JSPL sees34% rise in output; sales jump 37% in January-March FY21

Steel producer JSPL on Monday reported a 34.41 per cent rise in its output, and the sales grew 37.41 per cent during the quarter ended March 31.

During the January-March period of 2020-21, the company produced 2.07 million tonne (MT) of steel, compared to 1.54 MT in the year-ago quarter, JSPL said in a statement.

Its sales during the quarter rose to 1.91 MT from 1.39 MT a year ago.

For the entire FY21, the company's output stood at 7.51 MT, up 19.20 per cent from 6.30 MT in the preceding fiscal.

Its sales registered a 20.13 per cent rise to 7.28 MT as compared to 6.06 MT in FY20.

In March alone, the company said its production rose to 7.30 lakh tonne (LT), registering a 21 per cent year-on-year growth.

The sales in March 2021 were 61 per cent higher at 7.86 LT over the same month last year.

?"This remarkable growth during the most challenging period has been possible due to our firm belief in the India growth story. We will continue to work towards our target of 15:15:50, i.e., Rs 15,000 crore EBITDA: Rs 15,000 crore net debt: Rs 50,000 crore gross turnover," JSPL Managing Director V R Sharma said.

Part of OP Jindal Group, Jindal Steel and Power Ltd (JSPL) has a significant presence in the steel, power, and mining sectors.