Steelmaker Jindal Steel and Power records 35% jump in sales in January

MUMBAI: Steelmaker Jindal Steel and Power Ltd on Tuesday reported a 35 % year-on-year jump in sales in January at 5.8 lakh tonnes on the back of better demand and pick up in economic activity.

“With the country getting back to normalcy, we will only do better. We’ll double our efforts towards rebuilding the economy and the nation,” said JSPL MD V R Sharma in a media statement.

JSPL continues to post impressive growth numbers in production and sales and the growth numbers reflect robust domestic demand, the company said in its media statement.

JSPL’s monthly production increased by 80% y-o-y in January 2021 to 6.9 lakh tonnes.

“Higher production also helped JSPL post a solid growth y-o-y in shipments to 5.8 lakh tonnes. Shipments were however lower q-o-q as JSPL continued to focus on value over volumes,” the company said in a statement.

The company reported a consolidated net profit of Rs 2,566 crore, during the third quarter of FY 21 after reporting a loss of around Rs 218 crore during the same period last year, mainly on account of better demand recovery and favourable steel prices.