Jindal Steel & Power (JSPL) said its steel sales volume increased 6% month-on-month and 4% year-on-year to 7.1 lakh tonnes in August 2021.
JSPL's production stood at 6.6 lakh tonnes in August 2021, recording a 6% (Y-o-Y) jump while exports share rose to about 42% of total sales volume during August 2021.
Notwithstanding subdued construction activities due to the ongoing monsoons in August 2021, JSPL maintained its momentum in sales and production. Inventory levels continued to decline as sales volume surpass production for the second consecutive month.
V R Sharma, the managing director (MD) of JSPL, said, "JSPL is committed to achieving its yearly sales & production targets, we hope the domestic demand will rebound sharply once the monsoon season is over. The Government of India is pushing its infrastructure projects and this will help steel players to ride the growth momentum."
JSPL's consolidated net profit declined 73.47% to Rs 41.81 crore on a 62.76% rise in net sales to Rs 10,628.80 crore in Q1 FY22 over Q1 FY21.
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JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and infrastructure sectors.
Shares of JSPL gained 0.74% to Rs 393.25 on BSE.
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