Tata Steel sees 10% rise in Q3 sales, output up 11%

Tata Steel today said its sales rose by 10 per cent to 2.35 million tonnes (MT) in the quarter ended 31 December, up from 2.13 MT in the year-ago period. For the first three-quarters of the current fiscal, its sales rose by 8 per cent to 6.83 MT from 6.34 MT during the April-December period of 2014-15.

The Mumbai-based firm's crude steel production rose by 11 per cent to 2.55 MT in the third quarter of 2015-16 compared with 2.29 MT during the same quarter in 2014-15, it said in a regulatory filing. Steel production during April-December period of 2015-16 rose by 7 per cent to 7.4 MT as against 6.89 MT in the year-ago period.

Despite the positive production and sales figures for the last quarter, shares of Tata Steel fell by 1.26% to Rs 250.50 on the Bombay Stock Exchange in afternoon trade.

Saleable steel output was up by 13 per cent to 2.51 MT as against 2.22 MT during the quarter under review. For the first three-quarters of this fiscal saleable steel production rose by 7 per cent to 7.15 MT compared to 6.68 MT during April-December of 2014-15.

Hot metal production rose by 13 per cent to 2.69 MT during October-December of 2015-16 from 2.38 MT in the year-ago period. During April-December 2015-16, it was up by 6 per cent to 7.94 MT from 7.49 MT in the corresponding period of last fiscal.

"Pellet plant has achieved best ever Q3 production of 1.43 MT (Previous best 1.03 MT in Q3 FY'15). Sinter Plant has achieved best ever Q3 production of 2.05 MT (Previous best 1.91 MT in Q3 FY'14)," the company said in a statement.

The blast furnaces achieved lowest best ever coke rate of 372 kg per thermal in Q3 (Previous best 435 kg per thermal in Q3 FY10) and highest best ever coal rate of 172 kg per thermal in Q3 (Previous best 130 kg per thermal in Q3 FY14), it added.

The shares of Tata Steel closed down at 0.67 per cent or Rs1.70 at Rs 252.00 per scrip on the BSE on Monday.