Tata Steel India has announced that its FY24 sales increased by 6% to 19.90 million tonnes (MT), mostly due to increased demand from the retail, automotive, and railway sectors. Tata Steel said in a statement on Saturday that the business produced 18.85 MT of steel in India during the previous fiscal year, 2022–2023.
Sales to the automotive and special products market rose by 8% in FY24 to 2.9 MT, breaking the previous high set in FY23. Sales of branded goods and retail segments rose by 11% to 6.5 MT in FY24. Meanwhile, sales in the industrial products and projects segment increased by 6% to 7.7 MT.
Among sub-segments, engineering registered best-ever annual sales led by pre-engineered buildings and railways, among others, the company said. “Revenues from Tata Steel Aashiyana, an e-commerce platform for Individual Home Builders, stood at Rs 2,240 crore in FY24 and were up 30 per cent, driven by best-ever Q3 and Q4 sales,” it added.
In 2023–24, the company produced a record 20.8 MT of crude steel in India, which was 4% more than the 19.88 MT produced in the previous fiscal year. Production of crude steel was 5.38 MT in Q4FY24 compared to 5.15 MT in Q4 FY23.
In FY24, Tata Steel Netherlands produced 4.80 MT of liquid steel, of which 5.30 MT were sold. Sales were 5.62 MT in FY23, while output was 6.33 MT.
In FY24, Tata Steel UK produced 3.02 MT of liquid steel, while sales totaled 2.80 MT. Sales were 2.95 MT and production was 3.02 MT in FY23.
(with inputs from PTI)