Tata Steel production up 7.82%, sales grow 8% in Q1

Kolkata: Tata Steel on Friday reported an 8 per cent growth in sales to 2.97 million tonnes (mt) in India during the first quarter of the current fiscal while its production grew by 7.82 per cent to 3.17 mt.

The company had produced 2.94 mt of steel and sold 2.75 mt in the corresponding period last year.

Automotive and special products, in India, recorded highest-ever quarterly sales of 557 kl (kilotonnes) in April-June period of the current fiscal due to stronger demand and new product approvals, it said.

Branded products and retail business also achieved highest ever first quarter sales of 975 kt registering a growth of 12 per cent compared to 873 kt in the same period last year.

“Overall engineering segments have registered 70 per cent Y-o-Y (year-on-year) growth with 97 kt sales in Q1 FY19 against 57 kt sales in Q1 FY18,” it said in statement.

However, the steel maker said its Europe operations registered a marginal increase in production to 2.81 mt in the period under review as against 2.79 mt produced in corresponding period last year while its sales were at 2.43 mt, up from 2.40 mt in the year-ago period.

“Deliveries in Q1 FY19 (2018-19) were marginally better than Q1 FY18 in spite of the action under Section 232 by the US which created some uncertainty,” it added.