MUMBAI
Tata Steel Ltd. reported fourth-quarter consolidated net profit slid 64% to ₹611.48 crore year-on-year on losses suffered by the European business.
Total revenue from operations dipped 6.7% to ₹58,687 crore. For FY24, consolidated net loss stood at ₹4,437.44 crore compared with net profit of ₹8,760.40 crore in the previous year.
Total revenue from operations slipped 5.8% to ₹2,29,171 crore.
The company’s India business generated fourth-quarter net profit of ₹3,856 crore, almost flat compared with the year-earlier period. Annual net profit was down to ₹3,847 crore from a profit of ₹13,749 crore in the previous year.
The annual revenues of the company’s U.K. business were £2,706 million and EBITDA loss stood at £364 million. Liquid steel production was 2.99 million tons while deliveries stood at 2.80 million tons. For the quarter, revenues were £647 million and EBITDA loss stood at £34 million.
Netherlands business reported annual revenues of £5,276 million and EBITDA loss stood at £368 million, largely due to the reline of BF6 which was completed in early February. Liquid steel production was 4.81 million tonne and deliveries were 5.33 million tonne. For the quarter, revenues were £1,324 million and EBITDA loss was at £27 million.
During the quarter, the company spent ₹4,850 crore on capital expenditure and ₹18,207 crore for the full year. Its net debt now stands at ₹77,550 crore. The Board has recommended a dividend of ₹3.60 per equity share.
T V Narendran, Chief Executive Officer & Managing Director said, “FY2024 has been a year of progress for Tata Steel with transition towards stated goals in India and abroad despite the challenging operating environment. In India, which is a structurally attractive market, we have delivered improved margins and continued to expand our footprint in terms of volumes as well as product portfolio.”
“Our domestic deliveries were best ever at around 19 million tons and were up 9% YoY with broad based improvement across chosen market segments. Automotive volumes were aided by higher deliveries of hot-rolled and cold-rolled steel to auto OEMs while our well-established retail brand Tata Tiscon crossed 2 million tons on an annual basis,” he said.
“For the U.K. operations, we have decided to proceed with the proposed restructuring of heavy-end U.K. assets and transition to greener steelmaking after due consideration of all the options over the last 7 months in consultation with union representatives,” he added.
“We are committed to creating a low-CO2 steel business that preserves the majority of the jobs in UK while also creating economic opportunities. In Netherlands, our production was lower due to the relining of BF6. The relining was completed in early February and we have stabilised the operations,” he further said.
