JSPL Sept qtr steel output grows 16 pc to 1.58 MT

Jindal Steel and Power Ltd (JSPL) on Monday reported 16 per cent rise in domestic output of steel and related products at 1.58 million tonne during September quarter of the ongoing financial year.

The production in the year-ago period stood at 1.36 million tonne, JSPL said in a BSE filing.

Sales during July-September 2019 were 10 per cent higher year-on-year at 1.46 million tonne, it added.

"This has been one of the best quarters for JSPL on the back of strong operating and market performance. The company is on track to deliver its highest ever volumes this year and with the ramp up in production at Angul, we are confident of further accelerating the growth momentum in terms of production and sales," V R Sharma, MD, JSPL was quoted as saying in the filing.

He further said the company's priority is to take its EBITDA to over Rs 12,000 crore per year on a consolidated basis and reduce net debt by more than Rs 10,000 crore to a level below Rs 30,000 crore in next two years.