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Tata Steel Announces Q2 Results-2020 China(Guangzhou) Int’l Laser Equipment and Sheet Metal Industry Exhibition
11/9/2019 钣金展-激光展- Laser expo, Sheet Metal Industry expo |
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Tata Steel has reported consolidated financial results for the quarter and half year ended September 30, 2019. Mr TV Narendran, CEO & Managing Director, said "The business environment in India and other geographies continued to be challenging and weighed heavily on steel prices. Tata Steel worked closely with customers across business segments to drive sales and maintain volumes. We are focused on driving productivity improvements across our various operations as well as the supply chain to reduce costs and minimize the impact on margins. We hope the end of monsoon season and the onset of festive demand leads to a pick-up in overall consumption and the steel demand. Our acquisitions continue to stabilize and improve on their operating performance. Our Kalinganagar Phase 2 expansion program is progressing well and we are prioritizing the Pellet plant for cost reduction and the CRM plant for value addition. We are also re-organizing our India footprint in four verticals to drive scale, synergies and simplification which will create value for our stakeholders.”
Key Highlights
Consolidated steel production stood at 6.95 million tonnes while deliveries grew by 3%QoQ to 6.53 million tonnes
India steel production stood at 4.50 million tonnes while Indian deliveries increased 4%QoQ to 4.13 million tonnes operations and contributed -63% of consolidated deliveries
Consolidated revenues were INR 34,579 crores while India revenues stood at INR 20,204 crores
Consolidated adjusted EBITDA was INR 4,018 crores and India adjusted EBITDA was INR 3,817 crores
Consolidated reported PAT was INR 3,302 crores; India reported PAT was INR 3,400 Crores. During the quarter, the Company had a favorable tax impact of INR 4,233 crores, of which INR 2,425 crores was on adoption of the new corporate tax rate by Tata Steel Standalone and some subsidiaries in India and INR 1,808 Crores was on account of recognition/reversal of deferred tax assets and liabilities in offshore subsidiaries.
Tata Steel said “During the quarter, economic growth across geographies slowed down as trade frictions outweighed accommodative monetary policies across key markets. Over the last year, steel prices declined by more than USD 100 per tonn in key geographies amidst weak demand. Softening coking coal and iron ore prices helped regional spot steel spreads improve from the lows of 1QFY20, however, a meaningful benefit should flow through in the next few quarters. In India, economic activities remained soft, largely due to persistent liquidity issues, weakness in investment and consumption sentiment, and seasonal impact with heavy and prolonged monsoons. During the quarter, Indian steel players grappled with declining margins as domestic steel prices corrected sharply amidst continued demand weakness and high inventories.
钣金展-激光展-2020年第二十一届广州国际激光设备及钣金工业展
-2020
China(Guangzhou) Int’l Laser Equipment and Sheet Metal Industry Exhibition
-Sheet metal exhibition, Sheet metal expo,
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exhibition, China Sheet metal expo, Laser Equipment exhibition, Laser Equipment
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