JSPL acheives steel sales of 6.85 lakh tonnes in December 2021

Jindal Steel & Power (JSPL) rose 0.95% to Rs 389 after the steel maker posted a strong recovery in steel sales sequentially in December 2021.

The company reported steel sales of 6.85 lakh tonnes, rising 27% month on month. JSPL said steel sales would have been higher but for the impact of the non-availability of railway rakes for third month.

Steel sales in Q3 FY22 stood at 1.82 MT were also constrained due to limited rake availability and unseasonal rains in many states. Meanwhile, exports accounted for 28% of steel sales in December 2021 and 23% of quarter.

Jindal Steel reported 9% rise in steel production at 5.904 million tonnes in nine months ended of FY22.

V R Sharma, managing director of Jindal Steel Power said, We are happy to share that we have been able to achieve production growth of 9% in the first nine months of FY22 and achieved 8 MTPA for the first time in calendar year. We are confident that in the financial year we will able to achieve guidance of 8-8.2 MTPA.

JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and infrastructure sectors.

On a consolidated basis, JSPL's net profit (from continued operations) jumped 188.08% to Rs 2,583.90 crore on a 67.04% surge in total revenue from operations to Rs 13,611.71 crore in Q2 FY22 over Q2 FY21.

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