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Tata Steel, an Indian multinational steel-making company, has announced a consolidated net profit of ₹522 crore for the third quarter (Q3) of FY24, a significant improvement from the net loss of ₹2,501.95 crore in the same period the previous year. The positive results were attributed to robust domestic demand and counterbalancing challenges in the European market.
Despite facing a net loss of ₹6,511.16 crore in the second quarter, driven by impairment charges, Tata Steel benefited from increased steel prices due to substantial infrastructure investments. However, higher coking coal costs acted as a counterbalance, affecting overall profitability.
In a year-on-year comparison, there was a 3% decrease in revenue from operations, totalling ₹55,312 crores, a slight dip from ₹57,084 crores in the corresponding quarter of the previous year.
The company's board set February 6 as the record date for the allocation of shares to Tata Metaliks shareholders, following the approval of a merger plan. Shareholders of Tata Metaliks will receive 79 shares of Tata Steel for every 10 shares held in Tata Metaliks.
Contrary to market estimates of ₹702.70 crore, Tata Steel reported a consolidated net profit of ₹522 crore for Q3 FY24. This positive outcome was attributed to increased sales realisation in Indian operations and increased sales volume.
The consolidated revenue from operations in the October-December quarter experienced a 3% decline to ₹55,311.9 crore, compared to ₹57,083.56 crore in the same period the previous year. The operating performance showed an EBITDA margin of 11.3%, a notable increase from the 7.1% recorded during the preceding fiscal year.
Tata Steel reported its best-ever Q3 sales with domestic deliveries of 4.88 MT, driven by strong demand for Indian steel. Shipments for the Industrial Products & Projects category rose 5% quarter-over-quarter and 6% year-over-year. The Automotive & Special Products segment grew by 8% quarter-over-quarter and 22% year-over-year.
On the global front, revenue from European operations declined by 12.5%, amounting to ₹18,141.97 crore. Tata Steel Netherlands reported a liquid steel production of 1.17 MT for the quarter, with deliveries reaching 1.29 MT, reflecting a 5% increase quarter-on-quarter. In the UK, liquid steel production amounted to 0.73 million metric tonnes, experiencing a slight decline on a quarter-on-quarter basis. Analysts predict an expansion in Europe's loss per tonne for EBITDA due to lower sales volume and realisation, partially mitigated by decreased coking coal costs.
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