Tata Steel's India business reports a record FY23 but European operations remain muted

Overall deliveries also surpassed financial year 2022's record by 3 percent to come in at 18.87 MT.

Tata Steel’s MD and CEO TV Narendran said, “Tata Steel India reported a record-breaking operational performance in FY23 despite a challenging environment. Our achievement of highest-ever annual production and deliveries, surpassing the previous records set in FY22, is a testament to our resilience and agility.”

He added, “Our strong marketing network and agile business model enabled us to grow across segments. We are pleased to see the steady ramp-up of Neelachal Ispat Nigam Ltd during the last two quarters. We will continue to leverage our strengths to sustain this momentum and drive growth.”

Neelachal Ispat Nigam began operations within 3 months of completion of acquisition and has steadily ramped up during the last two quarters. Tata Steel informed that the present run rate of crude steel plus pig iron from the firm is around 1 million tonnes on an annualised basis.

On the other hand, the company’s Europe operations remained muted during the March quarter. Production volumes remaind flat, while delivery volumes declined by 11.3 percent from the same period last year.

Shares of Tata Steel are currently unchanged at Rs 104.85. The stock is down 12 percent so far this year.