Jindal Steel & Power (JSPL) on Thursday said its consolidated steel production rose 21% to 8,25,000 tonnes in August 2020 from 6,81,000 tonnes produced in August 2019.
JSPL's consolidated steel sales jumped 38% to 8,36,000 tonnes in August 2020 compared with the same month last year.
On a standalone basis, the company's steel production rose 18% year-on-year (YoY) to 6,25,000 tonnes in August 2020. Steel sales jumped 37% YoY to 6,82,000 tonnes in August 2020. The company said that steel exports contributed to 42% of the total sales volume.
V R Sharma, MD, JSPL, said: "We are happy to share that at JSPL Angul, world's first coal gasification based Direct Reduced Iron (DRI) plant is adding to higher production volumes. The company has recorded its highest ever gas based DRI production with over 72% of rated capacity in August 2020. JSPL is consistently working towards its goal of reducing overall debt to Rs 15,000 crore by 2023. The company's steel export volumes have come down significantly with an increase in domestic sales post the lockdown period. Our target is to achieve Rs 50,000 crore turnover by 2023."
JSPL is a steel producer with presence in power generation and mining. The company reported a consolidated net profit of Rs 267.58 crore in Q1 June 2020 as against net loss of Rs 87.40 crore in Q1 June 2019. Consolidated net sales fell 6.7% YoY to Rs 9,278.77 crore during the quarter.
Shares of JSPL shed 0.11% to Rs 221.10 on the BSE. It traded in the range of 219.15 and 223.60 so far during the day.
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