Tata Steel showed stable development despite volatile environment, says MD

Tata Steel has announced its financial results for the third quarter and nine months ended December 31, 2022. Consolidated revenues for the first nine months of the financial year were 3% year-on-year to Rs 1,80,391 crore, despite a volatile operating environment globally. Consolidated profit after tax for the first nine months of the financial year stood at Rs 6,509 crore. 

Tata Steel CEO and Managing Director, TV Narendran said, Tata Steel has delivered steady volume growth despite a volatile operating environment. Domestic deliveries were around 13.7 million tonnes in the first nine months of the financial year, up 4% year-on-year, broad growth was seen in most segments. For the quarter, domestic shipments were 11% year-on-year and grew faster than India's apparent steel consumption, helping it maintain market leadership in select segments. Our crude steel production reached 5 million tonnes for the first time in India in 3QFY23, with Neelachal Ispat Nigam starting operations on a limited scale.

The company spent Rs 3,632 crore on investments during the quarter. Phased commissioning of 6 MTPA pellet plant has started at Kalinganagar in Odish work on 2.2 MTPA Cold Roll Mill complex and 5 MTPA expansion is in progress.

In Punjab, work has started to activate activities with respect to 0.75 MTPA Electric Arc Furnace, which is an important milestone in our journey towards emission reduction.

Neelachal Ispat Nigam Limited (NINL) has commenced operations and is being gradually scaled up to a nominal capacity of approximately 1 MTPA, Tata Tiscon rebars are manufactured from NINL billets. 

“We are currently expanding our capacity at multiple locations at Tata Steel Kalinganagar, Neelachal Ispat Nigam Limited and Electric Arc Furnace at Ludhiana, Punjab and at our downstream plants across India. We continue to progress on our sustainability journey to reach net-zero by 2045 through several pathways. I am happy to share that Tata Steel has been recognized by the World Economic Forum as a Global Diversity Equity and Inclusion Lighthouse, and we have also been certified Great Place to Work for the sixth time in a row,” added Narendran.