The company yesterday declared its consolidated financial results for its third quarter (Q3 FY16) and nine months (9M FY16) ended on 31 Dec’15. For nine months, the company delivered about 19 MnT steel in the market which is 1.4% down than the corresponding period of previous financial year.
The company’s consolidated turnover in Q3-FY16 stands at INR 28,039 crores down by 4.3% against Q2-FY16 results and by 20% against Q3-FY15. The EBDITA of the group fell by 83% in Q3-FY16 against previous quarter while the company incurred losses of INR 2,127 crore against profits of INR 1,529 crore in Q2-FY16.
Tata Steel’s Consolidated Financial Performance
| Particulars | Q3 FY16 | Q2 FY16 | 9M FY16 | 9M FY15 |
| Sales Deliverable | 6.37 | 6.29 | 18.98 | 19.25 |
| Turnover | 28,039 | 29,305 | 87,644 | 1,05,838 |
| EBDITA | 841 | 4,964 | 9,031 | 11,165 |
| Finance Cost | 964 | 1,049 | 3,111 | 3,653 |
| PAT | -2,127 | 1,529 | 164 | 1,749 |
Value in Rs. crores
The group’s hot metal and crude steel production increased to 2.69 million tonnes and 2.55 million tonnes respectively in Q3 FY’16, while saleable steel production increased by 13.1% Y-o-Y to 2.51 million tonnes.
TATA Steel Industry Performance
| Products | Q3 FY16 | Q2 FY16 | 9M FY16 | 9M FY15 |
| Saleable Steel | 2.51 | 2.22 | 7.15 | 6.68 |
| Hot Metal Production | 2.69 | 2.66 | 7.94 | 7.49 |
Quantity in MnT
MIP (Minimum Import Price) Updates
As per media sources Indian government is likely to announce MIP on certain steel products in latter half of the day. It is anticipated that government could levy MIP of USD 360/MT on semi finish slabs, USD 450/MT on hot rolled steel products, USD 500-550/MT on cold rolled products and USD 660/MT on coated flat steel products.
The government has been considering MIP in order to protect domestic steel manufacturers from cheap imports from China. Imports from China, Japan and Korea have seen 29.2 percent growth till December FY16. In FY15, imports had increased by 75.5 percent.
Leave a Reply