Tata Steel gains after annual steel production rises to record level in FY22

Tata Steel advanced 1.57% to Rs 1366 after the company's India business achieved its highest-ever annual crude steel production of 19.06 million tons in FY22, registering a growth of 13% YoY.

During Q4 FY22, Tata Steel India's crude steel production stood at 4.90 million tons, up 2% QoQ.

Tata Steel India deliveries increased by 6% YoY in FY22 to 18.27 million tons. Domestic deliveries grew by 14% YoY driven by improved demand and the company's robust marketing network.

In Q4 FY22, deliveries grew by 16% QoQ to 5.12 million tons.

Tata Steel Europe steel production in FY22 grew by 6%YoY to 10.12 million tons and total deliveries increased by 2% YoY to 8.99 million tons, driven by broad-based improvement in most steel-consuming sectors.

 

During Q4 FY22, production declined by 9% QoQ to 2.33 million tons due to operational issues primarily in UK. However, deliveries improved by 9% QoQ to 2.36 million tons.

In FY22, Tata Steel Thailand recorded production of 1.29 million tons (down 3% YoY) and deliveries of 1.33 million tons (up 2% YoY). The business registered a production volume of 0.34 million tons (down 13% QoQ) and a delivery volume of 0.34 million tons (down 8% QoQ) in Q4 FY22.

Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 34 million tons per annum.

On a consolidated basis, Tata Steel's net profit rose 158.9% to Rs 9572.67 crore on 45.9% increase in net sales to Rs 60524.72 crore in Q3 December 2021 over Q3 December 2020.

Powered by Capital Market - Live News