Key Highlights:

• Consolidated Revenue: ₹1,62,324 crores for the first nine months, with a 14% year-on-year (YoY) increase in EBITDA to ₹19,040 crores and an EBITDA margin of 12%.
• Quarterly Performance (October–December 2024): Revenue stood at ₹53,648 crores, and EBITDA reached ₹5,994 crores with an EBITDA margin of 11%.
• Capital Expenditure: ₹3,868 crores during the quarter and ₹12,450 crores for April–December 2024.
• Net Debt: Reduced to ₹85,800 crores with group liquidity at ₹28,219 crores, including ₹13,119 crores in cash and equivalents.

“Global steel markets remain affected by economic slowdowns and high Chinese exports, impacting pricing." TV Narendran

Regional Insights:
India:

• Revenues: ₹32,930 crores for the quarter.
• EBITDA: ₹7,921 crores with a margin of 24%.
• Crude steel production: 5.69 million tonnes, up 6% YoY.
• Deliveries: 5.29 million tonnes, up 8% YoY, driven by strong domestic demand and strategic exports.
• Operational Milestones:
  • The newly commissioned 5 MTPA blast furnace in Kalinganagar is ramping up, currently producing 8,500 tonnes per day.
  • A 0.9 MTPA Continuous Annealing Line (CAL), commissioned in December, is now operational and approved by major automotive OEMs.
     

UK:

• Q3 Revenues: £523 million.
• EBITDA: Loss of £67 million due to subdued demand and multi-year low market spreads.
• Deliveries: 0.57 million tonnes, lower quarter-on-quarter.
• Progress in Transition: The closure of heavy-end assets has reduced fixed costs by £70 million this quarter. Tata Steel is advancing plans for a 3 MTPA Electric Arc Furnace, with equipment orders already placed.

Netherlands:

• Revenues: £1,282 million.
• EBITDA: Break-even for the quarter.
• Steel production: 1.76 million tonnes (liquid steel), with deliveries of 1.53 million tonnes, showing improvements both quarterly and annually.

Management Insights:
Mr. T.V. Narendran, CEO & MD, Tata Steel: “Global steel markets remain affected by economic slowdowns and high Chinese exports, impacting pricing. Despite this, we achieved 8% YoY growth in Indian deliveries for the quarter and continue to make progress in operational efficiency. Our expansion at Kalinganagar, including the new blast furnace and CAL, underpins our growth in high-end segments like automotive steel. In the UK, we are advancing low-CO₂ steelmaking and cost reduction measures, while our Netherlands operations remain committed to sustainability and decarbonisation.”

Mr. Koushik Chatterjee, CFO, Tata Steel: “Our consolidated revenues for the first nine months reached ₹1,62,324 crores, with EBITDA improving by 14% YoY. In the UK, fixed cost reductions are yielding benefits, while in India, operational ramp-ups in Kalinganagar are strengthening our cost profile. Our liquidity remains robust at ₹28,219 crores, enabling continued investment in sustainable growth.”

Sustainability and Operational Excellence:
Tata Steel continues its commitment to sustainability with significant milestones:

• Progress on decarbonisation initiatives across all sites.
• Operationalisation of India’s first all-women shift at the Noamundi iron ore mine.
• Recognition for digital transformation and diversity, including the World Economic Forum’s Global Lighthouse and Global Diversity Equity & Inclusion Lighthouse awards.