Profit before tax (PBT) dropped 13.27% YoY to Rs 1,672.03 crore during the quarter.

EBITDA declined 5.37% YoY to Rs 5,994 crore in Q3 FY25 compared with Rs 6,334 crore in Q3 FY24. EBITDA margin stood at around 11% in Q3 FY25.

During the quarter, the company has spent Rs 3,868 crore on capital expenditure.

The company’s consolidated steel production rose 2.51% to 7.77 million tons (MT) in Q3 FY25 as compared with Rs 7.58 million tons in Q3 FY24. Deliveries increased 7.79% YoY to 7.72 MT in Q3 FY25.

In India, Tata Steel’s revenues were at Rs 32,930 crore for the December 2024 quarter, registering a decline of 5.95% YoY. 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.

In Q3 FY25, UK revenues were £523 million and EBITDA loss stood at £67 million.

Netherlands revenues were £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: “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 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.

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 crores and EBITDA was Rs 19,040 crores. 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 crores and EBITDA was Rs 5,994 crores, which translates to a margin of 11%

India revenues were around Rs 32,930 crores and with a margin of 24%, the EBITDA works out to around Rs 7,921 crores. 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 £115 per ton QoQ primarily driven by fixed cost takeout upon closure of the heavy end assets by September 2024.

Overall, cash flow from operations for the quarter stood at around Rs 8,253 crores and was aided by tight working capital management. We have spent around Rs 3,868 crores on capital expenditure and net debt has declined by around Rs 3,000 crores QoQ to Rs 85,800 crores.

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.”

Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 35 million tons per annum.

The counter rose 0.75% to Rs 127.35 on the BSE.