Tata Steel to continue cost reduction drive amid transition in Europe: CFO Koushik Chatterjee
will continue its
cost takeout programme
through the remainder of the ongoing financial year to support profitability, Chief Financial Officer and Executive Director
Koushik Chatterjee
said on Thursday.
As per
PTI
, the announcement follows a more than two-fold increase in the company's consolidated net profit for the June quarter to ₹2,007.36 crore, despite global macroeconomic uncertainty. The increase was attributed to higher net
steel realisations
and the impact of planned cost reduction measures.
Ongoing strategy amid market conditions
'The strong improvement in our Q1 performance on QoQ as well as YoY basis was driven by an increase in our net steel realisations and the planned cost takeouts,' said CEO and Managing Director
T V Narendran
.
Chatterjee said margins improved sequentially by around 200 basis points in Q1, and the company will continue its efforts to control costs in the coming quarters. 'The cost takeout will continue... So hopefully we should be in good space unless there is some big issues, not in India, but European tariff and trade issues play differently,' he said.
The company has been targeting ₹11,500 crore (approximately $1.3 billion) in cost takeouts across India and Europe, focusing on controllable costs. The move comes at a time when Tata Steel is expanding its Indian operations and is undergoing a transition in Europe, including restructuring at its UK operations.
Volume outlook, tariff impact
Narendran said Tata Steel expects higher volumes in India in Q2, although realisations are likely to be ₹2,000 per tonne lower compared to Q1. In the Netherlands and the UK, revenue per tonne is expected to remain stable or increase slightly, with no anticipated drop in volumes.
Consolidated revenues are expected to improve in Q2, though the company said it is too early to offer guidance for Q3 and Q4.
On the recent US tariff announcements, Narendran said the company will not be materially impacted as it does not export from India to the US. 'Indirectly, also maybe some of the company's customers to whom it sells steel to export to the US, but it's not a big material number. So there is no material impact on tariffs,' he said.
Tata Steel has been navigating a prolonged period of industry headwinds, particularly in Europe, where the company is restructuring its operations in response to regulatory, cost, and energy-related challenges.
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