Tata Steel said that the crude steel production of its India business increased by 4.3 per cent to 4.80 million tonnes in Q3 FY22 from 4.60 million tonnes in Q3 FY21. Delivery volumes of Tata Steel India fell by 5.2 per cent YoY to 4.41 million tonnes in the third quarter.
During Q3 FY22, crude steel production was up 1.5 per cent QoQ while overall deliveries were lower by 4 per cent QoQ as an increase in domestic deliveries was offset by lower exports.
Tata Steel Europe recorded crude steel production of 2.56 million tonnes (down 1.2 per cent YoY) and delivery volumes of 2.15 million tonnes (up 1.9 per cent YoY) in Q3 FY22. During the quarter, crude steel production and deliveries remained broadly similar on QoQ basis amidst supply chain issues in steel-consuming sectors including chip shortages faced by the automotive sector.
Tata Steel Southeast Asia’s Steel production at 0.32 million tonnes, was higher by 16 per cent on QoQ basis but flat on YoY basis in Q3 FY22. Deliveries were broadly similar YoY and QoQ as improvements in the domestic market were offset by lower exports.
Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. The company recorded a consolidated net profit of Rs 12,548 crore in Q2 FY22 as against a net profit of Rs 9,768 crore in Q1 FY22, registering a growth of 28.5 per cent on QoQ basis. Total revenue from operations rose by 12.9 per cent QoQ to Rs 60,283 crore during the quarter. The steel maker’s net profit and revenue have risen by 7.5 times and 54.8 per cent, respectively, in Q2 FY22 as compared with Q2 FY21.