Tata Steel India crude steel production rose 55% YoY in Q1 FY22 to 4.62 million tons from 2.99 MT in the same period last year, as Q1 FY21 was impacted due to the COVID-19 pandemic and the stringent nationwide lockdown.
During the quarter, the company's crude steel production decreased 2.6% QoQ due to supply of over 47,800 tons of liquid medical oxygen to hospitals amidst the second wave of COVID-19 pandemic.
The company's India delivery volumes increased by 42% YoY to 4.15 MT in Q1 FY22 from 2.93 MT in Q1 FY21.
The steel deliveries declined 11% QoQ due to partial lockdowns announced by some of states and temporary shutdowns in few steel consuming sectors amidst the second wave of COVID-19 pandemic. To offset the impact, exports were increased to 16% of the total sales as against 11% in Q4 FY21. The domestic market has been improving since mid-Jun'21 with easing lockdowns.
Tata Steel Europe's Steel production grew by 27% YoY to 2.73 MT while steel deliveries increased by 19%YoY to 2.36 MT in Q1 FY22.
Tata Steel Southeast Asia's Steel production grew by 51% YoY to 0.59 MT and steel deliveries improved by 50% YoY to 0.63% MT in quarter ended 30 June 2021.
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While announcing it Q2 FY21 earnings on 13 November 2020, Tata Steel had announced that to drive scale, synergies and simplification and to create value for all stakeholders, it is reorganizing its India footprint into four clusters.
As part of the said initiative, the company on 1 July 2021 transferred the its entire stake i.e. 26%, held in Himalaya Steel Mill Services (HSMS) to Tata Steel Utilities and Infrastructure Services (TSUISL), a wholly owned subsidiary of the company.
TSUISL has been identified as the anchor entity for the Utilities and Infrastructure Services cluster. Accordingly, the company's investment(s) held in entities forming part of the Utilities and Infrastructure Services business are being consolidated with TSUISL.
Further, the steel maker has also transferred its entire stake i.e. 100%, held in Tata Steel Advanced Materials (TSAML) to Tata Steel Downstream Products (TSDPL), a wholly owned subsidiary of the company.
TSDPL has been identified as the anchor entity for downstream business. Accordingly, the company's investment(s) held in entities forming part of downstream business are being consolidated with TSDPL.
Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world.
On a consolidated basis, the steel major reported a net profit of Rs 6644.15 crore in Q4 FY21 as against net loss of Rs 1481.34 crore in Q4 FY20. Net sales during the quarter increased 39.4% year-on-year (YoY) to Rs 48950.89 crore.
The scrip rose 0.26% to currently trade at Rs 1138.95 on the BSE.
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