Tata Steel's Indian Production Volume In Q1 Jumps 2% YoY At 5.01 Million Tonnes
The deliveries in the quarter ended in June was at 4.8 million tons with a rise of 18% on YoY basis, driven by a rise in domestic deliveries.
Tata Steel's Indian Production Volume In Q1 Jumps 2% YoY At 5.01 Million Tonnes | File
In the first quarter of FY24, Tata Steel India crude steel production stood at 5.01 million tons, with a growth of 2% Year-on-Year primarily driven by ramp up at Neelachal Ispat Nigam Limited, the company announced through an exchange filing. It also added that the production in the quarter was lower due to maintenance shutdown.
The deliveries in the quarter ended in June was at 4.8 million tons with a rise of 18% on YoY basis, driven by a rise in domestic deliveries. Exports moderated to 0.25 million tons on YoY basis.
‘Automotive & Special Products’ segment deliveries were broadly similar on YoY basis. Among the sub segments, production of passenger vehicles and 2-wheelers was up while commercial vehicles declined.
‘Branded Products & Retail’ segment deliveries increased by 37 per cent YoY. This was driven by best ever 1Q sales of well-established brands - Tata Tiscon and Tata Steelium.
‘Industrial Products & Projects’ segment deliveries increased by 24 per cent YoY driven by sustained increase in sale of value-added products to key segments like Railways, Pre-engineered buildings etc.
Revenues from Tata Steel Aashiyana, an e-commerce platform for Individual Home builders, stood at Rs. 365 crores in 1QFY24 and were up 18 per cent Quarter-on-Quarter basis.
The planned relining of BF6 at Tata Steel Netherlands commenced in April and this has led to drop in crude steel production at Tata Steel Europe. Crude steel production stood at 1.81 million tons while deliveries stood at 1.97 million tons.
The liquid steel production in the first quarter of this financial year produced by Tata Steel Europe was at 1.81 million tonnes down from 2.44 million tonnes in the first quarter of FY23. The production of saleable steel produced by Tata Steel Thailand in the quarter ending in June stood at 0.26 million tonnes against 0.31 million tonnes in the same quarter in the last financial year.
Tata Steel shares
The shares of Tata Steel on Friday at 9:38 am were trading at Rs 113, up by 0.31 per cent.
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