Steel major Jindal Steel and Power Limited (JSPL) has recorded its highest-ever quarterly sales in the second quarter of Jul-Sept’21 (Q2), at 2.13 million tonnes (mn t), registering an increase of 32% compared to 1.61 mn t in Q1, as per the company’s recent BSE filing. The previous high was 1.93 mn t in Q2FY’21.
Sales volume jumped 10% y-o-y compared to 1.93 mn t in the year-ago period.
During H1CY’21, JSPL recorded steel sales at 3.74 mn t.
Export sales: Exports continued to boost sales with a share of more than 40% of total sales in Q2FY’22. For Q1FY’22, it was 34% and 38% for Q2FY’21.
Production down 4% q-o-q: JSPL’s production stood at 1.93 mn t in Q2FY’22, down 4% q-o-q compared to 2.01 mn t in Q1. Meanwhile, on an annual basis production moved up 5% against 1.84 mn t in Q2FY’21.
Sluggish demand in the domestic market owing to adverse weather conditions led to a decline in production. Moreover, inventory levels declined third month in a row as sales volumes surpassed production in September.
During the first half of the current fiscal, JSPL’s accumulated production stood at 3.94 mn t.
“JSPL has now better raw materials security, which will add significant value to the company. One of our Australian coking coal mines is operational and we are expecting the first shipment in Nov’21. It will reduce our coking coal dependency significantly. JSPL has been shortlisted as the preferred bidder for the Kasia (Odisha) iron ore mine by the government of Odisha which will further enhance our raw material security,” V.R. Sharma, managing director, JSPL, said in a statement.
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