Kolkata, January 19, 2023: Tata Metaliks Limited (“TML”) declared its Financial Results today, for the third quarter ended December 31, 2022. In the said quarter, the Company recorded Revenue from Operations of Rs 790 Crores and PBT of Rs 12.25 Crores.
In the quarter, operational performance was affected by weak health of one of the Blast Furnaces which had to be stopped frequently for repairs. DI Pipe Plant-2 (new plant) production, however had a vertical ramp-up as its production of Finished Pipes touched 25 kt in the quarter (13 kt in Q2 FY’23). Company’s product portfolio now covers the range up to 1200 mm diameter pipes for domestic and international supplies.
Revenue for the quarter saw a dip of ~10% Q-o-Q caused mainly by lower deliveries of Pig Iron by ~25% and softening of realization of both Pig Iron and DI Pipe in line with softening commodity prices. Delivery of DI Pipe, however, has been improving Q-o-Q and has been higher by ~11% and ~16% compared to Q2 FY’23 and Q3 FY’22 respectively.
Y-o-Y Revenue for the quarter was higher by ~15% compared to Q3 FY’22 caused mainly by higher deliveries and better realization of DI Pipe by ~16% and ~30% respectively.
Mr. Alok Krishna, Managing Director of Tata Metaliks said: “Pig Iron business was adversely affected by weak health of one of the Blast Furnaces which had frequent shutdowns and increased costs. The Blast Furnace has been repaired in early Dec’22 and is doing well now. The new DI Pipe plant has been ramping up well with volumes increasing Q-o-Q and higher volumes are expected to come from it in Q4.