Amidst COVID-19 pandemic, Jindal Steel & Power Limited (JSPL) has registered an impressive standalone profit of Rs. 505 crore in April-June quarter of FY21. The Naveen Jindal-led company’s performance assumes significance since it had reported a loss of Rs. 87.4 crore during the same period last year.
The JSPL also reported steel (including pig iron) production of 1.67 million tonnes (up
8% QoQ) and sales of 1.56 million tonnes (up 12% QoQ). The JSPL clocked exports of 0.90 million tonnes in the same period, which was marred by coronavirus pandemic and the nationwide lockdown.
The company said that while prices remained muted globally, the impact was offset by increasing volumes as the JSPL Standalone reported gross revenue of Rs. 6,741 crore. On the back of increased volumes and lower raw material prices, the JSPL Standalone reported EBITDA at Rs. 1,828 Cr (a rise of 14% QoQ). The production of pellets stood at 1.87 million tonnes, while the JSPL recorded external sales of 0.83 million tonnes during April-June quarter of FY21.
The company said in a statement, “The quarter ending June 2020 may have been challenging, particularly for the Steel & Power Sector, as the world was reeling from a pandemic-induced recession and lockdowns to check the spread of JSPL Covid-19, but JSPL held its own and continued its growth momentum with increased steel volumes. JSPL’s ability to adapt to the changing economic environment, and pioneer innovation, especially when steel consumption was muted, was the key in the Company reporting a growth quarter.”
Not too long ago, Janta Ka Reporter reported how the JSPL had once again defied the trend by registering impressive growth in its Standalone Steel Production and Sales during Q1 FY’21 despite the period being severely affected by COVID-19 pandemic and a prolonged period of nationwide lockdown. The company had recorded a 12% growth (Q-o-Q) in sales volumes and an 8% rise (Q-o-Q) in standalone steel (incl. pig iron) production during Q1 FY’21.
JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and
Having an investment of 12 billion USD across the globe, the Company is continuously
scaling its capacity utilization and efficiencies to capture opportunities for Building a self-reliant India.