Tata Steel India's delivery volumes grew by 12 per cent on a quarter-on-quarter basis to 4.64 million tonnes compared to 4.15 million tonnes in the previous quarter. In terms of production volume, it produced 4.73 million tonnes of steel in the July-September quarter versus 4.63 million tonnes in Q1 FY22.
"Tata Steel India's crude steel production grew 2% QoQ and 3% YoY in Q2 FY22. Despite seasonal weakness, overall deliveries increased by 12% QoQ on the back of economic recovery post second wave of Covid-19; deliveries were lower by 8 per cent YoY due to lower exports and stock liquidation focus in the previous year," the company said in a statement.
The company said 'automotive and special products' segment deliveries increased 12 per cent on a QoQ basis, while the 'branded products and retail' segment deliveries were up by 9 per cent QoQ.
During the quarter, Tata Steel also launched its new and superior rebar Tata Tiscon 550SD for retail customers. Also, Tata Steel BSL launched 'Tata Steelium Super', which it said will enhance the company's presence in the retail segment.
The 'industrial products and projects' segment deliveries rose up by 17 per cent QoQ, with an increased focus on value-added products. Tata Steel Aashiyana, an e-commerce platform for individual home builders, registered a 32 per cent QoQ growth, with gross revenues of Rs 338 crore during the quarter.
Besides its India segment, Tata Steel Europe's steel production grew 19 per cent YoY to 2.56 million tonnes during the quarter. However, it declined 4 per cent QoQ due to temporary operational issues at both the Netherlands and UK steelmaking sites. The company said its deliveries were lower by 7 per cent QoQ due to "seasonal impact" as well as the slowdown in automotive steel sales amidst microchip shortages.
The company said its India unit has undertaken several vaccination drives at all of its operating locations in the country. Currently, around 98 per cent of Tata Steel employees are vaccinated with the first dose and 69 per cent with the second dose.
Meanwhile, the Tata Steel stock is trading at Rs 1,284.50, down Rs 32.35 or 2.46 per cent, as compared to the previous session close of Rs 1,316.85 on the NSE.
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