Tata Steel India crude steel production grew 2% quarter-on-quarter (QoQ) and 3% year-on-year (YoY) in Q2 FY22.
Tata Steel India's overall deliveries increased 12% QoQ on the back of economic recovery post 2nd wave of COVID-19. Deliveries were down 8% YoY due to lower exports and stock liquidation focus in the previous year.The company said it achieved deliveries volume growth across its target segments. 'Automotive & Special Products' segment deliveries increased by 12% QoQ. Branded Products & Retail' segment deliveries were higher by about 9% QoQ. 'Industrial Products & Projects' segment deliveries increased by 17% QoQ with increased focus on value added products. Tata Steel Aashiyana, an e-commerce platform for Individual Home builders,registered a 32% QoQ growth with gross revenues of Rs 338 crore during the quarter.
Tata Steel Europe's steel production grew by 19% YoY to 2.56 million tons during the quarter, however, it declined by 4% QoQ due to temporary operational issues at both the Netherlands and UK steelmaking sites.
Deliveries were lower by 7% QoQ due to seasonal impact as well as slowdown in automotive steel sales amidst microchip shortages. Deliveries were lower by 5% YoY due to stock liquidation focus in the previous year.
Further, Tata Steel Southeast Asia's steel production and sales volume declined by 17% QoQ and 5% QoQ, respectively, primarily due to lockdown in Malaysia and Thailand amidst the spread of COVID-19.
Tata Steel's consolidated net profit stood at Rs 9,768.34 crore in Q1 June 2021 (Q1 FY22) compared with net loss of Rs 4,648.13 crore in Q1 June 2020 (Q1 FY21). Revenue from operations surged 110.3% to Rs 52,574.34 crore in Q1 FY22 as against Rs 24,997 crore in Q1 FY21.
Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum.
Shares of Tata Steel were down 2.26% at Rs 1286.85. The stock hit a high of Rs 1328.80 and a low of Rs 1285.65 so far.
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