Jindal Steel & Power Reports Record Quarterly Sales, Shares Gain 3%

Jindal Steel & Power Reports Record Quarterly Sales, Shares Gain 3%

JSPL said its consolidated steel sales jumped a record 30% in the September quarter

Jindal Steel & Power Limited (JSPL) said on Tuesday highest ever standalone sales in a quarter, citing a revival in demand for the allow. The steelmaker said sales stood at 1.93 million tonnes in the July-September period, up a record 29 per cent compared to the corresponding period a year ago. The company said it also registered record production of steel and pellets in the three-month period ended September 30. Shares in JSPL rose as much as 2.92 per cent to Rs 202.40 apiece on the BSE after the announcement, having begun the day mildly stronger at Rs 198.60 compared to their previous close of 196.65. (Track JSPL Share Price)

In a regulatory filing before market hours, JSPL said its consolidated steel sales jumped a record 30 per cent to 2.41 million tonnes in the quarter ended September 30, from 1.85 million tonnes in the corresponding period a year ago. Consolidated steel production grew 18 per cent to 2.35 million tonnes compared to the year-ago period.

On a standalone basis, JSPL said its steel production rose 16 per cent to 1.84 million tonnes in the second quarter of 2020-21. Pallet production came in at 2.01 million tonnes, it added.

“We are proud of our dedicated workforce and their hard work. We firmly believe in the India growth story and want to contribute to it significantly. We are setting new production benchmark for ourselves and would like to surpass them consistently going forward,” said VR Sharma, managing director, Jindal Steel & Power.

“We are ramping up sales and production, as India comes out of the lockdown effect and ramps up its economic activities towards a renewed growth path,” he added. 

Steel exports – contributing 38 per cent of total sales – were at 0.74 million tonnes, JSPL said.

At 11:30 am, Jindal Steel & Power shares traded 0.23 per cent higher at Rs 197.10 on the bourse, underperforming the benchmark S&P BSE Sensex index, which was up 0.83 per cent amid a strong buying interest in financial stocks.

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