Tata Metaliks Ltd. News, Corporate filings and Earnings/Conference Calls

Iron & steel manufacturer firm Tata Metaliks announced Q3FY23 results: Q3FY23: The company recorded revenue from operations of Rs 790 crore and PBT of Rs 12.25 crore. Revenue for the quarter saw a dip of ~10% QoQ caused mainly by lower deliveries of pig iron by ~25% and softening of realization of both pig iron and DI pipe in line with softening commodity prices. Delivery of DI pipe, however, has been improving QoQ and has been higher by ~11% and ~16%, compared to Q2FY23 and Q3FY22 respectively. YoY revenue for the quarter was ~15% higher, compared to Q3FY22 caused mainly by higher deliveries and better realization of DI pipe by ~16% and ~30% respectively. Alok Krishna, Managing Director of Tata Metaliks, said: “Pig iron business was adversely affected by weak health of one of the blast furnaces which had frequent shutdowns and increased costs. The blast furnace has been repaired in early December 2022 and is doing well now. The new DI pipe plant has been ramping up with volumes increasing QoQ and higher volumes are expected to come from it in Q4. Domestic demand for pig iron is expected to firm up in Q4 as utilization levels in several segments like general castings and agriculture are likely to improve. Imported coal price is expected to remain range-bound with the possibility of a marginal uptick in Q4, as indicated by the trend of coal futures. The demand outlook for DI pipes for Q4 is robust in line with the government’s increased outlay through Jal Jeevan Mission for providing drinking water to the population. Q4 is traditionally the best period for DI pipe in terms of project execution on the ground and the company is geared up to meet the high demand through additional volumes from the new DI pipe plant.” Result PDF

Tata Metaliks Ltd. News, Corporate filings and Earnings/Conference Calls

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