Tata Steel Ltd. reported first-quarter consolidated net profit grew 75% to ₹919 crore from ₹525 crore in the year-earlier period. 

Consolidated revenues for the April-June 2024 quarter were lower at ₹54,771 crore as compared with ₹59,490 crore in the same period last year.  India business reported net profit of ₹3,335 crore as compared with ₹4,995 crore in the year-earlier period, down 33%. Revenue was also down at ₹33,194 crore as compared with ₹36,146 crore in the same period last year.

The company said it had spent ₹3,777 crore on capital expenditure during the quarter. The phased commissioning of the 5 MTPA expansion at Kalinganagar is progressing well towards blast furnace start-up in September 2024, it added.  “Net debt stands at ₹82,162 crore. Our group liquidity remains strong at Rs 36,460 crore which includes cash & cash equivalents of Rs 10,799 crore,” the company said in a filing.

U.K. revenues were £646 million and EBITDA loss stood at £91 million. Liquid steel production as well as deliveries were 0.68 million tonnes.

Netherlands revenues were £1,344 million and EBITDA for the quarter was £43 million. On a per tonne basis, EBITDA improved by £48 per tonne on QoQ basis. Liquid steel production was 1.69 million tonnes and deliveries were at 1.47 million tonnes, up on QoQ and YoY basis.

Tata Steel commenced the closure of heavy end assets at Port Talbot with shutdown of Blast Furnace (BF) 5 in early July 2024. The closure of BF 4 is scheduled for September 2024.

T.V. Narendran, Chief Executive Officer & Managing Director said, “During the quarter, subdued steel demand across most regions weighed on global steel prices.”

“In India, steel demand was broadly stable despite some impact due to elections and heat waves. In India, our crude steel production was up 5% YoY to around 5.3 million tons. Deliveries at around 4.9 million tons were the ‘best ever 1Q’ sales aided by 4% YoY growth in domestic deliveries,” he added.  Among business verticals, automotive witnessed 9% YoY growth aided by higher than market growth in select sub segments, he further said.