JSPL posts Highest Ever Domestic Quarterly Steel Production and Sales in Q2 FY 2019
Q2 Sales at 1.27 Million Tonnes |Traces 53% y-o-y growth in Quarterly Sales | Q2 Production at 1.3 Million Tonnes | Quarterly Production up by 46% yoy
Deepthi | Myequity news | Date : 04-10-2018 9:55:00 IST
Jindal Steel and Power Limited (JSPL) has posted its highest ever domestic quarterly steel production and sales in Q2 FY 2018-19. The company recorded a crude steel production of 1.3 MT (Million Tonnes) and robust sales of 1.27 MT during the quarter July – September 2018. The quarterly steel production saw a 46% growth during Q2 FY 2019, while the quarterly steel sales traced a steeper curve by recording a rise of 53% on a year-on-year basis. The quarterly production and sales in Q2 of previous fiscal stood at 0.89 MT and 0.83 MT respectively.
In FY 2017-18, JSPL had posted its highest ever revenues clocking Rs. 27,841 crore on back of highest ever steel production and sales. The growth curve started soon after the commissioning of the 4 MTPA Blast Furnace at Angul, followed by the 3.25 MTPA Basic Oxygen Furnace (BOF) which went operational towards the latter half of previous fiscal. The company plans to ramp up its capacity utilization at Angul plant to 90% plus levels during the course of current fiscal. About Jindal Steel and Power Limited (JSPL):
Mr. NA Ansari, CEO – JSPL said, “The superlative production and sales performance is Steel production and sales are generally lower during Q2 due to the monsoons. We are looking at enhancing the growth curve during Q3 and Q4 in order to set new records during this fiscal”.
Jindal Steel and Power Limited (JSPL) is an Indian steel and energy company based on New Delhi, India. With turnover of approx. US$ 3.3 billion, JSPL is a part of about US$18 billion diversified Jindal Group conglomerate. JSPL is a leading player in steel, power, mining, oil and gas and infrastructure in India. The company produces steel and power through backward integration from its own captive coal and iron-ore mines.In terms of tonnage, it is the third largest steel producer in India. The company manufactures and sells sponge iron, mild steel slabs, ferro chrome, iron ore, mild steel, structural, hot rolled plates and coils and coal-based sponge iron plant.