Tata Steel’s domestic volumes grow 18% y-o-y in Q1

7 Jul 2023 , 12:42 PM

Tata Steel Limited said that in the first quarter of Fiscal Year 2024 (Q1 FY24), domestic deliveries fuelled the growth with an 18% y-o-y increase in domestic volumes across key segments, said the company in a forward-looking statement.

Provisional delivery volumes for the company’s Indian vertical stood at 4.8 million tons, an 18% increase year-on-year. While exports decreased on a year-over-year basis to 0.25 million tons, as deliveries in the company’s Europe and Thailand verticals decreased.

The planned relining of BF6 at Tata Netherlands, which began in April, was the source of this issue, which resulted in a drop in crude steel production at Tata Steel Europe. The company said that it produced 1.81 million tons of crude steel, while 1.97 million tons were delivered.

The Indian steelmaker also reported a preliminary production volume of 5.01 million tons, a 2% increase year-on-year. The company said this growth is primarily on account of its most recent addition, Neelachal Ispat Nigam Limited, but it was lower than the previous quarter due to planned maintenance shutdowns that occurred during the quarter.

In terms of delivery volumes, key segments such as ‘Branded Products & Retail’ and ‘Industrial Products & Projects’ saw the greatest gains, with a Y-o-Y increase of 37% and 24%, respectively.

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