. On a consolidated basis, the steel majors net profit dropped 21% to Rs 7,714 crore on 18.8% increase in net sales to Rs 63128.32 crore in Q1 FY23 over Q1 FY22. Shares of Tata Steel shed 0.19% to Rs 103.25 on the BSE. Powered by Capital Market – Live News