Health Care

Tata Steel wins new auto orders as revenues rise

Tata Steel wins new auto orders as revenues rise”

Tata Steel has reported a net profit of ₹1,018 crore in the September quarter against a net loss of ₹49 crore in the same period past year, on the back of higher production and better realisation.

Indian steel companies such as Tata Steel are limping back to profitability after incurring losses for almost two years as a supply glut triggered by Chinese steel production drove a sharp drop in prices.

Tata Steel, however, managed to meet revenue estimates by reporting a 19.7% jump from the year-ago period to Rs 32,464.1 crore. Its steel deliveries were at 6.45 mt in the three months period ended September 30, as against 5.61 mt in the year-ago period. It gets 40 percent of its requirement from captive sources.

Deliveries from India operations grew 17 per cent year-on-year to 3.08 million tonnes in the quarter despite subdued market conditions.

Deliveries were higher by 15%, in part due to one-off sales and supply chain improvements, said Tata.

The company that has lined up for buying out lenders of four debt-laden steel companies has also said it is committed to the second phase expansion at its Kalinganagar (Jajpur district) unit in Odisha, with a bullish outlook on demand.

Tata Steel recently has signed an MoU for a 50:50 joint venture with thyssenkrupp to create a leading European steel enterprise. We have also completed the Regulatory Apportionment Agreement in respect of BSPS. In the past quarter, we launched five new products including a new range of coated steels for the construction industry which comply with new environmental legislation while retaining the durability and weather resistance demanded by customers.

Income from operations was up 20 per cent at ₹32,464 crore (₹27,120 crore).

Koushik Chatterjee, Group Executive Director, said, "Globally, there was a recovery in the commodity cycle with cuts in Chinese steel capacities and stronger demand resulting in improving utilisation levels of mills in China to more than 85 per cent. This coupled with recent uptick in raw material prices has lifted the steel prices across regions".

Tata Steel Group revenues witnessed a sequential growth of 9 per cent primarily driven by increased volumes across the geographies, with India now contributing to 48 per cent of overall deliveries, he said. The company incurred a capital expenditure of Rs1,834 crore during the quarter.

Consolidated Ebitda (earnings before interest, taxes, depreciation and amortisation) was Rs 4,726 crore, the margins up 14.6 per cent.



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