Tata Steel reported a decline in net profit for the fourth quarter of fiscal 2024, missing analysts' estimates.
The steel supplier and manufacturer's net profit fell 64.6% year-on-year to Rs 555 crore in the January-March quarter, according to an exchange filing issued on Wednesday.
"The Indian steel consumption growth will be greater than the GDP growth rate.
Steel consumption growth in India is expected to be 8–10%," he said.
"India will lead the way for steel consumption globally—there is no other market like India," the CEO said.
Tata Steel Ltd. plans to invest Rs 16,000 crore capex in FY25, with a major focus on expanding Kalinganagar and decarbonising operations in the UK, according to Chief Executive Officer and Managing Director TV Narendran.
"75% of this investment will be allocated in India," he said.
Tata Steel reported a decline in net profit for the fourth quarter of fiscal 2024, missing analysts' estimates. The steel supplier and manufacturer's net profit fell 64.6% year-on-year to Rs 555 crore in the January-March quarter, according to an exchange filing issued on Wednesday.
"The Indian steel consumption growth will be greater than the GDP growth rate. Steel consumption growth in India is expected to be 8–10%," he said.
"India will lead the way for steel consumption globally—there is no other market like India," the CEO said. "We do see possible activities in the Middle East and Africa in the future," he said, in terms of new markets.
"We are focusing on the Indian margin to be steady at close to current levels without any price upside. In Europe, we expect the margin to improve, particularly in the Netherlands. While in the UK, in the second half of the year, we expect to have a positive Ebitda."
"Kalinganagar expansion is the major focus, while we have expansion plans for a rolling mill in Jamshedpur and a Ludhiana plant," he said.
