Jindal Steel & Power (JSPL) said its steel production jumped 31% year-on-year to 13.71 lakh tonnes in April-May 2021 compared with 10.44 lakh tonnes in the same period last year.
The company reported a production of 6.81 lakh tonnes in April 2021 and 6.90 lakh tonnes in May 2021.JSPL expects to achieve a FY22 production target of 8.0-8.5 million tonnes (MT).
The company's steel sales rose 7% YoY to 10.58 lakh tonnes (i.e. 5.59 lakh tonnes in April 2021 and 4.99 lakh tonnes in May 2021).
Slowdown in domestic construction activities due to COVID-19 and logistical challenges faced owing to congestion at ports due to adverse weather conditions resulted in sales growth lagging production growth. JSPL continues to take measures to offset the impact of slowdown in domestic demand by exporting in lucrative global markets. Its exports accounted for 21% of sales volumes in April 2021, with the share rising further to 36% in May 2021.
On a consolidated basis, JSPL's net profit surged 600% to Rs 2,139.28 crore on 74.6% jump in net sales to Rs 11,887.88 crore in Q4 March 2021 over Q4 March 2020.
JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and infrastructure sectors.
Shares of JSPL rose 0.21% to Rs 405.45 on BSE. The stock hit an intraday low of Rs 403.30 and an intraday high of Rs 407.50 so far.
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