PINAKI MAJUMDAR
Jamshedpur, Feb 7: Tata Steel declared its financial results for the third quarter and nine months ended December 31, 2022. Consolidated revenues in the first nine months of the financial year were up 3 % YoY to Rs 1,80,391 crores despite a volatile operating environment across the globe.
Consolidated Profit after Tax in the first nine months of the financial year stood at Rs 6,509 crores.
Chief Executive Officer and Managing Director of Tata Steel, TV Narendran said, “Tata Steel has delivered steady growth in volumes despite the volatile operating environment. Domestic deliveries stood at around 13.7 million tons in the first nine months of the financial year and were up 4% YoY. Broad-based growth was witnessed across most segments. For the quarter, domestic deliveries were up 11% YoY and grew at a faster pace than India’s apparent steel consumption aiding in retaining market leadership position across chosen segments. Our crude steel production touched 5 million tons in 3QFY23 for the first time in India, with Neelachal Ispat Nigam limited commencing operations.”
The company spent Rs 3,632 crores on the capex during the quarter. At Kalinganagar in Odisha phased commissioning of a 6 MTPA pellet plant has begun. Work on the 2.2 MTPA Cold Roll Mill complex and 5 MTPA expansion is ongoing.
In Punjab, work has commenced on enabling activities with respect to 0.75 MTPA Electric Arc Furnace, which is an important milestone in our journey to reduce emissions.
Neelachal Ispat Nigam Limited (NINL) has begun operations and is being ramped to a rated capacity of around 1 MTPA. Tata Tiscon rebars are being made from NINL billets.
“We are presently expanding our capacities across multiple sites at Tata Steel Kalinganagar, Neelachal Ispat Nigam Limited and the Electric Arc Furnace at Ludhiana in Punjab and at our downstream plants across India. We continue to progress on our sustainability journey to achieve net zero by 2045 through multiple pathways. I am happy to share that World Economic Forum has recognised Tata Steel as Global Diversity Equity and Inclusion Lighthouse and we have also been awarded Great Place to Work certification for the sixth time in a row,” Narendran added.
