Leading infrastructure conglomerate Jindal Steel and Power Limited (JSPL) reported the highest ever quarterly steel sales hitting a record 2.13 million tonnes during the July-September quarter of the financial year 2021-22. The company’s steel sales volumes surged 32 per cent quarter-on-quarter and 10 per cent year-on-year in the second quarter of the current fiscal, according to a regulatory filing by the company to the stock exchanges.
In the September quarter, Jindal Steel’s sales breached the two million tons mark for the first time ever in a given quarter. The company’s exports boosted the sales with the share of exports rising to more than 40 per cent in the second quarter – from 34 per cent in the preceding April-June quarter and 38 per cent in the year-ago period.
The company’s steel production also increased to 1.93 million tonnes in the July-September quarter, recording a growth of five per cent year-on-year. The inventory levels declined as the sales volume surpassed the production for the third consecutive month in September 2021, according to Jindal Steel’s statement.
”One of our Australian coking coal mine is operational and we are expecting the first shipment in November 21. It will reduce our coking coal dependency significantly. JSPL has been shortlisted as preferred bidder for Kasia (Odisha) iron ore mine by Government of Odisha which will further enhance our raw material security,” said Mr V R Sharma, Managing Director, Jindal Steel and Power.
On Wednesday, October 6, shares of Jindal Steel were last trading 2.02 per cent lower at Rs 412.65 on the BSE. Jindal Steel opened on the BSE at Rs 424.50, registering an intra day high of Rs 427.55 and an intra day low of Rs 409.70, in the trading session so far.