Tata Steel India operations profit dip 5% amid lower realisations

For FY24, the segment clocked consolidated revenue of Rs 1.41 lakh crore, down 1.3 per cent.

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Tata Steel India's fourth-quarter profit fell 5 percent to Rs 8,190.23 crore as steel products saw poor pricing due to intense competition and the influx of cheap imports, particularly from China. The segment reported a profit of Rs 8.642.05 crore in the same quarter last year.

Consolidate revenue from India operations fell to Rs 36,634.8 crore from Rs 38.048.1 crore. For FY24, the segment clocked consolidated revenue of Rs 1.41 lakh crore, down 1.3 percent from a year earlier.

Domestic deliveries were up 9 percent YoY leveraging India steel demand growth and EBITDA was higher by 10 percent YoY to Rs. 31,057 crores, which translates into an EBITDA margin of 22 percent.

In 4QFY24, India deliveries were up 5 percent YoY to 5.42 million tons.  "Overall, India deliveries now make up 68 percent of total deliveries and will continue to grow with incremental volumes from 5 MTPA capacity expansion at Kalinganagar," said TV Narendran, Chief Executive Officer & Managing Director.

Also Read | Tata Steel Q4 results: A look at the key highlights

Tata Steel reported a 64 percent fall in fourth-quarter profit (attributable to owners) at Rs 611.48 crore, amid lower steel realizations and poor performance in the steelmaker's international operations. The company had reported a net profit of Rs 1,704.86 crore in the same quarter a year ago.

The consolidated revenue from operations for the Tata Group company during the January-March quarter fell 6.7 percent to Rs 58,687.3 crore as compared to Rs 62,961.5 crore recorded in the year-ago period, it said in a regulatory filing.