PINAKI MAJUMDAR
Jamshedpur, Nov 2: Tata Steel reported its financial results for the quarter which ended on September 30, 2023.
The company’s consolidated revenue stood at Rs 55,682 crore for the 2QFY24. India business generated a higher margin of around 20 % and EBITDA stood at Rs 6,841 crores.
Consolidated Revenues for the half year stood at Rs 1,15,172 crores.
T V Narendran, Chief Executive Officer and Managing Director said, “Tata Steel India delivered steady performance, with crude steel production of around 5 million tons. Domestic deliveries were up 6 % YoY, despite renewed volatility and seasonal factors during the quarter. Among the key segments, Auto and Branded Products and Retail had the best ever 2Q sales. We have started producing FHCR coils at the Kalinganagar CRM complex and have started receiving approvals from automotive OEMs for our cold rolled steel. Our retail sales to home builders continue to grow aided by our strong distribution network. Tata Steel Aashiyana, the e-commerce platform, services more than 10,000 unique customers per month. Moving to Sustainability, we remain committed to Net Zero by 2045 and have calibrated the decarbonisation of steelmaking as per the operating geography.”
The Company has spent Rs 4,553 crores on capital expenditure during the quarter and Rs 8,642 crores for the half year.
The 5 MTPA expansion at Kalinganagar and the 0.75 MTPA EAF project in Punjab are under implementation.
