New Delhi, Jan 8 (PTI) Tata Steel BSL, formerly known as Bhushan Steel Limited (Company) said Tuesday it has recorded lower sales at 0.92 million tonne (MT) for October-December over the previous quarter on account of inventory sell down and lower demand.
The company had recorded 1.14 MT of sales in the previous quarter, it said in a regulatory filing to the BSE.
The production during the third quarter stood at 1.04 MT as against 1.05 MT in the previous quarter.
“Production was in-line with 2Q FY19; Sales volume in 3Q FY19 was lower as 2Q FY19 sales volume included inventory sell-down. Sales was also affected due to softer demand in 3QFY19, mainly in automotive and appliance segments, and inventory replenishment,” it said.
Tata Steel BSL Limited, formerly known as Bhushan Steel Limited (Company), is India’s fifth largest flat steel producing company with an existing capacity of 5.6 million tonne per annum (MTPA) as on March 31, 2018.
It has India’s largest Cold Rolled Steel Plant and is one of the largest suppliers of automotive grade and high carbon special steel in the country.
The company recorded a gross revenue of USD 2675.79 million (Rs 17,404 crore) in FY18. The organization is spread across India with an employee base of over 5,600.
On May 18, 2018, the company was acquired by Tata Steel Limited through its wholly-owned subsidiary Bamnipal Steel Limited through an insolvency auction.
This is published unedited from the PTI feed.