JSPL reports highest ever sales for Q2

Jindal Steel and Power Limited (JSPL) produced the largest quantity of steel till date of 1.3 million tonnes in Q2FY19, registering a growth of 46 per cent on a YoY basis. The company also posted an exceptional sales performance of 1.27 million tonnes during the period, thereby improving sales figures by 53 per cent on a YoY basis.

In contrast, the quarterly production and sales in Q2FY18 stood at 0.89 MT and 0.83 MT, respectively.

The enhanced production and sales performance is attributed to the 4 MTPA blast furnace and the recently commissioned 3.25 MTPA basic oxygen furnace (BOF) at JSPL’s 6 MTPA integrated steel plant at Angul, Odisha. In a press release, the company explained that the production and sales figures are usually lower in Q2 on account of the monsoons. However, the company aims to escalate the growth trajectory in Q3 and Q4 with a view of setting new records during this fiscal. Thus, it has plans to enhance its capacity utilization at the Angul plant to over 90 per cent this year.

In FY2017-2018, the company’s sales figures hit the highest ever record of Rs. 27,841 crore, backed by the highest ever steel production and sales.

On Thursday, the shares of JSPL opened at Rs. 183.55 per share, and hit a high of Rs. 192.40 per share. At 9:58 am, the stock was trading at Rs. 191.45 per share, up 2.43 per cent.