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Tata Steel India reports highest ever annual deliveries despite COVID-19 driven disruption

Posted On: 2021-04-06 05:14:23 (Time Zone: Arizona, USA)


Tata Steel India achieved highest ever quarterly crude steel production of 4.75 mn tons with a 3%QoQ growth in 4QFY21. Full year FY21 production was lower by 7%YoY primarily due to the disruption caused by COVID-19 pandemic in 1HFY21.

Tata Steel India delivery volume increased by 16%YoY to 4.67 mn tons in 4QFY21; domestic deliveries increased 22%YoY to 4.17 mn tons on the back of company's robust marketing network and improved market conditions. Exports were at 11% of overall deliveries. Tata Steel India achieved highest ever annual delivery volume of 17.30 mn tons in FY21, despite the COVID-19 pandemic induced disruption in 1HFY21.

Key segment highlights of the domestic deliveries are:

- 'Automotive & Special Products' segment deliveries grew by 13%QoQ and 57%YoY to 0.78 mn tons in 4QFY21. Full year FY21 sales volume crossed 2 mn tons mark, registering a 7%YoY growth.

- 'Branded Products & Retail' segment deliveries grew 3%QoQ and 23%YoY to 1.45 mn tons in 4QFY21. Gross revenue generated through 'Aashiyana', the online platform for Individual HomeBuilders, crossed the quarterly revenue milestone of Rs. 300 crores in 4QFY21, registering a growth of 43%QoQ and 200%YoY.

- 'Industrial Products & Projects' segment deliveries grew by 11%YoY to 1.59 mn tons in 4QFY21.

During the quarter, steel production at Tata Steel Europe increased to 2.65 mn tons. Steel sales volume rose by 18%QoQ and 4%YoY; 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.

Tata Steel continues to closely monitor the resurgence of COVID-19 cases and take appropriate actions in line with the directions issued by the regulatory authorities keeping in view the health and safety of its employees and the community and the interests of its customers and other stakeholders.

The company remains focused on aggressively managing costs and cashflows while pursuing deleveraging.

Shares of TATA STEEL LTD. was last trading in BSE at Rs.862.85 as compared to the previous close of Rs. 867.4. The total number of shares traded during the day was 913689 in over 12422 trades.

The stock hit an intraday high of Rs. 882.3 and intraday low of 858.15. The net turnover during the day was Rs. 794154985.


Source: Equity Bulls

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