JSPL Q2 steel sales up 53% on year, 8% QoQ

Jindal Steel and Power Ltd reported a 53% jump in crude steel sales for the September quarter compared to the same quarter last year.

It sold 1.27 million tons of crude steel during the quarter, up 7.6% compared to the March quarter, and well clear of the 0.83 million tons recorded in the same quarter last year.

JSPL had sold 1.18 million tons of crude steel in the March quarter.

Production too was higher by 46% on year at 1.3 million tons.

The company attributed the increases to the recently commissioned 3.25 millon-tons-per-year furnace at its 6 MTPA integrated steel plant at Angul, Odisha.

The company had also inaugurated its 4 MTPA Blast Furnace at Angul in the second half of the last financial year.

It pointed out that both production and sales are generally lower during the September quarter due to the monsoons, and that there was room for further improvement.

“We are looking at enhancing the growth curve during Q3 and Q4 in order to set new records during this fiscal,” said CEO NA Ansari.

“The company plans to ramp up its capacity utilization at Angul plant to 90% plus levels during the course of current fiscal.