Tata Steel has reported its Q4 update for the fiscal year 2024. Tata Steel India has achieved highest ever annual crude steel production of ~20.8 million tons, with a growth of 4% YoY by debottlenecking across sites and achieving higher steel production at Neelachal Ispat Nigam Limited. In 4QFY24, crude steel production was broadly stable and stood at around 5.38 million tons.
Here are the key highlights:
Crude Steel Production: The production was stable at around 5.38 million tonnes.
India Deliveries: There was a 6% year-over-year (YoY) increase, surpassing the previous best in FY2023. The quarter saw the highest ever quarterly deliveries at 5.41 million tonnes.
Annual Production: Tata Steel achieved its highest-ever annual crude steel production of 20.8 million tonne, marking a 4% growth YoY.
The Netherlands and UK Subsidiary: Tata Steel Netherlands posted steel production of 4.80 million tonnes and deliveries of 5.30 million tonnes for FY24. Tata Steel UK produced 3.02 million tonnes and delivered 2.80 million tonnes.
Branded Products & Retail: Deliveries in this segment increased by 11% YoY in FY24, with Tata Tiscon crossing sales of 2 million tonnes.
Tata Steel Aashiyana: The e-commerce platform for individual home builders saw revenues of Rs. 2,240 crore, up 30% YoY.
Financial Performance: The company rebounded from a net loss of Rs 2,501.95 crore in the corresponding quarter of the previous year.
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