Jindal Steel and Power (JSP) has registered a significant recovery in steel sales in January 2022 despite low railway rake availability. According to the latest data, sales volume increased 20% Y-o-Y to 6.95 lakh tonnes as compared to 5.81 lakh tonnes in January 2021.
A statement by the company said that inventories continued to decline for the second consecutive month with the JSP posting Steel Production of 6.82 lakh tonnes. Marginal improvement in rake availability during the month, resulted in export share rising to 31% (from 28% in December 2021).
JSPL Managing Director VR Sharma said, “We have surpassed our targets for the last calendar year, and we are confident that we will also achieve our envisaged targets for the financial year. We firmly believe in India’s growth story which is expected to grow for FY22 9.2%, which will be the highest amongst major economies, and for FY23 GDP is also estimated to be robust at 8.0-8.5%.
“We would like to thank Government of India for the announcements made in budget with regards to coal gasification, coal to liquid initiative and extension of manufacturing timeline for claiming 15% concessional income tax rate on green field projects to 31 March 2024 are highly appreciated”, said in a statement. Mr. Sharma added “Government’s push on infrastructure and increase in outlay for capital expenditure will support growth for steel, cement and other related sectors in the coming year.”
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) across the globe, the Company is continuously scaling its capacity utilization and efficiencies to contribute towards building a self-reliant India.