Major infrastructure conglomerate Jindal Steel and Power Ltd (JSPL) reported highest quarterly steel sales of a record 2.13 million tonnes during the July-September quarter of FY 2021-22. According to a regulatory filing by the company to the stock exchanges, the company’s steel sales volumes grew by 32 per cent quarter-on-quarter and 10 per cent year-on-year in the second quarter of the current fiscal.
In the September quarter, Jindal Steel’s sales crossed the 2 million tonnes mark for the first time in a given quarter. The company’s exports boosted sales and the share of exports increased to over 40 per cent in the second quarter – from 34 per cent in the April-June quarter and 38 per cent in the year-ago period.
The company’s steel production also rose to 1.93 million tonnes in the July-September quarter, registering a year-on-year growth of five per cent. According to Jindal Steel’s statement, the fall in inventory levels was due to sales volume exceeding production for the third consecutive month in September 2021.
“We have an Australian coking coal mine operational and we are expecting the first shipment on 21 November. This will significantly reduce our dependence on coking coal.” JSPL has been selected as the preferred bidder for Kasia (Odisha) iron ore mine by the Government of Odisha, which will further enhance our raw material security,” said Jindal Steel. & Power’s Managing Director Shri V.R. Sharma said.
On Wednesday, October 6, Jindal Steel shares were trading at Rs 412.65, down 2.02 per cent on the BSE. Jindal Steel opened at Rs 424.50 on BSE in the trading session so far, recorded an intraday high of Rs 427.55 and an intraday low of Rs 409.70.