Notwithstanding sluggish domestic demand due to the ongoing monsoon in the country, the JSPL reported robust growth in sales and production in Q2FY22. The steel giant’s steel sales volume surged 32% Q-o-Q and 10% Y-o-Y to hit a record of 2.13 million tonnes during the quarter.
In Q2FY22, the JSPL steel sales breached two million tons for the first time. Exports continued to boost sales with the share of exports rising to greater than 40% in Q2FY22 (from 34% in Q1FY22 and 38% in Q2FY21).
Steel production also increased to 1.93 million tonnes in Q2FY22, posting a modest growth of 5% Y-o-Y. Inventory levels continued to decline as sales volume surpassed production for the third consecutive month in September 2021.
JSPL Managing Director VR Sharma said, “JSPL’s strength lies in its dedicated team which is defying all odds and continue marching on the growth path. JSPL has now better raw materials security, which will add significant value to the company. One of our Australian coking coal mine is operational and we are expecting the first shipment in November 21. It will reduce our coking coal dependency significantly. JSPL has been shortlisted as preferred bidder for Kasia (Odisha) iron ore mine by Government of Odisha which will further enhance our raw material security. We are fully committed and believe in India growth story.”
About JSPL:
JSPL is a leading Indian Infrastructure conglomerate with a presence in the steel, power and mining sectors. With an investment of approximately 12 billion USD (90,000 Crore Rupees), the Company is continuously scaling its capacity utilization and efficiencies to contribute towards building a Self-Reliant India.
