JSPL reports 22% rise in Crude Steel output in December Quarter,Shares up 4%
New Delhi: Naveen Jindal controlled Jindal Steel & Power Limited (JSPL) has reported 22% growth in its crude steel production at 1.61 million tonnes in the October-December quarter. This is the highest ever quarterly Crude steel production by the company as a result of strong performance across all locations, especially in the Angul plant. The company had produced 1.32 million tonnes of crude steel in the Q3 of the previous financial year i.e. FY 19.
The Shares of JSPL are currently trading at Rs. 172.70, a rise of 3.85% at the Bombay Stock Exchange.
During the quarter, JSPL has recorded a growth of 30% in sales at 1.66 million tonnes as against 1.27 million tonnes in the same period last year. Export shipments increased to more than 3 Lakh MT an increase of 213% (Y-o-Y) during Q3FY20.
JSIS-Oman also observed highest ever Sales & production during Q3FY20. Steel Sales increased by 27% (Y-o-Y) to 0.572 million MT and Steel Production increased by 10% to 0.502 million MT.
Being the most challenging quarter, where core sector output fell for the fourth straight month to a dip of 1.5% and steel growth rate of -3.4% in Nov 2019, JSPL’s demonstrated a robust performance.
“JSPL delivered a solid performance in the third quarter and the results were essentially in line with our expectations, this is despite adverse market conditions. It records forever highest rail sales volume for the quarter. We are going to start our DRI- CGP (Coal Gasification plant) unit at Angul during Jan 2020, and together with a favourably evolving product mix, we expect to further drive growth in sales and profit. ” said Mr. V R Sharma, MD- JSPL.