Tata Steel reported its Q1FY22 report for its operations. The company reported a 55% (YoY) rise in production and 42% increase in sales volume. Sequentially, production was down 3% due to oxygen shortage. Steel deliveries declined 11% QoQ due to partial lockdowns announced by some of states and temporary shutdowns in few steel consuming sectors amidst the 2nd wave of COVID-19 pandemic. To offset the impact, exports were increased to 16% of the total sales vs 11% in 4QFY21. The company said that domestic market has been improving since mid-Jun’21 with easing lockdowns.
Its Europe’s steel production grew by 27% (YoY) to 2.73 mn tons and steel deliveries increased by 19%. Its Southeast Asia’s steel production grew by 49% and deliveries by 50%.
The stock, which had closed yesterday at Rs.1135.95, opened 1.25% at Rs.1150, its intraday high too. Its 52-week high is at Rs.1246.80.