JSPL gains after steel production grows 18% YoY in Feb

Jindal Steel & Power (JSPL) gained 0.96% to Rs 320.20 after the company's steel production rose 18% to 6.53 lakh tonnes in February 2021 compared with 5.54 lakh tonnes in the previous year.

The company reported a 14% y-o-y growth in shipments to 5.45 lakh tonnes during the month as compared to 4.80 lakh tonnes reported in the same period last year.

While shipments were 6% lower month-on-month (m-o-m), on a per day basis, shipments were 4% higher m-o-m. Exports accounted for 26% of the total sales volumes.

VR Sharma, managing director, JSPL, said: "We are on our path of continuous growth month after month and will enhance production further without any new CAPEX in this financial year."

On a consolidated basis, JSPL's net profit stood at Rs 2,566.68 crore in Q3 December 2020 compared with net loss of Rs 218.57 crore in Q3 December 2019. Net sales jumped 39.95% to Rs 10,533.51 crore in Q3 FY21 as against Rs 7,526.24 crore in Q3 FY20.

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

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