Tata Steel reports decent Q1 production nos

Tata Steel India business reported 6% rise in crude steel production to 4.92 million tons in Q1 FY23 from 4.63 million tons posted in Q1 FY22.

Sequentially, crude steel production rose marginally from 4.90 million tons in Q4 FY22.

Deliveries stood at 4.06 million tons in Q4 FY23, lower by 2% year on year (YoY) and a fall of 20.7% quarter on quarter (QoQ), due to moderation in exports following the imposition of 15% export duty. However, Domestic deliveries were ramped up leveraging our strong marketing network & agile business model and increased by 5% YoY.

Tata Steel Europe steel production in Q1 FY23 declined by 9%YoY to 2.43 million tons and total deliveries decreased by 7.3% YoY to 2.16 million tons. In Q1 FY23, Tata Steel Thailand recorded production and deliveries of 0.31 million tons, down by 11.4% YoY.

Automotive & Special Products segment deliveries increased by 22% YoY on broad based recovery across all sub-segments. Branded Products & Retail segment deliveries were broadly similar. Tata Tiscon registered its best ever first quarter sales enabled by expanded physical and virtual reach, said the company.

Industrial Products & Projects segment deliveries increased by 8% YoY, primarily driven by increase in sales of value-added products to key segments like Engineering. Revenues from Tata Steel Aashiyana during the quarter, an e-commerce platform for individual home builders, grew by 77% YoY to Rs 457 crore.

Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 34 million tons per annum.

The company's consolidated net profit rose 46.84% to Rs 9756.20 crore on 38.57% rise in turnover to Rs 69,324 crore in Q4 FY22 over Q4 FY21.

Shares of Tata Steel closed 0.67% higher at Rs 860.30 on the BSE.

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