Tata Steel India’s profit after tax rises to Rs 4,429 cr for Q3FY24
~ Tata Steel India revenue increases to Rs 35,011 cr ~
Bhubaneswar: Tata Steel today declared its financial results for the third quarter and nine months ended December 31, 2023. During Q3FY24, Tata Steel India’s profit after tax rose to Rs 4,429 crores from Rs 1,786 crores of 3QFY23. Tata Steel’s India revenue also rose to Rs 35,011 crores during Q3FY24 as compared to Rs 34,059 crores of 3QFY23.
The Company’s consolidated profit after tax for Q3FY24 stood at Rs 522 crores. Consolidated revenues for the quarter stood at Rs 55,312 crores. For the Oct-Dec 2023 quarter, EBITDA was up 47% QoQ to Rs 6,334 crores and the EBITDA margin was 11%.
The Company’s UK revenues were £603 million during the quarter ended December 2023. Netherlands revenues stood at £1,239 million.
T. V. Narendran, CEO&MD, Tata Steel, said, “Tata Steel India has delivered better margins aided by higher deliveries as well as realisations on a QoQ basis. Our domestic deliveries for the quarter stood at 4.78 million tons and were up 3% QoQ and 10% YoY. The consistent growth in India deliveries has been aided by crude steel production being close to 5 million tons across the quarters in this financial year. I am happy to share that Tata Steel Meramandali and Tata Steel Kalinganagar sites have now received ResponsibleSteelTM certification and we now have three certified sites in India including Jamshedpur.”
Consolidated Revenues for the first nine months of the financial year were at Rs 1,70,483 crores. Tata Steel reported Consolidated EBITDA of Rs 16,771 crores for the first nine months of the financial year.
The Company spent Rs 4,715 crores on capital expenditure during the quarter, and Rs 13,357 crores for 9MFY24. The phased commissioning of the 5 MTPA expansion at Kalinganagar has commenced.
Koushik Chatterjee, ED&CFO, Tata Steel, said, “Tata Steel Consolidated revenues for the quarter stood at Rs 55,312 crores and EBITDA was Rs 6,334 crores, an increase in margins by around 300 bps QoQ. India EBITDA was Rs 8,302 crores, a QoQ margin increase of 400 bps. Cashflow from operations in India rose sharply to Rs 9,016 crores. Moving to strategic initiatives, we have largely fulfilled our plan to simplify our India footprint, having now completed the merger of Tinplate Company of India and Tata Metaliks into Tata Steel.”