JSPL posts 21% growth in production and a 38% jump in sales in August

Private sector steel maker JSPL on Thursday posted a 21% rise in its consolidated production and a 38% growth in its sales for August 2020

Private sector steel maker JSPL on Thursday posted a 21 per cent rise in its consolidated production and a 38 per cent growth in its sales for August 2020.

Jindal Steel and Power Ltd (JSPL) said its production of steel on a consolidated basis rose to 8.25 lakh tonnes in August 2020 compared with 6.81 lakh tonnes in August 2019, a rise of 21 per cent.

The company's consolidated sales during the month also rose to 8.36 lakh tonnes, up 38 per cent from 6.06 lakh tonnes in August 2019, JSPL said in a statement. It added that exports contributed to 42 per cent of the total sales volumes.

On a standalone basis also, the company has posted positive production and sales numbers for August 2020.

The company's standalone steel output jumped 18 per cent to 6.25 lakh tonnes, from 5.29 lakh tonnes in August 2019. The sales grew 37 per cent to 6.82 lakh tonnes, from 4.96 lakh tonnes a year ago.

JSPL Managing Director V R Sharma said, "JSPL Angul, the world's first coal gasification-based DRI (direct reduced iron) plant, is adding to higher production volumes. The company has recorded its highest-ever gas-based DRI production with over 72 per cent of rated capacity in August 2020."

He further said, "The company is consistently working towards its goal of reducing overall debt to Rs 15,000 crore by 2023."

Sharma added that the company's steel export volumes have come down significantly with an increase in domestic sales post the lockdown period. "Our target is to achieve Rs 50,000 crore turnover by 2023."

JSPL, part of the OP Jindal Group, has a presence in steel, power, mining and infrastructure sectors.