Tata Steel’s 2QFY2024 Production and Delivery Volumes (Provisional)
▪ In 2QFY24, Tata Steel India crude steel production stood at 4.99 million tons and was broadly stable on QoQ basis and up 4% on YoY basis. On half year basis, crude steel production increased by 3% YoY.
▪ Tata Steel India deliveries stood at 4.82 million tons and were broadly similar on QoQ basis despite the seasonal weakness due to monsoons. On half year basis, total deliveries were higher by 7% on YoY basis, driven by rise in domestic deliveries. Exports moderated by 52% YoY to 0.45 mn tons.
▪ Key segment highlights of domestic deliveries for the quarter:
o ‘Automotive & Special Products’ segment deliveries increased by around 7% QoQ as well as YoY. This was driven by best ever 2Q sales. Tata Steel has begun to receive approvals from automotive OEMs for cold rolled steel from the recently commissioned Cold Rolling mill at Kalinganagar.
o ‘Branded Products & Retail’ segment deliveries increased by around 3% QoQ and 6% YoY. This was driven by best ever 2Q sales of well-established brands – Tata Tiscon, Tata Steelium and Tata Astrum.
o ‘Industrial Products & Projects’ segment deliveries were broadly stable QoQ but were up 4% YoY. Among sub segments, value added products (cold rolled and coated) registered best ever quarterly sales.
o Revenues from Tata Steel Aashiyana, an e-commerce platform for Individual Home Builders, stood at Rs. 628 crores in 2QFY24 and were up 73% QoQ driven by best ever 2Q sales.
▪ Tata Steel Europe liquid steel production for the quarter stood at 1.99 mn tons, up 11% QoQ but was down YoY. The YoY drop is due to the ongoing relining at one of the blast furnaces in Netherlands. Total deliveries for the quarter stood at 1.79 mn tons and were lower in part due to subdued demand dynamics.