Jindal Steel reports record steel production and sales in FY22

Jindal Steel & Power registered steel production of 8.01mt and sales of 7.63mt in FY22.

Jindal Steel & Power (JSP) ended FY22 on a high with the company reporting record sales in March of 0.79 mt. Strong sales were driven by record production of 0.77mt, rising 5% year on year.

The strong operational performance resulted in the company reporting the highest ever production in Q4 FY22 of 2.11m, rising 2% year on year. Sales increased by 8% year on year to 2.07 mt in Q4 FY22.

In FY22 the company said it established annual record of 7.63 mt of steel sales, rising 5% year on year. Meanwhile, exports accounted for 33% of sales in March.

V R Sharma, Managing Director, Jindal Steel and Power said, The company has achieved its production target for FY22. We aim to produce more than 9 Million tons in FY23. Our Angul plant expansion is on track and we expect to reach more than 15mt capacity by FY25. The Company has significantly enhanced 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.

Shares of Jindal Steel were trading 0.13% higher at Rs 552.90 on BSE.

JSPL is a leading Indian infrastructure conglomerate with a presence in the steel, power, and mining sectors. On a consolidated basis, net profit of the company declined 28.30% to Rs 1616.67 crore on 35.08% rise in net sales to Rs 12544.15 crore in Q3 FY22 over Q3 FY21.

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