Stronger Through Exemplary Resilience

Amid competitive pressures in both domestic and export markets and a sharp drop in steel pricing and spread compression, we registered encouraging growth. The following initiatives contributed to it:

• We shifted focus from export markets to the domestic market
• Concentrated on strengthening market penetration and increasing market share through widened distribution footprint
• Emphasised on cost control through multiple initiatives
• Implemented inventory drawdown to meet customer requirements even during planned shutdowns
• Focused on enriching product mix
• Engaged more on policy advocacy
• Completed capacity augmentation projects

As a result, we were able to:

• Report a 20% y-o-y domestic volume growth
• Register highest ever volume of value-added and special products sales of 35%
• Build a sustainable growth platform with 25% capacity enhancement at a low specific investment cost

Outlook

We are well positioned to continue our growth story, backed by our strong fundamentals.

Volume

• Higher volumes from ramp up of recently completed expansion projects
• Continued focus on domestic market penetration and expansion of footprint

Product Mix

• Product mix enrichment by ramp up and new product approvals from OEMs at both CRM2 and Electrical Steel Mill at Vijayanagar
• Increased proportion of long products with ramp up of new longs facility at both Vijayanagar and Dolvi

Cost Optimisation

• Higher proportion of hot metal feed at Dolvi post BF enhancement
• Initiatives on logistics optimisation
• Operating leverage benefits with higher volumes

Preparing for future growth

• Participate in upcoming auction of iron ore mines for raw material security
• Prudence in capital allocation towards brownfield expansion, backward integration and product mix enrichment