New Delhi, Tata Steel on Wednesday reported a 64.59 per cent decline in its consolidated net profit for the January-March quarter of 2023-24 at Rs 554.56 crore due to lower realizations and some extraordinary items.
The steel major had posted a profit of Rs 1,566.24 crore in the year-ago period.
The company's total income in the quarter declined to Rs 58,863.22 crore from Rs 63,131.08 crore in the January-March period of FY23. During this period, expenditure declined to Rs 56,496.88 crore as compared to Rs 59,918.15 crore a year ago.
Its revenue declined 6 percent due to lower realisations, but this was partially offset by higher volumes in India.The company said exceptional items were mainly related to significant asset impairments and restructuring costs related to the UK business.
The company's board has recommended a dividend of Rs 3.60 on each equity share of face value Rs 1 for FY24.
The board has also approved the issuance of additional debt securities to raise up to Rs 3,000 crore through non-convertible debentures (NCDs) on private placement basis.
The board also approved the proposal to invest up to US$2.11 billion (Rs 17,407.50 crore) through subscription of equity shares of Steel Holdings Pte. Ltd. (TSHP), a wholly owned foreign subsidiary of the Company, in one or more tranches during FY2015.The company has spent Rs 4,850 crore on capital expenditure during the March quarter and Rs 18,207 crore for the full financial year.
In global operations, Tata Steel UK had annual revenues of £2,706 million and EBITDA losses of £364 million. Liquid steel production stood at 2.99 million tonnes while deliveries stood at 2.80 million tonnes. For the fourth quarter, revenue was £647 million and EBITDA loss was £34 million.
Following seven months of formal and informal national-level discussions with UK trade unions, Tata Steel will begin closing heavy end assets in June and proceed with its plans to invest in an electric arc furnace at Port Talbot.Tata Steel Netherlands' annual revenue was £. 5,276 million and EBITD loss of £368 million, mainly due to the reline of BF6 which was completed in early February. Liquid steel production was 4.81 million tonnes and deliveries were 5.33 million tonnes. For the quarter, revenue was £1.32 million and EBITDA loss was £27 million.
Its Chief Executive Officer and Managing Director, TV Narendran, said, “Your domestic deliveries were the best ever at nearly 19 million tonnes and up 9 per cent year-on-year (YoY) with overall improvement in select marque segments.Was.
“Automotive volumes were supported by higher deliveries of hot-rolled and cold-rolled steel to auto OEMs (original equipment manufacturers), while your well-established retail brand Tata Tiscon crossed 2 million tonnes on an annual basis. Overall, India deliveries now account for 68 per cent of total deliveries and will continue to grow with incremental volumes from the 5 MTPA capacity expansion at Kalinganagar,'' he said.
In relation to UK operations, he said, the company decided to proceed with the proposed restructuring of UK heavy-end assets and transition to green steelmaking after considering all options over the past 7 months in consultation with union representatives. Is.
The steel major had posted a profit of Rs 1,566.24 crore in the year-ago period.
The company's total income in the quarter declined to Rs 58,863.22 crore from Rs 63,131.08 crore in the January-March period of FY23. During this period, expenditure declined to Rs 56,496.88 crore as compared to Rs 59,918.15 crore a year ago.
Its revenue declined 6 percent due to lower realisations, but this was partially offset by higher volumes in India.The company said exceptional items were mainly related to significant asset impairments and restructuring costs related to the UK business.
The company's board has recommended a dividend of Rs 3.60 on each equity share of face value Rs 1 for FY24.
The board has also approved the issuance of additional debt securities to raise up to Rs 3,000 crore through non-convertible debentures (NCDs) on private placement basis.
The board also approved the proposal to invest up to US$2.11 billion (Rs 17,407.50 crore) through subscription of equity shares of Steel Holdings Pte. Ltd. (TSHP), a wholly owned foreign subsidiary of the Company, in one or more tranches during FY2015.The company has spent Rs 4,850 crore on capital expenditure during the March quarter and Rs 18,207 crore for the full financial year.
In global operations, Tata Steel UK had annual revenues of £2,706 million and EBITDA losses of £364 million. Liquid steel production stood at 2.99 million tonnes while deliveries stood at 2.80 million tonnes. For the fourth quarter, revenue was £647 million and EBITDA loss was £34 million.
Following seven months of formal and informal national-level discussions with UK trade unions, Tata Steel will begin closing heavy end assets in June and proceed with its plans to invest in an electric arc furnace at Port Talbot.Tata Steel Netherlands' annual revenue was £. 5,276 million and EBITD loss of £368 million, mainly due to the reline of BF6 which was completed in early February. Liquid steel production was 4.81 million tonnes and deliveries were 5.33 million tonnes. For the quarter, revenue was £1.32 million and EBITDA loss was £27 million.
Its Chief Executive Officer and Managing Director, TV Narendran, said, “Your domestic deliveries were the best ever at nearly 19 million tonnes and up 9 per cent year-on-year (YoY) with overall improvement in select marque segments.Was.
“Automotive volumes were supported by higher deliveries of hot-rolled and cold-rolled steel to auto OEMs (original equipment manufacturers), while your well-established retail brand Tata Tiscon crossed 2 million tonnes on an annual basis. Overall, India deliveries now account for 68 per cent of total deliveries and will continue to grow with incremental volumes from the 5 MTPA capacity expansion at Kalinganagar,'' he said.
In relation to UK operations, he said, the company decided to proceed with the proposed restructuring of UK heavy-end assets and transition to green steelmaking after considering all options over the past 7 months in consultation with union representatives. Is.
