Jindal Steel & Power Limited (JSPL) has recorded the highest ever quarterly domestic production of crude steel and related products with a 22% year on year growth in the third quarter that ended in December 2019 as a result of strong and consistent performance across all locations, particularly in the Angul operations.
The total crude steel and related production stood at 1.61 million tonnes, compared to 1.32 million tonnes in the corresponding period last year. During Q3FY20, JSPL recorded a growth of 30% in sales at 1.66 million tonnes as against 1.27 million tonnes in the same period last year. Export shipments increased to more than 3 Lakh MT, which is an increase of 213% (Y-o-Y) during Q3FY20.
JSIS-Oman also observed the highest-ever sales & production during Q3FY20. Steel sales registered an increase of 27% (Y-o-Y) to 0.572 million MT and steel production went up by 10% to 0.502 million MT. JSPL’s robust performance assumes significance in light of the last quarter being very challenging as core sector output fell for the fourth straight month to a dip of 1.5% and steel growth rate of -3.4% in November 2019.
Reacting to the latest quarterly results, JSPL MD VR Sharma said, “JSPL delivered a solid performance in the third quarter and the results were essentially in line with our expectations, this is despite adverse market conditions. JSPL, records forever highest rail sales volume for the quarter.”
He added, “We are going to start our DRI- CGP (Coal Gasification plant) unit at Angul during Jan 2020, and together with a favourably evolving product mix, we expect to further drive growth in sales and profit. As we begin 2020, we are excited about the prospects and confident that the coming quarter would be even much better for JSPL.”
According to Sharma, the Union Finance Minister Nirmala Sitharaman had recently unveiled Rs 102 lakh crore worth projects under the National Infrastructure Pipeline, which is to be implemented in the next five years as part of the government’s spending push in the infrastructure sector.
Sharma said that the increased demand from infrastructure projects especially for segments like the railways, defence, petroleum, and pipelines will certainly drive steel demands for JSPL.
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 had 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.