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Stock Report
JSPL's production jumps 20% year on year in 1QFY22 despite lockdown restrictions
Posted On : 2021-07-07 09:46:27( TIMEZONE : IST )
Jindal Steel & Power Limited (JSPL), continued to report strong production in the first quarter of FY22. Steel production surged 20% y-o-y to 2.01 million tonnes (June 21 - 0.64 million tonnes), marking a record first quarter production and second highest quarterly production ever. Conscious decision by the company to divert oxygen towards saving precious human lives led to production getting impacted slightly. Solid performance in 1QFY22 gives us confidence of achieving FY22 production target of 8.0-8.5 million tonnes.
Despite challenging demand conditions in the domestic market, as a result of a severe than expected second wave of COVID-19, JSPL sales were resilient at 1.61 million tonnes (+3% Y-o-Y). Buoyant export markets continued to provide support with exports accounting for 44% of volumes in the month of June 21 and 34% in 1QFY22. Exports were however impacted by logistical challenges posed by adverse weather conditions leading to congestion at ports. Inventory of 1.5 lakh tonnes currently remains stuck at port; which will be shipped as soon as the logistical bottlenecks are removed.
"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.
