Tata Steel reports Rs 6,122cr consolidated EBITDA for Q1FY24

TAGS

Tata Steel has released its financial report for the quarter ending June 30, 2023, showing a consolidated EBITDA of Rs 6,122 crores. The firm’s consolidated revenues for the quarter stood at Rs 59,490 crores, with an EBITDA margin of 10%. The net profit after tax was reported at Rs 525 crores, impacted by a non-cash deferred tax charge related to the British Steel Pension Scheme transaction.

Capital expenditure during the quarter amounted to Rs 4,089 crores, as work on a 5 MTPA expansion at Kalinganagar and a 0.75 MTPA EAF mill in Punjab progressed. The firm’s net debt is Rs. 71,397 crores, with a strong group liquidity of Rs 30,569 crores.

See also  Tata Power signs renewable energy agreement with ANAND Group

In India, Tata Steel reported revenues of Rs 34,901 crores and an EBITDA of Rs 7,514 crores. Crude steel production was around 5 million tons, up by 2% YoY, due to ramp-up at Neelachal Ispat Nigam Limited. Deliveries increased by 18% YoY, resulting in an EBITDA per ton of Rs 15,651 and an EBITDA margin of 22%.

Tata Steel Q1FY24 financial report: Consolidated EBITDA stands at Rs 6,122cr

Tata Steel Q1FY24 financial report: Consolidated EBITDA stands at Rs 6,122cr. Photo courtesy of Ashokinder.

In Europe, the revenues were £2,083 million, while the EBITDA loss stood at £153 million. A decrease in crude steel production was attributed to the planned relining of BF6 at Tata Steel Netherlands.

See also  RITES, IIT Guwahati to partner on infra works in North-East India

T V Narendran, Chief Executive Officer & Managing Director, cited global economic headwinds affecting commodity prices, including steel, but maintained that domestic steel demand in India continued to grow. He highlighted a strong growth in key segments such as Branded Products & Retail and Industrial Products & Projects. He also noted the successful expansion efforts at Kalinganagar and sustainability initiatives across different operating locations.


Discover more from Business-News-Today.com

Subscribe to get the latest posts sent to your email.

CATEGORIES
TAGS
Share This