Jindal Steel & Power (JSPL) reported a sharp recovery in steel sales during the month of July 2021, returning back to its growth path.
Jindal Steel & Power (JSPL) steel sales rose 5% Y-o-Y (year-on-year) and surged 21% M-o-M (month-on-month) to 6.7 lakh tonnes as compared to 6.4 lakh tonnes during the same month in the previous year. The announcement was made before market hours today, 5 August 2021.
JSPL announced a monthly steel production of 6.5 lakh tonnes, rising 8% Y-o-Y as compared to 6.03 lakh tonnes during the same month in the previous year. Exports accounted for more than 40% of the total sales volumes due to high spot demand from international markets.
V R Sharma, the managing director (MD) of JSPL, has stated: "Despite second wave of COVID related disruptions, we are on track to achieve our annual target of 8.25 MT for FY22. Further, we are seeing COVID-19 cases come down, which will give a major relief to the industry and our customers. The effective vaccination campaign driven by the Government of India will encourage workers to return to construction sites and help speed up manufacturing, which will likely to boost domestic demand."
On a consolidated basis, JSPL's net profit surged 600% to Rs 2,139.28 crore on 74.6% jump in net sales to Rs 11,887.88 crore in Q4 March 2021 over Q4 March 2020.
JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and infrastructure sectors.
Shares of Jindal Steel & Power added 0.87% to Rs 419.50 on the BSE. The stock has traded in the range of Rs 410.15 to Rs 420.95 so far.
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