+
Tata Steel reports Rs 7.59 Bn net profit in Jul-Sep
ECONOMY & POLICY

Tata Steel reports Rs 7.59 Bn net profit in Jul-Sep

Tata Steel reported a net profit of Rs 7.58 billion for the September 2024 quarter, helped by lower expenses. It had posted a net loss of Rs 65.11 billion in the July-September period of the preceding 2023-24 fiscal, the company said in an exchange filing. In a separate statement, Tata Steel CEO and MD TV Narendran said the global operating environment remained complex, with key regions facing subdued growth. Macroeconomic conditions in China continued to weigh on commodity prices, including steel. In India, steel demand continued to improve, but domestic prices were under pressure due to cheap imports, he added. "We have signed the grant funding agreement with the UK government and are progressing on the proposed transition to green steel," Narendran said. In the Netherlands, deliveries stood at 1.5 million tonnes and subdued steel prices weighed on performance. "We are undertaking pilot projects to avoid or convert captured carbon emissions," he said. In the UK, the remaining blast furnace at Port Talbot was closed to pave the way for the next generation of green steelmaking. During the quarter, Tata Steel UK revenues were 600 million pounds, and EBITDA loss stood at 147 million pounds. Liquid steel production was 0.39 million tonnes, while deliveries were 0.63 million tonnes. Revenues from the Netherlands operations were 1,300 million pounds, and EBITDA for the quarter was 22 million pounds. Liquid steel production at 1.66 million tonnes and deliveries at 1.50 million tonnes. "In September 2024, India's largest blast furnace at Kalinganagar plant was commissioned. With the ramp-up of Kalinganagar facilities, the crude steel capacity will increase to 26.6 MTPA," the company said. Koushik Chatterjee, Executive Director and Chief Financial Officer at Tata Steel, said, "We have placed equipment orders for our 0.85 MTPA Electric Arc Furnace plant in Ludhiana. Our performance in the UK and Netherlands was adversely impacted by the compression in steel spreads. Further, the UK was also weighed by the transitory nature of operations as the blast furnaces were safely decommissioned, and steel stock was built up to operate downstream".

Tata Steel reported a net profit of Rs 7.58 billion for the September 2024 quarter, helped by lower expenses. It had posted a net loss of Rs 65.11 billion in the July-September period of the preceding 2023-24 fiscal, the company said in an exchange filing. In a separate statement, Tata Steel CEO and MD TV Narendran said the global operating environment remained complex, with key regions facing subdued growth. Macroeconomic conditions in China continued to weigh on commodity prices, including steel. In India, steel demand continued to improve, but domestic prices were under pressure due to cheap imports, he added. We have signed the grant funding agreement with the UK government and are progressing on the proposed transition to green steel, Narendran said. In the Netherlands, deliveries stood at 1.5 million tonnes and subdued steel prices weighed on performance. We are undertaking pilot projects to avoid or convert captured carbon emissions, he said. In the UK, the remaining blast furnace at Port Talbot was closed to pave the way for the next generation of green steelmaking. During the quarter, Tata Steel UK revenues were 600 million pounds, and EBITDA loss stood at 147 million pounds. Liquid steel production was 0.39 million tonnes, while deliveries were 0.63 million tonnes. Revenues from the Netherlands operations were 1,300 million pounds, and EBITDA for the quarter was 22 million pounds. Liquid steel production at 1.66 million tonnes and deliveries at 1.50 million tonnes. In September 2024, India's largest blast furnace at Kalinganagar plant was commissioned. With the ramp-up of Kalinganagar facilities, the crude steel capacity will increase to 26.6 MTPA, the company said. Koushik Chatterjee, Executive Director and Chief Financial Officer at Tata Steel, said, We have placed equipment orders for our 0.85 MTPA Electric Arc Furnace plant in Ludhiana. Our performance in the UK and Netherlands was adversely impacted by the compression in steel spreads. Further, the UK was also weighed by the transitory nature of operations as the blast furnaces were safely decommissioned, and steel stock was built up to operate downstream.

Next Story
Infrastructure Urban

India to Invest Rs 600 Billion to Upgrade 1,000 ITIs

As part of its drive to modernise vocational training, the Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with Gujarat’s Labour and Employment Department, held a State-Level Workshop at the NAMTECH Campus within IIT-Gandhinagar to discuss the National Scheme for ITI Upgradation.The consultation brought together key stakeholders from industry and the training ecosystem to align expectations and support implementation of the scheme, which aims to transform 1,000 Industrial Training Institutes (ITIs) across India using a hub-and-spoke model. The total outlay stands ..

Next Story
Infrastructure Urban

India Unveils Rs 600 Billion Maritime Finance Push

The Ministry of Ports, Shipping & Waterways (MoPSW) hosted the Maritime Financing Summit 2025 in New Delhi, bringing together over 250 stakeholders including policymakers, industry leaders, global investors, and financial institutions. The summit, held under the ambit of Maritime Amrit Kaal Vision (MAKV) 2047, focused on transforming India into a leading maritime power with strengthened financial, infrastructural, and technological capabilities.Union Minister Sarbananda Sonowal emphasised India's strategic progress, noting that average port turnaround times have dropped from four days to u..

Next Story
Infrastructure Urban

Govt Allocates Rs 500 Million To Boost Community Radio

The Central Government, through its ‘Supporting Community Radio Movement in India’ scheme, has allocated Rs 500 million to strengthen the community radio ecosystem across the country. The initiative aims to assist both newly established and long-operational Community Radio Stations (CRSs), ensuring their relevance to local educational, social, cultural, and developmental needs.According to the policy published by the Ministry of Information and Broadcasting, CRSs may be set up by not-for-profit organisations with at least three years of demonstrated community service. These stations are ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?