Naveen Jindal-promoted Jindal Steel & Power Limited (JSPL) has registered an impressive 16 percent rise in production in Q2FY20 to 1.58 million tonnes in its domestic operations, with sales increasing by 10 percent to 1.46 million tonnes during the same quarter. The quarterly production and sales of steel and related products stood at 1.36 MT and 1.32 MT respectively in the same period last year.
VR Sharma, MD, JSPL, said, “This has been one of the best quarters for JSPL on the back of strong operating and market performance.”
Sharma added, “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.
“Now our top priority is to take EBITDA to over 12,000 crores per year on a consolidated basis and reduce net debt by more than Rs.10,000 crores to below Rs. 30000 crores over the next two years.”
The JSPL MD said that he was hopeful that at the end of the year, the company will be able to close the same at around Rs 34,000 crore.
During the quarter ending June 2019, JSPL’s Standalone had reported a rise of 17% for steel and related products to 1.57 million tonnes compared to 1.35 million tonnes in the same quarter a year ago. The sales too had registered a growth of 16% Year on Year to 1.51 million tonnes. The crude steel production in Standalone also rose to 1.46 million tonnes (up 19% YoY) while the stood at 1.43 million tonnes (20% up YoY).
Jindal Steel & Power Limited (JSPL), a part of the $ 22 billion diversified OP Jindal Group, is amongst India’s fastest-growing and leading business conglomerates with a significant presence in core infrastructure sectors including steel, power, mining and infrastructure. JSPL’s business operations span across the Indian states of Chhattisgarh, Odisha and Jharkhand in India, where the company operates some of India’s most advanced steel manufacturing and power generation capacities on a global scale.
JSPL also has the world’s first DRI plant based on Indian High Ash Coal Gasification. It is also amongst the lowest-cost producers of steel and power in India. India’s largest Blast Furnace at JSPL Angul in Odisha has produced its highest ever hot metal production of 10845 million tonnes for a single day on 2nd July 2019. This is also the highest-ever production recorded by any of the BFs in India.