New Delhi (Metro Rail News): In the first quarter of FY22, Jindal Steel & Power Limited (JSPL) continued to report strong production. Steel production increased 20% year on year to 2.01 million tonnes (June 21 – 0.64 million tonnes), setting a new first-quarter record and ranking as the second-highest quarterly output ever. The company’s deliberate decision to divert oxygen toward saving precious human lives resulted in a slight reduction in production. We are confident in achieving the FY22 production target of 8.0-8.5 million tonnes due to our strong performance in 1QFY22.
Key Highlights:
● Steel Production was up 20% Y-o-Y in 1QFY22 to 2.01million
tonnes
● Sales of 1.61 million tonnes were up 3% (Y-o-Y)
● Exports accounted for 34% of total sales volumes
Despite challenging domestic demand conditions caused by a more severe than anticipated second wave of COVID-19, JSPL sales remained resilient at 1.61 million tonnes (+3 percent year on year). Export markets remained buoyant, accounting for 44% of volumes in the month of June 21 and 34% in 1QFY22. Exports, however, were harmed by logistical difficulties caused by adverse weather conditions that resulted in port congestion. 1.5 tonne inventory
Thousands of tonnes remain stranded at the port and will be shipped as soon as logistical bottlenecks are removed.
| In Million tonnes | 1QFY22 | 1QFY21 | Y-o-Y |
| Production | 2.01 | 1.67 | 20 |
| Sales | 1.61 | 1.56 | 3 |
| Export | 34% | 58% |
“We are happy that despite pandemic adversities the company has maintained the growth momentum and an upward trajectory. We aim to produce 8.0-8.5 Million tonnes of steel in FY22 in line with our core philosophy of nation building and working towards a self-reliant India. We also aim to reduce our overall debt to INR9,900 Crores by the end of this financial year. We are confident that the India growth story is intact and our economy will continue its growth trajectory, `said Mr V R Sharma, Managing director of JSPL in a statement.
Shares of JINDAL STEEL & POWER LTD. was last trading in BSE at Rs.390.05 as compared to the previous close of Rs. 394.2. The total number of shares traded during the day was 435891 in over 6256 trades.
The stock hit an intraday high of Rs. 397.6 and intraday low of 387.45. The net turnover during the day was Rs. 171611101.
