Jindal Steel & Power posts record Steel production and sales

Market Times - market news
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Jindal Steel & Power (JSP) ended FY22 on a high with the Company reporting record sales in March of 0.79mt. Strong sales were driven by record production of 0.77mt (+5% Y-o-Y). The strong operational performance resulted in the Company reporting the highest ever production for the quarter of 2.11mt (+2% Y-o-Y).

Despite facing several challenges throughout FY22, JSP managed to meet its production guidance; breaching the 8 million tonne mark for the first time. For the fifth consecutive year, JSP has posted spectacular growth in annual Steel sales on a year on year basis. In FY22 as well a new annual record has been established with 7.63 mt of Steel sales (5.03% Y-o-Y). Exports accounted for 33% of sales in March; in line with the FY22 share.

“The company has achieved its production target for FY22. We aim to produce more than 9 Million tons in FY23. Our Angul plant expansion is on track and we expect to reach more than 15mt capacity by FY25. The Company has significantly enhanced its raw material supply after winning four new coal blocks recently.