TATLY - Tata Steel Limited (TATLY) Q4 2024 Earnings Call Transcript
2024-05-30 12:12:12 ET
Tata Steel Limited (TATLY)
Q4 2024 Results Conference Call
May 30, 2024 3:30 AM ET
Company Participants
Samita Shah - Vice President of Corporate Finance, Treasury & Risk Management
Thachat Narendran - CEO, MD & Executive Director
Koushik Chatterjee - CFO & Executive Director
Conference Call Participants
Satyadeep Jain - AMBIT Capital
Ashish Kejriwal - Nuvama
Sumangal Nevatia - Kotak Securities
Tarang Agrawal - Old Bridge Capital
Kirtan Mehta - BOB Capital
Presentation
Operator
Ladies and gentlemen, good day, and welcome to the Tata Steel Analyst Call. Please note that this meeting is being recorded. All the attendees audio and video has been disabled from the back end and will be enabled subsequently. I would now like to hand the conference over to Mr. Samita Shah. Thank you, and over to you, ma'am.
Samita Shah
Thank you, Kinshuk. Good afternoon, everybody, and good morning and good evening to those of you joining us from different time zones. Welcome to this call to discuss our results for the fourth quarter and the financial year FY '24.
We are joined by Mr. Narendran, our CEO and Managing Director; and Mr. Chatterjee, our Executive Director and CFO. I hope you all have had a chance to go through our results, which were published yesterday and the presentation, which is up on our website. The entire discussion today will be covered by the safe harbor clause, which is on Page 2 of the presentation.
I will now request Naren to make a few opening comments before we then move on to Q&A. Thank you, and over to you, Naren.
Thachat Narendran
Thanks, Samita, and hello, everyone. I'm going to make a few comments and then pass it on to Koushik for his comments, and then we'll open it up for questions.
FY '24 has been a year of progress for Tata Steel despite the operating environment. The global commodity prices, including steel, have been significantly impacted by what's been happening in China. And China's economy is yet to fully recover from its pre-pandemic -- to its pre-pandemic activity levels and its property sector has been in a prolonged slump.
While these factors weighed on the steel demand, production remained broadly stable, leading to elevated exports. And as a result, global steel prices have moderated across regions, including India, particularly for flat products and geopolitical tensions have weighed in on the sentiment as well.
Despite the overhang of the domestic steel prices, our India performance improved on a year-on-year basis, aided by growth in volumes and an agile business model that is focused on optimizing the cost profile. We achieved the highest ever crude steel production of 20.8 million tons as well as deliveries of around 19.9 million tons, and the domestic deliveries were up 9% year-on-year, leveraging the persistent demand in the domestic market.
Among the market segments, automotive volumes were aided by higher deliveries of hot-rolled and cold-rolled coils to the automotive OEMs and grew by 8% year-on-year, and the focus on the product mix led to a 6% growth, year-on-year growth in high-end sales. Our well-established retail brand, Tata Tiscon, witnessed a 15% year-on-year growth and crossed 2 million tons on an annual basis.
We cover more than 8,000 pin codes through a dedicated channel of distributors, dealers, influencers and have an e-commerce platform called Aashiyana also to reach out to customers who may even be outside India who want to place orders for steel to be delivered in India....
Tata Steel Limited (TATLY) Q4 2024 Earnings Call Transcript