Tata Steel reports highest-ever annual steel output in FY22; stock ends ~2% higher

6 Apr 2022 , 04:10 PM

Tata Steel India Limited reported its highest-ever annual crude steel production of 19 million tonnes, registering a growth of 13% yoy in the financial year ended March 2022 over last year, despite the Covid second wave-related disruption early in the year, the company said on Tuesday.

During the three months of January to March, crude steel production grew 2% sequentially and stood at 4.90 million tonnes. Tata Steel India deliveries jumped by 6% yoy in FY22, surpassing the previous best recorded in FY21.

Domestic deliveries increased 14% yoy led by improved demand and the company’s robust marketing network. In the fourth quarter, deliveries jumped 16% sequentially to 5.12 million tonnes – the highest ever quarterly deliveries.

Its automotive and special products segment deliveries witnessed a growth of 27% yoy in FY22 to cross the 2.5-million tonne mark; the fourth quarter deliveries jumped 4% sequentially on the back of improved auto OEM production, especially in passenger and commercial vehicles.

Branded products & retail segment deliveries gained 11% yoy in FY22 to cross the 5.2-million tonne mark; fourth-quarter deliveries recorded a growth of 16% QoQ led by strong brands performance and micro-segment approach in the MSME segment.

Industrial products and projects segment deliveries up by 12% yoy in FY22 to cross the 6.3-million tonne mark. Its Q4FY22 deliveries jumped 11% QoQ with an increased focus on value-added products.

Tata Steel ended at Rs1,371 up by Rs26.1 or 1.94% from its previous closing of Rs1,344.90 on the BSE. It touched intraday high and low of Rs1,386.25 and Rs1,344.90 respectively.