Jindal Steel -; Power hits record steel production and sales in FY22

18 Apr 2022 , 12:40 PM

Jindal Steel & Power (JSPL) ended FY22 on a high note as the company reported record sales in March 2022 of 0.79 million tonnes. The company’s robust sales were on the back of record production of 0.77 million tonnes, up by 5% yoy. The strong operational performance resulted in the Company reporting the highest ever production for the quarter of 2.11 million tonnes, up by 2% yoy.

Despite facing several challenges throughout FY22, JSP managed to meet its production guidance; crossing the 8 million tonne mark for the first time. For the fifth consecutive year, JSPL 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 million tonnes of Steel sales, reflecting a jump of 5.03% on a year-on-year basis. Exports stood at 33% of sales in March; in line with the FY22 share.

“The company was able to achieve its production target for FY22. It aims to produce more than 9 million tons in FY23. Our Angul plant expansion is on track and we expect to reach more than 15 million tonnes capacity by FY25. The Company has significantly increased its raw material supply after winning four new coal blocks recently. We are fully aligned with the government of India’s targets to achieve carbon neutrality in the future and continue to work towards reducing our carbon emissions”, Said Mr. V R Sharma, Managing Director, Jindal Steel, and power.

Jindal Steel & Power is currently trading at Rs548.50 down by Rs3.7 or 0.67% from its previous closing of Rs552.20 on the BSE. The scrip touched intraday high and low of Rs558.35 and Rs545.50 respectively.