JSPL reports highest ever Quarterly Steel sales

Notwithstanding sluggish domestic demand due to ongoing monsoon in the country; JSPL reported robust growth in sales and production in Q2FY22. JSPL's Steel sales volume surged 32% Q-o-Q and 10% Y-o-Y to hit a record of 2.13 million tonnes during the quarter. In Q2FY22 JSPL steel sales have first time breached 2 million tons for the quarter. Exports continue to boost sales with share of exports rising to greater than 40% in Q2FY22 (from 34% in Q1FY22 and 38% in Q2FY21).

Steel production also increased to 1.93 million tonnes in Q2FY22, posting a modest growth of 5% Y-o-Y. Inventory levels continue to decline as sales volume surpassed production for the third consecutive month in September 21.

"JSPL's strength lies in its dedicated team which is defying all odds and continue marching on the growth path. JSPL has now better raw materials security, which will add significant value to the company. One of our Australian coking coal mine is operational and we are expecting the first shipment in November 21. It 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. We are fully committed and believe in India growth story", said Mr V R Sharma, Managing Director, JSPL in a statement.

Shares of Jindal Steel & Power Ltd was last trading in BSE at Rs. 418.4 as compared to the previous close of Rs. 401.7. The total number of shares traded during the day was 591266 in over 8332 trades.

The stock hit an intraday high of Rs. 419.8 and intraday low of 402.5. The net turnover during the day was Rs. 243884598.

Source : Equity Bulls

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