Tata Steel India Hits Record 3Q Sales, Production Up 6%

Tata Steel India’s 3QFY24 Deliveries Reach All-Time High, Boosted by Domestic Demand

In 3QFY24, Tata Steel India achieved a record in both production and sales, with a 6% increase in crude steel production, standing at 5.32 million tons, and ‘best ever 3Q’ deliveries of 4.88 million tons.

JAMSHEDPUR – Tata Steel India has reported a remarkable performance in the third quarter of fiscal year 2024 (3QFY24), setting new records in production and deliveries.

The company’s crude steel production reached 5.32 million tons, marking a 6% rise compared to both the previous quarter and the same quarter last year.

This upward trend continued for the first nine months of FY24 (9MFY24), where production grew by 4% year-over-year (YoY).

The highlight of the quarter was Tata Steel India’s delivery volume, which reached an all-time high of 4.88 million tons.

This ‘best ever 3Q’ sales result was primarily fueled by a robust increase in domestic deliveries, which saw a 3% quarter-over-quarter (QoQ) and a significant 10% YoY growth.

This surge reflects the continued strength in India’s steel demand. For 9MFY24, the company registered its best-ever deliveries, showing a 6% YoY increase.

Segment-wise Domestic Delivery Performance

– The ‘Automotive & Special Products’ segment saw an impressive growth of approximately 8% QoQ and 22% YoY. This growth occurred despite a marginal decline in vehicle production, showcasing Tata Steel’s strong market position.

– ‘Branded Products & Retail’ deliveries remained stable QoQ but witnessed an 11% YoY increase. Tata Tiscon, Tata Steelium, and Tata Astrum led these sales, with Tata Tiscon volumes growing by 10% QoQ and 18% YoY.

– The ‘Industrial Products & Projects’ segment also reported growth, with deliveries up by around 5% QoQ and 6% YoY, with the engineering sub-segment achieving its best quarterly sales.

E-commerce Platform Success

Tata Steel Aashiyana, the e-commerce platform catering to Individual Home Builders, generated revenues of Rs. 572 crores in 3QFY24, a 38% YoY increase. For 9MFY24, the platform’s revenues crossed Rs 1,600 crores, marking a 13% YoY rise.

International Operations

Tata Steel’s international operations saw mixed results. In the Netherlands, liquid steel production stood at 1.17 million tons with deliveries at 1.29 million tons, up 5% QoQ. However, YoY figures were lower due to blast furnace maintenance. In the UK, production was marginally lower QoQ at 0.73 million tons, with deliveries at 0.63 million tons, impacted by operational issues and subdued demand.

Overall Performance

The data underscores Tata Steel’s robust performance in India, contrasted with more challenging conditions in its international operations. This performance is indicative of the company’s strategic focus on the Indian market and its ability to navigate global challenges.