BackJindal Steel and Power reports highest ever quarterly steel sales
JSPL’s steel sales volume surged 32% Q-o-Q and 10% Y-o-Y to hit a record of 2.13 million tonnes during the quarter.
PremiumMUMBAI : Jindal Steel and Power Ltd has reported its highest ever quarterly steel sales during July-September of this fiscal, the company said today.
JSPL’s steel sales volume surged 32% Q-o-Q and 10% Y-o-Y to hit a record of 2.13 million tonnes during the quarter. In Q2FY22 JSPL steel sales have first time breached 2 million tons for the quarter.
Exports continue to boost sales with share of exports rising to greater than 40% in Q2FY22 (from 34% in Q1FY22 and 38% in Q2FY21).
“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 mine is operational and we are expecting the first shipment in November 21," said V R Sharma, managing director, JSPL, adding that it will reduce coking coal dependency significantly.
JSPL has been shortlisted as the preferred bidder for Kasia (Odisha) iron ore mine by the government of Odisha which will further enhance its raw material security.
Steel production also increased to 1.93 million tonnes in Q2FY22, posting a modest growth of 5% Y-o-Y. Inventory levels continue to decline as sales volume surpassed production for the third consecutive month in September.
Tuesday, shares of JSPl were down 0.8% at ₹415.00 in a largely weak market.
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