NEW DELHI (Metro Rail News): 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
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.
JSPL is a leading Indian Infrastructure Conglomerate with a presence in the Steel, Power, and Mining sectors. With an investment of approximately 12 billion USD (90,000 Crore Rupees) across the globe, the Company is continuously scaling its capacity utilization
and efficiencies to contribute towards building a self-reliant India.