New Delhi [India], October 5 (ANI): Jindal Steel and Power Ltd (JSPL) has reported its highest ever quarterly steel sales during July-September of this fiscal, the company said on Tuesday.
JSPL's Steel sales volume surged 32 per cent Q-o-Q and 10 per cent Y-o-Y to hit a record of 2.13 million tonnes during the quarter. In Q2FY22 JSPL steel sales have first time breached 2 million tons for the quarter.
Exports continue to boost sales with the share of exports rising to greater than 40 per cent in Q2FY22 (from 34 per cent in Q1FY22 and 38 per cent in Q2FY21).
The company said that the steel production also increased to 1.93 million tonnes in Q2FY22, posting a modest growth of 5 per cent Y-o-Y and the inventory levels continue to decline as sales volume surpassed production for the third consecutive month in September 21.
"JSPL's strength lies in its dedicated team which is defying all odds and continue marching on the growth path. JSPL has now better raw materials security, which will add significant value to the company. One of our Australian coking coal mines is operational and we are expecting the first shipment in November 21, said V R Sharma, Managing Director, JSPL in a statement while adding that it will reduce our coking coal dependency significantly.
JSPL has been shortlisted as the preferred bidder for Kasia (Odisha) iron ore mine by the Government of Odisha which will further enhance our raw material security.
"We are fully committed and believe in India's growth story," added Sharma. (ANI)