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Tata Steel spurts after reporting strong business update for Q4 FY21

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Tata Steel gained 1.8% to Rs 878.40 after the steel major reported its highest ever annual deliveries despite COVID-19 driven disruption.

Tata Steel India achieved highest ever quarterly crude steel production of 4.75 million tons with a 3% quarter on quarter growth for Q4 FY21 over Q3 FY21. The crude steel production rose 0.42% year on year from 4.73 million tonnes posted in Q4 FY20. Full year FY21 production was lower by 7% year on year primarily due to the disruption caused by COVID-19 pandemic in 1HFY21.

Tata Steel India delivery volume increased by 16% year on year to 4.67 million tons in Q4 FY21; domestic deliveries increased 22% year on year to 4.17 million tons on the back of company's robust marketing network and improved market conditions. Exports were at 11% of overall deliveries.

Tata Steel said its India business achieved highest ever annual delivery volume of 17.30 million tons in FY21, despite the COVID-19 pandemic induced disruption in first half of fiscal year 2021.

During the quarter, steel production at Tata Steel Europe increased to 2.65 million tons. Steel sales volume rose by 18% quarter on quarter and 4% year on year. Volumes improved across the segments amidst improved market conditions and seasonally stronger quarter. Steel production and sales volume for FY21 were lower on YoY basis due to the impact of the pandemic. The company said it remains focused on aggressively managing costs and cashflows while pursuing deleveraging.

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 net profit at Rs 4,010.94 crore in Q3 December 2020 compared with net loss of Rs 1,228.53 crore in Q3 December 2019. Net sales jumped 11.6% to Rs 38,805.91 crore in Q3 FY21 over Q3 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, April 07 2021. 10:39 IST
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