Tata Sponge Iron on Thursday said the first quarter sales volume was up ten percent year-on-year (YoY) at Rs 1.16 lakh tonne, after the company posted a strong set of earnings.
In an interview to CNBC-TV18, Sanjay Pattnaik, managing director, said the realisations for Q1, it was Rs 21,200 per tonne, which was same as Q4 of FY18.
However, he said sponge iron prices have softened by Rs 1,500 per tonne post Q1 of FY19.
“We have a target of 4.25 lakh tonne and we may exceed that. For this year, the production has been good and there has been some excellent operating efficiencies, which has creeped in, and I am sure that we will cross our target,” Pattnaik added.
Talking about business, Pattnaik said the board has applied for green clearance to set up 1.5 million tonne per annum (mtpa) plant in Odisha.