Jamshedpur, May 3: Tata Steel announced its financial results for the quarter and year which ended on March 31, 2023.
The company’s consolidated revenues for FY- 2023 stood at Rs 2,43,353 crores and were broadly similar on YoY basis despite the volatile operating environment across geographies. Consolidated profit after tax stood at Rs 8,075 crores.
During the quarter which ended on March 2023, the company’s consolidated revenues stood at Rs 62,962 crores and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) was at Rs 7,225 crores, with an EBITDA margin of 11%. The company’s profitability improved primarily on India performance.
During FY2023, the company’s India crude steel production grew to around 19.9 million tons, with a 65% share of Tata Steel’s overall volumes.
Deliveries were in line with production with domestic deliveries growing 11% YoY and driving product mix improvement.
The Board of Directors of Tata Steel recommended a dividend of Rs 3.60 per fully paid-up equity share of face value of Re 1/- each.
T V Narendran, CEO and MD, Tata Steel, said, “We have multiple projects ongoing at various locations in India as we work towards 40 MTPA by 2030. The phased commissioning of our expansion at Kalinganagar continues with FHCR coils now being produced at the CRM complex.”
He further said that Neelachal Ispat Nigam Limited has steadily ramped up during the last two quarters and is presently operating with a rate of 1 million tons (crude steel plus pig iron) on an annualised basis.