Iron & Steel Products company Tata Steel announced Q3FY25 results Financial Highlights: Consolidated Revenues for 9MFY25 were Rs 1,62,324 crore. EBITDA improved by 14% YoY to Rs 19,040 crore, with an EBITDA margin of 12%. Consolidated Revenues for Q3FY25 were Rs 53,648 crore and EBITDA was Rs 5,994 crore, with an EBITDA margin of around 11%. The company has spent Rs 3,868 crore on capital expenditure during the quarter and Rs 12,450 crore between April – December 2024. Net debt stands at Rs 85,800 crore. Our group liquidity remains strong at Rs 28,219 crore, which includes cash & cash equivalents of Rs 13,119 crore. Business Highlights: India revenues were Rs 32,930 crore for the quarter and EBITDA was Rs 7,921 crore, which translates to an EBITDA margin of 24%. Crude steel production was around 5.69 million tons and was up 6% on YoY basis. Deliveries stood at 5.29 million tons and were up 8% YoY, driven by steady domestic deliveries and strategic presence in exports. Our recently commissioned 5 MTPA blast furnace at Kalinganagar is presently operating at around 8,500 tpd and ramp up to rated capacity is underway. We have also commissioned 0.9 MTPA Continuous Annealing Line (CAL) in December. UK revenues were EURO 523 million and EBITDA loss stood at GBP 67 million. Deliveries were 0.57 million tons and were lower QoQ due to subdued demand dynamics. Netherlands revenues were EURO 1,282 million and nil EBITDA for the quarter. Liquid steel production was 1.76 million tons and deliveries were 1.53 million tons, up QoQ as well as YoY. T V Narendran, Chief Executive Officer & Managing Director, said: “The global operating landscape continues to be shaped by geopolitics and continued economic slowdown in key regions. Steel exports from China, which has averaged 9 million tons per month in 2024, has dampened steel prices globally including in India. Growth in deliveries in India and focus on operational efficiency have aided our performance on EBITDA improvement. Our deliveries in India grew 8% YoY to 5.29 million tons for the quarter and 6% YoY to 15.3 million tons for 9MFY25. Our growth plans in Kalinganagar are on course. The new blast furnace has produced ~0.56 million tons during the quarter and is ramping up to rated capacity. The Continuous Annealing Line (CAL), which is a part of the 2.2 MTPA CRM complex, has been commissioned in December and has received facility approvals from some of the major automotive OEMs. We continue to build our position in our chosen segments. We registered a growth in high end product deliveries in the automotive segment and in retail, Tata Tiscon achieved best ever quarterly deliveries with a 20% YoY increase in 9MFY25. In the UK, we are progressing on the transition to low carbon steelmaking. The closure of heavy end assets has started yielding benefits with improvement in the overall cost and emissions profile. In the Netherlands, our deliveries stood at ~1.5 million tons. Subdued steel prices continued to weigh on our performance. We are progressing on enhancing sustainability in our operations at all our sites and on our commitment to diversity and inclusion. Recently, we operationalised an all-women shift at our Noamundi iron ore mine, a first in India.” Koushik Chatterjee, Executive Director and Chief Financial Officer, said: “Tata Steel Consolidated revenues for the first nine month of the financial year were Rs 1,62,324 crore and EBITDA was Rs 19,040 crore. Consolidated EBITDA has improved by 14% YoY aided by steady performance in India and improved profitability at Netherlands. UK business is amidst a transition to economically and environmentally viable operations. Consolidated revenues for the quarter stood at Rs 53,648 crore and EBITDA was Rs 5,994 crore, which translates to a margin of 11%. India revenues were around Rs 32,930 crore and with a margin of 24%, the EBITDA works out to around Rs 7,921 crore. Both in UK and Netherlands, our performance has been adversely impacted by multi-year low market spreads, last seen in 2015-16. Despite this, UK EBITDA improved by GBP 115 per ton QoQ primarily driven by fixed cost takeout upon closure of the heavy end assets by September 2024. There was an improvement in fixed costs, on absolute basis, of GBP 70 million in 3Q vs. 2Q and for the nine-month period, the same was around GBP 140 million on YoY basis. Overall, cash flow from operations for the quarter stood at around Rs 8,253 crore and was aided by tight working capital management. We have spent around Rs 3,868 crore on capital expenditure and net debt has declined by around Rs 3,000 crore QoQ to Rs 85,800 crore. Our group liquidity position remains strong at Rs 28,219 crore, with cash and cash equivalents of Rs 13,119 crore. We have placed equipment orders for the ~3 MTPA Electric Arc Furnace in UK. Separately, we have started receiving equipment on site for our 0.85 MTPA Electric Arc Furnace in Ludhiana and are progressing with civil works. The ramp up of operations in Kalinganagar will help improve India cost profile upon fixed cost absorption. In Netherlands, we continue to engage with the government on support for the decarbonisation of our operations.” Result PDF