After the steel maker company said that the crude steel production of India updated its third quarter results stood at 5 million tons and was up 4% yearly and up 4% quarterly. Tata Steel advanced by 1.56%.
Tata Steel India was at 4.73 million tons and was up 7% yearly, driven by 11% growth in the domestic market.
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For the quarter, deliveries of the Automotive & Special Products segment were marginally lower due to a drop in automotive production. Branded Products & Retail segment deliveries were up 13% in the December quarter of FY23. The deliveries of the Industrial Products & Projects segment recorded an increase of 15% yearly.
Neelachal Ispat Nigam (NINL) has begun operations within three months of the completion of the acquisition and recently introduced a ramp-up to a rated capacity of approximately 1 million tons. Tata Tiscon rebars are being made from NINL billets.
Tata Steel Europe steel deliveries stood at 1.96 million tons and were lower by 9% on a YoY basis but up 5% in the December quarter of FY23. Also, production was 2.25 million tons, lower by 6% quarterly and 12% yearly.
On a consolidated basis, the company’s net profit reported a 90% slip to Rs 1,297 crore in the December quarter of FY23 from Rs 12,548 crore in the December quarter of FY22. Total revenue from operations fell marginally, by 1%, to Rs 59,878 crore in Q2FY23 compared to Q2FY22.
