- In 1QFY24, Tata Steel India crude steel production stood at 5.01 million tons, with a growth of 2% YoY primarily driven by ramp up at Neelachal Ispat Nigam Limited. Production was lower QoQ on planned maintenance shutdowns. Deliveries at 4.8 million tons were higher by 18% on YoY basis, driven by rise in domestic deliveries. Exports moderated on YoY basis to 0.25 mn tons.
- Key segment highlights of domestic deliveries are:
- ‘Automotive & Special Products’ segment deliveries were broadly similar on YoY basis. Among the sub segments, production of passenger vehicles and 2-wheelers was up while commercial vehicles declined.
- ‘Branded Products & Retail’ segment deliveries increased by 37% YoY. This was driven by best ever 1Q sales of well-established brands – Tata Tiscon and Tata Steelium.
- ‘Industrial Products & Projects’ segment deliveries increased by 24% YoY driven by sustained increase in sale of value-added products to key segments like Railways, Pre-engineered buildings etc.
- Revenues from Tata Steel Aashiyana, an e-commerce platform for Individual Home builders, stood at Rs. 365 crores in 1QFY24 and were up 18% QoQ.
- The planned relining of BF6 at Tata Steel Netherlands commenced in April and this has led to drop in crude steel production at Tata Steel Europe. Crude steel production stood at 1.81 mn tons while deliveries stood at 1.97 million tons.
