Tata Steel's Indian Business Reports Best-Ever Q1 Sales
Tata Steel's Indian deliveries grew 3% year-on-year to 4.94 million tonne.
Tata Steel India's crude steel production saw a 5% year-on-year jump at 5.25 million tonne in the first quarter of this fiscal, according to a provisional business update released by the company. However, the production was lower sequentially due to planned maintenance shutdowns.
Tata Steel Ltd.'s Indian deliveries grew 3% year-on-year to 4.94 million tonne, which according to an exchange filing on Saturday is the best-ever first-quarter sales.
The liquid steel production at Tata Steel Netherlands rose to 1.72 million tonne in the first quarter after operating levels returned to normal. The deliveries rose 11% year-on-year to 1.52 million tonne due to improved production.
Tata Steel UK's liquid steel production was at 0.68 million tonne in the first quarter of this fiscal, with deliveries at 0.69 million tonne. The Blast Furnace 5 at Port Talbot has been decommissioned, with the last liquid iron produced on July 4.
The decommissioning comes at a time when the Union of steelworkers that intended to start industrial action, regarding Tata Steel UK's future plans for the Port Talbot plant in Wales, cancelled their strike, citing assurances of further investment discussions.
Segment Highlights
Automotive And Special Products: The deliveries in the segment grew 14% year-on-year to 0.8 million tonne. The increase in volume is due to higher market growth in select sub-segments like passenger vehicles and commercial vehicles.
Branded Products And Retail: The segment delivered a 6% year-on-year increase in deliveries at 1.7 million tonne, on the back of well-established brands. While Tata Tiscon deliveries went up 15% year-on-year, Tata Astrum and Tata Steelium reported their best-ever first-quarter sales.
Industrial Products And Projects: The deliveries in the segment were at 1.8 million tonne, with sub-segment engineering registering the best-ever quarterly sales.
Tata Steel Aashiyana: The revenue from the e-commerce platform for individual home builders rose 73% to Rs 644 crore. The high growth was due to a 50% increase in customer base.
Shares of Tata Steel closed 0.85% lower on Friday at Rs 174.75 apiece, as compared to a 0.07% decline in the BSE Sensex.
