Tata Metaliks announced Q2FY23 results: The company recorded Revenue from operations of Rs 877 crore and PBT of Rs 20.13 Crore Revenue for the quarter saw an increase of ~32% QoQ while the increase was 36% over Q2 FY’22 Stable and improved plant performance resulting in higher hot metal production QoQ by ~25%. DI Pipe production also increased QoQ by ~40% as additional volumes became available with the ramping up of the new DI Pipe plant. Realisation of PI saw a QoQ drop of ~11% due to oversupply in domestic market as a result of virtual stoppage of exports post imposition of export duty on PI at 15% from May-22. Realisation of DI Pipe, on the other hand, increased by ~3% compared to Q1. Mr. Sandeep Kumar, Managing Director of Tata Metaliks said: “The Company has been able to bounce back after a weak performance in Q1, with both PI and DIP business delivering much higher volumes than Q1. The new DI Pipe plant has been ramping up well and higher volumes are expected to come from it in Q3. Pig Iron market demand is expected to continue to be under pressure due to oversupply in domestic market although post festive season, demand and utilization levels are expected to be better from Nov’22. Coal price (FOB Australia) is likely to remain range bound with possibility of marginal uptick in Q3 as indicated by trend of Coal futures. The demand outlook for DI Pipes for H2 is robust in line with the Govt’s increased outlay through Jal Jeevan Mission for providing drinking water to the population. H2 is traditionally a much better period for DI pipe with demand picking up and will be supported by additional volumes from the new DI Pipe plant.” Result PDF