JSPL gains on strong production, sales in July

Jindal Steel & Power (JSPL) rose 1.55% to Rs 193.60 after the steel major's consolidated production jumped 13% to 7.40 lakh metric tons (MT) in July 2020 over July 2019.

Consolidated steel sales grew 25% (y-o-y) to 7.62 lakh MT in July 2020. The company reported a rise of 29% in standalone steel sales in July 2020 to 6,37,000 tonnes as compared to standalone sales of 4,93,000 tonnes in the previous year during the same period. JSPL export sales contributed to 39% of the total standalone sales in July 2020 to 2,50,000 tonnes. Standalone steel production rose 13% (y-o-y) to 6,03,000 tonnes in July 2020. The figure was disclosed before market hours today, 4 August 2020.

VR Sharma, the managing director (MD) of Jindal Steel & Power (JSPL), has said that: "As stated by Hon'ble PM, new opportunities always emerge during challenging times. JSPL followed the same path and successfully overcame the challenges. We are proud of our dedicated workforce, who not only demonstrated stellar performance but also continued to serve our communities and our country. India Inc is getting back to normalcy, as companies can mend supply chains, getting more workers back on the job, resulting in the increased domestic steel demand. Thanks to the Government's efforts to reboot the economy by announcing the stimulus package."

JSPL reported a consolidated net profit of Rs 267.58 crore in Q1 June 2020 as against net loss of Rs 87.40 crore in Q1 June 2019. Consolidated net sales fell 6.7% year-on-year (Y-o-Y) to Rs 9,278.77 crore during the quarter.

JSPL is a steel producer with presence in power generation and mining.

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