Tata Steel Reports Strong Q1 FY24 Performance with Consolidated EBITDA of ₹6,822 Crore

On July 31, 2024, Tata Steel reported a consolidated EBITDA of ₹6,822 crore for the quarter ended June 30, 2024.

Financial Highlights

For the quarter of April to June 2024, Tata Steel reported consolidated revenues of ₹54,771 crore and an EBITDA of ₹6,822 crore, resulting in an EBITDA margin of about 12.5%. The company invested ₹3,777 crore in capital expenditures during this period. The phased commissioning of the 5 MTPA expansion at Kalinganagar is progressing well, with the blast furnace set to start up in September 2024.

Net debt stands at ₹82,162 crore, while the group’s liquidity remains strong at ₹36,460 crore, including ₹10,799 crore in cash and cash equivalents. In India, revenues for the quarter were ₹33,194 crore, with an EBITDA of ₹7,029 crore, translating to an EBITDA margin of 21%. Crude steel production reached approximately 5.27 million tons, a 5% year-on-year increase. Deliveries were 4.94 million tons, driven by a 4% rise in domestic deliveries. The automotive segment achieved its best-ever first-quarter sales, and Tata Tiscon deliveries increased by 15% year-on-year, resulting in record quarterly sales.

In the UK, revenues were £646 million, with an EBITDA loss of £91 million. Liquid steel production and deliveries were 0.68 million tons. In the Netherlands, revenues were £1,344 million, and the quarter’s EBITDA was £43 million. EBITDA per ton improved by £48 compared to the previous quarter. Liquid steel production was 1.69 million tons, and deliveries were 1.47 million tons, showing increases both quarter-on-quarter and year-on-year.

About Tata Steel

Tata Steel is the leading steel company in the world, with an annual crude steel capacity of 35 million tonnes. It is also one of the most geographically diverse steel producers, with operations and a commercial presence around the globe. In FY ending March 31, 2024, Tata Steel recorded a consolidated turnover of approximately $27.7 billion. Tata Steel Limited, certified as a Great Place to Work, operates with its subsidiaries, associates, and joint ventures across 5 continents. The company has more than 78,000 employees.

On August 01, 2024, Tata Steel’s share price opened at ₹168.20, touching the day’s low at ₹166.56, as of 10:12 AM on the NSE.

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