![]() ![]() “Domestic deliveries were up 11% yoy and grew at a faster pace than India apparent steel consumption, aiding in retaining market leadership position across chosen segments. ![]() The company’s sales (standalone and Tata Steel long products) at 4.74 million tonnes were up 7% compared to January 2022, primarily driven by 11% growth in domestic deliveries. Prices of long and semi-finished products were up 5% and 3% from the year ago, respectively, but fell 2% and 6% sequentially. Steel prices remained under pressure in Q3FY23 with a decline of 17% from a year ago, and 5% sequentially for flat products, according to Elara Securities analysts. Sequentially, raw material costs however saw some respite. Indian steel manufacturers saw extraordinary gains during the year-ago led by high steel prices and softening raw material prices, but Q3FY23 saw steel prices declining as raw material prices rose. The company’s domestic business, however, was satisfactory. The buy-in transaction and actuarial movements, however, also resulted in a non-cash deferred tax expense of ₹1,783 crore and increased the overall deferred tax expense for Q3 to ₹2,150 crore. On the positive side, the British Steel Pension Scheme with Tata Steel UK as sponsor has completed a substantial part of its de-risking journey with 60% of liabilities insured. ![]() Its consolidated net profit was further impacted by a one-off expense associated with the European operations. Ebitda stands for earnings before interest tax depreciation and amortization. European revenues at ₹20,745 crore also fell 8.9% from a year earlier, and 3.8% sequentially. Tata Steel Europe posted an Ebitda loss of ₹1,551 crore compared to the ₹1,788 crore positive Ebitda in September quarter and ₹2,942 crore in the year ago. ![]()
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