Team News Riveting
New Delhi, October 5
Notwithstanding sluggish domestic demand due to ongoing monsoon in the country, Jindal Steel and Power Limited (JSPL) reported robust growth in sales and production in the second quarter of financial year 2021-22 (Q2FY22).
JSPL’s steel sales volume surged 32 per cent Quarter-to-Quarter (Q-o-Q) and 10 per cent Year-on-Year (Y-o-Y) to hit a record of 2.13 million tonne (MT) during the quarter. In Q2FY22 JSPL steel sales have first time breached 2 MT for the quarter. Exports continue to boost sales with share of exports rising to greater than 40 per cent in Q2FY22 (from 34 per cent in Q1FY22 and 38 per cent in Q2FY21).
Steel production also increased to 1.93 MT in Q2FY22, posting a modest growth of 5 per cent Y-o-Y. Inventory levels continue to decline as sales volume surpassed production for the third consecutive month in September 21.
“JSPL’s strength lies in its dedicated team which is defying all odds and continue marching on the growth path. JSPL has now better raw materials security, which will add significant value to the company. One of our Australian coking coal mines is operational and we are expecting the first shipment in November 21. It will reduce our coking coal dependency significantly. JSPL has been shortlisted as preferred bidder for Kasia (Odisha) iron ore mine by Government of Odisha which will further enhance our raw material security. We are fully committed and believe in India growth story”, V R Sharma, Managing Director of JSPL, said in a statement.
JSPL is a leading Indian Infrastructure Conglomerate with a presence in the Steel, Power, and Mining sectors. With an investment of approximately 12 billion USD (Rs 90,000 crore) across the globe, the Company is continuously scaling its capacity utilization and efficiencies to contribute towards building a self-reliant India.
