Tata Steel reports lower sales, production in March quarter
Tata Steel Europe sales volumes were also lower at 2.48 million tonnes in Q4FY18, compared with 2.85 million tonnes in Q4FY17
Mumbai: Leading steel producer Tata Steel on Friday reported a 6.23% decline in domestic sales at 3.01 million tonnes (mt) and a 4.06% drop in production at 3.07 mt in the March quarter (Q4FY18). It had sold 3.21 mt in the domestic market in the same period last year, while the production stood at 3.20 mt.
The company cited breakdown in the blast furnace at Kalinganagar plant as the main reason for lower production and sales, according to a statement released on Friday.
Tata Steel Europe sales volumes were also lower at 2.48 mt in Q4FY18, compared with 2.85 mt in Q4FY17, while the production remained flat at 2.62 mt mainly due to unplanned outages, it said.
However, the production and sales volumes of the company in South East Asia were stable on a quarter-on-quarter basis, according to the release.
The company had earlier this month reported a 11% rise in domestic sales at 12.13 mt in financial year 2017-18, compared with 10.97 mt in FY17. It’s production also increased to 12.48 mt in FY18, against 11.68 mt in the previous year.
Tata Steel said its domestic production improved with better utilisation at Jamshedpur works coupled with continued ramp-up at Kalinganagar in FY18.
- Jet Airways offers up to 30% discount on domestic, international flight tickets in new sale
- News In Numbers: Tesla Model 3 exceeds 30% net profit margin
- RIL plans to borrow Rs 40,000 crore in consumer push
- Vistara monsoon sale: Flight tickets on offer from Rs 1,299
- N/Core, IT Firm Mphasis Invest Rs 4.5 crore to fund and mentor non-profit startups
Editor's Picks »
- Fund managers slashing allocations to equities in emerging markets, shows BAML survey
- ICICI Lombard tightens grip on profitability in a lean growth quarter
- TCNS Clothing IPO: Valuations capture the upsides adequately
- Nightmare of Indian Accounting Standard 115 comes to haunt firms in the real estate sector
- What is driving the optimism in stocks of paint companies?