JSPL clocks in highest ever quarterly production, sales in Q3 FY20

New Delhi [India], Jan 2 (ANI): Jindal Steel and Power Ltd (JSPL) said on Thursday it recorded the highest ever quarterly domestic production of crude steel and related products with a 22 per cent year-on-year growth in the third quarter ended December as a result of the strong performance across all locations, especially in the Angul (Odisha) operations.
The total crude steel and related production stood at 1.61 million tonnes compared to 1.32 million tonnes in the corresponding period last year.
During Q3 FY20, JSPL recorded a growth of 30 per cent in sales at 1.66 million tonnes as against 1.27 million tonnes in the same period last year. Export shipments increased to more than 3 lakh tonnes, marking an increase of 213 per cent year-on-year during Q3 FY20.
JSIS Oman also saw the highest ever sales and production with steel sales increasing by 27 per cent year-on-year to 0.57 million tonnes and steel production by 10 per cent to 0.5 million tonnes.
Being the most challenging quarter, where core sector output fell for the fourth straight month to a dip of 1.5 per cent and steel growth rate of minus 3.4 per cent in November 2019, JSPL posted a robust performance, the company said in a statement.
"The results were essentially in line with our expectations despite adverse market conditions," said Managing Director V R Sharma.
"We are going to start our DRI-CGP (coal gasification plant) unit at Angul during this month. Together with a favourably evolving product mix, we expect to further drive growth in sales and profit," he said.
Sharma added that the government's Rs 102 lakh crore of projects under the National Infrastructure Pipeline will lead to increased demand from infrastructure projects -- especially for segments like railways, defence, petroleum and steel pipelines.
The plan is to be implemented in the next five years as part of the spending push in the infrastructure sector. (ANI)