JSPL Q2 steel sales up 30% YoY

The steel major reported a 30% (year-on-year) growth in consolidated steel sales of 2.41 million tons (MT) in Q2 September 2020 as against 1.85 MT in Q2 September 2019.

JSPL also reported 18% (YoY) growth in consolidated steel production with 2.35 MT in Q2FY21 compared with 1.99 MT in Q2FY20.

With the revival of domestic steel demand, JSPL recorded 29% (YoY) growth in standalone steel sales with 1.93 MT Q2FY21 as against 1.49 MT in Q2FY20. The company also reported a 16% rise in (YoY) standalone steel production with 1.84 MT in Q2FY21 compared with 1.58 MT in Q2FY20.

Steel exports contributed to 38% of the total sales volumes with 0.74 MT. JSPL's Barbil pellet plant records highest ever quarterly pellet production of 2.01 MT in Q2FY21.

We are ramping up sales & production, as India comes out of the lockdown effect and ramps up its economic activities towards a renewed growth path, V R Sharma, MD, JSPL said in a statement.

Shares of JSPL rose 0.53% to Rs 197.70 on BSE. It has surged 218.35% from its 52-week low of Rs 62.10 hit on 3 April 2020.

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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