Jindal Steel & Power posts record Steel production and sales in FY22

Jindal Steel & Power (JSP) ended FY22 on a high with the Company reporting record sales in March of 0.79mt. Strong sales were driven by record production of 0.77mt (+5% Y-o-Y). The strong operational performance resulted in the Company reporting the highest ever production for the quarter of 2.11mt (+2% Y-o-Y).

Despite facing several challenges throughout FY22, JSP managed to meet its production guidance; breaching the 8 million tonne mark for the first time. For the fifth consecutive year, JSP has posted spectacular growth in annual Steel sales on a year on year basis. In FY22 as well a new annual record has been established with 7.63 mt of Steel sales (5.03% Y-o-Y). Exports accounted for 33% of sales in March; in line with the FY22 share.

"The company has achieved its production target for FY22. We aim to produce more than 9 Million tons in FY23. Our Angul plant expansion is on track and we expect to reach more than 15mt capacity by FY25. The Company has significantly enhanced its raw material supply after winning four new coal blocks recently. We are fully aligned with the government of India's targets to achieve carbon neutrality in the future and continue to work towards reducing our carbon emissions", Said Mr V R Sharma, Managing Director, Jindal Steel and power.

Shares of Jindal Steel & Power Limited was last trading in BSE at Rs. 552.20 as compared to the previous close of Rs. 558.35. The total number of shares traded during the day was 233259 in over 5168 trades.

The stock hit an intraday high of Rs. 567.50 and intraday low of 550.00. The net turnover during the day was Rs. 130046274.00.

Source : Equity Bulls

Keywords

JindalSteelandPower INE749A01030 JSP SalesVolume March2022 Q4FY22 FY2022 Production