Tata Steel Limited Q4 Result 2024

Synopsis

Tata Steel Limited announced its quarterly results for March 2024 on 29th May after market hours. It reported a consolidated PAT of ₹554.56 cr for Q4 FY2024. Its consolidated total revenue for Q4 FY2024 decreased by 6.76% on a YOY basis reaching ₹ 58863.222 cr. The company announced a dividend of ₹3.60 per share for FY2024.

Quarter result performance

The company’s consolidated total revenue for Q4 FY2024 was down by 6.76% on a YOY basis, reaching ₹ 58863.22 cr from ₹ 63131.00 cr in Q4 FY2023. The quarterly consolidated revenue was also up by 5.98%. Tata Steel reported a consolidated PAT of ₹ 554.56 cr for Q4 FY2024 against ₹ 1566.24 cr in Q4 FY2023, which is a drop of 64.59%. On a quarterly basis, the consolidated PAT increased by 6.21%. EBITDA stood at ₹ 6,631 cr and EBITDA margin was 11%.

For the full financial year ending in March 2024, the consolidated loss stood at ₹ 4,909.61 cr compared to a profit of ₹ 8,075.35 cr in FY 2023, which is a decline of 160.80%. For FY 2024, its consolidated total revenue stood at ₹ 2,30,979.6.3 cr compared to ₹ 2,44,390.17 cr in FY 2023, down by 5.49%. EBITDA was ₹ 23,402 cr up by 46% on a YOY basis.

The company announced a dividend of ₹3.60 per share at 80%. The company’s net debt was 
₹77,550 cr. Its India revenues stood at ₹1,42,902 cr with the company achieving the highest ever crude steel production of 20.8 million tons and deliveries of 19.9 mn tons in FY2024. Tata Steel’s UK and Netherlands annual revenues were marked at £2,706 million and £5,276 million, respectively. However, EBITDA loss stood at £364 million and £368 million.

Tata Steel has also approved debt security issues worth ₹3,000 cr for raising funds in tranches as NCDs on a private placement basis. Additionally, the board also approved a fund infusion worth ₹17,407.50 cr in the wholly owned foreign subsidiary Steel Holdings Pte. Ltd (TSHP) via equity subscription for FY2025. Along with this, Tata Steel will also convert ₹4,661.25 cr worth of debt instruments into equity shares in FY2025.

On the results, Mr. T V Narendran, Chief Executive Officer & Managing Director, Tata Steel 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. We have consistently filed 100+ patents per annum, on average, in the last 5 years. Overall, India deliveries now make up 68% of total deliveries and will continue to grow with incremental volumes from 5 MTPA capacity expansion at Kalinganagar.”

“With respect to the UK operations, we have decided to proceed with the proposed restructuring of heavy end UK assets and transition to greener steelmaking after due consideration of all the options over the last 7 months in consultation with union representatives. 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 stabilized the operations. We continue to undertake multiple initiatives across geographies to progress on our sustainability journey. I am happy to share that we have achieved zero effluent discharge at our Kalinganagar site in India and have been recognized by worldsteel as Sustainability champion for the seventh time in a row.” he added. 

About Tata Steel Limited

Tata Steel Limited, formerly known as Tata Iron and Steel Company Limited (TISCO) was Established in 1907 by the visionary entrepreneur Jamsetji Tata and later led by Sir Dorabji Tata. The company is headquartered in Mumbai, Maharashtra, with its largest production plant in Jamshedpur, Jharkhand. Tata Steel operates in 26 countries including key regions like India, the Netherlands, and the United Kingdom.