Mumbai, July 31: Tata Steel today reported its financial results for the first quarter of the financial year 2024-25. The company reported consolidated revenues for the April to June 2024 quarter at Rs 54,771 crores and EBITDA at Rs 6,822 crores, with an EBITDA margin of around 12.5%. The consolidated net profit for the quarter came in at Rs 919 crore, up 75% from the same quarter a year ago.
During the quarter, the company spent Rs 3,777 crores on capital expenditure, and the phased commissioning of the 5 MTPA expansion at Kalinganagar is progressing well towards blast furnace start-up in September 2024. The company’s net debt stands at Rs 82,162 crores, while the Group liquidity remains strong at Rs 36,460 crores, including cash and cash equivalents of Rs 10,799 crores.
Tata Steel’s India revenues were Rs 33,194 crores for the quarter, with EBITDA at Rs 7,029 crores, translating to an EBITDA margin of 21%. Crude steel production was around 5.27 million tons, up 5% year-over-year. Deliveries were 4.94 million tons, also up year-over-year, driven by a 4% rise in domestic deliveries. The automotive segment witnessed its best-ever first-quarter sales, and Tata Tiscon deliveries were up 15% year-over-year, leading to the best-ever quarterly sales.
Tata Steel’s UK revenues were £646 million with an EBITDA loss of £91 million, while Netherlands revenues were £1,344 million with an EBITDA of £43 million for the quarter.
Additionally, Tata Steel commenced the closure of heavy-end assets at Port Talbot in the UK with the shutdown of BF #5 in early July 2024. The closure of BF #4 is scheduled for September 2024.
