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JSPL gains after reporting highest ever production, sales in FY21

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Jindal Steel & Power (JSPL) added 1.79% to Rs 389.45 after the company posted its highest ever production and sales figure for FY21.

JSPL ended the fiscal year on a strong note with sales hitting a new record of 786,000 tonnes in FY 2021, up 61% year on year. JSPL said that combination of robust domestic demand, attractive export markets (accounting for 38% of sales) and wide range of products have all contributed to JSPL reporting the steepest rise in monthly sales in FY21.

The steel maker said it production has comfortably crossed the 2 million tonnes mark for the first time. JSPL reported a 34.4% jump in production to 2.07 million tonnes in Q4 March 2021 from 1.54 million tonne reported in Q4 March 2020. The company's production in March 2021 rose 21% YoY to 730,000 tonnes.

Sales for Q4 March 2021 grew by 37.4% to 1.91 million tonnes from 1.39 million tonnes in Q4 March 2020. Exports accounted for 27% of sales in Q4 March 2021 compared with 15% in Q4 March 2020.

V R Sharma, MD of JSPL said, We are proud of our team for producing 7.51 million tons of steel in this financial year marred by the global pandemic. This remarkable growth during the most challenging time period has been possible due to our firm belief in the India growth story, our focus on creating opportunities in adversity and the dedication of each & every member of the JSPL family. We will continue to work towards our target of 15:15:50, i.e., Rs 15,000 core EBITDA, Rs 15,000 crore Net Debt and Rs 50,000 crore Gross Turnover.

On a consolidated basis, JSPL's net profit stood at Rs 2,566.68 crore in Q3 FY21 compared with net loss of Rs 218.57 crore in Q3 FY20. 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, April 06 2021. 09:37 IST