Tata Steel announced its financial results for the third quarter and nine months ended December 31, 2022. First Nine Month Consolidated Revenue Up 3% YoY to Rs 1,80,391 crore despite environmental environments around the world.
Consolidated profit after tax for the first nine months of the fiscal year was 6,509 crores rupees.
Tata Steel CEO and Managing Director TV Narendran said: “Tata Steel has achieved solid volume growth, despite the unstable operating environment. Domestic deliveries totaled around 13.7 million tonnes in the first nine months of the fiscal year and are up 4% year on year. Most segments saw broad growth. In the quarter, domestic deliveries rose 11% year-on-year and grew faster than India's apparent steel consumption, helping to maintain market leadership in selected segments. Our crude steel production reached 5 million tonnes for the first time in India in Q3 2023 when Neelachal Ispat Nigam entered limited operations."
During the quarter, the company spent Rs 3,632 crore on capital investment. In Kalinganagar, Odisha, the phased commissioning of a pellet plant with a capacity of 6 million tons per year has begun. Work continues on the cold rolling mill complex with a capacity of 2.2 million tons per year and expansion to 5 million tons per year.
In Punjab, work has begun on revitalizing the 0.75 Mtpa Electric Arc Furnace, a major milestone on our journey to reduce emissions.
Neelachal Ispat Nigam Limited (NINL) has started operations and is currently increasing its nominal capacity to 1Mtpa. Tata Tiscon rebar is made from NINL blanks.
"We are currently expanding our capacity across multiple locations Tata Steel Kalinganagar, Neelachal Ispat Nigam Limited and Electric Arc Furnaces at Ludhiana in Punjab and our downstream plants throughout India. We continue to move forward on the path of sustainable development to achieve zero emissions by 2045 in several ways. I am pleased to announce that the World Economic Forum has recognized Tata Steel as a beacon of global diversity and inclusion, and we have also received the Great Place to Work certification for the sixth consecutive time,” Narendran added.
