Tata Steel sales surge by 6% for the FY24 on significant automotive and rail demand
In FY24, sales to the automotive and special products market reached 2.9 million tonnes, marking an 8% increase from the previous high set in FY23
Tata Steel India reported a 6% rise in sales for the FY24, reaching 19.90 million tonnes (MT), largely driven by heightened demand from the retail, automotive, and railway industries. According to a statement released by Tata Steel on Saturday, the company manufactured 18.85 mt of steel in India in the preceding FY 2022–2023.
The sales to automotive along with special market rose by 8% in FY24 marking 2.9 mt, which is record breaking and surpassing the previous set from the FY23. Sales of branded goods and retail segments saw 11% rise, marking 6.5 million mt in FY24. Concurrently, sales in the industrial products and projects segment grew by 6%, reaching 7.7 million mt.
The company reported that within sub-segments, engineering achieved its highest-ever annual sales, notably driven by pre-engineered buildings and railways, among other factors. Additionally, the company stated that revenues from Tata Steel Aashiyana, an e-commerce platform catering to individual home builders, amounted to Rs 2,240 crore in FY24, marking a 30% increase, primarily attributed to record-breaking sales in Q3 and Q4.