keywords :
Tata Steel announced that its crude steel production in India in April-June 2021 quarter increased by 54.8% on YoY basis, however, declined 2.6%QoQ to 4.63 million tonnes, impacted by the supply of over 47,800 tonnes of liquid medical oxygen to hospitals during the quarter amidst the 2nd wave of COVID-19 pandemic. Overall deliveries increased by 41.7% on YoY basis, however, declined 11% QoQ to 4.15 million tonnes due to partial lockdowns announced by some of the states and temporary shutdowns in few steel consuming sectors amidst the 2nd wave of COVID-19 pandemic. To compensate for the softness in domestic demand, exports were increased to 16% of the total sales in 1QFY22.
India Operations
Turnover of INR 30,344 crores up 1% QoQ
Achieved highest ever quarterly EBITDA of INR 13,946 crores with 13.4% QoQ and 9.6x YoY growth
Per Tonne EBDITA of INR 33,604 up 28% QoQ
Achieved highest ever PAT of INR 9,593 crores
Tata Steel BSL registered its highest ever quarterly EBITDA of INR 3,118 crores.
Tata Steel Long Products also registered its highest ever quarterly EBITDA of INR .554 crores
Europe
Steel deliveries at Tata Steel Europe increased by 17.4% YoY to 2.33 million tonnes in Q1 of 2021-22 and EBITDA improved sharply to GBP 150 million
Tata Steel Chief Executive Officer & Managing Director Mr TV Narendran said “Over the last 15 months, the global economy has been recovering driven by policy support and progressive vaccination which has led to improvement in business and customer confidence. However, Indian markets were adversely impacted again during the last quarter due to the 2nd wave of COVID-19 which impacted our steel production as well as deliveries. Demand has begun recovering in India, though domestic steel prices continue to be at a steep discount to China import parity prices. We continue to focus on our objective to attain and retain market leadership in chosen segments by building strong customer relationships, superior distribution network, rolling out brands and developing new products & solutions in steel and new materials.”
He added “We are also focused on value accretive growth. Our 5 MTPA TSK phase II expansion is progressing well. It will drive product mix enrichment and cost reduction, further strengthening our competitive position. We have accelerated capex allocation for the 6 MTPA Pellet plant and the CRM complex, both are expected to be commissioned by 1st half of 2022.”