JSPL gains steel production rises 13% YoY in Oct

Jindal Steel & Power (JSPL) rose 1.94% to Rs 241.20 after the company recorded a 13% year-on-year (YoY) growth in standalone steel production at 585,000 metric tons in October 2020 as against 518,000 metric tons in the same month last year.

Nov 23, 2020 03:11 IST capital market

JSPLs standalone sales rose by 10% year on year in October 2020 to 600,000 metric tons (MT) as against 547,000 metric tons recorded in the previous year during the same period.

Export sales contributed to 28% of total sales volumes in October 2020 and its exports grew at a rate of 37% year on year in October 2020. The firm reported highest ever pellet production of 701,500 MT and highest ever wire rod production of 49,062 MT in October 2020.

On a standalone basis, JSPLs net profit stood at Rs 997.98 crore in Q2 September 2020 steeply higher from Rs 15.15 crore reported in Q2 September 2019. Net sales rose by 19.6% year on year to Rs 7859.3 crore in Q2 September 2020.

JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and infrastructure sectors.

On a year-to-date (YTD) basis, the stock has added 43.65% while the benchmark S&P BSE Sensex has gained 6.96% during the same period.

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