Tata Steel, on Friday, reported a quarterly increase of 6 percent in crude steel production at its India unit, standing at 5.32 million tonnes. This growth is observed both quarter-on-quarter (QoQ) and year-on-year (YoY), as highlighted in its business update released on January 5.
Additionally, for the first nine months of fiscal year 2024, Tata Steel noted a YoY rise of 4 percent in its overall crude steel production.
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The company reported record deliveries of 4.88 million tonnes, marking its best-ever sales for the third quarter. The growth, both quarter-on-quarter (QoQ) and year-on-year (YoY), was predominantly fueled by an uptick in domestic deliveries, showing a 3 percent increase QoQ and a notable 10 percent surge YoY, reflecting the sustained robust demand for steel in the Indian market, according to the company’s statement.
Notably, for the first nine months of the fiscal year 2024, Tata Steel India achieved its highest-ever deliveries, registering a significant 6 percent YoY increase.
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The ‘Automotive & Special Products’ segment of the company witnessed a notable uptick, with deliveries increasing by approximately 8 percent quarter-over-quarter and 22 percent year-over-year. This quarterly surge was propelled by the achievement of record-breaking sales in the third quarter, overcoming a slight dip in vehicle production.
Additionally, Tata Steel attained the prestigious “GreenPro Ecolabel” certification for its automotive flat steel products.
The ‘Branded Products & Retail’ segment maintained overall stability in its quarterly deliveries, with a noticeable 11 percent year-on-year increase attributed to heightened sales of well-established brands such as Tata Tiscon, Tata Steelium, and Tata Astrum. Specifically, Tata Tiscon witnessed a commendable volume growth of 10 percent quarter-on-quarter and an impressive 18 percent year-on-year during the quarter.
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Shipments within the ‘Industrial Products & Projects’ category saw a notable 5% quarter-over-quarter increase and a 6% year-over-year surge. Within this category, the engineering sub-segment achieved its highest-ever quarterly sales.
In the third quarter of the fiscal year 2024, Tata Steel Aashiyana, an e-commerce platform catering to individual home builders, reported revenues of ₹572 crore, marking a substantial 38% year-on-year growth. This robust performance was fueled by strong sales during the September to December quarter. Notably, for the first nine months of FY24, revenues surpassed ₹1,600 crore, reflecting a commendable 13% year-over-year increase.
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Tata Steel International
Meanwhile, Tata Steel Netherlands reported a quarterly liquid steel production of 1.17 million tonnes, with deliveries reaching 1.29 million tonnes—an increase of 5% compared to the previous quarter. However, on a year-over-year basis, both production and deliveries experienced a decline, attributed to the relining of one of the blast furnaces.
Conversely, Tata Steel’s liquid steel production in the UK for the quarter totaled 0.73 million tonnes, showing a slight decrease on a quarter-over-quarter basis due to operational issues. Deliveries amounted to 0.63 million tonnes, marking a decline both compared to the previous quarter and the same period last year, driven by subdued demand dynamics.
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Published: 05 Jan 2024, 10:15 PM IST
