Tata Steel Q2FY22 Tata Steel India deliveries grow 12 pc QoQ, despite seasonally weaker quarter
Mumbai/IBNS: Tata Steel India Crude steel production grew 2 percent QoQ and 3 percent YoY in Q2FY22 while its overall deliveries increased by 12 percent QoQ on the back of economic recovery post 2nd wave of COVID-19.
However, deliveries were lower by 8 percent YoY due to lower exports and stock liquidation focus in the previous year.
The company achieved deliveries volume growth across its target segments:
o ‘Automotive & Special Products’ segment deliveries increased by 12 percent QoQ.
o ‘Branded Products & Retail’ segment deliveries were higher by approximate 9 percent QoQ. Tata Steel launched its new and superior rebar Tata Tiscon 550SD for retail customers. Tata Steel BSL launched “Tata Steelium Super” which will enhance company’s presence in the retail segment.
o ‘Industrial Products & Projects’ segment deliveries increased by 17 percent QoQ with increased focus on value added products.
o Tata Steel Aashiyana, an e-commerce platform for Individual Home builders, registered a 32 percent QoQ growth with gross revenues of Rs 338 crores during the quarter.
Tata Steel Europe
Tata Steel Europe’s steel production grew by 19 percent YoY to 2.56 mn tons during the quarter, however, it declined by 4 percent QoQ due to temporary operational issues at both the Netherlands and UK steelmaking sites.
Deliveries were lower by 7 percent QoQ due to seasonal impact as well as slowdown in automotive steel sales amidst microchip shortages; deliveries were lower by 5 percentYoY due to stock liquidation focus in the previous year.
TSE deliveries remain on target to be materially higher in FY22 than FY21 with improvements seen across the Engineering, Automotive and Construction sectors.
Tata Steel Southeast Asia
Tata Steel Southeast Asia’s Steel production and sales volume declined by 17 percent QoQ and 5 percentQoQ, respectively, primarily due to lockdown in Malaysia and Thailand amidst the spread of COVID-19.
Tata Steel India Vaccination
Tata Steel India has undertaken several vaccination drives at all of its operating locations.
Currently, around 98 percent of its employees are vaccinated for first dose and 69 percent employees have been administered with second dose.
The company continues to closely monitor COVID-19 situation and take appropriate actions in line with the directions issued by the regulatory authorities, keeping in view the health and safety of its employees and the community, and the interests of its customers and other stakeholders.
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