JSPL output jumps to record 20% in June quarter, sales up 3%

Steel maker Jindal Steel and Power Limited (JSPL) on Wednesday posted a record 20 percent growth in its steel output to 2.01 million tonnes (MT) in April-June quarter of the ongoing fiscal.

The company had produced 1.67 MT of steel in same of period of financial year 2020-21, JSPL said in a statement.

During the quarter under review, its sales rose by 3 percent to 1.61 MT from 1.56 MT a year ago.

"JSPL continued to report strong production in the first quarter of FY22… marking a record first quarter production and second highest quarterly production ever," the statement said.

The company also said its production during the quarter was slightly impact due to conscious decision by the company to divert oxygen towards saving precious human lives.

During April 2021 coronavirus infections were on the surge in several parts of the country.

However, despite challenging conditions in the domestic which were results of severe than expected second wave of COVID-19, JSPL has posted positive growth in production as well as sales, it said.

JSPL Managing Director (MD) V R Sharma said "...despite pandemic adversities, the company has maintained the growth momentum and an upward trajectory. We aim to produce 8.0-8.5 MT steel in FY22.

"We also aim to reduce our overall debt to Rs 9,900 crore by the end of this financial year. We are confident that the India growth story is intact and our economy will continue its growth trajectory."

Part of O P Jindal Group, JSPL is a leading infrastructure conglomerate with a presence in the steel, power, and mining sectors.