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 Transport

JNPA Becomes First Indian Port to Cross 10 Million TEU Capacity

The Jawaharlal Nehru Port Authority (JNPA), located at Uran in Navi Mumbai, has become the first port in India to achieve over 10 million TEUs (twenty-foot equivalent units) in container handling capacity.With the recent expansion, the port now operates five container terminals with a combined capacity of 10.4 million TEUs, alongside two liquid and two general cargo terminals.Handling more than half of India’s container traffic, JNPA processed 7.05 million TEUs in 2024 and has moved 15.39 million tonnes of containers and 16.64 million tonnes of total cargo in the first two months of FY 2025â..

Next Story
Infrastructure Transport

Nod for Rs. 36.26 billion Expansion of Pune Metro Line 2

The Union Cabinet has approved the Rs.36.26 billion expansion of Pune Metro Line 2, adding 12.75 km of track and 13 new stations to improve east–west connectivity across the city.The project aims to link Pune’s urban core with rapidly growing suburbs, supporting the city’s rising demand for efficient and sustainable transport solutions. This expansion is part of Corridor 2 of the Pune Metro and includes two key routes: Vanaz to Chandani Chowk (Corridor 2A) and Ramwadi to Wagholi/Vitthalwadi (Corridor 2B).It will connect residential, IT, and educational hubs in areas such as Bavdhan, Koth..

Next Story
Infrastructure Transport

Assembly begins for ‘Nayak’ TBM on Thane– Borivali Twin Tunnel Project

The assembly of ‘Nayak’, the first of four Tunnel Boring Machines (TBMs) for the Thane–Borivali Twin Tube Tunnel Project, has commenced at the Thane site. Built by German firm Herrenknecht AG and deployed by Megha Engineering & Infrastructure (MEIL), the TBM marks a key milestone in Mumbai’s ambitious 11.8-km underground road corridor beneath Sanjay Gandhi National Park.The twin tunnels will reduce the Thane–Borivali travel distance by 12 km and decongest Thane Ghodbunder Road. ‘Nayak’, with a 13.2-metre diameter, is designed to bore through challenging geological conditions ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?