Jindal Steel and Power's sales soar to 6.95 lakh tonnes in January 2022, posts 20% YoY growth

Jindal Steel and Power (JSP) on Wednesday said its steel sales in January 2022 soared to 6.95 lakh tonnes, posting year-on-year growth of 20 per cent, despite low Railway rake availability. The company's steel sales volume stood at 5.81 lakh tonnes in January 2021.

Inventories continued to decline for the second consecutive month with JSP posting Steel Production of 6.82 lakh tonnes.

Marginal improvement in rake availability during the month, resulted in export share rising to 31 per cent in January 2022 from 28 per cent in December 21.

"We have surpassed our targets for the last calendar year, and we are confident that we will also achieve our envisaged targets for the financial year. We firmly believe in India's growth story which is expected to grow for FY22 9.2 per cent, which will be the highest amongst major economies, and for FY23 GDP is also estimated to be robust at 8.0-8.5 per cent," V R Sharma, Managing Director, JSP, said in a statement.

"We would like to thank Government of India for the announcements made in budget with regards to coal gasification, coal to liquid initiative and extension of manufacturing timeline for claiming 15 per cent concessional income tax rate on green field projects to 31 March 2024 are highly appreciated," Sharma said. "Government's push on infrastructure and increase in outlay for capital expenditure will support growth for steel, cement and other related sectors in the coming year," he added.

(With inputs from ANI)

Published on: Wednesday, February 09, 2022, 04:29 PM IST