JSPL reports a 10% YoY jump in sales, production up by 5% in Q2 of FY22

Naveen Jindal-led Jindal Steel and Power on Tuesday reported a highest-ever quarterly jump in sales volume of 10% year-on-year at 2.13 million tonnes in the September quarter of FY 22 with production growing by 5% to 1.93 million tonnes.

“JSPL has now better raw materials security, which will add significant value to the company…We are fully committed and believe in India growth story,” said managing director V.R.Sharma in a media statement on Tuesday.

In Q2FY22 JSPL steel sales have breached the 2 million tonnes mark for the first time.

“Exports continue to boost sales with a share of exports rising to greater than 40% in Q2FY22, from 34% in Q1FY22 and 38% in Q2FY21,” said the company’s statement.

Inventory levels continue to decline as sales volume surpassed production for the third consecutive month on September 21, the statement said.

One of the company’s Australian coking coal mines is operational and it is expecting the first shipment on November 21.

“This 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,” Sharma said.