JSPL reports 30% steel sales growth in Q2 FY21

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NEW DELHI: Jindal Steel & Power Limited (JSPL) has beaten the trend again reporting healthy growth in production and sales volume during the July-September quarter in the midst of an economic crisis triggered by the coronavirus pandemic.

The company continued its onward march with a record of 30 percent (Y-o-Y) growth in consolidated steel sales of 2.41 million tonnes in Q2FY21 as compared to 1.85 million tonnes in Q2 FY 20.

The company also reported a 18 per cent (Y-o-Y) growth in consolidated steel production with 2.35 million tonnes in the second quarter as compared to 1.99 million tonnes in Q2FY20.

With the revival of domestic steel demand, JSPL also recorded 29 per cent (Y-o-Y) growth in standalone steel sales with 1.93 million tonnes in the July-September quarter of FY21 as compared to 1.49 million tonnes in the same period of the previous quarter.

The company also reported a 16 per cent rise in (Y-o-Y) standalone steel production with 1.84 million tonnes in Q2FY21 as compared to 1.58 million tonnes in Q2FY20.

Steel exports contributed to 38 per cent of the total sales volumes of the company with 0.74 million tonnes. The JSPL’s Barbil Pellet plant recorded the highest ever quarterly pellet production of 2.01 million tonnes in Q2FY21.

“We are ramping up sales & production, as India comes out of the lockdown effect and ramps up its economic activities towards a renewed growth path,” said V.R. Sharma, Managing Director, JSPL in a statement.

JSPL is an industrial conglomerate with a dominant presence in steel, power, mining and infrastructure sectors. Having an investment of $ 12 billion across the globe, the company is continuously scaling its capacity utilisation and efficiencies to capture opportunities for building a self-reliant India.

Source: IANS