Tata Steel announced its provisional growth numbers for the quarter ended June 2023. It said that its crude steel production in India stood at 5.01 million tons (MT) with a growth of 2 per cent on-year primarily driven by ramp up at Neelachal Ispat Nigam Limited. It further maintained that the production was lower on-quarter basis on planned maintenance shutdowns. Deliveries, meanwhile, stood at 4.8 MT, up 18 per cent on YoY basis, driven by rise in domestic deliveries, even as exports moderated on-year to 0.25 MT, the company said in a regulatory filing.
Tata Steel’s automotive and special products segment deliveries were broadly similar on YoY basis and among the sub segments, production of passenger vehicles and 2-wheelers was up while commercial vehicles declined during the quarter.
The branded products and retail segment deliveries increased by 37 per cent on-year during Q1FY24, driven by best ever Q1 sales of well-established brands – Tata Tiscon and Tata Steelium.
Industrial Products & Projects segment deliveries was up 24 per cent YoY, on the back of sustained increase in sale of value-added products to key segments like railways, pre-engineered buildings, etc.
Further, the company stated that revenue from Tata Steel Aashiyana, which is an e-commerce platform for individual home builders, stood at Rs 365 crore in Q1FY24 and were up 18 per cent QoQ.
Finally, Tata Steel said that the planned relining of BF6 at Tata Steel Netherlands commenced in April and this has led to a drop in crude steel production at Tata Steel Europe. For the European market, crude steel production stood at 1.81 MT while deliveries stood at 1.97 MT.