JSPL posts 20% Y-o-Y Steel Sales growth in January 2022

Jindal Steel and Power (JSP) reported meaningful recovery in Steel Sales in the month of January 2022 despite low Railway rake availability. Sales volume increased 20% Y-o-Y to 6.95 lakh tonnes as compared to 5.81 lakh tonnes in January 21.

Inventories continued to decline for the second consecutive month with JSP posting Steel Production of 6.82 lakh tonnes. Marginal improvement in rake availability during the month, resulted in export share rising to 31% (from 28% in December 21).

"We have surpassed our targets for the last calendar year, and we are confident that we will also achieve our envisaged targets for the financial year. We firmly believe in India's growth story which is expected to grow for FY22 9.2%, which will be the highest amongst major economies, and for FY23 GDP is also estimated to be robust at 8.0-8.5%. We would like to thank Government of India for the announcements made in budget with regards to coal gasification, coal to liquid initiative and extension of manufacturing timeline for claiming 15% concessional income tax rate on green field projects to 31 March 2024 are highly appreciated", said Mr V R Sharma, Managing Director, JSP in a statement. Mr. Sharma added "Government's push on infrastructure and increase in outlay for capital expenditure will support growth for steel, cement and other related sectors in the coming year".

Shares of Jindal Steel & Power Limited was last trading in BSE at Rs. 417.40 as compared to the previous close of Rs. 422.35. The total number of shares traded during the day was 959391 in over 12768 trades.

The stock hit an intraday high of Rs. 422.40 and intraday low of 401.60. The net turnover during the day was Rs. 394302078.00.

Source : Equity Bulls

Keywords

JindalSteelandPower INE749A01030 JINDALSTEL JSPL SalesVolume January2022