Tata Steel Chief Executive Officer & Managing Director Mr TV Narendran said “This has been a challenging quarter for the Global and Indian economy with rising interest rates, supply chain constraints and slowdown in China due to COVID. Despite these multiple headwinds, Tata Steel has delivered a strong performance with an improvement in margins. Our strong marketing franchise and superior business model in India enabled us to successfully pivot and increase our domestic deliveries to counter the 15% duty imposed on steel exports in the middle of the quarter. We continue to drive value accretive growth in India backed by investments in customer relationships, brands and distribution networks and remain well positioned to benefit from the buoyant automotive & retail housing demand and the government spends on infrastructure. Our European business delivered a sharp improvement in performance as long term contracts and product mix helped drive a strong increase in realizations.” Tata Steel India – April- June 2022 QuarterProduction - 4.92 million tonne, flat QoQDeliveries - 4.07 million tonne, down 21% QoQTurnover - 34,015 crore, down 12% QoQEBITDA per ton - 23.557 per tonne, down 4% QoQProfit after Tax - 5,783 crore, down 27% QoQIndia includes Tata Steel Standalone and Tata Steel Long Products on proforma basis without inter-company eliminations Tata Steel Consolidated – April- June 2022 QuarterProduction- 7.74 million tonne, up 2% QoQDeliveries - 6.62 million tonne, down 17% QoQTurnover - 63,430 crore, down 9% QoQEBITDA per ton - 22.717 per tonne, up 20% QoQProfit after Tax - 7,714 crore, down 22% QoQProduction numbers for consolidated financials are calculated using crude steel for India, liquid steel for Europe and saleable steel for SEA Mr TV Narendran added “We are geared towards commissioning the 6 MTPA pellet plant at Kalinganagar in 3QFY23 which will drive cost savings followed by the CRM complex and the 5 MTPA expansion project. Our subsidiary, Tata Steel Long Products, has completed the strategic acquisition of Neelachal Ispat Nigam Limited and will drive growth of our long products business. We continue to progress on our sustainability journey and are committed to being net zero by 2045. We are also focused on making Tata Steel more diverse & inclusive and were ranked 3rd among manufacturing companies by Great Place to Work in India.”
Tata Steel Chief Executive Officer & Managing Director Mr TV Narendran said “This has been a challenging quarter for the Global and Indian economy with rising interest rates, supply chain constraints and slowdown in China due to COVID. Despite these multiple headwinds, Tata Steel has delivered a strong performance with an improvement in margins. Our strong marketing franchise and superior business model in India enabled us to successfully pivot and increase our domestic deliveries to counter the 15% duty imposed on steel exports in the middle of the quarter. We continue to drive value accretive growth in India backed by investments in customer relationships, brands and distribution networks and remain well positioned to benefit from the buoyant automotive & retail housing demand and the government spends on infrastructure. Our European business delivered a sharp improvement in performance as long term contracts and product mix helped drive a strong increase in realizations.” Tata Steel India – April- June 2022 QuarterProduction - 4.92 million tonne, flat QoQDeliveries - 4.07 million tonne, down 21% QoQTurnover - 34,015 crore, down 12% QoQEBITDA per ton - 23.557 per tonne, down 4% QoQProfit after Tax - 5,783 crore, down 27% QoQIndia includes Tata Steel Standalone and Tata Steel Long Products on proforma basis without inter-company eliminations Tata Steel Consolidated – April- June 2022 QuarterProduction- 7.74 million tonne, up 2% QoQDeliveries - 6.62 million tonne, down 17% QoQTurnover - 63,430 crore, down 9% QoQEBITDA per ton - 22.717 per tonne, up 20% QoQProfit after Tax - 7,714 crore, down 22% QoQProduction numbers for consolidated financials are calculated using crude steel for India, liquid steel for Europe and saleable steel for SEA Mr TV Narendran added “We are geared towards commissioning the 6 MTPA pellet plant at Kalinganagar in 3QFY23 which will drive cost savings followed by the CRM complex and the 5 MTPA expansion project. Our subsidiary, Tata Steel Long Products, has completed the strategic acquisition of Neelachal Ispat Nigam Limited and will drive growth of our long products business. We continue to progress on our sustainability journey and are committed to being net zero by 2045. We are also focused on making Tata Steel more diverse & inclusive and were ranked 3rd among manufacturing companies by Great Place to Work in India.”
