Jindal Steel posts 20% yoy growth in sales volume

9 Feb 2022 , 04:33 PM

Jindal Steel and Power Ltd. reported its monthly sales numbers and has reflected on a meaningful recovery in Steel Sales in January 2022 despite low Railway rake availability. 

JSP reported a 20% yoy increase in sales volume at 6.95 lakh tonnes during January 2022 as compared to 5.81 lakh tonnes in January 2021.

The company’s inventories witnessed a continual decline for the second consecutive month with JSP reporting production of 6.82 lakh tonnes. There was marginal improvement in rake availability during January 2022 which increased export share to 31% during January 2022 as compared to 28% in the previous month.

Mr. V R Sharma, Managing Director, JSP stated in its press release that the company managed to surpass its targets for the last calendar year, and is confident that the targets for the current financial year will also be achieved.

JSP strongly believes in India’s growth story which is expected to grow for FY22 at 9.2%, being the highest amongst major economies, the Chairman added.

He applauded the Government of India’s (GOI) announcement in the Union Budget 2022 pertaining to coal gasification, coal to the liquid initiative, and extension of manufacturing timeline for claiming 15% concessional income tax rate on greenfield projects to 31 March 2024. He outlined that the government’s push on infra and steel and increase in CAPEX will bolster growth for steel, cement, and other related sectors in the upcoming years.

Jindal Steel & Power ended at Rs417.40 down by Rs4.95 or 1.17% from its previous closing of Rs422.35. The scrip touched day’s high and low of Rs422.40 and Rs401.60 respectively.