And that has put us in a good position to scale up in India and despite the challenges. And what I would also like to highlight is, even if you look at the last few years, we've been selling more in the domestic market than anybody else in India. We've been able to pivot quite successfully into the domestic market, stay focused on the domestic market, where we've built strong relationships. One is our India business which has always been focused on the domestic market, with exports typically accounting for about 10% to 15% of our volume. And I'll explain some of the reasons to you. Despite these multiple headwinds, Tata Steel has delivered a strong performance with improvement in margins, which validates our strategy and business model. And all these have weighed down on steel spot spreads, and they've dropped sharply. Indian steel industry also faced similar challenges, which were compounded by the imposition of the 15% export duty midway through the quarter. Commodity and steel prices have naturally been affected and there's been a sharp correction in prices of both steel and input prices. Good morning, good afternoon and good evening to all of you.Īs you know, the global economy is facing several macroeconomic headwinds both from inflation and from interest rate hikes and the COVID situation as well and the conflict between Russia and Ukraine. There is a safe harbor clause on of the presentation which will cover the entire discussion. You can refer to it for your convenience. We will take questions in audio mode as well as in chat mode.īefore I hand it over to Naren, I just want to remind you that a presentation explaining our performance is on our website. Koushik Chatterjee, is down with COVID and unable to join this call today, but we will attempt over this 1 hour or so to walk you through our results and explain our performance and obviously answer any questions you may have. Narendran, who's on the screen beside me. We have with us our CEO and Managing Director, Mr. And I'm delighted on behalf of Tata Steel to welcome you to this call to discuss our results for the first quarter of FY '23. So good morning, good afternoon and good evening to all of you joining us from the West, from India as well as the Far East. I would now like to hand the conference over to Ms. All the attendees' audio and video has been disabled from the back end and will be enabled subsequently. Please note that this meeting is being recorded. Ladies and gentlemen, good day and welcome to the Tata Steel Analyst Call. Hriday Nair - Chief, Corporate Finance and Investor Relations
Samita Shah - VP of Corporate Finance, Treasury and Risk Management Tata Steel Limited ( OTC:TATLY) Q1 2023 Earnings Conference Call J2:30 AM ET
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