Jindal Steel & Power (JSPL) reported a 7% year on year increase in its steel production to 6.24 lakh tonnes in October 2021 compared to 5.85 lakh tonnes produced during the same period in the previous year.
However, JSPL' sales declined by 1% year on year to 5.93 lakh tonnes in October 2021 from 6 lakh tonnes reported in October 2020). The company said that sales growth lagged production during the month due to lack of rake availability, as the government focused on supplying thermal coal to power plants.The company further said that exports accounted for 23% of sales volumes as it prioritised domestic demand.
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.
Shares of JSPL ended 2.53% lower at Rs 388.35 on Monday.
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