Tata Steel BSL's crude steel production decreased marginally by 3% quarter-on-quarter and 4% year-on-year to 1,109 thousand tons in 3Q FY21, primarily due to maintenance shutdowns.
The company saw strong sales momentum in 3Q FY21 but sales volumes were constrained by lower production and lower opening inventory post very strong sales in 2QFY21.
As a result, deliveries were 1,149 thousand tons in 3Q FY21, lower by 10% on QoQ and 8% on YoY basis.
However, the steel maker increased its domestic deliveries by 7% QoQ to 947 thousand tons, and reduced exports from 31% in 2QFY21 to 18% in 3QFY21.
"We also remain focused on aggressively managing costs and cashflows while pursuing deleveraging," the company said in a BSE filing made after market hours on Friday (8 January 2020).
Tata Steel BSL, a subsidiary of Tata Steel is the largest manufacturer of auto-grade steel in India.
The company posted a consolidated net profit of Rs 341.71 crore in Q2 September 2020, compared with net loss of Rs 243.97 crore in Q2 September 2019. revenue rose 20.31% to Rs 5187.30 crore in Q2 FY21 from Rs 4,311.67 crore in Q2 FY20.
Shares of Tata Steel BSL were down 2.60% at Rs 43.15.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)